Company registered number: 4210225 Charity registered number: 1088552 CHICHESTER FESTIVAL THEATRE (A company limited by guarantee) TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CHICHESTER FESTIVAL THEATRE CONTENTS Page Company Information Our Chairfs Report Our Executive Team's Report Our Year in Numbers Trustees, Report lincluding Strategic Report) 7-33 Trustees, Responsibilities for the Financial Statements 34 Independent Auditor'5 Report 35 Incorne and Expenditure Account 38 Consolidated Statement of Financial Activities 39 Consolidated Balance Sheet 40 Company Balance Sheet 41 Cash Flow Statement 42 Notes to the Financial Statements 43-51 Company registered number: 4210225 Charity registered number:1088552 COMPANYINFORMATION Dlrectors and Trustees (All Oirertors of the Company are also Member5 of the Companvl Sir William IBilll Castell- Chair (retired 18 Mar 20221 Harry Matovu QC Mark Foster- Chair lappointed 18 March 20221 Holly Mirdms Alan Brodie Caro Newling OBE (appointed l April 20221 Cllr Judy Fowler Nitin Pa5richa Vittoria Illingworth Philip Shepherd Georgina Liley Stephanie Street Sylve5tre Rear Admiral John Lippiett CB CBE Christina Webster Michael Mccart Susie Wells Executlve Team Kathy Bourne Daniel Evans Executlve Director Artistic Director Senlor Management Team Janet Bak05e Lydia Cassidy Sam Garner-Gibbons Simon Parsonage Georgina Rae Dale Rooks Joanna Walker Theatre Manager Director of Marketing & Communications Technical Director Finance Director and Company Secretary Head of Planning & Projects Direttor of LEAP Dirertorof Development Auditor HaYsma¢inty￿ LLP 10 Queen Street Place London EC4R IAG Reglstered Office Oaklands Park Chichester West Sussex P019 6AP Finance and Audit Commlttee Philip Shepherd- Chair Michael Mccart Nitin Pasricha Christina Webster Trustee Trustee Trustee Trustee CHICHESTER FESTtVAL THEATRE- 31 MARCH 2022 OUR CHAIRMAN'S REPORT It is my enormou5 privilege to succeed Sir William (Bill) Castell as the Chalr of Chichester Festival Theatre, and I proudly took over this baton from March 2022 just as our theatre closed its financial year and looked ahead to Festival 2022 and its special 60th anniversary. Bill ha5 provided exemplary leadership to the organisation over the past eleven years and has handed over a thriving and successful enterprise that remain5 at the forefront of the UK and regional theatre and cultural scene. This report sets out the many ways in which CFT has responded to the ongoing challenges of 2021/22 with innovation, determination and resourcefulnes5. l am fortunate to inherit a dedicated Board of Trustees that has worked pro-bono to support our Executive and Senior Management Team as they have navigated another year that has been so badly impacted by Covid-19. In particular. I highlight the challenges of continuing to present outstanding work on our stages, as well a5 our vttal off-stage community attivities, whilst protecting the financial resilience of the theatre. 2022 sees CFT celebrate its 60 anniversary- a year of bold and ambitious programming, on and off-stage. l am delighted that for my first season, our plans will see us produce one of our largest Summer Festivals. including 6 world premiere productions, 3 musicals, work with contemporary and relevant themes. reimagining of classic plays, a digltal festival and work for family audiences. This will be followed by a broad and entertaining selection of touring productions in our Winter Season. A5 a charitable organisation, CFf remains immensely grateful for the support of the Cultural Recovery Fund, which awarded two grants this year. allowing us to present a reduced Festival 21 to our audiences and meet the additional costs of re￿penIng in a world still impacted by Covid-19. Their support stands alon85ide the invaluable financial contribution from our 5UPPOrters, sponsors and legacy-givers, which underpins our work on and off stage and for which we are truly grateful. Delivering our plans for 2022/23 will require 3 balanced approach. We need to rebuild and stabilise our busine55 model. ensuring that we continue to remain resilient, robust and dynamic in changing circumstances. We will present bold and ambitious programming that attracts patrons back to the theatre, whilst expanding our horizons to reach new commurbitie5 and audiences. This is an important time for theatre to play its part in the recovery of society from the ravages of the pandemic and rebuild wider societal confidence. I look forward to leading the Board and helping the Executive Team guide and resource the organi5ation in order to deliver our plans. On a personal level, l am exctted and energised by the potential CFT ha5 to truly embody its role a5 a theatre founded by, and existing for it5 local community, whilst working to lead the industry nationwide and shining as a beacon for the UK'S creativity and theatre prowess at home and abroad. Mark Foster Chair of the Board of Trustees CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 OUR EXECUTIVE TEAM'S REPORT Despite the Covid-19 challenges and lockdowns of the past two years, we are proud that as a theatre we have remained active, responsive and creative. Over the past year and with the help of two successful Cultural Recovery Fund grants and the generous support of loyal donors, we have produced a range of work on our stages, kept our core staff employed and delivered a Summer season without losing a single performance to Covid-19, thanks to the added safety rneasures we put in place on and off our stage5 to protect our cast, creative teams and audSences. Our work included productions as diverse as Crave. South Pacific, The Long Song, Home, Doubt and ouryouth Theatre Christmas production of Pinocchio. We have been at the forefront of streaming work digitally where possible; and as a large harity, we have maintained the output from our LEAP department which drives our engagement with youngpeople and our local community. While we continueto recognisethe potential on-going risk and impact associated with the pandemic, we feel our responsibility as a cultural and community leader ever more acutely. The year began with an unexperted delay to our season due to extended lockdown regulations. As in 2020, we prioritised bringing the audience back on to our site by delivering weekend of outdoor concerts. whettin8 audience appetrte for the season ahead. We cancelled ourfirsttwo productions and opened in the MineNaTheatre with a weekof cabaret events to gauge audience confidence in retuminE to the smaller theatre. The CRF grant enabled us to put stringent measures in place to mitigate risks around Covid-19 across the site. Our summer musical. South Pacific, was delivered with a mix of full capacity and socially distanced performance5 providing comfort to customers Still anxious about returning to the theatre in large numbers. We also livestreamed the production globally to ensure we gave all our audiences an opportunity to stay connected to our work. In total, we programmed two productions in the Festival Theatre and three in the Minerva. Our winter season launched at the beginning of September and we saw a shift in booking patterns with audiences waiting to book much closer to the performance date. There was also a distintt sense that people wanted to be entertained with productions with upbeat, familiar stories. Most popular were our classic dramas with well-known performers, a touring ballet and our Christmas concerts. Overall our Winter sales were considerably down on previous years as a result of the Omicron variant which hit hard in December and led to the cancellation of shows in early Spring. As we emerge from the pandemic in our 60 year, we acknowledge that in the current economic climate and with the impact of higher livin8 Costs. we Still have a long road ahead before audience numbers return to pr&pandemiclevels. 2022123 could proveto be our most hallenging year yet, with box office income significantly reduced. We have identified key risks and will work as an organisation to ensure that we remain agile in our approach to programming. Financial targets have been realistically set and healthy strategic reserves will allow us to deliver an ambitious season which we hope will entice our audiences back through our doors. Kathy 8oume Executive Direttor Daniel Evans Artistic Director CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 OUR YEAR IN NUMBERS 2021122 highlights 15,900 tickets ￿ld at 202,194 £10 Totsl tickets £5,165,000 75,040 4,672 Welcomed households from 44 countries 19,680 554 young people to the Theatre ions C02 offset by audiewes and watched streamed performances 17,636 trees planted 339 57,33.99 474 Launched performances ol 39 producttons annel Grew Prtloy meml*tship to 15,000 7,989 Launched CFT Lales with 41)% new boL4(er5 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 OUR TRUSTEES, REPORT Thls Is the Report of the Board of the charity Chichester Festival Theatre and Group (the 'Theatre', the "Companv, or'CFryI for the year ended 31st March 2022. It includes the Strategic Report that Charitable Company such as Chichester Festival Theatre is required to p￿pare under the Companles Art 2006 (Strategic Report and Directors. Report). The Directors of the Company are its Trustees under charity law and throughout thls report are collectively also referred to as 'the Trustee<. The Companvs objectives are set out in its governing instrument, tts Memorandum and Articles of Association. The Trustees maintain a focus on CFfs charitable objects with due regard to the Charity Commission's Issued guidance on public benefit, and the Trustees make and endorse the statements on Public Benefit set out on page 9. WHO WEAREAND WHAT WE DO Chichester Festival Theatre is one of the UK'5 flagship theatres, renowned for the exceptionally high standard of our producrions as well as our work with the community and young people. CFT comprises two venues- the 1,300 seat Festival Theatre with its thrust Stage and a 310-seat studio theatre, the Minerva, which is noted for premieres of new work alongside intimate revivals. Our Theatre is the leading regional theatre in the Southeast of England. founded and funded by its community in 1962. Firmly rooted to this day in our community. we have enjoyed strong support from our Friendg and other donors, our patrons at the Box Office as well as long-standing partnership5 With businesses in our local community. The impart of Covid-19 continues to have an immediate impact on our local economy and community. with implications for local suppliers. our potential corporate sponsors and our individual supporters and patrons. CF[ operates as an incorporated charity through a registered company, Chichester Festival Theatre, and through our activitie5, we seek to maximise attendarlce and participation in our range of activities and performances. to ensure that beneficiaries are drawn from across the spectrum of socio- economic groups and age bands. In order to remain financially viable, achieve our public benefit objectives and play a leading role in our community and local economy, will work to a new four-year business plan12022-20261 with clear strategic objectives in support of our Mission and Vision. This plan aligns with vital Arts Council England IACEI public funding which 5UPPOrts us in delivering an ambitious programme of work on- stage, together with ongoing funding from Chichester District Council 1.c0￿) upon which ACE funding is contingent. Overthe past decade. ourTheatre has built up its financial resilience with reserves that are substantial enough to mitigate severe financial risk but that are also important for investment in our future, including capital expenditure on our ageing MIne￿a Theatre. a5 our Reserves Policy note5. In 2021- 22, these reserve5. together with the CRF grants received in 2021-22, undoubtedly gave us the confidence to continue to be creatively ambitious and present work on and off our stages for our audiences alld wider community, despite the pandemic. OUR PURPOSE, MISSION. VISION AND VALUES At Chichester Festival Theatre. we believe that the experien￿ of live art has the F)ower to change CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 live5. Our mission that has guided us is to enrich our commtJnities- locally, regionally, nationally and Internationally- through compelling, entertaining and enlightening theatre. Our guiding vision is:_ To curate a repertoire of ortistically excellent. creatively ombitious ond dynamic theatre productionsfor divetse oudiences. To deliver o sociolly-inclusive learning, education and participation progromme which will engoge with ond empower communitie5from a wide geogrophic ond demographic spreod. To invest in the future of theutre-making in the UK thmugh prarticol, supportive ond developmentol initirtivesfor emerging. middegree virtual reality IVRI immersive tour behind the scenes of the Festival Theatre and the completion of LIDAR laser scans of both theatres to produce 3D computerized models of the spaces. This will greatly advantage creative teams in planning and designin& a5 well a5 minimizing cost and environmental impact. WHA T WE DELIVERED.. AT THE HEARTOF OUR CQMMUNITYand 0F￿STAGE For 2021122 our guiding view was that engagement in arts and Cultu￿ would be essential to revitalising communitie5 emerging from the global pandemic and that CFT should play its part in developlng audiences and restoring Chichester and West Susse￿$ sense of community. Within our busy programme of activity, our focus was on extending CFfs offstage reach into the community, accessing young people and those who are socially-marginalised orfacing other difficulties, in addition to supporting the mental health and wellbeing of our communities and Staff. During the year, we welcomed a number of new members to the LEAP team. ￿fOrrned our Heritage team and completed full stafflprdctitioner training on embeddlng ACE Quality Principle5. We have delivered to these objectives and are very proud of the breadth of our work and its reach:_ Children ond Young People Led by our Young Trustees. our newly-created Youth Advi50ry Board completed an in-depth consultation on how CFTwas perceived by young people and what our community would like our theatres to provide and represent. Their input into CFT'S future in tenns of ensurinB that young voices are heard is invaluable. A LEAP priority was to focus on reengaging wtth Youth Theatre members and other adult groups who had not stayed connected during 202(P21. By the year-end. c￿ had built back its membership to over 650 members and resumed a full programme of 39 weekly events across 8 satellite venues acr055 the county. Following a suctessfvl marketing campaign, numbers for adult classes steadily increased with over a third new subscribers to ourweekly workshop programme. Our Year 11 Youth Theatre members participated in workshops with artists from Ellander Productions, a British East and Southeast Asian led theatre company. who focus on working with neuro-diverse artists, and on Dance and CreatNe writing. CFT hosted a National Theatre Connertions Festival online. enabling 7 companles and 147 young performers across the Southeast of England to showcase their performance5 to over 650 people, inspiring young people with new writing by profe55ional playwrights. The Actors/Creatives Insight project was launched to support and champion creative learning in schools. Funded through ACE'S Culture Recovery Fund. 16 professional freelance Artist5 delNered 100 workshops to 2,477 students aged 8-18 across 20 local Schools Wlth a focus on a wide range of creative skills including physical theatre. puppetry, song writin& dance. Shakespeare, improvisation within musical theatre. directing. filmmaking and Stage management. Subsequent evaluation by participating 5tudent5 and teachers demonstrated the tangible enrichment of creative learning. acquisltion of new skills and enhanced student confidence. In May. CFYt's integrated company perfomied and filmed one of the NT Connections plays. The Morxist in Heuven by Hattie Naylor. The company combined 5 members from our groups for young people with additional needs and 10 from our mainstream youth theat￿ groups and developed acting for camera skills culminating in a short film. In June, CFf hosted its first online Creative Careers Day partnering with Chichester College. Guildford School of Acting and the University of Chichester. 218 participations took place across 'online' panel discu55ions, talks and creative workshops: topics included apprenticeships, theatre design and writing for the stage. 14 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 Between Aprll and June, LEAP employed a freelance Drama Therapist to facilitate weekly workshops to support youth theatre members with mental health and wellbeing. The se55ions presented the young people with a 'toolkiY and range of strategies to manage and support their wellbeing. As part of Creative County West Sussex. su¢ce55fully led Artists in Schoo15 Wellbeing Activity Days, working in partnership with West Sussex MIND and WAVES Music Therapy. 265 students from 6 schools across Westsussextook part and a short film was sha￿d on the Cultural Education Partnership website. As well as holiday activities, a range of school workshops and partnership engagements have continued throughout the year, notably with New Park Cinema1350 pupils aged 5-171, noting and Summer School workshops at Chiche￿er High School 1140 pupils transitioning to secondary school using activities on teamwork, devisin8 and scripted drama. Scheduled story time sessions in the Festival Theatre foyertook place wtth over 100 children and their families during four Saturday momings in AuEust. The Arts Award moderation resulted in 80 successful awards achieved by children and young people across holiday activities. yO￿h theatre sessions and productions, schools and ttsineeships. The moderatorcommented that one Gold Arts Awards was the most impressive she had seen to date. 'A stunning PDrtfolio (Jddressing all t7spects of the Arts Award criteriu and unit requirement5forGold. The levelof rellertion is noteworthy throughout, evidencing deep learning. It is clear that young people are provided with very rich Apprenticeship experience5 at CFT. Congratulations, (Corrie LuTrghi- Arts Award Moderation) Comrnunity ond Outreoch Chichesterf$ 2022 Season of Culture. Culture Spark, launched at the end of March 2022 and aligned with CFfs 60th Anniversary in celebrating arts institutions acro55 the city- had taken the lead in planning one of the headline community engagement events for 2022 - a lantem parade across Chichester, Petworth, Selsey and Midhurst. as well as assisting on fundrai5in& organizing, and supporting the legal set-up for the venture. In November, CFT hosted its first Winter Wellbeing Festival wrth a range of workshops and event5 from nutrition and mental health to knitting, food waste. goat yoga and singing. We attratted a new pool of first-tlme engagers with and cleady appealed to a wide range of demoEraphics who valued the timing of this festival as so useful p05t-lockdown. Another first was a three-day residency, rehearsal and perfomiance in the MineNa Theatre with the Separate Doors Theatre Company. This company specialise in inclusive performance work with professional learning4isabled and non-learning-disabled actors and four original short plays were commissioned as part of the project involving 10 participants. We relaunched our Chatter Projett for adults aged 65+ at risk of isolation particularly from lock- down, with two groups in Chichester and Selsey linked to a supporting artist-in-residence. supporting close to 50 people. CFf celebrated National Carers Week with a day of creative workshops including 2 Zoom workshops in partnership with Carers Support and Theatre Design. A group of 16 young carers. (aged 5 to 13 years} from across West Sussex, came together to create their own shorl movie5 working with a young film-maker and an actre55 both of whom were CFYT alumni and fomier young carers. Participants developed their aciing-for-camera ski115 and the techniques tsf movie-making by taking on rolesas direttors.'boom' holders. clapperboard and camera operators. July celebrated Dlgit-ALL online wtth a Series of short films with our Friday Late group and 4 regional partnership companies, {Chichester Down Syndrome Dance Crew, Delta 7, Stopgap Troop and Theatre INCI, all of whom 5pecialise in work for young people with disabilities. Over 80 performers took part in the festival and the recorded films were viewed by 60 households. 15 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 At the beginning of September, hosted its first Demerstia Friendly Perfomiance with a matinee performance of South P(Jcific. Minor adjustments were made to the Ilghting and sound levels and a more relaxed and welcoming atmosphere was adopted acr055 our site. 240 audierkce members attended and we will run more perfomances in the future. In 2021-22 we made a community commitment to open our foyer and spaces more widely outside of performances or programmed activities so that becomes a more useful place for the local community to gather and meet. We completed a project to refurbish our foyer and relocated our main café to maximise its location overlooking Oaklands Park. In addition, 3 review of our Catering and Front of HoLJse outlets was carrieé out to help us better meet the expectations of new and returning patrons post the pandemic. Our Prologue scheme for 16-30 Year olds continued to thrNe. growing to 15,CMJO members who benefited from £5 tickets to all our shows and some supporting events. A new strand of off-stage events was launched to promote conversations on gender equality and inclusion. The Fizz & Feminism events included Queer Theatre and LGBTQ+ Inclusion in the Arts, and Teaching Equality in Schools. CFT Lates was also launched with a Series of Friday late-night eveAts programmed to attract younger audiences to a more Informal night out, and attracted 40% new booker5 to CFT. Our Christmas production of Pinocchio saw us delNer a Polish-translation performance for families who missed out on their Christmas vistt in the previous year, as well as a Relaxed Performance for new and ￿tUrnIng young and adult audiences with additional need5. Heritage Volunteer Programme With the appointment of a new Heritage and Archive Coordinator in November, weekly sessions with CFT'S heritage volunteers resumed in January with 30 participants. Heritage volunteers asslst with the upkeep of the CFfs archlves held at CFT and the West Sussex Record Office IWSRO}. In partnership with the Archive Team at Stratford Festival Theatre, Ontario, CFfs heritage team began a research programme conneding LEAWS heritage volunteers with Stratford's 'Friends of the Festival, volunteers in a Pen Pals research project to undertake research to uncover the unique relationship between CFT and Stratford. WHAT WE DELIVERED.. ATTHE FOREFRONTOFUK THEA TRE Given the impact of Covid-19, it felt essential that CF[ invested in and did what it could to support the theatre industry in 2021-22. The very real risk of permanently losing skilled. 5elf-employed individua15 and early career artist5 from the sector has continued thi5 year. and it has already proved harder to resource our creative teams and maintain our creative pipeline of talent for our Festival season. Along with supporting freelancers, we formed new partnerships and CD-producing relatlDnships where possible to create and show work that could tour nationally and internationally. South Pccific, which will transfer to London in July 2022 before a UK tour is a successful example of this as was our partnership with the Lyric Hammersmith Theatre on The Beauty Queen of Leenune. Our Board and Executive have continued to advocate for the Sector to keep its challenges and priorities in the public eye. by participating in national debate5 and press coverage to promote the importance of arts and culture in society in the wake of Covid-19. We were the first theatre in the country to launch a Production Management Apprenticeship in September 2021. This 15 a brand-new apprentI￿ShIp standard geared either towards a degree level student looking to specialise or to someone already working the industry looking to change career path. As noted, we are looking to pioneer further opportunities in 2022-23. 16 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 In May 2021, we announced that we would 5UPPOrt Gina Beck continuing in her lead role In South Pacific during her pregnancy, with Alex Young appointed to share the role. This job-sharing Inttiative received widespread attention from the industry and press, praising for its flexible and sen51tive approach to supporting working mothers on stsge. In another first, we partnered to pilot a scheme for audiences to allow carbon off-setting of their travel. Full details are on page 18, and CFT has since been invited to speak at UK-wide conference5 highlighting the innovation and impact of this project. WHA T WE DEUVERED.. RESIUENT, FINANCIALLY AND ENVIRONMENTALLYSUSTAINABLE Finunciul Resilience The ifflpact of the pandemic made it vital in 2021-22 that sustained its financial resilience, as well as investing in its future. As our Financial Report on page 39 notes, we deliVe￿d on our objective to maintain flnancial resilience whilst ensuring that we could still deliver a programme of work and meet our charitable objectives through'.- Taking advantage of 'furlough' funds, the Govemmenvs Job Retention Scheme, which wa5 extended until the end of September 2021. Succe55fully applying for a Cultural Recovery Fund {CRFI 2 award of £953,264 and a CRF 3 award of £348,261 at the end of October 2021. This allowed us to support our productions of Pinocchio 2nd Doubt, based on the reduced income projections and increased costs associated with mountin8 these productions while managing the impact of Covid-19. DelNering a one-year business plan for 2022-23 in September to secure funding from 2023-2024 ahead of our next three-year business plan and national portfolio funding application to ACE in May 2022. Carefully reviewing and prudentw using our designated reserves to ensure our heritage site and facilitie5 las well as our theatre offering and ambitions) remain vibrant and fit to deliver our objectives. Deferring larger capital project planning instead focusing on identifying shorter-temi improvements to our aging Minerva Theatre and wider site through a planned feasibility study to cost these essential initiatives. We have committed to growing ourdesignated Bulldings and Dilapidations reserve5 in support of thi5. Reviewing and diversifying our workforce to ensure our resources and cost base are relevant, flexible and dynamic. Whilst we were able to avoid any staff redundancies in 2020-21, we flexed our workforce during the year to meet the needs of our productions and our work on- and off- stage, taking advantage of the national Job Retention Scheme and revlewing our structures to ensure thal we only recruited replacement staff in essential roles. Investing in our commitment to delivering cultural change on-and-off our stages by developing a comprehensive Equality. Diversity and Inclusivity IEDII education programme across our organisation and our wider creatNe and other partners. Environmentt711y Sustainable In 2021-22 we planned and launched attivities to reduce our impact on the environment wlth specific initiatives led by our intemal Green Committee. as part of developing our road map to being carbon net zero. Our Green Committee was tasked with championing and delivering measurable sustainability improvements to improve our efficiencry and reduce our energy use. 17 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 "Re-cycle" opportunities were introduced where possible for 2021-22 productions. We invested in and are reaping the benefits of a cloud-based asset management System for prop5, furniture and technical/engineering 5to¢k to better allow us to ￿-use and monitor props as well as increase the potential for hiring items out. From May 2021, we partnered to pilot a scheme for audiences to carbon-offset their travel at the point of booking. A total of 5,477 carbon offsetting options were added to ticket purchases, equating lo 22,170 trees planted and the equivalent of 643 tonnes of carbon off-set. Through this partnership. staff were also offered the opportunity to offset theircarbon f¢otprint through an annual salary sacrifice scheme, resulting in a further 1,296 trees planted and the equivalent of 95 tonne5 of cartjon off-set. We repla￿d a long-standing theatre tradition of Press Night cards and gifts with paperle55 cards for the cast and company on each Festival production, and with their approval, we now use the budget to plant trees in Oaklands Park to mark each show. By year-end, 16 trees had been ordered and with a full Festival Season in 2022-23, more trees will soon be in place. A further 2,450 trees were planted in place of Press Night cards. Conscious of the waste generated from on-site Covid-19 testing for staff and companies, recycling bins allowed Covid-19 tests, masks and other PPE to be recycled and converted into usable manufactLEring materials. A project to replace and upgrade the MIne￿a Theatre house lights was completed utilising a Theatre Trust's The31￿ Improvement Scheme grant, reducing the lights, energy consumption by99%. Raising staff awareness, a Big Green Week initiattve was celebrated in September whereby many staff challenged themsefves to be 5ingle-use plastic-free for the week. In November, held a public COP26 community event in conjunction with The Great Sussex Way. This saw 180 people - CFf staff, CFYf members. our local community and councillors - create the word COMMIT on Oaklands Park in a human chain filmed by a drone. CF[ attended the Theatre's Trust annual conference with a focus on the Theatre Green Book. 3 volume guide IProductions. Buildings, Operationsl on su5tainability- CFf has committe(I to piloting the Green Book Baseline Standard for 3 produrtions in the Festival 2022 season, with our learnings and impact monttored to 5UPPOrt a wider roll-0￿ in future years. Under the Baseline Standard, a minimum of 50% of all physical production materials should come from reused or re(rycled sources, and a minimum of 60% should be reused with a future recycled life. We removed 1,315 boxes lout of 1,4101 from off-site storage, ￿ducIng our storage requirements/costs a5 well as 5UPPOrting our move to develop a paperless working environment a5 far as legally prdcticable. We amended our procurement policy to position environmental sustainability centrally within our procurement decision-making process. WHA T WE DELIVERED.. OPERA TIONAL AND CAp￿Al DEVELOPMENTS ON SITE We completed on-site work in the first weeks of 2021-22 in readiness for reopenin& with our planning prioritised to enhance our visitor experience and increase the access and suitability of our spaces for community use. This included-_ Relocating the maift café in the FestNal Theatre to next to the park with more outdoor space. and the potential for live entertainment or music. Facilities and seating furniture were upgraded with a focus on sU5tainability and renewal rather ihan othright replacement. The back-stage Green Room facilities in the Festival Theat￿ We￿ ￿neWed and we upgraded 18 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 our rneeting room conferencing facilities to reduce our carbon footprint and save on future travel to London in particular. Air-condltioning installation in the Steven Pimlott Building was completed to address the high temperatures and uncomfortable working conditions of these rehearsal rooms. We completed an intemal review of our set and props Storage requirements and relocated all our stores from Funtington and Metro House to a new leased single-site store off Terminus Road in Chichester, which is more convenient and offers the space to access our props and set5 in storage and so increase their availability for hire. Acce55ibility wod(s in the Minerva Theatre were completed on schedule in March 2022 in order to accornmodate actors for the Festival sea50n, substantially improving the back of house areas for a more accessible and inclusive experience for people using wheelchairs or with mobility Issues- the works included widened doors as well as disable(l and gender-neutral toilet and shower facilities. OUR FINANCIAL REVIEW Whilst many theatres in the industry produced little or no work in 2021-22, CFT determined that it could act prudently within acceptable levels of risk to mount a reduced Festival 21 and a full Winter season. Through careful planning, the support of furlough payments and extemal government funding in addition to the ongoing 5UPPOrt of donatK)n5. available grants and careful cost management, we set ourselves the challenge of workin8 Within an acceptable level of financial risk and were prepared to use available cash reseNes to support our programming and committed production costs. With the uncertain and ongoing impart of Covid-19, CFf therefo￿ worked to financial aims of: balancing significantfy reduced Box Office income levels (given the redU￿d season. social- distancing and lower ticket sales). available Government grants and Development income against strong control of costs and overhead5.' focusing costs to meet our core and charrtable objertrve of producing live theatre and delivering productions to the quality standards that Chichester audiences expect. Set out below is a 3-year comparison with 2019-20, the last full trading year prior to the Covid-19 pandemic, illustrates c￿,5 income challenges, given theatre closures for so much of 2020-21 and in 2021-22. Key financial performance indicators were closely monitored by the Board and Executive, rnost notably Box Office income:. 2019 2020 2021 Box Offlce Income other Income including Catering and FOH ACE, CE(, CRF & other Grants Donatlons and Fundraising Income £9,191,177 £2,789,569 £1,927,964 £1,804,596 £437,231 £153,108 £3,043,765 £1,998,455 £4,097,802 £2,221,999 £3,386,187 £1,157,641 To Note,. Theatre Tax Relief Contribution £913,670 £228,410 £579,539 Our net Income and Expenditure surplus before depreciation for the year was £289,080 with anoverall deficit of £855,366 after depreciation12020-21- El.287,341 deficit). 19 CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 Income Box Office income in 2021-22 was £4,097,8021£437,231 in 2020-21 and £9,191,177 in 2019-20, the last unaffected yearl, of which £63,125 was income from streamed sales and £3,954,702 from in- person attendance. This reflects the late start to the Festival season due to national lockdown, reduced programming, socially-distanced performances required in Summer 2021, lower levels of audiences returning to our theatres and the ongoing impact of Covid-19 throughout the year. AlonEside contributing some income this year, as noted, we continued to test new innovative methods of digital delivery and streaming to assess their potential for widening our artistic output and engagement. 3-Yeai Comparison ol Income 16 14 12 io 2019120 2020121 2021/22 • Public Sector Grants & Furlough 11 Box Office Income Sponsorship & Fundraising activities Catering, Front of House & Other Income Whilst results improved in 2021-22 compared to 2020-21, we note that after the extraordinary levels of support for our theatre from donors in 2020-21 during the lockdowns and theatre c105ure, as we reopened our doors with a reduced programme in 2021-22, Friends, membership income inevitably fell as did corporate sponsorship and those memberships linked to the number of our Festival productions. It will take time for us to build up the same levels of sponsorship and fundraising Boing forward. Given the reduced programme in 2021-22, we were however pleased that our Catering & Front of House income showed some signs of recovery and this encouraged us to complete the relocation of our Café and further enhancement of our foyer facilities. Theatre Tax Relief IThRI is a tax credit that, through our trading subsidiary CFT Productions Limited 'CFTP"I, we are able to recover on the core costs of our prodijctions. The total receivable for 2021- 22 was £579,53912020-21 £228,4121,'12019-20.. £913,670). For productions "green-lit" after 27 October 2021 (including Doubtl, the October 2021 UK Budget increased the effective ThR recovery rates for produced work Ito 36Ygl and tour5 (to 40Y.I through to 31 March 2023. The temporary increase in ThR will be a huge support for CFT and for the industry in the coming two years, allowing CFT to plan for a bolder 60 anniversary Festival season with the 20 CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 support of ThR on Box Office targets, which we expect will continue to be challenging. This additional money will enable CFT to: Invest in our own shows, in creatives, actors and other freelancers a5 well as in set, Costumes etc. to deliver the quality required Make touring our shows a more viable prospect either for CFT or for third parties Make co-production investment into our shows a more attractive proposition Employ the necessary seasonal staff in wardrobe, wigs, props, stage etc. to support productions,. and principally Not to have to restrict t05tS to balance lower than historical Box Office sales levels. Incffiio 2021-2022 Box Office £4.ILhn 3VA PL￿1￿ Sedor Grants&Furfough E3.38m 31% Calerfng & FOH £1.85m 17% sp￿ts￿shIp & FundraI￿n9 £1.16tn 11% TOTAL £10.86m 0￿er I￿orne È0.37m 3% 12020-21 tS.54ml e5 pvrinGume ￿ elw￿l￿reaC¢r C05t5 Despite taking all possible measures, CFT still had to absorb some costs connected to cancelled shows and a reduced Spring 22 programme. As in 2020-21, until Festival 21 opened in July, we took mitigating steps including shortening the contracts of seasonal staff, not employing other planned seasonal staff, renegotiating the costs of rehearsal rooms paid in advance and reaching settlements on contracts relating to cancelled shows where possible. We took other steps to protect our financial position through active management of staffing. All C permanent staff were furlouEhed to some extent in 2021-22 under the national lob Retention Scheme, with some staff rotating onloff furlough but we chose to incur staff costs to keep our programming, community and digital activities going wherever p055ible. All Front of House casual staff were furloughed and CFT'S catering outlets remained closed by our catering contractor, Caper & Berry until July 2021. Finally, we stopped all non-urgent capital expenditure, minimized all overhead expenditure and claimed all available rates, rebates and other support. In summary, the fact that CFTS financial deficit for 2021-22 wa5 not greater was primarily achieved by a combination of.. CRF funding support totalling £1,301,525 Donations and other fundraising activities of £1,157,641 of which £844,491 wa5 unrestricted 12020-21.. £1,925,055 lof which £1,624,015 was unrestrictedll 21 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 ACE and CDC annual funding totalling £1,983,734 £100,928 support from the lob Retention scheme Reduced overhead costs due to low activity and negotiated c05t savings. ExpeThlllm 2021.2022 Prod￿￿.0￿8 £5.88m F4 Theatre Operntlons £2.17m 19% Cat8rirvJ & FOH El.58m 13 r*pre￿al￿ £1.14rn 10% TOTAL £11.71m 12020-21 E6B2ml SpJtW51ip& Fundrai*ng EO.31m 3% Funded proj￿ £0.30m AbJrtEd C05ts £0.23m 2% eMa￿e EO.1(hn 1% Bonk and Cash The level of cash held at the bank at the year-end is always boosted by timing given the inclusion of the pre-paid Box Office and other income for the following season. For Festival 2022, this amounted to £3,073,157 out of total cash held of £8,257,28712020-21'. £7,766,470, 2019-20.. £8,329,1251. The level of cash held reflects the working capital requirements of the theatre tOEether with funds raised for restricted purposes and monies designated by the Trustees for essential projects and emergencies. Reserves Policy CFT'S policy is to maintain significant accounting and financial reserves to safeguard our financial position and provide a buffer against both identified and unexpected eventualities as well as enabling us to address essential capital expenditure and future opportunities that may arise. Capltol and Revenue Reserves Our overall reserves equate to net assets of £22,719,87512021'. £23,832,3801- In broad term5, our reserves are committed 2nd are planned to be expended on the following.. Restricted funds for Property and Capital projects- expended over the life of the asset. Restricted or Designated Projects- delivered over an agreed timetable (typically 3-5 years),. Designated Buildings & Dilapidations costs retained against ongoing Festival Theatre building repair5. The remainder is designated for the Minerva Theatre renewal and site- Designated reserves against uninsurable risks, notably Box Office risk- retained indefinitely. As detailed overleaf, a very significant proportion of our headline capital reserves1£15,716,7781 is locked into the fabric of our buildings which are depreciated over the life of our buildings or the remaining length of lease and of the equipment which are depreciated over their useful life. 22 CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 The remaining revenue reserves are committed for specific designated purposes 1£5,655,7731 together with unrestricted undesignated funds lour free reserves) l£1,347,3231, representing three months, operating and overhead expenditure. Capbi and Revenue Reserves 2021-2022 Restrictsd Ptopety Rew8sEI1,32m SO% Restricted Proi8cts £O.SOm TA Des￿natsd 8Uild￿g$ & Ll"larAdaUorts £4.40m 19% TOTAL £22.72m Des￿n&t￿l Office E3.3(kn 15% Designated ProiBcis & Futyr8 In¥estm8nl £1.85m •% Fr88Rtterv8s E1.3kn 8% The future of CFT remains dependent on our ability to survive unpredicted external events and allocating reserves to new areas of investment to future-proof the organisation, with priorities already designated in terms of..- Keeping our heritage buildings and site fit for purpose Essential renewal of our Minerva Theatre building in order to realise our ambition5 on and off the stage Investment in new audiences particularly through widening our digital reach and developing younger audiences Environmental sustainability and investment to become carbon-neutral Our financial plans and reserves policy take account of the requirement to maintain and increase reserves as the needs and challenges of our charity evolve. The Trustees have previously identified that significant work and expenditure will be required on the Minerva Theatre in the next few years, which our reserves could not meet. However, it is clear that the immediate years ahead are not the time to launch a major capital fundraising project given the external economic environment and our ongoing focus on reopening our theatres and encouraging audiences to return. It remains the Trustees, intention to build up the Buildings and Dilapidations reserve (currently £4,398,519) to meet the costs of significant repairs and other essential dilapidation works on site (such as ongoing concrete repair works on the Festival Theatre and to the fabric of the Minerva Theatre) whilst carrying out a research and feasibility study in 2022123 to assess and underpin our review of a potential capital project on the Minerya Theatre and the rest of the site. The Revenue reserves total £7,003,096. This is split between free reseNes l£1,347,3231, reserves comprising monies given for restricted purposes1£505,6741 and funds designated by the Trustees for specific projects and ongoing working capital1£5,150,4001. Designated funds allow us to invest in essential projects to plan for CFT'S future to ensure we continue to meet our charitable objectives for the people and communitie5 we reach. This includes planned investment to provide space for our 23 CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 community, young people and for new artists with audience investment in areas including digital technology, inclusivity and diversity. Designated fvnds also allow us to cover areas of risk or priority for the charity and currentty include a Box Office and Covid-19 reseNe provision of £3.3m, nece55arlly earmarked to offset significant underperfom)ance of expected Box Office or the cancellation of both an entire production or multiple performances during a production's run. Unrestrfcted'Free' Resefft5 Unrestricted reserves are the only funds that are freely available to cover operational and overhead cost5 in the event of closure or significantly reduced activity land 1055 of associated income arising) from unknown risk5 that are unforeseen despite our active risk management and monitoring. Our £1,347,323 of free reserves is equivalent to aboLrt three months, operating costs covering overheads and production Staffing wages. Thi515 behind the polirytarget set bythe Trustees that we should hold free reserves of between three and six months of such costs. The intention is, over time and whilst continuing to deliver on our charitable objectives, to build free reserves up to this target. The full analysis of Reserves is set out in Note 16. Prlncipql Finan¢ial Risks CFfs operations expose us to a variety of financial risks and challenges. We have in place an on8oing Internal risk management programme with agreed management actions. that is also reviewed by the Board and presented at every Board meeting. Thi5 identffie5 areas of risk and implements controls and procedures to limit our exposure in organisational, financial or reputational term5. Risk l.. Covid-19 R15k The risk is that there is an ongoing impart of Covid-19 with the consequence that audiences do not return to pre-pandemic levels. We have seen that whilst our most loyal patrons have returned to our theatres, a sizeable part of our audience is hesitant to return to theatre-going, that many theatre- goers are booking less far ahead and are not pre-purchasing as many tickets for our whole Festival season as has been the case in past years. We are less fearful of our venues closing again, although we note that new variants could still lead to ksckdowns impacting our ability to generate income. There is a further impact on other ongoing income streams with direct economic link to CFfs audience S12es Isuch a5 corporate income. donations. membership income, Front of House and catering). Furthermore, the ongoing risk of visiting companies or staff catching Covid-19 creates a real risk of shows being £ancelled with resulting lost income. Mitigation.. For 2021-22, an additional Covid-19 section to the risk register was maintained by the Board. Looking ahead, our Executive and Senior Management Team will seek to=_ Strongly manage costs and take advantage of available government support such as and anv available centrdl funding Maximise our fundraising efforts. includin8 establishing a le8acy fundraisin8 campaign to secure income in the medium to long term. Internally develop detailed plans under various scenarios to accommodate lower audience numbers and Box Office sales. when forecasting and planning internal budgets Refocus programming plans to more flexible and some lower cost productions. a5 well a5 working with co-producers to share costs and dNersify risk. Planning for Festival 22 on this basis was successfully managed in 2021-22 Delay any commitment to large capital investments or projects bearing high costs e.B. on the Minerva Theatre until we have greater confidence that sufficient audience number5 will return 24 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 and a better understanding of the long tem) habits of theatre-golng post Covid-19 and In a dlgltal hybrid world. Maintain effectlve operating protocols to manage the risk of Covld-19 breakouts amongst visiting companie5 and staff. Risk2.. Box Office Risk Our ongoing principal financial risk revolves around failu￿ at the Box Office and Its potential adverse effect on both our financial results and cash flow. This is particularly relevant in a theatre business where a completely new programme of work 15 embarked upon each year. with costs committed to our Festival productions ahead of subsequent and unguaranteed Box Office income. We note that Box Office risk could increase for several possible reasons=_ As noted above, the continued Covid-19 risk that our audiences do not return to theatre-goin8 as quickly as we might hope A failure in our programming or a production that leads to a substantial shortfall in Box Office Income compared to expectation Another uninsurable pandemic or event happening Reduced Box Office 5ale5 have numerous adverse effects wtth proportionate reductions in secondary income Isuch as Catering and Fror¢tof House sales) and lessobviousconsequences including an impa£t on future sales and reputational damage. Mitigation.. The Trustees and Executive Team are fully aware of the risk profile of the business and, together with Senior Management. continue=_ to plan an artistic programme to mitigate and monitor Box Office performance c105ely to work hard on flrture programming and increased marketing to plan work that will prove popular with a range of audiences, and to encourage theatre-goer5 to return and regain the habit of enjoying live theatre once again to interrogate data to set realistic Box Office targets for 2022-23 that we believe should be achievable, although we will continue to monitor these carefullv. To use direct marketin& videos and online communications to reassure our patrons, showcase the work on our stages and give them every reassurance about our site and Safety measure5 in order to welcome them back to regular theatre-going. Rlsk3.. Loss of Funding CFT is dependent on annual fijnding from both ACE and CDC which totals almost £2 million per annum to support its programming and innovation. The loss of this funding would limit our ability to present a varied programme and extend our audience reach. Furthermore, our community work and impart would undoubtedly be impacted and have a material adverse effect on our ability to deliver our charitable objectives. Mitigotion.. CFT monitors this financial contribution closely and has submitted in May 2022 a robust NPO application for funding the four-yeor period 2023-2026. The result of the application will be known in October 2022. Risk 4.. Externol Economlc Polltlcol Uncertalntles Consumer confidence and disposable income may weaken as a result of the econornic climate. rising inflation and energy costs, the Ukrainian crisis and increasing UK interest rates in response to higher price5. Mitigation.. is prepared to take a consemtive and dynamic management approach to costs and to anticipate trends and changing market conditions. Specifically, this means managing our costs to match our income. considering our programming of popular and commercial title5, and managing ticket prices whilst retaining and promoting affordable seats to our 8udience5. 25 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 R15k 5.. L055 of Creotive Talent ond Ri5inq Costs of Resourcing Produrtion5 The loss of talent from the industry is well-documented as large numbers of creattve and technical workers have left the theatre industry altogether or moved for better paying roles in television production. This is leading to a Shortage of experienced creatlves. increased competition for talent and rising wage costs for available freelancers. In addttion, the rising costs of materials and the closure of some theatre workshops have led to significant hikes in the cost of set builds and production. Mitig(Jtion.' We are monitoring the situation closely and have taken steps to create more attractive benefits packages to attract staff to C￿, which involves addressing accommodation i55ue5, creating training opportunities, planning hjrther in advance to Secure 5ea50nal staff and considering ways in which we can retain their services e.g. during parts of the Winter season. Treasury Monqqement Strategy The Treasury Management Strategy for CFf covering both investments and borrowing is approved each financial year by our Finance and Audit Committee. The Trustee5 Stipulate that funds a invested prudently and, as a priority, have regard to the security and liquidity of the c￿,5 investments rather than seeking the highest rate of return. Going Concern The Trustees believe that the organisation is well pla￿d to manage its business ris￿ successfully and have a reasonable expectation that. alongside their strategy for handling the impart of the Covid-19 pandemic, the Group has adequate resources and cash to continue in operational existence for the foreseeable future. However, we have previous￿ flagged the potential stgnificant capital requirement5 for the coming years. in particular the costs of a Minerva Theatre renewal, and the fact that our reserves, whilst stron& are largely restricted and designated and, because they are tied up in property and other assets. not fvlly covered by liquid fund5. The Going Concern accounting policy is outlined in detail in xhedule Ilxvil of the notes to the accounts. OUR STRATEGIC PRIORITIES FOR 2022-23: WHAT WE PLAN TO DO? Throughout 2021-22 we have introduced the ACE Lev5 Create Outcome5 and Investment Principles to our Board, rtaff and stakeholders using them to inform our business planning proce55 and aliEn our Vision, Mission and Values. The strategic objertives of our one year 2022-23 business plan are as set out below:_ Creatfvely Ambitious. Dynam14 Indusl¥e and Relevant In 2022123 must be a place where everyone is welcome. We will work to identify and remove barriers to engagement wtth us. redress imbalances of inequality and reflect the diversity of communities orb our stages, in OLJr creative teams and staff and within our work with the community. We will listen to young and diverse voices to ensure we stay dynamic and relevant. To achieve this in 2022-23. we will.. Produce and present a full-scale FestNal and Winter Season with a balanced programme of ambitious. high-qualityp popular an(J socially relevant work Prioritise re-establishing and maintaining P￿-Cov1d-19 audience levels, rebuilding confidence in returning to the Theatre. 26 CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 Commission new work from dtverse writers. broaden the diversity of freelance arti5t5 we engage and work with Work with co-producers to mitigate financial risk and expand the reach of CFf5 produced wo Advance our digital objertives by embracing our new Digital Strategy and Action Plan Lead and play our part in the 2022 Season of Culture in Chichester, Continue to embed the voices of young people in our strategic decisions through further development and engagement of YAB members in advislng and guiding the Board and Senior Management Develop a new Equality, Dniersity and Inclusion strategy, building an internal "Case for Change" adopting learning from anti-racism training and 5UPPOrted by a specialist independent consultant Pilot phase l of a new Artist Development Programme offering opportuntties for young and developing artists, creatNes and companies Animate the FOH spaces, creating a performance and exhibition space for community groups to share their work and ensure the building remains a gLFto destination for visitors of all ages throughout the day. At the Heart of Our Communlty CFT has a crucial role to play in restoring Chichesterfs sense of community and place and in supporting mental health and wellbeing. Maintaining and deepening our 5UPtK)rt for our local communitie5 will be ever more Integral to our work, particularly given the disproportionate impact that Covid-19 has had on isolated individuals. those from deprived areas and low socio-economic backgrounds, young people's mental health and the education and development of children. We will listen to our communitles and continue to reach out to individuals or demographic groups who need SUPFK)rt orface barriers to connecting with the arts. Oureducation and careerdevelopment opportunities will be responsive to the changing needs of youn8 people, freelancers and the industry post-Covid-19. To achieve this, in 2022-23 we will.. Build on our current partnerships with social care, mental health, wellbeing and social prescribing networks and strengthen the role and profile of CF￿ and LEAP'S outreach programme, reestablishing LEAP membership to pre-Covid-19 levels Seek funding to deliver a staff-led proposal to engage a Oramatherapist to offer free mental health 5UPPOrt Spearhead a sustainable c￿atiVe Wellbeing programme for schools and education settings, in association with Creative County West Sussex, Cultural Education Partnership ICEPI, with specific focus on areas of deprivation primarily Crawley, Worthing and Littlehampton Expand c￿'S Early Years participation and engagement programme to develop the reach and engagement of younger children and families Provide work experience, career development and heritage volunteering opportunities across the organisation that are open. inclusive and impactful Evaluate and develop our recruitment processes, as part of our WO￿ on our.case for Change" to ensure they are truly open to all and 5UPPOrt dNer5ifying our workforce Develop a brand strategy to better reflect CFfs new mission, vision and values and to refresh our tone and visual identity to appeal to a wider demographic Rebuild the numbers in our Friends Membership scheme, boosting our wiL1er community of philanthropic giving and sponsorship. At the Forefront of UK Theatre CFT holds a vital role within the UK theat￿ industry with a high volume of in-house productions and 27 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 freelance prattitioners. as well as offering two stages used by commercial and touring producers to open productions or transfer CFf productions into commercial Settings. We will art a5 advocates for the sector and participate in national debates. promoting the importance of the arts and culture in society, particularly in the wake of the pandemic. as well a5 Championing industry-wide dlalogue about making environmental changes happen and developin8 future models for digital live-streaming and support. To achieve this, we will: Produce in-house productions that demonstrate the b￿adth, scale. ambition and quality of C Develop co-producing relationships to support the sustainability of our own production5 Proactivefy seek opportunities to engage freelancers across all our work, supporting early career or skilled Individuals to remain in or return to work within the settor, using a Freelance Charter to support this Support digital innovatlon through developing partnerships Wlth cr05s-sector digital innovators, inyesting in and seek funding for digital R&D Develop our education, training and apprenticeship opportunÈties to support equal and Incluslve educational and career development. addre55ing issues that the global Majority is CU￿entlY underrepresented in the industry Build on LEAP'S industry-leading model to facilitate shared intelligence, expertise, practice and resource5, particularly through a CFT-led biennial National Conference with 2022's focus being Empowerlng Young People through Culture. ReslllenL and Flnanclally and Envlronmentslly Sustainable . The impact of the pandemic makes it morevital than ever that we sustain and strengthen our financial resilience, continue to diversify our income Streams and strengthen and diversify our audiences and workForte. In addition, we want to reduce CFf5 impact on the environment and become a leader in developing models of best practice for environmental sustsinability- To achieve this. our objectives include: Finonclol Resilience Remain financially adaptable ènd agile. responding to the ongoing implications of Covld-19 on income and budget. whilst maximizing beneffts from tax and other benefits such a5 ThR, VAT recovery, Gift Aid and Rates relief Maximise financial opportunities a550ciated to with c(Fproducing relationships Establish clear, measurable Kpls for our Development ambitions to support an increase In development and philanthropic income and build the journey to develop a wider supporter b35e Develop a finance strategy to enhance our strategic financial management and allocate designated reserves in a sustainable way. Workforce Resilience Develop the diversity of CFf5 workforce to ensure it is relevant and dynamic, supported by recruitment procedures and working practices that are equal and inclusive Enhance trainin& skills and career development opportunities for staff, with a particular focus on anti-racism, inclusion and equality. environmental sustsinability and digital 5ki115 Support the wellbeing of staff with particular focus on mental health through Health Assured, an employee assistance programme. and a funded Dramatherapist. Develop the diversity of perspectives and skills of c￿,5 Board of Trustees. 28 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 Environmental Sustainability Appoint a consultant to support developing a new and robust environmental strategy including a roadmap to a carbon net-iero model Embrace the Theatre Green BOOK pilot three productions to the Green Book baseline standard for theatre within Festival 2022 Investigate installation of elertric vehicle charging points on site for staff and visitor use Continue the journey to a paperless working environment as far as legally possible Invest in improved conferencing facilities to allow engagement beyond Chichester in a sustainable manner, reducing travel and environmental impact Position CFT a5 a leader within the local community, City and District Councils, as well as in the wider theatre industry in developing best practice models of sustainabilty. Site and Infrastructure Sustoinability Develop digitsl systems & capacity to improve the IT and systems infrastructure through embracing and embedding the use of Yesplan software and developing an in-house intranet; Expand the use of the slte. internally within our foyer spaces and externally including use of Oakland5 Park, Commission a feasibility Study for the Minerva Theatre and the wider CFf slte addressing essential improvements to the plant and fabric of the Minerva. Protect, monitor and develop the Designated "Buildings & Dilapidat￿ns Fund. to support the projetts detailed above. OUR STRucfuRE, GOVERNANCE AND MANAGEMENT Chichester Festival Theatre is a company limited by guarantee and is a registered charity. The busine55 of the Theatre commenced in 1961 and the current Company commenced its operation5 in 21J)l. OUR BOARD OF DIREcfoRS AND ThE ROLE OF OUR EXECimVE TEAM The Directors of the Company are also the Trustees of for the purpose of charity law up to a maximum of twenty. Our Trustees are also the only members of the Company ané are non-executive and unpaid. New Trustees receNe a full induction to the organisation. In addition. time is spent on site at with our Executive Team and Senior Management Team and touring the premises. Trustee training is delivered as required and briefings are held on new governance matters or regulations. In 2021-22 the size of the Board remained at fourteen Tru5tee5 including two Young Trustees appolnted for up to two years. One trustee 15 appointed by CDC as a condition of its ongoing funding 5UPPOrt. This year, due to the timing of appointments. one new trustee was appointed, a fijrther trustee was approved for appointment to the Board in 2022-23 and there wa5 one retirement. Notably, our Chair, Sir William (Bill) Castell stepped down in March 2022 after ten years, dedicated service as the Chair of the Board, to be replaced by Mark Foster who was appointed after an external recruitment process led by the CFf Nominations Committee. During the year there were six Board meetings leither in person or on Zoom). two additional Board briefing calls and an Awayday. Trustee attendance was high at an average of 86% with no trustee missing more than two meetings. 29 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 The Board is invofved in major strateglc decisions and has ultimate responsibility for the control, conduct and financial stability of the Company and monttoring the Executive Team, neither of whom are Directors under the Companies Art. The Board's responsibilities extend to monitoring CFT'S charitable objects and the delivery of public benefit noted on page 9 and is benchmarl(ed against the provisions of the Charity Commission Governance Code (updated in 20201. with plans to review this in 2022-23. Whilst retaining overall responsibility, the Board delegates to the Executive Director and Artistic Director the detailed management and artistic control of the Theatre. It is their responsibility, principally by selecting and implementing the artistic programme, to further the artlStic reputation of our Theatre and to ensure that its management is efficient, effective and run in accordance wlth good business practice. The Board approve5 the artistic programme annually through its approval of the budget. The Executive Team attends Board meetings and reports regularlv. Our Trustees appoint the Executive Team and, in line with their relevant contracts, determines amounts due under those contracts annually, with the Remuneration Commlttee leading on this. The Trustees monitor the performance of the Executive and also review the quality, effectivene55 and timeliness of information provided to the Board. The affairs of the Theatre are also subjett to continuous review by ACE and CDC. Trustees have access to independent profe55ional advice, rf necessary. at the Company's expense. Appointment and ferm5 of OffKe of Board Members The process of recommending the appointment of Trustees is delegated substantially to the Nominations Committee, however the Board reviews and assesses the necessary attributes, qualities, experience and tocal/national representation of the Board's needs at any time. The initial period of appointment as a Trustee is a three-year terni wtth Trustee5 offering themselves for re-election for a secand three-year temi. Exceptionalty. a period of seNice for a Trijstee is three three-year terms with a maximum of 10 years. With the aljolition of Annual General Meetings as a legal requirement. Trustees will normalW be treated as retiring on or at the next Board meeting after the relevant anniversary of their first Board meeting attendan￿. This timing facilitates the continuous renewal and turnover of Trustees. Our Boord Committees There are Terms of Reference for various Board Commrttees in operation from time to time. There were three delegated Board Committees operating during the year: a Finance and Audit Committee, Nominations Committee and Remuneration Committee in addition to an advisory Development Committee that works closely with our Development team. The Board and the Finance and Audit Committee members at the date of this Report are listed on page 3. Finance (Jnd Audit Committee Our Finance and Audit Committee nomialw meets five times during the year and at other times as required, reporting regularly to the Board. The Committee has four distinrt areas of delegated responsibility.. Financial Management, Audit, Internal Control and Risk Management. There were five Finance and Audit Committee meetings held during the 2021-22 year. 30 CHICHESTER FESTIVAL THEATRE ~ 31 IVIARCH 2022 Nominotions Committee Our Nomination5 Committee is empowered by the Board to review the strutture, Size, diverse composition and balance of the Board and. in light of that review, to make recommendations to the Board with ￿gard to appointments and renewals of Trustees, terms of service. It also ensures that appropriate indurtion and training is given to Board members. Remuneration Committee Our Remuneration Committee is empowered by the Board to determine and agree the framework or broad policy for the remuneration of the Compan*s Art15tic and Executive Directors and other senior managers. The committee may obtain reliable. up-to-date infom)ation about remuneration in other companie5. To help it fulfil it5 obligations the committee has full authority to appoint remuneration consultants and to commission or purchase any reF)0rtS, surveys or infomiation that it deems necessary, within any budgetary restraints imposed by the Board. Development Advlsory Committee Our Development Advisory Committee acts as an advisory group to the Executive Team and Development department and corries out an important role, working wtth our 5UPPOrters to develop and maximise fundraising opportunities forthe theatre and our wider community work. Led by a Chair drawn from the Trustees, this committee may include other co-opted members who are not trustees. EQUALITY AND DIVERSITY CFT believes that to be relevant to all areas of the communtty. it should represent and draw talent from all parts of society. It aspires to reflect this in its Board, workforce and its repertoire. We treat all members of staff equalEy when considering career development and promotion opportunities regardless of whether the employee has a disability- If an employee becomes incapable of carrying out his or her normal duties because of a disability, we will give consideration to making reasonable adjustments to their job and working conditions, redeployment and retraining. C endeavours to operate across all its actNities without discrimination, directly or indirectly, in relation to age. sex. Sexual orientstion, disability, ra￿, ethnic or national origin, religious or philosophical belief. In 2021-22 a designated trustee from the Board continued to act as the Diversity and Inclusion Champion to support work on this agenda as detailed in our 2022-23 objettives. EMPLOYEE INVOLVEMENT CFT seeks to engage all employees, and others who work there, in its activities and achievements. There are regular management company and departmental staff meetings and emailed information note5. Senior managers and the Executive Team meet twice weekly (depending on operational commwtmentsl and communicate relevant infomiation to their staff. FUNDRAISING is committed to ensuring that tts fundraising actNitie5 dre carried out with the upmost integrity and takes account of the Charity Commission Code of Fundraising Prattice. CFT is registered with the Fundraising Regulator and works to its standards of charitable fundraising to ensure honesty and 31 CHICHESTER FESTIVAL THEATRE - 31 [￿tARCH 2022 transparency with our donors. and that fundraisin8 activities are leEal. respectful, open, honest and accountable to the public. In 2020-21, the Board approved a new Donation Acceptance Policy to be followed by the Development department. This policy set outthe due diligence and criteria that ihe Trustees or CFf should conslder when accepting or refusing potential donations, partnerships and sponsorship from individuals, charitable trusts, foundations and corporate entities. During 2021, further work to complete due diligence on historic and existing major donors was completed with no concerns identified. The policy a150 provides for an annual review of donors and sponsorship levels by the Board. We manage our own internal complaints process to agreed procedures, and rewrt to the Fundraising Regulator annually. In terms of step5 taken to protect vulnerable people and other member5 of the public (from fundraising behaviour which would be an unreasonable intrusion on a person's privacy, unreasonably persistent or place undue pressure on a person to give money or other property), we have appropriate internal training, procedures and review processe5 in place to meet these requirements. During 2021-22, there were no fundraising complaints recorded. as in previous years. All voluntary fundraising at CFT 15 carried out by an interrially managed Development team, supportèd by the Development Advisory Committee. Further information on the 2021-22 fijndraising financial contribution is provided on page 20. manages its Privacy Policy and éata management in in line with the requirements of GDPR as at 25 May 2018. MONITORING AND EVALUATION Our buslness plan and key objectives are attNely monitored bythe Executive and Senior Management Team and an update is provided to the Board in the form of a Manogement Report to all Board meetings in addition to regular reporting to ACE and CDC. In 2021-22 the Executive Team and Board reviewed CFfs Board governance guidance and internal risk register, maintaining a new section to address the possible Covid-19 futu￿ risks that may continue after the immediate pandemic. CFT continues to collect information about its current and potential audience, unifying insights and report5 across the CRM 5Y5tem, through its ACE-funded Audience Finder, and on our website and social channels, to enable monitoring of audiences and to make positive changes. In addition. we took part in nationwlde suNeys to Bather data on audience views on retuming to live cultural events. A robust Complaints and compliments process is in place to monitor audience response5. All complainants receive a response within three working day5, duly logged on ourCu5tomer Relationship Management system. Regular Family and Access forums are held. collating feedback to inform work, and our LEAP programme is monitored through the ACE Quality Principles Framework. The Senior Management Team benchmark against other theat￿5 and participate actively In reviews Within the sector, sharing statistics and best practice. HEALTH AND SAFErY CFT ha5 a policy to provide safe and healthy working conditions, equipment and systems of work for all employees. We aim to do this through our policy, training and supeNision. Our Health & Safety policy and record is reviewed annualty intemally and by the Board, and a short version of the Health 32 CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 & Safety Poli￿ Is provlded to vlsiting companles and Company Managers. The Heahh & Safety Committee meets every fortnl8ht. We maintaln and keep our Emergency Plan and securlty measures under fe8ular revlew In the Ilght of natlonal security and local police guSdance. reporting to the Board on key changes. Tralning Is carried out forall new Front.of.House and Box Office staff and theTheatre Managerworks with the Southeast Counter Terrorism Unit which offers training and advlce. SAFEGUARDING CHILDREN CFT has a Child. Young Person ILYPI & Vulnerable Youn8 Adult Protertion Policy complyin8 With regulatlons around the super4islon of children and child.'3dult ratios. There Is a designated Chlld Protection Officerand Deputy atC￿ and a system for DBS update checks and safeguarding awareness for all adults lincludin8 chaperones) worklng with CYP and vulnerable adults. A deslgnated trustee on the board was appointed as the Safe8uarding Trustee and CFfs Safe8uardlng pollcy 15 reviewed annual￿ by the Board. TRusfEES' TrAN5AclloNS The Board of Trustees operates to a written Code of Condutt and separate formal Conflirt of Interests Poliry to ensure that the highest standards of transparency are malntained. From time to time. Trnstees. or persons connected wlth them. may enter Into transattions with CFT in the nomal course of business of both parties. Such transactions are conducted on an arm's length basi5. on normal commeraal ternis and are managed In accordance wlth the specific provislons of our policies and our Memorandum and Articles of Association. All Trustees and the senior management team are required to make declarations of interest to the Company to asslst Sn Identifylng conflicts of Interest or loyalty. declaring such conflicts at the start of any Board meetin8s. In addition, an annual update ot Trustee and Related Party interests is maintsined and reviewed by the Chairman of the Board. The notes to the Financial Statements gsve details of donations by Trustees and of the liability Insurance taken out on beholf of the Trustees. Trustees are encouraged to attend performances in order to fulfil thelr duty to assess CFfs perfomiance and, to this end, can receNe free of char8e a maxlmum of tsvo tlckets for productlons orlglnated by CFr. VOLUNTEERS ANO FRIENDS is very gratefijl for its Community of volunteers who carry out specific voluntary arttvities, including help with fundrai51ng. archiving and administration duties. Their contribution help5 build our sense of community and assists our operational efficiency. Our volunteer team are sincerely thanked for the work they do. c￿ also entourd8es the publi¢ to subscribe to become members of the Frlends of the Theatre, in return for whlch Incentives are 8iven to book seats. and to partlclpate In spe¢iflc events organlsed for them. AUDITOR Haysmaclntyre LLP were appointed to continue as the Company's auditor. 33 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS Statement of responslbllltles of the Trustees of Chlchester Festlval Theatre In respert of the Trustees. annual report and thÈ Ilnaftclal statements The Trustees are responslble for preparlng the Trustees. Report and the financlal statements In accordance wlth appllcable law and regulations, Company law requires the Tnsstees to prepare financlal ststements for each financial year, Under that law they have are required to prepare the group and parent company financial statements In ccordance with UK Accountlng Standards and applicable law IUK Generally Accepted Accounting Practice), includlng FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial ststements unless they are satisfied that they give a true and falr view of the state of affairs of the group and charitsble company and of the group's exce￿ of expenditure over income for that period. In preparin8 each of the group ènd charitable company financi81 statements, the Trustees are required to: selett sultable accounting poll¢ies and then app￿ them con5iStentty: make Sudgements and e5timatesthat are rea￿nable and pNdenL' state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and assess the group's and the charitable compan¢s abllltyto contlnue as a Boln8 concem. dlscloslng, as applicable, matters reEated to 8olng cOn￿rn. and use the golng concern basls of accounting unless they elther Intend to liquldate the Broup or the ¢harltable company or to cease operations, or have no realistic alternative but to do so. The Trustees are responsible for keeplng adequate accountlng record5 that are 5ufflcient to show and explain tFte charitable companVs transactions and dise105e with reasonable accuracy at any time the financlal position of the charitable company and enable them to ensure that its financial statements comply with the CompaniesAct 2006. They are responsible forsuch internal control asthey determine Is necessary to enable the preparation of financial ststements that are free from materkal misstatement. whether due to fraud or error, and have general responsibllity for takin8 such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detett fraud and other irregularities. By Order the Board Mark Foster Chair of the Board of Trustees 22 July 2022 34 CHICHESTER FESTIVAL THFATRE - 31 MARCH 2022 INDEPENDEKfAUDITOR'S REPORT TO THE MEMBERS OF CHICHESTER FESTIVAL THEATRE Independent auditorfs report to the members of the Chlchestsr Festival Theatre Oplnion We have audlted the financial statements of Chichester Festival Theatre for the year encled 31 March 2022 which comprise the Consolidated Income and Expenditure Account, the Consolidated Statement of Flnancial Activities, The Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement, and notes to the financial statements, induding 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 and parent charttable companvs affairs as at 31 March 2021 and of the group's net movement in funds. Including the income and expenditure, for the year then ended: have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice,. an(i have been prepared in accordance wtth the requirements of the Companies Act 2006. Basis for oplnion We conducted our audlt in accordance wfth Intemational Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitshle company in accordance with the ethical requirements that are relevant tr) our audit of the financial Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions ￿latIng to going con¢ern In auditing the financial statements, we have concluded that the trustees. use of the going concern ba515 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that. individually or collectivety. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the Inancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with re5pert to going concern aredescribed in the relevant sections of thi5 report. Other Informatlon The trustees are responsible ft)r the other information. The other information comprise5 the information included in the Trustees, ReF)Ort. 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. 35 CHICHESTER FESTIVAL THEATRE - 31 MARCH 2022 In connection with our audlt of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5statement5, we are required to determine whether there is a material mi$5tatement in the financlal statements or a material misstatement of the other infomiation. If. based on the work we have performed, we conclude that there is a material misstatement of this other infom)ation, we are required to report that fact. We have nothing to report in thi5 regard. Opinion5 on other matters pres(yibed by the Companies Act 21J)6 In our opinion. based on the work undertaken in the course of the audit: the information given in the Trustees, Report (which includes the strategic report and the directorg report prepared for the purposes of company lawl for the financial year for which the financial ststements are prepared is consistent with the financial statements,. and the strategic report and the directors. report included within the Tru5tee5' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mi55tatements in the Tnjstees, Report (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accournting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by usl,. or the charitable company financial statements are not in agreement with the accounting records and return5: 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 Responsibilities of trustees forthe financial sLitements As explained more fully in the trustee< responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vieihl, 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 preparlng the financial statements, the trustees are responsible for assesslng the charltable company's ability to continue as a going concern. disdosing, as applicable, matter5 related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Auditorf5 responsibilitles for the audit of the financial Statements Our objective5 are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs ￿Port that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an Budit condurted in accordan￿ with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre8ate, they could reasonably be expected to infiuence the economlc decisions of users taken on the bas15 of these financial statements. 36 CHICHESTER FESTIVAL THEATRE- 31 MARCH 2022 Irregularities, Ineluding fraud, are instan￿5 of non-compliance with laws and regulations. We design procedures in line with our responsibilitie5, Outlined above, to detect material misstatements in respect of Irregularities, including fraud. The extent to which Dur procedure5 are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charttable company and the environment in which it operates, we identified that the princlpal risks of non-compliance with laws and regulations related to the Companies Act 2IX)6 and the Charities Acl 2011 and we considered the eKLent to which non- compliance might have a material effect on the financial statements. We also considered otherfactors such a5 income tax. payroll tax and sales tax. We evaluated managemenys incentwes and opportunitles forfraudulent manipulation of the financial statements lincluding the risk of override of controls), and concluded that the risk was low. Audit procedures performed by the engagement team included- Oiscusslons with management including conslderation of known or suspected instances of non-compliance with laws and regulation and fraud: Evaluating managemenvs controls designed to prevent and detect irregularities,. Identifying and testing joumals, in particular journal entries posted with unLtsual account combinations, postings by unusual users or with unusual descriptions,. and Challenging assumptions and judgements made by management in their critical accountlng estimates Because of the inherent limitations of an audit, there is a risk that we will not detert all irregularities. including those leading to a material misstatement in the financial statements or nonme 4,097002 220,002 1,157,641 762,175 1,093,602 117.533 755 437,231 55,837 1,998,45S 11,155 31,354 2 543 398 Cost of salÉs Prcéucbons Aborted costs provlded In 2020 SOFA Addl￿onal abcrted costs Less sa￿Thj5 attribuiaiAe to T￿tre Tax rd Catedng Theatre operndon and LEAP cc6ts beft￿e dewedotrjn PrDkrt fuThJing for restritt￿ & deggnatsj acbvibes Front-of-hjjse & Hlres costs Fundraigng 6,458A89 2,393,122 700,1XKI 376,571 (228,4101 42,914 1,484,S26 337,147 219,535 228B09 (579,539) ¥194,181 1171.288 301,095 384,977 311A09 IOB70 209 5 699 275 Admlnlstratlva expenses Governance l(A,340 Operntlng Deficit for the year (3,125,794) (3,274,443) Intwest recelvable on TrJmRI tTrdlr 28,687 45,396 ltybllc sector grants re￿￿able 3,38fy187 3,043,765 Surplus l {defklt} before depreciatlon {185,2821 Deprech3ton (1,144846) (1,102,059) Dèflclt aft•r Interes¥ pubfic sertor gr7nts and thwedatkn. (855,366) 11,287,341) Reconciliation ts> Statement of Anandal Acdvltles (SOFA) IKome and Expenditure defiat per above (855,366) 11,287,341) ts]ert fu)ds trnnsfeThed from reseNes Rebjm frorn invèty*nt In pr(Al￿t￿8 ttior year over depreclatk VAT provisvjn redl￿]Dn from RENEW c3pital woject Abortay costs re Fests'val 2020 (257,139) 11,318 99,301 336,916 700,000 Nèt (Éxpendlture) I Income 05 9,8061 The purpt)se of the Income ExFthliture 3C￿Jrt {I&E) is to the aciu41 resuts rdatiFYJ to eath year exdudlng ￿m$ Ula¢ for aCcou￿Jnq reguktK)n reasons. have to be th)wn In c(￿IkIated stat￿nt of Affairs {SOFA) but are unrelated to the year In quesuon. Items relatlng to drfer￿t Yea￿ ￿ c#Jtgde the ￿0pe c( Th)rn￿l yrations are exdud&l from t&E and are In the Tecondlktyon to the SOFA. ThÈ reconaliTh) itèm In thrrent year ￿lateS b) Mon￿ held ll) ￿NeS ￿re the athvity was caThd out In the current year alth(￿gh h&J been tn a prev￿% perKxJ. Within wonclllatJon Items 2020121 were £7lJ),O(M) of atoted cc6ts rekiting prevKXJS year because, T￿￿ Accountlng Stsnthrds, these h&1 to be irKlwhJ in 2019120 eve) these crjsts to last year. ￿s0 Incl￿ last year was wffte back of £336.916 of the provison for repay￿￿nt rf VAT arblw from the RENEW prolert. The VAT recovered al the time of the RENEW project Ls, as an HMRC requ0￿s, adjustsd annuaty over a period of 9 years (ln es of IOQ/o each yearl to the actual VAT recovery rntes in eath year. fxje to the pandemk and the very low exempt Box Offts IK(¥[￿. ratr ofVAT re¢xrffj was extre￿ regjdng In thls savirMJ. CHICHESTER FESrnIAL THEATrE CONSOLIDATED sfATEMENf OF FINANCIAL AcrlvTh￿ (SOFA) FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Unrestrtcbj Restrltta Totsl INCOME FROM: Donatlons and Legades Income from Charftsble acUvf( other Tradirg activlties Income from Investments Grants 810A40 £283,795 1354,520 28,687 3386,187 2x632 4109,072 4,283,795 54,520 28,687 386,187 1,624,015 566,833 62,828 45J96 3,043.765 301,040 1,925,055 566,833 62,828 45,396 3,1)43,765 TOTAL 629 298,632 1 16 261 3,877 EXPENDITURE ON; Ralslng funds charttab￿ acdvlties AnCil￿ry and sU￿lary Ethifaes 314409 31L409 9.218,529 4164134 10,386,663 ¥576,694 576,694 373171 4.081,516 262,449 373￿71 5,147,363 262,449 1,065,847 TOTAL 134 1¥274,766 1065 847 5 783 $83 NET INCOME I (EXPENDrruRE) (243,003} (869.502) {LIII505) 625.001 (764,&)7) (139,806) TRA14SFERS BEfwEEN FUNDS other gain$ l (losseg) NEf MOVEMENT IN FUNDS (243,003) (869A02) (¥11&505) 625PDI (764,8071 (139,8061 TOTAL FUNDS BROUGHf FORWARD 11,139.245 11693,135 23031380 10,514,244 13,457,942 23,972,186 TOTAL FUNDS CARRIED FORWARD 16 719 75 245 12 693 135 23 832 380 Contlnulng operations DU￿ng the year all activlks were coniiwing. CHICHESTER FESllVAL THEATrE C014SOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 xed asgets Tarffjible as*ts 17.755,018 18,730,552 Current agsets stocks Debtors Cash at bank and In haTh li 12 13 555 809,525 B.257,287 10,067,367 718 801,567 7 766 470 8,568,755 credito￿ amounts falllng due one year 14 Net current assets 336692 5 201828 Total assets Itss currnnt Ilabllltl•s 21819￿75 23,932,380 Provls%)ns for Ilabllltles 15 (IoD,ooo) (IDo,(K#)) Net assets 21719,875 23 832,380 RESERVES Unrestri(ted Deslgnat Total Unrestricted 16 16 I,M1￿23 9,548 919 10,896,242 1,446,275 9 692 970 11,139,245 Restiitt 16 IL823ffi33 12,693,135 Totxl group lunds 719075 23,832,380 These llnandal #atements w￿e apwoved aThJ for w by &)artJ ￿ TrUS￿S on 22 J4ty 2022 and are slgned on ts behlf ty.. Mark Fost Twstee Company number.. 4210225 Ctsrity number.. 1088552 CHICHEsfER FESllVAL THEATRE COMPANY BALANCE SHEEr AS AT 31 MARCH 2022 2022 2021 Fixed assats Tangible assets Investments 17.755018 18,730,5S2 io 17,755,020 18,730,554 Current assets Stocks Debtors Cash at bank and in hand li 12 13 555 W8,758 8,163,221 10,061534 718 872,105 7,694 516 8567,339 Creditors.. amounts fall1￿ due wlthln one year 14 Net curr•nt assets 3365 513 5,064,855 5 201826 Total a9￿ts l•ss curr•nt Ilabllltl•s 21819,875 23.932,38Q Provi•on$ for liabllltles 15 (100,000) {ioo,000) Net assets 2l719075 23 832,380 RESERVES Unrestrictéd Deslgnated Totsl Un￿S￿ICted 16 16 ¥347,323 9,548 919 10,896,242 1,446,275 9 692,970 11,139,245 Restrfcted 16 1¥823.633 11693,135 Total charity furnls 21719￿75 23,832,380 The parent charity had a defidt for the year of £1.1125051202012I def￿ £139,&A). These 5tstsments were aPPKNed atNI aUtt￿ fvr ￿ by P￿￿rd ofTw*ees on 22 July 2022 and a￿ signed t￿haIr by: Mark Foster Trustee Company number.. 4210225 Charlty number. 1088552 41 CHICHEsfER FEStIVAL TrIEATRE CONSOUDATED CA*1 FLOW STATEMENT AS AT 31 MARCH 20212 Reconcillatlon ot net Incomlng resourcesto net cash Inflow Irom operatlng artlvltles Cash flows Irom operatlng *cllvltlÈs Deflcit fDr the year Adi(Jstsn¢nts lor DepreclaÈton, am0￿Sa￿On Impalrment Interest re￿￿able and slmllar Income (1,112,505) II39,8L￿) 1,144446 1,017,758 3,254 832,556 (Incre&8e) / decrease Ir74Je and other debtors Decrease in stoc IrKrease l {decrease) In trade artd other (1,007,9571 162 1,635,583 323,885 282 11,644,468) Net cagh frnm operatln9 actmtles 487 745) Cash nows fram Invegtlng acuvliles Interest re￿￿ed Acqulsfftion of tsngtt)le assels ¥687 (168,912) 45,396 (120,3061 19 Nét cash from In¥eslJng actl¥lUes 4,910 Nel Increase I Idecreasel In cash and cash equ(valerts CAsh and cath equlyaknts at l Aprfl 490,817 7,766,470 {562,6551 8,329,125 Cash and r49h •quivalénts at 31 Marth 8 157 287 42 CHlff.HESrni FEsfLYAL THEATRE NOTESTO TrtE F1NAf4crAL￿ATEmEwfs VQR THE YEAR ENDED 31 MARCH 2022 l Acts)untiDu wlklsB Thegrow finandal ttatenents have been rKepared In ac(wdarKeth*h AcCtyJr￿nY ènd Repl￿￿¥ by Charydes Icharltles SORP (FPS 10211 andthe linarKlal Reporang &andard 102 (knttd RepJ)fi¢((tsebnd IFRS k02la*dthe ChaduesALt 2011 and VK Gwer11￿ kceptEd Prattte apples1￿ lJarwary20t9. Tne nnanclèl statsments hove been prepa￿1 to Ive 8'trbe 6ndfa,"rfv.eN a￿haVe{j¥￿rt&".[￿￿ the (Tr.arths1P￿￿ts Rewtsl Rewlthn52008 0￿￿t0 the extrnt requlredto provtdea arMYfaY th. Th&departJre ha5.mhed w￿7r01￿e￿ar1iesS0PP￿ 1021 dTeLtive l JanLkary2019 tathEfth£n the prtcedlr.g Charitits SORP ISOAP20051 *hkh was effecu* frDm I ￿1 2005 ha5 been Tne5e thnana21 sktemerts Con5￿k￿1tethe1njr￿ll St*07￿￿￿(￿d￿Fe*v￿1i￿e fctywynand ts 9￿>￿aryUnd*￿kknV¢￿ErteFfvS I￿P1aduLts0￿s Umthd (togetherMa￿rwj ￿p￿.Gr[w?lrts* 31 Merth. In accordanceylth Sethon 4084fthe C￿leS￿t 2￿fj. Feth4 Trethts exurrtkn tts rwknto In￿ èn¢ expendture accounL Incohetr¢m charftable ath￿e5 is sta¢ed n&of VATané c¢thptses irvJfft, (th¥k￿OrneaThj Le*T*i, Ed￿bOn&FJTVCwUOfi it￿[￿Li [[K￿rne reD)grt1*dw￿ prObaN1￿yof recdp¢ mea>XÈtnerta￿ enbuerrattlwe bw Twrthv rd¥iwta Wudutt￿n$wl￿th open Stertheyearend Is c￿r￿dfOr￿I￿ as ad¥artt o(ket Act1¥ft￿%IorveneraV￿q Inc¢The rela￿￿a trj pthIUe5 lor oerwairg fvnds off st*&1 n£trfvATa￿d ujiytse rtth*rf4b￿￿e ¢awraTYnesles, tertng{ ￿ra&n9 and WnSCKShip. Grant 5pwwrth* ￿COmE isacctrJ*edtsr on a Ift rekt£sto alLtser￿ Frlends, ¥e accountéd foron a rtcdved b34$. Fees and C05t5 rdabrvjto the￿1 rwthe y. Co#s r￿rIjto wen èlterthe￿reThI are (￿d ftttwar Donauor&and gffts4n4dnd are acc¢Ll￿d forwhen r￿*d based Onthee*kn￿￿￿￿rfIhe dothtr*I￿O￿ty. l Bwls ol allocathn ofLYpendrture Certain eXwdI￿re isdlrecty 3trrtbLbtle ro spedft ththsar¥J h35 been IKhJJ￿j IntlvAe c05tt&E4W& ￿m(h are lo [n￿e than one a(tMty ale Jyoss co# cateoort w the ba* of ￿ £sbma* L* the (* sLaff on those Govemance ts rdate tothe ofthE CLYnpdyand UK*Jde￿alf¢e5 rdothiq rthT¢￿. ￿￿..trees￿ rek*edcty li Fi*ed ass*and dÉpre¢ltthi Fiyed assets are stoted atcost Itss Depr￿&￿(￿ ￿ PW*7d￿jon JI *rtsczlcLltsJto ethèted re￿U01 value, of each evenw over M5 eipected usefLI lif4 ￿f(￿S.. 2% perannum Th*rine rethl pul￿ ofihe a￿j 5% on ktsgrated P￿Tr¢ 3.*X thtsc4)Ir4J. Leasehok# Bvldlna5 [fj￿t ard eqth)mentCunpr￿￿'. Ninerva 2udknriurn Theait qulpment Planr Fumrtjre, l1ttkng5￿ Motor vehictes IO¥oto 33% ImpèiMeDtr￿￿￿S art l￿erta￿a￿￿ua￿ p￿. a￿that￿re a5 knpaiwj dLrlngthis p[Lu￿are replred Skncks stoc￿ arevalued atthe bwiVo)kènd n&reatsab￿ ￿￿1ft￿rtskkng skn¥ Le3shJg ar￿ hlre pUrch￿Cl￿￿mttme Assets underfinance la￿5 and hrepurcha5e contratt% -&ksèThf [￿ards￿l%￿r￿$h[p￿theè5set possed tothe Company. are cardtallsed kn the ba13nce sleet and de￿￿èted￿er￿￿.[ IVE& The itse¢.ek￿￿t c￿￿￿rep￿￿￿1tsI5 tlwged InLtme period￿the kase and tewe*rts3 constatprwwnrfkne rientsls pakl under oper￿￿ ￿ are (￿￿e¢ io a stra￿JhtinÈ bags rtthe kne tm. T•Katlon ithe*erFe*fr4al Treatre * cOrd￿e0 to pass the W set I &￿a￿6 ofithe fin￿￿t a710 èThJ, th¥eth, * meetsU*¢efffiWn ora tharth14ecompany ty LLY corpoplon pswses. Ac¢orolttyty. t￿￿ IJXalx)nin ttSPL*rflntLYne ortoptsl gairts rece covered ty ChaJ&i 3 Part li of the CO￿￿ti￿TaKAtt ZOIO OrsedM￿ 256L(theTaxa￿aftharg2ab￿GaIns Art 199L to the exteit that SLrh kncome Dr oalns a.* applledexdu4vety to cNiYtstr4e twp)ses. Tre subsd'¥ycJnJw CFf Prthlucyw6 Limvth d￿￿TreatseTax Rdlefkn opsect of4ts pioduLfjoni the tsenefftofvthkh ts reCtr￿d tharitytan ofitsVahJe PId￿TaX. 43 CHICHEsfER FEsfivAL TrieATr NQTESTOTHE FifiANcfALSTATFNipirs FQR THE YEAR BIDED 31 NAKCH 1022 l A(uwnilno wtl¢hs (¢￿1vI￿d) l int4r4rt InterE#is acLvunbJ ftrythen Itls r¢¢tha￿etr p 11 Penthns The companywerat& b¥c defn& pen4w Avrya •¥J rw.Tl* maktscthts1buUonsto UENEVxheme 31 1% and to the Atha %tr*me8t rates L*Ebvew 1% and 10%. The Company£ontr.butesto c*tsln ￿rsonalpe￿rffi ￿rLs W teW(VW Fund accaurtlnll Fur￿8 hdd bY1￿tha￿ty ¥e.' Unr£slrkWga*AlfuMds. ihe* are cèn thaFlthctyts attheLIgJ¥kn Oft￿ ￿r￿. Rethcted I￿nds. these ¥efvnd5thatCaTr￿ty be u￿j for pwLrL*rre*xJ2d theob]￿ c￿]￿nY.The r&ttrLt0t￿8rE the thKoror bythe#ated p￿rpOSe0fftl1dr&￿￿. ottrksp2ariCtl￿thJ￿ noo Tr￿sf¥S Betsveen wto de*nthJ fvndSare4Y&¥DY￿d￿the1lknt¥￿ ￿the (h¥tras detslvj In we 16. Dll¥>ldatton$ TregrDUPS acuwties and thre are set¢xt in theTru#*< Thegroupminag¥ KsaLthYde5 Wtth uThr¥blrte&cath ￿kn(E> tsthg ￿OUntr*re4sQ￿atrIYfW¥IPab h4nge5 in income and expendkure, th￿that￿e groLysPoJJ be abletD L4Juaieon ths basts r0rtheftrrt*￿e futsjrt. Gtsntfvnding represents i Iscmthtted wLIMJrth1023. rwlknuedfvn￿ thwhto 31 Mjrth 2026 been applied forafyl a.* t￿11d￿￿￿￿e ¥esLKce TneTru5tee5 r￿eW and manage thort.ternflJLtuaboTrsln th2 (knp*othEr knccqn2 thwns.. PAK(lY￿e. D2AokY￿tlr￿Lllle. TheQrnpany relks ￿ SLWXtrfmm ¢th¥fL¥￿ the sbndwds aTh*dtserslty OF Ks 0￿￿t. Based on the thve, theTnstees be1￿&￿￿t the L4vd-pk¢edts)mw ts dÈWethe a￿entU￿£rta1n econrjm QUE10￿. The Trustee5 a rea50nabke•tsyon ￿al the groLpha5 adeqLth reyJivce5to D)*we Li fDrthe foweatlefvtur& Atttrdlngty. they condnueto adoptLie gulac¢￿Cerll of ar£ow. fthi&*ai*2trnt& The TnJste25 have not ￿n￿led attrkl un£edtsinl¥. )Na GDYernthert (thrgrnntra recefvawe Revenue grants are ueditedto ￿[OMe In tie perkdto Ca￿al gtantsareattwnt&tforb%iNn rethi(￿ tl**wer¥knJ tMraigtAe Ked #ssets acquiredvAththe grar. CaW gtantsare atV* wknttrEtharftyha5tr* r*httolthe 11 tU￿e Trwsa(fjons In foreNw currencks are trandated attre exthaT￿e r&e nrfi￿atthe dail ￿ assts liabilrfie5in foragn urn(k5￿e trartslated atthe rates rfexthangerulkng a=the ba￿n￿she￿t datL rwdsed In ￿ ￿3￿￿￿Of HMndalActts. The knytthnent In reurd•J atCOSL LryaLY IJKot R¢4chJ8ryand Peujnlary Wlnccffle the Ir*J a4llKrrfne. xxl Key juda￿￿talld EsUriat¢ ￿nd￿d￿￿l￿Nn Other Cre¢to￿ L4 an esumated Uabuity forVATW t05e# bY*JiNJath*. *ll become pav* obtrihe next 3pars a5 a resultofthe wnL41 captal ge(¥tsstherneadtsnWtsl￿?￿4 L* NLwtyJe8thye¥. CHIfjHtSTER FemvALIHEATrE NtsTEsrorHE AFiAiiefALsfATtr4EIITS FOR THE YEAR ENDED 31 MJACH 2022 2 Operatkng wrylu$aL¥I nrt IrKom¢ 3022 2021 These are strated ater charglng.. Depreclayon of ftte¢ assets (we￿llg kase rertab- ￿an1 and I￿$ reEwneratlw for of thege flnarKlal stèiaNws 144A46 4,280 31,600 1I17,758 3,367 Amwn15 recefvjbk bv the OUdtr￿r and Its as%c (48441 31,432 131,3541 Athnlstfative costs Inter* recei¥aLle 12,5701 33N58 {Y8,748) 12,4601 Qja￿fyfftg thartsble dmabon to thkl*sterFesknvdTheth T￿rred￿ on 9fft thsLnbub Rthned 103,393 (103R92) Currtht lia￿lIseS 130,3031 Net IlablllUe5118g*ts Shzre capmal and reseNes The mèin B(b￿￿thL4￿W￿ry Is re•wanr*rt¥ atQkhe5t¥ Feth4lhe4tr4 ar Inve50ng in tr￿1￿*0rtythe4tre wod￿￿ A surn￿￿ Llthe resL*5 ar￿ b31arKes oftt* ￿j￿￿laryt (FfF*Co￿ LwnW. Lth. 2022 2021 Twnover Co&tof sal TheatreTax Rellel 3,992h14 (th5YI,gS31 1,324,425 11,552,835) CLYrent assets CLTrent II*AIUes $79,652 {579,6511 22$,525 1225,5241 Sharecapkd and Testr*s The malTh a(tyty L￿thL5 ￿&￿dI￿V￿￿￿0￿d¥v1￿QDts￿SS¥l￿eslU ￿Uth.￿uTr avj 2022 Wage5 ￿arte5 SDoal s￿￿11ty co45 Pe[ts￿ costs 3,J19,691 288,95J 1774,455 247270 131,338 oi CHlfWESTQK FtsTIVAL TIEATRe NQTESTO ￿ F￿AlICIAL STAY£l￿r$ FOR THE YEAA ENDED 31 MAACH 2022 6 Slaff (orts I￿nYTh¥ 2022 ZQ21 Number Penranent Seasonl slaff 66 147 52 38 The number ((aKpltyKes asdei￿￿df¢rtaIal*jTh ww5e5e*ilwThig to £60,OLN) or mre on an anDudlsed ba515 wasas follws., 2022 2021 É60,(O) to [70,￿ É70,W to £80,rx)) EIWmD to £IIO,LIJO £110￿00 to £￿0,￿0 The p*tsion t￿￿bu￿0￿ durfng theyÈtr fvrthe unNweshve ￿S,913 (2021., £45,0511. Totri p￿￿On costs Pahj irnto ￿ne1 pensknn sthemesfrK al wp.Fknees v. E15fi53112021". £l49.n31. Penslon wents rA*stsndtro at Ji 2022 ?rwLnkd to £21,204 12021: EIIII. Total rernulluati￿ pa￿ to key matbagemerrt I￿&.￿ * E%£othtarnl Stskny W} iv É6BI347 (2021.. £6￿,•E$l. NoTnJ*e recwed remuneratton tr re*bjrSen￿t￿￿￿rn5(wthe lablity ingJrart* The cost of thls was£2,8D712021., É2,541. onthMsTromTruSteestots￿ng £i,ri)2 rece1ed¢j￿athe)*rllO1I.' £6.1631. 8 Lea +the end ofthe year, the Cwny had one cornmknTert u￿era KYpL7rK￿{fAJtkng £19,929 + vabj a￿ed rax (VAn. Lyths £3,796 + VAT$ dknewthin i yearC{tr￿ bikince#￿ date. bthKe*ll L* S yp3 TarwJlble r￿d assel¥. Groupand C( pkntaThd At31 P*rth 2021 Add￿lOn5 DsFwIs L636. I92￿.732 1240aii 2,471346 It8,912 27,W6,4S7 164912 At31 M¥th 2022 L63&.SOO 19 rJ2 64&258 2Y 975A69 At31 Ma￿h 2021 Charge fwthe year On dlsp(wLs SffiM.493 707.bY> 7J27 9,1 XW,711 L,929,7YO 215.191 9,075.905 1,144,46 At31 March 2022 33¥693 33 1144.964 51 Il& bookltalu At 31 Marth 2021 1.4fQm6 L3.W9 576 At31 2022 851 907.711 294 17.755,019 Ch4tr*ster DbtAct Cwndl 9tssert thJrLy coun￿ We held ￿ a rInety•.￿ ywlea* its 2D60. countsl ￿9*n￿ hès an 5L*wed d £510￿9> of a fF*d dwge o*r t* Buidiw, £IILYJO,o￿ by nvrs of a fixed ch￿e overthe F&wal Theatre a floatry whcle (¢ Ctyrywrfs all tts wwetyand &￿et￿ Hu.'tage Lrty Fur has an amwise£ured olEI,22&9)) &¥ Me￿ ￿ a ￿ ¢J)aryE LVath2 Fe￿ Twre ￿ • I￿￿ whc4tL*tr* CL¥iip¥rfs undErtaklr P￿d el ts propertyand aEEts. Fieemd pwerty is a 67 br￿ Ra*. an 11 Cr￿f￿**I a re5tswart pjr￿ hlthng creati¥ on thethprodrton 47 O1ICHEsfER￿AL THEATRE WOT&STO THE FINANcIAL￿AT£￿tIlTS FOR ThE YEAR ENDED 31 MARCH ID22 2022 Ordnary tharts ofu eath: At beglnnlro of ye Add￿arE Are￿rf￿r The inve&tmErt the wholwned ￿￿erta￿ ￿ Ert￿ry￿eS PtlAILK1tr6 Lknthd, wNtrI tarry out tr&lno athY(￿5 on beha￿01 the grwp. r￿ul$￿ both (tywliyated kn IhtsefiWKI￿&8Ien* Erwrtses Limthrt and Prothtt￿s bth In rèJJtsd kn and wa￿& The ofthe ￿b￿dI￿1 are￿oUt￿m￿S. 11 *wk¥- Group and Cornpany 2022 2021 Front￿h￿Se for rey12 5S5 718 12 DelJbNs 2022 Debknt5 artslng M operaty￿S AmoLnts osyed by$j￿￿1￿Y other deLtot5 Pr2pasryNents aCt￿d Incune 227,768 678,211 83,070 57,745 298,948 398.530 6￿609 1009,52% 1,567 ¥8¥758 871105 Bank 22 20 2022 2021 470 Cash at b￿￿k￿d In hand ￿￿deS3dVan￿vKk£ts*5Z￿ re5eTheL 14 Cr*thltyS'. •nouThtseaVfflg thewthin OM 22 2021 x* Creditot5 ari4ng on opwawo Othei laxe5 and 5otsal s￿￿(¢$ts Other￿edthr5 é47.977 L731 81¥856 257,789 313295 61947 1281,815 2,710 1 576 160 3J66,927 313,295 62,947 1,281,815 131,296 1,576 1 3,365 513 211,731 81¥856 255,06S 73,157 4 997 679 Deft￿￿ ID(we 5m¥lO Defe￿e4 Income biwtht forw¥Kd at i Ap￿ 2021 Rele￿ed durfng thÈ year Werred Income arfsifvJ dU￿rn￿ theyear DEferrèJ Income cairled for4YarG at 31 M*th 2022 ¥976,160 {Im8,692> 545,689 3.0>3,157 15 Pm¥￿￿)nG10I Ilablltkn- Gr￿paNI cOM￿ry At beglThlng 3ntt end of y loo,000 Duaplda￿s provLgons4re made In aCcOrd￿￿ev1￿ FRS 102 seLkn 10 P(thi4 Etr￿$1, to acctythtforeyotsNltue ntt*sary ro tywre kased os5ets are r<ned i.? aCcOrthn￿ wfth theterm5 &'the kneco*T CHZWISTER FÉsfxvAL NOTESTO THE FINlllelALSTAT￿I¢rtTS FOR YEAR ENDets 31 MAkUI 2012 16 Funth- Sroup and Cwny asat31 Marck 1022 Balance Iwi 1011 Prdogue Thd¢et scheme 3nd Rehep&s21 BiMldkng Fethal TTreat￿ Renew Project Funding Ap￿￿¢* and trainirofiJnd8 19A57 3$5h24 19,357 Y31,535 10,986,724 404￿98 81,119 IL623fi33 (23,8ts) 1730,062) {337,975) 4n.738 125 691 267.135 29&632 168,134) Du￿nated funth ildiw5 énd dlKawd&loTh Invtherts In rK*-CFdLiester PrtyluTES TO ThE FINANCLALsfArn1EIIts FOR THE YEAR ￿DED 31 SJ22 Ente￿r$eS Umthd IIXEI (xmmerdal trath￿￿b5￿*ryrf￿. ￿￿￿￿eyearcFrth3￿ crtE £50,(LNJ12021: adm￿l*rabV2f￿t0 coverthe c¢st ofthrecyng and mJn4glro theopeBOw and for the bse eeu.yML Tre f￿ ￿7$ wawed thE ￿arthle￿ tts ex¢[*￿%1 drcum5tanctt or4ng due to CoW.19 wNth had é major wart￿the ¥lMy JI L%eAr*cttlth*(￿FS owyng ofoperallons*lll réto*ry In fvbjre and thatfull *eeswlll be rdntrQdU￿. Atthe yeareffld CFfE gave 3 net Ll**Oon<(É33,4S8 Ib)21: £rir). c￿pro￿utt￿on5 ￿MIted Irrni i5theKndu¢ng