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2023-03-31-accounts

Studio Wayne McGregor Limited

Company Registration No. 02985577 | Charity Registration No. 1090055

Trustees’ Report and Financial Statements

For the year ended 31 March 2023

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2023

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 2
Executive Forward 3
Trustees Report 5
Independent Auditor’s Report 13
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Statements 19

1

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

REGISTERED CHARITY NAME: Studio Wayne McGregor Limited
TRUSTEES: Cordelia Barker (Stepped down Oct 2022)
Ciarán Barr (Chair, Finance & Audit Committee)
Stephanie Dittmer
Liam Freeman
Peter Kenyon
Suhair Khan (Chair)
Aleks Krotoski (Stepped down Oct 2022)
Mthuthuzeli November
Jaimie Tapper
Louise Verrill
SENIOR STAFF MEMBERS: Wayne McGregor (Artistic Director)
Rebecca Marshall (Executive Director)
SECRETARY: Rebecca Marshall
REGISTERED OFFICE: Broadcast Centre, Here East
10 East Bay Lane
Queen Elizabeth Olympic Park
London E15 2GW
BANKERS: National Westminster Bank plc
11 Upper Street, Islington
London N1 0QF
LEGAL ADVISORS Cripps Pemberton Greenish LLP
Number 22
Mount Ephraim
Tunbridge Wells
Kent TN4 8AS
REGISTERED AUDITORS: Haysmacintyre LLP
10 Queen Street Place
London EC4R 1AG
REGISTERED CHARITY NUMBER: 1090055
REGISTERED COMPANY NUMBER: 02985577

2

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2023

EXECUTIVE FORWARD

In 22/23 Studio Wayne McGregor continued building back the breadth of our creative activity for which we are globally recognised. We are delighted in this year to have reached over 1 million people through our live performances in 14 countries ; more than 26,000 people through our learning and engagement programmes in the UK and internationally ; and received over 29 million views from audiences around the world for our multimedia, streaming and broadcast projects . We are grateful and celebrate this impressive reach, particularly in light of the challenges of recent years.

During the year, Studio Wayne McGregor delivered 3 world premieres , including the critically acclaimed MADDADDAM , a collaboration with Margaret Atwood and the National Ballet of Canada, the performance of 2 full works (Tree of Codes and Future Self), and excerpts from 2 additional works by Company Wayne McGregor , the restaging of 10 works at 7 international ballet companies , including Paris Opera Ballet, and the licensing of work to 4 UK educational institutions . 2022 also marked the second year of Wayne McGregor’s tenure as Director of Dance for the Venice Biennale and his appointment as Guest Artistic Director of the National Youth Dance Company for 22/23.

Studio Wayne McGregor supported Ukraine in the year of their invasion by Russia – Company Wayne McGregor performed at Night for Ukraine ’s Fundraiser at the Roundhouse and Dance for Ukraine at the London Coliseum with all proceeds donated to the Disasters Emergency Committee’s Ukraine Humanitarian Appeal, as well as delivering an online choreographic workshop in partnership with the British Council, culminating in the creation of short dance films, for Ukrainian artists both still in the Ukraine as well as those who have fled.

The organisation was faced with a major challenge in April 2022 when the ceiling of our flagship Studio 1 collapsed. This led to a yearlong legal wrangle with our original contractors, which put great pressure on an organisation still in recovery from Covid. Even though we have made it through the year both financially and artistically, it placed an additional unfortunate strain on the organisation. Although SWM has historically had very low staff turnover, this year the number of staff moving on to other opportunities within the sector was up, however we have been fortunate to attract exciting, ambitious individuals, and the current team is now up to speed and driving forward the ongoing organisational strength.

As we emerge into a fundamentally changed cultural landscape, SWM is excited to remain at the forefront of the intersection of art and technology through explorations across the hybrid-reality spectrum with projects embracing VR, AR, XR, MR and robotics including our first AR movement based phone app with Niantic, the establishment of our Smart Studio with a remotely operated 5 camera streaming setup funded by Bloomberg, our ongoing AI work which will culminate in a few unique AI live performance experiments this autumn with the Royal Ballet ,and the National Polish Orchestra and LPO, as well as the R&D for our new work Deepstaria for 2024 which will have a unique digital element that will be presented solely in the Metaverse.

We look forward to deepening and developing our commitment to freelance and interdisciplinary artists, and evolving the use of our world-class studio space to support both commercial income generation and radical creative freedom for our creative communities, including new artist residency programmes due to be introduced in 23/24, lead with our new Resident 6 artist residency which will sit alongside our ionic FreeSpace programme, providing free, no-barrier to entry studio space, and our Peer mentoring programme for young artists.

With funding from the Arts Council confirmed for 23/26, embedded in a creatively exhilarating and financially robust strategy for that period, with established Environmental and Inclusion structures and strategies that focus on our unique strengths and experiences, and strong governance and management frameworks firmly

3

(A company limited by guarantee)

STUDIO WAYNE MCGREGOR LIMITED

FOR THE YEAR ENDED 31 MARCH 2023

in place, Studio Wayne McGregor is well placed to continue its ongoing financial and artistic recovery, and blaze new trails for dance, interdisciplinary creativity and physical intelligence.

----- Start of picture text -----
_____
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_____ Suhair F Khan Chair

4

(A company limited by guarantee)

STUDIO WAYNE MCGREGOR LIMITED

FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

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

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Company was incorporated on 1 November 1994 and is governed by its Memorandum and Articles of Association as amended by special resolution dated 24 September 2001. The Company is limited by guarantee and has no share capital. The Company was registered as a charity with the Charity Commission on 11 January 2002.

Board makeup of skills is regularly reviewed, particularly when a member resigns, and people with strengths in areas less represented on the board are put forward, often initially by the Artistic Director. In all instances, the individual is usually approached initially by the most relevant Board member, often the Chair and the choice is approved by all members. In 22-23, two existing long-term members stepped down.

On appointment Trustees are given the Company’s Memorandum and Articles and most recent business plan, the most recent minutes and management accounts, the Board Terms of Reference, a copy of “The Essential Trustee: what you need to know, what you need to do” and the document ‘What Studio Wayne McGregor expects from its Trustees’.

The Board of Trustees administers the charity and meets quarterly. The Board monitors the Company’s progress against the current business plan. All day-to-day running decisions are made by the Executive Director. All artistic planning and policy decisions are made by the Artistic Director. All Trustees give their time voluntarily and receive no remuneration or other benefits from the charity.

The quarterly Finance & Audit Committee oversees and scrutinises the finances of the charity in detail and discusses and supports the management in financial and audit matters. The committee meets in advance of and reports back to each Board meeting.

The pay of the senior staff and all staff is reviewed annually and normally increased in accordance with average earnings to reflect a cost-of-living adjustment. In view of the nature of the charity the Trustees benchmark against pay levels in other similar charities of a similar size operating in the arts sector.

Risk Disclosure

Studio Wayne McGregor has a formal risk management process through which the Senior Management Team identifies the major risks to which the organisation may be exposed. The Company has ranked these by likelihood and impact, culminating in a risk control document within the business plan which is updated and reviewed by the Board every six months. By this method, all significant risks, together with current mitigation actions, are reviewed regularly throughout the year by the Trustees. The Trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

RISK MANAGEMENT

The principal risks and uncertainties identified by the charity are as follows:

Reserve Levels: It has been agreed at board level that SWM will need to continue to apportion any surplus cash not needed to build back capacities and resource post Covid-19 to the interest and capital payments on the loans currently held by SWM. Once appropriate resource has been built back and loans commitments are paid off, increasing the cash reserve will become SWM’s top financial priority. The Finance and Audit

5

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2023

Committee of the board will continue to closely monitor financial performance, with a focus on ensuring a sustainable cash position, the delivery of planned activity, and SWM as a viable going concern.

Impact on engagement of international dancers as immigration laws become more complex. The impact of the new immigration laws on international dancers is the second area of high risk for SWM. Studio Wayne McGregor is renowned for its extraordinary, world-class dancers, and as we look to the future, and a changing artistic and activity model, we will likely see a need to audition for and hire a wider pool of dancers for shorter term contracts and projects, and so we are significantly more dependent on the UK dance training pathways to ensure we can maintain a uniquely diverse and extraordinary company of dancers, or on the immigration system to ensure we can obtain work visas for diverse dance talent from around the world.

OBJECTIVES AND ACTIVITIES

The objects for which the Company is established, as set out in the governing document, are:

In shaping the Company objectives for the year and planning activities, the Trustees have considered the Charity Commission’s guidance on public benefit. The vision that shapes the Company’s annual activities remains the promotion and fostering of knowledge and the appreciation of the arts by the provision of opportunities, both as observer and participator, for the education and recreation of the public in the field of dance.

The purpose and aims of Studio Wayne McGregor are intended for the benefit of the public. The Company engages the public through performances, installations, film, learning and engagement workshops, projects, residencies, research presentations and publications. This public engagement stimulates and enhances an understanding about dance and choreographic practice and provides new ways for the public to experience dance. Following the construction of its new building, the Studio also offers affordable studio hire space for a range of artists and organisations.

The Company’s work has a wide geographical reach, presenting work and collaborating with partners nationally and internationally. Through all areas of its work, Studio Wayne McGregor strives to be inclusive and celebrates and champions diversity, presenting work in different spaces to engage a wider public beyond the traditional dance audience, and working with a wide range of individuals.

The Company’s charitable aims are laid out in the business plan 2022 – 2023 and are monitored and reported on yearly. These are to:

  1. Enable the creation of ambitious and broad-reaching work by Wayne McGregor, maintaining his reputation as an artistic visionary.

2. Create, perform, and share new ground-breaking artistic work by Wayne McGregor and Company Wayne McGregor across a mixed reality spectrum.

  1. Support and develop artists to create and distribute their own work, and to develop professional and creative skills.

6

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2023

  1. Inspire others to explore, investigate, question and share through community-led programmes that offer life-long creative pathways, and through impactful and engaged live and digital experiences.

  2. Establish and develop our state-of-the-art studio space as a creative arts space for making and collaborating and leverage the commercial potential of the space to support the delivery of our charitable and cultural mission.

  3. Redefine a resilient business model for a post-pandemic market and sector, encompassing a diverse mix of earned, fundraised and statutory income to support the organisation’s full scope of activity, and allow for renewed growth and necessary innovation in the current cultural climate.

REVIEW OF ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

CREATIVE WORK

7

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2023

LEARNING AND ENGAGEMENT

8

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

INCOME

EXPENDITURE

The collapse of the ceiling in Studio 1 was an unforeseen capital repair project. As it needed to be fixed swiftly, the consequences to cash flow were acute. The office was closed over the summer while remedial works took place and impacted our commercial revenue as the space was not available for rentals. After a period of uncertainty, the Studio was able to recoup on damages via mediation with the contractors and two insurance claims for contents and business interruption.

Although the year was largely characterised by the collapse, we are pleased to report a positive outcome with net incoming funds from operations of £23,923. 20% more activity was developed and produced than the previous, showing an upward trajectory in the second-year post pandemic.

SWM’s principal sources of income are:

9

(A company limited by guarantee)

STUDIO WAYNE MCGREGOR LIMITED

FOR THE YEAR ENDED 31 MARCH 2023

We are pleased to have been offered continued Arts Council England funding at current levels as a National Portfolio Organisation for the 3 years April 2023 to March 2026.

FUNDRAISING POLICY

A mixed model of income generation remains key to Studio Wayne McGregor’s fundraising strategy, and we are grateful for the support received this year from trusts and foundations, individuals, local authority, corporate sponsorship, and Arts Council England.

Studio Wayne McGregor employs an in-house Development Manager who specialise in philanthropy and grants fundraising. Studio Wayne McGregor does not employ any third-party professional fundraisers (either individuals or organisations) and has no commercial partners contributing to fundraising efforts.

Studio Wayne McGregor is not yet registered with the Fundraising Regulator. The charity has not received any complaints about fundraising activities. In addition to philanthropy and grants fundraising, Studio Wayne McGregor offers members of the public the opportunity to donate through its website and is committed to fundraising in a way that meets the expectations of the public and respects the rights of all individuals. The company continues to develop a robust GDPR policy to ensure data practices are compliant.

In 2022-2023 we continued to steward and nurture our relationships with funders including Arts Council England, Burberry, Wayne McGregor Foundation, the British Council, Three Monkies, Bloomberg Philanthropies and others. We also invested in the organisation’s long-held relationships with private philanthropists and continued to develop and diversify funding for our local programme in East London. The development team launched a more robust individual giving campaign in 21/22, focusing around 4 areas of individual support – Dancers, Artists Development, Technology R&D and Hyperlocal Programme. Further investment in development resource is planned for 2023-2024 as the Studio transitions to support digital projects and the development of the ‘Smart Studio’.

RESERVES POLICY

The company’s reserves are split across restricted, designated and general, the latter otherwise referred to as free reserves.

The balance of two unspent restricted funds, £36,946 will to be carried forward to 23/24 and it is envisaged that all will be spent in the year.

The designated funds for Building Reserve and Fixed Asset reserve are held to provide for the future depreciation costs of capitalised assets. The annual depreciation charge is shown as expenditure and new additions to the reserve are shown as transfers from General Funds. Holding a designated reserve means that asset depreciation costs are always ringfenced:

Building Reserve – The total cost of the building construction was partly funded by the AIF loan and our own reserves. As the balance of the AIF loan is paid down and General Funds are transferred, to offset the amount being held in the reserve, the Building Reserve value will move closer to the figure in the Fixed Asset note. The balance, £3,252,207 (21/22: £3,390,854) is held to provide for future depreciation expense. Until the balances are matching, we are unable to build free reserves.

Fixed Asset Reserve – with an annual depreciation charge of £18,468, the balance held to provide for

10

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2023

future depreciation is £29,457 (21/22: £47,088)

The final designated reserve comprises funds allocated towards future re-staging projects that may need additional support. Any surplus on re-staging projects is allocated to this specific reserve and represented as income.

With 96% of all the unrestricted funds held against the asset value of the building, designated funds held to provide for future depreciation and future re-staging works and the remainder being restricted, the company had no free reserves at year end. If there was profit, the free reserves would be increased with a view to reaching £400,000 which is approximately three months of expenditure.

FUTURE PLANS

Company Wayne McGregor relaunched in 2023 with the creation of a new work, UniVerse, in May 2023 which will be touring from Autumn 2023 alongside our existing work, Autobiography. There continues to be great demand for new works on international companies (Dutch National Ballet and Opera) as well as the restaging of existing work (Ballet Zurich, Royal Danish Ballet, Royal Ballet). Learning work is flourishing both in and outside the Studio with a stronger focus on Artist Development. Demand for studio space hire is building with the return of the full studio in Sept 2022 and new longer-term rentals are now a strong part of the financial mix.

Statement of the Board of Trustees’ responsibilities for the financial statements

The Trustees, who are also directors of Studio Wayne McGregor for the purpose of Company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the year then ended.

In preparing those financial statements which give a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable Company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information

11

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2023

included on the charitable Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

Each of the directors, who held office at the date of approval of this Trustees’ Report, has confirmed that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are made aware of such information.

Approved by the Trustees on 21 November 2023

and signed on their behalf by:

____ Rebecca Marshall Secretary

12

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2023

Independent auditor’s report to the members of Studio Wayne McGregor Limited

Opinion

We have audited the financial statements of Studio Wayne McGregor for the year ended 31 March 2023 which comprise the Statement of Financial Activities, Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

13

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2023

Independent auditor’s report to the members of Studio Wayne McGregor Limited

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 misstatements in the Trustees’ Annual 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:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity law and company law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls. Audit procedures performed by the engagement team included:

14

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2023

Independent auditor’s report to the members of Studio Wayne McGregor Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: 27 November 2023 EC4R 1AG

15

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating Income and Expenditure Account)

FOR THE YEAR ENDED 31 MARCH 2023

Notes Restricted Unrestricted Total 2023 Total 2022
£ £ £ £
Income from
Donations and Legacies 4 28,740 891,250 919,990 939,712
Charitable activities
Projects & Performances 5 - 249,215 249,215 80,006
Learning & Engagement - 38,677 38,677 68,412
Studio Hire - 175,229 175,229 228,532
Other 6 - 314,725 314,725 31,417
Investments 7 - 906 906 73
Total Income 28,740 1,670,002 1,698,742 1,348,152
Expenditure on
Raising Funds 8 - 154,900 154,900 169,134
Charitable Activities 9
Projects & Performances - 932,509 932,509 777,718
Learning & Engagement 29,645 175,881 205,526 373,199
Studio Hire - 616,760 616,760 413,908
Total Expenditure 29,645 1,880,050 1,909,695 1,733,959
Net expenditure for the year before (905) (210,048) (210,953) (385,807)
transfers
Transfer between funds (5,729) 5,729 - -
Net expenditure for the year after (6,634) (204,319) (210,954) (385,807)
transfers
Fund balances at 1 April 2022 43,580 3,553,006 3,596,586 3,982,394
Fund balances at 31 March 2023 36,946 3,348,687 3,385,633 3,596,586

All income and expenditure derive from continuing activities. Movement in funds are disclosed in Note 22.

Full comparatives for the year to 31 March 2022 are shown in note 20.

16

(A company limited by guarantee)

STUDIO WAYNE MCGREGOR LIMITED

Statement of Financial Position FOR THE YEAR ENDED 31 MARCH 2023

Note
Fixed Assets
Tangible assets
13
Capital project assets
13
Current assets
Debtors
14
Cash at bank
Creditors:amounts falling due
within one year
15
Net current assets
Long Term Liabilities:
Arts Impact Fund Loan
16
NatWest CBILS Loan
16
Rent Accrual
16
Net assets
Charity funds
Restricted funds
21
Unrestricted fund
21
Total funds		 £
29,457
3,855,200		 2023
£
3,884,657
104,613
(71,989)
(158,333)
(373,314)		 £
47,087
4,072,563		 2022
£
4,119,650
237,999
(119,045)
(214,595)
(427,423)
557,604
32,193		 223,664
323,436
589,797
(485,184)		 547,100
(309,101)
3,385,633 3,596,586
36,946
3,348,687		 43,580
3,553,006
3,385,633 3,596,586

The financial statements were approved by the Trustees on 21 November 2023 and signed on their behalf by:

Suhair Khan (Chair) The notes on pages 19 to 34 form part of these financial statements.

17

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

Statement of Cash Flows

FOR THE YEAR ENDED 31 MARCH 2023

Note
2023
£
Net cash used in operating activities
A
(344,283)
Cash flows from investing activities
Interest income
906
Purchase of tangible fixed assets
(836)
Cash provided by / (used in) investing activities
70
Cash flows from financing activities
Cash inflows from new loan
140,000
Loan repayments
(87,031)
Cash provided by / (used in) financing activities
52,969
Decrease in cash and cash equivalents in the
year
(291,244)
Cash and cash equivalents at the beginning of
the year
323,436
Total cash and cash equivalents at the end of the
year
32,193
A: Reconciliation Of Net Expenditure To Net Cash Flow From Operating Activities
2023
£
Net Expenditure for the reporting period
(210,954)
Adjustments for:
Increase in rent accrual
(54,109)
Investment income
(906)
Depreciation charge
235,830
(Increase)/decrease in debtors
(333,940)
Increase/(decrease) in creditors
19,796
Net cash used in operating activities
(344,283)		 2022
£
(176,878)
77
(18,015)
(17,938)
-
(100,000)
(100,000)
(294,816)
220,360
(74,456)
2022
£
(385,808)
(13,383)
(77)
253,149
150,830
(181,589)
(176,878)

18

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Legal status

Studio Wayne McGregor is a company limited by guarantee registered in England and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.2 Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (2nd edition, effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

1.3 Preparation of accounts on a going concern basis

The trustees consider there are no identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least 12 months from the date when the financial statements are authorised. The Finance and Audit Committee regularly scrutinises management information, cash flow and financial reports. The company is prudent in terms of income recognition and projections from confirmed artistic activity.

Through the dedicated work of SWM team, the company has successfully secured NPO funding for the 2023 – 2026 period. Despite the challenges of an unexpected Capital Repair project with knock on effects to rental income, the company remained resilient and positive. It has been an intensive period of work, and that energy and drive can now be focused on earned income from touring and rentals, and on development which is the highest and most uncertain income target.

The review of our financial position and future plans gives trustees confidence the charity remains a going concern for the foreseeable future.

1.4 Income recognition

All income is recognised once the charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably.

1.5 Grants

Grants receivables are treated in accordance with the Charities SORP and are not recognised until the conditions for recognition have been met. Where cash is received prior to the recognition criteria being met, the income is deferred and held on the balance sheet.

19

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1.6

Gifts in kind

Gifts in kind represent assets donated for distribution or use by the charity. Assets given for distribution are recognised as incoming resources only when distributed. Assets given for use by the charity are recognised when receivable. Gifts in kind are valued at the amount actually realised from the disposal of the assets or at the price the charity would otherwise have paid for the assets.

1.7 Expenditure

Expenditure is analysed as follows:

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned based on estimated usage as a proportion of directly attributable expenditure.

1.8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purpose. The charity is not exempt from VAT which is included with the expenses to which it relates on the Statement of Financial Activities.

1.9 Foreign currencies

Assets, liabilities, revenues and costs expressed in foreign currencies are translated into sterling at rates of exchange ruling on the date on which transactions occur, except for:

Differences arising on the translation of such items are dealt with in the Statement of Financial Activities.

1.10 Operating leases

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

1.11 Fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

20

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Office Fixtures & Fittings 25% pa straight line Studio & Theatrical equipment 25% pa straight line Construction costs 4% pa straight line

Assets costing more than £200 with at a use of more than four years are capitalised.

1.12

Financial instruments

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

1.13

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.14

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.15 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due

1.16 Funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed.

1.17 Employee benefits

• Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

• Pension scheme

Studio Wayne McGregor operated an auto-enrolment pension scheme during the year through Smart Pension and all eligible employees were auto-enrolled. Studio Wayne McGregor made employer contributions and those pension costs are included in the financial statements.

21

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Judgements and key sources of estimation uncertainty

In preparing the accounts the Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

3. Net income / (expenditure)

This is stated after charging:

This is stated after charging:
2023 2022
Depreciation of tangible fixed assets:
- Fixed assets 18,468 25,216
- building 217,363 217,363
Auditors’ remuneration 13,000 9,600
Payments under operating leases 616,602 413,908

22

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from Donations, Legacies & Grants 2023
Arts Council England
Trusts, Foundations & Corporate
Individuals
4a. Income from Donations, Legacies & Grants 2022
Arts Council England
Cultural Recovery Fund/ Emergency Respond Fund
Trusts, Foundations & Corporate
Individuals		 Restricted
funds
2023

-
28,740
-
28,740
Restricted
funds
2022
27,430
-
54,942
125,000
207,372		 Unrestricted
funds
2023

524,692
317,176
49,382
891,250
Unrestricted
funds
2022
319,692
328,709
-
83,939
732,340		 Total
funds
2023
524,692
345,916
49,382
919,990
Total
funds
2022
347,122
328,709
54,942
208,939
939,712

23

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Projects & Performances Income

Income was received from the following geographical markets:

United Kingdom
European Union
Rest of the World
6. Other
Ceiling Repairs Insurance Claims
Coronavirus Job Retention Scheme (Furlough)
7. Investments
Bank Interest Receivable
8. Expenditure on Raising Funds
Direct Costs incl. Staff Costs
Support Costs		 2023
121,355
92,409
35,451
249,215
-
2023
314,725
-
314,725

2023
906
2023
133,663
21,237
154,900		 2022
7,078
65,358
7,570
80,006
2022
-
31,417
31,417
2022
73
2022
148,122
21,012
169,134

24

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Charitable Expenditure 2023
Projects & Performances
Learning & Engagement
Studio Rental
9a. Charitable Expenditure 2022
Projects & Performances
Learning & Engagement
Studio Rental
10. Support Costs
Artistic Staff & Costs
Office & Administration Costs
Building Costs
Depreciation
Governance Costs		 Direct
Costs
277,845
89,174
4,929
371,948
Direct
Costs
169,103
239,396
10,430
418,928		 Support
Costs
654,665
116,352
611,831
1,382,848


Support
Costs
608,615
133,803
403,478
1,145,897


2023

448,261
50,847
554,945
235,830
92,964
1,382,847		 2023
932,510
205,526
616,760
1,754,796
2022
777,718
373,199
413,908
1,564,826
2022
360,777
140,205
357,002
230,450
57,463
1,145,897

25

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Governance Costs
Salaries
Audit Fee
Other
12. Fees and Salaries
Staff fees, salaries and pensions
Dancers' fees and pensions
Technical fees
Employer National Insurance
The average number of staff employed during the year was:
Artistic
Administrative
The average number of dancers contracted during the year
was:		 2023
18,461
13,000
46,689

78,151
2023
511,824
106,834
-
38,676
657,334
2023

5
12

17
2023

15		 2022
18,149
9,600
39,314
67,063
2022
573,418
155,613
7,076
42,463
778,570
2022
11
10
21
2022
3

No member of staff was paid between £60-£70k in the year (2022: nil)

No Trustees were reimbursed any expenses, during the year (2022: £nil).

The total remuneration paid to key management personnel in the year was £112,151.62 (2022: £103,098).

The key management personnel are considered to be the Artistic Director and Executive Director.

No Trustees received any remuneration during the year (2022: nil)

26

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Tangible Fixed Assets
Cost
As 1 April 2022
Additions
DisposalsI
At March 2023
Depreciation
At 1 April 2022
Disposals
Charge for the year
At March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Fixtures &
Fittings

431,402
837
-

432,239


384,314
-
18,468

402,782



29,457

47,088		 Building
5,153,629
-
-
5,153,629
1,081,066
-
217,363
1,298,429
3,855,200
4,072,563		 Total
5,585,031
837
-
5,585,867
1,465,380
-
235,831
1,701,211
3,884,657
4,119,651

27

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Debtors
Trade Debtors
Other Debtors
Prepayments and Accrued Income
15. Creditors
Bank Loans
Other Loans
Trade Creditors
Other Taxation and Social Security
Other creditors
Accruals
Deferred Income		 2023

2,331
49,329
505,944

557,604

2023

101,263
140,000
156,785
-
4,367
48,019
34,750
485,184		 2022
31,789
23,408
168,468
223,665
2022
84,976
-
30,792
12,204
4,702
15,518
160,908
309,100

16. Loans and Rent Accrual

Studio Wayne McGregor took a £500k loan from Arts Impact Fund (AIF) to support the cashflow for the capital project in February 2017. The original agreement gave 4 years to repay the loan on an interest only basis at 6% with a final lump sum due on 30/4/2021. £65k of the capital was paid down in March 2019 and a further £100k in March 2021. The repayment terms for the remaining £335k have been renegotiated on a capital and interest basis over the next 4 years, ending in March 2025.

A £250k Coronavirus Business Interruption Loan (CBILS) was agreed in principle prior to year end but funds were not drawn down until May 2021. The intention was to refinance the AIF loan in order to have a longer repayment period at a reduced interest rate. With covid19 reducing the ability of the company to generate income in the 21/22 financial year, the CBILS facility would increase the time to repay the loan whilst normal income streams were gradually re-established.

Under the terms of its lease, Studio Wayne McGregor was granted a two-year rent-free period plus one year at half rent at the start of the lease. An additional rent-free period was granted in 2022. In accordance with FRS 102, the cost of the rent for the life of the lease must be recognised on a straightline basis over the 25 year lease period. Although no rent was actually paid in 2017, 2018 and 2022 the apportioned rent costs for these periods was recognised as an accrued expense in the Statement of Financial Activities in those financial years. An equal each year across the remainder of the 25-year lease, and the balance of the creditor will reduce to zero by 2042. The effect of this accounting treatment reduces the level of reserves the company holds when compared with its cash balances.

28

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

The element of the rent accrual which was released from 2019/20 onwards is represented on the balance sheet as a long-term liability as, although it is an accrual, it is not a cash creditor due within 12-months of the end of the accounting period.

17. Analysis of Deferred Income

17. Analysis of Deferred Income
At 1 April
Released to income in the year
Deferred in the year
At 31 March		 2023
160,908
(160,908)
34,750
34,750		 2022
38,792
(38,792)
160,908
160,908

Deferred income usually related to fees for company performances and studio hires to take place in the following financial year.

18. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purpose. The charity VAT registered with a partial exemption for irrecoverable VAT which is included with the expenses to which it relates on the Statement of Financial Activities.

19. Operating Lease Commitments

At the year end, the charity was committed to the following future minimum lease payment in respect of operating leases:

In less than one year
One year to five years
Longer than five years		 Land and buildings
2023
2022
169,556
170,930
726,804
706,474
3,112,140
3,262,944
4,008,500
4,140,347		 Land and buildings
2023
2022
169,556
170,930
726,804
706,474
3,112,140
3,262,944
4,008,500
4,140,347
4,140,347

29

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Comparative SOFA (2022)
Income from
Donations and Legacies
Charitable activities
Projects & Performances
Learning & Engagement
Studio Hire
Other
Investments
Total Income
Expenditure on
Raising Funds
Charitable Activities
Projects & Performances
Learning & Engagement
Studio Hire
Total Expenditure
Net income (expenditure)/income for the
year
Transfer between funds
Net income (expenditure)/income for the
year after funds transfer
Fund balances at 1 April 2021
Fund balances at 31 March 2022
Restricted
2022
207,372
-
-
-
-
-
207,372
-
-
187,384
-
187,384
19,989
(46,718)
(26,730)
70,310		 Unrestricted
2022

732,340
80,006
68,412
228,532
31,417
73
1,140,779
169,134
777,718
185,816
413,908
1,546,576
(405,797)
46,718
(359,078)
3,912,084		 Total
2022
939,712
80,006
68,412
228,532
31,417
73
1,348,152
169,134
777,718
373,200
413,908
1,733,960
(385,808)
-
(385,808)
3,982,394
43,580 3,553,006 3,596,586

30

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement of Funds

Designated Funds
Building Reserve
- net book value of building
- Arts Impact Fund loan
- NatWest CBILS Loan
- value held in general funds
Fixed Assets Reserve
Re-staging Reserve
General Funds
General Funds
Total Unrestricted Funds
Restricted Funds
Garden Project_(D'Oyly Carte_
Foundation)
Digital Accelerator project.
(Bloomberg Philanthropies)
Dance Programme at
Kingsmead Primary School_(The_
Ironmongers' Company)
Mentoring project (Idlewild
Trust)
Prismatic_(London Borough of_
Hackney)
Total Restricted Funds		 Balance at
01.04.2022
Income
Expenditure
Transfers
Balance at
31.03.2023
4,072,563
-
(217,363)
-
3,855,200
(168,616)
-
-
-
(168,616)
(250,000)
-
-
-
(250,000)
(263,093)
-
-
78,715
(184,378)
3,390,854
-
(217,363)
78,715
3,252,207
47,088
-
(18,468)
837
29,457
67,023
-
-
-
67,023
3,504,965
-
(235,830)
79,552
3,348,687
48,041
1,670,002
(1,644,220)
(73,823)
-
3,553,006
1,670,002
(1,880,050)
5,729
3,348,687
3,000
-
(2,150)
(850)
-
23,835
28,740.00
(19,260)
-
33,315
4,696
-
(2,533)
(2,163)
-
4,895
-
(1,264)
-
3,631
7,154
-
(4,438)
(2,716)
-
43,580
28,740
(29,645)
(5,729)
36,946
3,596,586
1,698,742
(1,909,696)
-
3,385,633

31

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

STUDIO WAYNE MCGREGOR LIMITED

The Building Reserve designated fund is designed to show the studio construction costs as an asset separately from the Fixed Assets reserve and General Funds. The expenditure of £217,362 represents the depreciation charge. The value of the fund is limited by the charity's net assets position, as the designation value cannot create a deficit on the charity's general funds position. The surplus of £78,715 from unallocated funds are used to cover the prior years deficit general funds under building reserve designated funds.

The Fixed Assets Reserve designated fund is designed to show office and technical assets separately from General Funds which are freely for expenditure. The transfer of £837 represents addition capital purchases and expenditure of £18,468 represents the depreciation charge for the year.

The re-staging reserve holds any surplus to the re-staging work the company undertakes in order to support future re-staging work that may need additional support to ensure it can be delivered.

The carried forward balance of £38,315 represents the remaining balance of the Smart Studio project with Bloomberg Philanthropies, who partnered with the Studio to set up state of the art editing and AI integrating hardware to move forward the Studio's digital projects.

32

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Statement Of Funds Comparative As Prior Year Figures

Designated Funds
Building Reserve
- net book value of building
- Arts Impact Fund loan
- NatWest CBILS Loan
- value held in general funds
Fixed Assets Reserve
Re-staging Reserve
General Funds
General Funds
Total Unrestricted Funds
Restricted Funds
Ambition for Excellence (Arts
Council England)
PEER Learning_(Idlewild Trust)
Shoreditch & Hackney Art Fund
(LB Hackney)
Young Leader(LB Hackney)
Garden Project(D'Oyly Carte_
Foundation)
Creative Bursary_(Garfield_
Weston Foundation)
Youth Dance Group_(Three_
Monkies Trust)
Digital Accelerator project.
(Bloomberg Philanthropies)
Dance Programme at
Kingsmead Primary School_(The_
Ironmongers' Company)
Mentoring project (Idlewild
Trust)
Prismatic_(London Borough of_
Hackney)
Total Restricted Funds		 Balance at
01.04.2021
Income
Expenditure
Transfers
Balance at
31.03.2022
4,289,925
-
(217,363)
-
4,072,562
(335,000)
-
-
166,384
(168,616)
-
-
-
(250,000)
(250,000)
(133,514)
-
-
(129,579)
(263,093)
3,821,411
-
(217,363)
(213,195)
3,390,853
23,650
-
(25,216)
48,654
47,088
67,023
-
-
-
67,023
3,912,084
-
(242,579)
(164,541)
3,504,964
- 1,140,779
(1,303,999)
211,260
48,040
3,912,084 1,140,779
(1,546,578)
46,719
3,553,004
60,461
27,430
(87,891)
-
-
1,972
-
(1,972)
-
-
7,750
7,750
(15,500)
-
-
127
4,984
(5,111)
-
(0)
-
3,000
-
-
3,000
-
15,417
(15,417)
-
-
-
5,000
(5,000)
-
-
-
125,000
(54,447)
(46,718)
23,835
-
4,696
-
-
4,696
-
4,895
-
-
4,895
-
9,200
(2,046)
-
7,154
70,310
207,372
(187,384)
(46,718)
43,580
3,982,394 1,348,151
(1,733,962)
1
3,596,584

33

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Analysis of Net Assets Between Funds

Tangible fixed assets
Tangible fixed assets (building)
Current assets

Current liabilities
Long term Liabilities
Tangible fixed assets
Tangible fixed assets (building)
Current assets
Current liabilities
Long term Liabilities		 Restricted
funds
2023
-
-
36,946
-
-
36,946
Restricted
funds
2022
-
-
43,580
-
-
43,580		 Designated
funds
2023
29,457
3,505,077
67,023
(101,263)
(230,322)
3,269,972
Designated
funds
2022
47,088
3,809,471
67,023
(84,976)
(333,640)
3,504,966		 Unrestricted
funds
2023
-
350,124
485,828
(383,921)
(373,314)
78,717
Unrestricted
funds
2022
263,093
436,497
(224,124)
(427,423)
48,043		 Total
funds
2023
29,457
3,855,201
589,797
(485,184)
(603,636)
3,385,635
Total
funds
2022
47,088
4,072,564
547,101
(309,100)
(761,063)
3,596,589

23. Related Party Transactions

The aggregate donations received from the Trustees was £76,396 (2022: £600) There was interest free loan of £140,000 from Wayne McGregor. (2022: £Nil)

24. Pension Contributions

The company contributed to an auto-enrolment scheme for its employees and dancers. The contributions payable is charged to the statement of financial activities. Pension contributions for the year amounted to £7,617.64 (2022: £10,785)

34