OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

Studio Wayne McGregor Limited

Company Registration No. 02985577 | Charity Registration No. 1090055

Trustees’ Report and Financial Statements

For the year ended 31 March 2024

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 2
Executive Forward 3
Trustees Report 4
Independent Auditor’s Report 12
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
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:
Suhair Khan (Chair)
Ciarán Barr (Chair, Finance & Audit Committee)
Stephanie Dittmer
Liam Freeman
Peter Kenyon
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: HaysMac 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 2024

EXECUTIVE FORWARD

Studio Wayne McGregor is delighted to share that in 23/24 we reached over ¾ million people through our live performances in 14 countries ; more than 28,000 people through our learning and engagement programmes in the UK and internationally ; and received over 1.7 million views on TV and radio broadcast and 167 million views from audiences around the world for our multimedia, streaming and broadcast projects .

In 23/24 one of Studio Wayne McGregor’s main focuses was re-launching Company Wayne McGregor, the company of dancers who create and perform McGregor’s most experimental contemporary work. Hiring and training 8 new dancers for a company of 10, and creating 2 new works enabled CWM to return to its leading place within the international touring scene.

During the year, Studio Wayne McGregor delivered 5 world premieres , including two premieres at The Royal Opera House, London, one by Company Wayne McGregor UniVerse: A Dark Crystal Odyssey and one, Untitled 2023, for The Royal Ballet ; in addition Company Wayne McGregor premiered the sculptural AI film work A Body for Harnasie in Katowice, Poland; Novacene for National Youth Dance Company at Sadler’s Wells, London and Dancing at Lughnasa which premiered at The National Theatre in April 2023. Company Wayne McGregor also performed 2 additional full works (Autobiography and Future Self), and showed designs by Moschino at Milan Fashion Week 2023 . SWM delivered the restaging of 7 works at 8 international ballet companies , and the licensing of 3 works to 2 UK educational institutions . Wayne McGregor’s third programme as Director of Dance of the Venice Biennale , titled Altered States , ran from 13-29 July in Venice, Italy, delivering not only a fully curated season of cutting-edge new dance work from a range of exciting international artists, but also delivering the world class Venice College for 16 pre-professional dancers and 2 young choreographers.

SWM continues 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, AI and robotics including the culmination of our project A Body for Harnasie with the National Radio Orchestra of Poland 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 realised within nVis – a 360 degree LED screen environmental experience.

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, leading with our new Resident 6 artist residency which will sit alongside our ionic

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2024

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 and 27 on the way, embedded in a creatively exhilarating and financially robust strategy for that period, with established Environmental structures and strategies that focus on our unique strengths and experiences, and strong governance and management frameworks highlighted by ACE 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.

We are delighted and honoured to share that His Majesty The King appointed Wayne McGregor a Knighthood in the 2024 Birthday Honours List in recognition to his pioneering contribution to dance. The appointment recognises Sir Wayne McGregor for how through progressive innovations in performance he has radically redefined dance in the modern era

“I am very honoured to be offered a knighthood and grateful to all of the incredible people who have nurtured me for over 33 years in the art form I love - dance. Building a career in the arts, creative thinkers make a vital and significant contribution to public life and to the nation’s economy whilst experimenting, risk-taking and challenging convention. Recognising that the arts matter, this honour reminds us that every young person given access to culture and creative expression has the opportunity to fly.” - Sir Wayne McGregor

Sin

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report and the audited financial statements for the year ended 31 March 2024.

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 23-24, there were no changes to the board structure.

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 adjusted in line with internal markers. 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:

Cash flow and reserves level: The Board has approved an action plan which is to start building reserves at the end of the 25/26 financial year from the increasing operational surplus. The model fully supports this aspiration with income generation for 24/25 (as evidenced in our budgets) on target with 82% of our annual income

4

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2024

confirmed to date and our work forecast for 25/26 extremely healthy. However, managing the detail of our cashflow without a cash reserve ‘cushion’ is placing immense strain on a small team and the organisation as a whole – and we envision this to be the case for at least the next six months. Given these challenges we want to find an exceptional and long-term solution to this issue that will be foundational to SWM’s future resilience and strength. Having a cash reserve (10% of annual turnover - £300,000) at this juncture in the company’s development will not only act as a pressure release on the running of the organisation which is in itself significant, but also be a catalyst for future growth - enabling the operational surplus in future years to be further invested into the evolution of the Studio and meaningfully in our artistic work and programmes.

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. The Studio also offers free studio space for a range of artists and affordable space hire for other charitable 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 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.

5

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2024

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

  2. 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.

  3. 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.

  4. Redefine a resilient business model for the current economy, 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

6

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2024

LEARNING AND ENGAGEMENT

7

(A company limited by guarantee)

STUDIO WAYNE MCGREGOR LIMITED

FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

INCOME

EXPENDITURE

With an overall increase in activity by 22% from the previous year, 23/24 can be seen as the second year building back towards towards pre-pandemic levels. This is particularly clear with increased touring activity for CWM with shows Autobiography , UniVerse: A Dark Crystal Odessey and Harnasie . This upward trajectory is also apparent with Studio hire, which saw a 73% increase on last year which was hindered by the ceiling collapse in Studio 1. However cash liabilities remain, such as outstanding loans from the capital project, which has put pressure on the operational model and presented cash flow challenges.

With the government confirmation of higher rates, Theatre Tax Relief has become a key figure in annual budgets, encouraging the Studio to increase producing and touring activity. TTR claims for the Studio are increasing annually, as we optimise and fulcrum the opportunities presented by this relatively new but significant stream of income.

Although a challenging cash flow environment, we are pleased to report a positive outcome with net incoming funds from operations of £29,860. This is the second year post pandemic to produce a surplus, showing upward trajectory towards a model that continues to be self-sustaining.

SWM’s principal sources of income are:

8

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2024

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 & Foundations, Individuals, and Arts Council England.

Studio Wayne McGregor employs an in-house Development Manager who specialise in philanthropy and grants fundraising and there are 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 2023-24 we continued to steward and nurture our relationships with funders including Arts Council England, the Idlewild Trust, the Three Monkies Trust, and the D’Oyly Carte Charitable Foundation. Critical new funding agreements were also secured, most notably with Jerwood Arts and the John Ellerman Foundation, both of whom made multi-year commitments to supporting SWM. New funding relationships were also started with the Maria Björnson Memorial Foundation and Here East, both of whom are supporting our Resident 6 programme.

We also invested in the organisation’s long-held relationships with private philanthropists, revising and streamlining our individual giving strategy to focus on key strands of activity through which to leverage gifts – Resident 6, Company Wayne McGregor, and new work creation by Wayne McGregor. Relationships with individuals giving at a high level have been maintained, with several new key relationships being formed, with the hope that this creates a robust cohort of sustained and reliable support in the coming years. In late 2023, SWM also began efforts to create a 501-c in the U.S. in order to leverage the significant support we have there; this is in its final stages of realisation, with the hope that donations can start coming through this stream by mid to late 2024.

Development saw significant change in 2023-24 with a new Development Manager starting in August 2023 after a period of several months with the role vacant. In 2024-25, we are hoping to build on the stability and knowledge which has been established in the past year, with renewed strategic efforts regarding both Trusts & Foundations and Individuals which is being supported by the Executive Director underpinned by light-touch freelance consultancy from Philippa Dunn. The Development team will also grow in September 2024 with the addition of a Development & Marketing Coordinator to the core staff.

RESERVES POLICY

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

The balance of four unspent restricted funds, £51,546 will to be carried forward to 24/25 and it is envisaged that all will be spent in the year.

9

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2024

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, £3,023,338 (22/23: £3,252,206) 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 £16,875, the balance held to provide for future depreciation is £12,583 (22/23: £29,458)

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.

During the 2022/23 fiscal year, a surplus of £78,715 from the general fund was transferred to the building reserve. In 2023/24, the general fund has a deficit of £11,506. To address this shortfall, the deficit amount was transferred back from the building reserve to the general fund.

With 98% 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. The Finance and Audit committee is mindful that free reserves should match three months of expenditure which is approximately £300,000.

FUTURE PLANS

SWM 2 large scale projects in development:

1) Creation of a new digital artwork (On the Other Earth) with Hong Kong partners for the world’s first 360degree LED immersive cinema, with 3D and haptic technology – premiering in Venice 2025.

2) Somerset House 25th Anniversary exhibition on Wayne McGregor’s 30 year design, technology and physical intelligence practice Oct 2025 – Feb 2026.

CWM’s 24/25 Season has extensive international touring lined up including tours to Hong Kong, US and Canada, Eastern Europe, Germany, Thailand, Austria, Switzerland, Croatia, Georgia, and London for our Sadler’s Wells Season next March.

Bloomsbury Press will publish Wayne’s book on Physical Thinking - Autumn 2025 and he will return as Artistic Director of Venice Biennale di Danza and Biennale College for the 25 and 26 seasons.

Work will also be staged around the world: MADDADDAM with The Royal Ballet, INFRA with The Royal Swedish Ballet, CHROMA with The San Francisco Ballet, OBSIDIAN TEAR with Ballet Opéra National de Bordeaux and a range of galas and site specific performances.

SWM London’s sector-leading artist development programmes, to create and sustain opportunities for artists across the creative spectrum - Resident 6 and FreeSpace will continue.

10

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

FOR THE YEAR ENDED 31 MARCH 2024

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 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.

Provision of Information to Auditors

The directors of Studio Wayne McGregor, 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. On 19 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP.

Approved by the Trustees on

and signed on their behalf by:

____ (Ca llistrera Rebecca Marshall Secretary

Date: 19th December 2024

11

(A company limited by guarantee)

STUDIO WAYNE MCGREGOR LIMITED

FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF STUDIO WAYNE MCGREGOR LIMITED

Opinion

We have audited the financial statements of Studio Wayne McGregor Limited for the year ended 31 March 2024 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

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.

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:

12

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2024

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 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.

13

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2024

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:

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.

Jane Askew Senior Statutory Auditor for and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date: 24 December 2024

14

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024

Notes Restricted Unrestricted Total 2024 Total 2023
£ £ £ £
Income from
Donations and Legacies 4 55,000 726,665 781,665 919,990
Charitable activities
Projects & Performances 5 81,805 848,672 930,477 249,215
Learning & Engagement - 58,310 58,310 38,677
Studio Hire - 302,883 302,883 175,229
Other 6 - 2,344 2,344 314,725
Investments 7 - 211 211 906
Total Income 136,805 1,939,085 2,075,890 1,698,742
Expenditure on
Raising Funds 8 5,000 165,787 170,787 154,900
Charitable Activities 9
Projects & Performances 47,914 1,459,648 1,507,562 932,509
Learning & Engagement - 276,981 276,981 205,526
Studio Hire - 351,703 351,703 616,760
Total Expenditure 52,914 2,254,119 2,307,033 1,909,695
Net income/(expenditure) for the 83,891 (315,034) (231,143) (210,954)
year before transfers
Transfer between funds (69,291) 69,291 - -
Net income/ (expenditure) for the 14,600 (245,743) (231,143) (210,954)
year after transfers
Fund balances at 1 April 2023 36,946 3,348,687 3,385,633 3,596,586
Fund balances at 31 March 2024 51,546 3,102,944 3,154,490 3,385,632

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

Full comparatives for the year to 31 March 2023 are shown in note 20.

15

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

Statement of Financial Position

FOR THE YEAR ENDED 31 MARCH 2024

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
(Liabilities)/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		 £
12,581
3,637,838		 2024
£
3,650,419
(20,314)
(13,965)
(108,333)
(353,317)		 £
29,457
3,855,200		 2023
£
3,884,657
104,613
(71,989)
(158,333)
(373,314)
437,794
100,180		 557,604
32,193
537,974
(558,289)		 589,797
(485,184)
3,154,490 3,385,633
51,546
3,102,944		 36,946
3,348,687
3,154,490 3,385,633

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

Suhair Khan (Chair)

The notes on pages 19 to 34 form part of these financial statements. Date: Dec 24 2024

16

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

Statement of Cash Flows

FOR THE YEAR ENDED 31 MARCH 2024

Note
2024
£
Net cash used in operating activities
A
238,246
Cash flows from investing activities
Interest income
211
Purchase of tangible fixed assets
-
Cash provided by investing activities
211
Cash flows from financing activities
Cash inflows from new loan
55,000
Loan repayments
(225,469)
Cash (used in) / financing activities
(170,469)
Decrease in cash and cash equivalents in
the year
67,988
Cash and cash equivalents at the beginning
of the year
32,192
Total cash and cash equivalents at the end
of the year
100,180
A: Reconciliation Of Net Expenditure To Net Cash Flow From Operating Activities
2024
£
Net Expenditure for the reporting period
(231,143)
Adjustments for:
Increase in rent accrual
(19,997)
Investment income
(211)
Depreciation charge
234,238
Decrease / (Increase) in debtors
119,810
Increase in creditors
135,550
Net cash used in operating activities
238,247		 2023
£
(344,283)
906
(836)
70
140,000
(87,031)
52,969
(291,244)
323,436
32,192

2023
£
(210,954)
(54,109)
(906)
235,830
(333,940)
19,796
(344,283)

17

(A company limited by guarantee)

STUDIO WAYNE MCGREGOR LIMITED

Statement of Cash Flows

FOR THE YEAR ENDED 31 MARCH 2024

Analysis of change in net debt

Analysis of change in net debt
Cash
Total cash and cash equivalent
Bank loans due <1 year
Bank loans due >1 year
Total		 Balance at
01.04.2023
£
32,192
32,192
(101,263)
(230,322)
(299,393)		 Cashflow
£
67,988
67,988
(2,554)
108,024
173,457		 Balance at
31.03.2024
£
100,180
100,180
(103,817)
(122,298)
(125,935)

18

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

STUDIO WAYNE MCGREGOR LIMITED

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. 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 2024

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 2024

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 2024

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:
2024 2023
Depreciation of tangible fixed assets:
-
Fixed assets		 16,875 18,468
-
building		 217,363 217,363
Auditors’ remuneration 14,300 13,000
Payments under operating leases 351,703 616,602

22

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee)

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

4. Income from Donations, Legacies & Grants 2024
Arts Council England
Trusts, Foundations & Corporate
Individuals
4a. Income from Donations, Legacies & Grants 2023
Arts Council England
Trusts, Foundations & Corporate
Individuals		 Restricted
funds
2024

-
30,000
25,000
55,000
Restricted
funds
2023
-
28,740
-
28,740		 Unrestricted
funds
2024

524,692
142,200
59,773
726,665
Unrestricted
funds
2023
524,692
317,176
49,382
891,250		 Total
funds
2024
524,692
172,200
84,773
781,665
Total
funds
2023
524,692
345,916
49,382
919,990

23

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
Other Insurance Claims
HMRC Interest
7. Investments
Bank Interest Receivable
8. Expenditure on Raising Funds
Direct Costs incl. Staff Costs
Support Costs		 2024
204,254
554,927
171,296
930,477
2024
1,947
397
2,344
2024
211
2024
51,082
119,705
170,787		 2023
121,355
92,409
35,451
249,215
2023
314,725
-
-
314,725
2023
906
2023
133,663
21,237
154,900

24

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Charitable Expenditure 2024
Projects & Performances
Learning & Engagement
Studio Rental
9a. Charitable Expenditure 2023
Projects & Performances
Learning & Engagement
Studio Rental
10. Support Costs
Artistic Staff & Costs
Office & Administration Costs
Building Costs
Depreciation
Governance Costs		 Direct
Costs
885,086
54,737
5,736
945,559
Direct
Costs
277,845
89,174
4,929
371,948		 Support
Costs
622,477
222,243
345,967
1,190,687
Support
Costs
654,665
116,352
611,831
1,382,848
2024
509,058
36,965
342,898
234,238
67,529
1,190,688		 2024
1,507,563
276,980
351,703
2,136,246
2023
932,510
205,526
616,760
1,754,796
2023
448,261
50,847
554,945
235,830
92,964
1,382,847

25

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Governance Costs
2024
Salaries
22,728
Audit Fee
13,000
Other
32,801
67,529
12. Fees and Salaries
2024
Staff fees, salaries and pensions
475,001
Dancers' fees and pensions
194,051
Employer National Insurance
34,026
703,078
The average number of staff employed during the year was:
2024
Artistic
5
Administrative
7
12
2024
The average number of dancers contracted during the year
was:
10
No member of staff was paid between £60-£70k in the year (2023: nil)		 2023
18,461
13,000
46,689
78,151
2023
511,824
106,834
38,676
657,334
2023
5
12
17
2023
15

No Trustees were reimbursed any expenses, during the year (2023: £nil).

The total remuneration paid to key management personnel in the year was £110,624 (2023: £112,151). The key management personnel are considered to be the Artistic Director and Executive Director.

No Trustees received any remuneration during the year (2023: nil)

26

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Tangible Fixed Assets
Cost
As 1 April 2023
At March 2024
Depreciation
At 1 April 2023
Charge for the year
At March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Fixtures &
Fittings
432,238
432,238
402,782
16,875
419,657
12,581
29,456		 Building
5,153,630
5,153,630
1,298,429
217,363
1,515,792
3,637,838
3,855,201		 Total
5,585,868
5,585,868
1,701,211
234,238
1,935,449
3,650,419
3,884,657

27

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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		 2024
130,147
20,530
287,117
437,794
2024
103,817
75,000
263,755
12,177
16,798
43,095
43,645
558,287		 2023
2,331
49,329
505,944
557,604
2023
101,263
140,000
156,785
-
4,367
48,019
34,750
485,184

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 £67k have been renegotiated on a capital and interest basis ending in June 2025.

In May 2021, a £250,000 Coronavirus Business Interruption Loan (CBILS) without security was took to refinance the existing AIF loan, with the objective of extending the repayment period. Both principal and interest payments were waived for the first year. For the second and third years, the loan carries an interest rate of 3.22%, which increases to 7.72% thereafter. A monthly principal repayment of £4,166 has been scheduled over a five-year period, concluding in May 2027.

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. No rent payments were made in 2017, 2018, and 2022. However, the apportioned rent costs for these periods were recorded as accrued expenses in the Statement of Financial Activities for the respective financial years. These costs will be evenly distributed across the remaining term of the 25-year lease, with the outstanding balance scheduled to 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 2024

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 12months of the end of the accounting period.

Bank Loan Ageing Analysis

<1 Year
1-2 Years
AIF
53,817
13,965
CBIL
50,000
50,000
Total
103,817
63,965
17. Analysis of Deferred Income
At 1 April
Released to income in the year
Deferred in the year
At 31 March		 2-5 Years
Total
67,782
58,333
158,333
58,333
226,115
2024
2023
34,750
160,908
(34,750)
(160,908)
43,645
34,750
43,645
34,750		 2-5 Years
Total
67,782
58,333
158,333
58,333
226,115
2024
2023
34,750
160,908
(34,750)
(160,908)
43,645
34,750
43,645
34,750
34,750

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
2024
2023
169,556
169,556
752,758
726,804
2,916,630
3,112,140
3,838,944
4,008,500		 Land and buildings
2024
2023
169,556
169,556
752,758
726,804
2,916,630
3,112,140
3,838,944
4,008,500
4,008,500

29

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Comparative SOFA (2023)

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 2022
Fund balances at 31 March 2023		 Restricted
2023
28,740
-
-
-
-
-
28,740
-
-
29,645
-
29,645
(905)
(5,729)
(6,634)
43,580		 Unrestricted
2023
891,250
249,215
38,677
175,229
314,725
906
1,670,002
154,900
932,509
175,881
616,760
1,880,050
(210,048)
5,729
(204,319)
3,553,006		 Total
2023
919,990
249,215
38,677
175,229
314,725
906
1,698,742
154,900
932,509
205,526
616,760
1,909,695
(210,953)
-
(210,954)
3,596,586
36,946 3,348,687 3,385,633

30

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
Digital Accelerator project.
(Bloomberg Philanthropies)
Mentoring project (Idlewild
Trust)
American Ballet Theatre Wolf
Works April 23-24
Collage Dance Collective
Chroma 23-24
Elmhurst FAR Jan 24
RESIDENT 6 Restricted
Total Restricted Funds		 Balance at
01.04.2023
Income
Expenditure
Transfers
Balance at
31.03.2024
3,855,201
-
(217,363)
-
3,637,838
(168,616)
-
-
100,834
(67,782)
(250,000)
-
-
91,667
(158,333)
(184,378)
-
-
(204,007)
(388,385)
3,252,207
-
(217,363)
(11,506)
3,023,338
29,458
-
(16,875)
-
12,583
67,023
-
-
-
67,023
3,348,688
-
(234,238)
(11,506)
3,102,944
-
1,939,086
(2,019,882)
80,796
-
3,348,688
1,939,086
(2,254,120)
69,290
3,102,944
33,316
-
-
(33,316)
-
3,630
-
-
(3,630)
-
-
63,221
(38,997)
(4,999)
19,225
-
12,584
(6,263)
-
6,321
-
6,000
(2,655)
(2,345)
1,000
-
55,000
(5,000)
(25,000)
25,000
36,946
136,805
(52,915)
(69,290)
51,546
3,385,634
2,075,891
(2,307,035)
-
3,154,490

31

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 £217,363 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 deficit of £11,506 from unallocated funds are used from 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 available for expenditure. The expenditure of £16,875 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.

American Ballet Theatre (ABT) project is ongoing project and net income of £24,225 in FY23-24. Out of this £5,000 is transferred to general funds to cover the staff costs for ABT in 23-24. The remaining balance of £19,225 will be maintained as restricted funds and will be used for ABT cost in FY 24-25.

Collage Dance project is ongoing project and net income of £6,321 in FY23-24. All the balance will be maintained as restricted funds and will be used for Collage Dance cost in FY 24-25.

FAR project is ongoing project and net income of £3,345 in FY23-24. Out of this £2,345 is transferred to general funds to cover the staff costs for FAR in 23-24. The remaining balance of £1,000 will be maintained as restricted funds and will be used for FAR cost in FY 24-25.

Resident 6 project is ongoing project and net income of £50,000 in FY23-24. Out of this £25,000 is transferred to general funds to cover the staff costs for resident 6 project in 23-24. The remaining balance of £25,000 will be maintained as restricted funds and will be used for resident 6 cost in FY 24-25.

32

STUDIO WAYNE MCGREGOR LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
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
4,072,564
(168,616)
(250,000)
(263,093)		 Income
-
-
-
-		 Expenditure
(217,363)
-
-
-
(217,363)
(18,467)
-
(235,830)
(1,644,220)
(1,880,050)
(2,150)
(19,260)
(2,532)
(1,265)
(4,438)
(29,645)
(1,909,695)		 Transfers
-
-
-
78,715
78,715
837
-
79,552
(73,824)
5,728
(850)
-
(2,164)
-
(2,714)
(5,728)
-		 Balance at
31.03.2023
3,855,201
(168,616)
(250,000)
(184,378)
3,390,855
47,088
67,023
3,504,966
48,042
3,553,008
3,000
23,835
4,696
4,895
7,152
43,578
3,596,586		 -
-
-
-
1,670,002
1,670,002
-
28,741
-
-
-
28,741
1,698,743		 3,252,207
29,458
67,023
3,348,688
-
3,348,688
-
33,316
-
3,630
-
36,946
3,385,634

33

STUDIO WAYNE MCGREGOR LIMITED

(A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Analysis of Net Assets Between Funds

Tangible fixed assets
Tangible fixed assets (building)
Current assets
Current liabilities
Long term Liabilities		 Restricted
funds
2024
-
-
51,546
-
-
51,546		 Designated
funds
2024
12,582
3,249,453
67,024
(103,817)
(122,298)
3,102,944		 Unrestricted
funds
2024
-
388,385
419,404
(454,472)
(353,317)
0		 Total
funds
2024
12,582
3,637,838
537,974
(558,289)
(475,615)
3,154,490
Tangible fixed assets
Tangible fixed assets (building)
Current assets
Current liabilities
Long term Liabilities		 Restricted
funds
2023
-
-
36,946
-
-
36,946		 Designated
funds
2023
29,457
3,505,077
67,023
(101,263)
(230,322)
3,269,972		 Unrestricted
funds
2023
-
350,124
485,828
(383,921)
(373,314)
78,717		 Total
funds
2023
29,457
3,855,201
589,797
(485,184)
(603,636)
3,385,635

23. Related Party Transactions

The aggregate donations received from the Trustees was £20,000 (2023: £76,395) There was interest free loan of £75,000 from Wayne McGregor. (2023: £140,000)

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 £8,183 (2023: £7,617)

34