NOTTING AM _LAY_. -O_U.S.E Nottingham Playhouse Trust Llmited Directors, Report and Consolidated Financial Statements 52 Weeks ended: 31 Marth 2024 Charlty Number 1109342 Company Number: 05384418 *A[￿R3MG3$ 2711112024 COMPANIES HOUSE A25 #123 NorriNGHAM PLAYHOUSE TRUST LIMITED (Rogistrallon No. 05384418) Contents Page Number Legal and Administrative Information Execuiive Report Directors, Annual Report Independent Auditorfs Report 14 Consolidated Statement of. Flnanclal Advltles 2024 (Incorporating Income and Expenditure Account) 17 Consolidated Balance Sheet 18 Consolidated Statement of Financlal ktivities 2023 (InGorporatlng Inc4)me and Expenditure Account) 19 Company Balance Sheet 20 Consolidated Cash Flow Statement 21 Notes Fonnlng Part of Ihe Financl81 Statements 22 NOTTINGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Legal and Administrative Informatlon R•glst•red Office: Nottingham Playhouse Welllngton Clrcus Nottingham Nottinghamshire NG15AF Registered Company Number: 05384418 Charlty Numb•r: 1109342 Bankeys: Natwest Bank plc 16 South Parade Nottingham NG12JX Auditor PKF Smith Cooper Audit Limited Statutory Audltors 2 L.ace Market Square. Nottingham NG1 1PB Executlve Manag•m•nL Chief Executfve Artistic Director Chief Operating Offlcer Stephanle Sirr MBE Adam Penford Lee Henderson NOTTINGHAM PLAYHOUSE TRUST LIMrrED (Registration No. 05384418) Executive Report for the 52 weeks ended 31 March 2024 The macroeconomic and geopolitical envlronment around the world contlnues to be uncertaln. High inflation and consecutive interest rate rises continue to weigh on UK economic activity. Allhough inflation has Sett￿d, higher costs on everythlng from wood to staff to transportatlon and heatlng mean that the key challenges facing Ihe Playhouse are now the increasing costs of producing (wood, energy costs. freelance fees, wages). and of generating sufficlent Income from Ihe public. Against th18 backdrop, the Executfve Management and the Trustee8 are tremendously proud of the achievements of Nottingham Playhouse Trust Ltd {'Nottingham Playhouse. or °the Playhouse) during the period. The leam ha$ managed to maintaln it8 qualty, reach and engagement. Our challenge is increasing costs rather than lack of engagement from audiences and partlclpanls and we appreciate the commitment of our calchmenl audience to all that we do. Nottingham Playhouse was honoured to be selected as the UK'S hAost Welcoming Theatre by a panel of judges on behalf of UK Theatre. The Execullve Management and Trustees conlinue to navlgate complex waters - deallng wlth increased utllity, material and staff costs wllhout a corresponding ability to Increase ticket prices at the same rates as yet. We are fortunale thal signlficant investments made in 2015-16 to Improve our energy efflciency have really paid dividends as energy costs have fiuctuated. We continue to be an industry leader in reducing our carbon footprlnt and our alm In 202516 is to address the next slag• of the bulldlng's renewal and improvement. W8 warmly welcomed the consolidation of Theatre Tax Relief announced by the Chancellor In the Spring Budgel and Spending Review March 2024, which have helped io Increase confidence for producing theatres such as the Playhouse to invesl in productlons - generating assoclated economlc benefrt for our local communlties and the UK artistic community. We are seelng robust engagement wlth pretty much everythlng Ihe Playhouse has to offer whlch is extremely encouraging. Hlghllghts Increas88 In the cost of Ilvlng have affected sales pattem8 end the types of work whlch 8udlences are seeklng. Overall, Nottingham Playhouse has bucked the trend and continued lo meet sales tsrgets Ihrough work that 18 a good night out and engaging but also in places challenging and eye openlng. The 8prlng 2023 season confinued wlth a transfer of our productlon of Village Idlot, a play by local writer, Samson Hawkins, with a cast of learning4isabled actors. transferring to the Theatre Royal Stratford East in London. An outdoor adaplation of Twelfth Night played in Wellington Circus outside the Iheatre over the summer. The autumn 2023 season opened with The Real and Imagined History of the Elephant Man. The European premlere of this play took a revigionist look at local man, Joseph Merrick. Dlrected by the winner of the Royal Theatre Society Trust Direcling Award, Stephen Balley. the cast comprised of Deaf and disabled actors. The production then transfer￿ to Coventry and Blackpool. We revived our production of Mark Gatiss, A Christmas.Carol: A Ghost Story, transfetfing to Alexander Palace Theatre in London in December. Our Christmas season combined our annual pantorni￿￿ which this year was. Cinderella, with Hansel and Gretel f(Y younger audiences in the Neville Studio. 2024 opened with the premiere of Minority Report, based on the sci-fi novel by Philip K Dick, and co- produced wlth Slmon Friend Produclions. Birmingham Rep and Lyrlc Hammersmith. A revival of Lucy Kirkwood's modem drama, The Children, about environmentalism followed. A new play. Liberation Squares by Sonali Bhattacharyya, and Go-produced wilh local theatre company, Fifth Word, began rehearsals. NOThINGHAM PLAYHOUSE TRUST LIMITED (Reglstration No. 05384418) Exécutive Report for the 52 weeks ended 31 March 2024 (Gontlnued) 24-25 has got off to a very good start with a strong critical and financial response to both James Graham's Punch and Dear Evan Hansen. both directed by Artistic Director Adam Penford. In response to the updated Census for Nottingham the merged Diversty in the Workforce Working Group and Anti-Raclsm Action Group ("ARAG'). whlch aims to increase the number of pemianent staff frorn the Global Elhnic Majority, revised its target of 15./0 Staff to 200A. The Anti-Racism Action Group continues to work towards Nottingham Playhouse being a safe and inclusive space for all and maintains a Reporting Racism Mechanism for staff, partlCiP8nts. and audiences to anonymously report any instances of prejudlce. This mechanism is being rolled out to provide an identical oullet foi all safeguarding queries or concerns. Our Partlcipation work continues to grow and diversify, running 63 varied programmes in a variety of art forms and across all ages. As a Theatre of Sanctuary. we are proud to offer activities with and for. refugees throughout the year. Our work with and for disabled people continues to be central strand of activity. We ptovide full- or part-time employment to over 180 people and to around a further 250 freelance creative stsff each yéar. Audlenc•s Durlng the year we sold 136.013 (2023: 123.797) tickets to In person audienc8s across 325 (2023: 323) events. In addition, we sold 302 (2023: 406) tickets for digital events and schools. reaching an estimated audience of 1,048 (2023: 1,880) for these events. Across all tickets (In person and digital), 23,211 (2023: 23,327) were sold at concesslonary prlces. Notllngham and Our Communlty In 2023124, we have continued to expand our participation offer, achieving an overall 44,639 engagements (an increase of over 10,000). We are thrilled that this includes over 24,000 engagements across Nottlnghamshlre In a range of cornmunlty settlngs includlng schools, community centres and Ilbraries. Our regular prograrnme of weekly and monthly classes now includes: 6 in-house Young Companies for ages 5 - 18 Specialist theatre groups for Learning Disabled andlor Autistic young people and adulls. 14 Shine youth theatres around the cty and county. 9 classes for hobbyists including drama. dance, improvisation, art, crafting, writing. play reading and choir. 4 Encore groups for people aged 55+, Specialist groups for refugees and asylum-seeking communities, gender identity support for young people, children with experience of Ihe care system, and people with experience of homelessness. 2 Early years groups,. 1 in a local library and 1 at the Playhouse. We continue to work In partnership with a range of local and national organlsations lo deliver progrdmmes, including: Streetwise Opera, Meander Theatre Company, DANCOP. Be U Notts, Nottingham City of Literature, and Nottingham Forest Community Trust. Our conlinulng programme of work includes: Regular schools workshops and backstage tours. A thriving Youlh Board. NT Connections Festival. The award-winning Nottingham Queer Arts Collective. NOTTINGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Insights page for schools featuring digital resources. packs and films. Executlv• Report for the 52 weeks endod 31 March 2024 (Continued) Our annual events programme includes: Schools Massive (7 Sch￿1$ performing on our main stage). 3 half lenn Family Festivals. Summer work experience. The Shine youth thealre Partlclpatlon Celebratlon show on our main stsge The hobbyist group Participation Celebration show on our main stage 2 annual tours of small scale shows and workshops for early 'years children in 12 local Ilbrarfes. We continue to work closely wllh core partners, and lo seek new partnershlps, to engage meaningfully and dynamically with our diverse communttles. We have continued and grown our partnershlps with StreetWiS8 Opera. the Music Hub, Portland College, the NHS, the National Theatre, The RSC Associate Schools progrnmme. and NEST refvgee school. as well as our Shine venues. Our partnership with Nottingham's worfd*class univarsilies continues to grow. Including numerous placements and module Input for students at all levels of study arKJ across dlsclpllnes Includlng 8nlm8tlon. education, psychology, and theatre design. Our ground-breaklng new Prlmary Partner3 scheme came to a close thls year and was a huge succes8, working In close partnership with 5 schools over a two-year period. embedding the arts across the school through CPD. workshops, shows, acce88 to show maklng 8nd much more. We hope to secure funding lo contlnue this programme. AGcess Is v6tally important - we want everyone lo feel welcome here. As a cornerstone of that alm, 811 Nottlngham Playhouse participation programmes offer.a number of. bursary places as we are keen that cost never proves a barrier to taking part. We also run a Pay What You Can scherne for tickets to all of our produced shows, as well as other successful Ilcket access schemes such as HolHouse (for underserved groups) and 50.50 (free tickets fvnded by donations), and a range of free talks, events and tours. Notlingham Playhouse continues its proud tradrtlon of takSng work to areas that Ir8dltSonally have limited experienc• of cultural participation. We work hard to ensure people wlth disabllltles are welcome and can acL%SS our proyrammes - Indudlng employing an Agent for Change, having been an active part of the Ramps on the Moon consortium, Installing access equipment, running sessions with BSL Interpretation and mulli•sensory sesslons for children with PMLD. Safeguarding some of the vulnerable communities we serve Is of paramount Importance to us and we have a rigorous safeguarding ￿lIcY and structure in place. Our Artist Development programme, Amplify. now has over 600 members and has bèen running for five years. It provides support and opportunities for local theatre-makers, at different stages in their career. It offers a year-round programme of free workshops, masterclasses and one-on-one advice sessions. The annual Amplify Festival allows local artists to shovKase their work and network. Through a series of workshops, talks, individual feedback sessions and the offer of free rehearsal space, we help nurture artists, skllls and assist In bulldlng career pathways. We f￿UentlY partner wSth other regional and natlonal initiatives to ampllfy our offer and provlde Ampllfy mernb8rs wrth specialist knowledge, including PIPA, Open Door, Graeae, ETT. In Good Company and the JMK Twst. MOTTINGHAM PLAYHOUSE TRUST LIMITED (Reglslration No. 05384418) Executive Report for the 52 weeks ended 31 March 2024 (continued) Flnancial Report The 52 weeks ended 31 March 2024 saw the following results before the elimination of inter-(x>mpany balances. Nottingham Playhouse Trust, Limited retumed a non-consolidated surplus of £14,394 on its revenue fund activities after transfers to or from the capltal fvnd, as shown in note 11 to the financial siatem8nts (2023: £38,115). Of this, £8.345 related to general unrestricted undesignated activities (2023. £12,693). Nottingham Playhouse Trading Limited relumed a profft of £81,793 (2023: £101,305), as shown In note 12 to the financial statements. The surplus generated In each period is consolidated into the results of the group. In each year It Is the Inlentlon of the directors of Nottingham Playhouse Trading Ltd to gift that compan￿5 profil to its parent company, Nottingham Playhous8 Trust Limited. During the year donations under gift aid of £113,567 was made and recognised by the company In relation to the distribulable profit arlsing for the period ended 2 April 2023 (£109,813) and 31 March 2024 (£3,749) respeclively. A payment of £76,500 has been made within 9 months of the end of Ihe financial year which will form part of the resufts of the company In the year ended 31 March 2025. The carrying value of the investment in Ticketing Network East Midlands Ltd in 2023 was £36,082. Nottlngham Playhouse Trust Ltd left the consortium with effect from the 25 February 2021. Members of the consortium of Ticketlng Net¥vork East Midlands Ltd repaid the initial investment of £36,013 during 2024 and the carrying value of the former associate is Nil. The financial effect of this disposal is shown in note 15. -The'ordinary share8'held'by'Nottingham'Playhouse-Trust Ltd"8re"to' be'cancelled'through"compleliort-of capltal reduction process after the year end. Nottlngham Playhouse Productions Llrnited has an accountlng reference date of 30 June 2024. A Theatre Tax Relief claim of £1,660,956 has been submltted (2023: £839.456), resulb'ng in a breakeven position for the company, as shown in nole 12. The claim erwmpassed 15 Nottingham Playhouse productions of whlch 5 productions fell after the 31 March 2024. Therefore, Ihe theatre tax relief income in nole 3 is made up of £12,726 for 1 production that fell between 3 April 2023 and 30 June 2023 and £239,036 due from a c production partner in this period, along with £614,537 relating to the period 1 July 2023 to 31 March 2024. On 6 March 2024 the Chancellor announced a new permanent rate for Theatre Tax Relief of 40% {non- touring productions), 450/0 (touring productions),.io replace the planned taper from 1 April 2025 (to 350/0 and 300/0 respectivety} and the planned retum to pre-pandemlc rates. The group had a net deficit before transfers of £93,550 compared to net income of £185,219 for the previous financial year. The nel income before Iransfers comprises unrestricted net deficit of £116.500 (2023: net income £53.990) and restricted net income of £6,049 (2023: net income of £25,422). After the transfer from capital restricted funds to revenue funds of £93,071, this resulted in a decrease in revenue reserves to £2,255,907 of which £770,472 are unrestricled, £1,075.000 is unrestricted but held as designated reserrfes and £410.435 is restricted. The capital restricted funds movement of £76, 170 includes £93.071 from capital restricted funds to unreslricted revenue funds. The purposes to which restricted reserves must be used are shown in note 20 to the financBI statements. We were pleased to be able to present a year of work that is of extremely high qualty. This was due to the hard work of the whole Playhouse team. the support of our Board and funders. and strong support from our communlty. Stephanie Slrr- Chlef Execulive Adam P•nford- A Diroctor NOTllNGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Dlrectors, Annual Report .for the 52 w••ks •nd•d 31 March 2024 (contlnued) The directors present their annual report and the consolidated financlal statemenls of the group and company for Ihe 52-week period from 3 Aprfl 2023 to. 31 March 2024. Structure, Governance & Management Nottingham Playhouse Trust Llmited is a company limiled by guarantee incorporated under the Companies Act 2006 under company numb8r 05384418 and governed by Its Memorandum and Articles of Assoclatlon dated 18 February 2005, as amended from tlme to tlme. The company was incorporated on 7 March 2005 and commenced to Irade on 1 July 2005 after the donalion of assets from Nottingham Theatre Trusl Limited. The company is also registered as a charity with the Charity Commlssion under number 1109342 and operdtes as a not-. for-profit company. The company is governed by 8 Board of dlrectors {"The Board") who act in an honorary capacty and are listed on page 12 of this report. They 8re the dlrectors of Nottingham Playhouse Trust Limited for the purpose of company law and trustees for the purpose of charity law. The Board meets at least six times a year to set overall policy and strategy and scrutinise financi81 matte(s relatlng to the operation of the company. The Board created a Govemance Subgroup In the prior year, chaired by a dlrector of the company. The Board has a number of Subgroups and Worklng Groups that report into11, to whlch It has delegated authorlty to exercise powers on behalf of the Board for certain functions, and in addition deleled responsibilty to make recomnlendations to the Board for decision. The Subgroups that support the Board In It8 obligatlons are a8 follows: Rlsk and Audlt To support Dlrectorn and Ihe Senior Management Team In moeting thelr legal responsibilities and ensurlng the adequocy of risk management and Intemal controls. Gov•manc• To support the Board in fulfilling its responsibilities by developlng and recommending to the Board a Set of governance principles to apply to Nottingham Playhouse {"NP'), and annually reviewing the charlty commlsslon checklist, ongolng developments and best practlce In governan￿ affectlng NP. R•mun•ratlon and Successlon Plannlng To provide strategic support to the Dlrecth and Chief Executlve on remuneration, speclfic HR decislons and 3uccesslon plannlng. The directors h8ve delegated the operation of the company to the Chlef Executlve, (a non-Board member), who leads a senlor management team comprising the Artistic Director. and six senlor managers. All senior managers are responsible either to the Chief Executiv6. the Artistic Director, or both. Lines of responsibility wilhin the company are clearly drawn and communlcated to all staff members. There Is a meeting slructure to ensure effective communkation and co-ordination of activities. Throughout this report and the flnancial statements, the terms "directors" and "companl, are consistently used as required by the Companies Act 2006 but should be taken to include the meaning of Irustees. and "chariw as required by the Charity Commission. NOTTINGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Dlreclors, Annual Report for the $2 weeks ended 31 March 2024 (contlnued) Ra¢rultmenl. Appolntm•nt, Inductlon and Tralnlng of Dlrectors Independent members are appointed through the company s Board recrultment procedure. Prospective candidates are assessed against a Job specificatlon for the role of dlrector and with reference to the company's equal opportunities policy. At each Annual General Meeting one third of the directors (save for the directors appointed from Nottingham City Council) musl stand down armj offer themselves for re-election by rotation. The directors to retire by rotation sh811 be those who have been longest in office slnce thelr last appolntment (excludlng any directors from Nottingham City Council). On appolntment, new directors undergo an Induction period during which Iheir duties and responsibilities are explained to Ihem. They receive a comprehensive pack of information including the Articles and Mernorandum of Association, recent management and statutory accounls, budgets and forecasts for the current and fijture years. Board meeting minutes and a schedule of all future meetings and the company's production and education programme for the current season. They attend meetings with the Chief Executive, Artistic Dlrector and senior managers to undersland their responsibilili8s and areas of operation In the practical day to day running of the theatre. During the year, regular events are. held outside of the nomial meeting cycle to enable directors to conslder specific areas of the company's operation in more detail than Board meetings can allow. Internal Control and Rlsk Management The Board has consldered the Major strategic. business and operational rlsks which the company faces across a number of specific areas. being: Strategic risk; Flnancial risk; Business continulty risk; Govemance risk; Health and safety rlsk; Reputation risk: arK Compliance rlsk. A Rlsk and Audlt subgroup of the Board meets up to 6 limes a year to conslder and revlew these risks in detail, resulting in actlon being recommended to manage and miligate these risks. Thi5 subgroup is chaired by a director of the company. Internal control systems and regulations are regularly tested, reviewed and amended to meet the company's specific needs in mitigaling identifiable risks to which the company is exposed. The Board also has a number of focused subgroups and working groups lo support the Executive Managemenl. Related Partles None of the company's directors receive remuneration or other benefit from their work with the company in their capacily as directors. By exception, directors may receive remuneration for any work they perform which Is over and above that completed In their capacty as 8 dlrector. NorriNGHAM PLAYHOUSE TRUST LIMITED (Reglslratlon No. 05384418) Directors, Annual Report for the 52 weeks ended 31 March 2024 (continued) The company has a very close relationship with Nottingham City Council, which nominate a director but as 0124-25 does not provide funding to assist the company to cary out its charitable Obje￿Ives. It is hoped this funding can be reinstated wheTr the City Council's financial stability improves. The company owns 1000A of the equty of Nottingham Playhouse Trading Lirnited and Nottingham Playhouse Productions Limited; both companies are registered in England and Wales. The principal activity of Noth'ngham Playhouse Trading Limited is to ensure the effective operation of the bar and community .spac8 at the Playhouse. The trading company was Incorporated on 2 December 2011 and commenced trading on 6 January 2012. Nottingham Playhouse Productions LimSted was sel up In October 2014. and is the pr(xluclng company for all Nottingham Playhouse in-house productions. The consolidated financlal statements include the approprlate proportlon of the a￿1vItIeS of Ihe three companies as set out in notes 1 (c) and 12 to Ihe financial ststements. Alms, Strategies and Achlevemonts The company's objectives are the advancement of education by; the production of plays, b811ets, operas, musicals, shows and other productions of artlstic or educational value; the encouragement of artistlc understanding and appreciatlon; the promotion ol education and training in and about the arts; and the advancement of public knowledge and understandlng of the arts tii relation to drama, literature, music, mime, singing and dancing. The Mission of the company Is: 'At Nottingham Playhouse we make bold and thrilling theatre. It is world-class. made in Nottingham and as diverse as our communty." In shaping the objectives for the year and planning future activities, the directors have considerèd the 2020 Charity Governance Code and the Charity Commission's guidance on public benefit, including the guidance on public benefrt and fee charging. The company relies on grants and admission charges to theatre productions and facilities hire charges to cover Its operating costs. In setting the level of these prices, including concessions and offers and charges, Ihe directors give careful conslderation to Ihe accessibility of the theatre to those on low incomes. The strategies employed to achieve the company's alms and objectives are to: present a diverse range of theatre productions for the enjoyment and education of the communty within the ¢ity and county boundaries and further afield. offer opportunilies for the local cornrnunity to get involved In a range of arts activities by explorfng their own creative abilities. NOThINGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Directors, Annual Report for the 52 weeks ended 31 March 2024 (contlnued) provide professional theatre facilities for amateur and professional groups to perform for their own enjoyment and personal development and the enjoyment of the local community. involve local schools and young people in the arts by providing Iheatre productions suitable for families and different age groups, providing the help and encouragement to produce their own theatre prodtsctions, and providing support and teaching for Arts Councll award schemes as a first step to pursuing a career in the arts; and involve the range of ages. cultures and disablllties present in the local community by programmlng presentations by. with and for all such groups of people. To put these strategies into action. the company continues to stage at least six of Its own productions annually, using in house staff departments which include set construction and painting. props, wardrobe, stage management and technical Sound and lighting. Some of these are co-produclions wlth olher producing theatres to ensure a wider audience for its work and to achieve production economies of scale. The company presents a varied programme of work by leadlng theatre. comedy, dance and music performers from the UK and abroad, as well as providing facilities for emerging crealives. stage and dance schools. The Youth Theatre activltles cover separate age groups from 2-18 and offer a wider range of suilable activities. Funded enlirely by donations SHINE now funds thirteen free drama groups across the city and county led by the Playhouse team and reaching some ofthe most deprived wards in Euiope. The company's programme of activiti¢s is designed lo brlng a wlde range of arts actlvilles to the local communlty, of all ages and abilities. and to encourage attendance and involvemenl in them by making them affordable and accessible to all. Bursary places have been made 8vai18ble for all partlcipation activities to ensure that financial barriers are minimised. Futur• Plans The contlnuing COSt-of-Ilving crisis makes our business model more challenging. However, keeping flnanclal access points has allowed us to maintain tIGket sales. and the macro environment has not diminished our amb5tion. We need to invest in our building our aim is to site as many adivilies as possible on site, including rehearsals, vffjrkshops and corporate events. As a Grade 2. listed building our aim is further to fundralse to better maintain that heritage 8ssel in partnership with Historic England. We will also evaluate our staffing structure lo ensure resilience. and wlll recruit a new executive role of Chlef Operating Officer. lo start August 2024. We continue to develop our access and equalily, diverslty, and inclusion. work. This is evidenced by our Anti Racism Action Group, our leadership role across the City in Equality, Diversty. and Inclusion, and by a long standing commltrnenl to creatlng woth wlth, by and for people with disabililiès. We continue to advocale for the power and impact of culture in our city and new combined Local Author61y region. We continue to work in strategic partnership with our cultural contemporaries across the city. 10 NOTnNGHAM PLAYHOUSE TRUST LIMITED (Registratlon No. 05384418> Directors, Annual Report for Ihe 52 weeks ended 31 March 2024 (continued) We continue to attract renowned wrilars. actors, dire￿orS, and other theatre makers to the Playhouse. to the joy of our aUdien￿S. The work continues to attract a high level of local and national profile and is favourably reviewed. Our productions often have a Ilfe beyond the Playhouse both in the UK and overseas. Future projects in Ihe pipeline look set to continue this pattern and we are excited about creating more bold, entertaining. and commercially succossfvl theatre in the future. alongside playlng an essenllal role in the civic life of the cty'and region. Flnanclal Re￿•W A review of the company's activities during the period is contained in the Executive Report on page 6 of these financial statements. R•sorves Pollcy In accordance wlth Charlty Commlsslon guldelines, Ihe company is requlred to ensure the sustalnablllty of Ihe organisation and maintain operating reserves to offsel the impact of unforeseen events and operating cash flows. The Board recognises that the establSshment of a deslgnated reserve fund Is necessary not only lo the health of our future existence but to. the development of the artistic aspects of the theatre's lrfe and role of the audience therein. The events of the last few years have r8-enforced the Importance of reserves In r8taining the Playhouses position. For the company to plan effectively and to establish a safety net against unforeseen eventualities the reserves policy was revlewed, and il was deemed approprlate to accumulate a designated reserve fund of a minimum 3 months. operating costs from annual surpluses, currently £969.047 based on current budgets. The designated reseThe fund for 2024 slands at £1,075,000, the fund Is greater than the reseNes target. due primarily to the Increase in Theatre Tax Relief rates. Thè fund will be deslgnated for the purposes of: Absorbing potentl81 Income shortfalls, parttcularly in relation to box office If audlence confidence does not retum to the level anticipated. Absorb slgnificant cost inflation, whilst largely protecting ticket prices (at a tlme of unprecedented economic uncertainty and pressure on affordability). Cover significant unexpected costs not in the annual budget. Ensure there are resources available for essential capital replacements and investments. Available reserves are our unrestrictedldesignated funds not already invested in fixed assets or committed for other purposes. Unreslricted funds are funds which are freety available to be spent in the furthefance of the theatre's objects. Designated funds are a class of unrestricted.funds. being funds that have been eamiarked for a particular purpose: however, the designalion is an administrative one only, and does not restrict legalty how the funds can be spent. In effect, these available reserves would be our net current assets {¢ash, or items that can be converted into cash quickly. less liabilities thal ￿qu•re paymenl) that are not held in restricted funds (where donors have specified the use to which the funds must be spent) or which have otherwise been committed. The release of any portion of the designated reserve funds will requi￿ Board approval. In the current economic climate. the Board recognises that whilst building reserves further remains desirable, returning a surplus in each financial year is challenglng. As a result, the Board has budgeted for the Playhouse to make a small deficit in 2025126. NorriNGHAM PLAYHOUSE TRUST LIMITED (Régistration No. 05384418) Dlractors, Annual Report for the 52 weeks ended 31 March 20241contlnuod) Employees and Employment Policy The Directors are grateful to the stsff and artists who work for the Company. The success of th8 Company relies on Iheir expertise. The Board is committed to a policy of equal opportunity in its employment practsces and creating a workforce representstive of the diverse communSties It Works with. Company aims to ensure that no potentlal or actual employee receives more or less Ireatment on the ground of, for example race, colour. ethnic or national origins, rnar￿al status, sex, sexual orientatlon, age, disabllrty or religious beliefs. In January 2021 the Company set up an Anti-Racism Action Group to look at the wider cufture and environment at Nottingham Playhouse and to develop the Company's Anti-Racism Action Plan. Thls has now been merged with the Diversty in the Workforce working group as referenced in the Executive report. The Group advises the ExecutlV8 and Board of Trustees on matters of Equality, Diversity, and Inclusion with the aim of ensuring thai that the Company is a safe and fully representative organisation. The Company is part of Parents and Carers in Performing Arts (PIPA) and now defaults to advertislng roles as Job Share, Flexible Working or available for Remote Working. We have analysed all roles according to this framework. We are supportive of parents and carers, needs and accommodate unexpected changes to Iheir Working pattem wherever possible. We also offer unpaid leave to staff wanting to take up opportunitles for CPD elsewhere - this rnlght be working in another industry such as fllm or taklng up particular personal challenge. The Company has a Posttlve Actlon Recruitment Policy in recognitlon of the fact that people from certain cornmunities are under-represented in its workforce and across the Industry as a whole. The Cornpany is creating a safe and secure envlronment for everyone worklng,at Nottlngham Playhouse. W.6 are commttted to the UK TheatrelSOLT Ten Principles to encourage safer and even more supportive working praclices in theatre and have signed up to the Old Vic Guardians, programme. Dlrectors The dlrectors serving during the year and slnce the year end were as follows.. A Farr, Chair S 8attlemuch, Cllr (Resigned 25 May 2023) A Batty S Nazar-chadwlck (Reslgned 25 January 2024) D Russell N Sharma (ResNJned 23 May 2024) A Bayley M Aldrich A Almeida D Barter (Appointed 25 January 2024) N Gasson-McKlnley (Reslgned 28 September 2023, Appolnled 28 March 2024) A Vvhittington A Peach, Cllr (Resigned 25 May 2023) S Sandhu (Resigned 25 January 2024) R Smith (Appointed 24 November 2022, Resigned 27 July 2023) R Harcourt H Kalsi (Appointed 28 March 2024) R Rodrigue2-Femandez (Appointed 25 January 2024) C Smith (Appointed 28 September 2023) R Valentine (Appoinled 23 May 2024) 12 NOThINGHAM PLAYHOUSE TRUST LIMITED (Reglstratlon No. 05384418) Directors, Annual Report for Ihe 52 weoks ended 31 March 2024 {continued) Dlrectors, responslbllities in relation to the flnanclal ststements The trustees {who are also dlrectors of Nottingham Playhouse Twst Limited for Ihe purposes of company law) are responsible for preparing the directors. annual report and financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generalty Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. whlch glve a true and.fair view of the state of affairs of the charitable company and the group and of Ihe incoming resources and application of resources, Including the income and expendilure, of the charitable company and the group for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (FRS102): make judgements and estimales that are reasonable and prudent: state whether applicable UK accounting standards (FRS102) have been followed, subject to any materlal departures disclosed and explained in the financial statements; prepare the financial ststements on the going concem basis unless it is inappropriate to presume that the charitable comp8ny will coniinue In operation, The trustees are responsible for keeplng adequate acLountlng records thal disclose wlth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financlal statements comply wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. The trustees are ffjsponsible for the maintenance and integrity of the corporate and financial Infonnatlon included on the charitable company's website. Legislation in the United Kingdom governing the preparation and disseminalion of financial statements may differ from legislation in olh8r jurisdictions. Statement as to dlsclosure to our auditors In so far as the Irustees are 8ware: there Is no relevant audit infomation of which the charitabl8 company's auditor is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informallon and lo eslablSsh thal the auditor Is aware of that Information. Audltor As a result of UHY Hacker Young having been auditor of the company and the group for 9 years, the company undertook an audit lender process in September 2023. PKF Smith Cooper were appointed as independenl auditors at the AGM by the members. Signed on behalf of the directors A Farr Chair Approved by the dlrectors on {g*h I1]r￿t.1￿[ 2024 13 NorriNGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Indopendent Audltorn Report to Ihe members and trustees of Nottingham Playhouse Trust Limited Opinion We have audited the financial statements of Nottingham Playhouse Trust Limlted (the 'parent charitable company,) and its subsidiaries (the 'group') for the 52 weeks ended 31 March 2024 which comprise Ihe consolidated ststement of financial activities, the consolidated balance sheet, Ihe company balance sheet, the consolidated statement of cash flows and Ihe related notes to the financial ststements, including significant accounting policies. The financial reporting framework thai has been applied In their preparation is applicable law and United Kingdom Accounting Standards, includin9 Financial Reporting Slandard 102 The Financlal Reporting Standard applicable in ¢he UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatements: give a true and fair view of the state of Ihe group's and parent charilable company's affairs as at 31 March 2024, and of the group's Incoming resources and application of resources, Including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practbce; and hav.e been prepared in accordance with the requirements of the Companles Act 2006 and Charities Act 2011. Bas18 for oplnlon We conducted our audit in accordance with Internatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the audStor responsibllities for the audit of Ihe financial stalemenls section of our report. We are Independenl of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financlal statements in the UK, in¢luding.the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evldance we have obtained is. sufficient and appropriate to.provide a basls for our opinion. Conclusions r•latlng lo golng concern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any matefial uncertaintles relating to events or conditions that. individually or collectively, may cast signrficant doubl on the group and parent charitable company's ability to continue as a going concem for a perlod of at least twelve months from when the financial statements are authorised for issue. Our responsibiliti8s and the responsibilities of the trustees with respect to going concern are described In the relevant sections of this report. Other information The olher infomation comprises the informalion Sncluded in the execulive report and trustees. annual report, olher than the financial statements and our auditor's report thereon. The trustees are responsible for the ' other information. Our oplnion on the financial statements does not cover the other infonnation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other infonnation Is materially inconslstent.with the financial staiements or our knowledge obtained In the course of the audlt or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whelher this gives rise lo a material misstatement in the financial statemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 14 NOThINGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Opinions on othor mattars described by the Companles Act 2006 In our oplnion, based on the wod( undertaken in the course of the audiL' the information given in the execLrtive report. and the trustees, report for the period for which the financial statements are prepared is consistent with the financial ststements; and the executive report and the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exGeptlon .In the light of our knowledge and understanding of the charltable company and Its environment obtained ¢urlng the course of the audit; we have not Identified material misstatements in the executive r8lY)rt and trustees, report. We have noihing to report In respect of the following matters in relation to which Companies Art 2006 requir88 US to report to you if , in our opinion: the parent charitsble company has not kept adequat8 and sufficieni accounting records. or retums adequate for our audlt have not been recelved from branches not vlslted by us; or the parent charitable company financial statements are not In agreement with the accounting records and or retums,. or certain disclosures of Trustees, remuneration specif￿1 by law are not made; or we have not received all the information and explanations we require for our audlt. R08pons•bllltlo8 of trustees As explained more fully in the trustees, responslbllitles statement, the trustees (who are also the directors of the parent charltable comp8ny lor the purposes of company law) are responslble for th8 preparatlon of the financial slatements and for being satisfied that they give a twe and fair view, and for such internal control as the Irustees determin6 Is necessary to enable the preparation of financial statements Ihat are free frorn material misstatement, whether due lo'fraud or error. In preparlng Ihe financSal statemenls. the trustees are responsible ft)r assesslng the group and parent .charitable company's ability to continue as a golng concern, disclosing, as applicable, matters related to goSng concern and using the going concern basls of accountlng unless the Irustees either intend to liquidaie the group or parent charitable company or lo cease operations. or have no realislic altemative but to do so. Auditor responslbilities for the audlt of the flnanclal statements Our objectives are to obtaln reasonable assurance about whether the Ilnanclal statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assuranc8 is a high level of assurance, but is not a guarantee Ihat an audlt conducted in accordance with ISAS (UK) will always detecl a material misstatement when It exists. Misstatements can arise from fraud or error and are considered materi81 il, individually or In the aggregate, they coukl reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including frau(L are instances of non-compliance wilh laws and regulations. We design procedures In line with our responsibilities, outlined above, to detect material misslatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detslled below: Based on our understanding of the group and industry, we identify the key laws and regulations affectlng the group to include compliance with the Charities Act 2011 and Charity Commission regulations. We identifpd that the principal risk of fraud or non-compliance with laws and regulalions related to: Management bias in respect of accounting estimates and judgements made; Management override of control; Posting of unusual journals or transactions. We focussed on those a￿83 that could give rlse to a materfal mlsstatement In the Group's financial statements. 15 NOTTINGHAM PLAYHOUSE TRUST LIMITED (Reglstratlon No. 05384418) Our procedures included. but were not limited to: Enquiry of management and those charged with governance around actual and polential litigation and claims, including instsnces of non-compliance with laws and regulations and fraud", Reviewing rninutes of mèetings of those charged with governance where available; RevieNving legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; Reviewing flnancial statement disclosures and testing to supportlng documentation to assess compliance with applicable laws and regulations; Perfomiing audit work over Ihe risk of management override of controls, including lestlng of joumal entries and other adjustments for appropriateness, evalualing the business rationale of slgnificant transactions outside the normal course of business and reviewing accounting estimates for bias. It 18 the prirnary responsibilty of management, wlth the oversight of those charged wlth govemance, lo ensure that the entty's operations are conducted in accordance with the provislons of laws and regulatlons and for Ihe prevention and detection of fraud. Because of the Inherent limitations of an audit. there is a rlsk thatwe will not detect all irregularities, Including those ￿adIng to a materlal misstsiement in the financlal statements or non-compliance with regulation. Thls risk increases the more that compliance wlth 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 instsnces of non- compliance. The risk is also greater regarding Irregularities occurring due to fraud rather than error, as fraud involves Intentional concealmenl, forgery, collu.sion, omission or m18repr8sentation. further description of at: www.frc.o .uklauditorsrès our responsibilities Is available on the FRC'S websit& onsibillties. This description forms part of our auditorfs report. U6• of our r•port This report Is made solely to Ihe Gharitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. and to the charitable company's truslees, as a body. Part 4 of the Charities (Accounts and Reports) Regulations 2008, Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to statp to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responslbility to anyone other Ihan the charitable company and Ihe charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Sarah Flear (Senior ststLrtory auditor) for and on behalf of PKF Smllh Coopèr Audlt Llmlt•d 2 Lace Market Square Nottingham NG1 1PB Date: 21 November 2024 16 NorriNGHAM PLAYHOUSE TRUST LIMITED (Reglstratlon No. 05384418) Consolidated Statement of Financlal Activities (Incorporatlng Income and Expenditure Account) for the 52 weeks ended 31 Illarch 2024 Unrestrlctgd Unreslrict•d Restrfcted Revenue Designated Rovenue Funds Fund8 Funds Total Restrlctod Revenue Capltal Funds Funds Total 2024 Note In¢ome and endowments from: Donations and legacies Other Irading aclivltles Investrnent income 66.466 1,022,406 16.053 35,764 102.230 1,022,406 16,053 102.230 1,022.406 16,053 1,104.925 35,764 1.140.689 1.140.689 Incom• from charitabl• acllvitles 4.634.553 228,849 .4.863.402 16.901 4.880.303 Total Incom• 5.739.478 264,613 6.004.091 16,901 6.020.992 •ndlt Ralslng funds Olher 5.379 824.575 5,379 624,575 6.379 624,575 629.954 5.208,221 17,803 629,954 5,466.785 17,803 .629.954 5,466,785 17,803 Charitabl• a¢tlvltl•• GovernanGe costs 258.564 Total exp•ndllurn 5,855,978 258.564 6,114.542 6,114,542 Net income before associates and transfers 10 (116,500) 6,049 (110,451) 16,901 (93,550) Nel Incomé before tr8nsfers {116,500> 6.049 (110,451) 16,901 (93,550) Transfors between funds 20 93,071 93,071 (93,071) Net mov•ments In funds (23,429) 6,049 (17.380) (76.170) (93,550) Reconclllatlon of fund• Totsl funds brought forward at 2 April 2023 21 793,901 1.075,000 404,386 2.273.287 1,515.030 3.788,317 .Total funds carried forward al 31 March 2024 21 770,472 1.075,000 410,435 2,255,907 1,438.860 3.694.767 The statement of financial a￿1VitieS includes all gains and losses recognised in the year. All income and expendlture derive from continuing activities. The notes on pages 22 to 43 form part of these flnanclal statements 17 NorriNGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Consolidatod Balance Sheet as at 31 March 2024 2024 2023 Notes Flxed assets Tangible assets- Heritage assets Tangible assets- Other assets 13 13 7S7.822 2,033.744 774.940 2,055.549 2,791.566 2,830.489 36.082 Investments 15 Current 08s•ts Stocks Oebtors Cash al bank and In hand 17 18 20.872 2,485,665 703,248 18,185 1,495.905 1,363.413 3,209,785 2,877.503 Crndltorn wfthln on• year 19 (2,096,618) (1,653.412) N•t curr•nt •ss•ts 1,113,167 1,224,091 Total as8•ts1•8• curr•nt Il•blllll•• 3,904,733 4.090,682 Cr•dltor• duo aft•r mor• than on•.y••r , 19 (209,966) (302.345) Net assets 3,694,767 3,788,317 Capltal & r•••rv•• Unrestricted funds 1,845,472 1,868.901 Restricted funds 20 1,849.295 1,919.416 3.694,767 3,788.317 The financlal statements We￿ approved by the directors and authorlsed for Issue on 18 November 2024 and are signed on their behalf by: A Farr Chalr A Batty Dlr•ctor The notes on pages 22 to 43 fom part of these finandal ststements 18 NOThINGHAM PLAYHOUSE TRUST LIMITED (Reglstratlon No. 05384418) C￿S011dat•d Stat•m•nt of Flnanclal Actlvltles (Incorporating Income and Expendlture Account) for the 52 weeks ended 2 April 2023 Unrestrict•d . Unrestrictsd Restrlcted Ravenu• Designated R•v•nu• Funds Funds Funds Total Restrlthd Rovenu• Capital Funds Funds Total 2023 Not• Income and endowments from: Donations and legacie3 Other trading activities Investment incom• 94.319 826,472 6,623 57.202 151.521 826,472 6,623 151,521 826,472 6,823 927,414 57,202 984,616 984,616 Incom• from charhabl• actlvltl•s 5.597.732 130,764 5.728.496 105,807 5,834,303 Total Incom• 6.525,146 187,966 6.713.112 105.807 6,818.919 Ex ndltur• on: Ralslng funds Olher 4,454 631,496 4,454 631,496 4,454 631,496 635,950 5,818,971 16.235 635,950 5,981,515 16,235 635,950 5.981,515 16,235 Charftable acllvltles Gov•rnanGO COSt8 162,544 Total gxpgnditur• 6,471,156. 6,633,700 6,633,700 Net Income before associates and tr8nsfef8 10 53.990 25.422 79,412 105.807 185.219 Net Income before transfers 53,990 25,422 79,412 105,807 185.219 Transfers belween funds (36,088) 125,000 (125,000) (36,088) 36.088 Net mov•ments In funds 17,902 125.000 {99.578) 43,324 141.895 185,219 R•conclllallon of funds Totsl funds brought forward at 4 April 2022 21 775.999 950,000 503,964 2.229.963 1,373,135 3,603.098 Total funds carried forward at 2 April 2023 21 793.901 1,075.000 404.386 2,773.287 1,515,030 3,788,317 The stalement of financial activities Includes all gains and losses recognised 1n.the year. Atl income and expenditure derive from continuing activities. The notes on pages 22 to 43 form part of these financial statements 19 NO￿INGHAm PLAYHOUSE TRUST LIMITED (Registrallon No. 05384418) Company Balance Sheet as at 31 March 2024 2024 2023 Notes Fix•d a•s•t8 Tangibl8 assets- Heritsge assets Tangible assets- Other assets 14 14 757.822 2,031.104 774.940 2,052.286 2,788,926 2,827,226 36.016 Investments 16 Current asset• stocks Debtors Cash at bank and In hand 17 18 1.105 2,500,116 582,928 1,513.302 1,203,524 3,084,149 2,718,489 Cr•dltors due wlthin one year 19 (2,046,448> (1,600.949) N•t curr•nt assets 1.037,701 1.117,540 Totsl ass•ts les• current Ilabllltles 3.826,630 3.980,782 Cr•dltorn du• •ftor mor• than on• y•ar 19 (209,966) (302.345) Not a8s•ts 3,616,664. 3.678,437 Capltsl & reserv•8 Unr85tricted funds Restricted fund5 1.767,366 1.849.298 1.759.021 1.919.416 20 3,616.664 3,678,437 The financial statements were approved by the directors and authorised for issue on 18 November 2024 and slgned on their behalf by: A Farr Chalr A Bally Dir•Gtor The notes on pages 22 to 43 form part of these financlal ststements 20 NOTllNGHAM PLAYHOUSE TrUST LIMITED (Rogistration No. 05384418) Consolldated Cash Flow Statement for the 52 weeks ended 31 March 2024 2024 2023 Nolo Cash from oporating activitl•s 23(8) (423,736) 204.032 Cash flows (u8•d inyfrom Inv•stlng acti￿11•$ Purchase of tangible fixed assets Retum of investment from associated undertaklng 13 23 (b) (162,442) 36,013 (369.835) 12.928 Cash u•od In Inv•8tlng actlvltl•8 {128.429) (356,907) Cash flows (used Invfrom Ilnanclng activiti08 Increase l (decrease) in borrowings 19 (110,000) (110,000) C••h u8•d In Ilnandng actlvltl (110,000) (110.000) Decrease In cash and cash equSv8lents In the year {6eO,165) (262,875) Cash and cash equlvalents at the beginning of the year 23 (c) 1,383,413 1.628,288 Total cash and cash equlvalents at tho end of the. y•ar 23(c) 1.363,413 The notes on pages 22 to 43 form part of these financial staiemenls 21 NOThINGHAM PLAYHOUSE TRUST LIMITED (Registratlon No. 05384418) Notes forming part of the flnanclal statsmonts for the 52 we•ks ended 31 March 2024 1 Accountlng pollcles Nottingham Playhouse Trust Ltd is a company Ilmlted by guarantee In England arKI Wales and reglstered charity In England. In the event of the charity being wound up the liability in resp6Ct of'the guarantee is 1Smited to £1 per member of the charty. The address of the registered office Is glven in the charity Information on page 2 of these financial statements. The nature of the charty's operations and piinciple activities are detailed on page 10 of these financial statemenls. The principal accounting policies adopted, judgements and key sources of estimatK)n uncertalnty In the preparation of the financial ststements are as follows: (a) Bas16 of preparatlon The financlal statements have been prepared In accordance wlth Accountlng and Reportlng by Chariti8S: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019) {Chariti8s SORP (FRS 102)), the Financlal Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Nottingham Playhouse Trust Limited meets the definition of a public beneffl entlty under FRS 102, Assets and Ilabilities are initially recognised al historical cost or transaction value unless otherwise stated In th8 relevant accountlng pollcy note(8). The financi81 statements are presented in sterling whlch is the financial currency of the charity and rounded to the nearest £1. (b) Going Con￿rn The financlal statemenls have been prepared on a going concern basis under the historical cost convention. As in prlor years Ihe company's future existen¢e is dependent upon the financial success of future productlons, on the contlnued support of the granl aidlng bodles and on the contlnuatlon of T￿atre Tax Rellef. The rate of Theatre Tax Rellef was temporarlty Increased from 21YA (for non-touring productions) 8nd 25Yo (for tourlng productions) on 27 October 2021 to help the sector In their economic recovery from COVID-19. The increase was extended for a further 2 years at Spring Budget 2023. The rates were due to taper to 300/0 and 350/0 in April 2025. However. on 6 March 2024 Ihe Chancellor annoUn￿d a new pemanenl rate for Theatre Tax Relief of 400/• (for non-touring productions) and 450/0 (for touring productlons), to replace the planned tsper from 1 April 2025 (to 350h and 30C/*o respectlvely) and the planned return to pre-pandemic rates. We believe this change essential to increase confidence for producing theatres such as the Playhouse to invest in productions - generatlng assorAated econornlc benefit for our local communities and the UK artlstic community. 22 NOTTINGHAM PLAYHOUSE TRUST UMITED {R•glstration No. 05384418) Notes lormlng part of the flnancial statsmonts for the 52 weeks ended 31 March 2024 (continued) °Prospects for UK economlc perfomianGe remain uncertain. The medium and longer-term impacts of COVID- 19, together with the implications of the UK'S new trading relationships post-Brexit and geopolitical tensions remain uncertain. These resulted in signlficant increases in cost inflation and in the Bank of England base rate from its prevlous unprecedented low level. All these factor8.result In increased pressure on affordabilty and therefore on many people's di￿retIOnary spend. Although Inflation has now reduced significantly and base rate has begun to increase. costs remain higher than historical levels. While the extent and duration of the effect of this economic uncertainty remains unclear, there is a rlsk of financial instsbility for the Company. We were dellghted to secure core funding for 2023-2026. As a result, the dlrectors have a reasonable expectstion that the company and the group will be able to meet their liabilities as they fall due for a period of at least twelve months and have therefore prepared Ihe financial ststemenls on a going concern ba818. (c) 8asl• of con8olldatlon The flnanclal ststements consolidate the results of the company and It8 wholly owned subsldlarles Nottingham Playhouse Trading Llmited and Nottingham Playhouse Productions Limited on a line-by- Ilne basls as requ5red by FRS 102. Prior to rts dlsposal, the resulls of the company's 250/0 holdlng In hls associate company Ticketing Network East Mldlands limited were Included in the finandal statements based on the net equty method in accordance with Charilles SORP FRS 102. (d) Flx•d ass•ts and dèpreclatlon Flxed assets are included at Ihelr orlglnal cost. net of depreclatlon. Ca￿1 items of less Ihan £500 are wrltten off as repair-expenditure in the.year of purchase..Depreciation is calculaled so as to write off the - cost of tsnglblè fixed assets. less there estlmated residual value, Sn equal Instalments over thelr estimated useful econornic lives as follows: Freehold property Sky Mirror and Djanogly Playground Leasehold improvements Heritage Lottery project Equlpment and f￿tureS and fittlngs Motor vehicles Short Ilfe equipment 40 years 40 yea 10- 30 years 10 years 4- 10 years 4 years 1-4years {e) Herltage assets The Sky Mlrror and Djanogly Playground are considered to be heritage assets and are reported in the balance sheet at original cost less accumulated depreciation. It is the company'5 policy to maintain its herrtage assets in order to preserve their artislic and cultural value and these mainlenance costs are charged through the Income and Expenditure Account when incurred. The residual value of the Sky Mirror has been detefmlned to be equal to the day one cost. It Is the view of the direclors that there are no legal restriclion8 over the sale of the Sky Mirror. However, due to its artistic significance, the Sky Mlrror would only b8 sold in exceptional circumstances and is expected to only be done so with the agreement of the organisatlons that provided granls towards the original purchase and installation. 23 NOTnNGHAM PLAYHOUSE TrUST LIMITED (Reglstrallon No. 05384418) Noles forming part of the flnanclal statements for the 52 waaks.end•d 31 March 20241continued) (fj Stocks and work In progress Stocks and work In progr8SS are valued at tha lower of cost and net realisable value. (g) Incomlng resources Voluntary incomè includes all donations and gifts Ihat are of a general nalure. recognised on a receivable basis. Income from activities for generating funds include premises hire and evenl income, sponsorship and commercial trading Income and Is recognised on a recaivable basls. Incomlng resources from charltable actlvilies Includes all Income deriving from theatre perfomiances provided to the company's beneficlarles and performance related grants recelved under contract. As the company has cultural exemption status for VAT. l)ox office receipts are exempt from VAT. Income from theatre adml88ions Is Included In Incoming resources In the p6rlod In which the relevant show takes place. Income from Iheatre admissions for shows which had not taken place at the year- end Is Included in creditors as deferred Income. Revenue and capltsl granls are recognised In the year In whlch the company becomes entilled to recelve the granl. Investment Sncome comprfses bank interest and is recognlsed on 8 receivable basls. (h) R•sources expended All expenditure is accounted for on accruals basis incluslve of VAT and Is recognlsed when a liabilty Is Incurred. Expendilure which is dlrecty attrit>utable lo specific activities has been included in the appropriate ategory. Expenditur8 Incurred on premises and central 8UPPOrt functions has been apportioned across categories on the basis of an estirnate of the premises volume space and the full-tirne equivalent staff estsblishment. Input VAT that is irrecoverable under a partial exemption calculation is apportioned between charitable actlvllies and other expenditure 61.39. Fundraising Irading Includes all costs incurred in trading activities and malntaining and securlng sponsorshlp. Charitable activltles Include costs of staglng theatre productions and education81 actlvities. The cost of theatre producllons Is included in resources expended in the period in which the relevant show takes place. The cost of theatre productions which had not taken place at the year-end is included in debtors as a prepayment. Govemance includes the costs incurred in the governance of the company and of its assets and is primarily associated with constitutlonal and statutory affangements. 24 NOTnNGHAM PLAYHOUSE TRUST LIMITED (Reglstratlon.No. 05384418) Notes fornilng part of the financial statements for th• $2 weeks ended 31 March 2024 (Gontinued) (i) Fund accountlng The company has different types of funds for which it is responsible, and which require separate dlsclosure as follows:- Restrlcted funds These are funds which have been earn￿rked by the dOr￿r for a specific purpose or which have been received from an appeal for a speclfic purpose withln the overall aims of the company. The donatlon and any income deiived from it will be used in accordance with'that specific purpose. Unrestricted funds These are funds whlch may be expended at the dlscretlon of the dSrectors In furtherance of the general alms of the company and which have not been designated for a Specif￿ purpose. Designated'funds Designated funds comprlse unrestrfcted fvnds which have been Set aside by the dlr8clors for partlcular purposes. The alm and use of the designated fund is set out within the reserves policy in the directors, report. U) Op•ratlng l•a808 Co8t8 In respect of operating leases are charged on a straight-lin8 basis over the temi of the lease. (k) Pomlon 8chém• The company operates a defined contributlon penslon scheme., and Ihe pension charge represents the amounts payable by the company to the fund In respect of the year. From 31•1 May 2014, the company has been requlred lo provide a fvrther dellned contribution pension scheme to all employees under The Occupalional and Personal Pension Schemes {Enrolment) Regulatlons 2010. 25 NOTnNGHAM PLAYHOUSE TRUST LIMITED {Reglstratlon No. 05384418) Notes fomilng part of the flnanclal stat•m•nts for the 52 weeks ended 31 March 2024 {conllnued) 2 Income from Olh•r trading actlvltles Unrestricted revenue funds Restrlcted Total 2024 revenue and capital funds Total 2023 Theatre hire and evenls Front of house and catering sal85 Sponsorship and fundraislng HI￿ and sale of costumes and sels Box office and agent commission Property rents Programmes and advertlslng Other miscellaneous 198,023 448.585 78,216 ,1,059 257,129 22,878 8,214 8,302 198,023 448,585 78.216 1,059 257.129 22.878 8.214 8.302 99,537 403,635 70,261 505 213.150 20,488 15,032 3,864 1,022,406 1,022,406 826,472 Tolal 2023 826,473 826.472 3 In¢om• from charllable activitl•s Unrestrlct•d revenue funds R•strlct•d ' r•venu• fund• Total 2024 Total 2023 Admi881on Income and f888 Co-productlon and income Touring and royaltles receivable Theatre tax relief 2,184,915 8,734 91,317 866,299 2,184,915 8,734 91,317 866.299 2,262,727 541,240 330,539 1,012,312 3.151,265 1,483,288 3,151,265 1,712,137 4,146,818 1.581,678 Grants receivable (note 4) 228,849 .4.634,553 228.849 4,863,402 5,728,496 Totsl 2023 5.597,732 130.764 5,728,496 26 NOTllNGHAM PLAYHOUSÉ TRUST LIMrrED IR•¥str￿10Th No. 053•4418) Noloj forrnlry p•1 ot th•llnanclal •tstom•Thts lor th• 52w•ek• •nd•d 31 M•r¢h 2024 l¢ontlnuodl 4 Grnnts r•¢￿vIbl• 2014 2023 Unr•8trtcted R•v•nu• Fund* R•¥aAI Fund 2024 2024 Tolal 2023 R••trki•d 2023 .Tolal Arts C4uncll Er*Jl•nd M)ttlr8h8m Clly Council Nottinghamshlr• County Coundl Job Ro1onUon Sch•m• DWP lQ¢ksiari Chithgst•r C¢ll•g0 Th00tr• Anlsl Fund NoltlrvJhAm Fof•8t Communlty Tn48t National Lottery Mr Connecljons Sh•wol¥•s Productlons Royal Th••trI￿1 Support Tw•1 IRTSTI NottlNdham Tr•nt Unlver Tho &9 Glv• Trusi . N&lonal Th••li• Lady HI[￿ TnJ$l Th? Brldg9$ CtynmunllyTnJsl D'oyly Cart• Slag• On• M•ry Rob4Trton Tryst Th8 Mackintosh Foundal JN Derb￿htr• Twsl 1,379,735 flJ,$02 1.379,135 82,975 4.360 43.051 1,m.736 71,178 10.433 so.000 4.￿0 1,390,168 121.178 22.473 43.051 5.979 1.000 15,142 5.979 I,ofy) 16.142 1,000 65.484 14.490 85,464 14. 4.600 1.415 1.415 SO,￿0 3,(￿0 5.000 5,000 9.182 41.102 28,000 1.37S 26.000 1,375 4.000 28.010 3,0Tr) 21.89) 2,OC 28.010 3.wo 21.8 2.TrJO Inc￿mIng r•aourc•s from ch•rllabkn acUvlUu 31 1.483288 228.849 1.712,137 1.450,914 130.764 1,581.878 Th• Unl•￿IcI*s 9rnnts rnc•lvabl• r•l•t•$ to grnnts rK•ivabl• lorg•n•rnl coT• furdng purpow. R•*rtl•d fvnds 4r¢ tlos• lunds Ihal mu51 be used lor y¢4(k puoose5. 8$ dellned by the donor or fundraising ￿Mpo￿. Furth•r d•tsils ol Ihe re￿¢19d lyrhts can t• found al not• 20 10 th• flnanctal slatam*4& 27 NOThINGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Notes forming part of the flnancial statements for the 52 weeks end•d 31 March 2024 {contlnu•d) 5 Other expendlture Unrestricted Roslrlcted Total 2024 Total 2023 rov8nu• revenue funds and capital funds Front of house and caterlng sales Sponsorship and fundraising Premlses and support costs (note 8) Irrecoverable VAT Other costs 339.864 3.077 118,645 104,392 58,597 . 339.864 3,077 118,645 104,392 58,597 279,912 16,963 116,207 105,005 113.409 624,575 624,575 631.496 Other costs Include programmes, commlsslons and fees and other overheads. 6 Exp•nditurn on charltabl• actlvitios Unr•strfcled Restrlct•d Tolal 2024 Total 2023 rovonue revenu• funds and capital funds 0Srect cost of theatre productlons Indirect cost of theatre productions Premises and support costs (note 8) 1.815,955 2.044,124 1,348,142 258,564 2,074,519 2,044,124 1.348,142 3,138.832 1,557,501 1.285,182 5.208.221 258.564 5.466.785 5,981,515 7 Governanc• costs Unrestrlcted Unrestrlctad revénu• revenue funds funds 2024 .2023 Fees lo auditors Non audit fees to audltors Legal and professional fees 15.303 2,500 14,290 1,640 305 17,803 16,235 28 NOTfiNGHAM PLAYHOUSE TRUST LIMITED {Reglstration No. 05384418) Nol•s fornilng part of the flnanclal stat•mants for the 52 weeks •nded 31 March 2024 (continued) 8 Premises and support costs 2024 2023 Total premi8es costs Central supp(xl functions costs 562,791 906,075 593,717 809,567 Total premlses and support costs 1 ,468.866 1.403,284 Allocated across the followlng headings: Cost of raising funds Other cosls Cost of charitable actlvttles 2,079 118,644 1,348,143 1.895 116.207 1,285,182 1,468,866 1,403,284 Premises costs are allocated on an approximate volume area of: Audllorfum, public and backstage areas 700/0 Restsurant and bar. areas Offices 200/0 9 Stsff numbars and costs The average number of employees, Indudlng part tlme employees and casual employees, of the group was as follows: 2024 11 35 13 2023 10 32 11 50 Actors and muslcSan8 Production M8rketing and sales Front of houseand catering Theatre education Management and admSnlstration 16 127 139 The aggregate payroll costs for these employees were as follows: Wages and salaries National insurance Pension contrlbutions 3.142.583 224,932 2.616,485 189,539 3,475.253 2,891.008 29 NOThINGHAM PLAYAOUSE TRUST UMITED (Re958tration No. 05384418) Notes formlng part of the flnanclal ststements for the 52 weeks ended 31 March 2024 (continued) 9 Staff numbers and costs (contlnued> No directors recelved ￿MuneratIon or were reimbursed for expenses incurred in perfomiing their responsibilities as directors. One employee received remuneration at the rate of more than £80,000 but less than £100,000 per annum (2023: One al a rate of more Ihan £80,000 bul less than £100,000 per annum). One employee received remuneration at the rate of more than £70.000 but less than £80,000 per annum). The key management personnel of the parent company comprlse th6 Chief Executive and the Artistlc Dlrector of Nottingham Playhouse Trust Limited. The total employee benefits of the key management personnel of the parent company were £203,371 (2023: £201,961). As at 31 March 2024 the key management personnel of the group ¢omprlse only Ihose of the parent company as its wholly owned subsldiaries Nottingham Playhouse Trading Llmited and Nottingham Playhouse Productions Limlted had no key management personn61. 10 Net Income for the year 2024 2023 The net Income for the perlod 18 Stated after charging: Depreciat5on of tangible fixed assets (note 1d) Auditors, remunerab'on 201,365 15,303 172,310 14.290 Fees of £2,.500 (2023.. £1,640) were paid to the auditor In relatlon to non4udit services. The company is not subject to Corporation tax as a result of Its charltable ststU8. NOThINGHAM PLAYHOUSE TRUST LIMITED (Registratlon No. 05384418) Notes fornilng part of the flnancial statements for the 52 weeks ended 31 March 2024 (continued) 11 Flnanclal actlvltles of the company The consolldated stalemenl of financial activities includes those of the company, its wholly owned subsidiaries Nottingham Playhouse Trading Limited and Nottingham Playhouse Productions Llmited. A summary of Ihe financial actlvitles of the company. before 8llmlnatlng Interdcompany balances are as follows: Totsl 2024 Total 2023 Gr088 Incomlng resources Total cost of generating voluntary income Totsl cost of other activitles Totsl cost of charltable actlvltles Governance costs 5,706.416 (5,379) (298,648) (5,466,786) (14280) 6,430.983 (4,454) (358.028) (5,981,515) {12,783) (78,677) 93.071 74,203 (36,088) Release of capital restrfcted funds Net incoming resources 14394 38.115 Total revenue funds brought forward 2,163,407 2,125.292 Total revenue funds carried forward 2,177,801 2,163,407 Represented by: Unreslricted revenue fund8 Restricted revenue funds 1,767,366 410,438 1.759,021 404,387 2,177,801 2.163,407 Net incoming resources arise from: General unrestricted activities General designated fund Specrfic restricted activitSe8 8.345 12,693 125.000 (99,578) 0.049 14.394 38,115 31 NOTTINGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Notes forming part of Ihe flnanclal statements for the 52 weeks ended 31 March 20241continued) 12 Financial operatlons of the trading subsidiarles and associate company The company owns 100 % of the equity of Nottingham Playhouse Trading Limited, a company reglstered in England and Wales. The principal activity of the company is the operation of the bar and community Space at Nottingham Playhouse. The company was incorporated on 2 December 2011 and comrnenced trddlng on 6 January 2012. The Investment In 2023 represents 250/0 of the equSty of Tlcketlng Network East Midlands Llmlted, cornpany registered in England and Wales. The principal activty of the company is to provide ticketing services for the four partner venues in Nottingham. The. carrying value of tho investment in 2023 was £36.082. Nottingham Playhouse Trust Ltd left the consortium wrth effect from the 25 February 2021. Members of the consortium of Ticketing Network East Midlands Ltd repaid the initial investment of £36,013 during 2024 and the carrying value of the former associate is Nil. The financial effect of thls disposal is shown in note 15. The ordinary shares held by Nottingham Playhouse Trusl Ltd are.to be cancelled through completion of a capital reductlon process after the year end. On 9 October 2014, the company incorporated Nottingham Playhouse Productions Limited, registered Sn England and Wales, of whlch It owns 1009/0 of the equity and tradlng commenced immediately. The principal activty is Ihat of a theatre production company. A summary of the trading results for the three companle8 (before ellmlnatlon of inter resoww betr¢V•￿14rs 129287 250.504 118.832 P31) IW.56BI 2,280 40M77 3,444 6.019 16,801 (93.071 j 1.431,860 22.9 3.172 13,9091 737 (•3.0711 B￿ce C4Meo Ftr￿rd 123.491> 16A61 24,611 1,458 56A13 118.400 1 410.435 IWQ,295 37 N0Th14GHAM PLAYHOU8E TRUST UMITED IRegl•lrnts•)n No. 05314418 Not•¥ frymlng pArt d lh• IlnwKlal st4t•rn•nts for Ih? 52 Tw••k• •nd•d 31 M•r¢h 2024 l¢onOnu•d) 20 R•strl¢t•d lunth-Group and Compny (Prfor y•ar) The In￿ffl• costs itKludod und•1 Ihv Ri18lrt¢l•d Fund8 column ol Ststemorf of Financlal Acll¥ill•s can be analysed 08 lollows.. 8hln• Afflpl Y•tsl Fwd Fwi ai•it¢ 8￿Jght Fo•w•td 2A44 21,987 12SOC 111.4QO 150,94J f•Xl,964 1,373.lJS 1A T7, Volw¢•ryincoffl• 21 2,129 1.912 87307 57302 for gènw•bng r•nl Inrtsn•- £tiv51•• Ev•ntsaM eox 71.403 &736 1,415 28,000 5,000 a2,121 1*).714 105,107 71.493 19.4•0 5,756 21.000 7.029 24.0 34.160 117,96B 105,407 293.773 irndlng 109.0 5.01 37.937 1,415 6,?34 112.Y4 162,5M' Tot•1 outWry r•*tyre•• 4810 1,416 1,334 111.514 102,644 Not r•&0￿￿# brfor• 137.$891 1)2,lel1 7.029 J4.110 105,407 131,229 27275 1369 I￿,￿￿} 112SQTr)I (8.0441 I1241￿0) 36.088 100,912} O•l•nc• C•rf•¥ 16,9•2 46.1 5.387 992 25,orpJ 7,629 15.690 119,4 177.D16 1J15.QXI 1,91&,411 NOTnNGHAM PLAYHOUSE TRUST UMITED {Registration No. 05384418) Notes forming part of the financlal statements for th• 52 weeks onded 31 March 2024 (Gontlnued) 20 R•strlct•d fund6 - Group and Company (conllnued) The funds and balances carried fO￿ard on the revenue restrlcted funds wlll be utllised as follows: Participation projects indude In House, Homegrown, Little People Big Adventures, Ramps on the Moon. the Holiday ActiV5ties and Food Programme, NT Connections and Playhouse Plaffom. In House is an ongolng projecl that is for adults who are at risk or have experienced homelessness. A grant of £6,459 was received during the year the granl was fully spent and the projecl completed. During the year there was a donation of £2,000 from Davld Stewart for Little People Big Adventures. Nottingham Playhouse contlnued to collal)orate wlth Nottlngham Forest Communlty Trust and local arts partners to deliver a large-scale SGhool-holiday programmes for young people aged 6 - 16. The National Theatre Connections Festlval continued for another year and received a fvrther grant of £9.162. Playhouse Plattorm is workshops for learnlng dlsabled and people on tha autism spectrum. where they can develop personally and professlonally wlthln. a theatre environment. A grant of È3,000 was recelved from Fundays during the year. In 2013 to celebrate the 501h annlversary of our theatre, we sat up an appeal to glve away 50 free tickets to 50 performances lo local charlties and community groups whose clrcumstances meant that a trip to the theatre was not ordlnarlly possible. To furtd thls work. we encouraged palrons to donate when they purchase t_heir lickets. The 50.50 appeal proved incredlbly successf.ul and continues to raise money from both individuals and charitable trusts and foundations. maintainlng Its central role in our accessibility programme, We dre commltted lo conllnuing thls In fulure years. Shine, our flagship programme of free youth theatres around the clty and county is now made up of 13 regular groups. Shlne wlll remain a key target area for fundralslng, In order Ihat we can contlnue to eliminale cost and geographic barrlers to engaglng wlth the arts and offer a safe Spa￿ to explore, create and develop skills In an energlsed weekly programme. Three of our Shine groups operate withln specialist settings: Secondary Pathways (formerly Sherwood Education Base), NEST Refugee school, and Portland School for dlsabled young people. Additionally, the QMC Hospltal School provlslon focuses specifKally Dn addresslng 80cial isolatlon among its students. In 2019 Sir lan McKellen embarked on a one-man 8how. for hls 80th birthday to raise funds for Iheatres nationwide. The colossal UK lour, 'lan On Stage, visited 80 Iheatres from January to July 2019 - lan McKellen has personal connections with Nottingham Playhouse and was part of the acting cornpany in the 1960s. The income from ticket sales is being used to help provide particlpatory aclivity for young people In our communty. The property fund balan￿ of £25,000 is from the Lady Hind Trust to support the acquisltion of additlonal space for the Playhouse. Open House vrfas a fundraising campalgn to provide free cultural experiences to people who are disadvantaged or marginalised in Nottinghamshire. Donatlons provide free tickets lo Nottingham Playhouse shows and bursaries to a wide range of workshops & classes for th¢)se who need their spirits Ilfted. 39 NOTTINGHAM PLAYHOUSE TRUST LIMITED (Registratlon No. 05384418) Noles fornilng part of the flnanclal slat•ments for the 52 weeks ended 31 March 2024 (contlnued) 20 Restrlcted funds- Group and Company (contlnued) The employment fund includes £65,464 from the Theatre Artist Fund to support a Scenic Artist and Draughtsperson, £28,010 from Stsge One to support a trainee producer and £21,890 from the Mackintosh Foundallon. The business support and Curtain Up Appeal funds are to be used as requlred to support the Playhouse in its return to full production and financial strength post the COVID-19 pandemic, whilst audience behaviours remaln more difficult than pre-pandemlc to predict and the abillty to increase ticket prices remains signrficantly below the level of inllation, Capltal 18 the Capltal Improvement Scheme completed 2015, Ihe Small Capltal Scheme In whlch th8 Playhouse was awarded an Arts Council Capital Grant and the bar and communlty hub refurt)Ishment. 40 NOThINGHAM PLAYHOUSE TRUST UMITED (Registration No. 05384418) Notes formlng part of the financlal statements for the $2 weeks ended.31 March 2024 (continued) 21 Analysls of not assets betw••n fvnd8 - Group Tangible Investments Net curr•nt Non- fixod assets I current assets (Ilabilities) (liabilities) Total 2024 Total 2023 Restricted capital funds Restricted revenue funds Unrestricted funds Unrestricted designated funds 1.438,860 1,438,860 1,515.030 410,435 410,435 404,386 1,352,706 (372.268) {209,966) 1,075.000 770.472 793,901 1,075,000 1,075,000 Total net assets 2.791.566 1,113,167 (209,966) 3,694.767 3,788,317 22 Analysls of nol assots b•twMn funds - Company Tanglbl• Inv•stm•nts Not curr•nt Non-current flxod assets 1 (Ilabilitl•s) as8•ts (Ilabllltles) Total 2024 Total 2023 Reslrlcted capital funds Restricled revenue funds Unrestrlcted funds Unrestricted designated funds 1,438,860 1,438,860 1,515.030 410,435 410,435 404,386 1,350,065 (447,733) 1.075.000 (209,966) 692,369 684,021 1,075,000 1.075.000 Totsl net assets 2.788.925 1,037,702 {209,966) 3,616,664 3,678,437 41 NOThINGHAM PLAYHOUSE TRUST UMITED (Registration No. 05384418) Notes forn)Ing part of the flnancial statements for th• 52 wooks endèd 31 March 20241contlnued) 23 Notes to the Cash Flow Statement (a) Reconciliation of net income befo￿ associates and transfers to net cash from operating activities Group 2024 2023 Net Income before assoclates and transfers Add l)ack depreciation charge Depreciation charge Loss on associate disposal (Increase) In stocks {Increase) In debtors Increase In credltors (93,550) 185,219 201.365 69 (2,687) {989.759) 460,826 172,310 (9,035) (366,919) 222,457 Not cash used in operatlng activitle.s (423,736) 204,032 (b) Return of investment for assoclated undertaking refers to retum of initial investment in Theatre Network East Midlands, following Nottlngham Playhouse leavSng the consortlum. (c) Analysls of net funds and debt 31 March .2024 3 Aprll 2023 . Cash flow Cash at bank and In hand 703,248 (660,165) 1,363.413 Loans falling due within one year (92,534) Loans falllng due after more than one year LLLI 17,621 {110,155) {302 345 Total Net debt 400,748 (550.165) 950,913 42 NOTnNGHAM PLAYHOUSE TRUST LIMITED (Registration No. 05384418) Notes forniing part of the flnanclal statements for the $2 weeks ended 31 March 2024 (contlnued) 24 Oporating Leases At 31 March 2024, Ihe group and company had no operating leases commitments on land and buildings. On 19 March 2014 the cornpany signed a new lease for the Theatre premises with Nottingham Cty Councll for a perlod of 13 year3 from 1 April 2013 on a zero rental basls. This agreement 58 In support of the company's caprtal plans and. whilst it does come with additional responsibllities for the company as tenant. in comparison with the previous agreement. it has unlocked significant additional funding from Arts Council England towards the cost of the environmental upgrade of the company's buildings. 25 R•lat•d party transactlons Nottingham Playhouse Twsl Ltd has a close relatlonshlp wlth Nottingham City Councll, who nomlnate dlrectors. The followlng Is a 8umm8ry of Iransactions wlth related partle8: 2024 2023 Incom? Grants for general fundlng: Nottingham City Councll National Theatre 60,502 121,178 4,600 Income from charltsble activities: Nottingham City Coun¢ll National Theatre 22,473 9,162 1,400 No directors recelved remuneration or were relmbursed for expenses Incurred in perforrning their rosponsibllltles a8 dlrectors. .26 Ultlmat• Controlllng party Nottingham Playhouse Trust Limited is a company limiled by guarantee and not having share capi181, it is incorporated under the Companies Act 2006 and governed by the Memorandum and Articles of Association of the company. The members of the company are the trusteès and members of our wider Strategic Board. The trustees act as directors of the company, who are deemed to be the controlling paty of the company. Therefore, no ultlmate conirolling party exlsts. It is a condition of membership that membefs undertake to contrlbute such arnounl, not exceeding £1, as may be required towards meeting debts and liabililies of the company In the event of Ihe company being wound up.