Company reg15tratlon number: 603S820 Charity registration number: 1120640 SHEFFIELD THEATRES CRUCIBLE TRUST (A company Ilmlted by guarantee) ANNUAL REPORT YEAR ENDED 31 JULY 2024
SHEFFIELD THEATRES CRUCIBLE TRUST ANNUAL REPORT YEAR ENDED 31 JULY 2024 CONTENTS Pa8e Olrector¢ Réport Stalement of Tru5tees' Responslbllltles Independent Auditors, Report Accovntln8 Pollcles 12 Statement of Flnanclal Actlv5tl•s (Includlng Income and Expenditure Account) 14 Balance Sheet 15 Cash Flow Statement 16 Not•S Dn Accounts 17-25
SHEFFIEID THEATRES CRUCIBLE TRUST DIRECTORS, REPORT FOR THE YEAR ENDING 31 JULY 2024 The Trustees and Directors of the charilable company present their report along with the flnancial statements of the charlty for the year ended 31 July 2024. The financlal statements have been prepared In accordance wlth the attountlng pollcles set out on pa8e 11 of the financial Statements and comply wlth the charltrfs Memorandum and Artlcles and appllcable law. The trustees have adopted the provlslons of the Statement of Recommended Practlce {SORP) °Accountlng and RepDrllnB by Charltles" (FRS 102) In pieparlryd the annual report and financlal statements of the charity, Legal and admlnlstratlon d•tsiis Officlal n•m¢ of ¢h•rlty: Sheffleld Theatres Crucible Trust Charlty r¢8lstrallon number: 1120640 Company r•8lstratlon number: 6035820 Rqilstered OfflR: S5 Norfolk Street Sheffield SI IDA Dlr•ctors and Truste•i: Mr Neil Adleman Ms Kate Booth Mr Matthew Byam Shaw Annl Domlngo Mr Rlchard Huntrods Dame Julie Kennv Mr Robert Noble M5 Catherine Pakenharn Chl•l Ex•cutlv•: Tom Bird B•nk•rs: Barclays Bank 1 St Paul's Place Norfolk Street Shelfield Sl 2JW Audltors: Hawsons Chartered Accountants statutory Audltors Pegasus House 463a Glossop Road Sheffield 510 2QD
SHEFFIELD THEATRES CRI)aBLE TRUST DIRECTORS, REPORT FOR THE YEAR ENDED 31 JULY 2024 (contlnued) Structure, Govemance and Management Governln8 do¢umenl Sheffield Theatres Cruclble Trust Llmlted {STCTI Is a company Ilmlted by 8uarantee Boverned by bts Memorandum and Artlcle5 of Assoclation dated 21 December 2011. It Is re8lsleied as a Charity with the Charity Commlsslon. Sheffield Theatres Trust Is the sole member of the organisation and it has 8 trustees. ObJ•rts The prlmary objects of the charlty speclfled In thè Memorandum and Artides of Asso¢lallon are,. the advancement of the arts and to edu¢ate the public in the art of drama In partlcular by the productlon. promotion. presentatlon and the management of plays, rnime, ballet. dance, slnw"ng, musl¢ and any other art1$¢ works at The Crucible Theatre and such other premlses of the Company or elsewhere. the advanrnent of educatlon through the development arKI delivery of creatlve learnlng programmes for people of all ages Includln8 partlcularly learnlng to act• producin8 plays and artlsts woik and Scf Ipt wrltln8 by way of workshops. talks and perfcrmances. Of8anlsatlon The boafd of trustees. whlch must have no fewer Ihan 4 members. admlnisters the charlty. The board meets quarterly and there ¥e sub-comnltees coverlng finance and audil, human resources and trustee n¢mlnatlons whl¢h meet regularly. A Chlef Executlve Is appointed by the trustees to mana8e the day ¢0 day operatlons of the charlty. To facllitate effectlve operatlons, the Chief Executlve has delegated authofity. wilhln terms of delegatlon appioved by Ihe trustees, for operatlonal malters Includln8 flnance. ernployment and artlslk performance related 4ctlvlly. Appolntment ol trustees Seven trustees are nominated by Sheffleld Theatres Trust and an el8hth, wlth commerclal Industry experlence, Is co-opted by the nomlnaled tiustee5. The el8hth trustee Ih4t was appolnted on 4 September 2024 was Dame Julle Kenny who wlll also take on responsibility of Chalr of the 8oard. Trust¢¢ Inthctlon iralnlng New trustees are Invlled to the re8lstered office of STCT to meet wlth the Senloi Mana8ement Team to brief Ihem on thelr legal obll8atlons under charlty and company law, the content of the Memerandum and Articles of Assoclatlofi. the cornmittee and declslon4nakln8 processes, the business plan and recent flnan¢lal performance of the Charlty, Publlc b•ndl¢ The board of Iruslees have complled with the duty In section 4 of the Charltles Act 2LX16 to have due re8ard to publlc beneflt Buldance publlshed by the Commission. The charity seeks to maxlmlse attendance and partlclpatlon ln Its acllbltles to ensure that audlences are dwawn from every s¢xio-ecorKJmlc 8rotsp and age ran8e. It does thls by advertlsln8 to the publlc throu8h the medla, Plint. so¢lal neiwork ar reaching out to the local comrnunlty. Our accesslble performances Include the rnonthly Dementia Tea Dances. We contlnue to offer tlckets at £5 under the Live for 5 scheme to everyone between the a8e of 16 and 26.
SHEFFIELD THEATRES CRuaBLE TRUST DIRECTORS. REPORT FOR TrIE YEAR ENDED 31 JULY 2024 IntInued> Prlndpal Rlsks and Unurtilntl The Trustees are comrnltted lo the Identlficatlon and mènogement of Ihe mahor strategic, buslness arKI operatlonal rlsks whlch the charity faces. The prlnclpal flnanclal rlsks revolve around the fallure of a productlon at the Box Office, for whatever rea50n, and the potentlally a(fverse effect on both profltablllty and cash flow. Thls Is partlcularly relevant In thealre buslness where a completely new programme of works Is ernbarked on each year. The Trustees and Senlor Mana8ement are fully aware of the risk pr¢flle In the business and a multl functlon tearn of n)ana8ers wlthln the organ15ation Is tasked wlth communlcating wlth all levels of the Of8anlsatlon to Identlfy all rlsks and regularly update a detaSled rlsk re8lster Identlfylng Ilkellhood and Impact tQ8elher wlth 3¢tIMs necessary to mltlgate the rlsk. Thls Is consldered by the Flnance & Suslalnablllty Commlttee and then presented to the maln board. Related partles Sheffleld Theatres Cru¢lble Trust, Clty of Sheffield Theatre Trust, Cruclble Enterprlses Ltd, Offsta8e Ltd and Sheffleld Crucible Productlons Ltd are all subsidlaries of sheffld The•tres Trust. ObJe¢tlves and artlvllle5 The maln objectlves for the year ccffitlnue to be the promotlon and losterlng of artistlc knowledge and the appreciation of the arls by the provlslon and luture development of facllllles for the educatlon and enlertalnment of the public In the fields ol arl, craft. muslc and drama. The strategles enwloyed to achleve the charltvs objectlves are to: offer opportunltles for a broad range of people to get Involved In arts actlvlty exploring thelr own creative powers; provide facilities for amaleur and professlonal art15ts to develop, Groups In the clty are 8lven dlscouTrled rates for hlre of space and access to professlonal advlce; concentrate on involving young people in the arts to help encourage a culture In whlch dlfferent a8e ranges play a complimentary part; celebrate the diversity of cultures In our soclety by programmin8 presentations by, and with, artists of different cu Itural back8rounds; present a broad ran8e of arts work. The major areas of actlvlty afe: produced sta8e performances: received st38e performances: a creatlve development programme provldln8 educatlonal pro8ramrnes for all age groups.
SHEFFIELD THEATRES CRUCIBLE TRVST DIRECTORS, REPORT FOR THE YEAR ENDED 31 JULY 2024 (continuedl Strnteglc Report The Tfustees present thelr Strate8lc Report for the year ended 31 July 2024, Afhlevements and performance In September 2023 we prodUd the world premlère of W¢ cld All 8e Perfert, Ruby Clarke's productlon of South Yorkshlie wrlter Hannah Morlerfs debut play {• • The Stage). Our delermlnatlon to produo excepiional reviva15 01 classkc plays was a8aln evldenced wllh The Hypachondrfo¢, RoBer McGough's adaptation of the Mollère orlglnal. dlrected by Sheffiekl based dlre¢t¢r Sarah ripple and starrin8 local actor Edward Ho88 Ih the lead. {•••Whot'5 On Stage, Telegmph). Paul Foster returned to Sheffleld to dlrect Irvlng Berlln's Whlte Chrhtmas In the Cruclble as our ChrSstmas muslcal, to huge crltl(al success I Dally Mall: ••• Whot's On Stoge; • • The Tlmes,. The Staqe). Our pantomlme In the Lyceum, co-pioduced wlth Evoluilon Productlons, was 8eouty & the Beost (••• • The Staoe). The show staried Ouncan James, Jennie Oale and 8essy Ewa, as well as our le8ertdary dame Oarnlan Wllllams. We be8an 2025 wlth oui latesl Collproductlon wlth Theatrè Centre. Wlsh You Weren't Here. a new play by Katle Redford about a mother and daughter ¢n h¢llday In Scarborou8h. The Guardlan expected t0 See il "workinB well as a sllmulus to conversatlons around the complexltles of parent-teen relatlons - and not Just for young people bul foi adults too." l••••• Yorkshlre Postl Another World premlère wllh • lon8-5tandln8 partner, Unes, followed In the Tanya Moiseiwltsth Playhouse. A eollaboratlon wlth Roots Mblll and Remote Theater Project, John Rwothomatk's play explored Incarceiation in dlfferent sellln85 around Ihe world (••• The Stt7ge). Since 2020, Anthony Lau has worked superbly In the role of Assoclate Artlstlc Director in support of Rob Hastle. HIS final productlon In thls role was a sharpl hard.hlttln8 revlval of Arthur Mlller's rhe Cructhle, staged In the theatre w51h the same name. The show was an immense crltlcal success1 Guardlart. Dolfy Moll; • • fime5). The season ended wlth the movlng tharlots rfFlre In the Crudble (• ObseThef: ••• The Stoge). This wa5 speclally revlved to colndde wlth the iooth anniversary of the Parbs Olympl¢s Iwhefe ihe actlorb takes place). Ourln8 thls year we recelved the news that Rob Hastle. our lstIC Dlrector, would be leavln8 sheffld Theatres In ordèr to take up the role of Deputy Aftistic Dlfector at the National Theatre. Ilob's 8 year tenure In Sheffleld brought o ¢olossal amount of artistlc succe55 to the theatres, from Ollver Awaids to Broadway transfers- and even an Honoiary Degree from Sheffleld Hallam University. Charlots of Flre was Rob's Ilnal produciion at Sheffield Theatres and the show was a fitting and speclal end lo Rob's exceptlonal tlme with us. Rob's departure meant that we began a recrultment process for a new Artistic Diiector durlr 2024, and we were overjoyed to appolnt Ellzabeth Newman after an excellent process. Ellzabeth lolns us fr¢m Pltl¢chry Festival Theatre and takes up her role In December 2024. Our Work Beyond Sh•ffleld Standlnp at the Sky's Edge enjoyed an excellent run In the West End's Gllllan Lynne Theatre, co-produced by National Theatre Productions and Varlous Productlons. Llfv OA Pl and Every1JodS Talklno About Jomle contlnued thelr extraordinary success wlth runs on Broadway and In the West Efid respectfvely, as well as playin8 in a hu8e number of tourln8 venues across the UK and beyond. Wlsh Yau Weren't Here enjoyed a London run at Soho Theatre, as well as playlng at Northern Sta8e and tourin8 schools.
SHEFFIELD THEATRES CRuaBLE TRUST DIRECTORS, REPORT FOR THE YEAR ENDED 31 JULY 2024 (contlnued Audlences We enloyed a record-breaklng year as regards pantomlme audiences- lust over S3.OC people attended Beauty & the 8e4st In the Lyceum. Another superb audience breakthrough was on The Cruclble- whlle we started the yeai wlth some concewns about recovery levels for diama audiences post-pandemlc, we ended It wlth The Crnclble playln8 to Just undei 15,000 people: art exceptlonal return for drama. lewnln8 and Partldpatlon Durln8 the year we were dell8hted to wel¢ome Jenno Omeltschenko as Leafnln8 & Partlcipatl¢n Dire¢iof. Jenna was prevlously Head of Natlonal Parlnershlps at the Natlonal Theatre. Once again, we are 8fateful to Andrew Wllcox for leadlng the team on an interlrn basls before Jema could take up her role. The team's achlevements In thls area In 23-24 Include., - the relaunch of Sheffield People's Theatre wlth a vlew to an Au8USt 2024 productlon entltled Somethlftg Old, Somtthln9 New. summer schools for thildren & youn8 people a8ed between 9 and 17; -a number of School response project5; . Contlnued partnershlp wlth the NatSonal Theatre on Ihelr Connectlons programme; . Urgentl A Tlmefy Play by Nicole Joseph and dlrected by Dawn Rlchmond-Gordon for Sheffield Theatre5' Young Company., Total Rlpple Effect. created by Laura Guthrle and the company: the latest work in our exhllaratlng & Insplrlng Laun¢hpad programme for adu115 wlth learning disabilities andlor Autism. . the relaunch of our Come to Ours pro8ramme, a free creative communlty drop-ln. Talent Development Our artlsts, space, The Bank, continued to Ihrive in 2023-24. 3 wrlteis, 3 dlrectors and 3 produeers were iecrulted into the Bank Cohort 2024. The cohort members re¢eNed 8uidance and fundin8 in order to pursue creative projects, while beln8 mentored by the ST team. In addltion, The Maklng Room contSnued to olfer a supportlve network and devel¢)pment opportunltles for artlsts based In Sheffleld and the surroundlng areas. and to promote the provlslon of artlst development In South Yorkshlre more wldety. Flnandal Revl•w Sheffleld Theatres Cruclble Trust geneiated a Surplus on unrestrlcted funds of £71,47212023: £278,477), Revenue grants of £1,303,415 from Arts Council En8land, and £291,433 from Sheflleld ciiy Councll, were received as a transfer from Sheffield Theatres Tiust. Invqslment pow•r$ and pollcy Under the Memorandum and Artides of Assoclatlon, the charlly has the power to Invest In any way the trustees wlsh. Reserves pollcy The company Is part of the Sheffield Theatres Trust group and It5 reserves are taken Into account as part of the group's reserves policy. The Crucible is a Glade 11 listed building, built In 1971 and requlrlng a high level of upkeep. Certaln reserves have been de5i8nated for unplanned majoT buildin8 Tepairs. a lund for reseafd) and development workshops lor new plays prlor to full commlsslonlng and a productlon reserve to support Increased produ¢tion Costs and to mltl8ate against the reductlon In theatre tax relief as set out in note 9.
SHEFFIELD THEATRES CRUUBLE TRUST DIRECTORS, REPORT FOR THE YEAR ENDED 31 JULY 2024 (contlnued> Future Plans As we wiite this report, Chrls Bush's exceptional adaptation of A Doifs Ilouse, dlrected by Elln Schofleld, has Jusl closed In the Cruclble. It recelved superb reviews. Olzzy. a new play by Mohamed Zaln Dada lour latest ¢o-productlon wlth Theatre Centre) Is tourlng schools and feturnin8 weekly to the Playhouse. We are preparlng for another busy Christrnas, wlth Amy Hodge's production of Uttle Shop ol Horn?ffs In the Cruclble, Snow Whlte In the Lyceum and Tvtti Frutti's Underneath a Magkol Moon In the Playhouse. In the new year, we are dell8hted that Josh Seymour wlll dlrect a Major new production of Tennessee Wllllarns. A Strertcar Nomed Deslre In the CrucSble. We will co-produce Plq Heart Boy in the Playhouse, in conlunctlon wlth Ihe Unlcorn Theatre and Chlldren's Theatre PartneT5hlp. Thls project wlll also see collaboration with Iwo chlldren's hospltsls: Sheffleld Chlldren's Hospital and Great Ormond Street- In line wlth the themesof the play. Our new ArtlstS¢ Dlrector Ellzabeth Newman has worked a number of days for Sheffield Theatres thcou8h the autumn. in order to develop a major new pro8ramme of work that we wlll announce In February 2025. The directors. who are also trustees of the charlty, durln8 the year and10 the date of this report were as follows.. Nomlnated by Sheffield Theatres Trust Mr Nell Adleman Ms Kate Booth Dr Annl Domln80 Mr Rlchard Huntrods Dame Julle Kenny {Appolnted 4 September 20241 Mr Robert Noble Ms Catherlne Pakenham Elected Mr Matthew Byam Shaw
SHEFFIELD THEATRES CRUCIBLE TRUST DIRECTORS, REPORT FOR THE YEAR ENDED 31 JULY 20241contlnued) Constllutlon The company Is a company Ilrnlted by 8uarantee and not havin8 a share capltal. Each member gives a guarantee to contrlbute a sum not exceedlng £1 to the company should It be wound up. At 31 July 2024 there wefe 7 members. Dame Julle Kenny was app¢lnted chal¢ of the board on 4 September 2024 to make 8 mernbers. SLitement of Trust•es' Respon$lbllltl•s The trustees (who are also dlrertors of Sheffield Theatres Cruclble Trust for the purposes of company law) are fesponslble for preparlng the Trustees. Annual Report and the financlal statements In accordance wlth applicable law and Unlted Kln8dom Accountin8 Standards Iunlted Kln8dom Generally Accepted Accountln8 Praclice}. Company law requlres the trustees to prepare flnanclal statemenls for each financial year. which 8ive a true and falr vlew of the State of affalrs of the charltable ujmpany and of the Incomlng resource5 and application of resources. Includln8 the Income and expenditure, of Ihe Charitable c¢mpany for that period. In preparln8 these financial statements, the trustees are requlred to: select suitable accouF)tin8 pollcles and then apply them ¢¢nslstenlly; observe the MetId$ and prlnclples In the ChJrltles SORP IFRS 102); make Jud8ements and esiimates that are reasonable and prudent; slate whether appllcable UK Accountln8 Standards have been followed: prepare the financlal statements on the 8oln8 concern basls unless It Is Inapproprlate to presume Ihat the charltable cornpany will continue in operatlon. The trustees are respon51ble for keepln8 adequate accountln8 records that dlsclose wlth reasonable accuraq at any tlme the finan¢lal posltlon of the charitable company and enable them to ensure thal the flnanclal statements comply wlth the Companles Ad 2006. They are also responsible for safeguardin8 the assets of the charltable company and hence for takln8 reawiable steps for the prevenilon and deteclion of fraud and other Irregularltles. St•lem•nt of dlsdosufe ol Informallon to audltors In so far as the trustees are aware.. therels no relevant audlt Informatlon ofwhich the charitable companV5 audltors Is unaware; and the trustees have taken all steps that they ou8ht to have taken to make themselves aware of any relevant audlt Informatlon and to e5tabllsh that the audltor Is aware of that Infoirnatlon In approvlns the Trustees. Annu•l Report, we also approve the Strite8lc Report Induded ¢h•r¢ln. In Quf cap8cl¢V as c4)fflpany dlr¢ctors. $18ned on b•half of lh• b¢>ard mejulle A Kenny CBE DL Sheffleld Theatres Cruclble Trust Date: 2oiLtr
SHEFHELD THEATRES CRUCIBLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRVSTEES OF SHEFFIELD THEATRES CRuaBLE TRUST Oplnlon We have audlted the financbal statement5 of Sheffield Theatres Cruclble Trust lthe 'tharllable company'l for the year ended 31 July 2024 whlch compfise the staten*nt of financlal acllvltles (Incorporating the Income and expendlture accountl, the balance sheet, the statement of cash flows and notes to the flnanclal Statements. includin8 a summary of slgnlflcant accountln8 pollcles. The financlal reporting framework thai has been applled In thelr preparatlon Is appllcable law and Unlted Klngdom Accountln Standards, including Financlal Reporlin8 Standard 102 The Finonciol Reportlng Stondord opplkoble in the UK and Republk ol Irelond {l)nited Klngdorn Generalty Accepied Accountln8 Pia¢tlce). In our oplnlon the flnanclal statements: gl¥e a true and lair wew of the Statè of the charltable company's affalrs as at 31 July 2024 and of Its Incomln8 resources and appllcatlon ofresources, includln8 its income and expendlture, for ihe year then ended: have been properly prepared In accordance wilh Unlted Klngdom Generally Accepted Accountlng Practlce; and have been prepared In accordance with the requlrements ol the Companles Act 2006. Basls f•r oplnl•)n We conducted ¢)ur audit In accordance wlth Internationil Standards on Audltlng IUK) {ISAs (UKI) and appllcable law. Our responslbllltles under those standards are further descrlbed In the Audltorfs responslbllilles for the audit of the flnanclal statemenls secllon ol our report. We are independent of the charltable company In accoidance with the ethical fequlrements that are relevanl to our audit of the financlal statemènts In the UK, Includln8 the FRCS Ethical Standard, and we have fulfllled our other ethlcal responsibS1ities in accordance wlth ihese requlrements, We belleve that the audit evidence we have obtalned 15 5ufflclent and approprlate to provlde a basls for our oplnlon. Con¢luglons rel•tlng to coln8 concern In audltln8 the finan¢ial 5tatemenls, we have concluded that the trustees, vse of the goln8 Conrn basls of accounllng in the preparatlon of the Ilnanclal statements Is approprlate. Based on the work we have perlormed, we have not identified any materlal uncertalntles relatlng to events or conditions that, Indlvldually or ¢olle¢tlvely, may Cast signiflcant doubt on Ihe charitable company's ablllty to contlnue as a 8oln8 concern for perlod of at least twelve month5 from when the financial statements are authorlsed for Issue. Our responslbilltles and the responslbilities of the trustees with respect to 8oln8 Concern are descrlbed In the relevant 5ectlons of thls report. Other Infommtlon The other Informatlon comprlses the Inforrnalk)n Included in the trustees, annual report, ¢ther than the financlal statements and our audltorfs report Ihereon. The trustees are responsible for the other Infomiatlon contalned within the annual repoit. Our oplnlon on ihe flnandal statements does not cover the olher informatlon and, except to the extent otheiwlse expllcllly slated in our report. we do not express any form of assurance conclusion thereon. Our respon51blllty Is to read the other Information and, In dolng so, conslder whether the other Informatlon is materially Snconslstent wlth the tlnancial slatements or our knowled8e obtalned In the course of the audit or otherwlse appears to be rnalerlally misstated. If we Identlfy such mateflal inconsistencles or apparent materlal misstalements we are requlred to determine whether thls glves rlse to a material mlsstatement In the financial statements themselve5. If, based on the work we have performed, we conclude that there Is a n)aterlal mlsstatement of this other informatlon, we afe requlred to report that (act. We have nothlng to report In this regard.
SHEFFIELD THEATRES CRUCIBLE TRUST INDEPENDENT AUDITORS, REPORT TO ThE TRUSTEES OF SHEFFIEU) THEATRES CRUCIBLE TRUST Icontlnued) Oplnlons ¢n other matters pfestrlbed by th• Conwanles Act 2006 In our opinion, based on thework undertaken in the course of the audit: Ihe Informatlon given In the Irustees, report Ilncorporatin8 the 5trate8lc weport and the dlrectors. reportl for the flnanclal year for which the financlal 5tatement5 are prepared Is conslstent wlth Ihe financlal statements; and the stratÈ8lc report and the dliectors. report have been prepared In accordance whh applicable le8al requlrements. Mjtters on whlch we are requlred to report by exceptlon In the Ih¢ of Qui knowledge and understanding of the charltable company and Its envlfonment obtalned In the course of the audlt, we have not Identlfied material rn15statements in Ihe 5trate8lc report and the dlrectors, rept. We have nothlng to f eport In respect of the followln8 mailers In relatlon to whlch the Companies Acl 2006 requlres us to rep¢rt to you If, In our oplnlon: adequate accountlng records have not been kept, or returns adequate for our audlt have not been reCeId from branches not vislted by us; or the flnanclal statements are not In a8reement wlth ¢he accountlng records and returns; or certaln dlsclosures of dlrectors, remureralk>n specllled by law are not made; or we have not re¢elved ill the Informatlon and explanatlons we requlre for our audlt. Responslbllftles of trustees As explalned more fully In the trustees, responslbllltles statement set out on pa8e 7, the trustees (vtho are also the dlrectors of the charltable company lor the purposes of company lawl are responsible for the preparatlon of the financlal statements and for beln8 satlsfied that they glve a true and falr vlew, and for svch internal control as the Irustees determlne Is necessary to enable thè preparatlon of flnanclal stalements that are free from material misstatement, whether due to fraud or err. In preparln8 the flnanclal statements, the truslees are responslble for assesslng the charltable companws ablllty to contlnue as a 801n8 concem, dlsclosln& as appllcable, matters related to goln8 concern and u51n8 the going concern basls of accountlng unless the trustees esther Inlend to Ilquldate the chafltable company or to cease operatlons, or have no reallstic allernative but to do
SHEFFIELD THEATRES CRuaBLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SHEFFIELO THEATRES CRuaBLE TRUST (contlnued) Audltorfs respon51bllltles for the audlt of the flnanclal statements Our objectlves are to obtain reasonable assurance about whether the finanual statements as a VAtte are free from materlal misstatement, whether due to fraud OT erior, and to Issue an audltor's report that Includes our oplnlon. Reasonable assurance Is a hl8h level of assurance. but Is not a 8uarantee that an audlt ¢ondu¢ted In accordance wlth ISAS IUKI wlll always detect materlal mlsstatement vthen11 exlsts, Misstatements can arlse from fraud or error and are consldered materlal If, Indlvldually or In the ag8re8ate, they could reasonably be expe¢ted to Influence the economlc de¢lslons of users taken on the basls of these financlal statements. The extent to whl¢h our procedures are capable of detectlr¥ Irre8ularllles, Indudin8 fraud is detalled below: The charltable cornpany Is sublect to laws and re8ulatl¢ns ihat dlrectty and Indlrectly affeci the financlal statements, Based on our rerstandIng of the charlty and the envlronment It operates wllhin, we de¢efmlned that the laws and regulatlons whlch were most signlfkcant Included FRS 102 and the Companles Act 2006. We ¢onsldered the extenl to whlch non-complbance wlth these laws and re8ulatlons ml8ht have a materlal effect on the finandal sta¢ements, Indudlng how fraud ml8ht occur. We evaluated mana8emenfs Incenve$ and opportunltles for fiaudulent manlpulallon of the flnanclal statements (Indudlwd the itsk ol *)verride of controls), and determlned ihai the pdnclpal ilsks were related to the poslln8 of Inapproprlate journal entries to Improve the ¢harltVs result for the peflod, and management blas In key accountln8 estlmates. Audli procedures performed by the en8a8ement team Included: Discusslons wllh management and those responslble for legal compllan¢e procedures wlthln the ¢harltable comparry to obtaln an understarIng of the legal and regulatory framework appllcable to the charlty and how the charlty complles wlth that framework, Including conslderatlon of known or suspected Instances of non-compllance wlth laws Ind re8ula¢lon5 and Revlewlng minutes of Truslee rneetlngs; Identlfying and assessln8 the desi8n effectlvtness of controls that mana8ement has In place to prevent and detect fraud and non-c0rnpl1an wlth laws and regulatlons: Challengin8 assumptlons and Judgements Made by mana8ement In thelf sl8nlficant accountlng estlmates. Identlfyin8 and testln8 Journal entrles, In partlcular any Journal entrles posted wlth unusual account cofflblnatlons or posted by senlor mana8ement. A (urther dexrlptlon of our fesponslbllllles Is avallable on the Flnandal Reportlng Councll's webslte at www.frc.or8,uklaudltors/audlt assurancelaudltor-s-responslbllitles-for-the-audit-of-1he-flldesc¢lptlon-of-the-audltor's- responslbllltles-for. Thls descrlptlon forms part of our auditorfs report. 10
SHEFFIELD THEATRES CRUCIBLE TRusr INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SHEFFIELD THEATRES CRUCIBLE TRUST (fontinued) Use of Quf report This report Is rnade solely to the tharltable companlls rnembers, as a body, In accordance with Chapter 3 of Pait 16 of the Companles Act 2006. Our audli work has been undertaken so Ihal we mi8ht stste to the charitable companvs members those malters we are requlred to state to them In an audltor's report and for no othei purpose. To the fullest extent permltted by law, we do nol accept or assume responsiblllty to anyone other than the charltable company and the charltable company's members as a body. for our audll work, for thls report, or for the opinions we have forrned. Simon 8laden. Senlor Statutory Audltor For and on behalf of Ilawsons Charlered Accountants, Statulory Auditors Pegasus House 463a Glossop Road Sheffleld 510 2QD Date: 11
SHEFFIELD THEATRES CRUCIBLE TRUST ACCOUNTING pouaES The followlng accountlng policies have been used consistenlly in dealin8 wlth ttems whlch are considered materlal to the cornpan(s affalrs. Statuiory Infornmtlon Sheffleld Theatres Cruclble Tmst Is a charlty (No. 1120640} and a company limlted by guarantee (No 60358201 domiclled In England and Wales. The re8iStered office Is at 55 Norfolk StreeL Sheffidd, Sl IOA. ACCotIng Conventlon The charlty tonslltutes a publlc beneflt entity as defird by FRS 102. The financial statements have been prepared In accordance wlth Accountlng and Reportln8 by Charltles: Statement of Recommend Practice applicable to tharltles preparln8 thelr accounts in accordance wlth the Financlal Reportln8 Standard appllcable In the UK and Republic of Ireland Issued In October 2019, the Flnancial Reporting Standard appllcable in the UnSted Klngdom and Republic of Ireland {FRS 102). the Companles Act 2Q)6 and UK Generally Accepted Practlce. The presentation currenty Is Unlted Kln8dom pounds slerllffj whl¢h Is Ihe functional currency of the charity. The flnan¢lal stèternents have been prepared on a 8oln8 concern basls whlch assumes that the company wlll contlnue In operatlonal existence (or the loreseeable future. IncomlTrg Resoufces From Generat•d Funds Voluntary Sncome primarily represents 8rants recelvable, Revenue grants are recognlsed at falr value when the company has entltlement after any performance condltlons have been met, It Is probable thal the Income wlll be recelved and the amount can be measured rellably. Grants t¢ finance capltal expendlture are (redlled to restrlcted funds usln8 the same crileria as revenue 8ranls. Incomln8 resources from charltable activilies prlmarlly represent tlcket sales and related lees for pefforman¢es conducted In the year. Any tlckets sold In advance are included In tash and deferied Inconle. Ch•rltabl• Acllvltles Charitable actlvltles indude expendlture assoclated wlth the stagln8 of shows and Include both the dirert cosis and support costs relatlng to these activities. Oth•r Co$1$ Other costs ifKlude those incurred In the go¥ernance of the chartty and its assets and are prlmarily as50clated wlth constltutlonal and statutory requirements. Dtyreclatlon Leasehold property- This is depweclated In equal annual Instalrnents over the 99-yeai perlod of the lease. Equlpment and furnlture- These are depreciated In equal annual Instalments over thelr estlmated useful live$ which r3n8e from 3 to 10 years. No depreclatlon is provided ln the year of acqUItIOn. Reserve5 Restrkted Funds- Amounts received lo flnance capital expendlture or where a donor specifles the preclse purpose for whlch Ihe amounts donated must be used are credlted to Restficted Funds. Depreclatlon on the a55ets financed by the Restricted Funds is char8ed dlr¢¢tly to the Restrlcted Fund In the Statement of Flnancial Actlvities. 12
SHEFFIELDTHEATRES CRUCIBLE TRUST ACCOUNTING POLICIES Icontinued) Des18nated Funds - Amounts that have been specllled by Trustees to be used for a partlcular wrpose are credlted to Des18nated Funds. This Includes a slnkkn8 lund for unplanned major buildin8 repairs, a fund for research and dle)prnent workshops for new plays and muslcals prlor to full commlsslonlng and a productlon fur*d to support Increased productlon costs. Uniestrl¢ted Funds- These are reserves not designated or restricted for a special purpose. These are avallable at the dlscretlon of Ihe Trustees for such purposes as the Theatre may require. The Trustees, aim is to maintain sufficient unrestricted reserves to safe8uard the Ilnanclal viablllty of the Company. Leases Rentals payable under opeialln8 leases are charged In the Statement of Flnanclal Actlvltles In the year In whkh they are Incurred. Golng concern After due conslderatlon of all relevant factors the company's Income and cash flow forecasts and prolertlons Indlcate that the company should be able to contlnue to operate for the foreseeable future. The Truslees therefore have a reasonable expectatlon that the company has adequate resources to continue in operatlonal exlstence for the foreseeable future. Accordingly, they continue to adopt the 80in8 ¢on¢ern ba4$ In preparln8 the flnan¢lal statements. 13
SHEFFIELD THEATRES CRUCIBLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 JULY 2024 Unrertrfcted Funds Restrlcted Funds 2024 2023 Note$ Total Total Incomlni resow¢•s Incomln8 resources from 8enerated funds: Donatlons and le8acles Rechar8è from parent company Investment Inujme 2.074,387 2,074,387 3,208,574 483,850 130,OCQ 40,(KKI 168,750 40.000 168,750 40,(K)O Management Fees Recelved Income resources from chafltable activitles Total Inwmlni resources 3,193,137 3,193,137 3,293.669 5,476,274 S,476.274 7,156,093 Re50Ufces •xpeftd Raisln8 funds Charltable activllles Other Total resources expended 579 S79 463 6,438,203 4,600 6,443,266 5,398,923 5.3LK) 5M4.802 266,435 5,66S.3S8 5,300 S,671,237 266A35 Net lnc0mlrtl0uty0In¢1 ResourfAS bef(we transfers 71.47Z (266,43SI (194.963) 712,827 Transfers between funds Net IncomIn(otIo1ft8} Resources 71,472 {266,435) 1149631 712,827 Fund Balances brou8ht forward at l Au8USt Fund Balances Carrled Fonward at 31 Julv 820.868 892.340 5,509,449 S34314 6,330,317 6,135J54 5.617,490 6,330,317 There are no iecoenlsed 8alns and losses other than the results for the year set out above. There is no dlfferent between the amourtts stated above and thelr hlstorical cosi equlv81ents. There were no discontlnued operations. 14
SHEFFIELD THEATRES CRuaBLE TRUST COMPANY REGISTRATION NUM8ER 6035820 BALANCE SHEET 31 JULY 2024 Notes 2024 1023 FIXED ASSETS li 5,499.194 5,562.792 CURRENT ASSETS Debtors 12 923,082 730,105 1,653,187 1,239,436 2,424,729 3,664,165 Cash at bank and In hand 13 CREDITORS Amounts fallin8due wlthln one year 14 11,017,027) q2B96,640) NEf CURRENT ASSErs 636,160 767,525 NEf ASSETS 6,13S,3S4 6,330,317 RESERVES Restrlcled funds Deslgnated fund General Fund 5,243.014 695.873 196,467 6,135,354 S,509,449 792,0 28,868 6,330,317 These flnan¢lal statemenls were approved and authorlsed for155ue by the board of dlrectors on ... 2£ rfrfemki.,. 2024 nd slgned on lis behalf by.. Dame Julle A Kenny C8E OL- Dlre¢lor 15
SHEFFIELD THEATRES CRuaBLE TRUST STATEMENT OF CASH FLOWS YEAR ENOED 31 JULY 2024 Noles 2024 2023 Cash flow from opèratlng actlvltles (1.612.176) 2,201,456 Cash flow Irom Inve5tlni artlvltSes Capital expenditure Bank Intere5l recelved Net cash from Inve5tln8 actlvltles 1251,198) 168,750 (82,4481 1668,2891 130,0 IS38,2891 N•t Idecréase)Ilh¢r••* In c•th and cash equlvalent$ {1,694,6241 1,663,167 Cash and cash equlvalents at l Au8USt 2,424.729 761,562 Cash and cash equlvalents at 31 July 730.105 2.424,729 C•sh Ind cash equlvahnts Conslsts of: Cash at bank and In hand 730,105 2,424,729 16
SHEFFIELD THEATRES CRUCIBLE TRusr NOTES ON ACCOUNTS YEAR ENDED 31 JULY 2024 la INCOME FROM DONATIONS AND LEGAC S Z024 2023 Unrestrlcted Arts Coun¢ll Eland Arts Councll England - Ramps on the Moon Access to Work 1.303,415 1,303,416 479,251 11,240 7CQ,000 291,600 1,975 215 236,438 3,024,135 43,017 Sheff leld Theatres Trust Sheffleld Clty Councll Oonations and 8lfts Sponsorshlp Glft Ald Total unrestrkted 291,433 694 210 435,618 2,074,387 Restrfcted Sheffield Theaire Trust 184,439 184,439 Total restrlcled Total 2,074,387 3,208,574 Ib RECHARGE FROM PARENT COMPANY 2024 2023 Restrlcted Arts Councll England Small Capltal Fund Arts Councll England Klckstart GRI Group Ltd The Freshgate Trust Foundatlon JG Graves Charitable Trust Sheffield Church Burgesses Trust Sheffield Towns Trusl Other Donallon5 Total restrlcted Income 385,250 52,600 20,(X)O 2,000 5,000 2,500 s,oc ii,soo 483,850 17
SHEFFIELD THEATRES CRuaBLE TRUST NOTES ON ACCOUNTS (contlnued) YEAR ENDED 31 JULY 2024 2 INCOME FROM CHARITABLE Acnvm£s 2024 2023 Unrestrlcled Tlcket and f elated sale5 Other 3,052,450 140.687 3,193.137 3.215,396 78,273 3.293.669 3 STAFF PARTICULARS 2024 20Z3 Staff costs ¢omprlsed: Wa8es and salaries Soclal securlty costs Penslon costs 1,61S,427 139,638 106.768 1,861,833 1,699,815 145,399 108.578 1,953,792 All staff have conlracts of employrnent wlth sheff]d Theatres Trust and are rechar8ed by that company to Sheffleld Theatfes Cruclble Trust. Remuneration of key management personfiel Is dlsclos•d In Sheffield Theatres Trust. No staff recelved annual emoluments in excess of £60,OQO. One dlrertor Is pald E6,IXIO (2023,. £6.() per annum as a consultant to provlde commercial production advlce to the trust, Durln8 the year the sarne dlrector recelved £3.219 of Profit Share {2023: £1164). 18
SHEFFIELD THEATRES CRUCIBLE TRUST NOTES ON ACCOUNTS Icontlnued) YEAR ENDED 31 JULY 2024 4 NEf INCOMINGI(OUTGOING} RESOURCES 2024 2023 lal Thls is stated after charg1n(CredIt1nS). Audltors. remuneratlon as auditors Depreclation Bank Interest receivable Operatlng lease rentals: Other 5,3CK) 314,796 (168,7501 4,600 291,208 1130,000) 47,183 S6,143 S RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expendlturelhncome Bank Interest recelvable Depreciatlon Decrease In debtors (Decreaselllncrease In credltors Net cash loutflowlllnflow from operalln8 actlvities (194,963) (168.750) 314,796 316,3S4 (1.879,6131 (1,612,176) 712,827 1130,000) 291,208 574,287 753,134 2,201,456 6 RESOURCES EXPENDED ON RAISING FUNDS 2024 2023 Fundraisin 579 463 19
SHEFFIELD THEATRES CRIKIBLE TRUST OTES ON ACCOUNTS (contlnuedl YEAR ENDED 31 JULY 2024 7 COST OF CHARITABLE ACTIVITIES 2024 2023 Productlon Cosls Staffin8 costs Scenery. costurnes. materia15 Production servlce5 Royaltie5 and commlsslonlng fees Addltlonal directors,, desl8ners' and other 8uests' fees Indirect productlon consumable5 Mlscellaneous costs Educatlon project staffin8 Costs Educatlon project costs VSsltln8 ¢ompanles fees and other costs Re-charge to co-producers and vlslllng companles Programme costs Ucence and subscilptlor•S 8,497 193,882 1,860,305 103,963 18,990 54,044 88,505 120,868 62,888 201.586 (12,218) 10,608 1,008 2,712,926 16.299 294,110 2,370,297 88.117 92.620 59,554 155,855 108,969 53,880 126.053 (S,972) 33.512 317 3,393,611 staff Costs Staffin8 Costs Tralnln& recrultment and other c0515 1,605,879 14.259 1.620.138 1,702,789 9,954 1,712,743 Establlshment Costs Rent. rates and insurance Heat and power Electricity Repalrs and renewals Waste dlsposal Depreclatlon 169.768 42.767 137.147 111,839 26,986 266,435 754,942 167.010 34,238 117.772 120.152 22,934 233,939 696,045 Selllng Costs Pub15city and advertisin8 Box offlce computer systems ricket prlnting Mlscellaneous sellln8 Costs Credit card commission Telephone, postage, stationery and photocopying Travel arKI entertalnlng 193,696 33.715 237.510 30,765 4.406 2,915 54,009 9,930 1,798 341,333 2,734 54,165 15,219 1,253 3O),782
SHEFFIELD THEATRES CRUCIBLE TRUST NOTES ON ACCOUNTS (contlnued) YEAR ENDEO 31 JULY 2024 7 COST OF CHARITA8LE AcfiviTIES (contlnued) 2024 2023 Support Costs Staffing costs TralnlTrg, recrultment and other cost5 Depreciation Telephone, posta8e. statlonery and photocopylng IT rnalntenance and perlpherals Travel and entertainin8 Piofesslonal charges Bank charges LInCe and 5ubscription5 Securltv Mlscellaneous 126,589 26,715 48,361 2.109 16.323 12,372 9,776 4,742 15,878 8,453 5,2S2 276,S70 125,734 22.275 57,269 5,076 25,864 14,312 5,240 4.154 14,566 12,043 7,938 294,471 Total costs of charltable actlvltles 5,665,358 6,438,203 8 OTHER COSTS 1024 2023 Audltors remuneratlon - governance costs 4,600 9 AESERVES At l August 2022 In¢omln8 Resources Outgolng Resources At 31 July 2023 Transfers RESTRICTÉD Accumulated Bulldin8 Fund Garfleld Weslon Culture Fund Capltal Redevelopment Fund Total R•strlcted Funds 605,191 136,954 4,332,954 5,075,099 12,434 27,391 194.114 233.939 592,757 109.563 4.807,129 5,509A49 668,289 668,289 UNRESTRicfEO General Designated- major Tepalr5 Desi8nated- awtlstic research & development Deslgnated - productlon Total Unrestrlcted Funds 151,057 165,lJ)O 6,487,804 6,209,327 {400,666) 140,OCrfJ 28,868 305,000 226,334 <39,334) 187,000 3C(I,Ofy) 3(K).OC(I 820,868 542,391 6,487.804 6.209,327 Total Funds 5,617,490 7,IS6,093 6,443,266 6,330,317 21
SHEFFIELD THEATRES CRUCIBLE TRUST NOTES ON ACCOUNTS (continued YEAR ENDED 31 JULY 2024 9 RESERVES l¢or•tlnued) At l Au8ust 2023 Incomlng Resource5 I¢101n8 Resources Transf•rs At 31 July 2024 RESTRICTED Accurnulated 8ulldln8 Fund Garfield Weston Culture Fund Capltal Redevdoprnent Fund Total Re5trkted FUN15 592,757 109,563 4,807,129 5,509,449 12,434 27,391 226,610 266A35 580,323 82,172 4,580,519 5,243M14 UNRESTRicfED GeneTal Deslgnated - major repalrs Deslinated - artlstlc iesearch & development Desl8nated - productlon Deslgnated - Emily's welcome Total Unfestrlcted Funds 28,868 30S,C S,476,274 5,404102 96,127 {101.198) 196,467 203,802 187,OC#) 187,OCKI 3CQJ)(KI S,071 892J40 5,071 820.868 5,476.274 SA04l02 Total Funds 6,330,317 5,476,274 5ffi71,237 6,13S,3S4 The a¢¢umulated bulldlng fund Is amounts re¢elved lo finance Improvements to leasehold premlses and purchase fufnlture and equlpment The Garfleld Weslon culture fund Is the balance of fvnds recelved to finance purchases of digital equlpmenl now eapltallsed. The capltal redevelopment fundls for the redevelopment work on The Crucible Theatre. The de518nated fund for major repalrs and fenewals Is a slftkln8 fund for unplanned major iepalrs, Inveslment into new equlpment or Ihe refurblshment of the theatTe. The desl8nated fund for artistlc research & developn)enl Is for research and developrnet)t of new plays and musica15 prlor to lull commissioning. The productlon fund is to support Increased piodurtlon Costs, Emlly's welcorne fund ha5 been set up In memory of our former Learnln8 and Partl¢lpatS0Th manger, Emlly Hulthlnson, to 5UPPOft acce55 to our Cfeative Engagement work. The transfer of funds between general and major repalfs contain a transfer of £150,000 from general funds to major repalrs, and a transfer of £251,198 from major repairs to genal funds for the purthase of capltal assets whlch Snclude 158htin8 and sound up8rade5 and advertlsement screens around the Cruclble Theatre. 22
SHEFFIELD THEATRES CRUCIBLE TRUST NOTES ON ACCOUNTS Icontlnued) YEAR ENDED 31 JULY 2024 10 ANALYSIS OF NEf ASSETS BETWEEN FUNDS Unrestrlcted Funds 2023 Restrfcted Fufids Total 2023 2023 Tangible flxed assets Current a55ets 53,343 3.664,165 (2.896,640) 820,868 5,509,449 S,$62,792 3,664,165 12,896,640) 6,330,317 Current liabilities S,%)9,449 Unre5trlrt•d Funds 2024 R•strf¢ted Fund$ 2024 Tot•1 2024 Tan8lble flxed a55ets Current a55ets Current Ihabllllles 256,180 1,653,187 {1,017,027) 892,3410 5.243,014 5,499.194 1,653,187 11,017.027 6,135.354 5,243,014 23
SHEFFIELD THEATRES CRUCIBLE TRUST NOTES ON ACCOUNTS (contlnued) YEAR ENOED 31 JULY 2024 11 FIXED ASSETS TANGIBLE Land and Bulldln8S lon8 Leasehold Flxtures and Flttin Plant and Equlpment Total Cost At l August 2023 Additions 6,614,530 1,763,432 240,476 5,913,596 10.722 14.291.558 2SI,198 Olsposals At 31 July 2024 6.614,530 2,3,908 5,924,318 14.542.756 AI I Au8USt 2023 Chaf8e for the year Dlsposals At 31 July 2024 1,781,010 104,625 1,463,375 85.536 5,484,381 124,635 8,728,766 314,796 1,885.635 I,S48,911 5,609,016 9,043,562 et 8ook V At 31 July 2024 4,728,89S 454,997 315,302 5,499,194 At l Augus¢ 2023 4.833,S20 3W.OS7 429,215 5,562,792 12 DEBTORS- DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Amounts owed by fellow subsidiaries Prepayments and accrued income 21,052 173.321 611.525 117.184 923,082 79,862 88,843 906 73,925 1.239,436 13 CASM ATBANK AND IN HA14D 2024 2023 Cash in hand 2,433 727.672 730,105 2.510 2,422.219 2,424,729 Cash at bank 24
SHEFFIELD THEATRES CRUCIBLE TRUST NOTES ON ACCOUNTS (contlnued) YEAR ENOED 31 JULY 2024 14 CREDJTOR5- DUE WITHIN ONE YEAR ZOZ4 2023 Trade creditors Amounts owed to fellow subsldiarles 181,241 122,807 1,172,680 358,272 1,242.881 2,896.640 Amount owed to parent company Accruals and deferred Income 300,000 535,786 1,017,027 15 ANALYSIS OF CHANGES IN NET FUNDS At At 31 Julv 2024 l Auiust 20Z3 Cash Flows Cash balance5 2,424,729 11,863,374) 561,355 16 FINANCIAL COMMITMENT5 2024 ZOZ3 L•Trd and bulldln8S Withln on• y•ar Between 2 and 5 years Over flve years 59,250 173,000 794,071 62.938 189, 837,321 17 ULTIMATE CONTROLUNG PARTY The ultimate controllln8 pariv Is Shellleld Theatres Trust, a re8iStered charitv. 18 TRANSACTIONS WITH RELATED PARTIES In accoidance with FRS 102 paragraph 33,IA the company has taken advanta8e of the exemption from disclosing transactions wlth its parent company and its fellow wholly owned subsidiary companies. Lease payments of £16,000 were made to Ihe Sheffleld Clty Council for the Cruclble Thealie. Sheffield City Council have representatlves on the board of trustees ol Sheffiekl Theaties Trust. 26