REGISTERED COMPANY NUMBER: 03874271 (Englaiid aiid Wale$) REGISTERED CHARITY NUMBER: 1120746 REPORT OFTHE TRUSTEES AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FUR'I'HL YEAR ENDED 31 MARCII 2024 FOR TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST {A COMPANY LIMITED BY GUARANTEE) Si)Iner Auditco Liniited Thc Bechivc Biiilding Beehive Ring Road Crawlcy Gatwick RH6 OPA
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PAge Report of the Trustees Report of the Independent Audltors 8 to 10 Consolldated Statement of Fln&n¢lal Aellvltles Consolldated Balance Sheet 12 Charlty Balance Sheel ConsolldAted Cydsh Floiv Statement 14 Notes to the Consolidated Cash Flow Statement 15 Notes to the Flnanelal Statemeiits 16 to 26
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of Ilie charity for the purpose5 of the Companie5 Act 2006, present their report wilh the cot)solidated fiiiancial stateniei)Is of Ilie chai'ily and its subsidiary for Ihe year elided 31 March 2024. The trustees liave adopted the provisioiis of Accountin8 ai)d Repoiting by Cliarities-. Staleinent of Recoininended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVKS AND ACTIVITIES Purpose To operate, own at)d restore ilie Grad¢ I lisl¢d unique Victoriaii Theatre. Ihe Tyne Theatre and Opera Housc in Newcastle upon Tyne. Mlsslon A thcatrc for everyon¢, Vlslon By the end of the 2020s to be a r¢fvrbished iiidependeiit theatre hosting a variely of eiilerlaiiimeiil and events with wide appeal ¢0 Ilie local comiiiuiiity and beyoiid. The objects for which the Trust is establislied are.. a) to acquir¢, restor¢ and preserve for Ilie benefit of tlic public at larg¢ Il)e Grade Oiie Listed Buildiiig known as Tlie Tyiie Theatre and Opera House. b) tlie advancenieiil of public education in all aspects of Ilie dramatic arts by the presentation and production ot. plays and other expressions of draina iiicludiiig tlie coniinissioning of new works atld the mounting of public perfomiances aiid the mounlitig of classes, exl)ibilioi)s aiid dcii)onstrations of drainatic arts and Ih¢atre ie¢hnology', c) tl)e advancemeiit of public education in thcatrc Iccl)nology by tlie preservation, conservation aiid exhibilioli of Inachinery and techi)ology of thc perforining arts aiid thc intcrprelalion of such artefacts aiid their historical conlext, and d) 11)e advancenient of public education in all aspects of the ai'ls includin8 music aiid musi¢ theatre, drama, d¢¢oralive and visual arts, dance, ballet, cii'cus, music liall aiid comedy and variety perforinance. Our values Welcoming One T¢ani Pa5sionat¢ about pcrfonnaiice Collaborating witli our coininunilies T¢ lo our heritage Conimilted to SU51aiiiability Innovative and forward Il)inking Public benefit Tlic Trust's activities coi)tinue lo develop and focus on the preseNatiot) of the Grade One Listed theatre for the enjoynicnt of the public. The Trustees have had regards to the Charity Coinmission giiidan¢¢ on piiblic b¢n¢fJt. Volunteers The Charity places great value on the coiitributions IhpAI voliinteers make to the organisalion, We benefited greatly not only from ihe considerablc tiine, energy aiid expertisc given by the Board of Tnist¢¢s, biit other volunteers as well. Ov¢r the course of the year one show was organi5ed and perfonned by volunleeis,. School of Rock. Voliint¢¢rs also ass&sled with repair8 and decoration of the thealie building. Page I
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2D24 ACHIEVEMENT AND PERFORMANCE Charitable activities The year ended 31 March 2024 was largely a very positive one foT the Ttust. 2023-2024 was a positive year which saw the appoiiilineiil of the theatre's fii-sl CEO, delivery of a Successful heritagc Iheatre coiifereiice, which was funded by the grant awarded io the Trust by the Natioiial Lottery Heritage Fuiid. The grant also enabled a programnie of voluiiteer led archiving to begiii, which lias proved to be rewarding aiid lias resulted iii Ihe aniassing of detailed catalogue of the tl)¢atre's history. We were absolutely deligliled that our Performance Research Volutiteers were awarded tlie 2023 Heritage Alliai)¢e 'Heritage Hero, award. Spoiisored by specialist heritage insurer Ecclesiastical, the Heritage Heroe5 Awards are the Heritage Alliance's celebratioii of the outstanding contribution Britain's lierilage volunteers Inake to society. Tl)e awards were pres¢nled at tlie Heritage Alliance conference in London in Marcli 2024, whiclj coincidcd willi Heritage Day, a key event in the sector. Heritage & Developinent Project Manager Racliel Siiape ai)d volunteer Charn)ian Marshall received the award at a ceremony iii Londoii froni Ingrid Samuel OBE, liiterim Cliair of the Herige Alliai)ce. The theaire's eveiit pro8rainnie increased significaiilly in niimber and profile froin the previous year and Ilie panioiMin)e (Peter Pan) had a record breaking 53 show run. Of note was Ilie improvemei)t in secondary speiid during the pantomime, wliich increased by 340/0. Property update The Trust continues to develop Ih¢ir Maslerplan lor refjJrbishment aiid restoration of tlie Theatre. Over the last 12 moiillis, work has started on planiiin8 a niajor restoralioii of the Tyne Theatre & Opera House. Iii coiisequence, the architectural geiiealogy of our Grad¢ I lisied building Ilas beeti fi iially unravelled. A CCTV system was iiistalled ii) Ihe front of liouse spaces and at stage door. Thc curreiit solutioii is a leinporary Ineasure lo eiisure Ihat the Trust and subsidiary operatii)g company are beller able lo meet licei)sing objectives. A full assessmcnl of tlie stage house was undertaken which liighliglited a significant number of defects and safety issues. These w¢re asscssed by the new CEO and interim techni¢41 maiiager and have largely been addr¢ss¢d. We contiiiue lo upgrad¢ tlie auditoriurn 5ealiiig. It is a rolling proj¢cl over the next few years duriiig wl)i¢h tim¢ w¢ aim to reseat much of the auditorium. Upgrodes liave beeii eoinpleled to niake emergei)cy li8hiii)g more efficieiil and s¢rvi¢¢abl¢. The Trust has itivested iii a house PA system. Previously this important VenUe generating le¢hnical equipmeiit was hired in for each show. Now tliat Ilie has iiivesled iii an in-house r¢sourc¢, tlie ability to general¢ additioiial hire revciiuc has beeii enlianced significantly. General repairs and upgrades have been carricd out by the Ihealre's rnainlenance staff and Master Carpenter. Maintenance Voluiiteers contiiiue lo demoiistratc their dedi¢atioii lo the upkeep of the theatre, by engaging in a Inyriad of preventive and reactiv¢ proj¢¢ls. Tyne Theatre & Opera House Llmlted The ex¢ellcnt team members of the operating cojnpaiiy coiiliniLe lo be slrenglhened and arc llY coinmilted lo the aims and objectives of tlie Tnist, and to develop tlie range and qiialily of the product linder 11)e leadership of the theatre direclor and Ihe company directors. A new Chief Execulive Offjcer, and Fiiiaiic¢ Director were appointed aiid began lo r¢sl)ape and ready th¢ op¢rRling subsidiary for tli¢ nvm¢rous significaiit changes planned. There wer¢ 232 events in the year 2023124. The operating company einploycd an average of 115 team Inember diirins the year. Page 2
TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST (REGISTERED NUMBKR: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE A nunibcr of significant strategic investineiit propositions were approved by the Tiuslees in the final quai1er, including the purchase of a thcalre PA, an elcctroiiic poiiit of sale sysleni, lo rcplace old fashioned cash registers. and imost notably, the procurernent of Spektrix, wliich will enable the operating conipany to briiig ticketing operalioi)s in housc. This key decision will liavc a signific&ntly positive iinpact on the Trust aiid Opco's earning potential, as all booking fees inconie will coine to the tlieatre rallicr thaTI Ilie 11)ird party box office agency, wliich had becn the case foy the previous decade. The Trust's subsidiai'y coinpany, Tyiie Tlieatre & Opera House Limited ("the operaiing conipaiiy"), has enjoyed a successful year, The op¢rAling ¢onipany gencrated turnover of £1,398,745 (2023 £1,227,100) and profit before lax of £79,456 (2023 £202,205). Tyne Theatre Productions and Tyne Youth Company A successful produLlion of Dolly Parlon's Inu5ical 9 10 5 was staged iii March. A huge compaiiy of local amateur aciors, Inusicians, creative and production 51atr took over the theatre for our annual in-house amateur production, wliicli was well received by the patroiis, and attracted lols of positive reviews and oiiliiie commeniary. Tyiie theatre Productioiis have secured the rigl)Is to perform Jcsus Christ Sup¢rstar li) February 2025, whicli is expected lo be very popular. A significant inarkelitig and publicity campaigned will be lliobilised lo eilhaiice the profile of Ilie theatre and TTP. Tyiie Youth Company was Inobilised and lias proven popular with local coininuiiities. Approxiinately 85 students now regularly take parl iii weekly sessions, whicli are led by Trustee Sonia Hernandez. TYC applied for and secures thc youth amateur rights for the musical Legally Bloi)de, which will be perfornied in October 2024. Community and fundrAlslng Tours - Theatre tours rui) ¢acl) iiionth, Ivilh addilioiial sessions addcd as parl of Heritage Opei) Day. Public tours are held on the first Saturday of every Inoi)tl). Oulrea¢h in tlie year invited groups forin Ncwcastle College aiid various local scI)0015 foi. bespoke theatre tours. Th¢ theatre also accorninodated college inedia studeiits who had been la5ked with n)akiiig a documeiiiary filni about the theatre. The Trust conliiiues to engage with local cominunity groups seekii)g thc developn)ent of the Cily and proinolion of arts aiid education iii the region. Th¢ Theatre had a successful year for fiJndraisiiiB, geiieraling iiidividual fundraising of £8,224 The Trust continued to add a restoratioii donation pcr ticket which has been very success1 iii raising vital funds lo r¢slore the tlieatre. This fee will increase to £1.50 per iickct for the majority of shows from 2024, which will continu¢ to have a very positive impact on the Twsl's thtidraising income. A resloralion levy of £1 per tickel will be introduced for pantomime tickets for the 2024 pmdueliot). ThL. levy ha8 not previously been charged on pantomime tickets. We now Iiave 77 named seats in (hc auditorium aiid ended the financial year with 54"friends" memberships. Th¢ Chief Execiilive has bein positive discussion with olh¢r venues and ar15 organisations to ¢stablish mor¢ collaborative links across the city and wider region. An expression of interest has been siibinitled lo Newcastle and Gateshead Ciiltiiral Venues, with a view lo the dieatre bcconiing a fiill incmber as soon as possibl¢. Mindful that the Nonh East Conlbined h&s priorilis¢d tlie developmei)l of a ncw Culiurc and Creative Zone scheine, which includes "Clayton Strcel Coldor, around thc Wesl End of Newcastl¢, the managejnenl and project developinenl telln have ciiltlV8led positive working relationships with th¢ Creative Central N¢wcasile leaders to rapidly develop plans for the theatre to bccoiiie g¢ central hiib for local creatives. The Trust has seciired £0.5m llding, a5 part of Crcalive C¢ntral NCL, a projecl funded by Ihe North East Combined Aiilhority to develop crealivily and culftire in tlie city. Page 3
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHJEVEMENT AND PERFORMANCE Tlie Trust will iiow embaik on eiiabling works that are the first slage of an ambitious development project. The work will be carried out on the footprillt of wliat was known as the Weslgate Music Hall from 1869, Grand Saloon from c. 1887 and Wiiiter Gardens Tea Rooni in Ilie Stoll Cinema years. At ihe heart of this overarching goal to rerb]sh and operate a sustaiiiable iiidepeiideiil venue, ar¢ plans to increase and 8lreiigilien tics with the local coniniuiiity. Iii addilion to hostiiig a variety of enlerlaiiiincnt, Ilic 'black box, iteralion of tlie Graiid Saloon will be ali adaptable space, able to iinprove access to and eiigageincnl WLilI cultural activity by serving as a hub for Jneetings, reliearsals, worksl)ops and more. Also included in phase one of the tliealre's inasterplan is tlie creation of a new ¢afé and bar iii the shop and foyer of Ihe former Bistro Bar. Named '1807, (tlie year the Ilieatrc opened), the café bar will be the new honie of the box office and will op¢n in November. The Trust match thnded a graiit of £5k froft) Thealr¢'s Trust to improve and enhance the theatre's emergeiicy liglilii)g syslenis. Tlie Trusl was awarded aiid mal¢hed a modest grant of £1 Sk by Crealiv¢ Ceiitral Newcastle lo begin enabling works lo transform the foriner Pit Bar into a mullifvnctioiial coininunity eo-creation space. which will double as an additional hospitality space. FINANCIAL REVIEW Fin*neial posltlon Thc total consolidated incoine this year was £1,723,519 (2023: £1,531,5S7) ai)d Ihe nel niovemenl iii 1)dS was £16,288 (2023.. £292,717). Tlie expenditure on raisiiig fuiids was £1,321,262 (2023.. £1,021,132) and cliarilable expetiditure was £369,863 (2023.. £216,741 } Al 31 March 2024, the Trust had coiisolidaled free reserves of £589,075 (2023.. £621,451) {cxcludiiig fixed assets and long lerni liabilitics). The Tiwsl has prcviously undei'taken lo budget for ali aiiiiual surplus from its operating account in order lo build financial reserve5 to ameliorate the fiiiaiicial risks associated willi loss of Iciiaiits oi- other operational impacts on ils financial security and to act as seed fuiiding for the restoration and d¥vclopinciit programme. Investment pollcy and obje¢tives In furiheran¢e of the aforeni¢iition¢d objects but not further or otl)erwise the Trust sl)all have the powers as d¢lailed wilhin the Memorandum of Association, Reserves poliey The TnEslees objective is lo maintain the charity for at least six moiiths in the event of signifieant logs of income or ui)foreseeii evet)i. This will allow lime for operatioiial changes lo be made wiihin the charily. Tlic plaii over the ¢omi1i8 years is to iiicrease the general reserves to cover co1MIlIn¢1)IS on repairs to the building. Currently Ihe coiisolidated reserves level is £1,360,639 Inade Lip of £9,785 reslricled res¢rves and £1.350,854 unrcslricled reserves. Going concern The Trustccs are satisfied tliat thc Charity is able to operate for the foreseeable ftiture, on the basis of reserve balanc¢s and forccast surpliises. STRUCTURE, GOVERNANCE AIYD MANAGEMENT Governing document The charity is controlled by its governing document. a deed of tnist, and constitutes a liiniled company, limited by guarantec. as defined by thc Companies Act 2006. Page 4
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 21124 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultment and appolntment ol new trustees The directors of tlie coinpany are also charity Tnjstees for the purposes of charity law aiid appointed as such undcr th¢ requiremeiits of tlie Meinorandutii aiid Articles of Associatioii. lil accordancc with Articles of Association, tiew appointmertts are subject to coiifirniation at the Aiiiiual Geiieral Meeting of the Conipany. Deeision making The Trust has io liave six full board nieetings per aiiiiuiii witli delegatcd conimittees aiid sinaller working groups Ineeling as and wheii required. Boai'd n)eetings are held oli a bi-Inonil)ly basis usually face-to-face with i)iaybe one or two Iruslees on Teains. Several responsibilities are delegaied to the co?lliDilt¢¢s'. Building, Rcpairs, and MainlLnaiice TynL TIILiilrc ProduLlion Lind Tyiie Youth CoiMpai)y Fiiiance Hunian Resources Legal Heritage Key minagement remuneratlon Tlie Board have coiisidered who the Key Maiiagenieiil P¢rsoniiel (KMP) ar¢, Iliose overseeing coiitrolliiig aiid operatiiig Ilie activities of Ilie Charity 011 a day-to-day basis. The pay of tlie KMP 15 reviewed aiinually usiiig beiicl)marking against other charities withiii the industry and pay levels are sel using budgetlforecast and aflordability factors, The board then agree any uplift to rcmuncralion. Induellon and tralnlng of new trustees Trusiees are giveii appropriate iiiduclion oli appoiiilinent aiid will be provided with access lo appropriate Irainiiig during their appoinlinent lo Ilie board. Risk management Tlie Trust has identifLed key risks as follows and developed a nianagement plan ID aineliorate tliose risks: Key Rl$k R¢li&nce on aiinual surpluses from the operating compai)y for fiiian¢ial suslaiiiability Severltyllmpact High Rlsk ManagFement ActlThns A licence lo operate 15 in place with p¢pp¢rconi rent. B¢tter ihan aiilicipat¢d fiiiancial p¢rfoi'niancc to dal¢ by the operating conipaiiy has been observed. To reduce reliance on the operating compaiiy, the Trust is active iii ils own fundraisin activities. Coiitiiiue lo develop and expand relatioi)sliips with surrounding Jieighbours aiid coinmunilies. Los,8 of theatre licei)se or limilalion on iisage. Mediuni MaiiitaiLI and upgrade Iiealih and safcly polici¢s, proceduTe5 and infraslructiir¢ as a ro riale. Nuiiierous fiindraising iiicom¢ s1reali are in operation, including Tyne Tl)ealr¢ Production5, resloralion levy on tickets, friends income, naine a scal incom¢, collection buckets in the th¢atr¢ and the Theatre's Tnisl Kickstarter scheii)¢. Liniiied fiindraising opportunities for major refurbishment of Ihealre. Mediuni The Trust is also succ¢ssfiilly workiLig with a Ihird-party consultant lo idei)li ant fundin ortunities ali ned to biiildin -related ro ects. Routine maint¢nanr¢ and r¢gular checks are carried oiit. Major maintenance eniergency reqiiireinei)I discovered in the tlieatre. High A programme of capital exp¢ndiNre and repairs continues lo ¢volve to ensure lil riorit r¢ uir¢Jii¢nrs are addressed on a case-b -cas¢ basi5. Page 5
TYLYE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGJSTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTIiA TIVE DETAILS Reglstei'ed Company number 03874271 (England and Wales) Reglstered Charity number 1120746 ReElstered offlce 117 Westgale Road Newcastle upon Tyne Tyn¢ aiid W¢ar NEI 4AG Trustees A P Butland R Dougal K Fadden (appointed 2613120241 R J Graham (appointed 261312024) l R Harris S M H¢ri)aiidcz Laffey (appoiiited 131712023) J Lamb (resigned 291712024) J W Lloyd J Richai'dsoii R Singh (appointed 261312024) B N Spcker C M Squires (appointed 261312024) M J Wilmol J J Dougal Cl)ief Finaiicial Officer (resigned 1111120231 LOCBI Authorlty Representatlves CounLillor M Mafemba (appoinl¢d 13 July 2023) Councillor A Walker (appointed 13 July 2023) Treasurer Vacant Senior Managen)ent TeAm J Hig8ins (CEO) J L Johnson (Theatre Director) (I'esigned 241512024) Company Secretary A P Biitland Senlor Statutory Audltor Lesley Stabl¢r BA(Hons} FCCA Auditors Sunier Audit¢0 Liinited The Beehiv¢ Biiilding Beehive Ring Road Crawley Galwick RH6 OPA Bankers HSBC l O Gyey Street Newcastle iipon Tyne NEI 6JG Pag¢ 6
TYNE THEATRE AND OPE114 HOUSE PRESERVATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Tyne Theatr¢ and Opera House Preservation Trust for the purposes of coiiipany law) al'e responsible for preparing the Report of the Trustees and the finaiicial statements in accordance with applicable law and United Kiiigdom Accounting Standards (Uiiiled Kiiigdom Generally Accepted Accounting Practice) including Fillancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelaiid" Cotnpany law requires Ilie Iruslees lo prepare financial statenienls for each financial year which give a true and fair view of Ihe state of affairs of the charitable coinpany and L)f the illcomiffig resources and application of resources, including the incoiiie and expenditure, of the charitable company for Ihal period. In preparing those financial slateinents, the trustees are rcquired lo select suitable accounting policies and then apply Iliein consist¢ntly' observe the methods aiid principles in the Charity SORP. make judgements and estimates that are reasonable and prudent; prepare the finaiicial slalemeiits on Il)¢ going concerii basis unless it is iiiappi-opriale to presum¢ that the charilable company will coiitiiiue iii busiiiess. The trLLgtees are responsiblc for keeping proper accountiiig records wliich disclose wilh reasonable accuracy at any lime the finaiicial position of tlie charitable company aiid lo enable them to ensure that the financial staterneiils coinply with the Coii)p&i)ies Act 2006. They are also responsible for safeguarding the assets of Il)e charitable compaiiy and hence for lakii)g reasonablc steps for Ihe prevention and detectioii of fraud and other irregularities. In so far as the trusiees are aware,, Iliere is no relevaiit audit inforinatioii of whicli the charitable coinpaiiy's auditors are unaware, and Ilie trustees liave taken all steps ihat they ought to have taken lo makc Ihen)selves aware of aiiy relevant Audit iiiformalion aiid lo establisli that th¢ auditors are aware of that infornialion. AUDITORS Tlie auditors, Sumer Auditco Limited, will be proposed for re-appoinlmenl at tlie fortlicomiiig Aiinual General Meeting. This irport lias beeii pi'epared in accordaiice with th¢ 5p¢cial provisions of Parl 15 of Ilie Compai)ies Act 2006 relaliiig to small companies. Approved by order of the board of ITUStee5 011 3 Oclobei. 2024 aiid sign¢d on its behal f by.. M J Wilmol - Truslee Page 7
REPORT OF THE INDEPENDELYT AUDITORS TO THE MEMBERS OF TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST Opinion We have audited tlie financial statcmeiit5 of Tyiie Theatre and Opera House Prescrvalion Trnsl (Ihe 'parenl charitable ¢ompany') and ils subsidiaries {the 'group') for the year ended 31 March 2024 which Comprise the Consolidated Sialenient of Finaiicial Activities, Ilie Consolidated aiid Pareiit Cl)aiilable Coinpaiiy Balance Sheet, tl)e Consolidated Cash Flow Statement and iiotes to the fiiiai)¢ial stateinenls, including a SUTnmary of significaiil aOUntIng policies. The fjnancial reporting fi'ainework that has beeii Applied in their preparatioii is applicable law and Uiiited Kiiigdom Accounting Standards {United Kingdoiii Gei)erally A¢¢¢pted Accounting Practice), including Fiiiaiicial Reporting Slai)dard 102 'The Fiiiancial Reporting Standard applicablc in tlie UK aiid Republic of Ireland,. In our opinion Ilie financial stalements: give a true aiid fair view of the state of the group's aiid of the parent charitable ¢ompany'5 affairs as al 31 March 2024 and of the group's incoiiiing resour¢¢s and application of resources, including its incoine and expenditure for the year then ended,. liave been properly prepared in accordance witli Uiiiled Kiiigdotn Generally Accepted Accounting Practicc, Tncluding Financial Reportin8 Standard 102 'Tlie Financial Report ing Standard applicable iii the UK and Rcpublic of Ireland and have been prepared in accordaiice willi Ilie requireniei)Is of the Companic$ Aci 2006. B9$1s for opinion We conducted our audit iii accordance with Iiiten7ational Staiidards on Auditing (UK) (ISAS (UK)) and applicable law, Our respoiisibilities uijder Ihose standards are further described in the Auditors, respoiisibilities for the audit of the financial slatemenls section of our report. We are indepeiideiit of the group and parent charitable company in accordance willi the ethical requ1me1]IS tliat are relevant lo our audit of Ilie fJn<incial slateineiils in the UK, including Ilie FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities ii) accordanc¢ with these reqiiirements. We believe tl)at the audit evidence we liave obtained is sufficient aiid appropriate to provide a basis for our opiiiioii. Concluslons relatlng to golng concern In auditing the fiiiaiicial staleirjeiils, we have coticluded 11141 the trustees, use of the 8011)g concern basis of accounting in Ilie preparatioii of the fillancial slalemenls is appropriate. Bascd on the work we have perforined, we liave iiot idcntificd any Inaterial uncertainties rclatii)g to events or conditions that, iiidividually or collectively, may cast sigiiificant doubt oi) the group oi. par¢iit cliaritable company's ability to continue as a going concerii for a period of at lea51 twclvc inoiitl)s from when the fiiiaii¢ial staleineiits are authorised for issue. Our I'esponsibilities aiid the responsibilities of the Iruslees with respect to 80iiig conceni are d¢scribcd in the relcvant sections of this report. Other Information The INstees are responsible for Ilie other ilifornlI0ll, The other informalion coinprises the inforniation iiicluded in the Aiinual Report, otlier thali the financiol statemenis and our Report of tlie ljidepeiid¢nl Auditors Ihereoll. Our opiiiioii oli the financial slaleinents docs iiot cover the other iiifornmlion and, except to the extent otherwise explicitly slated iii our report, we do iiol express any forin of a8surance conclusion tliereoi). In conncction with oiir audit of the financial slaleinenls, oiir r¢spoiisibility is lo read the ollicr infonnalion and, in doiiig so, consider whether the other iiiforrnalion is Inaterially incoiisislenl with the financial slAteinents or oiir knowledge obtained in the aiidit or oih¢rwis¢ appears to be terIallY ini5slaled. If we identify su¢h n)&ierial incoi)sisteiJcies or apparent material misstateineiits, w¢ arc reqiiir¢d to deterniine wheilier thi5 giv¢s rise lo a m&ierial misslllteinei)l iii the financÉal slRlemenls th¢ins¢lves. If, bas¢d on thc work we have perforined, w¢ ¢oncliide thai tliere is a inaterial ty)isslai¢menl ofthis other ii)fortiialion, we are r¢qiiir¢d to report that fact. We li&ve nothing lo repori in this regard. Opinions on othcr matt¢rs prcs¢rlbed by tho Compaiiies Act 2006 Ill oiir opinion. based on the work iiiid¢rtaken in the Coiirse of the audit: the infornialion given in the R¢porl of the Tnisl¢¢s for the fiiian¢ial year for which the fLnancial slaleinenls are prepared is consistent with the financial state1}Is., and the Report of the Tnistees has b¢¢Th prepared in accordance with appli¢abl¢ legal requiremeLIIs. Pag¢ 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST Matters on Ivhieh ive are required to reporl by exeeption In the light of the knowledg¢ and uiiderstanding of the group and parent charilable conipany 211d ils environment obiained in the course of the audit, we have i)ot identified material misstatements in tl)e Report of the Trustees. We have nothing to report in respect of the following inatters wherc the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not beeii kept or returns adequate for our audit have not b¢¢n received froni branclies not visited by us- oi. Ihe financial statenieiit5 aTe iiot iii agi'eenieiit with tl)e accouiiliiig records &iid retlLn15' or ¢¢rtait) disclosures of trustees, i'emun¢ration specified by law are nol Inade,. or wc have not received all tlie infonnalion and explanations we rcquire for our audit. or tlie trustees were iiot entitled to lake advantage of11)e sillall companies exemplion from the requirernenl lo prepare a Strategic Report OT in preparing the Report of the Trustees. Responsibilities of trustees As explained more fi)Ily in the Sialeinent of Trustees, Resp0115ibilities, tlie trustees (who are also Ille directors of tlie charitable compaiiy for Ihe purposes of coinpany law) are resp0115ible for tlie preparalioii of the financial statemeiils and for beii)g satisfied tl)at ihey give a true aiid fail. view, and for sucli iiiternal coiilrol as the trustees delermiiie is iiecessary to cnable the preparalioi) of financial stalemei)ts that are free from Inalerial ii)iSslatement, whetlier due to fraud or error. In preparing the finaiicial siaiemcnts, the trustees are responsiblc foT asse5sii)g the gTOUP'S and the pareiit charilablc company's ability lo continue as a going Coiicern. disclosing, as applicable, Inallers related to going concern and using Ilie going coiicern basis of ac¢ounliiig uiiless the trustees eill)er intend to liquidate the group or Ilie parent charitable con)paiiy or to ¢ease operations, or liave no realistic alieriiative bul lo do so. Our re$pon¥ibilities for the audlt of the financial stalements Our objLciiv¢s ar¢ to obtain rui1)0]7(1b]C assurancc about whether the financial staleinenls as a wliole are free from Inalerial niisstatemenl, whether due lo fraud or error, ai)d to issue a Report of the Independent Auditors that includes our opinioi). Reasoi)able assuraiice is a Iiigli level of assurance, bul is not a guaraiilee 11)al an audit conducted in ccordance with ISAS (UK) will always detect a nialcrial misstateinetil when il exisis. Missialemenls cali arise froiii fraud or crror ai)d arc considered Inalerial if, iiidividually or iii the aggregate, tliey could reasonably be expected to iiifluence the economic decisioiis of uscrs takei) oi) Ihe basis of these fiiianoial slal¢menl5, Wc undertake the followii)b' procedures lo identify and respond to thcse risks of non compliance.. Uiiderstaiidii)g thc key legal and regulatory fraineworks that are applicable lo Ilie groiip. We communicated identified laws and rcgulalioiis Ihrouglioul tlie aiidil leam and remained al¢rl lo any indicalioiis of noncompliance Ihrouglioul Ilie audit. We detemiincd the inost Sl81iificanl of these lo be ai'ound employment law, charity law, compaiiy law, h¢alih and safety law, taxaliot) law and GDPR. Eiiquiiy of directors and maiiageineiit as lo policies aiid procedures lo eiisur¢ compliaii¢e ai)d any known instaiices of lion compliance Review of Board miiiules and cOespO11denCe with regulators Enquiry of directors and manageineiil as to areas of Ilie finaiicial staleinenls susc¢ptible to fraud and how Ilicse risks are nianllged Challenging Inanag¢meiil 01) key estimates, as8umptioiis ai)d judgements tnade in Ilie preparalioii of the fiiiancial slalemenls. These key areas of ui)cerlaiiiiy are disclosed iii the accouiitiiig policies Identifying ai)d testiiig unusual jounial ei)Iries, with a particiilar focus oil Inaiiual journal eiitries. Througli these procedures, we did not b¢coiii¢ awar¢ of actual or siispected non con)pliance. Wg planned and performed oiir aiidit in accordaiice with auditing slai)dards b1 owiiig to the inherent li]LtationS of procedures reqiiired iii these areas, there is an unavoidable risk that w¢ inay not have detected a Inuterial Inissialeiilent in the accounts. The fiirlher removed non coinplianc¢ wilh laws aiid relIationS is from ihe events and Iraiisactions reflected in the finRii¢ial slatein¢nls, the less lik¢ly w¢ woiild b¢coin¢ aware of il. Tlie risk of not delecling ft n)alerial Inisstat¢iii¢nt di1¢ lo fraud is highcr than the risk of iiol d¢t¢cting one resuliing from error, as fraiid may involvc concealni¢nl, collusion, forg¢ry, misr¢pr¢5¢nlalioi)s, or override of intemal controls. We are not responsibl¢ for preveiiting non coinpliance aiid cannot be ¢xpcctcd io delecl noncoinpliance with all laws and regulations. A fiirther description of our r¢sponsibilili¢s for the aiidit of the fLnancial stateinents is localed on ihe Financial Reporting Council's website al www.fTC.org.uk/auditorsresponsibililies. This descriplion fonns part of our Report of the Independent Auditors. Pag¢ 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST Use of our report This report is made solely to the charitable compaiiy's inembcrs, as a body* iii accordance iviih Chapter 3 of Parl 16 of tlie Companies Act 2006. Our audit Work has been undertaken so tliat we rnighl slate to tlie charilable coiiipaDy'S Inernbers tliose niatlers ive are required to state to thein in an auditors, report and for iio other purpose. To Ihe lIeSt exteiit permitted by law, we do not accept or assume respoi)sibility lo anyoi)e other thai) the ¢l)arilable company and thc cl)arilable conipaiiy's Ineimbcrs as a body, for our audit woi'k. lor this report, or for Ihe OPiiiiDns we liave forined. Lcslcy Stabler BA(Hoiis) FCCA (Senior Statutory Auditor) for and on behalf of Sumer Audilco Liinited Tl)c Beehive Building B¢ehive Ring Road Crawley Gatwick RH6 OPA Date: Page 10
TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total fwids 2023 Total funds Uiirestricted nd Restricted fiinds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 36,192 155,836 192,028 180,037 Other Irading activities Inveslmei)t income 1,529,676 ,529,676 1,815 1,351,059 461 Total 1567 683 155,836 1,723,519 ,531,557 EXPENDITURE ON Raisiiig fi]nds 1,321.262 1,321.262 1,021.132 Charitable activlties Tl)ealre resloraltoii 207 281 162,582 369,863 216,741 Total 1528,543 162582 1691125 1237 873 Taxation (16,106) (16,106) (967) NET INCOMEI(EXPENDITURE) Transfters between funds 23,034 (6,746) 16 439) 16,288 292,717 20 Nel movement In funds 39,473 (23,185) 16,288 292,717 RECONCILIATION OF FUNDS Total thnds brouglil forward 1,311,381 32,970 1,344,351 1,051,634 TOTAL FUIYDS CARRIED FORWARD 1350 854 9,785 1360 639 344351 The notes forii) part of tli¢se fiiiancial slalein¢nts Pag¢ll
TYINE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGJSTERED NUMBER: 03874271) CONSOLIDATED BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total fuiids Uiir¢stri¢led fund Restricted funds Notes FIXED ASSETS Taiigibl¢ assets 761.779 761.779 689.930 761,779 761,779 689,930 CURRENT ASSETS Stocks Debiors Casli at bank and in hand 21,410 154,367 757 850 21,410 154,367 767 635 20,500 179,389 796 425 17 9.785 933,627 9,785 943,412 996.314 CREDITORS An)ouiils falling due ivitl)iti one year 18 (310,198) (310,198) (317,261) NET CURRENT ASSETS 623,429 633 214 679 053 TOTAL ASSETS LESS CURRENT LIABILITIES 1.385,208 9,785 1,394,993 1,368,983 CREDITORS Aniounts falliiig due after n)ore Il)an oiie year 19 (11.713) {11,713) (21,734) PROVISIONS FOR LIABILITIES 22 122,641) (22.641) (2,8981 NET ASSETS 1350,854 9,785 360 639 1,344,351 FUNDS Ui)rcslricted funds Restricted funds 20 1,350,854 1,311,381 TOTAL FUNDS 1360 639 1344351 Th¢ not¢s form part of tl)¢s¢ fiiiancial slateiiicnls Page 12
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED IYUMBER: 03874271) CHARITY BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total fui)ds Uiire8tricted fui)d Rc5tricled fiLnd5 Notes FIXED ASSETS Tangible assets Investments 15 16 685,414 685,414 677,059 685,415 685,415 677,060 CURRENT ASSETS Debtors Cash at bank and in hand 17 130,553 130,553 485 429 101.174 372 897 606,197 9,785 615,982 474,071 CREDITORS Aniounls fall ing due witliin one year 18 (45,307) (45,307} {46,592) NET CURRENT ASSETS 560 890 570 675 427,479 TOTAL A(iSETS LESS CURRENT LIABILITIES 1,246,305 9,785 ,256,090 1,104,539 PROVISIONS FOR LIABILITIES 22 {3,637) (3,637) NET ASSETS 1242 668 1252 453 1104 539 FUNDS Ui)restricted fuiids Restricted funds 1,242,668 1,071,569 TOTAL FUNDS 1252 453 1 104 539 Thesc finai)cial statement8 havc bceii prcparcd in accordancc with the provisioi)s applicable to charitable companies subject lo the small conipai)ies rcgime. The financial slatcinet)Is werc approved by the Bop4rd of Trustees Al)d authorised for issue on 3 October 2024 and were sigilcd on 115 behalf by- M J Wilnio¢- Tn15t¢¢ Tlie not¢s form part of these fiiiancial staletn¢nts Pag¢ 13
TYNE THEA TRE AND OPERA HOUSE PRESERVATION TRUST CONSOLIDA TED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flow5 from operating activities Cash generated froin operations 567,174 Ncl cash (used iii)Iprovided by operaling aciivitics 567 174 CAgh l]oivs from Investlng activltles Purchase of tangibl¢ fixed ass¢ts Int¢r¢st received (98,077) 1,815 (82,947) 461 Net cash provided by iiiveslii)g activities 96,262) 82 486) Cash floivs (rom financing activities Repaynieiil of loaiis 10,021) Nel cash provided by financing activities 10021} Change in cash and cash equlvalenls In the reporling period Ca%h and cash equivalents at the beginnlng of the reportlng period 128,7901 474,755 796425 321670 C15h and cash equlvllenls at the end of Ihe reportlng perlod 767 635 796 425 Tlie notes forft) part of Ihcsc fii)ancial statements Page 14
TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net ineome for the reporting period (as per the Statement of Finan¢l&l Aetivities) Adjustrnents for: Depi'eciatioii charges Interesi rcceived Tax (Increase)/decrease in stocks (Increase)/decrease in debtors (Decrease)lincrease in creditors {Dccrcas¢)lincrease in provisior)s 16,288 292,717 26,228 (1,815) 16,106 (910) 25,022 (7,063) 19.674 {461) 967 (5,866) 122,726 137,417 Net cash (used in)Iprovlded by operations 567 174 ANALYSIS OF CHANGES IN NET FUNDS Al1.4.23 Casl) flow At 31.3.24 Net cash Cash at bank aiid in hand 796425 28.790) 767.63S 796 425 28 790) 767,6JS Totil 796,425 28 790} 767 635 The notes form part of these fii)ancial slaieinents Page 15
TYNE THEATRE IiND OPERA HOUSE PRESERVA TION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2D24 CHARJTY INFORMATION Tyiie Theatre and Opera House Preservation Trust is a Charitable Company liinited by CJuaraiitee, registered iii England. Tlie address of the Charity's iegi51ered office aiid principal place of busiiless is Tw)e Theatre and Opera House, 117 Westgale Road, Newcastle Upon Tiqie, Tyne and Wear, NEI 4AG. ACCOUNTING POLICIES B051s of preparlng the flnanclal statements The financial statements of the charitable company, which ts a public benefit entity under FRS 102, liave been prepared in accordance with the ChaTlties SORP (FRS 102) 'Accoumling aiid Reporting by Charilies.. Sialeniertt of Recommended Practice applicable to cliarities preparing 11)eir accounts in accordance with Ihe Financial Reporting Staiidard applicabl¢ in the UK and Republic of Ireland (riis 102) (effective l January 2019),, Fiiiancial Reporting Standard 102 'The FilncIal Reporting Staiidard applicable in Ihe UK and Republic of Ir¢land' and the Compaiiies Act 2006. Th¢ finai)cial sialeiments have been prepared ui)der the historical cost eonvention, with the excepti017 of inveslmei)ts whicli are included al market value. Tlic fiiiancial stal¢m¢nts are prepared in slerliiig, whicli is Ilie fi]n¢tional curr¢i)cy of the Group. Monetary arnounls are rouiided lo the neare51 £. Income All inconie is recogiiised iii tlie Siateineiit of Fii)ancial Activilies oiice ilie group has eillilleinenl 10 the lid$, il is probable Ih&l the iiicoinc will be receivcd aiid tlie ainount can be Imeasured reliably, Voluntary incon1e is received by way of graiils aiid doiialions and 15 included in full in the Staien)enl of Fiiiancial Activities wheii receivable. Investinent incoine is iiicluded whcn receivable. Rental inconie is recorded wheti it is receivablc. Iiiconiiiig resources froni 8raiils, wl)ei'e related to performance ai)d specific deliverables, Are accounted for as Ihc group earns the right to consideration by ils perforniaiice. Expendlture Liabilities are recogniscd as expenditur¢ as sooi) as tl)ere is a leg¢il or constnictive obligi< lioii coininillinR the group lo that expeiiditurc, it is probabl¢ that a Iransfcr of ecoi)omic bei)efils will be reqiiired in seiilemenl and the aniount of the obligation can be measured reliably. Exp¢nditure is accounted for oil an accruals basis and has been classified under heading5 Ihal aggregate all cost related lo Ilie category, Where costs Qaiinot bc dir¢rlly attributed lo parlicular headings they have beeli allocated lo aclivili¢s on a basis Gonsisl¢iil with the u5¢ of r¢sources. Charltable actlvltles Charitable expenditure comprises those costs incurred by the Group in the delivery of ils activities and servi¢cs for it% beneficiaries. It includes both Costs that cali be allocated directly lo sucli activities and thos¢ costs of an indircct nature necessary to support them. Governance costs Governaiice costs include those costs associated with tlie inccting Ilie consliliilional and slattilory reqiiireinen¢S of the Charity and include accouiilancy fees ai)d costs linked lo Ilie strategic inai)&Beineiit of the Charity. Allocation and apportionment of costs All costs are allocated between the exp¢iiditiire calcgories of the Sl&teinenl of Financial Aciivilies oil a basis designed lo reflect the iise of Il)e resource. Costs relating to a panicular aciiviiy are allocated directly, others are apportioned based on Slaff iiine across project work, generatiiig fuiids and governaiice. Tangible fixed assets Tangible fixed assets costiiig £1,000 or inore are rapitalised. Tangibl¢ fixcd ass¢ls are initially measiired al cost and subsequenily Ineasured al cost less accuniiilated depreciation and ao¢iiJnulaled iinpairinent losses. Pag¢ 16 conliniied...
TYIYE THEATRE AND OPERA HOUSE PRESER VATION TRUST NOTES TO THE FINAINCIAL STATEMENTS - eontiiiued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnued T2nglble fixed assets Depreciation is provided on laiigible fixed asse15 other Ihaii freehold land aiid buildings. at rates calculated so as to write off the cost of an asset, less its ¢8timated residual value, over Ihe useful ecoiioinic life of Iliat asset as follows: Fixtures and fitliTigs - 15Q/o reducing balatice iii Ihe Cliarity 1250/0 slroighi liiie iii the Conipany Buildings arc not depreeialed as tlie estiniated rcsidual value is greater than the net book value. Subsequent eost8. including I'eplaceiiiei)t pails are capitalised only wl)en it is probable that such costs will gL'nLialL fulurc ccononiic beiiefils. Aiiy replaced parts or reiiiaining carrying an)ounts are Ilien derecognised. All other costs of repairs and niainlenance are charged lo Ilie Stal¢n)enl of Finaiicial Activities as incurred. Investments Inveslmcnls are iiiitially nieasured at cost aiid subsequetjtly measured ai cost less accumulated impairmeiil losses. Stock5 Stocks are slated al Ilie lower of cost aiid esliinaied selling price less costs to complete and sell. Cost coinprises direct materials. Fund •ccouiiting Ui)restricted tui)ds cali be used iii accordaiice with the cliarilable obje¢tives al tlie discretLOli of th¢ Irusiees. Restricred funds can oiily be used for particular reslriclcd piirposes wilhii) the objects of the chariiy. Restrictions arise whcn specified by the donor or when funds are raised for particular restricted purposes. Fuither explanatioii of11)e nallirc aiid purpose of cacl) fuiid is iiicluded in Ilie Iiol¢s to the financial slalemeiits. Flnancial Instruments The Cliaritable coiiipaiiy has elected lo apply the provisioiis of s¢clioi) I I 'Basic Financial liistrum¢nlS' aiid Seciion 12 '0tlier Finaiieial In8irumciils 184ues' of FRS 102 to all of ils financial inslrumenl5. Financial instrumcnls are recognised in the charitable coinpaiiy's balance sheet wh¢ii thc charitable conipany b¢¢omes party to the coiitractual provisions of Ihe iiistrumei)I, Financial assets and liabilities are offset, with the iiel amounts presented iii the financial slalements, when there is a legally enforceable right lo set off th¢ r¢coEnised Jinouiits and there is intentioii to settle on a net basis or lo realise the asset and settlc the liability simultaneously. Basic financlal asset$ Basic finan¢ial assets, which include debtors and cash and bank balances, arc initially measurLd al transaLlii)n price incliiding transaction costs and ar¢ subseqiiently carried at amonised cost using the effectlve ii)lerest method iinless the arTangeinenl conslittit¢s a financing transaction, wh¢r¢ th¢ transaction is measiired at present value of the fiiture receipts discoiinted al a market rate of interest. Financial ass¢ls classifted as receivnble within one ycar are not amor115ed. Classification of financial liabilitie5 Financial liabiliti¢s and equity inslrunienls are classified according to substance of Ilie contractual arrangenients ent¢r¢d into. An eqiiity insirumenl is any contract that ¢vid¢nc¢s a r¢sidual interest in the assets of the charitablc company after d¢du¢ling all of its liabilities. Basie financlal Ilabllltie$ Basic financial liabiliti¢s, including creditors, bllnk loans, other loans, and pieference sliares that are classified as debt. are initially recognis¢d at Iransaclion pri¢¢ utlless the arrangcin¢nt constitutes a fiiiancing tr&nsactLOtI, wliere the debt instniin¢nt is ii)easured at th¢ present valuc of th¢ futur¢ payinenls discounted al a inarket rate of interest. Financial liabilities classified as payable witliin one year are not amorlised. Page 17 conlinlied...
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDF.D 31 MARCH 2024 ACCOUNTING POLICIES- eontlnued Debt inslrunients are subsequently carried at aiiiortised cost, using the effective iiiterest rate method. TTade creditors are obligations to pay for good5 or service5 thal have been acquired in the ordiiiary Course of busine55 fr0111 5upplieis. Amounts pAyable are classified as Current liabilities if payment is duc within ot)e year or less. If nol, Il)¢y arc pi'esented as iioii-curretil liabilities. Trade creditors arc rccogiiised iiiilially at transaction price and subsequently in¢asured at aniortiscd cost using the effective iiiteresl n)eihod. TxitIon The charity is excinpt froin corporation lax on its charitable activities. The tax expense represents the surn of tlie current lax expeiise and deferred tax expense. Current tax assets arc recognised wl)en tax paid exceeds the tax payable. Current and deferred lax is charged or credited lo profit or loss, ex¢q)t when il relates to items charged or credited to otlier compreheiisive income or equity. when the tax follows Ilie Irai)saclion or eveiit il relates lo and is also charged or credited to othcr comprehensive inconie, or cquily. Deferred tAx is calculated at 11)e tax rates that are expected to apply lo the period when th¢ asset is rcaliscd or the liability is settled bascd 01) tax rates that Iiave been eiiacled or subslanlively ¢nact¢d by th¢ rcportiiig date. Deferred lax liabilities are recogiiised in respect of all liming differeiices that exist at the reportiiig dale. Timing differences are differeiices belween taxable profits and total coinprehensive iiicorne that arise froni the inclusioii of inconie and cxpen,ses iii lax assessmeiils in diffcrcnl periods froin their recognition ii) tl)e financial siatemei)Is. DcfL'rrcd l¢lX <15sLL¥ (IfL' rLLugniscd only to th¢ cxl¥nl that it is probable tl)at Ihey will be recovered by the rev¢rsal of deffeed lax liabilities or other future taxable profits. Employee bencfit5 The costs of shorl-term employee beiiefits are recognised as a liability and an expeiise, unless those costs are required io be recognised a5 part of the cost of stock or fixed assets. The cost of any unused holiday cntillcmenl is recognised in the period iii which Ihe eniployee's services are received. Retirement benefits The Group coiitributes a perceiiiage of salary lo einployees aiid pays 11)is into the iioikniiiated Group Pet)sion Plan, C051s are Charged lo the ii)come and expendimre account as incurred. Crltleal accountlng estlmales and orea5 of Judgement Estimates and judgements are coiilinually evaluated aiid are based on hisiorical experience aiid other factors, iiicludinB expe¢tatioii of future ¢vents that are believed lo be reasonable under circumstance8. Golng concern The accounts have been prepared on the going conccrii basis. The Irustecs l)ave preparcd fitlaiicial forecasts which provide a reasonable expeciatioii that the group will be able lo continue to meel ils commitments for the comiiig reporting periods. The Iruslees have reviewed the group'q forecasts and projections and wliilst the e¢oiiomy remains uncertain, the Irust¢¢s ar¢ confident thal the charity will be able to meet its lai'gels. Therefore. the Iruslees have a reasonabl¢ ¢xp¢ctalion tliat th¢ groiip will have adeqii&te resources to conliniie in operational existence for the foreseeabl¢ future. The group therefore contitiues lo adopt the going concern basis in preparing its financial stal¢ments. ConsolidAtion The consolidated financial slateineiits incorporale those of the charitable company, Tyne Theatre and Opera House Pr¢servation Tnist and its wholly owned trading subsidiary, Tyne Theatre & Opera House Limited. All financial statements are inade up lo 31 March 2024. Where necessary, adjustments are made lo the financial slaleinenls of the subsidiary to bring the accoiijiling policies used into line with those used by other niembers of the Groiip. All intra-groiip transactions, balances, and iinrealised gains on transactions b¢tw¢en group companies are ¢liniinatcd on consolidalioii. Unrealised losses are also eliininaied iinless Ili¢ traiisaclion provides ¢vidence of an impairm¢iit of the asset transferred. Page 18 coiiliniied...
TYNE THEATRE AND OPERA HOUSE PRESERVATIOLY TRUST NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contiiiued Parent Statement Of Flnaneial Activities As pern)illed by $408 Companies Act 2006. the charitable compaiiy has iiol presenlcd it8 own Stat¢m¢iii of Fiiiaiicial Activities as it prepares gi'oup accounts. DONATIONS AIYD LEGACIES Group 2024 Group 2023 Charity 2024 Cliarily 2023 Doliations Grants 19,245 172 783 4,722 175315 19,245 171,722 4,722 175,315 192,028 180037 190 967 180 037 OTHER TRADING ACTIVITIES Group 2024 Group 2023 Cliarily 2024 Cliarity 2023 Bar & confectionery sales Hire fees & associated iiicoinc Fundraising activities rheaire produclion iiicome Prescrvalion fees Insurance recliarges 521,276 869,245 20.225 41.103 63,461 14,366 460,826 755,547 28,370 47.123 52.533 12,001 41,103 63,461 17,643 47,123 52,533 1529 676 1351059 153,817 144 916 INVESTMENT INCOME Group 2024 Group 2023 Charity 2024 Charity 2023 Shares in group uiidLriakings Deposit account ini¢resl 194,976 90,346 461 461 461 196791 90,807 RAISING FUP4DS Other tradlng acllvltles Group 2024 Group 2023 Charity 2024 Cliarity 2023 Trading cost of sales Tr¢iding admiiiislralive expei)ses Fundrai5kng c051s Theatre prodiiclion costs 510,572 786,892 8.827 14,971 471.140 532,798 603 16,591 8,827 14.971 603 1321,262 1,021,132 23,798 17,194 CHARITABLE ACTIVITIES COSTS Siipport costs (see note 8} Direct Costs Totsls Theatre resloralion 180,277 189,586 369.863 Page 19 eonliniied...
TYIVE THEATRE AND OPERA HOUSE PRESERVA TION TRUST NOTES TO THE FINANCIAL STA TEMENTS- continued FOR THE YEAR ENDF,D 31 MARCH 2024 SUPPORT COSTS Goveniaiice costs Managcinciit Fiiiance Totals Theatre resloratioii 167,570 136 189,586 Support costs, included ii) tlie abovc, al-e as follows.. Governan¢¢ costs 2024 Theatre restoralioii 2023 Tlicatre restoration Auditors, remuneratioi) Auditors, remuiieralioi) for i)on-audit ivork Accountancy Legal & professional fces Meeting costs 7,600 4,175 1,020 8.885 200 7,250 3,750 6,985 20 21,880 18,005 NET INCOMEI(EXPENDITURE} Nel ii)come/(expendilure) is slated after char8ii)gl(crediliiigl'. Group 2024 Group 2023 Charity 2024 Charity 2023 Intei'est received Inlerest paid Audiloi's, remuncralioii Auditors, remuiieralioii for iioii-audil work Depi'ecialion . owned assets (461) 1,000 9,750 (1,815) (4611 664 10,250 6,875 7,600 4,175 7,250 19,674 io. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, reniuneratioi) or otlici. benefits for the ycar cnded 31 March 2024 iior for the year ¢nded 31 Mai'ch 2023. Trustees expenses Ther¢ were no trustees, ¢xp¢i)S¢5 paid for tlie year elided 31 March 2024 (2023: £248). STAFF COSTS Group 2024 Group 2023 Charity 2024 Cliarity 2023 Wages and salaries Social security costs Other pension costs 782,049 39,220 12,584 593,594 27,670 9,194 45,312 48,279 833 853 630458 48,279 Page 20 onliiiiied...
TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST NOTES TO THE FINANCIAL STATEMENTS- eontlIiued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS- continued Tlie average moiiilily number of en)ployees during Ilie ycar was as follows: Group 2024 112 Group 2023 86 Charity 2024 Cli&rity 2023 Tl)eatr¢ staff Charity staff 115 89 No employees reccived einoliiniei)ts iii excess of £60,000. The reniuneralion of kcy Inanageiiient personnel during tlie year was £74,893 {2023: £39,362). Key nianagenienl is inade up of Ilie senior manageiiient team employees. 12. TAXATION- Group only Analysfi5 of the tax eharge The lax charge 011 Ilie profit for the year was as follows.. 2024 2023 Deferred tax 16,106 967 Tax on profit 16,106 967 13. COMPAII4TIVES FOR THE CONSOLIDATED STATEMENT OF FINANCJAL ACTIVITIES Uiirestricted lid Re$tri¢ted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 7,222 172,815 180,037 Oilier trading activities Iiiv¢slment income 1,351,059 461 1,351,059 461 Total 1,358 742 172 815 531,557 EXPENDITURE ON Raisii)g funds 1,021,132 1,021,132 Charltable actlvities Theatre restoration 145 222 71,519 216741 Total 1166354 71,519 1237 873 Taxation (967) (967) NET INCOME Transfers behveen funds 191,421 68,326 101,296 68.326) 292.717 Net movcment In funds 259,747 32,970 292,717 RECOIYCILIATIOIY OF FUIYDS Total fiinds broiight forward 1,051,634 1,051,634 TOTAL FUNDS CARRIED FORII'ARD 1311,381 32,970 1,344,351 Page21 conliniied...
TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST NOTES TO THE FINANCIAL STATEMEiYfs- continued FOR THE YEAR ENDED 31 MARCH 2024 14. COMPANY LIMITED BY GUARANTEE The Charitable Con)paiiy does iiot have a share capital aiid is liillited by guaraiitee. Ea¢h i))en)ber of Ilie Cliaritable Compai)y uiidei'lakes lo ¢oiitribute to tlie assets of the Chariliblc Coi)Ipany, in tl)e event of il being woiiiid up such antouiits as may be reqUId will not exceed one pouiid. 15. TANGIBLE FIXED ASSETS - Group Fixtures ai)d fittings Freehold propeity Totals COST Al l April 2023 Addilivns 600,000 151,526 98,077 751,526 98,077 At 31 Marcli 2024 600 000 249.603 849,603 DEPRECIATION Ai l April 2023 Cliarge for ycar 61,596 61,596 Al 31 March 2024 NET BOOK VALUE At 31 March 2024 600 000 161779 761779 Ai 31 March 2023 600 000 689 930 TANGIBLE FIXED ASSETS- Charlty Fixtures and fittings Freehold pioperty Totals COST At l April 2023 Additions 600,000 106,745 706,745 At 31 March 2024 600 000 731000 DEPRECIATION At l April 2023 Cl)arge for year 29,686 29,686 At 31 March 2024 45,586 LYET BOOK VALUE Al 31 March 2024 600,000 685,414 At 31 March 2023 677 059 Pag¢ 22 conliniied...
TYLYE THEATRE AND OPEIL4 HOUSE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. FIXED ASSET INVE.8TMENTS- Charity only Unlisted iiivestiTheJils MARKET VALUE At l April 2023 aiid 31 March 2024 NET BOOK VALU Ai 31 Marcli 2024 At 31 March 202.1 There were no investnienl assets outside the UK. Tlie charitable ¢onipaiiy's inveslinei)Is at th¢ balai)cc sl)eei date in the shaTe capital of conipanies iiiclude Ilie following.. Tyne Theatre & Opera House Llmlted Regi%lered office.. 117 Wcstgate Road, Newcastle Upoii Tyii¢, Tyne & Wear, NE14AG Nature of business., The operatioii of a theatre Class of sliare: /0 holdiiig Ordinary 100 2024 2023 Aggregatc capital aiid reserves Tumovcr Expei)diture Profil for 11)e year 108,187 239,813 1,398,745 1,227,100 (1,335,39S) (1,025,862) 201,238 17. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 Trade debtors Aniounts owed by group uiiderlakiiig5 Other debtors VAT Accrucd income Prepayments 104,566 138,062 52,899 62.514 10,650 56,453 14,795 17,628 24,914 17,442 17,442 7,259 154,367 179,-389 130 553 101,174 18, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 Groiip 2023 Charity 2024 Charity 2023 Bank loan Trade creditors VAT Taxalion and social seciirity Deferred income Acctued expens¢s Other creditors 10.000 125,806 10,000 149,248 13.391 27,478 2,512 12,914 3,294 8,753 59,223 81,492 24,924 59,875 65,866 18,881 3,542 11,775 7,350 23,034 310,198 317261 45,307 46.592 Page 23 onliiiiied.
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 19. CREDITORS: AMOUNTS FALLINC DUE AFTER MORE THAN ONE YEAR- Group only 2024 2023 Bank loans 21.734 20. MOVEMENT IN FUNDS - Group Net IT)oveineiit in funds Transfers belweeii fiinds At 1.4.23 31.3.24 Unrestrleted funds General fund 1,311,381 23,034 16,439 ,350,854 Re511'icted funds National Lottery Heritage Fund Architectural Heritage Fund Tlicatr¢s Trust Janies Knoll 3,294 (5,459) (1,287) 2,165 1,287 (19,8911 19,891 TOTAL FUNDS 1344.351 1360 639 Nel nioveineiit in funds, included in the above are as follows: Incoiiiing resources Resourccs cxpci)ded Movemeiit in funds Unr¢5trlcted funds General fund ,567,683 (1,544,649) 23,034 Restricted funds National Lottery Herilage Fund Architectural Heritage Fuiid 112,423 (117,882) 44 700) (5,459) 155 836 162,582) 6,746) TOTAL FUNDS 1723519 (1,707.231) 16,288 Comparatlves for moi'ement In fund5 Net movenienl ii) funds Transfers belweeii funds Ai 1.4.22 31.3.23 Unrestricted funds General fund 1,051,634 191.421 68.326 1,311,381 Restricted funds National Lollery Heritage Fiind Theatrcs Trust James Knoll 71,620 19,891 9.785 (68,326) 3,294 19,891 101,296 TOTAL FUNDS 1051,634 292.717 1,344,351 Page 24 ontinued...
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS- con¢lJ)ued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEMENT IN FUNDS - eontinued Comparative net moveinent in fiii)ds, ii)cluded in the above are as follows- Incoming resoiii'ces Resources ¢xpeiided Moveimenl in funds Unreslricted funds General fui)d 1,358,742 (1,167,321) 191,421 Restricted funds National Loiiery Heritage Fund Archilcclural HLrilugL. Fund Tl)eatres Trust Janies Knolt 134,714 8,425 19,891 9,785 {63,094} {8,425) 71,620 19,891 9,785 172,815 71519) 101,296 TOTAL FUNDS 1,531.557 (1238 840) 292,717 Nglionil Ilerltage Lottery Fund Tliis was graiiled lo restore aiid develop the Grade I listed Tyiie Theatre and Opera House securit)g ils tUre as a working Ih¢atre for the twcniy first century. Tl)e Ihealre has beeii ei)gagiiig wilh the coininui)ity lo restore ils Vicloriaii stage machinery as well as dev¢lop a perfonnaiicc caleiidar database by researcliin8 all Ilie performances that look place behveen 1867, wlien Ilie Ilieatre first opened, and 1919 wheii ihe tl)ealre was converted for cinema use. Archilectur&l Ilerltxge Fund This was r¢c¢ived lo coinmission a design of tlie Grand Salooti tliesc included both the produetioii of the dcsign and professioiial fees. Tlieatres Triist Tliis was received to replace our stage and Fi'ont of House liglititig with energy-efficieiil LED liglils. The stage lighis are currently Tuiigslen. This grant has l)elp¢d wilh the fir51 stag¢ of Il)e replacenienl, after which we will seek foi. niore fuiidin8 opportunities and/or invesligat¢ the option of iiivestiiig Trust funds to coinplele tlie proj¢¢i. James Knott Funding was received lo develop a new venue next door lo the Tyiie Theatre. However, after rthel. coi)sulialion with graiil authorities it liad been agreed to be used as pari of the Graiid Saloon S¢henie. TrRnsfers behyeen funds Transfers between reslriclcd and iinrestricied fiiiids are to accoiinl for the purchase of fixcd assets iising restricted fiinds and the siibsequent lifting of the reslriclion. 21, SECURED DEBTS- Group only The following secured debts are incliided within credtlors.. 2024 2023 Bank loans 21,713 31,734 Thc bank loan is seciired on Ihe assets of the conipany ai)d is du¢ to be r¢paid May 2026. The loan is at a noi)Jinal rate of interest of 2.5 %. Page25 conliniied...
TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 22. PROVISIONS FOR LIABILITIES Group 2024 Group 2023 Charity 2024 Cliarity 2023 Deferred lax li&bility Oili¢r provisions 19,004 2,898 2,898 3,637 23. RELA TED PARTY DISCLOSURES The ¢harilable conipany has taken advantage of exeiiiption, under the tcrn)s of Financial Reporting Standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland,, not to diselose related party transactions with wholly owiied subsidiaries withiii Ilie group. 24. VOLUNTEERS Tl)e Charity places great value on the conlribulions that volunteers Tiiake lo the organisalion. We beiiefiled greatly not oiily froin the considerable liime, eilergy and expertise giveii by Ilie Board of Tru51ees, bul oil)er volunteers as well. Over 11)e Course of the year oile show was organised and perfornied by volunteers, School of Rock. Volunteers also assist with repairs and decoration of the Ihcalre building. Page 26