Company registration number 05541255 Charity registration number 1121007 UK Storyhouse Limited Trustees, Report and Consolidated Financial Statements For the Year Ended 31 March 2024 J i ()l!J{lJ()lJ J= CHAMPION ACCOUNTANTS LLP Statutory Auditors 2nd Floor Refuge House 33-37 Watergate Row CHESTER CH12LE
UK Storyhouse Limited Contents of the Consolidated Financial Statements For the Year Ended 31 March 2024 Contents Page Trustees Reference and Administrative Details Report of the Trustees {including Directors. Report) Independent Auditor's Report 9-11 Consolidated Stslemenl of Financial Activities (induding Income and Expenditure Accounl) 14 Consolidated and Charity Balance Sheet 15 Consolidated Cash Flow Statement 16 Notes to the Consolidated Financial Statements 15-28
UK Storyhouse Limited Trustees Reference and Administrative Details For the Year Ended 31 March 2024 The Trustees, who are also the Direclors for the purposes of company law. present their report and the consolidated financial statements of the Charity and its subsidiaries for the year ended 31 March 2024, which are also prepared to meet the reqltirements for a Directors. report and accounts for Companies Act purposes. The Trustees have adopted the provisions of the Statement of Recommended Practice {SORPI "Accounting and Reporting by Charities- {FRS 102) in preparing the annual report and financial statements of the charity. Registered Charity Name UK Storyhouse Limited Charity Registration Number: 1121007 Company Registration Nurnber: 05541255 Trustees {in the period and at the date of approval): D Watson {Chair) C J Hyndman {Vice Chairl {resigned 2111112023) M Pemy (Vice Chairl (appointed VC 2111112023) N M Adamu E Boekesteijn L A Bumett M L Dalton W A Fergus J W Grout J C Howard (resigned 21111120231 A L Jones (resigned 2111112023) S M Jones H S Lin (resigned 2111112023) R A Matchett (resigned 2111112023) V Venugopal K Lowe (appointed 2111112023) R D Watts (appointed 2111112023) A Tonkin (appointed 1910312024) R E Guest (appointed 19103120241 Storyhouse Hunter Street Chester Cheshire CH12AR Principal and Registered Office: The Charivs professional advisors are as follows= Auditors: Champion Accountants LLP 2nd Floor Refuge House 33-37 Watergate Row Chester CH1 2LE Bankers: Lloyds Bank plc 8 Foregate Street Chester CH1 1XP Natwest Bank plc 33 Eastgate Street Chester CH1 1LG
UK Storyhouse Limited Report of the Trustees (including Directors. Report) For the Year Ended 31 March 2024 The Trustees present their annual report together wth the audited financial slatemenls of the Group and Charity for 1 April 2023 31 March 2024. The annual report seNes the purposes of both a Trustees. report and a directors, report under company law. The Trustees confinn that the annual report and financial statements of the charitable company comply with the current slatulory requirements, the requirements of the charitable company's governing document and Ihe provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 20191. Structure Governance and Mana ement Governing Document The Charity is a company limited by guarantee whose constitution is set out in a deed of trust, as defined by the Companies Act 2006. Board of Trustees The Board at 31st March 2024 is made up of 14 non*xecutive unpaid Trustees, chaired by David Watson. Board membership includes two dedicated positions for Trustees under the age of 25. which were successfully recruited this year. The Board of Trustees is responsible for ensuring Storyhouse's mission and aims are achieved. It is responsible for forward strategy and direction, approving the annual business plan and budget, and monitoring performan and delivery, supporting the Chief Executive and her team. Board Trustees have a diverse range of skills, experience and backgrounds, bringing a range of perspectives to discussions and strategic decisions. Recruitment and appointment of new Trustees New appointments to the Board are advertised and ratified by the full Board. This process is led by a Nominations Committee. New Trustees have a full induction prOsS and take parl in the year-round trustee training programme. Trustees are appointed on a fixed term basis and are subject to a maximum six-year lemi. Decision Making The Board retains full control and approves all major strategic decisions and has ultimate responsibility for the company's conduct and financial stability. Leadership and management of the Charity is delegated to the Chief Executive. The Chief Executive has support from four Directors (Creative, Development. Finance and Operations) together comprising the organisation's Senior Leadership Team. The Board meets four times a year and is supported by a number of Commiltees and advisory groups, which include: Committees.. Finance & Resources Audit & Risk Access & Inclusion Remuneration Nominations Advisory Groups: Artistic Impact & Evaluation Development Commercial This structure provides the Board wth the assurance that detailed attention and scrutiny are being afforded to important strategic issues. Each of Ihe committees and advisory groups are governed by terms of reference. which set out key decisions which must be approved by the Board and Ihose delegated to the standing committees.
UK Storyhouse Limited Report of the Trustees (including Directors, Report) For the Year Ended 31 March 2024 The governance structure and the tenns of reference of committees are reviewed annually to ensure compliance wth the Charity's governing document and to make sure Ihey remain fit for purpose. The affairs of the company are subject to extemal scnjliny by Arts Council England. who are entitled to attend Board meetings as obsetvers. The company has a substanltal contract forservices wth cheshi Wesl & Chester Council, who undertake an annual review and are a150 invited to attend Board meetings as obseNers. storyhouse runs Iwo wholly owned commercial trading subsidiaries, Storyhouse Production Company Limited and Storyhouse Catering Company Limited. Ob'ectives and Activities The objects of the Charity are to promote the presentstion and development of the perfomiing arts in Chester and the surrounding area. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including Ihe guidance 'Public benefit.. running a charity (PB2)'. Sloryhouse is an independent arts centre and creative hub. Every pound we make goes back into Storyhouse, to keep our space free and open. and change lives in our communities. Our home incorporates two theatres. a cinema and library. During 2023124, a new Business Plan for 2024125 was developed. This was Storyhouse's firsl Business Plan since the COVID pandemic, and follows a number of changes within the organisation, including the appointment of a new CEO. Annabel Turpin. who joined in Nov 2023. It is intended to provide renewed focus for the organisation at a time of financial challenge, communicating our ambition and setting out a clear timescale for retuming to a positive trading position. Initially focussed on 2024125. the plan will be expanded later in 2024 to cover the following three years. It set out the followng: Vision.. Here, culture is owned by everyone. Mission". We work every day to be a creative home for our communities. Values.. Listen closely- true empathy lakes effort. So we work hard to understand different points of view, Look around - opportunilies can be spolted by anyone. anywhere. at anytime. So we always have our eyes, ears and minds wide open. Speak up- nol everyone's stories have been told. So we use our voices to amplify those that haven't been heard. Stand up- debate and discussion make things betterfor us all. So we don't shy awayfrom a challenge. Reach out - diverse perspectives solve the hardest problems and make the best decisions. So we seek them out, and invite them in. Strategic objectives.. Creale outstanding artistic opportunilies Tell everyone Sloryhouse is a charity Show why we're vital
UK Storyhouse Limited Report of the Trustees {including Directors, Report) For the Year Ended 31 March 2024 Make people feel welcome here Unlock the full Storyhouse offer The Business Plan is used bythe Leadership Team to inform and steer progress against our mission and objectives. The Board of Trustees monitors delivery of the Business Plan at its quarterly meetings. Achlevements and Performance Last year we welcomed more than 888,000 people through our doors. Storyhouse continues to play an essential role as a free, warm, open space in the heart of the city. We know from feedback that cuslomers from many different communities communities of place, interest. identity. need and action - feel safe here. From that position, we are able lo build meaningful engagement with a range of creative and cultural activities, including with communities that have traditionally been under-served by the cullural sector. Our engagement continues to grow, with a 9 /0 increase in tickets sold and a 32°A increase in attendances at participatory activities in 2023124 compared to the previous year. 193,866 tickets sold for perfoManS, films and activities 60.668 attendanS at participatory activities, including 46.987 for young people's activities 2,280 hours of community-led activity 163,961 books borrowed Highlights from 2023124 Our in-house productions, Storyhouse Originals. included Worth. a co-produclion wilh New Earth Theatre; a version of A Midsummer Nights Dream which toured lo schools before retuming to Sloryhouse-, and cinde118, which outsold previous years and was rated by many as ourbest Christmas show yet. We also made three new shows forthe Grosver)or Park Open Air Theatre: A Midsummer Nighl's Dream, The Greal Gatsby, and for younger audiences, The Wind in the Willows, which attracted more than 22,500 people. We conlinued to complement these productions wtlh a wde range of touring work, across both the main theatre and Garret studio. This included theatre, musicals, music, dance and comedy as well as an extensive programme of work for families. with more than 73,500 tickets sold. Our support for Fallen Angels Dance Theatre as an Associate Company led to the presentation of Traces through Time, a new production in association with the world's firsl recovery orchestra. New Note Orchestra, alongside their ongoing participatory work for people in recovery from addiction. Throughout the year we work with our communities to Co-curate a series of festivals. working with steering groups of people with lived experien of the issues explored. to create events ranging from two days to two weeks in length. Our 2023124 festivals included Storyhouse Queer for LGBTQIA+ communities. Storyhouse Women, Kaleidoscope Festival celebrating and platforming the creative talents of the leaming-disabled community, Sloryhouse Childless and Storyhouse Elders. We also run Chester Literature Festival, which featured authors including David Olusuga, Monty Don and Candice Braithwaile in 2023124, and Wayword, designed to inspire a love of stories and reading in children aged 3- In addition to our co<urated festivals, Storyhouse also supports local communities to stage their own events and activities. In 2023124 55 community groups accessed free space at Storyhouse, amounting to more than 2,200 hours of activity, ranging from domestic abuse support services. bereavement support. chatter and natter, LGBTQ+ reading groups, board game groups and much more. Our film programme continued to offer a wder range of worfd cinema, British independent film, documentary, classics, new releases, family features, outdoor screenings, curated seasons and festivals, alongside some live broadcast screenings, attracting audiences of more than 48,000. Young Storyhouse encompasses our many programmes for young people, which delivered more than 480 sessions across the year. In 2023124 these included= Youth Theatre (8 different groups, split up by age) for young people aged 5-17 Storyhouse Young Company (SYC) for young people aged 18-25 interested in a career in performing
UK Storyhouse Limited Report of the Trustees (including Directors, Report) For the Year Ended 31 March 2024 Young Leaders for young people who are referred to us by partner organisalions to join a sustained creative work experience programme The Agency, a creative entrepreneurship programme for young people aged 15-25 from Lache to develop projects for their community Young Programmers. offering cinema and festival take-over opportunities for aspiring producers and programmers aged 14-25 Young Readers, for graduates of the Young Leaders programme to discuss books and themes Holiday Activity Fund {HAF) winter. spring and SUTnmer clubs for children in receipt of free school meals, often including a visit to a Storyhouse Original production Work Experience Week, for 16 young people in years 10-13 to gain a taste of working at Storyhouse Our library continued to attract intemational recognition, due to its integration with the rest of the building alongside the longest opening hours of any UK public library. Activities included tWI-weekIY Rhymetime sessions for early years, which saw more than 9.000 attendances, storytelling, craft and digitsl support sessions. Financial Position For the financial year ended 31 March 2024. Storyhouse reported a deficit of £393k. This compares lo a deficil of £651k in March 2023, showing a wsitive step forward as we move towards retuming to a break even position and rebuilding our reseNes. The budget for the year ended 31 March 2024 was a deficit of £435K. The actual deficitwas lowerthan budgeted, mainly due to favourable perfOlanCe in the trading company. Raising Funds Totsl income for March 2024 was £7.101m. an increase of £238k compared to the prior year1£6.863m in March 2023). Further detail is provided in notes 3-7 of the accounts. Membership and private giving was slighlly down at £234k {£262k in 20231. Sponsorship income was also lower al £80k 1£97k in 2023). However Trusts and Foundations were higher at £194k {£160k in 2023) and Project Funding was higher at £97k {£45k in 2023}. Grants received from Arts Council England and Cheshire West and Chester Council were £1.33m in 2024, the same amount as 2023. Catering Company Income from the trading subsidiary, Storyhouse Catering Company, was £3.6m (from £3.07m in March 2023). The Catering Company continued to operate The Kitchen at Storyhouse, open daily from 8am to 11 pm, seNing a diverse range of visitors. including students, community groups, home workers. and library users. With a casual dining menu with flavours inspired by Levantine cuisine and a comprehensive coffee shop offer, it provides an accessible and inviting space that complements our wide range of activities. The Kitchen actively supports local suppliers such as Kookaburra Bakery, Peckforton Fami Dairy. David Joinson, and Lost Barn Coffee. The overall contribution from the Calering Cornpany was a surplus of £744k {£504k in March 20231. As well as this significant contribution to Storyhouse's overall revenue, The Kitchen creates essential employment opportunities in hospitality and food and drink. Production Company storyhouse's own productions. Storyhouse Originals. continue lo be developed through the Storyhouse Production Company. Income for 2024 was £933k, down from £1.252m in March 2023 due to the timing of productions. Theatre Tax Relief decreased to £223k (from £328k in March 20231. in line with the shift in timing of eligible productions.
UK Storyhouse Limited Report of the Trustees (including Directors, Report) For the Year Ended 31 March 2024 Assets Net current assets were £815k as at March 2024 {£1,321 k in March 2023). Net group assets were £1,115k as at March 2024 (£1,508k March 2023). Overall cash at bank and cash in hand balance was £1.650k (£2,241k in March 2023). Risk Mana ement and Prin¢1 al Risks The Trustees monitorperformance againstthe Charity's business plan and budgel and have risk management processes in place. There is a comprehensive review annually to examine major strategic. business and operational risks which the Charity faces, and the Audit & Risk committee leads on this process. A risk register 15 maintained and 15 reviewed regularly to confirm that systems have been established to mitigate and lessen these risks. The Trustees have 8 Risk Management Strategy vthi¢h comprises.. An annual review ofthe risks the Charity may face and the likelihood of these risks occurring. Particular attention is given to major risks thal would prevent the organisation from achieving its objectives. The Senior Leadership Team reports any changes in status of these risks, inc5uding any new risks and any actions taken to the Audit & Risk Committee and the main Board. The establishment of syslems and procedures to mitigale those risks are identified in the annual review. Procedures designed to minimise any potential impact on the charity are implemented should these risks malerialise. The risk register identified that there are three risks categorised as high.. ReseNe levels Reserves are cuentlY being used to support the post Covid recovery period, which was exacerbated by high inflation and the cost of living crisis. As progress to date shows, the planned tumaround lo a break even position is undenmay and the organisation is committed to rebuilding its reserves back to target as the business and extemal environment allows. The organisalion identified as a risk due to challenges around recruiting appropriate staff and ageing equipment. An external audit was undertaken to identify prtority works. and a new IT Manager is now in post. Significant progress against priorities has already been made and this risk wll be further redUd by March 2025. Inflationary issues pressures Although the rate of inflation is reducing, resources are still being stretched following the recent period ol very high inflation, particularly in temis of its impact on building costs and salaries and wages. It is anticipated that the rate of expected growth vs inflationary pressure on costs will narrow and relieve some of this pressure going fonard. Goin Concern Your attention is drawn to the going concem note included within the Accounting Polices notes lo the Financial Stalements on page 15. The reserves position of the Charity is set out below. The Board considers that the Charity has adequate financial resources for ongoing operations and our business planning process, which includes financial projections, has taken into account the current economic climate. likely levels of secured income, funding and trading in the forthcoming year. The Board have reviewed and considered all relevant infomiation and it has been determined that they do not create a material uncertainty that casts significant doubt upon the Charity's ability to continue as a going cOnrn. The Charity has a 20-year lease and service contract with Cheshire West and Chester Council, with a rolling three-year funding cycle agreed over that period. The financial settlement for this is now confirmed until March 2028.
UK Storyhouse Limited Report of the Trustees (including Directors, Report) For the Year Ended 31 March 2024 In November 2022, Arts Council Englar)d awarded Storyhouse continued Nalional Portfolio grant funding until 2026. which offers further financial stability to the Charity. In autumn 2024, this is due to be extended to March 2027. The view of the Board is that the CharÉty wll continue in operational existence for the foreseeable fulure. With secured income and based on ils business plan for the forthcoming year, the Trustees have concluded that the Chariiy will be in a position to continue to meet its liabilities, as they fall due. for at least twelve months from signing these financial statements. After consideration of all factors. the accounts have therefore been prepared on the basis that the Charity is a going concern. Reserves At the end of March 2024, total funds caThied forward are £1.1m1£1.5m in March 2023), of this £0 relates to designated funds and £120k in funds restricted in nature. The Board aims to maintain an appropriate level of reserves to support its work and programme of activities. The recommended reserves levels have been delemined in accordance with Charity Commission's best practice guidance. The guidance highlights that the setting of a reserves policy is not a task which can be taken in isolation, but is a product of a charity s strategic planning, budgebng and risk management process. The reserves policy should protect the continuity of the Charity's work and provide appropriate cover against risks to which il is exposed. The ReseNes Policy takes into account the followirbg rtsk factors- Risks associated with income, including funding and sponsorship, being different or lower from that budgeted. Risks associated with expenditure, being different or higher from that budgeted. Planned activity level having idenlified potential threats and optK)rtunities. The charity s contractual commitments. The potential costs associated with having to wind down the organisation in an emergency situation. Overall, the Board believes that the detemined target level of £826k of available reseNes (defined as unrestricted funds not already invested in fixed assets or irrevocably committed for other purposes) to be appropriate based on their review. The Board considers the total requirement of reserves (equivalenl lo just under 3 months total expenditure) provides sufficient flexibility in the context of operational requirement and is in line with other similar charities they have benchrnarked. Al the end of March 2024. the balance held as unrestricted reserves was £996k (£1,440k March 2023) of which £695k were regarded as free reserves {£1,068k March 2023). Plans for Future Periods As noted above, the current Business Plan for 2024125 is being developed to cover the next three years, running to March 2028. This will identify activities in support of the vision, mission and strategic objectives outlined above, and continue progress to retum to a break-even position and start to rebuild reserves by the end of this period.
UK Storyhouse Limited Report of the Trustees {including Directors, Report) For the Year Ended 31 March 2024 Trustees Responsibilities in relation to the Financial Statements The charity trustees (who are also the directors of Storyhouse for the purposes of company law) are responsible for preparing a trustees, annual report and financial stslements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity truslees to prepare financial stalemenls for each year, which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for Ihat period. In preparing the financial statements, the trustees are required to: selecl suitable accounting policies and ihen appty them consistently- observe the methods and principles in the Charities SORP-, make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in Ihe financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe Gharitable company wll continue to operate. The trustees are responsible for keeping adequate accounting records that disclose, with reasonable accuracy al any time, the financial position of the charitable company and lo ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable company. and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware= there is no relevanl audit infomiation, of which the charitable company's auditor is unaware- and the Irustees have taken all steps that they ought to have taken to make them aware of any relevant audit information and to establish that the auditor is aware of that infomiation. The trustees are responsible for the maintenance and integrity of the corporate and financial informalion included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in olher jurisdictions. In approving the Trustees, Annual Report we also approve the Director's Report. included therein. in our capacity as company directors. Signed by order of the Trustees by: D Watson Chair Dale..
UK Storyhouse Limited Independent Auditorfs Report to the Members and Trustees of UK Storyhouse Limited For the Year Ended 31 March 2024 Opinion We have audited the financial statements of UK Storyhouse Limited {the 'charity') and its subsidiaries (the 'group'l for the year ended 31 March 2024 which comprise the consolidated ststement of financial activities, the consolidated and charity balance sheet, the consolidated statement of cash flows and the notes to Ihe financial slatements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group's and charitable CoMpanS affairs as at 31 March 2024 and of the group's incoming resources and application of resources, for Ihe year then ended; have been property prepared in accordance with United Kingdom Generally Accepted AoUntIng Practice., and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance wilh Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are lurther described in the Auditorfs responsibililies for the audit of the accounts section of our report. We are independent of the group and the charity in accordance with the ethical requiremenls that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our otherethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going COnM basis of accounting in the preparation of the financial statemenls is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibililies and the responsibilities of the truslees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for Ihe other infomation. The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does nol cover the other infomialion and, excepl to the extent otherwise explicitly slated in our report, we do nol express any fom of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the olher information is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other infomialion. If, based on the work we have perfomed, we conclude that there is a material misstatement of Ihis other infomiation. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomiation given in the Report of the Trustees. which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent wilh the financial statements.. and the directors, report and the strategic report included within the Report of the Trustees has been prepared in accordance with applicable legal requirements.
UK Storyhouse Limited Independent Auditor's Report to the Members and Trustees of UK Storyhou5e Limited For the Year Ended 31 March 2024 Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the charity and its envimnment obtained in the course of the audit, we have not identified material misstatements in the directors, report and the strategic report included within the Report of the Trustees. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion-. adequate accounting records have not been kept by the charity. or retums adequate for our audit have not been received from branches not wsited by us- or The charily's financial statements are not in agreement with the accounting records and relums., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or Responsibilities of trustees As explained more fully in Ihe slatement of trustees. responsibilities. the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slatements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charilable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or eOr. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in Ihe aggregale, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below: Extent to which the audit is considered capable of detectlng irregularities, including fraud The responsibility for Ihe prevention and deteclion of irregularities, including fraud, lies with the trustees and with those charged wilh governan. The objectives of our audit in respect of irregularities and fraud are lo assess the risk of rnaterial misslatement of the financial stalemenls due to fraud. to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit. Audit procedures We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effecl on the financial statements. We consider the applicable laws and regulations to be the financial reporting framework {FRS 102 and the Companies Act 20061, Charity Law, the relevant tsx regulations in the UK. employrnenl law and the Health and Safely at Work Act 1974 and Safeguarding legislalion. io-
UK Storyhouse Limited Independent Auditor's Report to the Members and Trustees of UK Storyhouse Limited For the Year Ended 31 March 2024 We consider the conlrol environment and the ProdureS in place to address identified risks, including management override, non-compliance with laws and regulations and lo prevenl and detect fraud or irregularity. Our procedures are designed to provide reasonable assuran Ihat the financial statements are free from material misstatement or error and include.. enquiries of management and of staff in key compliance functions. review of reports from regulalors. review of minutes of meetings of those charged with govemance- review and testing of manual journals, relevant nominals and significant transactions oulside the nomal course of business- review of financial statement disclosures and testing to supporting documentation,. perfomiance of analytical procedures. We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied utK)n lo detect all instances of non-compliance with laws and regulations. A further description of our responsibilities for the audit of the financial statemenls is located on the Financial Reporting Council's website at.. htt :I1vV.frc.0r .uklauditorsres nsibilities . This description forms part of our auditorts report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitable company's members those matters we are required to stale lo Ihem in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accepl or assume responsibility to anyone other than the charitable company and the charitsble company's members as a body. for our audit work, for this report. or for the opinions we have formed. Susan Harris MA ACA (Senior Statutory Auditor) for and on behalf of Champion Accountants LLP Chartered Accountants Statutory Auditor 2nd Floor Refuge House 33-37 Watergate Row Chesler CH12LE 11
UK Storyhouse Limited Consolidated Statement of Financial Activities {Including Income and Expenditure Account) For the Year Ended 31 March 2024 2024 Total Funds 2023 Unrestricted Restrlcted Funds Funds Total Funds Notes Income and endowments from: Donations and legacies Charitsble activities 1,727.681 208,421 1,936,102 1,895,693 406.057 406,057 320,391 other trading activities Other 4.536.112 4,536,112 4,318,484 328,433 222,899 222,899 Total income and endowments 6,892,748 208,421 7,101,169 6,863,001 Expenditure on: Raising funds Charttable activities 4,015,081 4,015,081 4,142,219 3,321,866 156.871 3.478,737 3,371,966 Total expenditure 7.336.947 156,871 7,493,818 7,514,185 Net incomel(expenditure) {444,199) 51,550 1392.649) {651,1841 Reconciliation of funds - Total funds brought fOard 1.439,967 68,122 1,508,089 2.159,273 - Total funds carried forward 23 995,768 119,672 1,115,440 1,508,089 The Statement of Financial Actimties includes all gains and losses recognised during the year. ASI Income and Expenditure derive from continuing activities. The notes on pages 15 - 28 fomi part of these financial statements 12-
UK Storyhouse Limited Consolidated and Charity Balance Sheet For the Year Ended 31 March 2024 Group 2024 Charity 2024 2023 2023 Notes Fixed assets Tangible assets InStmentS 14 15 300,506 186,858 300,506 186,858 300,506 186,858 300.508 186,860 Current assets Stocks Debtors Cash at bank and in hand 16 17 24,788 936,345 1.650,907 16,310 1.001,020 2.241,292 268,461 1,616,040 419,395 2,227,545 2,612,039 3.258.622 1,884,502 2,646,940 Liabilities Amounts falling due within one year 18 (1.797,105) (1,937,3) {1.069,568) {1,325,712) Net current assets 814,935 1,321,232 814.933 1,321,228 Net assets 1.115,441 1,508.090 1,115,441 1.508,088 The funds of the charity. Restricted income fijnds Unrestricted funds: General fund Designated fund 20 119,672 68.122 119,672 68,122 21 22 995,768 1,255.025 184,943 995,767 1,255,023 184,943 Total funds 23 1,115,440 1.508.090 1,115,439 1,508,088 The consolidated financial statemenls were approved and authorised for issue by the Trustees on 2024 and were signed on their behalf by= D Watson Company Number.. 05541255 The notes on pages 15 - 28 fom part of these financial statements 13-
UK Storyhouse Limited Consolidated Cash Flow Statement For the Year Ended 31 March 2024 Note 2024 2023 Net Cashflow from operating aclivities Tax reCeId 25 {607,891) 222,899 {1,362,315) 328,434 Cashflow from investing activities Payments to acquire tangible fixed assets 14 {205.393) (51,845) Net Cashflow from investing activities 1205,393) (590,385) {51,845) (1,085,726) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year 2.241,292 3,327,018 Cash and cash equilelents at the end of the year 1,650,907 2,241,292 Cash and cash equivalents consist of: Cash at bank and in hand Short term deposits 1.650,907 2,241,292 Cash and Gash equivalent at the end of the year 1,650,907 2,241,292 The notes on pages 15 - 28 fomi part of Ihese financial statements 14-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Accounting Policies General Information The charity is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Storyhouse. Hunter Street, Chester. Cheshire CHI 2AR. Accounting convention The financial slatemenls have been prepared in aco)rdance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) effective 1 January 2019 - Charities SORP IFRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otheTwise stated in the relevant accounting policy note below. The financial statements are prepared in sterling, which is the functional currency of Ihe charity, rounded to the nearest pound. UK Sloryhouse Limited is a public benefit entity as defined by FRS 102. Basis of consolidation The Consolidated Statement of Financial Activities. the Consolidated Balance Sheel and the Consolidated Statement of Cash Flows include the financial statements of the company and its subsidiaries, Staryhouse Catering Company Limited and Storyhouse Produclion Company Lirnited. Tnade up lo 31 March 2024. There are uniform policies across the group and intra group transactions are eliminated on consolidation. Consolidation is on a line by line basis. A separate Slatement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by Section 408 of the Companies Act 2006. Going Concern As part of their going COnM assessment. the trustees have considered the possible outcomes of events and conditions that the Charity may face, namely the continued impact of the cost-of-living crisis and the financial uncertainty in the UK economy. The Charity has a 20-year lease and service conlract with Cheshire West and Chester Council, with a rolling three- year funding cycle, the financial settlement for which is confirmed until March 2028. National Portfolio grant from Arts Council England has also been confimed until March 2026. and is due to be extended in the autumn to March 2027. In light of the economic uncerlainty. the management team regularly assess what impacts the events and conditions have on a its operations and forecast cash flows. ensuring it has sufficient liquidity to continue to meel ils obligations as they fall due. Financial risks are addressed throLsgh regular monitoring by the Finance & Resources Committee and full board, with the overall budget receiving a full re-appraisal on a regular basis. As such, the trustees consider that the Charity has adequate financial resources for ongoing operations and ils business planning process, which includes financial projections, has taken into account the current economiG climate and likely levels of secured income, funding and trading in the forthcoming year. Current budgets anticipate in the year deficits for the financial year 2024-25. Existing reserves will be used to fund the deficit in the short term. The expected deficit in 2024-25 is lower than 2023-24, which was lower than 2022- 23, so we are seeing the planned tum around. The medium-term financial plan is anticipated lo see the Charity retum to a surplus position in the next few years. The view of the Trustees is that, whilst they acknowledge the significant disruption that the cost-of-living crisis has brought and may continue to bring. the Charity wll continue in operational existence for the foreseeable future. The Irustees have concluded the Charity will be in a position to continue to meet its liabilities as they fall due for at least twelve months from signing these financial statements. In reaching their conclusion, the trustees have reviewed and considered relevant infomation, including the annual budget and future cash flows. After consideration of all factors, the truslees continue to adopt the going concem basis in preparing Ihe financial statements. The funds of the charity General funds are unrestricted funds which are available for use at the discretion of the Tnjstees in furtherance of the general objeckn'ves of the Charily and which have nol been designated for other purposes. -15-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Restricted funds are funds which are used in accordance with specific restrictions imposed by the donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against these funds. The aim and use of each restricted fund is set out in the notes lo the Financial Statements. Incoming resources All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Grant income that is revenue in nature is recognised in full in the year of entitlement where the performance conditions have been met. The point of enlitlement to ticket income is regarded as the completion of the ticketed perfomiance. As such, ticket income is recognised upon completion of the perfomiance that the ticket has been issued for. Amounts received for future performances are included in current liabilities. The other sources of income are received at the point of delivery of the goods or services and are therefore recognised upon receipl. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate al costs related to the category. Costs of generating voluntary income are those incurred in seeking voluntary contributions and do nol include costs of disseminaling infomiation in support of the charitable activities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Tangible fixed assets Depreciation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows: Fixtures and fittings Motor vehicles Compuler equipment 200/0 on cost and 100A on cost 250/0 on cost 25Yo on cost Where it has been identified that the recoverable amount of a fixed asset is below its net book value the asset is written down to ils recoverable amount and the impairmenl loss is recognised in the Slatemenl of Financial Activities. stocks Stocks consist of purchased goods for resale and consumables. Stocks are valued at the lower of cost or net realisable value. Debtors Debtors receivable within one year are recognised at transaction pri. Any losses arising from impairment are recognised in expenditure. Cash at bank and in hand Cash at bank and in hand includes cash held on deposit with a short maturity of three months or less. Creditors and provisions Creditors and provisions are nOnallY recognised at their settlement amount after allowing for any trade discounts due. Deferred income includes.. Income received for events and perfomiances taking place after the balancE sheet date Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of fixed asset investments which are subsequently measured at fair value where this can be reliably measured. Operating leases Rentals paid under operating leases are charged to the income and expenditure on a straight-line basis over the period of the lease. -16-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Taxation As a registered charity, the company benefits from rates relief and is generally exempl from Income Tax, Corporation Tax and Capilal Gains Tax, bul not Value Added Tax. Volunteers The value of services provided by volunteers is not incorporated into these financial statements. 17-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Financial perfomiance of the charity The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiaries, Storyhouse Catering Company Limited and Storyhouse Production Company Limited. The summary financial performance of the charily alone is'.- 31 March 2024 31 March 2023 Income Theatre Tax Relief Gift aid from Storyhouse Catering Company Limited 2.119,259 222,899 743,929 1,887,651 328,433 504,698 Gift aid from Storyhouse Production Company Limited 3,086,088 2,720,782 Expenditure on charitable act1I4ties 3,478,737 3,371,966 Surplusl(Deficit) for the year 392,649 651,184 Totsl funds brought forward 1.508,088 2,159,272 Total funds carried forward 1,115,439 1,508,088 Represented by: Unrestricted fvnds Restricted funds 995,767 119,672 1,439,966 68,122 1,115,439 1,508,088 -18-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Income from donations and legacies Total Funds 2024 Total Funds 2023 Unre*ricted Restricted Funds Funds Funding Members & prite GiiAng Sponsorship Income Trusts and Foundations Project Funding 234,295 79,700 1,261 81,800 234,295 79,700 194.482 97,000 262,267 97,500 160,650 44,651 193,221 15.200 Grants receivable Arts Council England Cheshire West and Chester C(MJncil Golemment Grants 228.015 1,102.610 228,015 1,102,610 228,015 1,102,610 1,727,681 208,421 1,936,102 1,895,693 Of the income from donations and legacies reCeId in 2024. £1.727,681 {2023.' £1,751,122) was unrestricted and £208,421 {2023.' £144,571) was restricted. Incoming resources from charitable activities Unre&ricted Total Funds Funds 2024 Unrestricted Funds 2023 2024 Library operation Engagement Ticketing Other income Project Project Project Funding and administrdtion 25.876 37.355 221.207 121,619 25,876 37,355 221.207 121,619 23,852 81,376 100,780 114,384 406.057 406.057 320.392 other trading activities Unrestricted Funds 2024 Totsl Funds Unrestricted Funds 2023 2024 Storyhouse Pr(xluction Company Limited Storyhouse Catering Company Limited 932,552 3,603,560 932,552 3,603,560 1,252,096 3,066,388 4.536.112 4,536.112 4,318,484 -19-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Net income from trading activity of subsidiary companies The chariiy owned 1000/0 of Ihe share capital of Sloryhouse Calering Company Limited and Storyhouse Production Company Limited at 31 March 2024. Both subsidiaries are registered in England and Wales. The principal activity of each subsidiary is detailed below together with their trading resuSts for the year. Storyhouse Catering Company Limited The principal activity of the company was that of catering, cinema and receiving touring theatre at Storyhouse, Chester. The comparby registration number is 10709991. 31 March 2024 31 March 2023 TUm0r Cost of sales Administration expenses 3.603,560 3,066,388 2,798,163 2,512,672 61,467 49,018 {LossVProfit before taxation and for the financial year 743,930 504,698 Amount gift aided to the charity 743,930 504,698 Retained earnings brought forward and carried fonvard Current assels 684,901 684,900 847,422 847,421 Current liabilities Net cuent assets Called up share capital Retained eamings -20-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 storyhouse Production Company Limited The principal activity of the company was that of theatre company production at Storyhouse, Chester. The company registration number is 10709994. 31 March 2024 31 March 2023 TUm0r Cost of sales Administration expenses 932.552 1,133,709 21.742 1,252,096 1,560,990 19,539 Loss before taxation 222,899 328,433 Corporation tax credit lTheatre tax reliefj 222,899 328,433 Profit for the financial year Current assets Current liabilities 670,652 670.651 562,470 562,469 Net current assets Called up share capital Retained eamings Other income Unrestricted Total Funds Funds 2024 Unrestricted Funds 2023 2024 Theatre tax relief 222,899 222,899 328,433 222,899 222,899 328,433 -21
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Costs of raising funds Unre&ricted Funds Totsl Funds 2024 Total Funds 2023 Storyhouse Production Company Limited storyhouse Catering Company Limited 1.155,451 2.859,630 1.155,451 2,859,630 1,580,529 2,561,690 4,015,081 4,015,081 4,142,219 Costs of Charitable Activities by Activity Type Direct Costs Support Govemance Costs Costs Total Funds Total Funds 2024 2023 Charilable actiiites Management Finance Building ObEtheads 2,304,082 2,304,082 911,081 116,931 146,643 2,329,180 814,521 109,352 118,914 911,081 101,931 146,643 15.000 2.304.082 1,159,655 15,000 3,478,737 3,371,967 Costs of charitable activities were £3,473,902 (2023-. £3,371.966) of which £3,317,031 {2023'. £3,215,192) was unrestricted and £156,871 (2023.. £156,774) was restricted. 10 Net incomel{expenditure) for the year 2024 2023 This is stated after charging: Depreciation Auditors remuneration Audit of the financial statements - Accountancy seNces Operating lease costs: Land and buildings Molor hiCle - Copier 91,745 73,148 15.000 14,300 24,792 4,558 2,692 36,900 3,660 2,692 Trustees, Remuneration None of the Trustees received any remuneration or benefits in kind in respect of their duties as a trustee. Expenses were paid to Truslees during the year in amounl of £961 (2023.. £3,744). -22-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 12 Analysis of staff costs and the cost of key management personnel Total staff costs were as follows Group 2024 Charity 2024 Group 2023 Charity 2023 Wages and salaries Social security costs Pension costs 2,352,554 201,588 84.414 1,486,165 176,954 72,422 2.271,932 195,730 74,099 1,405,841 165,663 61,265 2,638,556 1.735.541 2,541,761 1,632,769 Key management comprises the executive team. The total employee benefits of the key management personnel were £320,631 12023.. £323.471). 13 Particulars of employees The average number of staff employed during the year was 145. analysed by funclion as follows.. 2024 Number 12 19 2023 Number Project Head office 17 Kitchen Marketing Production Cinema Touring Trading Casual staff 87 88 145 142 During the year the number of employees who eamed more than £60.(X)O was as follows: 2024 Number 2023 Number £60.000 - £70.000 £70,000 - £80,000 £80,000 - £90.0 £90,000- £100,000 Therewere no disclosable lermination payments made in the year. (2023= A termination payment was made under the terms of a legal agreement which prevented disclosure of further infomiationl. The charity contributes lo a defined conlribution pension scheme for its employees and an equity pension scheme for self employed actors. The sum of £84,41412023- £74,100) represents the pension cost to the charity for the period. The full cosl has been charged against unrestricted funds. -23-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 14 Tangible Fixed Assets Group and Charity Fixtures and fittings Motor Computer vehicles Equipment Total Cost At 1 April 2023 Additions 940,409 169,832 14,328 203,694 35,561 1,158,431 205.393 Al 31 March 2024 1,110,241 14,328 239,255 1,363,824 Depreciation At 1 April 2023 Charge for year 764,417 81,848 14,328 192,828 9,897 971,573 91,745 At 31 March 2024 846,265 14,328 202.725 1,063,318 Net Book Value At 31 March 2024 263,976 36.530 300,506 At 31 March 2023 175,992 10,866 186,858 15 Investments Group Charity 2024 2024 2023 2023 InStMentS in subsidiaries 16 Stocks Group 2024 Charity 2024 2023 2023 Stock 24,788 16,310 17 Debtors: Amounts falling due within one year GTOUP Charity 2024 2024 2023 2023 Amounts owed by group undertakings Income tax reCorable Trade debtors Other debtors Prepayments and accrued income 16,312 550,562 73,385 146,660 165,738 494,219 257,791 32.958 216.052 56,234 146,660 49,256 250,446 32,958 135,991 936,345 1.001,020 268,461 419,395 -24-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 18 Liabilities: Amounts falling due within one year Group Charity 2024 2023 2024 2023 Trade creditors Amounts owed to group undertakings PAYE and Social Security VAT Other creditors Accwals and deferred income 211.477 198.779 186,690 171,272 274,679 40,390 111,518 80,910 646,943 49,253 73,026 148,427 1,314,922 40.390 111.518 81,147 1,505,556 49,253 73,026 140,452 620,147 1,797,105 1,937,390 1,069,568 1,325,712 Deferred income Defeed income at 1 ApTiI 2023 Utilised in year ReCeId in year Deferred income at 31 March 2024 355.571 (355,571) 1,080,336 1,080,336 19 Operating Lease Commitments Total future minimum lease payments under nOn-CanlIable operating leases are as follows.. 2024 2023 Within one year Between one and years 70,892 178.794 30,980 32,403 249,686 63,383 20 Restricted Funds Group and Charity Balance at 1 Aprll Incoming 2023 Resources Balance at 31 March 2024 Outgoing Resources Youth Projecls Community Festiwdl Funding 68.122 193,221 15,200 141,671 15,200 119,672 68,122 208,421 156,871 119,672 All restricted fvjnds are included in the Charity accounts -25-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Group and Charity Balance at l April Incoming 2022 Resources Balance at 31 March 2023 Outgoing Rèsources Youth projecls Festival funding 80.325 133,900 10,671 146,103 10,671 68.122 80,325 144,571 156,774 68,122 21 Unrestricted Funds - General Group General Funds Charity General Funds As at 1 April 2023 1,255,025 6,892,748 (7,152,004) 1,255,023 2,877,667 (3.136,9231 Incoming resources Outgoing resources Trdnsfer to designated tunds As at 31 March 2024 995,768 995,767 Group General Funds Charity General Funds As at 1 April 2022 Incoming resources Outgoing resources Transfer to designated ndS 1.545.703 6.718,430 17.009,108) 1,545,702 2,576,211 {2,866,890) As at 31 March 2023 1,255,025 1,255,023 22 Unrestricted Funds - Designated Group Deslgnated Funds Charity Designated Funds As at 1 April 2023 Incoming resources Outgoing resources 184,943 184,943 (184,943) (184,943) As at 31 March 2024 -26-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 Group Designated Funds Charity Designated Funds As at 1 April 2022 Incoming resources Outgoing resources 533,245 533,245 (348.302) {348,302) As at 31 March 2023 184,943 184,943 The value of Designated Funds brought forward relates to general funds received from the Arts Council England Culturally Recovery Fund (£119k) and funds generated through the charity's activities in the previous year (£65kl. The funds were designated by the board of trustees for the purpose of developing the Charity's digilal capability {£15k), invesling in programming and production 1£35k), purchase of equipment necessary to delivery new programmes {£69k) and building and access improvements (£65k). These have all been utilised in the year. 23 Analysis of Group Net Assets Between Funds Total 31 March 2024 Tangible Net Current Fixed Assets Assets Restricted Funds 119,672 119,672 Unrestricted Funds General Funds 300,506 695,263 995,768 Designated Funds Total Funds 3(K),506 814,935 1,115,440 Total 31 March 2023 Tangible Net Current Fixed Assets Restrictsd Funds 68,122 68.122 Unrestrlcted Funds General Funds Designated Funds 186.858 1,068,167 184,943 1,255,025 184,943 Total Funds 186,858 1,321,232 1.508,090 -27-
UK Storyhouse Limited Notes to the Consolidated Financial Statements For the Year Ended 31 March 2024 24 Related Party Transactions Transactions with subsidiary companies are disclosed in Note 6. During the year, there were no transactions with related parties (2023: £Nil). At 31 March 2024, there was £Nil due to tNstees (2023= £Nil). 25 Reconciliation of group net income resources to net cash inflow from group operations 2024 2023 Net incoming resources Thealre tax relief Depreciation of fixed assets Decreasel{increase) in stock {Increaseydecrease in debtors Increasel(decrease) in creditors (392,649) (222,8991 91,745 18,478) 64,675 (140,285) (651,1841 {328,4331 73,148 {3,540) (598,638) 146,332 Net cash inflow from operating activities (607,891) (1,362,315) 26 Analysis of changes in net funds 1 April 2023 31 March 2024 Cash Flows Cash at bank and in hand 2,241.292 {590,385) 1,650,907 27 Guarantee The Charitable Company is limited by guarantee and has no share capital. The members, liability is restricted to £1 each in accordance with the Memorandum and Artides. 28 Fundraising standards information The charity raises charilable funds in-house and does not engage a professional fund-raiser or commercial participator to carry out these activities. The charily has not bound itself to a voluntary scheme for regulating fund- raising and has nol received any complaints with respect to its fund-raising. The charity avoids unreasonable intrusion into a person's privacy. unreasonable persistent approaches and undue pressure on persons in connection with fundwraising. -28-