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 prO￿sS 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 perfoMan￿S, films and activities 60.668 attendan￿S 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 cinde￿118, 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