Company registration number: 6308382 Charlty registration number: 1121284 CITY OF SHEFFIELD THEATRE TRUST IA cornpany Ilmlted by guarantee) ANNUAL REPORT PERIOD ENDED 31 MARCH 2025
CITY OF SHEFFIELD THEATRE TRUST ANNUAL REPORT PERIOD ENDED 31 MARCH 2025 CONTENTS Pa8e Directors, Report and Strategic Report Statement of Trv5tees' Responsibilities Independent Auditors, Report Accounting Policles io Statement of Financlal Activities Ilncluding Income and Expenditure Account) 12 Balance Sheet 13 Slatement of Cash Flows 14 Notes to the Financial Statements 15-22
CITY OF SHEFFIELD THEATRE TRUST DIRECTORS, REPORT FOR THE PERIOD ENDING 31 MARCH 2025 The Trustees and Directors of the charitable company present their report along with the financi31 statements of the charity for the period endin8 31 March 2025. The financial statements have been prepared in accordance with the accountin8 policies set out on page 10 of the financial statements and comply with the charity's Memorandum and Articles and applicable law. The trustees have adopted Ihc provisions OF the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" {FRS 1021 in preparing the annual report and financial statements of the charitv. Legal and admlnistration detalls Off icial name of charlty: Charity re8lstratlon number: City ol Sheffield Theatre Trust 1121284 Company reslstratlon number: 6308382 Reglstered Office: 55 Norfolk Street Sheffield SI IDA Dlrectors and Trustees; Mr James Garnett Ms Eleanor Lang Mr Neil MacDonald OBE Ms Kirsten Major Ms Rosle Neave Mr Arun Sin8h Chief Executlve.. Tom Bird Bankers: Barclays Bank I St Paul's Place Norfolk Street Sheffield $12JW Audltors.. Hawsons Chartered Accountant5 Statutory Auditor Pegasus House 463a GIo550p Road Sheffield 510 2QD
CITY OF SHEFFIELD THEATRE TRUST DIRECTORS, REPORT FOR THE PERIOD ENDING 31 MARCH 2025 (continued} structure, Governance and Management Governing document City of Sheffield Theatre Trust Limited ICOSThI is a company limited by guarantee eoverned by Its Memorandum and Articles of Association dated 21 December 2011. It is re8i5tered as a charity with the Charity Commission. Sheffleld Theatres Trust is the sole member of the organisation and it has 6 trustees. Objects The primary objects of the charity specified in the Memorandum and Articles of Association are the advancement of the arts and lo educate the public in the art of drama in particular by the production. promotion, presentation and the management of plays, mime, ballet. dance, sin8in& music and any other artistic works at The Lyceum Theatre and such other premises of the Company or elsewhere, OrganlsatSon The board of trustees, which must have no fewer than 3 members, administers the charity. The board meets twice a year and there are sub-committees covering finance and audit, human resources ond trustee nominations which meet more regularly. A Chiof Executlve is appointed by the trustees to manage the day to day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority. within terms of delegation approved by the trustees, for operational matters includin8 finance, employment and artistic performance related activity. Appolntment of trustees The six trustees are nominaled by Sheffield Theatf es Trust. Trustee Inductlon and tralnlng New trustees are invited to the registered offlce of COSTT to meet wlth the Senior Management Team to brief them on thelr le8al obli8ations under charity and company law. the content of the Memorandum and Articles of Association, the committee and declslon-maklng processes, the business plan and recent financial performance of the charltv. Publlc beneflt The board of trustees have complied with the duty in section 4 of the Charifjes Act 2006 to have due re8ard to public benefit guidance publlshed by the Commission. The charity seeks to maxlrnise attendance and participation in its activities to ensure that audience5 are diawn from every socio- eeonomic groups and age ranges. It does this by advertisin8 to the publlc through the media. print, social network and reaching out to Ihe local community. We continue to offer tickets at £5 under the Llve for 5 scheme to everyone between the age of 16 and 26.
CITY OF SHEFFIELD THEATRE TRUST DIRECTORS, REPORT FOR THE PERIOD ENDING 31 MARCH 2025 (continued Risk management The Trustees are committed to the identification and mana8ement of the major stf ategic, business and operation31 risks which the charity faces. A multi function team of managers within the organisalion is tasked with communicating with all levels of the organisation to identify risk and regularly update a detailed risk register identifying likelihood and impact tO8ether with actions necessary to mitl8ate the risk. The principal risk relates to the cancellation of a guest production or failure of critical technical equipment. These are typical risks in a presenting theatre and the trustees and senior mana8ement team are fully aware of these risk5 and monltor them regularly. Related parties City of Sheffield Theatre Trust. Sheffield Theatres Crucible Trust, Sheffield Crucible Pioductions Ltd, Offstage Ltd and The Montgomery Theatre and Arts Centre Ltd are all subsidiaries of Sheffield Theatres Trust. Objectives and a¢tlvltle5 The main objectives for the period are the promotion and fosterin8 of artistic knowled8e and the appreclation of the arts by the provlsion and fulure development of facilities for the education and entertainment of the public in the flelds of art, craft, music and drama. The strategles employed to achieve the charity's objective5 are to: offer opportunities for a broad range of people to get Involved in arts activity exploring their own creative powers,. provide facilitie5 for amateur and professlonal artists to develop. Groups In the cily are Biven dlscounted rates for hlre of space and access to professional advice: concentrate on involving young people in the arts to help encourage a culture In which dlfferent age ranges plav complimentary part,. celebrate the dlversity of cultures in our soclety by pro8rammin8 presentatlons by, and wlth, artists of different cultural back8rounds,' present a broad range of arts work. 5trate8lc Report The Trustee5 present their Strate8lc Report for the period ended 31 March 2025. Achlevements and Performance sn the Lyceum, we presented a fabulous programme of the finest tourin8 work. The season opened with ovef 13.000 people enjoying the return of SIX. At Christmas, we continued our much-valued co-producing partnership wlth Evolution, on our pantomlme Snow Whlte. Over 52,000 people attended the production. which won the UK Pantomime's award for Best Pantomime lover 900 seats). Marc Pickering- who starred in the show as Herman the Henchman- won Best Supporting ArtlSt. Other highlights included: Murder on the Orient Express, Here You Come Agaln and Chitty Chltty Bong Bong. In the eight month period, we entertained audiences of nearly 200,000. Future Plans The programme continues to grow and develop to ensure we can fulfil our mission and provide entertainment to everyone. Highlights for the period ahead include our Chf Istmas pantomime. Aladdln, along with an exciting array of productions includin8 & Jullet, The Lust Lough, Dear Enqlond, TINA - The fina Turner Musicol and for our younger oudiences. Dlnosaur World Llve and The Tiger Who Came to Tea.
CITY OF SHEFFIELD THEATRE TRUST DIREcfoRS' REPORT FOR THE PERIOD ENDING 31 MARCH 20251contlnued) Financial review The financial performance in 2024/25 is a surplus of unrestricted funds of £219,46912024.. surplus E36,962). The high level of cash balance is predominantly cash bLtilt up as customers be8ln to book In advance for productions showing after the perlod end. Investment powers and pollcy Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish. Reserves policy The tompany is part of the Sheffleld Theatres Trust group and its reserves are taken into account as part of the group's reserves policy. The Lyceum theatre is a Grade 11 listed building, built in 1897 with a capacity of 1,068 and requiring a high level of upkeep. Certain reserves have been designated for future depreciation on tangible fixed assets and unforeseen major repairs as sei out In note 9. Directors The directors, who are also trustees of the charlty, during the period and to the date of this report were as follows: Nomlnated by Sheffield Theatres Trust Mr James Garnett Ms Eleanor Lang Mf Neil MacDonald OBE Ms Kirsten Majo Ms Rosie Neave Mr Aiun Sin8h
CITY OF SHEFFIELD THEATRE TRUST DIRECTORS, REPORT FOR THE PERIOO ENDING 31 MARCH 2025 Icontinued) Constitution The company is a company limited by guarantee and not having a Share capital. Each member gives a guarantee to contribule a sum not exceeding £1 to the company should il be wound up At 31 March 2025 there were 6 members statement of Trustees, Respanslbllltles The trustees (who a re also directors of City of Sheffield Theatre Trust for the purposes of company lawl are responslble for preparin8 the Tru5tee5' Annual Report lincluclin8 the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practicel. Compa ny law requires the trustees to prepare finantial statements for each financial period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs ol the charitable company and of the incoming resources and application of resources, includin8 the income and expenditure, of the charilable company for that period. In preparin8 these financl31 statements, the trustees are required to.. select suitable accounting poIiciE5 and then apply them conslstently; observe the methods and principles In the Charltles SORP 2019 IFRS 1021,. make lud8ements and e5timate5 that are reasonable and prudent,. state whether appllcable UK Accountlng Standards have been followed,. prepare the financial statements on the going concern basls unless It Is Inappropriate to presume that the charitable company will continue in operation, The trustees are responsible for keepin8 adequate accountlng records that disclose with reasonable accuracy at any tlme the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the preventlon and detection of fraud and other irregularities. statement of disclosure of Information to auditors In so far as the trustees are aware,, there is no relevant audit information of which the charitable company's auditors are unaware,. and the trustees have taken all Steps ihat they ought to have taken to make themselves aware of any relevant audit Informatlon and to establish that the audltor is aware of that Information In approvlng the Trustees, Annual Report, we also approve the 5trateglc Report included therein, In our capaclty as company dlrectors. Slgned on behalf of the board OA /trL• Mr Neil MacDonald OBE Clty of Sheffield Theatre Trust Date: 23
CITY OF SHEFFIELD THEATRE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CITY OF SHEFFIELD THEATRE TRUST Oplnlon We have audited the financial Statements of City of Sheffield Theatres Trust (the 'charitable companv) for the period ended 31 March 2025 which comprise the statement of financial activities lincorporating the income and expenditure accounil, the balance sheet, the statement of cash flows and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards. including Financial Reporting Slandard 102 The Financial Reporting Stondord applicoble in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practitel. In our opinion the financial statements.. give a true and falr view of the state of the charitable company's affaiis as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with International Standards on AuditinB IUK) IISAS IUKII and applicable law. Our responsibilities under those Standards are further described In the Auditor's responsibilitles for the audit of the financial Statements section of our report. We are independent of ihe charltable company in accordance with the ethical requirements that are relevant to our audit of the financlal statements in the UK. includin8 the FRC'S Elhical Standard, and we have fulfilled our other ethical responslblllties in accordance with these requirements. We believe that the audit evidence we have obtained Is suflicient and appropriate to provide a basis for our opinion. Conclusions relatln8 to 8olne concern In auditin8 the financial statements, we have concluded that the trustees, use of the goin8 concern ba515 of accounting in the preparation of the flnancial statements Is appropriate. Based on the work we have performed. we have not identified any material uncertaintie5 relatln8 to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months Irom when the financial Siatements are authorised for issue. Our responsibilliies and the responsibilities of the trustees with respect to 8oin8 concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the irustee5' annual report, other than the flnancial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual reporl. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doin8 so, consider whether the other information is matef ially inconsistent with the f inancial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially miS5tated. If we Identify such material inconsistencies or apparent material mlsstatements, we are required to determine whether this gives rise to a material misstatement in the financial stoternents themselve5. If, based on the work we have performed, we conclude that there is a material misstatement Df thls other information, we are required to report that fact. We have nothing to report in this regard.
CITY OF SHEFFIELD THEATRE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF CITY OF SHEFFIELD THEATRE TRUST (continued) Opinion5 on other matter5 prescribed by the CompanSes Act 2006 In ou r opinion, based on the work undertaken in the course of the audit., the information given in the trustees, repoit lincorporatin8 the strategic report and the directors. report) for the financial period for which the financial statements are prepared is consistent with the financial statem ents,. and the Strategic report and the directors. report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report. We have nothing to report in respect of the followln8 matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accountln8 iecord5 have not been kept, or returns adequate foi our audit have nol been received f rorn branches not vlsited by us,. or the financial statements are not In agreement wlth the accounting records and return5,' or certaln disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslblllties of trustees A5 explained more fully in the tru5tees' ie5ponsibilities statemenl set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company lawl are re5pon5ible for the preparation of the flnancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determlne is necessary to enable the Preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparin8 the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosln& as applicable. matters related to going concern and usin8 the going concern basis of accou ntin8 unless the Irustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternatlve but to do so.
CITY OF SHEFFIELD THEATRE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CITY OF SHEFFIELD THEATRE TRUST (continued) Auditor'5 re5pon51bllltles for the audlt of the flnan¢ial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's fepori that Includes our opinion. Reasonable assurance Is a hiEh level of assurance, but is not a guarantee that an audll conducted In accordance with ISAS IUKI will always detect a material misstatement when It exlsts. Mlsstatements can ar15e from f raud or error and are considered material if, individually or In the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these fsnancial 5t3tements. The extent to which our procedures are capable of detectln8 irre8ularities, including fraud is detailed below: The charitable Company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understandin8 of the charity and the environment it operates within, we determined that the laws and règulations which were most significant included FRS 102 and the Companies Act 2006. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, IncludinB how fraud might occur. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk ol override of controls), and determined that the principal risks were related to the postin8 of inappropriate journal entries to Improve the charity's result for the period, and management bias in key accountin8 estimates, Audit procedures performed by the en8a8ement team included.. Discussions with management and th95e responsible for le8al compliance procedures within Ihe charitable company to obtain an understanding of the legal and regulatory framework appllcable to the charity and how the charity complies with Ihat framework, including consideration of known or suspected Instances of non.compliance with laws and re8ulations and fraud,, Reviewing minutes of Trustee meetings,. Identifying and assessing the design effectiveness of contro15 that management has In place to prevenl and detect fraud and non-compliance with laws and regulations,. Challenging assumptlons and judgements made by mana8emenl in their si8nlflcant accou nting estimates. Identifying and testin8 journal entries. In particular any journal entries posted with unusual account combinations or posted by senior management. A luriher description of our responsibilities 15 available on the Financial Reporting Council's websile at www.frc.org.uk/auditorslaudlt-assurance/auditor-s-responsibilities-for-the-audit-of-the.fi/des¢ription-of-the-audltor's- responsibilities-for. This descriptlon forms part of our auditor's report.
CITY OF SHEFFIELD THEATRE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CITY OF SHEFFIELD THEATRE TRUST (continued) Use of our report This report 15 made solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we might state to the tharitable companvs members those matters we are required to state to them in an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assurne responsibility to anyone Other than the charitable company and the charitable companvs members as a body. for our audit work. for this report, or for the opinions we have formed. LJJw> Simon Bladen, Senior Statutory Auditor For and on behalf of Hawsons Chartered Accountants, Statutory Auditors Pegasus House 463a Glossop Road Sheffield SIO 2QD Date.. IS o.l.Ev lozs
CITY OF SHEFFIELD THEATRE TRUST ACCOUNTING POLiaES The foMowin8 accountln8 policies have been used consistently in deallne with items which are considered material to the haritable company's affairs. Statutory Informatlon aty of Sheffield Theatre Trtsst Is a charity (No. 11212841 and a company limited by guarantee (No 63083821 domiciled in England and Wales. The registered offlcels at 55 Norfolk Street, Sheffield, Sl IDA. Accountlng Conventlon The charlty constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance wlth Accounting and Reportln8 by Charities., Statement of Recommend Practice appllcable to charities preparin8 their accounts in accordance With the Financlal Reporting Standard appllcable in the UK and Republlc of Ireland issued In October 2019, the Financial Reportlng Standard applicable In the United Kin8dorn and Republic of Ireland IFRS 1021, the Companies Act 2006 and UK Genera#y Accepted Practice. The presentatlon currency is Unlted Kln8dom pounds sterlin& which is the funrtlonal currency of the charlty. The financial statements have been prepared on a going concern basis which assumes that the company wlll contlnue In operatlonal existence for the foreseeable future. Incomlng Resources from Generated Funds Voluntary income prlmarity represents 8rants receivable. Revenue 8rants are recognised at fair value when the company has entitlement after any performance condltlons have been met, It Is probable that the incorne will be received and the amount can be measured reliably. Grants to finance capltal expenditure are credited to restrlcted funds using the same criteria as revenue grants. Incoming Te50urces from charitable activltles primarily represent ticket sales and related fees lor performances condLtcted In the period. Any tickets sold in advance are included in cash and deferred income. city of Sheffleld Theatre Trust is a culturally exempt organisatlon under schedule 9 of the VAT Act 1994 and as such tlcket sales are culturally exempt from VAT. Charltable Actlvltles Charitable activities Include expenditure associated with the stagin8 of shows and Include both the dlrect costs and support costs relatln8 to these activities. Irrecoverable VAT Is charged agalnst the cost of charitable activities, where it Is Incurred. Other Costs Governance costs Include those incurred in the 8o¥ernance of the charity and its assets and are primarily assoclated wlth constltutional and statutory requirements. TanBlble Assets Tangible assets for use by the charlty are capltalised if they can be used for more than one year and cost over £l,SOO. They are valued at cost. No depreciatlon is provlded in the year of acqui51tlon. Fixtures and fittln8s; equipment and furnlture - These are depreclated in equal annual instalments over their estimated useful Ilves which ran8es from 3 to 10 years. Leases Rentals payable under operatin8 leases are charged in the Statement of Financlal Activitles in the period in which they are incurred. 10
CITY OF SHEFFIELD THEATRE TRUST ACCOUNTING POLICIES Icontinued) Reserves Restricted Funds Amounts received to finance capital expenditure or where a donor specifies the precise purpose for which the amounts donated must be used are credited to Restricted Funds. Depreciation on the assets financed by the Restricted Funds Is charged directly to the Restricted Fund in the Statement of Financial Activities. Desi£naled Funds Amounts that have been specified by Trustees to be used for a particu14r purpose are credlted to Designated Funds. This includes a fund for unplanned major building repair5 and a fund for the net book value of unrestrlcted tangible fixed assets. Unrestricted Funds- These are reserves not desi8nated or restricted for a special purpose. These are available at the discretion of the Trustees for such purposes as the Theatre may require. The Trustees, aim is to maintain sufficient unrestricted reserves to safeguard the fln3nclal viability of the Company. Golng concern After due consideration of all relevant factors the company's income and cash flow forecasts and projections indicate that the ompany should be able to continue lo operate for the foreseeable future. The Tru5tee5 therefore have a reasonable expectation that the company has adequate resources to continue in operatlonal existence for the foreseeable future. Accordin8lyi they continue to adopt the 80ing concern basis in preparing the financial statements.
CITY OF SHEFFIELD THEATRE TRUST STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT) PERIOD ENDED 31 MARCH 2025 As Restated Year Ended 31 July 2024 Perlod Ended 31 March 2025 Unrestrlrted Funds Restrlcted Funds Notes Total Total Incomlng resources Incoming resources from generated funds.. Donations and legacies Other tradin8 activities Invesiment income 23.116 23.116 16,667 200,CQO 30,000 25,000 337,SOO 16,667 200,000 Incomin8 resources from charitable activities S,803,313 S,803,313 8,117,650 Total Incomln8 resources 6,019,980 23,116 6,043,096 8,510,150 Resources expended Raisin8 funds Charit¢ible activitles Other 5.770,145 7,250 5,777,395 11,941 5,782,086 7,250 S,789,336 8,576,563 4,800 8,581.363 Total resources expended 11,941 Net incomlnBlloutgolng} resources before transfer5 242,585 Al.17S 253,760 (71,213 Transfers between funds 123,116) 23,116 Net movement In Funds 219,469 34,291 253,760 171,213) Fund balances brought forward at l Au8USt Fund balances carrled forward at 31 March 2025131 July 2024 S72,578 25,827 598,405 669,618 792.047 60,118 852,165 598,405 There are no recognised gains and losses other than the results for the period set out above. There is no difference between the amounts Stated above and their historical cost equivalents. There were no discontinued operations. Refer to note 19 regarding previous year's restaternent. 12
CITY OF SHEFFIELD THEATRE TRUST COMPANY REGISTRATION NUMBER: 6308382 BALANCE SHEET AS AT 31 MARCH 2025 31 March 2025 31 July 2024 Notes FIXED ASSETS li 103,800 16.664 CURRENT ASSETS Debtors 12 443,819 5,757.708 773,880 5,211,041 5,984,921 Cash at bank and in hand 13 6,201,527 CREDITORS Amounts falling due within one year 14 15,453,162) 15,403, 1801 NET CURRENT ASSETS 748,365 581,741 NET ASSETS 852.165 598,405 RESERVES Restricted funds Designated funds General fund 60.118 248,716 543,331 8S2,165 25,827 228,150 344,428 598,405 These financial statements were approved and auihorlsed for issue by the board of directors on signed on its behalf by.. 23 and MT Neil Macoonald OBE- Dlrector 13
CITY OF SHEFFIELD THEATRE TRUST STATEMENT OF CASH FLOWS PERIOD ENDED 31 MARCH 2025 Period Ended 31 March 2025 Year Ended 31 July 2024 Notes Cash flow from operating actlvlties 436.581 1,809,523 Cash flow from Investing actlvities Capital expenditure Bank interest recelved 189,9141 200,000 110,086 337,500 337,500 Net cash flow from investln8 attlvltles Net Increase in Cash and cash equivalents 546,667 2,147,023 Cash and cash equivalents at l Au8USt 5,211.041 3,064.018 Cash and cash equivalents at 31 March 2025131 J uly 2024 5,7S7,708 5,211,041 Cash and cash equlvalents consists of: Cash èt bank and In hand 5,757,708 5,211,041 14
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS PERIOO ENDED 31 MARCH 2025 I INCOME FROM DONATIONS AND LEGACIES Perlod Ended 31 March 2025 Year Ended 31 July 2024 Unre5trlcled Sheffield Lyceum Theatre Trust Total unrestrirted 30,000 30,000 Restrlcted Sheffield City Council UKSPF Low Carbon Projecl Total restrlcted 23,116 23,116 Total 23.116 30,000 2 INCOME FROM CHARITABLE AcfiviTIES As Restated Year Ended 31 July 20Z4 Perlod Ended 31 March 2025 Unrestrlcted Ticket and related sales S,803,313 8,117,650 15
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS {continued) PERIOD ENDING 31 MARCH 2025 3 STAFF PARTICULARS Period Ended 31 March 2025 Year Ended 31 Julv 2024 Slalf costs retharged comprised: Wages and salaries Social security costs Pension costs 940,465 85,516 63,976 1,089,957 1,342,110 111,646 90,530 1,544,286 All staff have contracts of employment with Sheffield Theatres Trust and are rechar8ed by that company to City of Sheffield Theatre Trust. Remuneration of key mana8ement personnel is disclosed In Sheffleld Theatre5 Trust. No staff received annual emoluments In excess of £60,000. No remuneration or expenses were paid during the period to the 6 directors of the company. 4 NET INCOMING/{OUTGOINGI RESOURCES Perlod Ended 31 March 2025 Y•ar Ended 31 Julv 2024 lal This is stated alter chafginE/lcreditingl'. Auditors. remuneration as auditors Depreciation Bank interest receivable Operating lease rentals: Land & bulldin8S 7,250 2,778 (200,0001 4.800 108.175 (337,5001 13,533 20,300 S RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES Perlod Ended 31 March 2025 Year Ended 31July 2024 Net incomellexpenditure Bank inlerest receivable Depreclation Decrease in debtors Increase in creditors 253,760 {200,OCKIl 2,778 330,061 49,982 436,581 171.2131 1337.5001 108,175 1.401,112 708.949 1,809,523 Net cash inflow from operating activities
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS {continued) PERIOD ENDING 31 MARCH 2025 6 RESOURCES EXPENDED ON RAISING FUNDS Period Ended 31 Maich 2025 Year Ended 31 July 2024 Fundra15in8 7 COST OF CHARITABLE ACTIVITIES As Restated Year Ended 31 July 2024 Perlod Ended 31 March 2025 Production C05t$ Guest productlon fees and other costs Indirect produclion consumables Miscellaneous costs 3,956,895 1,285 1,798 8,283 724 5,815.695 963 1.779 19,383 405 Programme costs Licences and subscription5 3.968.985 5,838,225 Staff Cogts StaffinB Costs Trainin& recruilment and other costs 1,007,554 4,758 1.012.312 1,417,697 9,801 1,427,498 Establlshment Costs Rent, rates and Insurance Heat and power Electricity Repairs and renewals Waste disposal Depreciation 106,972 31,934 78,211 69,244 6,772 2,778 295,911 147.950 14,335 114,654 166.475 10,584 108,175 562,173
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS (Continued) PERIOD ENDING 31 MARCH 2025 7 COST OF CHARITABLE AcfiviTIES {continued) As Restated Year Ended Period Ended 31 March 31 July 2024 2025 Selling Costs Publicity and advertisin8 Box office computer systems Miscellaneous selling Costs Credit card commisslon Telephone, postage, statlonery and photocopyln8 Travel and entertainlng 208,494 56,186 23,470 352,572 70.501 5.053 96,775 13.381 1,644 539,926 55,345 7,340 1,136 351.971 Support Costs Staffing costs Training, recrultment and other costs Telephone, posta8e, stationery and photocopyin8 IT maintenance and peripherals Travel and eniertaining Professlonal char8È5 Bank charges Licences and subscriptions Miscellaneous 82,403 16,388 1,119 14.377 6,289 5,341 2.977 22,743 1,270 152,907 126,589 24,702 1,891 15,589 8,318 8,823 4,742 15,417 2,670 208.741 Total costs of charitable activities 5,782.086 8,576,563 The company initially Identifies the costs of its support functions which relate solely to the overall objective of producin8 varied ran8e of performances, Governance costs are identified separately and are Included In olher costs as detailed in note 8. 8 OTHER COSTS Perlod Ended 31 March 2025 Year Ended 31July 2024 Auditors, rernuneration - governance costs 7,250 4,800 18
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS {continued) PERIOD ENDING 31 MARCH 2025 9 RESERVES As Restated As Restated Outgoing Resource5 At l August 2023 Incomlng Resources Transfers At 31 July 2024 RESTRICTEO Capital Redevelopment Fund Total Restrlcted Funds 134.002 134.002 1108,1751 1108,1751 2S,827 25,827 UNRESTRICTED General Desi8nated major repairs Total Unrestricted Funds 345,616 190,000 535,616 8,510,150 18.461.338) {11,8501 (8,473,188) 150,0001 50,OCKI 344,428 228,150 572,578 8,510,150 Total Funds 669,618 8,510,150 (8,581,363) 598,405 At l August 2024 Incomln8 Resources Outgoing Resources Transfers At 31 March 2025 RESTRICTED Capltal Redevelopment Fund Total Restrlcled Funds 25,827 25,827 23,116 23,116 111,9411 (11,9411 23,116 23,116 60,118 60,118 UNRESTRICTED General Designated - major repairs Designated fixed a55ets Total Unrestrlcted Funds 344,428 228,150 6,019.980 IS,777,395) 143,6821 {23,1161 43,682 (23.116) 543,331 205.034 43,682 792,047 57Z,578 6,019,980 15.777,3951 Total Funds 598,405 6,043,096 (5,789.336) 852,165 The capital redevelopment fund is the balance of funds received to finance the redevelopment work on The Lyceum Theatre now capita lised, The designated fund for major repairs and renewals IS a fund foi unplanned major repairs, investment into new equipment or the refurbishment of the theatre. The d esi8nated fund for fixed assets represent5 the net book value of unrestrlctèd tangible fixed assets. The expenditure from the fund iepresents depreciation charges, and transfers Into the fund will be made for future additions to the charity's fixed ssets. Refer to note 19 regarding previous year's restatement. 19
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS (continued) PERIOD ENDED 31 MARCH 2025 10 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds 31 July 2024 Restricted Fund5 31 July 2024 Total 31 July 2024 Tangible fixed asset5 Current assets 16.664 9,163 16,664 5,984.921 IS,403.1801 598,405 5.975,758 15,403,180) 572,578 Current liabillties 25.827 Unrestrlcted Funds 31 March 2025 Re5trlcted Funds 31 March 2025 Total 31 March 2025 Tangible fixed assets Current assets 43,682 6,201,527 15,453,162) 792,047 60,118 103,800 6.201.527 IS,453,162} 852,165 Current Ilabillties 60,118 20
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS (continued) PERIOD ENDED 31 MARCH 2025 11 FIXED ASSETS TANGIBLE Land and Buildings Long Leasehold Fixtures and Flttlngs Plant and Equlpment Total Cost At l August 2024 Additions 239,980 764,296 89,914 823,904 1,828,180 89,914 Disposals At 31 March 2025 239,980 854,210 823,904 1,918,094 At I Au8USt 2024 Charge for the period Disposals At 31 March 2025 239,980 747,632 2,778 823,904 1,811,516 2,778 239,980 750,410 823,904 1,814,294 Nel Boo At 31 March 2025 103,800 103,800 At l August 2024 16,664 16,664 12 DEBTORS. DUE WITHIN ONE YEAR 31 MJr¢h 2025 31 July 2024 Trade debtors Amounts owed by fellow subsidiarie5 Amount owed by parent company Prepayments and accrued income 1,366 loo.000 200,000 142,453 443.819 92,OS9 367,023 314,798 773B80 13 CASH AT BANK AND IN HAND 31 March 2025 31 July 2024 Cash at bank and in hand 5.757,708 5,211,041 21
CITY OF SHEFFIELD THEATRE TRUST NOTES ON ACCOUNTS {continued} PERIOD ENDED 31 MARCH 202S 14 CREDITORS- DUE WITHIN ONE YEAR 31 March 2025 31 July 2024 Trade creditor5 100.980 349,730 96,414 17,023 4,940,013 5,403,180 Other creditor5 Taxation and social securilv Accruals and deferred income 5,352,182 5,453,162 15 TAXATION The company is a re8iStered charity and as such Is not normally liable to corporatlon tax. 16 FINANCIALCOMMITMENTS 31 March 2025 31 July 2024 Land and bulldln8S Within one year 8eiween 2 and S years Over five years 20,300 81,200 362.017 20,31)0 81,200 375,550 17 ULTIMATE CONTROLLING PARTY The ultlmate controlling party is Sheffield Theatres Trust, a registered charity. 18 TRANSAcfioNS WITH RELATED PARTIES In accordance with FRS 102 paragraph 33. IA the company has taken advantage of the exemption from disclosing transaetlons with its parent company and its fellow wholly owned subsidiaiy companies. Lease payments of £13,533 were made to the Lyceum Theatre Trust and management fees were recelved of £1.667. The City of Sheffield Theatre Trust holds a 35 year lease of the Lyceum Theatre. 19 RESTATEMENT OF COMPARATIVES The comparative figures have been restated to gross up incoming resources and resources expended on charitable activities to reflect the company's cultural services exemption for VAT and costs recharged to co"producers and guest productions. The restatement had no effect on the net movement of funds for the year ended 31 July 2024 and no effect on the funds brought forward at l August 2023. 22