## 

## 

## 

||||Page|
|---|---|---|---|
|Chair's Introduction|||1-2|
|Trustees' report|||3-23|
|Reference and administrative||details|24|
|Independent<br>auditors'|report|on the financial statements|25-28|
|Consolidated<br>statement|offinancial activities||29|
|Consolidated<br>balance sheet|||30|
|Charity balance sheet|||31|
|Consolidated<br>statement|ofcash flows||32|
|Notes to the financial statements|||33 - 53|





## 

## 



## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 



## 

## 



## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 




## 

## 

## 



## 

|2022-23 Total Digital||
|---|---|
|Broadcasts|643,000|
|Online Activity/Product|259,171|
|Online Streaming|111,818|
|Cinema Screening|17970|
|Total|941,863|
|During 2022-23, our work reached over 6countries.||



## 



## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 



## 

## 



## 

## 

## 

|||Unrestricted|Restricted|Designated|Total|Total|
|---|---|---|---|---|---|---|
|||funds|funds|funds|funds|funds|
|||2023|2023|2023|2023|2022|
||Note||6|||6|
|Income from:|||||||
|Donations||1,360,279|79,300||1,439,579|1,475,012|
|Charitable<br>activities||222,818|||222,818|219,255|
|Trading activities||5,891,808|||5,891,808|4,996,497|
|Investments||11,518|||11,518|3,274|
|Other income||653,912|||653,912|403,480|
|Total income and|||||||
|endowments||8,140,335|79,300||8,219,635|7,097,518|
|Expenditure<br>on:|||||||
|Raising funds:|9||||||
|Voluntary<br>income||145,817|||145,817|86,023|
|Trading activities||6,205,450|||6,205,450|5,991,264|
|Charitable<br>activities:|10||||||
|Other charitable|||||||
|activities||1,723,307|83,658||1,806,965|1,369,831|
|Total expenditure||8,074,574|83,658||8,158,232|7,447,118|
|Net|||||||
|income/(expenditure)||65,761|(4,358)||61,403|(349,600)|
|Transfers<br>between|||||||
|funds|18|339,418|48,582|(388,000)|||
|Net movement<br>in|||||||
|funds||405,179|44,224|(388,000)|61,403|(349,600)|
|Reconciliation<br>of|||||||
|funds:|||||||
|Total funds brought|||||||
|forward||245,213|28,750|3,385,000|3,658,963|4,008,563|
|Net movement<br>in funds||405,179|44,224|(388,000)|61,403|(349,600)|
|Total funds carried|||||||
|forward||650,392|72,974|2,997,000|3,720,366|3,658,963|





## 

## 

|||Note||2023f||2022<br>E|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible assets||14||7,111||3,913|
|Current assets|||||||
|Debtors||16|2,050,237||1,346,937||
|Cash at bank and in hand|||4,746,360||4,891,467||
||||6,796,597||6,238,404||
|Creditors: amounts|falling due within one||||||
|year||17|(3,083,342)||(2,583,354)||
|Net current assets||||3,713,255||3,655,050|
|Total net assets||||3,720,366||3,658,963|
|Charity funds|||||||
|Designated<br>funds||18||2,997,000||3,385,000|
|Restricted<br>funds||18||72,974||28,750|
|Unrestricted<br>funds||18||650,392||245,213|
|Total funds||||3,720,366||3,658,963|





## 

|||CHARITY BALANCE SHEET|CHARITY BALANCE SHEET||||
|---|---|---|---|---|---|---|
|||AS AT 31|MARCH 2023||||
|||||2023||2022|
|||Note||5||8|
|Fixed assets|||||||
|Tangible assets||14||7,111||3,913|
|Investments||15||7||6|
|||||7,118||3,919|
|Current assets|||||||
|Debtors||16|577,153||502,007||
|Cash at bank|||3,510,033||3,506,035||
||||4,087,186||4,008,042||
|Creditors: amounts|falling due within one||||||
|year||17|(373,945)||(350,005)||
|Net current assets||||3,713,241||3,658,037|
|Total net assets||||3,720,359||3,661,956|
|Charity funds|||||||
|Designated<br>funds||18||3,525,373||3,385,000|
|Restricted funds||18||72,974||28,750|
|Unrestricted<br>funds||18||122,012||248,206|
|Total funds||||3,720,359||3,661,956|





## 

## 

## 

|||||2023|2022|
|---|---|---|---|---|---|
|||||6|6|
|Cash flows from operating|activities|||||
|Net cash used in operating|activities|||(138,682)|624,218|
|Cash flows from investing|activities|||||
|Purchase oftangible fixed assets||||(6,425)|(2,687)|
|Net cash used in investing|activities|||(6,425)|(2,687)|
|Change<br>in cash and cash|equivalents|in|the year|(145,107)|621,531|
|Cash and cash equivalents|at the beginning||ofthe year|4,891,467|4,269,936|
|Cash and cash equivalents|at the end of||the year|4,746,360|4,891,467|
|The notes on pages 33Io53form part ofthese financial statements||||||





## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

|||Unrestricted|Restricted|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2023|2023|2023|
|||6|6|8|
|Other|donations|42,469|79,300|121,769|
|Grants|from The Arts Council|1,317,810||1,317,810|
|||1,360,279|79,300|1,439,579|
|||Unrestricted|Restriicted|Total|
|||funds|funds|funds|
|||2022|2022|2022|
|||8||8|
|Other|donations|79,637|77,565|157,202|
|Grants|from The Arts Council|1,317,810||1,317,810|
|||1,397,447|77,565|1,475,012|





## 

## 

## 

## 

|||||Unrestricted|Total|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2023|2023|
|||||6|6|
||Project income|||222,818|222,818|
||Other income|||||
|||||222,818|222,818|
||||Unrestricted|Restricted|Total|
||||funds|funds|funds|
||||2022|2022|2022|
||||6|6|6|
||Project income||209,427||209,427|
||Other income|||9,828|9,828|
||||209,427|9,828|219,255|
|6.|Income from trading|activities||||
|||||Unrestricted|Total|
|||||funds|funds|
|||||2023|2023|
|||||6|6|
||Show venue fees - UK|||5,863,183|5,863,183|
||Show other income|||11,590|11,590|
||Storage fee income|||17,035|17,035|
|||||5,891,808|5,891,808|





## 

## 

## 

## 

||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2022|2022|
||||6|6|
||Show venue|fees - UK|4,952,492|4,952,492|
||Show other|income|18,338|18,338|
||Storage fee|income|25,667|25,667|
||||4,996,497|4,996,497|
|7.|Investment|income|||



|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2023|2023|
|||F||
|Interest|receivable|11,518|11,518|
|||Unrestricted|Total|
|||funds|funds|
|||2022|2022|
|||5|F|
|Interest|receivable|3,274|3,274|





## 

## 

## 

## 

||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2023|2023|
||||6||
|Theatre|tax|credits|653,912|653,912|
||||Unrestricted|Total|
||||funds|funds|
||||2022|2022|
||||E|6|
|Theatre|tax|credits|403,480|403,480|



## 

|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2023|2023|
|||F|E|
|Consultancy|fees and other direct costs|91,821|91,821|
|Staffcosts||53,996|53,996|
|Total 2023||145,817|145,817|
|||Unrestricted|Total|
|||funds|funds|
|||2022|2022|
|||E|E|
|Consultancy|fees and other direct costs|43,259|43,259|
|Staff costs||42,764|42,764|
|Total 2022||86,023|86,023|





## 

## 

## 

## 

## 

||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2023|2023f|
|Show producer||fees|1,216,775|1,216,775|
|Show production||costs|1,010,411|1,010,411|
|Show llJnnlng|costs||2,477,754|2,477,754|
|Staffcosts|||1,500,510|1,500,510|
|Total 2023|||6,205,450|6,205,450|
||||Unrestricted|Total|
||||funds|funds|
||||2022f|2022|
|Show producer||fees|23,365|23,365|
|Show production||costs|1,819,932|1,819,932|
|Show running|costs||2,575,035|2,575,035|
|Staff costs|||1,572,932|1,572,932|
|Total 2022|||5,991,264|5,991,264|



## 

|||||Support|Total|
|---|---|---|---|---|---|
||||Direct costs|costs|funds|
||||2023f|2023|2023f|
|Various|charitable|activities|1,402,243|404,722|1,806,965|





## 

## 

## 

|10.|Expenditure|on charitable|on charitable|activities (continued)|activities (continued)||||
|---|---|---|---|---|---|---|---|---|
||||||||Support|Total|
|||||||Direct costs|costs|funds|
|||||||2022|2022|2022|
|||||||E||6|
||Various charitable||activities|||922,161|447,670|1,369,831|
||Analysis ofdirect||costs||||||
||||||||Total|Total|
||||||||funds|funds|
||||||||2023|2022|
|||||||||F|
||Wages and|salaries|||||516,900|473,364|
||Offstage activity costs||||||556,739|200,994|
||Storage Set|up||||||9,828|
||Merchandise|costs|||||1,901|1,918|
||Advertising|and marketing|||||36,339|71,394|
||Storage costs||||||111,550|117,284|
||Other staff costs||||||171,688|46,779|
||Green adventures||||||7,126|600|
||||||||1,402,243|922,161|
||Analysis ofsupport costs||||||||
||||||||Total|Total|
||||||||funds|funds|
||||||||2023|2022|
||||||||F|6|
||Wages and|salaries|||||202,028|195,863|
||Other staff costs||||||62,457|56,396|
||General office costs||||||79,247|165,377|
||Depreciation||||||3,227|2,976|
||Rent||||||47,600|12,201|
||Governance|costs|- Accountancy||and audit costs||10,163|14,857|
||||||||404,722|447,670|





## 

## 

|||2023|2022|
|---|---|---|---|
|||6|6|
|Auditor's|remuneration|7,000|7,000|



## 

||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2023|2022|2023|2022|
||||6|E|
|Wages and salaries|2,122,299|2,131,634|676,909|627,084|
|Social security costs|120,536|106,231|74,397|64,499|
|Pension costs|30,599|47,058|21,618|20,408|
||2,273,434|2,284,923|772,924|711,991|



||Group|Group|
|---|---|---|
||2023|2022|
||No.|No.|
|Employees|43|48|



|Group|Group|
|---|---|
|2023|2022|
|No.|No.|



## 



## 

## 

## 

|14.|Tangible fixed assets||
|---|---|---|
||Group and Charity||
|||Office|
|||equipment|
|||E|
||Cost||
||At 1 April 2022|24,021|
||Additions|6,425|
||At 31 March 2023|30,446|
||Depreciation||
||At 1 April 2022|20,108|
||Charge for the year|3,227|
||At 31 March 2023|23,335|
||Net book value||
||At 31 March 2023|7,111|
||At 31 March 2022|3,913|





## 

## 

## 

|The following we<br>C<br>N|re subsidiary<br>undertaki|ngs|ofthe charity:||||||
|---|---|---|---|---|---|---|---|---|
|ompany<br>ame|||||Holding|Included||in|
|||||||consolidation|||
|New Adventures<br>New Adventures<br>New Adventures<br>New Adventures<br>New Adventures<br>New Adventures<br>New Adventures|Red Shoes Limited<br>Midnight<br>Bell Limited<br>Swan Lake Limited<br>Nutcracker<br>Limited<br>Sleeping Beauty Limited<br>Partnerships<br>Limited<br>Verona Limited||||100%<br>1QQ'/<br>100%<br>100%<br>100%<br>1QQ'/<br>100o/|Yes<br>Yes<br>Yes<br>Yes<br>Yes<br>Yes<br>Yes|||
|The financial results ofthe subsidiaries||for|the year were:||||||
||||Income|Expenditure|Profit/(Loss)||Net|assets|
|||||6|forthe year|||F|
|New Adventures<br>New Adventures<br>New Adventures<br>New Adventures<br>New Adventures<br>Limited|Red Shoes Limited<br>Midnight<br>Bell Limited<br>Swan Lake Limited<br>Nutcracker<br>Limited<br>Sleeping Beauty||8,031<br>1,680<br>4,787<br>640,786<br>5,625,653|(8,031)<br>(1,680)<br>(4,787)<br>(640,786)<br>(5,625,653)|||||
|New Adventures|Partnerships<br>Limited||168,154|(165,154)|3,000||||





## 

## 

## 

## 

## 

## 

## 

|Debtors||||||
|---|---|---|---|---|---|
|||Group<br>2023<br>6|Group<br>2022<br>6|Charity<br>2023f|Charity<br>2022<br>6|
|Due within one year||||||
|Trade debtors||1,131,908|602,649|69,808|21,577|
|Amounts<br>owed by group undertakings||||454,081|392,197|
|Other debtors||788,418|461,711|19,519|21,223|
|Prepayments<br>and accrued income||129,911|282,577|33,745|67,010|
|||2,050,237|1,346,937|577,153|502,007|
|Creditors: Amounts|falling due within one year|||||
|||Group<br>2023f|Group<br>2022|Charity<br>2023f|Charity<br>2022|
|Trade creditors||203,482|154,894|52,338|24,671|
|Amounts<br>owed to group undertakings||||2,502|75,047|
|Corporation<br>tax||6,404||||
|Other taxation and social security||588,563|368,066|22,817|18,194|
|Other creditors||86,849|810,885|12,618|41,718|
|Accruals and deferred|income|2,198,044|1,249,509|283,670|190,375|
|||3,083,342|2,583,354|373,945|350,005|



## 



## 

## 

## 

## 

||||Balance at 1|||Transfers|Balance at<br>31 March|
|---|---|---|---|---|---|---|---|
||||April 2022<br>F|Income<br>6|Expenditure|in/out<br>f|2023<br>6|
|Unrestricted<br>funds||||||||
|General Funds|||245,213|8,140,335|(8,074,574)|339,418|650,392|
|Designated<br>funds||||||||
|Deferred Production||and||||||
|Artistic Fund|||1,750,000|||(1,500,000)|250,000|
|Capital Fund Reserve|||500,000||||500,000|
|Core Costs Reserve|||475,000|||(475,000)||
|Digital Reserve<br>R8J Legacy Reserve|||350,000<br>60,000|||(150,000)<br>(33,000)|200,000<br>27,000|
|Post Pandemic Reserve|||200,000||||200,000|
|Offstage Projects|Reserve||50,000|||120,000|170,000|
|Edward Scissorhands||||||||
|Production||||||800,000|800,000|
|Future<br>Mid/large|Scale|||||||
|Production||||||850,000|850,000|
||||3,385,000|||(388,000)|2,997,000|
|Restricted funds||||||||
|Magic Me|||28,750|2,500|(31,250)|||
|Cygnet School||||60,800|(36,408)|48,582|72,974|
|Emerging<br>Artists||||16,000|(16,000)|||
||||28,750|79,300|(83,658)|48,582|72,974|
|Total offunds|||3,658,963|8,219,635|(8,158,232)||3,720,366|





## 

## 

## 

## 

|Statement offunds|- prior ye|ar|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at|||Transfers|31 March|
|||1 April 2021<br>6|Income|Expenditure|in/out<br>f|2022<br>6|
|Unrestricted<br>funds|||||||
|General Funds||103,678|7,010,125|(6,918,590)|50,000|245,213|
|Designated<br>funds|||||||
|Deferred<br>Production<br>Artistic Fund|and|1,950,000|||(200,000)|1,750,000|
|Organisational<br>Development<br>Reserve||30,000|||(30,000)||
|Capital Fund Reserve||500,000||||500,000|
|Core Costs Reserve||475,000||||475,000|
|Digital Reserve||300,000|||50,000|350,000|
|RS3 Legacy Reserve||60,000||||60,000|
|Post Pandemic Reserve||50,000|||150,000|200,000|
|Offstage Projects Reserve||70,000|||(20,000)|50,000|
|||3,435,000|||(50,000)|3,385,000|
|Restricted funds|||||||
|Storage fund|||9,828|(9,828)|||
|Magic Me||8,750|20,000|||28,750|
|Cygnet School||60,000|20,000|(80,000)|||
|Emerging<br>Artists||6,135||(6,135)|||
|Nutcracker<br>Reserve||395,000||(395,000)|||
|Relaxed performance|||21,565|(21,565)|||
|Emerging<br>Artists|||16,000|(16,000)|||
|||469,885|87,393|(528,528)||28,750|





## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

|Summary <br>Summary|offunds<br> offunds -curr|ent year|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at 1|||Transfers|31 March|
|||April 2022<br>F|Income<br>F|Expenditure|in/out<br>8|2023<br>6|
|Generalfunds||245,213|8,140,335|(8,074,574)|339,418|650,392|
|Designated|funds|3,385,000|||(388,000)|2,997,000|
|Restricted|funds|28,750|79,300|(83,658)|48,582|72,974|
|||3,658,963|8,219,635|(8,158,232)||3,720,366|



|Summary|offunds - prio|r year|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at|||Transfers|31 March|
|||1 April 2021|Income<br>5|Expenditure<br>5|in/out|2022<br>6|
|General funds||103,678|7,010,125|(6,918,590)|50,000|245,213|
|Designated|funds|3,435,000|||(50,000)|3,385,000|
|Restricted|funds|469,885|87,393|(528,528)||28,750|
|||4,008,563|7,097,518|(7,447,118)||3,658,963|





## 

## 

## 

## 

|Analysis|ofn|et assets between fund|s -current year||||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Designated|Total|
||||funds|funds|funds|funds|
||||2023|2023<br>6|2023f|2023<br>F|
|Tangible <br>Current <br>Creditors|fixed <br> assets<br> due|assets<br> within one year|7,111<br>3,726,623<br>(3,083,342)|72,974|2,997,000|7,111<br>6,796,597<br>(3,083,342)|
|Total|||650,392|72,974|2,997,000|3,720,366|



|Analysis|ofnet assets between fund|s -prior year||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Designated|Total|
|||funds|funds|funds|funds|
|||2022<br>6|2022<br>F|2022<br>6|2022<br>6|
|Tangible <br>Current <br>Creditors|fixed assets<br> assets<br> due within one year|3,913<br>2,824,654<br>(2,583,354)|28,750|3,385,000|3,913<br>6,238,404<br>(2,583,354)|
|Total||245,213|28,750|3,385,000|3,658,963|



## 



## 

## 

|21.|Reconciliation<br>of net|Reconciliation<br>of net|movement|movement|movement|in funds to net|in funds to net|in funds to net|cash flow|from operating|activities||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||Group|Group|
||||||||||||2023|2022|
||||||||||||6|E|
||Net<br>income/expenditure<br>Activities)|||for|the|year|(as|per|Statement|of Financial|61,403|(349,600)|
||Adjustments<br>for:||||||||||||
||Depreciation<br>charges|||||||||||2,976|
||Loss on the sale offixed assets|||||||||||653|
||(Increase)/decrease|in|production|||costs||||||291,304|
||(Increase)/decrease|in|debtors||||||||(703,300)|(1,072,096)|
||Increase/(decrease)|in|creditors||||||||499,988|1,750,981|
||Net cash provided<br>by/(used||||in)|operating||activities|||(138,682)|624,218|
|22.|Analysis ofcash and||cash equivalents||||||||||
||||||||||||Group|Group|
||||||||||||2023<br>6|2022<br>f|
||Cash in hand||||||||||4,746,360|4,891,467|
||Total cash and cash||equivalents||||||||4,746,360|4,891,467|
|23.|Analysis ofchanges||in|net debt|||||||||
|||||||||||At 1 April||At 31 March|
|||||||||||2022|Cash flows|2023|
||||||||||||6|6|
||Cash at bank and in|hand||||||||4,891,467|(145,107)|4,746,360|
|||||||||||4,891,467|(145,107)|4,746,360|





## 

## 

##