R8gistsred number: 06548321 Charlty nurnber: 1125342 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NEW ADVENTURE8 CHARITY {A company Ilmlted by guarantee) CONTENTS Page 22 Chalrf8 Introductlon and Trusees. report - sge attached Chalrfs Introductlon Trustees, report 3-21 Indepondont audltor8' report on tha financlal 8tstoments 23-26 Consolidated statsm6nt of financial activities 27 Consolidated balance sheet 28 Charity balan¢e sheet 29 Consolldated statement of cash flows 30 Notes to the flnanclal statements 31-52 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee CHAIR'S INTRODUCTION FOR THE YEAR ENDED 31 MARCH 2024 As we reflect on th6 past twelve months in the N8w Adventure8 journey, l am reminded of a profound quot6 by the writer Joyce Carol Oates.. '1 believe that art Is the highest expression of the human spirit. I bg1i&v& that We y88rn to transcend Ihe merely finit8 and ephemeral,. to partiopat8 in something mysterious ancl Communal called 'culture.' It is culture of the hlgh8st quality that Sir Matthew Bourne and New Adventures constantly s88k lo produce. Work that is always culturally relevant and acc8ssib18 to all work that builds communities of dan￿ lovers, those curious to discov8r something new. and those that need persuading that art and culture is for them. Th8 aim has always been to create work that transc8nds 'th6 flnille and aph8m8ral,' and deliver art that Is ground-breaklng and timel8ss. With several outst8nding productlons and impressive audlence angag8ment. this ygar mark8d another period of growth and transformation for th8 company. It has ind88d been an extraordinary one of pushing boundari8s and striving lo achieve audadoLJS goals, but Ihis has also been coup18d wilh a d8V8Stating blow to the company, which was f81t throughout the wider 8rts community. In March this year w8 lost a beautiful and hugely significant member of the team. Our outstanding ExecutlV8 Director Imogen Kinchin lost her battle with canc8r al th8 age of 44. Imog8n was a force of nature,. a hugely respected18ader whos8 t8nacity. empathy. creativily and sense of humour was inspirational and exemplary. Her Impart on New Adventures as an InnovatlV8 and mightily succ8ssful touring company is immeasurable and we 8Xt8nd huge cr8dil to this powerhouse of a woman for steering the company and 8nsuring that 8v8ry crit8ria of its NPO ststus was met or axc88d8d. Our h88rt go8s out to her family and friends and her memory remalns with us for8￿r. Imogen's diagnosis and subsequent decline shook the ￿MpanY and huge credit Must go out to the whole team who w8r8 r8silient through their grief. Special acknowledgement must be assigned to Jenni8 Gr88n who was phenomenal stepping up and covering executive dir8Ctor duties. Jennie's longstanding relationship with tho company and re8pect by them all has been a huge advantage, and we are proud to now hav& h8r pemianently in post as Deputy Managing Director. For nearly four decades New Adventur8s has made 8 major contribution to the popularity of dan￿ in Britain and thi8 year w8 have proudly toured three Impressive productions from th8 r8p6rtoire that have attracled enthusiastic audiances at hom8 and abroad a8 well as critical acclaim. Sleeping Beauty played to nearly 35.000 people in th6 UK and Europe. Romeo and Juliet was a testament to th8 companvs commitment to nurturing new talent wlth 60Yo of th8 dancers coming through our development programmes. After a 9-year hiatus, Edward Scissorhands was revived for a UK tour, agaln showcasing a significant percenlage of dancers from our talent developm8nt programmes and attracting much praise from national press. Tha Obs@rver describing the show as 'Stunning!' with 4- and 5-star r8Vi8ws from other major publlcations. New Adventur85' commitment to discovering and nurturing new tslent remains ongoiThg and has also been acknowledged in the national press. How8v@r, this comrnitrnent to development opportunitles ext8nds to the wider 'familty of fre@lan￿r8 and industy professionals as well as aspiring dancers addressing the challenges facad by th8 industry post-pand8mic and investing in the wlder cultural ec05yStem. l am confident that th& 8ntir8 Board will agree that the dedication of our artistic team, th8 hard work of our administrative staff and the unwavering support of our audienc8s and patrons cannot be taken for granted. l am d81ighted to confirm that we have expanded our Board of Trustees, to strengthen its skillset in order to support the formidable work being done. Ever mindful of our Arts Council National Portfolio status we aro forever future fadng and determlned to rgtain Pag& 1 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) CHAIR'S INTRODUCTION (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 our position as one Df Brilain's,bigg8St danc8 exports while ensurlng that all our work Is inclusiv8 and represenlative of 811 seciors of soclety. We wlll continu8 and. strangthen our commitm8nt lo the environment and our organisation81 resili8nc8. This takes effort and strategic plannlng. To gUPPOrt these audacious goals tha formation of sub commlttees has proved effective. From finance, equity, diversity and inclusion, to 8UStaln8bilty, fundraising, building and connecting wlth audi8nc&s - each group consistently brings new, innovatbve ideas and shared Insights to th8 tabl8 that have proved Invaluable. This has I￿1 to a company firing on all cylind8rs and transforming at a rapld pa￿. Impressive for IhiB relatively small company wSth blg dreams. In this digital age we have connected with dance audiences beyond theatr8 spacas and arts vanues. S188ping B&auty was broadcast on th8 BBC on Christffl8s Day, Sky Arts New Zealand broadcast The Red Shoes and Swan Lake and five of our productions had worldwlde cinema scr88nings. Th8 te8m. not r8sting on thelr laurels are Consistently exploring new ways to 8xpand our reach through dlgllal channels, broadcastlng and perforMan￿S in non- traditional spaces. I hope I have not made this sound easy. The challeng8s hav8 been real and with an erratic econorny will no doubl persist. This &xtensive report will further expand on an ever-growing list of achlevemgnts. Looking ahead, we are exclted about the opportunities on the horizon. We will continue to foster 8 vibrant, inclusive environm8nt in our offic8, on stages and in communiti8s. We plan to further our outreach efforts, conlinue our innovative programmes and nurture both seasoned and amarging p8rform8rs. All thays left for me to do is thank every single indivldual that has contributsd in their awn uniqu8 way to a successful ygar. Let's continu8 to spr8ad joy and contribute to that mysterious and communal experlence called culture. Brenda Emmanus OBE Chair of the Board of Trustees, New Adventures. Page 2 NEW ADVENTURES CHARITY (A company Ilmltad by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trust88s present thelr annual r8POrt tog8lh8f with audited financial statements for 1 April 2023 to 31 March 2024. The Trustses confirm that the Annual Report and financial statements of th8 company comply with the cuffent statutory r8quir8m8nts, th8 requirements of the company's governing document and th8 provlsions of the ststement of Recommended Pracli¢8 ISORP), applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019>. Since the chadty and the group qualifies as small under section 383, th8 Strategic report requlred of medium and larg8 companies under The Companles Act 2006 (strategic Report and Director's Raportl Ragulations 2013 18 not ￿quIred. PUBLIC BENEFIT STATEMENT In setting objectlves and planning for activltles, the Trustees hav8 given dua consideration to the general guidanc8 published by the Charity Commission relaling lo public benefit. GOVERNANCE & MANAGEMENT Constitution The Charity is controlled by its goveming docum&nt. a deed of trust, and constitutes a limited company, limited by gu8rante8, as defined by the Companles Act 2006. The charlty Is a ￿MpanY limil8d by guarantee and not having a share capital, incorporated on 29 March 2008, and governed by the Memorandum and Articles of Associatlon as amendad on 2 May 2019. In 8c(x)rdance with the Memorandum and Articles of A880ciation. th8r8 musl be at least three Truslees. Method of appointment or election of Trustees The charity's elected Tnjstees are appolnted at a meating of th8 Irustees. following an open recruitment process, based on relpvant attribul8s including personal competence, specialist skills and availability. Before being elected to the board, a potentlal Trust88 must complet8 a R8gister of Inter8Sts fonn. Pollcles adopted for.the Inductlon and continued training of Trust￿5 New Trustees are provided with copies of the Charity Commission guidelines on Trustee Responsibiliti8s, the Charifi￿$ governing docum6nt, the 18St annual r8POrt and accounls and other important information. All Trustees tak& part in a formal induction process to ensure th8y have a sufficiant und8rslanding of the charity's activities and resources to 8nabl8 them to fulfil th8ir duti6S. We work to 8nsur8 that our Trust8es have th6 relevant skills and experience and carry out a trusteg skills audit on an annual basis. We recognise the Importance of advocacy and work clos8ly with our Irustees to equip them with th8 right tools to promote and represent our work as well as tralning opportunities. Trusta8s ar8 encouraged to undertake training both whera gaps in knowledge and experience are identified and to malniain collective 8XP&rtise in good governance. -None oflhe Trus . Trfkni ￿l-l￿tereSt￿lkyS￿2lftBbI& cunTpawAII Ih8-Trus18eE are"members of Ihe ees-has any be ¢harltable company and guarant88 to contribute £1 in the event of winding up. Organlsatlonal structura and decision making The Trustees meet on a quartarly basis and are responsibl8 for ensuring the charitable aims and objectives and the prograrnme of aclivily is delivered by the Leadership Team, as set out and agreed in funding agreements and in the 3-year company budg8t. The Trustees of the charity det8milne it8 genar81 policy and ar6 legally responsibl8 for the overall management of Ihe charity. Day-to-day management is delegated to the leadership t8am comprising of th8 Artistic Director, Group Managing Dir8Ctor, and Deputy Managing Director. The trustees hav8 a Finance & Audit Sub Committee and a Development Sub Cornmitlae. both Can hav& Pag& 3 NEW ADVENTURE8 CHARITY (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 extemal members wtth relevant experience and skills. Both meet four times a year, prlor to the Irusts8 meetings. Truslees have dwerse relevant experience and skllls to meet the needs of the charity, and w8 regularly carry out trust88 skills audit to 8nsur8 this is maintained. We recognise the Importance of advo¢a¢y and work closely with the right tools to promote and represent our work. Our curr•nt trustees consist of 5 f8male8 and 2 m81es, on8 of th8 tNst888 identify as ethnically diverse and the ages range from 40 to 70. We are proud to b816d by a female Chalr. Pay pollcy for senlor staff Annual remuneration for all full and part tlme staff is approved 8t trustee lev81. Man8g8ment salart8s ar8 approprfat8 for the18vel and responsibility of the Charity, and considers the employee's lob description, and are Set in line with industry standards and practice. The Trustees do not receive any r8mun8ration. Appolnlment and retlrement of trustees TNst8es are appointed lor elected) at qU8rt8rly trust@e meelings. Each trustee slgns up to serve a three-year tem wlth the option to stand for a second term, the maximum tim8 any trustee can Serve is six y8ars12 x three- y8ar terms) which m8ans th8 trust888 ar8 refreshed with new skllls and expertise on a regular basls.. RISK PJIANAGEMENT The Trustees have examined the major 8trat8gic, financial. reput8tion81. and op8rational tisks which the charity faces and confirm that Systems have been establlshed to enable regular reporting so that th@ n8C6S8ary sl8ps can be lakeh to l&ssen Ih8S8 risks. Trust88s review the risk register at gach quart8rly Finance and Audit sub-committee meeling whilst also examlnSro cash flow and budgetary risks and updaled by Iha axacutiv8 t8am as an active tool. Th8 Truslees are satisfied that sys18ms are in p18C8 to mitigate 8xposure to major risks. Key risks and miligations ar8 id6ntified as: IDS8 of trust8es with appropriat8 skills to monitor and be accounlable for the successful delivery of tha buslnass plan. Futur8 trust88 recruitment will be carried OLrt in order to recruit six new trustees. We will also ensure that there is an induction and development programme in place to ensure all truslees are aware of their legal obligations in respect lo monitorfng and being ac£ountable for th8 SUCC8ssful delivery of the Business Plan the imp8Ct of the very challenglng funding environment could result in our fundraising targets not baing met and th8r8for8 having to adjust our budg8ted income. We are building contlngency into cur budgets. protecting our r&s8N8s (as par our r8seNes policy). and implementing our fundraising strategy. The ongoing impact of th8 current cont8Xt will need to b9 consistently reviewed. safeguarding continues to be a key risk given our work with schools, young people, and communities. To mitigat8 this risk, th8r8 is a safeguarding working group In place consisting of executive and truste8s that monitors and reports on the action p5an. The action plan builds on the company's established practi￿ of ensuring our projects ara rtsk ass8ssed, appropria18 measured implemented and clear reporting mechanisms understood. New Adventures has an excellent track record in Ihis ar8a, and we will continue to adapt and grow with changing circumstances. incr88s8d inflation and its impact on the cost of Ilving has a detrimental impact on Now Adventur&s' OP8rations from audienc88' disposabl8 income, production costs, to salaries and staffing. New Adventures will conllnue to have regular budget reviews with all budget hold@rs to ensure costs are kept under control and continue to protsct reserves. Our Chi8f Operating Officer continu8s to ensure tracking of fund is sufficient and to provide financial responsibillty oversight and coh8sion whilst gnsuring th8 L8ad8rship Team is in regular contact and will continue to monitor the situation. Page 4 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Both the Leadership team and Trustees have a keen awareness of the principal rlsks and are ￿ntInuing to monltor thase and olh8r mor8 minor risks facing th8 organisation. GOING CONCERN Th8 audit8d accounts for 2023124 continu@ to r8fl8Ct a h8althy r8s8rv8 position for the company, In line wtth our reserves pollcy and demonstratlng the Companys contlnued reslllence. The year-end closed in surplus. and the reserves posltlon and future forecasts and plan8 enable the Charity. to be confident that it can Continue to deliver impact for the next 24 months at a minlmum during which lime building n8w and longstanding relationship with Trusts and Foundation8 for future fundraising, conlinued audience and venue Confiden￿ In our work and new strategic partnerships will be the priority to malntaln this posiIiv8 Posltion beyond 2023124. The Tru8tee8 hav8 r8ach8d Ihis conclusion based on th8 curr8nl cash p(k8ition, sound financial forecasting and regular contact between the executive and the finance committee. Followlng this ass8ssm8nt and aft8r making '8ppropriat8 8nquiri8S, th8 Truste8s hav8 a r88sonab18 8XP8Ctation that th8 Charity has adequale resources lo continue in operatlonal exlstence for the foreseeable future. For thls reason. they continu8 to adopt th8 going conc6rn basis in preparing Ihe financial statements. CHARITABLE OBJECTIVES The objectives of the Charlty as set out in the Memorandum and Artlcles are.. To advance the education of young people, dan￿ artists and the public particularfy but not 8xclusiv81y through th8 provision of workshops and classes with specrfic but not exclusive reference to the dan￿ choreography of Matthew Boume. To advanc8 Ihe arts for the b8nefit of th8 general public by encouragement of access to and engagemant with the art of dance. OVERVIEW For 38 y8ars. New Adventures has made a major contribution to the popularity of dance in Britain, creating works that have altered the publlc perception of what is possible when it comes to telling stories without words. We are passionat8 about diversifying tha dance landscape and inv8Sting in the future of danca through delivering inclusive projects for p80ple of all ages, abilities, and backgrounds alongside development opportunities for emerging artists. W8 want to 8nsur8 our work repr68ents Contsmporary Britain and wa ara committed to th8re being no barriers io our work. Alongside our transformative programmes for th08e with little or no dance experience and those from under- r8presented backgrounds, we work extensivaly with emerging tal8nt to springboard their careers into our mpany and the wider sector. Based in the Southeast, we deliver extensSvely in this region and beyond alongslde our Plac8making'v8nu8 parth8rs In 202&24, we continued our Mission and Goals, to inspire our worf(, fDCU8 our strategic ambition and strengthen our unique buslness model: Page 5 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 PIIARCH 2024 MISSION Opening a world of joy, wonder, connection. and creatiiity GOALS, which are mutually reinforcing 1. Stsglng world class perforniances, in Matthew Boume'8 signature dance-theatre Style, in usual and unusual plac88 2. Widening access to the arts 3. Nurturing and supporting tslent that repr686nts UK society Our Tak8 Parl programmes and projects W8re c8refvlly planned with the support of our Trust88S. Staff, fr8elance workforce, partner6, theatres, audience members, parttcipants, and other stakoholders. Collab)ration remalns key to our operatlng model and this year we have ¢ontlnued to develop strategic partnerships that enable us Io 8UPPOrt local arts &cologi8s, worl( with cotnmuniti88 and widen acc8SS to our work across th8 UK and b8yond. W& have also continued to Invest in our freelance workforce who are a valued and vital part of the New Adventures family. In 2023-24: 401,990 people {previous year 2023,7681 attended 397 N6w Advantur8 P8rfomianc8 {pr8VIOUS y8ar 341) as an audience member. We had ov8r 303 Take Part 8Ctivl8y sessions. with 6,680 att8ndanc8S. 1,643,736 peple (previous year 941.86318ngaggad with our work onllne through REEL Athantures. W8 SUPPOrt8d 100 dancers via paid emplownent on tour for a total of over 4,700 weeks. ON STAGE During the year, we toured for a cumulative total of over 47 weeks with three productions to every region of England, plu8 the rest of the UK and intemationally. Sl8eping Beauty Remount, UK and Infernational Tour 'Clevar Clever Storytelling, Independent Matth8w Bouma's Sleaping Baauty continued into 2023124. This large-scale tour finished at 4 v8nues {Th8atre Royal Norwich, Festival Theatre Edinburgh, Theatre Royal Newcastle, Royal_ Theater Carré Amsterdam) over a period of 4 weeks, deliverinF40+_p8rforman¢e>and_ reaching 34,599+ audiences both in the UK and Europ8. It f8atur6d 29 dancers and engagad 19 offstag8 workers and crow. Romeo and Jullet Remount, UK Tour A selsmlc youthquake. A Romeo and Jullet for the mlllennial gen8ration'_ The Stage After dazzling audiences when it was first staged in 2019, Romeo and Juliet now joins the New Adventures rep8rtoire alongside the very b8St of Bourne's world renowned dance th8atr8 productions. Experience Shakespeare's timeless story of forbidden love with a sclntlllatlng injection of raw passion and youthful vilalily. Confin8d againsl th8ir ￿11 by a soci8ty th8t 888ks to divide. our Iwo young lover8 must follow their hearts as they risk everything to be together. A masterful re-telling of an ageless tale of teenage discovery Page 6 NEW ADVENTURES CHARITY {A company Ilmlted by guaranteo) TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 and the madne88 of firsl love. The show toured to 13+ venues over a period of 17+ weeks, d&llverlng 128+ performances and reaching 123,044+ audlence$ natlonwld&. It featured 35 dancers and engaged 19 offslage workars and crew and provid8d over 1,072 weeks of employment across the tour. Over f OQ/o of the'dan¢ers came through one of our talent development programmes. The show rac8ivéd averag& ratings of 91Q/o for 'Cap￿vation, and 900/0 for 'Enloym8nt' from audionces at Curve Theatre. Leicester, 334 of whom responded to the post-show survey sent using Arts Coundl England's Impact and In8ight T￿Ik11. Romeo and Jullet Remount, Int8mational Tour As w811 as a UK tour. th8 production gmbarked on an international tour in January 2024. Th& show toured to 2+ venues (Ahmanson Theater, LA and Théatre du Chatelet, Paris) over a perlod of 7+ weeks, delivering 53+ performances and reaching 60.692+ audi8nc8s nationwid@. Edward Scissorhahd8 Remount, UK Tour 'stunning! The wonders keep coming in Bourne's magical version of the Tim Burton ¢lassl¢.' The Observer Edward Scissorhands r8turned to UK the*res for the first tima in 9 y8ars in Novemb8r 2023. Pr8s8nl8d by N8w Adv8ntures, Martin Mccallum and Marc Platt, Matthew 8oume's magical dance production of Edward Scissorhands has carved a place in the hearts of audlences world-wide since ts premiere in 2005. Based on the cl888ic Tim Burton movie and featurin9 the hauntingly b88Utiful music of Danny Elfman and T8rry Davles, Boume and hls New Adventures Company retum to this witty, bittersweet story of an incomplete boy left alone in a strang8 n8wwodd. Th8 show toured to 12+ v8nu8S'OV8r a peri￿ of 19+ weeks, delivering 138+ performances and reaching 181.180* audiences nationwide. It featured 36 dancers and engaged 35 offstage workers and craw and provided over 800 weeks of employmenl across the tour. Over 50¥0 of the dancers came through one of our talent devalopment programm8S. The show r8c8iv8d av8rage rating8 Df 93Yo for 'Captivation' and 940/0 for 'Enjoym8nt' from audiences at Alhambra Theatre, Bradford, 326 of whom responded to the post-show survey sent using Arts Council England's Impact and Insight Toolkit. TALENT DEVELOPMENT New Adventures continues to commit to discovering and nurturrng raw and emerging talent across the UK and continues to d8V8lop N8w Adventures company m8mb8rs' Car￿r8 both on and off stage. We provide on-going development opportunlties for freelancers, industry professlonals and aspiring dancers. Emerglng Artist Apprenll¢eship In 2023-24, New Adv8ntures launched our fourth Emarging Artist Appr@ntlC8ship, design8d to support and develop dancers through their final year of training via mentoring and resldency opportunltlas, leading to a paid apprenticgship contract on an upcoming production. Xavi8r Andriambolanoro Sotiya has taken part in two Swan Schools in 2023 and made their professional d8buts in Matihew Bourne's Edward Sclssorhands. Page 7 NEW ADVENTURES CHARITY (A company Ilmltsd by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Throughout the apprenticeshlp, Xavler Andriambolanoro Sotlya was mentor8d by New Adventures Resldent Artist and principal dancer Glenn Graham as w811 as recelving sports psychology sessions and olher physical coachlng from our danc8r artists. 'Belng a mentor is not just about imparting knowledge,, il's about igniting a spark within someone, empowerlng them to embrace thelr potentlal, and wal¢hing them soar to helghts they nev8r thought P0S8ib18. Mentoring our emerging artist has been 8 privilege and an honour, 888ing them develop and grow into the artist they today. I'M very much looking forward to following theirjoumey and seelng them unlock th&ir artisty.. Resident Artist 'My tlme on the emerging artlst program was extremely inspirational and educalion81 I'v8 learnt Bo Much and things that I may hav8 n8v8r leamt. to anyone who is blessed to have this opportunlty, you should 18am to become a sponge take every slngle golden piece of information and knowledg8 and use it in your everyday career., . Emerging Artist 2023-24 Qur two previous 2022-23 Emerging Artists were performlng In Romeo and Juliet and Edwards Scissorhands in 2023. Cygnet School In residence at The Marlowe, Canterbury, our pre-vocational trainlng programm8 for young p80p18, Cygnet School, launched in July 2021 lo provid8 a much-needed pathway between New Adventures, exlsting participation work and Talent Development opportunltles. Thls year's Cygnefs School cohort waslls comprised of 13 young p8ople aged 12-19, 6ach passionate about danc8. d8veloping new skills and exploring dan￿ as a professlonal pathway. The programm& is fully subsidised for all the participants ensuring that th8r8 are no barriers to access. Over the Gourse of 12 months this group came together for manthly r6sidenlial weekends, exploring the unique aspects of New Adventures, work, style, and training. Led by New Adventures. Dance Artist8. The Cygnets spent the year developing their lechnique. muslcallty, and group ￿heS1On W[￿In 8ach monthly s&ssion. Th8y got the opportunity to go b8hind the scenes and were led on a backstage tour at both the Mercury and Madowe Theatre. As well as galning knowledga of th8atr8 practices, they hav8 8xplored different dance styles Wlth a comrn8rcial dance workshop from Laines Theatre Arts and somatic practice from a master's studenl at Canterbury Christ Church University- The participants also saw the New Adv8nturas prof8ssional comp8ny perform on stage at the Martowe and gained insight intr) the inner workings of Iheatres and the dance industry, learning about different career pathways in the grts. The 13 Cygnets stay8d at Canterbury Christ Church Univgr51ty for a week in July for thelr summar resid8ncy. developing a Sleeplng Beauty piece throughout the week, whl¢h they parformed to friends and family al The Marlowe. Tha N8w Adventures team teaching 'and working wtth the young people Snclude R8sid8nt Dance Artist Glenn Graham, Dance Artists and Overture alumni. tha N8w Adv8ntur8s' talent development programme aimed at dance4 teacher5 and community dance artists. We have continued working with Professor Angela Pi¢kard from Cantarbury Christ Church Univ8rsity to 8valuate the programme. This'Ta18nt Developm&nt programm8 received average ratings of 98¥0 for 'lnsight' and 96°A for 'Achievement' from partlclpants via the survey sent using Arts Council England's Impact 8nd Insight Toolkit. 100Qk of them said they would participate again, 78VD said they experiencod Joy, and they descrfbed their 8xp8ri8nc8 With the fo15owlng three words - Insplring. fun and amazing. Page 8 NEW ADVENTURES CHARITY (A company limited by guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 'Cygnet School Is a unique, fully subsldlsed, pre-vocational danc8 programme for young. ado18SC8nt dancers. Community and belonging are at the heart of the programme's provision, where each dancer 58 valued, supported and challenged, as an individual and a creatlve, as well as nurtured as a m8mb8r of the whole Cygnet School. The Cygnet School team utllise Iheir Oxperlonce as professional dance arusts wlth New Adv8ntur8s and apply enabling pedagogy (th8 choic@s cf mathods of teaching and leaming). to d8v8lop a studio environment where the cygnets experience Joy, ¢onnectlon and creativity, and are motivated to achleve high quality ariistic outcom68. Th8 Cygn8t School is making a differenc8 to th8 Iiv8s of thes8 young people inside and outslde of the studio - tt is opening doors to new worfds of creative possibilities and adventures., Cygn8t School Evaluallon Report Overtur8 Our 9th year of the Overture programme Conslsted of a mix of r8sid8nlial and onlin8 professional d8V81opm8nt opportunities across 2023-24 for dance artists and dan￿ teachers from a variety of genres who have been worklng In communlty or educatlon settings for f8W8r than fiv8 y8ars. The group of artists 8r8 chos&n for their div8rs8 rang8 of work and &xperience wilhin the community dance sector across England. Facilitated by our Take Part Creative Director and an oxtemal facilitator, the cohort of dance artlsts participat8 in two r8sid8ntial w88kends al th8 AdventuTrs b8se in Farnham M8ltings, Surrey over an eight-month perfod, alongside digital sessions, and a vislt lo tho current New Adventures production on tour. Each resldentlal consists of practical worf(shops, dlscusslons. and skills-sharing as w811 as inspirational gu88t tsachers from a variety of industry backgrounds. With workshops in areas such as personal development, coaching and networking, New Adventures alm to provide the cohort wilh a rang8 of skills to 8UPPOrt them in r8aching th8 n8Xt18V81 of their careers as comMun￿Y dan￿ artists, 'Ov&rture has be8n an anchor to guide creative development and given me confidence and ownership over my creative voice., Ovarture participant Pro-class Pro Class took place two limes at Trinity Laban in May 2023 and January 2024. with ovar 332 dancers taking part in sessions over the cours8 of one week. Th8S8 three-hour sessions consisted of technique dass followed by exploring repertoire from a New Adventures production or looking at th8 cr8atlV8 proc8ss and melhodology of the work. The op8n session8 were op8n lo any dancers in Iraining and graduate5, and the invlted sessions wer8 held for selected dancers from Gonservatories and Swan School to continu@ their development and stay onnect8d. This Tal8nt D6V8lopment programme received average ratlngs of 94% for 'lnsighY and 92Qk for 'AchievemenY frcm 44 partlcipants that took part in th8 Sutvey sent using Arts Councyl England's Impact and Insighl Toolkit. 970A of them said they would participate again, 970/0 said they experienced joy. and they dascribad th8ir experlence with tha following thr88 words- inspiring. fun and challenging. "lo Ihe style and artlsTy-b"éhind" Néw-Adventurés shows I 'Ati"-arnazingc Th ancélo déliie in supportive environment.'_ Pro-class Participant a" iow-pressure Swan School Twice in 2023 - once in April at East London Dance and again in August at Central School of Ba118t, 56 danc@rs w&re invited to take part in two four-day intensive that gave th8m an 8xclusiv& insight into the working practices and repertoire of New Adventures. Identified through our ConseNatoire programme. attendlng shows and annual auditions, dancers are invited to Swan School because we 8r8 int8r8St8d in their development and preparation for the Industry. The dan￿rS are glven exclusive insight into the Y￿rkIng practices of New Adv8ntur8s and take part in panelled discussions and workshops with invit8d industry professionals. This residency Is designed to broaden the dancers. industry knowledge and provide them with a range of skills to support Ih8m as they embark on their artistic joum8yS. Page 9 NEW ADVENTURES CHARITY (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The intensive culminates in a sharing to the senlor mernbers of New Adventures, artl8tic team. So far thlrty-two prevlous Swan School alumnl have gone on to perform wilh the company In various prc)ductions. An Autumn Adventure Over three days, 30 gradual8s and undergraduatss of vocational dance training cour8e8 were introduced to our repertoire and invited to explore New AdVen￿res, trademark creative processes. Th& days ar8 mad8 up of class, repertoir8, and cr8atiV8 tasks with 8mphasis on ar8as uniqu8 to th@ company which could include duet work, sto￿ellIng through movement and character work. Thls year also included Sessions on Pilates. Profes8i0nal Working Practic8, an 'Optimising Your P8rfomiance' Dance Psychology workshop and an Audition Wortorstep Duets Doorstep Duets was orlglnally Created In 2021 by New Adventures and Farnham Maltings as a r8spons8 to swial isolation. Th8 aim of the project is to bring dance directly into th8 communityi providlng loy, escapism and connection and make dance more aGcessible to everyone. In 2023, we created a new short piece for the Doorstep Duets tour. Back to Us by New Adventures, Resident Artl8t. The cr88tion of this pi8C8 was overs88n by New Adventure5 Assoclate Artistic Director and New Adventures Take Part Creative Director. In association wlth Famham Maltings, we worf(ed with sev8ral venues and 8rts organisations across the Soulh8ast of England, to bring the pieces to their local communities, including Famham Maltings. Dance Network Assoclalion, DanceEast Ashford Council, K8nt County Council, Canterbury Council, Marlowe Theatre, Danc8 Woking, Future Foundry, Dover Town Councll, Port of Dover, SU￿eY Libraries. Suss8x Danc8 Ne￿Ork. M&rcury Th8alr8 and DanG8 Network Association. The production offered fr8e opportunitie$ for p8op18 to 8njoy worfdwcla85 perf0rrnan￿ In their local neighbourhood, on their street, in local parks. and through community-bas8d organisations. 'Fun, enthusiastic, greal storytelling and well worth watchlng. Wall don8 to ev&ryone involvedl Audienc8 Member Doorst8p Duets E)uring 202&24, 156 people took part in 4,000 Cornmunities session8. There were 74 Doorstep Duets performances. saen by 6.642 p8opI8. AUDIENCES New Adv8ntures continue8 Its commitment to working collaboratlV81y with our large number of presenting venues to maintaln our strong and loyal audience base and attracf and develop new audiences. We continu8 lo d8v8lop and find new ways to expand our reach through digital, broadcasting and performances in non-traditional spaces. One of our three core Company values is Audiance. Our audipnces are why we do what W6 do. Entertaining and engaging audiènces wilh our storytelling 18 our passion. We strive to be widely accessible and welcomlng io both our loyal and new audiencas. As a company w8 ar8 driv6n by a desire to rnake great art that is seen by as many -The as po881 peop We were able to connect with audiences in a live ¢apa¢ity once again, as well as venues and path@￿ around the UK and beyond via REEL Adventur88. We have continued to build strong and sustained partnershlps with our key touring venues. working togath8r to reach local audiences. incraasa acc8ss and encourage rnore people to 8XP8ri8nc8 and be inspired by dance in all its forms, Page 13 NEW ADVENTURES CHARITY (A Company Ilmlted by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accas8 Perforrnancos In, January 2024, New Adventures produced ts thlrd Sensory Adapted Performance (SAP) performanc8, this time of Edward Scissorhands. A Sensory Adapted Performan￿ is an extension of a Relaxed Perfomance, a￿atIng a less formal and mora SUPPOrtIV8 theatre envlronmenl and In¢ludlng some modifications to the show. SAPS arg sultable for those who may be on the autism spectrum, have sensory sensitivities, epllepsy, learning disabilities andlor difficulti&s: 8xp&rience neun)div&rsity, and anyon8 Ihat might b8n8fit from a more supporbve environment. Th8r8 W8r8 298 total bookers. with 107 att8nding for first tlme13e%i. 25 total bookers also attend8d th8 Sle8ping Beauty SAP (8¢10) in January of2023, Throughout all our productlons, we offered 28 Audio Described perfonnances and touch tours wlth a 50 /, incrgase in tske up. advertised via a dedicated Acc8ss pag8 on our w8bsit8 and that of partner venu8s. A Vi8U81 Guide and Sensory Introductlon fllm of Edward Sclssorhands were made available for anyone who would benefit from farlliliari8ing them8elv88 With wh8t to expect before attending a p8rformance. W& continu8d to work wtth pr8S8nting v8nu8S to allocat8 30 fre8 audienc8 dev8lopm8nt tick81s at 8ach v6nue, speclfically ring-fenced for targeted gtoups including those who have not previously attended the theatre, young people, as well as participants in our 8ngagem6nt proj8Cts. 11 post-show 8vents off8r8d th8 g8neral audience uniqua insight into the making of the show, with all these events belng BSL Interpreted and over 3000 peop18 attending. .1 cannot thank you enoughl 111 Also, massive props trj Sadlers, it is the most accessible venue I have ever been in, and the sensory adapled p8rforrnance w88 amazing, well thought and beautiful, Edward Sossorhands Relaxed Performance Audience Member 2023-24 Total Attendances by_Region Southeast North Southwest Midlands London TOTAL En Resl of UK TOTAL UK 146 290 302.704 land 341.098 DIGITAL: REEL ADVENTURES New Adventures continues its commitrn8nt to increaslng the reach of our shows through broadcasts, cinema, digital downloads. and online collaborations. We continue to create innovative digital contenl that provides 8ngaging insights into the unique world of New Adv&ntures on and off stage and 8xperim8nt wtth new ways of communl¢atlng thal reflect our cKmpany ethos and ambition. We have increased the ways in which audiences Can watch our shows online through continued partnership8 with broadcasters and other content providers to allow audianc8$ to stream our production8 on d8mand. Broadcasts and Onllne Straamlng Our latest production to broadcast was Sleeping Beauty and had 320,000 viewers on BBC (including streams through BBC iPlay8r). Nutcrack8rl continued to b8 availab18 as a stream on BBC iPlay8r and had 470,000 viewers. Page 14 NEW ADVENTURES CHARITY (A company Ilmltod by guaranteo) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Workin9 alongsid8 multipl8 in18rnational partners (broadcast networks and online platforms), Six productlons were broadcast andlor streamed outsSde of the UK (The Car Man. The Red Sho8s, Cinder811a. Nutcrackerl Rom80 and Juliel, Swan Lake) in 24 countries, We estlmate 58,542 viewers across Ihe world. In total. we estimate 848,542 views of New Adventures productions via broadcast or slreamlng. Cinema Screenings 6,758 p80pI8 in the UK saw S186ping Beauty at the cinema. 17,077 p8ople in the UK saw Swan Lake at the cinema. 271 people In the UK Saw The Red Shoes at the clnema. In totsl, 24,270 people across the world saw 8 Matthew Boume production at th& cinema. Onllne Engagement On our digital plalforms, we focus on giving audiences an opportunSty to COnn￿t with the joy, wonder and creativity of New Adventures wherever they are in th8 world. We have introduced a Ihr88knpillar strat8gy, communicating our what, our why and our how across soclal platforms. Our strategy puts the audience first (rather than the platfomi}, places dance at the forefront and prioritises quality over quantity. We hava incr8as8d tim8 Spent on communty manag8m8nt to nurture our relationship wth loyal fans and make stronger connectlons wlth audiences and future talent. In 202&2024, wo have had net audience growth of 17,167. and have increasad our r8ach by 60.30/0 (26,155,024 impressions). On our corg platforms (Facebook and Instsgraml, we posled 645 times, 25,667 people shared our posts, 58.969 posts were saved, we recelved 19,631 comm8nts and 135.489 post link clicks. Thavs a total of 239,756 m8aningful 8ngag8ments" with New Adventures. Rom60 and Juliet content has been particularly engaglng, Content has combined aesthetlcally and muslcally slrlking footaga with haadlin8S that conn8Ct with audiences 8motionally around universally resonant themes. In 2023-2024 we moved sales messaging below the opening copy hook, recognising that organic social content is rarely affective as a sa18S tool. We will be moving away from promotional wording on posts when our objective for the post Is emotlonal engagement, promotional messaglng will ba used mor8 Strategically when it is most lik81y to hav8 impact. 2023-2024 Total Di Broadcast and str8amin views Cinema Screenin tickets sold Online maanin ful an em8nts-.l.. TOTAL 848,542 239,756 1,112.568 ￿PeC¥thIs-tO-b&high9ras.forJGIat*has.OnlY-been-CO1[@Ctsd-5lnC￿¢tobOr 202L_ e recognise saves, shares, comments and post link clicks as 'm8aningful engagements,. SECTOR LEADERSHIP: SUSTAINABIUTY Green Adventures, the companls environmental sustainability strand, was launch8d in July 2018. Sinc8 then. we h8V8 b86n making changes across all areas of the Company and engaging with our venue partners and audiences around sustainability. N81Ni Adventures is committed to continuing this 18arning and the achievements it is making both internally ar)d extemally with tour venues. We ￿ntfjnue to foster tho sharing of id8as and innovatlon with our partner v8nu88 and the wider industry. A team of Gr88n Adventures rgpre88nt8tivas, drawn from a variety of roles from across New Adventures, continue meet quarterly to drive our continued our commilment to embadding 8nvironm8ntal b8St practic8 in our productions. touring. Take Part work. op8ralionsand office. Page 15 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Company dancer and freelance Environmental Sustainabllily Manager, Androw Ashton, contlnued hls role. Andrew sustained his work throughout the tour of Edward Sci8sorhands tour whilst also performing in thè production. He connectsd wlth all our partner venues around sustalnability inlti8tlves, our Gre@n Rider and 8ncourag8d th8 company on tour to adopt 8nvironm8ntally friendly thinking both on stage and off in line with The Theatre Green Book. We conllnued to provide advice and guidan¢e to oth8r UK bas8d arts organisatlons, sharing our18arning to date, as part of our Sector leadership role around sustalnable tourlng. We look fomard to building on our achi6vem8nts and setting new actions for th& future optimising our uniqu8 Position to guide and support tour venues, partners, and our freelan￿ workforce. EQUITY, DIVERSITY, INCLUSION New Adventures is committed to ensuring all our work, on and off stage. Is inclusiv8 and repr888ntatlV8 of contemporary England. W8 conlinue to cr8at8 an 8nvironment which provides equallty of opportunity and support for everyone lo do thelr bgst work and reach thelr full potgntial. One of our core Company values is Famlly and we havg a long-held and shared commitlTi8nt to supporting, dèv8loping, and investing in all members of the New Adventures company and everyone involved wlth our work In whatever capacty.. p8rform8rs, cr8ativ8s, cr8W, Staff, danc6 artists, audi8nces, participants, tru8tees, students, and partners. We are commltted to doing more by listening, leamlng, and deltvering on maklng the changes we want to S88 in th8 world w8 live and wotk in. This year we have continu8d to work wilh our $8Ctor support partners to help us achleve these aims, induding Creative Access, Tonic. PIPA (Parents and Carers in the Performlng Arts) and Stag8 Sight. Our freelancers, staff t88m and Trust68s are acliv81y engag&d in Equity, Inclusion and Anti-Racism work. Anyone joining New Adventures is expected to support and promote our Equity. Div8r&ily, and Incjusion policy. Prior to both the Romao and Juliet and Edward Scissothands tour, the wmpany took part in Safeguarding, Unconscious Bias, Allyship & Anti-Raci5m. Trans and Non-Blnary Allyship and Disabllty Awareness training. Dance Artists and members of the New Adventures offic8 tgam 81so took part in this training, plus training in Neurodiversity. Equity, DlversfrLy, and Inclusion is a standing item on the agenda of all Board meetings and Kenneth Olumuyiwa Tharp CBE was the EDI Truste8 lead. During 2023-24 the board was 220/0 global majority, 660A female indudlng chalr arKJ 22Vo LGBTQIA+. We continue to strive to represent society on stag8 and we're proud Of our recruitment and annual auditions process, which include regular non-binary sessions for auditions. Subsidis8d or free plac6s are offered on all our talent development projects and we continug to r8Vl8W the18V81 at which these are offered. Our Ovarture programma is fully subsidised for participants. with additional support offered as required to support caring or access needs. Iri 2023-24 we have foGused on idenlifying with the followlng protected and non-protected characteris￿¢$. race, gender, sexual 0ri8ntation and differlng soci(>economic backgrounds. We have also: Provided opportunI￿e$ for people of all ages, backgrounds, and abilit18S to participate in high qu81ity danca experiences. Worked to increase the diversity of the workforce, on stage and off stage. to be as reflective of the diversity of contemporary Brltlsh soclety 85 possible. Support8d raw and emerging talent, specifically targeting under-represenled groups within the creative industri8s, alongside slr8ngth8ning, and d8veloping our EDI work to ensure long term inclusion and change. New programm8s include the Emerging Artist Appr8nticeship 8nd Cygn@t School. Page 16 NEW ADVENTURES CHARITY (A company lirnlted by ouarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Collaborated vvith Con8ervatoire8, CAT 8chem8s and tho wid@r dance community to support emerging div8rs8 tal@nt and br8ak down th8 barriers that may prevent a career In dance. Invested our resources to make our onstage work more accessible 8.g., through ragulsr and hlgh-quallly audio d8scrib8d performances and our Sensory Adapted Performance. Made our Take Part work more accessible and inclusive. Supported those with caring responsibllltles to ena￿8 them to work for the company and partlclpate in our projects. Our EDI working group continued to m88t quart8rly and provided a rolllng trnining programm8 on 8 rang8 of EDI topics for those working on the shows, deliverins workshops and th@ wid8r New Adventur88 family. This group now also includ8s Acc8SS. Ensured the Equty, Diversityi Inclusion and Access Trustee Lead are enabled to be effeclive in driving'this work forward. Toured Doorstep Duets across the Southeast to accessible locations, care home8, assisted living, communty spac8s and doors18ps Io 8nsur8 that high quality P8rformance can be accessed by 8veryon8 ORGANISATIONAL RESILIENCE I STAFFING New Adventures is commilted to continuing to strengthen our 0￿janIsatIons1 r88ili8nc8 to 8nable our small team to d8liv8r an 8Xt8nsiv8 programm8 of pgrfomiancas and projects efflclently wlth maximum Impart. At the close of th8 year there were 15 member8 of staff, 8 fr881anc8 contractors. 29 danc8rs and 19 back8tsg8 crew engaged. We supported a total of 90 freelancers throughout the year. The company continued to provide training and professional development opportunities for staff, dancers, and th8 wider N8w Adv8ntur8s fre81anc8 workforc8. The rn8ntsl health and wellbeing of our worfrfoTh is support8d via a￿esS to an Employee Assistance Programme. which provides a 2417 confidential support resource and acce8S to free counselling. New Adventures are a significant employer of artists and arts professionals. We are committed to ensuring that we pay in-lin8 wilh, or b8tt8r than, r8cognis8d cod@s of practi¢8 and union agreamants. Wa will nev8r ask peop18 to work for free for us, Any tralnlng undert£ken wlll either be paid or fomi part of an education I professional development programme. Any roles and responsibilitl6s r4u8St@d from our fraelanc8rs b8yond thos8 for which they are contracled will be recognlsed and paid. We are ¢pen to flexible working and job shares as appropriate and continue to d8V8lop and review our polici8s in this area. We plac8 huge value on our staff and fre818nc8rs and r8cogni8e the import8nce of profession81 d8velDpment. Our tralning budget accounts for first aid and safegua￿Ing training as well as professional and personal development opportunities from coaching and fundraising to digitsl and mark61ing, We inv8St in all our staff and offer dancer development days to our ￿MpanY dancers and dance artists. As part of our EDI commitment. we deliver mandatory EDllanti-racism trainin to everyone on.joinin _the companLor startin .￿ a new contract. All staff and fr@8lanc8rs working for N8w Adv8ntur8s will b8 r8quirad to undertake this training on a regular basis alongslde our Compufsory Safeguardlng tralning. FUNDERS During 2023-24, our work was made possible by tha following funders: Arts Council England, Th8 Dorfman Foundation, The Backstag8 Trust, Th8 No81 Coward Foundation. Tha Band Trust, The Weatherall Foundatlon, The Head Family, The Th6atr8 Development Trust and The Mackintosh Foundation. Our Corpordta pathars war8: Edwardian Hotals London. Fothum & M980n. Buccellati London and BCLP Pag8 17 NEW ADVENTURES CHARITY (A company limlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 COMPANYSTRUCTURE New Adventures Charity Is the parent wmpany and wholly own8d tradlng $ub$iélaries are s8t up for all our productions. Creatives, dancer8. crew. and tour management are engaged on fixed terrn contracls for each show. We also have a subsidiary for N8w Adv8ntur8s' partn8ff& includlng $pon$or8 8nd film dislribution. Th8 financial results of tha trading subsldlarles ar& consolldatad into those of th8 charity in these statsments, The subsidiary companies for the year 2023-24 were.. New Adventure8 Red Shoe8 Limited New Adv8ntur88 Midnight Bell Limited Idissolv8d 6 Jun8 2023) New Adventures Swan Lake Limrted (dissolved 6 June 20231 N8w Adv8ntur88 Nutcracker Limit8d (dissolved 21st May 20241 New Adventures Sleeplng Beauty Llmlted New Adv8ntur88 Partnerships Limitsd New Adventures Verona Llmlted (Inwrporated 6 S8pt8mb8r 2022} New Adventures Scissors Limited (incorporated 4 April 2023) N A Swans Limited (Inc0￿0rat8d 7 F8bruary 2024) FINANCIAL OVERVIEW N8w Adventur88 is a registared ch8rily. The subsidiari8s and charity received a combined income of £14,777,089 in the finan￿al year 2023124 (2023.. £8.219,635). Of Ihis £1.515,031 10 /0 (2023.. £1.439,579 17°A) was grant and donation incom8 from Arts Council England and oth8r funders and supporters. £202,627 10/. (2023.. £222,818 30kl was Income from charitable activities. £11,747,407 79.kn (2023: £5.891,808 72'/0) was earned incomg inc5uding from our productions of Sl8eping Beauly. Romeo and Juliet and Edward Scissorhands. £79,839 10/0 (£11,518 1%) was bank interest eamed. £1.232,185 8°/0 (2023.. £653,912 7¥¢bl was r8C8iV8d through the Theatr8 Tax R81i8f sch8me. Of Ihi8 income. £12.289.936 870/0 (2023: £6.205,450 760AI was spenl on developing, producingi and touring our productions, £1,136,398 810 12023: £1,402,243 170h) was spent on ¢haritabl8 activities including Ta18nt Development. Schoo18 and Young People 8nd Communiti8s projects and REEL Adventures projects, £281,356 2¥0 (2023: £145.817 2%) was spent on fundraising costs, with tha remaining £385,878 3'k (2023: £404.722 5¥0) sp8nl on supporl costs Including access provision for our activity. At y8ar and the Charity held total consolidated ftjnds of £4,403,887 (2023: £3,720,366) comprising restrict8d funds of £124,57312023.' £72,974), designated funds of £3,737..500 (2023.. £2.997,000) and unrestricled general funds of £541,814 {2023: £650,392). We have four restricted reserves at the end of 2023-24, to be used towards Yaar Three and Year Four of Cygnet School, the Magic Me Legacy projecl, the Sen50ry Adaptèd-"Perfomian¢e an.d the Wigs Hair and Makeup Placement. We have designated funds from our r8S6IV8s for our forthcoming p￿ductIOnS and artistic work, a designated fund for Capital, a designated Dlgltal fund for our ambitions with our future REEL Advenlures dlgttal work and associated filming costs, a R8sili8nce and Risk Rese￿8 to safeguard the company against any unforeseen risks or risk we are Mi￿gatIng on our Rlsk Register, and an Offstage Projects reserve. The opgrational reserve of tha charity is Set at an agreed level of £541,814. Our Arts Council England annu81 NPO grant of £1,317,810 enabled us to achieve 1,274.802 engagemenis nafjonally and internationally in 2023-24 resultlng In a par angag8m8nt subsidy of just £1.03. Page 18 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FUNDRAISING COMPLIANCE STATEMENT Th8 chaiity se8k8 to cornply with best praclice on fundralsing and is Gompliant wlth the Cod8 of Fundralslng Practlce of the Fundraising Regulator. All fundr81sing activiti8s ar& monitored and revlewed quarterly by the D8v8lopment Subcommlttee. New Adv8ntur6s value8 8UPPOrt from a vari8ty of sour08s. All donor6 ar8 enlitl8d to know how we use thelr donation5 to fund our work, and we provide regular updates on how th8ir contribution$ ar8 8nabling our charitabl8 8tttlvltla8. The Charity do8s not se8k to generate fund8 from the public at large, apart from through its support8r programme via our website, The Charlly does not use professional fiJndrais6rs. If there 15 an issue of concem regarding the acc8Ptanc& of a gift or sponsorship, New Adventure's Executlve Leadership Team will coniact the trustees. All final.decisions wlll be governed by the trustees. It is th8 duty of the trustees to athlse of any pot8ntial conflicts of inl8rest with regard8 to funding or partnership8. FUTURE DEVELOPMENTS As an Arts Council National Portfolio organisatlon, we are continuing to look to thg.future whilst investjng in the d81iv8ry of our Mission and Go815 that include- retain our position as one of Britain's biggest dan￿ exports 2. make envlronmantal responsibility cor8 to our post pandemic r8COV8ry 8nsur8 all our work is inclusive and represeniative 4. continue to str8ngth@n our organisational resilienG8 Edward Scissorhands finished its UK tour in May 2024 wilh its final w68k in Amsterdam. Edward Scissothands was filmed durtng the UK tour and will be released in over 500+ cinemas in Saptamb8r 2024. Summer 2024 sees the award-winning procluctlon of Romeo and Juli8t, continue its int8rnational lour to Korea, China and Taiwan. Following this, in November 2024 Swan Lake return5 for its 30th anniversary with a 2024125 UK tour. This audacious reinvention of Tchaikovskys mast&rpiac8 caus8d a sensalion when it pr8mi8r6d almost 30 years ago and has Sinc8 become the most'successfijl dance theatre produdion of all time. In celebration of that ongoing impact, Swan Lake will tske flight On￿ more in this major rgvival for the next generation. Alongside our work on stage. our plans include: Maintaining our d8livery to Ihe Southeast region. through strengthening our lies with our home venue, - Famham Maltings. and deepening our angag&mant and working in partnership wth local organisations to create projects with child￿n, young p80p18, and communities. investing in and supporting our onstage, off-stage, and backstag8 freelance workforce, alongside this we will be running a reglonal placement programme for the duratlon of the Swan Lak8 tour with our placamaking partners. Maintaining our tal8nl development of d￿n￿rs. both pre-professional and sustaining caffters. Maintsining our digital reach Ihrough broad(xsis, scr6enings, and online streaming, as well as exploring other opportunities for digital 8xploitation and acc8SS. Developing our placemaking work by strengthening our ties with seven of our k8y venue partners acr088 England and deepening our engagement and working in partnership with local organisations to creat8 proj8cts with children, young people, and communities. Page 19 NEW ADVENTURES CHARITY {A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Furth8r 8mb8dding our Equity. Diversity, and Indu5ion (EDI) work across the organisation and In the work that wa do. Continuing our commitm8nt to the 8nvlronm&nl via Gr88n Adv8ntur8s, building on our achievements and sethng new a¢tSons for the fulure, Continulng to embed our fr)ur Working Groups:Dlgttal, EDIA, Green Advantur8s and Data and Dashboard in the work we do, supporting our dellvery of Art8 Council England's Investment Prfnciples Beyond this we ￿11 continue to develop our bold ambitions to grow our tslent developm8nt programme and our engag8m8nl work with young people and communitles. This includes continuing with Cygnet School, programme that focuses on grassroots danc8 d8V81opment and harn&88ing rdw Potential. FolEowing the succass of Doorst8p Du8ts, we ara working in partn8rship with Farnham Maltings to deliver a 4- week SU￿Mer tour taking the joy and wonder of Ilve performance to communities across tha Southaast region. We contlnue to be exclted by the opportunities offered through Let's Create, Arts Council England's 10-ygar strategy, which w8 have sustained throughout our work and our ambitions moving forward. Following the succp88 of Doorstsp Du8ts, we are worf(ing in partnership with Famham Maltings to deliver a 4- week summer tour laking the joy and wonder of liva p8rformanc8 to communities across th8 South88st r8gion. We continue to be exclted by the opportunit18s off8r8d through Let's Create, Arts Council England's 10-year slrat6gy, which we have sustained throughoul our work and our ambitions moving forward. RESERVES POLICY STATEMENT It is tha policy of th@ Charity that unrestricted funds which hav8 not been designated for a specific use should be mainlalned at a level equivalent to six-months recurring core expenditur8. Tha Trust88s consider that reserves 8t this 18v81 will ensure that. in the event of a significant drop in funding, they will be able to continue the Charitvs current activlties while consideration is given to ways In which additional funds may b6 raised. This G8n8rdl Fund is retsined at th8 8gr88d £500,000 minimum but is calculated more accurately on a quarterly basis. It is also forecast to be maintained through current financial plans to 2027. At year end the Charfty held free reserv88 (calculat8d as unrestric18d fund8188s fixed ass8ts and any capital and grant cc*nmitments) totalling £537,930, thereby meeting the reserves policy. In addition, the charity holds a balance of Dgsignated Funds to support investment in futura strat8gic developmant and projects. These funds are currently b8ing used to support the company in Its next phase of development at a level that the trustees perceive as the necessary and realistic sca18 of investment required to achiav8.our futur8 activities and plans over a 12-24-monlh period. The use. of Designated Funds to support the Charity will be carefully monitored by the Trustees to @nsur8 ongoing vlability SnforrrFS all decision making. Page 20 NEW ADVENTURES CHARITY (A company Ilmltsd by guarante8) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 DISCLOSURE OF INFORMATION TO AUDITORS Each of lh8 P8rsons who are Twst88s at Ihe time wh8n this Twstees, report is approved has ￿nfirnied that: so far as that Trustee is aware, there Is no relevant audit information of whlch the charitab18 group's auditors are unaware, and That Trustee has iaken all the steps that ought to have been taken as a Trustee In ord8r to b8 awar8 of any information n88d8d by th8 charitabl8 group's auditors in connectlon wilh preparing their reporl and to 8Stablish that the charltable group's auditors ara awarg of that information. Th8 auditors. Nyman Libsoh Paul LLP, have indicated thelr wtlllngness to continue In office. The designated Trustees will propose a motion reappointing th8 auditors at a me8ting of th8 TNsl86S. Approved by order of the members of the board of Trustees and signed on their behalf by. Brenda Emmanus OBE Ch8ir Date: Page 21 NEW ADVENTURES CHARITY (A Gompany Ilmlted by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Tnist•OS B A Emmanus, Chair P J M Williams, Dlre¢tor E J Bolton, Director J M Brunjes, DSrector J C Riddell. Director H Morris, Dir8Ctor J A A Ward, Director Company reg15tered numbèr 06548321 Charlty reglstered number 1125342 Reglstered offlce Farnham Maltings Bridge Square Farnham GU9 7QR Indepondent audltors NyTnan Libson Paul LLP Chart6red Accountants Statutory Audltors 124 Finchley Road London NW3 5JS Page 22 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEW ADVENTURES CHARITY Oplnlon W8 hav8 audited th8 financial stat6m8nt8 of New Adventures Charily (the 'parenl charitable companl) and Its subsidiaries (the 'group') for the year and8d 31 March 2024 which compris& the consolidated statement of financial aclivili8S, th8 consolidated balance sheet, the charity balance sheet, the consolldated statement of cash tlows and Ihe related not&s, including a summary of significant accounting policies. The financial reporting framework that has been applied in thelr preparation is appllcabla law and Unit8(l Kingdom Acwunting Stsndards, including Financial R8porting Standard 102 'Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted A¢counllng PractiC8). In our oplnlon the financial statements:. glve a true and fair vi8w of the State of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming r8sourc@s and application of r8sourc8s, including its income and expendilure for the year then ended. have been properly, prepared in accordance ￿th Unltsd Kingdom G8n8rally Acc8pled Accounting PractlC8" and hav8 b8en pr8par8d in accordance with the requirements ofthe Companies Act 2006. Ba518 for opinion We conducted our audlt In accordan￿ with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities undgr thos@ standards are further described In the Auditors, responsibllltles for th8 audit of the financial statements section of our report. We ar8 ind8P8ndent of the Group in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the United Kingdom, including th6 Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilitles in 8C(x)rdanc8 wrLh these requirements. We believe that the audit evidence we hav£ obtain8d is sufficient and appropriate to provide a basis for our opinion. Concluslon8 rolatlng to golng concern In auditing Ihe financial statements, we have concluded that th8 Truste8s' use of the going conc&rn basis of accounting in the preparation of the financial statements 18 appropriats. Basad on th8 Wotk we have performed, w8 have not identified any material uncertainties relating to events or conditions that, Indlvidually or collectively, may cast significant doubt on the Group's or lh8 parent charitable companls ability to continue as a golng concern for a perfod of at least twolv8 months from when th& financial ststements are authorised for issue. Our responsibilitias and lh8 r8sponsibiliti8s of the Trustees wilh respecl to going GOn￿M ar8 described in th6 relevant sections of this reporL other Informallon Th8 Oth6r infomiation compris88 the information included in the annual report other than the financial statsments and our auditors, report thereon. The Trustegs ar8 r8sponsible for th8 Other inforynation contained within th8 annual report. Our opinion on the financial st8tements does not cover the other inforniation and, 8XC8Pt to th6 'extent otherwise explicitly stated in our r8POrt. we do not expr￿ any fomi of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other infomiation is materially inconsistent with thg financial statem8nts or our knowledge obtsined in the course of the audit, or oth811VIS8 appears to be materially mlsstated. If we identify such material inconsist8nci8s or apparent materi81 Pag8 23 NEW ADVENTURE8 CHARITY (A company Ilmited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEW ADVENTURES CHARrrY {CONTINUED) misstatements,. we are required to determlne whether this gives rise tc a matertal misstatsment in the financial statements thems8lv8s. If, bas8d on the work we have pérformed, wa conclude Ihat there is a material mi88tatement of Ihis other infomatlon, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters proscrlbed by tha Compan188 Act 2006 In our opinion, based on the work undartaken in th8 cour38 of the audit- th& information given in the Trustees, Report Includlng the Strategic Report for the financial year for which the fin8ncial stal8m8nls ar8 pr8pared is consislent with Ihe finandal statements, th8 Trust8es' Report and th8 Strategic R8POrt have been prepared in accordance wth applicable legal requlrements. Matters on vthlch we aro roqulrod to report by excoption In the light of our know16dge and understanding of the charitable company and its enVi￿nment obtain8d in th8 urse of the audlt, we have not idgntified mat8rial misstatement8 in the Trusl88s' Report including the Strateglc R8POrt. We have nothing to report in respect of the followlng matters in r8laliDn to which Companies Act 2006 requires us to r&port"tD you rf, in our opinion.. the parent charitable company has not kept adequate and sufflciant accounting records. or r8turns ad8quat8 for our audit have not been received from branches not visited by us. or the parent ch8rit8ble company financial statements are nol in agreement wilh the accountlng records and rgturns., or certain dis¢losures of Trustees, remun8ration specified by law are not mad8; or we have not received all the information and ￿planatIonS w8 require for our audit. Responslblllt10s of trustees As explained mor8 fully in the trustees. r8spon8ibilitl8S Statement, the Trustees (who are also the directors of Ihe charitable company for the purposes of company law) are rasponsibl8 for the preparation of th6 financial ststem8nts and for being satisfied that they giv8 a true and fair view, and for such intemal control as the Trustees detemiine is n8cessary to enable the preparatlon of financial statements that are free from material -mi&stat8m8nt-, whether-due-tQ-fraud-or*rror In preparlng the financial statements, the Trustees are r8sponsibla for assessing th8 Group's and the parent charitable companvs ability to continue as a going concem, dlsdosing, as applicable. matters related to going concern and using the going concem basis of accounting unl8ss the Tru8tees eilh8r in16nd to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 24 NEW ADVENTURES CHARITY {A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEW ADVENTURES CHARITY {CONTINUED) Audltors, responslbllhles for Ihe audlt of the flnan¢lal staternents Our objectlV8s are to obtsin reasonable a8$urance about whether the financial stat8m8nls as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditors, report that includes cmjr opinion. Reasonable assurance 18 8 high level of assurance, but is not a guaran188 that an audit conducted in accordance with ISAS (UK} will always detect a material rnisstatement when It exlsts. Misstat8m8nls can arise from fraud or 8rror and ar8 consider8d mal8rial if, individually or in the aggregale, they could reasDnably be expeded lo influence the economic decisions of users tsken on the basis of these flnancial statements. Irregularfiles, Induding fraud. are, inslanc8s of non-complianc8 With laws and r8gulations. W8 d8sign proc8dur88 in line with our respon5ibilitie5. Outlined above, to detect materfal misstatements in respect of Irreyulartties, including fraud. Th8 8Xt8nt to which our procedures are capable of detscting irr8gularitl8s, including fraud 18 detailed below- We gained an understanding of the legal and regulatory frarnework applicable to the charity and th8 group and Ihe industry in which it OP8r8t8s 8nd consid&r8d th8 risk of acts by th8 charity and the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to th8 risk, rgGognising that lh8 risk of not d818cting a mat&rial misstatement due to fraud is higher than the risk of not detecting one resulting from error, as Iraud may Involve deliberate concealment by, for example, forg8ry or int8ntlonal misrepresentations, or through collusion, We focus8ed on laws and regulations whlch could glve rlse to a material missiatement in the flnancial stat8m8nts, including, but not1imited to, th8 Companies Act 2006. UK t8x legislalion, Charities Act and Charity Commission guidelines. Our tests included agreeing the financial statement disclosures to underlying supporting doGum8ntation and enquiries with rnanag8m@nt. Th8r8 are inherent limitations in the audit procedures described above and, tho further removed non-compliance with laws and regulations is from the events and transactions reflected in the fin8ncial ststem8nts, th8 18ss likely we would become aware of it. We did not identify any key audit matters relating lo irregularities. including fraud. As in all our audlts, W8 also addr8ss8d the risk of m8nagern8n( ove￿Ide of internal controls, including testing journals and evaluating whether there was evidence of bias by th8 trustses that represented a risk of matèrial misstatement du8 to fraud. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indl¢atlons of fraud or noncompliance with laws and regulations tt)roughout the audit. A furth8r description of our responsibilities for the audit of the financial statements is IcrAled on the Financial Reporting Gouncll's websit& at: vMw.frc.o .uklaudÈtorsres onsibilitles. This description fom15 parl of our audllors, report. Page 25 NEW ADVENTURES CHARITY (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEW ADVENTURES CHARITY (CONTINUED Use of our report Thls r6POrt is made solely to the charitable companls 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 W8 might state to the charltablo CoMpan￿S m8mb8rs those matters we are required to State to them In an auditors, report and for no other purpose. To the fullest extent pemiitled by law, w8 do not acc8Pt or 888ume responsibility to anyon8 Other than th8 charitsble company and its mombers, as a body, for our audit wort<, for this rep)rt, or for the oplnions we have formed. Andrew Thoma81senior statulory audltor} for and on behalf of Nyman Libson Paul LLP Chart8r8d Accountants Statutory Auditors 124 Finchl8y Road London NW3 5JS Date.. Page 26 NEW ADVENTURES CHARITY (A company limited by guaranto8} CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr8strict8d funds 2024 Reslricted funds 2024 Designated fund8 2024 Total funds 2024 Total funds 2023 Note Incomo from: Donatlons Charitable actlvilies Trading activitie8 Inv88tm8nts Other income 1,358,411 202.627. 11,747,407 79,839 1,232.185 156,620 1.515,031 202,627 11,747,407 79.839 1,232,185 1,439,579 222,818 5,891.808 11,518 653,912 Total Incomo and endowments 14,620,469 156,620 14,777.089 8,219.635 Expendlturo on.. Raising funds.. Voluntary income Trading a¢tlvities Charitable activitias". other charitable activities 281,356 12.289,936 281,356 12,289,936 145,817 6,205,450 1.417,255 105.021 1,522,276 1,806,965 Total exp8ndlture 13,988,547 105.021 14,093.568 8,158,232 Net income Transfers between funds 631,922 51.599 683,521 61,403 18 (740,500) 740,500 Net movement In funds (108,578) 51,599 740.500 683,521 61,403 Recon¢lllatlon of funds: Total funds brought forward 19 Net movement in funds 19 650,392 1108,578) 72,974 51,599 2,997,000 740,500 3.720,366 683,521 3,658.963 61,403 Total funds carried forw.ard 541,814 124.573 3,737,500 4.403,887 3,720,366 Page 27 NEW ADVENTURES CHARITY (A company Ilmlted by guarante8} REGISTERED NUMBER: 06548321 CONSOLIDATED BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets 14 3,884 7.111 Curront a8SOt8 D8blDrs 16 2,845,439 6,386,023 2,050.237 4.746.360 Cash at bank and in hand 9,231.462 6,796.597 Creditots: amounts falling due wlthln one year 17 (4,831,459) (3,083,342) Not curr8nt a880ts 4,400,003 3,713.255 Total net assets 4,403.887 3,720,366 Charity funds D8signated funds R8strict8d funds Unrestricted funds 18 3,737,500 124.573 541,814 2,997,000 18 18 72,974 650.392 Totsl funds 4,403,887 3,720,366 The Trust88s acknowledge their responsibilities for complying wilh the requirements of the Act with respect tc accounting records and preparation of financial stat8m8nts. The finan￿al statements w8r8 approved and authoris6d for issue by the Tru8tee$ and signad on their behalf by.. .Brenda Emmanus OBE Truslee D8te'. ILlfilI4 Th8 notes on pages 31 to 52 fomi part of thes8 financial statements. Page 28 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) REGISTERED NUMBER: 06548321 CHARITY BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible as88ts Investments 14 15 3,884 7,111 3,890 7,118 Current assets D8btors Cash at bank 16 1,500,961 3,190.306 577,153 3,510.033 4,691,267 4,087.186 Creditors". amounts falling du8 Wlthin on8 . year 17 (229.713) (373,945) Not current assets 4.4e1,554 3,713,241 Total net assets 4,465,444 3,720,359 Charlty lunds Designatsd fund5 Restricted funds Unrestricted funds 18 3.737,5 2,997,000 18 18 124,573 603,371 72.974 650,385 Total funds 4,465,444 3,720.359 The Charity's net movement in fund5 for the year was £745,085 (2023 - £58,403}. The Trustee5 aCknO￿edge their responslbilities for complyng wlth the raquir8ments of th8 Act with respeci to accounting r￿ordS and preparation of financial ststemenfs. Th8 financaal statem8nts were approved and 8Lrthorfsed for issue by the Trustees and signed on their b8half by.. Brenda Emmanus OBE Trust8e Date: The notes on pages 31 to 52 form part of th&s8 financial statemants. Pag8 29 NEW ADVENTURES CHARITY (A company limitèd by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Nole Cash flows frorn operatlng activiti88 Nèt cash used in op8rating activiti8S 21 1,639,663 (138,682) Cash flows frorn inve8tlng a¢tlvltles Purchas8 of tangible fixed assets (6,425) ' Not cash provlded byl{us8d In) Investlng activities 16,425) Change In cash and cash equlvalents In the year ' Cash and cash equivalents at the beginning of tha year 1,639,663 1145,1071 4,891,467 4,746,360 Cash and cash equlvalents at the end of the year 22 6.386,023 4,746,360 The notes on pages 31 to 52 form part of thase financial stat8m8nts Page 30 NEW ADVENTURES CHARITY IA company Ilmltsd by guarantoe) NOTES TO THE Fif+lANCIAL STAfEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company status N8w Adventures Charity is a charftabl8 company Ilmlted by guarantee and is Inco￿0￿￿ted in England. The m8mb8rs of the company are the Trustees named on page 22. In tha event of the ¢harily being wound up, the Ilability in respect of the guarantse is Ilmlted to £1 per member of the charity. The CharitVs aims and objectives are detsiled in the Trustees report of the tlnanclal statements. Th8 charllls registered offlce ig Famham. Malting8. Bridg8 Squar8, Farnham, England, GU9 7QR. Accountlng pollcles 2.1 Basis of preparatlon of flnanclal statam6nt8 Th8 financial stat8ments have been prepared in accordance wilh the Charities SORP (FRS 102) Ac¢ountlng and Reportlng by Charit19s'. Stat8m8nt of R8comm8nd8d Practic8 applicable to chariti@S preparing th8ir accounts in accordance with the Financial Reporting Stsndard applS¢able in the UK and Republic of Ireland (FRS 1021 {8ff8CtiV8 l January 2019) and the Companies Acl 2006. N8w Adv8ntur8s Charity m88ts the d8finition of a public benefit entity undgr FRS 102. Ass8ts and liabilities are initially recognlsed at hlstori¢al cost or transaction value unless Othe￿ISe stated In the relgvant accounting policy. The con801idat8d stat8ment of financial acliviti&s (SOFA) and consolidated balance sheet Consolidates the finanGial statemenls of the charlty and its subsidiary undertakings. Th8 r8suIts of the subsidiaries are consolidated on a line by line basis. The results of subsidiaries acquired during the year are included from the effective dale of acquisition. The r8sults of subsidiaries sold are included up to the effective date of disposal. The functional and presentational currency ofthe charity is GBP. The charity has takan adv8nt8g8 of th8 exemption allowed under section 408 of the Companies Acl 2006 and has not presentsd its own statement of financial activities in thase financial stat8ments. 2.2 Golng concom The audited accounts for 2023124 continuE* to reflect a healthy reserv8 Position for the company, i line with our reseNes policy and demonstrating the company's contlnued resilience The year-end closed In surplus, and the raserves position and futur8 forecasts and plans enable the Charily to be confident that it can continue to deliver impact for the next 24 months at a minimum durlng which tlme bullding new and longstanding relationship with Trusts and Foundations for future fundraising. continued audience and venue confidence in our work and new strategic partnerships will ba th8 priorily to maintain this positive position beyond 2023124. Th8 Trust88s hav8 r&ached this conclusion b88ed on the current cash position, sound financial forecasting and regular contact between the executive and the finance commitlee. Following this assessment 8nd 8fter making appropriat8 enquiries, the Truste&s have a reasonable expectation that the Charlty has adequate resources to cxjntinue in operational existence for the foreseeablo future, For thiB r8ason, they continue to adopt th& going concem basis in preparing the financial statements. Page 31 NEW ADVENTURES CHARITY (A Company Ilmlted by guarant80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policie8 (continued) 2.3 Income All income is recognised On￿ the chaiity has an entitlement to the incom8, It is probabla that the incom8 will be r8C8iV8d and the amount of income re￿1vable can be measured rellably. Income relating to venue fees is r8cognised al the end of the week in which the show is staged and Ss exduslve of VAT. Revenue from admission is reported as the amount received by the producer aft8r the theatre8 have deducted relevant conimi58ion and banking charges. Income relafjng to grants from the Arts Council England is reo)gnlsed In accordanca with the agr8ad funding in th8 y8ar. Other income is re(xJgnised in the period in which it is r8c6ivable and to the extent the goods have been provided or on umpletion of the service. 2.4 Expenditurè Expenditure is accounted for on an accruals basis and has been included under expense catsgories that aggr8gat& all costs for allocation to activities. Where costs cannot b8 dir@ctly attributed to particular activities they have been allocated on a basls consistent with the use of the resources. Governance Costs are those incurred in connection with the administration of th8 charity and complianc8 With con8titulional and statutory r8quirement8. Grants payab18 ar8 charged in the y8er when the offer is made except in those cases where the offer is condltional, such grants belng re¢ognised as 8XP8nditur8 when the conditions att8ching are fulfilled. Grants off8red subject to conditions which have not been met at the year-end are noted as a commitment. but not accrued as an axpenditur8. Fundraising costs are Ihosa incurred in s8eking voluntary contributions and do not includ8 the Costs of disseminating inforniation in support of charitable activitios. SupFY)rt costs are those costs incurred directly in support of expenditur& on tha objacts of the chatity and include project management costs. 2.5 Taxation Th8 charity is exempt from corporatlon lax on its charitable activities. Page 32 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEPIIENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng pollcl88 (contlnued) 2.6 Fund accountlng General funds are unrestricted fvnds which are available for use at th8 discr8tion of the Trugteas in furtherance of th& gan8ral obj8CtIV8s of the Group and which have not been designated for other purposes. Designated funds comprlsa unrestrlcled funds that have b88n s8t asid& by the Trust8es for particular purpos8s. Th& aim and use of oach designated fund is set out In the notes to the financial statements. Restrictad funds are funds which ar8 to b8 used in accordance with specific restrictions imFJosed by donors or which have been ralsed by the Group for particular purposes. The costs of raising and administ8ring such fund8 are charged against th8 SP8cific fund. The aim and use of each restricted fund is set out In the notes to the financial siatements. Investment income, galns and losses are allocated to the appropriat8 fund. 2.7 Tanglblo flxed assets and depreclallon All assets cosfjng more than £1,000 ar8 capltalis8d. A revtew for impairment of a fix8d asset 18 carried out if events or chang6s In circumstances indicate that the carrytng value of any f￿ed asset may riot be recoverable. Shortfalls batW8en the carrying valu8 of .fixed a88ets and their r8cOV8￿bl8 amoullts ar8 recognised as impaiments. Impairment losses are recognlsed in the statement of financial activities. Tangible fixed assets are carried at ¢ost, net of depraciation and any provision for impairment. Depreciation is provid8d at rat6s calculated to write off the cost of fixed assets, less their estimated residual value, over thelr expected useful livas on thè following basis: Offica equipment 25OA 8lr8ight line 2.8 Invastmonts ..InveStMent￿l￿ sub8idiarie& are-valuecl-at ¢ost-le38-provigioR-for- impairment. 2.9 Inlerest rocelvable Interest on funds held on deposÉt is included when re¢eivabl& and th8 amount can be meaSU￿d reliably by tha charity. this is normally upon notificatlon of the interest paid or payable by the Bank. Page 33 NEW ADVENTURES CHARITY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng poll¢les (contlnued) 2.10 Productlon cost8 Producllon costs comprisa all costs incurr&d In the 8laging of the ballet performances Df Tr6 R8d Shoes, Swan Lake, Nutcracker, Sleeping Beauty. Midnight Bell, Romeo & Jullet and Edward SGIS8orh8nds. These costs 8rg r8cognis8d in th8 Sl8tem8nl of Financial Activities in the period the production commences. If the production is ￿t'tO Commence at tha reporting dal8, all costs are carried forward in the balance sh88t as Work in Progr8SS. 2.11 Debtors Trade and othar debtors are r8¢ognis8d al lh8 S8tU8m8nt amount aftar any trdde discount offared. Prepayments are valued at the amount prepaid net of anytr8de dls¢ounts due. 2.12 Cash at bank and In hand Cash at bank and in hand include8 cash 8nd short-t8rm highly liquid inv8slm8nts with a short maturity of three months or less from the date of acquisition or opening ofthe deposlt or slmllar account. 2.13 Creditors Credltors are nomially recognised at thelr settlement amount after allowing for any trade discounts duo. 2.14 Hollday pay ac¢rual A liability is recognised to the extent of any unused holiday pay entitlement which is accnjgj at.th8 r8POrting dat8 and c8rrf8d forward lo futur& peri¢xls. This is measured at the undiscountsd salary cost of the future hollday entitlement so ac¢ruad at the r&porting date. 2.15 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured-at-their-seltlemont-value. Th8 subsidiari8s only enter into basic financial instruments transactions that result In tha recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from oth8r third parties. Th8 subsidiari88 have no mat8rial 8xposures to int8rest rate, credit or fO￿Ign exchange risk by virtue that there are no external borrowings. The ticket provider bears all the risk with the ticket holder and all material for8ign 8xchang8 transactions are denominated in sterling whereby the counterparty bear all the risk. Page 34 NEW ADVENTURES CHARITY (A Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng pollcles (contlnu8d} 2.16 P•nslons Tha charity contributes to defined contribution pension schemes. Contribution8 payable to th8 charitvs penslon scheme8 ar8 charg8d to th8 Statement of Flnanclal A¢tivili6s in the P8riod to which th8y relate. Judgements In applylng accounting policios and key sources of estimalion uncortalnty Th8 preparation of.the financial statements requires management to make judg6m8nts, 8Stim8tas and assumptions that aff8Ct th8 amounts r8POrt8d for assets and Ilabilltles as at tha reporting date and the amounts tBPOrted for revenues and expenses during the year. However, the nature of the 8Stimation means Ihat actual outcom88 could difFer from those estimates. The estlmates and underlying assumplions are reviewed on an ongoing basis. Revisions to accountlng 8Stimatg5 are recognis8d in the perfod in which the estimate is revised whoro the revislon affects only that period, or in the perlod of the revision and fulure p8riods where the r8Vl8ion affects both cu￿8nt and fijture periods. The Truste6s do nol b81i8ve th8re to b8 judg8m8nts or estimates that would be considered critical to the flnanclal statsments. Income from donations and legacies Unrestricted funds 2024 Restrlded funds 2024 Total funds 2024 Othar donations Grants from Th8 Arts Council 40,601 1,317,810 156,620 197,221 1,317,810 1,358,411 156,620 1,515,031 Unreslricted funds 2023 Restricted funds 2023 Total funds 2023 Oth8r donations Grants from The Arts Council 42,469 1,317,810 79.300 121,769 1,317,810 1,360,279 79,300 1,439,579 Page 35 NEW ADVENTURES CHARITY IA company Ilmlted by guaranloe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income flom charitable actlvltl88 Unrestrtcted funds 2024 Total fund8 2024 Project income Other income 179,018 23,609 179.018 23,609 202,627 202.627 Unrestrict8d funds 2023 Total funds 2023 Project Income 222,818 222,818 Incom8 from tradlng actlvFtles Unrestrtcted funds 2024 . Total funds 2024 Show venue fees - UK Show other incom8 Storage f88 incom8 11,726,432 11,726,432 4,172 4,172 16,803 1e,803 11.747,407 11,747.407 Page 36 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from tradlng actlvltles (contlnued} (contlnuod) Unrestricted funds 2023 Total funds 2023 Show venue fees- UK ShDW Oth8r income 5,863.183 11,590 17,035 5,863.183 11,590 17,035 Storag8 fee income 5.891,808 5,891,808 Inve8tmant Income Unrestricted fund5 2024 Total funds 2024 Interest receivab18 79,839 79,839 Unrestricted funds 2023 Total funds 2023 Interest receivable 11,518 11,518 Page 37 NEW ADVENTURES CHARITY (A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other Income resources Unr8strict8d funds 2024 Total funds 2024 Theatre tax credits 1,232,185 1,232,185 Unrestricted funds 2023 Total funds 2023 Th88lr8 tax Gredits 653.912 653,912 Exp8nditure on raising funds Unrestricled funds 2024 Total funds 2024 Consullancy f68s and other direct costs Staff costs 202.765 78,591 202,765 78,591 Total 2024 281,356 281,356 Unrestrict8d funds 2023 Total funds 2023 Consultancy feas and other direct costs Staff costs 91,821 53,996 91,821 53,996 Total 2023 145,817. 145,817 Page 38 NEW ADVENTURES CHARITY (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on ralslng funds (¢ontlnued} Tradlng &xp6nsos Unrestricted funds 2024 Total funds 2024 Show produc8r f88S Show production costs Show Nnning costs Staff Costs 1,423.290 2.681.672 5,805,403 2,379,571 1,423.290 2,681,672 5,805,403 2,379,571 Total 2024 12.289,936 12,289,936 Unrestricted funds 2023 Total funds 2023 Show producer fees Show production costs Show running"costs Staff costs 1,216,775 1,010,411 2,477,754 1,500,510 1,216.775 1.010.411 2,477,754 1,500.510 Total 2023 6,205,450 6.205.450 10. Exponditure on Charitable actlvlt108 Support costs 2024 Total funds 2024 Direct costs 2024 Various charitable activities 1,136,398 385,878 1,522,276 Pag@ 39 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Expendlture on charitable acllvltles Icontlnued Support costs 2023 Total funds 2023 Direct costs 2023 Various charitabl8 activitles 1,402,243 404,722 1,806,965 Analysls of direcl costs Total funds 2024 Total funds 2023 Wages and salaries Offstage activity costs storag8 S8t up Merchandise costs Advertising and marketing Storage costs Olher staff costs Green adv8ntur8S 540.482 281,070 17,085 1.503 43.379 126,375 118,686 7,818 516,900 556,739 1,901 36,339 111,550 171,688 7,126 1.136.398 1.402,243 Anatysls of support costs Total funds 2024 Total funds 2023 Wages and $8lari8S Other stsff costs General office costs Depreciation Rent Governance costs - Accc>untancy and audit costs 164,886 62,217 90,809 3,227 52,475 12,264 202,028 62,457 79,247 3,227 47,600 10,163 385.878 404,722 Page 40 NEW ADVENTURES CHARITY (A company Ilmltsd by guaranloe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Auditors. remun9ratlon 2024 2023 Auditor's rornuneration 7,000 7,000 12. Staff costs Group 2024 Group 2023 Charlty 2024 Charity . 2023 Wag8s and salaries Social s8curity costs Pension costs 2.*3,983 130,233 69,313 2,122.299 120.536 30.599 686,906 74,499 22,554 676.909 74.397 21.618 3.1e3,529 2,273,434 783,959 772.924 The average number of persons employed by the charity during the year was as follows.. Group 2024 No. Group 2023 No. Employees 138 43 The number of employees whose employee benefit5 {excluding employer pension costs) exceeded £60,000 was: Group 2024 No. Group 2023 No. In the band £70,001-£80.000 In the band £80.001- £90.000 -In4htrban¢fr£lQ(MGfv£-1-10-00 In the band £110,001- £120,000 Th8 total 8mploym8nt banafits raceived by key management personnel including employer's national insurance and employer's pension contributions wer8 £375,550 (2023: £300,729). 13. Tru8toos' romunaratlon and expenses During tha yaar. no Truste88 received any remun&ration or other b8n8frts (2023 - £NIL). During the y8ar 8nd8d 31 March 2024. no Trustee expenses have ba8n incurred (2023- £NIL}. Page 41 NEW ADVENTURES CHARITY (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tanglblo flxed assets Group and Charfty Office equlpment Cosl At 1 April 2023 30,446 At 31 March 2024 30,446 Depreclatlon At 1 April 2023 Charg8 for th8 year 23,335 3,227 At 31 March 2024 26,562 Net book value At 31 March 2024 3,884 At 31 March 2023 7,111 Page 42 NEW ADVENTURES CHARITY {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL.STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Flxed asset Investments Investments In subsidiary companies charfty Cost orvaluation At 1 April 2023 Additions Disposals (2) At 31 March 2024 Not book value At 31 Ma￿h 2024 At 31 March 2023 Principal sub8idiarl88 The following were subsidiary undertakings of the charity. Company Name Holdlng Included In consolidatlon New Adventures Red Shoes Limited New Adventures Midnight Bell Limited New Adv8ntur8s Swan Lak8 Limited New Adventures Nutcracker Limited New Adventures Sl68ping B8auty Limited New Adventures Partnershlps Llmiled New Adventures Verona Limited -.N￿Al.￿kturfiS&QL8sn￿Llm1tdd_---- 100010 Yes 100°h Y8S 1000A Y88 Yes 100eA Yes 100Q/o Yes 100Qh Yes Page 43 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Fixod asset Investments (continued) The financial results of the subsidiaries for the year were., Income Expenditure ProfiVILoss} ftjr th8 y8ar Net assets New Adventures Red Shoes Llmlted New Advenlures Nutcracker Limiled New Advgnlures Sleeping Boauty Limited N8w Adv8nlur8s Partn8tships Limited New Adventures Verona Llmlted N8w Adventures Scissors Limit8d 13.702 873.571 (13,702) 1873,5711 127,738 5,708,407 6,295.496 1181,0261 (5,708,407) (6,295,496) (61,584) 16. Debtors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Due wlthin one year Trade debtors Amounts owed by group undertakings other debtors 965,956 1,131,908 93,168 87,085 700 1,320,008 69.808 454,081 19,519 33,745 1.685,470 194,013 788.418 129,911 Prepayrnents and accrued income 2.845,439 2,050.237 1.500,961 577.153 17. Creditors: Amounts falling due withln one year Group 2024 Gtoup 2023 Charily 2024 Charity 2023 Trade ¢r8dltors Amounts owed to group undertakings Corwration tax Other taxation and soci81 security Other creditors Accruals and deferred Income 1,247,285 203,482 49,383 2,502 6,404 588.563 86,849 2,198,044 580.110 71,908 2,932,156 33,105 24,170 123,055 22.817 12.618 283,670 4,831,459 3,083,342 229,713 373,945 Paga 44 NEW ADVENTURES CHARITY IA company limlted by guarant88) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statamont of funds statement of funds - current year Balance al 31 March 2024 Balance at 1 April 2023 Transféff inlout Incom8 Expendlture Unrestrlctsd funds General Funds 650,392 14,620,469 (13,988,547) (740,5001 541,814 Deslgnatsd funds Production and Artistic Fund Capital Fund R8serve Digital Reserve R&J Legacy Reserve Resili8nc8 and Risk Offstag8 and Placemaking Edward Scissorhands Production Swan Lake Produclion Future Large Scale Production 250,000 500,000 200,000 27,000 200,000 170.000 100,000 (200.0001 (82.5001 (27,0001 350,000 300,000 117,500 200,000 70,000 (100.0001 800.000 (800,000) 650,￿0 650,000 800.000 800,000 Future Larg8 Scale Production 500,000 500,000 Fthur8 Mid-Large Scale Production 1 Future Mid-Large Scale Production 2 850,OQO (40Q,OQO) 450,000 300.000 300,000 2,997,000 740,500 3.737,500 Page 45 NEW ADVENTURES CHARITY (A company Ilmlt8d by guarant80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of fund5 (conllnued} Rgstricted funds R8Stric18d Funds- all funé8 Cygnet School 1 Emerging Artists Sensory Adapled Performance Door8tep Du8ts Wigs Hair and Mak8UP Placement Cygnet School 2 2,100 60,000 5,000 15,000 30,520 (1,700) (43,639) (5,000) (8,072) (30,520) 400 89,335 72,974 6,928 34,OQO 10,000 (6,090) 110,000} 27,910 72,974 156,620 (105,021) 124.573 Balance at 31 March 2024 Balance at 1 April 2023 Transfors inlout Income Expenditure Total of funds 3,720,366 14,777,089 114,093,568) 4,403,887 statement of funds - prlor year Balance at 31 March 2023 Bal8nc8 at 1 April 2022 Transfers inlout Income ExpendiLure Unrestrictsd funds General Funds 245,213 8,140,335 (8,074,574) 339,418 650.392 Page 46 NEW ADVENTURES CHARITY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. statemenl of funds (contlnued) Balance at 31 March 2023 Balance at 1 Aprll 2022 Transfers inlout Income Expenditur Designaled funds Production and Artistic Fund Capitsl Fund Reserve Core Costs Reserve Digital Reserve R&J L8gacy R8S8rv8 Resilience and Risk Offstage and pla￿MakIng Edward Scissorhands Production Future Large Scale Produciion 1,750.000 500,000 475.000 350.000 60,000 200,000 50,OQO 11,500,000) 250,000 500,000 (475,000) {150,000} {33,000) 200,000 27,000 200,000 170,000 120.000 800,000 800,000 850,000 850,000 3,385,OQQ (388.000) 2.997,000 Balance at 31 March 2023 Balance at 1 Aprfl 2022 Tr8n8fers inlout Income Expenditure RBstricted funds Magic M8 Cygn8t School 1 Emerging Artists 28,750 2,500 60,800 16,000 (31,2501 (36,4081 (16,0001 48.582 72,974 28.750 79,300 (83,6581 48.582 72,974 Total of funds 3,658,963 8,219,635 (8,158,232) 3.720,366 Page 47 NEW ADVENTURES CHARITY {A company limited by guarant8e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statam&nt of funds (contlnuod) Designat8d funds, Production and Artistic Fund A designated fund for future production and development work on new shows or new artistic ambltlons, £100,000 transferred out as d6signated funds hav8 b&an assigned more Spècrfically. Capital Fund A de8lgnat8d fund for any arising capital expenditure connecling to our Offi￿ and storage facility. £200,ODO transferred out to reduce designated fund. Digital Reserve A d85ignat8d fund for our ambition8 With futur8 cr88lion of REEL Adventures dlgltal worf( and assoclated filrning costs. £82,500 Iransferred out for Edward Scissorhands filming cosis to reduce designated fund. Ronl80 * Jullet Legacy A d&signat8d fund for our continu8d18g8cy work with our Romeo + Juliet local cast alongsid8 our UK and International 2023124 tour Of the production. £27,000 used In 2023124 to support our emerging artist apprentices who toured with the production. Resilience and Risk A designatsd fund to saf8guard th8 charity against any unforeseen risks or risks we are mitigating on our Risk Register- previously these reseNes had been associated wth the pandemic. Offstage and Placemaking A designat6d fund for fulur8 Costs in r818tion to th8 dev8lopment of our Offstage proj8cts and d8liv8ring Placernaking actiw'ty with seven of our partnership venues. £100,QOO transferred out to reduce designated fund now that this proj8Ct is underway. Edward Scissorhands Production A d8signat8d fund for our futura 2023124 production and UK tour of Edward Scissorhands. £800,000 transferred out from Production and Artistic Fund. Swan Lake Production A de8ignat8d fund for our fvtU￿ 2024125 production and UK tour of Swan Lake.£650.000 transfeNed in. Fulure Larg&Scal8 Production 1 A designated fund for a future largg-scale production Including UK and possible Intemational tours. £800,000 transferred in. "'fFurè ￿rge- ca ro uc A d8signat8d fund for a fLrture large-$cale production including UK and possible Intemational tours, £500,000 transferred in. Fututs MldlLarge-Scale Production 1 A designated fund for a future midllarge-scale production including UK and possible International tours. £400,000 transf8rr8d out. Future MidlLarg8-Scala Production 2 A designated fund for a future midllarge-scale production including UK and Int8mational tours. £300.000 transferred in. Page 48 NEW ADVENTURES CHARITY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. stat6m8nt of funds Icontlnu•d) Re8trtctsd Funds Magic Me - Funds wer8 used towards the project, Magic M8. Naw Adv8ntures Dance Artists ran a serles of workshops with a group of residents from St Fillans Care Home in Colchester. The aim was to learn about the residents, discover stori@s about th8ir lives and explore 8torytelling through mov8m8nt. N8W Adventur8s th8n directed and choreographed a short film insplred by the lives and stories of the residents, which was devised with professional dancers from the Company. Cygnet School - Funds to be u88d towards Y8ar Two and Y88r Three of Cygnat School. In r@sid8nc8 at Th8 Marlowe. Cant8rbury, our pre-vocational tralnlng programme for young people, Cygnet School, launched in July 2021 to provide a much-needed pathway between N8w Adv8ntur8s' axistin9 participation worf( and Tal8nt D8V8lopment opportunit18S. Emerging Artists - Funds to be used towards th8 Em8rging Artist Project. Now Adveniures, second and third Emerging Artlst Apprenticeships, deslgned to support and develop two dancers through th8lr final year of training via m8nloring and residency opportuniti8s.18ading to a paid apprentl1%5hlp contracl on an upcoming productlon. 19. Summary of funds Summary of funds - curront yaar Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Exp8nditur8 Genaral funds Designated funds Re8tri¢ted funds 650,392 14,620,469 (13,988,547) 2.997,000 72,974 1740,500) 740,500 541,814 3,737,500 124,573 156,620 (105,021) 3.720,366 14,777,089 (14,093,568) 4,403.887 Summary of ftinds - prlor year Balance at 31 March 2023 Balanca at 1 April 2022 Transfers inlout Income Expenditure General funds Designated funds RestrlGted funds 245.213 3,385,000 28,750 8,140.335 (8.074.574) 339,418 650,392 (388,0001 2,997,0 48,582 72.974 79,3QO (83,658) 3,658.963 8.219,635 (8.158,232) 3,720,366 Page 49 NEW ADVENTURES CHARITY (A company Ilmitsd by guaranle8} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysls of net assets between funds Analysls of not assets betrmeen funds - currgnt perlod Unr8Strict8d funds 2024 R8Strict8d Designated funds funds 2024 2024 Total funds 2024 Tangible fixed asse15 Current ass8ts Cr8ditors due within one year 3,884 5,369,389 (4,831,459) 3,884 9,231,462 14,831,459) 124,573 3,737.500 Total 541,814 124,57S 3,737,500 4,403,887 Analys18 of not as88ts between funds - prlor perlod Unrastrict8d funds 2023 R8Strict8d Designated funds funds 2023 2023 Total funds 2023 Tangible fixed assets Currant ass8ts Creditors due within on8.y88r 7.111 3,726,623 13,083.342) 7,111 6,796,597 {3,083,342) 72,974 2.997,000 Total 650,392 72,974 2,997,000 3,720,366 21. Reconclllatlon of not movèmont In funds to net cash flow from operatlng acllvltle8 Group 2024 Group 2023 Net Incoine-for Iha period (as per Statement of Financial A¢tivities[ 683,521 --61",403 Adjustments for: Depreciation charges {Increaseydecrease in debtors In¢￿as81(decr6aS@) in creditors 3,227 3,227 (795,2021 (703,300) 1.748,117 499,988 Net cash provlded byl(used In) operatlng actlvltles 1.639,663 {138,682) Page 50 NEW ADVENTURES CHARITY (A company limiled by guaranto81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of rAsh and cash equlvalents Group 2024 Group 2023 Cash In hand 6,386,023 4,746,360 Total cash and cash equivalents 6.386,023 4,746,360 23. Analysls of changes In net debt At 1 April 2023 Cash flows At 31 March 2024 Cash al bank and in harKI 4,746.360 1,639,663 6,386,023 4,746.360 1,639,663 6,386,023 P8nslon commltments The group operates £ defined contributions pension scheme. Th& ass8ts of the scheme ar8 held separately from those of the group in an independently administered fund. The pension cost charge repr8sents contributions p8yable by the group to th8 fund and amounted to £69,313 (2023.. £30,599). Contributions iotalling £11,645 (2023.. £4,239) w8re payable to the fund at the reporting date and are included in creditors. Page 51 NEW ADVENTURES CHARITY (A company limit￿ by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Related party transactlons During the yaar the charity paid a production grant of £Nil12023- £350,000) and varfous costs totalling £4,994 (2023., £53,256) to tts subsldlary New Advgntur8s S18eplng Beauty Limit6d and received various fees totalling £77,521 (2023: £183,488) and donstions under the deed of covenants totalling £45,288 (2023.. £432,393) from New Adventur&s Sl88ping Beauty Limited. At the reporting date, th8 charity owed £Nil {2023: £49,527) to N8w Adventures Sleeping Beauty Ltd, and was owed £5,578 (2023.. £453,513) by New Adventures Sleeping Beauly Ltd. During the year the charlty recelved various fees totalling £NII {2023.' £28,014) and donations under the d88d of covenants totalling £13.702 (2023.. £36.837) from its 8ubsidiary New Adventures Nutcracker Llmlted At the reporting dat8, the chaiity was owed £NII (2023: £21,688) by New Adventures Nutcracker Limited which 18 includ8d within debtors. During the y8ar th8 charity paid a production grant of £350,000 to its subsidiary New Adventur8s V8rona Limited and recelved various fees totalling £171,500 and don8tions under the deed of covenants totalllng £690,711 from New Adventure5 Verona Llmlted. At the reporting date, the charliy was owed £729,343 in aggregate by New Adventures Verona Limit8d. During the year the charlty paid a produdon grant of £800,000 to its subsidiary New Adventures Scissors Limit8d and r8ceived various fe8S totalling £192,900 and donations under the deed of covenants tolalllng £601,036 from New Adventures Scissors Limited. At the reporting date, the tharity was owed £628,620 in aggregate by N8w Adventures Scissors Limited. During the year the charty r8ceived donations under the d88d of covenants totalling £Nil12023: £8,031) from its subsidiary company New Adventures Red Shoes Limitgj. At the reporting date the charfty was owed £81,508 (2023.. owad lo £2,500) by 8ubsidiary New Adv8ntures Partnership Limited and received a donallon under the deed of covenants totalling £Nil12023: £53,352) from New Adventures Partnership Limited. Durlng the year th8 charity r8C8IV8d donations In aggregat& of £Nil (2023: £180) from its trustees. Page 52