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2023-03-26-accounts

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

(A company limited by guarantee)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 26 March 2023

Company Registered number: 07340192 Charity Registered number: 1139034

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

(A company limited by guarantee)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 26 March 2023

CONTENTS Pages
Report of the Trustees (incorporating the Strategic Report) 3-12
Auditors’ report 13-15
Group statement of financial activities 16
Group balance sheet 17
Company balance sheet 18
Group cash flow statement 19
Notes to the financial statements 20-42

1

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE PERIOD ENDED 26 March 2023

The Trustees present their report and consolidated financial statements for the period to 26 March 2023.

Company Registered number: 07340192

Charity Registered number: 1139034

Directors/Trustees/Members:

Mr S Antrobus - Appointed 1 January 2022 Ms B Lally Mr J A McPhedran - Appointed 19 July 2022 Mr G Tait - Resigned 25 July 2023

Company Secretary:

Ms J R Gordon

Key Management Personnel: Mr C Evans – Marketing, Sales & Development Director - Appointed 9 June 2022 Ms A Facey – HR Director Ms J Gordon – CEO Mr S Watkins - Finance Director

Auditors: Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers: Barclays Bank plc, 267 Wellingborough Road, Northampton NN1 4EN Solicitors: Shoosmiths, The Lakes, Northampton, NN4 7SH Business and Registered office: 19-21 Guildhall Road, Northampton NN1 1DP

2

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

(A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

Objectives and activities

The Trust’s objectives are:

a) To promote art for the benefit of the public, with particular reference to but not exclusively in Northamptonshire, including (without limitation) the dramatic, musical, performance, literary and visual arts; and

b) To promote the efficiency and effectiveness of registered charities and charitable organisations, including community groups, through the provision of services and support relating to the strategy, management and general administration of those organisations, with particular reference to the venues known as Royal & Derngate and The Core at Corby Cube.

The Trustees agreed two principle aims for 2022/23

When considering the extent to which Northamptonshire Arts Management Trust (NAMT) has achieved its aims this year, it is important to also consider to how well the aims of both Royal & Derngate and The Core at Corby Cube have been achieved, as a result of the partnership with NAMT. The financial details contained within this Report of the Trustees report are the consolidated results for NAMT, Royal & Derngate and The Core at Corby Cube, and their associated companies.

The Northampton Theatres Trust’s Business Plan was refreshed in Spring 2022 for their Arts Council England (ACE) National Portfolio Organisation (NPO) application. The focus of the next three years sees the organisation:

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NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

The Corby Cube Theatre Trust’s Business Plan was also refreshed in Spring 2022 for their Arts Council England (ACE) National Portfolio Organisation (NPO) application. The focus of the next three years is:

To deliver these aims, which further our charity’s purposes for the public benefit, NAMT undertakes activity in the following areas:

By receiving services provided by NAMT, Royal & Derngate is able to undertake activity in the following areas:

By receiving services provided by NAMT, The Core at Corby Cube is able to undertake activity in the following areas:

4

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

The Trustees and senior management team establish, monitor and review key performance indicators for all aspects of the charity’s activities. In 2021/22 these were revised in conjunction with stakeholders to better represent what was possible in a year of building back towards its usual operation by the pandemic. In 22/23 these were further updated to reflect the commitments in the respective Arts Council NPO applications. This ensured the ethos of all the organisations- ensuring a focus on variety and breadth of programme, creative learning and artist support activity and leadership within the sector. Progress is communicated at each Board meeting through written and verbal reports.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s Public Benefit Guidance when reviewing the charitable company’s aims and objectives and in planning future activities for the year.

The organisation employed an average of 43 individuals in the year to provide shared administration, financial services, human resources, company secretarial, programming, marketing, sales and IT services to the group of companies.

Going Concern

Looking ahead, we have a realistic set of audience and financial targets, in light of the current climate, particularly for 23/24. While budgets continue to evolve, and although conditions will remain challenging for some time (especially in light of increasing energy costs and a national cost of living crisis), the respective Boards of Trustees across all entities are happy that the organisation has enough in reserves to continue trading as a going concern for the next twelve months.

5

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

Achievements and performance

During 2022/23 NAMT continued to deliver a cost-effective service to both NTT and CCTT, ensuring that appropriate staffing was in place to achieve this.

NTT reported that it:

CCTT reported that it had seen:

We supported both organisation’s successful NPO applications for funding for three years from April 2023.

Members of the NAMT senior management team sat on the Board of the Northamptonshire Community Foundation, Northampton Forward and chaired the evolving Cultural Compact, ensuring that the Creative and Cultural Industries were represented at a senior level in discussions relating to the development of the towns and county.

NAMT provided human resource and staff development services for an average of 220 team members this year (168 employed by NTT, 18 employed by CCTT and 34 employed directly by NAMT).

6

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

Future Plans

In 2023/24 we will support Royal & Derngate and The Core at Corby Cube to make the necessary and immediate adjustments in accordance with their continuing Covid-19 recovery strategies, and respond to the impact of the cost of living crisis and other financial pressures. Other activity that will benefit most clearly from NAMT’s support will include Royal & Derngate’s plans to:

The Core will also continue to benefit from the expertise provided by NAMT as it devises plans to:

It will also respond to other county wide opportunities to potentially develop the Trust. It is supporting Royal & Derngate and The Core at Corby Cube in discussions with other National Portfolio Organisations who are part of the Arts Council’s Transfer Programme and therefore looking to establish new, regional homes. This might see the expansion of the shared services model to provide cost-efficient opportunities linked to any moves. It is supporting NTEL in the designation of new catering partners for Royal & Derngate, chosen to help prioritise the development of a destination bar and restaurant, delivering greater financial return to the charity.

The Trustees and Strategic Management Team continue to prioritise the development and nurturing of relationships with key personnel within North Northamptonshire Council and West Northamptonshire Council as well as ensuring the activity of the Trust aligns with their evolving strategic direction as Unitary Authorities.

7

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

(A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

Financial Review

NAMT’s key financial objective was to ensure that the Trust had the necessary resources to deliver the charitable objectives. NAMT operates as a cost neutral company, passing on all costs incurred to either the charity that operates Royal & Derngate (Northampton Theatres Trust/NTT) or the charity that operates The Core at Corby Cube (Corby Cube Theatre Trust/CCTT), as agreed with the Boards of both entities.

For the financial year ended 26 March 2023 the consolidated net unrestricted deficit was £570,953. This compares to 2021/22 when we reported a net unrestricted surplus of £579,432, a result made possible thanks to the grant support from DCMS’ Culture Recovery Fund to both NTT and CCTT, supporting the organisations prior to reopening after the Covid-19 pandemic.

For the financial year ended 26 March 2023 NTT reported a net unrestricted deficit of £567,994 before actuarial gains on pension schemes of £1,148,000. This is in contrast to the financial year ended 27 March 2022 when we reported a net unrestricted surplus of £502,506 before actuarial gains on pension schemes of £970,000. This result was made possible thanks to the grant support from DCMS’ Culture Recovery Fund Round Three, supporting the organisation’s reopening after the Covid-19 pandemic.

For the financial year ending 26 March 2023 CCTT reported a net unrestricted deficit of £2,926. This compares to the financial year ended 27 March 2022 when we reported a net unrestricted surplus of £69,849, a result made possible thanks to the grant support from DCMS’ Culture Recovery Fund supporting the organisation through the Covid-19 pandemic.

For the financial year ended 26 March 2023, NTEL reported an operating profit of £29,863. This is in contrast to the financial year ended 28 March 2021 when we reported an operating profit of £16,935. A licensing agreement is in place with an external operator. All qualifying profit generated at year end (£29,826) was company gift aided to NTT through the deed of covenant in place.

For the financial year ended 26 March 2023, there were six productions made through DEL (2021/22 - three) with expected Theatre Tax Relief being transferred back to NTT. However, an operating loss of £35 is reported (2021/22 - £30 loss).

The overall deficit on all funds at the year-end amounted to £32,430 (compared to £980,290 surplus in 2021/22).

The overall accumulated fund balance at the year-end amounted to £4,271,230 (compared to £4,303,660 in 2021/22). Of this, restricted funds totalled £nil (compared to £1,740 in 2021/22). Details of the restricted funds are listed in Note 17 of the accounts.

Based on our cash-flow projections, the charitable company and group has sufficient liquidity to continue carrying out its charitable activities for at least twelve months and the Trustees are therefore of the opinion that the financial statements should be prepared on a going concern basis. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

NAMT Trustees recognise the need for NTT and CCTT to continue to build reserves however are aware of the challenges that the current energy and cost of living crises are creating. In NTT’s case, it is cognisant of the impact of temporary closure in 23/24 due to the discovery of RAAC concrete and the near for rebuilding longer term fiscal health. They will continue to ensure that management charges to NTT and CCTT continue to be of excellent value.

8

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

NTT’s refreshed reserves policy aims to build a minimum reserves level of £520k which approximately equals two months unrestricted, non-trading closure costs. The Charity calculates these available funds by taking into account its unrestricted, undesignated funds and adds back its pension liability. This means that at 28 March 2023, the Charity has available funds of £nil. Trustees are aware that they do not have sufficient available funds to meet their reserves policy and are budgeting carefully in future years to meet the reserves target.

CCTT’s reserves policy aimed to build a reserves target of £40,000 to over one month of essential operating costs. The balance of general funds at 26 March 2023 was £83,264 (2021/22 £86,190). Following the impact of Covid-19 and the impact of the cost of living crisis, a revised budget for business plan, scrutinised by the Trustees will deliver a small deficit in the first year (2023/24), returning to operating surpluses at the end of the business plan period.

Fundraising Performance and Approach

The Trusts seek donations and grants from a variety of sources but in the year to 28 March 2023 they did not actively fundraise from the general public. They do not employ any third party fundraisers and do seek donations from audience members and ticket buyers. Individual giving became an increasingly important part of the fundraising mix as they emerged from the Covid-19 crisis and new campaigns were launched when the venues reopened. Campaigns including one linked to an important anniversary celebration became an important focus for the year.

All fundraising is conducted in line with the Fundraising Code of Practice set by the Fundraising Regulator and with due regard for current regulations under GDPR. No complaints have been received in respect of fundraising activity and we protect vulnerable donors through the training and supervision we give to all staff who solicit or receive donations.

Their Fundraising Strategies are to continue to achieve a mixed funding model, to increase income from Trusts & Foundations, particularly to support capital improvements, and to further reduce dependence on Arts Council and Local Authority subsidy for theatre production, community engagement and creative learning delivery. They recognise that the impact of Covid-19 and the current cost of living crisis on the whole of the voluntary sector will increase competition for resources at the same time as the impact on investments will reduce the amount of money available to Trusts and Foundations to distribute to good causes.

Risk Management

The Trusts both have formal risk management processes through which the senior management identifies the major risks to which the organisation may be exposed and has ranked these by likelihood and impact, culminating in individual trust risk registers which are updated on a regular basis. All significant risks, together with current mitigation actions, are reviewed regularly throughout the year by the Trustees, with additional focus in the Finance and Risk Sub Committees.

The Covid-19 pandemic saw a significant change in emphasis in Risk Management. Prior to that, the main emphasis surrounded the risks implicit in the commercial plans aimed at returning the organisations to surplus and looking to a longer term plan to rebuild both organisation’s reserves. The emergence of Covid-19 necessitated a new emphasis, and now the impact of the cost of living crisis and the cost of energy impacting both ours and our audiences, means additional impact on our ability to earn our own income. These risks are all captured.

9

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

The principal risk areas identified by the NAMT Trustees as they relate to NTT and CCTT include, but are not limited to:

With three main uncertainties to both NTT and CCTT:

Risk Registers are also shared with stakeholders at regular intervals.

In March 22, an additional and bespoke Risk Register for NAMT was created to further support the Trustees in their responsibilities which is reviewed in each meeting. This considers the individual risks but also monitors:

The Trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

Structure, governance and management

Northamptonshire Arts Management Trust (“The Trust”) is registered with the Charity Commission and is constituted as a company limited by guarantee, governed by Memorandum and Articles of Association. The Trustees confirm that the financial statements comply with statutory requirements and with the Memorandum and Articles of Association.

We have a very clear process in place to recruit independent Trustees when necessary which entails the Board and senior management team completing a skills audit to establish areas of expertise that are unfilled and then advertising locally and regionally for candidates to apply for the advertised vacancies. For each vacancy The Trust develops a detailed role description and person specification, to which all candidates are invited to respond. Their appointments ratified by the full board as per our Memorandum and Articles of Association.

Key decisions within the charitable company are made at Strategic Management Team level then cascaded across the charitable company.

10

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

(A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

The Trust has robust policies and procedures regarding safeguarding, whistle-blowing, harassment, bullying and child protection in place. These are devised by the management team through consultation with industry bodies including Equity and UK Theatre.

Oversight of the charitable company is by a Board of Directors who also act as Trustees for the charitable activities of Northamptonshire Arts Management Trust.

No directors had, during or at the end of the year, a material interest in any contract, which was significant in relation to the charitable company’s business.

The minimum number of directors is four and the maximum six.

When first appointed, trustees are offered an induction programme that includes the opportunity to meet with members of the Senior Management Team. They are invited to a series of events at both sites and are provided with key documentation at an induction meeting with the Chair and CEO.

The trustees consider the board of trustees and the senior management team to comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All trustees give of their time freely and no director received remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in note 8 to the accounts.

The pay of the Strategic Management Team and all staff is reviewed annually. As part of the annual budget process the Strategic Management Team make a recommendation to the Board with regards pay and remuneration for the charity’s key personnel.

The figure is calculated once comparisons with other regional theatres were sought, once affordability was assessed and following the conclusion of the annual appraisal (and six month follow-up) process. In view of the nature of the charity, the Trustees benchmark against pay levels in other charities. The remuneration bench-mark is at the lower end of the range paid for similar roles in similar charities and sizes.

As set out above, the parent charity Northamptonshire Arts Management Trust (NAMT) provides a number of shared services to Northampton Theatres Trust, trading as Royal & Derngate and Corby Cube Theatre Trust, trading as The Core at Corby Cube.

11

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (A company limited by guarantee)

Trustees Report

FOR THE PERIOD ENDED 26 March 2023

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company, and the group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Directors are aware:

In approving this report the trustees also approve the Strategic Report in their capacity as company directors.

On behalf of the board

……………………………

Mr S Antrobus Simon Antrobus (Dec 15, 2023, 3:20pm) Trustee Date: 15 December 2023

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NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

FOR THE PERIOD ENDED 26 March 2023

Opinion

We have audited the financial statements of Northamptonshire Arts Management Trust for the period ended 26 March 2023 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (continued)

FOR THE PERIOD ENDED 26 March 2023

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 12 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and charitable company and the environment in which they operates, we identified that the principal risks of non-compliance with laws and regulations related to revenue recognition and the completeness of expenditure, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

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NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST (continued)

FOR THE PERIOD ENDED 26 March 2023

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditors London EC4R 1AG

Date: 14 December 2023

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NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

GROUP STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)

FOR THE PERIOD ENDED 26 March 2023

Unrestricted Designated Restricted Total Total
Funds - Funds Funds 2023 2022
General
Note £ £ £ £ £
INCOME FROM
Grants and donations 3 1,698,325 159,087 119,009 1,976,421 3,622,765
Other trading activities 4 1,071,192 - - 1,071,192 711,900
Charitable activities 5 7,725,586 - - 7,725,586 5,791,847
Other income 209,955 - - 209,955 332,126
--------------------- --------------------- --------------------- --------------------- ---------------------
Total income 10,705,058 159,087 119,009 10,983,154 10,458,638
--------------------- --------------------- --------------------- --------------------- ---------------------
EXPENDITURE ON
Raising funds 6 1,333,804 - - 1,333,804 893,004
Charitable activities
- Presented work 6 7,488,561 5,702 2,220 7,496,483 5,581,958
- Produced work 6 1,641,256 - 3,807 1,645,063 2,339,509
- Creative projects 6 326,866 - 112,982 439,848 400,812
- Cinema 6 476,641 - - 476,641 485,335
- Redevelopment 6 8,810 762,862 - 771,672 747,670
Other – finance costs 6, 19 73 - - 73 60
--------------------- --------------------- --------------------- --------------------- ---------------------
Total expenditure 11,276,011 768,564 119,009 12,163,584 10,448,348
--------------------- --------------------- --------------------- --------------------- ---------------------
Net (570,953) (609,477) - (1,180,430) 10,290
(expenditure)/income
Actuarial gains / (losses) 18 1,148,000 - - 1,148,000 970,000
Transfers between funds 17 (580,006) 581,746 (1,740) - -
--------------------- --------------------- --------------------- --------------------- ---------------------
Net movement in funds (2,959) (27,731) (1,740) (32,430) 980,290
TOTAL FUNDS AT 28 17 86,134 4,215,786 1,740 4,303,660 3,323,370
MARCH 2022
======== ======== ======== ======== ========
TOTAL FUNDS AT 26 17 83,175 4,188,055 - 4,271,230 4,303,660
March 2023
======== ======== ======== ======== ========

The group statement of financial activities has been prepared on the basis that all operations are continuing operations. The notes on pages 20 to 42 form part of these financial statements. A full comparative Statement of Financial Activities is included at note 24.

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NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

Company Registered Number: 07340192 Charity Registered Number: 1139034

GROUP BALANCE SHEET

AT 26 March 2023

Total Total
2023 2022
Note £ £
FIXED ASSETS
Tangible assets 10 5,128,556 5,769,032
----------------- -----------------
5,128,556 5,769,032
CURRENT ASSETS
Stocks 12 63,329 42,903
Debtors 13 929,670 846,107
Cash at bank and in hand 2,710,075 3,571,612
----------------- -----------------
3,703,074 4,460,622
CREDITORS: Amounts falling due within one year 14 (4,560,400) (4,777,994)
----------------- -----------------
NET CURRENT ASSETS/(LIABILITIES) (857,326) (317,372)
Pension liability 18 - (1,148,000)
----------------- -----------------
NET ASSETS 17 4,271,230 4,303,660
======== ========
FUNDS OF THE CHARITY
Unrestricted funds – General 17 83,175 86,134
Designated funds 17 4,188,055 4,215,786
Restricted funds 17 - 1,740
----------------- -----------------
TOTAL FUNDS 17 4,271,230 4,303,660
======== ========

The surplus/deficit of the parent charity was £nil (2022: £nil).

The financial statements were approved by the board of directors on 15 December 2023 and signed on its behalf by:

Mr S Antrobus Simon Antrobus (Dec 15, 2023, 3:20pm) Trustee

The notes on pages 20 to 42 form part of these financial statements.

17

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST Company Registered number: 07340192

Charity Registered number: 1139034

COMPANY BALANCE SHEET

AT 26 March 2023

Total Total
2023 2022
Note £ £
FIXED ASSETS
Tangible assets 11 27,526 27,202
----------------- -----------------
27,526 27,202
CURRENT ASSETS
Debtors 13 59,378 71,805
Cash at bank and in hand 5,123 31,178
----------------- -----------------
64,501 102,983
CREDITORS: Amounts falling due within one year 14 (92,027) (130,185)
----------------- -----------------
NET CURRENT ASSETS/(LIABILITIES) (27,526) (27,202)
----------------- -----------------
NET ASSETS 17 - -
======== ========
FUNDS OF THE CHARITY
Unrestricted funds - General 18 - -
----------------- -----------------
TOTAL FUNDS 18 - -
======== ========

The financial statements were approved by the board of directors on 15 December 2023 and signed on its behalf by:

Simon Antrobus (Dec 15, 2023, 3:20pm) Mr S Antrobus Trustee

The notes on pages 20 to 42 form part of these financial statements.

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NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

GROUP CASH FLOW STATEMENT

FOR THE PERIOD ENDED 26 March 2023

2023 2022
Note £ £
NET CASH PROVIDED BY OPERATING ACTIVITIES 21 (563,235) 1,315,575
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets (298,302) (394,852)
----------------- -----------------
CHANGE IN CASH AND CASH EQUIVALENTS IN THE (861,537) 920,723
REPORTING PERIOD
======== ========
Cash and cash equivalents at the beginning of the period 3,571,612 2,650,889
----------------- -----------------
Cash and cash equivalents at the end of the period 2,710,075 3,571,612
======== ========
Cash and cash equivalents consists of:
Cash at bank and in hand 2,710,075 3,571,612
----------------- -----------------
Cash and cash equivalents 2,710,075 3,571,612
======== ========
ANALYSIS OF NET DEBT
28 March 2022 Cash flows 26 March 2023
£ £ £
Cash and cash equivalents 3,571,612 (861,537) 2,710,075
---------------------- ---------------------- ----------------------
Net debt 3,571,612 (861,537) 2,710,075
========== ========== ==========

The notes on pages 20 to 42 form part of these financial statements.

19

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 26 March 2023

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102) – Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Northamptonshire Arts Management Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

In line with other comparable theatres and arts charities, the accounts have been prepared on a 52 week reporting basis, with comparatives on a 52 week basis.

Preparation of accounts on a going concern basis

The review of the group’s financial position, reserves levels, continued support from our principal supporters and future plans gives Trustees confidence the group of charities remains a going concern for the foreseeable future. Budgets and cash flow forecasts have been prepared and reviewed for 2023-24 and 2024-25 to support this opinion.

Trustees recognise the risk associated with the current cost of living crisis across the industry. They aim to mitigate this risk by proactively managing the resources available, including the setting of on-sale dates, scheduling of shows and utilising any funding available to the organisation including government support schemes. The trustees recognise the changing landscape and regular reviews are carried out by the group of charities ensure the risks are adequately mitigated.

Critical accounting judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where significant judgements and estimates have been made include:

Group financial statements

The financial statements consolidate the results of the charity and its subsidiaries on a line-by-line basis. Details of the charity’s subsidiaries are set out in note 9. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

20

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 26 March 2023

1. ACCOUNTING POLICIES (continued)

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors that have been raised by the charity for particular purposes.

The nature and purpose of each fund is described in note 17.

Income

Income primarily represents ticket sales and related fees for performances conducted in the period. Gift vouchers and tickets sold in advance are included in creditors as deferred income. Donations and legacies are included where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability. Amounts due to the group in respect of the Theatre Tax Credit is included in the financial period to which the claim relates.

Grants

Grants are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability. Such income is only deferred when:

Expenditure

Costs of raising funds are those costs incurred in trading activities that raise funds and the raising of sponsorship and donations within the Trust.

Charitable activities include expenditure associated with the staging of shows and cinema screenings and include both the direct costs and support costs relating to these activities. Charitable activities are reported across the following areas:

Redevelopment relates to work undertaken to redevelop the Royal & Derngate site funded from capital grants and donations. Costs charged against this area relate entirely to depreciation.

Irrecoverable VAT is included within the items of expense to which it relates. All costs related to presented and produced work are account for when the production ends.

Lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against the Statement of Financial Activities on a straight line basis over the period of the lease. A significant part of the Royal & Derngate theatre occupied by the Northampton Theatre Trust Limited is provided on a rent free basis as part of West Northamptonshire Council's overall support to the Trust. The premises occupied by the Corby Cube Theatre Trust are provided by North Northamptonshire Council on the basis of a peppercorn rent as part of the Council’s support to the Trust.

21

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

1. ACCOUNTING POLICIES (continued)

Rentals payable in respect of hire purchase agreements are apportioned between the finance element, which is charged to the Statement of Financial Activities on a straight line basis, and the capital element which reduced the outstanding obligation for future instalments. Where substantially all of the risks and rewards of leases are transferred to the charity, the lease is treated as a finance lease. The net book value of minimum lease payments is capitalised, with an equal and opposite creditor, and released over the term of the lease.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, being purchase price, less accumulated depreciation. The charity’s policy is that assets are capitalised either if they are an individual asset with an initial cost greater than £1,000 or a collection of assets costing more than £250 each which collectively form a single asset.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Long leasehold refurbishment - 5 to 20 years straight line
Short leasehold refurbishment - 5 to 10 years straight line
Motor vehicles - 4 years straight line
Technical equipment - 3 to 20 years straight line
Office equipment - 3 to 5 years straight line
Catering equipment - 3 to 5 years straight line

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

Stocks

Stock is valued at the lower of cost, being purchase price, and net realisable value, after making allowance due for obsolete and slow moving items.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

22

N ORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

1. ACCOUNTING POLICIES (continued)

Pension costs

The group operates defined contribution pension schemes for employees. The assets of the scheme are held separately from those of group companies. The annual contributions payable are charged to the Statement of Financial Activities.

In addition, the group participates in a local government pension scheme. This closed to new members on 30 September 2008. The net liability of the scheme, as calculated by the actuary, is shown within the balance sheet. Actuarial gains and losses are reported in the Statement of Financial Activities, along with the current service cost and costs from settlements and curtailments. Further details are provided in note 18.

2. STATUS

Northamptonshire Arts Management Trust is a company limited by guarantee, registered in England and Wales at 19-21 Guildhall Road, Northampton NN1 1DP, and not having share capital.

3.

4.

GRANTS AND DONATIONS 2023 2022
£ £
Grants
Arts Council England 1,001,841 1,110,417
Arts Council England – capital 159,089 -
Arts Council England – Culture Recovery Fund - 914,810
Arts Council England – Emergency Response Fund - 135,900
Arts Council England – Ambition for Excellence 3,807 404,689
Corby Borough Council 297,500 297,500
Covid Business Support Grants - 86,500
West Northamptonshire Council 331,776 331,776
CJRS income - 21,337
Other grants 112,175 188,005
Donations 70,233 131,831
------------------- -------------------
1,976,421 3,622,765
========= =========
INCOME FROM OTHER TRADING ACTIVITIES 2023 2022
£ £
Café income 34,107 20,163
Bar income 746,897 487,216
Other trading activities (confectionary, programmes) 290,188 204,521
---------------------- ----------------------
1,071,192 711,900
========== ==========

23

N ORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

5. INCOME FROM CHARITABLE ACTIVITIES 2023 2022
£ £
Ticket sales and auditorium fees 5,992,484 4,126,688
Theatre Tax Relief 272,448 114,698
Cinema income 284,059 277,086
Touring and Co-Production Income 170,485 554,728
Hire of facilities 274,211 125,286
External Recharges 587,299 458,618
Memberships and sponsorships 144,600 134,743
---------------------- ----------------------
7,725,586 5,791,847
========== ==========

6. ALLOCATION OF EXPENDITURE

Direct Overheads: Overheads: Support
Costs Staff Other Costs 2023
Costs costs
£ £ £ £ £
Cost of raising funds:
- Development 136 23,176 1,648 16,462 41,422
- Café & bar 410,488 412,960 49,008 419,926 1,292,382
Charitable activities:
- Presented work 4,187,595 785,874 46,319 2,476,695 7,496,483
- Produced work 739,263 356,270 38,334 511,196 1,645,063
- Creative projects 117,632 145,578 3 176,635 439,848
- Cinema 157,128 42,913 128,677 147,923 476,641
- Redevelopment 8,810 - 762,862 - 771,672
Other – finance costs 73 - - - 73
-------------------- --------------------- ----------------- --------------------- ------------------------
5,621,125 1,766,771 1,026,851 3,748,837 12,163,584
========== ========= ======== ========== ===========

24

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

6. ALLOCATION OF EXPENDITURE (continued)

PRIOR YEAR COMPARATIVE

Direct Overheads: Overheads: Support
Costs Staff Other Costs 2022
Costs costs
£ £ £ £ £
Cost of raising funds:
- Development 221 9,162 2,146 8,788 20,317
- Café & bar 226,467 291,406 40,937 313,877 872,687
Charitable activities:
- Presented work 2,969,311 583,997 40,169 1,988,481 5,581,958
- Produced work 1,412,787 343,977 35,085 547,660 2,339,509
- Creative projects 107,540 120,207 - 173,065 400,812
- Cinema 132,846 50,402 138,771 163,316 485,335
- Redevelopment 12,600 - 735,070 - 747,670
Other – finance costs 60 - - - 60
-------------------- --------------------- ----------------- --------------------- ------------------------
4,861,832 1,399,151 992,178 3,195,187 10,448,348
========== ========= ======== ========== ===========
2023 2022
£ £
Support costs consist of the following:
Marketing 423,324 267,079
Operations 282,639 221,186
Support services 2,256,197 2,059,385
Premises costs (cleaning, maintenance, utilities) 786,677 647,537
-------------------- ---------------------
3,748,837 3,195,187
========== ==========

Operations include front of house, box office and IT. Support service include management and administration, finance and human resources. Support costs have been allocated on the basis of estimated usage. Included within the costs above are governance costs of £116,836 (2022: £90,641)

7. NET MOVEMENT IN FUNDS
NET MOVEMENT IN FUNDS 2023 2022
£ £
Auditors’ remuneration 33,600 26,750
Auditors’ non-audit fees
-
Accounts preparation		 4,240 4,050
-
CRF certification		 - 3,150
Depreciation of fixed assets 938, 919,814
Operating lease rentals 148,274 159,808
(Profit)/Loss on disposal of fixed assets 363 -
======= =======

25

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

8. STAFF COSTS 2023 2022
£ £
Wages and salaries 3,128,024 2,654,783
Social security costs 234,172 193,770
Pension costs
-
Contribution to defined benefit pension scheme		 110,376 99,822
-
Contribution to defined contribution pension scheme		 57,664 52,072
--------------------- ---------------------
3,530,236 3,000,447
========== ==========

The average number of employees (including casual and part time staff) during the period was as follows:

2023 2022
Northamptonshire Arts Management Trust – management and 34 32
administration
Northampton Theatres Trust 168 139
Corby Cube Theatre Trust 18 12
-------------- --------------
220 184
======= =======

No remuneration was paid during the period to any member of the Board of Directors (2022: £nil).

During the period the Trust did not reimburse any expenses of the Board of Directors (2022: £nil).

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the period was as follows:

2023 2022
Number Number
£60,000 – £70,000 - 1
£70,001 - £80,000 1 -
£80,001 - £90,000 1 1
======= ========

The aggregate remuneration paid to key management personnel in the period ended 26 March 2023 was £483,338 (2022: £468,397).

26

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

9. SUBSIDIARIES

At 27 March 2023, Northamptonshire Arts Management Trust had the following subsidiary undertakings:

Class of Directly Indirectly Company Nature of business
share capital number
Corby Cube Theatre N/A – Limited 100% - 07210297 Operation of theatre
Trust by guarantee
The Northampton N/A – Limited 100% - 03640915 Operation of theatres
Theatres Trust Limited by guarantee
Derngate Enterprises Ordinary - 100% 02794900 Production of shows
Limited
Northampton Theatres Ordinary - 100% 09755418 Licencing of
Enterprises Limited a bar and café

The Northampton Theatres Trust Limited and Corby Cube Theatre Trust are charitable companies limited by guarantee which have been consolidated on the basis that Northamptonshire Arts Management Trust is the sole member and exercises control over the companies.

The income, expenditure, assets and liabilities of each member of the group are summarised as follows:

Corby Cube Theatre Trust 2023 2022
£ £
Grants and donations 585,161 629,605
Other trading income 104,483 58,685
Income from charitable activities 566,214 285,354
Other income 19,233 15,941
-------------- --------------
Total income 1,275,091 989,585
Expenditure on raising funds 132,700 115,137
Expenditure on charitable activities 1,094,488 805,081
-------------- --------------
Total expenditure 1,227,188 920,218
-------------- --------------
Net income/(expenditure) – unrestricted funds (2,926) 69,849
Net income/(expenditure) – designated funds 50,829 (482)
Net income/(expenditure) – restricted funds - -
Net income/(expenditure) and net movement in funds 47,903 69,367
======= =======
Fixed assets 218,048 64,418
Current assets 355,239 347,913
Current liabilities (364,672) (251,619)
Reserves 208,615 160,712

27

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

9. SUBSIDIARIES (continued)
2023 2022
The Northampton Theatres Trust Limited £ £
Grants and donations 1,391,260 2,989,889
Other trading income 967,860 633,680
Income from charitable activities 7,149,372 4,898,659
Other income 202,493 202,284
---------------------- ----------------------
Total income 9,710,985 8,724,512
Expenditure on raising funds 1,202,487 777,650
Expenditure on charitable activities 9,736,798 8,013,016
----------------------- -----------------------
Total expenditure 10,939,285 8,790,666
---------------------- ----------------------
Net income/(expenditure) – unrestricted funds (567,994) 502,506
Net income/(expenditure) – designated funds (660,306) (725,302)
Net income/(expenditure) – restricted funds - 156,642
Total net income/(expenditure) (1,228,300) (66,154)
======== ========
Actuarial gain/(loss) 1,148,000 970,000
------------------ ------------------
Net movement in funds (80,300) 903,846
======== ========
Fixed assets 4,882,984 5,677,412
Current assets 3,296,754 4,030,752
Current liabilities (4,117,030) (4,417,158)
Pension scheme creditor - (1,148,000)
Reserves 4,062,708 4,143,008
Derngate Enterprises Limited 2023 2022
£ £
Turnover 536,172 597,835
Cost of sales (808,619) (712,533)
--------------------- ---------------------
Gross loss (272,447) (114,698)
Administrative expenses (36) (30)
--------------------- ---------------------
Operating loss (272,483) (114,728)
Theatre Tax Relief 272,448 114,698
--------------------- ---------------------
(Loss) / Profit on ordinary activities after taxation (35) (30)
========== ==========
Current assets 423,559 114,758
Current liabilities (423,653) (114,818)
Reserves (94) (60)

28

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

9. SUBSIDIARIES (continued)

Northampton Theatres Enterprises Limited 2023 2022
£ £
Turnover 38,673 29,535
-------------- --------------
Gross profit 38,673 29,535
Administrative expenses (8,810) (22,395)
Interest payable and similar expenses (37) (30)
-------------- --------------
Profit / (Loss) on ordinary activities after taxation 29,826 7,109
======= =======
Current assets 70,181 52,828
Current liabilities (70,180) (52,827)
Reserves 1 1

Transactions between members of the group:

Northamptonshire Arts Management Trust provides management services on behalf of its subsidiary charities. Costs are recharged to the subsidiaries on an agreed basis, generating no profit or loss in the parent charitable company. For the period ended 26 March 2023, costs of £1,080,125 were recharged to The Northampton Theatres Trust (2022: £1,008,919) and £287,062 were recharged to the Corby Cube Theatre Trust (2022: £256,263).

29

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

10. TANGIBLE FIXED ASSETS – Group

Short and Technical,
long catering
leasehold and office Motor
refurbishment equipment vehicles Total
£ £ £ £
Cost
At 28 March 2022 13,551,423 4,318,612 49,066 17,919,101
Additions - 298,302 - 298,302
Disposals - (156,123) - (156,123)
--------------- ------------ -------------- ------------
At 26 March 2023 13,551,423 4,460,791 49,066 18,061,280
--------------- ------------ -------------- ------------
Depreciation
At 28 March 2022 9,683,472 2,417,531 49,066 12,150,069
Charge during the period 691,248 247,167 - 938,415
Disposals - (155,760) - (155,760)
--------------- ------------ -------------- ------------
At 26 March 2023 10,374,720 2,508,938 49,066 12,932,724
--------------- ------------ -------------- ------------
Net book value
At 26 March 2023 3,176,703 1,951,853 - 5,128,556
======= ====== ======= ======
At 28 March 2022 3,867,951 1,901,081 - 5,769,032
======= ====== ======= ======

The Corby Cube Theatre Trust occupies the Corby Cube premises on a rolling licence to occupy. However, the trustees anticipate that the lease will be renewed for the foreseeable future. The estimated useful lives of the assets held by the Trust have been determined on this basis. Consequently, the trustees consider the carrying value of assets held by Corby Cube Theatre Trust of £218,048 (2022: £64,418) to be appropriate.

30

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

11. TANGIBLE FIXED ASSETS – Company

Technical,
catering and
office
equipment Total
£ £
Cost
At 28 March 2022 56,488 56,488
Additions 10,122 10,122
Disposals (6,223) (6,223)
-------------- --------------
At 26 March 2023 60,387 60,387
-------------- --------------
Depreciation
At 28 March 2022 29,286 29,286
Charge during the period 9,590 9,590
Disposals (6,015) (6,015)
-------------- --------------
At 26 March 2023 32,861 32,861
-------------- --------------
Net book value
At 26 March 2023 27,526 27,526
======= =======
At 28 March 2022 27,202 27,202
======= =======
12. STOCK Group Company
2023 2022 2023 2022
£ £ £ £
Carrying value as at 26 March 2023 63,329 42,903 - -
------------- ------------- -------------- ------------
63,329 42,903 - -
====== ====== ======= ======
13. DEBTORS Group Company
2023 2022 2023 2022
£ £ £ £
Amounts owed by group undertakings - - 34,337 51,288
Trade debtors 104,334 106,803 - -
Other debtors 473,271 285,481 317 2,037
Prepayments and accrued income 352,065 453,823 24,724 18,480
------------- ------------- -------------- --------------
929,670 846,107 59,378 71,805
====== ====== ======= =======

31

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

14. CREDITORS: amounts falling due Group Company Company
within one year 2023 2022 2023 2022
£ £ £ £
Trade creditors 1,480,987 1,286,549 19,929 24,676
Other taxes and social security 112,925 122,042 14,469 12,920
Other creditors 446,062 624,762 2,473 2,035
Accruals 572,675 666,016 55,156 90,554
Deferred income 1,947,751 2,078,625 - -
--------------------- --------------------- --------------------- ---------------------
4,560,400 4,777,994 92,027 130,185
========== ========== ========== ==========

Advance ticket income represents income deferred for shows and screenings which had not occurred by the end of the period end of 26 March 2023.

2023 2022
Deferred income movements £ £
Opening balance 2,078,625 2,368,054
Purchases, refunds & receipts 7,511,204 6,058,581
Released & repaid (7,642,078) (6,348,010)
-------------- --------------
Closing balance 1,947,751 2,078,625
======= =======

15. RELATED PARTY TRANSACTIONS

Transactions between group companies are set out in note 9.

Details of key management remuneration is included in note 8.

There were no other related party transactions in the periods ended 26 March 2023 or 27 March 2022.

32

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

16. ANALYSIS OF NET ASSETS
BETWEEN FUNDS - GROUP Unrestricted
Funds - Designated Restricted Total
General Funds Funds 2023
£ £ £ £
Group
Fixed assets 1,099,869 4,028,687 - 5,128,556
Current assets 2,999,844 578,515 124,715 3,703,074
Current liabilities (4,016,538) (419,147) (124,715) (4,560,400)
------------------ --------------------- ------------------- ---------------------
83,175 4,188,055 - 4,271,230
======== ========== ======== ==========
PRIOR YEAR COMPARATIVE Unrestricted
Funds - Designated Restricted Total
General Funds Funds 2022
£ £ £ £
Group
Fixed assets 1,166,103 4,602,929 - 5,769,032
Current assets 3,267,677 1,085,245 107,700 4,460,622
Current liabilities (3,199,646) (1,472,388) (105,960) (4,777,994)
Pension liabilities (1,148,000) - (1,148,000)
------------------ --------------------- ------------------- ---------------------
86,134 4,215,786 1,740 4,303,660
======== ========== ======== ==========

33

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

16. ANALYSIS OF NET ASSETS
BETWEEN FUNDS (continued) -
COMPANY Unrestricted
Funds - Designated Restricted Total
General Funds Funds 2023
£ £ £ £
Company
Fixed assets 27,526 - - 27,526
Current assets 64,501 - - 64,501
Current liabilities (92,027) - - (92,027)
------------- ------------ -------------- -------------
- - - -
====== ====== ======= ======
PRIOR YEAR COMPARATIVE Unrestricted
Funds - Designated Restricted Total
General Funds Funds 2022
£ £ £ £
Company
Fixed assets 27,202 - - 27,202
Current assets 102,983 - - 102,983
Current liabilities (130,185) - - (130,185)
------------- ------------ -------------- -------------
- - - -
====== ====== ======= ======

34

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

17. MOVEMENT OF FUNDS IN THE PERIOD

Desired Desired
balance at 28 balance at 27
Balance at 28 March Actuarial March Balance at
March 2022 under Gains/ 2023 under 26 March
2022 Transfers Trust policy Income Expenditure (losses) Trust policy Transfers 2023
£ £ £ £ £ £ £ £
Unrestricted funds –
General 86,134 (892,367) (806,233) 10,705,058 (11,276,011) 1,148,000 (229,186) 312,361 83,175
Designated Funds 4,215,786 892,367 5,108,153 159,087 (768,564) - 4,498,676 (310,621) 4,188,055
Restricted Funds 1,740 - 1,740 119,009 (119,009) - 1,740 (1,740) -
----------------------- --------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- --------------------- -----------------------
4,303,660 - 4,303,660 10,983,154 (12,163,584) 1,148,000 4,271,230 - 4,271,230
========== ========== ========== ========== ========== ========== ========== ========== ==========

PRIOR YEAR COMPARATIVE

Desired Desired
balance at 29 balance at 28
Balance at 29 March Actuarial March Balance at
March 2021 under Gains/ 2022 under 27 March
2021 Transfers Trust policy Income Expenditure (losses) Trust policy Transfers 2022
£ £ £ £ £ £ £ £
Unrestricted funds –
General 9,208 (2,394,873) (2,385,665) 9,731,057 (9,151,625) 970,000 (836,233) 922,367 86,134
Designated Funds 3,281,222 2,394,873 5,676,095 52,175 (777,959) - 4,950,311 (734,525) 4,215,786
Restricted Funds 32,940 - 32,940 675,406 (518,764) - 189,842 (187,842) 1,740
----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- -----------------------
3,323,370 - 3,323,370 10,458,638 (10,448,348) 970,000 4,303,660 - 4,303,660
========== ========== ========== ========== ========== ========== ========== ========== ==========

35

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

17. MOVEMENT OF FUNDS IN THE PERIOD (Continued)

EXPLANATION OF FUNDS AND TRANSFERS

Restricted funds

Restricted funds received by Northampton Theatres Trust in the period represent the following:

Restricted funds received by Corby Cube Theatre Trust in the period represent the following:

Designated funds

Designated funds represent the intentions of the trustees to build up a designated fund to reflect the value of assets acquired with restricted funding. The policy of the charity is to reflect the full value of such assets in a designated fund, which at 26 March 2023 would be £4,498,676 (2022: £4,950,311). As this would lead to a negative general fund balance, a transfer has been made in order to designate the maximum amount available to designate towards this aim. This is calculated as follows:

36

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

17. MOVEMENT OF FUNDS IN THE PERIOD (Continued)
£
Opening designated fund desired under Trust policy 5,108,153
Designated income 159,087
Designated expenditure (768,564)
-----------------------
Intended level of designated fund 4,498,676
Transfer to unrestricted funds (310,621)
-----------------------
Designated funds at 26 March 2023 4,188,055
==========

In certain instances, the assets held as part of this fund must be held by the Trust for a certain period of time. However, it is the view of the trustees that the assets are not restricted at the point of purchase because the Trust intends to continue in operation for the foreseeable future and in doing so the trustees intend to use the assets for the purposes set out in the relevant funding agreements.

37

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

18. PENSION COMMITMENTS

The Northampton Theatres Trust Limited is a participating member in the Northamptonshire County Council Superannuation fund. The assets of the scheme are administered by the pension fund Trustees in a fund independent from the funds of the charitable company. Of the total contributions to the scheme for the period ended 26 March 2023, approximately £68,337 (2022: £68,517) were borne by the parent charity, Northamptonshire Arts Management Trust.

Pension costs are assessed in accordance with the advance of a qualified actuary using the projected unit method. The most recent actuarial valuation of the scheme was at 26 March 2023. The actuary has estimated that projected contributions by the Trust will be £110,000 for the year ending 26 March 2023 (2021: £108,000).

The actuary has prepared their annual report up to 31 March 2023. The trustees took into consideration the possible impact of the difference in position between the reported date of 31 March 2023 and the accounting period end of 26 March 2023. They were satisfied that the impact is immaterial and have therefore concluded that it was appropriate to incorporate the position and movement per the actuary’s report as at 31 March 2023.

Although the Pension Report shows a £1,164k surplus (2022 £1,148k deficit), this has been capped at £nil in the financial statements as the scheme rules do not allow access to these surplus funds, and ongoing contribution rates remain unchanged.

The principal actuarial assumptions used by the actuary were as follows:

2023 2022
Discount rate 4.75% 2.7%
Rate of increase in pensionable salaries 3.50% 3.70%
Rate of increase in payments 3.00% 3.20%
Life expectancy: current male pensioners who 20.0 years 21.7 years
have reached pensionable age
Life expectancy: current female pensioners who 24.3 years 24.0 years
have reached pensionable age
Life expectancy: future male pensioners who 22.8 years 22.7 years
have reached pensionable age
Life expectancy: future female pensioners who 25.9 years 25.8 years
have reached pensionable age

The amounts (credited) or charged in the Statement of Financial Activities were as follows:

2023 2022
£’000 £’000
Actuarial (gain)/loss (1,148) (970)
-------------- --------------
(1,148) (970)
======= =======

38

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

18. PENSION COMMITMENTS (Continued)

The changes in the fair value of plan assets were as follows:

2023 2022
£’000 £’000
Fair value of plan assets at 27 March 2022 7,814 7,353
Interest income on plan assets 209 147
Employees contributions 12 12
Employers contributions 110 108
Benefits paid (259) (139)
Return on assets excluding amounts included in net (64) 333
interest
-------------- --------------
Fair value of plan assets at 26 March 2023 7,822 7,814
======= =======

The changes in the fair -value of plan liabilities were as follows:

2023 2022
£’000 £’000
Fair value of plan liabilities at 27 March 2022 8,962 9,471
Current service cost 81 85
Interest cost on defined benefit obligation 240 189
Employees contributions 12 12
Benefits paid (259) (139)
Changes in demographic assumptions 75 (38)
Changes in financial assumptions (3,154) (638)
Other experience (701) 20
-------------- --------------
Fair value of plan liabilities at 26 March 2023 6,658 8,962
======= =======

The fair value of the plan assets and liabilities as at 26 March 2023 are as follows:

2023 2022
£’000 £’000
Fair value of plan assets 7,822 7,814
Fair value of plan liabilities (6,658) (8,962)
-------------- --------------
1,164 (1,148)
======= =======

39

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

18. PENSION COMMITMENTS (Continued)

The major categories of plan assets as a percentage of plan assets were as follows:

2023 2022
Equities 67% 67%
Bonds 18% 19%
Property 13% 13%
Cash 2% 1%

The Trustees agreed to close the scheme to new members after 30 April 2008.

Defined contribution schemes

The charitable company began contributing to the Equity Pension Scheme (EPS) for actors and stage managers employed on short term contracts from April 2006. The charitable company contributes 3% of the actors fee if the person concerned is a member of the EPS, which is a Personal Pension approved under Chapter IV Part XIV Income & Corporation Taxes Act 1988. The charitable company also operates a Group Personal Pension Plan with Scottish Widows, administered by Johnson Fleming, which has replaced the defined benefit scheme with effect from 1 May 2008.

19. FINANCIAL COMMITMENTS

At the period end, the Group had total commitments under non-cancellable operating leases as follows:

Group Other Land and buildings
2023 2022 2023 2022
£ £ £ £
In one year or less 15,157 8,871 142,687 129,437
Between one and five years 16,995 25,795 266,832 366,019
In five years or more - - 153,250 128,000
======= ======= ======= =======
Charity Other Land and buildings
2023 2022 2023 2022
£ £ £ £
In one year or less 6,386 6,436 - -
Between one and five year 14,847 19,732 - -
======= ======= ======= ======

In the period ended 26 March 2023, operating lease payments of £155,254 were charged to expenses in the consolidated Statement of Financial Activities (2022: £159,808). In the period ended 26 March 2023, operating lease payments of £6,980 were charged to expenses in the charity Statement of Financial Activities (2022: £6,080)

A significant part of the Royal & Derngate theatre occupied by the Northampton Theatre Trust Limited is provided on a rent free basis as part of West Northamptonshire Council's overall support to the Trust. The premises occupied by the Corby Cube Theatre Trust are provided by North Northamptonshire Council on the basis of a peppercorn rent as part of the Council’s support to the Trust.

40

NOTES TO THE FINANCIAL STATEMENTS (continued)

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

FOR THE PERIOD ENDED 26 March 2023

20. CAPITAL COMMITMENTS

There were capital commitments at 26 March 2023 of £nil. The total commitment at the 2022 period end was £nil.

21. NET CASH INFLOW FROM OPERATING ACTIVITIES 2023 2022
£ £
Net movement in funds (32,430) 980,290
Depreciation 938,415 919,814
(Profit)/loss on disposal of fixed assets 363 -
Decrease/(increase) in debtors (83,563) (443,798)
(Decrease)/increase in creditors (excluding overdraft) (217,596) 843,497
Decrease/(increase) in stock (20,426) (14,228)
Movement in pension liability (1,148,000) (970,000)
------------------ ------------------
(563,237) 1,315,575
========= =========

22. CONTROL

The controlling party is the Board of Trustees, representing the company’s members.

23. POST BALANCE SHEET EVENTS

On 4 September, the Royal & Derngate was closed to the public due to identification of Reinforced Autoclaved Aerated Concrete (RAAC) in the foyer area with all theatre performances and film screenings cancelled or postponed. Mitigations were put in place, and the filmhouse reopened on 18 September with the theatre following on 16 October. Under the terms of the lease, West Northamptonshire Council (WNC) as the landlords bear the cost of the works required to fix the roof.

41

NORTHAMPTONSHIRE ARTS MANAGEMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 26 March 2023

24. COMPARATIVE GROUP STATEMENT OF FINANCIAL ACTIVITIES (PERIOD ENDED 27 March 2022)

The purpose of the note below is to show the fund-by-fund comparatives included in the group Statement of Financial Activities.

Unrestricted Designated Restricted Total
Funds - Funds Funds 2022
General
Note £ £ £ £
INCOME FROM
Grants and donations 3 2,895,184 52,175 675,406 3,622,765
Other trading activities 4 711,900 - - 711,900
Charitable activities 5 5,791,847 - - 5,791,847
Other income 332,126 - - 332,126
--------------------- --------------------- --------------------- ---------------------
Total income 9,731,057 52,175 675,406 10,458,638
--------------------- --------------------- --------------------- ---------------------
EXPENDITURE ON
Raising funds 6 888,626 4,378 - 893,004
Charitable activities
- Presented work 6 5,555,212 26,746 - 5,581,958
- Produced work 6 1,927,769 7,051 404,689 2,339,509
- Creative projects 6 298,407 2,610 99,795 400,812
- Cinema 6 468,951 2,104 14,280 485,335
- Redevelopment 6 12,600 735,070 - 747,670
Other – finance costs 6, 19 60 - - 60
--------------------- --------------------- --------------------- ---------------------
Total expenditure 9,151,625 777,959 518,764 10,448,348
--------------------- --------------------- --------------------- ---------------------
Net 579,432 (725,784) 156,642 10,290
(expenditure)/income
Actuarial gains / (losses) 18 970,000 - - 970,000
Transfers between funds 17 (1,472,506) 1,660,348 (187,842) -
--------------------- --------------------- --------------------- ---------------------
Net movement in funds 76,926 934,564 (31,200) 980,290
TOTAL FUNDS AT 29 17 9,208 3,281,222 32,940 3,323,370
MARCH 2021
======== ======== ======== ========
TOTAL FUNDS AT 27 17
March 2022 86,134 4,215,786 1,740 4,303,660
======== ======== ======== ========

42