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2022-03-31-accounts

The Yard Theatre Limited

ANNUAL REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Registered Charity No. 1144028 Company No. 07664276

The Yard Theatre Limited

Registered Charity No. 1144028

Company No. 07664276

Trustees

Ben Rogers (Chair) Nicholas Starr CBE (Resigned on 26 July 2022) Jay Miller (Resigned 24 February 2022) Yenny Chong Mark Dakin Nicholas Hunter Adrianna Mart Carolyn Ward Elaine Bedell (Appointed 26 July 2022) Fanny Guesdon (Appointed 26 July 2022) Harry Handelsman (Appointed 26 July 2022)

Manny Hothi (Appointed 26 July 2022) Jessica Loveless (Appointed 26 July 2022) Britannia Morton (Appointed 26 July 2022) Naresh Ramchandani (Appointed 7 December 2022) Anna Vaughan (Resigned 5 May 2022)

Secretary

Ashleigh Wheeler (appointed 26 July 2022)

Registered Address

Unit 2A Queen's Yard White Post Lane London E9 5EN

Auditor

Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

Bankers

Barclays Bank Plc 193 Camden High Street London NW1 7PJ

The Yard Theatre Limited

Contents of the Consolidated Financial Statements for the year ended 31 March 2022

Page
Report of the Trustees 1 - 9
Independent auditor's report 10 - 13
Consolidated statement of financial activities 14
Consolidated balance sheet 15
Parent charity balance sheet 16
Consolidated statement of cash flows 17
Notes to the financial statements 18 - 31

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

The Trustees present their annual report together with the audited financial statements for the year ended 31 March 2021. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2015).

Constitution

The company is incorporated under the Companies Act, company number 07664276 and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1144028.

Directors and trustees

As set out in the Articles of Association directors are appointed by the Board of Directors of The Yard Theatre Limited at quarterly board meetings.

The Directors of the charitable company (The Yard Theatre Limited) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

Policies and procedures adopted for the induction and training of Trustees are ongoing and incorporated indirectly into the regular Trustees' meetings.

The Trustees during the period and since the period end, were:

Adrianna Johnson Anna Vaughan (Resigned 5 May 2022) Ben Rogers (Acting Chair from 26 July 2022) Britannia Morton (Appointed 26 July 2022) Carolyn Ward Elaine Bedell (Appointed 26 July 2022) Fanny Guesdon (Appointed 26 July 2022) Harry Handelsman (Appointed 26 July 2022) Jay Miller (Resigned 24 February 2022) Jessica Loveless (Appointed 26 July 2022) Manny Hothi Mark Dakin Nareash Ramchandani (Appointed 7 December 2022) Nicholas Hunter Nicholas Starr (Chair until resigndation, 26 July 2022) Yenny Chong

Secretary

Susanna Italiano (Resigned 26 July 2022) Ashleigh Wheeler (Appointed 26 July 2022)

Artistic Director and Chief Executive

Jay Miller

Executive Director

Sam Hansford

Page 1

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

Auditors

Moore Kingston Smith, LLP, 9 Appold Street, London EC2A 2AP

Bankers

Barclays Bank plc, 193 Camden High Street, London NW1 7PJ.

Registered office and operation address

Unit 2A, Queen's Yard, White Post Lane, London E9 5EN

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and Structure

The charity is controlled by its governing documents including the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity has one active wholly owned trading subsidiary The Yard Enterprises Ltd. Any profits go to support the charity.

Recruitment and Appointment of New Trustees

The Directors of the company are also Trustees for the purposes of charity law. Trustees are appointed by board resolution. The Trustees meet to review and agree all new appointments in order to secure the best industry and professional expertise and a range of experience that supports the aims of the organisation. Performance of the Trustees is reviewed annually.

Governance

The Trustees meet quarterly to review the activity of the company and to advise the Executive Team responsible for carrying out the day-to-day activity of the company.

Executive Team

Artistic Director and Chief Executive Officer - Jay Miller

Executive Director - Sam Hansford (until 25 February 2022); Ashleigh Wheeler (from 25 February 2022)

OBJECTIVES AND ACTIVITIES 2021-22

Principal Activity

The principal activity of The Yard Theatre Limited is to make extraordinary live theatre that is reflective of our local and global contexts, to nurture and platform new artistic talent, to create opportunities for young people to discover creativity, and to make our local community a better place to live and be through art and culture.

Objectives and Activities for the Public Benefit

In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance "public benefit : running a charity (PB2)".

Key aspects of The Yard’s public benefit outcomes in 2021/22 included:

Page 2

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

Summary of Objectives

The objectives of The Yard Theatre Limited as defined in our Memorandum and Articles of Association are: to advance the education of the public in all aspects of the dramatic arts and the development of public appreciation of such art in

ACHIEVEMENTS AND PERFORMANCE - Delivering the Objectives

Public programme

Highlights of our public programme this year included:

★★★★ “Lanre Malaolu’s gem weaves Shakespeare with Sisqó” The Guardian

★★★★ “one of the most original and inventive shows I’ve seen in years.” Evening Standard

Page 3

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

Artist development & support

Highlights of our support for artists this year included:

Working with local residents

Highlights of our work engaging local residents this year included:

Page 4

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

ORGANISATIONAL RESILIENCE

Governance

The board’s skills and experience support the ambitions and objectives of the organisation. Adding to the board’s existing expertise in finance, fundraising, catering, theatre and technical, construction and capital projects, this year we have made new appointments to boost the board’s skills and knowledge in: communications, commercial entertainment, youth work, and organisational management and strategy.

Since the last set of accounts were filed the following appointments/retirements occurred:

As above, this year Nicholas Starr stepped down from his role as Chair. We thank him for his service, particularly in driving the development of the capital project and his support for the leadership team. Trustee Ben Rogers was during this period appointed Acting Chair, with a public recruitment process for a new Chair for a three year term to be started in 2023.

From summer 2022, the board started a governance review, to improve governance processes and make changes where needed, including to meet Arts Council England’s expectations of boards in delivering Let’s Create, their 2020-2030 strategy. This process is expected to conclude in 2023 with updates to policies and processes where needed.

COVID-19

This year government-mandated restrictions on social mixing and events due to COVID 19 continued until July 2021, with mask wearing required in public until January 2022 and public safety concerns still prevalent. This affected our business operations, but we mitigated through adaptations to our activity, including reducing capacity of shows, and offering socially-distanced performances where there was audience demand, and alongside testing performing companies for COVID to reduce transmission and cancellation risk – all of this allowed us to start rebuilding our earned income streams. We also continued to make use of financial support for organisations, including COVID-specific grants and rates relief.

Business plan

This year we were able to start returning to the core principle of our business model: balancing fundraising with earned income. In 2021-22, income earned from ticket sales and other income earned through our charitable activities, alongside income earned from commercial trading, was around £212,000, or 15% of our income, compared to a low of £29,000 in 202021 owing to lockdown restrictions. There is significantly further room to grow next year as we reintroduce year-round programming in our bar.

In 2021-22, our fundraised income stood at around £1,252,000, or 85% income, including 10% Arts Council subsidy, and capital project funding supporting the additional revenue costs caused by the organisation’s delivery of the project.

To ensure the public programme returned at a consistently high quality, this year we tested producing fewer shows and reducing the frequency of nightlife events. This also enabled us to honour the increases to freelance fees we introduced during the pandemic (average increase of 20%), in order to secure high quality artists and enable them to make financially successful work. This made an impact, with both Samskara and An unfinished man extended, sell-out hits. In nightlife, we have introduced a number of new sell-out events, and so in 2022-23 will increase the frequency of events to ensure The Yard Enterprises, our commercial subsidiary, is consistently profitable.

Page 5

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

Our ongoing business plan has us continue to increase our earned income, while modestly growing fundraised income from the prepandemic averages, given that COVID-specific support is now finished. We will continue to grow the scale and audience reach of inhouse produced shows and festivals, increase the number of events in our bar, and seek out opportunities to maximise our investment through co-production and collaboration, taking our work beyond The Yard wherever possible. This work is essential as we prepare to take on larger premises through our capital project, which will both require an increase in audience reach to fill a double-capacity theatre, and in the more medium term, we’ll need to secure new collaborations to ensure we can present our work during a period of expected closure in 2024 due to construction.

Fundraising

This year we worked closely with a broad range of existing and new supporters, with the Development team raising £327,867 of fundraised income, from both new and continued support from a range of trusts, foundations, statutory and philanthropic bodies. These included Kirsh Philanthropies, The Patrick and Helena Frost Foundation, The Henry Smith Charity, The London Borough of Tower Hamlets, The Sigrid Rausing Trust, Cockayne – London Community Foundation, South Hackney Parochial Charity, The Ragdoll Foundation, The Goldsmiths' Company Charity, The Boris Karloff Foundation, The Harold Hyam Wingate Foundation, The Chapman Charitable Trust and Help Musicians UK. We also received the final instalment of a generous multi-year grant from the National Lottery Community Fund, which has supported us to grow our work with local young people since 2019.

This year we were also awarded new support from Bloomberg Philanthropies: a two-year grant to take part in their Digital Accelerator Programme, enabling organisations to make a step-change in their digital work.

More than 100 individuals supported us through regular monthly and annual donations, ticket purchase donations, and through our Big Give campaign. We also received support from businesses including the MACE Group, Taylor Wimpey and United Agents

We also received ongoing support from Arts Council England of £152,760 for our annual National Portfolio grant, and £303,700 Cultural Recovery Funding, which enabled us to commission new work and make adaptations to our activity during COVID.

There are no third party fundraising organisations working on behalf of the Yard. The Development department undertakes regular reviews of the Code of Fundraising Practice and works to remain abreast of changes in legislation, regulation and best practice in fundraising. Fundraising activities are designed to offer a positive experience and enhance relationships with individuals, grant makers and businesses. Any feedback is responded to and practices are regularly reviewed. ln the financial year 21/22 no complaints were received.

The Trustees would like to extend a huge thanks to all the trusts, foundations, individuals and businesses who made The Yard’s work possible in 2021-22.

Capital project

In 2021-22 work continued on The Yard’s capital project to secure the future of The Yard, which is currently run in a warehouse which was converted in 2011 on a temporary basis.

In 2021-22 major progress was made on this project, with planning permission received for a 200 capacity theatre, a 300 capacity bar/cafe, and a young artists space; and nearly £5million of grant income secured including major support from London Legacy Development Corporation and Greater London Authority, and funding from Garfield Weston Foundation, Foundation for Future London, and individual donors.

In Spring 2022 the project faced a challenge when the wider mixed-use scheme our project was to be a part of, was shelved by the developers. We worked quickly, in collaboration with the developers, to identify a new site for our project, complete a feasibility study, and negotiate a new lease. We began redesign work, and worked with our core funders to sure up their support for the adapted project - which despite the new site, continues to meet our core aims and business needs, enabling the organisation to grow and provide excellent facilities for staff, artists, and audiences. At the time of writing, the adapted project has progressed to RIBA stage 3, with a new planning application to be submitted in Spring 2023, for construction to begin in 2024.

The board has a Capital subcommittee which meets regularly to review the progress of the project, to make recommendations to the board to next steps, and exercise delegated authority.

Page 6

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

FINANCIAL REVIEW

The Yard Theatre Limited has comprehensive documented financial controls, monitored by the Executive Director and People & Finance Manager, and overseen by the Board. A comprehensive Risk Register is in place to ensure effective charity

Management accounts are reviewed monthly by the People & Finance Manager with budget holders, identifying discrepancies, ensuring targets are met and managing any risk of income targets not being reached. These reviews feed into monthly finance

The board has a Finance subcommittee which meets quarterly in advance of board meetings, which reviews management accounts, annual budgets and the audit; and oversees financial processes.

Reserves Policy

In order to ensure we grow our reserves to an appropriate level in consideration of our risk and business profile it is the policy of the Trustees for the Charity:

Financial Position

At the balance sheet date, the group had total assets of £747,385 comprising restricted funds of £159,149 and general funds of £588,236.

Restricted Funds

These represent grants and donations towards specific productions or projects, including the operation of community centres Hub67 and The Hall, and Cultural Recovery Funding. We closely monitor restricted funds used in year, ensuring clarity when it comes to monitoring unrestricted reserves.

Unrestricted Funds

These represent the operational income of the group such as ticket sales and commercial trading income, as well as grants and donations towards the activities of the charity as a whole.

Unrestricted funds include tangible fixed assets of £256,432 and an operating reserve of £331,804.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk Management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Yard has a Risk Register for the business, which is created annually and then reviewed quarterly by the Trustees.

The Trustees have identified several key risks to The Yard as at December 2022.

Principal risks and uncertainties

Capital Project

The Trustees view the delivery of the capital project to be a key risk to the organisation. The current premises of The Yard Theatre have outlived their temporary nature and are unsuitable in the long term, the organisation currently has no space to run young artists work, so the capital project is an essential part of the organisation’s future. Major progress has been made on the project this year, including adapting to a change of site, but there is potential uncertainty in all capital projects. In addition, The Yard’s capital project will involve the current venue closing to the public for a period in 2024. To mitigate against these risks, the Trustees have secured a strong team in place to design, deliver and oversee the project, and are confident that potential delays or increases in costs have been factored into the project’s timeline and budget. Plans are currently being developed for the organisation to deliver its artistic programme in partner venues during any period of closure.

Page 7

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

COVID 19

A major resurgence of COVID 19, or cancellations due to company illness, remains a key risk for the organisation. To mitigate this, The Yard continues to assess the risk level of COVID 19 through the organisation’s Risk Register, and updates policies and practices for staff, artists and audiences regularly.

HEALTH & SAFETY & SAFEGUARDING

The Trustees view heath and safety and Safeguarding as a key risk . The Trustees regularly review the organisation’s policies and procedures in light of emergent best practice and government directives, and staff and Trustees are regularly trained to an appropriate professional standard.

RECRUITMENT & RETENTION

The Yard and the wider theatre sector is experiencing high levels of vacancies, especially in areas such as marketing, technical, finance and HR. To mitigate against this the Trustees review salaries annually, ensuring they are competitive; and support the Executive team to develop and promote staff, including through paid training opportunities.

CYBER CRIME

Finally, the Trustees view cyber crime as a significant and emerging risk. At December 2022 the board agreed to complete a cyber crime audit to manage this risk effectively, with findings shared in 2023.

Page 8

The Yard Theatre Limited

TRUSTEES' REPORT

For the year ended 31 March 2022

Statement of Trustees' Responsibilities

The trustees (who are also directors of The Yard Theatre Limited for the purposes of company law) are responsible for preparing the

Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of

  1. select suitable accounting policies and then apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and

  5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company

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

This report was approved by the Trustees on ……………………………... and signed on their behalf by: 22/03/2023

Ben Rogers Acting Chair

Page 9

The Yard Theatre Limited

Independent Auditor's Report to the Members of The Yard Theatre For the year ended 31st March 2022

Opinion

We have audited the financial statements of The Yard Theatre Limited for the year ended 31 March 2022 which comprise Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated 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 charitable company 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 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.

Page 10

The Yard Theatre Limited

Independent Auditor's Report to the Members of The Yard Theatre (Continued) For the year ended 31st March 2022

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

Page 11

The Yard Theatre Limited

Independent Auditor's Report to the Members of The Yard Theatre (Continued) For the year ended 31st March 2022

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, 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 and 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

Page 12

The Yard Theatre Limited

Independent Auditor's Report to the Members of The Yard Theatre (Continued) For the year ended 31st March 2022

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 which 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Saunders (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date: 22 March 2023 9 Appold Street London EC2A 2AP

Page 13

The Yard Theatre Limited

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022

(Incorporating Income and Expenditure Account)

Note
Income from:
Donations and legacies
Sponsorship and donations
Arts Council grant
Other operational grants
Charitable activities
Local programme/ theatre programme
Other trading activities
Commercial trading operations
8
Other income
Investment income
Total Income
Expenditure on:
Charitable activities
Local programme/ theatre programme
3
Raising funds
Commercial trading operations
8
Total Expenditure
Net income/ (expenditure)
Other recognised gains - theatre tax relief
Fixed asset impairment
Transfers between funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
Fund balances carried forward
11		 Unrestricted
Restricted
Total
Total
Funds
Funds
2022
2021
£
£
£
£
150,646
334,880
485,526
341,338
152,760
-
152,760
152,760
49,510
563,914
613,424
970,950
101,779
-
101,779
27,382
110,715
-
110,715
1,689
168
-
168
554
-
-
-
-
565,578
898,794
1,464,372
1,494,673
361,313
720,374
1,081,687
738,745
232,827
-
232,827
161,603
594,140
720,374
1,314,514
900,348
(28,562)
178,420
149,858
594,325
60,200
-
60,200
6,705
(361,748)
-
(361,748)
-
172,469
(172,469)
-
-
(157,641)
5,951
(151,690)
601,030
745,877
153,198
899,075
298,045
588,236
159,149
747,385
899,075

All disclosures relate only to continuing operations.

There are no recognised gains or losses other than the net incoming resources for the year.

Page 14

The Yard Theatre Limited

CONSOLIDATED BALANCE SHEET

as at 31 March 2022

Fixed Assets
Tangible assets
7
CURRENT ASSETS
Stocks
Debtors
9
Cash on short term deposit at bank and in hand
CREDITORS:Amounts falling due
within one year
10
NET CURRENT ASSETS
NET ASSETS
Charity Funds
Restricted Funds
11
Unrestricted Funds
11
TOTAL FUNDS		 £
£
256,432
256,432
5,424
256,887
385,368
647,679
(156,726)
490,953
747,385
159,149
588,236
747,385
2022		 £
£
444,687
444,687
4,825
297,029
268,420
570,274
(115,886)
454,388
899,075
153,198
745,877
899,075
2021		 £
£
444,687
444,687
4,825
297,029
268,420
570,274
(115,886)
454,388
899,075
153,198
745,877
899,075
2021
899,075
153,198
745,877
899,075

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statement were approved by the Trustees and authorised for issue on ……………………………. and were22/03/2023 signed on their behalf by:

………………………………………………………….

Ben Rogers Trustee & Acting Chair Company No. 07664276

Page 15

The Yard Theatre Limited

CHARITY BALANCE SHEET as at 31 March 2022

Fixed Assets
Tangible assets
7
Investments
8
CURRENT ASSETS
Debtors
9
Cash on short term deposit at bank and in hand
CREDITORS:Amounts falling due
within one year
10
NET CURRENT ASSETS
NET ASSETS
Charity Funds
Restricted Funds
11
Unrestricted Funds
11
TOTAL FUNDS		 £
£
256,432
1
256,433
400,120
370,478
770,598
(140,824)
629,774
886,207
159,149
727,058
886,207
2022		 £
£
444,687
1
444,688
357,559
257,397
614,956
(108,271)
506,685
951,373
153,198
798,175
951,373
2021		 £
£
444,687
1
444,688
357,559
257,397
614,956
(108,271)
506,685
951,373
153,198
798,175
951,373
2021
951,373
153,198
798,175
951,373

As permitted by s408 Companies Act 2006, the parent charity has not presented is own statement of financial activities and related noted. The charity's deficit for the year was £-65,166 (2021: £653,328).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statement were approved by the Trustees and authorised for issue on …………………………….22/03/2023and were signed on their behalf by:

………………………………………………………….

Ben Rogers Trustee & Acting Chair Company No. 07664276

Page 16

The Yard Theatre Limited

CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 March 2022

Cash flows from operating activities
Cash (used in) / generated from operations
18
Corporation tax received
Cash flows from investing activities
Interest received
Purchase of property, plant and equipment
Net cash used in investing activities
Change in cash in the reporting period
Cash at the beginning of the reporting period
Cash at the end of the reporting period		 £
£
300,403
-
300,403
-
(183,455)
(183,455)
116,948
268,420
385,368
2022		 £
£
487,530
-
487,530
-
(285,902)
(285,902)
201,628
66,792
268,420
2021		 £
£
487,530
-
487,530
-
(285,902)
(285,902)
201,628
66,792
268,420
2021
268,420

Page 17

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

1. ACCOUNTING POLICIES

Company information

The Yard Theatre Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 2A Queen's Yard, White Post Lane, London. E9 5EN.

The group consists of The Yard Theatre Limited and its subsidiary, The Yard Enterprises Limited, as detailed in note 8.

1.1 Accounting convention

Basis of Preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), published in September 2015. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Basis of consolidation

The consolidated financial statements incorporate those of The Yard Theatre Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 March 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Page 18

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1. ACCOUNTING POLICIES (continued)

1.3 Going Concern Basis

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events of conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.

As described in the Trustees’ Report, the 2021-22 year saw The Yard’s theatre and bar reopen for public programme, with a promising financial performance given almost 18 months of closure. The Trustees are pleased to note that, before the impairment of the asset under construction, which is considered a one-off cost, 2021-22 was a surplus year, in part by the support of the government’s Culture Recovery Fund which supported artistic commissions and projects, essential COVID 19 safety measures, and some staff costs. As such the Charity has ended the 2021-22 year with strong reserves which will support ongoing operations. In November 2022, The Yard Theatre heard that it had been successful in its application to continue as part of Arts Council England’s National Portfolio, with the charity awarded standstill funding of £152,760. This is a huge endorsement of the organisation’s work in the light of the 15% funding cut to the London portfolio, and a vital confirmed income line for the next three years, enabling confident long term planning.

Having reviewed the charity's forecasts and projections for the period up to March 2024, the Trustees have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements.

1.4 Income

All income is recognised once the charity has entitlement to the income, any performance conditions attached to the income have been met or are fully within the control of the charity, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Grants, donations and legacies

Grants and donations are recognised in incoming resources in the year in which they are receivable, except when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income. In this case, the income is deferred and not included in incoming resources until the preconditions for use are met.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Charitable activities

Local income - income from educational workshops and sundry other income associated with community activity is included in the period in which the relevant activity takes place.

Theatre income - income from box office, performance fees and sundry other theatrical income is included in the period in which the relevant show takes place.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.

1.5 Expenditure

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:

Page 19

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1. ACCOUNTING POLICIES (continued)

Support costs

The administrative and overhead costs associated with running the office from which the company operates, as well as governance costs. Support costs are attributable across all charitable activities.

1.6 Tangible Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Individual fixed assets costing £500 or more are capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 10 years straight line basis Fixtures and fittings 25% reducing balance basis Plant and machinery 25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of financial activities.

1.7 Fixed asset investments

In the parent charity financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted the their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of financial activity, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Page 20

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1. ACCOUNTING POLICIES (continued)

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the statement of financial activities, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition.

Stock held for distribution at no or nominal consideration is measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the statement of financial activities. Reversals of impairment losses are also recognised in the statement of financial activities.

1.10 Cash at Bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic instruments measured at fair value.

1.12 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Page 21

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1. ACCOUNTING POLICIES (continued)

1.15 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 company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.16 Taxation

The Company is a registered charity and as such is entitled to exemption from corporation taxation on its charitable activities under the Income and Corporation Taxes Act 2010.

2. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of asets and liabilities are as follows.

Accruals

The charitable group makes an estimate of accruals at the year end based on the invoices received after the year end and work undertaken which has not been invoiced based on quotations of estimates of amounts that are due for payment.

Areas of judgement

Deferred income

The charitable group defers income where amounts have been invoiced or payments received in advance or when the charity has future contractual obligations upon receipt of incoming resources. Judgement is involved in determining of what income relates to future contractual obligations.

Page 22

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

3. Support costs
Staff costs
Office and theatre overheads
Administration costs
Finance costs/ box office fees
Governance costs		 Total
2022
£
511,885
67,420
59,093
-
21,878
660,276		 Total
2021
£
464,046
42,558
44,119
1,078
19,519
571,320

4. Net income/ (expenditure)

This is stated after charging: Group Charity
2022 2021 2022 2021
Depreciation and impairment of tangible fixed assets:
- assets owned by charity 371,711 10,712 371,710 10,711
Auditor's remuneration
- audit fees 12,300 11,800 12,300 11,800
- tax advisory services 1,000 900 1,000 900

5. Trustees' emoluments and reimbursed expenses

The trustees received no remuneration during the year for their services as trustees (2021: £nil). During the year Jay Miller, a trustee, received remuneration of £42,945 (2021: £39,725) for services performed as Artistic Director.

Donations of £3,654 (2021: £1,924) were received from Trustees during the year.

The aggregated amount reimbursed to trustees during the year was £nil (2021: £nil)

6. Staff costs

Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs		 2022
2021
2022
2021
£
£
£
£
601,329
556,881
464,948
424,497
46,682
37,272
38,127
32,360
8,885
8,366
8,810
7,189
Group
Charity
656,896
602,519
511,885
464,046

The average number of persons employed by the company during the year was as follows:

Bar and kitchen
Administration and management		 2022
2021
2022
2021
No.
No.
No.
No.
25
24
-
-
18
18
18
18
Group
Charity
43
42
18
18

Page 23

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

6. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel consist of the Trustees and the senior management team. Remuneration and benefits received by key management personnel amounted to £151,304 - 4 people (2020: £162,645 - 4 people).

7. Tangible Fixed Assets - Group and charity

Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the Year
Impairment
At 31 March 2022
Net Book Value
At 31 March 2022
At 31 March 2021		 Assets under
Leasehold
Fixtures and
Plant and
Total
Construction mprovements
Fittings
Machinery
£
£
£
£
£
409,385
43,773
5,930
65,442
524,530
172,469
-
-
10,986
183,455
581,854
43,773
5,930
76,428
707,985
-
34,358
5,195
40,290
79,843
-
3,506
199
6,257
9,962
361,748
361,748
361,748
37,864
5,394
46,547
451,553
220,106
5,909
536
29,881
256,432
409,385
9,415
735
25,152
444,687

Assets under construction are in relation to the capital project. Following a redesign of the project, a number of costs were identified which were no longer felt to be of future economic benefit and therefore have been impaired in the year.

8. Investment in trading subsidiary

The wholly-owned trading subsidiary The Yard Enterprises Limited (company number 09332194), which is incorporated in England and Wales, is consolidated within these financial statements. Its registered address is Unit 2a Queen's Yard, White Post Lane, London, E9 5EN. The company distributes all its profits to the charity under Gift Aid. The Yard Enterprises Limited promotes commercial non-theatre hires and provides catering at the theatre. The charity owns the entire issued share capital of 1 Ordinary Share of £1. A summary of the trading results is shown below.

Page 24

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

8. Investment in trading subsidiary (continued)

vestment in trading subsidiary (continued)
Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income
Profit before taxation
Taxation
Profit for the financial year
Retained earnings brought forward
Distribution to parent charity under gift aid
Retained earnings carried forward
The assets and liabilities of the subsidiary were:
Stock
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net assets
Share capital
Profit and loss reserves
btors
Trade debtors
Corporation tax
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2022
2021
£
£
110,715
1,689
(55,786)
(10,193)
54,929
(8,504)
(170,524)
(151,410)
25,626
107,616
(89,969)
(52,298)
-
-
(89,969)
(52,298)
(52,298)
-
-
-
(142,267)
(52,298)
2022
2021
£
£
1,978
4,825
1,671
13,151
14,890
11,023
18,539
28,999
(160,805)
(81,296)
(142,266)
(52,297)
1
1
(142,267)
(52,298)
(142,266)
(52,297)
2022
2021
2022
2021
£
£
£
£
73,077
72,504
72,387
71,381
66,712
69,674
66,712
69,674
-
-
143,762
73,273
12,790
39,166
12,951
36,766
104,308
115,685
104,308
106,465
Group
Charity		 2021
£
1,689
(10,193)
(8,504)
(151,410)
107,616
(52,298)
-
(52,298)
-
-
(52,298)
2021
£
4,825
13,151
11,023
28,999
(81,296)
(52,297)
1
(52,298)
(52,297)
256,887
297,029
400,120
357,559

9. Debtors

Page 25

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

10. Creditors
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
11. Consolidated statement of funds
Current year-group
Designated funds
Fixed asset fund
General Funds
General funds
Total unrestricted funds
Restricted funds
LLDC and Hub67
Local Programme
East Village Trust
Theatre productions
Music
Capital project
Arts Council Cultural Recovery Fund
Digital : Bloomberg DAP
Live Drafts 2021
Total restricted funds
Total of funds		 2022
2021
2022
2021
£
£
£
£
63,796
53,062
55,817
49,741
15,383
9,918
11,916
9,830
8,317
13,814
3,862
10,016
69,229
39,092
69,229
38,684
156,726
115,886
140,824
108,271
Balance at
Other
Transfers
Balance at
01/04/2021
Income
Expenditure
gains/losses
in/out
31/03/2022
£
£
£
£
£
£
444,687
(9,962)
(361,748)
183,455
256,432
Group
Charity		 2022
2021
2022
2021
£
£
£
£
63,796
53,062
55,817
49,741
15,383
9,918
11,916
9,830
8,317
13,814
3,862
10,016
69,229
39,092
69,229
38,684
Group
Charity
156,726
115,886
140,824
108,271
444,687
-
(9,962)
(361,748)
183,455
256,432
301,190
625,778
(584,178)
-
(10,986)
331,804
301,190
625,778
(584,178)
-
(10,986)
331,804
745,877
625,778
(594,140)
(361,748)
172,469
588,236
32,910
30,000
(30,000)
-
-
32,910
39,199
157,080
(185,252)
-
-
11,027
36,305
50,000
(50,000)
-
-
36,305
1,000
45,300
(46,300)
-
-
-
5,608
6,000
(9,837)
-
-
1,771
-
218,390
(45,921)
-
(172,469)
-
38,176
265,524
(301,564)
-
-
2,136
-
125,000
(50,000)
-
75,000
-
1,500
(1,500)
-
-
153,198
898,794
(720,374)
-
(172,469)
159,149
899,075
1,524,572
(1,314,514)
(361,748)
-
747,385

Page 26

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

11. Consolidated statement of funds (continued)

Current year-charity
Designated funds
Fixed asset fund
General Funds
General funds
Total unrestricted funds
Restricted funds
LLDC and Hub67
Local Programme
East Village Trust
Theatre Productions
Music
Capital project
Arts Council Cultural Recovery Fund
Digital: Bloomberg DAP
Live Drafts 2021
Total restricted funds
Total of funds
Prior year-group
Designated funds
Fixed asset fund
General Funds
General funds
Total unrestricted funds
Restricted funds
LLDC and Hub67
Local Programme
East Village Trust
Theatre Productions
Music
Capital project
The Big Give 2019
Arts Council Cultural Recovery Fund
Total restricted funds
Total of funds		 Balance at
Other
Transfers
Balance at
01/04/2021
Income
Expenditure
gains/losses
in/out
31/03/2022
£
£
£
£
£
£
444,687
-
(9,962)
(361,748)
183,455
256,432
444,687
-
(9,962)
(361,748)
183,455
256,432
353,488
489,437
(361,313)
-
(10,986)
470,626
353,488
489,437
(361,313)
-
(10,986)
470,626
798,175
489,437
(371,275)
(361,748)
172,469
727,058
32,910
30,000
(30,000)
-
-
32,910
39,199
157,080
(185,252)
-
-
11,027
36,305
50,000
(50,000)
-
-
36,305
1,000
45,300
(46,300)
-
-
-
5,608
6,000
(9,837)
-
-
1,771
-
218,390
(45,921)
-
(172,469)
-
38,176
265,524
(301,564)
-
-
2,136
125,000
(50,000)
75,000
1,500
(1,500)
-
153,198
898,794
(720,374)
-
(172,469)
159,149
951,373
1,388,231
(1,091,649)
(361,748)
-
886,207
Balance at
Other
Transfers
Balance at
01/04/2020
Income
Expenditure
gains/losses
in/out
31/03/2021
£
£
£
£
£
£
169,497
-
(10,712)
285,902
444,687
169,497
-
(10,712)
-
285,902
444,687
29,854
571,499
(272,944)
6,705
(33,924)
301,190
29,854
571,499
(272,944)
6,705
(33,924)
301,190
199,351
571,499
(283,656)
6,705
251,978
745,877
34,540
62,500
(64,130)
-
-
32,910
-
126,319
(87,120)
-
-
39,199
36,305
50,000
(50,000)
-
-
36,305
18,099
6,000
(23,099)
-
-
1,000
5,608
-
-
-
-
5,608
-
292,188
(40,210)
-
(251,978)
-
4,142
(4,142)
-
-
-
-
224,563
(186,387)
-
-
38,176
98,694
761,570
(455,088)
-
(251,978)
153,198
298,045
1,333,069
(738,744)
6,705
-
899,075

Page 27

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

11. Consolidated statement of funds (continued)

Prior year-charity
Designated funds
Fixed asset fund
General Funds
General funds
Total unrestricted funds
Restricted funds
LLDC and Hub67
Local Programme
East Village Trust
Theatre Productions
Music
Capital project
The Big Give 2019
Arts Council Cultual Recovery Fund
Total restricted funds
Total of funds		 Balance at
Other
Transfers
Balance at
01/04/2020
Income
Expenditure
gains/losses
in/out
31/03/2021
£
£
£
£
£
£
169,497
-
(10,712)
-
285,902
444,687
169,497
-
(10,712)
-
285,902
444,687
29,854
623,797
(272,944)
6,705
(33,924)
353,488
29,854
623,797
(272,944)
6,705
(33,924)
353,488
199,351
623,797
(283,656)
6,705
251,978
798,175
34,540
62,500
(64,130)
-
-
32,910
-
126,319
(87,120)
-
-
39,199
36,305
50,000
(50,000)
-
-
36,305
18,099
6,000
(23,099)
-
-
1,000
5,608
-
-
-
-
5,608
-
292,188
(40,210)
-
(251,978)
-
4,142
-
(4,142)
-
-
-
-
224,563
(186,387)
-
-
38,176
98,694
761,570
(455,088)
-
(251,978)
153,198
298,045
1,385,367
(738,744)
6,705
-
951,373

LLDC (The London Legacy Development Corporation) and Hub67

This fund consists of grants received towards the costs of running the community centre, Hub67.

Local Programme

This fund consists of grants received towards the costs of running the local programme.

East Village Trust

This fund consists of grants from the East Village Trust towards the community centre, The Hall.

Theatre productions

This fund consists of grants towards specific theatrical productions produced and performed at The Yard Theatre and towards artists’ commissions and development.

Music

This fund consists of grants towards artists’ commissions for the music nights held at The Yard Theatre.

Capital project

This fund consists of grants and donations towards the building of the new theatre. Transfers out of the fund represent funds used for the purchase of tangible fixed assets.

The Big Give 2019

Money raised through the donations to The Big Give Campaign, towards the Queen’s Yard Company activity (Local Programme).

Arts Council Cultural Recovery Fund

This fund consists of grants received from Arts Council England under the Cultural Recovery scheme providing support to arts organisations during the Covid19 pandemic.

Page 28

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

12. Analysis of net assets between funds - Group

Analysis of net assets between funds - current year
Tangible fixed assets
Current assets
Creditors due within one year
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
13. Analysis of net assets between funds - Charity
Analysis of net assets between funds - current year
Tangible fixed assets
Investments
Current assets
Creditors due within one year
Analysis of net assets between funds - prior year
Tangible fixed assets
Investments
Current assets
Creditors due within one year		 General
Designated
Restricted
Total
funds
funds
funds
funds
2022
2022
2022
2022
£
£
£
£
-
256,432
-
256,432
488,530
-
159,149
647,679
(156,726)
-
-
(156,726)
331,804
256,432
159,149
747,385
General
Designated
Restricted
Total
funds
funds
funds
funds
2021
2021
2021
2021
£
£
£
£
-
444,687
-
444,687
417,076
-
153,198
570,274
(115,886)
-
-
(115,886)
301,190
444,687
153,198
899,075
General
Designated
Restricted
Total
funds
funds
funds
funds
2022
2022
2022
2022
£
£
£
£
-
256,432
-
256,432
1
-
-
1
611,449
-
159,149
770,598
(140,824)
-
-
(140,824)
470,626
256,432
159,149
886,207
General
Designated
Restricted
Total
funds
funds
funds
funds
2021
2021
2021
2021
£
£
£
£
-
444,687
-
444,687
1
-
-
1
461,758
-
153,198
614,956
(108,271)
-
-
(108,271)
353,488
444,687
153,198
951,373

Page 29

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

14. Pension commitments

The group operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and at the balance sheet date amounts of £5,394 (2021: £1,820) were payable to the fund, which are included in creditors.

15. Operating lease commitments

At the reporting date the group had outstanding commitments for future minimum lease payments under noncancellable operating leases, as follows:

Group and charity:
Within 1 year
Between 1 and 5 years
Total		 2022
2021
£
£
22,500
20,000
65,036
87,521
87,536
107,521

16. Liability of members

The company is limited by guarantee and the liability of members does not exceed £10. At 31 March 2022 there were 9 (2021: 9) members.

17. Related party transactions

During the previous year the company loaned £14,638 to Hackney Wick and Fish Island Community Development Trust, a company in which Executive Director Sam Hansford is a director. At the year end the company was owed £0 (2021: £14,638) by Hackney Wick and Fish Island Community Development Trust.

18. Reconciliation of group net income/(expenditure) to net cashflow from operating activities

Net (expenditure)/ income for the reporting period
Taxation
Depreciation and amortisation
Decrease / (Increase) in stock
Decrease / (Increase) in debtors
Increase in creditors
Net cash (used in)/ generated from operations		 2022
2021
£
£
(151,690)
594,325
2,962
-
371,710
10,712
(599)
55
37,180
(63,152)
40,840
(54,410)
300,403
487,530

Page 30

The Yard Theatre Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

19. Comparative Consolidated Statement of Financial Activities

Income from:
Donations and legacies
Sponsorship and donations
Arts Council grant
Other operational grants
Charitable activities
Local programme/ theatre programme
Other trading activities
Commercial trading operations
Other income
Investment income
Total Income
Expenditure on:
Charitable activities
Local programme/ theatre programme
Raising funds
Commercial trading operations
Total Expenditure
Net income/ (expenditure)
Other recognised gains - theatre tax relief
Transfers between funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Restricted
Total
Funds
Funds
2021
£
£
£
209,019
132,319
341,338
152,760
-
152,760
341,699
629,251
970,950
27,382
-
27,382
1,689
-
1,689
554
-
554
-
-
-
733,103
761,570
1,494,673
283,657
455,088
738,745
161,603
-
161,603
445,260
455,088
900,348
287,843
306,482
594,325
6,705
-
6,705
251,978
(251,978)
-
546,526
54,504
601,030
199,351
98,694
298,045
745,877
153,198
899,075

Page 31