Backst*2geTrust ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
Backst*2geTrust 5 April 2024 ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 Le al and Administrative: Backstage Trust (Charity Number 11458871 was established under a Trust Deed dated 30 January 2012. Trustees: Dame Susie Sainsbury DBE Mr David Wood Mr Dominic Flynn Trust Administrators: Ms Helen Cave & Ms Dianne Yeoman Advisers: Baroness Genista Mclntosh of Hudnall Professor lan Ritchie CBE RA Offlce: North House 27 Great Peter Street London SWIP 3LN Chari Number: 1145887 Bankers: C Hoare & Co 37 Fleet Street London EC4P 4DQ Sollcitors: BDB Pitmans LLP One Bartholomew Close London ECIA7BL Auditors: Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Investment Powers: The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within the guidelines established by the Trustees. The objects of the Trust set out in the Trust Deed are for general charitable purposes.
Backst*2geTrust 5 April 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 Backstage Trust was established undera Trust Deed dated 30January 2012 and the Trustees submit their report for the year ended S April 2024. Ob"ectives and Sco e of Grant Makin Backstage Trust was established in 2012 and continues to focus on encouraging involvement in the performing arts- particularly theatre and music. Although we are encouraged by the determination of the new government to support the arts, we are aware that budgetary constraints will make it difficult for the government to bridge the increasing gap between arts funding and other important areas of support. We know that the cultural Ilfe of the UK is vital: experlence of participating in, or being exposed to, the performing arts can have a transformative effect on individuals and communities. The Creative Industries sector contrlbutes more than £124 billion to the economy each year, but without significant fundlng from the private philanthropic sector it is struggling to survive, and we are already seeing valuable organisations being forced to close. Strategically-directed public funding is more crucial than ever, with the industry in a perilous condition. It will take more than small trusts like Backstage to 5UPPOrt the sector and re-establish a confident and economically vibrant performin8 arts world for the UK. In addition, the surge of capital projects in theatres and concert halls in the 19905 leaves US with many theatres functioning in buildings which urgently need renovation and repair. Failing plant and machinery threaten the viability of a number of venues. Backstage continues to provide targeted funds for live projects, aspects of capital developments and essential renovations, and sometimes consultancy to provide strategic guidance, to a wide range of arts organisations. The Trust aims to respond to viable applications promptly, knowing that many applicants cannot find the funds to keep running while they wait to hear if an application to a trust has been successful. Although investment in capital projects is limited, we can sometimes help an organisation to make progress with a scheme by funding aspects of the work which are critical but lack conventional donor-appeal, for example: funding accessible toilets, repairing a leakin8 roof, guidance on fund-raising, feasibility studies, replacing worn-out but vital mandatory equipment. The Trust has continued to promote and fund schemes which assist the huge community of freelancers who are self-employed and mostly fall outside any government help scheme. It is incumbent on the government to presenie this vital sector with sufficient support to allow freelancers to suNive and flourish. At Backstage, Trustees have found that strategic giving, and In some cases forming an on-going relationship wlth a grantee, is productive and satisfyin& and importantly can provide small organisations With a measure of confidence in a very fragile funding environment. Thanks to Backsta8e the Roundhouse has seen over 10,000 young people benefit from the programme5 on offer at Roundhouse Works, there has been a renaissance at the Royal Court, Leed5 Playhouse has completed its renovation work, the redesign of Theatr Clwyd is almost finished and we have been able to support projects as diverse as essential new accounting software for the Royal Academy of Music and award-winning toilets at Watershed in Bristol. A number of these projects would struggle to find support from the majority of trusts and yet without fully-functioning infrastructure many organisations may have to close their doors.
Backst*2geTrust 5 April 2024 TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 (continued) APPLYING TO BACKSTAGE Backstage can only make grants to registered charities, Community Interest Companies, or support activities which have clear charitable aims- the Trust cannot fund individuals directly. The majority of grants awarded since the Trust was established come under one of the following headings.. Encouraging active participation in the performing arts Assisting live arts projects (not all in the UK) which encourage community participation, and equality, particularly in under-represented areas Providing help with professional development of small and medium-scale arts organisations, helping encourage diversity and remove barriers Providing advice on fundraising and helping to create a fundraising strategy Giving advice on feasibility studies for capital projects, and guidance on project management Funding elements (particularly the less appealing items) of capital pro.jects Providing support to the arts, freelance community Encouraging new writing Applicants need to demonstrate the vlability of their project clearly, and show that their organisation can demonstrate good management, and supportive governance, to dellver the project. Trustees will want to see evidence of a convincing and realistic fundraising strategy. Although Backstage might award fundin& the applicant need5 to realise that the Trust cannot be regarded as the sole funder of a project, although it may act as a catalyst to encourage othergrant-giving bodies. Acritical need for most small arts organi5ations- in addition to enthusiasm, energy and a determination to make a difference is professional advice. Backstage can sometimes fund the cost of appropriate consultant advice, allowing an organisation to benefit from help which would be beyond their means. All applications that meet the funding criteria are considered carefully, and we aim to provide a response to an application within weeks as we are aware of the financial fragility of many organisations. anisatlon Backstage Trust is a small charity of which Dame Susie is the Settlor and a Trustee. She and her fellow Trustees, and the Trust advisers, work closely with the Executive Administratorto assess all grant proposals to ensure they meet the Trust's criteria, and that there are no conflicts of interest. Grant approvals are often agreed between meetings, but all grants are ratified at the regular formal Trustee meetings and all are made subject to specific conditions which are monitored throughout. The Trustee5 meet periodically with the advisers to di5CUSS strategy as well as approved and potential grants, however the advisers have no decision-making powers. Trustees are appointed by existing Trustees and are provided with relevant information relating to their responsibilities in that role. Policles Reserves Polic It is the Trustees, intentlon to continue to approve grants annually that exceed the available income. Consequently, some grants will be met from the Trust's expendable endowment for the foreseeable future and a transfer of £5,208,406 has been made from the expendable endowment to enable the Trust's commitments to be met. The Trustee5 regularly review cash flow projections for income and expenditure, to ensure that the level of disposable net assets is adequate and that the Trust is in a position to meet all its commitments. Having assessed the Trust's financial position and plans for the foreseeable futu re, the Trustees are satisfied that it remains appropriate to prepare the f inancial statements on the bas15 that the Trust is sustainable as a going concern.
Backst*2geTrust 5 April 2024 TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 20241continued) The Trust's principal source of income is from donations which are added to the expendable endowment fund. The endowment a55ets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objectives. Investment Polic The Trustees have held significant funds on deposit to enable the Trust to draw on capital when required and the Trustees meet regularly to discuss strategy and review performance. Remuneration Poll Backstage Trust has no employees and therefore no policy is in place. Rlsk Assessment The Trustees have examined the major strategic, business and operatlonal risks to which the charity may be exposed. Adequate systems are in place to manage such potential risks as the Trustees have identified. They continue to keep processes under review. The Trustees identified the potentlal mlsuse of funds by a grantee charlty as a significant risk. To mltlgate this risk, the Trustees normally restrlct grants to charities registered wlth the UK Charity Commission or equlvalent bodies. The awards are made following a thorough assessment and grants are routinely monltored; multi-year grants are pald only on receipt of satisfactory progress reports. The Trustees also identified Ilquidity as constituting a significant risk and this is mitigated by holding sufficient fund5 in cash or near cash to meet expected liabilities as and when they fall. The Trustees regularly review the investment strategy and cash hold policy. A final significant risk identified by the Trustees is fraud. This may be possible through the submission of fake or fraudulent grant applications, incorrect bank detalls on acceptance forms or manipulation of details on the acceptance form, or collusion amongst member5 of staff. This is mitigated by checks on new applicants with the Charity Commission to confirm the legitimacy of an organisation, verbal confirmation of any new bank details and segregation of duties among staff. Charl and Public Benefit The Trustees are aware of the Charlty Commission guidance on public benefit, and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. This report aims to set out information coveringthe Trust's aims, activities and achievements. The report describes the areas of specific interest tothe Trust. The benefits provided by these grants can be seen in the professional development of the recipients, and through them to the public. The charity does not raise funds from the public. 2. Revlew of the Year During the year, Backstage Trust's primary source of income was two donations from the Gatsby Charitable Foundation totalling £22,000,000. This increased level of donation reflected Gatsbws ongoing commitment to the arts and the belief that Backstage will be able to make a significant contribution and impaci during the difficult years ahead for the sector. During the year. the trustees approved 150 grants for a total of £5,643,003 and these were awarded for core costs, production or programme support, support for fund raising and towards capital programmes. The activities for the year resulted in a net surplus of £16,791,594 and total reserve5 at the year-end amounted to £20,909,929, which are all part of the expendable endowment
Backst*igeTrust 5 April 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 (continued) Grant Makin The Trustees met twlce during the year to make grants and to review Investments. At the year-end, outstanding commitments which were entered into duringthe year and not included in the accounts amounted to £116.585 {2023 £40,000) {note 91. As previously mentioned, 150 grants were approved during the year totallin8 £5,643,003, all of which were made to Art5 Organisations. oft eof roved Summa rants a Grant Type Capital Core Fund raising Production Programme Costs Project Training Schemes Number 22 33 14 io 46 24 Amount £ 958,082 2,360,114 369,500 114,626 1,248,326 587,355 5,000 5,643,003 150 Selectlon of lar er rants a roved Grantee De5criptlon Core funding Amount £ English Stage Company {Royal Court Theatre) Watermill theatre 500,000 Core funding Core funding Travel and accommodation for acting companv Capital redevelopment Supporting the Access to the Arts Programme Stage Directions theatre skills development programme Little Amal tour of USA Shakespeare In Schools Programme Capital grant toward5 The Nest performance space Implementation of new cloud-based finance management software Directors Award Scheme 2024 & 2025 Support for organisational redevelopment Core funding Core funding- further grant if conditions are met Core funding Core funding Capital redevelopment funding Support for role of Fundraising Manager and Production Manager 250,000 200,000 200,OCQ 200,000 150,000 150,000 150,000 150,000 150,000 142,000 Kiln Theatre Belarus Free Theatre Theatre Clwyd Trust Ltd British Youth Muslc Theatre The Lowry The Walk Productions Ltd Orange Tree Theatre Chichester Festival Theatre Royal Academy of Music Royal Theatrical Support Trust VIVA Arts & Community Group Gate Theatre Charity Gate Theatre Charity Unicorn Theatre Bush Theatre Yvonne Arnaud Theatre Trust 140,000 135,000 loo,000 loo,000 ioo,oTh) loo.000 I,000 84,750 Fuel Productions
Backst*2geTrust 5 April 2024 TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 (continued) World Heart Beat Music Funding of the posts of Head of Philanthropy and Development Administrator Headlong Origins Programme for early-career directors Development of The 503Studio- additional grant Core funding Creative Associates Programme 80,000 Headlong Theatre 503 80,1 80,000 80,000 75,000 Papatango Theatre Company Belgrade Theatre Future lans The Trust will continue to support the activities set out on pages 4 to 5 by award of grants. Approved by the Trustees on 5th December 2024 and signed on their behalf by: TRUSTEE
Backst.IgeTrust 5 April 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Endowment Funds Fund5 Total Funds Total Funds 2024 2023 * Notes Income and Endowmerrts from: Donations and gifts Investments Bank Interest received 121,021 389,897 4,843 22,000,LK)0 22,121,021 389,897 4,843 7,107,286 77,439 927 Total Income 515,761 22,000.000 22,515,761 7,185,652 Expenditure: Charitable actlvltles Grant-making Grant related support costs 5,566,418 157,749 5,566,418 157,749 4,067,979 153,554 Total Expendlture 5,724,167 5,724,167 4,221,533 Net (Expenditure)/lncome 15,208,406) 22,000,000 16,791,594 2,964,119 Transfers between funds 5,208,406 {5,208,406} Net movement In funds 16,791,594 16,791,594 2,964,119 Total funds brought forward 4,118,335 4,118,335 1,154,216 Totsl funds carried forward 20,909,929 20,909,929 4,118,335 See note 4. The notes on pages 10 to 15 forrn part of these accounts.
Backst*2geTrust 5 April 2024 STATEMENT OF FINANCIAL AcllviTIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlcted Endowment Funds Funds Total Funds Total Funds 2024 2023 * Notes Income and Endowments from: Donations and gifts Investments Bank Interest received 121,021 389,897 4,843 22,000,000 22,121,021 389,897 4,843 7,107,286 77,439 927 Total Income 515,761 22,000,000 22,515,761 7,185,652 Expendlture: Charitable actlvltles Grant-making Grant related support costs 5,566,418 157,749 5,566,418 157,749 4,067,979 153,554 Total Expenditu 5,724,167 5,724,167 4,221,533 Net IExpenditure)/lncome 15,208,406) 22,000,000 16,791,594 2,964,119 Transfer5 between funds 5,208,406 {5,208,4061 Net movement In funds 16,791,594 16,791,594 2,964,119 Total funds brought foDNard 4,118,335 4,118,335 1,154,216 Total funds carried forward 20,909,929 20,909,929 4,118,335 See note 4. The notes on pages 10 to 15 form part of these accounts.
Backst*2geTrust 5 April 2024 BALANCE SHEEr AS AT 5 APRIL 2024 Notes 2024 2024 2023 FIXED ASSErs Investments - Term Deposits 16,IX)O,000 16,000,000 CURRENT ASSErs Short term investments Cash at bank and in hand 5,640,183 83,080 5,723,263 4,800,285 238,882 5,039,167 UABILITIES Creditors- amounts fallln8 due wlthin l year 813,334 920,832 NET CURREHf ASSETS 20,909,929 4,118,335 NET ASSErs 20,909,929 4,118,335 THE FUNDS OF THE CHARITY: Endowment funds 20,909,929 4,118,335 20,909,929 4,118,335 Approved by the Trustees on 5th December 2024 and signed on their behalf by: TRUSTEE The notes on pages 10 to 15 form part of these accounts.
Backst*igeTrust 5 April 2024 CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Net Movement in Funds perstatement of Financial Activities Decrease in debtors {Decreasel/increase in creditors Income from Investments 16,791,594 2,964,119 (107,4981 (389,897) 16,294,199 114,956 (77,4391 3,001,636 Net cash received in operating activltles Cash fiows from Investin8 Actlvlties Income from Investments Placement of deposits with more than 3 months maturlty Net cash lused) In/received from Investing ActlvltSes 389,897 {16,0(Kl,O(K)) 115,610,103) 77,439 77,439 Net increase In cash and cash equivalents 684,096 3,079,075 Analysls of the balance of cash as shown In the balance sheet Chan8e In year 2024 2023 Cash at bank and in hand Short term investments Cash and cash equivalents at the end of the year 83,080 5,640,183 5,723,263 238,882 4,800,285 5,039,167 {155,802) 839.898 684,096
Backst*igeTrust 5 April 2024 NOTES TO THE ACCOUNTS I. ACCOUNTING POLICIES The financial statements have been prepared in accordance with the Charities SORP (FRS1021 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements have been prepared to give a 'true and fair view, and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and falr view,. This departure ha5 involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FR51021 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effectlve from l April 2005 which has since been withdrawn. The Trust constitutes a publlc benefit entity as defined by FRSIO2. Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financlal statements on the basls that the charity Is sustainable as a golng concern. The Trust's principal source of income is from the endowment fund. The endowment assets of the Trust remaln significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trusvs objects. The principal accounting policies adopted are as follows: a) Income (il Income is shown gross which includes the assoclated tax credlt unless the tax so deducted is considered irrecoverable. (111 Interest is recorded on an accruals basis. bl Grants payable Grants for which there is a le8ally binding commitment are accounted for wlthln the Statement of Flnancial Activities. Payments that are due within one year of the year-end date are included within grants payable in the Statement of Financial Activities. Other grants are accounted for in the Statement of Financial Activities when conditions attaching to the 8rant are fulfilled. cl Support costs Most of these costs support the 8rant-making activity of the Trust and are 50 allocated. dl Charitable activity The Trustees consider that grant-making is the Trust's sole charitable activity. el Governance costs Governance costs cornprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include fees for statutory audit and legal fees where relevant. fl Gift of Staff Time Individuals employed by Dame Susie provide various services toward5 the running of the Trust. The cost of their time is cognised as a gift as well as shown as an expense based on an estimate of time incurred by the staff involved. 10
Backst*2geTrust 5 April 2024 NOTES TO THE ACCOUNTS (continued) I. ACCOUNTING POLICIES (continued) 81 Funds Funds represent cash or cash equivalents held with UK banks h} Financial Instruments The Trust ha5 finantial assets and financial Siabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially recognised at transaction value and subsequently measured at amortised costs using the effective interest method. Financial assets held at fair value consist of shares, and financial assets held at amortised costs comprise cash at bank and in hand, accrued interest and other debtors. Financial liabilities held at amortised cost comprise grants payable and accruals. At the balance sheet date, the charity held no financial assets at fair value (2023: £Nill, financial assets at amortised cost of £21,723,263 (2023: £5,039,167) and financial liabilities at amortised cost of £813,334 {2023: £920,832). 51 Critical Accountin8 Judgements and Key Sources of Estimation Uncertainty n the application of the Trust's accounting policies, which are described in note I, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 estirnate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. In the view of the Trustees, no assumptions concerning the future or estimated uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. jl Cash and Cash Equivalents Cash and cash equivalents include cash at bank, cash held for reinvestment and on call deposits. 2. GRANT EXPENDITURE 2024 2023 Reconciliatlon of grants payable: Commitments at 6 April Grants approved in the year Grants approved in prior year Grants cancelled in the year Grants not accrued at 5 April 902,766 5,643,003 40,)0 790.608 3,404,499 707,980 (4,500) {40,000) 4,067,979 4,858.587 {3,955,821) 902.766 (116.5851 5,566,418 6.469.184 15,673,739) 795,445 Grants payable for the year Grants paid during the year Commitment5 at 5 April due within one year (note 6) 11
Backst*igeTrust 5 April 2024 NOTES TO THE ACCOUNTS Icontlnued) 2. GRANT EXPENDITURE (contlnued) English Stage Company Limited at the Royal Court Theatre Watermill theatre 550.000 250,000 200,000 200,000 200,000 200,000 200,000 169,500 150,000 150,CM)O 150,000 140,000 135,000 120,OIJ) loo,000 loo,000 loo,000 loo,000 100,000 100,000 loo,000 loo,000 89,626 85,000 84,750 80,000 80,000 80,000 75,000 72,800 72,000 65,000 56,800 2,013,922 Belarus Free Theatre Gate Theatre Charity Kiln Theatre The Old Wic Theatre Theatre Clwyd Trust Ltd Royal Academy of Muslc Chichester Festival Theatre Oran8e Tree Theatre The Walk Productions Ltd Royal Theatrital Support Trust VIVA Arts & Communlty Group Donmar Warehouse Bush Theatre Cardboard Citizens Jermyn Street Theatre The Lowry Centre Trust Theatre 503 Unlcorn Theatre {Caryl Jenner Production51 Youth Music Theatre Yvonne Arnaud Theatre Trust Clean Break Garsln8ton Opera Fuel Produrtlons Headlong Papatan80 Theatre Company World Heart Beat Music Belgrade Theatre Freelancers Make Theatre Work Mustardseed Trust Coney Ltd Klngston Theatre Trust (Rose Theatre) Grants up to £50,000 were also made1124 grants) Total Grants Payable 6.469,184 12
Backst*2geTrust 5 April 2024 NOTESTO THE ACCOUNTS (contlnued) 3. ALLOCATION OF SUPPORT COSTS Charitable Governance Activity 2024 Total 2023 Total Bank and Custody fees Gift of Staff Time Legal fees Taxation Fees Professional fees Office support costs Auditors, remuneration 702 121,021 14,098 702 121,021 15,664 480 ,755 2,747 8,380 157,749 822 107,286 15,719 1,602 18,676 2,769 6,680 153,554 1,566 480 8,755 2,747 8,380 10,426 147,323 Included above is £15,664 payable for legal services to BDB Pitmans Solicitors12023.. £15,719), a firm In which Mr Domlnic Flynn is a partner, and £121,021 being the estimated cost of serwlces provided by employees of Dame Susie (2023: £107,286). No Trustees recelved remuneration or were reimbursed expenses during the year {note 81. 4. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestrirted Endowment Total Funds Funds Funds 2023 Notes Income and Endowments from: Donations and gifts Investments Bank Interest recelved Total Income 107,286 77,439 927 185,652 7,000,000 7,107,286 77,439 927 7,185,652 7,000,000 Expendlture: Charitable activitie5 Grant-making Grant related support costs 4,067,979 153,554 4,067,979 153,554 Total Expenditure 4,221,533 4,221,533 Net IExpenditure}Ilncome {4,035,8811 7,000,000 2,964,119 Transfers between fu nds 4,035,881 (4,035,881) Net movement in funds 2,964,119 2,964.119 Total funds brought forward 1,154,216 1,154,216 Total funds carried forward 4,118,335 4,118,335 13
Backst*2geTrust 5 April 2024 NOTES TO THE ACCOUNTS (continued) 5. SHORT TERM INVESTMENTS 2024 2023 Instant access call accounts with UK banks 5,640,183 5,640,183 4,800,285 4,800,285 6. CREDITORS 2024 2023 Grants payable (note 2) Legal fees Audit fees Taxation fees 795,445 10,209 7,680 902,766 9,964 6,500 1,602 920,832 813,334 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrfcted Expendable Funds Endowment Totals 2024 Fund balances at 5 April 2024 are represented by . Current assets Current liabilities Total net assets 813,334 20,909,929 21,723,263 1813,3341 {813,3341 20,909,929 20,909,929 Unrestrlcted Expendable Funds Endowment Totals 2023 Fund balances at 5 April 2023 are represented by: Current assets Current liabilities Total net assets 920,832 1920,832) 4,118,335 5,039,167 {920,8321 4,118,335 4,118,335 Unrestrirted Expendable Funds Endowment Totals 2024 Movement In the year Opening balance as at 6 April 2023 Total income and endowments Charitable activities Transfers between funds Closing balance as at 5 April 2024 4,118,335 4,118,335 515,761 22,000,000 22,515,761 15,724,167) 15,724,167) 5,208,406 15,208,406) 20,909,929 20,909,929 Unrestricted Expendable Funds Endowment Totals 2023 Movement in the year Opening balance as at 6 April 2022 Total income and endowments Charitable activities Transfers between funds Closing balance a5 at 5 April 2023 1,154.216 7.0(X),o(K) 1,154,216 7,185.652 (4.221,533) 185,652 14,221,533) 4,035,881 14,035.881} 4,118,335 4,118,335 During the year there was a deficit of income over expenditure on the unrestricted funds of £5,208,40612023: £4,035,881). This has been funded by a transfer from Expendable Endowment. 14
Backst*igeTrust 5 April 2024 NOTES TO THE ACCOUNTS (continued) 8. RELATED PARTY TRANSACTIONS No donations from the Trustees which are subject to Gift Aid were received during the year (2023: £4,000.0001 plus as more fully explained in note 3. the other related party transactions were the payment for legal services by BDB Pitmans, of whom Dominic Flynn is a partner and services provided by employees of Dame Susie. 9. CONTINGENT LIABILITIES At 5 April 2024, grants approved amountinB to £116,585 {2023: £40,000) which fall due to be paid more than 12 months after the balance sheet date have not been accounted for as they are subject to conditions that have not been met at the year-end. 15
Backst*igeTrust 5 April 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with Charities SORP IFR51021 applicable to charities preparing thelr accounts In accordan with the Financial Reporting Standard applicable in the UK and Republlc of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applles from l January 2015. Under charlty lawthe Trustees must not approve the financial statements unless they are satisfied that they give a true and fairview of the state of affalrs of the charity and of its net outgoing resources for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any materlal departures dlsclosed and explained in the financial statements; prepare the flnancial statements on the 80ing concern basls unless it is inapproprlate to presume that the charity will contlnue to operate. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the CharItS transactions and disc105e with reasonable accuracy at any time the financlal position of the charlty and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responslble for safeguardin8 the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 16
Backst*igeTrust 5 April 2024 Independent Auditorfs Report to the Trustees of Backstage Trust Opinion We have audited the financial statements of Backstage Trust ('the charitw) fortheyear ended 5 April 2024 which comprise the Statement of Financial Activitie5, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, 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: give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wlth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further descrlbed in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity In accordance wlth 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. Concluslons relating to golng concern In auditin8 the financial statements, we have concluded that the trustee's use of the goin8 concern basis of accounting in the preparatSon of the financial statements Is appropriate. Based on the.work we have performed, we have not identified any materlal uncertainties relatlng to events or conditions that, Indlvldually or collectively, may cast significant doubt on the charity's ability to continue as going concern for a period of at least twelve months from when the financlal 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 Infomiation The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not coverthe other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in 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 this gives rise to a material misstatement in the financial statements themselves. 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. 17
Backst*2geTrust 5 April 2024 Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires US to report to you if, in our opinion: the Information given in the financial statements is inconsistent in any material respect with the trustees, report; or sufficient and proper accounting records have not been kept by the charity; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the trustee5' responsibilities statement set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such internal contro5 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 flnancial statements, the trustees are responsible for assessing the charitVs 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 charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to issue an auditorfs 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 arlse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. 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.or .uk auditorsres onsibilities. This description forms part of our auditorfs report. Extent to which the audlt was considered capable of detectlng irregularltles, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks Within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosure5 in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedure5 on the related financial statement items. 18
BackstigeTrust 5 April 2024 In addition, we considered provisions of other laws and regulations that do not have a direct effect on the rinancial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The law5 and regulations we considered in thi5 context for the UK operation5 were General Data Protection Regulation {GDPR}. Auditing standards limit the required audit procedures to identify non-compliance with these law5 and regulations to enquiry of the Trustee5 and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some materlal misstatements in the financial statements, even though we have properly planned and performed our audlt in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor London 11 December 2024 Crowe U.K. LLP 15 eligible for appointment as audltor of the charity by vlrtue of Its ellgibilityfor appolntment as audltor of a ¢ompany under section 1212 otthe Companies Act 2(X)6. 19