2024-07-31-accounts - Exeter Northcott Theatre Company

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Exeter Northcott Theatre Company

Trustees’ Report and Financial Statements For the Year Ended 31 July 2024

Charity Number: 1151620 Company Number: 08393145

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Exeter Northcott Theatre Company

Report and Financial Statements

Year Ended 31 July 2024

Contents	Page
Reference and Administrative Details	1
Trustees’ Report	3
Independent Auditor’s Report	18
Statement of Financial Activities - Group	22
Statement of Financial Activities – Charity	23
Balance Sheet - Group	24
Balance Sheet – Charity	25
Statement of Cash Flows	26
Notes to the Financial Statements	27

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Exeter Northcott Theatre Company

Report and Financial Statements

Year Ended 31 July 2024

Exeter Northcott Theatre Company is a Registered Charity in England and Wales and Company Limited by guarantee and does not have any share capital.

The company was incorporated on 7 February 2013, registered as a charity on 12 April 2013 and commenced trading on 1 June 2013.

Trustees

The Trustees of the Charity who served during the year were:

Co-Chairs	R Chapman D Balcombe
University of Exeter nominees:	J Milling T Begbie M Shore-Nye	(appointed 25 Sept 2023) (resigned 25 Sept 2023)
Student Trustees:	Mia Hodge L Fisher M P Hatfield	(appointed 30 Sept 2024) (resigned 24 June 2024) (appointed 25 Sept 2023, resigned 24 June 2024)
Trustees:	Craig Bowden James Anthony-Edwards Sarah Elghady Mandy Ivory-Castile Linda Peka Swati Gola Chris Hoar J T Leyland	(resigned 16 Dec 2024) (resigned 16 Dec 2024) (resigned 24 June 2024) (resigned 26 March 2024) (resigned 21 Nov 2023)
Key management Personnel Finance & Operations Director and Joint Chief Executive – E Stephenson Marketing & Development Director and Joint Chief Executive – K Johnson Creative Director and Joint Chief Executive – M Berry (appointed Nov 2023) Registered Office: Exeter Northcott Theatre Stocker Road Exeter Devon EX4 4QB Registered Charity No. 1151620 Registered Company No.08393145 Bankers: NatWest Bank 59 High Street Exeter EX4 3DL

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Exeter Northcott Theatre Company

Report and Financial Statements

Year Ended 31 July 2024

Auditors:

PKF Francis Clark Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

The Trustees are pleased to present their annual report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 July 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, and the Statement of Recommended Practice – Accounting and Reporting by Charities SORP(FRS102).

Chair’s Report

We are pleased to report on a year of consolidation, building strong foundations for what promises to be a dynamic period in Exeter Northcott Theatre [ENT]’s ever-developing story. Whilst we will never forget the pandemic and will always be reminded of its impact on every aspect of our society, 2023/24 was the year when we could finally see Covid in the rearview mirror rather than all around us: the year in which audiences returned in large numbers and artists felt liberated and emboldened to re-spread their creative wings.

Exeter Northcott has re-emerged with an ambitious new leadership model. Last year we reported that we were creating an exciting co-leadership team of three Joint Chief Executives – three roles sharing responsibility for “the organisation” and each taking ownership of one of the three strands of our Business Plan – audiences, operations, and creativity. Kelly Johnson (now Development & Marketing Director) and Emma Stephenson (Finance & Operations Director) were joined by new appointment, Martin Berry (Creative Director).

Martin joined us in November 2023, thus ending the calendar year with the new structure in place. Coleadership is not uncommon in the sector, but we have not seen many – if any – examples of the CEO responsibility being split three ways. We are delighted that our confidence in the three individuals appointed has proved to be well placed. Our Joint Chief Executive team operate seamlessly, speaking with one clear voice, each taking the lead when appropriate or happily standing aside for each other. In these times of new challenges, this model is not only providing a happy and confident example to the rest of the staff team but also future proofing leadership of ENT. This is cultural leadership for the 21st Century: it is open, accessible, shared and collaborative.

Having had co-leadership at Chair level for three years and seeing its successful implementation at Chief Executive level, it is no surprise that the principle is also spreading throughout the staff team. The technical department, for example, has enjoyed an extended period with a “flat” structure where leadership and responsibility are more evenly spread. At a time when the pressures placed on senior management are a matter of great concern across the industry, we hope that ENT may provide useful examples to colleagues nationally. This development has already been of interest beyond our walls, indeed, in September 2024 The Stage ran an interview with our joint Chief Execs and noted that ‘it’s clear they genuinely operate as a tripartite team from the way they speak individually and interchangeably without someone being deferred to or de facto dominating’.

It is testament to the character of our three Chief Executives that it was not long before their impact was seen in the triumph of our 2023 pantomime, Dick Whittington. A significant landmark in our artistic calendar, once again, we embarked on a co-production with regular partners Le Navet Bete, with a script by our former Artistic Director, Daniel Buckroyd. The show was a huge success in every respect. All box office records (both audience numbers and financial return) were broken, and a ‘Pay It Forward’ campaign meant we provided more than 700 tickets for families and children for whom a theatre visit would otherwise be beyond their means. Audiences also contributed a record £10k in bucket collections after performances, and their feedback was just as generous and positive.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Our vision of Exeter Northcott being a hub for South West creatives is reflected in an engagement with both the professional community and the public at large. Our commitment to open calls for new freelance staff (roles which might previously have gone to those already in our orbit) has been well received by the region’s creative community, as have opportunities for South West artists to gather and discuss experiences. A paid opportunity for a writer in residence at the Barnfield Theatre created huge interest, whilst other opportunities for South West writers are being warmly and positively welcomed.

Perhaps most exciting is our commitment to a return to producing home-grown work. Plans for The Commotion Time by Sarah Dickenson (in association with Poundstock Gildhouse) is creating great excitement. A story rooted in the South West, by a playwright from the region, peopled entirely by creatives connected to Devon and Cornwall and with a chorus and choir drawn from the local community - nothing could demonstrate this commitment more strongly. This will be the start of our return to producing not only our own work but work of a particular flavour – the work of our region.

Our commitment to the community has also been reflected with initiatives for all age groups – Young Company classes and performances, work with and for even younger children, workshops ranging from stage-fighting to public speaking, Shakespeare masterclasses and many, many more opportunities for anyone and everyone to make use of the expertise and spaces we have available.

Our staff group has continued to flourish. Regular meetings have given the opportunity for genuine transparency about the way ENT is run and for everyone to play their part. Where colleagues feel able and willing, every effort is made to increase the level of involvement and influence that they can have in the organisation’s day-to-day operation. During the year the leadership team has also put an increased emphasis on the importance of equality, diversity and inclusion, driven by a series of EDI workshops which staff (and the Trustee group) have been encouraged to attend.

As Co-Chairs we are grateful for the support we receive from our colleagues on the Board. There is always inevitable flux in such groups and as we deliver this report, we are in a process of recruiting new Trustees. We would like to take the opportunity to thank those who are, or will be standing down this calendar year – Chris Hoar (who has given us many years of invaluable advice on all things legal), Swati Gola (a forceful voice for minority communities and the student body), Craig Bowden (a powerful advocate for inclusion) and Mandy Ivory-Castile (who, as well as bringing invaluable technical and production expertise, is always a powerful advocate for those whose voice is not always heard). Each has brought not only their professional and personal experience, but also a huge commitment to everything that ENT strives to achieve. We would also like to thank our student trustees who have come to the end of their terms, Joe Leyland, Lydia Fisher and Meg Hatfield. They have made such a valuable contribution to our deliberations and oversight and have ensured that the voice of youth has been heard loud and clear.

We know that the landscape is fraught with challenges, both within our sector and beyond. But with the commitment of our major partners (University of Exeter, Arts Council England and the City of Exeter), an enthusiastic, engaged and committed staff and Trustee group, and a strong and developing leadership team, we face the future with optimism and confidence. Thank you for being with us along the way. Please join us as we enter the next phase of Exeter Northcott’s story.

(3 94361503CC32475...DocuSigned by: (A DocuSigned180C1228C0664CE... by: Becky Chapman and David Balcombe Co-Chairs

Exeter Northcott Theatre

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Our purposes and activities

The charity’s purposes are:

The provision of facilities for rehearsing and staging performances for the public benefit; The education and training of the public in arts production and management; The education of the public in the appreciation and understanding of the performing and visual arts.

We articulate our purpose in the following terms:

Vision, values and strategic direction

OUR VISION:

Exeter transformed by culture People from a diverse range of communities & backgrounds Coming together to share different stories and performance traditions Coming together to imagine the change we want to make in our city Coming together to unleash our creative potential

OUR VALUES:

Everything we do is informed by: Creativity, Community, Inclusivity and Sustainability

STRATEGIC OUTCOMES:

Everything we do is focused on three outcomes:

A more diverse range of people getting creative
A more diverse range of people engaging with theatre
A more collaborative/inclusive regional cultural sector

STRATEGIC THEMES:

Attracting a bigger, more diverse audience [back] to theatre
Supporting the next generation of South West-based theatre makers
Increasing our impact and reach by working in a wider range of creative & community partnerships 4. Establishing a city centre creative & community hub for Exeter
Transforming how we work to embed quality, sustainability & inclusivity in everything we do
Building a robust financial, staffing & governance model

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

1. Attracting a bigger more diverse audience back to theatre

More than 118,000 people came to see Exeter Northcott events at the Northcott Theatre, Barnfield Theatre and the Great Hall this year. Our original Northcott pantomime, Dick Whittington, made with close collaborators, Le Navet Bete, yet again smashed box office records and sold more than 18,000 tickets to an audience who consistently gave the show five-star reviews.

In line with the national picture, we continued to see a growth in audiences for family, entertainment and comedy shows and a slower return for drama post-covid. The diversity of our programme meant that we were able to maintain audience levels across the board. Now, our focus is to grow attendance for drama

through a return to producing original theatre productions with community engagement as central to our audience development strategy.

We monitor audience experience closely through survey analysis benchmarked with other theatres via Indigo Ltd, social media, in person and google reviews. Our google reviews rating this year increased to 4.7 out of a possible 5 and our Net Promoter Score taken from 1244 surveys was an excellent 69.

The most common word used in feedback forms is ‘friendly’ and the strengths are very apparent: a broad range of shows; intimate and professional theatres; and most of all, a helpful and friendly team. Any negative feedback is responded to quickly and key notes taken to managers’ meetings with follow up actions so that issues can be considered and resolved.

‘I’ve had a tough time and was nervous of coming to the theatre by myself. The staff were so friendly… they put me at ease and nothing was too much trouble.’ Audience feedback form

‘I attended a performance at the Barnfield Theatre last night and would like to congratulate the staff on their superb service… the staff at the box office and the bar were extremely friendly and helpful, with the usual high standards I expect from the Northcott. Thank you so much.’

In addition to increasing our reach, we partnered with a wide range of individuals and networks to diversify our audience through bespoke initiatives. Recent examples include:

Led by disabled artists: An extensive reconfiguration of the backstage area of The Barnfield Theatre in order to create an immersive murder mystery backstage adventure celebrating neurodiverse, LGBTQ+ and disabled artists for Madame Thespia
Led by Mothers who Make and local parents: Additional family-friendly facilities added for our first babes-in-arms performance of Hags. This included the addition of buggy parks, additional baby change areas and a baby play zone outside the auditorium with a show relay.

‘‘I haven’t been able to go out to any events since having a baby. I didn’t know theatre could be like this. I felt welcomed and like I can integrate back to society again’.

Led by Exeter Pride and a team of Northcott Inclusion champions: A transformation of the Northcott bar to celebrate LGBTQ+ for Unfortunate, The Musical. This included live music and compering from a local drag queen as well as decorations and information points from Pride.

We also worked with a network of ‘critical friends’ with different needs and experiences who help us ensure our facilities are accessible and welcoming. These include:

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

A network of deaf theatre attenders who advise on which theatre shows to programme and how best to ensure an accessible welcome. With their guidance, we have ongoing training with our volunteers and front of house team in British Sign Language. They have also advised on wayfinding and signage throughout the building as well as our digital welcome pack.
Blind and visually impaired theatre attenders who advise on making our building more accessible with particular consideration for assistance dogs. We are currently working closely with them to update our Sennheiser equipment.
Student ambassadors and student trustees who have advised on design elements in the buildings and who have created chill-out spaces at the Northcott Theatre recognising the needs of neurodivergent audiences.

As the cost-of-living crisis changed audience booking behaviour and ability to attend, we worked hard to ensure our drive to maximise revenue was balanced with a more accessible price point and targeted offers. Thirty per cent of all sales were given at a concession rate for children and young people under 26, people over 60 and disabled people. 1291 tickets were free-of-charge to essential companions. At Christmas we gifted over 700 pantomime tickets to local communities via our Pay-It-Forward campaign welcoming children and their families who might not otherwise have been able to enjoy the theatre together.

‘Without these being available to us we really wouldn’t have been able to consider attending at all. Being able to go to these performances is such a special treat and a really lovely way to come together as a family and bring such joy, especially to my children.’ Live West resident, recipient of Pay of Forward tickets

‘The families who attended the Christmas panto had the best time and some of them were very grateful for the opportunity to take their children to the panto, because, without the free tickets, they would not have been able to do so! To be able to create some Christmas magic and opportunities for children to have fun and escape the day to day, was amazing so THANK YOU! Football fun Factory, Recipients of Pay it Forward tickets

2. Supporting the next generation of South West-based theatre makers

Performing arts within education Supporting Local Schools

This year we worked alongside Clyst Vale Community College to support a new Year 7 nurture group through facilitating theatre trips, running workshops, and building relationships with this highneeds group of young people.

In partnership with Speakers for Schools, we ran an in-person Hidden Careers event at the Barnfield Theatre, this was attended by 183 students from across 6 schools in the region. Our Heritage School’s resource continued to support local education reaching a further 120 young people to add to the existing 1276.

We delivered our second week-long work experience programme, increasing our number of participants from 5 to 10 young people. They all came through a formal application process in which we received applications from 80 young people, we interviewed 22 students and provided feedback to all 80 at each stage. We also offered a bespoke programme of work experience to a small number of young people with additional access needs.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

‘I really enjoyed my work experience and it would be amazing to have the opportunity to work with the Northcott Theatre again in the future.’

‘I truly appreciate the experience and the opportunity to work with your team. It was an incredible learning opportunity, and I am grateful for your support.’

Work experience students

Partnerships continued with the University of Exeter, including module support and Q&As, Widening Participation and the Devising Discovery programme for which we co-led the artists’ team delivering in schools as well as hosting the annual showcase event at the Northcott.

Young people outside education

In 2023/24, 940 young people attended a workshop, residency, or Northcott Young Company session and at the close of the year. our Northcott Young Company programme was fully subscribed with a waiting list for the age 9-12 group, and one of our 13-16 age groups.

‘NYC has supported me by giving me a sense of comfort in the fact that there is something else other than just school, so if I've had a bad week, I can know that Saturday will come around, and it will be NYC’

NYC participant

This year we explored various one-off projects involving young people, including work with Café Theatre Company on an intergenerational project exploring similarities and differences across different ages.

We co-created a new 90minute show with a group of 20 young people called PIZZA WARS: Revenge of the Dips. This provided an opportunity for them to work alongside professional theatre-makers to create a show with high production value, fully supported by the ENT team.

‘[Young Person] is mad keen an acting, from what started out as a way to gain confidence, has become so, so much more, he really feels that it’s something he really wants to do, and is so happy to have found his "thing", as he put it.’

PIZZA WARS participant’s parent

Audience donations together with the support of the Jack Riley Trust enabled us to offer 14 fully funded bursary places on our Bronze Arts Award week. The delivery of this event took place this year and saw us bring 14 young people through the process of obtaining their Bronze Arts Award, a qualification that some came into the week not sure they would be able to do.

‘good set of portfolios…I can see that your young people had lots of fun and an enriching experience…. Well done all.’

Arts Award Assessor

South West theatre makers

With a new Artist Development Producer in post from March 2024, this year began the re-launch of our Artist Development offer now called ‘Elevate’. Our first step into this was to open a ‘Writing Residency’ to any writers in the South West. We had 70 applications, and selected 2 to join us for a week of paid development time. Hattie Collins and Ali May were paid a combined £1600 (plus expenses) to spend a week developing a play, with support from our team where requested.

We have started hosting a group for older actors called ‘Jam On Top’ run by a local actor, supported by us. This group now meets monthly at the Barnfield Theatre.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

In March 2024, alongside local artist, Katie Villa, we ran our first FailSpace event. This is a space for artists and creatives to come together and share their ‘failures’ have a laugh, and network with other creatives in the South West. After the success of this, we ran a second event, and have more being planned for the future.

Since starting this strand of work, we have welcomed three companies/artists to use our space for Research and Development work, supported by our Artist Development Producer and wider Creative Engagement team. This includes Baby Panda, Holly Fitzpatrick, and PaddleBoat Theatre Company. We have also been involved in a number of local events, including co-hosting an artist development event at and with Theatre Royal Plymouth.

3. Increasing our impact and reach by working in a wider range of creative & community partnerships

Creative Connections, our group for adults with a variety of disabilities, is in its fourth year of running and takes place on a weekly basis during term time. The sessions generally take place at the Barnfield Theatre, or in the city centre when required. The 2023-24 sessions culminated in a private visit to the Royal Albert Memorial Museum, which was thoroughly enjoyed by all involved. The support of The Pelican Project and Phil Kingslan John from local company Four of Swords, working closely with the Northcott team, has provided the participants with a warm and engaging environment where they are encouraged.

“We have two of our residents attend the drama group. The interaction they get with all the other people is amazing. They both love acting, and can’t wait for the session: they talk about it often and say to staff who support them ‘you will like it! It’s fun!’” Creative Connections Enabler

Encompass

The Encompass group, representing some of Devon’s Caribbean, Hindu and Polish communities, continued this year with the Rhythms of Us event in March 2024, which provided an immersive experience that combined stories and cultures through music and dance. This day look event took place at the Barnfield Theatre and included workshops in Polish Folk Music and Classical Indian dance. The Encompass group is now working through a period of reflection and considering how it would like to proceed in the future.

Café Theatre

This year, Café Theatre have continued to growth from strength to strength, aided by support from the Northcott and their leader, experienced facilitator, Estelle Buckridge. The group have met weekly at the Barnfield Theatre and produced termly sharings – which were well attended by friends and family. The most recent sharing was a joyous event – with a mixture of skits, storytelling and even musical performances.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Community involvement with The Commotion Time

As the Northcott returns to producing their own work, The Commotion Time will have its world premiere in October featuring a community cast of 44 people. The opportunity to audition was advertised online and with local theatre groups and over 70 people responded. After initially meeting together in June, the cast rehearsed weekly over the summer and often commented on their excitement for the show and the previous community productions that they’ve enjoyed being involved in at the theatre.

Big Choir Weekender

At the end of July, choirs from across the region visited the Northcott for a weekend of workshops and performances. Accompanied by a live band, each choir performed a set on the Northcott stage and received lighting and sound support from the Northcott technical department. 91% of participants surveyed stated that they would book again for the weekend, and we received some wonderful individual pieces of feedback, such as the quote below. We are looking forward to developing this event further in the future!

‘It was uplifting to be involved with singing in community and I got a big confidence boost.’

‘It made me feel so much more bedded in the local community’

‘It absolutely filled my cup to the brim and reignited my love for the theatre, arts, culture, performance and creativity.’

4. Establishing a city centre creative & community hub for Exeter: The Barnfield Theatre

Work to build the artistic and financial resilience of the Barnfield Theatre gathered pace and focus this year. The mission and vision to create a hub for the community and for artists has been at the forefront of thinking and planning. Highlights on this journey include…

A multi-space building

We made a small investment in the Clifford Room to make this space more attractive for hire, and for use by artists in rehearsal, community groups and performances. Treating the Barnfield as a multi space building is key to plans going forward and extends to multiple uses of the bar area and Southernhay Room.

Expanding community engagement

As well as maintaining and developing our existing community groups (Café Theatre, Creative Connections and Encompass), we have put in place plans for a new Northcott choir, as well as a dance group for older people and a drama group for adults. We have also expanded our Youth Theatre provision to include children from the age of 5. These new classes take place at Saint Sidwell’s sports centre, in partnership with Exeter City council. We have taken on a new Community Engagement Producer to oversee further expansion and quality control of our community engagement programme, who will work closely with our Young People’s Producer and newly appointed Artist Development Producer. This triumvirate of experienced outreach professionals will be at the heart of developing and maintaining activity in and around the Barnfield.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Hiring the spaces

We have had significant success in increasing the number of companies and organisations hiring space at the Barnfield. This has the dual benefit of increasing income and allowing us to find and develop new partnerships in the education sector, the artistic sector, and beyond. Partnerships with local amateur dramatic societies continue to go from strength to strength and we are putting additional effort into supporting the development of these companies and the individuals who are crucial to their artistic and business success.

Increasing support for local artists

This year, our Artist Development Producer and Creative Director developed an ambitious programme of work to support artists in the city and wider region. The programme is called Elevate and launched in September 2024. The programme is a free membership scheme offering open access to a large menu of opportunities including use of our spaces, access to professional mentoring, job opportunities, workshops and masterclasses, involvement in an annual festival of new work, and much more. Our target is to reach 50 signups within the first year, although we are confident that this target will be reached and beaten by a considerable margin.

New revenue streams

We have begun to plan and deliver new income generating activity at the Barnfield including paid-for classes, social events in the bar area, and paid-for regular weekly programmes such as the Northcott choir.

We are also in active conversation with Exeter College to develop what we hope will become a formal cultural compact, generating much needed revenue in return for agreed activity and priority access to our spaces.

5. Transforming how we work to embed quality, sustainability & inclusivity in everything we do

Producing

Our annual pantomime had another successful year. Co-producing once again with local company Le Navet Bete, we presented Dick Whittington and broke all box office records, garnering not only excellent audience reviews, but also a nomination at the national pantomime awards for best show.

A major part of our new vision and mission is to produce more shows during each year. This is at the heart not only of our ambitions to make theatre but more importantly to ensure that our community work and our artist development commitments are meaningful, sustained, ambitious and rooted in practise. Plans looking ahead include a major professional community hybrid production in the autumn, a smaller Christmas show at the Barnfield for younger children to act as a complimentary offer to the pantomime, and at least one professional mainstage drama at the Northcott.

We also have plans in place for week-long festivals during the year, including the Elevate festival of new work, the Reclaim festival of work by and for women, and potentially others if capacity allows.

Programming

We have continued to programme varied and diverse work across all our spaces including the newly revamped Clifford Room. Comedy and music are particular strengths in terms of attendance, and we have also been able to present a range of high-quality dance work and shows for children and families across all spaces. The relationship with the University in presenting stand-up comedy and some music and talks in the Great Hall continues to go from strength to strength and is both a useful income stream and an opportunity to raise our profile with the names of acts we can attract.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Highlights during the year across both theatres include:

Dawn French, Richard Herring, Romesh Ranganathan, Tim Vine, Stewart Lee
Frankenstein, The Chosen Haram, A Family Business, The Mousetrap, Unfortunate The Musical
Richard Chappell Dance, Tom Dale, Ockham’s Razor
Dear Santa, The Farmer and the Clown, Sooty

Green options

After the end of this financial year, we significantly invested another significant amount (£125k) in lighting equipment to increase our resilience and improve our carbon footprint. While there is still a wish list in this area, this investment is another phase of renewals which will mitigate the risks around equipment failure, reduce our electricity usage, increase the accessibility of our lighting rig and reduce the time and resources spent on repairs.

We continued to monitor our carbon footprint via Julie’s Bicycle. Working closely with our suppliers, we are making numerous decisions on the products we sell throughout the venue. These include a move away from draught beer and to sell beer/lager predominantly in cans. We can recycle cans easily and we hope this will cut down on customers using our re-usable cups, as many of these are not returned.

We continue our commitment to sustainability in our front of house operation working with local suppliers where possible. We are also working hard to ensure that our Christmas merchandise focusses on multiuse, more sustainable items.

People

Inclusivity is deeply embedded in our culture and practices, underpinning all the decisions we make. We continue to evolve and strengthen our approach in several key ways:

We actively track the diversity of our staff, volunteers, and freelancers to maintain an accurate picture of the different individuals working with us. This has enabled us to make small but meaningful adjustments, ensuring everyone feels included. For example, we have introduced gender-neutral backstage toilets.

We collect monitoring data for all job applicants to understand who we are attracting and identify any groups we may not be reaching. This allows us to evaluate and refine our recruitment strategies accordingly.

Our recruitment process is thorough, robust, and designed to be as inclusive and transparent as possible. We work to eliminate barriers for applicants, ensure accessibility throughout the application process, provide questions in advance, and reimburse any expenses incurred.

Through our partnership with Ramps on The Moon, we are reviewing the data collected from new starters during induction to better understand access needs. This ensures we address any barriers from the outset and fosters open conversations about accessibility.

In late 2023, we became a Charter Partner of PiPA (Parents and Carers in Performing Arts). This membership provides us with opportunities to collaborate with other organisations and improve our approach to supporting employees and freelancers with caring responsibilities, helping to reduce the barriers that may have previously prevented them from taking on work.

Following changes in legislation this year, we reviewed and updated our Dignity and Respect Policy, including delivering training to all staff on recognising and addressing workplace bullying and harassment. Our team now has a clear understanding of what constitutes bullying and discrimination and knows the steps to take if they experience or witness it.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

The Management Team at the Northcott has developed competency frameworks for all staff and managers, outlining expected behaviours and competencies with a focus on both inclusivity and sustainability.

We remain committed to addressing long-term workforce development across the industry, particularly in removing barriers to entry. Our relationship with Speakers for Schools remains strong, with a live careers discovery day hosted in November 2023 for over 200 students from across the region. Our annual work experience programme continues to thrive, and this year, in partnership with Devon Virtual School, we ensured at least two places were reserved for students in the care system.

6. Building a robust financial, staffing & governance model

Staffing

The attrition rate among salaried staff over the past 12 months was higher than desired, standing at 25%. We conducted exit interviews with all leavers, and the majority of departures were due to personal circumstances beyond our control. In response, several departments underwent restructuring, with the aim of ensuring better coverage and providing clearer career paths and development opportunities. Despite these changes, it’s worth noting that we have hired nine new starters in the same period, leaving the organisation’s total headcount unchanged.

In September 2023, we launched our first staff survey, a valuable feedback tool that enables the executive team to assess the organisation’s cultural health. The results showed that staff are proud to work at the Northcott and appreciate their colleagues. However, areas of concern were raised, particularly around feeling overworked and the need for improved communication. These findings were shared with staff through a series of drop-in sessions and addressed at a company-wide Away Day. A second staff survey is currently underway, and we hope to see improvements in the identified areas, and provide further insight into opportunities for development, which will be discussed during another Away Day early next year.

We are committed to ensuring that all staff engage in at least one development activity every six months. Our annual Performance Development Review (PDR) process helps us identify and track training and development needs, which is crucial for staff retention. To support this, managers completed ‘Developing Your Teams’ training to better understand the range of development opportunities available and when to implement them.

Additionally, managers participated in ‘Having Difficult Conversation’ training, discussing how to confidently address and handle different issues in a sensitive and effective way.

Workplace wellbeing remains a key focus for attracting and retaining talent. All employees have access to the Spectrum Life 24/7 Employee Assistance Line, and we have mental health first aiders throughout the organisation. Four new Guardians have also completed training and joined the Guardian Scheme, a peerto-peer support system specific to our industry. We continue to review our wellbeing practices, incorporating feedback from staff surveys to ensure they remain as effective as possible.

In early 2024 we implemented our new online volunteer management system. This allows us to manage and communicate more effectively with our volunteers. We also conducted a Volunteer Survey earlier this year to understand levels of engagement and satisfaction with the volunteer scheme. The results were very positive, and we will continue to identify areas where we can improve through future surveys.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Governance:

Public benefit

The Trustees have complied with their duty, as set out in the Charities Act 2011, to refer to the public benefit guidance published by the Charity Commission.

The Board of Trustees

The Board of Trustees, which can have up to 16 members, administers the charity. The board meets at least four times a year and there is one sub-committee covering finance and resources which also meets four times a year. Most meetings of both groups continue to be held remotely to facilitate attendance and reduce our carbon footprint with the June Board meeting being the only one held in person. The November meeting of the Finance and Resources Committee also acts as the Annual General Meeting of the ENT Trading Company

Appointments

The Board was relatively stable during the 2023-24 financial year although a number of Trustees finished their terms at the June Board meeting. With these valued colleagues leaving and two more due to finish in December, there is a significant recruitment campaign underway to seek new Trustees with the skills the organisation will need to take it forward over the coming years. External consultancy support has been engaged to ensure the best reach for the campaign, which is underpinned by a detailed skills audit and an eye to ensuring diversity across the Trustee group. It is anticipated that new Trustees will be selected, inducted and in place by January 2025.

Induction and training

On their appointment, new Trustees are provided with information on their legal obligations under charity and company law, the Charity Commission guidance on public benefit and the content of the Memorandum and Articles of Association. The induction programme provides specific sessions on finance, the artistic programme, HR policies and health and safety, creative engagement, and marketing and development. Trustees are actively encouraged to engage in additional training alongside both staff and other members of the volunteer workforce that will facilitate the undertaking of their role and their engagement with the wider organisation.

Related parties

None of our Trustees receive remuneration for their work as a trustee. Trustees and senior managers of the charity are reminded that any connection with a production company, contracted actor, performer or exhibitor must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party.

One Trustee, who will start their tenure in September 2024, is a current member of the casual Front of House team but, as they were employed prior to becoming a Trustee, this is within the Charity Commission guidance and does not require permission.

The charity’s wholly owned subsidiary, ENT Trading Limited was established to operate the commercial bar, catering and front of house facilities at the theatre. ENT Trading Limited has a licence from the charity to operate those facilities and gift aids all its profits to the charity (see notes 10 and 11 to the accounts).

Risk management

The theatre maintains a risk register that identifies key business risks and associated mitigation strategies. This is structured to reflect the themes of the current Action Plan and is reviewed regularly by management and trustees.

The highest risks for the organisation are around our ability to secure sufficient appropriate touring work, recruiting and retaining skilled and experienced staff, meeting income targets from the presented

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

programme and meeting ambitious targets for the Trading Company. In general, audience demand for our diverse programme has been good, but we face workload challenges associated with programming the high proportion of short runs that this necessitates. The continued lack of touring work that aligns with our audience booking patterns and our values represents a risk both in terms of ticket revenues and ancillary earnings through the Trading Company. The changed economics of touring is also meaning that harder financial deals are being driven by the visiting companies and this is impacting the profit margins on these works.

Robust oversight of our performance against budget has been provided by the Finance & Resources Committee and the Board of Trustees during the financial year with a particular focus on cost control and forecasting.

We continue to work in a largely hybrid pattern and this has been beneficial for staff wellbeing. Other wellbeing actions are in place as a result of our first staff survey in September 2023 and we continue to work across the teams to ensure this remains a focus for us.

The Health and Safety Committee, chaired by the Finance & Operations Director, meets monthly and reports to both the Finance & Resources Committee and the Board.

Finance

Pay Policy

The pay structure that has been in place since February 2022 is working well and has allowed some roles to be regraded as a result of restructuring within teams. Increases in National Living Wage were implemented from 1 April and the Board has approved a 4% increase across the organisation effective from 1 August 2024.

Financial review & reserves

The financial performance of the Northcott continues to be impacted by the changes in the sector postpandemic which is most noticeable in the disrupted the supply chain and economics of touring productions. Changes in audience demand have also become increasingly apparent and programming has been adjusted to meet this. As an organisation that has been nearly 90% dependant on earned income the changes have negatively affected its main income streams. However, the organisation has been diligent in controlling costs where possible and the organisation remains solvent and financially stable at a time when this has not been the case for all arts organisations.

Our total income for the year was £3,272,806 an increase of £359,375 (or 12%) compared to £2,913,431 in 2022/23. This is really encouraging given the continued challenges around the presented programme. Our net position showed a deficit of £7,875 compared to a deficit of £53,653 achieved in 2022/23. This was significantly less than was anticipated when the original budget was set for the year and a good outcome given the challenges the sector faces. The loss represents less than 0.5% of turnover.

Income from productions totalled £2,086,704, compared to £1,621,631 last year, demonstrating that approach to programming, demand for tickets and ticket pricing remain a key consideration for the sustainability of the organisation.

Core funding from Exeter University amounted to £209k compared to £207k for the previous year, and Exeter City Council Local Authority Support remained stable at £57,000 despite budget challenges facing the Council. The continued support of Arts Council England with core funding of £127,300 has been crucial and has been confirmed for an additional year (to March 2027) through National Portfolio Organisation (NPO) funding. Other smaller grants have been secured from a variety of funders to support our programme of creative engagement events and programmes.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Our Reserves Policy is structured in a way that aims to mitigate specific financial risks to the organisation. It identifies designated funds to underpin our resilience in terms of the artistic programme, the fabric of our buildings and the renewal of our theatrical equipment. It also recognises that, although the net book value of our fixed assets appears within the calculation of our reserves, this value does not represent resource that is immediately available to the organisation in terms of realisable cash.

At the September 2023 Board meeting, Trustees requested that the target figure for Free Reserves be reviewed and adjusted to include 3 months of winding up costs. This work has now been done and the figure was set at £385,905 for 2023-24.

gure was set at £385,905 for 2023-24.
Reserves Policy
Designated Fund - Artistic Fund	£100,000
Designated Fund - Building Refurbishment	£100,000
Designated Fund - Equipment Renewal	£100,000
3 months of winding up costs	£385,905
NBV of fixed assets	£135,499
Undesignated free reserves	£126,259
Total unrestricted reserves	£947,663

The Trustees are pleased to report that the group has total reserves of £1,029,656 (2022-23 - £1,037,531) with the balance being £81,993 of restricted reserves (2022-23 – £58,869). While this is a healthy position in which to close the year, there will be significant calls on these reserves in 2024-25 as a one-year deficit budget has been agreed by the Board. This decision was taken by Trustees in recognition of strategic work being done to consolidate the place of the Barnfield as a creative hub within the City, and the move to an increase in in-house producing which gives us more control over the content and quality of the work on our stage and provides more creative opportunities to our staff and free-lance theatre makers. It is therefore vital that the focus remains on controlling costs, driving sales and seizing opportunities to diversify funding streams to protect the charity and continue the work of the Northcott.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2024

Trustees’ responsibilities in relation to the financial statements

The charity trustees (who are also the directors of the Exeter Northcott Theatre for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards.

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

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company’s auditor is unaware;
and
the trustees have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to establish that the auditor is aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved and signed on behalf of the trustees on 16 December 2024.

Signed

Becky Chapman and David Balcombe 94361503CC32475...

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2024

Opinion

We have audited the financial statements of Exeter Northcott Theatre Company (the 'Charity') and its subsidiaries (the ‘Group’) for the year ended 31 July 2024, which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, Balance Sheet, Statement of Cash Flows, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

give a true and fair view of the state of the affairs of the Group and the Charity as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Charities SORP; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2024

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.

Opinion on other matters prescribed by the Companies Act 2006

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

the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ 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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page 17, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Charity 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2024

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:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the group and the industry/ sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we held discussions with management.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily FRS 102 (effective 1 January 2019) - (Charities SORP), the Companies Act 2006 and the Charities Act 2011.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed with management how the compliance with these laws and regulations in monitored and discussed policies and procedures in place.

We also identified the individuals who have responsibility for ensuring that the group complies with laws and regulations and deals with reporting any issues if they arise.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the group’s ability to continue trading and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included the following:

Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;
A review of legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance.;
A review of Board minutes.

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud of which there were none.

We also evaluated the risk of fraud through management override including that arising from management’s incentives. The key risks we identified were the manipulation of the financial statements (including the risk of override of controls) and we determined that the principal risks were related to fraudulent financial reporting, in particular to fraud in revenue recognition and grant funding received.

In response to the identified risk, as part of our audit work we:

Used data analytics to test journal entries throughout the year, for appropriateness;
Reviewed grant funding agreements;
Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also 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.

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

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2024

Use of our report

This report is made solely to the Charity'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 Charity's Members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Members, as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Martin Hobbs BSc ACA (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor

Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF 17 April 2025 Date:.............................

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Statement of Financial Activities (Incorporating Income & Expenditure Account) - Group Year Ended 31 July 2024

	Unrestricted	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		2024	2024	2024	2023	2023	2023
	Notes	£	£	£	£	£	£
Income
Donations and legacies		71,770	33,381	105,151	91,548	19,524	111,072
Charitable activities	3	2,631,031	72,439	2,703,470	2,124,780	70,790	2,195,570
Other Income		-	-	-	172,157	-	172,157
Commercial trading operations		445,056	-	445,056	430,581	-	430,581
Investment income		19,129	-	19,129	4,051	-	4,051
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Total income		3,166,986	105,820	3,272,806	2,823,117	90,314	2,913,431
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Expenditure
Commercial trading operations		171,437	-	171,437	219,256	-	219,256
Charitable activities	4	3,026,548	82,696	3,109,244	2,614,983	132,845	2,747,828
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Total expenditure		3,197,985	82,696	3,280,681	2,834,239	132,845	2,967,084
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Net income/(expenditure)		(30,999)	23,124	(7,875)	(11,122)	(42,531)	(53,653)
Total funds at 1 August	2023	978,662	58,869	1,037,531	989,784	101,400	1,091,184
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Total funds at 31 July	2024	947,663	81,993	1,029,656	978,662	58,869	1,037,531
		══════	══════	══════	══════	══════	══════

All income and expenditure derive from continuing activities.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Statement of Financial Activities (Incorporating Income & Expenditure Account) - Charity Year Ended 31 July 2024

==> picture [475 x 299] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted Restricted|Total|Unrestricted Restricted|Total| |Funds|Funds|Funds|Funds|Funds|Funds| |2024|2024|2024|2023|2023|2023| |Notes|£|£|£|£|£|£| |Income| |Donations and legacies|92,380|33,381|125,761|72,242|19,524|91,766| |Charitable activities|3|2,631,031|72,439 2,703,470|2,124,780|70,790 2,195,570| |Other Income|-|-|-|172,157|-|172,157| |Investment income|19,129|-|19,129|4,051|-|4,051| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Total income|2,742,540|105,820 2,848,360|2,373,230|90,314 2,463,544| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Expenditure| |Charitable activities|4|2,779,012|82,696 2,861,708|2,394,475|132,845 2,527,320| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Total expenditure|2,779,012|82,696 2,861,708|2,394,475|132,845 2,527,320| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Net income/(expenditure)|(36,472)|23,124|(13,348)|(21,245)|(42,531)|(63,776)| |Total funds at 1 August 2023|950,989|58,869 1,009,858|972,234|101,400 1,073,634| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Total funds at 31 July 2024|914,517|81,993|996,510|950,989|58,869 1,009,858| |══════|══════ ══════|══════ ══════ ══════|

----- End of picture text -----

All income and expenditure derive from continuing activities.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Balance Sheet - Group

31 July 2024

31 July 2024
	Notes	2024	2023
		£	£
Fixed assets
Intangible fixed assets	7	-	1,212
Tangible fixed assets	8	135,499	175,770
		–––––––	–––––––
		135,499	176,982
Current assets
Stock	9	10,727	12,861
Debtors	12	461,412	431,977
Cash at bank and in hand	13	1,246,090	1,341,671
		–––––––	–––––––
		1,718,229	1,786,509
Creditors- amounts falling
due within one year	14	(824,072)	(925,960)
		–––––––	–––––––
Net current assets		894,157	860,549
		–––––––	–––––––
Net assets		1,029,656	1,037,531
		══════	══════
Funded by:
Unrestricted funds		947,663	978,662
Restricted funds	16	81,993	58,869
		–––––––	–––––––
Total group funds	17	1,029,656	1,037,531
		══════	══════

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006, relating to small companies.

16 April 2025 Approved by the Board of Trustees on ……………………… and signed on its behalf by

……………………………. E 94361503CC32475...DocuSigned by: ……………………………. (A DocuSigned180C1228C0664CE... by: Becky Chapman David Balcombe Company Registration Number: 08393145

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Balance Sheet - Charity

31 July 2024

31 July 2024
	Notes	2024	2023
		£	£
Fixed assets
Intangible fixed assets	7	-	1,212
Tangible fixed assets	8	124,162	162,717
Investment in subsidiary	10	1	1
		–––––––	–––––––
		124,163	163,930
Current assets
Debtors	12	623,585	518,842
Cash at bank and in hand	13	1,068,097	1,238,955
		–––––––	–––––––
		1,691,682	1,757,797
Creditors- Amounts falling
due within one year	14	(819,335)	(911,869)
		–––––––	–––––––
Net current assets		872,347	845,928
		–––––––	–––––––
Net assets		996,510	1,009,858
		══════	══════
Funded by:
Unrestricted funds		914,517	950,989
Restricted funds	16	81,993	58,869
		–––––––	–––––––
Total charity funds	17	996,510	1,009,858
		══════	══════

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006, relating to small companies.

16 April 2025

Approved by the Board of Trustees on …………………….. and signed on its behalf by

E ……………………………. 94361503CC32475...DocuSigned by: ……………………………. (A DocuSigned180C1228C0664CE... by: Becky Chapman David Balcombe

Company Registration Number: 08393145

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Statement of Cash Flows - Group

31 July 2024

31 July 2024
	2024	2023
	£	£
Reconciliation of net movement in funds to
net cash flow from operating activities:
Net movement in funds	(7,875)	(53,653)
Depreciation and amortisation	54,303	48,930
Interest income	(19,129)	(4,051)
Decrease/(increase) in stocks	2,134	(1,831)
(Increase)/decrease in debtors	(29,435)	107,410
(Decrease)/increase/ in creditors	(101,888)	366,003
	–––––––	–––––––
Net cash generated (used in)/from operating activities	(101,890)	462,808
	–––––––	–––––––
Cash flows from investing activities
Interest income	19,129	4,051
Acquisition of tangible fixed assets	(12,820)	(115,341)
	–––––––	–––––––
Cash used in investing activities	6,309	(111,290)
	–––––––	–––––––
(Decrease)/increase in cash and cash equivalents in the year	(95,581)	351,518
Cash and cash equivalents at the beginning of the year	1,341,671	990,153
	–––––––	–––––––
Cash and cash equivalents at the end of the year	1,246,090	1,341,671
	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

1 Accounting policies

a) Basis of accounting

The financial statements have been prepared under the historical cost convention with items being recognised at cost or transaction value unless otherwise stated in the notes to these accounts.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) – (Charities SORP (FRS 102)), and with the requirements of the Companies Act 2006).

The Statement of Financial Activities and Balance Sheet consolidate the financial statements of the Charity and its subsidiary on a line by line basis.

The charity constitutes a public benefit entity as defined by FRS102.

The functional and presentational currency is sterling.

b) Going concern

The charity continues to rely on the annual support of a number of grant making bodies, as set out in the Trustees' Report. Based on information received to date, the directors have no reason to believe that this support will not continue. These accounts have therefore been prepared on a going concern basis.

c) Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been obtained by the charity for particular purposes. The majority of restricted funds relate to enhancement of the theatre & performances shown.

d) Critical accounting judgements and key sources of estimation uncertainty

In application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The critical judgement that the trustees have made in the process of applying the company’s accounting policies is the composition of the key management personnel, as detailed in note 6 below.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

1 Accounting policies (continued)

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income including grants, donations, gifts and legacy income is recognised when there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Investment income and administration recharges are recognised on a receivable basis. Income from commercial trading activities is recognised when the goods and services are provided.

f) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and this is reported as part of the expenditure to which it relates:

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for it beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fee and costs linked with the strategic management of the charity.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. staff time.

g) Tangible and Intangible assets and depreciation

Tangible and intangible assets are included at cost and the capitalisation threshold is £150.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful economic life of that asset on a straight line basis as follows:-

IT, Fixtures and Fittings 3-10 years Website Costs 3 years

h) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight line basis over the period of the lease.

i) Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

j) Investments

The company’s investment in its subsidiary undertaking is included at cost.

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

1 Accounting policies ( continued )

k) Defined contribution pension obligation

The Charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Charity. The annual contributions payable are charged to the statement of financial activities.

l) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company holds the following financial instruments, all of which are considered to be basic:

Short term trade and other debtors and creditors

m) Accounting for distributions

The annual donation from the subsidiary company is recognised in the period in which the donation is received.

2 Charitable status

The charity is a company limited by guarantee and is registered with the Charity Commission for England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability under the guarantee is limited to £1 per member of the charity.

The charitable company is incorporated in England and Wales.

3 Income from charitable activities

Income from charitable activities
	Group	Charity	Group	Charity
	2024	2024	2023	2023
	£	£	£	£
Productions	2,086,704	2,086,704	1,621,631	1,621,631
Grants	408,734	408,734	405,015	405,015
Venue hire and wardrobe income	208,032	208,032	168,924	168,924
	–––––––	–––––––	–––––––	–––––––
	2,703,470	2,703,470	2,195,570	2,195,570
	══════	══════	══════	══════

Income from charitable activities represents £2,631,031 of unrestricted income (2023: £2,124,780) and £72,439 of restricted income (2023: £70,790).

Included within grant income from charitable activities are the following amounts received from government and other public authorities.

	Group	Charity	Group	Charity
	2024	2024	2023	2023
	£	£	£	£
Arts Council	127,300	127,300	127,300	127,300
Exeter City Council	57,000	57,000	57,000	57,000
	══════	══════	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

4 Analysis of charitable expenditure

Group

Group
		Venue Hire &
	Production	Wardrobe	Total
	£	£	£
Production costs	1,088,262	108,493	1,196,755
Wages	1,160,722	115,718	1,276,440
Consultancy	8,895	887	9,782
Property costs	275,508	27,467	302,975
Depreciation	49,380	4,923	54,303
Bank charges	19,262	1,920	21,182
Marketing	139,982	13,954	153,936
Travel	4,361	435	4,796
Office costs	48,431	4,828	53,259
Staff welfare	2,308	230	2,538
Governance	9,948	992	10,940
Audit fees	14,095	1,405	15,500
Conference and training	6,218	620	6,838
	––––——	––––——	––––——
Total	2,827,372	281,872	3,109,244
	══════	══════	══════

Expenditure on charitable activities was £3,109,244 (2023: £2,747,828) of which £3,026,548 was unrestricted (2023: £2,614,983) and £82,696 was restricted (2023: £132,845).

Charity

Charity
		Venue Hire &
	Production	Wardrobe	Total
	£	£	£
Production costs	1,088,262	108,493	1,196,755
Wages	937,199	93,433	1,030,632
Consultancy	8,895	887	9,782
Property costs	275,508	27,467	302,975
Depreciation	47,820	4,767	52,587
Bank charges	19,262	1,920	21,182
Marketing	139,632	14,292	153,924
Travel	4,361	435	4,796
Office costs	48,431	4,828	53,259
Staff welfare	2,308	230	2,538
Governance	9,948	992	10,940
Audit fees	14,095	1,405	15,500
Conference and training	6,218	620	6,838
	––––——	––––——	––––——
Total	2,601,939	259,769	2,861,708
	══════	══════	══════

Expenditure on charitable activities was £2,861,708 (2023: £2,527,320) of which £2,779,012 was unrestricted (2023: £2,394,475) and £82,696 was restricted (2023: £132,845).

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

5 Summary analysis of expenditure and related income for charitable activities

The following tables show the cost of the two main charitable activities and the sources of income that directly support those activities.

Group		Venue Hire &
	Production	Wardrobe	Total
	£	£	£
Costs	2,827,372	281,872	3,109,244
Venue and equipment hire income	-	(208,032)	(208,032)
Box office income	(2,086,704)	-	(2,086,704)
Direct grant support	(371,680)	(37,054)	(408,734)
	––––——	––––——	––––——
Net cost funded from other income	368,988	36,786	405,774
	══════	══════	══════

6 Analysis of staff costs, trustee remuneration and expenses, the cost of key management personnel and related party transactions - group

	2024	2023
	£	£
Wages and salaries	1,171,515	1,050,887
Social security costs	84,165	80,652
Pension costs	20,760	20,279
	–––––––	–––––––
	1,276,440	1,151,818
	══════	══════

The average number of employees (headcount) during the year was:

The average number of employees (headcount) during the year was:
	2024	2023
	Number	Number
Sales	37	31
Productions	20	18
Administration	7	6
Development and education	3	4
	–––––––	–––––––
	67	59
	══════	══════
The average number of full-time equivalent employees during the year was:
Sales	12	12
Productions	13	14
Administration	6	5
Development and education	2	2
	–––––––	–––––––
	33	33
	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

6 Analysis of staff costs, trustee remuneration and expenses, the cost of key management personnel and related party transactions – group (continued)

The key management personnel comprise the Artistic and Executive Director, the Finance and Operations Director and the Marketing and Development Director. The aggregate employee benefits payable to key management personnel for the year was £182,378 (2023: £149,588).

No remuneration or expenses were paid to trustees during the year (2023: £nil) in respect of their services as trustees.

There were no other transactions with related parties.

7 Intangible fixed assets – group and charity

Intangible fixed assets – group and charity
	Website	Website
	Costs	Costs
	2024	2023
	£	£
Cost
At 1 August 2023	14,550	14,550
	–––––––	–––––––
At 31 July 2024	14,550	14,550
	–––––––	–––––––
Amortisation
At 1 August 2023	(13,338)	(8,488)
Charge for the period	(1,212)	(4,850)
	–––––––	–––––––
At 31 July 2024	(14,550)	(13,338)
	–––––––	–––––––
Net Book Value
At 31 July 2024	-	1,212
	══════	══════
At 31 July 2023	1,212	6,062
	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

8 Tangible fixed assets

Group

Group
	IT, Fixtures	IT, Fixtures
	& Fittings	& Fittings
	2024	2023
	£	£
Cost
At 1 August 2023	385,463	278,004
Additions	12,820	115,341
Disposals	-	(7,882)
	–––––––	–––––––
At 31 July 2024	398,283	385,463
	–––––––	–––––––
Depreciation
At 1 August 2023	(209,693)	(173,495)
Charge for the period	(53,091)	(44,080)
Disposals	-	7,882
	–––––––	–––––––
At 31 July 2024	(262,784)	(209,693)
	–––––––	–––––––
Net Book Value
At 31 July 2024	135,499	175,770
	══════	══════
At 31 July 2023	175,770	104,509
	══════	══════
Charity
	IT, Fixtures	IT, Fixtures
	& Fittings	& Fittings
	2024	2023
	£	£
Cost
At 1 August 2023	360,024	252,565
Additions	12,820	115,341
Disposals	-	(7,882)
	–––––––	–––––––
At 31 July 2024	372,844	360,024
	–––––––	–––––––
Depreciation
At 1 August 2023	(197,307)	(161,796)
Charge for the period	(51,375)	(43,393)
Disposals	-	7,882
	––––––	–––––––
At 31 July 2024	(248,682)	(197,307)
	–––––––	–––––––
Net Book Value
At 31 July 2024	124,162	162,717
	══════	══════
At 31 July 2023	162,717	90,769
	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

9 Stock - group

		2024	2023
		£	£
	Goods for resale	10,727	12,861
		══════	══════
10	Investments – charity
		2024	2023
		£	£
	Shares in subsidiary	1	1
		══════	══════

11 Subsidiary undertakings

The charitable company has a wholly owned subsidiary, ENT Trading Limited, company number 08543930, a company which attends to the sale of food and beverages in the theatre. The registered office of this company is Exeter Northcott Theatre, Stocker Road, Exeter, EX4 4QB.

The results of ENT Trading Limited were as follows:

	Year ended	Year ended
	31 Jul 2024	31 Jul 2023
	£	£
Turnover	450,695	467,797
Cost of sales	(287,489)	(254,019)
Administrative expenses	(131,486)	(185,744)
	–––––––	–––––––
Operating Profit	31,720	28,034
Donations	(26,248)	(17,911)
	–––––––	–––––––
Profit for the year	5,472	10,123
	══════	══════
	At	At
	31 Jul 2024	31 Jul 2023
	£	£
Assets	203,108	129,198
Liabilities	(169,963)	(101,526)
	–––––––	–––––––
Shareholders’ funds	33,145	27,672
	══════	═════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

12	Debtors: due within one year
		Group	Charity	Group	Charity
		2024	2024	2023	2023
		£	£	£	£
	Trade debtors	127,840	127,840	71,436	71,356
	Amount due from group undertaking	-	161,721	-	84,463
	Prepayments	134,636	134,636	52,439	52,439
	Other taxes and social security	74,554	74,554	68,951	68,951
	VAT	-	-	-	-
	Other debtors	124,382	124,834	239,151	241,633
		–––––––	–––––––	–––––––	–––––––
		461,412	623,585	431,977	518,842
		══════	══════	══════	══════
13	Cash at bank and in hand
		Group	Charity	Group	Charity
		2024	2024	2023	2023
		£	£	£	£
	Cash at bank and in hand	1,246,090	1,068,097	1,341,671	1,238,955
		══════	══════	══════	══════
14	Creditors: due within one year
		Group	Charity	Group	Charity
		2024	2024	2023	2023
		£	£	£	£
	Trade creditors	217,644	215,484	117,292	114,300
	Deferred income (note 15)	24,984	24,984	4,035	4,035
	Accruals	91,489	91,489	49,368	49,368
	Other taxes and social security	19,758	19,758	17,861	17,861
	VAT	22,921	23,098	37,873	28,203
	Other creditors	447,276	444,522	699,531	698,102
		–––––––	–––––––	–––––––	–––––––
		824,072	819,335	925,960	911,869
		══════	══════	══════	══════
15	Deferred income
		Group	Charity	Group	Charity
		2024	2024	2023	2023
		£	£	£	£
	Balance as at 1 August 2023	4,035	4,035	3,365	3,365
	Amount released to income	(4,035)	(4,035)	(3,365)	(3,365)
	Amount deferred in year	24,984	24,984	4,035	4,035
		–––––––	–––––––	–––––––	–––––––
	Balance as at 31 July 2024	24,984	24,984	4,035	4,035
		══════	══════	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

16 Restricted funds

Year ended 31 July 2024

Year ended 31 July 2024	Year ended 31 July 2024
Balance at				Balance at
01/08/2023		Income	Expenditure	31/07/2024
	£	£	£	£
Restricted Fund
Exeter City Council	38,000	57,000	57,000	38,000
ECC - Bursaries for Young People/NYC	4,700	6,000	4,700	6,000
University of Exeter	5,000	-	5,000	-
Exeter Foundation	6	-	-	6
Claire Milne	134	-	-	134
Bruce Wake Charitable Trust	2,000	-	-	2,000
Locality Grant Award – Encompass Group	750	-	750	-
Point of sale restricted donations	8,279	11,981	15,246	5,014
L Studholme – Donation to Commotion Time	-	500	-	500
Equitable Charitable Grant	-	3,900	-	3,900
Frederick Mulder Foundation - Creative Connections	-	5,539	-	5,539
John Nettles - Artist Development	-	16,000	-	16,000
John Nettles - Gift Aid	-	4,000	-	4,000
Marilyn Lant	-	900	-	900
	–––––––	–––––––	–––––––	–––––––
Total restricted funds	58,869	105,820	82,696	81,993
	══════	══════	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

16 Restricted funds (continued)

The Theatre receives restricted funding from:

Exeter City Council Core Grant Exeter City Council University of Exeter Exeter Foundation Claire Milne Bruce Wake Charitable Trust Locality Grant Point of sale restricted donations L Studholme Equitable Charitable Grant Frederick Mulder Foundation John Nettles Patron Donation - Mrs Lant

Towards core costs
- Towards Kickstart placements - Towards flying equipment - Towards Digital Streaming equipment - Towards evacuation equipment - Towards stairlift - To support the Encompass Group
Towards support for Artists and Young people
- Donation towards the production of Commotion Time - Towards development of the Clifford Room
Towards Creative Connections
Towards Artist Development
Towards access measures

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

16 Restricted funds (continued)

Year ended 31 July 2023

Year ended 31 July 2023
	Balance at			Balance at
	01/08/2022	Income	Expenditure	31/07/2023
	£	£	£	£
Restricted Fund
Exeter City Council	43,333	57,000	62,333	38,000
ECC - Bursaries for Young People/NYC	-	6,000	1,300	4,700
Viscount Amory	1,667	-	1,667	-
Heritage Lottery Fund	24,862	-	24,862	-
University of Exeter	11,001	-	6,001	5,000
Patron Donation	932	-	932	-
Exeter Foundation	547	-	541	6
Claire Milne	134	-	-	134
Bruce Wake Charitable Trust	2,000	-	-	2,000
ESF Tech Futures grant	-	15	15	-
Awards for all	9,505	-	9,505	-
Devon County Council	-	275	275	-
Point of sale restricted donations	1,869	19,524	13,114	8,279
Donation- Finding my voice	-	-	-	-
Patron Donation	550	-	550	-
Veronica Awdry Charitable Trust	5,000	-	5,000	-
Barnfield Grant	-	5,500	5,500	-
Barnfield Grant – Warm Space Grant	-	500	500	-
Locality Grant Award – Encompass Group	-	1,500	750	750
	–––––––	–––––––	–––––––	–––––––
Total restricted funds	101,400	90,314	132,845	58,869
	══════	══════	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

16 Restricted funds (continued)

The Theatre receives restricted funding from:

Exeter City Council Core Grant - Towards core costs Exeter City Council - Towards Kickstart placements Towards outreach in low-income communities and Young Viscount Amory - Company HLF - Towards Heritage Lottery Archive project European Social Fund - Towards Tech Futures Towards flying equipment and refurbishment of auditorium University of Exeter - seating Exeter Foundation - Towards Digital Streaming equipment Claire Milne - Towards evacuation equipment Bruce Wake Charitable Trust - Towards stairlift Patron Donation - Donation for Antigone UoE - Towards refurbishment of auditorium seating Point of sale restricted donations - Towards support for Artists and Young people Veronica Awdry Charitable Trust - Towards new signage at the Barnfield Theatre Patron Donation- Mrs Lant - Towards access measures Awards for All - Towards Creative Connections

Towards Creative Connections Towards community engagement and Creative
- Connections Donation from each of three participating schools £2k St
- Luke's, £1k Whipton Barton

Devon County Council

Donation- Finding my Voice

The Barnfield Grant was the final closing balance following the winding up of the Barnfield Theatre Trust transferred to - ENT as per the Business Transfer Agreement for use specifically on the Barnfield.

Barnfield Grant

To support the provision under the 'Warmer Spaces' - initiative at the Barnfield

Barnfield Grant- Warm Space Locality Grant

To support the Encompass Group

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

17 Analysis of net assets between funds

Group

Fund balances at 31 July 2024 are represented by:

	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
Fixed assets	135,499	-	135,499
Current assets	1,636,236	81,993	1,718,229
Current liabilities	(824,072)	-	(824,072)
	––––——	––––——	––––——
Net assets	947,663	81,993	1,029,656
	══════	══════	══════
Fund balances at 31 July 2023 are represented by:
	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
Fixed assets	173,941	3,041	176,982
Current assets	1,730,681	55,828	1,786,509
Current liabilities	(925,960)	-	(925,960)
	––––——	––––——	––––——
Net assets	978,662	58,869	1,037,531
	══════	══════	══════
Charity
Fund balances at 31 July 2024 are represented by:
	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
Fixed assets	124,163	-	124,163
Current assets	1,609,689	81,993	1,691,682
Current liabilities	(819,335)	-	(819,335)
	––––——	––––——	––––——
Net assets	914,517	81,993	996,510
	══════	══════	══════
Fund balances at 31 July 2023 are represented by:
	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
Fixed assets	160,889	3,041	163,930
Current assets	1,701,969	55,828	1,757,797
Current liabilities	(911,869)	-	(911,869)
	––––——	––––——	––––——
Net assets	950,989	58,869	1,009,858
	══════	══════	══════

Docusign Envelope ID: 904137D6-702D-4CA2-B8D3-9A694A8C8E58

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2024

18 Operating Lease Commitments – Charity and Group

At 31 July 2023, the Charity and Group had total future minimum lease payments as follows:

	2024	2023
	£	£
In less than one year	27,858	27,858
Within two to five years	111,433	111,432
After more than five years	213,589	241,445
	––––——	––––——
	352,880	380,735
	════════	════════

During the year lease payments totalling £23,215 (2023: £35,234) were recognised as an expense.

19. Financial commitments

Group

The total amount of capital commitments not included in the balance sheet is £109,753 (2023: £ Nil).

Charity

The total amount of capital commitments not included in the balance sheet is £109,753 (2023: £ Nil).