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|Contents||Page|
|---|---|---|
|Trustees'<br>report|||
|Independent<br>auditors'|report||
|Consolidated<br>Statement of Financial Activities||12|
|Statement ofFinancial|Activities|13|
|Balance Sheets||14|
|Consolidated<br>Cash Flow Statement|||
|Notes to the financial|statements|16|





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|A Rawlinson||||
|---|---|---|---|
|M R Dubois||Appointed|12November 2022|
|Dr P Martin OBE<br>K O' Neill||Appointed<br>Appointed|16July 2022<br>16July 2022|
|R Miller||Appointed|16July 2022|
|ERiley||Appointed|16July 2022|
|D Carr<br>JMcCarthy||Appointed<br>Appointed|16July 2022<br>16July 2022|
|DTreacy||Appointed|16July 2022|
|KM Gillibrand||Appointed|16July 2022|
|D R L Gordon||||
|T Kent||||
|C Pinney||||
|PA Richards||Resigned|17September 2022|
|R Hall||Resigned|25October 2022|
|Hawsons<br>Chartered||Accountants||
|Statutory<br>Auditors||||
|Pegasus House||||
|463a Glossop Road||||
|Sheffield||||
|S102QD||||
|The Cooperative|Business Banking|||
|1 Balloon Street||||
|Manchester||||
|M604EP||||
|Will Whelton||||





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The Factory of Croatlvlty
Independent audltors, report to thè Trustoes of The Factory of Crnatlvlty (contlnuedl
Discussions wtih management arKI those responsible for *al eompliance procedures wthin the
charitable company to obtain an underslanding of the legal and regulatory framework applicable to the
charitable company and how the Charitab￿ company complies wtth thal framework. including
consideration of kno￿ or suspected inStar￿eS of non-compliance ¥￿h laws and regulations arKI fraud,.
Reviewing minute5 of Trustee meetings..
Idenbfying and assessing the design effectNenes$ of eontrols that m￿agement has in rAa¢e to prevent
and detect fraud and non-compliance with Traws and regulations..
Challenging assumpti￿￿ and judgements made by M￿gement in their signthcant &counting
estimates.
Identifying and lesling jwmal entn"es. ￿ pathular ￿ iwmal entries px)sted with unusual account
Combinat￿nS or F#)Sted by Sen1￿ managemenL
There are inherent limitations ¥) the a￿111 [￿edureS de￿ribed above and the more removed non-compliance
th laws and regulations is from the events aThJ transaclDns reflected in the ffinanual slatemenls. the less likely
we are lo become aware of it. Mso. the risk of r￿t detecting a material misstatement due lo traud is higher than
the risk of not delecling one resulliThJ from error, as fraLKJ may invclve deliberate corKealment by. for example,
forgery or intentional misrepresentstions, or through collusion.
A fitrther description of our responsibilities ts available on the Finanual Reporknng Council's website aL
www.frc.org.ukjaudilorslaudii-assurancelauditor-s4espongkn.1rt*s-for-th&audit-of-the-fildescription-of-Ih
auditOr's-re¥￿nSibll￿ies-1Or. This description forms part of our auditc<s report.
Use of our report
This report is made solely to ts charity's trustees. a5 a bc*ty. in accordance ￿ Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit Wofk has been undertaken so that we might stsle to the
charity's Iruslees those matters we are reqUI￿d lo stale to them in an auditor's report and for no other purpgse.
To the ful￿$1 extent pemitted by law, we do r￿1 accept or assume responsibility to anyone olher than the charity
and the challty'5 Iru51ees as a body, fcrf our audrt work. for this rewi, or for the opinions we have forn￿￿.
ukn)
Hawsons Chartered Amwnlanls
statutory Auditor
Pegasus House
463a Glossop Road
Sheffield
S10 2QD
HawBons Chartered Accountants 1$ elwible for appointment as audilc* of the tharity by vwtue of ts eligibility for
appointment as auditor ofa ¢(￿panY ￿der section 1212 oflhe c￿PanieS Act 2006.
11

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||||Unrestricted|Restricted|2023|2022|
|---|---|---|---|---|---|---|
||||Fund|Funds|Total|Total|
||||E|E|E|E|
|Income and Endowments|from:|Notes|||||
|Grant, donations<br>and legacies||2|132,842|96,895|229,737|529,186|
|Charitable<br>activities||3|642,856||642,856|452,826|
|Other trading<br>activities||4|277,495||277,496|288,978|
|Other income||5|135,436||135,436|201,447|
|Total incoming<br>resources|||1,188,629|96,895|1,285,524|1,472,437|
|Resources expended|||||||
|Raising funds|||231,886||231,686|212,595|
|Charitable<br>activities|||1,181,370|42,370|1,223,740|1,151,903|
|Total resources expended|||1,413,056|42,370|1,455,426|1,364,498|
|Net (expenditure)/income|||(224,427)|54,525|(169,902)|107,939|
|Transfers<br>between funds|||||||
|Net movement<br>in funds|||(224,427)|54,525|(169,902)|107,939|
|Funds brought forward|||183,706|7,794|191,500|83,561|
|Funds carried forward|||(40,721)|82,319|21,598|191,500|





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||||Unrestricted|Restricted|2023|2022|
|---|---|---|---|---|---|---|
||||Fund|Funds|Total|Total|
||||F||6|5|
|Income and Endowments|from:|Notes|||||
|Grant, donations<br>and legacies||2|132,842|96,895|229,737|543,186|
|Charitable<br>activities||3|642,856||642,856|452,826|
|Other trading<br>activities|||52,371||62,371|93,699|
|Other income||5|135,438||135,436|201,447|
|Total incoming<br>resources|||983,505|96,895|1,060,400|1,291,158|
|Resources expended|||||||
|Raising funds|||22,473||22,473|31,539|
|Charitable<br>activities|||1,181,370|42,370|1,223,740|1,151,903|
|Total resources expended|||1,203,843|42,370|1,246,213|1,183,442|
|Net (expenditure)iincome|||(240,338)|54,525|(185,813)|107,716|
|Transfem<br>between funds|||||||
|Net movement<br>In funds|||(240,338)|54,525|(186,813)|107,718|
|Funds brought<br>forward|||180,520|7,794|188,314|80,598|
|Funds carried forward|||(59,818)|82,319|2,501|188,314|





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|31March 2023|||||||
|---|---|---|---|---|---|---|
||||31 March||31 March||
|||Notes|2023||2022||
||||Group|Company|Group|Company|
||||E|E|E|E|
|Fixed assets|||||||
|Tangible assets<br>investments||10<br>11|55,067|52,255<br>1|55,570|52,056<br>1|
||||55,067|52,256|55,570|52,057|
|Current assets|||||||
|Stock||12|5,713||||
|Debtors<br>Cash at bank and in|hand|13|293,677<br>61,504|293,237<br>23,392|182,452<br>309,607|198,529<br>251 410|
||||360,894|316,629|492,059|449,939|
|Creditors —amounts<br>due within one<br>year|falling|14|(209,201)|(181,222)|(245,986)|(203,539)|
|Net current assets|||161,693|135,407|245,073|246,400|
|Total assets less current<br>liabilities|||206,760|187,663|301,643|298,457|
|Creditors —amounts<br>due after one year|falling|15|(185,162)|(185,162)|(110,143)|(110,143)|
|Net assets|||21,598|2,501|191,500|188,314|
|Charity funds|||||||
|Restricted funds<br>Unrestricted<br>funds||18<br>19|62,319<br>(40,721)|62,319<br>(59,618)|7,794<br>183,706|7,794<br>180,520|
|Total charity funds|||21,598|2,501|191,500|188,314|





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||||Notes|2023|2022|
|---|---|---|---|---|---|
|||||8|F|
|Cash flow from operating|activities||21|(305,938)|40,191|
|Cash flow from investing|activities|||||
|Payments<br>to acquire tangible||fixed assets||(15,180)|(5,710)|
|Interest paid||||(7,014)|(4,200)|
|Net cash flow fmm investing||activities||(23,194)|(9,910)|
|Cash flow from financing|activities|||||
|New loan in the year||||100,000|43,500|
|Repayment<br>ofborrowings||||(17,971)|(10,055)|
|Net cash flow from financing||activities||82,029|33,445|
|Net (decrease) IIncrease|in|cash and cash equivalents||(248,103)|63,726|
|Cash and cash equivalents||at 1 April||309,807|245,581|
|Cash and cash equivalents||at 31 March||81,504|309,607|
|Cash and cash equivalents||consist of:||||
|Cash at bank and in hand||||81,504|309,607|
|Cash and cash equivalents||at 31 March||81,504|309,607|





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|2.|Income from|gr|ants|, donation|s<br>and le|gacies||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Restricted|Total|Total|
|||||||fund|fund|funds|funds|
|||||||2023<br>6|2023f|2023<br>6|2022<br>6|
||Donations|||||11,466|20,395|31,861|41,107|
||Total donations|||||11,466|20,395|31,861|41,107|
||Manchester|City|Council||||30,000|30,000|62,463|
||Arts Council|England||||55,203||55,203|343,540|
||Grand Trust||||||||15,000|
||National<br>Lottery||Key|fund||35,273||35,273|49,866|
||Northern<br>Cultural||Regeneration||Fund||16,500|16,500||
||Foyle Foundation||||||15,000|15,000||
||Andrew<br>Lloyd||||||15,000|15,000||
||Granada<br>Foundation|||||2,000||2,000||
||LGBTFoundation|||||2,000||2,000||
||Noel Coward|Foundation||||2,400||2,400||
||MCR Active|||||4,500||4,500||
||Garfield Western|||||20,000||20,000||
||Government|furlough||scheme|||||17,210|
||Total grants|||||121,376|76,500|197,876|488,079|
||Total|||||132,842|96,895|229,737|529,186|
|3.|Income from charitable activities|||||||||
|||||||Unrestricted|Restricted|Total|Total|
|||||||fund|fund|funds|funds|
|||||||2023|2023|2023|2022|
||||||||F|6|F|
||Ticket sales|||||612,116||612,116|406,811|
||Memberships|||||9,410||9,410|8,978|
||Theatre school|||||21,330||21,330|37,037|
|||||||642,856||642,856|452,826|





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|4.|Income from|Income from|other trading activities|other trading activities|||||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|Total|
||||||fund|fund|funds|funds|
||||||2023|2023f|2023<br>6|2022f|
||Charitable trading:||||||||
||Sales of Product Income||||20,200||20,200|22,394|
||Fundraising|||||||9,767|
||Trading income||||225,124||225,124|195,279|
||Advertising||||300||300|285|
||Theatre Hire||||31,871||31,871|81,253|
||||||277,495||277,495|288,978|
|5.|Other Income||||||||
||||||Unrestricted|Restricted|Total|Total|
||||||fund|fund|funds|funds|
||||||2023f|2023f|2023<br>6|2022f|
||Management||charges|||||89,035|
||Theatre Tax|Relief|||127,882||127,882|132,412|
||Other income||||7,554||7,554||
||||||135,436||135,436|201,447|
|6.|Expenditure|on raising funds|||||||
||||||Unrestricted|Restricted|Total|Total funds|
||||||fund|fund|funds||
||||||2023f|2023<br>F|2023<br>8|2022<br>6|
||Charitable:||||||||
||Purchases||||2,024||2,024|7,539|
||Consultancy|fees||||||24,000|
||Fundraising|costs|||20,449||20,449||
||Non&harttablet||||||||
||Trading subsidiary|||expenditure|145,663||145,663|146,605|
||Trading subsidiary|||staff costs|63,550||63,550|34,451|
||||||231,888||231,686|212,595|





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|||||Unrestricted|Restricted|Total|Total funds|
|---|---|---|---|---|---|---|---|
|||||fund|fund|funds||
|||||2023|2023|2023|2022|
|||||6||6|5|
|Pmductlon<br>costs||||||||
|Hire ofequipment||||16,731||16,731|38,438|
|Boxoffice||||311,271|24,000|335,271|65,547|
|Pre-production|expenses|||306,502||306,502|398,997|
|Artist Travel||||8,494||8,494|4,258|
|Artists||||101,361||101,361|175,636|
|Set, costume and prep||||17,764||17,764|27,948|
|||||762,123|24,000|786,123|710,824|
|Establishment|costs|||||||
|Rent and rates||||39,576||39,576|36,422|
|Insurance||||6,241||6,24'I|10,882|
|Light and heat||||13,403||13,403|5,592|
|Telephone||||2,009||2,009|1,653|
|||||61,229||61,229|54,549|
|Supportcosts||||||||
|Computer<br>expenditure||||4,993||4,993|8,797|
|Repair and maintenance||||21,515||21I515|39,082|
|Entertainment||||4,649||4,649|5,871|
|Licenses and memberships||||5,214||5,214|5,126|
|Cleaning||||5,910||5,910|3,467|
|Health and safety||||2,966||2,966|3,812|
|Travel||||11,655||11,655|8,292|
|Depreciation||||15,981||15,981|15,446|
|Printing, postage and stationery||||6,020||6,020|6,072|
|Advertising||||9,685||9,685|44,572|
|Sundries||||2,916||2,916|716|
|Bank loan interest||||7,014||7,014|4,200|
|VAT expense||||30929||30,929||
|||||129,447||129,447|145,453|
|Payroll costs||||||||
|Staffcosts||||211,130|8,750|219,880|222,514|
|Training||||2,321||2*321||
|||||213,451|8,750|222,201|222,514|
|Governance costs||||||||
|Auditor's<br>remuneration||||14,626||14,626|10,970|
|Legal and professional|||fees|196|9,620|9,816|7,593|
|Bank charges||||298||298||
|||||15,120|9,620|24,740|18,563|
|Total expenditure<br>activities||on|charitable|1,181,370|42,370|1,223,740|1,151,903|





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|Net income|for the year|for the year|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||2023|2022|
||||||||||||E|E|
|This is stated||after charging:|||||||||||
|Depreciation||||||||||16,683||15,446|
|Fees payable||to the Charity's||auditors|in respect of:||||||||
|The audit ofthe Charity's|||annual accounts||||||||6,000|3,000|
|The audit ofthe subsidiary's||||annual accounts|||||||1,000||
|All taxation advisory services|||||||||||3,000||
|All non-audit|services not||included above||||||||7,126|7,970|
|Staffcosts and trustee|||remuneration||||||||||
||||||||2023|||||2022|
|||||||Group|||Charity|Group||Charily|
|||||||E|||E||F|E|
|Wages and salaries||||||257,091|||199,446|242,144||207,693|
|Social security||costs||||21,614|||16,768|11,595||11,595|
|Pension costs||||||4,725|||3,866||3,226|3,226|
|||||||283,430|||219,880|256,965||222,514|
||||||||2023|||||2022|
|||||||Group|||Charity|Group||Charity|
|Employees||||||19|||19||14|14|
|The number ofemployees|||whose employee|||benefits|(excluding||employers|pension costs) exceeded F60,000|||
|was:|||||||||||||
|||||||||||Group||Group|
||||||||||||2023|2022|
||||||||||||No.|No.|
|In the band E60,001 -E70,000|||||||||||||
|During the year, no trustees||||received|any remuneration|||or other|benefits|(2022: Nil).|No (2022: Nil) trustees||
|had expenses||reimbursed|during the year (2022: ENil).||||||||||



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|10.|Tangible fixed assets|||||
|---|---|---|---|---|---|
||Group|||||
|||Plant &|Fixtures<br>&|Computer||
|||machinery|fittings|equipment|Total|
|||6||6|6|
||Cost|||||
||At 1 April 2022|70,388|20,792|10,401|101,581|
||Additions|14,696||1,484|16,180|
||Disposals|||||
||At 31 March 2023|85,084|20,792|11,885|117,761|
||Depreciation|||||
||At 1 Apdil 2022|29,714|9,576|6,721|46,011|
||Charge forthe year|10,730|2,243|3,710|16,683|
||Eliminated<br>on disposal|||||
||At 31 March 2023|40,444|11,819|10,431|62,694|
||Net book value|||||
||At 31 March 2023|44,640|8,973|1,454|55,067|
||At 31 March 2022|40,674|11,216|3,680|55,570|
||Charity|||||
|||Plant &|Fixtures &|Computer||
|||machinery<br>6|fittings|equipment<br>6|Totalf|
||Cost|||||
||At 1 April 2022|68,136|18,233|9,592|95,961|
||Additions|14,696||1,484|16,180|
||Disposals|||||
||At 31 March 2023|82,832|18,233|11,076|112,141|
||Depreciation|||||
||At 1 April 2022|28,903|8,515|6,487|43,905|
||Charge for the year|10,442|1,944|3,595|15,981|
||Eliminated<br>on disposal|||||
||At 31 March 2023|39,345|10,459|10,082|59,886|
||Net book value|||||
||At 31 INarch 2023|43,487|7,774|994|52,255|
||At 31 March 2022|39,233|9,718|3,105|52,056|





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|Debtors|||||||
|---|---|---|---|---|---|---|
|||2023|||2022||
||Groupf||Charity|Group<br>6||Charityf|
|Trade debtors|20,688||20,148|13,097||10,597|
|Amounts<br>owed by group<br>undertakings||||||18,577|
|Prepayments|273,089||273,089|169,355||169,355|
||293,677||293,237|182,452||198,529|





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|||||2023|||2022||
|---|---|---|---|---|---|---|---|---|
|||||Group<br>6|Charity<br>6|Group<br>6||Charity|
|Other loans||||24,983|24,983|17,973||17,973|
|Trade creditors||||9,284|5,213|13,494||13,254|
|Amounts|owed by group||||||||
|undertakings|||||14,694||||
|Social security and other taxes||||46,147|68,242|6,207|||
|Other creditors<br>Deferred<br>income<br>Accruals||||89,273<br>39,514|36,275<br>32,915|2,695<br>192,867<br>12,750||2,695<br>160,967<br>8,650|
|||||209,201|181,222|245,986||203,539|
|Creditors: Amounts|||falling due in more than one year||||||
|||||2023|||2022||
|||||Group|Charity<br>6|Group<br>6||Charityf|
|Other loans||||185,162|185162|110143||110,143|
|Deferred|income||||||||
|||||2023|||2022||
|||||Group|Charity|Group||Charity|
|||||||F|||
|Balance|at 1 April|||192,867|160,967|124,844||100,147|
|Amounts|released|to|income|(192,867)|(160,967)|(124,844)||(100,147)|
|Amount|deferred|in the year||89,273|35,275|192,867||160,967|
|Balance|at 31 March|||89,273|35,275|192,867||160,967|



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|The ageing ofthe|loans isas foll|ows:|||||
|---|---|---|---|---|---|---|
||||2023||2022||
||||Gmup<br>6|Charity<br>8|Groupf|Charity<br>6|
|Due in one year|||24,983|24,$83|17,973|17,973|
|Due between two and five years|||83,086|83,086|71,891|71,891|
|Due in more than|five years|102,076||102,076|38,252|38,252|
|||210,145||210,145|128,116|128,116|
|Restricted funds|||||||
|Group and Charity - 2023||Balance at|Incoming|Resources|Transfer|Balance at|
|||31 March|resources|expensed||31March|
|||2022||||2023|
|||6||||6|
|First Curtain||7,794|20,395|(24,000)||4,189|
|Foyle Foundation|||15,000|(5,000)||10,000|
|Manchester<br>City|Council||30,000|(9,620)||20,380|
|Andrew<br>Lloyd Webber<br>Foundation|||15,000|(3,750)||11,250|
|Northern<br>Cultural<br>Regeneration<br>Fund|||16,500|||16,500|
|Total restricted|funds|7,794|96,895|(42,370)||62,31$|
|Group and Charity - 2022||Balance at|Incoming|Resources|Transfer|Balance at|
|||31 March|resources|expensed||31 March|
|||2021<br>F||||2022f|
|First Curtain||2,629|5,165|||7,794|
|Tum on Festival|||16,430|(16,430)|||
|The Wiz|||23,945|(23,945)|||
|Total restricted|funds|2,629|45,540|(40,375)||7,794|




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|19.|Unrestricted<br>funds|C»arity|Groupf|
|---|---|---|---|
||Balance at 31 March 2021|77,969|80,932|
||Net movement<br>in funds for the year|102,551|102,774|
||Transfer during the year|||
||Balance at 31 March 2022|180,520|183,706|
||Net movement<br>in funds for the year|(240,338)|(224,427)|
||Transfer during the year|||
||Balance at 31 March 2023|(59,818)|(40,721)|



|20.|Analysis ofnet assets between funds||||
|---|---|---|---|---|
||Group - 2023|Unrestricted<br>fundsf|Restricted<br>funds<br>F|Total funds|
||Tangible fixed assets|55,067||55,067|
||Current assets<br>Creditors due within one year<br>Creditors due in more than one year|298,575<br>(209,201)<br>(185,162)|62,319|360,894<br>(209,201)<br>(185,162)|
|||(40,721)|62,319|21,598|
||Group - 2022|Unrestricted<br>fundsf|Restricted<br>funds<br>6|Total funds|
||Tangible fixed assets|55,570||55,570|
||Current assets|484,265|7,794|492,059|
||Creditors due within one year|(245,986)||(245,986)|
||Creditors due in more than one year|(110,143)||(110,143)|
|||183,706|7,794|191,500|





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|Charity - 2023|Unrestricted<br>funds|Restricted<br>funds|Total funds|
|---|---|---|---|
|||5||
|Tangible fixed assets|52,255||52,256|
|Investments|1||1|
|Current assets|254,310|52,319|316,828|
|Creditors due within one year|(181,222)||(181,222)|
|Creditors due in more than one year|(185,162)||(185,162)|
||(59,818)|62,319|2,501|
|Charity - 2022|Unrestricted<br>fundsf|Restricted<br>funds|Total funds|
|Tangible fixed assets|52,055||52,056|
|Investments|1||1|
|Current assets|442,145|7,794|449,939|
|Creditors due within one year|(203,539)||(203,539)|
|Creditors due in more than one year|(110,143)||(110,143)|
||180,520|7,794|188,314|



## 

## 

|||||2023|2022|
|---|---|---|---|---|---|
|||||Gmup|Group|
|||||8|E|
|Net (outgoing)/incoming||resources||(189,802)|107,939|
|Interest paid||||7,014|4,200|
|Net (outgoing)/incoming||resources from|operations|(162,888)|112,139|
|Depreciation||||16,683|16,325|
|(Increase)<br>in stock||||(5,713)||
|(Increase)<br>in debtors<br>(Decrease)/Increase<br>in creditors||||(111,225)<br>~43796|(168,303)<br>50,030|
|Net cash (oufflow)/|inflow from operating||activities|(306,838)|40,191|





## 

## 

|22.|Analysis of|net debt|||||||
|---|---|---|---|---|---|---|---|---|
||||1 Api'll|||Non-cash||31 March|
||||2022||Cash flow|Movements||2023|
||||E||F|||8|
||Cash at the bank and in hand||309,607||(248,103)|||61,504|
||Debts falling <br>Debts falling|due within one year<br> due after one year|(17,973)<br>(110,143)||82,029|(89,039)<br>(75,019)||(24,983)<br>(185,182)|
||||181,491||(166,074)|(164,058)||(148,641)|
|23.|Financial commitments||||||||
|||||2023|||2022||
||As at 31 March the annual||Group<br>8||Company<br>f|Group||Company<br>5|
||commitments|under non-cancellable|||||||
||operating leases were as follows:-||||||||
||Due within<br>1|year|25,000||25,000|25,000||25,000|
||Due within<br>1|to 2 years|100,000||100,000|100,000||100,000|
||Due within 2|to 5years|80,417||80,417|85417||85417|
||||185,417||185,417|210,417||210,417|



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