**Charity registration number 1199206 (England and Wales) Company registration number 13652600**
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION**
|**Honorary Patron**|Dame Judi Dench||
|---|---|---|
|**Trustees**|Chris Pavlou (Chair)||
||Jackie Fisher||
||Laurence Clark||
||Joanna Hargreaves||
||Jude Bird||
||Maurice Bessman||
||Lynn Saunders||
||Kim Johnson||
||Kate Haldane|(Appointed 29 July 2024)|
|**Secretary**|Gillian Miller||
|**Senior management**|Gillian Miller|CEO|
||Kevin Fearon|Executive Producer|
||Jess Bolger|Creative Producer|
||Miriam Mussa|Head of Community|
|||Participation|
||Iain Christie|Head of Marketing and Sales|
||Sean Gannon|Head of Technical and|
|||Production|
||Kathryn Heffron|Head of Operations|
||Gary O'Connor|Executive Finance Officer|
|**Charity number (England and Wales)**|1199206||
|**Company number**|13652600||
|**Principal address**|Royal Court Theatre||
||1 Roe Street||
||Liverpool||
||L1 1HL||
|**Registered office**|Royal Court Theatre||
||1 Roe Street||
||Liverpool||
||L1 1HL||
|**Auditor**|DSG Audit||
||Castle Chambers||
||43 Castle Street||
||Liverpool||
||L2 9TL||
## **ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 6|
|Statement of trustees' responsibilities|7|
|Independent auditor's report|8 - 10|
|Consolidated statement of financial activities|11|
|Consolidated Balance sheet|12|
|Charitable Company Balance sheet|13|
|Consolidated statement of cash flows|14|
|Notes to the financial statements|15 - 31|
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
## **Objectives and activities**
The objects of Royal Court Liverpool Ltd as defined in its Articles of Association are to advance the arts for the public benefit by the promotion in particular, but not exclusively, of the art of drama. On 1 April 2022, Royal Court Liverpool Ltd entered into an agreement to become the operator of the Royal Court Theatre. From this date, Royal Court Liverpool Ltd operates under the trading name of Liverpool’s Royal Court.
The charitable company aims to promote, maintain, improve and advance education through the production of plays and the encouragement of the arts of drama, dance, singing and music and to formulate, prepare and establish schemes provided that all the objects are to produce accomplished, innovative and relevant plays that are artistically excellent and tour them nationally and to develop a love and understanding for the theatre as an art form through performance, training and other developmental methods.
Royal Court Liverpool Ltd will aim to advance the education of the public by making theatre that is accessible by all and celebrates, inspires and challenges; developing the desire and ability to express ideas and break down social and cultural barriers. Royal Court Liverpool Ltd will aim to increase access to the arts by focusing on attracting audiences who would not class themselves as theatre audience members.
**Belief:** That our brand of theatre production and participation programmes can be enjoyed by most people, and have a powerful impact on their lives, whether they have had previous theatre experiences or not.
**Vision:** We make a difference to people’s lives through entertainment, emotion and education. We put Liverpool lives on stage and present our work in a unique way to engage non-traditional theatre audiences. We enrich the lives of our audiences and participants culturally, socially and economically by connecting people to Liverpool.
**Mission:** To become a key organisation through which audiences can develop a love for theatre in all its forms through attendance, participation and skills development. To be known throughout the UK as a leading producer of quality theatre and inspiring engagement programmes for non-traditional theatre audiences. To truly embed Equality, Diversity and Inclusion into our organisation and programmes.
**Assessing Success:** We have developed a robust evaluation framework which addressed the needs of our stakeholders. The framework focusses on our overall mission as an organisation.
- 1 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Evaluation Logic Model**
Our Evaluation scoping Matrix and Methodology Matrix capture qualitative and qualitative data sets to ensure that we are meeting targets set out in our Business Plan 2023-2026 and are delivering against targets set by public funders.
The Board of Trustees continually assess success at each Board meeting.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _About the organisation_
Royal Court Liverpool is the friendliest theatre in the city. With pre-show dining and a range of drinks served before and after the show, a trip to The Court is a night of great entertainment.
An historic art deco building which has been refurbished and refreshed, The Royal Court is a mix of modern service standards in a traditional setting. The theatre produces eight long running plays every year, mostly comedies and musicals. The shows have a Liverpool theme with largely Liverpool cast and crew. Sets are built in the city at the theatre’s workshops in Everton. Rehearsals also take place in Everton and 95% of all money spent by the theatre goes back into the local economy.
## _Progress and Success_
In the year to 31 March 2024 Liverpool’s Royal Court delivered:
|_Main House Shows_|_Dates_|_Attendance_|
|---|---|---|
|Bingo Star by Iain Christie|10.3.23-8.4.23|11,971 (from 1.4.23 only)|
|A Thong for Europe by Jonathan Harvey|21.4.23-27.5.23|20,794|
|Vernons Girls by Karen Brown|9.7.23-8.7.23|10,353|
|A Greasy Spoon by Alice Bunker-Whitney|28.7.23-26.8.23|14,847|
|Boys From the Blackstuff by Alan Bleasdale|||
|and James Graham|15.9.23-28.11.23|36,276|
|The Scouse Dick Whittington|10.11.23-27.1.24|55,460|
- 2 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
|_Studio Shows_|||
|---|---|---|
|Cosmic by Joe McNally|22.3.23-6.4.23|1,528|
|The Incident Room|10.10.23-21.10.23|1,722|
|Stocking Fillers|7.12.23-30.12.23|2,141|
|_Community Engagement_|||
|Youth Theatre Sessions||385|
|Community Choir Sessions||44|
|Community Choir Performances||13|
|People’s Players Workshops||45|
|Volunteers||10|
|Schools visited in Liverpool City Region||24|
|Number of school performances||42|
|Liverpool City Region school audiences||8,020|
|School Q&A workshop participants||4,010|
|Number of Arts Awards||40|
|_Other_|||
|Staff wellbeing sessions||1,126|
|Staff training session||50|
## **Financial review**
The results for the year and the group's financial position at the end of the year are shown in the attached financial statements.
Total income for the year ended 31 March 2024 was £6,613,055 (2023: £4,778,063) which included unrestricted income of £6,158,830 (2023: £4,617,409) and restricted income of £454,225 (2023: £160,654).
Total expenditure for the financial year was £6,047,758 (2023: £4,717,786) which included unrestricted expenditure of £5,874,712 (2023: £4,557,132) and restricted expenditure of £173,046 (2023: £160,654).
The result is a net surplus for the year ended 31 March 2024 of £565,297 (2023: £60,277).
## _Reserves policy_
As the organisation is at the end its second year of trading, we are still in the process of building up our reserves and the organisation is working towards having 6 months of operating costs as their minimum reserves.
## _Investment policy_
The charity takes a low risk approach to investments with cash for working capital held in current bank accounts. Surplus cash can be placed on short term deposit.
## _Major risks_
We maintain a Strategic Risk Register and will undertake specific Risk Assessments for all programmes and projects. Strategic Risks are assessed on the basis of probability and impact and those of high importance are regularly monitored and ameliorated through appropriate mitigation actions. The risk register is presented at each Board meeting for discussion by the Board and is a standing item on the agenda.
Key items on the register include:
- Closure of the theatre as a result of further pandemics;
- Downturn in ticket sales as a result of the continuing financial climate;
- Staff shortages due to remuneration/lack of skills in the industry (technical);
- Major failure of the grade ll listed building;
- Changes to employment law which will increase wage bill; and
- Depleting public funds affecting revenue grants.
There is a full risk register with plans for mitigation in the Business Plan 2023-2026. The trustees continue to monitor the risk register at each quarterly Board meeting.
- 3 -
## **ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Plans for future periods**
The theatre looks forward to a busy year ahead. The Scouse Red Riding Hood will be our Christmas offer, and presales already look stronger than previous years. The full main house programme includes a remount of Girls Don’t Play Guitars by Ian Salmon. And Lost Soul ll by Dave Kirby.
Our Talent development and Community Engagement Programmes continue to develop with the addition of:
- Monthly free sessions for creatives;
- Talent development drop in sessions;
- Self-tape submission portal;
- Mentor Creatives programme involving 12 mentees and 12 mentors targeting creatives from the Global Majority;
- Free to access Stage Write Playwriting Development Programme targeting 18 new writers; and
- Stage Write studio events to showcase work to the public.
## **Structure, governance and management**
The charity is a company limited by guarantee governed by its Memorandum and Articles of Association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Chris Pavlou (Chair) Jackie Fisher Laurence Clark Joanna Hargreaves Jude Bird Maurice Bessman Lynn Saunders Kim Johnson Kate Haldane (Appointed 29 July 2024) Jane Eme-Power (Retired 1 December 2023)
## _Recruitment and appointment of trustees_
We have developed our trustee recruitment and induction process. This consists of:
- A detailed Trustee Recruitment Process
- A prospect Trustee pipeline
- A recruitment pack containing charity documents and organisational Business Plan
- Skills assessment and interview process
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
- 4 -
## **ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
The Board of trustees believes that good governance is fundamental to their success.
The trustees are committed to:
- Ensuring that the charity complies within the governing documents, charity law and other legislation, including reporting;
- Ensuring that the charity operates within its charitable objectives;
- Making sure that the charity only spends money and uses resources for activities that contribute to its objectives, and not on things that do not, no matter how worthwhile they are;
- Contributing to strategic guidance and goals;
- Contributing to the strategic guidance and goals of the charity, help to set policies, monitor and evaluate progress against strategic objectives;
- Safeguarding the values and reputation of the charity; and
- Ensuring the financial stability and sustainability.
## _Qualifying third party indemnity provisions_
All trustees are covered by the charity's professional indemnity insurance.
## _Induction and training of trustees_
Current trustees receive continual training support to ensure they have the necessary skills to oversee the governance of the organisation. Training includes charity governance and management.
## _Remuneration policy_
The Trustees have responsibility for setting the pay and remuneration of the charity’s key personnel and this is done on an annual basis, including a formal cost of living review. Salaries are benchmarked with other similar organisations across the sector.
- 5 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
_Relationship with wider network_
## _Organisational Structure_
The charity’s organisational structure together with the relationship between the charity and its subsidiary undertakings, Simply Tickets Limited and Liverpool Food Company (Theatre) Limited which were acquired with effect from 1 April 2023.
## _Relationship with related parties_
Royal Court Liverpool Trust Limited is related due to a common trustee sitting on both boards, a common Chief Executive and one key manager is a trustee of the Trust.
## **Auditor**
DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
## **Disclosure of information to auditor**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' report was approved by the Board of Trustees.
## **Jackie Fisher**
## **Trustee**
31 January 2025
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**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
The trustees, who are also the directors of Royal Court Liverpool Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
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 judgements and 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 charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 7 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROYAL COURT LIVERPOOL LIMITED**
## **Opinion**
We have audited the financial statements of Royal Court Liverpool Limited (the 'parent charity') and its subsidiaries (the 'Group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity balance sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2024 and of the group's 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
- 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 charity 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 or parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 8 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ROYAL COURT LIVERPOOL LIMITED**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
- the directors' report included within 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 the knowledge and understanding of the group and parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charity 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; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the parent charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- 9 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ROYAL COURT LIVERPOOL LIMITED**
Based on our discussions with the group and parent charity’s management and the Trustees, we identified that the following laws and regulations are significant to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the group and parent charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation.
These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the parent 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 parent 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 parent charity and the parent charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Andrew Moss (Senior Statutory Auditor)**
for and on behalf of DSG Audit Chartered Accountants Castle Chambers 43 Castle Street Liverpool L2 9TL 31 January 2025
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## **ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
20
343,971
Charitable activities
**4**
5,590,207
110,254
Other trading activities
**5**
567,066
-
Investments
**6**
1,537
-
**Total income**
6,158,830
454,225
**Expenditure on:**
Raising funds
**7**
825,813
-
Charitable activities
**8**
5,048,899
173,046
**Total expenditure**
5,874,712
173,046
**Net income**
284,118
281,179
Transfers between
funds
(90,458)
90,458
**Net movement in**
**funds**
**10**
193,660
371,637
**Reconciliation of funds:**
Fund balances at 1 April 2023
60,277
-
**Fund balances at 31 March**
**2024**
253,937
371,637|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
343,991
154,960
-
5,700,461
4,462,449
160,654
567,066
-
-
1,537
-
-
6,613,055
4,617,409
160,654
825,813
-
-
5,221,945
4,557,132
160,654
6,047,758
4,557,132
160,654
565,297
60,277
-
-
-
-
565,297
60,277
-
60,277
-
-
625,574
60,277
-|**Total**
**2023**
**£**
154,960
4,623,103
-
-|
|---|---|---|
|||4,778,063|
|||-
4,717,786|
|||4,717,786|
|||60,277
-|
|||60,277
-|
|||60,277|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 11 -
## **ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
||||**2024**|||**2023**||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**||**£**|
|**Fixed assets**||||||||
|Goodwill|**14**|||147,140|||-|
|Tangible assets|**15**|||31,022|||16,116|
|**Current assets**||||||||
|Stocks|**19**|40,028|||18,000|||
|Debtors|**21**|2,126,779|||1,534,995|||
|Cash at bank and in hand||389,094|||12,742|||
|||2,555,901|||1,565,737|||
|**Creditors: amounts falling due within**|**23**|||||||
|**one year**||(2,108,489)|||(1,521,576)|||
|**Net current assets**||||447,412|||44,161|
|**Total assets less current liabilities**||||625,574|||60,277|
|**The funds of the charity**||||||||
|Restricted income funds|**26**|||371,637|||-|
|Unrestricted funds|**28**|||253,937|||60,277|
|||||625,574|||60,277|
As permitted under Section 408 of the Companies Act 2006, the trustees have not presented a separate Statement of Financial Activities for the parent charity. The parent charity made a surplus of £783,510 for the year.
The financial statements were approved by the trustees on 31 January 2025
## **Jackie Fisher Trustee**
Company registration number 13652600 (England and Wales)
- 12 -
## **ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE CHARITY BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**16**
Investments
**17**
**Current assets**
Stocks
**20**
Debtors
**22**
Cash at bank and in hand
Creditors: amounts falling due within one
year
**24**
Net current assets
Total assets less current liabilities
Restricted income funds
**26**
Unrestricted funds
**29**|**2024**
**£**
**£**
31,022
2
31,024
25,178
2,499,473
8,546
2,533,197
1,720,434
812,763
843,787
371,637
472,150
843,787|**2023**
**£**
**£**
16,116
-
16,116
18,000
1,534,995
12,742
1,565,737
1,521,576
44,161
60,277
-
60,277
60,277|**2023**
**£**
**£**
16,116
-
16,116
18,000
1,534,995
12,742
1,565,737
1,521,576
44,161
60,277
-
60,277
60,277|
|---|---|---|---|
||||16,116
44,161|
||||60,277|
||||-
60,277|
||||60,277|
The financial statements were approved by the trustees on 31 January 2025
## **Jackie Fisher**
Trustee
Company registration number 13652600 (England and Wales)
- 13 -
## **ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**2024**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash generated from operations
**32**
561,828
**Investing activities**
Purchase of intangible assets
(163,489)
Purchase of tangible fixed assets
(23,524)
Investment income received
1,537
**Net cash used in investing activities**
(185,476)
**Net cash generated from financing activities**
-
**Net increase in cash and cash equivalents**
376,352
Cash and cash equivalents at beginning of year
12,742
**Cash and cash equivalents at end of year**
389,094|**2023**
**£**
-
(19,239)
-|**£**
31,981
(19,239)
-
12,742
-
12,742|
|---|---|---|
- 14 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
Royal Court Liverpool Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Royal Court Theatre, 1 Roe Street, Liverpool, L1 1HL.
## 1.1 **Reporting period**
The charitable company was incorporated on 30 September 2021. The comparative accounting period covers the eighteen months to 31 March 2023 although activities did not commence until 1 April 2022. The company was dormant until this date.
## **1.2 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## _Exemptions under FRS 102_
The parent charity has taken advantage of the following exemptions in its individual financial statements:
- From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company’s cash flows.
- From disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.
## _Basis of consolidation_
The consolidated financial statements incorporate Royal Court Liverpool Limited and its subsidiary companies (ie the entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All subsidiaries were acquired with effect from 1 April 2023. The consolidated comparatives are the parent charitable company's figures only and are not comparable.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
## **1.3 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
- 15 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.5 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income from government and other grants, whether ‘capital’ or ‘revenue’ grants, is recognised when the Charity has entitlement to the funds and has met any performance conditions attached to the grant. And where it is probable that the income will be received and the amount can be measured reliably.
Theatre Tax Relief claims are recognised in the SOFA when the charity is entitled to the income, the income is probable and it can be measured reliably.
## **1.6 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities, and include building running costs and administration costs.
Governance costs include expenditure on administration of the charity and compliance with constitutional and statutory requirements.
## **1.7 Intangible fixed assets - goodwill**
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite useful life, and shall be amortised on a systematic basis over ten years
## **1.8 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 25% straight line Fixtures and fittings 25% straight line Computers 25% straight line
- 16 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
**(Continued)**
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.9 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.10 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.11 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.12 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 17 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **(Continued)**
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.13 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.14 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There were considered to be no critical accounting estimates or judgements applied in the preparation of these financial statements.
## **3 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Donations and gifts
20
343,971
**Donations and gifts**
Ticket Levy
-
343,971
Donations
20
-
20
343,971|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
343,991
154,960
-
343,971
154,940
-
20
20
-
343,991
154,960
-|**Total**
**2023**
**£**
154,960|
|---|---|---|
|||154,940
20|
|||154,960|
- 18 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **4 Income from charitable activities**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**Charitable activities**
Sale of goods
2,994,135
-
Performance related
grants
404,510
110,254
Ancillary trading income
1,768,058
-
Other income
423,504
-
5,590,207
110,254
**Performance related grants analysis**
Arts Council: NPO Funding
Arts Council: All Stages All Ages Project
Terriers Project
Liverpool City Council - Core Funding
Youth Theatre Funding
Music Access All Areas
Curious Minds
Johnson Foundation
Pilkington charity
Space CIC
Other|**Total**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
2,994,135
2,504,145
-
2,504,145
514,764
259,538
160,654
420,192
1,768,058
1,691,641
-
1,691,641
423,504
7,125
-
7,125
5,700,461
4,462,449
160,654
4,623,103
**Charitable**
**activities**
**Charitable**
**activities**
**2024**
**2023**
**£**
**£**
333,864
213,864
4,950
44,550
50,000
81,000
20,976
28,842
7,618
10,722
-
10,382
-
14,000
10,000
-
10,000
-
23,736
-
53,620
16,832
514,764
420,192|**Total**
**2023**
**£**
2,504,145
420,192
1,691,641
7,125|
|---|---|---|
|||4,623,103|
|||420,192|
**5 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Sales of food and beverages|567,066|-|
- 19 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **6 Income from investments**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Interest receivable|1,537|-|
|**7**|**Expenditure on raising funds**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Other fundraising costs|598,043|-|
||Staff costs|227,770|-|
|||825,813|-|
|**8**|**Expenditure on charitable activities**|||
|||**Charitable**|**Charitable**|
|||**activities**|**activities**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Direct costs**|||
||Staff costs|1,895,200|1,523,008|
||Project costs|149,390|155,554|
||Show costs|839,628|704,312|
||Production costs|376,744|417,082|
||Food and beverage|527,802|631,153|
||Security|95,341|115,411|
||General expenses|122,460|75,304|
|||4,006,565|3,621,824|
||**Share of support and governance costs (see note 9)**|||
||Support|1,161,239|1,060,949|
||Governance|54,141|35,013|
|||5,221,945|4,717,786|
||**Analysis by fund**|||
||Unrestricted funds|5,048,899|4,557,132|
||Restricted funds|173,046|160,654|
|||5,221,945|4,717,786|
- 20 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **9 Support costs allocated to activities**
|Staff costs
Depreciation
Office expenses and marketing
Theatre building costs
Workshop building costs
Other staff costs
General expenses
Governance costs
**Analysed between:**
Charitable activities
**Governance costs comprise:**
Audit fees
Accountancy
Legal and professional
**10**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
- for tax advisory services
Depreciation of owned tangible fixed assets
Amortisation of intangible assets|**2024**
**£**
400,030
24,967
202,391
408,749
78,623
45,281
1,198
54,141
1,215,380
1,215,380
**2024**
**£**
18,250
3,075
32,816
54,141
**2024**
**£**
18,250
3,075
8,618
16,349|**2023**
**£**
503,675
3,123
155,525
292,360
59,236
46,570
460
35,013|
|---|---|---|
|||1,095,962|
|||1,095,962|
|||**2023**
**£**
10,000
-
25,013|
|||35,013|
|||**2023**
**£**
10,000
-
3,123
-|
## **11 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Two trustees were reimbursed travel expenses of £225 from the charity during the year (2023: £nil).
- 21 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **12 Employees**
The comparative figures are for the parent charity only.
The average monthly number of employees during the year was:
|Charitable activities
Other trading activities
Total
**Employment costs**
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,000 to £69,999
£70,000 to £79,999
**Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
Aggregate compensation|**2024**
**Number**
118
20
138
**2024**
**£**
2,308,165
173,156
41,679
2,523,000
**2024**
**Number**
1
1
**2024**
**£**
212,821|**2023**
**Number**
119
-|
|---|---|---|
|||119|
|||**2023**
**£**
1,852,295
142,527
31,861|
|||2,026,683|
|||**2023**
**Number**
2
-|
|||**2023**
**£**
190,466|
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 22 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **14 Intangible fixed assets**
|**Cost**
At 1 April 2023
Additions - separately acquired
At 31 March 2024
**Amortisation and impairment**
At 1 April 2023
Amortisation charged for the year
At 31 March 2024
**Carrying amount**
At 31 March 2024
At 31 March 2023|**Goodwill**
**£**
-
163,489|
|---|---|
||163,489|
||-
16,349|
||16,349|
||147,140|
||-|
## **15 Tangible fixed assets (Group)**
|**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**£**
**Cost**
At 1 April 2023
6,708
9,217
3,314
Additions
-
17,165
6,359
At 31 March 2024
6,708
26,382
9,673
**Depreciation and impairment**
At 1 April 2023
886
1,659
578
Depreciation charged in the year
1,677
4,963
1,978
At 31 March 2024
2,563
6,622
2,556
**Carrying amount**
At 31 March 2024
4,145
19,760
7,117
At 31 March 2023
5,822
7,558
2,736|**Total**
**£**
19,239
23,524|
|---|---|
||42,763|
||3,123
8,618|
||11,741|
||31,022|
||16,116|
- 23 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **16 Tangible fixed assets (Charity)**
|**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**£**
**Cost**
At 1 April 2023
6,708
9,217
3,314
Additions
-
17,165
6,359
At 31 March 2024
6,708
26,382
9,673
**Depreciation and impairment**
At 1 April 2023
886
1,659
578
Depreciation charged in the year
1,677
4,963
1,978
At 31 March 2024
2,563
6,622
2,556
**Carrying amount**
At 31 March 2024
4,145
19,760
7,117
At 31 March 2023
5,822
7,558
2,736|**Total**
**£**
19,239
23,524|
|---|---|
||42,763|
||3,123
8,618|
||11,741|
||31,022|
||16,116|
## **17 Fixed asset investments (Charity)**
||**Other**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 1 April 2023|-|
|Additions|2|
|At 31 March 2024|2|
|**Carrying amount**||
|At 31 March 2024|2|
|At 31 March 2023|-|
## **18 Subsidiaries**
Details of the charity's subsidiaries at 31 March 2024 are as follows:
|**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**% Held**|
|---|---|---|---|---|
||**office**||**shares held**|**Direct Indirect**|
|Simply Tickets Ltd|England|Ticket agent|Ordinary|100.00|
|Liverpool Food Company|England|Sales of food and beverages|Ordinary|100.00|
|(Theatre) Ltd|||||
- 24 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**19**
**Stocks (Group)**
Finished goods and goods for resale
**20**
**Stocks (Charity)**
Finished goods and goods for resale
**21**
**Debtors (Group)**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**22**
**Debtors (Charity)**
**Amounts falling due within one year:**
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
**23**
**Creditors: amounts falling due within one year (Group)**
Other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals|**2024**
**£**
40,028
**2024**
**£**
25,178
**2024**
**£**
6,731
2,097,268
22,780
2,126,779
**2024**
**£**
4,440
1,461,884
1,010,369
22,780
2,499,473
**2024**
**£**
86,616
1,258,381
189,758
529,827
43,907
2,108,489|**2023**
**£**
18,000|
|---|---|---|
|||**2023**
**£**
18,000|
|||**2023**
**£**
851
1,515,660
18,484|
|||1,534,995|
|||**2023**
**£**
851
-
1,515,660
18,484|
|||1,534,995|
|||**2023**
**£**
68,336
1,245,282
120,972
49,860
37,126|
|||1,521,576|
- 25 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **24 Creditors: amounts falling due within one year (Charity)**
|Other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals
**25**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2024**
**£**
52,743
1,258,381
85,282
280,121
43,907
1,720,434
**2024**
**£**
41,679|**2023**
**£**
68,336
1,245,282
120,972
49,860
37,126|
|---|---|---|
|||1,521,576|
|||**2023**
**£**
31,861|
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
## **26 Restricted funds (Group)**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|Terriers Project
Youth Theatre Funding
Later Life
Summer Schools
Ticket Levy Fund
Others|**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
-
50,000
(50,000)
-
17,618
(17,618)
-
12,000
(12,000)
-
7,500
(3,500)
-
343,971
(66,792)
-
23,136
(23,136)
-
454,225
(173,046)|**Transfers**
**At 31 March**
**2024**
**£**
**£**
-
-
-
-
-
-
-
4,000
90,458
367,637
-
-
90,458
371,637|**Transfers**
**At 31 March**
**2024**
**£**
**£**
-
-
-
-
-
-
-
4,000
90,458
367,637
-
-
90,458
371,637|
|---|---|---|---|
||||371,637|
- 26 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**26**|**Restricted funds (Group)**|||||**(Continued)**|
|---|---|---|---|---|---|---|
||**Previous Period:**|**At 1 April**|**Incoming**|**Resources**|**Transfers**|**At 31 March**|
|||**2022**|**resources**|**expended**||**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||Terriers Project|-|81,000|(81,000)|-|-|
||Arts Council - All Stages All||||||
||Ages Project|-|44,550|(44,550)|-|-|
||Youth Theatre Funding|-|10,722|(10,722)|-|-|
||Music Access All Areas|-|10,382|(10,382)|-|-|
||Curious Minds|-|14,000|(14,000)|-|-|
|||-|160,654|(160,654)|-|-|
Terriers Project: Terriors and Terriors 2:Eve's Story. Funding of plays for schools about the dangers of gun and gang crime.
Youth Theatre Funding: Funding for The Royal Court Youth Theatre which delivers a range of opportunities free of charge for young people aged 6 – 25 from every part of the City.
The Granada Foundation and the Pilkington charity provided funding for the Later lLfe project.
The John Rayner Charitable Trust and D'oyly Carte Charitable Trust provided funding for summer school activities.
Ticket Levy Fund: each ticket price includes a £2 donation to help maintain and refurbish the building.
## **27 Restricted funds (Charity)**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1 April**|**Incoming**|**Resources**|**Transfers**|**Gains and**|**At 31 March**|
|---|---|---|---|---|---|---|
||**2023**|**resources**|**expended**||**losses**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Terriers Project|-|50,000|(50,000)|-|-|-|
|Youth Theatre|||||||
|Funding|-|17,618|(17,618)|-|-|-|
|Later Life|-|12,000|(12,000)|-|-|-|
|Summer|||||||
|Schools|-|7,500|(3,500)|-|-|4,000|
|Ticket Levy fund|-|343,971|(66,792)|90,458|-|367,637|
|Other|-|23,136|(23,136)|-|-|-|
||-|454,225|(173,046)|90,458|-|371,637|
- 27 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**27**
**Restricted funds (Charity)**
**Previous**
**Period:**
**At 1 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
Terriers Project
-
81,000
(81,000)
Arts Council -
All Stages All
Ages Project
-
44,550
(44,550)
Youth Theatre
Funding
-
10,722
(10,722)
Music Access
All Areas
-
10,382
(10,382)
Curious Minds
-
14,000
(14,000)
-
160,654
(160,654)|**(Continued)**
**Transfers**
**Gains and**
**losses**
**At 31 March**
**2023**
**£**
**£**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|
Terriers Project: Terriors and Terriors 2:Eve's Story. Funding of plays for schools about the dangers of gun and gang crime.
Youth Theatre Funding: Funding for The Royal Court Youth Theatre which delivers a range of opportunities free of charge for young people aged 6 – 25 from every part of the City.
The Granada Foundation and the Pilkington charity provided funding for the Later lLfe project.
The John Rayner Charitable Trust and D'oyly Carte Charitable Trust provided funding for summer school activities.
Ticket Levy Fund: each ticket price includes a £2 donation to help maintain and refurbish the building.
## **28 Unrestricted funds (Group)**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|General funds
**Previous Period:**
General funds|**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
60,277
6,158,830
(5,874,712)
**At 1 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
-
4,617,409
(4,557,132)|**Transfers**
**At 31 March**
**2024**
**£**
**£**
(90,458)
253,937
**Transfers**
**At 31 March**
**2023**
**£**
**£**
-
60,277|
|---|---|---|
- 28 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **29 Unrestricted funds (Charity)**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|General funds
**Previous**
**Period:**
General funds|**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
60,277
5,591,764
(5,089,433)
**At 1 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
-
4,617,409
(4,557,132)|**Transfers**
**Gains and**
**losses**
**At 31 March**
**2024**
**£**
**£**
**£**
(90,458)
-
472,150
**Transfers**
**Gains and**
**losses**
**At 31 March**
**2023**
**£**
**£**
**£**
-
-
60,277|
|---|---|---|
## **30 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 March 2024:**
Intangible fixed assets
147,140
-
Tangible assets
31,022
-
Current assets/(liabilities)
75,775
371,637
253,937
371,637
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
**At 31 March 2023:**
Tangible assets
16,116
-
Current assets/(liabilities)
44,161
-
60,277
-|**Total**
**2024**
**£**
147,140
31,022
447,412|
|---|---|
||625,574|
||**Total**
**2023**
**£**
16,116
44,161|
||60,277|
- 29 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **31 Related party transactions**
During the year the charity entered into the following transactions with related parties:
## _**Liverpool Food Company (Theatre) Limited**_
Liverpool Food Company (Theatre) Limited is a 100% subsidiary of the Royal Court Liverpool Limited. As part of a group restructure , with effect from 1 April 2023 the Royal Court Liverpool Limited took over ownership of Liverpool Food Company (Theatre) Limited from Kevin Fearon, executive producer and husband of Gillian Miller, Chief Executive Officer of Royal Court Liverpool Limited.
During the year, Liverpool Food Company (Theatre) Limited collected income of £1,768,058 (2023: £1,691,641) (net of VAT) on behalf of Royal Court Liverpool Limited.
During the year, Royal Court Liverpool Limited recharged staff costs to Liverpool Food Company (Theatre) Limited in the sum of £227,770 (2023: £183,085) (net of VAT).
At the year end Liverpool Food Company (Theatre) Limited owed £388,790 (2023: £22,375) to Royal Court Liverpool Limited.
## _**Liverpool Food Company Limited**_
Gillian Miller, Chief Executive Officer, is the 100% shareholder in Liverpool Food Company Limited and Kevin Fearon, Executive Producer is the sole director of Liverpool Food Company Limited.
At the year end Liverpool Food Company Limited owed £64,544 (2023: £nil) to Simply Tickets Limited.
## _**Simply Tickets Limited**_
Simply Tickets Limited is a 100% subsidiary of the Royal Court Liverpool Limited and the 2024 figures refer to the period as subsidiary. As part of a group restructure , with effect from 1 April 2023, the Royal Court Liverpool Limited took over ownership of Simply Tickets Limited from Kevin Fearon, executive producer and husband of Gillian Miller, Chief Executive Officer of Royal Court Liverpool Limited.
During the year Simply Tickets Limited collected box office income including booking fees and ticket levy of £3,205,099 (2023: £2,714,085) on behalf of Royal Court Liverpool Limited.
At the year end Royal Court Liverpool Limited was owed £1,073,094 (2023: £1,123,949) by Simply Tickets Limited.
## _**Royal Court Limited**_
During the year Mr K J Fearon, Executive Producer was sole director of Royal Court Limited. He is also the husband of Gillian Miller, Chief Executive Officer.
At the year end Royal Court Limited owed £28,354 (2023: £13,360) to Royal Court Liverpool Limited.
- 30 -
**ROYAL COURT LIVERPOOL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
_**FOR THE YEAR ENDED 31 MARCH 2024**_
## **31 Related party transactions**
## **(Continued)**
## _**Royal Court Liverpool Trust Limited**_
Royal Court Liverpool Limited is related due to Jackie Fisher sitting on both boards of trustees, a common Chief Executive in Gillian Miller and Kevin Dunn from key management is a trustee of Royal Court Liverpool Trust Limited.
The charity makes a donation in kind for administrative services to the Royal Court Liverpool Trust Limited, the value of which could not be quantified and therefore has not been included in these financial statements.
During the year Royal Court Liverpool Limited paid rent of £45,000 (2023: £45,000) (net of VAT) to Royal Court Liverpool Trust Limited.
During the year Liverpool Food Company (Theatre) Limited paid rent of £62,000 (2023: £62,000) (net of VAT) to Royal Court Liverpool Trust Limited.
At the year end Royal Court Liverpool Trust Limited was owed £250,567 by Royal Court Liverpool Limited (2023: owed £15,746 to Royal Court Liverpool Limited).
## _**Other related parties**_
Trustee Chris Pavlou is a Partner of Excello Law an organisation which was paid £4,702 during the year in relation to legal advice provided (2023: £nil).
Trustee Laurence Clark is a director of Difference Matters an organisation which was paid £450 during the year in relation to meeting expenses (2023: £nil).
|**32**
**Cash generated from operations (Group)**
Surplus for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
**Movements in working capital:**
(Increase) in stocks
(Increase) in debtors
Increase in creditors
Increase in deferred income
**Cash generated from operations**|**2024**
**2023**
**£**
**£**
565,297
60,277
(1,537)
-
16,349
-
8,618
3,123
(22,028)
(18,000)
(591,784)
(1,534,995)
573,814
276,294
13,099
1,245,282
561,828
31,981|
|---|---|
- **33 Analysis of changes in net funds**
The charity had no material debt during the year.
- 31 -