Registered Number: 00593331 Charlty Number: 219163 Belgrade Theatre Trust (Coventry) Limited Financial Statements For the Year Ended 31 March 2024 Belgrade Theatre Trust {Coventry) Limited la company limited by guaranteel Report of the Board of TrusteeslDirertors for the year ended 31 March 2024 Contents Page Company information Chair's Statement Tru5tees'/Directors' Report Independent Auditor's Report 16 Consolidated Statement of Financial Activities 20 Balance Sheet 21 Consolidated Cash flow Statement 22 Notes to the accounts 23 Registered Number= 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustee5/Directors for the year ended 31 March 2024 Company Information Trustee5 Jonothan Neelands Alan Pollock Cllr Roger Bailey Annette Hay Sheila Bates Tyrone Huggins Anthony Skipper Rebecca Warwick Jon Wilby Colin Bell Chair appointed 12 September 2023 Chair resigned las Chair & trustee) 12 September 2023 resigned 12 September 2023 Laura Elliot Corey Campbell Thanh Sinden Harry Banga Jacqui Clements Corin Crane Kerry Radden Karamjit Singh Anjula Thiru Anna Williams resigned 12 September 2023 resigned 12 September 2023 appointed 12 September 2023 appointed 12 September 2023 appointed 12 September 2023 appointed 12 September 2023 appointed 12 September 2023 appointed 12 September 2023 appointed 12 September 2023 Funding Body Representatives are entitled to attend Board meetings= Arts Council England, West Midlands Coventry City Council Company Registered Number Charity Registered Number Registered Office Alison Gagen IRelationship Manager) Marcus Lynch Icultural Development Manager) 00593331 219163 Belgrade Theatre Belgrade Square Corporation Street Birmingham CVI IGS Laura Elliot Chief Executive Officer Interim Chief Executive Officer Neil Murray Corey Campbell Creative Director Auditor Dain5 Audit Ltd 15 Colmore Row, Paradise Circus 8irmingham B3 3AX Bank National Westminster Bank 24 Broadgate Coventry CVI INE Registered Number.. 00593331 Charity Number- 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustees/Dire¢tors for the year ended 31 March 2024 Chair5 ststement 2023124 was a year of both change and progression for the Belgrade Theatre. The theatre began to fully implement its strategyi as a company built on the foundations of a co-creation model, as outlined in its successftjl 2023 Arts Council NPO application The artistic vision of Creative Director Corey Campbell 15 very much about harnessing a co-creation approach acr055 all areas of our participation, education, and talent development work and this is becoming increasingly manifest in the theatre's programme. This visionary work, that was at the heart of our NPO application, was a major contributing factor to us securing ACE investment and an uplift in funding and we are seeing the results of this work in our own work and our changing audience. There were radical changes to the Board of Trustees at the Belgrade. I became Chair in September 2023 and l am hugely grateful to the outgoing Interim Chair, Alan Pollock for the work he did in steering the BelErade, so successfully, through choppy, post Covid waters. There was also a significant number of planned exits and entries on the Belgrade's Board of Trustees and, aEain, l am grateful to all Trustees, past and present, for their contributions to this great theatre. Our CEO, Laura Elliot, went on maternity leave, also, in September 2023. In the 6 month5 leadinE UP to her leave, Laura put in an enormous effort to ensure the theatre would operate smoothly in her absence. We were fortunate that in Neil Murray, we managed to find an extremely capable and experienced Interim CEO, working closely with Creative Director Corey Campbell to maintain the successful momentum of the theatre. On behalf of the Board of Trustees I would like to express my thanks to all three of them for their leadership and boundless energy in pushing the Belgrade ever forward. In February 2024, the Theatre hosted a highly successful event to formally launch the rebrand of The Belgrade with participation of key staff, Trustees and local artists, all helping to spread the message that the Belgrade Is at the forefront of the renewed movement towards co-created practice. Our challenge as we move into Year 2 of our renewed NPO status is to deliver on those promises. The 24125 programme already has evidence of increased activity emanating out of the Belgrade so we have high hopes for the future. An updated Business Plan was adopted by the Board of Trustees in autumn 2023 and all Staff, Board, Volunteers, and key stakeholders are with us on our exciting co-creation journey. We have made a commitment to make and present work with, by and for the people of Coventry- becoming a 'see it here first, SP3ce and a place for inspirational, high quality theatre that responds to our community's needs and interests. Our commercial income, through our catering, hires, and Belgrade Produrtion Services, continues to remain a valuable income stream, and with our transformed cafe, and increased demand for our Nineteen 58 bar and meeting spaces, we are looking forward to developing this area further during 24125. We remain grateful, despite challenging conditions, for the continued core sUPPOrt from Coventry City Council, enabling the Belgrade, together with the diverse communities across Coventry and the region, to enrich and fundamentally change people's lives for the better through theatre. Jonothan Neelands Chair of Trustees Date.. I September2024 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustees/Dirertors for the year ended 31 March 2024 The Trustees present their annual report together with the audited financial statements of the Theatre for the l April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI opplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective l January 20191. In January 2022, the Belgrade Theatre welcomed new leaders Laura Elliot ICEOI and Corey Campbell (Creative Directorl. 22123 was not only a 'transitional' year- for refreshed staffing, vision, and programme of work - but one that also included applying to continue as an Arts Council England National Portfolio Organisation INPOI. Thanks to a successful uplift in NPO funding for 23-26, we have ambitious plans to build on the theatre's rich history of pioneering theatre, participation, and talent development, and will realise a lasting place of sanctuary for creatives and communities. Central to our artistic poliry is enabling audiences to experience joy from their relationship with the Belgrade. GOVERNANCE In 23124, the Organi5ation undertook some significant changes in the structuring of its Board and sub- committees, following a review led by independent consultant Prue Skene. This coincided with the appointment of a new Chair, Jonothan Neelands, Professor of Creative Education at Warwick Business School. In order to carry out their duties as effectively as possible the Board of Directors is assisted by a number of sub committees including.. The Finance and Commerce Committee - responsible for detailed review of financial reports, planning documents and budgets prior to recommendation for approval. The Governance, Audit and Risk Committee- is responsible for the review of general governance including the company's Risk Register and the updating and revision of all necessary policies. The People and Culture Committee - responsible for overseeing and ensuring a healthy culture within the Organisation, appointment of senior staff and key policies, including EDI. • The Development and En8aEement Commlttee- responsible for overseeing the effective public engagement of the theatre and the fundraising function. 23124 was thus, the first year for the Belgrade, with the increased NPO funding and immediately plans were put in place for two significant co-created productions in the theatre's larger Bl auditorium, Romeo and Juliet for Spring 2025 and Nanny Maroon for Spring 2026, both productions to be helmed by our Creative Director, Corey Campbell. To enable this shift (not just on the large scale) to a general increase in self-produced work. a major recruitment drive for a Producing team happened in summer 2023. A5 a result, several new roles emerged including that of Director of Producing and Co-creation, Associate Director Iwith a responsibility for Talent Development) and Digital Producer. That team has bedded in through 23124, and 24125 will see an increase in both self-produced and co-produced work with the Belgrade at the heart of the activity. Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustees/Directors for the year ended 31 March 2024 As a Statement of intent, Corey Campbell's devised production of BIG AUNTY, in April 2023, was a powerful introduction to the concept of co-created theatre. 'In Corey Cumpbell's sweet-nt7tured and impre55ioni5tic produrtion...supported by u community choir on Claire Winfield's multipurpose set, it can t71s0 be vivid und atmospheric.'_ The Guardian. Not only did the show reach a new audience, building to a 501d-out conclusion, it also acted as a catalyst for community engagement and discussion around the subject of grief, with each performance followed by on impromptu, informal post show event complete with the sharing offood. Yhank you. You have captured modern fumily dynamic perfertly & the rollercouster of grief - swinging high5 to lows, theguilt Vsmoments ofhilarity. #BlgAunty wlllresonate with allespeciullyoroundqrief, the laughter, tears, the divide, togetherne55 and fvmily. Fantostic stoging, fobulous community cohesion and u story worth seeing., Audience response. The 23124 pantomime of Cinderella, led by lan Lauchlan as writer and director, proved to be a huge success, attracting an audience of more than 42,000 and netting over £738,000, an all-time high for the theatre. The show was also a critical and audience success. A wonderful spectacle (the stunning set and costumes all built in-house at the Belgradel, the shows veteran Ugly Sisters, lain Lauchlan lagainl and Andy Hockley won the accolade of Best Uglies at the prestigious UK Pantomime Awards. 'We honestly have to say that thi5 15 one of the best pantomimes we hove seen (ond believe us Besties, we ht7ve seen t7fvirftwl) It has everythlng in just the right omount- Jokes, boos. creative storytelling. audience porticipation and sillinessl. West End Best Friend Shows in the year included: Own Show5 Bl Own Shows B2 BigAunty January 2024 April 2023 Co-productlons Bl Drive your Plow overthe Bone5 of the Dead Lord of the Flies The Book Thief Dr3cul3.' Mina's Reckonin8 The Gla55 MenagÉriÈ Co-productlons 82 A Playfor the Living Hot Brown Honey Cheeky Little Brown April 2023 April 2023 September 2023 ottober 2023 March 2024 May 2023 June 2023 Ortober 2023 Registered Number.. 00593331 Chority Number= 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustees/Dirertors for the year ended 31 March 2024 Alongside the Company's own work a number of high profile shows Vlslted the Bl Stage. raising the Belgrade's profile and delivering large audiences. The B2 space remains the home of small-scale touring work, often around challenging and urgent 155ues of the day. Vhitirb8 Perfomiances Bl seven Drunken Nights 2023 The Sensational 60'5- 2023 The Carpenters Le￿tY Unexpected Twist Luthervandross 2023 The Beekeeper of A￿ppO Singalonga Encanto Lost in Mu51C The Best Exotlc Marl8old Hotel Whltney- Queen of the Night 2023 Hey Duggee He3thers V155JnE Perfomionce5 B2 The Bi8 0 Mogtho Fergetful Cat Much Ado 3tout Nothing Brown Boys Swim Tale5 from korn Wood Made in IndialBritain Phantasma6oria April 2023 April 2023 Aoril 2023 April 2023 Awll 2023 May 2023 May 2023 June 2023 June 2023 June 2023 orll 2023 May 2023 June 2023 septern￿r 2023 SepteM￿r 2023 October 2023 October 2023 Novernber 2023 Set it off Nabil Abdulrashid Novetnber 2023 December 2023 December2023 February 2024 February 2024 February 2024 March 2024 M3rch 2024 M4rch 2024 August 2023 September 2023 September 2023 October 2023 October 2023 October 2023 October 2023 November 2023 ovefflber 2023 Nov2tnbÉr 2023 NuvÈmber 2023 January 2024 January 2024 January 2024 January 2024 January 2024 January 2024 February 2024 February 2024 February 2024 February 2024 February 2024 February 2024 February 2024 February 2024 February 2024 FebrMry 2024 February 2024 March 2024 March 2024 Santas Sparkly Surpirse All Aboard the Plrate Show Protest Stew4rt Lee- Pee Green Bo3t Pe8kStuff As she likes It Boyout the City La Bambal The Full Monty SisterAct The Real & IMa￿ned History of th2 Elephant Man The Smeds and the Smoos Classical Ballet Swan L3ke The Importance of Being Earnest Fastlove Guz Khan Mat3morphi515 ThÈ BÈstof Queen Guz Khan Fant3Stically Great Women who Ch3nged the World Fascinating Aida- The 4Chh Anniversary Mawc of Motown Feb 2024 Shrekthe Musical 2024 stewart Lee- Basic Lee 2024 Carman La Boheme Vampires Rock 2024 Lap of Sharne- Fran￿e Boyle Whitney Queen of the Night Stran8ÈrSin8s- The Parody Musical March ZOE & the FlyinE Doctors Registered Number-. 00593331 Charity Number: 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustees/Directors for the year ended 31 March 2024 Objettives and activitie5 a. The Belgrade Theatre's Vision (23124) Together, with the diverse communities across Coventry and the region, we aim to enrich and fundamentally change people's live5 for the better through theatre. b. Mlsslon123124) In our landmark building, acr055 the region, the UK and online, we will use theatre to entertain, inspire, share the citws stories, uncover hidden histories and unleash the creativity in our communities. This mission was expressed by presenting a vibrant programme of produced, visitinE and community work in our two auditoria and other spaces. It is informed by a distinctive èrtistic policy designed to attract lotal and national attention, cater to and develop the different audiences in and around Coventry, lift the profile of the Theatre as a producing theatre, bear witness to our community's experiences, find a unique voice for the Belgrade in the context of the region and attract leading theatre art15t5. In short to build on the vision, radicalisrn and internationalism that marked the opening of the Belgrode in 1958. The Theatre's produced and coproduced work, together with our Springboard companies, is presented in both auditoria and is where the Theotre can best articulate its artistic policy. Each year the Theatre seeks to achieve a good balance between the different types of work we produce, support, and present to serve and develop a wide range of audiences. During this year significant work was undertaken to refresh the Belgrade's Misslon, Vlslon, Values, and strategic aims lin line with our 2023-2026 ACE NPO activity) and the fully updated Business Plan w35 adopted by the Board of Trustees in autumn 2023. The focus of the refreshed Plan is centred on our Co- Creation approach and three strategic pillars of being a.. THEATRE OF DIVERSE STORIES We will make and present performances with. by and for the people of Coventry. We will be a 'see it here first, space; establish a 'made in Coventry, repertoire,. and a place for inspirational, high quality, theatre that responds to our communitrfs needs and interests. THEATRE OF LEARNING We will invest in everyone's creativity and provide a reciprocal space for accessing expert staff, facilities, and training - developing the next generation of creatives. We will be a home for an evolving network of regional creatives, as a trusted and safe space removing barriers,. and facilitate partnerships locally, nationally, and internationally, providing clear sector pipelines to thrive within our region. THEATRE OF TRANSFORMATION We will continue to place participation and outreach at the heart of our work- providing safe spaces for people to explore their creativity and enrich their health, belonging and education. We will develop a CYP programme designed with, for, and by CYP,. build our reach outside the city centre,. and evolve our schools, programme. Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by Euaranteel Report of the Board of TrusteeslDlrertors for the year ended 31 March 2024 c. Achievements and Performances 2023124 saw theatre starting to fully emerge from the efferts of Covid-19, but still in the clutches of a cost-of-living crisis. This has undoubtedly had an impact on both audience attendonce and on the ability of producers, in both the commercial and subsided sectors, to deliver work of high quality, particularly for the larger stages of the country. However. The Belgrade made a number of successful partnerships in with both the commercial and subsidised sectors, often as a co-producer with well established, prestigious companies. This had the effect both of re-establishing the Belgrade's name and reputation as a producer of note and giving our audiences the opportunity to see shows of quality and scale. Notable co-productions with subsidised partners in 23124 included Drive Your Plow Over the Bones of the Dead with Theatre de Complicité, Lord of the Flies Wlth Leeds Playhouse and Draculo.. Mino 5 Reckoning with National Theatre of Scotland. From the commercial sector, a particularly strong autumn season saw shows from the West End including Heathers, Lo Bamb(J, The Full Monty and SisterAct gracing our Bl Stage playing to capacity audiences. The Belgrade also co-produced on the small scale in its B2 space-A Play For The Living, was made in co- production with Headlong Theatre and Cheeky Little Brown, in co-production with Theater Fihadzi. The challenge into 24125 and beyond is to maintain the right balance of the programme. The Belgrade with a capacity of 900 in its Bl space is at the smaller scale of the large presenting houses so we have to fight to keep our place in that world. There is no doubt that companies enjoy playing the Belgrade, and to Coventry audiences, so the onu5 remains on us to punch above our weight with the welcome and service we provide to incoming companies. We strengthened our Technical Team in 23/24 to allow us to better meet the demands of large-scale visiting shows and also not overly stretch our in house resources. Alongside the increase in our self-produced programme and our ongoing vislting work it is important that we retain a number of good quality 'one nighters,, whether that be comedy, music or cabaret. Not only do they bring in their own distinctive audiences in large numbers, they also provide a strong income source, both at Box Office and on secondary spend in our bar5 and cafe. As the birthplace of Theatre in Education, we continue to boast a distinct practice in participatory and education work. Our engagement programme has a stron8 record of innovative approaches to reachlsupport underseryed communities a5 participant5, emerging talent & audiences - focussing on vulnerable young people and those from culturally diverse heritage, people in more deprived areas, 50+ communities partitularly in isolation, and people with disabilitiesllearning needs. In 23124 this has been extended with two new m3jor initiatives The Belgrade Ensemble and the Belgrode Digital Medi Academy. The Ensemble is an opportunity for Midlands based early career actors aged 19-30 to work alongside our artistic leadership in a free 11-month training programme. Our first year had a cohort of 16 and their work will be presented on the Belgrade Stage in September 2024. Our Digital Media Academy, led by our in-house Digital Producer offers a 20-week programme for participants to take an idea from Script to Screen. Again, the course is free and funded by a grant from the Paul Hamlyn Foundation. A major feature of the 23124 cohorvs work will be to produce digital material for the 2025 Bl production of Romeo and Juliet. ReEistered Number.. 00593331 Charity Number= 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by 8uaranteel Report of the Board of Trustee5/Dirertors for the year ended 31 March 2024 Our wider engagement and development work during 23124 included.. The establishment of three new staff working groups - Staff Wellness, Access & Inclusion, and Environmental Sustainability I'Green'l. Launching a new caterinE offer through o pop-up dining experlence in our Nineteen 58 bar- with a tasting menu from acclaimed local chef, Sarah Jenkins. Hosting 'Hope Hack, in collaboration with Positive Youth Foundotion and launchin8 our in- house HUBS. Planning our A550ciate Schools Programme. Exploring social prescribing, through our Sharing Cultures group (partnership with Coventry Refugee and MiErant Centrel, and continuing to be a Theatre of Sanctuary. This includes the planning for events in spring 2024 including a Social Prescribing Open Day and events in National Refugee Week Touring Big School to local schools during QI using the power of theatre to address issues of transitionin6 from Primary to Secondary School. Again, providing a warm space, free hot food and drink, and creative activities for those most vulnerable and/or at risk due to the cost-of-living crisis during the winter months. Our 'Warm Welcome, was possible thanks to support from Coventry Building Society. Audlences and particip?nt5 The Belgrade seeks to grow and to se￿e a wide range of audiences and is proud to have an audience profile that is atypical for an arts venue, appealing to a broad spectrum of socio-economic groupings. Throughout 23124 we, again, worked hard to encourage a diverse range of audiences and participants back to the building achieving. Audiences of 130,000- an increase of 35,CX)O on 2022123 67 bespoke productions across both auditoria 372 performances- an increase of 46 on 2022123 32,685 total number of bookers, with 54% from CV postcodes 79 schoo15 5UPPOrted with CPD, workshops, and productions 11,574 participants Dlgttal We remained active and innovative on our social media channels providing a range of different ways for the public to continue to engage with us including podcasts and activities. Our social media followers have continued to grow as a result ancl engagement with our newly launched 5ea50n show positive responses. The presence of our Digital Media Academy ha5 given us further opportunity to enhance our digital offer. d. Training and development The Theatre remains committed to providing training and development opportunities forentry-level posts as well as for existing stsff. Ordinarily we offer a broad range of experiences throughout various departments of the Theatre. as well as specialist industry-based training. Everyone who is employed receives a full induction and those engaging with young people, whether a full-time employee, casual, freelancer, volunteer or work placement, receive safeguarding training. We have, in this year, added the Belgrade Ensemble and Digital Media Academy to the portfolio of free training opportunitie5 we offer to the people of Coventry and the West Midlands. Registered Number.. 00593331 Charity Number: 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report ofthe Board ofTrustees/Dirertor5 for the year ended 31 March 2024 Publlc benefit The Trustees hève each received copies of the Charity Commission "Guideline5 on Public Benefit" and this forms part of the Induction pack for new trustees. The Public Benelit provided by the Theatre includes.. promoting artistic appreciation,. and providing facilitie5 for recreation. The beneficiaries are all members of the public and access is enabled as follows.. through concessionary ticket schemes for paid activity,. free access for community artivity; all public areas of the building are wheelchair accessible; and Relaxed performances, and regular Acces5 performances are provided for those with hearing or sight impairment. Approach to fundraising The 8elgrade is voluntarily reElStered with the Fundraising Regulator and follows the Code of Fundraising Practice. The Fundraising Promise and details of the Belgrade's commitment to open, honest and transparent fundraising is outlined on http:Ilwww.belgrade.co.uVsupport-us/why-we-are-a-charitv/ The Belgrade's Trustees also follow the Charity Commission'5 ICC201 guidance regarding fundraising compliance, and this is monitored by the Development Committee. The Belgrade's Fundraising Policy states the process for asking for sUPPOrt in line with the Code of Fundraising Practice and GDPR regulations that came into force on 25 May 2018. The Belgrade has a Fundraising Policy which is approved by the Board of Trustees/Directors and monitored by the Development and Engagement Committee. The Belgrade's fundraising activity is led by the Head of Development, currently working on a part time consultancy basis. However, we have remained successful in obtaining significant grants from major trust funds, including Paul Hamlyn, Esme Fairbairn and Heart of England Foundation. Coventry Building Society Charitable Foundation. In 2024125 there will be a full restructure of the Belgrade's fundraising function. We continue to work with Backstage Trust who support our Creative Assoclates programme. Occasionally, for specific projects, external fundraising consultants, advice is sought li.e. 2020 Redevelopment Project). All fundraising activities are carried out by the Development team and where suitable le.g. for bucket collections) other Belgrade staff members. No fundraising complaints were received by the Belgrade in 23124. Achievements and performance Review of artivitie5 The Theatre met all its obligation5 under its National Portfolio Organisations INPOI Agreement with Arts Council England IACEI, and there is regular communication with the Arts Council Relationship Manager. The Belgrade is supporting ACE'S Mi55ion LETS CREATE and making specific contributions to its strategies in talent development, the creative case for diversity, and quality professional theatre for young people. Similarly* regular quarterly monitoring meetings take place with senior representatives from Coventry City Council The business plarb continues to rely on earned income from all its sources. In 2023124 the theatre delivered a deficit of £7k to reduce its unrestricted reserve to £611k. The theatre tax relief scheme continues to make a significant contribution and thus enables niore arhstic and digital work. As the Theatre undertakes more self- produced work. this contribution should increase. io Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Tru5tees/Oirertors for the year ended 31 March 2024 Forward Vlew 2023/24 was a successful year for the Belgrade Theatre, both arhstically and financially. The first year of the new Art5 Countil NPO agreement ha5 led to a consolidation of the producing plans of the Theatre for the coming years. 2024125 will see both increased self and co-produced activity, not least with the return of the Belgrade to producing its own work in its Bl auditorium. Also, encouragingly, that production of Romeo and Juliet has major co-producing p3rtner5 in Bristol Old Vic and Hackney Empire. This represents a very positive reversal of a trend whereby the Belgrade contribute5 to others artishc athvity and can hopefully, be built on. In terms of the governance of the organisation, the major review of the Board structure and membership in 2023 has led to a much more efficient and informed Board of Trustees, working closely with the CEO and management team of the Theatre. The organisation has successfully negotiated the absence of the CEO due to maternity leave and looks forward to welcoming her back in autumn 2024 and resuming her partnership with the Creative Director, Board and staff of the Belgrade Theatre. Financial review ?. Year result Our 2023-24 turnover, including grants towards capital work, was £7.Om, raised from 3 combination of grants and earned income. The Theatre maximised its support from funders and other generous trusts and foundations. Box office remained open in a very difficult year as the restrictions caused by the pandemic continued. The Charity holds sufficient free reserves of £1,218k, consisting of £611k unrestrirted, general fund and £607k designated reserves, to be able to meet its reserves policy and hold Strong working capital for its programme in 2024-25. The principal income for the Charity wa5 public funding from Arts Council England, Coventry City Council Icore funding), and Pfoject funding from variovs sources to 5UPPOrt our participation, education, tommunity, and talent development activities. b. Going concern The Financial Statements have been prepared on a going concern basis as the trustees believe that no material uncertainty exists. 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. The trustees have considered the level of funds and budgeted income and expenditure, and have considered that the Charity will be able to continue in operation for at least 12 months from approving these financial statements. Reserves policy At 31 March 2024, the Theatre's level of general, non fixed a55et, unrestricted reserves meet this reserves policy set by the trustees, with free reserves now Showing at £1,218k of which £611k is unrestricted, undesignated reserve and £607k is designated reserves. Free reserves are deemed to be those that are readily realisable, excluding funds whose use5 are restricted or designated. The Trustees recognise the need to establish a level of general reserve that enables financial stability. Reserves are need to meet working capital requirements, to tover short term fluctuations in income and li Registered Number: 00593331 Charity Number.. 219163 Belgrade Theatre Trust {Coventry} Limlted la company limited by guarantee) Report of the Board of Trustees/Dlrectors for the year ended 31 March 2024 expenditure and to ensure the Charity is able to respond to unexpected needs. Recogni5ing the ongoing financial risks facing the Theatre, the trustees have set a target for general reserve of a minimum of 3 months, salary and overhead expenditure i.e. £1.2m. Unexpected variations in box office sales, which form a substantial part of the Theatre's income, represents the largest risks to its financial security during any one year. While every effort is made to minimise risk by setting realistic targets, the Board considers it appropri3te to hold this level of reserves on the balance sheet to protect the Theatre against this eventuality- d. Investment5 policy and performance Cash flow is carefully managed to ensure that surplus cash is put on short- o r l ong-te rm deposit with financial institutions having appropriate credit ratings. The Charity does not deal in equitie5 and derivative instruments. Structure. governance and management a. Constitution The Theatre is incorporated under the Companie5 Act 1948 being a Company Limited by Guarantee and not having a share capital with the company number 00593331. The Theatre is constituted dated 21 October 1957 and is a registered charity number 219163. b. Organisational structure and deci5ion-making policies The Memorandum and Articles specify that the Board shall consist of not less than 11 and no more than 15 persons, two being nominated by Coventry City Council. These nominations are selected to meet a balance of skills and representation in the make up of the Board. A Series of committees oversee specific elements of operation and make reports, with recommendations, to the Board. The Board makes the final strategic decisions, delegating decisions reg3rdinE day to day operations to the Chief Executive and Executive Management. Durin8 the year no Extraordinary General Meetings were held. The company is limited by guarantee so the Directors have no interest in any shares. The company is a registered charity. The Directors are Trustees of the charity and, there 15 no power for them to receive remuneration for their Service as Directors. The senior officers remain employees of the companv whilst also acting a5 Directors. Alan Pollock resigned as Chair in Se ptem ber 202 3. Alan had held the role on an interim basis until Jonothan Neelands was appointed Chair. The Theatre is very fortunate to have a very able and committed Board. The composition includes a good cross section of experience and representation. Detailed work is delegated to committees in the following areas.. A full review of its governance was carried out during the year, and a new structure wa5 Put in plate with the following committees-. Finance & Commerce Governance, Risk and Audit People & Culture Development & Engagement 12 Registered Number.. 00593331 Charity Number= 219163 Belgrdde Theatre Trust (Coventry) Llmited la company limited by guarantee) Report of the Board of Tru5teeslDirectors for the year ended 31 March 2024 Each committee is made up of at least one or two Board members and a number of additional members wf(h appropriate expertise. The Chairman of the Board and the Chief Executive a re ex-officio members of all committees to provide communication and overall cohesion. Pollcles adopted for the Induction and training of Trustees New Trustees under80 a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee anrl decision making processes, the business plan and recent tinancial performance of the Charity. The new Trustees also meet key employees and other Trustees. Trustee5 are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. d. Setting the Pay and Remuneration otthe Charity's Key Management Personnel The Board approves the specific pay levels of senior staff, and the level of the general pay award to all staff. e. Related party relationships The Charity has a wholly-owned trading subsidiary, Belgrade Theatre Enterprises Limited, company incorporated in England. Its nature of business is to carry out the trading activities of the company and it "gift aids" all prolits to the Charity providing it is in a position to do 50. The Charity also ha5 created two other wholly-owned tfading subsidiaries Belgrade Theatre Productions Ltd and Belgrade Film & Digital Ltd, companie5 incorporated in England. The nature of these entities is to carry out production artivities as agreed with the Charity, in order to claim Theatre Tax Relief and Film Tax Relief, and to gift aid any income to the Charity. The Charity had an interest in the ordinary shares of a joint venture company, Belgrade Ventures Limited. These shares had 3 nominal value of £1 each. This company was wound down in 2010. The Charity co-operates with other charities (including theatresl and non-charities (including commercial theatre companies, governmental and non governmental organisations, businesses) in the pursuit of its charitable objectives. Risk management The Trustees have assessed the major risks to which the Group and the Theatre are exposed, in particular those related to the operations and linances of the Group and the Theatre, and are satisfied that Systems and procedures are in place to mitigate exposure to the major risks. 13 Registered Number.. 00593331 Charity Number: 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board ofTrusteeslDirertorsforthe year ended 31 March 2024 Plans for future periods The new leadership were in post from January 2022, and have undergone a period of reflection and transition regarding the strategic vision and direction of the Belgrade. Our new VISION/MISSION is to enrich the lives of the people of Coventry and beyond through performance. We have new VALUES & BEHAVIOURS of.. Collaboration- We act together with partners to strengthen our offer and inform our practises Authenticity= We work with honesty and integrity in everything we do, placing lived experience at the heart of our work. Inclusion: We act inclusively, removing barriers to all. Evolution.. Through our work we will continuously learn, reflect and move forwards. Our vision is expressed through 3 main outputs,. A STAGE FOR COVENTRYIA THEATRE OF DIVERSE STORIES.. We will make and present performance with for and by the people of Coventry; plafforming our cities stories, artists and communities and Share them with the world. We will bring the best of the best visiting work to Coventry, building a reputation for diverse, inspirational performance; with hiEh profile partnerships. A THEATRE OF LEARNING= We will invest in our regions creative people, using our faclliries, staff to provide training and opportunity for the next generation of artist5 and leaders. A THEATRE OF TRANSFORMATION.. We will place participation and outreach at the heart of our work,. providing spaces for people to explore their creativity and enrich their health, belonging and education. Members, liability The Member5 of the Theatre guarantee to contribute an amount not exceeding £1 to the assets of the Theatre in the event of winding up. Statement of Trustees. responsibilities The Trustees (who are also the dirertors of the Theatre for the purposes of company lawl are responsible for preparing the Trustees, report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Theatre and of their incoming resources and application of resources, including their income and expenditure, 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 of the Charities SORP IFRS 1021,. make judgements and accounting estimates that are reasonable and prudent,. State whether opplicable UK Accounting Standards IFRS 1021 h3ve been followed, subject to any material departures disclosed and explained in the financial statements; prepare the finoncial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in busines5. 14 Registered Number- 00593331 Charity Number: 219163 Belgrade Theatre Trust {Coventryl Limited {a company limited by guarantee) Report of the Board of Trustees/Dlrectors for the year ended 31 March 2024 The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Theatre's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Theatre and enable them to ensure that the linancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Theatre and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of information to auditors Each of the person5 who are Trustees at the time when this Trustee5' report is approved has confirmed that= so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group'5 auditors are aware of that information. Auditors The auditors, Dains Audit Limited, being eligible offerthemselves for reappointment in accordance with section 485 of the Companies Act 2006. Approved by order of the members of the board of Trustees on 15 November 2024 and signed on their behalf by.. Jonothan Neelands Chair 15 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust {Coventry) Limlted la company limited by guarantee) Report of the Board of Trustees/Dirertors for the year ended 31 March 2024 Independent auditors, report to the Members of Belgrade Theatre Trust Icoventryl Limited Opinion We have audited the financial statements of 8elgrade Theatre Trust (Coventry) Limited Ithe 'Parent charitable company'l for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated and Theatre Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, includinE a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Prarticel. In our opinion the financial 5tatements'. 8ive a true and fair view of the state of the Group's and Parent charitable company's affairs as at 31 March 2024 and of the Group'5 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. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 goinE 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 and Parent charity's ability to continue as a going concern for a period of at least twelve month5 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 5ectioris of this report. 16 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the 8oard of Trustees/Directors for the year ended 31 Marth 2024 Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, 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 15 to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial 5tatement5 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. Opinion on matters prescribed by the Companies Act 20026 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 the knowledge and understanding of the Group and the Parent 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 in relation to which the Companies Act 2006 requires US to report to you if, in our opinion.. the Parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us- or the Parent charitable company 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 Trustees, Re5ponsibilitie5 Statement, the Trustees Iwho are also the directors of the Parent charitable company for the purposes of company lawl 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 mi55tatemeTrt, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group and Parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent tharity or to cease operations, or have no realistic alternative but to do so. 17 Registered Number.. 00593331 Charity Number.. 219163 Belgrade The4tre Trust (Coventry) Limited la company limited by guaranteel Report of the Board of Trustee5lDirector5 for the year ended 31 March 2024 Audltors, 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 Auditors, 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 ISA5 IUKI will always detect a material misstatement when it exist5. Misstatements can arise from fraud or error and are consiisered 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. 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: Our approach to identifying and assessing the risks of material mi5Statement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the senior statutory auditor ensured that the engagement team collectivefy had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the Group and Parent charitable company through discussions with Trustees and other management, and from our commercial knowledge and experience of the charity sector; we focused on specific laws and regulation5 which we considered may have 3 direct material effect on the financial statements or the operations of the Group and Parent charitable company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and Safety legislation; we assessed the extent of compliance wSth the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group and Parent charitable company's financial statements to material mi5Statement, including obtaining an understanding of how fraud might occur, bv: making enquiries of management as to where they considered there wa5 susceptibility to fraud, their knowledge of actual. suspected and alleged fraud,- and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transactions; a55es5ed whetherjudgements and assumptions made in determininE the accountin8 estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. 18 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limlted la company limited by guarantee) Report of the Board of Trustee51Directors for the year ended 31 March 2024 In response to the risk of irregularities and non-compliance with law5 and regulations, we designed procedures which included, but were not limited to: agreeinE financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims,. and reviewinE correspondence with HMRC, relevant regulator5 and the Group and Parent charitable company's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularitie5, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the events and transaction5 reflected in the financial statements, as we will be less likely to become aware of instances of non- tompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgeryi collusion, omission or misrepresentation. Afurther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.orE.uk/auditorsresponsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the Group and Parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might 5tHte to the Group and Parent charitable company's members those matters we are required to state to them in an Auditors, 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 Group and Parent charitable company and Its members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Morris FCA (Senior Statutory Auditor) for and on behalf of Dains Audit Llmited Statutory Auditor Chartered Accountants Birmingham Date-. 19 Registered Number: 00593331 Charity Number: 219163 Belgrade Theatre Trust {Coventryl Limited la company limited by guarantee) Report of the Board of Trustees/Dirertors for the year ended 31 March 2024 Consolldated Ststement of financial activities lincorporatlng lTr¢ome and expendtture accountl Forthe yearended 31 March 2024 Unrestricted General Deslgnated Restdcted fund5 funds funds Total funds Total funds 2024 2024 2024 2024 2023 £000 EOOO £000 Note Intomefrom: Donations and legacies 1,903 3,728 1.148 45 139 2,042 3,728 1,148 45 1,698 3,210 1,304 io Othertrading actiwties Investrnent5 Total Incoming resources 6,824 139 6,963 6,ZZ2 Expenditure on- Raising funds Charitatsle activities 1,015 5,741 1.0 6,734 1,161 6,062 118 875 Totsl resources expended 6,756 118 875 7,749 7,223 Net Incomellexpend5turel 11181 17361 17861 ii.ooii Transfers between fund5 1751 75 Net movement in funds 171 43 7361 17861 11,ooii Fund bolonces brouohtlorword ot l April 2023 19. 20 618 2.376 12,320 15.314 16.315 Fund bolun¢es wrrledforword ot31 Morch 2024 19. 20 611 2,333 11,584 14.528 15,314 20 Registered Number.- 00593331 Ch3rity Number.. 219163 Belgrade Theatre Trust Icoventryl Limited la company limited by Euaranteel Report of the Board of Trustees/Direttors for the year ended 31 March 2024 Consolidated and Trust balance sheet A5 at 31 March 2023 Group 2024 £000 Company 2024 £000 2023 £000 2023 £000 Note Fixèd assets Tangible A55ets Investments 13 14 13,040 13,860 13,040 13,860 13,040 13,860 13,040 13,860 Current assets Stocks Debtors Cash at bank and in hand 15 16 61 931 2.413 3,405 23 1,006 2,385 3,414 831 1,099 2.132 3,238 2.147 2,985 Current Irabilit1è5 Amounts falling due within one year 17 11,6851 11.7021 11,4131 11,5941 Net current assets 1,720 1,712 1,572 Total assets less current Ilabllltles 14,760 15.572 14,612 15,504 Creditors.. amounts falling due after more than one year 18 12321 12581 12321 12581 Total net assets 14,528 15.314 14,380 15,246 Funds Restricted fund5 20 11,584 12,320 11,584 12,320 Unrestrirted General funds Designated fund5 Total unrestrlrted funds 19 19 611 2.333 618 2.376 2.994 463 2,333 2.796 550 2,376 2.926 Totsl funds 14,528 15,314 14,380 15,246 The financial statements on pages 23 to 47 were approved by the Board of Trustees, authorised for issue and are signed on its behalf by: Jonothan Neelands- Chair Date 15 November2024 21 ReElStered Number: 00593331 Charity Number.. 219163 Belgrnde Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board ot Trustees/Directors for the year ended 31 March 2024 Consolidated statement of cash flows Forthe yearended 31 March 2024 Group 2024 2023 Note £000 £000 Reconclllation of net movement of funds to cash flows from operating a¢tlvitles'. Net income/lexpendlturel Adjustments for.. Depreciation Investment income Interest paid Ilncreasel in stocks and work in progress lInc￿aSe}1decrease in debtor5 IDecreasel/increase in creditor5 Net Cash generated from operatlng actrvities 17861 11,0011 895 45 905 io 21 1381 74 152 12521 11651 1181 176 Cash flow statement Cash flows from operating activities Cash flows from investing activities Purchase of fixed a5set5 Repayments of borrowing Investment income Interest paid Net cash generated in the year 176 11651 1751 1241 1451 141 28 1281 14851 iioi 1211 17091 Cash and cash eouivalents at the beginning of the year 2,385 3,094 Cash and Cash equivalents at the end of the year 2.413 2,385 The notes on pages 23 to 47 form part of these linancial statements. 22 Registered Number= 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited lo company limited by guarantee) Report of the Board of Trustee5/Dirertors for the year ended 31 March 2024 Notes to the financial ststsments l. General Information Belgrade Theatre Trust Icoventryl Limited is a charitable company incorporated under the Companies Att in England and Wales and registered with the Charitycommission for England and Wales. The address of the registered office is given in the reference and administration section. The nature of the charity and group's activities are given in theTrustees' report. Accountfng Pollcles 2.1 Basi5 of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporhng Standard applicable in the UK nd Republic of Ireland IFRS 1021 (effective l January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Belgrade Theatre Trust Icoventryl Limited meets the definition of a public benelit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the tinancial statements of the Theatre and its subsidiary undertakin8. The results of the subsidiary are consolidated on a line by line basis. The Theatre has taken advantage of the exemption allowed under section 408 of the Companies Act 2000 and has not presented its own Ststement of financial activities in these financial statements. 2.2 Going concern The Financial Statements have been prepared on a going concern basis as the trustees believe that no material uncertainty exists. 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. The trustee5 have considered the level of funds and budgeted income and expenditure, and have considered that the Charity will be able to continue in operation for at least 12 months from approving these financial statements. 2.3 Company status The Theatre is a company limited by guarantee incorporated under the Companies Act in England and Wales. The members of the company are the Trustees names on page l. In the event of the Theatre being wound up, the liability in respect of the guarantee is limited to £1 per member of the Theatre. 2.4 Income All income is recognised once the Theatre has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated statement of financial activities on a receivable tjasis. The balance of income received for specific purposes but not expended during the period is Shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs 23 Registered Number: 00593331 Charity Number: 219163 Belgrade Theatre Trust {Coventryl Limited la company limited by guarantee) Report of the Board of Trustees/Directors for the year ended 31 March 2024 before income is received, the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.5 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support Costs which are not attributable to a single achvity are apporhoned between those activities on a basis con515tent with the use of resources. Central staff costs are allocated on the ba515 of time spent, and depreciation charges allocated on the porhon of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes Costs of all fundroising activities, events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 Government grants Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of financial activities in the same period as the related expenditure. 2.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Theatre; this 15 normally upon notification of the interest paid or payable by the institution with whom the funds are dep051ted. 2.8 Taxation The Theatre is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the delinition of a charitable company for UK corporation tax purposes. Accordingly, the Theatre is potentially exempt from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.9 Tangible fixed a55et5 and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed a55ets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 24 Registered Number.. 00593331 Charity Number- 219163 Belgrade Theatre Trust {Coventryl Limited la company limited by guarantee) Report of the Board of Trustees/Dirertors for the year ended 31 March 2024 Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use. A review for impairment of a lixed asset Is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. If such indication exists, the recoverable amount of the asset is determined to be the hi8her of its fair value less Costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Impoirment losse5 are recognised in the Statement of linancial activities. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Long leasehold property Furniture and fithngs Computer equipment Event programme equipment Sundry equipment Motor vehicles Theatre refurbishment 50 years 3 to 15 years 3 to 5 years 10 years 3 to 10 yeors 5 years 2 to 50 years Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities. 2.10 Investments Investments in subsidiaries are valued at cost less provision for impairment. 2.11 Stocks Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a lirst in, first out basis. Work in progress and finished good5 include labour and attributsble overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in prolit or loss. 2.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Theatre Tax Relief is recognised against productions prior to the balance sheet date, ahead of receipt where necessary. Any unreceived amounts are included in prepayments and accrued income. 2.13 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 25 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guaranteel Report of the Board of Trustee5/Direttors for the year ended 31 March 2024 2.14 Liabilities and provi5ion5 Liabilities are recogni5ed when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benelit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recogni5ed at the amount that the Theatre anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amount5 required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial artivitie5 a5 a finance cost. 2.15 Financial instruments The Theatre only has financial assets and financi?1 liabilitie5 of a kind that qualify as basic financial instrument5. Basic )Inancial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the ex￿pIlon of bank loans whlch a subsequenly measured al amortised cost using the effeelive interest method. 2.16 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 immedlately as an expense in the Consolidated statement of financial activities when the Theatre is demonstrably committed to terminate the employment of an employee or to provide termination benefi'ts. 2.17 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial activitie5 on a straight line basis over the lease term. 2.18 Pensions The Theatre operates a defined contribution pension Scheme for its employees. A defined contribution plan is a pension plan under which the Charity pays fixed contributions into a separate entity. Once the contributions have been paid, the Charity has no further payment obligations. The pension charge represents the amounts payable by the Theatre to the fund in respect of the year. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Charity in independently administered funds. 2.19 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 Theatre and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the note5 to the linantial statements. 26 Registered Number.. 00593331 Charity Number: 219163 Belgrade Theatre Trust (Coventry) Limitsd la company limited by guaranteel Report of the Board of Trustees/Directors for the year ended 31 March 2024 Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Theatre for particular purpose5. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Crttical accounting estfmates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and otherfactors. including expectBtion5 of future events that are believed to be reasonable under the circumstances. Crltical accounting estimotes ond assumptlons.. The Theatre makes estimates and assumptions concerning the future. The resulting accounting estimatesand assumptions will, by definition, seldom equ31 the related actual ￿5￿1t5. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities Wlthin the next financial year are discussed below. Crltical areas ofjudgement.. Management have reviewed the asset lives and associatecl residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual value5 are assessed annually and may vary depending on a number of factors. Residual values consider things such as future market conditions, the remaining life of the asset and projected disposal values, technological obsolescence, and plans to dispose of an asset before the previouslv expected date. Revision5 to accounting estimates are recognised in the period in which the estimate is revised if the revision offects only that period, or the period of the revision and future periods if the revision affects both current and future periods. 27 Registered Number.. 00593331 Charity Number: 219163 Belgrade Theatre Trust (Coventry) Llmited la company limited by gtsaranteel Report of the Board of Trustees/Dirertors for the year ended 31 March 2024 4 Income from donations and 1È8a¢ies Unrestricted General DesiEnated Restricted funds fund5 lunds Total fund5 Totalfunds 2024 2024 2024 2024 2023 £000 £000 £0 £000 Donatlon5 General Coventry Building Soclety Charitable Foundation Backstage Trust Warwick University Esmee Fairbairn 78 49 60 40 75 40 75 24 24 78 139 217 Grants Coventry City Councll Art5 Council Eng13nd 595 1,230 1,825 595 1,230 595 960 L555 Governmentgrants Kickstart Scheme 29 29 Total J,903 139 2,042 1,698 Prtgr Yeor UnrEStiictEd Generol Desi9ntsted funds Jund3 2023 RestTirtÈd ]iind5 fDtulfund5 2D33 2023 £000 £000 £000 EOOO Donotions GenEI-O,' Covgiitri Boi,'din9 SGCreiy Chjritoble Foundotion rsrnee loirbgiin 49 49 6Q 60 54 60 Grcrtts cO￿er{liY Ciiy CoufFcII Art5 Council Enslon 595 960 QUO 1,555 1,5K5 Government 9rLYnt5 Kickstort 5chc1I7e 29 29 Yot•l 1,ti38 28 ReElStered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustee5/Dirertor5 for the year ended 31 March 2024 5 ID¢orne from charrtable artlvlties Unrestrrcted General Designated fund5 funds 2024 2024 £000 Restrifted fund$ Totalfunds Total funds 2024 2024 2023 £000 £000 £000 £oc Box Offlce Grant and other income Education Totsl 3,339 347 42 3.728 3,339 347 42 3,021 137 52 3,210 3,728 Prior Ye¢7r Unresrricted Generol De5ignrJted funds funds 2023 2023 Restricted JLIFJds Totolfunds 2023 2023 £ODO £t￿o £ooD 000 3,021 137 3,021 137 GroJll.?ndothei Income EdJcG.-ion Totol 52 3.210 3,210 6 Income from tradlng actwlties Unrestrltted General Deslgnated funds funds 2024 2024 EOOO Restrfcted fund5 Totaltund5 Total funds 2024 2024 2023 £000 £OOD Conferencing Ice cream & merchandlse Production services Dr8m8 c1355es and workshops Catering 116 106 116 106 313 142 93 465 313 612 1,148 612 604 1,304 1.148 Prior Yeor Unre5triiÈed Generol De5igFJUtEd fund5 futtds 2023 2023 R£stTICff d funds Totoljiiiids 2023 2023 £000 £000 EOOO £000 Conferencing ICE crÈam & mtichoniyis Productio,fj seNyces Drtsrnj closses ¥vorkchtsp5 Corerioo J42 142 93 465 93 65 604 604 1.304 1,30 29 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Lirnited la company limited by guarantee) Report of the Board of Tru5tee5/Directors for the year ended 31 March 2024 7 Investment income Unre51rscted General Deslgnated lurkds funds 2024 2024 Restri¢ted fund5 Totalfunds Totsl funds 2024 2024 2023 £000 £000 £000 Interest receivaNe 45 45 45 45 io io Prior Yetsr Unrestricted GEnerDI Designoted fund5 lund5 2023 2023 Restricted funds Totollunds 2023 2023 £000 £000 EOOO £000 lrttrcrest rtrceivtskie io io Jo 30 Registered Number.. 00593331 Charity Number.. 219163 BelErade Theatre Trust Icoventryl Limlted la company limited by guarantee) Report of the Board of Trustees/Dlrectors for the year ended 31 March 2024 Expenditure Unrestrfcted General Desjgnated funds funds 2024 2024 Restricted funds Total fund5 Totslfunds 2024 2024 2023 £000 £000 £000 Expenditure on raising funds Fundraising cost of Erants and donations Fundraising trading expenses 14 14 I,ooi 1.015 io 1,151 1.161 I,ooi 1,015 Expenditure on Charttable actIv￿leS Operational The8tre 5,704 37 5,741 118 853 22 6,675 59 5,953 109 6,062 875 6,734 Totsl 6.756 118 875 7,749 7,223 Prsor Ye17r Unrcstiicttd Genertsl Designoted lunds funds 2023 2033 £000 £000 Re5trirted ftsnds fotolfun65 2023 2023 Doo £000 ExpEnditure roi5ing]unds FJn=rtrisiflil Cost of Vi onddonuiions iirtLlroisire rroG.',YQ fXffJer,.bC io J. J5T 1.161 1,151 1,161 E*penditure on choriloble gttivitie5 nperniionul Ttieotre 4, 792 79 4.871 i,037 .30 5,953 109 6,06 rotul 6,037 124 31 Registered Number.. 00593331 Charity Number.. 219163 BelErade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board of Trustees/Dirertors for the year ended 31 March 2024 9 Analysls of expendtture by actlvities Support Costs Total funds Total funds 2024 2024 2023 £000 Dlrectcosts 2024 £i)00 £000 £000 Expendlture on raising funds Fundr3151ng cost of grants and donation5 Fundraising trading expenses 14 14 io 1,151 1,161 868 882 133 133 I,ooi 1,015 Expendlture on charltable actlvltles Operational Theatre Educational activities 5.841 59 834 6.675 59 5,953 109 5.900 834 6,734 6.062 Total 6,782 967 7,749 7,223 Support Cost5 Totolfunds 2023 2023 Eooo £000 Prior Yettr ClirectCts5ts 2023 £000 Expenditure on rpisift)gfunds KundroisifJO iLISi of orunts ond doriutions Fundro.'51na tIG:;';no Experi5e5 oihL'r Iroclina cxpen5QS io lu18 1?3 1, 151 1, 028 133 1,151 Expendftture on charAtoble artAVlties Operoiionol Thc-atrE Educoiionol ocridilies 5,082 109 5,19J 871 5.953 109 871 6, 052 Total 6,219 1,00 7.223 32 Registered Number.- 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guardnteel Report of the 8oard of Trustees/Dlrertors for the year ended 31 March 2024 10 Net income/lExpenditurel This is stated after charging 2024 £000 2023 £000 Depreciation of tangible fixed assets.. owned by charitable group Auditors remuneration Operating lease costs 895 14 905 14 77 77 986 996 33 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust ICoventry} Limited la company limited by guarantee) Report of the Board of Trustees/Directors for the year ended 31 March 2024 11 Staff costs The average number of person5 employed by the company during the year was as follows.. 2024 2023 No. No. Actors and production Front of house, catering and cleaning Marketing Administration 50 56 47 55 li 121 12 118 The average number of full time equivalent persons employed by the company during the year was as follows.. 2024 No. 2023 No. Actors and production Front of house, catering and cleaning Marketing Administration 32 24 29 25 io 68 68 2024 2023 £oth) £000 Wages and salaries lincluding actors) Social security and penslon costs 2.162 211 2,039 203 2,242 2.373 During the year, the group reco8ni5ed £2.184 terrnination cost$12023.. £Nill, and redundancy costs of £Nil12023.. £15,5801. See note 2.16 for the accountlll8 policy regarding ernployee benefits. £Nil was outstanding at the balance sheet date1£2023.. £15.5801 The number of employee5 whose benefits (excluding employer's pension contributions and National Insurance) exceeded £60,000 wa5: 2024 No. 2023 No. £60.001 to £70,OCX) During the year, the key management personnel of the Theatre recived total compenation of £287k12023= £223kl 34 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited lo company limited by guaranteel Report of the Board of Trustees/Directors for the year ended 31 March 2024 12. Trustees, remuneration and expenses During the year, no person in their role as trustee received any remuneration. Expenses totallin£ £Nil12022.. £8121 were paid to Nil trustees during the year12023.' 21. 13 Tangible fixed assets Group and Company Long-term leasehold Furniture, Events equipment Assets under eoLtlpment & vèhitles tonstructlon £000 Freehold Property £000 propèry £000 Total £000 £000 £000 Cost or valuatlon At l April 2023 Additions At31 March 2024 19.746 740 506 2,360 75 23,352 75 19,746 740 506 2.435 23,427 Depreclatlon At l April 2023 Cha￿e for the year At 31 March 2024 6,819 752 7.571 241 15 256 506 1,926 128 2,054 9.492 895 10,387 506 Net book value At 31 March 2024 12,175 381 13.040 At l April 2023 12,927 499 434 13.860 Secured assets The fixed assets of the Theatre are secured by way of a legal charge, made on 16 November 2005. securing all monies and obligatlons should it be necessary to repay a grant made by The Arts Council England to the Theatre for the purpose of the acquisition, re-development, extending and equipping of The Belgrade Theatre, Coventry. Some of the fixed asset5 of the Theatre are secured by way of fixed and floating charges, made on 17 September 2007, securing all monies and liabilities covenanted to be paid and discharged under the Deed of Charge and outstanding from time to time to The Art5 Council of England and The Trustees of the National Heritage Memorial Fund. 35 Registered Number- 00593331 Charity Number- 219163 Belgrade Theatre Trust (Coventry) Limlted la company limited by guarantee) Report of the Board of Trustees/Directors for the year ended 31 March 2024 14 FIKed assèt investments Investments Investments In subsldlary In subsldlary companles companles 2024 2023 Company Cost or v31uatlon At l April 2023 At 31 March 2024 Net book value At l Aprib 2023 At 31 March 2024 15 Stocks Group 2024 £000 Group 2023 £000 Company 2024 Company 2023 £000 £000 Finished good5 Work in Progress 23 38 61 23 23 16 Debtors Group 2024 £000 Group 2023 £000 Company 2024 £000 Companv 2023 £ocNJ Trade debtor5 Amounts owed by group undertaking5 Prepayments and accrued income Other debtors 136 233 69 543 168 51 175 575 244 744 51 931 668 105 1.006 105 1,099 831 36 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guarantee) Report of the Board ofTrustee5/Dirertors for the year ended 31 March 2024 17 Credttors: Amounts fallln8 due wfthln one year Group 2024 £000 Group 2023 £000 Companv 2024 £000 Company 2023 £000 Coventry City Council loan Trade creditors Other taxation and social security Accruals Deferred income Other creditors 21 258 36 326 880 164 1,685 20 334 41 21 222 36 20 306 41 385 702 140 1,594 424 293 743 140 1,702 677 164 1.413 Group 2024 Group 2023 £000 Cornpany 2024 £000 Company 2023 £000 £cNJo Deferred income at l April 2023 Deferred during the year Released from previous periods Deferred incomè at 31 Marth 2024 743 880 17431 880 659 743 16591 743 702 677 17021 677 555 702 15551 702 Deferred income prirnarily consists of amounts received for future shows which had not taken place at the year end. 37 ReElStered Number: 00593331 Charity Number: 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guaranteel Report of the Board ot Tru5teeslDirectors for the year ended 31 March 2024 18 Credltors: Amounts fallin8 due after more than one year Group 2024 £000 Group 2023 £000 Company 2024 Company 2023 £000 £000 Bank loans Other loans Other creditors iio 136 122 25B iio 122 232 136 122 122 232 258 Included within the above are amounts falling due as follows.. Group 2023 £000 Group 2022 £000 Company 2023 £000 Company 2022 £000 Between one and two years Bank loans Other loans 22 22 21 21 22 21 21 Between two and ffvè years Bank loans Other loans 74 70 70 74 74 70 74 70 Overfive years Bank loans Other103nS 14 45 14 14 45 45 14 45 The aggregate amounl of liabilities payable or repayable wholly or in part more than 5 years after the Group 2024 Group 2023 £000 Company 2024 £000 Company 2023 £000 £000 Repayable by in5tallmentS 14 14 45 45 14 45 45 14 The Coventry City Council loan is repayable in annual repayments of £27,440 from l April 2010 to 31 March 2029 and the sum of £17,310 from l April 2029 to 31 March 2030. Interest on the loan is calculated at 38 Registered Number= 00593331 Charity Number.. 219163 Belgrade Theatre Trust Icoventryl Limlted la company limited by guarantee) Report of the Board of Tru5tees/Directors for the year ended 31 March 2024 19 Unresvlcted funds Balance at IAprfl 2023 £000 Tr8nsfpts Balanteat31 March 2024 £wo Income ExpÈndlt41re £000 £000 618 6.824 16,7561 1751 611 GenErèllund Deslgnated funds Flxed assetsfuJ)ds Leasehold office buildlng5 Lighting and sound desks 2013 Capital dÈvÈlopment project 2007 Red Lane improvement 2013 CNC router project 2015 Fixod 355et fuThJ 19B 206 1.015 192 25 326 1,769 1.015 185 Is 310 1.726 iioi 7S 11181 75 Revenuelunds Renewals reserve Revenue projects/UK City of Culture legacy E-M3rketlng proi&ct ContlnEency fund 94 178 35 300 607 94 178 35 300 607 Total Desl8nHted funds 2,376 11181 75 Z.333 Total unresirf¢tÈd funds 2,994 16,8741 2,944 Free reseNes 1.225 6,824 16,7561 1,2J8 BolaD¢e ot l Apri12022 ¥ooo Tron5fff5 Boloy)ce or 3) in/loutl MoFch Z023 £000 £000 Piioi Yeor Income Ekpendtture EOOQ Éooo 618 GEneftslfund 516 6,262 16,0321 1281 Oesign)tedfurtds FiAEd u558ts lunds Leg5cliold Dlf,'ce Ouildings Liolitifr9 Dndsound desks 2n13 CoJiLnl rlev8lDpment PTOle￿I 20D7 Rcdlonp iifipiovemeni 7013 Air cooling pfDjert 2012 Clicrouier project 2015 FIMed u5seifund 214 2Q6 1,015 J99 1.015 192 35 390 1,8bS Z5 326 J.7i,g 21 Ri venveAunils RenLJwo15 resEFve RevenuÉ pioJetts/UKCitY OJ l-KdorkelJnQ pioject Re5tfu*luriiigfuD Conlinoencytrvrtd 69 J78 35 25 94 Culiure iegciy 178 35 29 900 6D7 21 2.376 Total DEsignQtedfunds Tottsl Unrestrirtf dfunds 3.995 6,1ti2 16.1561 Free ie5crves J,127 6,162 16.0361 1251 1,225 39 Registered Number= 00593331 Charity Number- 219163 Belgrade Theatre Trust {Coventryl Limited la company limited by guaranteel Report of the Board of Trustees/Directors for the year ended 31 March 2024 Leasehold office buildlngs This designated fund represents the capital element of the asset less the loan from Coventry City Council. The loan has now been repaid hence the outstanding amount is the capital element. Lighting & sound desks 2013 This designated fund represents the cost of renewals made in 2013. It is represented by fixed assets. Capltal development project 2007 This designated fund represent5 the element of the capital development projert which the charity is to fund itself. It is represented by fixed assets. Red Lane Improvement prolert 2013 This designated fund has been created to tover known and anticipated improvements to the leased property. It is represented by fixed assets. Air cooling rertification projert 2012 Thi5 designated fund represents rectilications made to the air- co o l i n g system within the Theatre. It is represented by fixed a55ets. CNC router project 2015 This designated fund has been created to fund the installation of a CNC roLrter for set making. tt is represented by fixed assets. Capltsl redevelopment projert 2020 Thi5 designated fund has been created towards known and anticipated costs for the capital redevelopment projert 2020. Renewals reserve This designated fund is being built up to cover any required renewals, repairs or maintenance on the Theatre and its equipment. Revenue projects l UK City of Culture legacy This designated fund has been created from tradinE surpluses to allow the Theatre to increase its core activity of producing shows, the participation, talent development and education programme and programming the new work in the B2 auditorium. E-marketing projects This designated fund has been created to cover known and anticipated web and new media marketing projects. Contingencyfund This desEnated fund is to underpin the financial secuiity of the organisation by providing a contingency fund for exceptional circumstances. 40 Registered Number: 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Llmlted la company limited by guarantee) Report of the Board of Trustees/Olrectors for the year ended 31 March 2024 20 Restrictsd funds 8¥lan¢e at l April 2023 £000 Transfers Balance at 31 Inlloutl March 2024 £000 £000 Income Expenditure £000 £000 Flxed assets funds Capital development project ERDF- cèpital grant C4pit31 redevÈlopment project 2020 Jag Pub development Culture Recovery FUNJ 8,162 12781 7.884 2,719 1,118 88 12,091 13421 11241 2,377 994 57 11.314 Revenuefunds Jag Pubdevelopment Paul Hamlyn grant Coventry Building ￿cietY c￿ritable Foundatio Sir BarryJack50 Backstage Trust Warwlck University 48 116 62 1221 1431 94 59 40 75 66 24 139 229 1981 270 Total 12.320 139 8751 11,584 8thlon¢e iyt l Apri12022 Eooo Trun5f£r5 Bfjloiice ut 31 in/loutJ Murch 2023 £000 £000 Prtor Yeor Income Expenditure 000 £000 055etsfynL15 Dpitrol deve,'cpiDtrntproJect EROF- copito.., oio.: CGPIIDI fedpvelopment project 2020 Jog Pbb d8v*iopn?Eni Culturf RecovEr&' Fund 8,44Li 8.1ti2 5,063 1.235 ??6 lJ441 11241 2,719 1,118 BB 13,870 1?861 J2,091 Revenuefunds Citrf of CuliurÉ Jag Pub develtrpmeni Pnul Homlyn gruni Coventry Buildirtg Society Ohoriioble Fou4cIoiion Bofryjockson 206 12D61 17) 1301 381 48 116 146 60 62 450 12gll 229 Totol 13,320 60 11.Gb71 13,320 41 Registered Number= 00593331 Charity Number.. 219163 Belgrade Theatre Trust {Coventryl Limited la company limited by guaranteel Report of the Board of TrusteeslDirectors for the year ended 31 March 2024 Capltal development projects This restricted fund was established out of the various grants and donations awarded for the above projects. It is represented by fixed assets. ERDF fundlng Restricted part funding for the CNC Router and associated capital works at Red Lane, applied for through the Growth Hub. It is represented by fixed assets. Capital redevelopment project 2020 Restricted funding lor a capital redevelopment project Phase l and Phase 11, which is Part funded by the Government's Local Growth Fund through the Coventry and Warwickshire Local Enterprise Partnership and by Coventry City Council. It is represented by fixed assets. The redevelopment project also includes a ground-breaking 5G digital space with two apartments for visiting performers. The project is in partnership with Coventry City Council who have provided funding through the Cultural Capital Investment Fund as part of UK City of Culture. Jag Pub Development Restricted funding for the capital development of the Jag Pub. All of the fund is represented by fixed assets except for £48k, which is unspent capital funding at 31 March 2024. Culture Recovery Fund Restrirted funding received from Arts Council England to ensure that the Theatre remained either fully or partially opened or sustainable and cost efficlent so that they can reopen at a later date. The second round of funding was designed to cover a shortfall arising due to reduced trading and 105$ of earned income as social distancing restrictions were removed. The funding was intended to cover costs taking place between April 2021 and June 2021, but was extended to cover up to December 2021. Transfer5 were made from this fund for the replenishment of re5erves105t due to the pandemic. Paul Hamlyn Restricted grant funding from the Paul Hamlyn Foundation Art5 Acce55 and Parhcipation Fund, to support Jag Pub development focusing on the delivery of youth partlcipation and talent development initiatives with younE people in two communities facing high levels of knife crime and deprivation, in partnership with community groups. Coventry Building Society Charitable Foundation Restrirted grant funding to SUPPOrt the Belgrade's work engaging i501ated and vulnerable older people, across the city, to connect, inform, and transform lives. Sir Barry Jackson Restricted funding received to support the Belgrade's paffjcipation, education and talent development programme. B?ckstage Trust Restricted grant received for the Theatre's creative associates. Warwick University Reslricled grant fkjnding was made by the University lo support a production After Preston in December 2023. 42 Registered Number.. 00593331 Charity Number.. 219163 Belgrade Theatre Trust (Coventry) Limited la company limited by guaranteel Report of the Board of TrusteeslDirectors for the year ended 31 March 2024 21 Surnmary ol fund5 Balanc¢ at 31 March Balancg at l Aprll 2023 £000 Tr•n¥ferg Inlloutl £000 Income EXpertd￿￿re £000 fOOO 2024 000 Gener81 funds Designated Funds Restricted funds 618 6,824 16,7561 1751 75 611 2.376 12.320 15.514 2,333 11.584 14.528 139 18751 17,7491 6.965 Tmn3Aers 31 MurLh Pdor Yeor l Apri12022 £000 Income Expenditure ./fpvtJ £000 2023 £000 £000 £000 Gen8rolfund5 De51gfjtttedfunds Re5trirtedfunds 516 6.162 16,0321 11241 li,0671 17,2231 (281 21 618 2,479 3,320 16,3J5 2,376 12,320 35,314 60 6,222 22 An¥ly$l$ of net a$sets by fund Unrestrl£ted Deslgnated funds funds 2024 2024 R4strlctad funds Total funds 2024 2024 EOOO £000 £000 £000 Tan8ible fixed assets Net current asset5 1,726 607 11,314 270 13,040 1,488 14.528 611 611 2,333 11,584 Unre5tri¢ttd Desl¥nuted funds lunds 2023 2023 Restrlcttd Aunds Totalfunds 2023 2023 Prior Your £ODD £000 £000 Tongiblefixed ossets Net currgnt GSSets .76 097 2.05 2Pg 13,860 1,454 15.31 618 61S 2,376 12,320 43 Registered Number-. 00593331 Charity Number.. 219163 Belgrade Theatre Trust {Coventryl Limited la company limited by guaranteel Report of the Board of Trustees/Dirertor5 for the year ended 31 March 2024 23 Analy615 of changes In net debt At l April 2023 At 31 March Ca8h flows 2024 £000 f 000 £000 Cash at bank and in hand Debt due within l year Debt due after l year 2,385 1201 11361 2,229 28 2,413 1211 Iiioi 2,282 26 53 At l April 2022 At31 IW(7rch Prior Year Cash flows £000 2023 EOOO £000 Ct75h ot buiik in honcl 3,094 12191 1709) 199 2,385 (201 Debt due within I yeGr Debt due ofter l year 2,453 1224J 2,229 24. Pension commitments The Group operates a defined contribution pension scheme. The assets of the scheme are held separatelv from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions amounting to £11,90712023.. £10,927) were payable to the fund at the balance sheet date and are inclvded in creditors. 2S Operatlng lease ¢ommltment5 At 31 March 2024, tlie 8roup and company liad commitments to make minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 £000 £000 Amount5 payable: Within one year Betiveen one and five year5 In over five years 49 49 177 1,203 1.429 180 1,256 1.485 44 Registered Number: 00593331 Charity Nijmber: 219163 Belgrade Theatre Trust ICoventry} Limited la company limited by guarantee) Report of the Board of Trustees/Directors for the year ended 31 March 2024 26. Related party transactions During the year, the Theatre ha5 transacted with a wholly owned subsidiary, Belgrade Theatre Enterprises Limited. Recharges of £161k12023: £161kl were made by the Theatre to the subsidiary during the year. The Theatre also received £68k12023.. £Nill from the subsidiary, as a payment under gift aid. The Theatre advanced an amount of £Nil 12023.. £Nill in the year to Belgrade Theatre Enterprises Limited. This amount 15 interest free and repayable on demand. A balance of £32k was owed by the Theatre at 31 March 20241£157k was outstanding to the Theatre at 31 March 20231. During the year, the Theatre received £89k12023.. £55kl from another wholly owned subsidiary, Belgrade Theatre Productions Limited, under gift aid. Belgrade Theatre Productions Limited recharged £1,073k12023-. £2,264kl to the Theatre during the year. At the balance sheet date a b31ance of £567k 12023- £409kl w35 Outstanding to the Theatre from Belgrade Theatre Productions Limited. At the balance sheet date a balance of £8k12023.. £8kl was due to the Theatre from another wholly owned subsidiary, Belgrade Film & Digital Limited. During the year, the Theatre received donations of £Nil12023.. £Nill from its trustees. 45 Registered Number: 00593331 Charity Number.. 219163 Belgrade Theatre Trust {Coventryl Limlted la company limited by guarantee) Report of the Board of TrusteeslDlrectors for the year ended 31 March 2024 27 Princrpal subsidiaries The folloi¥in8were subsidiary undertakin85 of the company.. Reglstered or prlnclpal place of bu#lntss Company numb•r Prlnclpal *rtlvty 14ss of shares Name Holdlng Trading subsidiary Belgrade The8tre Enterprises Limited 03883084 Belgrad8 Theatre Corporetion Street Coventry West Midlands CVI IGS Ordinary loo% Bel8rade Theatre Productions Limited 09268009 BÈlBrade Theatre Production ol OrdTnary Corporation Street theatre Coventry performances West Midlands CVI IGS loo% Belgrade Film & Digital Limited 0926808S Belgrade Theatre Production of Ordinary Corporation Street film & digital Coventry performances West Midlands CVI IGS loo% Prtsflt tor the year £000 Net Income Expendfture £000 ass4ts1 £OOD £000 Bel8rade Theatre Enterprises Limited 8el8rade Theatre Productions Limited Bel8r8de Film & Di8ltal Limited 1,148 1,345 11,0691 11,0731 79 158 272 28. Capitsl Commitments At 31 March 2024, a commitment of E32k 12023: £Nill had been made in respect of capital expenditure. 46 Registered Number: 00593331 Charity Number.- 219163 Belgrade Theatre Trust {Coventry) Limited la company limited by guaranteel Report of the Board of Trustee5/Dirertor5 for the year ended 31 March 2024 29 Cortsolldated Statement of finantial activltles lincorporating Income and expenditure accountl Forthe year ended 31 March 2023 Unrestrlcted Gefieial Designated funds funds 2023 2023 £000 Restrirted fund5 Totalfunds 2023 2023 £000 fooo Note Income from- Donations and legacies Ch8rltablÈ activities Othertrading activities Investments 1.638 3,210 1,304 io 1,698 3,210 1,304 io Total IncominK resour¢es 6,162 60 6.222 Expendlture on.. Raisingfunds Charitable activities 1,161 4,871 1,161 6,062 124 1,067 Total resources expended 6,032 124 1,067 7,223 Net lncomellexpend￿urej 130 11241 11,0071 11,ooii Transfers between funds 1281 21 Net movement In funds 102 1103 1,000 I,ooii FundbolJnces bmughtfonvord ot l AprJ-12022 19. 20 516 2.479 13.320 16.315 Fund b&lon¢e5 ¢#medlonvorfot31 Morch 2023 19, 20 618 2,376 12,320 IS,314 47 Registered Nlumber.. 00593331 Charity Number: 219163