Trustees Report and Financial Statements for the year ended 31 March 2022
Registered Charity Number 223660 Company Registration Number 00295910
|**_Contents_**|**_Page_**|
|---|---|
|Company Information|2|
|statement|3|
|Trustees|4|
|Statement of Trustees'|13|
|Independent Auditor
s Report|15|
|Consolidated Statement of Financial Activities|19|
|Group and Company Balance Sheets|20|
|Consolidated Statement of Cash Flows|21|
|Notes to the Accounts|22|
The Birmingham Repertory Theatre Limited Truste
## **Company Information**
## **Directors**
Howard Panter Chair John Hornby Head of Audit Committee Jan Teo David Meecham Ayub Khan Deputy Chair Adrian Lester Elizabeth James Professor David Roberts Andrew Chiduku Atif Ali Brandon Relph Lucy Marcus resigned 1 August 2022 Michael Hibbs Rachel Roussel-Tyson Victoria Marsom Nicola Beckford resigned 6 December 2021 Councillor Jayne Francis
**Executive Director** Rachael Thomas
## **Artistic Director**
Sean Foley
## **Secretary**
Anne Russell
**Auditor Bankers** Mazars LLP National Westminster Bank Plc 2 Chamberlain Square 1 St Philips Place Birmingham B3 3AX Birmingham B3 2PT
## **Registered Office**
Broad Street Birmingham B1 2EP
**Company Registration Number 00295910 (Registered in England and Wales) Registered Charity Number 223660 (Registered in England and Wales)**
2
The Birmingham Repertory Theatre Limited Truste
## **The Birmingham Repertory Theatre Limited**
The Rep had an extremely busy, challenging year in 2021/22 but saw a great welcome for its efforts as new, critically acclaimed productions took to its stages in its 50[th] Anniversary Season. A re-launch of its front of house spaces, following completion of its capital project, OPEN HOUSE, rounded off the year.
Covid-19, which continues to affect the theatre and the sector, and the cost-of-living crisis make the post-pandemic world an ever changing proposition. My thanks again go to Artistic and Executive Directors, Sean Foley and Rachael Thomas, for their commitment and perseverance as we continue to navigate the theatre through these crises. This is against a back-drop of international events that also affect the UK and its cultural sector.
As theatres re-opened during 2021/22, there was an opportunity to relaunch The Rep Create, Arts Council England -year strategy, the culture sector seeks to broaden opportunities to all communities. The loss of earned income at pre-Covid levels continued to be challenging for The Rep, which in a normal year generates 80% of its income through sales and other forms of earned income. Just 20% of its income is from grants and, welcome though that is, it is not sufficient to cover the overhead costs of a theatre the size of The Rep.
The Board, Executive and entire theatre team have continued to co-operate and respond superbly to events: East Is East, ?, The Play What I Wrote and Animal Farm were popular with audiences and critics alike, being highlights of 2021/22. 2022/23 continued with a diverse artistic programme complementing the Commonwealth Games which took place in the city in July & from the entire theatre team and for that I am enormously grateful to them.
I would also like to record our thanks to Arts Council England, Department for Culture Media and Sport and HM Treasury for their response to Covid-19 and additional funding for The Rep during the year through the Culture Recovery Fund, without which the theatre would not have survived. In eceived the extremely welcome news that it will continue to be one of Arts -year period 2023-2026. Notwithstanding the many challenges still facing The Rep and the wider sector, there has been much to celebrate in our re-opening season and in the steps taken to re-establish The Rep as a thriving force in the theatre landscape once again.
Sir Howard Panter Chair
3
The Birmingham Repertory Theatre Limited Truste
## **The Birmingham Repertory Theatre Limited Trustees**
The directors are pleased to present their report together with the financial statements of the charity and group for the year ended 31 March 2022.
The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)).
## **Structure, Governance & Management**
The Birmingham Repertory Theatre Limited is a company limited by shares and is also a registered charity. The charity is governed by its constitution as laid down in its memorandum and articles. These were drawn up in 1935 and amended by special resolutions in April 1955, November 1975, July 1988, October 1999, October 2007, November 2010 and October 2021.
The d Key criteria for the selection of trustees are (a) to provide a range of skills and attributes appropriate to the management of the company and (b) to represent the communities that the charity serves, particularly in terms of age, gender and ethnicity. As set out in the Articles of Association there shall be between two and 20 directors. New directors may be appointed by the directors at any time. The Chair is elected by the directors.
Appointed directors serve for a maximum period of two consecutive three-year terms commencing from the first Annual General Meeting at which their appointment is confirmed. Directors nominated by Birmingham City Council are able to serve an additional three-year term.
The governing body of the Company is the Board of Directors which meets at least five times per year. The Board may also delegate authority to sub-committees responsible for certain strategic aspects of management. The reports and recommendations of the sub-committees are submitted to the Board for consideration and ultimate decisions upon action required.
In addition, the trustees directly appoint an Artistic Director and an Executive Director to manage the charity on a day-to-day basis and to implement the policies and strategies agreed by them at Board meetings.
The business plan is reviewed and updated annually by the trustees and implementation of the plan is delegated to the executive team. Trustees also have responsibility for a range of policies adopted by the charity such as health and safety, equal opportunities and high-level financial procedures. Trustees review accounting information on a regular basis, and approve all high-level budgets and plans.
All new trustees are inducted into the work of the charity through an initial meeting with the Chair, Artistic Director and Executive Director, and the provision of documents such as accounts, business plan, previous board papers and financial information. In addition, training events are held for the trustees covering the responsibilities of directors and trustees, and the work of the charity.
4
The Birmingham Repertory Theatre Limited Truste
The charity has two trading subsidiaries Birmingham Rep Enterprises Limited (BREL) and Unique Venues Birmingham Limited (UVB). The charity owns all shares issued by both companies and any surpluses are gift-aided to the charity annually.
None of the directors held any beneficial interest in the shares of the company at any time during the year.
parties are detailed in note 23.
The company has paid £6,610 (2020: £2,160) for indemnity insurance for its directors and officers. £1,000,000 (2021: £1,000,000) of cover is provided.
## **Public Benefit**
The directors have complied with the duty in section 4 of the Charities Act 2006, to have due regard to the public benefit guidance published by the Charity Commission.
The directors believe that the charity, in promoting its aims and objectives, gives direct benefit to all patrons with whom it comes into contact. These may be:
- Audience members coming to see performances in Birmingham, which may promote understanding of complex sociological issues, visually demonstrate emotive situations or simply generate an appreciation of dramatic art through entertainment.
- Audience members seeing shows produced by the charity and touring throughout the UK and beyond.
- Community members taking part in a range of practical workshops, discussion groups and artistic opportunities offered throughout the city.
- Students engaged in specialist training in drama, English and/or playwriting in a range of colleges/universities with which the charity has relationships.
- School pupils and pre-school infants taking part in a wide range of learning & participation activity produced by the charity.
The theatre operates a pricing structure which is designed to maximise the accessibility of its activities and includes concessions for young people, families, the unemployed, the disabled, school parties, students and senior citizens.
## **Objectives and Activities**
The objectives of the charity are:
- To educate the public by promoting, fostering and encouraging the knowledge, understanding, appreciation and a high standard of the arts and in particular dramatic art in the City of Birmingham and in such other places in the United Kingdom of Great Britain and
5
The Birmingham Repertory Theatre Limited Truste
Northern Ireland and throughout the world as the company shall from time to time deem to be advantageous to the intellectual weal of the public.
- To educate and train students in drama, music, painting and other similar arts, and to promote the recognition and encouragement of exceptional merit in students by the institution and presentation of scholarships, exhibitions, grants, medals or other prizes or benefactions.
vision in its current strategic plan is to become:
## _**A world-class theatre in Birmingham for everyone**_
## **Reserves policy**
The Board believes that general fund reserves should broadly be maintained at a level equivalent of up to three and this gives a target reserve range of £900k to £1.1m. The general fund reserve as at 31 March 2022 is £1,064k. Should general fund reserves be either below or above the target range at the end of a financial year an action plan to bring the reserve to within the target range will be implemented. The reserve at 31 March 2022 supports with the challenges of the ongoing impact of Covid and the cost-of-living crisis in 2022/23.
The Designated fund balance of £1,598k (2021: £1,619k) represents the net book value of unrestricted fixed assets and a risk reserve for box office shortfalls and the impact of the cost-of-living crisis.
## **Strategic Report**
The start of the financial year saw the continuation of Covid restrictions but with an acceleration of the vaccination programme. May saw socially distanced performances for the long delayed CONSTRUCTED by our own Lightpost Theatre Company and a Birmingham Royal Ballet season including CINDERELLA and CURATED BY CARLOS triple bill with CITY OF A THOUSAND TRADES, codirected by Rep Associate Director Madeleine Kludje. A tentative yet welcome start to artistic work returning to our stages after a 14-month absence during Covid.
A second round of Culture Recovery Funding (CRF) was . This yielded £554k which was initially in -month still not feasible.
Arts Council England extended the end of its National Portfolio Organisation funding period from 2023 responds delivering the three outcomes of Creative People, Cultural Communities and a Creative and Cultural Country through the four investment principles: Dynamism, Inclusivity and Relevance, Environmental Sustainability and Ambition and Quality. These principles run are threaded through the activities of The Rep as the theatre rebuilds post pandemic. Our vision is to be a theatre for everyone and our aim of increasing audience numbers to levels of five years ago and more set this scene.
6
The Birmingham Repertory Theatre Limited Truste
The underlying basis for the plan is to build on The Rep ches back to its origins in 1913 as the first repertory company to be established in its own purpose-built theatre. The focus to renew its vision and mission to create artistically ambitious popular theatre for all framework to achieve this. Birmingham has undergone significant demographic change, and the vision diverse and youthful population.
programme: theatre that speaks to everyone in the city regardless of background or heritage; theatre for ordinary people who might not see themselves as theatre-goers; theatre that is made by, with and global connections and roots.
Whilst The Rep ended 2021/22 with a secure financial future, thanks mainly to the additional public funding received during the financial years, 2020/21 and 2021/22, without which it would not have survived, the continued challenges of rebuilding in what remains a very uncertain post-pandemic world are significant. Greater agility and creativity will be needed to pivot between different scenarios and evolving plans as circumstances unfold.
The Government was modestly utilised until the end of the scheme as staff returned to their roles to contribute to the mounting of new productions in the autumn.
with a welcome return to being able to run much of their programmes back in school buildings from the autumn. Our team of Drama Practitioners continues to secure future opportunities to roll out the programme to new schools in 2022/23.
Our work with young people out of the building through Satellite Youth Theatres that we run in some of the most deprived wards across the city was re-established in 2021/22.
Our three-year project Shifting the Dial, which is funded by National Heritage Lottery Fund and works with young African Caribbean men to improve mental health outcomes, saw a slight pause due to the pandemic but we are grateful that National Heritage Lottery Fund extended the project period to -agency project with partners NHS, Centre for Mental Health and First Class Legacy and our role is largely through Lightpost, our theatre company for young African Caribbean men. As well as delivering evidence-based outcomes for participants in relation to wellbeing and mental health, Lightpost has also enhanced work readiness for 12 young African Caribbean men and provided a pathway into professional acting training for two.
As a theatre with a civic mission as well as an artistic mission to reach all peoples of the city, our outreach work in communities is integral to our identity.
Offstage, new Artistic Associates arrived to add their voices to the development of a fresh new vision for The Rep. All have a connection with the city and the list combines new talent with established names in an exciting blend of voices and perspectives. Comprising Meera Syal, Debbie Isitt, Lolita
7
The Birmingham Repertory Theatre Limited Truste
Chakrabarti, Mohammed Ali, Tyrone Huggins, Lorna Laidlaw, Richard Thomas, Caroline Wilkes, Daniel Alexander, Paul Hunter, Told by an Idiot and Drew McConie Company, our new Associates will help guide the artistic vision for the theatre as it takes shape over the coming months and years, developing a step further the pluralistic and inclusive approach to artistic producing and programming.
-leading talent development programme, will re-start in 2022/23 with a new focus on developing artists to work in communities, following recent successful funding bids to Esmee Fairbairn and Ramps on the Moon. It will have a specific focus on developing Deaf and disabled artists. With previous Foundry artists having gone on to significant positions in the industry, including Associate Directorships, Foundry has built up an enviable track record of developing future leaders and artistic talent.
nt rebuilding activity the House refor its 50[th] Anniversary Season with a new production of EAST IS EAST, a triumphant return of a popular classic 25 years after it premiered in the Door. In a co-production with the National Theatre it was also subsequently streamed through NT Live. A new musical NEW PUSSYCAT Tom Jones, , bringing new audiences to The Rep. These productions marked a crucial step forward for The Rep in its mission to create artistically ambitious popular theatre, bringing diverse and entertaining artistic work the box office.
Culture Recovery Fund funding continued to play a crucial role with a Continuity Support round to . This funding was to protect reserves from the ongoing impact of the pandemic over a second festive period, further disrupted when the Omicron strain of the virus took hold.
The Rep continued its commitment to new and topical work by presenting GRENFELL: Value Engineering Scenes from the I s provided a challenging and thought-provoking experience through engagement with local communities including those directly affected by the cladding scandal highlighted by the inquiry. Other topical productions in d S THE WALLS BETWEEN US. The winter season also saw well-known names return, with the staging of JOE LYCETT & FRIENDS, and DAVID SUCHET.
The Christmas productions were affected COMING TO ENGLAND, w Birmingham audience. Guest stars included Tom Hiddleston who featured in the BBC filmed performance when the production toured to Theatre Royal Bath. Omicron did affect audience numbers. THE SNOWMAN returned to The Peacock for its annual Christmas run when sadly Omicron did affect performers leading to several show cancellations over the Christmas period. There was a short run
ANIMAL FARM, a co-production with Fiery Angel, saw another well-known title back on the stage in for the mastery of the puppetry.
8
The Birmingham Repertory Theatre Limited Truste
The last two months of the financial year saw increased visiting work to include the STUDIO and DOOR spaces, including RUSH A JOYOUS JAMACIAN JOURNEY (a returning HOUSE production), LIFE SUKHS, BLACK IS THE COLOUR MY VOICE, YOURS SINCERELY, PLEASE CONTINUE HAMLET and THE COVID VARIATIONS: A Piano Drama. The Barry Jackson Trust supported a tour of PARK BENCH PLAYS with new work being performed in a tour of local communities. Five of the PARK BENCH PLAYS were filmed for SKY ARTS.
funded by the Greater Birmingham & Solihull Local Enterprise Partnership (£2m), Birmingham City Council and a range of trusts and foundations and individual donors. A launch event was held to comedy writing partnership with Sky Studios, SKY COMEDY REP.
2021/22 began with Covid-19, but over the course of the year moved beyond Covid restrictions to provide old and new audiences with a dynamic range of productions incorporating well-known and new titles and talent. 2022/23 brings existing and new challenges with Covid still present and the cost-of-living crisis. The Commonwealth Games provides opportunities to capitalise on OPEN HOUSE and develop new diverse productions. Our mission to renew and revitalise The Rep will now take place in a cultural and civic landscape indelibly changed by Covid-19, which will bring with it new challenges but also new opportunities. Moreover, Arts Council England s new NPO funding round for the three years post 2023/26 Create with new ways of working. The Rep is well positioned to build on historic strengths and recent successes to ensure its ongoing recovery and revitalisation.
## **Going Concern**
The trustees are of the view that the immediate future of the theatre for the period to 31 March 2024 is secure, and that on this basis the charity is a going concern.
The directors have adopted a going concern basis in preparing these accounts after assessing the principal risks the charity faces, in particular relating to the continuing uncertainty related to Covid-19 and the cost-of-living crisis. A severe but plausible downside scenario has been modelled. That scenario envisages a full artistic programme for 2022/23 and 2023/24, and takes into account the ongoing support of Arts Council England through an NPO grant for 2023/24 to 2025/26, and grant income from Birmingham City Council house refurbishment project, provides significantly up-scaled facilities for the REP group to maximise both theatre and commercial activities during 2022/23 and thereafter.
The cost-of-living situation continues to evolve, making scenario planning difficult. However, the directors have considered the current trading trends -activity related funding streams, cost base and cash flows.
The General Fund of unrestricted reserves stood at a surplus of £1,064k as at 31 March 2022. The plausible downside modelling referred to above indicate that the charity should have sufficient resources to ensure it is a going concern through to 31 March 2024.
9
The Birmingham Repertory Theatre Limited Truste
## **Achievements and performance**
|Venue|No. of|No. of|Total|%age of|Total|%age of|
|---|---|---|---|---|---|---|
||Shows|Perfs|Attendance|Seat|Ticket Sales|Cash|
|||||Capacity||Capacity|
|THE HOUSE|15|162|63,468|51%|£1,391,629|33%|
|THE STUDIO/THE DOOR|4|12|1,385|58%|£12,031|35%|
|**TOTAL**|**19**|**174**|**64,853**|**51%**|**£1,403,660**|**33%**|
## **Plans for Future Periods**
The previous strategic plan for the four-year period 2018-22 was updated to reflect the extension to ding Create principles into our everyday theatre life.
The new business plan for 2021-2023 completed in -
## **Vision**
A world class theatre in Birmingham for everyone -
## **Mission**
To be a leading force in theatre, we create artistically ambitious theatre that proudly re-claims the
We make theatre for, with and by the people of Birmingham: nurturing talent, telling stories and imaginatively representing experiences.
We produce inclusive, exciting and exceptional theatrical experiences for all ages: on our stages, with our community, for our city and the wider world.
We are playful, popular and pioneering.
## **Values**
We embody DIVERSITY AND INCLUSION . Everyone is welcome. We strive for AMBITION & EXCELLENCE. We will be our very best. We are PIONEERING & DEVELOPMENTAL We show INTEGRITY & ACCOUNTABILITY in our decisions and behaviours. We thrive on PLAYFULNESS & INSPIRATION. We have fun and celebrate creativity.
As we move into 2022/23 we will consolidate steps taken in 2021/22 to rebuild and re-energise The REP. Commonwealth Games is a major opportunity for Birmingham and the theatre to make some bold statements artistically. We expect to be back operating at scale across all our spaces in this year and able to benefit commercially from the investment in our facilities: profits which will be re-invested in strengthening the organisation and the work we do. We have medium/longer term ambitions to
10
The Birmingham Repertory Theatre Limited Truste
begin developing plans for these in 2022/23.
itted our application to ACE for the next round of NPO funding for the years 202324, 2024-25 and 2025-26. This continues to build upon the 2021-23 plans with an increased emphasis Ambition & Quality, Dynamism, Environmental Responsibility; and Inclusivity & Relevance, which focus on the following outcomes Creative People, Cultural Communities, a Creative & Cultural Country. In welcome news that The Rep will continue as an NPO for the three-year period starting 1[st] April 2023.
## **Financial Review**
Financially, the charity and group overriding aim has been survival. Total incoming unrestricted funds of the group were £9,811k for the year with expenditure of £9,500k of costs related to unrestricted funds, giving rise to a surplus of £311k before gains on investments. There was a surplus on restricted funds of £2,168k (2021: surplus £306k). As shown in the statement of financial activities on page 19, as at 31 March 2022 this gives a net accumulated general fund balance of £1,064k, designated funds of £1,598k and restricted fund balances of £2,920k.
The principal funding sources of the charity in the year were:
- Department of Culture, Media and Sport Culture Recovery Fund of £1,150k (12% of unrestricted income (2021: 23%)
- Arts Council England primary funder, Covid-19 emergency fund of £nil (nil% of unrestricted income (2021: 9%)
- Arts Council England primary funder, core revenue grant of £1,868k (20% of unrestricted income (2021: 33%))
- HMRC Coronavirus Job Retention Scheme (CJRS) (including subsidiaries) £40k (nil% of unrestricted income (2021: 16%)
- Birmingham City Council primary funder, core revenue grant of £158k (2% of unrestricted income (2021: 3%))
- Income from performances in Birmingham, including co-production contributions £3,277k (33% of unrestricted income (2021: 2%))
- Income from touring and West End transfers - £529k (5% of unrestricted income (2021: nil%))
- Commercial Income from trading subsidiaries (excluding CJRS) - £1,598k (16% of unrestricted income (2021: 8%))
- Income from other sources - £1,191k (12% of unrestricted income (2021: 6%))
## **Pay policy for staff**
The directors consider that the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the group on a day-to-day basis. All directors give of their time freely and no director received remuneration in the year. Details
11
The Birmingham Repertory Theatre Limited Truste
s 7 and 23 to the accounts.
Periodic benchmarking exercises are carried out to ensure that staff salary rates are consistent with market rates for the sector. In addition, an annual pay review is implemented in April of each year although this was not performed in April 2020 nor April 2021 due to Covid-19. A review was performed in spring 2022.
## **Volunteers**
The charity is very involved in the community and relies on voluntary help to support all its activities. Covid-19 has reduced activities possible with our volunteers during 2020/21 but 2021/22 began to see this team reunited and this will continue into 2022/23.
## **Disabled employees**
The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
## **Risk Management and Analysis**
The directors and executives of the company have carried out a risk analysis identifying and quantifying the level of exposure to risks to which the company is subject. As part of this process a system was established for regularly reviewing and updating the risk analysis. Management policies and strategies have been implemented to mitigate those risks identified in the analysis and any potential impact on the company should any of the identified risks materialise.
The Board reviewed the risk register during the course of the year, identified those risks of greatest concern and agreed appropriate actions to minimise the likelihood of them damaging the business, through a risk management strategy which comprised:
- a regular review of the principal risks and uncertainties that the charity and its subsidiaries, Birmingham REP Enterprises Limited and Unique Venues Birmingham Limited, face.
- the establishment of policies, systems and controls to mitigate those risks identified in the annual review.
- the implementation of controls designed to minimise or manage any potential impact on the charity should those risks materialise.
The most significant risks currently facing the charity relate to the management and recovery from the Covid-19 situation, the cost-of-living crisis and related issues and the transformation of the -19 crisis. The charity has clear actions in place to address these and other key risks, including the re-positioning of the artistic policy under Artistic Director Sean Foley.
12
The Birmingham Repertory Theatre Limited Truste
## **Investment Policy**
The charity is committed to ensuring that the funds it has are used to their maximum ability to generate income and/or capital growth. The charity is also committed to ensuring that the risks associated with holding funds in institutions are mitigated, including spreading the risk. In order to meet this policy, funds available over the medium term are invested in high interest deposit accounts or bonds. Short-term funds are placed on the money markets or in interest bearing accounts. An Autosweep facility is in place to maximise return on daily funding requirements. Surplus funds available over the long-term are invested in a balanced portfolio managed by professional investment managers.
## **DISCLOSURE OF INFORMATION TO THE AUDITOR**
The directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. All of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
## **Auditor**
The annual audit is scheduled for a tender process and this will be put to the members at the Annual General Meeting.
## **Responsibilities**
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing those financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees/directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
13
The Birmingham Repertory Theatre Limited Truste
By order of the Board
Howard Panter
Chair
13 December 2022
14
The Birmingham Repertory Theatre Limited Trustee
## **Birmingham Repertory**
## **Theatre Limited**
## **Opinion**
We have audited the financial statements of The Birmingham Repertory Theatre and its subsidiaries for the year ended 31st March 2022 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Practice).
In our opinion, the financial statements:
- 31st March 2022
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent charity in accordance with the ethical requirements that are relevant to our 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**
f the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectivel when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
15
The Birmingham Repertory Theatre Limited Truste
## **Other information**
The other information comprises the information included in the Annual Report, other than the The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- able legal requirements.
## **Matters on which we are required to report by exception**
In light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the .
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or and returns; or
- are not made; or
- we have not received all the information and explanations we require for our audit.
16
The Birmingham Repertory Theatre Limited Truste
## **Responsibilities of Trustees**
out on page 14/15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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, an that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the 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. Based on our understanding of the group and the parent charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, The Charities Statement of Recommended Practice, employment regulation, fraud and non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, inappropriately shifting the timing and basis of revenue recognition, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to fund accounting, and significant one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
17
The Birmingham Repertory Theatre Limited Truste
- Discussing with the trustees and management their policies and procedures regarding compliance with laws and regulations;
- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
- Considering the risk of acts by the group and the parent charity which were contrary to applicable laws and regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to:
- Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;
- Gaining an understanding of the internal controls established to mitigate risks related to fraud;
- Discussing amongst the engagement team the risks of fraud; and
- Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the www.frc.org.uk/auditorsresponsibilities. This description
## **Use of the audit report**
This report is made solely to the charit of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charit other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charit members as a body for our audit work, for this report, or for the opinions we have formed.
David Hoose (Senior Statutory Auditor)
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
First Floor
Two Chamberlain Square
Birmingham B3 3AX
18
The Birmingham Repertory Theatre Limited Truste
## **Consolidated Statement of Financial Activities (incorporating the income and expenditure account) for the year ended 31 March 2022**
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Note 28 illustrates prior year figures for the various funds.
The notes on pages 22 to 40 form part of these accounts.
19
The Birmingham Repertory Theatre Limited Trustee
## **Consolidated and Company Balance Sheets as at 31 March 2022**
During the period the individual company generated a surplus of £2,505k (2021: £2,058k). The financial statements on pages 19 to 40 were approved by the board of directors/trustees and authorised for issue and are signed on its behalf by:
Howard Panter
Chair
Date: 13 December 2022
Registered Charity Number 223660 Company Registration Number 00295910
20
The Birmingham Repertory Theatre Ltd Trustee Report 2022
## **Consolidated Statement of Cash Flows for the year ended 31 March 2022**
21
The Birmingham Repertory Theatre Limited Trustee
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1 Accounting Policies**
## **Basis of Accounting**
These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
## **Preparation of the accounts on a going concern basis**
The trustees are of the view that the immediate future of the theatre for the period to 31 March 2024 is secure, and that on this basis the charity is a going concern.
The directors have adopted a going concern basis in preparing these accounts after assessing the principal risks the charity faces, in particular relating to the continuing uncertainty related to Covid-19 and the cost-of-living crisis. A severe but plausible downside scenario has been modelled. That scenario envisages a full artistic programme for 2022/23 and 2023/24, and takes into account the ongoing support of Arts Council England through an NPO grant for 2023/24 to 2025/26, and grant house refurbishment project, provides significantly up-scaled facilities for the REP group to maximise both theatre and commercial activities during 2022/23 and thereafter.
The cost-of-living situation continues to evolve, making scenario planning difficult. However, the directors have considered the current trading trends non-activity related funding streams, cost base and cash flows.
The General Fund of unrestricted reserves stood at a surplus of £1,064k as at 31 March 2022. The plausible downside modelling referred to above indicate that the charity should have sufficient resources to ensure it is a going concern through to 31 March 2024.
## **Public Benefit**
The Birmingham Repertory Theatre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Production Costs and Advance Bookings**
The direct cost of productions and advance bookings are transferred to the statement of financial activities when the performances to which they relate take place.
22
The Birmingham Repertory Theatre Limited Truste
## **Income**
Income represented by gross box office receipts and other income generated in furtherance of the objects are e and results are derived from the continuing operations during the current and the previous year.
## _Show Income_
Income from theatre admission fees and income from co-productions is included in income in the period in which the relevant show is complete.
## _Donations and Grants_
Income from donations and grants, including capital grants, is included in income when these are receivable, except as follows:
When donors/grantors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods.
When donors/grantors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in income until the preconditions for use have been met.
When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, the income is included in income of restricted funds when received but held in reserves until expenditure is incurred.
## _Interest Receivable_
Interest earned on cash balances is included when receivable by the charity.
## _Other Income_
Income from external hires and other sundry income is recognised on a receivable basis.
## **Group Financial Statements**
These financial statements consolidate the results of the charity and its wholly owned trading subsidiaries, Birmingham REP Enterprise Limited and Unique Venues Birmingham Limited, on a line by line basis. A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by the Companies Act 2006. The outgoing resources of the parent charity for the year were £8,802k (2021: £3,757k). The income of the parent charity for the year was £11,327k (2021: £5,695k). The surplus of the parent charity was £2,525k before gains and losses on investments (2021: £1,938k).
## **Expenditure**
For the purpose of the Statement of Financial Activities, expenditure which relate directly to the furtherance of charitable objects are categorised into costs of generating funds, charitable activities and governance costs.
Governance costs of the charity represent costs associated with management of the company. All expenditure is included on an accruals basis exclusive of the Value Added Tax which cannot be recovered and is recognised when there is a legal or constructive obligation to pay.
23
The Birmingham Repertory Theatre Limited Truste
## **Stock and work in progress**
Stock is stated at the lower of cost or net realisable value. Net realisable value is based on estimated selling price less the estimated cost of disposal. Work in progress represents plays commissioned but not yet made. If a play is not going to be made the cost of the commission is written off in the year that this decision is made. Work in progress is recognised for productions that have incurred costs but have not yet completed the entirety of the performances.
## **Investment**
Investments in group undertakings are stated at cost.
Other investment funds are stated at market value at the Balance Sheet date. The Statement of Financial Activities includes the net gain or loss during the financial year. A detailed analysis of the changes in investment values during the year is set out in Note 11.
## **Capital Grants**
Grants received specifically to enable capital projects to be undertaken are treated as restricted funds in accordance with the SORP. The relevant depreciation is charged against these funds annually.
## **Intangible Fixed Assets and Amortisation**
Intangible fixed assets are stated at cost less amortisation. Amortisation is provided on all intangible assets, calculated to write each asset down to its estimated residual value over its expected useful life, as follows:
Computer Software 3 years
## **Tangible Fixed Assets and Depreciation**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible assets, other than freehold land, at rates calculated to write each asset down to its estimated residual value over its expected useful life, as follows:
|Buildings|50 years|
|---|---|
|Computer Equipment|3 years|
|Infrastructure|10 years|
|Equipment|3 to 10 years|
|Theatre equipment|10 years|
|Motor Vehicles|3 years|
## **Cost of Productions Not Yet Opened**
The direct costs of productions are recorded when the costs are incurred however they are only recognised when the performances to which they relate finish. An adjustment is made for productions which span the year-end. The adjustment accounts for the income for the performances in the year in which they occur and apportions the costs in accordance with the income known at 31 March.
24
The Birmingham Repertory Theatre Limited Truste
## **Defined Contribution Pension Scheme**
The company paid pension contributions into individual pension schemes on behalf of certain employees. The assets of each scheme are held separately from those of the company in independently administered funds. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
## **Gifts in Kind**
Intangible income is treated as unrestricted funds and is included at the value to the company where this can be quantified and a third party is bearing the cost.
## **Taxation**
The company is a registered charity and as such its charitable activities are not liable to UK corporation tax.
## **Finance Leases**
Assets held under finance leases and the related lease obligations are included at the fair value of the leased assets at the inception of the lease. Depreciation on leased assets is calculated to write off this amount on a straight line basis over the shorter of the lease term and the useful life of the asset. Rentals payable are apportioned between the finance charge and a reduction of the outstanding obligation for future amounts payable so that the charge for each period is a constant percentage of the remaining balance of the capital sum outstanding.
## **Operating Leases**
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight-line basis over the lease term.
## **Exchange rate Gains and Losses**
Any gains or losses incurred in the exchange between Sterling and Euros are accounted for at the yearend.
## **Accumulated Funds**
The various accumulated funds represent the following:-
## _**Restricted Fund**_
These are funds that can only be used for particular purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Depreciation is charged against the relevant fund in respect of fixed assets acquired with restricted funds.
## _**Unrestricted Funds**_
## _General Funds:_
These are funds that can be used in accordance with the charitable objectives at the discretion of the Trustees/Directors.
## _Designated Funds:_
Designated funds are funds which have been designated by the Trustees/Directors for a specific purpose.
25
The Birmingham Repertory Theatre Limited Truste
## **Financial instruments**
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
For financial assets measured at amortised cost, an impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, an impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Activities when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Judgments in applying accounting policies and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas where these judgements and estimates have been made include:
## _Depreciation and residual values:_
The directors have reviewed the asset lives and associated residual values of all tangible fixed asset classes, and have concluded that asset lives and residual values are appropriate.
## _Theatre tax relief accrued income:_
The directors have reviewed the basis of calculation of show costs and related overheads included in the claim, and have concluded that basis of these calculations are appropriate.
26
The Birmingham Repertory Theatre Limited Truste
|**2**|**Donations and Legacies**|**Unrestricted**|**Unrestricted**||||
|---|---|---|---|---|---|---|
|||**General **|**Designated **|**Restricted**|**Total**|**Total**|
|||**2022**|**2022**|**2022**|**2022**|**2021**|
||**Analysis by Fund Type**|**£000**|**£000**|**£000**|**£000**|**£000**|
||Arts Council England|1,868|-|-|1,868|2,408|
||Birmingham City Council|158|-|-|158|158|
||DCMS Culture Recovery Fund|1,150|-|-|1,150|1,329|
||HMRC Coronavirus Job Retention Scheme|26|-|-|26|630|
||GBSLEP capital project|-|-|1,870|1,870|150|
||Foyles capital project|-|-|150|150|-|
||Garfield Weston capital project|-|-|150|150|-|
||Backstage Trust|-|-|60|60|-|
||Donations, small grants and sponsorship capital project|-|-|180|180|-|
||Performances|-|-|35|35|30|
||Projects|-|-|331|331|505|
||Memberships etc.|5|-|-|5|1|
||Sponsorshipand Donations|86|-|-|86|110|
||**Total**|**3,293**|**-**|**2,776**|**6,069**|**5,321**|
|||**Sponsorship**|||||
|||**and**|||||
||**Analysis by Income Type**|**Donations**|**Grants**|**Total**|**Total**||
|||**2022**|**2022**|**2022**|**2021**||
|||**£000**|**£000**|**£000**|**£000**||
||Arts Council England|-|1,868|1,868|2,408||
||Birmingham City Council|-|158|158|158||
||DCMS Culture Recovery Fund|-|1,150|1,150|1,329||
||HMRC Coronavirus Job Retention Scheme|-|26|26|630||
||GBSLEP capital project|-|1,870|1,870|150||
||Foyles capital project|-|150|150|-||
||Garfield Weston capital project|-|150|150|-||
||Backstage Trust|-|60|60|-||
||Donations, small grants and sponsorship capital project|-|180|180|-||
||Performances|-|35|35|30||
||Projects|-|331|331|505||
||Memberships etc.|5|-|5|1||
||Sponsorshipand Donations|86|-|86|110||
||**Total**|**91**|**5,978**|**6,069**|**5,321**||
|||**Unrestricted**|||||
|||**General **|**Designated **|**Restricted**|**Total**|**Total**|
||**Other trading activities**|**2022**|**2022**|**2022**|**2022**|**2021**|
|||**£000**|**£000**|**£000**|**£000**|**£000**|
||Birmingham REP Enterprises Ltd|198|-|-|198|225|
||Unique Venues Birmingham Ltd|1,400|-|-|1,400|499|
||**Total**|**1,598**|**-**|**-**|**1,598**|**724**|
27
The Birrningharn Repertory Theatre Lirnited
Trustees/Diiectors' Annual Report 2022
3 In¢ome from Invesknents
UnrÈstridÈd
General Designated Restrirted
2022
2022
Total
2022
Total
2021
Bank Interest ReiVed
Dividends Received
Total Investsnent Income
93
93
95
24
26
4 Inwme from charitsble artivities
Unrestricted
General Designated Restrlrted
Total
Total
Blrmingham Productlons
Touring Productions
Other Box Office
3,277
529
3,2
529
95
Learnin8and Participation
other
Total income from
charitable artivities
2(Y)
143
4825
Unrestrlrted Unrestrftted UnrÈstrfLted Restrf¢tÈd
tirect Costs Supportcosts Total Costs Total Costs
2022
2022
5 Expenditure
Total
2022
Totsl
C05tsof Charftable Actlvltles
Performance5
Proierts
Touringcosts
Capital projert
Production
Leaming Participatio
Research and Developmeni
Depreciatio
Governante
3.2
2,130
5,355
5,355
1,23S
L071
541
625
126
418
1,077
562
1.047
29)
281
178
116
397
397
105
105
62
167
167
Totsl Costs of CharitableActlvities
5.254
41YJ8
3,705
Expenditure on Raising Funds
Fundraisingexpenses
Tradingexpense5
97
1,305
L402
97
L305
97
52
675
Totsl
io,ic
4,432
28
The Birmingham Repertory Theatre Limited Truste
Production comprises the salaries, maintenance and overhead costs of the production department. Promotion comprises publicity/marketing costs and salaries and travel. Executive comprises Executive salaries and travel. Front of House comprises theatre management and box office salaries and box office IT costs. Occupancy comprises rent, rates, insurance, utilities, repairs, cleaning, security, telephone, stationery and postage. Support Services comprises finance, salaries and overheads, general IT costs, legal and professional costs and staff training and recruitment.
The following bases of allocation are used:
Production Direct production costs Promotion Box Office income Executive Unrestricted direct costs Front of House Box Office income Occupancy Unrestricted direct costs Support Services Unrestricted direct costs
## **Staff**
None of the company directors received any remuneration from the company during the year and no expenses (2021: Nil) were reimbursed to Board members for travel and subsistence. The company paid Directors and Officers liability insurance of £6,610 (2021: £2,160).
29
The Birmingham Repertory Theatre Limited Truste
|**8**
**Employees**
Actors and stage managers
Other staff
Actors and stage managers
Other staff
Staff costs for the above persons:
Gross Salaries
Employer's National Insurance
Pension Contributions
The average number of persons employed by the
company during the year was:
The average number of full time equivalents|**2022**
32
119
**151**
20
75
**95**
**£000**
2,392
206
52
**2,650**|**2021**
6
103|
|---|---|---|
|||**109**|
|||-
47|
|||**47**|
|||**£000**
2,120
167
52|
|||**2,339**|
The number of employees includes staff on casual contracts whose hours worked varies over the year. Birmingham Repertory Theatre Limited is a National Living Wage employer.
The number of employees whose emoluments (excluding pension contributions, employers social security costs but including benefits in kind) fell within the following bands:
|£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000|**2022**
-
2
-
-
-
**2**|**2021**
1
2
-
-
-|
|---|---|---|
|||**3**|
The employer pension contributions for the above was £5k.
The key management personnel of the charity comprise the Trustees, Executive Director, Artistic Director, Finance Director, Technical Director, Deputy Artistic Director, Associate Director, Director of Creative Learning, Director of People & Operations, Director of Audiences and Executive Producer. The total employee benefits of these were £483k including those joining part way through and leaving during the year (2021: £410k). Voluntary pay reductions taken by senior staff reduced pay for the period from April 2020 to December 2020.
An annual pay review is implemented in April of each year. The equivalent exercise for April 2021 was held over due to Covid 19 circumstances. An annual pay award of 3% was implemented for April 2022.
No employees were made redundant (2021: 28), receiving statutory redundancy payments of Nil (2021: £113k).
30
The Birrningharn Repertory Theatre Lirnited
Trustees/Diiectors' Annual Report 2022
Intangible Fixed Assets
Software
Total
Cost
At 1st April 2021
At 31 March 2022
230
230
230
230
Accumulated amortisation
At tst April 2021
At 31 March 2022
230
230
230
230
Net book value
At 31 March 2022
At IstApril 2021
TanElble Flxed Ass$
Assets
Theatre
under
Motor
Equipment &Jildin¥ construction Equipment Infrastrudure Computers Vehicle5
Group
Total
Co
At IstApril 2021
Additions
I,oii
695
2,247
744
8,315
621
16
23
11.624
2,278
11041
Tran5fer5
At 31 Marth 2022
222
Loii
4164
662
4315
13,79B
Accumulated depreclatlon
At IstApril 2021
Charge forthe year
ityj
8,132
49
610
io
16
10.244
186
74
At 31 March 2022
911
615
10.353
Nei bookvalue
Al 31 March 2022
At lstApril 2021
1021
586
159
3.445
1.3
259
183
li
31
The Birmingham Repertory Theatre Limited Truste
## _Subsidiary Undertakings_
The company holds 100 £1 ordinary shares at a historic cost of £100 in both Birmingham REP Enterprises Limited and Unique Venues Birmingham Limited. This represents the entire allocated share capital in these companies. Any profits from these companies are gifted annually to The Birmingham Repertory Theatre Limited. Both companies are incorporated in England and Wales. Investments in group undertakings are stated at cost.
Other Investment funds are stated at market value at the Balance Sheet date. The Statement of Financial Activities includes the net gain or loss during the financial year.
The investment portfolio is a charity-specific fund managed by Quilter Cheviot - the Quilter Cheviot Growth Fund for Charities.
32
The Birrningharn Repertory Theatre Lirnited
Trustees/Diiectors' Annual Report 2022
12 Stocks and work in progress
Group
2022
Companv
2022
2021
2021
Raw Materials
Work in progress
31
186
217
29
33
33
33
13 Debtors
Group
2022
Company
2022
2021
2021
Trade Debtors
Other Debtors
Amounts due from subsidiary underttkings
Cost of produrtions not yet opened
Prepayments and accrued income
721
133
619
102
82
53
1,080
157
87
157
I,C69
29
733
29
263
14 CredStors'. amounts falllng due wlthln one year
Gmup
2022
Company
2021
2021
Trade Creditors
Accruals
Deferred Income
other Creditor5
Other Taxation and Social Security
341
853
144
185
528
1,023
308
1,262
37
177
263
241
143
443
143
443
3,158
2.475
1,555
Deferred Income
Brought forward l April 2021
Deferred during the year
Released during the year
Carried fOard 31 March 2022
144
4.201
13,4591
15 Credltors.. amounts falllng due after more
than one year
Gmup
2022
Compony
2021
Deferred Income
128
128
128
33
The Birmingham Repertory Theatre Limited Truste
The Articles of Association prevent any dividends being paid on the share capital of the company. Furthermore the members are not entitled to any distribution on a dissolution or winding up of the company.
## **17 Designated Fund**
The Designated fund of £1,598k represents the balance of the net book value of unrestricted fixed assets at the year end and a risk reserve.
34
The Birmingham Repertory Theatre Limited Truste
## **Grants of a Capital Nature**
The capital appeal reserve of £32 funds to meet capital expenditure, less depreciation charges.
The OPEN HOUSE capital project is the front of house re-development completed in March 2022.
## **Grants of a Revenue Nature**
The grant awarded from the Sir Barry Jackson Trust represents a contribution towards the cost of the production of PARK BENCH PLAYS to be performed during 2021/22.
The REP has joined forces with a group of partners to deliver a ground-breaking project to promote positive mental health among young African Caribbean men. The three-year project, called Shifting the Dial, uses cultural activities to encourage young black men to discuss and explore mental health issues and build resilience through promoting wellbeing, improving self-esteem and encouraging personal development. Funded by the National Lottery Community Fund, Shifting the Dial brings together the skills and experience of The REP, community engagement organisation First Class Legacy, the charity Centre for Mental Health, and Birmingham and Solihull Mental Health NHS Foundation Trust.
Esmee Fairburn have committed to support a new Foundry new artists development project commencing in autumn 2022.
The REP received a Sustained grant from Arts Council England during the year. The project that this funding was intended for was subsequently withdrawn and the amount was returned to Arts Council England in 2021/22.
GBSLEP Pivot and Prosper fund committed £40k towards digital equipment project spend which was spent during the year.
British Council committed £30k toward funding of a Dance Into Space community project to take place in 2022/23.
35
The Birmingham Repertory Theatre Limited Truste
## **21 Ultimate Controlling Party**
The ultimate controlling party of the charity is the Sir Barry Jackson Trust, a charity registered with the Charities commission for England and Wales (Reg. No. 211619).
36
The Birmingham Repertory Theatre Limited Truste
## **22 Trading activities of Subsidiary Undertakings**
|**2022**|**2021**|
|---|---|
|**£000**|**£000**|
A summary of Birmingham REP Enterprises Limited trading results are shown below. Audited accounts are filed with the Registrar of Companies.
## **Profit and Loss Account**
|Turnover
Cost of sales
Gross loss
Other income
Administration
Operating (loss)
**Balance Sheet**
Retained profit brought forward
Retained loss for the year
Share Capital
**Shareholders Funds**
Fixed assets
Stock
Debtors
Cash at bank
Creditors
**Net (Liabilities)/Assets**|6,098
95
(6,099)
(205)|
|---|---|
||(1)
(110)
-
130
(74)
(43)|
||(75)
(23)|
||70
93
(75)
(23)
-
-|
||**(5)**
**70**|
||-
42
173
11
890
457
40
45|
||1,103
513
(1,108)
(485)|
||**(5)**
**70**|
37
The Birmingham Repertory Theatre Limited Trustee
## **22 cont Trading activities of Subsidiary Undertakings (cont)**
|**2022**|**2021**|
|---|---|
|**£000**|**£000**|
A summary of Unique Venues Birmingham Limited trading results are shown below. Audited accounts are filed with the Registrar of Companies.
## **Profit and Loss Account**
|Turnover
Cost of sales
Gross Profit/ (Loss)
Other income
Administration
Operating Surplus
**Balance Sheet**
Retained profit brought forward
Gift Aid
Retained profit for the year
Share Capital
**Shareholders Funds**
Fixed Assets
Stock
Debtors
Cash at bank
Creditors
**Net Assets**|1,386
358
(971)
(380)|
|---|---|
||415
(22)
14
141
(61)
(47)|
||368
72|
||127
105
(338)
(50)
368
72
-
-|
||**157**
**127**|
||9
5
5
5
195
43
594
476|
||794
524
(646)
(402)|
||**157**
**127**|
38
The Birmingham Repertory Theatre Limited Truste
## **23 Related Party Transactions**
Councillor Jayne Francis is a member of Birmingham City Council. The company receives a grant from Birmingham City Council as shown in note 2 and pays Birmingham City Council rent and uniform business rates and has other transactions including recharges between the two entities for services and utilities within the building it shares with the Library of Birmingham.
Advantage has been taken of the FRS 102 exemption from disclosure of inter group transactions.
The lease between Birmingham City Council and the charity for the building was signed in 2013. This lease sees the charity pay £55k per annum. It expires in 2112, being subject to rent review every ten years.
## **25 Capital Commitments**
At 31 March 2022 a commitment of Nil (2021: Nil) had been made in respect of capital expenditure.
## **26 Contingent Liabilities**
The Arts Council England holds, in perpetuity, a floating charge of £5,500k (2021: £5,500k) over the assets of the theatre.
## **27 Post Balance Sheet Events**
On 4 November 2022 it was announced that The Rep would continue to be one of Arts Council s and continue to receive funding for the three years from 2023-24 to 2025-26.
39
The Birrningharn Repertory Theatre Lirnited
Trustees/Diiectors' Annual Report 2022
Stalementof Financial ActIliesOryearended 31 March 2021
Unrestricted
General
riesignated Restrftted
Funds
Fund5
Funds
Funds
Notes
2021
2021
2021
Intome
Incomefrom generutedlunds
Donations and legacies
Othertradingattivities
Income from Investments
Incomefrom thorittsble (letivities
Total income
4.636
724
150
535
5.321
724
26
26
293
5.679
293
&364
Expenditure
Raising funds
Expenditure on (haritable attivities
Total expenditure
727
727
3.337
139
229
229
3,705
60in50ninvestmentQSsets
Unreali5ed
120
120
Neiexpendiiure
¥735
li
052
Transfers betweenfunds
13261
326
Net movement infunds
337
1052
fundbaIaFJsbroughtI0TwGdut IApffi12020
14351
1,282
224
1,071
Furtdbolun¢estorriedfonvordot31 Mtrrth2021
974
L619
4123
40