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2023-03-31-accounts

louis– 30 September 2015

Registered company number 00756007 Registered charity number 228235

Bristol Old Vic and Theatre Royal Trust Limited

Trustees Report and Consolidated Financial Statements

Year ended 31 March 2023

Bristol Old Vic & Theatre Royal Trust Limited

Contents Page
Reference and Administrative Details 3
Strategic Report 4
Trustees Report 11
Statement of Trustees Responsibilities 13
Independent Auditors’ Report 14
Consolidated Statement of Financial Activities for the year ended 31 March 2023 17
Consolidated Balance Sheet as at 31 March 2023 19
Consolidated Cash Flow statement for the year ended 31 March 2023 20
Notes to the Financial Statements 21

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Bristol Old Vic & Theatre Royal Trust Limited

Reference and Administrative Details

Charity number: 228235 Company number: 756007 Registered Office: Narrow Quay House Narrow Quay Bristol BS1 4QA Principal Office: Bristol Old Vic King Street Bristol BS1 4ED Auditors: Godfrey Wilson Ltd 5[th] Floor, Mariner House 62 Prince Street Bristol BS1 4QD Bankers : National Westminster Bank plc Bristol BS99 7PZ Solicitors : Veale Wasbrough Vizards Narrow Quay House, Narrow Quay Bristol BS1 4QA

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Bristol Old Vic & Theatre Royal Trust Limited

Strategic Report

Objectives and Activities

Principal Activity

Vision

Mission

Values

Core Business

Bristol Old Vic’s core creative business is unchanged:

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Bristol Old Vic & Theatre Royal Trust Limited

Achievements and Performance

The financial year 22/23 continued to be challenging with rising costs in three areas: energy, materials and staff wages. The positive news is that audiences have started to return for all types of production, and whilst there were relatively prudent box office targets in place, for the most part these have been exceeded across the financial year. Family audiences continued to book late, which we assume is being driven by the cost-of-living crisis, but advance sales have improved, and we are tracking against 19/20 in terms of advance bookings.

Bristol Old Vic Productions and Visiting Companies

The 22/23 programme opened with a production of The Meaning of Zong, written by Giles Terera and co-directed by Giles Terera & Tom Morris. This production was due to take place in September 2021 but due to ongoing challenges with Covid 19, we postponed the production until April 22. The production received 4 & 5 * reviews and there was strong interest in the production having a future life. Playing on top of The Meaning of Zong was Zog and the Flying Doctors. It was a challenging show to put on top of The Meaning of Zong and the production team worked hard to enable this to happen. Zog exceeded its box office forecast.

May 22 saw the return of A Monster Calls, a Jonathan Church and Old Vic production in association with Bristol Old Vic. This was the third visit of this production and unfortunately the box office did not hit its target. The production was also blighted by Covid 19 and saw performances cancelled over the Easter weekend.

Mayfest returned for the first time since the pandemic, with a brilliant series of shows including Birthmarked, As British As A Watermelon and Cloud Spotting. Mayfest put in place a pay-what-you-choose model and were very pleased with how the productions performed in terms of box office.

Little Wimmin & Rush took place for short runs in the theatre in June and performed as expected at the box office.

Outlier returned for its second outing in the theatre. Unfortunately, it did not hit its box office target, but it was acknowledged that the timing of the slot in early September is a difficult one to sell. At the end of September Dead Body in Taos came in for a short run of two performances. The structure of the deal enabled us to take very little risk on the show.

Hamlet opened in October. With a star cast of Billy Howle, Niamh Cusack and Finbar Lynch the show opened at 70% of its box office target. It was incredibly popular with school groups and our loyal audience and exceeded its target by a gross figure of £25k, which helped close some of the gap on the forecasted loss of the production.

Nutcracker, written by Tom Morris, directed by Lee Lyford with lyrics by Gwyneth Herbert opened at the end of November and played until the first week in January. We benefitted from a strong Christmas title and again opened at 65% of the box office target. Strong 4 & 5 * reviews enabled steady sales and it exceeded its target by a gross figure of £44k. This again helped to close some of the gap on the forecasted loss of the production.

Complicites first show since 2015, Drive Your Plow Over the Bones of the Dead, directed by Simon McBurney with a superb ensemble cast including Kathryn Hunter opened in January after a period of re-rehearsal at BOV. BOV was a co-producer in the production and sales exceeded its target by a gross figure of £98k.

February brought the family show Mog by the Wardrobe Ensemble and You Bury Me by Paines Plough. Sales started off slow for Mog but at the last-minute families booked and it hit its target. Unfortunately, You Bury Me did not.

We did our first co-production with Extraordinary Bodies in March, titled Waldo’s Circus of Magic & Terror. This was an incredible production which intertwined circus, theatre and music. Reviews again were 4 & 5* and whilst it fell short of its box office the learning on this production was invaluable for both companies.

The studio continued to perform well over the year with a range of high-quality productions for a younger demographic. Highlights of the year were Belle and Sebastian at Christmas from Travelling Light, What Remains of Us and the delayed production of Red Lion, our first produced show in the studio featuring Joe Simms.

Throughout the year production costs were tightly controlled and box office income did better than forecast, although prudent targets had been put in place. The standard of production remains outstanding across both spaces.

Bristol Old Vic Digital & Film Developments

Bristol Old Vic Film Limited is a subsidiary of Bristol Old Vic Theatre Royal Trust Ltd and was incorporated in 2021/22. Its purpose is to make digital recordings of plays that Bristol Old Vic are either the producer or co-producer of, with the purpose of live streaming the productions and then selling to UK and International broadcasters and SVOD platforms. Alongside this, we work with distributors to enable theatrical releases of these productions. The purpose of this is to ensure greater access to the work, to build the Bristol Old Vic brand and to support the output of UK products to an international market.

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Bristol Old Vic & Theatre Royal Trust Limited

In 22/23 we filmed Hamlet (BOV) and Drive Your Plow Over the Bones of the Dead (co-production with Complicite & BOV). Hamlet was sold to BBC and had a theatrical release in 250 cinemas across the country. Drive Your Plow was financially supported by the University of Bristol My World partnership. We sold two films to Sky for broadcast on Sky Arts which accounted for over 50% of the income in the year. Ongoing returns are received from overseas licensing.

Bristol Old Vic Engagement and Bristol Ferment

Through the transformative power of theatre Bristol Old Vic Engagement offers creative opportunities to people of all ages from a wide range of localities and communities in the city. Throughout the year we have worked in targeted areas of Bristol with specific communities and partners to ensure that everyone has the opportunity to experience and be inspired by theatre; this includes those who would not otherwise encounter or afford it. We have welcomed people from all backgrounds into the building to experience theatre productions, take part in workshops, discover the history or just to enjoy the space.

Alongside this Engagement we are committed to supporting the emerging talent of Bristol and continue to strive to find innovative projects and partnerships in which young people can develop and flourish. We believe that creative cultural opportunities should be embedded at the heart of every young person’s learning experience and that participatory arts can offer meaningful support to young people on their life’s journey. Through participation in theatre, individual’s confidence can grow, aspirations can be raised, communication skills and self–expression develop, team skills broaden, and creative and reflective thought develop.

There are various pathways to access what we do, from our Young SixSix project aimed at young people with experience of disadvantage; our Made in Bristol training programme for those who have recently graduated from Young Company and other performing arts programmes; and our adult programme, open to everyone of all ages and backgrounds.

During the year, we received £39,500 in grant income to cover a variety of projects including Young Company, Young SixSix, Oi Polloi and Made in Bristol.

The Ferment programme was reshaped to support artists across a variety of different access points, targeting it’s work within 3 key strands of support & collaboration Development, Commissioning and Co-Producing, Targeted Projects and The Forum. The majority of the budget was used in commissioning new projects, with funding coming from John Ellerman Foundation and Foyle Foundation to support this.

Commercial

During the year Ryan Garvey joined the team as our Food and Beverage Manager and we have seen a transformation of the food and beverage offering at Bristol Old Vic, with a huge success in the growth of income and in turn profit. This has been enabled by a wide range of products across the bar, a more motivated bar team who are target driven and a commercial approach to where the opportunities may be to drive income. A destination crowd supports sales at the weekend on top of the theatre going crowd.

Throughout 22/23 we developed the commercial events hire part of the business to great success, achieving a profit of £39k. As we move into 23/24 there will be further development on pricing models and the offer to continue the income potential in this area.

The workshop delivered a number of projects including set creation, signage and storage as well as creating the sets for the major BOV productions in the year, plus a number of external commercial set builds. We developed a new pricing model to enable us to maximize on income and profit within this year and for future years.

Fundraising

Bristol Old Vic is committed to ensuring that its fundraising activities are conducted with integrity, openness, respect and accountability. Bristol Old Vic is registered with the Fundraising Regulator, to which the voluntary levy is paid; Fundraising activity is conducted in compliance with that body’s regulations. Bristol Old Vic is not a corporate member of the Institute of Fundraising (IoF), the professional membership body for UK fundraising which provides guidelines on best practice in the charity sector, however members of the Development team are individually registered with the IoF and Fundraising activity adheres to the Code of Fundraising Practice which sets the legal requirements, policies and systems which apply to UK fundraising activity. We are also fully compliant with GDPR and PECA legislation.

All our fundraising activity is delivered in house, and we ensure our fundraising staff are trained in our fundraising policies and procedures, supported with controls to ensure compliance.

The Revenue Fundraising Strategy has been approved by the Board and included within the Business Plan, which is part of the 22/23 ACE NPO requirements.

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Bristol Old Vic & Theatre Royal Trust Limited

During the year we applied for continued support from ACE to enable BOV to remain as an NPO. We were successful with our application and will receive £1.25m p.a. from April 23 – March 26.

The current Bristol Old Vic Ethical Fundraising Policy was approved by the Board in May 2017 and continues to be reviewed annually. Care is taken to ensure donations are not accepted from questionable or inappropriate sources, and that the trust of our current and prospective supporters is not violated.

Bristol Old Vic has an organisation-wide Confidentiality Code of Conduct which guides our approach to protecting personal information and informing individuals how their personal information will be used, reinforced by our Privacy Policy which is available on the website.

Bristol Old Vic is committed to promptly dealing with all complaints constructively. The Ethical Fundraising Policy addresses complaints relating specifically to fundraising methods and activities. In 2022/23 and in the subsequent year to date there have not been any complaints relating to fundraising activity.

Voluntary income to support core revenue and specific projects is achieved through a mix of individual giving, corporate memberships and applications to Trusts and Foundations. Support from individuals is primarily garnered through our new membership offer and Circle initiatives, as well as our Champions programme for high level donors.

Heritage

The organisation was successful in receiving a second grant from the Heritage Lottery Fund, to support a new project called ‘Unscripted’. Unscripted will explore Bristol Old Vic’s heritage with community partners across the city, to develop community cohesion and encourage discussion of shared local heritage. Using digitised assets from archives at the Theatre Collection and Bristol Archives to make local heritage more accessible, stimulating conversations around belonging, identity and Bristol’s history, and celebrating historic connections between our building and the people of Bristol. Collaborating with a wide range of community partners the project aims to improve wellbeing, reduce isolation, and encourage positive collaboration between participants to build genuine relationships between Bristol Old Vic and the people of our city.

Staff Welfare

Bristol Old Vic has a comprehensive set of staff policies and procedures, which have been updated during 22/23 to include a new staff handbook and employment manual. The new handbook and manual have been shared with all staff.

Specific staff policies dealing with staff welfare are as follows:

Safeguarding Policy and Procedure

Introduced to all new staff during induction to the company, and which forms part of the employment contract. Staff are aware of any updates to this policy and those directly affected are asked to sign an acknowledgement form to indicate they have read and understood the policy and procedures.

During the last 12 months there were no internal incidents logged or requiring further escalation.

Dignity at Work

A comprehensive Dignity at Work Policy and Procedure, regularly updated in line with legislation, introduced to all new staff during the induction period, and which forms part of the employment contract.

Code of Conduct

A comprehensive Code of Conduct policy has been introduced as part of the employment manual, which is introduced to all new staff during the induction period, and which forms part of the employment contract.

Respect Charter

A statement detailing the required standards of behavior from staff and visiting companies, introduced to all staff during their induction, and to all acting companies and creative teams in advance of their contracts starting. This document needs to be signed and returned to HR in acknowledgement of its understanding. The Board is involved in staff welfare via two procedures;

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Bristol Old Vic & Theatre Royal Trust Limited

Any Safeguarding or Dignity at Work issue of a serious nature – i.e., it has been escalated to a formal Disciplinary Procedure (bullying or harassment) or to an external agency (in the case of a Safeguarding incident) will automatically be immediately reported to the Board.

Financial Review

The Trust benefitted from returning confidence in its Trading operations which enabled it to generate solid returns in the hospitality and workshop channels. The pressures on food and beverage costs together with staffing challenges meant that the catering option was not fully optimised during the year, and this has more potential for the coming year. We continue to focus on cost recovery in the workshop to ensure that the operations are sustainable all year round and we are pleased with the growth of third-party CNC activity which has seen us produce everything from sets to signs to kitchens. We also increased the turnover within the Events business which also holds significant future financial potential. The Trading company delivered a profit of £0.14m which we expect to grow further in 23/24.

The Film company capitalised on a number of products created in 21/22 and generated further income from in year production and sales. Due to the cinema release we were able to claim Film Tax Relief on Hamlet. Profits from Film were £0.1m in the year, of which £47k was distributed to the parent company after losses brought forward.

Within the Trust and Production companies we hold the costs for delivering shows; both BOV and visiting, as well as the costs of managing the Theatre as a performance space, and also a heritage building.

The most impactful cost changes in the year were staff and energy costs. Due to increases in the national living wage and limited increases to counter some of the cost of living increases the cost for staffing rose by 9% (£0.18m). Energy costs which rose by 204% during the year and given the nature of the activity there is little option to flex the energy usage. The increase in energy costs added c. £0.2m to overheads.

The movement on Reserves is a reduction of £1.56m for the year;

The results for the year mean that there will be no transfers between funds for the financial year.

Investment powers and policy

Under its Memorandum and Articles of Association the charity has wide powers of investment. The trustees, having regard to the liquidity requirements of operating the theatre and to the reserves policy, have operated a policy of keeping available funds in an interest-bearing deposit account and seek to maximise the rate of deposit interest, particularly in light of the COVID-19 pandemic.

Reserves policy and risk management

At the end of the year the group had reserves of £15m (2022: £16.5m) of which £13.25m (2022: £14.5m) was held in Restricted Funds.

The trustees have a policy of continually reviewing the reserves position, to ensure that the charity holds sufficient financial reserves to meet expenses as they fall due.

For 2022/23 a target level of £482k (2022: £614k) of free reserves, including a provision against capital project risk. This amount was based on the planned level of activity and individual activity associated risk factors for the year. At the end of the year actual free reserves, net of the amount invested in fixed assets and excluding the designated reserves, amounted to £398k (2022: £605k).

The budget for the 2023/24 year reflects increased staff and energy costs and it is anticipated that free reserves will decrease by £240k by the end of 2023/24. The Board has reviewed the current reserves policy and agreed that designated reserves will be transferred back to free reserves as necessary over the coming years.

In accordance with the Statement of Recommended Practice (SORP 2019), the trustees have completed a review of the major risks to which the charity is exposed. A document setting out the risks, impact and resolutions (where appropriate) has been prepared and is reviewed on a regular basis. The trustees consider it appropriate to adopt the Going Concern basis and have identified the following risks.

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Bristol Old Vic & Theatre Royal Trust Limited

Principal risks and uncertainties

Risk/uncertainty – Residual impact of COVID-19, and cost of living crisis due to rising costs with possible long-term reduction in consumer confidence and change in audience behaviour.

Mitigation

Risk/uncertainty – Continuation of support from key funders and obtaining replacement funding where individual sources reach their conclusion.

Mitigation

Risk/uncertainty – Ongoing Cost Inflation including energy, materials and staff wages.

Mitigation

Public benefit

Whilst setting objectives and strategies for the year the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. The summary of objectives and activities during the year give an account of how the charity delivers public benefit.

Although the theatre and the charity’s wider activities are open to all, the charity’s mission as set out on page 4 focuses on the people of Bristol and the surrounding region, being the environs where the theatre and most of the attending public reside.

The theatre relies on grants, donations and box office receipts to cover its operating costs and to maintain or enhance the theatre’s facilities and general condition. In setting the level of ticket prices, charges and concessions the trustees have been mindful of providing access to the theatre for those on low incomes.

Other than as recorded in note 13 in the financial statements, and as disclosed in the section on related party transactions on page 12, none of the trustees received any remuneration or benefit in their capacity as trustees.

Plans for Future Periods

Nancy Medina joined the organisation as Artistic Director in August in a part-time capacity and from March 23 in a fulltime capacity. It will take time during 23/24 to see the impact of the change of Artistic Director and the direction of travel for the theatre as a whole.

The programme for 23/24 delivers on the theatre’s mission to provide a diverse and engaging offer to local audiences.

We continue to develop the digital and film arm of the business and hope to be able to capitalise on the rights of several productions and sell some of these productions to UK broadcasters and internationally.

Due to the nature of the rising costs, we continue to look at opportunities across the business including the commercial offer in order to support artistic activity this includes;

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Bristol Old Vic & Theatre Royal Trust Limited

We continue to develop and support our staff and engage positively with the freelance community following a devastating period and look forward to a mutually positive year.

By order of the board

Bernard Donoghue

Bernard Donoghue Chair

Narrow Quay House Narrow Quay BS1 4QA 20 September 2023

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Bristol Old Vic & Theatre Royal Trust Limited

Trustees Report

Structure, Governance and Management

The Directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year end were as follows:

Appointed Resigned Committees/Working Groups
Bernard Donoghue - Chair 21.07.21 F&GP, R&A
Sado Jirde - Vice Chair 21.07.21
Michael Lea 25.07.12 12.07.22 F&GP, R&A, BOV Prod, BOV Film, HR
Oliver Rawlins 26.03.15 15.03.23 R&A
Claire Hiscott 30.11.16
Chinonyerem Odimba 26.07.17
Matthew Tanner MBE 30.05.18 F&GP
David Sproxton CBE 31.07.19 BOV Trading
Klaus Goeldenbot 25.09.19 BOV Trading
Cllr Craig Cheney 25.09.19
Katherine Anthony Wilkinson 25.09.19 F&GP, BOV Prod, BOV Film
Suneeta Sellers 27.11.19
Folake Adekola 12.07.22 F&GP
Joseph Sims 12.07.22
Sophie Brendel 15.03.23

The Board of Trustees delegates some of the powers and functions to standing Committees, each of which covers specific aspects of the Trusts work.

Abbreviation Committee Name Meetings p.a.
F&GP Finance & General Purpose Committee 4
R&A Remuneration & Appointments 2
BOV Prod Bristol Old Vic Productions Limited - subsidiary 2
BOV Film Bristol Old Vic Film Limited - subsidiary 2
BOV Trading Bristol Old Vic Trading Limited - subsidiary 4

Governing Document

The Bristol Old Vic and Theatre Royal Trust Limited was previously known as Bristol Old Vic Trust Limited and the change of name took effect on 6 April 2011. It is a company limited by guarantee governed by its Memorandum and Articles of Association dated 21 June 2010. It is registered as a charity with the Charity Commission.

Appointment of Trustees

The Chair and Vice-chair are responsible for succession planning and the identification of prospective new trustees. The Appointments and Remunerations Committee identifies potential gaps in skill sets and experience on the Board and then seeks to discover potential candidates with the necessary attributes through a mixture of formal and informal means. Careful management of the match between the skills/experience of candidates and those needed by the charity reduces the training requirement for new trustees. All potential trustees are then interviewed by the Chair and/or Vicechair may attend a Board meeting as an observer before their appointment is considered by the Board. New Board members are inducted through meetings with senior staff, a comprehensive information pack and visits to various parts of the organisation. Board development takes place through annual and other Board Away Days.

Organisation

The Board of Trustees administers the charity. The board meets quarterly and there are committees covering buildings, finance, trustee appointments and remuneration, which meet when required. The Chief Executive Officer has been appointed to manage the day-to-day operation of the charity. To facilitate effective operations, the Chief Executive Officer has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity.

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Bristol Old Vic & Theatre Royal Trust Limited

The Board has also delegated responsibility for implementation of the charity’s strategy to the Senior Management Team. The Senior Management Team at 31 March 2023 comprised:

Nancy Medina Joint CEO / Artistic Director Charlotte Geeves Joint CEO / Executive Director Dylan Tozer Marketing Director David Harraway Production and Operations Director Louisa McCann Finance Director Lucy Hunt Engagement Director Rebecca Ogundipe Commercial Events Manager Simon Jenkins Development Director

The trustees consider the Board and the Senior Management Team as comprising the Key Management Personnel of the Charity. All trustees give of their time freely and other than as disclosed in note 13 they are not remunerated. Key Management Personnel pay policy is set by the Appointments and Remuneration Committee, which determines the level of remuneration for each post taking account of job size and content, local and national remuneration levels for comparable positions and the skill set and effective performance of the job holder.

Related parties

The Arts Council of England and Bristol City Council provide essential core funding in support of the artistic programme and other activities. There are Funding Agreements with both organisations which detail the respective responsibilities of both parties, and both organisations have representatives who receive regular information and can attend board meetings as observers.

The charity’s wholly owned subsidiary, Bristol Old Vic (Trading) Limited, was established to operate the commercial bar, catering and conferencing facilities and it has a licence from the charity to operate those facilities and gift aids its surplus profits to the charity (see note 19 to the accounts).

The wholly owned subsidiary company, Bristol Old Vic Production Company Limited, was established to act as producer for Bristol Old Vic productions that are eligible to claim Theatre Production Tax Relief.

The wholly owned subsidiary company, Bristol Old Vic Film Limited, was established to act as producer of filmed productions.

During the year Bristol Old Vic & Theatre Royal Trust Limited and its subsidiaries transacted with the following organisations with whom it shares mutual Trustees as follows :

Matthew Tanner

Destination Bristol

Purchases of £264.96

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Bristol Old Vic & Theatre Royal Trust Limited

Statement of Trustees Responsibilities

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the trustees are required to:

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

In so far as the trustees are aware:

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Pursuant to a members’ resolution, the company is not obliged to reappoint its auditors annually and Godfrey Wilson Ltd will therefore continue in office.

Certain information is included in the Strategic Report such as the Principal Activities, Review of Business and Future Developments.

By order of the board

Bernard Donoghue

Bernard Donoghue Chair

Narrow Quay House Narrow Quay BS1 4QA 20 September 2023

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Independent Auditors’ Report

Opinion

We have audited the financial statements of Bristol Old Vic and Theatre Royal Trust Limited (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the group and parent charity financial statements and our auditor’s report thereon. Our opinion on the group and parent charity 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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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 their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report including the strategic 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:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Godfrey

Date: 21 September 2023

Alison Godfrey FCA (Senior Statutory Auditor) For and on behalf of:

GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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Bristol Old Vic & Theatre Royal Trust Limited

Consolidated Statement of Financial Activities for the year ended 31 March 2023

Note
Income
Donations and legacies
5
Charitable activities
6
Commercial trading operations
7
Investment income
8
Total income
Expenditure on:
Raising voluntary income
9
Commercial trading operations
7
Charitable activities
10
Total expenditure
Net income/(expenditure) before transfers
Gross transfers between funds
26 to 29
Net movement in funds
Reconciliation of funds
Total funds brought forward
26 to 29
Total funds carried forward
26 to 29		 Unrestricted
funds
£
1,602,698
2,399,451
1,445,769
170
5,448,088
(795,798)
(1,348,526)
(3,607,421)
(5,751,745)
(303,657)
0
(303,657)
1,752,388
1,448,731		 Restricted
funds
£
350,130
0
0
0
350,130
0
0
(1,606,013)
(1,606,013)
(1,255,883)
0
(1,255,883)
14,502,508
13,246,625		 Endowment
£
0
0
0
0
0
0
0
(400)
(400)
(400)
0
(400)
291,500
291,100		 Total 2023
£
1,952,828
2,399,451
1,445,769
170
5,798,218
(795,798)
(1,348,526)
(5,213,834)
(7,358,158)
(1,559,940)
0
(1,559,940)
16,546,396
14,986,456

The notes on pages 21 to 31 form part of these financial statements.

Income and resulting net movement in funds in each year arise from continuing activities. The company has no other recognised gains or losses for the current or previous year. There is no difference between the net income as disclosed in the statement of financial activities and the results stated on an unmodified historical cost basis.

As permitted by section 408 of the Companies Act 2006, the holding company’s income and expenditure account has not been included in these financial statements. The result for the financial year is as follows:

Holding company’s (deficit) / surplus 2023
£
(1,620,924)		 2022
£
(1,291,005)

17

Bristol Old Vic & Theatre Royal Trust Limited

Consolidated Statement of Financial Activities for the year ended 31 March 2022

Note
Income
Donations and legacies
5
Charitable activities
6
Commercial trading operations
7
Investment income
8
Total income
Expenditure on:
Raising voluntary income
9
Commercial trading operations
7
Charitable activities
10
Total expenditure
Net income/(expenditure) before transfers
Gross transfers between funds
26 to 29
Net movement in funds
Reconciliation of funds
Total funds brought forward
26 to 29
Total funds carried forward
26 to 29		 Unrestricted
funds
£
2,304,632
2,162,310
884,227
2,486
5,353,655
(625,685)
(776,095)
(4,004,333)
(5,406,113)
(52,458)
0
(52,458)
1,804,846
1,752,388		 Restricted
funds
£
219,670
0
0
0
219,670
0
0
(1,395,140)
(1,395,140)
(1,175,470)
0
(1,175,470)
15,677,978
14,502,508		 Heritage
fund
£
0
0
0
0
0
0
0
(400)
(400)
(400)
0
(400)
291,900
291,500		 Total 2022
Restated
£
2,524,302
2,162,310
884,227
2,486
5,573,325
(625,685)
(776,095)
(5,399,873)
(6,801,653)
(1,228,328)
0
(1,228,328)
17,774,724
16,546,396

The comparative results for 2022 have been restated to reflect the updated overhead allocation methodology which will be used going forward and to reclassify the marketing, production costs and front of house costs.

There is no impact on the overall expenditure or loss for the year based on the reallocation of costs between raising voluntary income and charitable activities. There is also no impact on donation and grant amounts received as the allocation of overhead is memorandum only and no actual deduction is made in using this income to fund activities.

18

Bristol Old Vic & Theatre Royal Trust Limited

Consolidated Balance Sheet as at 31 March 2023

Note
Fixed assets
Tangible Assets
18
Investments
19
Current assets
Investment
19
Stocks
20
Debtors
21
Cash at bank and in hand
22
Creditors: amounts falling due within one year
23
Net current assets
Net assets
Reserves
Restricted
26
Endowment
27
Unrestricted:
Designated
28
General Reserve
28
Total Funds		 Group
2023
2022
£
£
13,459,225
14,659,047
0
0
13,459,225
14,659,047
0
0
41,582
19,205
1,143,309
454,367
1,511,852
2,398,597
2,696,743
2,872,169
(1,169,512)
(984,820)
1,527,231
1,887,349
14,986,456
16,546,396
13,246,625
14,502,508
291,100
291,500
955,551
1,044,938
493,180
707,450
1,448,731
1,752,388
14,986,456
16,546,396		 Company
2023
2022
£
£
13,420,772
14,659,047
3
3
13,420,775
14,659,050
47,555
51,980
0
0
1,301,946
665,105
1,253,735
2,254,606
2,603,236
2,971,691
(1,037,555)
(1,023,361)
1,565,681
1,948,330
14,986,456
16,607,380
13,246,625
14,502,508
291,100
291,500
955,551
1,044,938
493,180
768,434
1,448,731
1,813,372
14,986,456
16,607,380		 Company
2023
2022
£
£
13,420,772
14,659,047
3
3
13,420,775
14,659,050
47,555
51,980
0
0
1,301,946
665,105
1,253,735
2,254,606
2,603,236
2,971,691
(1,037,555)
(1,023,361)
1,565,681
1,948,330
14,986,456
16,607,380
13,246,625
14,502,508
291,100
291,500
955,551
1,044,938
493,180
768,434
1,448,731
1,813,372
14,986,456
16,607,380
14,659,050
51,980
0
665,105
2,254,606
2,971,691
(1,023,361)
1,948,330
16,607,380
14,502,508
291,500
1,044,938
768,434
1,813,372
16,607,380

These financial statements were approved and authorised for issue by the board on 20 September 2023 and were signed on its behalf by:

Bernard Donoghue

Bernard Donoghue Chair

19

Bristol Old Vic & Theatre Royal Trust Limited

Consolidated Cash Flow statement for the year ended 31 March 2023

Reconciliation of net income to net cash inflow from operating activity

Net loss
Depreciation
Interest received
Loss on disposal of fixed assets
(Increase) Decrease in stock
(Increase) Decrease in debtors
(Decrease) Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities
Interest received
Interest paid
Sale of property, plant and equipment
Purchase of property, plant and equipment
Net cash used by investing activities
Net increase in cash and cash equivalents
Opening Cash and cash equivalents
Closing Cash and cash equivalents
Analysis of changes in net debt:
Cash		 Note
18
8
18
20
21
23
8
18
22
22
Brought
forward
£
2,398,597		 Group
2023
2022
£
£
(1,559,940)
(1,228,328)
1,220,376
1,226,492
(170)
(2,486)
(2,757)
0
(22,378)
(8,345)
(688,943)
(214,871)
184,692
(436,268)
(869,120)
(663,806)
170
2,486
0
0
0
0
(17,795)
(33,454)
(17,625)
(30,968)
(886,745)
(694,774)
2,398,597
3,093,371
1,511,852
2,398,597
Cash flows
Carried
forward
£
£
(886,745)
1,511,852

20

Bristol Old Vic & Theatre Royal Trust Limited

Notes to the Financial Statements

1 General information Bristol Old Vic and Theatre Royal Trust Limited is a company limited by guarantee, incorporated in England and Wales. Its registered office is Narrow Quay House, Narrow Quay, Bristol BS1 4QA. It is registered as a charity with the Charity Commission.

2 Accounting Policies The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the group’s financial statements.

Basis of preparation

The financial statements have been prepared under the historic cost convention and in accordance with applicable accounting standards. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standards applicable in the UK and the Republic of Ireland (FRS102). The company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated.

Going Concern Basis of Accounting

As at 31 March 2023 the group holds unrestricted general reserves of £493k and £956k of unrestricted designated reserves that can be drawn down and a cash balance of £1.5m. The trustees consider that the charity has sufficient unrestricted reserves and cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. For this reason, the accounts have been prepared on the going concern basis.

Basis of consolidation

These financial statements consolidate the results of the charity and its wholly owned subsidiaries, Bristol Old Vic (Trading) Limited, Bristol Old Vic Production Company Limited and Bristol Old Vic Film Limited, on a line-by-line basis. Neither a separate statement of financial activities nor an income and expenditure account for the charity alone is presented as the company has taken advantage of the exemptions afforded by the Companies Act 2006 and SORP 2019.

Incoming resources

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

Programme sales, bar and catering sales and other trading income is recognised when the associated goods and services have been delivered. Box office income received in advance of a performance is deferred until the relevant production reaches the end of its run.

Capital grants are credited to the Statement of Financial Activities when the criteria of entitlement, measurement and probability are met, which is usually when the grant instalments are claimed by the charity or notified by the funder. Restricted capital grants will be expended by depreciation over the life of the asset. Revenue grants are credited to the Statement of Financial Activities when the criteria of entitlement, measurement and probability are met.

Donations are recognised when notified by the donor or on receipt, whichever is earlier. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.

Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required, and the amount of the obligation can be measured with reasonable certainty. Expenditure is inclusive of any VAT that cannot be recovered.

Overhead costs

Overhead costs comprise of costs incurred directly in support of the charity’s theatrical activities in accordance with the analysis set out in Note 11.

Restricted and unrestricted funds

Restricted funds are funds subject to specific trusts, which may be declared by, or with the authority of, the donors. The balance of £13.25m (2022: £14.5m), shown as Restricted at the 31 March 2023 includes £13.1m (2022: £14.2m) of funds for use in the theatre refurbishment and £0.15m (2022: £0.3m) of funds for other restricted purposes. Unrestricted funds are expendable at the discretion of the trustees. Those funds earmarked by the trustees for projects are designated as separate funds; however, the directors’ discretion to apply such funds is not legally restricted.

Leases

Operating lease rentals are charged to the Statement of Financial Activities on a straight-line basis over the life of the lease.

Assets held under finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities to produce a constant periodic rate of charge on the

21

Bristol Old Vic & Theatre Royal Trust Limited

net obligation outstanding in each period. Hire purchase transactions are dealt with similarly, except that the assets are depreciated over their useful lives.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Post-retirement benefits

In 2015 the company introduced a new pension scheme for all staff in compliance with its obligations under the auto enrolment regime; this scheme has replaced the stakeholder pension scheme. The company also makes contributions to the individual pension plan of one employee who was a member of the company pension scheme that was wound up in 2002.

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, loans from banks and other third parties.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

Creditors and Provisions

Creditors and provisions are recognised when the company has a legal or constructive obligation at the reporting date because of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Fixed assets and depreciation

Tangible fixed assets are measured at cost less depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is calculated to write off the cost less estimated residual value over their estimated useful lives on the following basis:


freehold land. Depreciation is
following basis:
calculated to write off the cost less estimated residual value over their estimat
Heritage buildings – 2% straight line basis
Theatre restoration – 5% straight line basis
Leasehold improvements – 2%, 5%, 20% or 25% straight line basis based on asset life expectation
Equipment – 20% straight line basis for assets acquired after 31 March 2008
– 20% reducing balance basis for assets acquired before 31 March 2008
Motor vehicles – 20% reducing balance basis
Bicycles – 100% straight line basis

The freehold of the property from which the theatre operates is owned partly by the charity and partly by Bristol City Council, who lease that part of the property to the charity for a peppercorn rent. The lease expires on 12 October 2070. The original freehold, being that part of the property held formally by the Theatre Royal Trust, Bristol was transferred into the charity on the merger on 1 April 2010 and has been classified as a heritage asset.

Its historical and architectural qualities are deemed to contribute both to the charity’s objectives of furthering the appreciation by the public of the dramatic and musical arts and to culture in Bristol in general.

Theatre refurbishment costs represent the costs of purchasing, constructing, installing assets and associated finance costs of the refurbishment of the theatre. Such costs are treated as assets under construction, and depreciation is charged on such assets from the date that they are brought into productive use. The capitalisation policy for equipment fixed assets requires that an asset that is expected to have a useful life beyond the current accounting period and which has an individual purchase cost more than £2,500 (2022: £2,500) is considered for capitalisation.

Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes (see notes 16 & 17). The subsidiary companies distribute any profits to the charity and therefore no corporation tax is payable.

3 Judgements and key sources of estimation uncertainty In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Creative Tax Reliefs

The group has estimated the credit receivable under Theatre Tax Relief and Film Tax Relief based on its eligible production expenditure incurred during the period. This amount is £316k (£2022: £335k) and is included within debtors at the year end. As this amount is subject to review and approval by HMRC, actual results may differ.

22

Bristol Old Vic & Theatre Royal Trust Limited

4 Legal status of the Charity

The Bristol Old Vic and Theatre Royal Trust Limited is a company limited by guarantee and, as such, has no share capital. At 31 March 2023 there were thirteen (2022 – 14) members, and each is liable to contribute a maximum of £1 in the event of a winding up.

5 Donations & Legacies

Government funding from Arts Council England, Bristol Council and the Heritage Lottery Fund totalled £1.42m (2022 : £2.19m)

Unrestricted Funds
Revenue grants
Arts Council England (South West) - NPO
Arts Council England (South West) – CRF
Bristol City Council
Other
Total Unrestricted Funds
Restricted Funds
Refurbishment
Arts Council England (South West)
Heritage Lottery Fund
Other
Total Restricted Funds
Total Donations and Legacies

Income from Charitable Activities – Operation of Theatre
Box Office
Grants for Programme
Programme sales
Outreach Project income
Total Unrestricted Income
Total Restricted Income
Total Income from charitable activities

Income and Costs from Trading Operations
2023
Income
£
Food, beverage & workshop
1,054,814
Film
390,955
Directly allocated
1,445,769
Support cost allocation (see note 11)		 2023
Costs
£
958,208
293,262
1,251,470
97,056
1,348,526		 2023
£
1,250,983
0
80,000
271,715
1,602,698
0
87,378
262,752
350,130
1,952,828
2023
£
2,270,931
0
12,226
116,294
2,399,451
0
2,399,451
2022
Income
£
782,151
102,076
884,227		 2022
£
1,228,380
686,223
80,000
310,029
2,304,632
0
169,670
50,000
219,670
2,524,302
2022
£
2,012,490
61,000
21,140
67,680
2,162,310
0
2,162,310
2022
Restated
Costs
£
634,650
39,120
673,770
102,325
776,095

6 Income from Charitable Activities – Operation of Theatre

7 Income and Costs from Trading Operations

The support cost allocation in 2022 has been increased from £55,406 to £102,325 to reflect the actual costs of the workshop, bar, catering and events which had previously been absorbed by the Trust and allocated at 18% of total cost. These costs are now captured directly against the income they support.

2023 2022
£ £
170 2,486

8 Investment Income

Interest on deposit account

23

Bristol Old Vic & Theatre Royal Trust Limited

9 Cost of raising voluntary income


Cost of raising voluntary income
Marketing and Box Office – Unrestricted
Fundraisers – Unrestricted
Directly allocated
Support cost allocation (see note 11)		 2023
£
614,748
117,112
731,860
63,938
795,798		 2022
Restated
£
501,452
69,970
571,422
54,263
625,685

The marketing and box office cost has been restated at an increase of £161,502 and these costs have reduced the charitable expenses cost of production. The support cost allocation has decreased based on the calculation of fair proportionate use of overhead costs.

10 Cost of Theatre operations

Costs 2023
Production costs
Outreach costs
Front of house
Capital project costs
Chief Executive and Artistic Director
Depreciation
Support cost allocation (see note 11)
Total Cost of Operations
Costs 2022 (Restated)
Production costs
Outreach costs
Front of house
Capital project costs
Chief Executive and Artistic Director
Depreciation
Support cost allocation (see note 11)
Total Cost of Operations		 Unrestricted
Cost
Restricted Cost
Heritage costs
Total
£
£
£
£
1,960,965
34,078
0
1,995,043
74,760
383,201
0
457,961
93,312
0
0
93,312
89,388
0
0
89,388
268,094
0
0
268,094
31,242
1,188,734
400
1,220,376
2,517,761
1,606,013
400
4,124,174
1,089,660
0
0
1,089,660
3,607,421
1,606,013
400
5,213,834
2,373,064
117,939
0
2,491,003
144,272
84,374
0
228,646
106,697
0
0
106,697
68,412
0
0
68,412
205,245
0
0
205,245
33,265
1,192,827
400
1,226,492
2,930,955
1,395,140
400
4,326,495
1,073,378
0
0
1,073,378
4,004,333
1,395,140
400
5,399,873

The comparative year production cost has been restated by (£161,502) reflecting marketing costs which are shown in the costs of raising voluntary income. Front of house costs have reduced by £50,528, reallocated to production costs. The support cost allocation has increased as a result of reflecting the current year methodology in the comparatives.

24

Bristol Old Vic & Theatre Royal Trust Limited

11 Basis of Allocation of Support and Governance Costs

1
Basis of Allocation of Support and Governance Costs
Allocation
Support and governance costs to be allocated:
Property expenses
% use
Insurance
% use
Administration staff
Cost
Housekeeping & Maintenance
Cost
Office services
Cost
Allocated to:
Trading (Note 7)
Fundraising (Note 9)
Operation of Theatre (Note 10)		 2023
£
387,657
79,825
178,864
101,324
502,984
1,250,654
97,056
63,938
1,089,660
1,250,654		 2022
Restated
£
399,052
68,507
207,228
45,405
509,774
1,229,966
102,325
54,263
1,073,378
1,229,966

The overhead allocation method was updated in 2023 to reflect the fact that most costs are now directly attributed to the activity they support; bar, catering, events, workshop and film. There are fewer cost areas where an allocation is required, mainly property related costs and some management overhead. In previous years the Trust had taken all costs and allocated a proportion of the costs to the trading and voluntary activities. The new methodology gives a more accurate view of the profitability of each business area.

Other direct costs include:
Auditors’ remuneration 22-23
Auditors’ remuneration 21-22
Auditors’ other services
Other governance costs
Total governance costs
Depreciation of tangible fixed assets
Hire of other assets – operating leases
2
Staff numbers and costs
he average number of employees during the year was as follows;
2023
Part time
Actors, Production & Front of House
74
Marketing & Box Office
8
Administration
3
Education
23
Trading
28
136
The aggregate payroll costs were :
Wages and salaries
Social security costs
Pension costs		 2023
Full time
18
8
10
8
13
57		 2023
£
17,700
4,550
900
271
23,421
1,220,376
7,000
2022
Part time
78
10
5
1
24
118
2023
£
2,565,904
183,344
45,957
2,795,205		 2022
£
0
12,550
600
470
13,620
1,226,492
7,000
2022
Full time
23
10
6
7
1
47
2022
£
1,962,551
139,900
39,514
2,141,965

12 Staff numbers and costs The average number of employees during the year was as follows;

25

Bristol Old Vic & Theatre Royal Trust Limited

13 Trustee Remuneration & Expenses No remuneration was paid to any trustees in respect of their office except Bernard Donoghue who was paid £8,133 (2022: £8,133) in his capacity as Chair under the authorisation given by the Charity Commission in its order dated 22 February 2008. Payments of £258 (2022: £470) to refund travel and subsistence were made and donations received from Trustees were £2,011 (2022: £5,748).

14 Key Management Remuneration

Employees who earned more than £60,000 per annum were as follows:

2023 2022
More than £80,000 and less than £90,000 1 0
More than £70,000 and less than £80,000 0 2

These employees accrued benefits of £3.5k (2022: £3k) paid into a money purchase pension scheme, and other benefits.

£ £
Remuneration to Key Management Team 502,249 445,107
Money purchase pension payments 27,347 18,038

15 Interest Payable There was no interest payable in the year (2022: nil).

16 Taxation The company, which is a registered charity, is not liable to taxation on the net income from its primary activity. Corporation tax charged in the year at 19% is on profits in the subsidiary company.

Corporation Tax Rate
Corporation Tax Payable		 2023
£
19%
0		 2022
£
19%
5,957

17 Tax losses The tax losses of the subsidiary have been held against future profits, and losses brought forward have been utilised against current profits as follows :


urrent profits as follows :
Tax losses b/f
Losses utilised in the year
Tax losses c/f		 2023
£
Film
(62,791)
62,791
0		 2023
£
Trading
0
0
0		 2023
£
Total
(62,791)
(62,791)
0		 2022
£
Total
(123,660)
60,869
(62,791)

26

Bristol Old Vic & Theatre Royal Trust Limited

18 Fixed Assets

Group
Cost
Opening
Additions
Disposals
At end of year
Depreciation
Opening
Charge
Disposals
At end of year
NBV Closing
NBV Opening
Company
Cost
Opening
Additions
Disposals
Transfers
At end of year
Depreciation
Opening
Charge
Disposals
Transfers
At end of year
NBV Closing
NBV Opening		 Heritage
Asset
Theatre
Restoration
Leasehold
Improv
Equipment
Motor
Vehicles
Total 2023
Total 2022
£
£
£
£
£
£
£
300,000
20,810,585
236,863
1,279,736
18,978
22,646,162
22,612,708
0
0
12,097
5,698
0
17,795
33,454
0
0
179,882
348,994
1,586
530,462
0
300,000
20,810,585
69,078
936,440
17,392
22,133,495
22,646,162
8,500
6,775,282
206,014
979,344
17,975
7,987,115
6,760,623
400
1,040,345
1,277
178,154
200
1,220,376
1,226,492
0
0
179,882
351,753
1,586
533,221
0
8,900
7,815,627
27,409
805,745
16,589
8,674,270
7,987,115
291,100
12,994,958
41,669
130,695
803
13,459,225
14,659,047
291,500
14,035,303
30,849
300,392
1,003
14,659,047
15,852,085
Heritage
Asset
Theatre
Restoration
Leasehold
Improv
Equipment
Motor
Vehicles
Total 2023
Total 2022
£
£
£
£
£
£
£
300,000
20,810,585
236,863
1,279,736
18,978
22,646,162
22,612,708
0
0
0
5,029
0
5,029
33,454
0
0
179,882
348,994
1,586
530,462
0
0
0
0
(62,969)
0
(62,969)
0
300,000
20,810,585
56,981
872,802
17,392
22,057,760
22,646,162
8,500
6,775,282
206,014
979,344
17,975
7,987,115
6,760,623
400
1,040,345
1,230
165,562
200
1,207,737
1,226,492
0
0
179,882
351,904
1,586
533,372
0
0
0
0
(24,492)
0
(24,492)
0
8,900
7,815,627
27,362
768,510
16,589
8,636,988
7,987,115
291,100
12,994,958
29,619
104,292
803
13,420,772
14,659,047
291,500
14,035,303
30,849
300,392
1,003
14,659,047
15,852,085

All fixed assets are held for charitable use. Arts Council England and Heritage Lottery Fund both hold a charge over the property assets of the charity in accordance with their Capital Funding Agreements that provided grant funding for the Theatre Restoration project. The cumulative amount of finance costs (overdraft commitment fees) capitalised on theatre restoration is £52,000 (2022: £52,000).

19 Investment in Subsidiary Undertakings The Charity holds 1 share of each in its wholly owned subsidiaries; Bristol Old Vic (Trading) Ltd, Bristol Old Vic Production Company Ltd and Bristol Old Vic Film Limited.

The parent company also holds an investment in the film production of Touching the Void alongside a number of third-party investors. The original investment of £112k was made in May 2021 and the amount due at the year-end was £47,555 (2022: £51,980).

27

Bristol Old Vic & Theatre Royal Trust Limited

Company
Shares at cost in group undertakings:
At beginning of year
At end of year
Turnover
Cost of sales, admin, interest and tax
(Loss)/Profit on ordinary activities before
taxation
Tax relief on profit on ordinary activities
(Loss)/Profit for financial period
Loss/Profit brought forward
Distribution – gift aid to parent
Retained in the subsidiary
Fixed Assets
Net Current Assets
Total Net Assets
Share Capital
Reserves
Aggregate share capital and reserves
20
Stocks
Raw materials
Work in progress
Goods held for resale
21
Debtors
Trade debtors
Prepayments and accrued income
Taxation refunds
Amounts owed by group undertaking
22
Cash and Cash Equivalents
Cash at bank and in hand		 Trading
£
1
1
1,184,476
(1,047,131)		 Trading
£
1
1
1,184,476
(1,047,131)		 Trading
£
1
1
1,184,476
(1,047,131)		 2023
Film
Prod
£
£
1
1
1
1
400,358
938,073
(305,295)
(1,240,234)
95,063
(302,161)
14,637
302,161
109,700
0
(62,791)
0
46,909
0
0
0
0
0
1
1
1
1
1
1
0
0
1
1
Group
Company
2023
2023
£
£
14,867
0
9,116
0
17,599
0
41,582
0
Group
Company
2023
2023
£
£
54,728
0
436,793
334,261
651,788
0
0
967,685
1,143,309
1,301,946
Group
Company
2023
2023
£
£
1,511,852
1,253,735		 Total
£
3
3
2,522,907
(2,592,660)
(69,753)
316,798
247,045
(60,984)
186,061
0
38,453
(38,450)
3
3
0
3
Group
2022
£
3,469
0
15,736
19,205
Group
2022
£
75,673
43,704
334,990
0
454,367
Group
2022
£
2,398,597		 2022
Total
£
3
3
2,386,648
(2,653,005)
137,345
0		 (266,357)
329,033
137,345
1,807
139,152		 62,676
0
0
0 0
38,453
(38,452)		 0
(60,981)
1 (60,981)
1
0		 3
(60,984)
1 (60,981)
Company
2022
£
0
0
0
0
Company
2022
£
66,160
43,704
0
555,241
665,105
Company
2022
£
2,254,606

28

Bristol Old Vic & Theatre Royal Trust Limited

23 Creditors : Amounts falling due within one year

3
Creditors : Amounts falling due within one year
Trade Creditors
Tax and social security
Accruals
Deferred income
Other creditors
Intercompany		 Group
2023
£
175,034
94,022
217,917
620,986
61,553
0
1,169,512		 Company
2023
£
151,224
71,171
200,658
604,208
10,294
0
1,037,555		 Group
2022
£
337,875
42,702
342,349
199,121
62,773
0
984,820		 Company
2022
£
328,578
28,556
313,779
173,237
6,742
172,469
1,023,361

24 Creditors : Amounts falling due after one year There were no amounts due after one year.

25 Deferred production income

Advanced ticket sales attributable to future productions at 31 March 2023 are treated as deferred income and included in note 23.

26 Restricted Funds Refurbishment Fund 2011 relates to the completed refurbishment of the theatre and backstage areas, the AW fund relates to the Studio and front of house areas. The heritage project delivers outreach activity connecting with new audiences and the programme fund supports programme activity.

Group & Company 2023 Balance B/F Income Utilised Transfer Balance C/F
£ £ £ £ £
Refurbishment Fund – 2011 5,491,627 0 (523,012) 0 4,968,615
Refurbishment Fund – AW 7,383,161 0 (586,823) 0 6,796,338
Heritage Project 1,430,299 87,378 (170,346) 0 1,347,331
Programme Fund 197,421 262,752 (325,832) 0 134,341
14,502,508 350,130 (1,606,013) 0 13,246,625
Group & Company 2022
Refurbishment Fund – 2011 6,014,639 0 (523,012) 0 5,491,627
Refurbishment Fund – AW 7,969,126 0 (585,965) 0 7,383,161
Heritage Project 1,401,647 169,670 (141,018) 0 1,430,299
Programme Fund 292,566 50,000 (145,145) 0 197,421
15,677,978 219,670 (1,395,140) 0 14,502,508

27 Endowment Fund

This fund supports the asset transferred to BOV on the occasion of the merger with the Theatre Royal Trust in 2011.

Group & Company 2023 Balance B/F Income Utilised Transfer Balance C/F
£ £ £ £ £
Theatre Royal Endowment Fund 291,500 0 (400) 0 291,100
Group & Company 2022
Theatre Royal Endowment Fund 291,900 0 (400) 0 291,500

29

Bristol Old Vic & Theatre Royal Trust Limited

28 Unrestricted General Funds

The purpose of the Artistic funds is to provide seed money for future projects from surpluses generated from prior years programme. The building fund supports the costs of non-routine building maintenance, and the Show fund is from current year income which relates to future activity.

Group 2023
General Fund
Designated Fund (Artistic)
Designated Fund (Buildings)
Designated Fund (Shows)
Group 2022
General Fund
Designated Fund (Artistic)
Designated Fund (Buildings)
Designated Fund (Shows)		 Balance B/F
£
707,450
325,624
617,901
101,413
1,752,388
716,038
301,081
686,314
101,413
1,804,846		 Income
£
5,448,088
0
0
0
5,448,088
5,329,112
24,543
0
0
5,353,655		 Utilised
£
(5,662,358)
0
(89,387)
0
(5,751,745)
(5,337,700)
0
(68,413)
0
(5,406,113)		 Transfer
£
0
0
0
0
0
0
0
0
0
0		 Balance C/F
£
493,180
325,624
528,514
101,413
1,448,731
707,450
325,624
617,901
101,413
1,752,388

29 Analysis of Transfers

There are no fund transfers in the year.

30 Net Assets between Funds

Total Net
Fixed Current Long Term
Assets Assets Liabilities Total
Group 2023 £ £ £ £
Restricted funds 13,072,772 173,853 0 13,246,625
Endowment fund 291,100 0 0 291,100
Unrestricted funds
General Funds 95,353 397,827 0 493,180
Designated Funds 0 955,551 0 955,551
13,459,225 1,527,231 0 14,986,456
Group 2022 £ £ £ £
Restricted funds 14,265,391 237,117 0 14,502,508
Endowment fund 291,500 0 0 291,500
Unrestricted funds
General Funds 102,156 605,294 0 707,450
Designated Funds 0 1,044,938 0 1,044,938
14,659,047 1,887,349 0 16,546,396

30

Bristol Old Vic & Theatre Royal Trust Limited

31 Commitments

At 31 March 2023 the Group and Company had future minimum lease payments under non-cancellable operating leases below.

Group and company
Operating leases:
Within one year
2 - 5 years		 2023
Land & Bldg
£
7,000
7,000
14,000		 2022
Land & Bldg
£
7,000
14,000
21,000

31