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2024-03-31-accounts

The Audit Com

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 2024

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

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 2024 17
Consolidated Balance Sheet as at 31 March 2024 19
Consolidated Cash Flow statement for the year ended 31 March 2024 20
Notes to the Financial Statements 21-31

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Reference and Administrative Details

Charity number: 228235 Company number: 00756007 Registered Office: Bristol Old Vic King Street Bristol BS1 4ED Principal Office: Bristol Old Vic King Street Bristol BS1 4ED Auditors: Bishop Fleming LLP 10 Temple Back Bristol BS1 6FL Bankers : National Westminster Bank plc Bristol City Office BS1 3EU Solicitors : Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA Trustees:

Appointed Resigned
Bernard Donoghue - Chair 21.07.21
Sado Jirde - Vice Chair 21.07.21 13.03.24
Claire Hiscott 30.11.16
Chinonyerem Odimba 26.07.17
Matthew Tanner MBE 30.05.18 12.07.23
David Sproxton CBE 31.07.19
Klaus Goeldenbot 25.09.19
Cllr Craig Cheney 25.09.19
Katherine Anthony Wilkinson 25.09.19
Suneeta Sellers 27.11.19
Folake Adekola 12.07.22
Joseph Sims 12.07.22 20.09.23
Sophie Brendel 15.03.23
Nicholas Lee 20.09.23
Aisha Thomas 13.12.23

CEO: Charlottes Geeves CEO / Artistic Director: Nancy Medina

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Strategic Report

Objectives and Activities

Principal Activity

Context

In these economically challenging times, there can be a temptation to reduce activity across direct non-income generating areas of the business.

Producing theatres are in a particularly challenging place. The cost-of-living crisis, post-Covid and the squeeze on the public purse both locally and nationally, with very high increases in staff wages, energy and material costs, continues to have an unprecedented impact on the ability of arts and cultural organisations to get to a breakeven position on their annual budgets.

Since Nancy Medina’s arrival in 2023 as Artistic Director, Bristol Old Vic has been interrogating its purpose, direction and creative endeavour. We have started to adapt the organisation so that it is fit for the future and better placed to serve all of Bristol’s communities.

We have taken time to review all our activity, making sure it is more joined-up, efficiently delivered and directly contributes to achieving our strategic objectives so that we can, wherever possible, maintain the delivery of our creative ambition through all our strands of work.

What we do

Learning & Participation

At peak times, we deliver 41 classes, for 600 people per week. In 2023/24 we provided 66,746 hours of high-quality contact time and creative development for 21,262 participants from across Bristol.

Our classes and groups include Young Company; Global Majority Young Company; Young Company City, introducing young people to drama, from 3 years old.

Young Six Six; Made in Bristol; Technical Youth Theatre; University of Bristol modules; NLHF training programme with a heritage focus; enabling young people to access opportunities in HE, FE, on the job training and careers in the industry.

We work in all wards across the City of Bristol, delivering essential cultural activity in state schools where there is now no arts provision, whilst working alongside social care services to support young people’s mental health.

In addition to the classes and workshops we offer, we want to ensure that there are clear pathways beyond our Engagement department to support careers in theatre, with the creation of a new literary and directing department.

Artist Development

The recently announced Literary department will deliver impactful change for artists with a specific focus on developing writers and directors.

We will work with writers and directors at different stages of their careers to embed them into Bristol Old Vic by investing our resources and expertise, providing time and the space for each artist to develop their craft. We’ll present their work and seek to build a new audience for it that builds over time because we want to create a new cannon of British plays that will speak to younger generations for years to come and equip a new wave of directors that can better connect stage work with young people.

We believe that writers need long-term commitment and support at all stages of their careers and for selection we will use the following criteria:

Alongside this we’ll also work with directors on their development, creating annual rolling directing, associate and assistant opportunities on a range of shows in the Studio and Theatre.

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Strategic Report (cont)

Creative Programme

We programme the best visiting work available to us alongside a balanced season of outstanding produced work.

Our programme in the Theatre and Studio seeks to serve existing and new audiences as we work towards developing ticket buyers that reflect the diversity of Bristol.

We prioritise new writing and new musicals created with mid-career and established artists, developing work that speaks to Bristol and with a potential to serve audiences across the UK.

We want to create more pathways for work to have a future life. Our digital ambition is to ensure the legacy of our productions by building an archive that will deliver additional revenue for artists and Bristol Old Vic. We will aim to film up to four productions each year, with a particular focus on our produced and co-produced shows.

During the year 135,000 ticket holders watched a joyful mix of highly rated productions. This includes cheeky little brown, Choir Boy, Arabian Nights and Starter for Ten - four new productions which were made and premiered here in the city. Audience numbers are up more than 30% on the previous year and our auditoria were filled to 74% of capacity. 40% of ticket buyers were new-to-record, our retention of last year’s bookers was up 14%, and more people were coming more frequently with 20% of bookers attending two or more times in the year.

Why we do it

To provide myriad opportunities for people to develop their creativity – skills that will last a lifetime. It also creates opportunity, equity, and career pathways for a more diverse group of people that will drive sustainable growth and positive change for the sector over the long term. Artists and young people are at the heart of who we work with, giving them the tools and support to develop relevant productions for the people of Bristol.

How we do it

Our focus this financial year is getting the work to work harder for us. To enable this to we are drilling into our systems and processes to streamline and improve them; driving additional revenue with a focus on profit; priming the business to maximise its potential through better collaborate.

Access, People & Culture

We are committed to changing the culture at Bristol Old Vic, removing barriers for individuals who work and want to work in our sector, whilst ensuring careers are sustainable. This work is supported by our Access and EDI action plans and our Values and Behaviours.

Our Values: Accessible Brave Integrity Nurturing Professional Resilient

Our Behaviours: Kind Patient Reflective Respectful

Environment

Thanks to grants from Theatres Trust and the Wolfson Foundation we’ve been able to replace inefficient lighting with new energy efficient lighting and install a solar panel array on our roof that supplies a significant amount of clean energy. There is more work to do which is supported by our new Environmental action plan.

Relationships & Revenue

Alongside a fit-for-purpose Marketing, Comms and Sales team that continues to increase the total number of audiences we welcome, we will develop a long-term fundraising strategy that maximises the benefit of these relationships. We’ll work with a fundraising consultant over the next six months who will help shape our plan and the team to deliver it. Our ambition is to collaborate with Trusts & Foundations and industry partners over the longer term to support our creative and engagement strategy and enable us to move away from short term project-to-project funding.

Commercial Activity

We are working to double our trading profit and build to £1m in 2029/30. We’ll do this by focussing on larger format commercial events that maximise net return, careful margin management in F&B and finding more opportunities to host ticketed party nights that build on the success of New Year’s Eve and expand our set build and fabrication business so that we can handle more volume.

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Strategic Report (cont)

Achievements and Performance

The financial year 23/24 continued to be challenging with rising costs of staff wages and materials, with energy costs remaining higher than 20/21 but reducing in 22/23. All of this was impacted by high inflation meaning that in real terms our ACE grant and all other income had to work harder than ever. Audiences continued to turn up with some big successes in Kathy & Stella, Choir Boy, Black is the Color of My Voice and Starter for Ten all exceeding their box office targets. Comedy & Family audiences continued to book for all events, bringing in consistent, solid box office income.

We continue to make progress with the aim of drawing wider audiences into the theatre through a balanced programme of new drama, commercial productions, family, comedy and new writing the Weston Studio. We are grateful to have secured funding from the Arts Council through to 2027 to support this on-stage activity in addition to our significant number of outreach, engagement and new writing projects and to facilitate access to the theatre for those who ordinarily would have none. We engage in commercial activity through our bar, catering and events and scenery building to support the theatre, and continue to drive our fundraising activity to reduce the deficit and enable us to continue as guardians of the heritage building.

Bristol Old Vic Productions and Visiting Companies

The 23/24 programme opened with the return of Zog , which opened our offer for young people and children. Following on from this in May 23 was the return of Pride & Prejudice Sort of* . Not only did this exceed the box office target, but BOV benefitted from an originating producer’s royalty for the tour of this production. The rest of May and into early June was populated by comedy from Suzi Ruffell, Tim Key and Phil Wang .

Anna Karenina , a co-production with the Lyceum Edinburgh opened in June to critical, if not financial, success.

Family work dominated the summer, with Dinosaur Live and The Tiger Who Came to Tea . High quality productions for young people and aided by poor weather boosted ticket sales.

In August our Engagement team delivered Orpheus and Euridice , with 140 members of BOV Young Company and the community to huge success. The feeling of joy and hope in the building and on the stage was palpable. These projects take a huge amount of organisation and dedication to deliver by everyone involved but they are part of the reason BOV exists.

In September we opened Kathy & Stella Solve a Murder which AD Nancy Medina and Producer Jess Campbell had seen in Edinburgh the previous year. They successfully brought it to BOV, starting us on our journey of collaborating on new British musicals and to bring a bit of joy into the building.

Nancy Medina directed her first production for BOV, Choir Boy . It received 4 & 5* reviews, drove a higher than forecasted box office and not only brought joy but made the audience step out of their lives and think about others.

Arabian Nights , directed by Blanche McIntyre and written by Sonali Bhattacharyya delivered a story for modern times but unfortunately didn’t hit the mark this year with audiences. Advance sales were tracking to target but 2 & 3 star reviews and lack of word-of-mouth meant we missed our box office target. The reduction in expected ticket holders also had a big impact on bar sales with a net loss for this production.

We started 2024 with two big titles for secondary schools, Metamorphosis by Frantic Assembly and Macbeth by ETT which delivered well financially and brought a younger audience into the building.

We closed the year with two fantastic productions, Black is the Color of my Voice and Starter for Ten . Very different in content and style but both incredibly successful. Apphia Campbell playing Nina Simone delivered a sensational show which delighted a near-sell-out audience. Starter for Ten was our last co-production of the year with Antic Productions, Longshot Films and Playtone. A new musical based on the book by David Nicholls, ten years in the making literally brought the house down at BOV. Full of fun, with an infectious 80’s soundtrack and a stella cast including Mel Giedroyc. It exceeded its box office target with incredibly strong advances and word-of-mouth, driving new bookers at 44%.

The studio continued to perform well over the year with a range of high-quality productions to deliver for our growing and new audience. From the extraordinary production of CAttS , to We Need New Names , to our first co-production with tiata fahodzi, cheeky little brown , to a collaboration with Side Eye Productions, Kayd Somali Arts and Culture Present on Dugsi Dayz . A delightful production of Four Seasons by Little Bulb at Christmas for younger audiences was thoroughly enjoyed.

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Strategic Report (cont)

In addition to the work at BOV, Dr Semmelweis , directed by Tom Morris and starring Mark Rylance transferred into the West End, with commercial partners Sonia Friedman Productions and National Theatre Productions. The production was a commercial success and BOV benefitted from an originating producers royalty and profit on the money it invested.

As in previous years production costs were tightly controlled and box office income did better than forecast, again with prudent targets. The standard of production remains outstanding across both spaces.

We continued to offer a range of ticket prices to enable as many people as possible to see our productions. Tickets started at £8 and in addition to this our Engagement department and Artist Development department worked with existing groups to bring them in to see a wide range of productions. We welcomed confirmation from HMRC of the increased Theatre Tax Relief rates from 25/26.

Digital & Film Developments

The digital producing team filmed and delivered a live broadcast of Drive Your Plow Over the Bones of the Dead (coproduction with Complicite & BOV) from the Lowry in Salford. Drive Your Plow was financially supported by the University of Bristol My World partnership.

Film sales for the rest of the year were slower than expected but the team has been developing a new venture where we hire out our services for filming projects, based on the success of filming DYP in Salford, This year saw us film the productions of Macbeth and cheeky little brown when both productions opened in London venues.

Commercial

Our commercial activities include our bar, catering, events and workshop businesses.

At the end of last year, we brought our catering concession arrangement to a close and in June we completed on an arrangement with Bristols’ most famous pie creator, Pieminister. The offer continues to support the hospitality offering well.

We have tried a number of configurations for our Events business and will continue to trial these to arrive at an offer which enables us to showcase the unique surroundings and provision available in the theatre.

Our workshop creates sets and scenery for our own- and third-party productions at a competitive rate from our property in Albion Dock. During the year we supported those businesses impacted by the devastating fire at Underfall Yard in terms of repair and contract manufacture.

Our commercial activity is critical in providing financial support to the theatre and studio productions plus outreach activity for our young people, members of the community.

Fundraising

We were supported with various Grants during the year which enabled us to deliver engagement and outreach projects as well as heritage projects relating to the building.

We were able to fund a new apprenticeship role in the workshop through support from the Cameron Mackintosh Foundation and Stage One funded a Trainee Producer role for a fixed term.

We raised £26k through The Big Give match fundraising scheme and were able to fund the costs of the Orpheus & Eurydice community show.

Towards the end of financial year our Development Director left for a new role followed by our Head of Individual Giving and Development officer. This has given us an opportunity to look at the structure of the team to deliver the fundraising for BOV for the future. We are currently working with a freelance fundraising consultant and bid writer whilst members of the SMT are supporting areas of fundraising.

During the year we continued to receive support from ACE of £1.25m p.a. ACE confirmed that this funding will be extended for a further year, until March 27.

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 Fundraising activity adheres to the Code of Fundraising Practice which sets

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Strategic Report (cont)

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 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 23/24 and in the subsequent year to date there have not been any complaints relating to fundraising activity.

In 23/24 voluntary income to support core revenue and specific projects was achieved through a mix of individual giving, and applications to Trusts and Foundations. Support from individuals primarily came through the membership offer and Circle initiatives, as well as the Champions programme for high level donors.

Heritage

The organisation continued to deliver ‘Unscripted’.

The team has produced a new fully accessible exhibition open for anyone to explore for free, throughout the day.

Nestled in the theatre’s Pit Corridor, Homemade features items from our partners at Bristol Archives as well as objects and stories from the group. The exhibition also includes a Listening Station where visitors can get a taste of the stories and spaces that inspired our connections.

Food is everywhere: in our café, in our shows, our surroundings, our heritage, and in the heritage of everyone who calls Bristol home. It connects us all. Over the last two years, food has been connecting Bristol Old Vic to a community of women with experience of migration. We have gathered at the theatre to collaborate, learn and share. Homemade is an exhibition of what we found.

"This Exhibition offers visitors the chance to reflect on how, why and where we eat the food we love – and who it connects us to”

In addition to this and in collaboration with Ashley Community Housing our group of female Afghani refugees produced a new HomeMade product of Mukhala marinades which they sold at our monthly craft fairs held at BOV.

Staff Welfare

Over the last two years, we have invested time into the development of policies, procedures, training and wellbeing as well as developing our EDI action plan. There is still a way to go in ensuring we have the right support in place for our wider team, and so this will continue to be a focus for the organisation.

During the year we have recruited an inclusion officer into the team, moved our HR platform and recruited a new Head of People who started in June 24.

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 with none requiring further escalation.

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Strategic Report (cont)

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.

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 prevailing financial conditions continue to challenge our journey to breakeven with increased salary costs and inflation in all cost areas. We have countered this with dynamic pricing in tickets sales to maximise box office income, increased focus on fundraising, and have driven profit in all commercial activity as well as improving returns on cash balances.

In Trust, we made a general loss of £124k which was better than our budget and better than 2023. We delivered 116 productions during the year and box office income of £2m, claimed Theatre Tax Relief on our own seven productions and approached breakeven on these shows. Additional show income from enhancements added £314k in the year although we suffered a bad debt of £90k against this income which was covered by a release from the Designated Artistic Reserves. There was an additional use of £112k from Designated Reserves which related to the delivery of a heritage project in prior years and finalised with the final transfer during this year.

Salaries and wages accounts for more than half of the expenditure and the increase in national minimum wage of 9.8% in April 2024 impacts directly in casual, hospitality and front of house staff increasing the staff costs from £2.8m to £3.2m annually. The next other significant cost is the cost of running and maintaining the building which runs at £0.6m each year.

The only cost applied to the Restricted Reserves is the depreciation on the refurbishments of 2011, 2018 and the related technical equipment asset. These are depreciated at the relevant rates, and the technical equipment was fully depreciated in the year – reducing future years charges.

The Film company benefitted from income related to its historic portfolio as well the creation and distribution of new films during the year. The main project was the creation, live stream and distribution of Drive Your Plow over the Bones of the Dead which, in conjunction with My World advanced the understanding of emotion capture in live stream film. The company made a small profit after claiming Film Tax relief and paying a management charge to the Trust.

The Trading company grew sales by 31% in the year and saw gross margin % drop 2.7% as the workshop increased its sales mix at margins lower than the hospitality business. All profits are remitted to the Trust under its covenant.

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 £13.4m (2023: £15m) of which £12m (2023: £13.25m) was held in Restricted Funds.

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Strategic Report (cont)

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 2023/24 a target level of £252k (2023: £482k) of free reserves was set , 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 £355k (2023: £462k).

The budget for the 2024/25 year reflects increased staff and energy costs and it is anticipated that free reserves will decrease. In accordance with the Statement of Recommended Practice (SORP 2019), the trustees have reviewed the current reserves policy and agreed that designated reserves will be transferred back to free reserves as necessary over the coming years in order to maintain a reserves balance of £618k, and amount which is anticipated to be sufficient to cover three months of overhead and potential cessation costs.

The trustees consider it appropriate to adopt the Going Concern basis and have identified the following risks.

Principal risks and uncertainties

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

Ensuring sustainability across all areas of the business is a key objective for the future. Driving commercial income and profit into the business is essential and we are looking to develop existing areas whilst testing new areas which in the longer term should generate profit.

In addition to this, we are keen to address the systemic barriers in the sector which hamper work by Global Majority artists transferring to the West End.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

Bernard Donoghue Chair

King Street Bristol BS1 4ED 12 September 2024

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

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 including those serving as Directors in the subsidiaries :

Appointed Resigned Trust Board Trust
F&GP		 Trust
R&A		 Prod Film Trading
Bernard Donoghue - Chair 21.07.21 • • •
Sado Jirde - Vice Chair 21.07.21 13.03.24 •
Claire Hiscott 30.11.16 •
Chinonyerem Odimba 26.07.17 •
Matthew Tanner MBE 30.05.18 12.07.23 • •
David Sproxton CBE 31.07.19 • •
Klaus Goeldenbot 25.09.19 • •
Cllr Craig Cheney 25.09.19 •
Katherine Anthony Wilkinson 25.09.19 • • • •
Suneeta Sellers 27.11.19 • •
Folake Adekola 12.07.22 • •
Joseph Sims 12.07.22 20.09.23 •
Sophie Brendel 15.03.23 •
Nicholas Lee 20.09.23 •
Aisha Thomas 13.12.23 •
Susan Atkinson 25.07.18 19.09.23 •
Jessica Harris 18.05.18 04.09.23 •
Amanda Pearlman 13.12.22 •
Zoe Sear 24.11.16 15.07.24 •

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

Committee Name Meet
p.a.
Bristol Old Vic & Theatre Royal Trust Ltd Board Trust Board 4
Finance & General Purpose Committee Trust F&GP 4
Remuneration & Appointments Trust R&A 2
Bristol Old Vic Productions Limited - subsidiary Prod 2
Bristol Old Vic Film Limited - subsidiary Film 2
Bristol Old Vic Trading Limited - subsidiary Trading 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

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Trustees’ Report (cont)

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.

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 2024 comprised:

Nancy Medina Artistic Director / CEO
Charlotte Geeves Executive Director / CEO
Dylan Tozer Communications, Marketing & Sales Director
David Harraway Production and Operations Director
Louisa McCann Finance Director
Lucy Hunt Engagement Director
Jess Campbell Director of Producing & Programming
Rebecca Ogundipe Events Manager (to Feb 24)
Simon Jenkins Development Manager (to Feb 24)

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 Remuneration & Appointments 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 remits 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 :

Bristol Old Vic (Trading) Limited Bristol Old Vic Film Limited Bristol Old Vic Production Company Limited

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Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

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

Bishop Fleming LLP were appointed as the company's auditors during the year and have expressed their willingness to continue in that capacity.

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

Approved by order of the members of the Board of Trustees and signed on its behalf by:

Bernard Donoghue Chair

King Street Bristol BS1 4ED 12 September 2024

13

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Independent Auditors’ Report to the members of the Bristol Old Vic and Theatre Royal Trust Limited

Opinion

We have audited the financial statements of Bristol Old Vic and Theatre Royal Trust Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

14

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its 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 Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, 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 Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to income recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Group.

15

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or avoid a material penalty. These included the data protection regulations, health and safety regulations, employment legislation and the Code of Fundraising Practice.

Our procedures to respond to risks identified included the following:

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Butler FCA DChA (Senior statutory auditor) for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Redcliffe Bristol BS1 6FL

Date: 3 October 2024

16

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Consolidated Statement of Financial Activities (incorporating income and expenditure account) for the year ended 31 March 2024

Note
Income from:
Grants, 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 (expenditure) before transfers
Gross transfers between funds
25
Net movement in funds
Reconciliation of funds
Total funds brought forward
22-24
Net movement in funds
Total funds carried forward
22-24		 Unrestricted
funds
£
1,562,416
2,671,373
1,842,760
35,623
6,112,172
(785,345)
(1,567,010)
(4,080,966)
(6,433,321)
(321,149)
(19,000)
(340,149)
1,448,731
(340,149)
1,108,582		 Restricted
funds
£
419,605
-
-
-
419,605
-
-
(1,720,146)
(1,720,146)
(1,300,541)
19,000
(1,281,541)
13,246,625
(1,281,541)
11,965,084		 Heritage
fund
£
-
-
-
-
-
-
-
(400)
(400)
(400)
-
(400)
291,100
(400)
290,700		 Total 2024
£
1,982,021
2,671,373
1,842,760
35,623
6,531,777
(785,345)
(1,567,010)
(5,801,512)
(8,153,868)
(1,622,090)
-
(1,622,090)
14,986,456
(1,622,090)
13,364,366

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 2024
£
(1,622,090)		 2023
£
(1,620,924)

17

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Consolidated Statement of Financial Activities (incorporating income and expenditure account) for the year ended 31 March 2023

Note
Income from:
Grants, 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 (expenditure) before transfers
Gross transfers between funds
25
Net movement in funds
Reconciliation of funds
Total funds brought forward
22-24
Net movement in funds
Total funds carried forward
22-24		 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)
-
(303,657)
1,752,388
(303,657)
1,448,731		 Restricted
funds
£
350,130
-
-
-
350,130
-
-
(1,606,013)
(1,606,013)
(1,255,883)
-
(1,255,883)
14,502,508
(1,225,883)
13,246,625		 Endowment
£
-
-
-
-
-
-
-
(400)
(400)
(400)
-
(400)
291,500
(400)
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)
-
(1,559,940)
16,546,396
(1,559,940)
14,986,456

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

18

Bristol Old Vic & Theatre Royal Trust Limited Registered number: 00756007

Consolidated and Company Balance Sheet as at 31 March 2024

Note
Fixed assets
Tangible Assets
15
Investments
16
Current assets
Investment
16
Stocks
17
Debtors
18
Cash at bank and in hand
19
Creditors: amounts falling due within one year
20
Net current assets
Net assets
Reserves
Restricted
22
Endowment
23
Unrestricted:
Designated
24
General Reserve
24
Total funds		 Group
2024
2023
£
£
12,333,507
13,459,225
-
-
12,333,507
13,459,225
-
-
34,875
41,582
726,747
1,143,309
1,836,111
1,511,852
2,597,733
2,696,743
(1,566,874)
(1,169,512)
1,030,859
1,527,231
13,364,366
14,986,456
11,965,084
13,246,625
290,700
291,100
753,518
955,551
355,064
493,180
1,108,582
1,448,731
13,364,366
14,986,456		 Company
2024
2023
£
£
12,333,507
13,420,772
3
3
12,333,510
13,420,775
24,734
47,555
-
-
2,846,905
1,301,946
1,147,125
1,253,735
4,018,764
2,603,236
(2,987,907)
(1,037,555)
1,030,857
1,565,681
13,364,367
14,986,456
11,965,084
13,246,625
290,700
291,100
753,519
955,551
355,064
493,180
1,108,583
1,448,731
13,364,367
14,986,456		 Company
2024
2023
£
£
12,333,507
13,420,772
3
3
12,333,510
13,420,775
24,734
47,555
-
-
2,846,905
1,301,946
1,147,125
1,253,735
4,018,764
2,603,236
(2,987,907)
(1,037,555)
1,030,857
1,565,681
13,364,367
14,986,456
11,965,084
13,246,625
290,700
291,100
753,519
955,551
355,064
493,180
1,108,583
1,448,731
13,364,367
14,986,456
13,420,775
47,555
-
1,301,946
1,253,735
2,603,236
(1,037,555)
1,565,681
14,986,456
13,246,625
291,100
955,551
493,180
1,448,731
14,986,456

These financial statements were approved and authorised for issue by the board on 12 September 2024 and were signed on its behalf by:

Bernard Donoghue Chair

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

19

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Consolidated Cash Flow statement for the year ended 31 March 2024

Reconciliation of net income to net cash inflow from operating activity

Note
Net loss
Depreciation
15
Interest received
8
Loss on disposal of fixed assets
15
(Increase) Decrease in stock
17
(Increase) Decrease in debtors
18
(Decrease) Increase in creditors
20
Net cash provided by operating activities
Cash flows from investing activities
Interest received
8
Purchase of property, plant and equipment
15
Net cash used by investing activities
Net increase in cash and cash equivalents
Opening Cash and cash equivalents
19
Closing Cash and cash equivalents
19		 Group
2024
2023
£
£
(1,622,090)
(1,559,940)
1,157,946
1,220,376
(35,623)
(170)
-
(2,757)
6,707
(22,378)
416,562
(688,943)
397,362
184,692
320,864
(869,120)
35,623
170
(32,232)
(17,795)
3,391
(17,625)
324,255
(886,745)
1,511,852
2,398,597
1,836,107
1,511,852		 Group
2024
2023
£
£
(1,622,090)
(1,559,940)
1,157,946
1,220,376
(35,623)
(170)
-
(2,757)
6,707
(22,378)
416,562
(688,943)
397,362
184,692
320,864
(869,120)
35,623
170
(32,232)
(17,795)
3,391
(17,625)
324,255
(886,745)
1,511,852
2,398,597
1,836,107
1,511,852
(869,120)
170
(17,795)
(17,625)
(886,745)
2,398,597
1,511,852

20

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

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 (registered number: 00756007). Its registered office is Bristol Old Vic, King Street, Bristol, BS1 4ED. It is registered as a charity with the Charity Commission (registered number: 228235).

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). 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

The Trustees have considered the future financial position of the charity through reviewing the budget and future plans, and due to positive underlying trends in ticket and hospitality sales, commercial profits and cashflow, believe that the preparation of financial statements on the going concern basis is appropriate.

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 £12.26m (2023: £13.5m), shown as Restricted at the 31 March 2024 includes £12.18m (2023: £13.1m) of funds for use in the theatre refurbishment and £0.08m (2023: £0.13m) of funds for other restricted purposes. Unrestricted

21

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

funds are expendable at the discretion of the trustees. Those funds earmarked by the trustees for projects are designated as separate funds; however, the trustees’ 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 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 valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.

Pension Scheme

The company runs a defined contribution pension scheme for all staff in compliance with its obligations under the auto enrolment regime.

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 with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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:

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
Fixtures and fittings 20% reducing balance 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 £1,000 (2023: £2,500) is considered for capitalisation.

22

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 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 £489k (2023: £316k) and is included within debtors at the year end. As this amount is subject to review and approval by HMRC, actual results may differ.

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 2024 there were twelve (2023 – 13) members, and each is liable to contribute a maximum of £1 in the event of a winding up.

5 Grants, donations & legacies

Government funding from Arts Council England, Bristol Council and the Heritage Lottery Fund totalled £1.43m (2023 : £1.42m)

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 Refurbishment
Bristol City Council
Other
Total Restricted Funds
Total Donations and Legacies		 2024
£
1,250,000
0
80,000
232,416
1,562,416
0
100,953
0
0
318,652
419,605
1,982,021		 2023
£
1,250,983
0
80,000
271,715
1,602,698
0
87,378
0
0
262,752
350,130
1,952,828

23

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

6 Income from Charitable Activities – Operation of Theatre

6
Income from Charitable Activities – Operation of Theatre
Box Office
Grants for Programme
Programme sales
Outreach Project income
Total Unrestricted Income
Total Income from charitable activities
7
Income and Costs from Trading Operations

2024
Income
£
Food, beverage & workshop
1,557,236
Film
285,524
Directly allocated
1,842,760
Overhead allocation (see note 12)
8
Investment Income

Interest on deposit account
9
Cost of raising voluntary income
Marketing and Box Office - Unrestricted
Fundraisers – Unrestricted
Directly allocated
Overhead allocation (see note 12)		 2024
Costs
£
1,218,619
193,577
1,412,196
154,814
1,567,010		 2024
£
2,579,687
0
17,644
74,042
2,671,373
2,671,373
2023
Income
£
1,054,814
390,955
1,445,769
2024
£
35,623
2024
£
648,630
98,612
747,242
38,103
785,345		 2023
£
2,270,931
0
12226
116,294
2,399,451
2,399,451
2023
Costs
£
958,208
293,262
1,251,470
97,056
1,348,526
2023
£
170
2023
£
614,748
117,112
731,860
63,938
795,798

24

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

10 Cost of Theatre operations

Costs 2024
Production costs
Outreach costs
Front of house
Capital project costs
Chief Executive and Artistic Director
Depreciation (note 18)
Overhead allocation (see note 11)
Total Cost of Operations
Costs 2023
Production costs
Outreach costs
Front of house
Capital project costs
Chief Executive and Artistic Director
Depreciation (note 18)
Overhead allocation (see note 11)
Total Cost of Operations		 Unrestricted
Cost
Restricted Cost
Heritage costs
Total
£
£
£
£
2,600,530
195,904
-
2,796,434
173,053
404,964
-
578,017
105,446
-
-
105,446
103,101
-
-
103,101
224,434
-
-
224,434
100,848
1,119,278
400
1,220,526
3,307,412
1,720,146
400
5,027,958
773,554
-
-
773,554
4,080,966
1,720,146
400
5,801,512
1,960,965
34,078
-
1,995,043
74,760
383,201
-
457,961
93,312
-
-
93,312
89,388
-
-
89,388
268,094
-
-
268,094
31,242
1,188,734
400
1,220,376
2,517,761
1,606,013
400
4,124,174
1,089,660
-
-
1,089,660
3,607,421
1,606,013
400
5,213,834

11 Basis of Allocation of Costs

The overhead allocation method was updated in 2023 to reflect the fact that most costs were 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.

Allocation
Overheads to be allocated:
Property expenses
% use
Depreciation
Dept
Insurance
% use
Administration staff
Cost
Housekeeping & Maintenance
Cost
Office services
Cost
Allocated to:
Trading (Note 7)
Fundraising (Note 9)
Operation of Theatre (Note 10)		 2024
£
238,177
19,219
88,757
227,833
113,452
279,033
966,471
154,814
38,103
773,554
966,471		 2023
£
387,657
17,533
79,825
178,864
101,324
485,451
1,250,654
97,056
63,938
1,089,660
1,250,654

25

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)


Other direct costs include:
Auditors’ remuneration
Auditors’ other services
Governance costs
Depreciation of tangible fixed assets
Hire of other assets – operating leases		 2024
£
22,086
1,000
301
23,387
1,157,946
7,000		 2023
£
22,250
900
271
23,421
1,220,376
7,000

12 Staff numbers and costs

The average number of employees during the year was as follows;

Actors, Production & Front of House
Marketing & Box Office
Administration
Education
Trading		 2024
Part time
124
8
2
27
36
197		 2024
Full time
21
10
10
8
9
58		 2023
Part time
74
8
3
23
28
136		 2023
Full time
18
8
10
8
13
57

The aggregate payroll costs were :

The aggregate payroll costs were :
2024 2023
£ £
Wages and salaries 2,974,507 2,565,904
Social security costs 204,115 183,344
Pension costs 55,054 45,957
Redundancycosts 6,273 0
3,239,948 2,795,205

One employee was made redundant during the year following the restructure of the events business.

13 Trustee Remuneration & Expenses

No remuneration was paid to any trustees in respect of their office except Bernard Donoghue who was paid £8,133 (2023: £8,133) in his capacity as Chair under the authorisation given by the Charity Commission in its order dated 22 February 2008. Payments of £0 (2023: £258 to one Trustee) to refund travel and subsistence were made and donations received from Trustees were £3,016 (2023: £2,011).

14 Key Management Remuneration

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

2024 2023
More than £80,000 and less than £90,000 2 1
More than £70,000 and less than £80,000 0 0
More than £60,000 and less than £70,000 2 0

These employees accrued benefits of £5.3k (2023: £3k) paid into a money purchase pension scheme, and other benefits.

£ £
Remuneration to Key Management Team 523,464 502,249
Money purchase pension payments 40,812 27,347

26

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

15 Fixed Assets

Group
Cost
At beginning of year
Additions
Disposals
Transfers
At end of year
Depreciation
At beginning of year
Charge for year
Disposals
Transfers
At end of year
NBV Closing
NBV Opening
Company
Cost
At beginning of year
Additions
Disposals
Transfers
At end of year
Depreciation
At beginning of year
Charge for year
Disposals
Transfers
At end of year
NBV Closing
NBV Opening		 Heritage
Asset
Theatre
Restoration
Leasehold
Improv
Fixtures &
Fittings
Equipment
Motor
Vehicles
Total 2024
Total 2023
£
£
£
£
£
£
£
£
300,000
20,810,585
69,078
0
936,440
17,392
22,133,495
22,646,162
0
0
0
23,975
8,257
0
32,232
5,029
0
0
0
0
0
0
0
530,462
0
0
0
0
0
0
0
0
300,000
20,810,585
69,078
23,975
944,697
17,392
22,165,727
22,120,729
8,900
7,815,627
27,409
0
805,749
16,589
8,674,274
7,987,115
400
1,041,475
5,530
4,394
105,947
200
1,157,946
1,220,526
0
0
0
0
0
0
0
533,369
0
0
0
0
0
0
0
0
9,300
8,857,102
32,939
4,394
911,696
16,789
9,832,220
8,674,272
290,700
11,953,483
36,139
19,581
33,001
603
12,333,507
13,446,457
291,100
12,994,958
41,669
0
130,692
803
13,459,222
14,659,047
Heritage
Asset
Theatre
Restoration
Leasehold
Improv
Fixtures &
Fittings
Equipment
Motor
Vehicles
Total 2024
Total 2023
£
£
£
£
£
£
£
£
300,000
20,810,585
56,981
0
872,802
17,392
22,057,760
22,646,162
0
0
0
0
3,027
0
3,027
5,029
0
0
0
0
0
0
0
530,462
0
0
12,097
23,975
68,868
0
104,940
-62,969
300,000
20,810,585
69,078
23,975
944,697
17,392
22,165,727
22,057,760
8,900
7,815,627
27,362
0
768,513
16,589
8,636,991
7,987,115
400
1,041,475
5,201
1,998
98,402
200
1,147,676
1,207,737
0
0
0
0
0
0
0
533,372
0
0
376
2,397
44,781
0
47,553
24,492
9,300
8,857,102
32,893
2,397
905,605
16,789
9,832,220
8,636,991
290,700
11,953,483
36,185
21,578
39,092
603
12,333,507
13,420,769
291,100
12,994,958
29,619
0
104,289
803
13,420,772
14,659,047

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 (2023: £52,000).

27

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

16 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. he 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 £24,734 (2023: £47,555).

Company
Shares at cost in group undertakings:
At beginning of year
At end of year
Turnover
Cost of sales, admin expenses, 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
17
Stocks
Raw materials
Work in progress
Goods held for resale
18
Debtors
Trade debtors
Prepayments and accrued income
Taxation refunds
Amounts owed by group undertaking
19
Cash and Cash Equivalents

Cash at bank and in hand		 2024
Trading
Film
Prod
Total
£
£
£
£
1
1
1
3
1
1
1
3
1,551,326
285,524
909,735
2,746,585
1,367,581
264,895
1,396,784
3,029,260

183,745
20,629
(487,049)
(282,675)
0
16,748
487,049
183,745
37,377
0
221,122
0
0
0
0
183,745
37,377
0
221,122
0
0
0
0
0
0
0
0
1
1
1
3
1
1
1
3
1
1
1
3
0
0
0
0
1
1
1
3
Group
Company
Group
2024
2024
2023
£
£
£
21,743
0
14,867
10,684
0
9,116
2,448
0
17,599
34,875
0
41,582
Group
Company
Group
2024
2024
2023
£
£
£
27,996
1,317
54,728
194,954
161,513
436,793
503,797
0
651,788
0
2,684,075
0
726,747
2,846,905
1,143,309
Group
Company
Group
2024
2024
2023
£
£
£
1,836,111
1,147,125
1,511,852		 Total
£
3
3
2,746,585
3,029,260		 Total
£
3
3
2,746,585
3,029,260		 2023
Total
£
3
3
2,522,907
2,592,660
(282,675) (69,753)
316,798
221,122
0
221,122		 247,045
(60,984)
186,984
0 0
0
3		 38,453
(38,450)
3 3
3
0		 3
0
3 3
Company
2023
£
0
0
0
0
Company
2023
£
0
334,261
0
967,685
1,301,946
Company
2023
£
1,253,735
28

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

20 Creditors : Amounts falling due within one year

Trade Creditors
Tax and social security
Accruals
Deferred income
Other creditors
Amounts owed to Group undertakings		 Group
2024
£
406,369
202,491
252,344
564,915
140,755
0
1,566,874		 Company
2024
£
331,541
203,723
203,371
526,560
80,051
1,642,661
2,987,907		 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

21 Deferred production income Advanced ticket sales attributable to future productions at 31 March 2024 are treated as deferred income and included in note 20. In Trading some Events which are invoiced in advance are also classifies as deferred income.

Opening Deferred income
Sales in the year
Sales recognised in year
Closing deferred income		 Group
2024
£
620,986
2,180,636
2,236,707
564,915		 Company
2024
£
604,208
2,005,870
2,083,518
526,560		 Group
2023
£
454,587
2,004,576
1,838,177
620,986		 Company
2023
£
437,866
1,855,253
1,688,911
604,208

22 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 transfer related to Big Give income funding the Community Show in the year.

Group & Company 2024
Refurbishment Fund – 2011
Refurbishment Fund – AW
Heritage Project
Programme Fund
Group & Company 2023
Refurbishment Fund – 2011
Refurbishment Fund – AW
Heritage Project
Programme Fund		 Balance B/F
£
4,839,644
6,908,718
1,368,071
130,192
13,246,625
5,491,627
7,383,161
1,430,299
197,421
14,502,508		 Income
£
0
0
0
419,605
419,605
0
0
0
350,130
350,130		 Utilised
£
(523,015)
(512,830)
(195,935)
(488,367)
(1,720,147)
(651,983)
(474,443)
(62,228)
(417,359)
(1,606,013)		 Transfer
£
0
0
0
19,000
19,000
0
0
0
0
0		 Balance C/F
£
4,316,629
6,395,888
1,172,136
80,431
11,965,084
4,839,644
6,908,718
1,368,071
130,192
13,246,625

23 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 2024
Theatre Royal Endowment Fund
Group & Company 2023
Theatre Royal Endowment Fund		 Balance B/F
£
291,100
291,500		 Income
£
0
0		 Utilised
£
(400)
(400)		 Transfer
£
0
0		 Balance C/F
£
290,700
291,100
29

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

24 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 2024
General Fund
Designated Fund (Artistic)
Designated Fund (Buildings)
Designated Fund (Shows)
Group 2023
General Fund
Designated Fund (Artistic)
Designated Fund (Buildings)
Designated Fund (Shows)		 Balance B/F
£
493,180
325,624
528,514
101,413
1,448,731
707,450
325,624
617,901
101,413
1,752,388		 Income
£
6,055,045
10,000
47,127
0
6,112,172
5,448,088
0
0
0
5,448,088		 Utilised
£
(6,193,704)
(1,894)
(147,722)
(90,000)
(6,433,320)
(5,662,358)
0
(89,387)
0
(5,751,745)		 Transfer
£
543
(24,543)
0
5,000
(19,000)
0
0
0
0
0		 Balance C/F
£
355,064
309,187
427,918
16,413
1,108,582
493,180
325,624
528,514
101,413
1,448,731

25 Analysis of Transfers A donation of £5,000 had been misclassified on receipt, to the Artistic Fund and this was rectified during the year. Funds received for the Big Give were applied to the community production which was a Restricted Fund project.

Group 2024
Restricted
Endowment
General
Designated
Group 2023
Restricted
Endowment
General
Designated
26
Net Assets between Funds
Group 2024
Restricted funds
Endowment fund
Unrestricted funds
General Funds
Designated Funds
Group 2023
Restricted funds
Endowment fund
Unrestricted funds
General Funds
Designated Funds		 Balance
£
11,946,084
290,700
354,521
773,061
13,364,366
13,246,625
291,100
493,180
955,551
14,986,456
Total Fixed
Assets
£
11,953,483
290,700
89,324		 Transfers
£
19,000
0
543
(19,543)
0
0
0
0
0
0
Net Current
Assets
£
11,601
0
265,740
753,518		 Designation
£
0
0
0
0
0
0
0
0
0
0
Long Term
Liabilities
£
0
0
0
0
0
£
0
0
0
0
0		 Balance C/F
£
11,965,084
290,700
355,064
753,518
13,364,366
13,246,625
291,100
493,180
955,551
14,984,456
Total
£
11,965,084
290,700
355,064
753,518
13,364,366
£
13,246,625
291,100
493,180
955,551
14,986,456
12,333,507 1,030,859
£
13,072,772
291,100
95,353
0		 £
173,853
0
397,827
955,551
13,459,225 1,527,231

30

Bristol Old Vic & Theatre Royal Trust Limited For the year ended 31 March 2024

Notes to the Financial Statements (cont)

27 Commitments

At 31 March 2024 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
Operating lease expenditure in year		 2024
Land & Bldg
£
7,000
0
7,000
7,000		 2023
Land & Bldg
£
7,000
7,000
14,000
7,000

28 Related party transactions

Other than transactions and balances within the group and those transactions detailed in Note 13, there have been no related party transactions during the year, nor are there are outstanding balances owing between related parties and the Group at 31 March 2024. The Group has taken advantage of the exemption available to not disclose transactions and balances with members of the same 100% group in accordance with Section 33.1A of FRS102.

29 Controlling Party

The Group is controlled by the Board of Trustees.

31