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2021-03-31-accounts

Registered number: 00317560 Charity number: 229396

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

YORK CITIZENS' THEATRE TRUST LIMITED

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 9
Independent auditor's report on the financial statements 10 - 13
Consolidated statement of financial activities 14
Consolidated balance sheet 15 - 16
Charity balance sheet 17 - 18
Consolidated statement of cash flows 19
Notes to the financial statements 20 - 46

YORK CITIZENS' THEATRE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Ann M Green CBE,Chair
TiggyClifford
Avijit Datta
Richard Jagger
Nicholas Rust(appointed 17 June 2020,resigned 14 August 2021)
Romana Shah(appointed 26 May2021)
John Short
HollySloan(resigned 26 May2021)
Richard Smith
Paul Smith
Will Zhuang (appointed 17 June 2020)
Company registered
number
00317560
Charity registered number
229396
Registered office
St Leonards Place
York
YO1 7HD
Company secretary
Julie Crampsie
Chief executive officer
Tom Bird
Independent auditor
BHP LLP
Chartered Accountants
Rievaulx House
1 St Mary's Court
Blossom Street
York
YO24 1AH
Bankers
HSBC Bank PLC
13 Parliament Street
York
YO1 8XS
Solicitors
Rollits LLP
Forsyth House
Alpha Court
Monks Cross Drive
York
YO32 9WN

Page 1

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees are pleased to present their annual report together with the consolidated audited financial statements of the charity and its subsidiaries for the year ended 31 March 2021.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the 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 to the UK and Republic of Ireland (FRS 102) published in October 2019.

Since the charity and the group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

Objects of the Charity

The Articles of Association of the Trust detail the primary objects of the Charity; these can be summarised as:

York Theatre Royal is a producing theatre. The theatre premises are owned by York Conservation Trust and are leased to the Charity. The premises include the Main House (761 capacity) and the Studio (86 capacity), with extensive foyer catering areas served by a full production kitchen. The Charity also rents a unit in Osbaldwick for the purposes of costume hire and production storage.

b. Strategic Context

The Charity receives revenue funding as an Arts Council England National Portfolio Organisation (NPO) and normally aligns its strategic planning with that funding cycle. In the context of the COVID-19 pandemic, the Arts Council has extended the current funding period for NPOs by one year – so the funding period now ends 31[st] March 2023. An application for the extension year will be submitted in September 2021.

York Theatre Royal took the necessary steps to offset the effects of COVID-19. The theatre pivoted quickly to reduce its

Page 2

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

cost base whilst benefitting from the CJRS and successfully obtaining financial support from Arts Council England. As a consequence, the theatre ended the year in a robust position financially. The projects that the theatre undertook during the year attracted considerable local, national and international profile, all of it positive. Some of these are detailed in the ‘Review of Activities’ section below.

The organisation’s core purpose statement reads as follows:

York Theatre Royal is a brave creative hub at the heart of the city, and it is here for you.

These stages, buildings and our city will thrive with live theatre of exceptional quality made with you – the world’s most exciting artists – with more of the world’s most exciting artists.

We will be known and admired everywhere for our work with you.

The organisational values we adopted in 2018 remain in place:

We are ambitious

We are sturdy

We celebrate the city’s diversity; it makes us bloom

We are ambassadors for York

We are welcoming

We are creative in every context

We pull together

How the charity delivers its charitable cause:

The Charity seeks to further its purposes for the public benefit through its core programme of creative activity including: its production, co-production and presentation of drama and other performing arts events together with its extensive learning, engagement and participation programmes with young people and adults, developed through well-defined regional, national and international relationships.

c. Review of activities

Achievements in this extraordinary year:

Page 3

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

d. Plans for future periods

The theatre undertook a new business planning exercise in March 2021, in response to the changes brought by the pandemic and the Arts Council’s new strategy, Let’s Create . We embedded the 4 ACE ‘Investment Principles’ into our business planning, and this plan will form the basis of our application to the NPO extension year, 2022-23.

In 2021-22 the theatre has budgeted a deficit of £176,805, as the effects of the pandemic continue. We are determined that this year and beyond will nevertheless be full of activity, as we step up our efforts to help the citizens of York enjoy the benefits of a creative life. Currently, we are planning a return to large-scale indoor pantomime at Christmas 2021 and to large-scale outdoor community performance in summer 2022.

The theatre plans to apply to the new Arts Council England National Portfolio, beginning 1[st] April 2023.

e. Investment policy and performance

The Trustees have determined a Low Risk / Low Return financial investment policy. Low Risk is defined as only investments on which capital is guaranteed. The terms of any investment will be easily accessible with no long-term commitments. Investment accounts and investment vehicles must be agreed by the Chairman and the Chair of the Finance and Capital Committee.

Any investment opportunities that arise that are outside the definition above, and could be considered Medium Risk (for example where the capital is not guaranteed but a reasonable return is expected) will be reviewed on a case by case basis. A decision on Medium Risk investments will be made by the full Board.

Page 4

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

a. Going concern

The financial statements have been prepared on a going concern basis. The trustees have taken into account the guidance issued by the Financial Reporting Council on Going Concern assessments in determining that this is the appropriate basis of preparation of the financial statements. They have also considered the ongoing impact of the Coronavirus Pandemic and risks to funding in reaching a conclusion on Going Concern.

Following a review of the Charity’s financial forecast to 31 March 2022 and its draft budget for the financial year 2022/23, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. As a consequence, the Trustees continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The trustees have agreed that it is necessary to maintain sufficient reserves in its General Funds to enable the organisation to respond to short term fluctuations and to provide sufficient liquid reserves to meet fixed costs plus any foreseeable capital expenditure. The theatre adopted an ambitious reserves target of £651,280 in February 2021 to ensure its resilience to the ongoing effects of the pandemic.

c. Financial position

Total income for the year was £2,685,684 (2020; £4.229,387). Income from charitable activities was £76,777 (2020: £2,398,043) whilst income from grants, donations and legacies was £1,697,727 (2020: £871,389). Other income, including income from subsidiary trading activities was £911,180 (2020: £959,955).

Total expenditure for the year was £1,865,227 (2020: £4,833,404). Expenditure on charitable activities was £1,253,555 (2020: £3,472,655). Expenditure on raising funds, including subsidiary trading costs was £611,672 (2020: £1,360,749).

The net income was £820,457 (2020: net expenditure of £604,017), and as a result the net funds carried forward at 31 March 2021 were £2,220,210 (2020: £1,399,753).

The charity’s free reserve increased by £515,935 to £542,875 (2020: £26,940). This consisted of YTR Enterprises profit of £72,474 and a surplus on charitable activities of £470,401, after net transfer to the Designated Fixed Asset Fund equivalent to investment in capital assets less depreciation.

Fundraising policy

We raise a small percentage of our funds from the public and our aim is to ensure we do this in both a respectful and compelling way that is consistent with our values.

The charity is a member of the Institute of Fundraising and supports its purpose and activities. All fundraising conducted on behalf of the charity, whether by committees, volunteers or staff, must comply with the Fundraising Regulator and The Code of Fundraising Practice together with all relevant legislation. The Trustees are not aware of any failure in complying with the new Code and legislation.

The charity did not employ a professional fundraiser nor any commercial participator in fundraising in the year.

Page 5

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The charity has a Development Subcommittee that includes in its membership both trustees and co-opted members. This committee monitors all fundraising by and for the charity. The Trustees monitor the Development Subcommittee via reports and minutes on a quarterly basis.

The charity has received no complaints about its fundraising activity in the year.

The charity insists that all members of the public will not be subject to fundraising activity that is an unreasonable intrusion on that person’s privacy, is unreasonably persistent, or places undue pressure on a person to give money or other property.

Structure, governance and management

a. Constitution

The charity and the group is registered as a members limited liability company and was set up by a Memorandum of Association on 15 August 1936, subsequently brought uptodate by Articles of Association adopted on 21 April 2016.

The charity and the group is constituted under Articles of Association dated 21 April 2016 and is a registered charity number 229396.

The principal objects of the charity and the group are:

To conserve, develop and enhance the premises known as York Theatre Royal for the benefit of the public, as a working theatre and a place with historical associations and to acquire for any consideration or interest, construct or maintain theatres in York or elsewhere and to alter, rebuild, reconstruct, refurnish, work, maintain and carry on any theatre for the time being owned or taken on lease by or otherwise in the occupation of the Charity, for the sole purpose of advancing the education of the public in the appreciation and understanding of the dramatic and musical arts in all their forms.

To carry on any theatre for the time being owned, leased or occupied by the Charity to promote, maintain, improve and advance education by the encouragement of the arts, including the arts of drama, mime, dance, music, ballet, opera, puppetry, painting and sculpture, photography, cinema, literature and poetry and to improve the general standard of dramatic productions in York and elsewhere, and also if and in so far as may be practicable to provide the Charity's theatre or permit the same to be used for public lectures, cinematic performances or other entertainments and exhibitions considered to be of educational merit.

To receive, educate and train students in the arts of drama, mime, dance, music, ballet, opera, puppetry, painting and sculpture, photography, cinema, literature and poetry and to promote recognition of and encouragement of exceptional merit in students by the institutional presentation of scholarships, exhibitions, grants, medals or other prizes or benefactions.

To purchase or otherwise acquire and obtain exclusive and other interest in copyright and rights of representation and other rights of or in plays, music, songs, words, operas, comedies and compositions of an educational merit or calculated to improve the general standard of dramatic productions in York and elsewhere for the benefit of the public.

In furtherance of the above objects to carry on in connection with any theatre owned or for the time being in the occupation of the Charity in York or elsewhere the business of the sale of refreshments, food and drink and publications, such activities to be solely ancillary to the furtherance of the Charity’s Objects.

Page 6

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The Board of Trustees meets ordinarily four times each year. The Charity has resolved to dispense with an Annual General Meeting. In addition, Trustees have established the following committees to report to the Board of Trustees on aspects of the Charity’s business:

The roles of Equalities Champion and Environmental Champion are each assigned to an individual Trustee. A Trustee observes the Charity’s Health and Safety Committee meetings.

The Charity has two trading subsidiaries which form part of the group and in which it is the sole shareholder: York Theatre Royal Enterprises Ltd and York Theatre Productions Ltd.

All profits generated by the Trust’s subsidiaries are ‘gifted’ to the Charity.

The Trust and its subsidiaries operate as a group for VAT purposes. The relationship between the Charity and its subsidiaries is clearly set out in a relationship agreement under which the Charity provides a range of services to its subsidiaries. These include lease and buildings maintenance, strategic management, employment and provision of staff, administration (including HR and Finance), insurance and the provision of assets for use by the subsidiaries. The subsidiaries receive a Management Charge to cover the cost of these services.

b. Method of appointment or election of Trustees

The management of the charity and the group is the responsibility of the Trustees who are elected and coopted under the terms of the Articles of Association.

c. Policies adopted for the induction and training of Trustees

New Trustees are inducted into the organisation through a series of meetings. The Board has terms of reference for all Board meetings and Board Committees. There is an annual review of the Board skills base and open recruitment for all Trustees. There is an intent that the Board is representative of the UK community. Each year Trustees hold an Away Day with the Executive to review the strategic direction of the Trust.

d. Pay policy for senior staff

The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. The Trustees benchmark against other provincial producing theatres of a similar size run on a voluntary basis. The remuneration benchmark is the midpoint of the range paid for similar roles.

e. Organisational structure and decision making

The Trustees determine the general policy of the Charity. Under the overall direction of the Trustees the day-to-day management is delegated to the Executive Director.

Page 7

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

f. Risk management

The Trustees have assessed the major risks to which the Charity and the group is exposed, in particular those related to the operations and finances of the Charity and the group, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Charity maintains a Risk Register, which is reviewed regularly by the trustees. The trustees recognise the finances of the Charity will continue to benefit from the valuable support of Arts Council England.

Trustees' responsibilities statement

The Trustees (who are also directors of York Citizens' Theatre Trust Limited 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 (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Disclosure of information to auditor

Each of the Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

The auditor, BHP LLP, has indicated its willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

RWSmith

Ann Green Ann Green (Nov 29, 2021 17:59 GMT) ................................................ RWSmith (Nov 26, 2021 18:06 GMT) ................................................ Ann M Green CBE, Chair Richard Smith (Chair of Trustees) (Trustee) Date: 22 September 2021

Page 9

YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CITIZENS' THEATRE TRUST LIMITED

Opinion

We have audited the financial statements of York Citizens' Theatre Trust Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2021 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company 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.

Page 10

YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CITIZENS' THEATRE TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the trustees' report other than the financial statements and our Auditor's report thereon. The trustees are responsible for the other information contained within the trustees' 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' 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:

Page 11

YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CITIZENS' THEATRE TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the parent 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 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

Page 12

YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF YORK CITIZENS' THEATRE TRUST LIMITED (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves 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: https://frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx This description forms part of our Auditor's 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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's membersand its trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Nov 30, 2021 12:36 GMT)

Jane Marshall (Senior statutory auditor)

for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

Date: 30-Nov-2021

Page 13

YORK CITIZENS' THEATRE TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds:
8
Fundraising trading costs
Subsidiary trading costs
Charitable activities
9
Total expenditure
Net income/(expenditure)
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
924,161
59,777
5,239
1,906
904,035
1,895,118
253,011
347,552
963,592
1,564,155
330,963
196,152
527,115
1,118,466
527,115
1,645,581		 Restricted
funds
2021
£
773,566
17,000
-
-
-
790,566
11,109
-
289,963
301,072
489,494
(196,152)
293,342
281,287
293,342
574,629		 Total
funds
2021
£
1,697,727
76,777
5,239
1,906
904,035
2,685,684
264,120
347,552
1,253,555
1,865,227
820,457
-
820,457
1,399,753
820,457
2,220,210		 Total
funds
2020
£
871,389
2,398,043
858,758
5,042
96,155
4,229,387
578,026
782,723
3,472,655
4,833,404
(604,017)
-
(604,017)
2,003,770
(604,017)
1,399,753

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 20 to 46 form part of these financial statements.

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YORK CITIZENS' THEATRE TRUST LIMITED

REGISTERED NUMBER: 00317560

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
24
Creditors: amounts falling due within one year
19
Net current assets
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
Designated funds
20
General funds
20
Total unrestricted funds
20
Total funds		 3,333
419,848
1,055,669
1,478,850
(361,346)
1,102,706
542,875		 2021
£
1,102,706
1,102,706
1,117,504
2,220,210
574,629
1,645,581
2,220,210		 11,003
631,509
515,026
1,157,538
(849,309)
1,091,524
26,942		 2020
£
1,091,524
1,091,524
308,229
1,399,753
281,287
1,118,466
1,399,753

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YORK CITIZENS' THEATRE TRUST LIMITED

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

As permitted by s408 Companies Act 2006, the charitable company has not presented its own profit and loss accounts and related notes. The charitable company's surplus for the year was £764,116 (2020: £478,329 deficit).

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ann Green RWSmith Ann Green (Nov 29, 2021 17:59 GMT) RWSmith (Nov 26, 2021 18:06 GMT) Ann M Green CBE Richard Smith

(Chair of Trustees)

Date: 22 September 2021

The notes on pages 20 to 46 form part of these financial statements.

Page 16

YORK CITIZENS' THEATRE TRUST LIMITED

REGISTERED NUMBER: 00317560

CHARITY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one year
19
Net current assets
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
Share capital
20
General funds
20
Total unrestricted funds
20
Total funds		 418,594
1,055,485
1,474,079
(429,052)
41
1,573,066		 2021
£
1,102,706
3
1,102,709
1,045,027
2,147,736
574,629
1,573,107
2,147,736		 622,809
478,525
1,101,334
(809,242)
41
1,102,291		 2020
£
1,091,524
3
1,091,527
292,092
1,383,619
281,287
1,102,332
1,383,619

Page 17

YORK CITIZENS' THEATRE TRUST LIMITED

CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2021

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

RWSmith Ann Green Ann Green (Nov 29, 2021 17:59 GMT) RWSmith (Nov 26, 2021 18:06 GMT) Ann M Green CBE Richard Smith

(Chair of Trustees)

Date: 22 September 2021

The notes on pages 20 to 46 form part of these financial statements.

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YORK CITIZENS' THEATRE TRUST LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
23
Cash flows from investing activities
Bank interest
6
Purchase of tangible fixed assets
15
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
24		 2021
£
741,052
1,906
(197,107)
(195,201)
545,851
509,818
1,055,669		 2020
£
(676,829)
5,042
(128,833)
(123,791)
(800,620)
1,310,438
509,818

The notes on pages 20 to 46 form part of these financial statements

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YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

York Citizens' Theatre Trust Limited constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

1.2 Going concern

The financial statements have been prepared on a going concern basis. The trustees have taken into account the guidance issued by the Financial Reporting Council on Going Concern assessments in determining that this is the appropriate basis of preparation of the financial statements. They have also considered the ongoing impact of the Coronavirus Pandemic and risks to funding in reaching a conclusion on Going Concern.

Following a review of the Charity’s financial forecast to 31 March 2022 and its draft budget for the financial year 2022/23, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. As a consequence, the Trustees continue to adopt the going concern basis in preparing the financial statements.

1.3 Company status

The charity is a company limited by shares, incorporated in England and Wales. The company's registered office is as stated in the Trustees' Report.

The liability of each shareholder on winding up is limited to £1 for each share held.

Page 20

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 21

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.5 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Charitable trading activities

Income from theatre admission fees net of Box Office commission is included in charitable activity income in the period in which the relevant show takes place.

Commercial trading activities

Income from commercial activites is included in the period in which the group is entitled to receipt within raising funds.

Donations and grants

Income from donations and grants, including capital grants, are included in income when these are receivable, except as follows:

When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included within restricted income when receivable.

Interest receivable

Interest is included when receivable by the charity.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 22

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.

Certain expenditure is directly attributable to specific activities and has been included in the relevant cost categories.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include central functions that have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

Expenditure on stage properties, scenery and effects is not capitalised (unless the properties, scenery and effects can be used in future productions), as it is considered that such costs more truly reflect direct production costs and are, therefore, written off in the financial year in which the relevant production opens.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.7 Basis of consolidation

The financial statements consolidate the accounts of York Citizens' Theatre Trust Limited and all of its subsidiary undertakings ('subsidiaries').

The charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.

The income and expenditure account for the year dealt with in the accounts of the charity was £764,116 surplus (2020: £478,329 deficit).

Page 23

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.8 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grants received in relation to the government Coronavirus Job Retention Scheme (Furlough) have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted

1.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

1.10 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

1.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks.

Page 24

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity from the date of acquisition or opening of the deposit or similar account.

1.14 Creditors and provisions

Creditors are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Creditors are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

1.15 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.16 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

1.17 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 25

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

(i) Support costs

Staffing and administration support costs are allocated across the activities of the theatre. Support costs are allocated on a basis consistent with the use of resources.

Page 26

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

3. Income from donations and legacies

Donations
Arts Council England, Yorkshire
Individual Giving and the 1774 Club
The Berwick Kaler Foundation
Patricia & Donal Shepherd Charitable Trust
Community giving donations
Grants
Development Support Fund (COVID 19)
Culture Recovery Fund Grant
Other donations
Other grants
CYC Capital funding
Total 2020		 Unrestricted
funds
2021
£
794,552
63,524
-
-
64,445
-
-
1,640
-
-
924,161
783,787		 Restricted
funds
2021
£
-
-
(1,683)
-
-
25,000
236,522
4,552
-
509,175
773,566
87,602		 Total
funds
2021
£
794,552
63,524
(1,683)
-
64,445
25,000
236,522
6,192
-
509,175
1,697,727
871,389		 Total
funds
2020
£
587,254
113,496
32,804
30,000
36,264
-
-
57,625
13,946
-
871,389

4. Income from charitable activities

Admission fees (box office receipts)
Co-production income
Education and outreach
Total 2020		 Unrestricted
funds
2021
£
8,719
-
51,058
59,777
2,398,043		 Restricted
funds
2021
£
17,000
-
-
17,000
-		 Total
funds
2021
£
25,719
-
51,058
76,777
2,398,043		 Total
funds
2020
£
2,268,276
11,431
118,336
2,398,043

Page 27

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

5. Income from other trading activities

Income from fundraising events

Props, electrical hire and merchandising
Lettings, room hire & corporate entertainment
Costume hire & making
Total 2020
Income from non charitable trading activities
Other income
Bar sales
Cafe sales
Events, hire and performance income
Ice cream and sweet sales
Merchandise and programme sales
Box office services
Total 2020		 Unrestricted
funds
2021
£
2,000
-
4
2,004
27,329
Unrestricted
funds
2021
£
10,770
576
(281)
(841)
505
-
(7,494)
3,235
831,429		 Total
funds
2021
£
2,000
-
4
2,004
27,329
Total
funds
2021
£
10,770
576
(281)
(841)
505
-
(7,494)
3,235
831,429		 Total
funds
2020
£
765
14,371
12,193
27,329
Total
funds
2020
£
-
209,580
233,312
92,877
85,354
43,258
167,048
831,429

Page 28

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6. Investment income

Bank interest
Total 2020		 Unrestricted
funds
2021
£
1,906
5,042		 Total
funds
2021
£
1,906
5,042		 Total
funds
2020
£
5,042

7. Other incoming resources

Other operating income
Sundry income
Tenancy income
Coronavirus job retention scheme income
Coronavirus business support grant
Total 2020		 Unrestricted
funds
2021
£
-
114,410
7,000
747,268
35,357
904,035
96,155		 Total
funds
2021
£
-
114,410
7,000
747,268
35,357
904,035
96,155		 Total
funds
2020
£
1,725
82,987
11,443
-
-
96,155

Page 29

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8. Expenditure on raising funds

Fundraising trading expenses

Marketing and fundraising
Trading activities
Costume hire & making
Fundraising trading expenses - wages costs
Fundraising trading expenses - NI
Fundraising trading expenses - pension costs
Total 2020		 Unrestricted
funds
2021
£
70,829
82,138
3,974
85,436
8,112
2,522
253,011
578,026		 Restricted
funds
2021
£
-
-
-
11,109
-
-
11,109
-		 Total
funds
2021
£
70,829
82,138
3,974
96,545
8,112
2,522
264,120
578,026		 Total
funds
2020
£
347,882
52,432
5,154
155,825
13,326
3,407
578,026

Page 30

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8. Expenditure on raising funds (continued)

Other trading expenses

Bar purchases
Cafe purchases
Events, hire and performance cost of sales
Ice cream and sweets purchases
Merchandise and programme purchases
Box office service costs recharged
Box office service costs of sales
Administration expenses
Administration staff costs
Total 2020
Split between direct and support costs
Cost of generating funds
Fundraising trading costs
Subsidiary trading costs
Total 2020		 Direct cost of
activities
2021
£
124,139
11,700
347,552
483,391
1,231,883		 Unrestricted
funds
2021
£
3,519
2,937
10,340
2,034
613
24,159
60,273
4,102
239,575
347,552
782,723
Support costs
2021
£
42,169
86,112
-
128,281
128,866		 Total
funds
2021
£
3,519
2,937
10,340
2,034
613
24,159
60,273
4,102
239,575
347,552
782,723
Total
funds
2021
£
166,308
97,812
347,552
611,672
1,360,749		 Total
funds
2020
£
49,210
91,489
89,347
18,951
19,076
101,612
102,335
55,977
254,726
782,723
Total
funds
2020
£
505,662
72,364
782,723
1,360,749

Page 31

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

9. Analysis of expenditure on charitable activities

Summary by fund type

Admission fees (box office receipts)
Theatre tax relief
Education and outreach
Governance
Total 2020		 Unrestricted
funds
2021
£
850,117
(35,143)
132,126
16,492
963,592
3,359,221		 Restricted
funds
2021
£
254,038
-
35,925
-
289,963
113,434		 Total
funds
2021
£
1,104,155
(35,143)
168,051
16,492
1,253,555
3,472,655		 Total
funds
2020
£
3,475,734
(207,669)
191,275
13,315
3,472,655

10. Analysis of expenditure by activities

Operation of theatre
Theatre tax relief
Education and outreach
Governance
Total 2020		 Activities
undertaken
directly
2021
£
695,990
(35,143)
126,165
16,492
803,504
2,465,109		 Support costs
2021
£
408,165
-
41,886
-
450,051
1,007,546		 Total
funds
2021
£
1,104,155
(35,143)
168,051
16,492
1,253,555
3,472,655		 Total
funds
2020
£
3,475,734
(207,669)
191,275
13,315
3,472,655

Page 32

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

11. Allocation of support costs

The trust allocates its support costs as shown in the table below. The support costs are allocated on a basis consistent with the use of resources.

Administration salaries
Other staff costs
Premises costs
Computer, stationery and postage costs
Travelling and subsistence costs
Legal and professional costs
Other sundry expenses
Irrecoverable VAT
Depreciation, loss on disposal and impairment of
fixed assets
Total 2021
Total 2020		 Operation of
Theatre
2021
£
121,172
64,874
93,023
24,594
-
784
18,577
-
127,026
450,050
1,007,545		 Allocated to
cost of raising
funds
2021
£
55,274
81
-
627
-
358
13,997
-
57,944
128,281
128,866		 Total
funds
2021
£
176,446
64,955
93,023
25,221
-
1,142
32,574
-
184,970
578,331
1,136,411		 Total
funds
2020
£
212,647
208,426
329,070
35,953
8,331
(475)
45,917
46,769
249,773
1,136,411

12. Net income/(expenditure)

This is stated after charging:

2021 2020
£ £
Depreciation of tangible fixed assets:
- owned bythe charitablegroup 183,776 249,773
Auditor's remuneration - audit 12,000 11,150
Auditor's remuneration - other services 3,700 1,640
Loss on disposal of tangible fixed assets 1,194 -

Page 33

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2021
£
1,183,720
71,539
23,633
1,278,892		 Group
2020
£
1,355,370
111,916
27,663
1,494,949		 Charity
2021
£
1,183,720
71,539
23,633
1,278,892		 Charity
2020
£
1,355,370
111,916
27,663
1,494,949

The average number of persons employed by the charity during the year was as follows:

Group Group
2021 2020
No. No.
Average monthly headcount 128 126

The average headcount expressed as full-time equivalents was:

Permanent staff
Casual staff		 Group
2021
No.
26
17
43		 Group
2020
No.
43
18
61

No employee received remuneration amounting to more than £60,000 in either year.

The average number of key management personnel in the year was 1 (2020: 2) and total key managment personnel remuneration was £61,068 (2020: £130,015)

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 31 March 2021, no expenses were reimbursed or paid directly to Trustees (2020: £82 to 2 Trustees).

Page 34

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

15. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
On disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Signal Box
Theatre
Leasehold
Improvements
£
£
9,733
1,521,331
-
112,698
(8,779)
(196,452)
954
1,437,577
6,893
723,313
1,060
97,655
(7,158)
(196,452)
795
624,516
159
813,061
2,840
798,018		 Plant and
machinery
£
1,071,312
84,409
(78,157)
1,077,564
780,646
85,061
(77,629)
788,078
289,486
290,666		 Motor
vehicles
£
7,000
-
-
7,000
7,000
-
-
7,000
-
-		 Total
£
2,609,376
197,107
(283,388)
2,523,095
1,517,852
183,776
(281,239)
1,420,389
1,102,706
1,091,524

Page 35

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

16. Fixed asset investments

charity
Cost or valuation
At 1 April 2020
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Investments
in subsidiary
companies
£
3
3
3
3

Principal subsidiaries

The following were subsidiary undertakings of the charity:

Names Company Holding Included in
number consolidation
York Theatre Royal Enterprises Limited 02909939 100% Yes
York Theatre Productions Limited 09308382 100% Yes
The financial results of the subsidiaries for the year were:
Names Income Expenditure Profit/(Loss)/ Net assets
£ £ Surplus/ £
(Deficit) for
the year
£
York Theatre Royal Enterprises Limited 610,717 (538,243) 72,474 72,476
York Theatre Productions Limited 131,150 (154,299) (23,194) 1

The financial results of the subsidiaries for the year were:

Page 36

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

17. Stocks

Group Group
2021 2020
£ £
Finished goods and goods for resale 3,333 11,003

18. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2021
£
16,339
-
272,871
130,638
419,848		 Group
2020
£
75,162
-
367,113
189,234
631,509		 Charity
2021
£
16,339
215,656
57,214
129,385
418,594		 Charity
2020
£
75,162
366,819
294
180,534
622,809

19. Creditors: Amounts falling due within one year

Bank overdrafts
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2021
£
-
53,941
-
10,859
76,689
219,857
361,346		 Group
2020
£
5,208
115,599
-
23,546
58,145
646,811
849,309		 Charity
2021
£
-
53,833
67,814
10,859
76,689
219,857
429,052		 Charity
2020
£
5,208
101,336
1,121
23,546
58,145
619,886
809,242

Page 37

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Deferred income at 1 April 2020
Resources deferred during the year
Amounts released from previous periods
20.
Statement of funds
Statement of funds - current year
Balance at 1
April 2020
£
Unrestricted funds
Designated funds
Designated Fixed Asset Fund
1,091,524
General funds
General funds
10,764
Enterprises
16,137
Share capital
41
26,942
Total Unrestricted funds
1,118,466		 Group
2021
£
441,186
181,969
(441,186)
181,969
Income
£
-
1,542,527
352,591
-
1,895,118
1,895,118		 Group
2020
£
454,143
441,186
(454,143)
441,186
Expenditure
£
(184,970)
(1,082,931)
(296,254)
-
(1,379,185)
(1,564,155)		 Charity
2021
£
414,260
181,969
(414,260)
181,969
Transfers
in/out
£
196,152
-
-
-
-
196,152		 Charity
2020
£
432,686
414,260
(432,686)
414,260
Balance at 31
March 2021
£
1,102,706
470,360
72,474
41
542,875
1,645,581

Page 38

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

Restricted funds
City of York Capital Fund
Partricia & Donald Shepherd
Charitable Trust
Access All Areas
Arts Council Culture Recovery
Fund
The Berwick Kaler Foundation
Patio Project
NT Connections
Other restricted funds
Shepherd group - Uniform
Sponsorship
The Platform Project
Development Support Fund
(COVID 19)
Travelling Panto Project Funding
Arts Council Training Grant
Total of funds		 217,979
29,082
10,105
-
5,270
9,966
4,000
1,215
163
3,507
-
-
-
281,287
1,399,753		 509,175
-
-
236,522
(1,683)
-
-
385
-
-
25,000
17,000
4,167
790,566
2,685,684		 -
(27,133)
(625)
(236,588)
-
(450)
(4,000)
-
-
-
(11,109)
(17,000)
(4,167)
(301,072)
(1,865,227)		 (196,152)
-
-
-
-
-
-
-
-
-
-
-
-
(196,152)
-		 531,002
1,949
9,480
(66)
3,587
9,516
-
1,600
163
3,507
13,891
-
-
574,629
2,220,210

Page 39

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Designated Fixed Asset Fund
Digital Post & Development
Assistant Posts
Osbaldwick Final Refurb &
Relocation
General funds
General funds
Enterprises
Share capital
Total Unrestricted funds		 Balance at
1 April 2019
£
1,212,464
71,957
11,356
1,295,777
130,175
141,825
41
272,041
1,567,818		 Income
£
-
-
-
-
3,310,356
831,429
-
4,141,785
4,141,785		 Expenditure
£
(249,773)
-
-
(249,773)
(3,513,080)
(957,117)
-
(4,470,197)
(4,719,970)		 Transfers
in/out
£
128,833
(71,957)
(11,356)
45,520
83,313
-
-
83,313
128,833		 Balance at
31 March
2020
£
1,091,524
-
-
1,091,524
10,764
16,137
41
26,942
1,118,466

Page 40

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

Restricted funds
BeSpectACTive
City of York Capital Fund
Partricia & Donald Shepherd
Charitable Trust
Access All Areas
Arts Council Culture Recovery
Fund
The Berwick Kaler Foundation
Patio Project
NT Connections
Other restricted funds
Shepherd group - Uniform
Sponsorship
The Platform Project
Total of funds		 2,223
346,812
25,291
6,088
25,000
13,093
10,629
5,250
1,566
-
-
435,952
2,003,770		 (894)
-
30,000
5,680
-
32,804
58
10,010
3,094
3,000
3,850
87,602
4,229,387		 (1,329)
-
(26,209)
(1,663)
(25,000)
(40,627)
(721)
(11,260)
(3,445)
(2,837)
(343)
(113,434)
(4,833,404)		 -
(128,833)
-
-
-
-
-
-
-
-
-
(128,833)
-		 -
217,979
29,082
10,105
-
5,270
9,966
4,000
1,215
163
3,507
281,287
1,399,753

Restricted funds

City of York Capital fund - a donation of funding to support the Theatre with its ongoing capital costs and capital redevelopment projects. The transfer relates to the transfer of fixed assets from restricted to unrestricted funds, as the assets are held for general purposes.

Patricia and Donald Shepherd Charitable Trust Fund - funding received to support the provision of an Outreach Director to work with disadvantaged groups across the City.

Access All Areas - funding has been made from the Ed De Nunzio Charitable Trust to support the Access All Areas drama group. The group works with a group of young people aged 12-16 who are vulnerable, socially excluded or disadvantaged in some way and would not usually access out mainstream Youth Theatre.

Arts Council Culture Recovery Fund - This funding reflects the grant received and due for the round 1 bid for Cultural Recovery Funding.

The Berwick Kaler Foundation - The Foundation was set up in 2018 in celebration of Berwick’s 40 years as York Theatre Royal’s legendary pantomime Dame. The money raised supports community projects and enables disadvantages people in our community – young and old – to enjoy theatre in its many forms.

Page 41

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Patio Project – these funds have been generated through a variety of appeals and events. The funds will we be used for the redevelopment of the Patio area.

NT Connections – these funds were received from the National Theatre to support the ‘Connections Project’ at York Theatre Royal.

Other Restricted Funds – during the year we also received funding of £3,094 from the ‘Pay It Forward’ scheme, providing free tickets for disadvantaged groups to see a number of productions across the year.

Shepherd Group – funding was received to provide uniforms for all staff within the organisation.

The Platform Project – a grant from the Ed De Nunzio Charitable Trust to fund a collaborative project for 16-21 year olds from the Walmgate area of the City. The project will provide outreach workshops from SPARK York.

Development Support fund (COVID-19) - This donation from a private individual was received to support the ongoing cost of Fundraising and Marketing during the COVID-19 pandemic.

Travelling Panto Project funding - Donations were received from the Friends of York Theatre Royal and City of York Council Ward FUnds to support the production of the Travelling Pantomime in December 2020.

Arts Council Training Grant - This grant was provided to support the ongoing professional development of the Chief Executive and Senior Management Team.

BeSpectACTive - a European project, funded by Creative Europe which is focussed on audience development, encouraging inter-cultural dialogue through the exchange of practices amongst professionals, artists and audiences in Europe.

Transfers

Transfers in the year represent the release of capital grant funding and the release of funds previously designated by the trustees in to General funds.

Page 42

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

21. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds
Summary of funds - prior year
Designated funds
General funds
Restricted funds		 Balance at 1
April 2020
£
1,091,524
26,942
281,287
1,399,753
Balance at
1 April 2019
£
1,295,777
272,041
435,952
2,003,770		 Income
£
-
1,895,118
790,566
2,685,684
Income
£
-
4,141,785
87,602
4,229,387		 Expenditure
£
(184,970)
(1,379,185)
(301,072)
(1,865,227)
Expenditure
£
(249,773)
(4,470,197)
(113,434)
(4,833,404)		 Transfers
in/out
£
196,152
-
(196,152)
-
Transfers
in/out
£
45,520
83,313
(128,833)
-		 Balance at 31
March 2021
£
1,102,706
542,875
574,629
2,220,210
Balance at
31 March
2020
£
1,091,524
26,942
281,287
1,399,753

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
1,102,706
904,221
(361,346)
1,645,581		 Restricted
funds
2021
£
-
574,629
-
574,629		 Total
funds
2021
£
1,102,706
1,478,850
(361,346)
2,220,210

Page 43

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
1,091,524
876,251
(849,309)
1,118,466		 Restricted
funds
2020
£
-
281,287
-
281,287		 Total
funds
2020
£
1,091,524
1,157,538
(849,309)
1,399,753

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Bank interest
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operating activities		 Group
2021
£
820,457
183,776
(1,906)
1,194
7,670
211,665
(481,804)
741,052		 Group
2020
£
(604,017)
249,773
(5,042)
-
(1,511)
(142,781)
(173,251)
(676,829)

Page 44

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

24. Analysis of cash and cash equivalents

Cash in hand
Overdraft facility repayable on demand
Total cash and cash equivalents		 Group
2021
£
1,055,669
-
1,055,669		 Group
2020
£
515,026
(5,208)
509,818

25. Analysis of changes in net debt

Cash in hand
Bank overdrafts repayable on demand
Capital commitments
Group
2021
£
Contracted for but not provided in these financial
statements
Acquisition of tangible fixed assets
16,483		 At 1 April
2020
£
515,026
(5,208)
509,818
Group
2020
£
-		 Cash flows
£
540,643
5,208
545,851
Charity
2021
£
16,483		 At 31 March
2021
£
1,055,669
-
1,055,669
Charity
2020
£
-

26. Capital commitments

27. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £23,633 (2020: £27,633). £5,007 (2020: £15,751) was payable to the fund at the Balance Sheet date and are included in creditors.

Page 45

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

28. Operating lease commitments

At 31 March 2021 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2021
£
45,838
113,161
351,979
510,978		 Group
2020
£
83,338
131,749
379,229
594,316

Of the commitments above, £488,229 (2020: £552,979) is payable to the York Conservation Trust in relation to rent.

29. Related party transactions

York Theatre Royal Enterprises Limited is a wholly owned subsidiary of York Citizens' Theatre Trust Limited. Some of the trustees of the charity are also directors of the company. At the year end, amounts owed to York Theatre Royal Enterprises Limited were £67,814 (2020: £1,119). During the year the charity received income from a management charge of £10,770 (2020: £34,296). In addition, the charity allocated grant of £172,712 to the subsidiary.

York Theatre Productions Limited is a wholly owned subsidiary of York Citizens' Theatre Trust Limited. Some of the trustees of the charity are also directors of the company. At the year end, amounts owed from York Theatre Productions Limited were £215,656 (2020: £366,819), this amount reflects tax credits due from the subsidiary.

During the year there was income of £nil (2020: £992) with York St John University, a charity in which Ann M Green was a trustee of during the year and Dr Ajivit Datta was a Foundation Committee member. A balance of £50 is owed from (2020: £218 owed from) the University by the charity as at the year end.

During the year expenditure totalling £nil (2020: expenditure totalling £nil) was paid to York Museums and Gallery Trust, a charity in which David R Jagger was a trustee during the year. A balance of £nil is owed to (2020: £162 owed to) the Trust from the charity as at the year end.

During the year expenditure totalling £nil (2020: £233) was paid to a legal firm of which Tiggy Clifford is a Designated LLP member for employment advice. A balance of £nil (2020: £317) is owed to the firm by the charity as at the year end.

There are no other related party transactions to disclose.

Page 46