Registered number.. 00317560 Charity number: 229396 YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
YORK CITIZENS, THEATRE TRUST LIMITED CONTENTS Page Reference and administrative details of the charity* Its Trustees and advisers Trustees, report 3-10 Independent audltor's report on the financ5al statements 11-14 Consolidated statement of financial activities 15 Consolidated balance sheet 16-17 Charity balance shèet 18-19 Consolldated statement of cash flows 20 Notes to the financial statements 21-49
YORK CITIZENS, THEATRE TRUST LIMITED REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Ann M Green CBE, Chair Cath Clelland MBE (appointed 14 August 20221 Tiggy Clifford (resigned 17 April 20231 Craig Colton (appointed 14 August 20221 Avijit Datta Iresigned 6 December 20231 Steven lackson-winter lappointed I january 20231 Richard Jagger (resigned 17 April 20231 Saira Khan (appointed l January 20231 Matthew Noddings (appointed 14 August 20221 Maggie Pavlou (appointed 14 August 20221 Katie Posner Romana Shah Iresigned 25 April 20221 Richard Smith (resigned 3 August 20231 Paul Smith Will Zhuang Matthew Hunnybun (appointed l March 20231 Company reglstered number 00317560 Charlty reglstered number 229396 Registered office St Leonards Place York YOI 7HD Company secretary Julie Crampsie Chlef execut5ve offlcer Paul Crewes (appointed 9 October 20231 Independent auditor BHP LLP Chartered Accountant5 Rievaulx House I St Mary's Court BIos50m Street York Y024 IAH Bankers HSBC Bank PLC 13 Parliament Street York Yol 8XS Page I
YORK CITIZENS, THEATRE TRUST LIMITED REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Solicitors Rollits LLP Forsyth House Alpha Court Monk5 Cr05s Drive York Y032 9WN Investment Manager5 CCLA Senator House 52 Victoria Street London EC4V 4ET Page 2
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees are pleased to present their annual report together with the consolidated audited financial statements of the charity and its subsidiarie5 for the year ended 31 March 2023 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 IFRS 1021. 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 Istrategic Report and Direttor's Reportl Regulation$ 2013 is not required. Objectives and Actlvities a. Polities and objectivès Objects of the Charlty The Articles of Association of the Trust detail the primèry objects of the Charity,. these can be surnmarised as.. To conserve, develop and enhance York Theatre Royal for the benefit of the public, as a working theatre, 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 promote and advance education by the encouragement of the arts, to improve the general standard of dramatic productions in York and elsewhere, and to provide the Charity's theatre to be used for public lectures. cinematic performances or other entertainments and exhibitions tonsidered 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. Idl To acquire interest in copyright and rights of representation and other rights of or in plays, music, son8s, word5, 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. lel To carry on the business of the Sale of food, drink and programmes, such activities to be solely ancillary to the furtherance of the Charitrfs Objects. Ytsrk 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 1761 capacity) and the Studio 186 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. We acquired space at Hargrave House that houses our making wardrobe. The 3-year lease was signed in Ortober 2022. Page 3
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 b. Stratègit Context The Charity receives revenue funding as an Arts Council England National Portfolio Organisation INPOI and normally aligns its strategic planninE with that funding c¥cle. In November 2022 YCTh wa5 informed that our application had been successful and that we had been awarded an investment of £598,059 for a 3-year period from 2023 to 2026. ACE stated 'Overall York Theatre Royals 2023-26 octivity will consolidt7te work to dote with o cleor plan to deliver a pluce-bosed high quolity cret7tive and cultural progrumme underpinned by comrp7unity Co-cfefjtion ond CYP enggeMent., The or8anisation's core purpose statement reads as follows: York Theatre Royal is a brave treative hub at the heart of the tity, and it is here for you. These stages, buildings and our city will thrive with live theatre Df 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, throughout the organisation We are sturdy We care about the climate We are welcoming We are ambassadors for York We celebrate the city's diversity,. it makes us bloom We are creative in every context We pull together How the charity delivers its tharitable 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 learnin& engagement and participation programmes with young people and adults, developed through well defined regional, national and international relationships. Page 4
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 c. Review of attivities Achievements in 2022-23: Creative Engagement planned to establish three community hubs but in fact established five in New Earswick, Acomb. Dringhouses, Tang Hall, and York St John University. Highlights in artist development included GREEN SHOOTS, the commissioning and presenting of local artist work in the Main House, and TAKEOVER. working with York St John students to plan and present a festival at the theatre. Delivered the mid-scale comrnunity play THE COPPERGATE WOMAN surpassing the nurnber of planned new participants. The goal had been 33% but in fact 46% of the participants were new. Appointed three very Impressive Resident Artists to work alongside Artistic Associate John Wilkinson. Their input has proved extremely valuable to the artistic life of the theatre. They work with the Creative Director and CEO in the future artistic planning of the organisation. They are Misha Duncan- Barry, Gus Gowland and Mingyu Lin. Continued to rebuild our audience for Pantomime following the pandemic. This year was our second production in collaboration with Evolution of ALL NEW ADVENTURES OF PETER PAN. Brought dance to the YTR Stage with BALLET BLACK and PHOENIX DANCE and welcomed KIEV CITY BALLET for the first time to York. We produced our own production of a YTR commissioned play. GUY FAWKES in the autumn, as well as co-producing with Pilot Theatre a very successful production of NOUGHTS AND CROSSES, and the world premiere of RUN REBEL. We continued to present a range of touring productions including THE MIRROR CRACKED, OTHELLO by Frantic Assemblv and GIRL FROM THE NORTH COUNTRY which has achieved great success in London and New York and launching the tour of Stewart Lee. The new re-designed Patio Garden was opened to the public. Tom Bird left York Theatre Royal in February 2023 having been Chief Executive for 5 years. An interim CEO Michael Slavin was appointed from the Senior Management team whilst arrangements were made to recruit a new Chief Executive. Paul Crewes has been appointed as the new Chief Executive of York Theatre Royal and took office from 2 October 2023. d. Plans for Future Period5 To deliver the commissioned work SOVEREIGN at Kings Manor with a large community cast. building on the success of The Coppergate Woman. To continue to build relationships with touring companies like Wise Children, Frantic Assembly, the Royal Shakespear Company and Original Theatre, as well as continue to build new relationships with companies like Rambert Dance. To start work on LAYER 9, the development of the backstage area of the theatre, creating accessible and structurally stable infrastructure to allow u5 to continue operating in a safe and pleasant environment better suited to our needs. The fundraising planning will start in earnest by the beginning of 2024. To increase our offer of food and beverages throughout the day. Page 5
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 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. Investrnent accounts and investment vehicles rnust 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 Ifor example where the capital is not guaranteed but a reasonable return is expected) will be reviewed ON a case by case ba515. A decision on Medium Risk investments will be made by the full Board. Financial rèvièw a. Going concern The activities of the Group, together with the factors likely to affect it5 future development and performance, are Set out in the Report of the Trustees. The financial position of the Group, its cashflow and liquidity are described in the Financial Statements and accompanying notes. At the year end the Group had cash reserves of £849,821 plus £487,810 liquid investments together with reported net assets of El,818,230. However, for the year ended 31st March 2023 the Group reported a General Fund deficit of £299,148 and forecasts based on current projections report a similar deficit for following financial year. As a result, the Group could experience cashflow challenges in early 2025. As Noted IN the Tru5tees' Report, the Group has not experienced what might be considered normal condition5 since the Covid-19 pandemic. Theatre attendances and income for the period have not increased back to 2019 levels while inflation and the Ukraine conflict have increased costs. The Trustees recognise that there is much uncertainty, and the economic climate continues to be challenging. Constant work is ongoing to seek new operating income opportunities and other funding options. Together with new initiatives in 2024 the Group plans to reduce the annual deficit and continue delivering live theatre of exceptional high quality in the heart of York. Intensive work is ongoing to maximise every financial opportunity. The cashflow challenges mentioned above in early 2025 would reflect the traditional low point in the cash cycle. Additional funding plus the interventions would manage the cash shortfall in 2025 but more work is required to secure the position. 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 plu5 any foreseeable capital expenditure. The theatre's current target free reserve is to endeavour to maintain positive free reserves. c. Finantial position After the challenge5 P05ed by Covid-19, the theatre has continued a recovery that was underpinned by efficiency savings across the organisation in 2020-21, as well as the Culture Recovery Fund & ACE EmerEency Fund. The theatre ends 2022-23 with a deficit of £291,841 before depreciation. Free reserves will be £234,957. Page 6
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 At the year end, unrestricted funds are El,512,71312022.. £1,835,9051, including designated fund5 of £1,277,75612022.. £1,301,800) and restricted funds are £305,51712022'. £460,230). 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 15 a member of the Institute of Fundraising and supports it5 purpose and activitie5. 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. The charity has a Development and Communication% Committee that includes in its membership both trustees and co- opted rnembers. This comrnittee monitors all fundraising by and for the charity. The Trustee5 monitor the Developrnent 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 Memorandurn of Association on 15 August 1936. subsequently brought up to date by Articles of Association adopted on 21 April 2016. The charity and the group 15 constituted under Articles of Association dated 21 April 2016 and is a registered charity number 229396. Thè printipal objetts of the charity and the group arè: 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, iebuild, 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 art5 of drama, rnime, 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, tinematic performances or other entertainments and exhibition5 considered to be of educational rnerit. Page 7
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 To receive, educate and train Students in the arts of drama, mirne, 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 furtherante of the Charity's Objects. 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.. Finance and Capital Audit Development & Cornmunications Personnel and Governance The roles of Equalities Champion and Environmental Champion are each assigned to an individual Trustee. A Trustee observes the ChariWs 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 subsidiarie5 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 mana8ernent, 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 elertion of Trustees The management of the charity and the group is the responsibility of the Trustees who are elected and co opted under the terms of the Articles of Association. c. Policies adopted for the induction and trainin8 of Trustees New Trustees are inducted into the organisation through a series of meetings. The Btsard has terms of reference for all Board meetings and Board Committee5. There 15 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 aim to hold an Away Day with the Executive to review the strategic direction of the Trust. Page 8
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 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 benthmark is the mid point of the range paid for similar roles. e. Organisatlonal structure and declsion making The Trustees determine the general policy of the Charity. Under the overall dirertion of the Trustees the day-to-day managernent 15 delegated to the Chief Executive. f. Rlsk management The Trustee5 have a55e55ed the major risks to which the Charity and the group is exposed, in particular those related io 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 retognise the finances of the Charity will continue to benefit from the valuable support of Arts Council En8land. Trustees. responslbllltles statement The Trustees (who are a150 directors of York Citizens, Theatre Trust Limited for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Cornpany law require5 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.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charitie5 SORP,. make judgments and accounting estimates that are reasonable and prudent,. prepare the financial Statements on the goin8 concern basis unless It 15 inappropriate to presume that the charitable group will continue in operation. 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 di5c105e with reasonable accuracy at any time the financial posltion 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 eroup and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaiities. Page 9
YORK CITIZENS, THEATRE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Oistlosure of information to auditor Each of the Trustees at the time when this Trustees, report is approved has confirrned that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable Eroup's auditor is aware of that information Auditor The auditor, BHP LLP, has indicated its willineness 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 518ned on their behalf by: Ann M Green CBE Trustee Cath Clelland MBE FCMA Trustee Date: 20-Dec_2023 Page 10
YORK CITIZENS, THEATRE TRUST LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBER5 OF YORK CITIZENS, THEATRE TRUST LIMITED We have audited the financial statements of York Citizens. Theatre Trust Limited Ithe 'parent charitable company'l and its subsidiarie5 (the 'group'l for the year ended 31 March 2023, which comprise the con501idated statement of financial activitie5, the con501idated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements, including 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 Finantial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accountin8 Practice). In tsur opinion the financial statements.. give a true and fair view of the State of the group's and parent charitable companrfs affair5 a5 at 31 March 2023, and of the group's incoming resources and application of resources, including it5 income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor 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 UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical respon5ibilitie5 in accordance with these requirernent5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty relating to going toncérn We draw your attention to note 1.2 in the financial statements, which sets out the Trustees, assessment of going concern, which notes that audience numbers have not yet recovered to pre pandemic levels and that general inflationary pressures have increased the c05t base of the theatre. In light of this, the current forecast for the year to 31 March 2024 is for a deficit in the region of £420,000, some of this will relate to designated and restricted funds, however it is expected that the charity will have used the balance of its free reserves as at 31 March 2024 and the balance will be a small deficit in funds. Budgets for the 202412025 year ends have been prepared and include a number of rneasures which will both increase income and reduce costs such that if successful a balanced unrestricted funds movement would be delivered and as at 31 March 2025 free reserves would return to a very small surplus. Much of this is however contingent on securine income from fundraising activitie5 and the Trustees recognise that Significant uncertainty exists in respect of the anticipated fundin8 sources and their timin& and no amount5 have yet been secured. These events or conditions. along with the other matters included in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the Group'5 and parent tharitable company's ability to continue a5 a going concern. Other Informatlon The other information tomprises the information included in the trustees. report, other than the financial st3tements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustee5' 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 inforrnation is materially incon515tent with the Page 11
YORK CITIZENS, THEATRE TRUST LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBER5 OF YORK CITIZENS, THEATRE TRUST LIMITED financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify Such material incon5iStencies or apparent material mi55tatement5, we are required to determine whether thi5 give5 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. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the directors, reportl for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Eroup and parent charitable company and its environment obtained in the course of the audit, we have not identified material mi5Statements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not V151ted by us; or the parent charitable cornpany's financial statements are not in agreement with the accouNtiNg records and returns,. or certain disclosures of directors, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Re5ponsibilitie5 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 lawl are responsible for the preparation of the financial statement5 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 preparin8 the financial statement5, the trustee5 are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the Eoing concern basis of accountinE unless the trustees either intend to liquidate the Eroup or parent charitable company or to cease tsperation5, or have no reali5tit alternative but to do so. Page 12
YORK CITIZENS, THEATRE TRUST LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBER5 OF YORK CITIZENS, THEATRE TRUST LIMITED ICONTINUEDI Auditor 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 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatement5 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 instance5 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 prtscedures are capable of detecting irre8ul3rities, including fraud is detailed below.. the engagernent partner ensured that the engagerrent team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. we identified the laws and regulations applicable to the Éroup and parent charitable company through discussions with rnanagement and trustees, and from our knowledge and experience of this organi5ation,' we focused on specific laws and regulation5 which we considered rnay have a direct material effect on the financial statements or the operations of the group and parent charitable company, including the Charities Act 2011, the Companies Act 2006, data protection, health and safety legislation, CQC regulations and employment law., we assessed the extent of compliance with the law5 and regulations identified above through making enquirie5 of managernent and trustees; We assessed the susceptibility of the group and parent charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, bv,. making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.. and considering the internal controls in place to mitigate risks of fraud and non-compliance with law5 and regulations. To address the risks of fraud through management bias and override controls, we.. performed analytical proceduie5 to identify any unusual or unexpected variances,. tested journal entries to identify unusual transactions,. assessed whether judgments and assumptions made in determining the accounting estimates set out in note I were indicative of potential bias,. and investigated the rationale behind Significant or unusual transaction5. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to-. agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance., enquirin@ of mana@ement as to actual and potential litigation and claims. 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 staternent5, a5 we will be le55 likely to become aware of instances of non-compliance. The risk 15 also greater regarding Page 13
YORK CITIZENS, THEATRE TRUST LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBER5 OF YORK CITIZENS, THEATRE TRUST LIMITED ICONTINUEDI irregulaiitle5 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at.. www.frc.org.uk/auditorsresponsibilities. Thi5 description form5 part of our auditor's report. Use of our report Thi5 report 15 made solely to the ch3ritabl8 comp3riy's member5, 35 a body, in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work ha5 been undertaken so that we rnight state to the charitable company's members 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'5 rnembers a5 a body, for our audit work, for thi5 report, or for the opinions we have formed. Laura Masheder (Senior Statutory auditorl for and on behalf of BHP LLP Chartered Accountants Statutory Auditor Rievaulx House I st Mary's Court Blossom Street York Y024 IAH Date: 2011212023 Page 14
YORK CITIZENS, THEATRE TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 Unrèstrided fund5 2023 Rèstrided fund5 2023 Total fund5 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities 711,863 2.495,440 700,799 3,012 77,498 106,705 818,568 2.495,440 700,799 3,012 79,728 1,358.636 1,495,386 418,510 other trèding activities Investrnents 1,326 262.631 other income 2,230 Total income 3,988,612 108,935 4,097,547 3,536,489 Expenditure on: Raising funds Charitable activities 9.10 857,388 32,357 889,745 747.780 11,12 3,604,556 71,185 3,675,741 2,710,560 Total expenditure 4,461,944 103,542 4,565,486 3,458,340 Net lexpenditurellincome beforè nèt losses on investments 1473,3321 19,9661 5,393 1467,9391 19,9661 78,149 12.2241 Net losses on investments 18 Net lexpendlturelllncome Transfer5 between funds 1483,2981 160,106 5,393 1160,1061 1477,9051 75.925 22 Net movement in funds 1323,1921 1154,7131 1477,9051 75,925 Reconciliation of funds.. Total funds brought forward Net movement in funds 1.835,905 1323,1921 460,230 IIS4,7131 2,296,135 1477,9051 2,220.210 75,925 Total fund5 carried forward 1.512,713 305,517 1.818,230 2,296,135 The Consolidated Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gain5 and1055es recognised in the year. The notes on pages 21 to 49 form part of these financial statements. Page 15
YORK CITIZENS, THEATRE TRUST LIMITED REGISTERED NUMBER.. 00317560 CONSOLIDATED BALANCE SHEET AS A T31 MARCH 2023 2023 2022 Note Flxed assets Tangible assets Investments 17 1.041,916 1,065,960 18 487,810 497.776 1.529,726 1,563.736 Current assets stocks 19 10.261 9,175 421,506 1,111,681 Debtors 20 604.596 849.821 Cash at bank and in hand 25 1,464.678 1,542,362 Creditors.. amounts falling due within one year 21 11,176.1741 1809,9631 Net current 3$5ets 288,504 732,399 Total nèt assets 1,818,230 2,296.135 Charlty funds Restricted funds 22 305,517 460,230 Unrestricted funds Designated funds General funds 22 1,277.7S6 234,957 1,301,800 534,105 22 Total unrestricted funds 22 1.512,713 1,835.905 Total funds 1.818,230 2,296,135 Page 16
YORK CITIZENS' THEATRE TRUST LIMITED
REGISTERED NUMBER: 00317560
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023
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:
Ante Green — Cthete Ann Green ( 7c 20, 2023 14:44 GMT) Catherine Clelland (Dec 20, 2023 17:51 GMT) ctettand
Ann M Green CBE
Trustee
Cath Clelland MBE FCMA
Trustee
Date: 20 December 2023
The notes on pages 21 to 49 form part of these financial statements.
Page 17
YORK CITIZENS, THEATRE TRUST LIMITED REGISTERED NUMBER.. 00317560 CHARITY BALANCE SHEET AS A T31 MARCH 2023 2023 2022 Note Flxed assets Tangible assets Investments 17 1.041,916 1,065,960 18 487,813 497.779 1.529,729 1,563.739 Current assets Debtors 20 635,528 533,994 965,243 Cash at bank and in hand 679.319 1,314.847 1,499,237 Creditors.. amounts falling due within one year 21 11,176,174) 1797,7741 Net current assets 138,673 701.463 Total net assets 1.668,402 2,265,202 Charity funds Restricted funds 22 305,517 460.230 Unrestricted funds Designated funds General funds 22 1,277,756 85.129 1,301,800 503,172 22 Total unrestricted fund5 22 1.362,885 1,804,972 Total funds 1,668,402 2,265,202 Page 18
YORK CITIZENS' THEATRE TRUST LIMITED
CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2023
The charity's net movement in funds for the year was a deficit of £596,800 (2022: surplus of £117,466).
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:
Ann Green Ctenne Ann Green 0, 2023 14:44 GMT) Catherine Clelland (Dec 20, 2023 17:51 GMT) ctettand
Ann M Green CBE
Trustee
Cath Clelland MBE FCMA
Trustee
Date: 20 December 2023
The notes on pages 21 to 49 form part of these financial statements.
Page 19
YORK CITIZENS, THEATRE TRUST LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash flow5 from operating activities Net cash provided by operating activities 24 1102.8521 711.338 Cash flows from Investlng aetlvltles Bank interest 3.012 1162,0201 1,326 1156,6521 1500,0001 Purchase of tangible fixed assets Purchase of investments 17 Net cash used in investin8 artivities 1159.0081 1655,3261 Change in cash and cash equivalents in the year 1261.8601 S6,012 Cash and cash equivalent5 at th8 beginning of the year 1,111,681 1,05S,669 Cash and cash equlvalents at the end of the year 25 849,821 1,111.681 Page 20
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles 1.1 Basls olprepumtlon oAflnanclolstotements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2W6. York Citizens, Theatre Trust Lirnited meet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni5ed at historical cost or transaction value unless otherwise stated in the relevant accounting policv. The consolidated statement of financial activities ISOFAI and consolidated balance sheet consolidate the financial staternent5 of the charity and its 5ub5idiary undertaking. The result5 of the subsidiary are con501idated on a line by line basis. The charity has taken advantage of the exemption allowed under section 408 tsf the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. 1.2 Going concern For the year ended 31 March 2023 the Group has sustained a loss of £477,905 and reduced its General Fund to £234,957. As noted in the Tru5tees' Report, the Group has not experienced what might be considered norrnal conditions since the Covid-19 pandemic. Theatre attendances and income for the period have not increased back to 2019 levels while inflation and the Ukraine conflict have increased costs. Current forecasts for the year ended 31 March 2024 show the Group will report a deficit of £420,000. At the balance sheet date of 31 March 2024, cash reserves are expected to be £650,000 but after reserve transfers the General Fund would have no free reserves. Without intervention the Group is forecasting a similar deficit for the vear ended 31 March 2025. The Trustees recognise that there is much uncertainty, and the economic climate continues to be challenging. Constant work is ongoinE to seek new operating income opportunities and other funding options, but these take time. To help improve the financial posltion in the short-term the Trustees have identified the following action5'. Increasing theatre ticket prices. Reduce losses on own productions. Invest in fundraising activitie5. Consolidate management team. Explore funding from significant regional benefactors. The Trustee5 recogni5e that significant uncertainty exists in respect of the anticipated funding sources and their timing. The cash flow challenge will be at the end of the winter period in early 2025, when the theatre goes black. With the above actions. the Group would be breakeven for the year ended 31 March 2025. Page 21
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnuedl 1.2 Going concern fcontinued) Whilst the Trustees recognise the challenges and uncertainties that the theatre faces. they believe that with continued 5UPPOrt from Art5 Council England and with the action5 above, and continued scrutiny by the Trustee Board, the Group and parent charitable cornpany will continue as a going concern. The Trustees therefore continue to adopt the going concern basis of preparation for the financial statements. 1.3 Compony status The charity 15 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 eath shareholder on winding up is limited to £1 for each share held. 1.4 Fund occountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objective5 of the Group and which h3ve 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 purpose5. The cost5 of raising and administering such funds are harged against the Specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 1.5 Intome All income 15 recognised once the charity ha5 entitlement to the income, it 15 probable that the income will be received and the amount of income receivable can be measured reliablv. 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 activite5 is included in the period in which the group is entitled to receipt within raising funds. Donation5 and grants Income from donations and grants, includin8 capital grants, are included in income when these are receivable, except as follows.. When donors specify that donations and grants are given to the charity must be used in future accounting periods, the incorne 15 deferred until those periods. When donors imp05e condition5 which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in income until the pre-conditions for use have been Page 22
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnuedl 1.5 Income (continuedj met. Grants received in relation to the government Coronavirus Job Retention Scheme (Furlough) have been retogni5ed within other incoming re50urce5. The grant is accounted for on the accruals basi5 once the related payroll return has been submitted. When donors specify that donations and grants. including capital grants. are for particular restricted purposes, which do not arnount to pre-condition5 regarding entitlement, this inctsme is intluded within restricted income when receivable. Interest receivable Interest is included when reteivable by the tharity. Other income is recognised in the period in which it is receivable and to the extent the 8oods have been provided or on completion of the service. 1.6 Expendlture Expenditure is retognised once there is a legal or construrtive obligation to transfer economic benefit tts 3 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 1% 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 C05t categoiies on a basis con51Stent with the use of resource5. Governance costs are those incurred in connection with compliance with constitutional and statutory requirement5. 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 fund5 include5 all expenditure incurred by the Group to raise fund5 for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertakine the activities which further the Group's objectives, as well as any a55OClated support e05ts. All expenditure is inclusive of irrecoverable VAT. Page 23
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnuedl 1.7 Basis of consolidotion The financial statements consolidate the accounts of York Citizens, Theatre Trust Limited and all of its subsidiarv undertakings I'subsidiaries'l. The charity has taken advantage of the exernption 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 tharity Wa51£596,800112022.. £117,466). 1.8 TanglbleAixed ossets anddepreclatlon Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the c05t or value of the asset can be measured reliably. Tangible fixed assets are initially reco8nised at cost. After recognition, under the c05t model, taN8ible fixed a55et5 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 15 charged 50 35 to allocate the cost of tangible fixed a5%et5 less their residual value over their estimated useful live5, Depreciation is provided on the following bases.. Signal Box Theatre Leasehold improvements Il% straight line Over expected life of the asset, varying from 6%- 43% straight line Over expected life of the asset, varying from lO%- 50Yo Straight line 20Yo Straight line Plant and equipment Motor vehitle5 1.9 Investments Investments in subsidiaries are valued at cost less provision for impairment. i.io stocks Stocks ère valued at the lower of c05t and net realisable value after making due allowance for obsolete and slow- moving stocks. 1.11 Debtors Trade and other debtors are recoenised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount5 due. Page 24
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnuedl 1.12 Cash ¢7t bank ond 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. 1.13 Creditors andprovisions Creditors are reco8nised when there 15 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 arnount that the charity anticipate5 It will pay to settle the debt or the amount it ha5 received a5 advanced payments for the goods or services it rnust 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 reflect5 the ri5k5 specific to the liability. The unwinding of the di5eOUnt 15 recogni5ed in the consolidated statement of financial activities a5 a finance c05t. 1.14 Flnonciul Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finantial instrument5 are initially recognised at transaction value and 5ub5equently rneasured at their settlement value with the exception of bank loan5 which are subsequently measured at arnortised cost Using the effective interest method. 1.15 Penslons The Group operates a defined contribution pension scheme and the pension tharge represents the amounts payable by the Group to the fund in respect of the year. 1.16 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. The c05t of any unused holiday entitlement is recognised in the period in which the employee's service5 are received. Termination benefits are recogni5ed immediately as an expense when the tompany is demonstrably committed t terminate the employment of an employee or to provide termination benefits. Page 25
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Critital attounting estimates and arèas of judgment Estimates and judgrnents 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 estimate5 and 3s5umption5 concerning the future. The resulting actountirig e5tirnate5 and assumptions will, by definition, seldom equal the related actual result5. The estimates and assurnptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. lil 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 resource5. Page 26
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Income from donations and legacies Unrestrlcted funds 2023 Restrleted funds 2023 Total funds 2023 Total funds 2022 Donatlons Arts Council England, Yorkshire Individual Giving and the 1774 Club Audrey and Duncan Savage Fund Creative Engagement Richard 111 Commission 598.OS9 61,3CNJ 598.OS9 61,3CNJ 10.0 23,488 598,059 68,503 10,000 23,488 5,485 7,000 NT Connections 7,477 35,000 7,477 35.000 12,073 13.440 13,713 3,825 35,000 13,210 2,333 Patricia and Donald Shepherd Charitable Trust Community giving donation5 Corporate giving Website development fund Gmnts 12,073 13.440 13,713 Culture Recovery Fund Grant other donations 619,241 5.980 26.991 17,027 44.018 711.863 106,705 818.568 1,358.636 Total 2022 684,701 673.935 1,358,636 Page 27
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Income from charitable artivities Unrestrleted funds 2023 Total funds 2023 Total funds 2022 Admission fees (box office receipts) Co-production income Education and outreach 2.260,344 112,008 2,260.344 112.008 1,270,144 119.248 123,088 123.088 105,994 2.495,440 2,495.440 1,495,386 Total 2022 1,495,386 1,495,386 Income from other tradin8 activities Income from fundralsSng events Unrestricted funds 2023 Total funds 2023 Total funds 2022 Props. electrical hire and merchandising Lettin85, room hire and corporate entertainment Costume hire and making 3,023 10,311 35,447 3.023 10.311 580 1,197 35.447 19.012 48,781 48.781 20.789 Total 2022 20.789 20.789 Page 28
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Income from other tradlng artlvltles Icontlnuedl Income from non charitable trading artivities Unrestricted funds 2023 Total funds 2023 Total funds 2022 Other income 11,1301 190,045 179,904 71,346 11,1301 190.045 179,904 71.346 Bar sales 110,406 120,472 35,685 Catering sales Ice cream and sweet sales Merchandise and programme sales Box office services 33,388 178,465 33,388 178.465 18,218 112,940 652,018 652.018 397,721 Total 2022 397.721 397.721 Total income from of fundraisin8 and other charilable tradin8 activities ha5 been 5ummarised in note 6. Summary of fundraising and tharitable artivities Unrestricted funds 2023 Total funds 2023 Total funds 2022 Fundraising events Charitable trading activitie5 48,781 48.781 20.789 652,018 652.018 397,721 700,799 700.799 418,510 Page 29
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Investment income Unrestrleted funds 2023 Total funds 2023 Total funds 2022 Bank interest 3,012 3.012 1,326 Total 2022 1.326 1,326 Other Income Unrestrirted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Sundry income Gift aid income 55.769 21.729 55,769 21.729 60,590 Coronavirus job retention scheme income Coronavirus business support 8rant Holiday Activity and Food Programme 124,562 71,625 5,854 2,230 2,230 77.498 2,230 79,728 262,631 Total 2022 222,652 39,979 262,631 Page 30
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Expenditure on raisin8 funds Fundrulslng tradlng expenses Unrestrirted funds 2023 Restrirted funds 2023 Total funds 2023 Total funds 2022 Marketing and fundraisine Tradin8 activitie5 Costume hire and making Fundraising tradin8 expenses- wages costs Fundraising trading expenses- Nl Fundraising tradin8 expenses- pension costs 193.677 25.600 5.207 120.733 11.259 4.077 4,753 198.430 25.600 5.207 148.337 11.259 161.898 38,719 5.095 116,227 9.692 2,810 27,604 4.077 360.553 32,357 392.910 334,441 Total 2022 269,328 65,113 334,441 Page31
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Expendlture on ralslng funds Icontlnuedl Other trading expenses Unrestricted funds 2023 Total funds 2023 Total funds 2022 Bar purchases Catering purchases Event5, hire and performance cost of sales Ice cream and sweets purchases Merthandi5e and programme purchases Box office service costs recharged Box office service costs of sale5 63,341 76,383 874 63,341 76.383 874 37,597 49,555 846 21,806 21.806 9,712 29,461 64,516 45,172 34,325 160,957 29,461 64.516 45,172 34.325 160,957 14,021 50,799 42,347 40,151 168,311 Administration expenses Administration staff costs 496,835 496,835 413,339 Total 2022 413,339 413,339 Total costs of raising funds have been summarised in note 10. io. Summary of ralslnB funds Unrestrittèd funds 2023 Rèstritted funds 2023 Total funds 2023 Total funds 2022 Fundraising trading expenses Other trading expense5 360,553 496.835 32,357 392,910 496.835 334,441 413,339 857.388 32,357 889.745 747,780 Total 2022 682,667 65,113 747,780 Page 32
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 SplSt between dlrect and support costs Dirert C05t of activities Support costs 2023 2023 Total funds 2023 Total funds 2022 Cost of generating funds Fundraising trading costs Subsidiary trading tosts 294,155 27.633 41,681 29,441 335,836 57.074 295,722 38,719 496,835 496,835 413,339 818,623 71,122 889,745 747,780 Ttstal 2022 662,739 85,041 747,780 ii. Analysls of expendlture on charltable actlvitles 5ummury byAund type Unrestrirted funds 2023 Restricted funds 2023 Total 2023 Total 2022 Admission fees (box office receipts) Theatre tax relief 3,659.896 1267.4151 191.487 3,945 3,663.841 1267.4151 258.727 2,624.497 1138,3571 206.317 Education and outreach 67,240 Governance 20.588 20.588 18,103 3,604.556 71,185 3,675.741 2,710,560 Total 2022 2,310,283 400,277 2,710,560 Page 33
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 12. Analysis of expenditure by activities Actlvltles undertaken dirertly Support wsts 2023 2023 Total funds 2023 Total funds 2022 Operation of theatre Theatre tax relief 2,765.085 1267,4151 200.540 898,756 3,663.841 1267,4151 258.727 2,624,497 1138,3571 206,317 Education and outreach 58,187 Governance 20,588 20,588 18,103 2,718,798 956,943 3,675,741 2,710,560 Total 2022 1,911,475 799,085 2,710,560 Page 34
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 13. 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. Allocated to Operation of cost of raising Theatre funds 2023 2023 Total funds 2023 Total funds 2022 Administration salaries 165.046 111.704 30,030 2,597 195.076 114.301 188,690 97.535 other staff costs Premise5 Costs 440.145 24.069 440.145 25.364 320,899 26.657 Computer. stationery and postage costs Travelling and sub515tence costs Legal and professional costs Other sundry expenses Irrecoverable VAT 1,295 405 2.538 462 3.000 1.317 27.411 28.609 7,153 942 34.564 29.551 29,749 25.476 Depreciation, loss on disposal and impairment of fixed assets 157.421 28,643 186.064 193,398 Tot¢712023 956.943 71,122 1,028.065 884,126 Total 2022 799.085 85.041 884.126 14. Net Incomellexpendlturel This is stated after charging.. 2023 2022 Depreciation of tangible fixed assets.. owned by the charitable group Auditor's remuneration- audit 186,064 193,398 17,175 2,825 13,125 2,S75 Auditor's remuneration- other Services Page 35
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 15. Staff costs Group 2023 Group 2022 Charlty 2023 Charity 2022 Wages and 5al3ries Social security costs Contribution to defined contribution pension 5cheme5 1,203,827 79.578 1,074,466 70,901 1,203,827 79.578 1,074,466 70,901 24.023 21,784 24.023 21,784 1,307,428 1,167,151 1,307,428 1,167,151 The average number of persons employed by the charity during the year was as follows.. Group 2023 No. Group 2022 No. Average monthly headcount 147 105 The average headtount expressed as full-time equivalents was.. Group 2023 Group 2022 Average full-time equivalent 59 44 No employee received remuneration amounting to more than £60,000 in either year. The average number of key management personnel in the year was for I role12022'. 1) and total key management personnel remuneration including employers Nl and pension was £75,27812022.. £68,812). 16. Trusteès, rèmuneration and èxpènses During the year, no Trustees received any remuneration or other benefits12022- £NILI. During the year ended 31 March 2023, no Trustee expenses have been incurred12022. £NILI. Page 36
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 17. Tanglble flxed assets Group and Charity Slgnal Box Leasehold Theatre Improvements Plant and equipment Motor vehicles Total Cost or vuluotion At l April 2022 Addition5 954 1.446.724 1,101.587 7,000 2,556,265 157.282 4.738 162,020 At 31 March 2023 954 1,604,006 1,106,325 7,000 2,718,285 Depreclutlon At l April 2022 Charge for the year 903 712,205 94.383 770,197 91.630 7,000 1,490,305 186,064 51 At 31 March 2023 954 806.588 861.827 7,000 1.676,369 Net book vulue At 31 March 2023 797,418 244.498 1,041,916 At 31 March 2022 51 734,519 331,390 1,065,960 Page 37
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 18. Flxed asset Investments Investments in subsidiarv tompanies Llsted investments Total Charity Cost or vuluotion At l April 2022 Revaluation5 497,776 19,9661 497,779 19,9661 At 31 March 2023 487,810 487,813 Net book v¢71ue At 31 March 2023 487,810 487,813 At 31 March 2022 497,776 497,779 The historical cost of the investments is £500.00012022- £500.0001 Principal subsidiaries The following were subsidiary undertakings of the charity.. Names Companv number Holdlng Included In consolidation York Theatre Royal EnteTPfises Limited York Theatre Productions Limited 02909939 09308382 100% Yes 100% Yes The financial results of the subsidiaries for the year were- Names Income Expendlture ProfitllLossl for the year Net assets York Theatre Royal Enterprise5 Lirnited York Theatre Productions Limited 1,201,893 717,351 1,052,065 988,066 149,828 1270,71SI 180,763 Page 38
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 19. Stocks Group 2023 Group 2022 Finished goods and goods for resale 10.261 9.175 20. Debtors Group 2023 Group 2022 Charity 2023 Charity 2022 Trade debtors 39.384 81.131 39.384 81.131 Amounts owed by group undertakings other debtors 438.336 9.892 249,177 417.296 136.689 Prepayments and accrued income 147.916 203,686 147.916 203,686 604,596 421,506 635,528 533,994 21. Creditors.. Amounts falling due within one year Group 2023 Group 2022 Charity 2023 Charity 2022 Trade creditors 127.078 19,605 156.565 872,926 121.312 19,611 68.111 600,929 127.078 19,605 156.565 872,926 109.123 19,611 68.111 600,929 Other taxation and social security Other creditors Accruals and deferred income 1,176,174 809,963 1,176,174 797,774 Page 39
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Group 2023 Group 2022 Charlty 2023 Charity 2022 Deferred income at l April 2022 Resources deferred during the year Amounts released from previous periods 181,969 552.015 1390,4551 181,969 390,455 1390,4551 390,455 552.015 1390,4551 181,969 390,455 1181,9691 343.529 181.969 552.015 390.455 Deferred income comprises admission fees received in advance and grants which the donor has specified must be used in future accounting periods. Page 40
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 22. statement of funds Statement of funds- turrent year Balance at I Aprll 2022 Transfer5 Inlout Gain51 Balance at 31 (Losses) March 2023 Income Expenditure Unrestricted fund5 De5igngtedfunds Designated Fixed A55et Fund 1,065.960 1186.0641 162,020 1.041,916 Designated Fund- Community Production5 221.664 221,664 Designated Fund- Creative Director 14.176 14,176 I,301.8C7 1186.0641 162,020 1.277,756 GenerolAunds General funds 503.131 30.933 2.786,719 1.201,893 13,223.8161 11,052.0641 29,019 130,9331 19.9661 85,087 149,829 Enterprise5 Share capital 41 41 534.105 3.988,612 14,275.8801 11,9141 19.9661 234,957 Totol Unrestricted lund5 1,835,905 3,988,612 14,461,944) 160,106 19,9661 1,512,713 Page 41
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 22. statement of funds Icontlnuedl Restritttdfunds City of York Capital Fund Patricia & Donald Shepherd Charitable Trust 399,454 1154,4381 245,016 15,872 11.427 35,000 9,632 135,1701 13.7S41 15,702 17,305 Access All Areas Patio Project NT Connections 5,668 3.825 15,6681 7,477 19.4951 1,807 Development Support Fund ICOVID 191 Holiday Activitv and Food Programme 37 Play5 13.891 13,713 127.6041 2.001 I,ocNJ 2,230 13,000 11.OSS1 110,1221 3,176 3,878 Commission 3.711 11.8791 13.9451 11.2501 1,832 Pay It Forward Julius Caesar 675 4,080 810 5,000 3,750 Theatre Trust- VR Grant 4,753 14.7S31 Audrey and Duncan Savage Fund 10,000 10,000 Other restricted funds 2.706 4,050 14.5151 2,241 460.230 108,935 1103.5421 1160,1061 305,517 Total ofAunds 2,296,135 4,097,547 14,565,486) 19,9661 1,818,230 Page 42
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 22. statement of funds Icontlnuedl Statement of funds- prior year Balance at 31 March 2022 Balance at l April 2021 Transfers in/out Gains/ (Losses) Intome Expenditure Unrestricted fund5 DtsignottdAunds Designated Fixed A55et Fund 1,102,706 1193,3971 156,651 1,065,960 Designated Fund- Community Productions 221,664 221,664 Designated Fund- Creative Direttor 14,176 14,176 1,102,706 1193,3971 392,491 1,301,800 Generalfunds General funds 470,360 2,370,347 12,378,258) 1421,2951 42,906 172,4741 12,2241 503,131 Enterprises Share capital 72,474 41 452,228 30,933 41 542,875 2,822,575 12,799,553) 129,5681 12,2241 534,105 Totol Unrestricted fund5 1,645,581 2,822.575 12,992,950) 362.923 12,2241 1,835.905 Page 43
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 22. statement of funds Icontlnuedl Restritttdfunds City of York Capital Fund Patricia & Donald Shepherd Charitable Trust 531,002 1131,5481 399,454 1,949 9,480 35,(0 1,314 121,0771 12,8461 13,8481 15,872 11,427 Access All Areas 3,479 Patio Project NT Connections 9,516 5,668 3,825 3,825 Development Support Fund ICOVID 191 Holiday Activitv and Food Programme 37 Play5 13,891 13,891 5,854 I,(0 13,8531 2,001 1,000 Commission 7.000 13,2891 11,0951 3.711 Pay It Forward Arts Council Culture Recovery Fund The Berwick Kaler Foundation 1,770 675 1661 619,241 1387,8001 1231,3751 3,587 13,5871 The Platform Project Theatre Making 3,507 1281 13.4791 2,500 12,5001 Kickstarter Programme other restricted funds 34,125 134,1251 1,763 2,285 11,3421 2,706 574,629 713,914 1465,3901 1362,9231 460,230 Total offunds 2,220,210 3,536.489 13,458,340) 12,2241 2,296.135 Page 44
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Restrlcted funds City of York Capital fund a donation of funding to support the Theatre with it5 ongoing capital costs and capital redevelopment projects. The transfer relate5 to the transfer of fixed assets from restricted to unrestricted fund5, as the assets are held for general purposes. Patricia and Donald Shepherd Charitable Trust Fund funding received to support the provision of an Outreath Director to work with disadvantaged groups acr055 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 work5 Wlth a group of young people aged 12-16 who are vulnerable, socially excluded or disadvanta8ed in some way and would not usually acces5 Out rnain5tream Youth Theatre. 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. Development Support fund ICOVID-191 Thi5 donation from a private individual wa5 received to support the ongoing cost of Fundraising and Marketing during the COVID-19 pandemic. Holiday Activity and Food Programme- funding reteived from City of York Council to support holiday activitie5 for disadvanta8ed children. 37 Plays- funding from the R5C to support a nationwide playwriting project. working with 12 theatre partners aeros5 the country with the aim to get the nation writing. Richard 111 Commission funding from the Richard111 Society CLG to support the creation and commission Df a new play about Richard 111. Pay it Forward this fund relates to individual donations from customers for the provision of free tickets for disadvantaged groups to see a number Df productions across the year. Juliu5 Caesar- Funding 5UPPOrting the formation of a community chorus to perform in the RSC production working alongside a local musical director. Theatre Trust- VR Grant- Funding from Theatre's Trust Small Grants Programme tts capture immersive recordings of live performances and deliver them using VR technology. Audrey and Duncan Savage Fund- To support small capital projects. Arts Council Culture Recovery Fund- Thi5 funding reflects the grant received and due for the round I bid for Cultural Recovery Fundin8. Page 45
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Kickstarter Programme- a government funded initiative to create work experience opportunities for 16 to 24 year olds on Universal Credit who are at risk of long term unernployment. The Theatre worked in partnership with the Muslim Council of Great Britain to provide six placements during 2021122. Other restricted funds include the Name a Seat fund, YTR Bookclub, Theatre for Wellbeing Programmes, Coppergate Woman fund, Street Life Project and the Terry Bound5 Donation. Transfers Transfer5 in the year represent the release of capital grant funding and the transferlrelease of funds previously designated by the trustee5. 23. Analysis of net asset5 between funds Analysis of net assets between funds- current year Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 1.041,916 1.041,916 487,810 487,810 Current assets 1.159,161 11.176,1741 305.517 1.464,678 11.176,1741 Creditors due within one year Totsl 1.512,713 305.517 1,818,230 Analysis of net assets between funds- prior year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 1,065,960 1,065,960 497,776 1,082,132 1809,9631 497,776 1,542,362 1809,9631 Current assets 460.230 Creditors due within one year Totol 1,835,905 460,230 2,296,135 Page 46
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Reconciliation of net movement in funds to net Cash flow from operating activities Group 2023 Group 2022 Net incomelexpenditure for the year la5 per Statement of Financial Attivitiesl 1477,9051 75,925 Adjustmentsfor.. Depreciation charges L05se5 on inve5tment5 186.064 9,966 13.0121 11,0861 1183.0901 366,211 193,398 2,224 11,3261 15,8421 1137,3411 584,300 Bank interest Intrea5e in stotks Increase in debtors Intre35e in creditors Net cosh pmvldedby opemtlng actlvltles 1102.8521 711.338 25. Analysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand 849.821 1,111,681 Totol cash andc95h equivqlent5 849,821 1,111,681 26. Analysis of changes in net debt At l April 2022 At 31 March 2023 Cash flows Cash in hand 1,111,681 1261,8601 849,821 1.111,681 1261,8601 849,821 Page 47
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 27. Capltal commltments Group 2023 Group 2022 Charity 2023 Charity 2022 Contructedfor but not provided in thesefinanciol statements Acqui51tion of tangible fixed assets 152,913 152,913 28. Penslon commltments The Eroup 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 c05t charge represent5 contributions payable by the group to the fund and amounted to £24,02312022'. £21,784). £8,31712022- £7,031) was payable to the fund at the Balance Sheet date and are included in creditors. 29. Operating lease commitments At 31 March 2023 the Group and the charity had commitrnent5 to make future minimum lease payments under non-cancellable operating leases as follows- Group 2023 Group 2022 Not later than I year Later than I year and not later than 5 years Later than 5 years 29.331 29.331 109.OiXI 297.479 111,081 324.729 435.810 465.141 Of the commitments above, £433,72912022.. £460,979) is payable to the York Conservation Trust IN relation to rent. Page 48
YORK CITIZENS, THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Rèlated 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 from York Theatre Royal Enterprises Limited were £30,933 12022.. £112,489). During the year the charity received income from a managernent charge of £33,34412022.. £32,S321. In addition, the charity allocated grant of £nil12022.. £nill to the subsidiary. During the year total gift aid donation were made from York Theatre Royal Enterprises Limited to the charity totalling £30,93312022'. £72,474). Ytsrk Theatre Productions Limited is a wholly owned subsidiary of York Citizen5' Theatre Trust Limited. Some of the trustees of the charity are also directors of the company. At the year end, amounts owed frorn York Theatre Productions Limited were £407,40312022.' £136,688), this amount reflects tax credits due from the subsidiary. During the year there wa5 income of £20,40412022.. £19,075) and expenditure of £2,39112022.. £8901 relating to York St John University, an or8ani5ation in which Cath Clelland was a trustee of during the year and Dr Avijit Datta was a Foundation Committee member. A balance of £113 is owed from12022'. £5061 the University to the charity as at the year end. During the year there was income of £5012022: £nill and expenditure of £nil12022= £nill with York Music Hub, a charity in which Ann M Green was also a trustee during the year. During the year there wa5 income of £nil12022.. £nill and expenditure of £11,93612022.. £2,928) with Make It York, a charity in which Will Zhuang was also a trustee during the year. During the year there was income of £8212022.. £nill and expenditure of £755 12022.. £2,198) with York BID Limited, a company in which Will Zhuang was also a director during the year. During the year there was income of £27,23012022'. £5,854) and expenditure of £34412022- £7791 with City of York Council Limited. a company in which Will Zhuang was also a director during the year. During the year there wa5 income of £15012022.. £nill and expenditure of £nil 12022.. £nill with RAR Colton Consulting Limited, a company in which Craig Colton was also a director during the year. During the year there was income of £9,613 12022.. £nill and expenditure of £49,75212022= £nill with Frantic Assembly, a charity in which Matthew Hunnybun wa5 also a trustee during the year. During the year there was income of £nil12022.. £nill and expenditure of £40012022.. £nill with University of York, a eh3rity in which Tom Bird, the former Chief Executive, was a trustee during the year. During the year. expenses were paid to Trustees totalling £32912022.. £nill. There are no other related party tr3nsaetion5 to disclose. Page 49