**Registered number: 00539332 Charity number: 231242**
## **THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1 - 2|
|**Chairman's Statement**|3 - 4|
|**Trustees' Report**|5 - 13|
|**Independent Auditors' Report on the Financial Statements**|14 - 17|
|**Consolidated Statement of Financial Activities**|18|
|**Consolidated Balance Sheet**|19 - 20|
|**Charity Balance Sheet**|21 - 22|
|**Consolidated Statement of Cash Flows**|23|
|**Notes to the Financial Statements**|24 - 48|
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024**
|**Trustees**|Anthony Burton CBE, Chair|
|---|---|
||Jeanette Arnold OBE|
||Graham Devlin CBE (Resigned 17 May 2023)|
||Neal Gandhi (Appointed 30 November 2023)|
||Pamela Jikiemi|
||Mwenya Kawesha|
||James Midgley (resigned 9 October 2024)|
||Mark Ravenhill (Appointed 7 March 2024)|
||Andrew Rodger|
||Anita Scott|
||Lord Stewart Wood|
||Mahdi Yahya|
|**Company registered**
**number**
00539332
**Charity registered**
**number**
231242
**Registered office**
**Company secretary**
**Executive**
**Senior Managers**
Royal Court Theatre
Sloane Square
London
SW1W 8AS
Helen Perryer
Artistic Director and CEO - Vicky Featherstone (to December 2023)
Artistic Director and CEO - David Byrne (from January 2024)
Executive Producer - Rebekah Jones (to February 2024)
Executive Producer - Will Young (from February 2024)
Finance Director- Helen Perryer
Head of Production- Marius Ronning
**Independent auditors**
Goodman Jones LLP
Chartered Accountants
Statutory Auditors
1st Floor, Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
**Bankers**
Barclays Bank PLC
United Kingdom House
7th Floor
180 Oxford Street
London
W1D 1EA||
Page 1
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Solicitors**
Simons Muirhead & Burton 8-9 Frith Street Soho London W1D 3JB
**Other Principal** Wrightsure Services Limited, t/a Performers **Advisors** Wrightsure House 799 London Road West Thurrock Essex RM20 3LH
Page 2
**THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee)**
## **CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
The chairman presents his statement for the year.
This has been a significant year of transition at the Royal Court as we said goodbye to Vicky Featherstone after a decade as Artistic Director in December 2023.
Following an extensive and rigorous recruitment process, the English Stage Company was delighted to appoint and announce David Byrne as our 14th Artistic Director, taking up the post in January 2024.
Following Erica Campayne’s return to Arts Council England when her secondment came to an end, the role of Interim Executive Director was held by Rebekah Jones. Rebekah’s steady stewardship, alongside Finance Director Helen Perryer, saw the charity through the transition in Artistic Directors ahead of the appointment of Will Young as permanent Executive Director, in post from February 2024.
While the incoming Artistic and Executive Directors faced immediate challenges, resources and support were successfully secured to make this period one of remarkable organisational renewal. This saw new leadership working with the full ESC board to end the financial year with the charity in a strong position, poised to energetically look towards the considerable opportunities now in our future.
Throughout this time our relationship with Arts Council England has been positive and steadfast. We have welcomed ACE’s insight and guidance throughout this transitional year. This included engagement and active involvement in the recruitment process for both Artistic and Executive Directors, as well as providing consultancy and support levers during a period of essential restructuring required to secure our future. We are grateful for their continued confidence and investment.
Artistically, this has been a year of substantial achievement and recognition, with many highlights. Ryan Calais Cameron’s multi-award winning For Black Boys Who Have Considered Suicide When The Hue Gets Too Heavy returned for a second sold out West End run, this time at the Garrick Theatre, Mohammed Zain-Dada’s Blue Mist was nominated for an Olivier award while Tatenda Shamiso’s NO ID won the Evening Standard Award for Emerging Talent. Internationally, we saw further success with Ali McDowell’s All Of It at Festival d'Avignon and Martin Crimp’s I Am Not One Of Those People transferring to Berlin as a headline performance at the Schaubühne’s FIND Festival.
A flagship project, championed as one of the legacies of Vicky Featherstone’s tenure, Living Archive – supported by Bloomberg – was launched in autumn 2023. The Living Archive gives audiences, academics and theatre-makers access to the rich history and legacy of every production staged at the Royal Court by the English Stage Company.
Nothing, however, has been achieved alone. We have collaborated and benefited from a brilliant constellation of partners including the British Council, Avignon Festival, SISTER Pictures, Nouveau Riche, New Diorama Theatre, Royal Shakespeare Company, Nimax and many others.
This year we are particularly grateful to the investors, donors, trusts and foundations who make the work on our stages and our support of writers possible. In particular we would like to highlight the support of the Backstage Trust, Common Humanity Arts Trust (CHAT), Jerwood Foundation, T.S Eliot Foundation and Cockayne Foundation – whose generous support, during the transition of leadership, strongly secured our future.
The year ended with the announcement of David Byrne’s first season, a programme of nine playwrights making their Royal Court debuts, which set box office records at the Court and resulted in an almost overnight doubling of memberships and supporters.
Page 3
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
We also celebrated the third year of the popular Court in the Square, expertly overseen by our Director of Operations & Sustainability Robert Smael, for outside drinking and dining during the summer months.
This year the board and staff are particularly grateful to the entire staff and team at the Court - including our extensive, extended family of writers and artists - for their support, energy and enthusiasm during this transitional moment in our history.
We’ve emerged confidently, looking towards the future, ready to champion playwrights and take the artistic risks that have built the Court’s reputation here and around the world.
Anthony Burton CBE Chair
Page 4
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their Annual Report together with the audited financial statements of the Charity for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Policies and objectives**
The Royal Court Theatre is the writers’ theatre. It is the leading force in world theatre for finding writers and producing new plays that are original, contemporary and provocative. The Royal Court’s mission is to be meaningfully engaged with civic, political, domestic and international life; giving writers a home in which to tackle big ideas and tell extraordinary stories, and to share their work with the widest possible audience. This mission has been in place since 1956.
The purposes of the Charity are:
- to advance the education of the public in all aspects of world class contemporary playwriting;
- to cultivate, train and develop new playwriting talent, diversifying pathways to writing for the stage;
- the development of public appreciation of art by the provision of theatre and the presentation of public performances; and
- to further the social and cultural welfare of the communities in which we work throughout London.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Objectives and activities (continued)**
## **b. Strategies for achieving objectives**
The vision that shapes our annual activities has been consistent for 68 years.
In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit. The theatre relies on Arts Council England funding, fundraising income, and the revenue from tickets and trading to cover its operating costs. Affordability and access are central priorities to us in setting pricing.
We endeavour to represent and encourage all those within London’s communities to attend or take part. We work with local and Greater London schools and many higher education institutions across the UK.
The strategies employed to achieve the Charity’s aims and objectives in the year ended 31 March 2024 were to:
- Present ambitious and unique new plays by the UK’s leading and emerging playwrights across both theatre spaces.
- Extend our work internationally both with home-grown work and ongoing commitments to writers in the countries we are working with, building on the international writer relationships developed over many years.
- Offer opportunities for a broad range of people to get involved in arts activities as audience members and/or participants through Open Court.
- Read thousands of new plays for consideration on our stages, through open submissions and directly commissioned writers.
- Continue an unrivalled pipeline of writer development and talent development through groups, workshops, bursaries and wider artist support initiatives.
- Continue to work in collaboration with the UK theatre sector to develop and disseminate skills and good practice
- Offer accessible price points for tickets to all our plays and actively seek new audiences for the diversity of the work while maximising ticket income
- Actively promote and celebrate the diversity of cultures and people in our society by working with artists of different backgrounds.
Page 6
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance**
## **a. Review of activities**
The key works produced and presented on stage in 2023/24 were:
_NO I.D_ . by Tatenda Shamiso – a transfer from VAULT Festival
_ALL OF IT_ by Alistair McDowall – directed by Vicky Featherstone and Sam Pritchard, also presented at Festival D’Avignon
_HOPE HAS A HAPPY MEAL_ by Tom Fowler – directed by Lucy Morrison
_CUCKOO_ by Michael Wynne, in partnership with Liverpool Everyman and Playhouse – directed by Vicky Featherstone
_WORD-PLAY_ by Rabiah Hussain – directed by Nimmo Ismail
_IMPOSTER 22_ by Molly Davies – co-created by Kirsty Adams, Cian Binchy, Housni Hassan (DJ), Dayo Koleosho, Stephanie Newman, Lee Phillips and Charlene Salter, from an original idea by Hamish Pirie
_BLUE MIST_ by Mohamed-Zain Dada – directed by Milli Bhatia
_MATES IN CHELSEA_ by Rory Mullarkey – directed by Sam Pritchard
_TALKING ABOUT THE FIRE_ by Chris Thorpe – directed by Claire O’Reilly
_BULLRING TECHNO MAKEOUT JAMZ_ by Nathan Queeley-Dennis – directed by Dermot Daly
_PLAYS FROM UR NOTES APP_ Festival – with plays written by Bea Webster, Bróccán Tyzack-Carlin, Danielle James, Elan Davies, George Collins, Jasmine Silk, Leanne Henlon, Natasha Wright, Olamide Ajisafe, Shola Lee, and Wisdom Charis – directed by Aneesha Srinivasan and Sam Pritchard
_INTERNATIONAL READING_ Festival – with plays by Michaela Spencer, Jherad Alleyne, Rogelio Braga, Bárbara Esmenia Rãé, Sara Pinedo and Sonia Gregorio
_COWBOIS_ by Charlie Josephine – directed by Charlie Josephine and Sean Holmes, in a production by the Royal Shakespeare Company
_FOR BLACK BOYS WHO HAVE CONSIDERED SUICIDE WHEN THE HUE GETS TOO HEAVY_ by Ryan Calais Cameron – presented with Nimax at the Garrick Theatre, West End
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**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves and reserves policy**
At the balance sheet date, ESC had total reserves of £1,861,579 (2023: £1,419,182). There is an endowment fund of £137,455 (2023: £137,455) established to support exploitation of the Charity’s work. Other funds restricted to use on particular projects and programmes (including capital) amount to £295,359 (2023: £374,686). The remaining funds of £1,428,765 (2023: £907,041) include both designated funds and free general reserves.
Following a review by the Trustees and new executive team, the designation and management of unrestricted funds were simplified in 2024 to support risk management. They now comprise: (1) a Capital Replacement Fund (Assets) equivalent to the net book value of assets held; (2) a Dilapidation & Capital Replacement Fund to be used strategically in relation to key areas of risk management for our physical infrastructure; (3) a designated Creative & Operational Risk Fund, to be set at a minimum target of 2 months’ salary and overheads costs but with an intent to grow this further, providing mitigation for key financial risks (particularly income) in relation to our business model and commitment to support artists’ right to artistically fail; and (4) maintaining free undesignated reserves at a minimum target of at least 2 months’ salary and overhead costs, with an intent to grow this benchmark further, better securing the organisation’s long-term viability and capacity to manage shortterm turbulence.
As of 31st March 2024, these funds were as follows:
1. Capital Replacement Fund (Assets): £130,695
2. Dilapidation & Capital Investment Fund: £200,000
3. Creative & Operational Risk Fund: £533,000
4. Free reserves: £565,070
Reserves positions and targets are regularly reviewed and adjusted in relation to both forward-looking risks and needs, and the organisation’s wider financial position.
On a day-to-day basis, in addition to reserves, ESC monitors its financial position in terms of the availability of cash and cash flow in the business. Vigilant management of the finances and regular financial information provided to the Trustees of ESC seeks to hold sufficient cash to ensure it can fulfil its short and medium-term strategic objectives.
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**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **c. Principal risks and risk management**
Building issues are cited as a major risk on our register. The fabric of the building, now over 25 years on from the rebuild and a decade since any significant capital injection, constantly throws up challenges. We require investment to keep it a world-leading space both to create the work in and for the audience experience.
A major risk for the Charity is still the unpredictable nature of fundraising income, with a changing landscape for investment portfolios, and trusts and foundations continuing to focus on areas outside London.
We embrace and rely on a business model that, by necessity, supports the right to artistically fail. With increases in pay and fees – both from wider, external agreements and the desire in-house to pay and support the artists on our stages more to make their careers sustainable – we need to continue to explore innovation in our models and income streams to remain viable and to take artistic risks.
As an organisation, The Royal Court exists to ask difficult questions and present challenging work, meaning we will continue to be in potential conflict with wider views and public taste. We risk assess each piece of work as we programme and look for strategies to mitigate any potential reputational damage or harm to individual artists and staff though training, wellbeing support, social media policies and expert guidance around complex issues.
Strategies are in place at the highest level to support and offset risks, including proactive stakeholder liaison, long-term contingency planning, and a flexible producing model that allows us to respond to external impacts.
The Trustees have a risk management strategy that comprises:
- an annual review of the principal risks and uncertainties that the Charity and its subsidiaries face as laid out in the risk register;
- the establishment of policies, systems and procedures to mitigate those risks as laid out in the risk register; and
- the implementation of procedures designed to minimise or manage any potential impact on the Charity should those risks materialise.
## **d. Principal funding, financial report, risks and reserves**
Our business model continues to depend on multiple factors, each with different implications and risks, all underpinned by well-controlled expenditure and prudent forecasting. We are currently in receipt of Arts Council England NPO funding for 2023 -2026 (with a 5% reduction compared to the previous cycle). This is combined with an ongoing need for fundraising both towards our core operations and the delivery of specific programmes of work, diverse partnerships including with corporate and commercial organisations, and trading income including box office targets. Theatre Tax Relief (TTR) is also a critical part of our model, though the nature of this income – which in cash terms is received significantly in arrears of the year during which it is accrued – presents ongoing challenges to managing cash flow. We continue to work to complete accounts and corporation tax returns as early as possible, while recognising the greater need for other cash balances and reserves to be in place in order to mitigate the impact of delays in receiving TTR payments.
Over the past year, with the change in leadership, we have worked to review different areas of short- and longterm potential for new and growing income streams, with positive initial impacts.
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**THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **e. Fundraising**
The Royal Court's fundraising activities include seeking and securing financial contributions from individuals, corporations and trusts, foundations and grant-making bodies towards the Royal Court's work. We run an Individual Giving scheme which offers various levels of split memberships which incorporate a benefits package and a charitable donation. This membership scheme ranges from £250 to £10,000 and donations made above this amount are considered Major Gifts. Our Annual Fund encourages low-level one-off donations from audience members outside of our regular giving schemes and these are often made in addition to ticket purchases. We claim Gift Aid on donations made by individuals who are eligible. We welcome legacy gifts and encourage supporters and audience members to remember the Royal Court in their will. We run a Corporate Membership scheme that offers companies different tiers of support ranging from £5,000-£15,000 plus VAT. In addition, we work with companies with whom we share values to create larger partnerships and offer sponsorship opportunities. Partnerships with companies can offer both financial and in-kind support. We seek funds from charitable trusts and foundations and apply for both general core support and funds restricted to specific projects and purposes. Occasionally, we programme special fundraising events to generate additional income throughout the year, including our annual Production Circle, giving special access to a particular production in return for an unrestricted donation.
All fundraising is managed internally and delegated to the Director of Development who is accountable to the Trustees via the Executive.
As well as being guided by our own internal ethical fundraising policy, the Royal Court is a member of the UK Fundraising Regulator to ensure our fundraising activity adheres to their code of conduct and follows best practice. No external professional fundraisers were used in the year and no complaints were received during the year in relation to our fundraising. The Charity makes use of its existing safeguarding policies and practices when fundraising.
## **Structure, governance and management**
## **a. Constitution**
The English Stage Company Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The Charity is governed by its Memorandum and Articles of Association. As of 31 March 2024, there were 11 guarantors whose liability in the event of a winding up is limited to £10 each.
## **b. Methods of appointment or election of Trustees**
The management of the Group and the Charity is the responsibility of the Trustees who are elected and coopted under the terms of the Articles of Association.
Page 10
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Structure, governance and management (continued)**
## **c. Organisational structure and decision-making policies**
There is a Council of between five and 20 Trustees. For the purpose of company law, the Trustees are the Directors of the company and are non-executive and unpaid. During the financial period under review, the Trustees met three times. There is one sub-committee for Finance and General Purposes and other subcommittees are set up on an ad hoc basis around recruitment, sustainability etc. The Finance and General Purposes Sub-Committee is made up of Directors and other professionals. It operates under specific terms of reference with certain functions delegated by the Trustees, with its decisions discussed by the full Council. The trading subsidiary for the catering operation also has a Board, the ESCC, which meets quarterly made up of Directors, the Executive team, and other professionals.
The Chief Executive and Artistic Director (not a director as defined by the Companies Act 2006) is appointed by the Trustees to manage the programming, operations and staff of the company working with the Executive Director (also not a director as defined by the Companies Act 2006). Together with the Finance Director, these three form the Executive Team.
Trustees are elected by members of the company at the Annual General Meeting. The English Stage Company Ltd (ESC) Council opts to appoint its Trustees for an unlimited period but regards that appointment as being a three-year appointment, renewable for further terms of three years. The Council meets to review and agree all new appointments in order to secure the best industry and professional expertise. The Council has adopted a policy on governance that incorporates training and trustees’ responsibilities.
The Council meets to review the activity of the company and to advise the Executives responsible for carrying out the day-to-day activity of the Charity.
## **d. Policies adopted for the induction and training of Trustees**
New trustees undergo an orientation to brief them on their legal obligations under charity and company law, the Charity Commission's guidance on public benefit, and to inform them of the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the Charity. During the induction they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **e. Pay policy for key management personnel**
The Chief Executive and Executive Director review the pay of the employees annually in line with peer organisations of a similar size and consider responsibility levels, London Living Wage, and inflation as well as affordability. The recommended pay increases are included in the annual budget that is taken to the Finance and General Purposes Committee for approval where salaries are discussed in more detail.
The Finance and General Purposes Committee reviews the pay of the Executive and other senior staff periodically.
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## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Plans for future periods**
At the close of the 2023/24 financial year there is much to look forward to in our immediate future.
In 2024/25 we will launch an ambitious new package of support for playwrights. The Writers’ Card will be a membership, free to join for playwrights anywhere who want to make the best use of the resources and opportunities on offer at the Court.
Court in the Square returned for Summer 2024, seeing us again work in collaboration with fellow business around Sloane Square.
The new leadership team have made a staff commitment to convene a cross departmental taskforce to accelerate the implementation of the zero-harm and anti-racism commitments made in 2022, working with the Head of People to create a new organisation-wide code of conduct and reporting system.
In addition, we will we present the following programme of work as part of David Byrne’s first season as Artistic Director, which we are confident will continue to secure our artistic and financial position during this transitional period. The full programme includes:
- _DUGSI DAYZ_ by Sabrina Ali - a Side eYe production
- _BLUETS_ based on the book Bluets by Maggie Nelson, adapted for the stage by Margaret Perry, directed by Katie Mitchell.
- _LIE LOW_ by Ciara Elizabeth Smyth, directed by Oisin Kearney, produced Prime Cut Productions, supported by Culture Ireland.
- _THE BOUND_ S by Stewart Pringle, directed by Jack McNamara, a Live Theatre co-production
- _ECHO_ by Nassim Soleimanpour, an NSP Production, co-produced by LIFT (London) / The Royal Court Theatre (London), Staatstheater Mainz, Riksteatern (Sweden), Why Not Theatre (Toronto), Théâtre National Wallonie-Bruxelles (Brussels) / Le Lieu Unique (Nantes), Les Théâtres de la Ville de Luxembourg. In association with The Shed (New York City) and Canberra Theatre Centre.
- _G_ by Tife Kusoro, directed by Monique Touko
- _GIANT_ by Mark Rosenblatt, directed by Nicolas Hytner
- _BRACE BRACE_ by Oli Forsyth, directed by Daniel Raggett
- _EXPENDABLE_ by Emteaz Hussain, directed by Esther Richardson
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## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . 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 Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, 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 of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are 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 group's auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
**Anthony Burton CBE** Chair
Date: 05-03-25
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## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED**
## **Opinion**
We have audited the financial statements of The English Stage Company Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the 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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its 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 Charities Act 2011 and Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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**THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- the parent charitable company has not kept sufficient accounting records; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Page 15
**THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of noncompliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Reading minutes of meetings of those charged with governance;
- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
- Identifying and testing journal entries;
- Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 16
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with 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 trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Goodman Jones LLP**
Chartered Accountants Statutory Auditors 1st Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN
Date: 05-03-25
Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 17
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Income from:**
Voluntary income
4
Incoming resources
from charitable
activities
5
Activities for
generating funds
6
Investment income
7
Other incoming
resources
8
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
9
Charitable activities
10
**Total expenditure**
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in
funds
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2024**
**£**
**3,471,279**
**1,130,845**
**1,062,063**
**29,881**
**941,926**
**6,635,994**
**1,099,889**
**5,014,381**
**6,114,270**
**521,724**
**907,041**
**521,724**
**1,428,765**|**Restricted**
**funds**
**2024**
**£**
**377,033**
**-**
**-**
**-**
**-**
**377,033**
**-**
**456,360**
**456,360**
**(79,327)**
**374,686**
**(79,327)**
**295,359**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**137,455**
**-**
**137,455**|**Total**
**funds**
**2024**
**£**
**3,848,312**
**1,130,845**
**1,062,063**
**29,881**
**941,926**
**7,013,027**
**1,099,889**
**5,470,741**
**6,570,630**
**442,397**
**1,419,182**
**442,397**
**1,861,579**|_Total_
_funds_
_2023_
_£_
_3,542,901_
_1,357,965_
_989,786_
_16,176_
_727,601_
_6,634,429_
_1,212,611_
_6,228,297_
_7,440,908_
_(806,479)_
_2,225,661_
_(806,479)_
_1,419,182_|
|---|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 24 to 48 form part of these financial statements.
Page 18
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee) REGISTERED NUMBER: 00539332**
## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Tangible assets
15
**Current assets**
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Endowment funds
21
Restricted funds
21
Unrestricted funds
Designated funds
21
General funds
21
Total unrestricted funds
21
**Total funds**|**9,639**
**2,291,752**
**1,602,727**
**3,904,118**
**(2,185,003)**
**863,695**
**565,070**|**2024**
**£**
**142,464**
**142,464**
**1,719,115**
**1,861,579**
**1,861,579**
**137,455**
**295,359**
**1,428,765**
**1,861,579**|_11,021_
_1,607,594_
_467,179_
_2,085,794_
_(990,411)_
_726,157_
_180,884_|_2023_
_£_
_323,799_|
|---|---|---|---|---|
|||||_323,799_
_1,095,383_|
|||||_1,419,182_|
|||||_1,419,182_|
|||||_137,455_
_374,686_
_907,041_|
|||||_1,419,182_|
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 19
## **THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00539332**
## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
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:
................................................ **Anthony Burton CBE**
Date: 05-03-25
The notes on pages 24 to 48 form part of these financial statements.
Page 20
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee) REGISTERED NUMBER: 00539332**
## **CHARITY BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Tangible assets
15
Investments
16
**Current assets**
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Total unrestricted funds
**Total funds**|**2,327,199**
**1,559,073**
**3,886,272**
**(2,158,619)**
**863,695**
**565,070**|**2024**
**£**
**133,825**
**101**
**133,926**
**1,727,653**
**1,861,579**
**1,861,579**
**137,455**
**295,359**
**1,428,765**
**1,861,579**|_1,747,472_
_356,598_
_2,104,070_
_(927,238)_
_726,157_
_234,689_|_2023_
_£_
_296,054_
_101_|
|---|---|---|---|---|
|||||_296,155_
_1,176,832_|
|||||_1,472,987_|
|||||_1,472,987_|
|||||_137,455_
_374,686_
_960,846_|
|||||_1,472,987_|
The Charity's net movement in funds for the year was _£_ 388,592 _(2023 - £(752,674))_ .
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
Page 21
## **THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00539332**
## **CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
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:
................................................
**Anthony Burton CBE** Chair
05-03-25 Date:
The notes on pages 24 to 48 form part of these financial statements.
Page 22
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**Net cash provided by/(used in) investing activities**
**Cash flows from financing activities**
**Net cash provided by financing 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**|**2024**
**£**
**1,105,667**
**29,881**
**-**
**29,881**
**-**
**1,135,548**
**467,179**
**1,602,727**|_2023_
_£_
_(967,843)_
_16,176_
_(34,682)_
**(18,506)**
**-**
**(986,349)**
_1,453,528_
_467,179_|
|---|---|---|
The notes on pages 24 to 48 form part of these financial statements
Page 23
**THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. General information**
The English Stage Company is a charitable company limited by guarantee registered in England and Wales. The registered office and principal place of business is Royal Court Theatre, Sloane Square, London, SW1W 8AS. The liability of each member in the event of winding-up is limited to £10. The main activities of the Charity, as set out in the Trustees' Report on page 5, are to find, develop and produce new plays, creating the conditions for writers, nationally and internationally, to flourish.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The English Stage Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries 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.
The financial statements are prepared in Sterling, the functional currency of the Charity and the Group. Monetary amounts in these financial statements are rounded to the nearest £.
## **2.2 Going concern**
After making appropriate enquiries, the Trustees are satisfied that the Charity will continue as a going concern for the foreseeable future.
In making this decision, the Trustees assessed whether the Charity will have sufficient resources to meet its liabilities as they fall due. A change in leadership in January 2024 has marked a time of regeneration from audiences, artists, supporters and funders.
The Finance and General Purposes Committee met with the Executive team to look at the future budgets for both the Charity and the catering subsidiary using key information such as cash flow and management accounts. The Charity was successful with their application to Arts Council England for an extension year of NPO funding for 2026-27. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements.
Page 24
**THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.3 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 and endowment 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.
Investment income, gains and losses are allocated to the appropriate fund.
## **2.4 Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.
Page 25
**THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.5 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Grants are included in the Consolidated Statement of Financial Activities on a receivable basis when the above income recognition criteria have been met and to the extent that any performance conditions attached to the grants have been met. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Sponsorship and donations are included in the Consolidated Statement of Financial Activities in the year in which they are receivable, or, alternatively, if sponsorship or donations are given for a specific play or project then they are included in the year in which that play or project takes place.
Box office income comprises ticket sales for performances and events in the Jerwood Theatre Downstairs and the Jerwood Theatre Upstairs. For productions occurring wholly within one financial year, revenue is recognised as ticket sales are made and all associated costs are written off in that financial year. Where productions span the year-end, costs and income are recognised in the year in which the press night of the related production takes place
Trading income is stated exclusive of value added tax.
Gifts in kind are recognised as incoming resources when received, at a no cost to the donor, where the amount is material and quantifiable. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 26
**THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.6 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.7 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. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities in proportion to the number of employees directly engaged in each area of activity.
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.
Redundancy and termination costs are recognised in full on the date the redundancy or termination is confirmed.
## **2.8 Government grants**
Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.
## **2.9 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
The Charity and its subsidiaries are standard-rated for VAT.
Page 27
**THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.10 Tangible fixed assets and depreciation**
Tangible fixed assets costing £300 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.
At each reporting date the Charity and Group assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised in the Consolidated Statement of Financial Activities where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Long-term leasehold property Lifetime of the lease, 3-10 years - Plant, machinery, fixtures and 3-10 years fittings - Office and computer equipment 3-10 years
## **2.11 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
## **2.12 Stocks**
Stocks in the consolidated accounts represent food, liquor, disposable items, books, play texts, programmes, and merchandise held for resale. Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Financial Activities.
## **2.13 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.
Advance expenditure on productions incurred in respect of productions in the future period is carried forward on the balance sheet until they are expensed in the period that the related production has its press night.
Page 28
**THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.14 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.15 Liabilities and provisions**
Liabilities 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.
Liabilities 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.
Income received in the year is deferred where the event to which the income relates is happening in a future period or where the performance conditions attached to the funding have not been met.
## **2.16 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.
## **2.17 Operating leases**
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.
## **2.18 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 to which the contributions relate.
Page 29
**THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **3. Critical accounting estimates and areas of judgement**
In the application of the accounting policies, the Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. Estimates and judgements 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
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:
Income recongition - the Charity may receive income from performance grants. These agreements may include various quantitative and qualitative milestones and performance conditions to be met in order for the Charity to have entitlement to the funds. The Charity makes various assumptions in determining the stage of completion of these performance grants.
## **4. Income from donations and legacies**
|Donations
Legacies
Trusts and foundations
Public funding
Corporates
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
411,506
-
556,200
2,236,073
267,500
3,471,279
_3,208,395_|**Restricted**
**funds**
**2024**
**£**
120,000
2,200
227,000
2,833
25,000
377,033
_334,506_|**Total**
**funds**
**2024**
**£**
**531,506**
**2,200**
**783,200**
**2,238,906**
**292,500**
**3,848,312**
_3,542,901_|_Total_
_funds_
_2023_
_£_
_499,934_
_3,206_
_294,700_
_2,395,061_
_350,000_
_3,542,901_|
|---|---|---|---|---|
||||||
Page 30
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|**5.**
**Income from charitable activities**
Box office
_Total 2023_
**By geographical segment**
United Kingdom
**6.**
**Income from other trading activities**
**Income from non charitable trading activities**
ESC Catering
Royalties, hires, and other trading income
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
1,130,845
_1,357,965_
**Unrestricted**
**funds**
**2024**
**£**
749,543
312,520
1,062,063
_989,786_|**Total**
**funds**
**2024**
**£**
**1,130,845**
_1,357,965_
**2024**
**£**
**1,130,845**
**Total**
**funds**
**2024**
**£**
**749,543**
**312,520**
**1,062,063**
_989,786_|_Total_
_funds_
_2023_
_£_
_1,357,965_|
|---|---|---|---|
||||_2023_
_£_
_1,357,965_|
||||_Total_
_funds_
_2023_
_£_
_699,994_
_289,792_
_989,786_|
|||||
Page 31
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **7. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Interest on deposits
28,778
Interest receivable
1,103
29,881
_Total 2023_
_16,176_|**Total**
**funds**
**2024**
**£**
**28,778**
**1,103**
**29,881**
_16,176_|_Total_
_funds_
_2023_
_£_
_15,712_
_464_
_16,176_|
|---|---|---|
||||
## **8. Other incoming resources**
|Other operating income - ESC Catering
Theatre tax relief
Sundry income
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
227
898,364
43,335
941,926
_727,601_|**Total**
**funds**
**2024**
**£**
**227**
**898,364**
**43,335**
**941,926**
_727,601_|_Total_
_funds_
_2023_
_£_
_641_
_719,292_
_7,668_
_727,601_|
|---|---|---|---|
Page 32
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **9. Expenditure on raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2024**
**£**
Marketing - other costs
87,265
Marketing - staff costs
218,351
Development - other costs
21,559
Development - staff costs
202,630
529,805
_Total 2023_
_546,201_
**Other trading expenses**
**Unrestricted**
**funds**
**2024**
**£**
Cost of sales
209,725
Administration expenses
52,246
Cost of sales staff costs
305,028
Administration depreciation
3,085
570,084
_Total 2023_
_666,410_|**Total**
**funds**
**2024**
**£**
**87,265**
**218,351**
**21,559**
**202,630**
**529,805**
_546,201_
**Total**
**funds**
**2024**
**£**
**209,725**
**52,246**
**305,028**
**3,085**
**570,084**
_666,410_|_Total_
_funds_
_2023_
_£_
_103,485_
_235,578_
_10,163_
_196,975_
_546,201_|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_229,803_
_63,549_
_366,122_
_6,936_
_666,410_|
||||
Page 33
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **10. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Performance
Play development
General activity
Participation
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
3,995,085
535,597
244,358
239,341
5,014,381
_5,648,011_|**Restricted**
**funds**
**2024**
**£**
80,000
137,986
179,374
59,000
456,360
_580,286_|**Total**
**2024**
**£**
**4,075,085**
**673,583**
**423,732**
**298,341**
**5,470,741**
_6,228,297_|_Total_
_2023_
_£_
_4,791,859_
_805,817_
_352,166_
_278,455_
_6,228,297_|
|---|---|---|---|---|
||||||
## **11. Analysis of expenditure by activities**
|Performance
Play development
General activity
Participation
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
3,041,923
494,064
55,984
208,582
3,800,553
_4,580,529_|**Support**
**costs**
**2024**
**£**
1,033,162
179,519
367,748
89,759
1,670,188
_1,647,768_|**Total**
**funds**
**2024**
**£**
**4,075,085**
**673,583**
**423,732**
**298,341**
**5,470,741**
_6,228,297_|_Total_
_funds_
_2023_
_£_
_4,791,859_
_805,817_
_352,166_
_278,455_
_6,228,297_|
|---|---|---|---|---|
||||||
Page 34
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|**Performance**
**2024**
**Play**
**development**
**2024**
**£**
**£**
Staff costs
274,651
49,045
Depreciation
27,856
-
Other support
costs
730,655
130,474
1,033,162
179,519
_Total 2023_
_1,068,446_
_133,316_|**General**
**activity**
**2024**
**Participation**
**2024**
**£**
**£**
63,758
24,522
134,374
-
169,616
65,237
367,748
89,759
_350,779_
_95,227_|**Total**
**funds**
**2024**
**£**
**411,976**
**162,230**
**1,095,982**
**1,670,188**
_1,647,768_|_Total_
_funds_
_2023_
_£_
_525,199_
_171,075_
_951,494_
_1,647,768_|
|---|---|---|---|
|||||
## **12. Auditors' remuneration**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity and the|||
|Group|**22,500**|_18,000_|
## **13. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2024**
**£**
**3,462,084**
**248,085**
**95,846**
**3,806,015**|_Group_
_2023_
_£_
_3,760,949_
_257,866_
_83,668_
_4,102,483_|**Charity**
**2024**
**£**
**3,143,570**
**233,824**
**91,175**
**3,468,569**|_Charity_
_2023_
_£_
_3,385,430_
_240,339_
_78,418_
_3,704,187_|
|---|---|---|---|---|
Included within wages and salaries costs above is an amount of £709,378 (2023: £1,010,578) in respect of freelancers and contractors.
During the year, redundancy and termination payments totalling £69,189 (2023: £23,450) were made.
Page 35
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **13. Staff costs (continued)**
The average number of persons employed by the Charity during the year was as follows:
|Performances
Play development
General activity
Education
ESC Catering Ltd|**Group**
**2024**
**No.**
**56**
**10**
**13**
**5**
**9**
**93**|_Group_
_2023_
_No._
_54_
_7_
_11_
_5_
_14_
_91_|**Charity**
**2024**
**No.**
**56**
**10**
**13**
**5**
**-**
**84**|_Charity_
_2023_
_No._
_54_
_7_
_11_
_5_
_-_|
|---|---|---|---|---|
|||||_77_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**Group**|_Group_|
|---|---|---|
||**2024**|_2023_|
||**No.**|_No._|
|In the band £60,001 - £70,000|**1**|_1_|
|In the band £70,001 - £80,000|**1**|_1_|
|In the band £100,001 - £110,000|**-**|_1_|
During the year, the Charity incurred remuneration costs, including employer's national insurance and employer pension contributions, in respect of key management personnel of £351,934 (2023: £387,101).
## **14. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 31 March 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
Page 36
**THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15. Tangible fixed assets**
## **Group**
|**Cost or valuation**
At 1 April 2023
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Long-term**
**leasehold**
**property**
**£**
**2,546,394**
**-**
**2,546,394**
**2,325,906**
**148,535**
**-**
**2,474,441**
**71,953**
_220,488_|**Plant and**
**machinery**
**£**
**469,780**
**-**
**469,780**
**415,732**
**4,636**
**-**
**420,368**
**49,412**
_54,048_|**Fixtures and**
**fittings**
**£**
**221,047**
**(19,255)**
**201,792**
**171,784**
**12,143**
**(3,234)**
**180,693**
**21,099**
_49,263_|**Total**
**£**
**3,237,221**
**(19,255)**
**3,217,966**
**2,913,422**
**165,314**
**(3,234)**
**3,075,502**
**142,464**
_323,799_|
|---|---|---|---|---|
Page 37
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15. Tangible fixed assets (continued)**
## **Charity**
|**Cost or valuation**
At 1 April 2023
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Long-term**
**leasehold**
**property**
**£**
**2,546,394**
**2,546,394**
**2,325,906**
**148,535**
**2,474,441**
**71,953**
_220,488_|**Plant and**
**machinery**
**£**
**469,780**
**469,780**
**415,732**
**4,636**
**420,368**
**49,412**
_54,048_|**Fixtures and**
**fittings**
**£**
**186,366**
**186,366**
**164,848**
**9,058**
**173,906**
**12,460**
_21,518_|**Total**
**£**
**3,202,540**
**3,202,540**|
|---|---|---|---|---|
|||||**2,906,486**
**162,229**
**3,068,715**|
|||||**133,825**|
|||||_296,054_|
Page 38
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **16. Fixed asset investments**
Information about the subsidiaries of the Charity can be found in note 17.
|**Charity**
**Cost or valuation**
At 1 April 2023
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Investments**
**in**
**subsidiary**
**companies**
**£**
**101**|
|---|---|
||**101**|
||**101**|
||_101_|
## **17. Principal subsidiaries**
The following were subsidiary undertakings of the Charity:
|**Names**|**Company**|**Registered office or principal**|**Class of**|
|---|---|---|---|
||**number**|**place of business**|**shares**|
|ESC Catering Limited|05710832|Royal Court Theatre, Sloane|Ordinary|
|||Square, London, SW1W 8AS||
|Royal Court Theatre Productions Limited|01759772|Royal Court Theatre, Sloane|Ordinary|
|||Square, London, SW1W 8AS||
## **Holding Included in consolidation**
100% Yes
100% Yes
Page 39
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Principal subsidiaries (continued)**
The financial results of the subsidiaries for the year were:
|**Names**|**Income**|**Expenditure**|**Profit/(Loss)**|
|---|---|---|---|
||**£**|**£**|**/ Surplus/**|
||||**(Deficit) for**|
||||**the year**|
||||**£**|
|ESC Catering Limited|**783,364**|**(691,146)**|**92,218**|
|Royal Court Theatre Productions Limited|**56,471**|**(78)**|**56,393**|
|**Net assets**||||
|**£**||||
|**1**||||
|**100**||||
## **18. Stocks**
||**Group**|_Group_|
|---|---|---|
||**2024**|_2023_|
||**£**|_£_|
|Catering stock|**9,639**|_11,021_|
## **19. Debtors**
|**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2024**
**£**
**417,803**
**-**
**5,589**
**1,868,360**
**2,291,752**|_Group_
_2023_
_£_
_187,069_
_-_
_20,182_
_1,400,343_
_1,607,594_|**Charity**
**2024**
**£**
**401,635**
**79,732**
**3,757**
**1,842,075**
**2,327,199**|_Charity_
_2023_
_£_
_176,257_
_152,970_
_17,902_
_1,400,343_|
|---|---|---|---|---|
|||||_1,747,472_|
Page 40
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **20. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods|**Group**
**2024**
**£**
**431,938**
**161,561**
**48,119**
**1,543,385**
**2,185,003**
**Group**
**2024**
**£**
**93,973**
**1,354,550**
**(93,973)**
**1,354,550**|_Group_
_2023_
_£_
_286,311_
_75,774_
_85,212_
_543,114_
_990,411_
_Group_
_2023_
_£_
_165,696_
_93,973_
_(165,696)_
_93,973_|**Charity**
**2024**
**£**
**423,364**
**153,440**
**47,471**
**1,534,344**
**2,158,619**
**Charity**
**2024**
**£**
**93,973**
**1,354,550**
**(93,973)**
**1,354,550**|_Charity_
_2023_
_£_
_270,983_
_62,363_
_67,025_
_526,867_
_927,238_
_Charity_
_2023_
_£_
_165,696_
_93,973_
_(165,696)_
_93,973_|
|---|---|---|---|---|
Deferred income above relates to production sponsorship and other income in advance of the upcoming year.
Page 41
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Capital Replacement
Theatre Writing
Future Developments
Dilapidation and Capital
Investment
Creative and Operational Risk
**General funds**
General Funds
**Total Unrestricted funds**
**Endowment funds**
Endowment Fund
**Restricted funds**
Neville Blond Fund
Clare McIntyre
ACE Capital Project Fund
Participation Fund
International Play
Development
Capital Matched Funding
Writer Development
Legacy Fund
New Playwrights and
performance
Core Activity|**Balance at 1**
**April 2023**
**£**
**229,573**
**233,878**
**262,706**
**-**
**-**
**726,157**
**180,884**
**907,041**
**137,455**
**16,082**
**17,048**
**93,072**
**14,276**
**67,177**
**58,077**
**71,823**
**37,131**
**-**
**-**|**Income**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**6,635,994**
**6,635,994**
**-**
**-**
**1,402**
**-**
**59,000**
**2,833**
**-**
**68,000**
**798**
**200,000**
**45,000**|**Expenditure**
**£**
**(17,157)**
**-**
**-**
**-**
**-**
**(17,157)**
**(6,097,113)**
**(6,114,270)**
**-**
**-**
**-**
**(93,072)**
**(59,000)**
**(63,803)**
**(41,302)**
**(72,183)**
**(2,000)**
**(80,000)**
**(45,000)**|**Transfers**
**in/out**
**£**
**(81,721)**
**(233,878)**
**(262,706)**
**200,000**
**533,000**
**154,695**
**(154,695)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2024**
**£**
**130,695**
**-**
**-**
**200,000**
**533,000**
**863,695**|
|---|---|---|---|---|---|
||||||**565,070**|
||||||**1,428,765**|
||||||**137,455**|
||||||**16,082**
**18,450**
**-**
**14,276**
**6,207**
**16,775**
**67,640**
**35,929**
**120,000**
**-**|
Page 42
## **THE ENGLISH STAGE COMPANY LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Statement of funds (continued) Statement of funds - current year (continued)**
|**Total funds**|**Balance at 1**
**April 2023**
**£**
**374,686**
**1,419,182**|**Income**
**£**
**377,033**
**7,013,027**|**Expenditure**
**£**
**(456,360)**
**(6,570,630)**|**Transfers**
**in/out**
**£**
**-**
**-**|**Balance at**
**31 March**
**2024**
**£**
**295,359**|
|---|---|---|---|---|---|
||||||**1,861,579**|
Page 43
**THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Statement of funds (continued)**
Designated Funds
Designated funds were restructured in the year as disclosed in the Trustees' Report.
_Capital Replacement Fund_ - used to service the depreciation charge on capital purchases not funded elsewhere and matches net book value of the relevant group of tangible assets.
_Theatre Writing Fund_ - used to cover commission payments, liabilities arising through timing of script delivery and expenditure on shows and play development.
_Future Development Fund_ - held for future work and activity. This fund is considered by the Trustees when looking at the reserves policy.
_Dilapidation and Capital Investment Fund_ - to be used strategically in relation to key areas of risk management for our physical infrastructure.
_Creative and Operational Risk Fund_ - set at a minimum target of two months overhead, salary and admin expenditure.
_COVID Recovery Fund (prior year only)_ - ensured donations received for the recovery of the theatre’s activities and fabric are used accordingly.
## Restricted Funds
_Neville Blond Fund_ - this fund was set up in 1987 to commemorate Neville Blond and is used to provide bursaries for young writers.
_Clare McIntyre Fund_ - set up in 2010 to support writers' attachments to the theatre.
_ACE Capital Project Fund_ - this fund represents the grant awarded for the refurbishment project and will be depreciated proportionally.
_Participation Fund_ - this fund is dedicated to encouraging and developing young writers. We aim to show-case the work by putting on a bi-annual Young Writers Festival.
_International Play Development and Performance_ - this fund is dedicated to developing and nurturing playwriting talent outside the UK.
_Capital Matched Fund_ - this fund was set up to provide a matched contribution as part of the capital project.
_Writer Development Initiative_ - this fund supports the play development work of the Royal Court Theatre.
_Legacy Fund_ - relates to donations in memory of a member of staff that is to be put towards a project in the next year.
_New Playwrights initiative_ - this fund supports the development and production of plays at the Royal Court Theatre.
_Reopening Fund (prior year only)_ - comprises restricted funds donated to support the theatre and cultural recovery when the doors re-opened and we able to stage work again.
Page 44
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Statement of funds (continued)**
**Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Capital Replacement
Theatre Writing
Future Developments
Dilapidation and Capital Investment
**General funds**
General Funds
Trading subsidiairies
**Total Unrestricted funds**
**Endowment funds**
Endowment Fund
**Restricted funds**
Neville Blond Fund
Clare McIntyre
ACE Capital Project Fund
Participation Fund
International Play Development
Capital Matched Funding
Writer Development
Legacy Fund
New Playwrights and performance
Reopening Fund|_Balance at_
_1 April 2022_
_£_
_246,730_
_233,878_
_262,706_
_615,000_
_1,358,314_
_109,426_
_-_
_109,426_
_1,467,740_
_137,455_
_16,082_
_15,648_
_183,044_
_14,276_
_142,977_
_104,385_
_42,351_
_35,325_
_13,000_
_53,378_|_Income_
_£_
_-_
_-_
_-_
_-_
_-_
_6,299,923_
_-_
_6,299,923_
_6,299,923_
_-_
_-_
_1,400_
_-_
_92,000_
_41,300_
_5,000_
_113,000_
_1,806_
_80,000_
_-_|_Expenditure_
_£_
_(17,157)_
_-_
_-_
_(615,000)_
_(632,157)_
_(6,174,660)_
_(53,805)_
_(6,228,465)_
_(6,860,622)_
_-_
_-_
_-_
_(89,972)_
_(92,000)_
_(117,100)_
_(51,308)_
_(83,528)_
_-_
_(93,000)_
_(53,378)_|_Balance at_
_31 March_
_2023_
_£_
_229,573_
_233,878_
_262,706_
_-_
_726,157_
_234,689_
_(53,805)_
_180,884_
_907,041_
_137,455_
_16,082_
_17,048_
_93,072_
_14,276_
_67,177_
_58,077_
_71,823_
_37,131_
_-_
_-_|
|---|---|---|---|---|
Page 45
**(A Company Limited by Guarantee)**
## **THE ENGLISH STAGE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|**Total funds**|_Balance at_
_1 April 2022_
_£_
_620,466_
_2,225,661_|_Income_
_£_
_334,506_
_6,634,429_|_Expenditure_
_£_
_(580,286)_
_(7,440,908)_|_Balance at_
_31 March_
_2023_
_£_
_374,686_|
|---|---|---|---|---|
|||||_1,419,182_|
## **22. Analysis of net assets between funds**
**Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
142,464
Current assets
3,471,304
Creditors due within one year
(2,185,003)
**Total**
1,428,765|**Restricted**
**funds**
**2024**
**£**
-
295,359
-
295,359|**Endowment**
**funds**
**2024**
**£**
-
137,455
-
137,455|**Total**
**funds**
**2024**
**£**
**142,464**
**3,904,118**
**(2,185,003)**
**1,861,579**|
|---|---|---|---|
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_323,799_
_1,573,653_
_(990,411)_
_907,041_|_Restricted_
_funds_
_2023_
_£_
_-_
_374,686_
_-_
_374,686_|_Endowment_
_funds_
_2023_
_£_
_-_
_137,455_
_-_
_137,455_|_Total_
_funds_
_2023_
_£_
_323,799_
_2,085,794_
_(990,411)_
_1,419,182_|
|---|---|---|---|---|
Page 46
**THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **23. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Interest and dividends
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
**Net cash provided by/(used in) operating activities**
**24.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**25.**
**Analysis of changes in net debt**
**At 1 April**
**2023**
**£**
Cash at bank and in hand
**467,179**
**467,179**||**Group**
**2024**
**£**
**442,397**
**165,315**
**(29,881)**
**16,021**
**1,382**
**(684,159)**
**1,194,592**
**1,105,667**
**Group**
**2024**
**£**
**1,602,727**
**1,602,727**
**Cash flows**
**£**
**1,135,548**
**1,135,548**|_Group_
_2023_
_£_
_(806,479)_
_178,012_
_(16,176)_
_-_
_(1,372)_
_(398,926)_
_77,098_
_(967,843)_
_Group_
_2023_
_£_
_467,179_
_467,179_
**At 31 March**
**2024**
**£**
**1,602,727**
**1,602,727**|
|---|---|---|---|
Page 47
**THE ENGLISH STAGE COMPANY LIMITED**
**(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **26. Operating lease commitments**
At 31 March 2024 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**
**2024**
**£**
**124,125**
**519,000**
**830,813**
**1,473,938**|_Group_
_2023_
_£_
_123,000_
_513,375_
_960,563_
_1,596,938_|**Charity**
**2024**
**£**
**124,125**
**519,000**
**830,813**
**1,473,938**|_Charity_
_2023_
_£_
_123,000_
_513,375_
_960,563_|
|---|---|---|---|---|
|||||_1,596,938_|
English Stage Company agreed a new 15 year lease with Cadogan Estates in November 2020 and this was signed on 14 July 2022.
## **27. Related party transactions**
The following transactions took place during the year between the Charity and Council Members:
Anthony Burton, trustees, is a member of the law firm Simons, Muirhead & Burton which receives fees for ad hoc legal work provided to the Charity. These services are separate from the work carried out by Antony Burton in his capacity as a Council member for which he receives no remuneration. During the year, Simons, Muirhead & Burton received remuneration for their services of £500 (2023: £nil).
During the year, Trustees made donations of £65,035 in aggregate (2023: £6,350). No restrictions were attached to these donations.
The following transactions took place during the year between the Charity and its trading subsidiaries:
## ESC Catering Limited
During the year, the Charity recognised income of £38,413 (2023: £nil) from ESC Catering Limited in respect of distribution of profits for the year. During the year, the Charity made recharges to ESC Catering Limited of £146,239 (2023: £120,902) and was charged £35,713 (2023: £32,789) by ESC Catering Limited. At the balance sheet date, an amount of £77,223 (2023: £97,506) was owed by the subsidiary to the Charity.
## Royal Court Theatre Productions Limited
During the year, the Charity recognised income of £56,393 (2023: £46,739) from Royal Court Theatre Productions Limited in respect of distribution of profits for the year. At the balance sheet date, an amount of £2,509 (2023: £55,464) was owed by the subsidiary to the Charity.
All transactions above have been disclosed net of VAT where applicable.
Page 48