Company number.. 00556251 Charity Number: 233801 Pioneer Theatres Limited Trading as "Theatre Royal Stratford East" Report and financial statements For the year ended 31 March 2023 SAYER ••••• • • * • • V INCENT ••••••• • • • •• • • Ploneer Theatres Llmlted (fheatre Royal Stratford East) Contents For the year ended 31 March 2023 Reference and administrative information Trusrees. annual report Independent auditor's report Consolidated statement of financial activities (incorporating an income and expenditure account) Balance sheets Con501idated statement of cash flows............................................. Notes to the flnancial statements .20 .22 -23 Ploneer Theatres Llmlted (Theatre Royal Strarford East) Reference and admlnlstratlve Information For the year ended 31 March 2023 Cornpany number 00556251 incorporated in the United Kingdom Charity number 233801 registered in England and Wales Registered offlce and Gerry Raffles Square Operational address Stratford London E15 IBN Tradlng name Theatre Royal Stratford East Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: The Rt. Hon. Dame M Hodge. Chair J Adeogun {appointed 4 October 2022, resigned 17 July 20231 Cllr R K Dasgupta (appointed 18 July 2023) Cllr J Garfield Dr E Glyn P Hamzahee S Haynes C Hird F Hutchin (appointed 20 June 2023) D Olaniregun (appointed 6 December 2022) M Pilgrim MBE B Raven P Roberts (appointed 20 March 2023) P Wilson Ideceased 4 September 2023) Artlstlc Dlrector Nadia Fall Executlve Dlrector Eleanor Lang Bankers Natwest Bank plc. I Stratford Broadway London E154DX Solicltors Harbottle & Lewis 14 Hanover Square London WIROBE Pioneer Theatres Llmlted (fheatre Royal Stratford East) Reference and admlnlstratlve Informatlon For the year ended 31 March 2023 Audltor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108 - 114 Golden Lane LONDON ECIY OTL oneer Theatres Llmited (fheatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 Chalr's Statement 2022-23 has been the first full operational year after the pandemic, and it has been wonderful to be back with live theatre and live audiences. Reopening has not been without its challenges, as the cost-of-living crisis, inflation and building the confldence of our audiences have all impacted on our operations. Despite thls, the theatre has produced some great work over the last year and continues to make a real impact in our local community. Our work on stage during the year aimed io give our audiences entertainment they couldn't get In their living rooms, including Burn Ir Down. a festival of 6 new plays about the issue5 that felt important in 2022, Fantastically Great Women Who Changed the World. The Wonderful World of Dissocia, How Not to Drown and Village Idiot. We were able to return to a full run of pantomime, with this year's offering of Cinderella. Our Learning & Participation work goes from strength to strength. and this year Saw a continuation of the partnershlp with the London Borough of Newham at Stratford Youth Zone. Our Young Company Production and our Young Technicians course have been particular highlights, and we have also expanded our work with adults in Newham. In June 2022 we launched our Freelance Royalty Scheme. which provides East London Freelances with a range of support services from free rehearsals space to residencies, to tickets, to workshops to opportunities to showcase work. More than 600 freelancers signed up within the first year. On behalf of the Board I would like to acknowledge the work and dedication of the whole team. led by Nadia Fall. Artistic Director and Chief Executive and to Eleanor Lang, our Executive Direcior. I would also like to extend my heartfelt thank5 to the trustees, who have provided additional support to the organlsation during this time. The trustees are grateful to Arts Council England and the London Borough of Newham for their continuing support, as well as to all our supporters who have support the work we do both on and off the stage. Rt. Hon. Dame Margaret Hodge MP Chair Pioneer Theatres Limited (fheatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 TRUSTEE REPORT The trustees present their report and the audited group financial statement5 for the year ending 31 March 202 3. The financial statemenrs have been prepared in accordance wlth current statutory requirements- Statement of Recommended Practice ISORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20151. Prlnclpal actlvltie5 The objects of rhe charity as set out in the Articles of Assoclatlon are: ro promote, m47intain, improve, andadvance education. partiGu/arlyby the production ofeducational plays and the encouragement of the Arts. including rhe arrs of drama, mlme, dance, singlng and n7U5ic, and to formulate, prepare and e5tabli5h 5cheme5 therefor provided that all object5 of the Company shall be ofa charitable nature. Structure Pioneer Theatres Limited (trading as Theatre Royal Stratford East} is constituted as a company limited by guarantee and is governed by it5 Memorandum and Articles of Association as amended 18th November 2015. In the event of the charltable company being wound up, the liability in respect of the guarantee is limited to £ l O per member of the charitable company. Pioneer Theatres Limited has two wholly owned subsidiarie5. The results of Stratford East Trading Limited are consolidated into these financial statements. Stratford East Productions Limited is a dormant company. Our aims Theatre Royal Stratford East (TRSE) has six key aims: Produce bold, excltlng and outstandlng theatre The quality of the work on the stages is vital to the success of TRSE, and It Is cruclal that the economic impact of the pandemic does not prevent us from taking creative risks and working with industry talent. Grow our audlences The pandemic has set back our audience growth and disrupted the positive upward trajectory we were on. We are in a more uncertain environment in terms of audience confident and appetite. Growing our audiences is a priority for TRSE over the next few years. Pioneer Theatres Limited (fheatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 Develop creative talent We want to grow our talent development work, ensuring that the industry remain5 diverse and that barriers to working in the industry are reduced. We will work with young people and artists in East London to provide development and support. We want to centre this work and to be a flagship for talent development. Three further aims underpin our organlsational values and will be integral to the delivery of the first three aims. Embed Representation, Belonging. and Justice in our organlsatlon We want our organisation to reflect the community in which we work. We want the programming on our stage to speak to the peDple who come to the theatre. We want everyone who works with us to feel empowered and supported, and we want our theatre to feel accessible to anyone, no matter their background. Reduce our envlronmental Impact Climate change is the biggest threat facing humanity. We want to ensure that we work in an environmentally responsible way, from how we make productions, to how we work In the office, and ensure that all decisions consider the environmental impact and how to reduce it. Ensure we are resilient for the future The pandemic ha5 inevitably challenged our finances, and we need to ensure that our financial position and business models ensure we are reslllent for the future. We need to make sure that the choices we make and the work that we do balances risk, with ability to protect the charity long term. AcfMTY IN 2021-23 Public Beneflt Over the course of the year TRSE has fulfilled its charitable objectives through contlnulng to engage with the widest possible audiences. The year Saw the slow reopening of theatre, with our live work gradually replacing digital interactions. In 2021-23: 60,316 people saw our work on stage 244,100 people watched or listened to our online content Produced 7 newly commissioned pieces of theatre 19 productions with 229 performances Engaged with 8,733 young people Ran regular community sessions for 316 adults Screened our pantomime in London hospices, hospitals and care home5 Provided 3 artist residencies Pioneer Theatres Umited (fheatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 Hosted 2 artist scratch nights Employed 185 freelancers Provided 20 free workshops for our freelance network Gave away over 600 hour5 of free space for artists to use Engaged 600+ freelancers In our freelance network Artlstlc Programme The programme during the year included.. Burn It Down: A series of six newly commissioned script-in-hand performances about urgent political i55ues'. The Expendables written by Timberlake Wertenbaker directed by Anthony Lau Yummywritten by babirye bukilwa directed by malakai sargeant If Ispeak written by Lettie Precious directed by Leian John-Baptiste I want to Live written by Jamie Hale directed by Lilac Yosiphon It 5 not like ir s //legalwritien by Amy Trigg directed by Jane Moriarty I'm so tired of waifing so pa55 me the Duct Tape written by Travis Alabanza directed by Milli Bhatia Ballet Black: Double Bill.. Ballet Black returned to the theatre with their new double bill. **** "A world of wonder" Reviews Hub Fantastlcally Great Women Who Changed the World- A brand new pop musical by Chris Bush and Miranda Cooper with music by Miranda Cooper and Jennifer Decilveo telling the story of independent women throughout history. Directed by Amy Hodge, alongside an all-female creative team. **** "Vibrant history lesson in pralse of glrl power" Dally Mail The Wonderful World of Dlssocia: Anthony Neilson's cult play, directed by Emma Baggot opened our Autumn season. providing a poignant and comical delve into the nature of mental illness. ***** "the hardest I've laughed in a theatre this year" Wharsonsrage Much Ado About Nothing: Sheffield Theatres brought their Ramps on the Moon production of Shakespeare's great comic love story to the theatre. Directed by Rob Hasrie. every performance featured the use of integrated creative sign language. audio description and captioning. ***** "An exceptional production" The Guardian Cinderella: Our annual pantomime returned written by Leo Butler and Robert Hyman giving a unique twist on this classic tale, Set in the ancient home of Sphynx cats, pharaohs and the empress Cleopatra. **** 'full of fountains of laughs and feel good memories to take home- Broadway World How Not To Drown: A story of endurance for a kid who wasn't safe or welcome anywhere In the world, written by Nicola Mccartney & Dritan Kastrati and directed by Neil Bettles. The play explore the illegal migration routes and the care system in the UK in a timely play produced by Thickskin. Ploneer Theatres Limited (fheatre Royal Stratford East) Trustees. annual report For the year ended 31 March 2023 **** "Fluently told and shocking in its straightforward account.. Sunday Times The Trial of Josie L- A production by the Unicorn Theatre as part of Newham's Cultural Enrlchment programme this told the story of defiance. the power of friendship and finding hope. even in a world where no one has explained the rules. Written by Katie Hims and directed by Leigh Toney. ***** "Kid's theatre at lis absolute best" Whatsonstage Gone Too Farl.. National Youth Theatre's Rep Company brought Bola Agbaje's Olivier Award- winning play to our stage. Directed by Monique Touko. **** "a stellar production. All Thar Dazzles Village Idlot: Samson Hawkin's audacious comedy open at Nottingham Playhouse and played In Ipswich ahead of it's Strarford East Run. Directed by Nadia Fall. this production was the last of the Ramps on the Moon consortium productions and the only new writing piece in the seven year partnership. **** "Outrageously funny" The Times Alongside our main theatre programme we restarted our 'One nighters. a series of muslc and comedy evenings on the main stage. Learning & Participation July 2022 our Young Company performed Painkilleron the main stage, written by Sophie Ellerby and directed by Toby Clarke. Following the success of the performance. the Young Company were supported to make a second piece, Run, in March 2023. Young Company, youth theatre and junior vouth theatre all ran through to summei 2022. and new cohorts started in Autumn 202 2. We ran two Easter programmes - one solely with young people and one intergenerational. and ran one SLrmmer school. We completed the pilot of our Future Leaders programme, with an October half term project, Future Makers and our Young Technician5 Second cohort started in November 2022. We expanded our adult community programme this year. running four community projects, six community theatre trips and six community socials. Our schools work continued thls year. and we developed a long-term schools project, Yotsrmove. with two schools. We continued to work with secondary 5choo15 in Newham creating bespoke Support for them, responding to their needs to deliver a creative curriculum. alongside running three Technical Insight Days. We worked with the London Borough of Newham on their Cultural Enrichment Programme, bringing year 75 to pantomime. and creating a resource pack and teacher CPD around the programme, and ran a further offer for year 55 and 65 around the Unicorn Theatre's production of The Trial ofjosie K. To support further development and training we ran a Ploneer Theatres Umlted (fheatre Royal Stratford Eastl Trustees, annual report For the year ended 31 March 2023 work experience week for year 125 and took on a cultural producer placement and a BA CSSD placement. In June 2022 we launched our Freelance Royalty Scheme. which gives freelancers who live or work in East London support. The scheme gave away 92 free tlckets and over 600 hours of free space use. h05ted three artist residencies and two scratch nights along side 20 free workshop5. The scheme has over 600 numbers at 31 March 2023. Trading Subsidiary The bar continues to be very dependent on the performances for trade. but with the increase in performances this year. we have seen the bar return to a small profit at March 202 3. We are stlll operating on reduced opening hour5, Wlth the bar only open during the day on Saturdays and matinees. Representation.Justlce and Belonglng Diver51ty and inclusion is at the heart of TRSE'S way of working, and is championed throughout the organisation. We have continued substantial strategic work in thi5 area.. Representation.. TRSE works to reflect the communlty of East London in the make up of its Board, staff, freelancers, participants and audiences. Justice.. TRSE works to create an equitable environment, where everyone worklng with us is empowered and supported to Speak out against any Injustice. Belonging.. TRSE is at the heart of its community. We work to ensure that every person who walks through our door fee15 like they belong. Closing the Gap, our task force led by people from the Global Majority have continued to provide a space for conversation through their Spice Up Your lunch initiative. as well as providing peer to peer support for staff of the global majority. They have worked ro identify key strategic areas to focus on in the coming year. working in particular on recruitment and on the development of our micro-aggression policy. We continued to be a committed partner in the Ramps on the Moon consortium, culminating with our Ramp5 on the Moon production of Village Idiot, a co-production with Nottin9ham Playhouse which opened in March 2023. We also hosted in November a Ramps on the Moon Symposium, bringing together arts organisation5 acr055 London to share learnings from our Ramps partnership and discu55 the challenges faced by disabled people in theatre. The official Ramps on the Moon projected finished at the end of March 2023. but we will continue to prioritise and embed this work. We continue to programme work that reflects the diverse community in which we live. This felt particularly important in our reopening, as a statement of our commitment to representation on Ploneer Theatres Llmlted mieatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 our stages and in our creatlve teams. Building We carried out some refurbishment of bar furniture this year, alongside some major work to our electrical systems. There are number of areas of the building that do need capital investment. including our Heating and Ventilation system. We have worked with a consultant to identify the work needed and will be developing thls more fully next year. Staffing Staff turnover has reduced thi5 year, but is still high, as roles within the industry remain hard to fill and industry-wide staff shortages has made recruitment hard. We started the year with a very depleted senior team, but as the year progressed roles have become more stable. We still face challenges particularly in recruitment for our technical roles. Fundralslng During the year we raised a total of £ 343k from Trust5 and Foundations. Corporates and individuals. a reduction of £123k from the amount raised in the prevlous year. Income from individual and corporate donors decreased from £291 k in 2021122 to £209k in the current year, a decrease of £82k. During the year we spent £202k on fundraising costs. or 59% of the funds raised. Thls compares with £187k140% of funds raised) in the previous year. The Trustees take thelr responsibilities under the Charitie5 (Protection and Social Investment) Act 2016 seriously and have considered the implications on their activities. There is a dedicated permanent fundraising team at TRSE. led by a Development Director. Our new Developmenr Dlrector started in May 2022, and has been working to develop a new strategy for our fundraising. The Development Director is support by a Development Committee. which was formed in May 2019. The committee has a remit to advise and support on all fundraising activities. There are no commercial participators used. TRSE closely follows the Code of Fundraising Practice and stays up to date with all compliance and regulatlon around fundraising. TRSE is careful to protect the data of our supporters and is fully GDPR compliant. TRSE has not received any complaint5 about our fundraising activitie5. We do not approach member5 of the public to ask for charitable 5UPPOrt. Pioneer Theatres Llmlted (fheatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 FUTURE PLANS Having been reopen fully for more than a year we are now back into a more traditional rhythm of produclng shows. In April 2022, Village Idiot, our Ramp5 on the Moon show came to the theatre, in a joyful riot of fun. We then followed with Ballet Black's new production and the UK premiere of Dave Harris. Tambo & Bones. In March 2023 we announced our new programme of work through to March 2024 including Jonathan Harvey's Beautiful Thing, in a 30th anniversary production, our annual pantomime, Jack and rhe Beanstalk. written by Anna Jordan and Rob Hyman, and a new version of rhe Big Life by Paul Sirret, Tameka Empson and Paul Joseph. Our Freelance Royalty Scheme continues to go from strength to strength and we will continue to work with freelancers to support their development and the work they do. Our Learnlng & Participation team have ambitious plans for the year ahead with our Young Company perforrning a new piece on the main stage in July 2023, and the development of Young Techs Course and our Future Leader Course. We will continue to run a summer programme, as well as our acting programme, and are scaling up our work with adults in the community. Our partnership with the London Borough of Newham around Stratford Youth Zone ends in August 202 3, and we are now looking at how we find space to continue a high volume of community work. Our priority for 2023-24 15 rebuilding our audiences. We are increasingly programming music and comedy nlghts around our show5. to widen the audiences we appeal to, and we need to reach out to audiences and encourage them in. We are also looking ahead to our 140th year in 2024. and thinking of a bold programme of work to celebrate our legacy. FINANCIAL REVIEW Revlew of financial perfomiance TRSE continues to be in receipt of annual funding from Arts Council England of £ l,125k. Overall, income for the year was £4,300k, 22% up from £3,538k in 2021122. Further income received from Art5 Council England was £58k from the Cultural Recovery Fund. Income from productions increased from £616k in 2021122 to £1 .3 74k In 2022123. Income from the trading subsidiary also increased to £262k compared to £115k in 202112022 as post covid opening hours was in operation for the full year under review. Theatre Tax Relief, at £45 5k. wa5 a150 an increase from £170k recorded in 202112022 reflectlng Increased activity on the stage as well as an increase of the TTR rate to 45%150% touring relief) on all productions from October 2021 . Ploneer Theatres Llmlted (Theatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 Total resources expended in the year were £4,414k12021122.. £3,462k). The growth reflected the increase in rhe number of in-house productions and on srage activity in general. Overall. net deficit for the year to 31 March 2023 was £1 14k 12021122 Surplus of £76kl resulting In funds carried forward decreasing to £2.248k (2021122.. £2,362k) at the end of the year. Principal funding sources TRSE was successful in its re-application to the Art5 Council of England for National Portfolio Funding in 2022. The current agreement runs until March 2026. TRSE receives an annual grant from the London Borough of Newham of £2 56,500 per year and this has been extended to March 2026. Reserves The Trustees believe the company should hold in reserve a sufficient cushion of funds to enable it ro contlnue to exlst through a period of reduced income and. should it be nece55ary to, wlnd up In an orderly fashion. The trustees consider the desirable level of re5erve5 for these purposes to be £740k. approximately equal to three month5 running and production costs. As at 31 March 2023 the group restricted reserves amounted to £63k12021122.' £0). The rese¢ves balance relate5 to grants made during the year for projects beyond March 202 3. As at 31 March 2023 the group unrestricted reserves amounted to £2,185k (2021122.. £2,361 k). The current funds position shows restricted funds £63k 12021122.. £0), designated funds of £1,436k (2021122.. £1,504k) and general unrestricted funds £749k12021122.. £858kl Golng Concern The Trustees are confident of the charity's abillties to continue as a going concern due to the historical evidence of support from the local authority, Arts Council England and other donors, and believe that this support is likely to continue for the foreseeable future. TRSE is adapting its models in light of pandemic. Prlncipal Rlsks and Uncertalntles The major risks can be broken down Into these categories. Pioneer Theatres Llmlted (fheatre Royal Stratford East) Trustees. annual report For the year ended 31 March 2023 Box office.. Audiences have been slow to return to theatre for drama and forecast for the next few years are likely to be lower than normal. There is also risk around box offices if cancellations happened again, and if artlsts are off sick. Fundraising.. We are enormously grateful to many of our donors who have supported us through our closure and continue to sort Us. The climate for fundraising is touch. and we will need to balance ambition with realism in our targets and approach. Economic Climate: The economic climate remains a difficult one. with inflation impacting our running costs. and audience capacity to spend. Building Fabric and equipment- Much of our plant and equipment is now more than 20 years old and reaching the end of its working life. Substantial investment will be needed in the future to sustain it. GOVERNANCE AND MANAGEMENT Appointment of trustees New trustees are elected to the Board by existing members. Annually. a third of the Board must retire and trustees may be eligible for re-election up to a maximum of nine years, service. The Board regularly reviews the ski115 mix of the trustees and considers whether it adequately represents the community which it serves. Various methods are then adopted to identify and recruit potential trustees, if required. Trustee induction and tralnlng All new trustees receive the support of staff and existing members of the Board during an induction period. as well as receiving key organisational documents. Organisation and key management The Board is responsible for the strategic management of the charitable company and the setting of policy. It has ultimate responsibility and control of the charitable company which it exercises through quarterly meetings of the Board and a Finance Committee. The key management IS considered to be the Chief Executive and the Executive Director. The Board sets the pay and remuneration of the Chief Executive. informed by a benchmarking exercise of industry peers. The Chief Executive sets the pay and remuneration of the Executive Director, based on industry peers. Ploneer Theatres Llmited (fheatre Royal Strarford East) Trustees, annual report For the year ended 31 March 2023 Charlty Governance Code The Board has adopted the Charity Governance Code for larger charities (the 'Code'). The Code encourages charities to publish a Short narrative in their annual report explaining their use of the Code. At the end of 2022123 an internal board effectiveness review was carried out, using the Code a5 reference points. As well as positlves. the review identlfied areas where governance could be strengthened and the Trustees agreed to implement an action plan to be driven forward in 2023124. Related partles The charitable company has a wholly owned subsidiary, Stratford East rrradingl Limited, which provides the bar and catering facilities at TRSE. It has a dormant subsidiary 5tratford East Production5 Limited, which is to be used in the case of commercial productions. It also has related charity, Theatre Workshop Trust. which owns the freehold of the Theatre STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of Pioneer Theatres Limited for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which glve a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for the year. 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 Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time, the financial posltion of the charitable company and enables 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Pioneer Theatres Llmlted (fheatre Royal Stratford East) Trustees, annual report For the year ended 31 March 2023 In so far as the trustees are aware., there Is no relevant audit information of which the charitable company's auditor is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Members of rhe charity guarantee to contribute an amount not exceeding £ l O to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2023 was 12 12022-.13). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. Audltor Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity. The trustees, annLTal report has been approved by the trustees on 19 September 2023 and signed on their behalf by Rt. Hon. Dame Margaret Hodge MP Chair Independent auditor's report To the members of Pioneer Theatres Llmlted (Theatre Royal Stratford East) Opinion We have audlred the financial statements of Pioneer Theatres Limited (the 'parent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 March 2023 which comprlse the consolidated and parent charitable company statement of financial activities. the group and parent charitable company balance sheets, the consolidated statement of cash flow5 and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Klngdom 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'5 affairs as at 31 March 202 3 and of the group's and parent charitable company'5 incoming resources and application of resources, including its income and expenditure, for the year then ended Have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 201 Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the group 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'S Ethlcal 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 relatlng to going concern In auditing the financial statements, we have concluded that the trustee5' use of the going concern basis of accountlng in the prepararlon of the financlal statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condltions that, Individually or collectively. may cast significant doubt on Pioneer Theatres Limited'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. Independent auditor's report To the members of Ploneer Theatres Llmited cfheatre Royal Stratford East) Our responsi bilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in the trustees. annual report other than the group financial Statements and our auditor's report thereon. The trustees are re5pon5ible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otheNise explicitly stated in our report. we do not expre55 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 group 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 apparenr material misstatement5. we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that rhere is a material misstatement of this other information, we are required to report that fact. We have nothing to report in thls 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, annual report, for the financial year for which the financial statements are prepared is consistent with the financial statements The tru5tees' annual report. has been prepared In accordance with applicable legal requirements Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit. we have not identified material misstatements in the trustees. annual report. We have nothing to report in respect of the following matters in relation io which the Companies Acr 2006 and Charities Act 2011 requi res us to report to you if, in our opinion.. Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by u5., or The parent charitable company financial statement5 are not in agreement with the accountlng records and returns.. or Independent audltorfs report To the members of Pioneer Theatres Llmlted (fheatre Royal Stratford East) Certain disclosures of trustees, remuneration specified by law are not made., or We have not received all the information and explanations we requlre for our audlt., or The trustees were not entitled to prepare the financial statement5 in accor(Jance wlth the Small companies regime and take advantage of the small companies, exemption5 in preparing the trusrees, annual report and from the requirement to prepare a strategic report. Responsibllities of trustees As explained more fully in the statement of trustees, responsibilities set out in the trustees. annual report. 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 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 mi55tatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a55essing the group'5 and the parent charitable company's ability to contlnue 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 reallstlc alternative but to do so. Audltor's responslbllitles for the audlt of the financial statements We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts. 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 include5 our opinion. Reasonable assurance is a high level of a55urance. but is not a 9uarantee that an audit conducted in accordance with 15As (UK) will always detect a material misstatement when it exi5t5. 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 law5 and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting if regularities, including fraud are set out below. Independent audltor's report To the members of Pioneer Theatre5 Limlted (fheatre Royal Stratford East) Capablllty of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. our procedures included the following.. We enquired of management, which included obtaining and reviewing supportlng documentation, concerning the group's policies and procedures relating to: Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected. or alleged fraud., The internal contro15 established to mitigate risks related to fraud or non- compliance with law5 and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the group operates in. focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supportlng documentation to asse55 compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls. we tested the appropriateness of journal entries and other adjustments. assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transaction5 that are unusual or those outside the normal course of business. 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 event5 and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or mlsrepresentation. A further description of our responsibilitie5 is available on the Financial Reporting Council's website at.. www.frc.or audito on ibilities. This description forms part of our auditor's report. Independent audltor's report To the member5 of Ploneer Theatres Llmlted cfheatre Royal Stratford East) Use of our report This report is made solely to the charitable company's members as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charlties Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable companvs members those matter5 we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for thi5 report, or for the opinions we have formed. Judith Miller (Senior statutory auditor) Date.. 10 October 2023 for and on behalf of Sayer Vincent LLP. Statutory Auditor Invicta House. 108-114 Golden Lane. LONDON, ECIY OTL Sayer Vincent LLP is eligible to act as auditor in terms of Section 1212 of the Companie5 Act 2006 PlonEerThtatre5 Llmlted Tradlng as Yhearre Royal 5¢rarf0rd &s CoASolldated statement of flnancldl actlvltlts lincorpDr&ting an income amd expehdlture atcount) For ¢he ar ended Jl Ma￿h 2023 2023 2022 Unrestrfcted Funds Total Funds Unr*$r￿<1ed Funds Total Fund5 Funds Fund5 Notes Income from- Donarion5 and legacie5 1,890,366 394,575 2,284,941 2.275.377 361.570 2.636.947 Thearre Education and workshops Other irading aCt[￿tIeS rotal Intome 1.749,461 170 262,071 1.749,461 )70 262.071 608.520 7.904 284,901 608,520 7,904 284,Wl 3.902,068 394,575 4,296,643 3.176,702 361,570 3,538,272 ExpEndllUTe on.. Raisin9 funds Z02.528 202,528 186,933 186,933 Theatre Educarion and workshops Total expEndlture 3,394,876 481.490 331.575 3,726,451 481.490 520,570 2.666.741 608,146 608,146 4,078,894 331,575 4,410,469 2.941.250 $20.570 3.461.820 Net Income l (¢xpendltur¢l for the year (176.826) 63,000 IT13,8261 235.452 1159.0001 76.452 Tran5fer5 between funds Net m¢vement In funds (176,826) 63.000 1113,8261 235,452 1159.000) 76,452 Rteonelllatloth of funds.. Total funds broughi forward 2.361.950 Z.361.95CI 2,126,498 159,000 1,285,498 Total funds carrfed foTh¥ard 2,185,124 63,000 2,248,124 2,361,950 2,361,950 11 of the above results are derl¥ed liom ing Concern basi5. The trustees Eon51der that there are no material uncertainties about the charltV5 abillty to conrlnue a5 a going concErn. The tru5tee5 do not conslder that there are any sources of e5tirnatlon uncertalnty ai ihe repon4ng date that have a 5ignificani rI5k of cau51ng a m4terlal adjustment to the Carryiny arnounts of assets and liabilitie5 Wlthin the next reporting period. Q Incornln9 resources Incoming resource5 are included in the Statement5 of Financial Activiites when the charlty Is entitled to the income and the amount can be quantified with reasonable accuracy. Income from theatre admission fees is Included in Incoming resources In the perlod In which the relevant performance takes place. Income related to productions or leiiings in a 5ub5equent perlod Is I￿ated as deferred income. Income from commercial acti￿rIeS 15 Included in the perlod In which ihe group Is entltled EO recelpt. Income from donations and grants, Sncluding capiral grants, Is Included in incoming resources when these are receivable unless the donor has specified that the donation or grant relates to a future perlod or that certain pre-conditions must be fulfilled before use. In thESE cases amounts received are recognlsed in the relevanr perlod or when the pre-conditlons have been met and untll then treated as deferred incorne. Donation5 and grants for partlcular purposes are included Sn IncomSng resources as restrlcted funds. Income 15 recognised when the tharity has entitlement to the fund5, any performance conditions attached to the incorne have been met. it 15 probable that the income svill be received and that the amount can be measured reliably. 23 PloneerTheatre5 Llmlted Tradlno as Yheatre Royal stra¢ford Eas Notes to the finanElal statements For the ear ended 31 M l Arcountlng pollcles Icontlnuedl Q Incornlng resources Icontlnued) Income from government and other grants, whether'capital. grants Dr'revenue, grants. is rECDgnised when the charity has entitlemEnt to the funds. any performance condltlons attached to the 9rants have been met, It Is probable that the Income will be recelved and the arnount can be measured reliably and Is not deferred. Income recelved in adwance of the provlslon of a speclfSed seNlce Is deferred untll the £￿terfa for Income recognltion are met. gl Interest recelvable Interest Dn fund5 held on deposit Ss included when receivable and the amount can be measured reliably by the charlty., thls is normally upon notification of the Interest pald or payable by the bank. h) Resources expended Expenditure Is accounted for on an accruals basls. Costs of generating fvnds are those costs incurred attractlng voluntary Income to support the acNvlty of the theatre. and Costs incurred commercial irading activities to raSse funds. Charirable activity costs include all dlrecr expendiiure as50(iated wirh the siaging of producrions and educarlon￿ programmes together with 5UPPOrt costs allocated to those artwities. Support costs are the costs of central and adminSsiraisve functlons. whlch are all¢cated to attivlly Cost categorles on the basis of tlme spent by staff on those acrivStles. Governance costs are those costs associated with the 9overnance arrangement of the charitable company inclvding costs a550ciated wtth strate9lc management and con5titutiTrnal and statutory requlrements. Expenditure is reiognised once there is a legat or Construcifve obligatlon to make a payment to a third party, It Is prebable that settlement will be required and the amount of the obligation can be measured rellably. Expendlture Is classSfied under the following actSvlly heading5'. Cost5 of raising funds relate to thE costs incurred by thE charity in inducing third partie5 to make voluntary contribution5 to it. a5 well as the cosr of any artivities with a fundraSsin9 purpose, includin9 £OSts incurred by the tradin9 subsidiary. Expenditure on charitable activities includES the costs of running the theatre and it5 pruductions, and Dther Educational activities undertaken 10 further the purposes of the charilv and thelr assoclated support costs Irrecoverable VAT is charged a5 a cost agasnst the actlvSty for which the expenditure was Incurred. 11 C05t of new productlons The c05t of materials. creatlve team fees and other related set up costs of a new produttion are tarried forsyard and written off when the production is first performed to a fee paying audiencE. Ongoing labour and Telated production costs vlhich occur throughout the life of the production are expe#sed as Incurred. Where production set up custs have beEn incurred prior to the year end, but the production has not yet opened to the fee paylng publlc. the set up costs are carrfed forward at the balance sheet date as deferrEd production cosrs until such 1Sme as the production opens. J) Allocatlon of support C05t5 Resources expended are allecated 10 the particular artivity whEre the cost relates directly to that activity- Support and governance costs are re-all(Kated to each of rhe activlties on the following ba515 which 15 an estimate. based on rhe direct Costs per activity as a propurtion of total direct C05t5, of the amount attributable to each activity Raising funds Thearre costs Educaiion & Workshops 5Y6 84% k) Taxatlon The charltable company 15 considered to pass the tests set out in Paragraph I Schedule 6 ￿nance Act 2010 and therefore St meets the dennltSon ¢f a charitable company for UK cDrporarion lax purposes. AccordSngly, the chariiable company 15 Potentlally exempt from taxarion In respett of Iniome or capital gain5 received wirhin caregorie5 covered by Chapter 3 Parr 11 Corporaiion Tax Act 2010 or Section 256 tsf the Taxation of Chargeable Gains Acr 1992. to the eKrenr rhat such income or gains are applied exclv5ively to charitable purposes. Flxed asset Inve$tment5 The Statement ef Recomrnended Practice require5 Investmenrs ro be srated at market value. The Investment of rhe charStable company consists of the investment in the 5ub5idiary. an unquoted company. The trustees consider it appropriate ro Include th¢s Investment at cost. See note 12 for more detail5. Investments In subsldlarle5 Investments in subsidiaries are at cost. 24 Ploneer Theatres Llmlted Trddlng as Yheatre Royal Stratford Ea5 Notes io the flnanclal statements arch 2023 l Accountlng pollcles Icontlnuedl ml Tanglble fixed assets Indlvldual fixed assets con51Sting of more than £2,000 are capttalised at tDSt. Tanglble flxed assets are depreciaied at rares ialculated to write off each asset over Its anticipated useful Ilfe. The ratss used are.. Computer equipment Furniture and Fittings Auditorium Production equipment 4 yÈars strai9ht Ilne basls 3 yEars straight line basis 20 year5 Straight line 8 years siraight linE basis AssEt5 in the course of construcrson are nor depreclated unrll they are brought inro use. Depreciatlon costs are allocated ro a * C+ ts 19 ty) ¢L• m r (75 ¢D ¢N- (Q O t ) o) tyJ LL U ij Q < a r o*N 1 4) M Ln I o I c c o ££££ Ploneer Theatres Llmlred Tradlng a5 Yheatre Royal Strarford Eas Notes to the financlal statements For the ar ended 31 March 2023 Net Income l (expendlturel for the year Group 2023 2022 This 15 Stated afrer Charging.. Depreclatlon Audltor's remuneration (excluding VAT).. Audit IGroupl Other servlces Operating lease costs 63.453 64,243 17.600 8,495 5.586 5,300 18,185 3.504 Analysls of staff costs, trustee remuneratlon and expenses. and the cost of key management personnel Staff costs were as follows.. 2023 2022 Salarie5 and wages Non Nl Salaries and wages Social security COSt5 Penslon costs 1,401,844 449,027 153.488 58,096 1.433,226 397,554 130,577 49,532 Total employee costs 2.062.455 2.010.889 Freelance staff Commercial rradin9 129.147 97.812 27.015 56.119 Total staff costs 2.289.414 2,094,023 The following number of employee5 received employee beneflts lexcluding employer pension costs aThd employer's national insurance) during the year between.. 2023 No. 2022 £60,000 - £70,000 £70,000 - £80,000 £80,000 - £90.000 No trustees received any remuneration or benefits in kind in rhelr capaclty as a trustee dltring the year12022.' none). No trustees had travel and 5ubsls¢ence expenses reirnbur5ed in the year12022= £Nill. The key management of the Charity comprise of the Trustees, the Executive Director and the Artlstlc Dlrector. The total employee benefits lincludlng penslon contributions and employer's national insurance) of the key management personnel were £163,911 12022.. £151,381). Staff number5 The average weekly numbei of employees (head count based on nurnber of Staff employed) durlng the year was 93 12022.. 981. 2023 No. 2022 Fundraising Productions Press and Publlclty Education Support and Adm¢nlsiratlon Trading Aciivirles 45 47 31 36 93 98 Employee time has been allocated either., 11 To direct Costs on a percentage of the ttme spent by an employee on an act*vity ill To support cost5 allocared on a percentage basi5 over all the costs 29 Ploneer Theatres Llmlted Tradlng a5 fhtatre Royal Strafft+rd East. Note5 to the financlal statsments For the ear ended 31 Mart Taxatlon The charity is exempt from corporation tax as all Its Income Is charitable and is applied for charitable purposes. The charitvs trading subsidlary Strafford East (Trading) Limited distributes under Gift Ald avallable proflts to the parent charity. Its charge to corporation tax in the year was.. 2023 202Z UK corporatSon tax at l 9% l O Tangible fixed assets Group Equipment & Furnlture Building Improvements Total Costs As at l April 2022 Additions Disposals 453.072 8,796 480.208 93.595 933.280 102.391 At 31 March 2023 461,868 573.803 1.035.671 Depreclatlon A5 at l April 2022 Charge for the year Disposals 295,003 39.747 133,326 23,706 428.329 63.453 At 31 March 2023 334,750 157,032 491,782 Net book value 31 March 2023 127.118 416,771 543,889 31 March 2022 158.069 346,882 504,951 Charlty Equipment & Furniture Bulldlng Improvernents Total Costs As at l April 2022 Additions Dlsposals 403.584 480,208 93.595 883.792 93.595 At 31 March 2023 403.584 573,803 977.387 Depreclatlon As at l April 2022 Charge for the year Di5P05als 245.515 38,725 133.326 23.706 378.841 62.431 At 31 March 2023 284.240 57.032 441.272 Ntt book value 31 March 2023 119.344 416.771 536.115 31 March 2022 1 $8,069 346,882 504,951 All of the above assets are used for charitable purposes. 30 Ploneer Theatres Llmlted Tradlng 45 'Theatre Royal Stratford East. Notes to the financlal statements For the ear ended 31 March 2 I I Investments Group 2023 Charlty 2023 2022 2022 shares in group undertaklngs 12 Net Income from the subsldlary tradlng actlvltles The wholly owned tradlng subsldiary Stratford East (Trading) Lirnited, is a company registered in England and Wales. The company number is 03074042, and the regisiered office address Is Theatre Royal Stratford East, Gerry Raffles Square, Stratford. London, El S I BN. All activities have been consolidated on a line by line basj5 Ill the Statement of financial activities. The trading company dlstrlbutes its available taxable profits tts the charitable cornpany under gift aid. Stratford East (Trading) Limiied provides the bar faciliiies at ihe Theaire Royal. The charity owns the ent¢re issued share capital OF 2 ordinary shares OF £1 each. The rrusiees Dame Margaret Hodge, Martin Pilgrlm. Joshua Garfield. Peter Wilson and Christopher Hird are also directors of the subsidiary. A summary of the trading results of rhe substd¢ary is shown below.. 2023 2022 Turnover Cost of sales Adminlstrative expenses 261,723 (I S7,4481 (76.279 115.202 {81,4291 129,1521 Net profitll1055) Oiher income and bank interest 27.996 348 4.621 Retained In sub5idlary 28,344 4.628 The aggregate of the asset5, liabilitie5 and reserves was.. Flxed assets Current a55et5 Credirors.. amounts falling due within one year Long Term Liabilities 7,744 111,144 (113,9951 (37.501 119,172 1132,6241 147,5011 Total net liabilitie5 {32,6081 160.9531 Aggregatè shart caplial and reserves (32.6081 160.9531 The charity also owns the entire issued share capsial of 2 ordinary share of £1 of Stratford East Produciions Llmited. a company Incorporated in England. The company number is 05369063, and the registered office address is Theatre Royal Stratford East, Gerry Raffles Square, Stratford, London. El 5 1 BN. Stratford East Productions Lirnrted has been dormant rhroughout the year and given it5 immateriality ha5 not been included in the con501idated accounts. Parent charlty The parent charity'5 gross income and the results for the year are di5c105ed as follow5.. 2023 2022 Gr055 incorne 3.639.997 (142.1701 3.061.489 71,824 Result for the year 31 Ploneer Theatres Urnlted Tradlng as Yheatre Royal Strarford Eas Notes to the flnanclal statèmnts For the ear ended 31 March 2023 13 Debtois Group 2023 Charfty 2023 2022 2022 Trade debtors Amounts owed from group undertakings Accrued Income Other debtor5 Prepayrnent5 Deferred production costs Corporation tax 54.507 133.145 49.562 87.057 4.294 21.238 29.841 38.300 412,073 132,691 116.638 10.159 1741 22,742 13,004 169,688 17.172 8,780 29.944 38,300 412,073 10.159 22,742 13,004 169,688 Total current debtors 560,776 348,753 642.365 464.848 14 Credltors: amounts falllng due wlthln one year Group 2023 Charlty 2023 2022 2022 Trade creditors Taxation and social 5ecuriiv Other creditor5 Accruals Deferred income (note 161 124,104 45,783 105.837 263,949 157,087 80,753 31,212 114.679 135.901 462,846 123.256 37,290 105,566 255.553 148,157 79.939 30,590 127.228 462.846 696,760 825,391 669.822 812,144 Included in other creditor5 above is an amount due in relation to pen510n schemes of £2,31412022.. £8,156). 15 Credltors: amounts falllng due after one year Group 2023 Charlty 2023 2022 2022 Bank loans 37.501 47.501 37.501 47,501 Bank loan5 totalling 137.501 12022.. £47,501) are part of the government backed CBILS scheme. The cl8￿ Loan is interest free for a year and thereafter charged at 2.7% above prlme. The loan Ss repayable in equal instalments of £833 per month and will be repaid in full by December 2026. 16 Deferréd Income Deferred income movements in the year were a5 follows.. At l April 2022 Released in year Deferred In year At 31 March 2023 Charlty Box office advance income 462.846 1462,8461 94.218 94.218 Future Events Income 53,938 53,938 462.846 1462,8461 148.156 148.156 32 Ploneer Theaires Llmlted Tradlng as Theatre Royal Stratford East. Notes to the financlal statements For the ear ended 31 March 2023 17a Movements In fund5 (current yearl Income & gains ExpendSture & 105ses At 31 March 2023 At l April 2022 Transfers RestTlcted funds.. Foundation For Future London London Borough of Newharn New Wolsey Theatre Jack Petchey Foundation Harold Hyam Wingate Foundation L&Q Place Makers Idlewild Trust Esmee Fairbairn Foundaiion The John Thaw Foundation Plnsent Masons Services Discover Newham Word Festlval 20,000 268.000 7.150 1,800 3,000 18,750 5,000 60,000 2,410 7,665 800 120,0001 1238,0001 17,1501 11,8001 30.000 3.000 118,7501 5.000 25.000 135.0001 12.4101 17,665 18001 Total re5trlcted funds 394,575 1331.5751 63.000 Unrestrlcted funds.. Deslgnated Funds Fixed A55et5 Building Fund Operational Fund Production Fund Cultural Recovery Fund 504,000 200,000 500,000 300,000 32.115 536.115 200.000 500.000 200.000 li 00,0001 T,504.000 167,8851 1.436.115 Unrestricted general Funds Non-charitable tradlng 918,846 160.8961 3.639,997 262.071 {3,845.1671 1233,727) 67.885 781.561 (32,5521 Total unrestrlcted funds 2.361.950 3.902,068 14.078,8941 2.185,124 Total funds 2,361.950 4.296.643 14,410,469) 2.248,124 Transfers between funds Purposes of restrlcted funds Funds given by The Foyle Foundation and Ihe London Borough of Newham were to supporE our programme of capStal works. London Borough of Newham funds of £65,000 was to support Every Child a Theatre Goer Enrichment Programme and hosting of Trial of Josie K. Buslness Startup Grant for £203,000 for Specific identified projecrs to help the theatre recover after Covid lockdown. The New141015ey fheatre contributed £T 0,750 towards the tosr of Supporting the theatre's Agent For Change and for Slambition hosted in March The John Thaw Foundation provided funds to run our summer school, which was delivered in 2022123 Funds given by Foundation for Future London of £20.000 was for Westfield East Bank Creative Futures Fund and Siratford East.. A Civlc Hub The grant from the selvede￿ frusr 15 to provide funding for the employment of Assistanr Oirectors on future productions. The grant from The Esrnee Fairbairn Foundation was for Live Streaming. Closing the Gap and Freelancers. Other funds listed as Ilsted above have been given to support the theatre's programme5 of work with young people and the local community. Purposes of Deslgnated funds The trustees have rhis year decided to be explicit in showing the designation5 In the accounts. The FixedAssets fund represents rhe net value of Fixed Assets ai the end of March 2023. The Building Fund is allocated for the purpose of setting aside fund5 for essential major building repair5. The Operktionèl F4JfFd represents the amount required to cover liabilities and operating costs in the eveni of an orderly wSnd- up of operations if that situarion were to arise. The Production Fund repre5entS the amount required to cover costs of producriorb to allow TRSE to plan for ambirious work on our main stage. 33 Ploneer Theatres Llmltsd Tradlno as fheatre Royal Stratford East. NotÈs to the financlal statements For the ar ended 31 March 202 7b Movements In funds Iprlor yearl Income & 9ains E¥pendSture & 1055es At 31 March 2022 At 31 March 2021 Transfers Restrlcted funds: London Borough of Newham New Wolsey Theatre Garfield Wesron Foundation Harold Hyam Wlngate Foundation The John Thaw Foundation Foundation For Future London Foyle Foundation Belvedere Trust Boris Karloff Trust Golsoncott Foundatlon London Theatre Concertium People's Palace Projects The Leche Trust The Noel Coward Foundation National Theatre Connections Esmee Fairbairn Foundation Worshipful Company of Basket Makers 213,320 10,750 1213,3201 110,7501 1144,0001 11 0,0001 12,0001 120,0001 150,0001 11,0001 11.0001 11,0001 13,0001 15.000} 13.0001 13,0001 11,0001 142,5001 11 0,0001 144,000 i 0.000 2,000 20.000 50.000 1.000 1,000 1.000 3,000 5,000 3,000 3,000 1,000 42.500 5,000 5,000 Total restrfrted funds 159,000 361.570 1520,5701 Unre5trlcted funds: Deslgnated Funds.. Fixed Assets Building Fund Operational Fund Production Fund Cultural Recovery Fund 557,040 i 00,000 500,000 153,0401 i 00.000 504.000 200,000 500,000 300.000 300.000 1267,7281 79.232 267.728 1,424.768 1.$04.000 Unrestricted general funds Non-charitable trading 767,258 165.5281 3,061.489 115.213 12.830.669) 179.2321 918.846 160.896) Total unrestrsued fund5 2.126,498 3,176,702 12.941.250) 2.361,950 Total funds 2,285,498 3,538,272 13.461.820) 2.361.950 Transfers betwetn funds Following discussion wilh The Ésmee Fairbairn Foundation they agreed to the reclassification of Ihelr donarion io suppoit the work of the theatre In general. and the remaining unspent fund5 were moved frorn Restricted to Unresrtlcted. Purposes of restrltted fund5 Funds given by T1￿ Theatres Trusr Foundation were fDr re-opening the bulldlng safely followin9 shut-down. The Garnck Thearre Trust grant was to contrlbute to the costs of creative tearns and Lighring Directors on productions. The New Wolsey Theat￿ conrributed £7.500 towards the cost of supporting rhe iheaire's Agent For Change. The grant Teceived from rhe Garfield Wesron Foundarion was to pay for technical equipment. to fund Learning and Panicipation work. and to contribu¢e to the cost5 of producing the 2021 pantomime. The purpose of the Tate & Lyle granr was to fund Learning and Participatlon onllne resources. The giant from The Esmee Fairbairn Foundation was for computer5, laptops and IT equipment. The John Thaw Foundarion provided funds to run our summer school. which was delivered online in 2021. The grant from the Harold Hyam Wlngate FoundBfion Is to provlde funding for the en7ployrnent of Assistant Directors o future productions. Other funds listed as listed above have been given to support the theatre's programmes of work wilh young people and rhe local communiry. 34 Pioneer Theatrès Llmlted Tradlng as Yheatre Royal Stratford Eas Notes to rhe flnanclal statements For the ear ended 31 March 2023 18a Analysls of group net assets be￿￿en funds (current yearl Generdl unrestriaed RestrScted funds Total funds Tan9ible fixed a55ets Current assets Creditors amount falling due after more than ome year 543,889 1,678,736 137,5011 543.889 .741.736 137,5011 63,000 Net a55ets at 31 March 2023 2.185.124 63,000 2,248.124 18b Analy51s of group net assets betsyeen funds {prlor yearl General unrestricted Restricted funds Total funds Tanglble flxed assets Current assets Credirors arnount falling due after more than one year 504,951 1.904.500 147.5011 504,951 1,904,501 {47.5011 Net assets at 31 March 2022 2.361.950 2,361.950 19 Operatjng lease commltments The group's total future mlnlmum lease payments under non-cancellable operating leases is as ftsllows for each of the following peilods: Equipment 2023 2022 Less than one year One to fSve years Over five years 2,124 531 2,814 2,655 2.655 5.469 The charity's total future mlnlmum lease payments under non-cancellable operating leases Is as follow5 for each of rhe followlng perlods: Equlpment 2023 2022 Less than one year One to five years Over five years 2.124 531 2.124 2,655 2.655 4,779 20 Capltal commltments At the balance sheet date, the gTQUP had no capital commltments 12022.. £nil l in respect of development works. 21 Future Commltments The charitable company en¢eied Snto a 15 year lease with the Theatre Workshop Trust in September 2020,. thls is currently rent free. 35 Ploneer Theatres Lomited Tradlng as Yheatre Royal Stratford East. Notes to the flnanclal statements For the ear ended 31 arch 2023 22 Leg￿ charges There are no exlstlng legal charge5. 23 Relaied parry transactlon5 Joshua Garfield Iirusteel is a councillor for LB Newharn who provide TRSE with funding durlng the year. The following rrustees of the charity are also directors of the subsidiary. Stratford East Tradtng Limiied.. JoshL¢a Garfield. ChrSstopher Hird, Margarei Hodge, MartSn PSlgrlm, and Peter Wllson There are no other related party transactSons to dlsclose for 2023 12022.. none). 24 Contlngent assets or Ilabllltles The charity is a company limited by guarantee and has no Share capital. The liability of each member ITh the event of wit7ding up Is limlted to £1 O. 36