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2024-03-31-accounts

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 2024

Pioneer Theatres Limited (Theatre Royal Stratford East)

Contents

For the year ended 31 March 2024

Reference and administrative information ..................................................................................................... 1 Trustees’ annual report ................................................................................................................................ 3 Independent auditor’s report ...................................................................................................................... 17 Consolidated statement of financial activities (incorporating an income and expenditure account) ............... 22 Balance sheets ............................................................................................................................................ 23 Consolidated statement of cash flows .......................................................................................................... 24 Notes to the financial statements ................................................................................................................ 25

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Reference and administrative information

For the year ended 31 March 2024

Company number 00556251 – incorporated in the United Kingdom Charity number 233801 – registered in England and Wales Registered office and Gerry Raffles Square Operational address Stratford London E15 1BN Trading 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 Margaret Hodge, Chair Joy Adeogun (resigned 17 July 2023) Cllr Rohit K Dasgupta (resigned 2 August 2024) Cllr Joshua Garfield Dr Elizabeth Glyn Patricia Hamzahee Simon Haynes Christopher Hird Francesca Hutchin Franceca Moody (appointed 10 December 2023) David Olaniregun Martin Pilgrim MBE Bryan Raven Paula Roberts Peter Wilson (resigned 4 September 2023) Robert Whiteman (appointed 19 September 2023

Artistic Director Nadia Fall Executive Director Eleanor Lang Bankers Natwest Bank plc, 1 Stratford Broadway London E15 4DX

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Reference and administrative information

For the year ended 31 March 2024

Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

Chair’s Statement

2023-24 has been an excellent year for Stratford East. Both on our stage and with our learning & participation work, we have seen people return to the theatre. We continue however to face tough challenges, with spiralling inflation, no increase in Arts Council support and a difficult environment for fundraising.

In keeping with our best tradition, our shows during the year aimed to tell important stories, stories that were entertaining, moving and challenging. Our work included Village Idiot, the final production from the Ramps on the Moon partnership, Tambo & Bones, Beautiful Thing, The Big Life and, of course, our annual pantomime – which this year was Jack and the Beanstalk.

Our Learning & Participation work continues to have a profound local impact. Our new adult drama programme has been popular, as has our community social programme. But our main focus remains with young people, with the Young Company, Young Techs and Technical Insight Days all contributing to our offer. We launched our Community Ambassador’s scheme this year and have a brilliant team of volunteers helping us to reach more people in Newham. Our Freelance Royalty Scheme also continues to grow, attracting over 1000 members this year, as we provide free support to local freelancers.

On behalf of the Board I want to express my heartfelt thanks to the whole team, led by Nadia Fall, Artistic Director, and Eleanor Lang, our Executive Director, for all their hard work and dedication. Both Nadia and Eleanor are now leaving us and we are immensely grateful to them for their contribution to Stratford East. At the same time injecting a new artistic and executive lead provides us with an opportunity to find new creative thinking and energy to lead the theatre over the coming period. The year ahead will be a year of change, but we remain confident that the theatre is in a strong position. I would also like to extend my thanks to the trustees, who have provided important advice and support to the organisation and who give of their time freely.

The trustees are grateful to Arts Council England and the London Borough of Newham for their continuing funding, as well as to all our supporters who have supported the work we do both on and off the stage.

Rt Hon Dame Margaret Hodge MP Chair

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

TRUSTEE REPORT

The trustees present their report and the audited group financial statements for the year ending 31 March 2024. The financial statements have been prepared in accordance with current statutory requirements; 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 (FRS I 02) (effective I January 2015).

Objectives and activities

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The objects of the charity as set out in the Articles of Association are:

to promote, maintain, improve, and advance education, particularly by the production of educational plays and the encouragement of the Arts, including the arts of drama, mime, dance, singing and music, and to formulate, prepare and establish schemes therefor provided that all objects of the Company shall be of a charitable nature.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Structure

Pioneer Theatres Limited (trading as Theatre Royal Stratford East) is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association as amended 18th November 2015. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charitable company.

Pioneer Theatres Limited has two wholly owned subsidiaries. The results of Stratford East Trading Limited are consolidated into these financial statements. Stratford East Productions Limited is a dormant company.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

Our aims

Stratford East has six key aims:

• Produce bold, exciting and outstanding theatre

The quality of the work on the stages is vital to the success of Stratford East, and it is crucial that the economic impact of the pandemic does not prevent us from taking creative risks and working with industry talent.

• Grow our audiences

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 Stratford East over the next few years.

• Develop creative talent

We want to grow our talent development work, ensuring that the industry remains 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 organisational values and will be integral to the delivery of the first three aims.

• Embed Representation, Belonging, and Justice in our organisation We want our organisation to reflect the community in which we work. We want the programming on our stage to speak to the people 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 environmental 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 has inevitably challenged our finances, and we need to ensure that our financial position and business models ensure we are resilient 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.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

ACTIVITY IN 2023-24

Public Benefit

Over the course of the year Stratford East has fulfilled its charitable objectives through continuing to engage with the widest possible audiences. The year saw the slow reopening of theatre, with our live work gradually replacing digital interactions. In 2023-24:

Artistic Programme

The programme during the year included:

Village Idiot: Samson Hawkin’s audacious comedy had its Stratford 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

Ballet Black: Pioneers: Ballet Black returned to the theatre with their new double bill. ★★★★ "An uplifting tribute" The Guardian

Tambo & Bones: the UK premiere of Dave Harris’ satire of the commodification of black culture. Directed by Matthew Xia, this funny, provocative and challenging show was a huge critical success, in partnership with Actors Touring Company.

★★★★ "Clever, prickly, elaborate, challenging and delivered with great skill" Financial Times

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

here here here: A collaborative approach to storytelling, fueled by the connections we’ve already made, and the ones we are yet to dream of. Written by Guleraana Mir, inspired and performed by our Young Company.

Beautiful Thing: A thirtieth anniversary production of Jonathan Harvey’s classic love story, set on a south-east London estate. Co-produced with Leeds Playhouse and HOME, Manchester and directed by Anthony Simpson-Pike

★★★★★ “a very human story that defies you not to leave the theatre wrapped in a warm, nostalgic glow” The Telegraph

I, Daniel Blake: tiny dragon Productions and ETT’s stage adaptation of the critically acclaimed film came to Stratford East for a week. A glimpse behind the headlines and the stark reality of what happens when the political system is stacked against you ★★★★★ "Feels more relevant than ever” The Stage

Jack and the Beanstalk: This year’s annual pantomime was set in Splatford where ordinary boys can learn to do extraordinary things. Written by Anna Jordan and Robert Hyman, a classic story with a Stratford twist.

★★★ “warm-hearted, forward-thinking and genuinely reflects the community” Whatsonstage

The Big Life: 20 years after the original, The Big Life returned to our stage with an updated script by Paul Sirrett and Tameka Empson, with music by Paul Joseph. A joyful and uplifting ska musical, where the story of Shakespeare’s Love’s Labour’s Lost meets that of the Windrush generation.

★★★★ "Infectious, heart-rendering and... achingly resonant" Time Out

Alongside our main theatre programme we restarted our ‘One nighters’ a series of music and comedy evenings on the main stage.

Learning & Participation

July 2023 our Young Company performed here here here on the main stage, written by Guleraana Mir and directed by Katie Greenall. Young Company, youth theatre and junior youth theatre all ran through to summer 2023, and new cohorts started in Autumn 2023.

We ran Young Creators from January – March 2024, which culminated in a take over night, The Big Night, around The Big Life. We ran our 3[rd] cohort of young techs, this year partnering with RADA and Backstage Niche. We also developed paid work experience for the 22-23 cohort.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

We continued to expand our adult programme, holding four popular community socials. We also developed Community Meet Me After sessions, linked to three shows, allowing Newham-based community groups to explore themes of each show. We launched our Community Adult Company this year and ran two six-week pilots of drama sessions which were well attended.

Our schools work continued this year, and running Your Move again, our long-term schools project with two schools. We ran three Technnical Insight days and ran our work experience week for 14 people aged 16-17. We worked with the London Borough of Newham on their Cultural Enrichment Programme, bringing year 7s to pantomime, and creating a resource pack and teacher CPD around the programme.

In January 2023 we launched our Community Ambassador’s scheme recruiting 9 volunteers to help bring new local people to the theatre.

In June 2023 our Freelance Royalty Scheme, celebrated its first anniversary. The scheme gives freelancers who live or work in East London support. The scheme gave away over 180 free tickets and over 800 hours of free space use, hosted three artist residencies and four scratch nights along side 14 free workshops. The scheme has over 1100 members at 31 March 2024.

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 continue to be in profit. We are still operating on reduced opening hours, with the bar only open during the day on Saturdays and matinees.

Representation, Justice and Belonging

Diversity and inclusion is at the heart of Stratford East’s way of working, and is championed throughout the organisation. We have continued substantial strategic work in this area: Representation: Stratford East works to reflect the community of East London – in the make up of its Board, staff, freelancers, participants and audiences.

Justice: Stratford East works to create an equitable environment, where everyone working with us is empowered and supported to speak out against any injustice.

Belonging: Stratford East is at the heart of its community. We work to ensure that every person who walks through our door feels like they belong.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

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.

Our Ramps on the Moon consortium came to an end this year with our production of Village Idiot marking the end of the seven year project. We remain committed to continuing the work, ensuring that disabled and neurodivergent people are part of our work on stage, our staff team and our audiences. Our staff working group, RADAR, are looking at what our new areas of focus for this work are.

During the run of Tambo & Bones we held our first Blackout Night, which aimed to have one night with a majority black audience. The initiative was part our work to create equity in theatre for underrepresented groups. While not the first theatre in the UK to hold a Blackout Night, we received a high level of backlash from the right-wing press. However, the night was a huge success.

Building

There are number of areas of the building that do need capital investment, including our Heating and Ventilation system, as well our lighting and sound systems. We have carried out a full review and are now working on the first stage of a capital replacement programme.

Staffing

Staff turnover has reduced this year, but is still high, as roles within the industry remain hard to fill and industry-wide staff shortages has made recruitment hard. We ended our contract to run Stratford Youth Zone this year, with a number of staff transferring to the new operator under TUPE.

Fundraising

During the year £248k was raised through Trusts and Foundations, Corporates and individuals, a reduction of £95k from the amount raised in the previous year. Income from individual and corporate donors decreased from £209k in 2022/23 to £183k a decrease of £26k.

During the year £199k was spent on fundraising costs, or 80% of the funds raised. This compares with £202k (59% of funds raised) in the previous year.

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their activities.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

There is a dedicated permanent fundraising team at Stratford East, which in 2023-24 was led by a Development Director. 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.

Stratford East closely follows the Code of Fundraising Practice and stays up to date with all compliance and regulation around fundraising.

Stratford East is careful to protect the data of our supporters and is fully GDPR compliant. Stratford East has not received any complaints about our fundraising activities. We do not approach members of the public to ask for charitable support.

FUTURE PLANS

While we are back into a more traditional rhythm of producing shows, during 2023-24 we did not return to announcing a full year of work ahead. We followed The Big Life with visiting show Cheeky Little Brown and a new commission from Lanre Malaolu, Now I See. Summer 2024 saw a mixed programme of one off events along side two visiting productions: Black in the Colour of My Voice and Birthmarked.

Our Learning & Participation team have ambitious plans for the year ahead with our Young Company performing a new piece on the main stage in July 2024, and the continuation of our Young Techs, our youth theatres and our adult programme.

The loss of our London Borough of Newham grant has led to a reduction in our programme and in our staff team, impacting the amount of work we can deliver through our learning & participation programme and our Freelance Royalty Scheme. We will continue to focus on areas that have the most impact.

December 2024 will see our 140[th] Anniversary and we have received funding from the National Heritage Lottery Fund for an extensive programme of work celebrating our history. We will announced the 140[th] season of work in September 2024, which will be a bold and exciting programme appealing to a wide range of audiences.

The 2024-25 year will also see change, with the departure of our Artistic Director and Executive Director and the recruitment of their successors.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

FINANCIAL REVIEW

Review of financial performance

TRSE continues to be in receipt of annual funding from Arts Council England of £1,125k.

Overall, income for the year was £4,496k, 5% up from £4,297k in 2022/23. Income from productions increased from £1,176k in 2022/23 to £1,735k in 2023/24. Income from the trading subsidiary also increased to £396k compared to £262k in 2022/2023. Theatre Tax Relief, at £463k, was also a slight increase from £455k recorded in 2022/2023 reflecting increased activity on the stage as well as a stable enhanced TTR rate of 45% (50% touring relief) on all productions during the year.

Total resources expended in the year were £4,647k (2022/23: £4,410k). The growth reflected the increase in the number of in-house productions and on stage activity in general as well as a high annual inflation rate affecting costs across the board. Overall, group net deficit for the year to 31 March 2024 was £150k (2022/23 Deficit of £114k) resulting in funds carried forward decreasing to £2,098k (2022/23: £2,248k) at the end of the year.

Principal funding sources

Stratford East was successful in its re-application to the Arts Council of England for National Portfolio Funding in 2022. The current agreement runs until March 2026.

Stratford East receives an annual grant from the London Borough of Newham of £256,500 per year. In February 2023 the London Borough of Newham confirmed that this grant would end during the 2024-25 year.

Reserves

The Trustees believe the company should hold in reserve a sufficient cushion of funds to enable it to continue to exist through a period of reduced income and, should it be necessary to, wind up in an orderly fashion. Please refer to Note 17a in the Financial Statements for more details. The trustees consider the desirable level of reserves for these purposes to be £500k, approximately equal to three months running and production costs.

As at 31 March 2024 the group restricted reserves amounted to £0 (2022/23: £63k). The reserves balance relates to grants made during the year for projects beyond March 2024.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

As at 31 March 2024 the group unrestricted reserves amounted to £2,098k (2022/23: £2,185k) of which £1,293k are designated for the following purposes:

The current funds position shows restricted funds £0 (2022/23: £63k), designated funds of £1,293k (2022/23: £1,436k) and general unrestricted funds £805k (2022/23: £749k)

Going Concern

The Trustees are confident of the charity’s abilities 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.

Principal Risks and Uncertainties

The major risks can be broken down into these categories.

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. To mitigate this risk, programming choices reflect audience demand together with rigorous marketing campaigns & monitoring of sales.

There is also risk around box offices if cancellations happened again, and if artists are off sick. This is considered low risk, and for shows with higher box offices understudies are cast.

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 tough and we will need to balance ambition with realism in our targets and approach. To mitigate this risk, the charity has invested in staff; as well as support from Board, regular meetings with the

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

Development Board and other key individuals. Realistic fundraising targets have been set in the budget.

Economic Climate: The economic climate remains a difficult one, while inflation has reduced, there is still above inflation cost increases and audiences are still feeling the impact of the cost of living crisis. Budgets have been adjusted with inflation taken into account on all cost centres. The Board and senior team continue to consider other income streams.

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. Ongoing maintenance happens throughout the year and monitoring of building management systems, fundrasing planned around these needs.

Staff Change: With two major changes at the top of the Senior team there is a risk of loss of institutional knowledge and the impact of the transition time. The charity has a strong senior leadership team with shared vision and commitment. Proactive appraisal and increased offer of professional development together with regular benchmarking of salaries.

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 skills 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 training

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

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

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.

Charity 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.

Related parties

The charitable company has a wholly owned subsidiary, Stratford East (Trading) Limited, which provides the bar and catering facilities at Stratford East. It has a dormant subsidiary Stratford East Productions Limited, which is to be used in the case of commercial productions. It also has a related charity, Theatre Workshop Trust, which owns the freehold of the Theatre.

Auditor

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.

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also directors of Pioneer Theatres for the purposes of company law) are responsible for preparing the trustees’ annual 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 give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to:

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

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at year end

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Pioneer Theatres Limited (Theatre Royal Stratford East)

Trustees’ annual report

For the year ended 31 March 2024

date was 12 (2023: 12). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

The trustees’ annual report which includes the strategic report has been approved by the trustees on 18 September 2024 and signed on their behalf by

Rt Hon Dame Margaret Hodge MP Chair

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Independent auditor’s report

To the members of

Pioneer Theatres Limited (Theatre Royal Stratford East)

Opinion

We have audited the financial statements of Pioneer Theatres Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the consolidated and parent charitable company statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the 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 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 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.

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Independent auditor’s report

To the members of

Pioneer Theatres Limited (Theatre Royal Stratford East)

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

Other Information

The other information comprises the information included in the trustees’ annual report other than the group financial statements and our auditor’s report thereon. The trustees are responsible 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 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 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 apparent material misstatements, 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 there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of 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 to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

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Independent auditor’s report

To the members of

Pioneer Theatres Limited (Theatre Royal Stratford East)

Responsibilities 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 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.

Auditor’s responsibilities for the audit 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 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 are set out below.

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Independent auditor’s report

To the members of

Pioneer Theatres Limited (Theatre Royal Stratford East)

Capability 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Independent auditor’s report

To the members of

Pioneer Theatres Limited (Theatre 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 Charities 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 company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor)

Date: 25 September 2024 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

21

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2024

Unrestricted
Funds

£
1,687,933
2,345,658
-
395,550		 Restricted
Funds
£
67,155
-
-
-		 2024
Total
Funds
£
1,755,088
2,345,658
-
395,550		 Unrestricted
Funds
£
1,890,366
1,749,461
170
262,071		 Restricted
Funds
£
394,575
-
-
-		 2023
Total
Funds
£
2,284,941
1,749,461
170
262,071
4,429,141 67,155 4,496,296 3,902,068 394,575 4,296,643
198,840
3,993,578
324,110		 -
130,155
-		 198,840
4,123,733
324,110		 202,528
3,394,876
481,490		 -
331,575
-		 202,528
3,726,451
481,490
4,516,528 130,155 4,646,683 4,078,894 331,575 4,410,469
(87,387)
(1.00)		 (63,000)
-		 (150,387)
(1.00)		 (176,826)
-		 63,000
-		 (113,826)
-
(87,388)
2,185,124		 (63,000)
63,000		 (150,388)
2,248,124		 (176,826)
2,361,950		 63,000
-		 (113,826)
2,361,950

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

22

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Company no. 00556251

Balance sheets

As at 31 March 2024

As at 31 March 2024
Balance sheets		 As at 31 March 2024
Balance sheets		 As at 31 March 2024
Balance sheets		 Company no. 00556251 Company no. 00556251
2024
2023
Notes
£
£
Fixed assets:
10
533,580
543,889
11
-
-
533,580
543,889
Current assets:
15,493
11,211
13
777,519
560,776
1,345,466
1,866,509
2,138,478
2,438,496
Liabilities:
14
(574,322)
(696,760)
1,564,156
1,741,736
2,097,736
2,285,625
15
-
(37,501)
2,097,736
2,248,124
17a
-
63,000
1,293,323
1,436,115
789,472
781,561
14,941
(32,552)
Total unrestricted funds
2,097,736
2,185,124
2,097,736
2,248,124
Total funds
Investments
Cash at bank and in hand
Tangible assets
Group
Creditors: amounts falling due within one year
Net current assets
Net assets
Creditors: amounts falling due after one year
Unrestricted funds:
Charitable funds
Non charitable trading surplus/(deficit)
Designated funds
Total assets less current liabilities
Stock of goods for resale
Debtors
Funds:
Restricted funds		 2024
2023
£
£
523,323
536,115
2
2
523,325
536,117
-
-
836,722
642,365
1,243,718
1,772,016
2,080,440
2,414,381
(520,970)
(669,822)
1,559,470
1,744,559
2,082,795
2,280,676
-
-
2,082,795
2,280,676
-
63,000
1,293,323
1,436,115
789,472
781,561
-
-
2,082,795
2,217,676
2,082,795
2,280,676
Charity
533,580
15,493
777,519
1,345,466		 543,889
11,211
560,776
1,866,509		 523,325
-
836,722
1,243,718		 536,117
-
642,365
1,772,016
2,138,478
(574,322)		 2,438,496
(696,760)		 2,080,440
(520,970)		 2,414,381
(669,822)
1,564,156 1,741,736 1,559,470 1,744,559
2,097,736
-		 2,285,625
(37,501)		 2,082,795
-		 2,280,676
-
2,097,736 2,248,124 2,082,795 2,280,676
-
1,293,323
789,472
14,941		 63,000
1,436,115
781,561
(32,552)		 -
1,293,323
789,472
-		 63,000
1,436,115
781,561
-
2,097,736 2,185,124 2,082,795 2,217,676
2,097,736 2,248,124 2,082,795 2,280,676

Approved by the trustees on 18 September 2024 and signed on their behalf by

Dame Margaret Hodge

Chair

23

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Consolidated statement of cash flows

For the year ended 31 March 2024

Note
£
£
Net income for the reporting period
(150,387)
(as per the statement of financial activities)
Depreciation charges
57,885
(Increase)/decrease in stocks
(4,282)
(Increase)/decrease in debtors
(216,744)
Increase/(decrease) in creditors
(122,438)
Net cash provided by operating activities
(435,966)
-
(47,576)
-
(37,501)
(85,077)
(521,043)
1,866,509
a
1,345,466
Analysis of cash and cash equivalents and of net debt
At 1 April 2023
Cash flows
£
£
Cash at bank and in hand
1,866,509
(521,043)
a
Total cash and cash equivalents
1,866,509
(521,043)
Total
1,866,509
(521,043)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
2024
Cash flows from operating activities
Net cash (used in) investing activities
Cash flows from investing activities:
Proceeds from the sale of fixed assets
Purchase of fixed assets
Proceeds from sale of investments
Bank loans		 Note
£
£
Net income for the reporting period
(150,387)
(as per the statement of financial activities)
Depreciation charges
57,885
(Increase)/decrease in stocks
(4,282)
(Increase)/decrease in debtors
(216,744)
Increase/(decrease) in creditors
(122,438)
Net cash provided by operating activities
(435,966)
-
(47,576)
-
(37,501)
(85,077)
(521,043)
1,866,509
a
1,345,466
Analysis of cash and cash equivalents and of net debt
At 1 April 2023
Cash flows
£
£
Cash at bank and in hand
1,866,509
(521,043)
a
Total cash and cash equivalents
1,866,509
(521,043)
Total
1,866,509
(521,043)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
2024
Cash flows from operating activities
Net cash (used in) investing activities
Cash flows from investing activities:
Proceeds from the sale of fixed assets
Purchase of fixed assets
Proceeds from sale of investments
Bank loans		 Note
£
£
Net income for the reporting period
(150,387)
(as per the statement of financial activities)
Depreciation charges
57,885
(Increase)/decrease in stocks
(4,282)
(Increase)/decrease in debtors
(216,744)
Increase/(decrease) in creditors
(122,438)
Net cash provided by operating activities
(435,966)
-
(47,576)
-
(37,501)
(85,077)
(521,043)
1,866,509
a
1,345,466
Analysis of cash and cash equivalents and of net debt
At 1 April 2023
Cash flows
£
£
Cash at bank and in hand
1,866,509
(521,043)
a
Total cash and cash equivalents
1,866,509
(521,043)
Total
1,866,509
(521,043)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
2024
Cash flows from operating activities
Net cash (used in) investing activities
Cash flows from investing activities:
Proceeds from the sale of fixed assets
Purchase of fixed assets
Proceeds from sale of investments
Bank loans		 £
£
(113,826)
63,453
(6,436)
(212,023)
(128,630)
(397,462)
-
(102,391)
-
(10,000)
(112,391)
(509,853)
2,376,362
1,866,509
Other non-
cash changes
At 31 March
2024
£
£
-
1,345,466
-
1,345,466
-
1,345,466
2023		 £
£
(113,826)
63,453
(6,436)
(212,023)
(128,630)
(397,462)
-
(102,391)
-
(10,000)
(112,391)
(509,853)
2,376,362
1,866,509
Other non-
cash changes
At 31 March
2024
£
£
-
1,345,466
-
1,345,466
-
1,345,466
2023
(435,966)
(85,077)		 (397,462)
(112,391)
At 1 April 2023
£
1,866,509		 Other non-
cash changes
£
-
(521,043)
1,866,509		 (509,853)
2,376,362
1,345,466 1,866,509
Cash flows
£
(521,043)		 At 31 March
2024
£
1,345,466
1,866,509 (521,043) - 1,345,466
1,866,509 (521,043) - 1,345,466

24

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024 1 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. b) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. 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. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

d) Consolidation

The Statement of Financial Activities (SoFA) and Balance Sheet consolidate the financial statements of the charitable company and its subsidiary, Stratford East (Trading) Limited. The results of the subsidiary are consolidated on a line by line basis in accordance with FRS 102 - section 9 and the Charities SORP (FRS 102) - section 24.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Stratford East (Trading) Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet.

Details of Stratford East (Trading) Limited are given in note 12 of the financial statements.

A separate statement of financial activities for the Charitable Company has not been presented because the Charitable Company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

e) Going concern Detailed financial projections have been prepared for the period of 12 months from the date of approval of these financial statements which indicate that the charitable company and group will have sufficient financial resources to continue to be able to meet its liabilities as they fall due. The trustees have carefully considered these financial projections, level of funding and other matters relevant to TRSE and believe that it is appropriate for the financial statements to be prepared on a going concern basis.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income from theatre admission fees is included in incoming resources in the period in which the relevant performance takes place. Income related to productions or lettings in a subsequent period is treated as deferred income.

Income from commercial activities is included in the period in which the group is entitled to receipt.

Income from donations and grants, including capital grants, is included in incoming resources when these are receivable unless the donor has specified that the donation or grant relates to a future period or that certain pre-conditions must be fulfilled before use. In these cases amounts received are recognised in the relevant period or when the pre-conditions have been met and until then treated as deferred income. Donations and grants for particular purposes are included in incoming resources as restricted funds.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

25

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

g) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure is accounted for on an accruals basis.

Costs of generating funds are those costs incurred in attracting voluntary income to support the activity of the theatre, and costs incurred in commercial trading activities to raise funds.

Charitable activity costs include all direct expenditure associated with the staging of productions and educational programmes together with support costs allocated to those activities.

Support costs are the costs of central and administrative functions, which are allocated to activity cost categories on the basis of time spent by staff on those activities. Governance costs are those costs associated with the governance arrangement of the charitable company including costs associated with strategic management and constitutional and statutory requirements.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Cost of new productions The cost of materials, creative team fees and other related set up costs of a new production are carried forward and written off when the production is first performed to a fee paying audience. Ongoing labour and related production costs which occur throughout the life of the production are expensed as incurred. Where production set up costs have been incurred prior to the year end, but the production has not yet opened to the fee paying public, the set up costs are carried forward at the balance sheet date as deferred production costs until such time as the production opens.

j) Allocation of support costs Resources expended are allocated to the particular activity where the cost relates directly to that activity. Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on the direct costs per activity as a proportion of total direct costs, of the amount attributable to each activity

k) Taxation The charitable company is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II 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 Statement of Recommended Practice requires investments to be stated at market value. The investment of the charitable company consists of the investment in the subsidiary, an unquoted company. The trustees consider it appropriate to include this investment at cost. See note 12 for more details.

Investments in subsidiaries

Investments in subsidiaries are at cost.

26

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

Tangible fixed assets are depreciated at rates calculated to write off each asset over its anticipated useful life. The rates used are:

Assets in the course of construction are not depreciated until they are brought into use.

Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Stock comprises catering and bar consumables for resale and is stated at the lower of cost and net realisable value.

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

o) Debtors Debtors include amounts owed to the charity for the provision of goods and services or amounts the charity has paid in advance for the goods or services it will receive. Debtors are measured at their recoverable amount.

Other debtors and prepayments are recognised at the settlement amount due.

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

p) Cash at bank and in hand

Cash at bank and cash 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.

q) Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Other creditors and accruals are normally recognised at their settlement amount due.

r) Financial instruments The charity 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.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements. Expenditure which meets these criteria is charged to the fund.

t) Pension costs

The theatre makes contributions to a defined contribution pension scheme, on behalf of eligible employees, at a rate determined by the trustees.

Rental charges are charged against income on a straight line basis over the term of the lease.

27

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

Income from donations and legacies
The Noel Coward Foundation
Rosetta Arts
Asper Good Causes Fund
Charles S French Trust
Devenshires Foundation
The Fenton Arts Trust
Bunbury Trust
Garrick Charitable Trust
The Childhood Trust
Trees of Memories
Foundation For Future London
Harold Hyam Wingate Foundation
Pinsent Masons Services
Discover - Newham Word Festival
New Wolsey Theatre
Idlewild Trust
Esmee Fairbairn Foundation
The John Thaw Foundation
- Theatre Enrichment Project
The National Lottery Community Fund
The National Lottery Heritage Fund
Jack Petchey Foundation
L&Q Place Makers
- Operating Fee
- Emergency and Cultural Recovery Grants
- Business Restart
London Borough of Newham
- Revenue grant
Arts Council of England
- Revenue Grant
Corporate and Individual donors		 Unrestricted
£
1,125,847
-
256,000
90,658
-
-
-
-
-
-
-
-
4,703
3,000
8,000
5,000
1,000
4,000
2,000
5,000
-
-
-
-
-
-
-
-
182,725		 Restricted
£
-
-
-
-
-
34,638
18,267
1,500
4,200
500
1,800
6,250
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024
Total
£
1,125,847
-
256,000
90,658
-
34,638
18,267
1,500
4,200
500
1,800
6,250
4,703
3,000
8,000
5,000
1,000
4,000
2,000
5,000
-
-
-
-
-
-
-
-
182,725		 Unrestricted
£
1,125,847
58,327
256,000
233,789
-
-
-
-
-
-
1,000
-
-
-
-
-
-
-
-
-
-
-
-
-
6,000
-
-
-
209,403		 Restricted
£
-
-
-
-
203,000
65,000
-
-
-
-
1,800
18,750
-
-
-
-
-
-
-
-
20,000
7,150
3,000
5,000
60,000
2,410
7,665
800
-		 2023
Total
£
1,125,847
58,327
256,000
233,789
203,000
65,000
-
-
-
-
2,800
18,750
-
-
-
-
-
-
-
-
20,000
7,150
3,000
5,000
66,000
2,410
7,665
800
209,403
1,687,933 67,155 1,755,088 1,890,366 394,575 2,284,941

Grants - Association of London Government and London Boroughs

In accordance with sub-section 37(4) of the Local Government and Housing Act 1989, these grants have been fully utilised in accordance with the terms under which they were originally granted and have been fully expended on revenue items in the normal course of the charitable company's business.

3 Income from charitable activities

Income from charitable activities
Theatre
Box office receipts
Corporation tax rebate
Touring and co-productions
Front of house
Theatre hire
Royalties
Other income
Education and workshops
Total income from charitable activities		 2024
Total
£
1,190,695
463,175
544,069
26,936
83,344
401
37,038
-		 2023
Total
£
452,633
454,666
663,609
19,761
88,880
4,861
65,051
170
2,345,658 1,749,631

All income from charitable activities is unrestricted. Other income includes £0 (2023: £9,726) received via the HMRC Job Retention Scheme.

Income from other trading activities
Commercial Trading (note 12) 2024
Total
£
395,550		 2023
Total
£
262,071
395,550 262,071

All income from other trading activities is unrestricted.

28

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

Staff costs (Note 7)
Theatre production freelance
Theatre production costs
Theatre running costs
Theatre fundraising costs
Press and publicity
Front of house costs
Education and workshops
Commercial trading
General office and administration
Depreciation
Audit fees and other related fees
Legal and professional fees
Board meeting expenses
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising funds
£
150,684
975
-
-
16,901
-
-
-
-
797
-
-
-
-		 Theatre costs
Education &
Workshops
£
£
1,599,293
178,210
63,814
63,937
1,042,502
-
150,054
(3,125)
-
-
133,188
4,430
74,475
93
-
37,269
347,725
-
101,238
10,239
-
-
-
-
-
(15,000)
-
-
3,512,289
276,053
592,988
46,607
18,456
1,450
4,123,733
324,110
3,726,451
481,490
Charitable activities		 Theatre costs
Education &
Workshops
£
£
1,599,293
178,210
63,814
63,937
1,042,502
-
150,054
(3,125)
-
-
133,188
4,430
74,475
93
-
37,269
347,725
-
101,238
10,239
-
-
-
-
-
(15,000)
-
-
3,512,289
276,053
592,988
46,607
18,456
1,450
4,123,733
324,110
3,726,451
481,490
Charitable activities		 Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
17,848
-
2,948		 Support costs
£
362,729
9,495
-
2,500
-
56,029
-
-
-
152,604
55,106
-
29,725
-		 2024 Total
£
2,290,916
138,221
1,042,502
149,429
16,901
193,647
74,568
37,269
347,725
264,878
55,106
17,848
14,725
2,948		 2023 Total
£
2,062,455
197,263
1,052,539
181,207
29,242
228,272
68,638
34,899
248,126
199,909
62,401
26,095
18,785
638
Theatre costs
£
1,599,293
63,814
1,042,502
150,054
-
133,188
74,475
-
347,725
101,238
-
-
-
-
169,357
28,593
890		 3,512,289
592,988
18,456		 276,053
46,607
1,450
324,110		 20,796
-
(20,796)		 668,188
(668,188)
-		 4,646,683
-
-		 4,410,469
198,840 4,123,733 - - 4,646,683 -
4,410,469
202,528 3,726,451 481,490 - - 4,410,469

29

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

5b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 7)
Theatre production freelance
Theatre production costs
Theatre running costs
Theatre fundraising costs
Press and publicity
Front of house costs
Education and workshops
Commercial trading
General office and administration
Depreciation
Audit fees and other related fees
Legal and professional fees
Board meeting expenses
Support costs
Governance costs
Total expenditure 2023		 Raising funds
£
131,556
10,900
-
-
29,242
-
-
-
-
1,824
-
-
-
-		 Theatre costs
£
1,325,277
86,614
1,052,539
166,415
-
150,953
67,835
-
248,126
95,003
-
-
-
-		 Education &
Workshops
£
262,745
68,204
-
14,792
-
1,882
803
34,899
-
14,208
-
-
15,000
-		 Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
26,095
-
638		 Support costs
£
342,877
31,545
-
-
-
75,437
-
-
-
88,874
62,401
-
3,785
-		 2023 Total
£
2,062,455
197,263
1,052,539
181,207
29,242
228,272
68,638
34,899
248,126
199,909
62,401
26,095
18,785
638
173,522
27,778
1,228		 3,192,762
511,102
22,587		 412,533
66,039
2,918
481,490		 26,734
-
(26,734)		 604,919
(604,919)
-		 4,410,469
-
-
202,528 3,726,451 - - 4,410,469

30

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

6 Net income / (expenditure) for the year

Group
2024 2023
£ £
This is stated after charging:
Depreciation 57,885 63,453
Auditor's remuneration (excluding VAT):
Audit (Group) 18,800 17,600
Other services 2,550 8,495
Operating lease costs 5,227 5,586

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows:

Staff costs were as follows:
Commercial trading
Salaries and wages
Non NI Salaries and wages
Social security costs
Pension costs
Total employee costs
Total staff costs
Freelance staff		 2024
£
1,374,893
703,756
157,699
54,568		 2023
£
1,401,844
449,027
153,488
58,096
2,290,916 2,062,455
81,158
133,598		 129,147
97,812
2,505,672 2,289,414

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£70,000 - £80,000 1 -
£80,000 - £90,000 - 2

No trustees received any remuneration or benefits in kind in their capacity as a trustee during the year (2023: none).

No trustees had travel and subsistence expenses reimbursed in the year (2023: £Nil).

The key management of the Charity comprise of the Trustees, the Executive Director and the Artistic Director.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £141,535 (2023: £163,911).

8 Staff numbers

The average weekly number of employees (head count based on number of staff employed) during the year was 99 (2023: 93).

Employee time has been allocated either;
Productions
Education
Fundraising
Press and Publicity
Support and Administration
Trading Activities		 2024
No.
3
65
9
4
9
9		 2023
No.
3
45
3
5
31
6
99 93

i) To direct costs on a percentage of the time spent by an employee on an activity ii) To support costs allocated on a percentage basis over all the costs

31

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

9 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary Stratford East (Trading) Limited distributes under Gift Aid available profits to the parent charity. Its charge to corporation tax in the year was:

10
As at 1 April 2023
Additions
Disposals
At 31 March 2024
As at 1 April 2023
Additions
Disposals
Disposals
Costs
Group
Charity
Net book value
Disposals
31 March 2024
1 April 2023
Costs
At 31 March 2024
Net book value
31 March 2024
At 31 March 2024
Depreciation
As at 1 April 2023
Charge for the year
At 31 March 2024
Depreciation
As at 1 April 2023
Charge for the year
1 April 2023
Tangible fixed assets
UK corporation tax at 19%		 Equipment &
Furniture
£
461,868
4,790
-		 2024
£
-		 2023
£
-
Building
Improvements
£
573,803
30,376
-		 Total
£
1,035,671
35,166
-
466,658 604,179 1,070,837
334,750
38,438
(472)		 157,032
19,447
(11,938)		 491,782
57,885
(12,410)
372,716 164,541 537,257
93,942 439,638 533,580
127,118 416,771 543,889
Equipment &
Furniture
£
403,584
-
(471)		 Building
Improvements
£
573,803
30,376
-		 Total
£
977,387
30,376
(471)
403,113 604,179 1,007,292
284,240
35,659
(471)		 157,032
19,447
(11,938)		 441,272
55,106
(12,409)
319,428 164,541 483,969
83,685 439,638 523,323
119,344 416,771 536,115

All of the above assets are used for charitable purposes.

32

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

Investments
Group Charity
2024 2023 2024 2023
£ £ £ £
Shares in group undertakings - - 2 2

The wholly owned trading subsidiary Stratford East (Trading) Limited, is a company registered in England and Wales. The company number is 03074042, and the registered office address is Theatre Royal Stratford East, Gerry Raffles Square, Stratford, London, E15 1BN. All activities have been consolidated on a line by line basis in the statement of financial activities. The trading company distributes its available taxable profits to the charitable company under gift aid. Stratford East (Trading) Limited provides the bar facilities at the Theatre Royal.

The charity owns the entire issued share capital of 2 ordinary shares of £1 each. The trustees Dame Margaret Hodge, Martin Pilgrim, Joshua Garfield, Peter Wilson and Christopher Hird are also directors of the subsidiary.

A summary of the trading results of the subsidiary is shown below:

A summary of the trading results of the subsidiary is shown below:
Other income and bank interest
Cost of sales
Aggregate share capital and reserves
Total net liabilities
Net profit/(loss)
Administrative expenses
Retained in subsidiary
Fixed assets
Current assets
Long Term Liabilities
The aggregate of the assets, liabilities and reserves was:
Creditors: amounts falling due within one year
Turnover		 2024
£
394,419
(240,825)
(107,232)		 2023
£
261,723
(157,448)
(76,279)
46,362
1,131		 27,996
348
47,493 28,344
10,227
124,316
(119,658)
0		 7,744
111,144
(113,995)
(37,501)
14,885 (32,608)
14,885 (32,608)

The charity also owns the entire issued share capital of 2 ordinary share of £1 of Stratford East Productions Limited, 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, E15 1BN. Stratford East Productions Limited has been dormant throughout the year and given its immateriality has not been included in the consolidated accounts.

Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

2024 2023
£ £
Gross income 4,104,264 3,639,997
Result for the year (197,881) (142,170)

33

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

13
Other debtors
Amounts owed from group undertakings
Prepayments
Debtors
Accrued income
Trade debtors
Deferred production costs
Corporation tax
Total current debtors		 2024
2023
£
£
122,265
54,507
-
-
55,968
17,172
9,931
8,780
30,700
29,944
62,978
38,300
495,677
412,073
777,519
560,776
Group		 2024
2023
£
£
122,265
54,507
-
-
55,968
17,172
9,931
8,780
30,700
29,944
62,978
38,300
495,677
412,073
777,519
560,776
Group		 2024
2023
£
£
117,427
49,562
66,276
87,057
55,968
4,294
9,016
21,238
29,380
29,841
62,978
38,300
495,677
412,073
836,722
642,365
Charity		 2024
2023
£
£
117,427
49,562
66,276
87,057
55,968
4,294
9,016
21,238
29,380
29,841
62,978
38,300
495,677
412,073
836,722
642,365
Charity
777,519 560,776 836,722 642,365
Creditors: amounts falling due within one year
Trade creditors
Deferred income (note 16)
Taxation and social security
Other creditors
Accruals		 2024
2023
£
£
139,679
124,104
38,880
45,783
146,525
105,837
153,460
263,949
95,778
157,087
574,322
696,760
Group		 2024
2023
£
£
126,104
123,256
37,282
37,290
134,874
105,566
135,616
255,553
87,094
148,157
520,970
669,822
Charity
574,322 696,760 520,970 669,822

Included in other creditors above is an amount due in relation to pension schemes of £10,695 (2023: £2,314).

Creditors: amounts falling due after one year
Bank loans 2024
2023
£
£
-
37,501
-
37,501
Group		 2024
2023
£
£
-
-
-
-
Charity
- 37,501 - -

Bank loans totalling £0 (2023: £37,501) are part of the government backed CBILS scheme. The CIBLS Loan was interest free for a year and thereafter was charged at 2.7% above prime. The loan was repayable in equal instalments of £833 per month and was repaid in full by March 2024.

16 Deferred income

Deferred income movements in the year were as follows:

Charity
Box office advance income
Future Events income		 £
94,218
53,938
At 1 April
2023		 £
(94,218)
(53,938)
Released in year		 £
87,094
8,684
Deferred in year		 £
87,094
8,684
At 31 March 2024
148,156 (148,156) 95,778 95,778

34

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

17a Movements in funds (current year)

London Borough of Newham
National Lottery Community Fund
Total restricted funds
Designated Funds
Fixed Assets
Building Fund
Operational Fund
Production Fund
Cultural Recovery Fund
Unrestricted general funds
Non-charitable trading
Esmee Fairbairn Foundation
Harold Hyam Wingate Foundation
The Noel Coward Foundation
Rosetta Arts
Total funds
Total unrestricted funds
Unrestricted funds:
Jack Petchey Foundation
Idlewild Trust
The National Lottery Heritage Fund
Restricted funds:
L&Q Place Makers		 £
30,000
3,000
5,000
25,000
-
-
-
-
-
-
At 1 April 2023		 £
34,638
-
-
-
18,267
1,500
1,800
4,200
500
6,250
Income &
gains		 £
(64,638)
(3,000)
(5,000)
(25,000)
(18,267)
(1,500)
(1,800)
(4,200)
(500)
(6,250)
Expenditure &
losses		 £
-
-
-
-
-
-
-
-
-
-
Transfers		 £
-
-
-
-
-
-
-
-
-
-
At 31 March 2024
63,000 67,155 (130,155) - -
536,115
200,000
500,000
200,000
-		 -
-
-
-
-		 -
-
-
-
-		 (12,792)
(30,000)
-
(100,000)
-		 523,323
170,000
500,000
100,000
-
1,436,115
781,561
(32,552)		 -
4,033,591
395,550		 -
(4,168,471)
(348,057)		 (142,792)
142,791
-		 1,293,323
789,472
14,941
2,185,124.00 4,429,141.00 (4,516,528.00) (1.00) 2,097,736.00
2,248,124.00 4,496,296.00 (4,646,683.00) (1.00) 2,097,736.00

Transfers between funds

Purposes of restricted funds

London Borough of Newham funds of £34,638 was to support Every Child a Theatre Goer Enrichment Programme and specifically the panto: Jack and the Beanstalk.

The National Lottery Heritage Fund is to support the 140th Anniversary of Theatre Royal Stratford East, specifically to contribute to several projects: Replacing the theatre's Upper Circle Safety Bar, Launch a Community Ambassadors Scheme, Stratford East Stories Film, Stratford East Through the Years exhibition and supporting a programme of events that celebrate it's history.

The National Lottery Community fund grant of £1,500 was to support the Neighbourhood Table event: A Free Community Lunch Celebrating Windrush.

Jack Petchy Grant of £1,800 was used to deliver Hidden Voices, a programme of 30x2 hour midweekly workshop and mentoring sessions delivered by an experienced Session Practitioner.

The Noel Coward Foundation grant of £4,200 was to support the project management costs for the Young Creatives Programme and the support of nine aspiring young creatives aged 18-25 over the cover of three months.

L&Q Place Makers Grant of £6,250 was to support a new creative and cultural hub for Newham project at Stratford Youth Zone from 2021 to August 2023.

Rosetta Arts grant for £500 was support for Organisational Stripend Cultural Producer Replacement.

Purposes of Designated funds

The trustees have this year decided to be explicit in showing the designations in the accounts. The Fixed Assets fund represents the net value of Fixed Assets at the end of March 2024. The Building Fund is allocated for the purpose of setting aside funds for essential major building repairs.

The Operational Fund represents the amount required to cover liabilities and operating costs in the event of an orderly wind-up of operations if that situation were to arise.

The Production Fund represents the amount required to cover costs of production to allow TRSE to plan for ambitious work on our main stage.

35

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

17b Movements in funds (prior year)

London Borough of Newham
Total restricted funds
Production Fund
Unrestricted general funds
Non-charitable trading
New Wolsey Theatre
Total unrestricted funds
Restricted funds:
Total funds
Jack Petchey Foundation
Designated Funds:
Fixed Assets
Unrestricted funds:
Building Fund
Operational Fund
Harold Hyam Wingate Foundation
Cultural Recovery Fund
Foundation For Future London
L&Q Place Makers
Idlewild Trust
Esmee Fairbairn Foundation
The John Thaw Foundation
Pinsent Masons Services
Discover - Newham Word Festival		 £
-
-
-
-
-
-
-
-
-
-
At 31 March 2022		 £
20,000
268,000
7,150
1,800
3,000
18,750
5,000
60,000
2,410
7,665
800
Income &
gains		 £
(20,000)
(238,000)
(7,150)
(1,800)
-
(18,750)
-
(35,000)
(2,410)
(7,665)
(800)
Expenditure &
losses		 £
-
-
-
-
-
-
-
-
-
-
-
Transfers		 £
-
30,000
-
-
3,000
-
5,000
25,000
-
-
-
At 1 April 2023
- 394,575 (331,575) - 63,000
504,000
200,000
500,000
300,000
-		 -
-
-
-
-		 -
-
-
-
-		 32,115
-
-
(100,000)
-		 536,115
200,000
500,000
200,000
-
1,504,000
918,846
(60,896)		 -
3,639,997
262,071		 -
(3,845,167)
(233,727)		 (67,885)
67,885
-		 1,436,115
781,561
(32,552)
2,361,950 3,902,068 (4,078,894) - 2,185,124
2,361,950 4,296,643 (4,410,469) - 2,248,124

Transfers between funds

Following discussion with The Esmee Fairbairn Foundation they agreed to the reclassification of their donation to support the work of the theatre in general, and the remaining unspent funds were moved from Restricted to Unrestricted.

Purposes of restricted funds

Funds given by The Theatres Trust Foundation were for re-opening the building safely following shut-down.

The Garrick Theatre Trust grant was to contribute to the costs of creative teams and Lighting Directors on productions.

The New Wolsey Theatre contributed £7,500 towards the cost of supporting the theatre's Agent For Change.

The grant received from The Garfield Weston Foundation was to pay for technical equipment, to fund Learning and Participation work, and to contribute to the costs of producing the 2021 pantomime.

The purpose of theTate & Lyle grant was to fund Learning and Participation online resources.

The grant from The Esmee Fairbairn Foundation was for computers, laptops and IT equipment.

The John Thaw Foundation provided funds to run our summer school, which was delivered online in 2021.

The grant from the Harold Hyam Wingate Foundation is to provide funding for the employment of Assistant Directors on future productions.

Other funds listed as listed above have been given to support the theatre's programmes of work with young people and the local community.

36

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

18a
Analysis of group net assets between funds (current year)
18b
Net assets at 31 March 2024
Creditors amount falling due after more than one year
Current assets
Creditors amount falling due after more than one year
Tangible fixed assets
Analysis of group net assets between funds (prior year)
Tangible fixed assets
Current assets
Net assets at 31 March 2023		 General
unrestricted
£
533,580
1,564,156
-		 Restricted funds
£
-
-
-		 Total funds
£
533,580
1,564,156
-
2,097,736 - 2,097,736
General
unrestricted
£
543,889
1,678,736
(37,501)		 Restricted funds
£
-
63,000
-		 Total funds
£
543,889
1,741,736
(37,501)
2,185,124 63,000 2,248,124

19 Operating lease commitments

The group's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Less than one year
One to five years
Over five years		 2024
2023
£
£
1,851
2,124
3,740
531
-
-
5,591
2,655
Equipment		 2024
2023
£
£
1,851
2,124
3,740
531
-
-
5,591
2,655
Equipment
5,591 2,655
The charity's total future minimum lease payments under non-cancellable operating leases is
periods:
Less than one year
One to five years
Over five years		 2024
2023
£
£
531
2,124
-
531
-
-
531
2,655
as follows for each of the following
Equipment		 2024
2023
£
£
531
2,124
-
531
-
-
531
2,655
as follows for each of the following
Equipment
531 2,655

20 Capital commitments

At the balance sheet date, the group had no capital commitments (2023: £nil ) in respect of development works.

21 Future Commitments

The charitable company entered into a 15 year lease with the Theatre Workshop Trust in September 2020; this is currently rent free.

37

Pioneer Theatres Limited Trading as “Theatre Royal Stratford East”

Notes to the financial statements

For the year ended 31 March 2024

22 Legal charges

There are no existing legal charges.

Joshua Garfield (trustee) is a councillor for LB Newham who provide TRSE with funding during the year.

The following trustees of the charity are also directors of the subsidiary, Stratford East Trading Limited: Joshua Garfield, Christopher Hird, Margaret Hodge and Martin Pilgrim

There are no other related party transactions to disclose for 2024 (2023: none).

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.

38