ChaTity R•gistration No. 24700S Company Roglstrntlon No. 00646151 (England and Walosl GEORGIAN THEATRE (RICHMOND) TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 GEORGIAN THEATRE (RICHMOND) TRUST LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustses Mr M J Bryant Mrs K Field The Hon. C Stanley Mr N Tooze Mr M J Robinson MrJ Brown Lord Crathome Mr C Grnnl Ms L Bird Honorary Socrotsry Mrs P Kassell Honorary Trnasurer Mr N Tooze Patron$ TRHS The Prince ofwaks and Dud￿$ of ComvMII President Da￿ Judi Dench Chalrnian Mr M J Bryant Charity numbèr 247005 Company numbgr 00646151 Prlncipal addrgss Vthria Road Richm¢nd North Yortshire DL10 4DW Registgrnd office Victoria Road Richmond North Yorkshire DL104DW Auditor Xeinadin Audit Limited 1 City Road East Manchester M154PN Bank•rs CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Invostment ad¥l$ors Brth￿n Dolphin Lin¥t8d 12 Smithfield Street London EC1A9BD GEORGIAN THEATRE (RICHMOND) TRUST LIMITED CONTENTS Page TNstee$' report Slalemenl of Injslees. responsibilbtles Inde￿ndent audf(orfs report 7-10 Statement of financial activities 11 Balance sheet 12-13 Notes lo the financlal stslemenls 14-25 GEORGIAN THEATRE (RICHMOND) TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The Iwstees present their annual report and financlal ststemenls for the year ended 31 March 2022. The financial statements have been prepared in accordance wlh the accounting policies set out in note 1 to the finanaal slatemonts and comply Mlh the charity'g Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charrties.. Statement of Recommet)ded Prath"ce applicable lo charitr'es preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objè¢tlv•s and activiti The chanty'$ objec15 are the management of the Georgian Theatre, Richmond, North Yorkshire, to restore and preserve the building, and to advance educatitsn by encouraging and promoting the $tudy. knovledge, understanding and appreciation of Dramatic Art, in particular at thè building known as The Georgian Theatre" in the town of Richmond. North Yorkshifg. The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what adivilies the charlty should undertake. Georgian Theatre IRi¢hmondl Trust Limited exlsls to preserve The Georgian Theatre Royal for the benefit of the nation and as a place of historical interest. The Georgian Theatre Royal is the only surviving example of an elghteenlh century country playhouse and a$ such is a living theatre museum. Vl$lon and Actlvltiès The vigion of the charity is lo provide a range of opporbjnrties for people across all age groups to experience. leam about and enjoy The Georgian Theatre Roya1 and lo understand ils hi31oric context, its unique significance and ils contribution lo modem day theatre. The significant activities undèrtaken lo achieve this vision include the delivery of Youth Theatre sessions- to over 100 young people per week- performance opportunities for young people, which include touring productions, workin9 With local schools, and partnership work wth local organisations. The Georgian Theatre Royal Youth Theatre runs multiple sesslons per week, providing the members access and training in 811 areas of theatre and stsge craft. The Theatre also provides education through ils purpose as a museum where it preserves and exhibits scenery, playbills and infomialion from eighteenth and nineleenlh century theatre to educate and entertain the public. The Georgian Theatre Royal has Arts Council museum accredilalion. For most of the year the Theatre's dedicated team of volunteer guides offers tours every hour. six day$ a week, allowing access to numerous visitors and groups. including lounsls and members of the local community. The charity'$ mission is to build on past succe$$ in Conserving and developlng The Georgian Theatre Royal as a dislinclive theatre wlh something exciting for everyone. This is achieved through imaginative and creatwe approaches to leaming, tourism and our Georgian heritage while continuing lo provide a varied artistic programme. The Georgian Theatre Royal produces an annual programme ol both professional and communty work that is both diverse and of high quality. The company provides an entertaining mix of acts at)d events across all art forms with accompanying ouireach, workshops and education activities where possible. The charity otlers an opportunity lo the cornmunity to participate in performances through the Youth Theatre, local schools. and through local festivals in a historic theatre supported by professiona15 in the theatre business. GEORGIAN THEATRE (RICHMOND) TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Achl•v•m•nts and perfornianco A one-year Recovery Plan was created lo guide the charity through the 2021122 financial year and the targets sel out in the Plan were mel. The maln busine88 objectlve8 through the year were lo cèlebrate and promote the much-improved audilorfum, safely relnslal$ tho volunteer l&am, relaunch thè Theatre's aclivilie$, welcome back vlsilors and theatre user$, and regain the momèntum lost from a year of being dark. These oblectlves were achieved, Followng tre completion of the Auditorium Development Project funded by the Hamish 09gton Foundation. the Theatre r￿opened in September 2021 with improved sealing. new stage Ilghling, and a new healing and venlilalion project. 11 was joyous lo have Ilve audiences and live performance8 In the Th¢atro once more. The off cial opening ol the new audhorfum was celebrated on 3 September 2021 I￿1￿ a performancg by inlemalional pianist Albert Lau vlno performed on the Theatre's Tecenlly r8slored Sl•inway grand piano Ihal was renovated during lockdown. The Chair, M3c Bryant, welcomed Hamish Ogsl¢n and dis¢i'ngui$hed gug918 to see the curtalns go back on th¢ improved auditorium. Among81 th4 gue$l8 w¢re local MP and Chancellor Rishl Sunak, and Lord Cralhome, a long-8erNlng Trustee ol the Theatre whose mother Lady Nancy Crathome was thé drivlng force behind the orlglnal re-openlng of the Theatre In May 1963. Speaklng al the event, Rlshl Sunak saSd'. .1 om dellghled the Govemmenl's economic sUPPOrt packages helped thi$ very speclal venue weather the la51 18 months and provided the opportunity lo bring about the Iwly impre$8iv$ improvemen15 to the audllorium that we See today. This l¥ a glortOU8 re-awakening of a unlque theatr• which is not only renowned nationally and Inlernatlonally but lovad locally." With COVID-19 safely measure¥ in place. the Autumn 2021 season Saw audlenGeB 88f8ly retum lo li￿ theatr•, culminating in a joyou8 pantomime Beauty and the Beast - that managed lo deliver all 52 of its scheduled performanc9$. There were many 801d-euI performancos, and the panlo was nominated for two national awards by the UK Panlomlme Association.. Be81 Co$lume Deslgn and Be51 Newcomer IM8rcu8 Jc*nesl. The Youth Theatre also returned lo lTrper8on ses$ion$. Soon foll¢)wed by the creauon ol live porformance8. Numbers were al much lower levels al the re&launch In Septèmber bul have glnce rf88n to pre-pandemlc levels. The Georglan Theatre Royal Con￿n￿8$ lo play a vital part in the art1811c and 80cial lives of the various communitie8 118erves. We romaln grateful lo the 6UPPOrt recelved from our Friends, and for the partnership working we undertake with vaTiou$ local $¢hool$. in particular Richmond School. and local community group8. The many and varied achlevemen18 conlinug lo bg dèlivered by a committed and passionalg loam of ytaff and volunteer5 al The Georgian Theatre Royal. There a￿ currently eight members ol Staff and 80 volunteers who work lirel&ssly lo deliver the Theatre's educational, cultural and her￿9¢ provision. Th8 team18 8UPPOrted by a most engaged and resourcefijl Board of Trustees. 11 is through the dedication and hard work of all those involvgd at The Georgian Theatre Royal that the charity's objectives continue lo be fvlfilltrd, and th• board, slalf and volunteeT$ may be seen as an extended team who Iwly love this unique theatre. Flnanclal r•vlew The Statement of Financl41 ActlvS1198 shows nel expenditure for the period of £60,963 12021.. ng1 income ol £482,1021, including lolal investment gains of £5,868 12021.. £48,6391. Thfj unrestricted fund recorded nel expenditure Ibefore transfers and investment gainsl of £65,580 12021.. £7,502). Total lunds at 31 March 2022 were £1,297,253 compared lo £1,358.216 in 2021, including rèstricted fvnds of £91,236 12021.. £114.3531 aThJ unrestricted funds of £1,206,01712021.. £1,243,863). The principal fijnding sources of the charity in the year were.. DOna￿On8 and voluntary income of £163k, box office ineome Of £159k and project grant income of £SOk. Thg grant income was provided by Sylvia Cralhorne Memorial Trust and The Liz and Terry Brarnail Foundation lo finance the employment costs ol the Chief Executive. The $upport of our grant providers and private donors is essential to supplement the Box Office Income and enable the charity to provid& a diverse and high quality programme. GEORGIAN THEATRE (RICHMOND) TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2022 Res•rv•8 1115 the policy of the charity that unrestricted funds which have not been designated for a specffic use should maintained al a level equivalent lo betsveen three and six month's expenditure. The Iruslees considers that reserves al this level will ensure that, in the event of a significant drop in funding. they will be able lo Continue the charity's current activities whil& Consideration is given lo ways in whlch additional funds may be raised. Thls level of reserves has been maintained throughout the year. Inv••tm•nt Polley The Board of Trustees have delegated deGi8ion making on inve$tmenl matters lo the Chief Executive and th¢ Hon. Treasurer who meet with the Trusf 5 inve$lm&nl manageTS al loasl annually to di&cu88 the performance. The Tru$l's Inveslm8nl Policy 1$ reviewed by the Finance Commlttee and approved by the Board of Trustees annually. The ca8hllow foreeasl Is reviewed regularly lo en8ure there Is sufflclent liquidity for operational need5. slgnificant part of the Trust's as$els is Invested through Ils inve61menl managers for the long lem on a total return approach, in a diversi118d range of as891 classes. The aim is to generate a capital relum over the long torm and after expenses tsf al lea81 th? RPI in order lo maintain the real valua of the Trust's assets. The investment manager$ 8180 alm lo al lea¥1 match the performance ol the major b•nchmark indices and their own composite benchmark. Rl•k fa¢tor• The financial impact of the pandemic was mèl by accesslng funds, partieulady the Coronavirus Job R•lentlon Scheme la$ rnembers of staff went on furlough), local government business grants, and rounds of the Arts Council England Culture Recovery Fund, Cost8 were dramatically reduced a$ actlvilies were brought lo a hall. There werg other non-financial impacts which continue to be challenging and from which the Theatre will need Ic rebuild momentum. The3• include a he8Slancy for volunteers lo relum lo 8om• roles. such as ushering and working behind the bar. Currènt leve18 01 income and activity are 81ighUy lower than before the p￿deMic, bul there is a growng momentum of activity I¢￿18 that Is re$ulllng in improved vl8ilor numbers and audlence engagement. Thè charity's fundraising campalgn 'A Living Theatre.. Glve for Then, Now and Tomorrow, ¢onlinued Ihroughoul the year and donors maintained their generous monthly donats'on$. Cash flow remains healthy and is anlicipaled lo remain buoyant for al least the next ￿ year8. The Future Funding Group, a subdCOTnmittee of the Board. cenlinues lo aGts'vely Seek fundraising opportunities lo •nsure the deficit 98p forecast from beyond 2023 will be filled. The importance of legacies 1$ being highlighted. A legacles brochure hag been created, wlh copi9¥ available al the Theatre, and which ￿11 be distributed with the Autumn 2022 brochure and lo local solicitors. Plans for futur• p•rlod$ A 8usiness Plan has bgon agreed and adopted by the Board for 2022123. Slralegie planning is underway ¥￿th the Trustees and CEO lo ensure the Theatre's sustainability and growth In future year$. These will be ambitious plans, driven by the success ol the Auditorium Development Project and the appelile of audiences lo return lo live theatre. GEORGIAN THEATRE (RICHMOND) TRUST LIMITED TRUSTEES, REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 Structure. govgman¢• and management The charity is a company limited by guarantee, and is govemed by a Memorandum and Artides of Assc¢iats'on. The trustees, who are also the directors for the purpose of company law. and tho seThed during the year and up lo the dale of signature of the financial stsleM￿ts were: MT M J Bryant Mrs K Field The Hon. C Stanley Mr N Tooze Mr M J Robinson Mr J Brown Lord Crathome Mr C Grant Ms L Bird The board of Iruslees has the powtr to app)int addttional trustees as it considers appropriate. None of the trustees has any beneficial interesl in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a wnding up. The Trust members appoint a strategic board which currenty consists of nine Trustees from a variety of backgrounds relevant lo the govemance of the charity. The board meets approximatety every Six weeks and has overall responsibilty for the operatson of the charrty. The board is uth'm*ely responsible for the strategic d1￿Ction of the Georgian Theatre Royal and works through an agreed business plan. which ha5 been drawn up in the fitst instance by the Theatre's Chief Exeojlive. The Chief Executwe kads a small staff team and has ovwall rnsponsibility for their performanee and management. She is held to account by the board through the Pfomsion of ¢Jetailed reports at every meeting and the board works closely wth her to ensure th* the chanty's objectsves are met and re$our¢es deployed as effectively and efficiently as possible. Members of the board receive •r￿uction from the Chwr and Chief Ex￿UbVe and the board receives occasional training in relation lo rts responsibilities and organisation. The Tnjstees are members of various Sub-committees to provide a more detaI￿d focus on specific areas. such as Finance, Future Funding and Museum Devebpmenl. When required. a sub-committee wll be introduced to oversee a specffic projed. such as wth the recent Auditorium Development Project fvnded by The Hamish Ogston Foundabon. to provKle greater focus and to ensure ctsntrols are in pla¢e around costs and income. Pay and remuneration of the Chief Exeujtive and staff is rewewed annual￿ taknng account of relevant comparator5, the business plan and vknat is usually a challenging financial posrtion. In recent years the Chalr and board have undertaken a of the varnu$ knnds of s￿11) and experienGe that are deemed relevant to the operation of the Theatre. and ￿￿ believe ￿ have been very suc¢essfvl in puttirYJ together members of a board who vK>rk V•EII as a team in conjunction with staff and volunteers alike. The tru$lees are indebted to the many volunleers for their commitment and support. Auditor In accordance %wth the company's artides. a resolution proposing that Xeinadin Audit ￿Mited bo reappointed as auditor of the company wll be pul at a General Meeting. GEORGIAN THEATRE {RICHMOND) TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Disclosure of Information to auditors Each of the trustees has confirmed that there is no informatK)n of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The tru s, report was appToveLt by the Board of Tnjstees. Mr M J Bryant Trustèè 29 July 2022 GEORGIAN THEATRE (RICHMOND) TRUST LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The trustees, who are also the dire¢lors of Georgian Theatre {Richmon¢Jl Trust ￿'MIted for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance wth appllcable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. Company Law requires the trustees lo prepare financial statements for each finanaal year vthich give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources. induding the income and expenditure, of the charitable company for that ye8r. In preparing these financial statements, the trustees are required to.. select suitable a￿OUntIng policies and then apply them consislenty; observe the methods and principles in the Charilses SORP.. make judgements and estimates that are r8a$onable and prudent., stsle whether applicable UK Accounting Standard8 have been followed, subject lo any material departures disclosed and explained in the financial slalements.. and prepare the financial statements on the going ¢on¢em basis unless il is inappropriate lo presume that the charity wll continue in operation. The Iru$tees are responsible for keeping adequate accounting re¢ord$ that disclose wlh reasonable 8ecura¢y * any lime the fin8n¢i31 position of the charity and enable them lo ensure that the financial statements comply with the Companies A￿ 2006. They are also resptsnsible for safeguarding the a$sets of the charity and hence for taking reasonable slep5 for the p￿vention and detection of fraud and glher irregularities. GEORGIAN THEATRE (RICHMOND) TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GEORGIAN THEATRE (RICHMOND) TRUST LIMITED Opinlon We have audited the financial statements ol Georgian Theatre (Richmondl Twsl Limrted {the 'eharity'l for the year ended 31 March 2022 which comprise the slalemenl of financial aclivth'es. the balance sheet and the notes to the financial stslemenls, including a summary of significant accounting policies. The finanaal reporting framework that has been applied in their preparab'on is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting St8ndafrl applicable in the UK 8nd Republic of Ireland {Unrted Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the slate of the charitable company'5 affairs as at 31 March 2022 and of its incorning resources and application of resources, for the year then ended., have been property prepared In accoTdan¢e with United Kingdom Generally Accepted A¢¢ounting Practice; and have been prepared in accordance wf(h the requirements of the Companies Act 2006. Basis for opinion We conducted our audrt in accordance with Inlemalional Standards on Audrting IUKI IISAS IUKII and applicab law. Our responsibilities under those Standards are further described in the Audrtofs Trsponsibililies for the 8udit of the fin&nci81 slat&ments section of OUT report. We a￿ Independent of the charity 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 0￿rdance with these requirements. believe that the audrt evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Concluslons rèlatlng to golng con¢orn In auditing the financial slalemenls, we have ¢oncluded that the trustees. use of the going concem basis of accounting in the preparation of the financk41 statsments 1$ appropriate. Based on the work we have performed, we have not idenlrfied any material uneertainties relating to events or conditions that. individually or collectively. may cast significant doubl on the charity's ability lo continue as a going concem for a period of al least tsvelve months from when the financial statements are authorised for issue. Our responsibilitses and the responsibilrties of the trustees with respect lo going concern are described in the relevant sections of this report. Othèr inforniation The tru$tee$ are responsible for the other information. The other information comprises the infom)ation in¢lud$d in the annual report, other than the financial stslements and our auditor's r&port thereon. Our opinion on the financial statements does not cover the other information and we do not express any fom of assuranee condusion the￿on. In connection with our audit of the financial Statements, our responsibility 1$ to read the other information and. in doing so. ￿nSider whether the other infomialion is materially in¢onsistenl with the financlal statements or our kn￿￿edge obtained in the audit or otherwse appears lo be materially misstated. If we idenlrfy such material inconsistencies or apparent material misstatements, we are required to delerrnine whether there is a material misslalemenl In the financial slalements or a material misslalement of the olh6r information. If. based on the work w8 have performed, we wiclude thal there 1$ a mal&rial mi$slatoment of this other information. we are required to reptsrt that fa¢t. We have nothing to report Sn th18 ￿gard. GEORGIAN THEATRE IRICHMOND) TRUST LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF GEORGIAN THEATRE (RICHMOND) TRUST LIMITED Matters on which ￿ arn requir•d to report ty ex¢eption We have nothing lo report in respect of the folkJw"ng mattefs in relation lo thè charib.es IAccounls and Reports) Regulations 2008 reqLtire us to report to you rf. in our ownion.. the infonnation given in the finanaal stalemenl$ 1$ inconsistent in any material resped %Mth the tru$tse$' report". or sufficient accounting records have not been kepL or the finanaal statements are not in agreement with the accounting records.. or we have not received all the infomwtion arn1 explanations ￿ require for our audit. R￿J￿nSibilItieS of tru$t¢ts As explained more fully in the ststement of trustee$. responsitslibes, the trustee$, are also the directors of the Charity for the purpose of company law. are responsible for the preparab'on of the financial slalements and for being satisfied that they give a true and fair view, and for such internal cLJntrol as the trustees delemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prepanng the finanual statements. the Iruslees are responsible for as$e$$ing the chanty's ability to ojnlinue as a going concem. di￿lOSIng, a$ applicable, matters related to going concern and using the going concem basis of accounts'ng unless the trustees either intend lo liquidate the charrtable company or to cease operation$, or have no realistic attemats.ve but to do so. AudltOT'S r•spon$lbllltlo$ for the audit of tho fi￿n¢la1 $tatem•nts We have teen appointed as audrtor under section 145 of the Charibes Acl 2011 and report in accordance wlh the Act and relevant regulations made or hawng effect thereunder. Our objethes are to obtain reasonable assurance about whether the finanual $tstements as a ￿DIe are free from material misslatemenl, Yknelher due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit ¢on(kncled in accordance with ISAS (UK} wll a￿vaYS detect a malersal misstatement when rt exists. Mis$tatements can arise from fraud or error and are considered material rf. indmdually or in the aggregate, they could reasonably be expected lo influert¢e the econom￿ dea*ons of useTS taken on the basis of these financial ststemenls. Irregularities, induding fraud. are instances of norFo)M[￿lanCe wtrt laws and regulats'c￿s. We de￿g￿ procedures in line wlh our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to ￿1¢h our procedurey are capa￿e of detecting Ir￿gUlarities. indudin9 fraud, 15 detailed below. The extent to whl¢h th• audit was considered capable of detecting irregularitles Includlng fraud OUT approach to idenlfying and 3$5essing the risks of material mi$slatement in respect of irregulanties. induding fraud and non-compliance laws and regulations. was as follows.. the engagement prinupaj ensur8d that the engagement team eollethvely had the appropriate competence. capabilfo'es and skills lo identify or re¢ognise no[￿comPli3nce applicable laws and Tegulations.. we identsfied the laws and iegulation$ appl￿ble to the ￿MpanY through discussions with trustee5 and management. and from our kno¥Aedge and experience of the charitable and theatre sectors., • we focused on specific laws and regulations %thich we considered may have a direct material effeci on the finanaal statements or the operab.ons of the company, induding the Companies Act 2006. taxation legislation and data protection. anb"-bribery. employment, enwronmentsl and heallh and safety legislation: we asse55ed the extent of complian¢e wth the law5 and regulat￿$ iderffied above through maknng enquirie5 of management and inspecting legal Corresponden￿,. and identified laws and regulations W*ETe communKaled within Ihe audit team regularfy and the team remained alert to instances of nO1￿coMplI3nct throughout ￿ audit. GEORGIAN THEATRE (RICHMOND) TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEORGIAN THEATRE (RICHMOND) TRUST LIMITED We ayyes$ed the susceptibility of the company's financial statemen15 to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enqulrles of management as lo vthere they con¥lderod Ihfjre wa$ su8cepliblllty lo ftaud, their knowledge of actual, suspected and allè9ed fraud., onsidering the inlemal ¢onlro18 In place lo mltlgale d8ks ol fraud and non-complianGo vAlh laws and regulaliong". and Ltnder8tsndlng the design of the company'8 remuneralion policies. To address Ihg rtsk ol fraud through managemanl blas and overfde of controls, we.. performed analytical proceduresto identify any unusual or unexpeGlgd relalionghlps.. tested joumal entrie$ to identify unusual Iran8act4on8', assg88ed vtholhgr judgements and a$8umplk*n8 made In detsrminln9 the accounting e$timale8 wert Indicallve ef potential bias., and Invesligalgd the rallonale behlnd slgnlficanl or unusual Ir8n8acllong. In re8pon88 lo the risk of irregularitiès and nonwcompllance wkh laws and r•gulalion$, wé deslgned procedure8 whl¢h Included, bul were not Ilmiled to.. agreeing financlal stalemanl disclosures lo underfying supporting dtscumenlatlon.. reading the mlnule8 01 meetlng8 of Ihosg charged with govemance., anquSrtng of management ag lo actual and polenllsl Illlgallon and daim8', and reviewing correspondence ¥￿th HMRC, the company'8 legal advlsorts and any other relevant r•gulgloT or body. There are Inherent limltaliong In our audit proc8dure8 dascrfbed above. Thg morè rèmovéd that laws and rggulats'ons are from financial Iransaclions, th• l&ss likely il 1$ that we would become aware of notF¢ompliance. Auditing standards also limrt the audit procedures requlred lo identify non-complignce with laws and regulalons to enqubry of the director$ and other managemènt and the Sn8pection of regulatory and legal corrèspondence, il any. Maledal migstalemenls that aris8 due to fraud can be harder to delecl than thosg that arfse from error aa they may involve deliberate concealment or collusion. A further descripllon of our re$pon8ibililies is available on thè Financlal Reportlng Coun¢ll'8 websitè al.. httpg'.11 vmv.frc.org.uklaudilorsresponsibilities. Thls description fom5 part of our audllorfs report. GEORGIAN THEATRE (RICHMOND) TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEORGIAN THEATRE IRICHMOND) TRUST LIMITED Us• of our report This Teport is made solely to the charity's tryslees. as a body, in accordanee Trmth part 4 of the Charifies {Aceounls and Reports) Regulations 2008. Our audil NKJrk has been undertaken so that we might slate to the charity's Iruslees those matters we are required lo stale lo them in an aL4dilors' report and for no other purpose. To the fvllest extent pennitted by law. we do not accept or assume responstbilty to anyone other than the Charity and the charity's trustees ag a body, for our audil wvrk, for this ￿Port, or for the opinions we have fomied. X¢inadln Audit Limited 112oiL Chartered Accountants ststutory Auditor 1 City Road East Manchester M154PN Xeinadin Audit Limited Is eligible for appointr)ent as auditor ol the tharity by virbje of its eligibility for appointment as auditor of a company un¢Jef section 1212 01 th8 Compante$ Ad 2006. 10- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Unrnstrict8d Rostricted fund$ lund$ 2022 2022 Total Unrestricted Rèstricted funds funds 2021 2021 Total 2022 2021 Notss Donations, legaaes and core grants Charitsble activ￿8$ Other trading adivilies Investments 154.498 172,886 38,838 2.252 8.500 50,000 11,429 162,998 222,686 50.067 2.252 232,696 232,696 504.750 1281 3.695 504.750 {403) 375 3,695 Total Income 368,074 69.929 438,003 236,766 504.347 741.113 Raising funds 11.291 11,291 2,791 2.791 Charitable aCtiv￿.e$ 422,￿3 71.200 493,563 241,477 63.382 304.859 Total r¢$our¢e$ oxpènd•d 433,854 71.200 504,854 244,268 63.382 307.650 Net gainslllossesl on inve$lments 10 5.888 5,888 48,639 48,639 Not loutgolnglllncomlng rèsour¢•s bèfore tr•n$fors 159,6921 {1,2711 {60,963} 41,137 440,965 482,102 Gro$$ Iran8fer8 be￿en fvnds 21.846 121.8461 728,279 1728.279) Net movem•nt In funds 137,8461 123,1171 {60,9631 789,416 1287.314) 482.102 Fund balaTices al 1 April 2021 1,243.863 114,353 1.358,216 474,447 401.687 876,114 Fund balances at 31 March 2022 1,206,017 91,236 1,297,253 1.243,863 114,353 1,358.216 The Stslement of ffinan¢ial activities includes all gains and1088ès recognisèd in the year. All income and expendrture derive from continuing activities. The statement of financial actiwties also ¢ompli8S With the ￿qUirements for an income and expenditure account under the Companies Act 2006. GEORGIAN THEATRE (RICHMOND) TRUST LIMITED BALANCE SHEET ASAT31 MARCH2022 2022 2021 FIX￿ a$$&ts Tangible assets Investments 12 13 977,771 195,145 1.032.916 188,408 1.172,916 1.221,324 Current a$$ets Stocks Debtors Cash at bank and in hand 14 15 3.065 43,994 175,924 11.704 177.219 191.607 222,983 Credltors.. amaunts falling du• *ithin one year 16 167.270) 186.091) Net Current assets 124,337 136,892 Total assets I•Y4 current Ilabllltlos 1,297,253 1,358,216 Income funds Restricted funds Unrestricted fvnds- general 17 91,236 1,206.017 114.353 1,243.863 1,297,253 1,358.216 12- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED BALANCE SHEET (CONTINUED) AS AT31 MARCH 2022 The company is enlitted to the exemption from the audil requirement contained in section 477 01 the Companies Act 2006. lor the year ended 31 March 2022, atthough an audit has been carried out under 5eth.on 144 of the Charities Act 2011. The Iruslees acknO￿edge their responsibilities for ensurin9 that the charity keeps accounting records which comply wth section 386 01 the Act and for preparing financial statemen15 whiGh give a true and lair view of the state of affairs of the company as at the end of the financial year and of ils incoming resour¢es and application of resources, Including Its income and expendrture. for the financial year In accordance wlh the requirements ol section5 394 and 395 and whiGh olhermse comply wlh the requirements of the Companies Acl 2006 relating to financial statements. so far as applicable to the company. The rnembers have not required the company lo obtain an audit of ils financial statements under the requirements of the Companies Acl 2006, Iof the year in question in accordance vAth section 476. These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regirne. The lina I statements werè approved by the Trustees on 29 July 2022 Mr M J Bryant Trustee Company Registration No. 00646151 13 GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Ac¢ountlng pollcles Charity infomiatlon Georgian Theatre (Richmond) Trust ￿Mited is a privato company limited by guarantee incorporated in England and Wales. The registered office is Victoria Road, Richmond. Noth Yorkshire. DL10 4DW. 1.1 Accountin9 Conventlon The financial 5181ements have been prepared in accordance with the charity's Memorandum and Artic￿9 of Association, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in th8 UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Rep¢rb'ng by Charities.. Slalemenl of Recommended Practice applic8ble to charities preparing their accounts in accordance wlh the Financial Reporb'ng Standard applicable in the UK and Republlc of Ireland IFRS 1021" (effective 1 January 20191. The charity 18 a Public Benefit Entity as define20 years straight Ilne basis The gain or lo$$ arising on the disposal of an 855el is delemiined a$ the difference betsveen the gale proceeds and the c8rylng value of the asset. and 18 recogni$ed In the statement ol financial adivities. 1.7 FSx•d asset Invo¥tm•nt8 Fixed as8el investments are inillally mea8ur8d al tr8n88Ctlon prlce ex¢luding Iran8aCtion co8t8, and are subsequ8ntly measured al fair value al each reporting date. Changes in fair value are recognised in nel incornellexpendilurel for the year. Transactson costs are expensed as Incurred. 1.8 Impalrni8nt of flx•d a¥80t8 At each reporting end date, the charity rewew$ the carrying amounts of its tangible a88els lo dglermine whether there is any indicallon that Ih0s9 assets have suffered an impairment lo$$. If any such ind￿allOn exists, the recoverabl• amount of tho a55el is estimated in order to delemine the extent of the imFeirmenl loss lif any). 1.9 Sto¢k8 Stocks are $tat8d at the lower of cost and e8kn'm8ted selling price less costs lo compl&tg and sell. 1.10 R•tlrtrm•nt ￿nefft• Payments lo defined contribution retirement benefrt schemes are charged as an expense as they fall du?. 15- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Donatlons, l•ga¢b9$ and corg grants Unrestricted Restrictsd funds funds ggn8ral 2022 Total Unrestricted fvnds general 2021 2022 2022 Donations and gifts Legacies receivable Grants receivable fer core activitie$ 74,151 12,765 67,582 8,500 82,651 12,765 67,582 60,996 171,700 154.498 8,500 162,998 232,696 Grants receivable for cor¢ actlvltlos Richmond Town Counul Art5 Council England- Emergency Response and Culture Recovery Richmondshire Distriet Council- COVID Support Coronavirus Job Relents'on Scheme D'oyly Cart& Charitable Trust Apprenfjceship Scheme 1.125 1,125 2,250 26,200 21,810 16,947 26,200 21,810 16,947 87.960 19,796 59,194 2.500 1,500 1,500 87,582 67,582 171.700 16- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Charltab19 actlvltl•• Gharltsbl• Charltablo actlvltle$ a¢tlvltl•s 2022 2021 Box office income Youth thoalre income Project grants 159.443 13.243 so,000 504,750 222.686 504,750 Analy818 by lund Unrestricted funds- general Reslricled fund$ 172,686 50,000 504,750 222,688 504,750 Porfomiance relatgd grants The Liz and Terry Bramall Foundation and Sylvkg Cralhome Memodal Trual Fund The Hamish Ogslon Found8ll¢n - Audilodum S&#llng Prolect Heating and Venlilalion Project Other so,000 50,000 375,000 79,750 50,000 504,750 othor tradlng •¢llvttl•• Unr•strl¢t•d Re8trlct•d fund8 funds 9on•rnl 2022 Total unrestn.cted Restricted funds lund8 general 2021 Total 2022 2022 2021 2021 8ar, iBe cream and ¢alering Incom8 Rgnlal income Ancillary trading income Re51oralion levy 22,258 6,000 10,380 22,258 6,000 10.380 11.429 375 375 14031 11.429 {403) Other trading activi1Ses 38,638 11.429 50,067 375 {4031 1281 17- GEORGIAN THEATRE {RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Inv•8tmonts Unre$trlct•d Unreslncted funds nds gO￿ra1 general 2022 2021 Income from listed Inve$lmenl$ Interest receivable 2.249 3,894 2,252 3,695 RaS•lng fund• Unro•trlctgd UnT88lricled fund• funds gonorthl general 2022 2021 Bar, ice cream and retsll co818 9,891 1,413 1,400 1,378 11,291 2.791 18- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Charttablo actlvltl DIMct Dire¢l Charltabl• Charitsble Expondltur• Expgndilure 2022 2021 S18ff eo8t8 Depreciation and impairment Prtsp•rty running costs Office gupplles and runnlng Goslo Marketing and advertiglng costs Repairs and maintenance Computer consumable 8xpen881 Legal and prolessional fee8 Staff recruitment and 1r4lnln9 Sundry expense$ Irrecoverable VAT Bank charges Production 8hare lo w8illng ¢ompanie8 In house production expen$•$ Youth theatre expense$ 8rochure publication G08ts Conservation and museum costs 188,401 78.502 28,583 6.494 6.648 22,616 1.988 17,145 600 1,619 20,514 2,742 41,738 85,960 2,357 7.656 182,489 58,759 24,610 3,680 2,407 7,257 6,392 11.313 574 6,351 791 90 82 493,563 304,859 493,563 304.859 Analy818 by fvnd Unreslricled ftJnd$- general Reslricled lundg 422,363 71,200 241.477 83,382 493,563 304,859 Included ¥Mthin legal and professional lees are payment3 to th? auditor¥ of £6,3SO12021'. £5,825) for aud fees and £6,95512021,' £4,955} for other services. Tru$tse$ Nctne of the trustees IOT any per80n8 connected with them) recgived any remuneration or benefits from Ihg charity during the year. 19- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2022 Employegs Numbor of employ••$ The average monthly number of employoe$ during the year was.. 2022 Numbar 2021 Numbor AdmSnislrative Flnance Management Employment C￿ta 2022 2021 Wages and salade8 Social 3e¢urily costs Other penslon co$1$ 174,384 10,298 3,719 189,251 9,658 3,580 188,401 182.489 Thore were no employees whose annual remuneratyon wa$ £60,000 or more. 10 N•t g•lnslllo•¥o81 on Inv•stm•nts Unrnstrlcted UnreBldcled fund8 fvnds 9on•ral general 2022 2021 Revaluation ol inve81men18 Gainlllossl on sale of investments 513 5,37S 37,220 11,419 5,888 48,639 11 Taxation The company, by being a registored charity, is not liabbe lo UK Corporation Tax or Capital Gains Tax 80 long as the in¢om& f( receives is applied for charitable purposes. There 13 therefore ne tax charge In the financial ststement$. -20- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 12 TangIb￿ fixod assets Frn•ho Pmp•rty 8 L•M•hold Llghtlng Prop•rt>t Equlpmmt FlK￿r•I. Flttlng• a Equlpm•mt Totll Cost Al 1 April 2021 Additions 561,925 2,004.031 22.169 189.650 157.471 1,188 2,913.077 23.357 Al 31 Marth 2022 561.925 2,026.200 189.650 158.659 2,936.434 D•pr•clatlon and Impilrnwnt Al l April 2021 D8precialion charged in the year 213.605 1,456.751 8.347 48.025 97,882 18.353 111,923 3.777 1,880.161 78.502 Al 31 March 2022 221.952 1.504.776 116,235 115.700 1,958,663 C•rrylng •mount Al 31 March 2022 339.973 521.424 73.415 42,959 977.771 At 31 Marth 2021 348.320 547.280 91.768 45.$48 1,032.916 13 Flx•d *•s•t Imi•8tmonts Ll•t•d Investments Cash In portfollo Totsl Co•t or valuatlon At 1 April 2027 Additions Valuab'on changes Disposals 183,030 105,286 513 {98,260) 5.378 188,408 105,288 513 (99,0621 (8021 At 31 March 2022 190,569 4,576 195.145 Carrylng amount At 31 March 2022 190.569 4.578 195,145 At 31 March 2021 183,030 5.378 188,408 All investments are carried al fair value. ￿$ted investrnents C¢ynprise of equities. ffixed intere81 and other securitses which are all traded in quoted public mark8t$ for vthith pri¢¢$ are readily availablg. 21 GEORGIAN THEATRE {RICHMONDI TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 14 Stock5 2022 2021 Fini3hed good8 and goods for resalg 2.684 3,065 15 Debtors 2022 2021 Amounts falllng dug wlthln one ygar: Other debtors Prepayments and a¢uued in¢ome 203 11,501 2,883 41,111 11,704 43,994 16 Cradltors: amounts falllng duo wlthln ono y•ar 2022 2021 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 1,419 1,564 6,716 57,571 4,796 13.679 6,271 61,345 67,270 88,091 Income received and deferr¢d in the current year amounted 10 £42.555 12021 £7001 and the amount released fr¢rn the previous period amc•unted lo £23,593 {2021- £nill. -22- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 17 Restrlcted funds Th& income funds of thè tharity indude restricted funds Comprising the following unexperKlgd balances of legaoes and grants held on trust for sp8cifio purpows: Mov•mènt in funds Incoming Resources rvour¢u ￿pended Mov•m•nt In lund$ Balance at I Aw412020 TTanthr4 Balance at IncowNng Re80urcos •xp•nded Twansfer¥ Bala￿￿ at 31 March 2022 1 Aprfl 2021 Paul Iles Learning Centre Fund HLF Woodland Scenery Fund HLF Leaming Centre and Museum Fund The Liz and Tèrry 8ramall Foundation an¢J s￿￿a Cralhorne Memorial Trust Fund Restoration Fund Hamish Ogston Foundation- Audltorfum Devetopmenl Projed Heating and Ventilab'on Project Othor 137.957 33.966 150,372 {4,1291 {117,4TT) (2,3931 {31,573) 15,0471 {145,325) 16,351 16,351 64,372 15.000 50,000 14031 (45,3791 {6,4341 68.993 8.163 50,000 11.429 146,409} 119,5131 72,584 79 375,000 79,750 1362,949) {70,955) 12.051 8.795 (12,051} 18,7951 {1,0001 15.2781 2.222 401,667 504,347 163,3821 1728,279) 114,353 69,929 171,21K)1 121,846} 91,236 -23- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 17 Restricted funds {Continuedl The Paul Iles Learning Centre Fund was eSta￿iShed in 2012 by a legacy rerEived from Ihe estate of Paul Ile5. a former as80clat8 director of the charity, to fund the dgvglopmgnt of a new Leaming Centre al the Georgian Theatre. The HLF Leaming Centre and Museum Fund was establis￿ in 2016 followng the award of a grant by the Heritage Lottery Fund towards the development of the Paul 11gs Lgaming Conlre. Th8 HLF Woodland Scenery Fund was established in 2016 following the award of a grant by the Heritsge Lottory Fund towords conseNing and sharing the heritage of the WoDdland Scene., Britain's oldest sel of scenery. Transfers were made from thè above three funds in Ihe prior year to reflect thal all grant eonditions havè baan fU￿illed in resped of capital expenditure. The LE and Terry Bramall Foundation and Sylwa Crathorne Memorial Trust Fund was èstablished by grants from the charities towards the rgcruitment and ongoing èmpk)ymènt costs of the Chief Executive of the Georgian Theatre Royal. Monies raised from the reslorafjon levy charged on Box officè ticket sales are allocalod lo the R8StoraUon Fund which Is used for restoring and maintaining the Ihoatre. The Hamish Ogslon Foundation provided a grant in the prior year totalling £375,000 to bè used for the tharivs Auditorium Development Project, arKI in partiojlar capital works improving the theatre's seats"ng. of the expenditure was incurred by the year4nd and satisfied the conditions of the granl. and therefore the capital expenditure has been transferred lo the unreStr￿ed fvnd. The Heating and Venlilation Project has been supported by The Theatre Trust1£20,0001, The Foyle Foundation {£25,0001, Normanby Charitable Trust1£10,0001 and The Pilgrim TnJst1£24,7501. The project is part of thg wider Auditorium Dèvelopment Projecl and expenditure has been incurred on rgpla¢gmènt of boilers, a new building manag8ment system, and a new healing and venlilalion system. Ml expendiiure was incurrod by the year-end and satisfied the conditions of the grants. and therefore ihe capital expenditure has been transferred to the unrestricted fund. -24- GEORGIAN THEATRE (RICHMOND) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2022 18 Analysis of net ass•ts bet*wn fund¥ Unr•strlcted R•8trict•d funds fund 2022 2022 Total unrestn.cted Restricted funds lunds 2021 2021 Total 2022 2021 Fund balances at 31 March 2022 are iepresented by". Tanglble assets Investments Current asset¥l 977,771 195.145 977.771 195.145 1.032,916 188.408 1.032,916 188,408 33.101 91,236 124,337 22.539 114,353 136,892 1.206,017 91,236 1,297.253 1,243,863 114,353 1,358,216 19 Op•rntlng l•a•• ¢ommltr)onts At the reporting end dale the chanty had outstanding commrtmentj for future mlnlmum lease payments under non-cancellabl• opernty'ThJ1•48•$. vthlch fall due 4$ follow8: 2022 2021 Within one year B¢￿en and fiv¢ year5 In over five yearg 8,101 4,404 3,1S0 8.101 4,404 3.251 15,655 15.756 20 R•lat•d party tran#*¢tloM Rgmun•raUon of k•y min*gem•nt p•rnonn•l The remuneration of key management personnel i¥ 8¥ fo11ry￿. 2022 2021 A99￿9#1• compensation 46,409 45.379 There were no di8ek*sable related party trartsactiong durin9 the year12021- none). 25- ## **Document Activity Report** ## **Document Sent** Wed, 24 Aug 2022 12:47:24 GMT ## **Document Activity History** Document history shows most recent activity first ## **Date** ## **Activity** You can verify that this is a genuine Portal document by uploading it to the following secure web page: **http://kennetheasby.accountantspace.co.uk/messages/VerifyDocument**