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2023-03-31-accounts

Charity registration number 247005

Company registration number 00646151 (England and Wales)

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M J Bryant Mrs K Field The Hon. C Stanley Mr N Tooze Mr M J Robinson Mr J Brown Lord Crathorne Mr C Grant Ms A Shields (Appointed 11 November 2022) Honorary Secretary Mrs P Kassell Honorary Treasurer Mr N Tooze Patrons His Majesty King Charles III and Her Majesty Queen Camilla President Dame Judi Dench Chairman Mr M J Bryant Charity number 247005 Company number 00646151 Principal address Victoria Road Richmond North Yorkshire DL10 4DW Registered office Victoria Road Richmond North Yorkshire DL10 4DW Auditor Xeinadin Audit Limited 1 City Road East Manchester M15 4PN Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment advisors Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 23

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity’s objects are the management of the Georgian Theatre, Richmond, North Yorkshire, to restore and preserve the building, and to advance education by encouraging and promoting the study, knowledge, understanding and appreciation of Dramatic Art, in particular at the building known as "The Georgian Theatre" in the town of Richmond, North Yorkshire.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Georgian Theatre (Richmond) Trust Limited exists 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 eighteenth century country playhouse and as such is a living theatre museum.

Vision and Activities

The vision of the charity is to provide a range of opportunities for people across all age groups to experience, learn about and enjoy The Georgian Theatre Royal and to understand its historic context, its unique significance, and its contribution to modern day theatre. The significant activities undertaken to achieve this vision include the delivery of Youth Theatre sessions – to 100 young people per week – providing the members training in all areas of theatre and stage craft. There are also lots of performance opportunities for young people, which include working with local schools, performing in the in-house pantomime, and partnership work with local organisations.

The Theatre further provides education through its purpose as a museum where it preserves and exhibits scenery, playbills, and information from eighteenth and nineteenth century theatre to educate and entertain the public. The Georgian Theatre Royal has Arts Council museum accreditation. For most of the year the Theatre’s dedicated team of volunteer guides offers up to 36 tours per week, allowing access to numerous visitors and groups, including tourists, students, societies, and members of the local community.

The charity’s mission is to build on past success in conserving and developing The Georgian Theatre Royal as a distinctive theatre with something exciting for everyone. This is achieved through imaginative and creative approaches to learning, tourism and our Georgian heritage while continuing to provide a varied artistic programme.

The Georgian Theatre Royal produces an annual programme of both professional and community work that is both diverse and of high quality. The company provides an entertaining mix of acts and events across all art forms with accompanying outreach, workshops, and education activities where possible. The charity offers an opportunity to the community to participate in performances through the Youth Theatre, local schools, and through local festivals in a historic theatre supported by professionals in the theatre business.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

The main aim of the 2022/23 financial year was to build on the increased income generation from the charity’s earned income, reducing the need for support funding. Substantial progress has been made in this objective since 2016, where the gap between income and expenditure has closed significantly. The Theatre’s new auditorium seating and improved assets provide the platform for an increased and more diverse range of activities, and increased revenue.

The positive feedback continued from audiences enjoying the new seating, achieved through the Auditorium Development Project funded by the Hamish Ogston Foundation. In the comfortable seats, audience members enjoyed performances throughout the year, including live performances from a variety of theatre companies, including Lip Service, Heritage Opera, History Wardrobe, Thunder Road, Gonzo Moose, Mikron and DOT Productions.

Richmond Amateur Dramatic Society brought us wonderful performances with Lord Arthur Savile’s Crimes, Stepping Out and a Midsummer Night’s Dream. Richmond Operatic Society regaled us with the sure-fire hits of Carousel and Calendar Girls.

The Theatre hosted a joyous collection of school productions from Richmond School and Sixth Form, including exam pieces and performances from their drama club. Mowbray School – a local primary school that cares for children with learning difficulties – performed a delightful piece called ‘Hoodwinked’. The Theatre will be hosting more performances from the school in the future.

The in-house pantomime this year was ‘Pinocchio’, which was well-received by audiences and broke box office records. Nick O’Connor returned as the dame, and there was a mix of previous performers and newcomers to the Georgian, but it was the Young Company who remained, as ever, the stars of the show.

Youth Theatre members have been very active, enjoying regular sessions with the new Youth Theatre Officer, and additional guest workshops. Elysium Theatre Company delivered a workshop for senior students which focused on - the theory of acting. A creative writing and wellbeing workshop for 11 24 year olds called ‘Lonely Not Alone’ was attended by students from the Youth Theatre and local schools. It provided the opportunity for students to write and express their feelings.

The Georgian Theatre Royal continues to play a vital part in the artistic and social lives of the various communities it serves. We remain grateful to the support received from our Friends, and for the partnership working we undertake with local attractions and community groups.

The many and varied achievements continue to be delivered by a committed and passionate team of staff and volunteers at The Georgian Theatre Royal. There are currently eight members of staff and 80 volunteers who work tirelessly to deliver the Theatre’s educational, cultural and heritage provision. The team is supported by a most engaged and resourceful Board of Trustees. It is through the dedication and hard work of all those involved at The Georgian Theatre Royal that the charity’s objectives continue to be fulfilled, and the board, staff and volunteers may be seen as an extended team who truly love this unique theatre.

Financial review

The Statement of Financial Activities shows net expenditure for the period of £72,558 (2022: net expenditure of £60,963), including total investment losses of £10,654 (2022: net gains of £5,888). The unrestricted fund recorded net expenditure (before transfers and investment gains) of £83,659 (2022: £65,580). Total funds at 31 March 2023 were £1,224,695 compared to £1,297,253 in 2022, including restricted funds of £112,991 (2022: £91,236) and unrestricted funds of £1,111,704 (2022: £1,206,017).

The principal funding sources of the charity in the year were: Donations and voluntary income of £88,043, box office income of £232,396 and project grant income of £62,000. The grant income was primarily provided by Sylvia Crathorne Memorial Trust and The Liz and Terry Bramall Foundation to finance the employment costs of the Chief Executive. The support of our grant providers and private donors is essential to supplement the Box Office income and enable the charity to provide a diverse and high quality programme.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Reserves

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Investment Policy

The Board of Trustees have delegated decision making on investment matters to the Chief Executive and the Hon. Treasurer who meet with the Trust's investment managers at least annually to discuss the performance. The Trust's Investment Policy is reviewed by the Finance Committee and approved by the Board of Trustees annually.

The cashflow forecast is reviewed regularly to ensure there is sufficient liquidity for operational needs. A significant part of the Trust's assets is invested through its investment managers for the long term on a total return approach, in a diversified range of asset classes. The aim is to generate a capital return over the long term and after expenses of at least the RPI in order to maintain the real value of the Trust's assets. The investment managers also aim to at least match the performance of the major benchmark indices and their own composite benchmark.

Risk factors

The charity’s fundraising campaign – ‘A Living Theatre: Give for Then, Now and Tomorrow’ – continued throughout the year and donors maintained their generous monthly donations. Cash flow remains healthy and is anticipated to remain buoyant for at least the next two years. The Future Funding Group, a sub-committee of the Board, continues to actively seek fundraising opportunities to ensure the deficit gap forecast from beyond 2024 will be filled.

The importance of legacies was highlighted during the year and a legacies drive is underway through the creation of a brochure. Copies are available at the Theatre and have been distributed to local solicitors. An information event is in the planning stage with local solicitors to be held at the Theatre.

Plans for future periods

The Trustees have discussed their vision and ambition for how the Theatre should develop over the next 10 years, following the refurbishment of the auditorium and a successful year of consolidation post-COVID. A three-year Business Plan (2023-2026) aims to progress this vision by focussing on the following key areas over the next three years:

Profile: Raise the profile locally, regionally and nationally through the Artistic Programme, Partnerships and a new Marketing Strategy.

People: Ensure we have enough people with the rights skills on the Staff Team and amongst the Volunteers and Trustees.

Building: Maintain the historic building, improve Environmental Sustainability, and explore the potential for capital works projects on the front of house to improve the visitor experience and increase commercial income.

Financial Sustainability: Increase existing earned income streams, identify new ones, and focus on increasing regular giving, donations and legacies.

As ever we remain especially grateful for the commitment, hard work and strategic leadership of our Chief Executive, Clare Allen.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

The charity is a company limited by guarantee, and is governed by a Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr M J Bryant Mrs K Field The Hon. C Stanley Mr N Tooze Mr M J Robinson Mr J Brown Lord Crathorne Mr C Grant Ms L Bird (Resigned 23 January 2023) Ms A Shields (Appointed 11 November 2022)

The board of trustees has the power to appoint additional trustees as it considers appropriate.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Trust members appoint a strategic board which currently consists of eight Trustees from a variety of backgrounds relevant to the governance of the charity. The board meets quarterly and has overall responsibility for the operation of the charity. The board is ultimately responsible for the strategic direction of the Georgian Theatre Royal and works through an agreed business plan, which has been drawn up in the first instance by the Theatre’s Chief Executive.

The Chief Executive leads a small staff team and has overall responsibility for their performance and management. She is held to account by the board through the provision of detailed reports at every meeting and the board works closely with her to ensure that the charity’s objectives are met, and resources deployed as effectively and efficiently as possible.

Members of the board receive induction from the Chair and Chief Executive and the board receives occasional training in relation to its responsibilities and organisation. The Trustees are members of various sub-committees to provide a more detailed focus on specific areas, such as Finance and Future Funding. When required, a sub-committee will be introduced to oversee a specific project, such as with the recent Auditorium Development Project funded by The Hamish Ogston Foundation, to provide greater focus and to ensure controls are in place around costs and income.

Pay and remuneration of the Chief Executive and staff is reviewed annually taking account of relevant comparators, the business plan and what is usually a challenging financial position.

In recent years the Chair and board have undertaken a review of the various kinds of skills and experience that are deemed relevant to the operation of the Theatre, and we believe we have been very successful in putting together members of a board who work well as a team in conjunction with staff and volunteers alike.

The trustees are indebted to the many volunteers for their commitment and support.

Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the trustees has confirmed that there is no information 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 trustees' report was approved by the Board of Trustees.

Mr M J Bryant

Trustee

28 July 2023

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The trustees, who are also the directors of Georgian Theatre (Richmond) Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

Opinion

We have audited the financial statements of Georgian Theatre (Richmond) Trust Limited (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 financial statements section of our report. We are 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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 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 as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

Xeinadin Audit Limited

28 July 2023

Accountants Statutory Auditor

1 City Road East Manchester M15 4PN

Xeinadin Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations, legacies
and core grants 2 88,043 - 88,043 154,498 8,500 162,998
Charitable activities 3 250,766 62,000 312,766 172,686 50,000 222,686
Other trading
activities 4 58,980 13,612 72,592 38,638 11,429 50,067
Investments 5 3,309 - 3,309 2,252 - 2,252
Total income 401,098 75,612 476,710 368,074 69,929 438,003
Expenditure on:
Raising funds 6 15,476 - 15,476 11,291 - 11,291
Charitable activities 7 469,281 53,857 523,138 422,363 71,200 493,563
Total expenditure 484,757 53,857 538,614 433,654 71,200 504,854
Net gains/(losses) on
investments 10 (10,654) - (10,654) 5,888 - 5,888
Gross transfers
between funds - - - 21,846 (21,846) -
Net movement in funds (94,313) 21,755 (72,558) (37,846) (23,117) (60,963)
Fund balances at 1 April
2022 1,206,017 91,236 1,297,253 1,243,863 114,353 1,358,216
Fund balances at 31
March 2023 1,111,704 112,991 1,224,695 1,206,017 91,236 1,297,253

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 900,248 977,771
Investments 13 186,235 195,145
1,086,483 1,172,916
Current assets
Stocks 14 3,497 2,684
Debtors 15 18,017 11,704
Cash at bank and in hand 186,714 177,219
208,228 191,607
Creditors: amounts falling due within
one year 16 (70,016) (67,270)
Net current assets 138,212 124,337
Total assets less current liabilities 1,224,695 1,297,253
Income funds
Restricted funds 17 112,991 91,236
Unrestricted funds - general 1,111,704 1,206,017
1,224,695 1,297,253

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 28 July 2023

Mr M J Bryant Trustee

Company registration number 00646151

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Georgian Theatre (Richmond) Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Victoria Road, Richmond, North Yorkshire, DL10 4DW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

Management have developed the 2023 - 2026 Business Plan to guide the charity through the next three years and this is monitored closely by the Board and CEO. On the basis of their assessment of the charity's current financial position, the Business Plan, committed grants/donations and cash flow forecasts through to 31 March 2024 and beyond, the Trustees have a reasonable expectation that the charity will be able to continue in operational existence for the foreseeable future. As a result the financial statements have been prepared on a going concern basis.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are received for a particular purpose. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grant income is recognised when receivable except when the donor imposes conditions which have yet to be fulfilled before the charity becomes entitled to use such income.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Deferred income also relates to Box Office and wedding income deferred to the period in which the event it relates to occurs.

Income from bar sales, guided tours and other trading is recognised when receivable by the charity.

Investment income is recognised when receivable by the charity.

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Costs of raising funds comprise the costs associated with attracting donations and the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold Property & Improvements 50 years straight line basis Leasehold Property Improvements Straight line basis over the unexpired lease term Lighting Equipment 20% reducing balance basis Fixtures, Fittings & Equipment 3-20 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Donations, legacies and core grants

Unrestricted Unrestricted Unrestricted Unrestricted Restricted Restricted Total
funds funds funds
general general
2023 2022 2022 2022
£ £ £ £
Donations and gifts 71,015 74,151 8,500 82,651
Legacies receivable 2,344 12,765 - 12,765
Grants receivable for core activities 14,684 67,582 - 67,582
88,043 154,498 8,500 162,998
Grants receivable for core activities
Richmond Town Council 1,125 1,125 - 1,125
Arts Council England - Emergency Response and
Culture Recovery - 26,200 - 26,200
Richmondshire District Council - COVID Support 1,059 21,810 - 21,810
Coronavirus Job Retention Scheme - 16,947 - 16,947
J H Rausing Trust 10,000 - - -
Apprenticeship Scheme 2,500 1,500 - 1,500
14,684 67,582 - 67,582

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Charitable activities

Charitable Charitable Charitable Charitable
activities activities
2023 2022
£ £
Box office income 232,396 159,443
Youth theatre income 18,370 13,243
Project grants 62,000 50,000
312,766 222,686
Analysis by fund
Unrestricted funds - general 250,766 172,686
Restricted funds 62,000 50,000
312,766 222,686
Performance related grants
The Liz and Terry Bramall Foundation and Sylvia Crathorne Memorial Trust Fund 50,000 50,000
The Normanby Charitable Trust 5,000 -
The Jack Brunton Charitable Trust 2,000 -
Theatres Trust/ The Linbury Trust 5,000 -
62,000 50,000

4 Other trading activities

Unrestricted Restricted **Total ** Unrestricted Restricted Total
funds funds funds funds
general general
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Bar, ice cream and
catering income 36,260 - 36,260 22,258 - 22,258
Rental income 8,300 - 8,300 6,000 - 6,000
Ancillary trading income 14,420 - 14,420 10,380 - 10,380
Restoration levy - 13,612 13,612 - 11,429 11,429
Other trading activities 58,980 13,612 72,592 38,638 11,429 50,067

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Investments

**Unrestricted ** Unrestricted
funds funds
general general
2023 2022
£ £
Income from listed investments 3,060 2,249
Interest receivable 249 3
3,309 2,252

6 Raising funds

**Unrestricted ** Unrestricted
funds funds
general general
2023 2022
£ £
Trading costs
Bar, ice cream and retail costs 14,159 9,891
Investment management fees 1,317 1,400
15,476 11,291

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Charitable activities

Direct Direct
Charitable
Charitable
Expenditure Expenditure
2023 2022
£ £
Staff costs 199,402 188,401
Depreciation and impairment 78,620 78,502
Property running costs 29,977 28,583
Office supplies and running costs 5,711 6,494
Marketing and advertising costs 12,071 6,648
Repairs and maintenance 10,201 22,616
Computer consumable expenses 2,369 1,988
Legal and professional fees 14,728 17,145
Staff recruitment and training 845 600
Sundry expenses 2,662 1,619
Irrecoverable VAT 15,937 20,514
Bank charges 3,455 2,742
Production share to visiting companies 76,667 41,738
In house production expenses 59,827 65,960
Youth theatre expenses 3,946 2,357
Brochure publication costs 6,720 7,656
523,138 493,563
Analysis by fund
Unrestricted funds - general 469,281 422,363
Restricted funds 53,857 71,200
523,138 493,563

Included within legal and professional fees are payments to the auditors of £4,600 (2022: £4,375) for audit fees and £8,465 (2022: £8,930) for other services.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

9 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:
2023 2022
Number Number
Administrative 6 6
Finance 1 1
Management 1 1
8 8
Employment costs 2023 2022
£ £
Wages and salaries 184,381 174,384
Social security costs 11,139 10,298
Other pension costs 3,882 3,719
199,402 188,401

There were no employees whose annual remuneration was £60,000 or more.

10 Net gains/(losses) on investments

**Unrestricted ** Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Revaluation of investments (10,163) 513
Gain/(loss) on sale of investments (491) 5,375
(10,654) 5,888

11 Taxation

The company, by being a registered charity, is not liable to UK Corporation Tax or Capital Gains Tax so long as the income it receives is applied for charitable purposes. There is therefore no tax charge in the financial statements.

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Tangible fixed assets

Tangible fixed assets
Freehold Leasehold Lighting Fixtures, Total
Property & Property Equipment Fittings &
Improvements Improvements Equipment
£ £ £ £ £
Cost
At 1 April 2022 561,925 2,026,200 189,650 158,659 2,936,434
Additions - - - 1,097 1,097
At 31 March 2023 561,925 2,026,200 189,650 159,756 2,937,531
Depreciation and impairment
At 1 April 2022 221,952 1,504,776 116,235 115,700 1,958,663
Depreciation charged in the year 8,337 51,696 14,685 3,902 78,620
At 31 March 2023 230,289 1,556,472 130,920 119,602 2,037,283
Carrying amount
At 31 March 2023 331,636 469,728 58,730 40,154 900,248
At 31 March 2022 339,973 521,424 73,415 42,959 977,771

13 Fixed asset investments

Listed Cash in Total
investments portfolio
£ £
Cost or valuation
At 1 April 2022 190,569 4,576 195,145
Additions 26,780 3,831 30,611
Valuation changes (10,163) - (10,163)
Disposals (29,358) - (29,358)
At 31 March 2023 177,828 8,407 186,235
Carrying amount
At 31 March 2023 177,828 8,407 186,235
At 31 March 2022 190,569 4,576 195,145
14 Stocks
2023 2022
£ £
Finished goods and goods for resale 3,497 2,684

GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Debtors

Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 253 203
Prepayments and accrued income 17,764 11,501
18,017 11,704

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023 2022
£ £
Other taxation and social security 3,059 1,419
Trade creditors 1,940 1,564
Other creditors 6,155 6,716
Accruals and deferred income 58,862 57,571
70,016 67,270

Income received and deferred in the current year amounted to £44,165 (2022 - £42,555) and the amount released from the previous period amounted to £43,255 (2022 - £23,593).

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GEORGIAN THEATRE (RICHMOND) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

18 Analysis of net assets between funds
Unrestricted
Restricted
**Total **		 Unrestricted
Restricted
Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 31
March 2023 are
represented by:
Tangible assets
900,248		 - 900,248 977,771 - 977,771
Investments
186,235		 - 186,235 195,145 - 195,145
Current assets/(liabilities)
25,221		 112,991 138,212 33,101 91,236 124,337
1,111,704 112,991 1,224,695 1,206,017 91,236 1,297,253

19 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023 2022
£ £
Within one year 4,101 8,101
Between two and five years 403 4,404
In over five years 3,050 3,150
7,554 15,655

20 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 46,923 46,409

There were no disclosable related party transactions during the year (2022 - none).

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