Registered number: 00524845 Charity number: 248680 COPY FOR COMPANIES HOUSE THE HAVERING THEATRE TRUST LIMITED (A cornpany limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) CONTENTS Page Reference and adminislralive delails of the Charily, its Trustees and advisers Trustees, report 3-15 Trustees. responsibilities statement Independent auditors. report on the financial stalements 17-20 Consolidated statement of financial activilies 21 Consolidated balance sheet 22-23 Charity balance sheei 24-25 Consolidated statement of cash flows 26 Notes to the financlal statemenls 27-46 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Truslees Julie Parker {resigned 26 June 2024) Sara Thompson {resigned 16 November 2023) Timothy Walford-Fitzgerald {resigned 16 November 2023) Paul McGeary (resigned 9 May 2024) David Shearing {resigned 25 March 2024} Amanda Barker (resigned 19 April 20231 Dominic Hedges Neha Issar-8rown Sonja Lahiff Melvin Wallace Carlotta Redi {appointed 15 May 2023) Richard Margrave lappoinled 15 May 2023) Jeanette Tullock-Jordan (appointed 22 May 2023) Paul Middleton (appointed 24 January 2024) James Higenbottam-Taylor (appointed 29 January 2024) Philip Cooke (appointed 19 February 2024) Jeremy Roger Evans, Chair (appointed 26 February 20241 Lauren Gee (appointed 5 March 2024) Trevor McKeever (appointed 11 July 2024) John Wood (appointed 12 July 2024) Seema Jassal (appointed 19 February 2024) Helen Maddison (appointed 3 April 2024) Lisa Wright {appointed 3 April 2024) Company reglstered number 00524845 Charity reglstered number 248680 Registered offlce Queen's Theatre Billet Lane Hornchurch Essex RM11 1QT Chief executive ofllcer Matthew Russell (to 2 May 2024) James Watson {inlerim from 3 May 2024 10 30 June 2024) Andrew Shepherd (from 1 July 2024) Independent audiiors Griffin Chapman Chartered Accountants 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Page 1 THE HAVERING THEATRE TRUST LIMITED {A company limiled by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARtTY, rrs TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Bankers National Westminster Bank plc South Slreet Romford Essex RM1 1RD Page 2 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting F)olicies set out in note 2 to the financial statements and comply with the Charity's Trusl Deed of 1953, the Companies Act 2006, Ihe Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland elfective 1 January 2019 (The FRS 102 Charities SORP). STRUCTURE, GOVERNANCE AND MANAGEMENT The Havering Theatre Trust is a registered charity limited by guarantee incorporated on 19 October 1953. Trustees are appointed by the Board. The constitution provides for between six and twenty Trustees, each Member having liability of not exceeding £1. Changes during the year London Borough ol Havering nominatlons Up to three Trustees are direcl nominations made annually by the London Borough of Havering. Following nominations by London Borough of Havering, Cllrs Paul McGeary was reappointed for a further year in May 2023, Cllr Paul Middleton was appointed in January 2024. Cllr McGeary resigned in May 2024. There are currently vacancies for two Councillors. Note aboul terms of service for Trustees Trustees not norninated by the London Borough of Havering are appointed for a maximum of two three-year periods. Senior Management Mathew Russell Chief Executive - resigned 2nd May 2024 Andrew Shepherd - Chief Executive - from 1 sl July 2024 QTH appointed 3 new Creative Directors in July 2023. Alex Thorpe, Kale Lovell and Aisling Gallagher. James Watson - Director ol Communities, James Jackson - Project Direclor for Havering Changing and Jennifer Bartle Interim Director of Audiences and Development completed the new Senior Leadership Team. After seven highly successful years at QTH Mathew Russell announced his resignation as CEO with effect from 3rd May 2024. A recruitment process was held and it was announced that Andrew Shepherd would be joining as CEO with effect from 1 st July 2024. Governance The Trustees meet as Ihe Board no less than five times per year lo consider, and if appropriale to approve, artistic, financial, and administrative reports, and to consider and agree strategy and areas ot activiiy for Ihe Trust. The Trustees have established a Finance and General Purposes Sub-committee to undertake delailed consideration of the Trusl's finances and operations as appropriate, a Fundraising Committee, Environmental Responsibility Committee, Inclusivity & Relevance and Catering Committee. Finance and General Purposes Committee The Board delegates to a Finance and General Purpose Subcommittee the detailed scrutiny of reports and budgets. The Finance and General Purpose Committee makes recommendations to the Board based on this scruliny. The membership of the Finance and General Purposes Subcommittee in Ihis period was as follows: Page 3 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Julie Parker- Chair- until 27th June 2024 Tim Walford-Fitzgerald - resigned 8th November 2023 Melvin Wallace David Shearing - resigned 20th March 2024 Daniel Gearing Ico-optee) Mark Wright Ico-opleel resigned 20th March 2024 Frances Whilecead (co-opleel resigned 20th March 2024 James Taylor - appointed 25th March 2024- Chair with effect from 27th June 2024 Richard Margrave - appointed 25th March 2024 Helen Maddison - appointed 3rd April 2024 Fundraising Committee To support the Main Board and Executive team in the development and oversight of Queen's Theatre Hornchurch's Fundraising Strategy and objectives. The membership of the Fundraising Subcommittee in this period were as lollows:_ Sonja Latiff - Chair Sara Thompson - resigned 6th November 2023 Melvin Wallace Natalie Chan - resigned 25th May 2023 Carlotta Redi - appointed 25th May 2023 Lauren Gee - appointed 26th March 2024 Sara Thompson - (co-optee) June Fitzgerald - {co-optee) Conor Dye - {co-optee) Envlronmenlal Responsibilily Committee To promote and deliver the need for environmental responsibly in QTH'S work. in the communities il works with. partners and audiences. The membership of Ihe Environmental Responsibility Subcommittee in this period was as lollows- David Shearing - Chair- resigned 21st March 2024 Sara Thompson - resigned 15th November 2023 Dominic Hedges- Chair with effecl from 11th June 2024 Phil Cooke - appointed 21 st March 2024 Cllr Paul McGeary- resigned 9th May 2024 Cllr Paul Middleton - appointed 21 st March 2024 Daniel Jones Ico-optee) Paul Burgess {co-optee) Incluslvity and Relevance Committee To Shape and influence the development and delivery of QTH'S inclusivity and relevance strategy. The membership of the Inclusivity and Relevance Subcommittee in Ihis period was as follows= Neha Brown - Chair Julie Parker- Until 27th June 2024 Andrea Cunningham - resigned January 2023 Amanda Smethurst- resigned 20th April 2023 Jeanette Tullock-Jordan- appointed 24th August 2023 Richard Margrave - appointed 24th August 2023 Seema Jassal - appointed 19th March 2024 Lisa Wright- appoinled 19th April 2024 Page 4 THE HAVERING THEATRETRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Executive pay at the Theatre aims to: Recruit and retain lalenled individuals to lead and further develop a rapidly growing organisation,. and Develop and sustain high perlormance. The Board of Trustees is responsible for the setting of Executive Pay following periodic review. Pay for senior stall reflects the market for comparable jobs in comparable organisalions, the level of knowledge, skills and experience required and the responsibilities and accountabilities associated with each role and the performance of the charity. The Charity's key management personnel in the year consists of the membership of Ihe full senior leadership team ISLTI and the full senior management team ISMT). Funding Context London Borough of Havering remains one of the Trust's two principal funders. Quarterly review meetings and reporting are held with the Havering Council Cabinet member responsible for Cullure. with officers in allendance. The London Borough of Havering also makes a small grant in respect of educational work, especially Ihe youth programme Qyouth. In addition the Trust administers a grant for minor maintenance of the Queen's Theatre Hornchurch {QTHI building on behalf of the London Borough of Havering, its owner. This arrangement continues, allhough Ihere has been no increase in the grant since the start of the arrangement. and it is increasingly difficult to meet Ihe maintenance needs of the building. Funding was received from Arts Council England, as part of the Arts Council's National Portfolio (ACE NPOI for 2019-22, extended for 22-23 year. QTH were successful in receiving a 71°/0 increase to ACE funding for 2023- 2026. OBJECTIVES AND ACTIVITIES In accordance with the Memorandum and Articles of Association, the objects of the Havering Theatre Trust (Queen's Theatre Hornchurch) are: "to promote, maintain, improve and advance educalion and the Arts particularly by the production of plays and the encouragement of the Arts including ihe arts of drama, mime, dance. singing and music" Queen's Theatre Hornchurch (QTH) is the only professional producing Ihealre in Ihe region. from Stratford in the west lo Colchesler in the easl. Audiences come from throughout the sub-region and Ihe organisation is an inspiring and emblematic cultural centre for the people of outer East London and South Essex. During the year-_ QTH opened our regional premiere Theatre Nation Partnerships production of Sucker Punch by Roy Williams prior to going on a national tour. Our European and UK premiere production of The Book of Will by Lauren Gunderson co-produced with Octagon Theatre Bolton and Shakespeare North Playhouse played to our audiences to crilical acclaim before transferring to our partner theatres. Spare Tyre in association with QTH and Havering Changing produced On the Beach made for people living with dementia and Iheir carers that opened at QTH prior to a community tour. Rifco's Happy Birthday Sinita performed for 1 week with 51°/o of the audience identifying as global majority + Hosted 2 weeks or work experience reaching 36 young people Page 5 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Supported New City College with Iwo end of year showcases + Hosted a Galley Day as part of our Public Acts activity • New Beginning saw 206 young people engage and develop work. 26 of whom performed in the final live performance • Delivered a sold out summer programme including Play in a Week and 4 Create & Play workshops • Saturday sessions Qyouth on the Hill at MyPlace started for 11 regular attendees fund by National Lottery as part of Havering Changing takeover • In July 2023, QTH held a valuable lrnpact and Insight Toolkit dimenslons workshop for BoardlSLTISMT. and as a result, Counting What Counls are producing a case study about QTH'S early adopier approach to selecting dimensions QTH was shorllisted to the final three for the Excellence in Incluslvlty award al the prestigious national UK Theatre Awards, with our work described as 'an empowering programme io champion under represented voices both on and off slage, The world premiere of commissioned play The Invinclbles by Amanda Whittington opened at QTH, attracted a four stage review in The Stage alongside other lovely reviews, and transferred to the New Wolsey Theatre. The accompanying exhibition was also very well received. • Fiesta, a Havering Changing production supported by QTH, premiered for five performances on stage at QTH, following 6 months of community engagement collecling over 100 personal stories from the public about Orchard Village and Dagenham Ford + The World Premiere of commissioned play Killing Jack by Sadie Hasler opened lo great responses from public and press. + Our Christmas pantomime Dick Whittinglon received 3 nominalions lor Off West End Awards with the award for Best Panto Performance Ensemble shortlisted. + Our world premiere commissioned produclion of Wilko opened to excellent reviews. including in The Guardian and Daily Mail. The 2nd Theatre Nation Partnerships touring production, My Beaulilul Laundrette, rehearsed and opened at Curve Leicester before transferring to QTH. We delivered a celebration evenl on behalf of the NT on Wednesday 6 March, bringing logether the two touring TNP companies (My Beautiful Launderette mid-scale tour, and Jekyll and Hyde schools tour) who were t)oth resident in Hornchurch for the same week. • 5 years in development, over the pandemic, QTH finally cast, rehearsed and made a revival of The 39 Steps in association with commercial producers Fiery Angel. Public Benefit In formulating the charity's aims and in planning its charitable activity. the trustees have had regard to the general guidance published by the Charity Comrnission on public benefil. Queen's Theatre Hornchurch's vision during 202312024 was.. Page 6 THE HAVERING THEATRE TRUST LIMITED {A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Great homegrown theatre at the heart of a changing community Queen's Theatre Hornchurch's mission during 2023124 was to: change the way programming resporbds to the narratives of place and comm unity. make and present a widening range of theatre that connects with differeni people. strategically develop the participatory programme so that it engages existing and new people in deeper ways. enhance the talent development offer to meet local and national needs. modernise and ensure best practice is adopted in every aspect of the ways in which the organisation, building and its staff operate. The theme of populism is key to the delivery of public benefit. Beneficiaries come chiefly from outer Easl London and Essex, and populism paired with the ideal of affordability mean that work is programmed to be accessible both in contenl and cost. SUMMARY OF ACHIEVEMENTS AND PERFORMANCE 2023124 was another exceptional year for Queen's Theatre Hornchurch, wilh 91,958 people watching productions at the Theatre, 32,738 getting involved in participatory aclivity- In April our regional premiere Theatre Nation Partnership production Sucker Punch opened to five star reviews and received two Off West End (Offie) nominations for Set Design and Lighting Design. 19°/o of the audience identified as global fflajorily. The production went out on a nationwide tour and was seen by 7.737 people. Our European premiere of The Book of Will co-produced with Octagon Theatre Bollon and Shakespeare North Playhouse transformed our auditorium into the round. Offie nominated for Best Performance Ensemble, Best Director IPlays}- later shortlisled and Best Movement. QTH was awarded first-time funding from Esme Fairbairn Foundation, an award of £132,400 over 3 years. As part of Havering Cultural Education Partnership hosted The Chlldren Have Spoken conference sharing research from youth voice workshops. Giulia Sangiorgio's Future Laboratory residency was hosted and we welcomed Darren Henley, Arts CoLJncil England CEO to Hornchurch for the first time. In May we announced our Autumn season, the most ambitious to date with seven world premieres. Rifco's Happy Birthday Sinita played with 51010 ol the audience new. and launched Qyouth on the Hill youth theatre at MyPlace. In June we supported Havering Changing lo produce Inked at the Mercury Shopping Centre. Raised £2,400 from a Fundraising Quiz and organised development for comrrlissioned works Fiza Comes Home and Wake Up People. July saw new Creative Directors. Alex Thorpe, Kale Lovell and Aisling Gallagher join, marking a moment in theatre leadership within the induslry. On the Beach, a Spare Tyre production in association with QTH and Havering Changing made for people living with dementia and their carers toured Havering. We hosted a Public Acts Summer celebration and opened a new outdoor seating area for the café. Page 7 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guaranlee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Autumn launched with the world premiere of New Beginning in an innovative partnership with Variable Matter and Central School of Speech and Drama playing lo five star reviews and attracting 46°/o new bookers. This was followed by The Invincibles playing alongside the Women's World Cup attracting national media coverage and transferring to New Wolsey Ipswich. QTH was shortlisted to the final three for Excellence in Inclusivity award at the prestigious national UK Theatre Awards. In October, Flesta, a Havering Changing production supported by QTH premiered following 6 months of community engagement collecting over 100 public stories. The second year of Blueprint saw innovative events staged across the building and Ihe premiere of A Different Class developed during last year's Festival. A Research & Development took place of our commission with Graeae The Wedding Fayre and we hosted Sara Marc for the third Future Laboratory residency. November saw the world premiere of commission Killing Jack open to great responses from audience and press. Dick Whittington was nominated for Best Pantomime Ensemble, Best Panto Pri)duction and Best Newcomer and later shortlisted for the Ensemble award. The world premiere of Wilko in February was a brilliant piece of locally resonant new work and seen by more than 3,700 people. At the 141h Annual Off West End Awards, QTH were nominated for all 9 Off Stage Awards and picked up an extraordinary 4 of them - Best facililies, Most Comfortable. Online Info and Booking and Social Media Presence. My Beautlful Launderette our latest Theatre Nation Partnership production wilh Curve Leicester opened to high praise. March finished on a high note with the National partnering wilh us to tour Jekyll and Hyde into schools across our catchment. QTH worked with Fiery Angel to remake the highly acclaimed The 39 Steps pre an extensive 20 week national tour. Queen's Theatre Hornchurch productions The year opened with a Theatre Nation Partnerships production, produced by QTH, Sucker Punch a tender and funny play by leading Brilish dramalist Roy Williams brilliantly exploring being young and black in the 80's. A nationwide tour of the production followed. ***** "Sucker Punch Is a huge undertaking for the actors. They have to convince as athletes, training and fighting convincingly, whilst completely in character. This they all do to magnetic effect" Soulhend Theatre Scene **** "The list of credits was a more interesting read than usual, including a movement director, fight director, boxing coach, wellness coach and physiotherapist.. some considerable effort has gone into making training and boxing scenes come across as credible, and it pays off in convincing and riveting performances" London Theatre 1 ****., a relevant, enjoyable and spirited piece with Roy Williams. authentic dialogue and realism blended nicely with humour and wlt" Stage Door Joe The European and UK premiere production of The Book of Wlll. by Lauren Gunderson opened at the end of April. A QTH co-production with Oclagon Theatre Bolton and Shakespeare North Playhouse transformed our auditorium into an intimate in-the-round setting offering a unique and immersive audience experience before transferring to Bolton and Prescott. Offie nominated for Best Performance Ensemble, Best Director {Playsl later shortlisted and Best Movement. Page 8 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 **** "Shakespeare's words meant all the world to his friends - and now they share those words with all the world., The Guardian **** "A lot of grit, determination and love comes to light in this lively and charming production." London Theatre 1 **** "A truly fitting trlbute to England s most famous playwrightl- The Usual Chaos Our Autumn season started with a World Premiere New Beginning - a Variable Matter and QTH production in association with Royal Central School of Speech and Drama. A one-of-a-kind 60 minute performance using stunning projections, a newly composed score and soundscape, poetic text and natural materials to immerse audiences in our fulure planel. Exploring the magic of forests and Ihe devastating effect of climate change. From Variable hllatter, the artisl led collective behind The People's Kttchen and The Rising Sun. and direcled and designed by award-winning artist David Sheaiing. During September we opened another World Premiere - The Invincibles by Amanda Whittington. Based on the true story of Sterling Ladies {known as Dagenham Invincibles} the greatest women's football team of World War One. The play performed alongside the 2023 Women's World Cup feaiuring last minute updates to reflect the final whistlel To celebrate the world premiere, the foyer held a unique exhibition telling the story of 150 years of women's football from the pioneering women who played their hearts oul in 1919 to the Lionesses epic summer adventure. **** "Packed with light and shade."The Stage **** Yor anyone following the Lionesses It is a must see"Southend Theatre Scene "Queen's Theatre's stunning perfomiance 'The Invlncibles. celebrates heroic women who dared to face head-on collisions" The Havering Daily **** Our third World Premiere of the Autumn season opened at the end of Oclober in our thriller slot. Killing Jack by Sadie Hasler takes us from Halloween 2023 back lo the Autumn of Terror 1888 where five women were brutally slaughtered in Whilechapel and the legend of Jack the Ripper was born. A dark thriller where women return to take back their slories and possibly exact their revenge! ***** "All the actors were absolutely first-rate" Sadie Hasler's brilliant writing is playfully politic811y- charged" The Havering Daily *** "Hasler glves voice to the grief. strength and vibrancy of the women whose story thls truly is.- The Stage **** "Local playwright Sadie Hasler has brilliantly connected the two perlods in this clever script" Sadie's interpretation is not just a dark, Victorian thriller,. it has humour and even more surprisingly, music" Southend Theatre Scene Dick Whitlington by Andrew Pollard with original music and lyrics by Tom Self, directed by Vik Sivalingam was nominated in the Offies lor Besl Pantomime Ensemble, Best Panto Production and Best Newcomer, and later shortlisted lor the Ensemble award. Tom Self was one of only two live acts that were invited to perform at the 141h annual Off West End Theatre Awards having won Best Panto the previous year for Sleeping Beauty and gave a rendition from Dick Whittington that had the audience singing along. Page 9 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ***** "A performance that the whole family adores" The Usual Chaos ***** "A fantastic show, saucy seaside humour with traditional themes the children will love - oh yes they willl. The Havering Daily ***** -Great Fun" Time 107.5FM Another World Premiere to open the Spring Season. Wilko by Jonathan Mailland told the story of Wilko Johnson founder member of the legendary Essex band Dr Feelgood who was told he had inoperable cancer and a year to live. Refusing all treatment he decided to live his life meaningfully - then a miracle happened. Seen by 3706 people 390/0 of whom were new bookers. Exceeding target with 96 % of the audience rating it excellent or good and 500/0 said it exceeded their expectations. ***** "Jonathon Maitland has made us aware of the trials and tribulations of an eccentric star of rock 'n' roll, with pathos and humou*' Southend Theatre Scene *** "a nostalgic celebration of Essex legend" The Guardian **** "There are some wonderful displays of actor-musicianship, 8nd in the end, it's an Essex story in an Essex playhouse for an Essex audience. A worthwhlle watch.- London Theatre **** 'The cast excel at reproduclng the Dr. Feelgood soun(f Spy in the Stalls March welcomed a Theatre Nation Parlnership production produced by Curve - My Beaulilul Laundrelte - set in London during Thatcher years telling the story of young British Pakistani, Omar, who transforms his uncle's rundown launderette into a thriving business. Set to the music of Pet Shop Boys exploring cultural conflict, gender equality, class and general strife, was seen by 2,464 people including an unusually high number of gay men. **** "Intrlcate, passlonate, funny and thought-provoking play" The Havering Daily ****.. .rich and complex" unhurrled and profound" The Stage **** .a fearless cast that continue to tell a powerful story. ' Whatsonslage After 5 years in development over the pandemic QTH finally made the revival of John Buchan's The 39 Steps in association with commercial producers Fiery Angel. Running at QTH prior lo a 20 week national lour. Audiences delighted in Ihe comedic performances of four fearless actors playing 139 roles in 100 minutes. ***** "An hysterical night out. the packed theatre was hooting with laughter all through the evening" Southend Theatre Scene ***** "Comedi¢ tlming was impeccable. An extremely funny farce everyone"The Usual Chaos ..Highly ￿¢0Mmend to "The production's charm and comedic brilliance shine through, guaranleeing a delighlful experience for all spectators" Hornchurch Life Page 10 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Guest performances • There were 30,131 attendances at 110 professional presentalions • There were 5.023 attendances at 78 foyer events There were 14,400 attendances at 46 community perlormances Learning and Partlcipation Qyouth provides young people with a vibrant introduction lo Iheatre craft, in a professional theatre setting. Weekly workshops for ages 6-18 develop creativity, confidence and team-work. as well as offering valuable opportunities to perform on the Queen's Theatre slage and elsewhere. Younger members start Iheir journey with the Qsteps Programme our building blocks to developing performance skills. Older members graduate into our Young Company Programme, offering performance and lechnical opportunities for those who wish to develop further a range of theatre techniques. Step 1 gives our youngest members a fun introduction to theatre by opening up their imagination through play, allowing them to jump into the world of acting in a friendly and supportive environment. Step 1 members will develop confidence, crealivity and theatre skills, enabling them to take lo the slage in a range of performance settings. Step 2 helps further build young people's confidence through drama games and exercises whilst taking a leap into improvisation and devised performance. Members will use drama and theatre to develop creativity. unlock polential, celebrate identity and have fun. In Step 3, we encourage members to take ownership of their ideas and nurture their theatre knowledge. Members will tackle advanced improvisations and exciting new plays, whilst building on their performance skills and learning to perform confidently to a wider audience. Step3 is for students in school Year 7- Year 9 QYC is our advanced theatre programme that prepares young people for further drama school Iraining and gives them key opportunities to audition for semi-professional or professional Ihealre productions. As well as giving them a solid loundation of theatre practices, members of QYC Performance will improve confidence, vocal technique and team-building skills that can be applied to any work or education setting. QYC Performance is for Year 10- Year 13 Our technical young company explores practical skills with hands-on technical thealre training, introducing the principles of sound, lighting, stage management, set and costume design. Members will hone skills Ihrough problem-solving aclivilies and operating technical equipment under the expert mentorship of the professional technical team at the Queen's Theatre. QYC Technical is for Year 10- Year 13 Classes took place for Baby Sensory, Music Bugs and Musical Workout. In summary:_ Last year, Queen's Theatre Hornchurch... lacilitated 32,738 attendances al Communities activities delivered 1,669 sessions (that's 3,949.25 hours of workshopsl) ran 323 youth thealre sessions hosted over 400 babies and parents each week danced 138 times on a Wednesday morning welcomed 1,090 people to our Memory Cafe's Page11 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 partnered with 54 community and arts organisations worked with 22 schools and colleges Risks Analysls of rlsk Trustees consider that the principal risk to which the Trust is exposed is financial, and concerning that element over which direct conlrol cannot be exercised, namely box office income. Box office attendance in turn has a direcl effect on ancillary income including bar and café sales, programme sales, and confectionery sales. Trustees have established systems to control and reduce this risk as follows= In setting budgets, Trustees note models of box office income based on historical booking data for similar productions in similar periods. + Box office sales are monitored daily by marketing staff and weekly by senior management. and Truslees are informed of significant variance on a production. The Finance and General Purposes Committee undertakes more detailed review of management accounts and other reporting than is possible by the whole Board, and advises the larger body on strategy as appropriate. • In the event of a projected shortfall. Trustees have recourse to remedies including raising ticket prices- reducing expenditure budgets,. investing from unreslricled reserves, and amending the programme of work for the medium and long-lerm. Where appropriate (for example, where an activity is outside the competence of the presenl membership), Trustees will seek expert advice, either through recruitment or through the services of a professional. Existing principal risks are- Box office and ancillary income shortfall againsl target. • Interruption lo or reduction in funding- and • Fundraising shortfall against target. The Trust is insured against loss of income arising from, for example, accidental damage, equipment failure, acts of terror etc. Threats lo Income Box olllce and ancillary income The risk here comes from a range of factors including such variables as programming choice and liming, competitive leisure-lime offerings and prices, and the overall state of the national and local economy. Box off ice sales have a direct impact on ancillary sales and it is reasonable to consider Ihis as a single risk. Fundlng income The Trust has a rolling single year funding arrangement with the London Borough of Havering ILBH). Funding comes in two strands.. revenue grant education grant Page 12 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trust has an ongoing funding agreement with Arts Council England. The Trust successfully secured increased ACE NPO funding for the 2023-2026 period. Fundraising Fundraising generaled £130k. Of this c£47k were from QNext Transformation Fee, a fund set up to generate income for QNext Capilal Project by adding 65p fee (increased to 70p during 20231241 to each ticket sold. The Theatre Club raised c£3.5k, and Queens Angels memberships generated c£15k. £40k was received from Esmee Fairbairn Foundation, the first payment of a 3 year agreement. As for many charities, raising voluntary funds from trusts. foundalions and individuals is a vilal source of income, enabling us to fulfil our charilable objectives as effeclively as possible. We are very grateful for the support given by all our donors. The theatre believes that fundraising should be an open, honest and respectful process. We aim to build and maintain solid partnerships with our supporters and donors. based on mutual understanding and shared values. The theatre operates with one full time fundraising member of staff. The theatre does not engage in face-to-face or telephone fundraising or any further commercial agreements that might endanger our reputation. During the year, Ihe theatre continued to monitor its use of data. Our Privacy Policy is published on our website, and clearly states what personal data the thealre will hold in relation to supporters and audiences and how this data will be used. 11 sets oul how individuals can raise concerns or complaints. The theatre has received no complaints about its funéraising activities during the financial year. FINANCIAL REVIEW In this period the Trust was in receipt of revenue funding from London Borough of Havering and Arts Council England. The remainder of income usually earned, principally through box off ice sales. but also through trading income, investment incorne, sponsorship and donations. QTH were able to benefil from the increased Theatre Tax Credit rate. Total income lor the year of £4,698,394 12023 £3,978.536) comprised of donations of £45,049 12023 £37,486), grant income £1,452,02512023 - £933,249), income from charitable activities of £2,695,09412023 £2,651,784), investmenl income of £25,109 (2023 - £16:4751 and other income of £481,117 {2023 £339,5421- Total expenditure for the year of £4,877,601 {2023 £4:165.9391 was made of direct costs of theatre operations of £4,179,303 12023 - £3,547,127), support costs of £676.050 (2023 £601.0131 and governance costs of £22,248 (2023 - £17,799). The result for the year was riet expenditure of £179,207 (2023 - net expenditure of £187,403). RESERVES POLICY The Trustees have considered the risks to which the company is subject, and have concluded that it is prudent to maintain an unrestricted reserve lund against those risks which cannot be mitigated through, for example, insurance policies. The new unrestricted reserves policy is based on 8 weeks of turnover as adopted by many Arts Council England funded organisations. Free reserves excluding those representing fixed assets, at 31 March 2024 were £417,735, which represents 4.6 weeks of income. The charity will seek to make a small surplus each year over Ihe next three year term in order to reach the revised unrestricted reserve target. Page 13 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 GOING CONCERN The Trustees have considered the break-even 2024-25 budget, noted the unreslricted reserves largel is mel and in view of ACE increased funding over the next 2 years with no LBH reduction, the Trustees have a reasonable expectation that the charity and group have adequate resources to continue in operational existence for the foreseeable fulure and for a period of at least 12 months from the date of signature of the audit report of these financial statements. FUTURE DEVELOPMENTS Vision and Aims QTH'S vision is 'Great homegrown theatre at the heart of a changing community,. QTH'S aims are: relentlessly prioritise addressing the under representation of those people QTH works with & serves, including an increasing focus on Dldeaf & disabled artists & participants increasingly work in differenl ways off site to engage with new people. often hyper locally in under served places ambitiously address environmental responsibility in the stories QTH tells & the ways & environment in which these are made & told place QTH firmly at the heart of cultural place making within its sub region through Ihe international, nalional, regional & local partnerships it facilitates & engages in secure Ihe future of the award winning 21sl century producing Iheatre QTH has developed into during the last 5 years, through increased levels of public & private investment QTH'S objectives for 2023124 are themed around: Financial Sustainability. Fundraising, Programme and Audience Development, Participation, Organisation, Environmental Responsibility and Impacl & Influence. Financial Suslainability Re-establish 2019120 levels of Irading • Restore and inflate 2019120 establishment costs • Seek increased public funding for 2024125 and onwards Fundraising Grow strategic grants and trusts fundraising for core and developmental programming. talent & participation Establish a volunteer, community and truslee led approach to events fundraising • Increase mid level giving through the Queen's Angels membership scheme Programme and Audience Development • Develop ethnically diverse work for the main stage, for under represenled ethnically diverse audiences, developing the programming offer for existing audiences loo Re-establish and grow QTH'S wider dislribution, strategically, digitally and commercially. in order to reach new audiences: principally geographically • Regularise. underpin and enhance QTH'S talent development offer Grow opportunities for and representation of Dldeaf and disabled artists and creative practitioners, embracing the Inclusive Recovery principles and accompanied by the developmenl of Dldeaf and disabled audiences Reintroduce international partnership delivery with Europe Participalion Page 14 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Focus on understanding the needs of, and reaching and articulaling reach lo, under represented and under served people. principally demographically + Help repair the damage the pandemic has done to young people's self confidence & well being Embed and develop further work with older & socially isolated people, including those experiencing dementia, partially building on Public Acts legacy relationships • Build new curriculum led partnership approaches to work with schools Organisation • Focus recruitment and progression on diversifying the workforce (i.e. permanent staff. casuals and freelancers) and developing a culture that retains new recruits, underpinned by the Unlock Anti-Racism Toolkit Progress visioning, environmentally assessing, fundraising and planning for capital programme Environmenlal Responsibility • Understand and reduce carbon emissions made through production. benchmarking and evidencing this. and sharing progress through storytelling and discussion in a transparent and creative way Focus on and celebrate impactful supply chain assessmenl and changes, looking local wherever possible Create populist theatre exploring environmental issues that appeals to a wide audience Impact and Influence Step up QTH'S Outer Easl London and South Essex sub regional significance + Increase the amount of national and industry media coverage for QTH'S work Theatre Tax Credil This was the eighth year in which the Trust commissioned its wholly-owned trading subsidiary Hornchurch Productions Limited to produce all of the productions led by Queen's Theatre Hornchurch. This has made it possible lo claim Theatre Tax Credit, effectively reducing production costs across all of the Trust's activities. Audltors Griffin Chapman have indicated their willingness to continue in office and in accordance with the provisions of the Companies Act it is proposed that they be appointed auditors for the ensuing year. This report has been prepared in accordance with the provisions applicable to companies entilled to the small companies exemption. Approved by 2LTrt order of the members of the board of and signed on their behalf by: Trustees on Jeremy Roger Evans (Chair of Trustees) Page15 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of the Charty for the purposes of company lawl 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. Under company law, the Trustees must nol approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including Iheir income and expenditure. for that period. In preparing these financial slalements, the Trustees are required lo- select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP IFRS 102)- make judgments and accounling estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any malerial departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitvs Iransactions and disclose wilh reasonable accuracy at any time the financial position of the Group and the Charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and Ihe Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 16 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HAVERING THEATRE TRUST LIMITED Opinion We have audited the financial slalemenls of The Havering Theatre Trust Limiled {Ihe 'parent charilable company,) and its subsidiaries (the 'group'} for the year ended 31 March 2024 which comprise the Consolidated statement ol financial activities, the Consolidaled balance sheet, the Charity balance sheet, the Consolidated statement ol cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statemenls= give a true and fair view of the state of the Group's and of the parenl charitable companvs aff airs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charilies Act2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK} (ISAS (UK)) and applicable law. Our responsibilities under those slandards are lurther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with Ihe ethical requirements thal are relevant to our audit of Ihe financial statemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate10 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 accounling in Ihe preparation of the financial stalements is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or colleclively. may casl significant doubl on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of Ihe Truslees with respect to going concern are described in the relevant sections of this report. Page 17 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HAVERING THEATRE TRUST LIMITED (CONTINUED) Olher inlormalion The other information comprises the information included in the Annual report other than Ihe financial stalements and our Audilors, report Ihereon. The Trustees are responsible for Ihe other information contained within Ihe Annual report. Our opinion on the financial statements does not cover the other information and, except to Ihe extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsislent with the financial statements or our knowledge obtained in the course ol the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements Ihemselves. 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 io report in this regard. Opinion on other matters prescribed by the Companies Acl 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Truslees. report for the financial year for which the financial statements are prepared is consistent with the financial slatements. the Trustees, report has been prepared in accordance wtth applicable legal requiremenls. Mallers on which we are required lo report by exceptlon In the light of our knowledge and understanding of the charilable company and ils environment obtained in the course of the audil, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relalion lo which Companies Act 2006 requires us to report to you if, in our opinion- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visiled by us- or the parent charilable company financial statements are not in agreement wilh the accounting records and returns., or certain disclosures of Trustees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance wilh the small companies regime and lake advantage of the small companies. exemptions in preparing the Truslees, report and from the requirement to prepare a Strategic report. Page 18 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE HAVERING THEATRE TRUST LIMITED (CONTINUED) Responsibilities of truslees As explained more fully in the Trustees. responsibiltties statement, the Truslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of Ihe 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 slalements that are free from material misstatement, whether due to fraud or error. In preparing Ihe financial statements, the Truslees are responsible for assessing the Group's and the parent charitable companrfs ability lo continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless Ihe Trustees either inlend to liquidate the Group or Ihe parent charitable company or to cease operalions. or have no realislic alternative but to do so. Auditors, responsibilities for the audlt of the financial stalements Our objectives are to obtain reasonable assurance about whether the linancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audil conducted in accordance with ISAS {UKI will always detect a material misstatement when it exisls. Misstatements can arise from Iraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of Ihese financial stalements. Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect malerial misstalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The extent lo whlch the audit was consldered capable of detecting irregularities Including fraud Our approach to detecting the risks of material misstatement of irregularities. including fraud and non- compliance with laws and regulations. were= Identifying and assesslng the risk of maierial misslatement by: the engagement partner ensured the engagement team had the necessary skills and knowledge to identify non-compliance with applicable laws and regulalions,. we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable parent company and group and for those that are most significant. we enquired inlo how managemenl ensures compliance is maintained. we identified that the principal risks of non-compliance with laws and regulalions that are applicable to the group and the ability to continue operations. Correspondence was reviewed from third parlies, where relevant., enquiry and review of the groups transactions was undertaken to highlight any instances of penalties, fines or legal activity which could suggest non-compliance wilh laws and regulations. There was no contradiclory evidence found-. and we also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. Page 19 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guaranlee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HAVERING THEATRE TRUST LIMITED (CONTINUED) Work completed lo address risk of fraud through management bias and override of controls: walkthrough tests were performed lo ensure that systems and processes were in place, which reduced the risk of fraudulent behaviour., tested a selection of journal entries to identify any unusual transactions. assessed whether judgements and assumptions were indicalive of potential bias., and investigated the rationale behind any significant or unusual journal entries. Work completed to address risk of non-compliance wilh laws and regulations: obtained an understanding of Ihe legal and regulatory framework in which Ihe group would need to comply. reviewed minules of meetings held by those charged with governance to identify any non compliance. enquired with management of any known actual or potential litigation and claims. and reviewed legal and professional costs in the year, and any correspondence with legal advisors, to identify any issues with non-compliance. It is also staled, as a reminder, that the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group. A further description of our responsibilities for the audit of the linancial statements is located on the Financial Reporting Council's website at: www.frc.or .ukJauditorsres nsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charilable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Irustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors. report and for no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body. for our audit work, for this report. or for the opinions we have formed. Thomas Maddocks FCA FMAAT (Senior slatutory audltor) for and on behalf ol Griffin Chapman Chartered Accountants Statutory Auditor 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Date: ? Zo Page 20 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 As restateo Total funds 2023 Unrestricted funds 2024 Restricled funds 2024 Total funds 2024 Nole Income from: Donations and legacies Charitable activities 736,608 2,695,094 25,109 471,794 760,466 1,497.074 2,695,094 25.109 481,117 970, 735 2.651, 784 16,475 339,542 Investments Other income 9,323 Total Income 3,928,605 769,789 4,698,394 3,978,536 Expenditure on: Charitable activities 3.914,932 962,669 4,877,601 4, 165,939 Total expendilure 3.914,932 962,669 4,877,601 4, 165,939 Net movemenl In funds 13.673 (192,880) (179,207) (187,403) Reconciliation of funds: Total funds brought forward Net movement in funds 686,309 13,673 1,055,878 (192,880) 1.742.187 (179,207) 1,929,590 (187,403) Total funds carried forward 699,982 862,998 1,562,980 1,742,187 The Consolidated slatement of financial activities includes all gains and losses recognised in Ihe year. The notes on pages 27 to 46 form part of these financial statements. Page 21 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00524845 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2025 Note Fixed assets Tangible assets 13 975,589 1.092,412 975,589 1,092,412 Currenl assets Stocks 15 12,529 671,954 588,222 14,345 533, 779 1.047.006 Debtors Cash at bank and in hand 16 1,272,705 1,595, 130 Creditors.. amounts falling due within one year 17 (685,314) (945,355) Nel current assets 587.391 649, 775 Total assels less current Ilabilitles 1,562,980 1,742, 18/ Net assets excluding pension assel 1.562.980 1, 742, 187 Total nel assets 1,562,980 1,742. 78/ Charliy funds Restricted funds Unrestricted funds 19 862.998 1,055,878 Designated funds General funds 149,193 550,789 142,570 543. 735 19 Total unrestricted funds 19 699,982 686,309 Total funds 1,562,980 1,742,18? The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to enlities subject to the small companies regime. The financial statements were approved arKI authorised for issue by the Trustees on and signed on their behalf by= Page 22 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) REGISTERED NUMBER: 00524845 CONSOLIDATED BALANCE SHEEf (CONTINUED) AS AT 31 MARCH 2024 Jeremy Roger Evans (Chair of Trustees> The notes on pages 27 to 46 form part of these financial statements. Page 23 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00524845 CHARITY BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 975,589 100 1,092,412 loo 975,689 1,092,512 Currenl assets Stocks 15 16 12,529 671,954 588,222 14,345 533, 779 1.047,006 Debtors Cash at bank and in hand 1,272,705 1.595, 730 Creditors= amounts falling due within one year 17 (685,414) {945,455) Net currenl assets 587,291 649,675 Toial assets less currenl liabilities 1.562,980 1,742,18i Net assets excludlng penslon asset 1,562,980 1,742, 187 Toial nel assets 1,562,980 1, 742, 181 Charity funds Restricted funds Restricted funds Unrestricted funds 19 862,998 1,055,878 19 862,998 7.055,878 Designated funds General funds 149.193 550,789 142,570 543. 73S 19 Total unrestricled funds 699,982 686,309 Tolal funds 1,562,980 1,742,187 The Charity's net movement in funds for the year was £1179,207) (2023 - £(787,403)). The Trustees acknowledge their responsibilities for complying with the requirements of the Acl with respect to accounting records and preparation of financial statements. Page 24 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) REGISTERED NUMBER: 00524845 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial slatements were approved and aulhorised for issue by the Truslees on and signed on their behalf by= 2LTh Jeremy Roger Evans (Chair of Trustees) The notes on pages 27 to 46 form part of these financial statements. Page 25 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2025 Cash flows from operating activities Net cash used in operating activities {416,370) (169,648) Cash Ilows from Investlng activities Interest received Purchase of tangible fixed assets 25,109 (67,523) 16,475 (49,278) Net cash used In Investing aclivities (42,414) (32,803) Cash Ilows from financing aclivities Net cash provided by financlng activities Change in cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year (458,784) 1,047,006 {202.451) 1.249,457 Cash and cash equlvalents at the end of the year 588,222 1,047,006 Page 26 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Havering Theatre Trust Limited is a private company limited by guarantee domiciled and incorporated in England and Wales. The regislered off ice is Queen's Theatre, Billel Lane, Hornchurch, Essex, RM11 1QT. Accounting policies 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effeclive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Havering Theatre Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charitable Charity and its subsidiary undertaking. Hornchurch Productions Limiled. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Going concern The Trustees have considered the budget for 2024-25, and noted that the unrestricled reserves target is met. The ACE funding level has increased for this year and the next two years. and on the basis thai LBH funding will nol reduce, the Trustees have a reasonable expectation that the charity and group will have adequate resources to continue in operation for a period of at least 12 months from the date of signature of Ihe audit report for these financial statements. Page 27 THE HAVERING THEATRE TRUST LIMITED (A company limiied by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {conlinued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from donations is recognised on a receivable basis in the appropriate fund. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where donors specify that grants musl be used in future accounting periods. the income is deferred and included in credilors as deferred income until those periods. Where entitlement from donors occurs before income is received, the income is accrued. When donors impose conditions, which must be fulfilled before the charity becomes entitled to use such income, and those conditions have not been met, the income is deferred until the pre-conditions for use have been met. Other income is recognised in the period in which it is receivable and to the extent Ihe goods have been provided or on complelion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefils will be required in settlement and the amount of the obligation can be measured reliably. Expendilure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute to more Ihan one activity and support costs which are nol attributable lo a singSe activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spenl, and depreciation charges allocated on the F)Ortion of the asset's use. The allocation of support costs directly represents the cost attributable to the activity of diverse artistic entertainment at the Theatre. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objeclives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 28 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (conlinued) 2.5 Productions For productions occurring wholly within one financial year. box office and venue fees are recognised in that year and costs are recognised as incurred. Typically costs are incurred in advance of income being generated. Where production set up costs have been incurred prior to Ihe year end but the production has not yet opened, if there is significant uncertainty as to whether the produclion will be able lo run, or where the production is expected to be loss-making, production costs are recognised as incurred. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and Ihe amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respecl of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Seclion 256 of the Taxation of Ghargeable Gains Act 1992, to the exlent that such income or gains are applied exclusively to charitable purposes. 2.8 Tangible fixed assels and depreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cosl model, tangible fixed assets are measured at cost less accumulated deprecialion and any accumulated impairment losses. All cosls incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of langible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: Leasehold improvements 100/. 330/0 on cost Fixtures, fittings and equipment 100/. 330/0 on cost Computer equipment The land and buildings were owned by the London Borough of Havering. An annual rent of £30,588 is payable to the London Borough of Havering for the duration of the 12 year lease. Page 29 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (conlinued) 2.9 Inveslments Fixed asset investments are a form of financial instrument and are initially recognised at their transaclion cosl and subsequently measured at fair value at the Balance sheet date, unless the value cannol be measured reliably in which case it is measured at cost less irnpairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/lLosses} on investments, in the Consolidated stalemenl of financial activities. Investments in subsidiaries are valued at cosl less provision for impairmenl. 2.10 Slocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion ol fixed and variable overheads. Stock includes theatre props, stage scenery and costumes thal are writlen off as part of the cost of performances. Where costs are incurred in advance of the staging of a production or exhibition they are carried lO￿ard as stock. The basis of valuation is consistent with previous years. 2.110ebtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.12 Cash al bank and in hand Cash at bank and in hand includes cash and short-lem) highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.13 Liabllltles and provisions Liabilities are recognised when there is an obligation al Ihe Balance sheet date as a result of a pasl evenl, it is probable that a transfer of economic benefit will be required in settlement, and the amounl of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best eslimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the presenl value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.14 Financial instruments The Group only has financial assels and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaclion value and subsequently measured at their settlement value with the exception ol bank loans which are subsequently measured at amortised cost using the eff ective interest method. Page 30 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounling policies (continued) 2.15 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term. 2.16 Pensions The Groljp operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. 2.17 Fund accounling General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set oul in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 31 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Crilical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events Ihal are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions- The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the nexl financial year are discussed below. Useful economic lives of tangible fixed assets. The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary lo reflect the current estimates, based on technological advancement, future investments. economic utilisation and the physical condition of the assets. See the fixed asset note for the carrying amount of the tangible fixed assels and the accounting policy above for the useful economic lives of each class of assets. Allocation of support costs across different activities. Estimating the entitlement to income from multiyear grant awards. including how much income lo defer or accrue and how much income to recognise from the grant. Assessing the appropriateness of recognising expenditure on future productions. Page 32 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies As restateo Total funds 2023 Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations Grants 45.049 691,559 45,049 1,452,025 37,486 933,249 760,466 Total 2024 736,608 760,466 1,497,074 970, 735 Total 2023 as restated 498, 724 472,011 970. 735 Grants received, included above Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2025 London Borough of Havering Arts Council England Clarion Futures The Linbury Trust Garfield Weston 209,410 482,149 154,887 370,000 8,833 30,000 364,297 852,149 8,833 30,000 293,482 512, 729 5,333 30,000 30,000 18,500 20,000 23,805 Romford BID 3,000 3,000 The Foyle Foundation National Theatre Speak Up Esmée Fairbairn 143,746 40,000 10.000 143,746 40,000 10,000 National Lottery Community Fund Total 2024 691,559 760.466 1,452.025 933,249 Total 2023 461,238 472,011 933,249 Unrestricted income from the London Borough of Havering {LBH} comes from the core grant. Restricted income from LBH is made up of other funding for specific purposes, including ihe Maintenance grant. Unrestricted income from the Arts Council England relates to the core grant. Reslricted income from the Arts Council England is made up of other funding for specific purposes, including Creative People and Places funding. Page 33 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities As restateo Total funds 2023 Unrestricled funds 2024 Total funds 2024 Box office Bar sales Café bar sales Confectionery sales Theatre lettings Outreach Production income Commissioned services Salary Recharge Q Next income 1,589,213 201,891 151,237 55,002 101,797 134,655 390,922 12,000 11,191 47,186 1,589,213 201,891 151,237 55,002 101,797 134,655 390,922 12,000 11,191 47,186 1,820,262 193,621 144,221 50,853 89,401 106,115 152,265 13,000 28,620 53,426 Tolal 2024 2,695,094 2,695,094 2,651,784 Total 2023 as restated 2,651,7&1 2,651,784 Investment income Unrestricted funds 2024 Tolal funds 2024 Total funds 2023 Deposit account interest 25,109 25,109 16,475 Total 2023 16,475 16,475 Page 34 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other incoming resources Unreslricted Restricted funds funds 2024 2024 Toial funds 2024 Total lunds 2023 Other miscellaneous income TTR claims 89,359 382,435 9,323 98,682 382,435 61,260 278,282 471,794 9,323 481.117 339,542 Total 2023 339,542 339,542 Analysis of expenditure on charitable activities Summary by fund type Unreslricted Restricted funds funds 2024 2024 Toial 2024 Total 2023 Theatre operations 3,914,932 962,669 4,877,601 4, 165,939 Total 2023 3,830,044 335,895 4,165,939 Analysis of expendlture by activilies Activities undertaken directly 2024 Support cosls 2024 Total funds 2024 Total funds 2025 Theatre operations 4,179,303 698,298 4,877,601 4, 165,939 Total 2023 3,547, 12/ 618,812 4.165,939 Page 35 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis ol expenditure by activities (continued) Analysis of support costs As restateo Total funds 2023 Total funds 2024 Box off ice 2024 Staff costs Depreciation Cleaning Telephone Photocopier expenses Computer costs MiscellaneoL6S and development expenses Office equipment Staff welfare Training Recruitment costs Entertaining Administralion, Iravel and subsistence Bank charges Credit card charges Governance costs 325,696 184,346 10,603 14.772 4.137 9,577 88.393 8,662 117 325,696 184,346 10,603 14,772 4,137 9,577 88.393 8,662 117 279,602 170.382 11,26/ 14.921 8,311 8,560 50,27g 9,194 515 3,955 6.838 5,751 1.422 2,171 9.610 22,248 3,955 6.838 5,751 1,422 2,171 9,610 22,248 3,685 10,976 5,99/ 1,871 1,985 23,470 17,799 698,298 698,298 618,812 Total 2023 as restated 618,812 618,812 10. Auditors, remuneration 2024 2025 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 11.200 12,894 Fees payable to the Charity's auditor in respect of- All non-audit services not included above 3,750 4,905 Page 36 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Staff costs Group 2024 Group 2023 Charily 2024 Charity 2025 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 1.687.650 88,178 1.353,988 86.721 1,687,650 88,178 1,353,988 86,721 30,354 26, 169 30,354 26, 165 1,806,182 1,466,878 1.806,182 1,466,878 The average number of persons employed by the Charity during the year was as follows: Group 2024 No. Group 2023 No. Charity 2024 No. Charity 2023 No. Employees 75 73 75 73 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: Group 2024 No. Grou 2023 No. In the band £70,001- £80,000 Remuneralion of the charily's key management personnel for the year. which includes the membership of the full senior management team ISMT) totalled £472,970 (2023: £369,336}. 12. Trustees. remuneralion and expenses During the year, no Trustees received any remuneralion or other benefits (2023 - £NIL). During the year ended 31 March 2024, expenses totalling £375 for travel expenses were reimbursed or paid directly to 1 Trustee (2023 - £351 to 2 Tnjstees). Page 37 THE HAVERING THEATRE TRUST LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Tangible fixed assets Group and Charily Fixtures, Leasehold fittings and improve• compuler ments equipment Total Cost or valuation At 1 April 2023 Additions 1.580,457 145,210 67.523 1,725,667 67,523 {794} Disposals (794) At 31 March 2024 1,579,663 212,733 1,792,396 Deprecialion At 1 April 2023 Charge for the year On disposals 553,090 154,797 (794) 80.165 29,549 633,255 184.346 (794) At 31 March 2024 707,093 109,714 816.807 Net book value At 31 March 2024 872,570 103,019 975,589 At 31 March 2023 1,027,36i 65,045 1,092.472 Page 38 THE HAVERING THEATRE TRUST LIMITED (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Fixed asset investments Investments in subsidiary companies Charity Cosl or valuation At 1 April 2023 100 At 31 March 2024 100 Principal subsidiarles The following was a subsidiary undertaking of the Charity: Name Company Registered off ice or number principal place of business Principal aclivity Class of Holding shares Hornchurch Productions Limited 09425608 Queen's Theatre. Billet Trading Lane, Hornchurch, activities of Essex, England, RM11 the charity 10T Ordinary 100% The financial results of the subsidiary for the year were= Name Income Expendlture Net assets Hornchurch Productions Limited 1,023,499 1.023.499 100 15. Stocks Group 2024 Group 2025 Charity 2024 Charity 2023 Stocks 12,529 14,345 12,529 14,345 Page 39 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Debtors Group 2024 Group 2025 Charity 2024 Charity 2023 Due wlthin one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 59,617 52,351 59,617 422.600 36.687 153,050 52,351 271,009 6,394 204,025 36,687 575,650 6,394 475,034 671,954 533, 779 671,954 533, 779 17. Creditors: Amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Trade creditors Amounts owed lo group undertakings Other taxation and social security Other creditors Accruals and deferred income 153,070 40,165 29,706 47,264 415.109 154,955 153,070 154,955 15,850 65,674 708,876 29,706 87,529 415,109 15,850 65, 774 708,876 685,314 945,355 685,414 945,455 18. Prior year adjuslments Grant income has been reanalysed in the prior period Stalement of Financial Activities. The income has been reanalysed oul of 'income from charitable activities, and recognised within 'donations and legacies, to reflect the true nature of the funds given. Page 40 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of lunds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricled lunds Designated funds Q Transform Q Next 46,431 96,139 {15,563) (25,000) 30,868 118,325 47,186 142,570 47,186 {40,563) 149,193 General funds General Funds 543,739 3,881,419 (3,874,369) 550,789 Total Unrestricted funds 686.309 3.928,605 (3,914,932) 699,982 Restricted funds Maintenance grant Education grant Essex on stage Havering Changing The Linbury Trust National Theatre Speak Up Esmée Fairbairn Foundalion Q New - Fixed assets National Lottery Q Youth on the Hill 42,000 20,875 (42,000) (20,875) (25,000) (614,992) (30,000) (50,866) {40,000) (128,936) {10,000) 25,000 208,600 483,169 30,000 143,745 40,000 76.777 92.879 822.278 693,342 10,000 1,055.878 769,789 (962,669) 862,998 Total ol funds 1,742,187 4,698,394 (4,877,601) 1,562,980 Page 41 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Stalement of funds (continued) Slalement of funds - prior year Balance al 31 March 2023 Balance al As restateo As restateo l April 2022 Income Expenditure Unrestricted lunds Designaled funds Q Transform Q Next 82,253 67,712 (35.822) (25,000) 46,431 96, 139 53,42/ 149,965 53,42/ (60,822) 742,570 General funds General Funds 523,000 3,453,098 (3,432,359) 543, 739 Total Unreslricted funds 672,965 3,506,525 (3,493, 181) 686,309 Restricted f unds Maintenance grant Education grant Essex on stage Havering Changing The Linbury Trust National Theatre Speak Up The Foyle Foundation Q New - Fixed assets 42,000 20.875 (42,000) (20,875) (28,669) (377,515) (30, 000) (23,805) (20, 000) (129,894) 53,669 250, 784 25,000 208.600 335.331 30,000 23.805 20,000 952, 172 822,278 1,256.625 472,011 (672, 758) 1,055,878 Total ol funds 1,929,590 3,978,536 (4, 765, 939) 1,742, 187 Page 42 THE HAVERING THEATRE TRUST LIMrrED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Slatement of funds (continued) Designaled funds Q Next is a fund to meet the costs of environmental responsibility related projects, reducing carbon emissions and energy costs, in future years. Q Transform is a fund to support the cost of one off organisational capacity or development projects. Restricted f unds Mainlenance grant is received from the London Borough of Havering (LBHI lo maintain the building and facilities. Education Grant is received from LBH towards our Learning & Participation programme of work. Havering Changing is a Creative People and Places ICPP) project trialling radical new ideas to engage local people in arts and culture, in the communities of Harold Hill. Romford and Orchard Village { all in the London Borough of Havering). Q New is a £1 m small scale capital project to develop and update Ihe existing building and facilities. The Linbury Trust is a fund to support the continuation and growth of our extensive and far reaching acclaimed programme of learning and participation work. National Theatre Speak Up is a funded programme which is research through practise exploring new methods of co-crealion with young people. Esmée Fairbairn Foundation grant is towards core costs to support the Ihealre's role as a co-crealive community hub, including community engagement staff and programmes. The grant is over 36 months. Nalional Lottery Q Youth on the Hill is a fund which implemented a free arts participation activily for disadvantaged children. 20. Summary of lunds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expendilure Designated funds General funds Restricted lunds 142,570 543,739 1,055,878 47,186 (40,563) 3,881,419 {3,874,369) 769,789 (962,669) 149,193 550,789 862,998 1,742,187 4,698,394 (4,877,601) 1.562,980 Page 43 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Summary of funds (continued) Summary of funds - prior year Balance al 31 March 2023 Balance al As restatea As restateo l April 2022 Income Expenditure Designated funds General funds 149,965 523,000 1,256,625 53,427 3,453,098 472.011 (60,822) (3,432,359) (672, 758) 142,570 543, 739 1,055,878 Restricted funds 1,929,590 3.978,536 (4, 165,939) 1,742, 187 21. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 282,247 1,103.049 (685,314) 693,342 169,656 975,589 1,272,705 (685,314) Total 699,982 862,998 1,562,980 Analysis of nei assets belween funds - prior period Unrestricteo fvnds 2023 Restrictea funds 2025 Total funds 2025 Tangible fixed assets Currenl assets Creditors due within one year 270, 134 1,361,530 (945,355) 822,278 233, 600 1,092,472 1,595, 130 (945,355) Total 686,309 1,055,878 1,742,187 Page 44 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Reconciliation of net movement In funds to net cash flow from operaiing activities Group 2024 Grou 2023 Net expenditure for the perii)d (as per Statement of Financial Activities) (179,207) (187,403} Adjustments lor: Depreciation charges Interest received Decrease/lincrease} in stocks Increase in debtors Increasel{decreasel in creditors 184,346 {25,109) 1,816 (138,175) (260,041) 174,347 (16,475) (952) (227, 754) 88,589 Net cash used in operating activities (416,370) (769,648) 23. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 588,222 1,047,006 Total cash and cash equivalents 588,222 1,047,006 24. Analysis of changes in nei debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 1,047.006 (458,784) 588,222 1,047.006 (458,784) 588,222 25. Penslon commilments The group and charity operates a defined contribution pension scheme. The assets of the scheme are held separately from Ihose of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to Ihe fund and amounted to £30,354 {2023.' £26,169). Page 45 THE HAVERING THEATRE TRUST LIMITED (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Operating lease commitments At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows-. Group 2024 Group 2023 Charity 2024 Charily 2025 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 44,027 131,419 50.980 43,631 139,628 81.568 44.027 131,419 50,980 43,631 739,628 81.568 226,426 264,82i 226,426 264,82/ 27. Relaled party Iransactions The land and buildings are owned by the London Borough of Havering. Grants of £364,297 {2023'. £322,102) were received from the London Borough of Havering during the year. and rent of £30,588 {2023= £26,902) was paid to the London Borough of Havering during the year. At the year end. funds of £100,444 (2023: £500.444} were held by the London Borough of Havering in pooled funds on behalf of Ihe trust. Certain Truslees, as recorded in the Report ol the Trustees, are councillors of the London Borough of Havering. D Sheafing, a trustee: is also a director of Variable Matter Limiled. The company was paid £18,259 {2023.' £7,550) for production managemenl, production commissioning fees and related reimbursed expenses. Payment was made at a market rate. At the year end £604 was outstanding and is included in trade creditors12023.' £nil). D Shearing. a trustee, is a lecturer at The Royal School of Speech and Drama. The Havering Theatre Trusl Limited received £30,000 in respect of Shearing KE Project - parlner payment. Donations {unrestricted> totalling £4,158 (2023= £2.480) were received from Trustees during the year. During the year, Havering Theatre Trust Limited received income of £1,023,499 {2023.' £751,536) from Hornchurch Produclions Limited, its subsidiary. and incurred costs of £1.446,099 {2023: £1,022,545). The balance owed from the subsidiary al year end was £422,60012023= £271,009), and this is disclosed within the amounts owed lo group companies within deblors on the balance sheet of the charity. 28. Legal status of the trust The trust is a company limited by guarantee and has no share capital. The liabiliiy of each member in Ihe event of winding up is limited to £1. Page 46