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2023-03-31-accounts

OCTAGON THEATRE TRUST LIMITED

GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR

THE YEAR ENDED MARCH 31 2023

Company number 00882226 Charity number 248833

OCTAGON THEATRE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

INDEX
Chair’s statement 1
Administrative information 2
Trustees’ and Directors’ annual report 3 – 10
Auditors’ report 11 – 13
Group statement of financial activities 14
Charity statement of financial activities 15
Group balance sheet 16
Charity balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 – 35

OCTAGON THEATRE TRUST LIMITED CHAIR’S STATEMENT FOR THE YEAR ENDED MARCH 31 2023

On behalf of the Board of Trustees it’s my absolute pleasure to have the opportunity to thank the whole Octagon team for their outstanding contribution throughout the year, whether that’s been staging excellent performances, expanding our community engagement, working in partnership with more organisations, strengthening our position through fundraising and marketing or keeping everything going behind the scenes.

It has to be said that the post-Covid period has been tough on the arts as we rebuild audiences and cope with economic turbulence, and here at the Octagon we’ve witnessed that first hand, but regardless, we’ve produced world premieres, smashed some of our own longstanding box office records and continued to provide world-class theatre experiences for everyone, right from the heart of Bolton.

As well as some big performances, we also had some big achievements in the year, one massive thing was being nominated for Theatre of the Year 2023 at the Stage Awards. We secured continued funding from Arts Council England as a National Portfolio Organisation 2023 to 2026, as well as continued support from Bolton Council and increased support from the Greater Manchester Combined Authority’s Culture Fund for 2023 to 2026. We’re grateful to our team for their tireless work on these and other funding submissions, and grateful to our funders and everyone who supports our work. Over the last 12-months we’ve worked on bringing our purpose to life through how we talk about the work we do, our engagement activities, and the work we produce. These magnificent things have really shown what the Octagon is and most importantly who it’s for. We’re a catalyst for enriching lives and communities.

We’ve got a tough year ahead and more so than ever, we need the support of everyone, whether your passionate about theatre, music, community, comedy or culture, because it’s all at the heart of the Octagon.

Darren Knight Chair of the Board of Trustees

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OCTAGON THEATRE TRUST LIMITED ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED MARCH 31 2023

DIRECTORS
Name Nominee/Elected Appointed/Resigned Position Subcommittee
(see key below)
D J Knight Elected trustee Chair PE
S A Young Elected trustee Vice Chair FR
S D Plant Elected trustee Chair FR FR
Dr E K Alladi Elected trustee PE
H Bowdur Elected trustee FR
L A Harvey Elected trustee Chair PE PE
S Hussain Elected trustee PE
V E Jackson Elected trustee PE
T A Lewyckyj -Wood Elected trustee PE
Cllr M Murray BMBC nominee Resigned 04/05/2023
F L Noden Elected trustee FR
C Southern Elected trustee Resigned 23/11/2022 FR
I Tabbron Elected trustee FR
Cllr H Fairclough BMBC nominee
K Devlin Elected trustee Resigned 12/07/2022
COMPANY SECRETARY K B Jones
KEY STAFF
R Gauld Chief Executive
L Wakeham Artistic Director
K B Jones Head of Finance and Business
M Irving-Murphy Head of Operations and Customer Experience
C Whitwood Head of Production
C Rachwal Head of Marketing and Communications
D Fearnley Head of Development
I Woolrich Head of Creative Engagement
W Treasure Head of Producing
REGISTERED OFFICE AND Howell Croft South
PRINCIPAL PLACE OF BUSINESS Bolton
BL1 1SB
AUDITORS HGA Accountants & Financial Consultants Ltd
t/aChittenden Horley- Chartered Accountants
Hyde Park House
Cartwright Street, Hyde
Sk14 4EH
BANKERS Barclays Bank plc
1 Market Street
Bolton
BL1 1XA
KEY TO SUBCOMMITTEES FR – Finance and Resources Sub-committee
PE – People and Equality Sub-committee

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

The trustees present their annual report together with the consolidated financial statements of the charity and its subsidiaries for the year ended March 31 2023.

REPORTING FRAMEWORK

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 (FRS102) (effective 1 January 2019), referred to as the Charities SORP (FRS 102) (second edition – October 2019).

OBJECTIVES AND ACTIVITIES

Charitable objects

The objectives of the charity are:

“to promote, maintain, improve and advance education, particularly by the production of educational plays and the encouragement of the Arts, including the arts of drama, mime, dance, singing, and music”.

We achieve these objectives through the operation of the Octagon Theatre in Bolton and the creation of theatre productions for regional and national audiences, including work off-site, on tour and online; and through extensive programmes of learning and participation with, by and for our community.

Activities

The charity’s main activities are:

Organisational mission, values and goals

Our vision: Our community will be stronger, happier and healthier with more creativity at its heart.

Our mission: We use theatre and arts to create unforgettable experiences that celebrate, inspire and elevate our community.

Our cause: We will excite and unite people through brilliant, bold theatre and arts. We will enrich and change peoples’ lives by encouraging their expression and freedom. We will be a catalyst for our community to be more inclusive and more creative.

Our values:

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

Organisational goals to 2026:

Public benefit

In shaping the objectives and planning the activities for the year, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. The charity relies on grants and the income from fees and charges to cover its operating costs.

Beneficiaries

A total of 106,514 number of people benefited from the charity’s work over the year including participants, audiences at the Octagon and audiences at partner venues across the country.

Pricing policy

We are committed to providing accessible and affordable theatre experiences for everyone, whilst recognising that the charity requires sufficient income to deliver its activities effectively. The trustees have set a policy that includes free events throughout the year, free and £3 tickets for those on low incomes, and a range of price points for customer choice including desirable seats at £15 tickets for every performance. Dynamic pricing allows the charity to increase the highest prices in line with demand, whilst keeping the lowest ticket prices static to ensure affordability.

Impact assessment

The trustees periodically commission impact studies to understand how the Octagon makes a positive contribution to Bolton and the surrounding area. The most recent study in 2021, and drawing upon data from previous years, found that the charity:

The study went on to assess the benefits arising in Bolton specifically over the next 25 years because of the theatre’s redevelopment and estimated a net value of £110m, which compared to £90.1m pre-redevelopment, is £19.1m of additional impact in Bolton.

The trustees are pleased and proud to see such strong evidence of the Octagon’s economic and social impact, in addition to its cultural contribution. The report states that the Octagon “represents good value for money in the public sector and especially so within the arts and cultural sector”. The trustees look forward to seeing the Octagon’s impact grow in the years ahead.

Contribution of volunteers

Volunteers play a vital and varied role in the life of the Trust: as trustees, providing customer care, and providing pastoral support during creative engagement activities. We are grateful to them all for their continued support and contribution. Volunteers gave 3,135 hours over the year.

ACHIEVEMENTS AND PERFORMANCE

2022-23 proved to be an extraordinary year for the Octagon on many fronts. We were delighted to be shortlisted as UK Theatre of the Year 2023 at the Stage Awards in January 2023. The criteria included artistic excellent, financial resilience, innovative business practice and positive employment conditions.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

Our first full financial year open after major reconstruction and the global pandemic was turbulent. The first six months of the year were particularly challenging as the recovery of audience levels from the pandemic was slowed by growing economic concerns. The latter six months had three productions that successively broke our box office records. Financial volatility aside, the year cemented the Octagon’s reputation as an ambitious, high achieving and engaging theatre with both local and national impact.

Some 69,412 people attended Octagon productions at our theatre in Bolton, and a further 31,904 people saw an Octagon production or co-production elsewhere in the UK.

During 2022/23 our productions included:

Kes by Barry Hines, adapted for the stage by Robert Alan Evans. Directed by Atri Banerjee. 10 March – 2 April 2022. Coproduction with Theatre by the Lake.

The Book Thief by Markus Zusak. Book by Jodi Picoult and Timothy Allen McDonald, Libretto by Elyssa Samsel and Kate Anderson. Directed by Lotte Wakeham. 17 September – 15 October 2022.

In addition to the Theatre of the Year nomination, the Octagon was recognised in several other awards including:

The Book Thief achieved noteworthy national and international attention. This stunning world premiere adaptation of Markus Zusak’s global bestselling novel was described as “assured and courageous” by The Guardian. The production met our expectations in inspiring audiences to return to the Octagon, with people coming across the UK, Europe and further afield. The Book Thief was

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

integral to our strategy of investing in ambitious, popular work and was made possible by our Future Fund (launched in the pandemic to support the Octagon’s recovery), our partners DEM Productions, and our show sponsor, Boo Coaching and Consulting. We were also delighted by the reaction to Spring and Port Wine , starring Les Dennis and Mina Anwar. This Bolton classic has long been a local favourite, and similarly attracted many audiences back to the Octagon. We are grateful to our show sponsors, AFG Law.

Our creative engagement work reaches people of all ages and backgrounds in activities in and outside of the building. In 2022/23 our ReAct project, funded by the National Lottery Community Fund, came it its conclusion. This programme provided a breadth of creative opportunities, co-designed with over 50s with the aim of reducing loneliness and improving arts engagement. The ReAct celebration week in July 2022 showcased the huge range of work that participants had led and been part of, and the Where Are We Now installation remains in the Octagon foyer. This textile-based art project saw participants work with three artists to push themselves in trying new techniques, connecting with memories of working with textiles in India in their youth.

In October 2022, we announced the launch of Sharing Stories, a new long-term programme to engage children and families in storytelling, whether that be through books, drama or other creative activities. This programme recognises that educational attainment and cultural participation in Bolton are both lower than national average. By providing opportunities for reading, writing, drama, craft and other activities, we hope to improve educational, wellbeing and cultural outcomes with families in Bolton’s most deprived neighbourhoods. The programme is being run in partnership with Bolton Library and Museum Service, Bolton Wanderers in the Community and Bolton CVS. We are very grateful to the Oglesby Charitable Trust for agreeing to become the major supporter of this programme over three years, and to Bolton Council for their investment through the UK Shared Prosperity Fund. Activity began in January 2023 with the appointment of a new Family Engagement Lead and a series of free drop-in events that allowed us to meet families and begin to design future activities with them.

Over the year we ran 60 sessions of our Bridges programme, which provides creative activities for young people and adults with additional needs and learning disabilities. These sessions emphasise gaining confidence, collaboration and connecting with others, as well as providing acting and self-expression opportunities in an inclusive setting. We provided 92 education sessions for young people including schools workshops and employability workshops with The Prince’s Trust. We also ran 84 sessions that were focused on health and wellbeing, including working with carers, people recovering from addiction and people with experience of mental illness. Throughout the year, 100 young people participated every term in our Youth Theatre and Young Octagon, building their theatre skills and confidence in an open and inclusive environment. In total, some 5,198 people took part in our family and creative engagement activities across the year.

We became the first theatre in the North West to be an accredited Living Wage Employer. This means that everyone who works for the Octagon earns the real living wage, which is reflects the cost of living and is higher than the legal minimum. Whilst the trustees could have considered this a difficult decision given the financial circumstances, the overriding priority has been to ensure that the Octagon is a fair employer and supports its workforce (permanent staff, casual workers and freelancers) during the cost-of-living crisis.

Fundraising

The trustees place great importance on relationships with donors and are committed to ensuring best practice. There is an in-house development team and no other professional fundraiser or commercial participator carried out any fundraising activities during the financial year.

FINANCIAL REVIEW

Overview

Taking into account Theatre Tax Relief generated through Octagon Theatre Productions Ltd, the Group completed its financial year with a financial surplus on unrestricted funds of £232,445 (2022 – surplus £313,227) after transfers and designations

The charity had previously designated £30,000 to support the artistic programme but this was not required in the year and has been carried forward.

At the year end the Trust’s funds stood at:

Unrestricted funds:
General funds
Designated funds
Restricted funds		 £’000
1,145
955
2,097
123
2,224

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

Trading subsidiaries

Octagon Catering Services (OCS) returned to profit mainly thanks to the improved theatre attendance in the second half of the year. Improved internal controls also helped trading results and produced a profit of c£19k. It is the aim to reduce any losses on its balance sheet within the next three years.

The other wholly owned trading subsidiary, Octagon Theatre Productions Ltd, was again engaged as the production vehicle for our plays, and for 21/22 has generated theatre tax credits of c£282k.

Principal funding sources

The following table summarise the major sources of funding for the Group:

2023 2022 2021 2020
£’000 £’000 £’000 £’000
Core funding 878 922 885 943
COVID related funding - 276 -1,350 -
Donations & legacies 84 45 126 117
Capital grants - - - 87
Charitable trading 1,707 637 42 522
Project grants 160 40 117 124
Fundraising/trading income 516 257 107 149
Interest 3 1 2 8
Other income - - - -
3,348 2,178 2,629 1,950

Details of the material funders are shown in the notes to the financial statements.

Investment policy and review

Surplus funds are placed on deposit with our bankers. There are no fixed asset investments.

Risk management

The trustees discuss and approve a risk register on an annual basis, and the Finance and Resources Sub-Committee review this on a bi-monthly basis. The greatest risks facing the charity, and the approach to their management, is summarised as follows:

Restabilising customers and The combined effects of closing the theatre for refurbishment in 2018, followed by the customer income pandemic, and the cost-of-living crisis that began in 2022, has dramatically reduced our number of active customers. National research has found that a third of previously regularly theatre customers expect to reduce their attendance. Given that customer generated income forms the majority of turnover, this is naturally the highest risk facing the charity. We have invested in programming that has popular appeal and appeal to new audiences and undertaken regular market research to better understand our customers, their motivations and expectations. We have increased spending in marketing and in spring 2023, began a year-long audience engagement programme to deepen our audience insight, improve our brand and social media marketing, and make greater use of data and audience segmentation to build relationships with new and potential customers. This is being matched by grassroots audience development around our two priorities of family audiences and South Asian audiences.

Failure to meet earned income Box office, co-production and catering income targets are set clearly and specifically, targets allowing for frequent review throughout the year. There are regular forecasts to monitor income and expenditure, with scope for in-year adjustments to respond to any risks and take corrective actions where necessary. The trustees have determined to maintain sufficient reserves to mitigate against any shortfalls as we work to return to normal trading levels from 2024 onwards. Reliance and uncertainty on grant There is a proactive approach to maintaining positive relationships with all funding income stakeholders, and to monitoring the policy context the Trust operates within. The trustees and key staff have recently reviewed our short to medium term priorities and ensured these are aligned to our major stakeholders: Arts Council England, Bolton Council and Greater Manchester Combined Authority (GMCA). We have confirmed 2023-2026 funding from Arts Council England and GMCA, and ongoing funding from Bolton Council.

Increases in costs and inflation In line with the economy, we have experienced significant increases in utilities prices and other fixed costs. We have undertaken a review of all budgets and contracts and instigated a major savings plan that has reduced the total increase to overheads. We continue to tightly control expenditure whilst also investing in cost saving measures where prudent to do so.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

Limited organisational capacity, The redevelopment of the theatre has significantly improved our accommodation and resilience, and accommodation opened new opportunities for income generation through venue hire and improved audience experience. However, the economic circumstances are frustrating our ability to realise the potential of this. The trustees recognise that the Octagon’s resources are currently limited.

Our workforce is our greatest asset, and the trustees place considerable importance on maintaining a healthy and capable team. Staff and freelancers have co-designed new values and a cultural statement for the Trust, and the 2022/23 staff survey showed high levels of engagement and morale. The Trust is now an accredited Living Wage Employer. Engagement with staff will continue to focus on wellbeing, work/life balance and professional development and a new bespoke programme of staff skills development is being implemented in 2023/24. We are reviewing the freelancer experience to ensure that this crucial part of our workforce is fully valued and engaged with the Octagon, and we are increasing opportunities for volunteering, to grow capacity and to widen access to the arts.

We have vacated our former workshop and store building at the end of its lease and have secured short-term premises for storage in Bolton, and for scenery construction at the Royal Exchange Theatre in Manchester. Identifying new long-term premises is an urgent priority.

Failure to meet expectations The trustees regularly evaluate the performance of the charity and the quality of the theatre’s work. This includes artistic outcomes, reputation, audience satisfaction and stakeholder requirements. Customer surveys are carried out throughout the year to understand areas of success and improvement in production, customer services and other areas. Net Promoter Score is used across all areas of the charity to measure customer satisfaction.

Underrepresentation of diversity The trustees recognise that the Octagon does not yet fully reflect the diversity of the population it serves. Good progress has been made in recent years to improve diversity within our creative practices and selection of artists, and more recently the appointment of new trustees. There are targets in place for recruitment of paid staff and volunteers. Embedding access, diversity and inclusion is one of the charity’s goals, and to achieve this investment is being made in programming, audience/community relationships and staff capacity to improve equity with currently under-represented communities.

Climate change Climate change is arguably the greatest risk facing the global community. The trustees have made reducing environmental impact one the charity’s goals. The redeveloped theatre has already significantly reduced our carbon footprint, but we are committed to further reductions. We are building a comprehensive action plan that include audience travel, production processes, procurement practices, and using our influence and programme to inspire wider change in our communities. Our ambition is to become a Net Zero organisation by 2038, in line with the Greater Manchester city-region target.

Going concern

The impact of COVID 19 is set out in the risk review above and the future plans below. In light of the financial support secured and measures taken and the contingency plans in place the Trustees have concluded that the accounts are properly prepared on the going concern basis.

The Directors support the view of the directors of Octagon Catering Services Ltd that that company will recover its financial position over time.

Reserves

The Trustees established a reserves policy in 2012, as amended by subsequent decisions, to address both the short-term and longterm needs of the charity. In 2016, Trustees made a decision to increase the reserves to mitigate risks associated with the capital project and temporary closure of the theatre.

The policy required:
Cash reserve 500,000
Fixed asset replacement 76,050 (balance of the original allocation of £130k)
Programme support 30,000
Capital programme 0 (balance of the original allocation of £70k)

To which have been added additional designated funds of £21,467 for the costs of vacating the workshop, and c£935k representing the investment in fixed assets (tangible and investments).

This policy is regularly reviewed to meet the risks of the charity, including the recent capital project, the pandemic and the current economic crisis. The trustees consider it prudent to maintain free reserves of no less than £500k and have agreed that funds in excess of this level will be used towards maintaining the theatre’s output in 2023/24 and 2024/25.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

At the end of the year the charity had c£1,155k in the bank account, which includes restricted grants and donations of c£195k along with designated funds.

The free reserves (unrestricted funds not invested in fixed assets or otherwise designated) were c£909k.

FUTURE PLANS

In 2023/24, the Octagon will build upon the success of recent programme with a line-up of productions that are intended to reengage and build audience loyalty and position the Octagon as one of the most exciting regional theatres in the UK. An important development in 2023/24 is the move to a hybrid programming model that makes better use of our resources. This means we will focus our in-house capacity on making a smaller number of signature productions, whilst programming co-produced and touring-in work to provide a varied and engaging programme for a wider range of audiences. This model brings the advantages of increasing our national audience and collectively reducing environmental impact as productions have a longer-life.

The artistic programme for 2023/24 includes:

Away from the Octagon, The Book Thief will be given new life by our partners DEM Productions. The revival and updating of the production will be directed by Lotte Wakeham and staged at the Belgrade Theatre Coventry and Curve Theatre in Leicester.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated June 6 1966, as amended by special resolutions dated October 7 1983, August 15 1986, September 11 1995 and November 25 2002.

Members of the company

The only members of the company are those appointed as trustees and directors. They cease to be members of the company on their resignation as trustees and directors.

Appointment of Directors and Trustees

The trustees, who are also the Directors of the Company, are appointed as follows:

Excluding the nominated directors, at each AGM, one third of the Directors retire by rotation, being the longest in office and are eligible for re-election. Trustees normally serve two terms of three years each.

Trustee recruitment, induction and training

The trustees endeavour to ensure that they have within their number the appropriate range of skills and abilities, and from time to time will seek to identify individuals, who they believe can contribute essential knowledge and experience, to recruit to the Board.

New trustees are identified through open advertisement alongside targeted recruitment. The board endeavours to ensure that the trustees collectively have a relevant range of skills and abilities, including appropriate representation of Bolton’s community and demographics.

New trustees receive induction meetings with the Chair and Chief Executive to brief them on the organisation, as well as information on their legal and fiduciary responsibilities. Outside of board meetings, all trustees are encouraged to attend performances and other events to keep informed of the Theatre’s activities. Training for trustees is provided as necessary.

Organisation

The board, which must be no less than three members nor more than twenty, administers the Charity and meets as necessary. Normally meetings are bi-monthly with an annual away-day. All trustees are expected to adhere to a Code of Conduct. Conflicts of interest must be recorded on an annual basis and declared at each meeting.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2023

In December 2018 the board re-organised its activities into two sub-committees: a Finance and Resources Sub-Committee that has responsibility for finance, funding, risk and the capital project; and a People and Equalities Sub-Committee that has responsibility for human resources, diversity and inclusion. Both sub-committees have delegated authority from the board within specific terms of reference.

A Chief Executive is appointed by the board, to whom the trustees have delegated authority for operational matters within the overall strategy agreed by the board.

Pay and remuneration for senior staff

The remuneration of senior staff is determined on appointment, based upon comparable benchmarks, and subsequently adjusted in line with other staff pay. The board reviews staff pay annually, and it is normally increased in accordance with average earnings and inflation, if resources allow.

Related parties and co-operation with other organisations/charities

None of our trustees receive remuneration or other benefit from their work with the Trust.

The Trust has worked in partnership over many years with major funders Arts Council England, Bolton Council and the Greater Manchester Combined Authority. Both the Arts Council and Bolton Council have committed significant funds to support the redevelopment of the Theatre. Bolton Council are the landlords of the theatre.

There is a strong relationship with Bolton at Home, who contribute an annual grant to the theatre as well as jointly delivering a range of community projects. These include youth and adult drama provision and providing free or affordable tickets to thousands of residents.

There is a long-standing relationship with the University of Bolton, and the theatre provides learning and observation opportunities for students. The University is the theatre’s Principal Sponsor.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees (who are also directors of Octagon Theatre Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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

STATEMENT OF DISCLOSURE TO AUDITORS

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

SMALL COMPANY PROVISIONS AND APPROVAL

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED MARCH 31 2023

Opinion

We have audited the financial statements of The Octagon Theatre Trust (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended March 31 2023 which comprise the Group and parent Charity Statements of Financial Activities, the Group, and parent Charity’s Balance Sheets, the Group and Parent Charity’s Statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or 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 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, set out in the Directors’ and Trustees’ Annual Report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED MARCH 31 2023

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 groups and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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

We assessed the susceptibility of the company’s financial statement 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:

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

No instances of material non-compliance were identified. However, 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.

12

INDEPENDENT AUDITORS REPORT

TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED MARCH 31 2023

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’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 charitable company’s members and its 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 charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Naveed Ahmad

For and on behalf of:

HGA Accountants & Financial Consultants Ltd

t/a Chittenden Horley - Chartered Accountants and Statutory Auditors The Hyde Park House Cartwright Street, Newton Manchester SK14 4EH Date:

HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

13

OCTAGON THEATRE TRUST LIMITED GROUP STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED MARCH 31 2023

uding the income and expenditure account) uding the income and expenditure account) uding the income and expenditure account) uding the income and expenditure account) uding the income and expenditure account)
Notes
INCOME
Incoming resources from generated funds:
Donations
2
Charitable activities
3
Other trading activities
4
Investment income - bank interest
TOTAL INCOMING RESOURCES
EXPENDITURE
Costs of raising funds
6
Expenditure on charitable activities
7
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS
10
Transfers between funds
17
NET INCOME/(EXPENDITURE
BEFORE TAXATION
TAXATION- Theatre Tax Credit
5
NET INCOME/(EXPENDITURE)
AFTER TAXATION - NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWAR
17
TOTAL FUNDS CARRIED FORWARD
17		 General
Designated
Funds
Funds
£
£
948,719
-
1,695,745
-
515,589
-
3,034
-
Unrestricted		 Restricted
Funds
£
25,301
159,617
-
-		 Total
2023
£
974,020
1,855,362
515,589
3,034		 Total
2022
£
1,242,993
678,008
257,194
134
3,163,087 - 184,918 3,348,005 2,178,329
437,162
2,832,810		 -
146,614		 -
247,797		 437,162
3,227,221		 300,020
2,372,029
3,269,972 146,614 247,797 3,664,383 2,672,049
(106,885)
(27,373)		 (146,614)
36,497		 (62,879)
(9,124)		 (316,378)
-		 (493,720)
-
(134,258)
282,447		 (110,117)
-		 (72,003)
-		 (316,378)
282,447		 (493,720)
130,708
148,189
893,588		 (110,117)
1,065,981		 (72,003)
195,109		 (33,931)
2,154,678		 (363,012)
2,517,690
1,041,777 955,864 123,106 2,120,747 2,154,678

The notes on pages 19 to 35 form part of these financial statements.

14

OCTAGON THEATRE TRUST LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED MARCH 31 2023

cluding the income and expenditure account) cluding the income and expenditure account) cluding the income and expenditure account) cluding the income and expenditure account) cluding the income and expenditure account)
Notes
Incoming resources from generated funds:
Donations
2
Charitable activities
3
Other trading activities
4
Investment income - bank interest
TOTAL INCOME
EXPENDITURE
Costs of raising funds
6
Expenditure on charitable activities
7
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS
Transfers between funds
17
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWAR
17
TOTAL FUNDS CARRIED FORWARD
17		 General
Designated
Funds
Funds
£
£
948,719
-
3,160,435
-
192,832
-
3,034
-
Unrestricted		 Restricted
Funds
£
25,301
159,617
-
-		 Total
2023
£
974,020
3,320,052
192,832
3,034		 Total
2022
£
1,242,993
1,633,227
118,646
134
4,305,020 - 184,918 4,489,938 2,995,000
117,594
4,015,053		 -
146,614		 -
247,797		 117,594
4,409,464		 130,415
3,196,540
4,132,647 146,614 247,797 4,527,058 3,326,955
172,373
(27,373)		 (146,614)
36,497		 (62,879)
(9,124)		 (37,120)
-		 (331,955)
-
145,000
909,345		 (110,117)
1,065,981		 (72,003)
195,109		 (37,120)
2,170,435		 (331,955)
2,502,390
1,054,345 955,864 123,106 2,133,315 2,170,435
l

The notes on pages 19 to 35 form part of these financial statements.

15

OCTAGON THEATRE TRUST LIMITED GROUP BALANCE SHEET AS AT MARCH 312023 FIXEDAJ5ETS T•wlbhbAwts 93479a ¢URReMT ASSETS 13 T.6TI D•blo 14 ,4ai 1.181.132 Cmh •te•nk •nd In Hwhj U71.244 1.933.2 CRED￿oR8 unts In oM>w 1S 11 N£T CURRENT A88ET8 I SIT,481 Z4S3,2 1419,3ZS CREMORS 16 NET A8SET8 1120,747 IY.6n FUNDS n8ralbJTr 17 D•in•tsd fvr 17 112lJk) 123.106 zioz 17 Z297,Ail 14182 1151,678 TOTAL FLIND$ 1120.747 Theseflna￿8l Stat￿￿15 prep¥ed in a¢¢Ord•￿￿I1￿ ILtfjKlk)tr• small eoMpanh88 wme. rh¢ nd9$0n pow 19 to ¥ forn prtolthese fmrK?815ts1nert3. Approv•d Bo•rd ofDectorn arKI a￿tOr IB%wton: Il. l illu And 81gr￿d on th•lr ty., O J Kn¥hl-Oirnctoi ¢ornp8ny regwtsation wn*9r. CW28 16

OCTAGON THEATRE TRUST LIMITED CHARITY BALANCE SHEEr AS AT MARCH 312023 2023 2023 2022 FIXEDASSETS TangbkP6%ets knv85trMnts 841,714 934, f98 12 I,f 849,814 931298 URRENT ASSETS Sto 13 D8btors 14 696,486 1,557,708 2,2Y.194 7T9.305 i.t54.6r8 1.933.983 cash al B8nk in Hand CREDITORS ￿￿Unishm1￿ the in ore year 15 e72,115 4c￿,267 NET CURRENT ASSETS 1.582.079 2,431,893 l.W.716 2,469.014 CREDITOR5 un1518llng in than or* year 18 298,678 298,579 NET ASSETS 2,133,315 2,170,435 FLtNDS Unr85birled neral fund 1,OS4,345 955,864 909,345 Oe5¥nated lurKIs .17 1.(￿5,9￿) 2,010,209 1,971326 Resthr 17 123,106 2,133,315 195,109 2.170,435 TOTAL FUNDS Thg8efinarrial 8tatemen15 have tsen pwpared in ac0jrdan￿ wih th8 provis￿￿ applc¥bk to cornpanyas gjtipctlo the Small compan￿9 regime. The notes on pagtrs 19 to 35 fom partofih85e stltsments. ApproY¢d by the Board of Dlrectorn ar￿ auUwl$•dIorlss￿ on.. And ¥1gn•dorn bohBlf by.. D J KniJhl-Dimclor

OCTAGON THEATRE TRUST LIMITED GROUP AND CHARITY STATEMENT OF CASH FLOWS AS AT MARCH 31 2023
notes
Cash used in operating activities
22
Cashflows from investing activities
Interest and dividends
Purchase of tangible fixed assets
Proceeds of sale of fixed assets
Payments to acquire investments
Cash provided by/(used in) investing activities
Cashflows from financing activities
Proceeds from new borrowings
Repayment of borrowing
Cash from financing activities
Increase/(decrease) in cash & cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consist of:
Cash at bank and in hand
Current asset investments
Details of movement in net debt are given in note 24.		 Group
2023
£
442,637

3,034

(36,497)

-

-

(33,463)

-

-		 Group
2022
£
(446,196)		 Charity
2023
£
436,493		 Charity
2022
£
(443,705)
134
(746,819)
-
-		 3,034
(36,497)
-
-		 134
(745,524)
-
-
(746,685) (33,463) (745,390)
298,579
-		 -
-
 298,579
-
- 298,579 - 298,579
409,174
1,161,132		 (894,302)
2,055,434		 403,030
1,154,678		 (890,516)
2,045,194
1,570,306 1,161,132 1,557,708 1,154,678
1,570,306 1,161,132 1,557,708 1,154,678
-
1,570,306 1,161,132 1,557,708 1,154,678

Movements in net debt are shown in note 23.

The notes on pages 19 to 35 form part of these financial statements.

18

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared: under the historic cost convention; in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective January 1 2019 (second edition – October 2019); FRS102; and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS102.

The accounts are prepared in £ sterling, which is the functional currency.

Going Concern

The Trustees have reviewed the financial statements and the groups current position and have concluded that there are no issues concerning the Group’s ability to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income recognition

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. The following applies to particular types of income:

Grants , whether of a capital or revenue nature, are recognised when the charity has entitlement to the funds, any performance conditions have been met and it is probable that the income will be received.

Donations from individuals and other bodies (not being of the nature of a grant) are recognised when receivable.

Earned income is measured at the fair value of the consideration received or receivable for services and goods supplied, net of discounts and VAT.

In kind support consisting of donated facilities is recognised as income when the charity has control over the facilities, the receipt of economic benefit is probable and can be measured reliably. The facilities are recognised at the value the charity would have been prepared to pay for them. A corresponding amount is included as expenditure.

Deferred income

Income is only deferred and included in creditors when:

Expenditure and irrecoverable VAT

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

Costs of raising funds

including those associated with fundraising activities, managing investments and commercial trading by the subsidiary company.

Charitable activities costs of undertaking the work of the charity.

The charity is registered for VAT and is able to recover some of the input tax charged as it relates to Vatable supplies. Costs are stated net of the recoverable amount of VAT, were VAT has been charged.

Allocation of support costs

Support costs are those functions which assist the work of the charity either by supporting the delivery of charitable activities or by supporting the generation of funds. They include property costs, back office functions, staff costs, depreciation, finance costs and professional fees. The basis of allocations is set out in note 8.

19

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

1 ACCOUNTING POLICIES (continued)

Pension contributions

The charity operates a defined contribution pension scheme for its employees, agreeing the contribution rates with each individual. The contributions are paid to a third party who invests the contributions in a money purchase plan. Contributions are charged to the SoFA as they become payable.

The charity also makes contributions to the actors Equity Pension fund in respect of the relevant qualifying workers. Contributions are charged to the SoFA as they become payable

Tangible fixed assets and depreciation

Individual fixed assets costing more than £500 are capitalised at cost and are depreciated over their estimated useful lives on a straight-line basis as set out below.

Depreciation rates are as follows: Long leasehold land and buildings 5% Premises refurbishment 2% on additions pre 31/03/14, 4% on additions thereafter Fixtures, fittings & equipment* 10% and 20%, Computer equipment 25%

*assets acquired under finance lease are depreciated over the life of the leases, which equates to 5 years on current agreements.

Debtors

Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

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

Financial instruments

The charity has only basic financial instruments which are initially recorded at cost, subsequently measured at their settlement value.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries, Octagon Catering services Ltd and Octagon Theatre Productions Ltd, on a line by line basis.

Capital grants

Capital grants received by the charity are accounted for as income in the period in which the charity becomes entitled to receive the income and included within restricted reserves until the conditions of the grant have been fulfilled.

Within the subsidiary companies, Capital grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Capital grants are recognised using the accrual model and the performance model. Under the accrual model, capital grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

The treatment of capital grants received by the subsidiary companies is aligned with that of the charity on consolidation and grants were received from the charity are eliminated on consolidation.

20

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023
2 DONATIONS
Revenue grants:
Arts Council England
Bolton MBC
GMCA
The Oglesby Charitable Trust
COVID related funding:
ACE - CRF1
ACE - CRF2
ACE - CRF3
Esmee Fairbairn
Garfield Weston Foundation
Granada Foundation
Wolfson Foundation
The Lindbury Trust
HMRC - CJRS
Donations & legacies
General donations
In kind support
Capital project
Learning & participation
Total for group
Donation from OCS Ltd
Total for company
Allocations to designated funds are sh
Unrestricted 2023
Restricted		 Total **Unrestricted ** 2022
Restricted		 Total
£
625,359
145,380
107,200
-		 £
-
-
-
11,681		 £
625,359
145,380
107,200
11,681		 £
625,359
188,652
107,200
-		 £
-
-
-
736		 £
625,359
188,652
107,200
736
877,939 11,681 889,620 921,211 736 921,947
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-		 -
-
-
-
-
3,809		 148,500
123,600
-
-
-
-		 -
148,500
123,600
-
-
-
-
-
3,809
- - - 3,809 272,100 275,909
70,780
-
-
-		 -
-
13,620
-		 70,780
-
13,620
-		 33,121
-
-		 -
-
12,016
-		 33,121
-
12,016
-
70,780 13,620 84,400 33,121 12,016 45,137
948,719
-		 25,301
-		 974,020
-		 958,141
-		 284,852
-		 1,242,993
-
948,719 25,301 974,020 958,141 284,852 1,242,993
own in note 17.

21

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023
3 INCOME FROM CHARITABLE ACTI
Group
Theatre and performance
Charity Income (as below)
Octagon Theatre Productions
Eliminated on consolidation
intercompany charges
Learning and Participation
Charity Income (as below)
Total per Group
Charity
Theatre and performance
Box office
Grants
Co-productions
Royalties receivable
Other income
Ancillary trading
Production sub contractor fees
(eliminated on consolidation)
Learning and Participation
Fees & earned income
Grants
Total per Charity
4 INCOME FROM OTHER TRADING A
Sponsorship
Management charge/rent
Hire income
Per charity
Less eliminated on consolidation:
Management charge/rent to OCS Ltd
Add subsidiary income OCS Ltd
Per group		 Unrestricted 2023
Restricted		 Total **Unrestricted ** 2022
Restricted		 Total 2
£
VITIES
1,667,620
1,183,643
(1,183,643)		 £
-
-
-		 £
1,667,620
1,183,643
(1,183,643)		 £
613,989
825,851
(825,851)		 £
4,818
-
-		 £
618,807
825,851
(825,851)
1,667,620 - 1,667,620 613,989 4,818 618,807
28,125 159,617 187,742 24,092 35,109 59,201
28,125 159,617 187,742 24,092 35,109 59,201
1,695,745 159,617 1,855,362 638,081 39,927 678,008
1,427,541
-
201,644
-
10,788
27,647		 -
-
-
-
-
-		 1,427,541
-
201,644
-
10,788
27,647		 536,049
-
56,754
3,185
12,263
5,738		 -
4,818
-
-
-
-		 536,049
4,818
56,754
3,185
12,263
5,738
1,667,620 - 1,667,620 613,989 4,818 618,807
1,464,690 - 1,464,690 955,219 - 955,219
28,125
-		 -
159,617		 28,125
159,617		 24,092
-		 -
35,109		 24,092
35,109
28,125 159,617 187,742 24,092 35,109 59,201
3,160,435 159,617 3,320,052 1,593,300 39,927 1,633,227
CTIVITIES
126,236
50,000
16,547
192,832
(50,000)
372,757		 -
-
-
-
-
-		 126,236
50,000
16,547
192,832
(50,000)
372,757		 75,099
40,000
3,547
118,646
(40,000)
178,548		 -
-
-
-
-
-		 2
75,099
40,000
3,547
118,646
(40,000)
178,548
515,589 - 515,589 257,194 - 257,194

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

MARCH 31 2023 MARCH 31 2023 MARCH 31 2023 MARCH 31 2023
5 TRADING SUBSIDIARIES
Turnover
Cost of sales
Gross profit
Administration Expenses
Operating profit/loss
Other income
Net profit/loss before taxation
(Tax charge)/Theatre tax credit
Net profit after taxation
Total assets
Total liabilities (excluding capital grant)
Capital grant
Net funds
Octagon Catering Services Ltd (OCS LTD)
Octagon Theatre Productions Ltd (OTP)
OTP's income derives from charity.
On consolidation income fro
against theatre production costs and the direct costs of £955,21
subcontractor fees in the charity.
OTP has been formed to undertake the production, running and clo
charity. It subcontracts the production work back to the charity, and i
The subsidiary operates the bar and catering services within the
£40,,000 (2021 - £5,000) is eliminated. .		 Octagon Catering
Services Ltd
2023
2022
£
£
372,257
153,373
274,893
166,808		 Octagon Theatre
Productions Ltd
2023
2022
£
£
1,183,643
825,851
1,464,690
955,219
97,364
79,725		 (13,435)
56,244		 (281,047)
1,400		 (129,368)
1,340
17,639
500		 (69,679)
25,175		 (282,447)
-		 (130,708)
-
18,139
-		 (44,504)
-		 (282,447)
282,447		 (130,708)
130,708
18,139 (44,504) - -
24,007
(148,696)
-		 18,452
(161,280)
-		 282,447
(281,447)
-		 130,709
(129,709)
-
(124,689) (142,828) 1,000 1,000
m the charity of £825,851 (2021 -19,661) is eliminated
9 (2021 - £21,909) are eliminated against production
sure of in house theatrical productions on behalf of the
s eligible to claim theatre tax relief.
theatre. On consolidation the management charge of

23

OCTAGON THEATRE TRUST LIMITED

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

NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023 NTS FOR THE YEAR ENDED MARCH 31 2023
6 COSTS OF RAISING FUNDS
Inter company provision re OCS
Support costs
Per charity
OCS
Less provision
Less management charge
Total fundraising in Group
No costs were charged to designated
7 CHARITABLE EXPENDITURE
Theatre and performance
Learning and participation
Capital project
Charged to restricted fund
Per charity
Less eliminated on consolidation:
Grant to OCS Ltd
Charges from OTP Ltd
Per group
Expenditure in the charity is analysed
2022/23
Theatre and performance
Learning and participation
Capital project
2021/22
Theatre and performance
Learning and participation
Capital project
Depreciation of £28,069 (2021 - £37
designated funds as shown in note 16
Charges to restricted funds in respect		 Unrestricted 2023
Restricted		 Total **Unrestricted ** 2022
Restricted		 Total
£
(14,950)
132,544		 £
-
-		 £
(14,950)
132,544		 £
13,447
116,968		 £
-
-		 £
13,447
116,968
130,415
223,052
(13,447)
(40,000)
117,594
354,618
14,950
(50,000)		 -
-
-
-		 117,594
354,618
14,950
(50,000)		 130,415
223,052
(13,447)
(40,000)		 -
-
-
-
437,162 - 437,162 300,020 - 300,020
or restricted funds in either year.
4,016,227
-
4,016,227
277,121
105,302
382,423
-
10,814
10,814
(131,681)
131,681
-		 2,839,445
328,380
-
(737,012)		 1,000
51,867
(24,152)
737,012		 2,840,445
380,247
(24,152)
-
4,161,667
-
(1,182,243)		 247,797
-
-		 4,409,464
-
(1,182,243)		 2,430,813
-
(824,511)		 765,727
-
-		 3,196,540
-
(824,511)
2,979,424 247,797 3,227,221 1,606,302 765,727 2,372,029
as follows:
Direct
Direct
salaries &
Support
costs
actors' fees
costs
Total
£
£
£
£
1,997,464
448,521
1,570,242
4,016,227
71,372
19,991
291,060
382,423
10,814
-
-
10,814
2,079,650
468,512
1,861,302
4,409,464
1,248,853
227,906
1,363,686
2,840,445
47,142
24,524
308,581
380,247
(24,152)
-
-
(24,152)
1,271,843
252,430
1,672,267
3,196,540
,546), loss on disposal of fixed assets £nil (2021 - £8,381),have been charged to
.
of grants shown in note 2 have been made. Details of the grants are shown in note 16.
2,079,650 468,512 1,861,302
4,409,464
1,248,853
47,142
(24,152)		 227,906
24,524
-		 1,363,686
2,840,445
308,581
380,247
-
(24,152)
1,271,843 252,430 1,672,267
3,196,540
2

24

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

8 SUPPORT & GOVERNANCE COSTS

NTS FOR THE YEAR ENDED MARCH 31 2023
 NTS FOR THE YEAR ENDED MARCH 31 2023
 NTS FOR THE YEAR ENDED MARCH 31 2023
 NTS FOR THE YEAR ENDED MARCH 31 2023
 NTS FOR THE YEAR ENDED MARCH 31 2023
2022/23
Salaries
Marketing costs
Establishment costs
Insurance
Legal & professional
Administration costs
Finance charges
Staff training and recruitment
Loss on disposal of fixed assets
Depreciation
Allocation of marketing support costs
Allocation of governance costs
2021/22
Support costs
Support salaries costs
Marketing costs
Establishment costs
Insurance
Legal & professional
Administration costs
Finance charges
Staff training and recruitment
Loss on disposal of fixed assets
Depreciation
Allocation of marketing support costs
Allocation of governance costs		 Marketing
£
-
134,133
2,399
-
-
14,057
3,327
2,286
-
1,168		 Costs of
raising
Governance
funds
£
£
62,614
125,227
-
-
9,595
2,399
-
-
6,994
-
3,514
3,514
832
832
572
572
-
-
-
-		 Theatre &
Learning &
Total
Performanceparticipation
2022
£
£
£
876,590
187,841
1,252,272
-
-
134,133
167,905
57,567
239,865
17,443
5,814
23,257
12,678
667
20,339
112,456
10,543
144,084
26,616
2,495
34,102
18,289
1,715
23,434
-
-
-
108,848
12,344
122,360
157,370
(157,370)
-		 84,121
-
(84,121)		 132,544
-
-		 1,340,825
149,502
79,915		 278,986
1,993,846
7,868
-
4,206
-
- - 132,544 1,570,242 291,060
1,993,846
83,215
2,574
-
-
13,194
1,375
947
-
8,404		 55,257
-
10,295
-
7,239
3,299
344
237
-
-		 110,515
-
2,574
-
-
3,299
344
237
-
-		 773,604
-
180,166
24,095
30,838
105,556
10,999
7,579
-
53,788		 165,772
1,105,148
-
83,215
61,771
257,380
8,032
32,127
1,623
39,700
9,896
135,244
1,031
14,093
711
9,711
-
-
50,426
112,618
109,709
(109,709)
-		 76,671
-
(76,671)		 116,969
-
-		 1,186,625
104,224
72,837		 299,262
1,789,236
5,485
-
3,834
-
- - 116,969 1,363,686 308,581
1,789,236

Support costs are allocated on the following basis:

Area

basis

comment

Marketing costs estimate of usage net of any direct attribution Support salaries estimate of time spent

Other costs:

Property

Irrecoverable VAT (after any direct attribution)

All other costs

Depreciation

Space

Head count net of any direct attribution estimate of usage/head count estimate of usage

25

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

MARCH 31 2023 MARCH 31 2023 MARCH 31 2023 MARCH 31 2023 MARCH 31 2023
6
9
**a **		 STAFF INFORMATION
Employees
Salaries and wages
Pension costs
Employer's NI contributions
Staff costs for the Trading subsidiary included above
Employees earning more than £60,000pa (excluding employer's nic a
£60,000 - £70,000		 2023
£
1,270,173
26,086
101,568
1,397,827
120,501
nd pension contributions):
number
1		 2022
£
1,146,400
22,369
81,825
1,250,594
120,501
number
1
The key management of the charity comprise the trustees and senior
the group are the same people plus catering manager. The trustees
The total employee benefits of other key management were as follow		 staff (as set out on page1) and the key management of
do not receive any remuneration for their services
s:
**b ** Charity
Group
Actors and stage managers
Fees
Pension contributions (Equity)		 £
375,395
375,395
£
439,110
4,348
443,458		 £
364,190
372,569
£
223,138
4,348
227,486
Group average staff numbers
The average number of employees, excluding the actors and stage m
Employees
NET INCOME/(EXPENDITURE) BEFORE TRANSFERS (for the Gr
This is stated after charging/(crediting):
Auditors remuneration:-
Audit fees
Accountancy fees
Finance lease charges
Depreciation of fixed assets
Trustees remuneration
Trustees expenses		 anager referred to above, was as follows:-
2023
2023
2022
2022
Average
Average FTE
Average
average FTE
number
number
number
number
82
55
72
45
82 55 72 45
oup) £
4,100
6,025
-
122,221
-
-		 2
£
4,100
6,568
98,581
-
-
**9 ** STAFF INFORMATION 2023 2022
£ £
**a ** Employees
Salaries and wages 1,270,173 1,146,400
Pension costs 26,086 22,369
Employer's NI contributions 101,568 81,825
1,397,827 1,250,594
Staff costs for the Trading subsidiary included above 120,501 120,501
Employees earning more than £60,000pa (excluding employer's nic and pension contributions):
number number
£60,000 - £70,000 1 1
£ £
Charity 375,395 364,190
Group 375,395 372,569
**b ** Actors and stage managers £ £
Fees 439,110 223,138
Pension contributions (Equity) 4,348 4,348
443,458 227,486

c Group average staff numbers

10 NET INCOME/(EXPENDITURE) BEFORE TRANSFERS (for the Group)

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

MARCH 31 2023 MARCH 31 2023 MARCH 31 2023 MARCH 31 2023
TANGIBLE FIXED ASSETS
GROUP
Cost or valuation
As at April 1 2022
Additions
Disposals
As at 31 March 2023
Depreciation
As at April 1 2022
Charge for the year
Disposals
As at 31 March 2023
Net Book Value
As at 31 March 2023
As at 31 March 2022
COMPANY
Cost or valuation
As at April 1 2022
Additions
Disposals
As at 31 March 2023
Depreciation
As at April 1 2022
Charge for the year
Disposals
As at 31 March 2023
Net Book Value
As at 31 March 2023
As at 31 March 2022		 Leasehold
Property
£
597,435
-
-		 Fixtures &
Fittings
£
644,006
12,371
(44,694)		 Computer
Equipment
£
100,292
24,126
(29,911)		 Total
£
1,341,733
36,497
(74,605)
597,435 611,683 94,507 1,303,625
58,085
58,085
-		 264,945
48,864
(44,694)		 82,907
15,272
(29,911)		 405,937
122,221
(74,605)
116,170 269,115 68,268 453,553
481,265 342,568 26,239 850,072
539,350 379,061 17,385 935,796
597,435
-
-		 641,392
12,371
(44,694)		 100,292
24,126
(29,911)		 1,339,119
36,497
(74,605)
597,435 609,069 94,507 1,301,011
58,085
58,085
-		 263,929
48,624
(44,694)		 82,907
15,272
(29,911)		 404,921
121,981
(74,605)
116,170 267,859 68,268 452,297
481,265 341,210 26,239 848,714
539,350 377,463 17,385 934,198

11 TANGIBLE FIXED ASSETS

27

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

12 FIXED ASSET INVESTMENTS

The charity has owns 100% of the issued share capital of the following companies:

OCTAGON THEATRE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023
12 FIXED ASSET INVESTMENTS
The charity has owns 100% of the issued share capital of the following companies:
Name
Company no.
Investment
Activity
2023
2022
£
£
Octagon Catering Services Ltd
2095489
100
100
Catering & bar services
Octagon Theatre Productions Ltd
9260244
1,000
1,000
Theatre productions
1,100
1,100
GROUP
GROUP
COMPANY
2023
2022
2023
£
£
£
13 STOCKS
Stock of goods for resale
9,391
7,671
-
14 DEBTORS
Trade debtors
87,699
7,854
87,699
Grants and income receivable
-
537,337
90,880
Octagon Catering Services Ltd
-
(112,221)
Inter company provision re OCS
-
-
112,221
Octagon Theatre Productions Ltd
(939)
-
189,228
VAT refundable
17,202
-
17,202
Other debtors
144
321
144
Theatre Tax Credit receivable
282,447
130,709
-
Prepayments
311,994
88,240
311,333
698,547
764,461
696,486
15 CREDITORS falling due within one year
Trade creditors
80,383
69,444
75,377
Other taxes and social security
51,093
1,847
32,184
Accruals
352,053
200,667
339,092
Other creditors
27,336
36,599
27,336
Income and grants in advance
107,246
107,246
107,246
618,111
415,803
581,235
All income and grants in advance brought forward are released in the subsequent year.
16 CREDITORS falling due within more than one year
Bolton Council re lease premium
298,578
298,579
298,578
298,578
298,579
298,578		 Investment
2023
2022
£
£
100
100
1,000
1,000		 Activity
Catering & bar services
Theatre productions
GROUP
COMPANY
2022
2023
£
£
7,671
-		 COMPANY
2022
£
-
1,100 1,100
GROUP
2023
£
9,391
87,699
-
-
-
(939)
17,202
144
282,447
311,994		 7,854
537,337
-
-
-
321
130,709
88,240		 87,699
90,880
(112,221)
112,221
189,228
17,202
144
-
311,333		 7,854
537,337
140,619
(127,171)
128,369
6,465
321
-
85,511
698,547 764,461 696,486 779,305
80,383
51,093
352,053
27,336
107,246		 69,444
1,847
200,667
36,599
107,246		 75,377
32,184
339,092
27,336
107,246		 66,518
1,663
188,241
36,599
107,246
618,111 415,803 581,235 400,267
298,578 298,579
298,578 298,579 298,578 298,579
2
The balance of the lease premium is payable in seven equal annual instalments commencing in April 2023. No interest is
payable

The balance of the lease premium is payable in seven equal annual instalments commencing in April 2023. No interest is 28 payable

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

17 STATEMENT OF FUNDS

2022/23
TTR &
Income
Expenditure
Transfers
31/03/2021
£
£
£
£
3,163,087
(3,269,972)
255,074
1,041,777
-
(146,614)
36,497
955,864		 1,997,641 123,106 2,120,747
291,571 (9,124) 282,447
(3,416,586) (247,797) (3,664,383)
3,163,087 184,918 3,348,005
b/f and c/f
31/03/2022
01/04/2022
£
893,588
1,065,981		 1,959,569 195,109 2,154,678
2021/22
TTR &
01/04/2020
Income
Expenditure
Transfers
£
£
£
£
580,361
1,853,550
(1,678,023)
137,700
910,629
(228,299)
383,651		 521,351 (390,643) 130,708
(1,906,322) (765,727) (2,672,049)
1,853,550 324,779 2,178,329
1,490,990 1,026,700 2,517,690
Group
Unrestricted funds:
General fund
Designated Funds (see details below)
Restricted Funds:
As below
Total Funds
2022
£
1,975,326
127,171
195,109		 2,297,606
(142,828)		 2,154,778
2023
£
2,010,209
112,220
123,106		 2,245,535
(124,689)		 2,120,846
Funds analysed between charitable and non-charitable:
Charity unrestricted and designated
Add back provision on inter company eliminated on consolidation
Charity restricted
Trading subsidiaries

29

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

17 STATEMENT OF FUNDS (continued)


2022/23
TTR &
Income
Expenditure
Transfers
31/03/2023
£
£
£
£
4,305,020
(4,132,647)
(27,373)
1,054,345
849,814
30,000
-
-
-
-
76,050
955,864		 2,010,209 -

-
-
-
-
-
-
-		 - -
123,106		 123,106 123,106 2,133,315
36,497
-
-
-
-
-
-		 36,497 9,124 -
-
-
-
-
-
-
(2,806)		 (2,806) (3,818)
(2,500)		 (6,318) (9,124) -
(121,981)
-
(21,467)
-
-
(3,166)
-		 (146,614) (4,279,261) (11,681)
-
-
-
-
(120,000)
-
(10,814)		 (142,495) -
(105,302)		 (105,302)
 (247,797) (4,527,058)
-
-
-
-
-
-
-		 - 4,305,020 11,681

-

-
-

-

-

-

13,620
 25,301
 -
159,617		 159,617 184,918 4,489,938
b/f and c/f
31/03/2022
01/04/2022
£
909,345		 935,298
30,000
21,467
-
-
3,166
76,050		 1,065,981 1,975,326 -
-
-
-
-
120,000
-
-		 120,000 3,818
71,291		 75,109 195,109
 2,170,435
2021/22
TTR &
01/04/2021
Income
Expenditure
Transfers
£
£
£
£
565,061

2,670,221
(2,332,929)
6,992		 745,524
21,467
-
(302,460)
(66,834)
(14,046)		 383,651 390,643 -
-
-
(46,142)
-
-
(344,501)		 (390,643) -
-		 - (390,643) -
(98,299)
-
-
(130,000)
-
-
-		 (228,299) (2,561,228) (736)
-
(310,318)
(102,358)
(123,600)
(200,000)
-
24,152		 (712,860) (1,000)
(51,867)		 (52,867) (765,727) (3,326,955)
-
-
-
-
-
-
-		 - 2,670,221 736
-
-
148,500
123,600
-
-
12,016		 284,852 4,818
35,109		 39,927 324,779 2,995,000
288,073

30,000

-

130,000

302,460

70,000

90,096
 910,629
 1,475,690 -
-
310,318
-
-
320,000
-
308,333		 938,651 -
88,049		 88,049 1,026,700 2,502,390
COMPANY
Unrestricted funds:
General fund
Designated funds:
Invested in fixed assets
Programme support
Workshop removal
Covid Recovery
Capital project
Capital project - reserves
Capital replacement unallocated
Total unrestricted funds
Restricted Funds:
The Oglesby Charitable Trust
University of Bolton
- writing & talent development
COVID related funding:
ACE - CRF1
ACE - CRF2
ACE - CRF3
Garfield Weston Foundation
The Lindbury Trust
Capital Project Grants & donations
Project funds
Theatre
Learning & participation
Total restricted funds
Total Funds

30

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

2022/23
TTR &
Income
Expenditure
Transfers
31/03/2023
£
£
£
£
-
-
(3,818)
-		 - -
102,288
9,644
3,844
-
7,330
-
-
-		 123,106
(3,818) -
-
-
-
-
(2,500)
-
-		 (2,500)
- (20,846)
(7,712)
(4,981)
(1,642)
(5,979)
(14,358)
-
(6,709)
(43,075)		 (105,302)
- -
110,000
14,625
-
5,979

12,000

-
6,709

10,304		 159,617
b/f and c/f
31/03/2022
01/04/2022
£
3,818		 3,818 20,846
-
-
5,486
-
9,688
2,500
-
32,771		 71,291
2021/22
TTR &
01/04/2021
Income
Expenditure
Transfers
£
£
£
£
-

4,818
(1,000)
-		 - -
-
-
-
-
-
-
-
-		 -
(1,000) (23,095)
-
(1,165)
-
(2,312)
-
-
(25,295)		 (51,867)
4,818 -
-
-
-
-
12,000
2,500
-
20,609		 35,109
4,818
 43,941

-

-

6,651

-
-
-
-
37,457		 88,049
Analysis of restricted project grants
Theatre
LGBT Foundation
Learning and participation
IGEN Trust
Oglesby
Bolton CVS - Unlocking wellbeing
Bolton CVS - Health and Wellbeing
Kickstart
The Ragdoll Foundation
Provincial/Walsh Trust for Bolton
Schools
National Lottery Community Fund - ReAct

31

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

17 STATEMENT OF FUNDS (continued)

Transfers 2022/23

The programme fund was re-designated in the year to support costs in 22/23.

A new designated fund has been created to cover the costs of moving out of the old workshop in early 22/23.

Transfers have been made to the designated fund for investment in fixed assets, as detailed below, so that the closing balance equals the net book value of fixed assets at the year end.

Rebuild Investment in
New
Reserves **fixed assets ** Designations Total
£ £ £ £
General fund - (33,691) - (33,691)
Designated - invested in Fixed assets - 36,497 - 36,497
Designated - workshop removal - - - -
Designated - capital project - - - -
Designated - capital reserve - - - -
Designated - capital replacement - - - -
ACE CRF1 - - - -
Learning and participation - - - -
Capital Project Grants & donations - (2,806) - (2,806)
- - - -

Transfers 2021/22

A transfer to the designated fund for investment in fixed assets has been made equal to the additions in the year. The programme fund was re-designated in the year to support costs in 21/22.

A transfer has been made designated to meet the ongoing costs of COVID recovery.

A transfer has been made from the general funds to the designated capital project fund to ensure that taken together with the restricted capital funds sufficient monies are available to meet the costs of the capital project.

Rebuild Investment New
Reserves fixed assetsDesignations Total
£ £ £ £
General fund 46,142 727,841 (21,467) 752,516
Designated - invested in Fixed assets - - - -
Designated - workshop removal - - 21,467 21,467
Designated - capital project - (302,460) - (302,460)
Designated - capital reserve - (66,834) - (66,834)
Designated - capital replacement - (14,046) - (14,046)
ACE CRF1 (46,142) - - (46,142)
Learning and participation - - - -
Capital Project Grants & donations - (344,501) - (344,501)
- - - -

Garfield Weston Foundation

LGBT Foundation IGEN Trust Bolton CVS - Health and Wellbeing National Lottery Community Fund - ReAct Provincial/Walsh Trust for Bolton

To meet the ongoing costs of the pandemic, both capital and revenue. Towards ongoing project costs Towards the Academy project Towards community health and wellbeing Towards work with over 50s. Towards the Academy project

It is expected that all the above funds will be utilised in the 22/23

32

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

MARCH 31 2023 MARCH 31 2023 MARCH 31 2023 MARCH 31 2023
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Company fund balances at March 31 2023
are represented by:-
Fixed assets
Net current assets
Creditors due in more than one year
Company fund balances at March 31 2022
are represented by:-
Fixed assets
Net current assets
Creditors due in more than one year
Free Reserves:
Net current assets
CONSTITUTION
The Company is limited by guarantee and does not have a share cap
wound up the members are committed to contributing £1 each.
TAXATION
The company is a registered charity and is entitled to claim annual e
sections 466 to 477 of the Corporation Tax Act 2010.
CAPITAL COMMITMENTS
The company had no capital commitments at the year end (2022 - no		 Unrestricted funds
General
Designated
£
£
-
849,814
1,352,923
106,050
(298,578)
-		 Restricted
Funds
£
-
123,106
-		 Total
£
849,814
1,582,079
(298,578)
1,054,345 955,864 123,106 2,133,315
Unrestricted funds
General
Designated
£
£
-
935,298
2,531,388
(361,190)
(298,579)
-		 Restricted
Funds
£
-
(636,842)
-		 Total
£
935,298
1,533,716
(298,579)
2,232,809 574,108 (636,842) 2,170,435
2023
£
1,352,923
ital. In the event of the Company being
xemption from UK corporation tax under
ne).		 2023
£
1,352,923		 2022
£
2,531,388
MARCH 31 2023 MARCH 31 2023 MARCH 31 2023 MARCH 31 2023
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Company fund balances at March 31 2023
are represented by:-
Fixed assets
Net current assets
Creditors due in more than one year
Company fund balances at March 31 2022
are represented by:-
Fixed assets
Net current assets
Creditors due in more than one year
Free Reserves:
Net current assets
CONSTITUTION
The Company is limited by guarantee and does not have a share cap
wound up the members are committed to contributing £1 each.
TAXATION
The company is a registered charity and is entitled to claim annual e
sections 466 to 477 of the Corporation Tax Act 2010.
CAPITAL COMMITMENTS
The company had no capital commitments at the year end (2022 - no		 Unrestricted funds
General
Designated
£
£
-
849,814
1,352,923
106,050
(298,578)
-		 Restricted
Funds
£
-
123,106
-		 Total
£
849,814
1,582,079
(298,578)
1,054,345 955,864 123,106 2,133,315
Unrestricted funds
General
Designated
£
£
-
935,298
2,531,388
(361,190)
(298,579)
-		 Restricted
Funds
£
-
(636,842)
-		 Total
£
935,298
1,533,716
(298,579)
2,232,809 574,108 (636,842) 2,170,435
2023
£
1,352,923
ital. In the event of the Company being
xemption from UK corporation tax under
ne).		 2023
£
1,352,923		 2022
£
2,531,388

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

19 CONSTITUTION

20 TAXATION

21 CAPITAL COMMITMENTS

33

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

22 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net income/(expenditure)
Add back depreciation
Deduct interest income shown in investing activities
Deduct profit/add back losses on disposals of FA
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash generated from/(used in) operating activities
MOVEMENT IN NET DEBT
Group
at 31/3/22
Cash and cash equivalents
£
Cash at bank and in hand
1,161,132
Debt
Bolton MBC re lease premium
(298,579)
Cash and cash equivalents net of debt
862,553
Charity
Cash and cash equivalents
Cash at bank and in hand
1,154,678
Debt
Bolton MBC re lease premium
(298,579)
Cash and cash equivalents net of debt
856,099		 Net income/(expenditure)
Add back depreciation
Deduct interest income shown in investing activities
Deduct profit/add back losses on disposals of FA
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash generated from/(used in) operating activities
MOVEMENT IN NET DEBT
Group
at 31/3/22
Cash and cash equivalents
£
Cash at bank and in hand
1,161,132
Debt
Bolton MBC re lease premium
(298,579)
Cash and cash equivalents net of debt
862,553
Charity
Cash and cash equivalents
Cash at bank and in hand
1,154,678
Debt
Bolton MBC re lease premium
(298,579)
Cash and cash equivalents net of debt
856,099		 Group
2023
£
(33,931)
122,221
(3,034)
-
(1,720)
65,914
293,188		 Group
2022
£
(363,012)
98,581
(134)
-
(7,432)
(351,939)
177,740		 Charity
Charity
2023
2022
£
£
(37,120)
(331,955)
121,981
98,299
(3,034)
(134)
-
-
-
-
82,819
(374,440)
271,848
164,525
442,638 (446,196) 436,494
(443,705)
cashflows
£
409,174		 Lease
premium
£
-		 other non
cash
£
£
-
1,570,306
(298,579) - (298,579) -
(298,578)
862,553 403,030 - 1,271,728
-
1,557,708
1,154,678
(298,579) - (298,579) -
(298,578)
856,099 1,259,130

23 MOVEMENT IN NET DEBT

There were no: acquisitions or disposals of subsidiaries; foreign exchange movements; or market value changes in the period.

24 LEASE COMMITMENTS

a Operating leases

In 2022, the charity entered into a lease with Bolton Council for the theatre. The lease commenced on August 31 2021 and runs until June 2120. There is no rent payable under the lease, but there is a lease premium of £503,762. The initial instalment of the lease premium was paid in 2022 of £240,000 plus VAT and the balance is payable in equal annual instalments commencing August 31 2024 and is provided for in these accounts.

A condition of the lease was the granting of the charge in favour of ACE referred to in note 26.

b Finance leases

The charity and group had no obligations under finance leases in either this or the preceding year.

34

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2023

25 RELATED PARTY TRANSACTIONS

Details of the grant support from organisations who nominated directors and other organisations with which the charity works closely is shown in the statement of funds note.

Details of the trading between the charity and its subsidiaries is shown in the notes to the SoFA.

E K Alladi, a trustee. Is also an actor and following the audition was cast in the play An Adventure. He was engaged on standard Equity terms and was paid a total fee of £4,408 including pension contributions.

Unrestricted donations received from trustees amounted to £5 (2022 - £200). There are no other related party transactions that are required to be disclosed.

26 CONTINGENT LIABILITIES

Capital grants

In previous years the charity has received funding from Arts Council England (ACE) for the redevelopment of the theatre from ACE National Lottery funding and jointly from ACE and Bolton MBC for the improvement of the lighting and sound system. The assets created are subject to ACE normal terms and conditions and property assets cannot be disposed of at any time or equipment within ten years without ACE prior written consent, and any proceeds of sale may be repayable in proportion to the funding received.

These liabilities are not expected to crystallise and therefore the grant, relating to capital items, has been taken to a restricted reserve and related depreciation is being charged against the fund each year. However, as all the other restrictions had been met the grant was released to unrestricted funds in 20/21.

27 CHARGES

The Arts Council England (ACE) was a major funder of the capital works carried out by Bolton Council on the theatre building. In order to safeguard the interests of the funder and to facilitate the granting of the lease by the Council to the Charity, ACE has been given a charge of the leasehold property know as the Octagon Theatre, Howell Croft South Bolton.

35