Reglstered number.. 00499076 Charlty number: 249169 WILTSHIRE CREATIVE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Bishop Fleming WILTSHIRE CREATIVE (A COMPANY LIMITED BY GUARANTEEI CONTENTS Page Reference and Admlnlstratlve Dgtails ot the Charity, its Trustees and Advlsers Tru$te8s' Report Independent Auditors. Report on the Financlal Statements 14-17 Consolidatsd Stat•m•nt of Flnanclal Actlvities 18 Consolidated Balance Sheet 19 Charfty Balanco Shggt 20 Consolldated Statement of Cash Flows 21 Notes to th8 Financial Statements 22-41 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tru$tges H J 81rchenoughl D A H Bossomi V J Broom lappoinled 9 May 2023, resigned 19 June 20241 T F Clay1 M Curteis lappoinled g May 20231 N H Frankfort M Freer (appointed 9 May 20231 V Hickey {appoinled 9 May 202311 N Jenkins lappoinled 9 May 20231 JGRPerry1 E Wills lappoinled 9 May 20231 TJ Crarer (resigned 9 May 20231 Financg Committee Company registered number 00499076 Charity regi$terfjd numbgr 249169 Registered offlce Salisbury Playhouse Mallhouse Lane Salisbury Willshire SP2 7RA ObseNers Willshire Council.. Tamzin Earley Salisbury Crty Council.. Samuel Charleston Arts Couneil England.. Rachel De Garang Jolnt Chief Extcutive5 Mr G Machin {Artislic Director) Mr R S Warrack {Executive Director- resigned 31 January 2024) Sonior management team Ms J Coveney (Senior Producer- appointsd 1 February 20241 Ms L Dancy (Take Part DiTeclorl Ms J Davies (Operations Director) Ms E Griffilhs (Interim Finance Director- appointed 1 February 2024) Ms R Townsentl (Communications & Sales Dire¢lorl M5 H Taylor (Development Director) Mr J Tilcombe IProdu¢lion & Technical Director) Ms K Vaughan (Head of People & Resources - appointed 1 February 20241 Indgp9ndgnt audltors Bishop F￿MIng LLP CharteTed Accountant5 10 Temple Back Bristol BS16FL Bankers National Westminster Bank pl 48 Blue Boar Row Salisbury Willshire SP1 1BG Page 1 WILTSHIRE CREATIVE IA COMPANY UMITED BY GUARANTEE) TRUSTEESS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 CHAIR'S REPORT l am delighted lo introduce the Trustees, Report lor the year 2023124, a ygar in which the uplrfl in post- pandemic audience numbers. that began the previous year, continued. By Pfudenl programming of popular shows in both of its venues, Willshire Creative has been able during this year lo reverse the financial deficit of 2022123 and has, against a modest budget target of b￿ak-even, doliv¢red a betler-than-expecled position, with frte ￿SerVeS at the year-end of over £65,000 The programming for this year carried on with the formula that had proved successful in the fourth quarter of the prior year, presenting popular and familiar work that eneouraged audiences to rediscover the joy of live Ihealre. Plays such as Brief Encounter, Jeeves and Wooster in Perfect Nonsense and The Girt on the Train helped Wiltshire Creative sell 100,000 lickels in 2023124. Alongside these well-known titles, we were particularty proud to reintrodu¢e new work to the main stage of the Playhouse in February 2024 in the form of One Last Push, a raucous new comedy from the author of Worst Wedding Ever and a world premiere for Willshire Creative. Once again, the Salisbury Playhouse pantomime at Christmas a relelling of D￿k Whittington directed by our Artistic Director Garelh Machin - was a huge success, playing lo a total audience of 24,580 people and generating much-needed income lo support our other aclivilies. The creative highlight of 2023124, however, was undoubtedly our large-scale outdoor presentation of The T8mp8sI in the public parkland of Churchill Gardens. the cenlrepiece of the 2023 Salisbury International Arts Festival. This was a defining movement for the organisation, combining the skills of our community outreach team- Take Part- with our professional producing capacity. This stunning Promenade production featured a large cast of local residents, ranging in age from 7 10 80+ together with a professional cast of ten and featuring design by Australia's Dan Potra (famous for his work on the 2000 Sydney Olyfnpics opening ceremony) and music direction by Kate Edgar. We were particulady pleased that this landmaTk show brought in new audiences, forming new relationships often with people who traditionally have had low engagemgnl with the arts, for example local residents from the Friary estate who were employed lo work on the production, and the diverse young company included a high proportion of young people with additional needs. For weeks in the summer of 2023. The Tempest sel light lo the imaginations of the peoplg of Salisbury an(1 was a perfect showcase for the multiple disciplines and talents of Wiltshire Creative. Alongside Th8 Tempest we were proud lo present weeks of music, comedy. dance, ¢lfCUS and famity entertainment in our buildings and around the city. Our 2023 SIAF programme was smaller than previous years yel still packed with vitality, excellènce and joy. Indeed, w8 sold over len thousand tickets lo the 2023 Festival. We remain committed to ¢uraling larger programmes in future when external financial. pressures have eased. I reported last year on the decision that was reluclanlly taken to Close the café and pottery closses al the Arts C9nlre, in November 2022. The situation there has now been stabilised. Popular programm8S predominantly comedy and music take place al the Arts Centre on Friday and Saturday evenings loften selling out} and over 100 people a day are using the space during the daytime. In 2024125 we are reintroducing programming on Thursday evenings. We continue to look al ways in which we can bring back the Arts Centre for the benefit of the wider community- We must not forget an important strand of Wllshire Creative's work- that of partirApalion and outreach in the community. Our excellent, commilled and energetic Take Part team continue lo delivor a wide range of immgrsive and engaging experiences lo multiple audiences within the community, year-round, helping lo significantly improve the lives of the young, old an¢J disadvantaged. Over thirteen thousand people engaged with Take Part activity in 2023. In spite of this year's posilive budget SUTplus, significant financial challenges remain. During the year, we commissioned a wide-ranging Strategic Review working with arts consultant. Sian Alexander, intended lo identify a more robust business model that can support our activities whilst not imperiling the balance sheeL As expected, there are no easy answers bul a number of additional income streams were id$ntified and we continue lo work towards a sustainable financial model. The results of the strategic review will not be immediately achievable, however, and the Board has h8d to approve a 2024r25 annual budget that shows modest deficit. While the exp&rience of 2023-24 shows that things can turn out beller than expected. thi5 18 Page 2 WILTSHIRE CREATNE IA COMPANY LIMITED BY GUARANTEE) TRUSTEESS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 not a pragmatic way to proceed and the Board are intensively workin9 with the Artistic Director and Sgnior Management Team ISMT) to find better ways of building revenue, whilst controlling costs. In January 2024, we said goodbye to our Executive Director Sebastian Warrack, after eleven years. During his tenure, Sebastian was part of the leadership team that oversaw the merger of Salisbury Playhouse. Salisbury Arts Centre and Salisbury Intemalional Arts Festival into the single arts organisalion, Wiltshire Creative,. he led on the development of Salisbury Playhouse's Capital Masterplan and he collaborated with wiltshi￿ Council on the developmonl of plans for S81isbury's fir51 cultural quarter. The Board owes Sebastian a debt of gratitude for his devotion to making Willshire Creative the significant force in the arts scene in south Willshire and beyond that il is today. The departure of the Executwe D1￿ctor presented an opportunity lo the Board to pause and re45se$$ the requirements of the role. Led by Twstees Mat Freer, a consultant in Corporate culture, the Board commissioned a careful Study of the health of the organisation, codenamed The Next Act, involving in-depth one-lo-one interviews with a sample of over half of stsff members. The results then informed a two-day workshop with senior management whose purpose was both to help define the most appropriate leadership slrLtcture, as well as to agree a programme of lollow-up actions lo address the problems and opportunities ra15ed through the survey. At the lime of writing, recruitment is well under way for a new Executive Director lo partner the Artistic Director in joint leadership. I have no doubt that The Next Act project will lead to significant and constructive improvements in the internal health of wiltshi￿ Creative. to the benefit of 51aff al all levels. I would like to note the Board's gratitude lo Mat Freer for the expertise that he freely gave. During the interregnum before our new Executive Director starts, our Artistic Director has single-handedly led the organisalion, supported by a very capable SMT. The Board would like lo thank Gareth and the SMT, together with all the hard-working staff of Willshire Creative, for the energy and enlhu5ia5m with which all contribute to the delivery of a high quality programme of entertainment and education for the people of Salisbury, south Wiltshire and beyond. And in turn, I would like to thank the Trustees of Wltshire Creative for their contributions and sUPPOrt in 2023124. After tho Board was last reinvigorated in the autumn of 2022, the coming year will see a further opportunity to refresh our Board with new faces and ski118 to ensure that it remains fit for purp08e and equipped lo face the challenge5 of the corning year. Dori¢ Bo$$om Chair Page 3 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI TRUSTEESS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT OBJECTIVES AND ACTIVITIES The objects of the charity as sel out in the Memorandum of Association are.. The objects ol the Charity are. for the public benefit. to promote and advance education including by the production and presentation of and public participation in th$ art5 and cullLtre. arbd in particular through the performing and visual arts and a feslival. Our Vision To enrich the cultural and creatwe life of Salisbury and Wiltshire Our mission To create and present a dynamic and indusive range ot cultural experiencès for the people of Salisbury, Wiltshire and beyond, including our role as a South West hub for talent development and leaming and participation Our Values Creative Inclusive Ethical Our Stratogi¢ Alms To produce and present new, diverse and original wotk balanced with our commitment to the classic repertoire both as live and on digital plafforrns To act as a hub of diverse lalenl development for the South West To celebrate our work, by promoting our identity and vision and ensuring we build understanding and recognition of our work al local, regional and national levels To broaden the diversity of audiences and participants experiencing and involved with the work of Willshire Creative, thereby extending our reach, profile and relevance To embed into the fabric of Willshire Creative Arts Council's Let's Creale strategy and 11$ associated Inveslm8nl Principles To survive and then thrive beyond the Covid pandemic by operating within a financially sustainable business Tnodel, which maximises income and balances financial prudence with calculated artj'slic risk To act as environmental Champions, sharing 9ood sU51ainable practice, advocating for the environmental cause and working towards a zero-carbon footprint To ensure the well-being of those people who work with Willshire Creative, including support for skills development and career progression To act as a dynamic and inventive cultural partner in the city's and nation's Recovery programmes The corn objectlves of 2023124 were as ft>llows." 1. To prograrnme and deliver a financially viable artistic programme, focusing on a programme which encourages audiences to r8lurn 2. To produce al least 4 in-house productions, of which one is a traditional Christmas pantomime for all aggs 3. To produce One Lasl Push, a new wmmission from writer. Chris Chibnall, whose play, Worst Wedding Everwos commissioned by Salisbury Playhouse and producgd in 2014 and Tèvived in 2017 Page 4 WILTSHIRE CREATIVE (A COMPANY LIMITED BY GUARANTEEI TRUSTEESS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 4. To dgvelop relationships with al lea$1 one new co-producer 5. To produce The Tempest, a promenade production, which will form the cenlrepiece to the Salisbury International Arts Festival 2023 and which will lake place in ChuTchill Gardens, involving a mixture of professional praclitione¥s and communlty participants 6. To gxecute a Strategic Review, lo ensure a long-tenn financially sustainable business model Willshire Creativo is a mulli-art form organisalion that celebrates ￿th the distinctiveness of each art form and the opportunities afforded lo ¢xplore the inleraelion befvleen them. Our produced and presented work is rooted in and draws inspiration from Wilt5hirg within which we are the largest eullural organisalion. We also continue to be an gxemplar on the national stage, with a Teputalion for collaboration, innovation and excellence. We forge international links, bringing the world to Will$hiTe and showing off our county lo tho world. Our programme is seen in our hvo buildings, Salisbury Playhouse and Salisbury Arts Cenlre, as well as across the eity. Elements of our programme trave5 around the wider county, country and internab'onally through a wide range of partnorships within the subsidised and commercial $eclors. From the artists with whom we work. to the audiences with whom we connect, we support, nurture and rejoice in leaming 8t all levels. Vve seize opportunities lo engage with a greater range of socio-economic groups. including military families, those Iwing with disabilities and Ih05e living in rural isolation. The Charity ensures that it5 activities are accessible lo as diverse a range of users as possible. We offer a wide variety of participatory work to a range of oommunity and sehooly, groups, thereby increasing the diversity and numbers of our porticipanls. Willshire Crgative receives funding from Arts Council England, Wltshire Council and Salisbury City Council. Public funding ¢onlinugs lo be hugety challenging, therefore il is vital Ihal the charity maximises other income streams. lo ensure that the organisalion continues to thrive well into the future. For example. profts from the Front of Housg IFOHI operation at OLsr two venues and as part of the festival ara directed back into the charity's CO￿ purpose of making art. Fundraising continues to be a key element of our financial strategy and this year we were delighted to be the recipients of a sign¢ficant Arts Cour*cil Project Grant that enabled u5 to produce our flagship project The Tempest. The organisalion ha8 a committed, hord-working and highly skilled staff as well as a dedicated team of volunteers led by a Joint Executive supported by a Senior Management Team. ACHIEVEMENTS AND PERFORMANCE In 2023124 WItshi￿ Creative.. Presenl8d 333 performances Welcomed 20,130 customers Sold 99,931 tickets, achieving 75% caparyty Supported the local community offering 12.500 discounted lickels Distributed 5.245 complimentary tickets At Christmas, Dick Whfftington sold 24,580 lickels, achieving 90% capaaty. 30% of bookers were first lime attenders lo Wiltshire Creative. Artlstlc Programme: Our artistic prcoramme across both Salisbury Playhouse and Salisbury Arts Centre as well as other extemal venues was mado up of a mixture of home-produced and presented work. Page 5 WILTSHIRE CREATIVE {A COMPANY LIMITED BY GUARANTEEI TRUSTEESS. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Home Pmduced work Included.. Brief Encounter a co-production with New Wolsey Theatre in association with Yvonne Arnaud Theatre of Nog1 Coward's Brief Encounter adapted for the stage by Emma Rice and dir8cled by Douglas Rinloul. The Tem est - a major feimagining of Shakespeare's classic play in Churchill Gardens directed by Garelh Machin with an international creative team and professional cast working alongside a large community cast aged 740. Jeeves and Wooster in Perfect Nonsense - a ￿-ProduCtion with Octagon Theatre Bolton of a play adapted from the works of P.G. Wodehouse by Robert Goodale and David Goodale direct￿ by Marieke Audsley. The Girl on the Train vival of Rachel Wagstsff and Duncan Abel's adaptation of the bes15elling novel by Paula Hawkins directed by Love(tay Ingram. Dick Whittin lon a classic pantomime written by Plesled, Brown and Wlsher directed by Gareth Machin and nominated for th￿e awards al the 2024 8rilish Pantomime Awards including 'Besl Panlomime.. One Last Push- world premiere of Chris Chibnall's new family comedy directed by Gareth Machin. S8llsbury Intematlonal Arts Festlval 2023 Included.. Comedy from Marcus Brig51ocke, Lucy Porter. Gyles Brandreth and Susie Dent. Music from new vocal ensemble Siren, Opera della Luna, The Dime Notes, Old Dirty Bras5tard$. La Folia, Hannah Moule & the Moulelles and Elkie Brooks. Theatre, circus and dance from The Lord Chamberlain's Men, Fami Yard Circus, Flamenco Origenes. MOONmoon and Molionhouse. Presentedprogramme at Sallsbury Playhouse and SallsburyArts Centre included.. Comedy from Chris Mcausland, Pam Ayres, Phil Wang, Josh Berry, Fiona Allen, Judy Love. Tom Davis, Alfie Moore, Omid Djalili, Tom Slade, Aurie Slyla, Reginald D. Hunter, Ania Magliano. Music including Swinging at the Colton Club, A Tribute to the Carpenters, The Zoots. Paul Higgs, The Unravelling W'lburys. Sounds of the Sirens. Torn Robinson, Women in Rock. Laurence Knight." The Bowie Experience, Mad Dog Mcrea. The Deloreons, Jazzz Dynamos, From Gold lo Rio The Greatest Hits of Spandau Ballet & Duran Duran, Limehouse Lizzy, Fasllove-. Tho Tribute to George Michael, Lucy Parham, The Magic of Motown, Country Roads, Opera Boys. Money For Nothing, Queenz, King for a Day.. The Nat King Cole Story, New Purple Celebration." The Music ol Prince, The Haar. Ryan Young, Moscow Drug Club, Louise Jordan Theatre including Original Theatre's Murder in the Dark by Torben Betts, The GTealest Magician, Living Spil, Le Navel Bele's King Arthur. A Legendary Comedy, New Old Friend's Houdini's Greatest Estt8pe, Friend(The One Wilh Gunth8rJ, Brealhg by SK Shlomo, You'Tr Banl. Cabaret including An Evening of Burlesque and Fas¢inaling Aida. Artlst Support., Willshire Creative's Artist Support programme aimed to support and build relationships with artists of different disciplines at all stages in their caTeers who were based locally and nationally and whose work fed into the lrfe and work of tho organisalion. R&D Space at Salisbury Playhouse and Salisbury Arts Centre was given the lo the following arti$l5'. Louise Jordan Vi¢ Briggs and Lucy Mellor JMK Directors Anna Harriott and lona Johnson Jayne Wodehouse Page 6 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEE) TRUSTEESS, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Laura Jasper Roisin McKay-Hines Louise Joran Oni Taiwo Philippa CnEndwell Anthony Underwood Wltshirg Creative commlssioned the following.. Marietta Klrkbrlde- A Leap ofF8￿h Wi18hèi. Plested a Brown- Sleeping 8e8uty DIVERSITY AND INCLUSION Diversity and Inclusion are al the heart of our mission and business plan and are actively prtsmoled by the Board and Executive. We champion diversity and access in tho broadest sense and value people's differences. Vve are commilled to providing a working environment in which everyone feols safe and supported and 15 able to realise their full potential and to contribute to the organisation's success. irrespeGlive of what might mark them out as 'different'. The focus this year h8s been on the Board of Trustees. A successful recruitment process wh￿h included a more inclusive recruilmenl pack welcomed six new Trustees who through their own protected chafacterislic5 diversified the Board. Recruitment also included the appointment of a young obseryer with the intention of equipping them with knowledge and experience they could tske fomard to becoming a Trustees in the fLJlure whether that bg with Wiltshire Creative or otherwise. A working group of staff al all leve15 from all departments support thè monitoring of our Arts Council England Incluswity and Relevance targets as well as taking on a range of access projects. Examples of projects which championed diversity thi5 year includ9 Welcoming our Iranian Community lo Salisbury Arts Centre for an evening with Omid Dj81ili. SK Shlomo's event Brgath8 which explores themes of Mental Health, LGBTQ+ Race and Neurodiversity. The Tempest which enabled us lo support residents living in gn arga of Social deprivation to artisti￿llY contribute lo the development of and delivery of the production. TAKE PART Take Part uses the transformative power of the art5 to have a positive impact on the lives of our local ommunity through participation. education or as an audience member. We do this by facililaling inspiring, accessible. high quality and inclusive arts experiences for the people of Salisbury, Wiltshire and beyond, re9ardless of the social challenges they may face. Our programme is developed with a group of Young Ambassadors lo ensure our offer is relevant to the needs and interests of young people. Participation in our regular activity has been strong, numbers are consistent and feedback is good. Youth Theatre and Mind the Gap numbers have grown this year. Our sessions are inclusive and all have measures in place to address financial barriers. including bursaries for Youth Theatre and 50% of undgr 58 session free of charge. Special projects provide opportunity for communitie$ lo como together to be part of a shared exwrience. Our Family Fiests at Bemerton Heath in February brought together over 200 local people lo lake part in arts activities supported by a range of local organisations. Our Young Ambassadors planned and delivered events for their peers including a Halloween night fealunng live performancos from local young bands, and progiamming International Bealboxer SK Shlomo to perfom along with an OLrtreach programme. Page 7 WILTSHIRE CREATIVE {A COMPANY LIMITED BY GUARANTEE) TRUSTEESS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Tgmpesl was a highlight for the Take Part department as we were able lo engage with a wide range of community members in the mgking and performance. Age5 ranged from 3 80+ with participants of all Working in Partnorship enables us to reach out to a wider range of people facing disadvantage. Example$ of this work include Celebrating Age, a national lottery-supported project for extremely isolated vulnerable older people across the county in partnorship with Willshire Music Cenlre. The Pound in Cor5ham. Community First, Age UK and Wi115hire and Swindon History Centre. Well-city Salisbury, a national k)Ilery-supported project in partnership wilh Wessex Archaeology and Artcare delivering free crealive courses lo support local people with mental health needs. Tho scal& and design of these projects were championed al national event5 for Creativity for Older People, Creative Health and Wellbeing, and Arts and Heritage. Our Further Education offer, Willshire Coalive Academy in partnership with Willshire College and accredited by University Arts London has maintained numbers and the pass rate for students is high with many moving on lo excellent Higher Education Destinations or employment. Areas of development continue lo be our Schools programme which is now making a steady recovery from the impact of Covid, and a developing Youth Music programme prompted by the Success of tha Young Ambassadors music events which has highlighted a particular need in and out of School. DEVELOPMENT I FUNDRAISING Fundraised monies are vital income for the charity's financial stability and its ability to meet the needs of its beneficiaries, with a full range of event5 and aclivilies. We are so grateful lo our loyal supporters land new ones), public funders, businesses and trusts and foundations, whose contributions ensure the on-going financial stabilisalion of the charity an(J its ability to create positive impact for beneficiaries. All voluntary tundraising al Wllshire Creative is Carried out by a two person Development department. Willshire Creative is voluntsrily registered with the Fundraising Regulator and all fundraising aclNlty ￿mplieS with the Fundraising Code of Practice. Fundraising income streams include.. individual giving, corporate partnerships and sponsorship$ and grants from trusts and foundations. Willshirt Creative has a Supporters scheme which encourages annual giving at different levels. All donations are given freely and any discretionary Ih8nking benefits are in line with HMRC guidelines. Point of sale donations with the purchase of lickels remains an additional form of individual giving of one￿ff donations. Corporate Sponsorships were received from 8 number of local businesses and 8 three year p8nlomime sponsorship was 5e¢ured. We continued lo attract small grants from privatè trusts and local grant giving foundations focusing on our participatory and outreach activity. A Successful Christmas appeal, partnering with the Big Give, saw 300 free tickets offered lo those families most in need in our community. W11tshire Creative manages its own internal complaints process lo agTeed procedures land in line with the Fundraising Regulator Code of Praclicel, lo protect vulnerable people and other members of the public from fundraising behaviour which would be an unreasonable intsusion on a person's privacy, unreasonably persistent or place undue pressure on a person lo give money or other property. Wiltshire Creative has appropriate internal training, procedures and review pro￿$Se$ in place lo ensure il meets these requirements. Furthermore, it manage5 Ils Privacy Policy and data management in line with GDPR compliance guideline5. An ethical fundraising policy exists lo ensure decision making complies with the latest Charity Commission guidance. We received no fundraising tomplaints in 2023124. Page 8 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEE) TRUSTEESS. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 PUBLIC BENEFIT Wnen planning the charity's activities for the year the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on fee charging. W115hire Creative relies on grant5 and the income from fees and charges to cover ils operating costs. Significant consideration is given to those with low incomes when setting the level of ticket prices, concessions and other charges. FINANCIAL REVIEW Group Results 2023124 was a positive year for the Wiltshire CrealNè Group with a reported surplus on unrestricted re5eTves of £86,412 giving us positive free re$8rves of £67,241. This was helped in part by thè Govemmenl announcement in Spring 2023 to relain the higher rale of Theatre Tax Rolief. The group reported a nel in year deficit of £146,380 with a deficit on restricted reserves of £232,792 more than offsglling the surplus on unrestricted reserves. Bul tho deficit on reslricled reseNes reflects standard accounting treatment of funds spent and restricted grants received many years in the past. The current book value of freehold property in the accounts is £1,109.205 which 13 being written down over 50 years ending in 2035 and the current book value of leasehold improvements is £2,643,794 which is being wrillen down over 40 years ending in 2045. The depfecialion of Irjng-lerm fixed assets in the year 2023124 of £222,272 is almost matched by the reduction of hlsloric grants received lo finance these assets. This depreciation is placed through the income and expenditure account causing the deficit on reslricled funds and on the group. The surplus on unrestrieled assets provides a more accurate metric to represent the current financial perfomianee of Wltshire Creative Invgstmont Powgrs and Pollcy Under the Mernorandum and Articl9$ of Association, the charity has the power lo invest in the name of the charity, to dispose of or change any such investments, and lo ulilise the income from those investments in the furtherance of the objects of thg Charity in any way the TrLt5tees wish. Such investments are ca￿fullY considered to ensure that the inherent risk of the investment is low, and that any potential rgduclions in the value of the inve$lmenl$ are minimised. It 19 with this in mind that currently funds are held in cash. Prln¢lpal finan¢lal rlsks and $trat•g188 The Executive and Senior Management Team, together with the Trustses are fully aware of the risk profile of the business and monitor finaneial performanc¢ closely. A sub-committee of the main board of TTUStee$ meets at least four limes a year for this purpose. R8s8rves Policy The reserves policy 15 to hold Iree reseNes sufficient to cover 3 months of overheads which is calculated al £600k. The aim is lo attain this largel within the next 5 years. Freg Teseryes for the year ending 31 Sl of March 2024 were £67,241. Restrictsd Resgrvos These reserves represent amounts given by donors for a specific purpose for which the funds must be used and include our Theatre Development Fund set up for the undertaking of specrfic capital projects. Deslgnated Reserves Designated reserves aro those unreslricled funds which the Trustees have specified are to be used for a particular purpose. Wllshire Creative has no 5pe¢ific designated reseNes bul because the restricted reserves are insufficient lo cover Fixed Assets, a portion of the Unrestri¢led Reserves have been designated as un￿striCted Fixed Assets. Unrestricted ("Free') Reservos These reserves are available, al the diserelion of the Trustees, to be used for $u¢h purposes as the charity may require. Detsils and values of each of the reserves are given in note 16. Page 9 WILTSHIRE CREATIVE IA COMPANY LIP•llTED BY GUARANTEEI TRUSTEESS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 PLANS FOR FUTURE PERIODS th the organi$ation continuing to be under considerable financial pressure we must remain flexible and nimble in developing our plans, lo ensure ltrial we miligale risks as much as possible and that we are able lo Tespond to the lasl-changing landscape. We will continue lo make work in a financialty efficient way, preserving our resources in a volatile environment and, where possible, ensure that our work is seen in Salisbury and well beyond. The core objecllves of 2024125 are as follows.. 1. To produce a popular Main Stage programme that maximisas income pol&nlial. 2. To continue integrating the year round communitylparticipalory activity within the core artistic programme. 3. To develop our performance and participatory offer for young people. 4. To stabiliso and build on our financial position. 5. To develop a thriving culture within our work force. Our future programme of work will include the following.. Home Produced work in¢luding the following.. A Chorus of Disa roval- A revival of Alan Ayckbourn's large cast drama comedy directed by Gareth Machin. Ghosts and Grimm Tales Stage .65 Youth Theatre will perfom an evening of Philip Pullman's Grimm Tales adapted by Philip Wlson with additional material by Jayne Woodhouse, directed by Clare Threadgold. Sion8s in His Pockets - A rèvival of Mane Jones, acclaimed comedy drama Co-produced with Bam Theatre, Cirencesler and Octagon Theatre. Bolton directed by Matthew McElhinney. Pla Major revival of the Broadway jazz musical based on Twelfth Night and featuring the music of Duke Ellington. Co-produced with Talawa Theatre Company and directed by Michael Buffong. Slee Beaut - Our annual pantomime by Plesled, Brown and Wi15hirt directed by Ryan McBryde. he 39 Ste A co-produ¢lion with Mercury Colche51er and Octagon Theatre, Bolton of Patrick Barlow's Olivier Award-winning stage adaptation, based on John Buchan's grÉpping whodunit. Salisbury International Arts Festival 2024 including the following.. Patch's Parade- Large community event reimagining the tradition of the Salisbury Giant. Produced in collaboration with 101 Outdoor Arts in Newbury and drawing upon a large community ca51. City Encounters- A weekend of free outdoor activity across Ihg City Centre including perfomanc8S from Ramshackalicious. Hikappe Circlts Theatre Company, 2Faced Dance Company and Vamos Theatre. Spoken word including Anthony Horowitz. Justin Webb, Alan Johnson, David Baddiel, Christina Lamb. Music including Tim Kliphuis Trio, The Best of Gilbert & Sullivan. The Clare Teal Seven, Shirley Smart Trio, Mark Padmore & Elizabeth Kenny. Retj Sky al Sunrise, Tiny Violins. Barbaia Dixon, Vagabond. Dance and circus including Lila Dance, Ockham's Razor. Comedy including Barbara Nice, Punt and Dennis, Ruby Wax, Sophie Duker and Matt Winning. Young peoples programme including Long N05e Puppets, BAM.. Babies. Adventures in Music, Claylime, Trash Test Dummies. Theatr8 including Lord Chamberlain's Men. Alongside Home produced and Festsval work will be an extensive visrting programme of music, theatre and comedy presented in both the Salisbury Playhouse and Salisbury Arts Cenlre. Page 10 WILTSHIRE CREATIVE (A COMPANY LIMITED BY GUARANTEEI TRUSTEESS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrning document Wiltshire Creative is a company limited by guarantee and is a registered charity. Ils governing document is its Memorandum and Articles of Association dated 31SI January 2018. It is registered as a charity with the Charity Commission. Appolntment of Trustèes and oryanisational structure As sel out in Article 10 of the Articles of Association, Directors {who are the charity Trusleesl retire and are elected annually. al the first Trustees. meeting of the financial year. One-third lor the number nearest one- Ihirdl of Directors retire from office each year, those longest in ofFiee retiring first and the choice betsveen any of equal 5ervi¢e being made by drawing lols. Retiring Directors may be reappointed bul any Director who has setved conts'nuously as a Director for nine years may not be reappointed until one year after their retirement. One Board obseNer is nominated by Willshire Council and one by Salisbury City Couneil lo attend Board meetings, with ng voting rights. As a key stakeholder. Arts Council England also has the right lo send officers as observers to attend Board meetings. The Board of Directors can have up to 12 members and meets six times per annum. The Joint Chief Exeeulives are appointed by the Trustees to manage the day-to-day operations of the charity and attend meetings of the Board. In line with the relevant conlra¢ls, the Trustees further determine amounts due under the ￿￿tracts annually and thereby monitor the performance of the Joint Chief Executives. To facilitate effective operations. the Jolnt Chief Executivgs havo delegated authority, within terms of delegation approved by the Trusl8es, for operational matters, including finance, employment and artistic performance related activity. Items are routinely minuteij that are required to bo brought to the attention of the board for decision, so that effective control is maintained over the appropriate strategic. financial. organisalional and compliance issues. The Trustees further approve the annual budget including any increase in remuneration awarded lo the charity's staff. Stsff remuneration levels are determined by the financial perfomiance of the organisalion and referen￿ lo peer organisalions and current levels of inflation. New Trustees undergo a planned induction. This briefs them on their legal obligations under eharity and company law. the Charity Commission guidance on publie benefit, content of the Memorandum and Article5 of Association, the committee decision-making processes, the Business Plan and recent financial performance of the charity. They will also be introduced lo key employees and the other Tiustees. Rglat9d partlgs The charity's wholly owned subsidiary, Playhouse SeNices Limited, operates the Salisbury Playhouse and Salisbury Arts Centre bars, cafes and Front of House sales. The majority of profits from thes8 activities arg transferred to Willshire Creative Limited by means of gift aid. A second wholty owned subsidiary. Salisbury Playhouse Productions Limited, is the producing company for all WItshi￿ Creative in-house productions on behalf of the charity. None of the directors and Tru$tee$ receives remuneration for thelr work with the charty in their capacity as directors. Directors. interests in transactlons with related parties are detailed in note 24. Risk management The Joint Chief Executives of the company produce a Risk Rggisler which is monitored quarterty by the BoaTd of Trustees and also Arts Council England. Actwily and progres5 is also manag8d qLfarter￿ through Arts Council England investment principles and activity plan. The Joint Chief Executives also produce a yearly budget plan for the charity which is monitored quarterly by the Trustees. The Joint Chief Executives are required lo mako changes to a￿a$ of operation if the quartedy Page11 WILTSHIRE CREATIVE IA COMPANY UMITED BY GUARANTEEI TRUSTEESS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 finan￿ review shows a significant overall variance from budget. This process ensures that rf any of the identified risks malerialise, Ihgy are readily identified and their impact on the charity minimised. Volunteern The organisalion is very gratefijl foT the support of close to 200 volunteers who generously give their lime, experience and expertise in support of our Charitable aims. The majority lake the role of Volunteer Ushers and Stewards who support events at the Playhouse. Arts Centre and Festival throughout the year, taking on safely. audience experience and commercial roles. We also have volunteers in posts as varied as Sustainability Champion, Chaperone, A￿h[ViSI, Young Ambassador and of Course our Trustees. A new role for Volunteers this year has been in supporting our provision for our youngest audience members, those under S-years-old and their families. at Friday morning sessions enjoying arts, crafts and music together. Sustsinability Our organisalion has partnered with the Culture Declares Emergency movement and aelively seeks all opportunities lo have a positive impact on our environment and lo advoeale for awareness and responsibility. Our Environmental Responsibility working group aligns with our Arts Council Investment Principle lo continue our journey forwards in this area. The Group is sponsored by Artistic Diredor, Garelh Maehin and Chaired by Development Director, Helen Taylor with Board representation from Nicky Jenkins. Willshire Crealive is 519ned up lo Julie's 8icycle and follows the practs'ces of Theatre Green Book. For 2023124, our carbon output was 429.37 tonnes, a reduction of 103.58 tonnes approx from the last Set of full figuies in 2019120 - 20% reduction. Latest full results are logged with Julie's Bicycle. TRUSTEESS, RESPONSIBILrriES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees (who are also the diredors of Nllshire Crealive Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial sialements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Trustees are required by company law to prepare financial statement5 which give 8 true and fair view of the stale of affairs of the charitable company at the end of the financial year and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for the period ending on that dale. In preparing those financial slalements, Trustees are required to.. 5¢1e¢l suitable a¢￿untIng policies and apply them corssistently., observe the methods and principles in the Charities SORP {FRS 1021., make judgements and estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards IFRS 102) have been followed. subject to any material departures disc105ed and explained in Ihe financial statements., prepare the financial statements on a going concern basis unless il Is inappropriate lo presume that the Group will continue in business. The Truslegs are responsible for keeping proper accounting ￿ordS which disclo$8 with reasonable accuracy at any time the financial position of the eharilable company and enable them lo ensure the financial Statements compty with the Companies Act 2006. They have g8neral responsibility for taking such steps a5 Page 12 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI TRUSTEESS, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ere reasonably open to them to safeguard the assets of the charitable Company and ils Subsid￿ries and to prevent and delecl fraud and other irregularities. In accordance with company law, as the company's directors. the TTuslees have taken the slep$ that they ought lo have taken as directors in ordeT to make themselves aware of any relevant audit infomalion and lo establish that the charitable Company's auditors are aware of that information. The Trustees confim that there is no relevant information that they know of and which they know the auditors are unaware of. The Trustees, Report, incorporating a strategic report, was approved by order of the Board of Trustees, a5 the company direclois and signed on its behalf by.. •ft¢ Doric 8oBsom Chair Date.. 2￿ £<*fLr￿￿41 Page 13 WILTSHIRE CREATIVE (A COMPANY UMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILTSHIRE CREATIVE OPIN50N We have audited the financial statements of Wiltshire Creative Ithe 'parent charitable company'l and ils subsidiaries Ilhe 'group'l for the year ended 31 March 2Q24 which Comprise the Consolidated Statement of Financial Aclivilie5, the Consolidated Balance Sheet, the Charity Balan¢e Sheet, the Consolidated Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicabk in the UK and Republic of Ireland. (United Kingdom Generally Aceepled Accounting Praclicel. In our opinion the financial stalemenls.. gNe a true and fair view of the stale of the Group's and of the parent ¢harilable ¢ompanYs affairs 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 property prepared in 8ccordance with United Kingdom Generally Accepted Accountin9 Practice", and have been prepared in accordano wlh the requirements of the Companies Act 20C6. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the AudiloTS' responsibilities for the audit of the financial statements section of our report. We aTe independent of the Group In accordanee wrth the ethical requirements that are relevant lo our audit of the financial slalements in the United Kingdom, including the Financial Reporting Council's Elhieal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained ￿ sufficignt and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the linancial slalements, we have concluded that the TTuslees' use of the going concern basis of accounting in the preparation of the financial slalemen15 18 appropriale. Based on the work we have perfomied. we have not identified any material uncertainties felaling lo events or CDnditions that, individually or collectively, may cast significant doubl on the Group'5 or the parent charitable companls abilty to continue as a going concem for a period ol at least ￿e1ve months from when the financial Statgmenls ale authorised for issue. Our respon81bililies and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 14 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILTSHIRE CREATIVE ICONTINUEDI OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contsined within the Annual Report. Our opinion on the financial stslement$ dcos not cover the other inlormation and, except to the exient otherwise explicitly staled in our report, we do not express any form of assurance eonclusion thereon. Our responsibilty is lo read the other information and. in doing so, consider whether the other nformation is materially inconsislenl with the financial slalements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies ol apparent material misstatements, we are required lo determine whether this gives ri8e lo a material misslalement in the financial statements themselves. If, based on the work we have performed, wa conclude that there 1$ a material misslalement of this other information, we are required lo report that fact. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the Work undertaken in the course of the audit.. the information given in the Trustees, Report including the Strategic Report for the finaneial year for whieh the financial statements are prepared is consislenl with the financial statements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicabl8 legal Tequiremenls. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the aLtdil, we have not identffied material misstalemenl8 111 tha Trustees, Report Including the Strategic ReF)Ort. We have nothing lo report in respect of the following matters in relation lo which Companie$ Ad 2006 requires Lts lo report to you rf, in our opinion.. the parent charitable company has not kept adequate and sufficient accoL¢nling records, or relums adequate for our audit have not been Teceived from branches not visited by us., or the parent charitable company financial slalemenls are not in agreement with the accounting records and relums.. or certain disc105ures of TTLisl8gs' rgmuneration specified by law aro not ma¢Je', or we have not received all the infonnation and explanation5 we reqLtire for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the TnJ8lee8' Responsibilities Slalement. the Trustees (who are also the directors of the charitable company for the purposes of wmpany law) are responsible for the preparation of the financial statements and for being salisfiod that they give a and fair vw, and for Such inlefnal control as the Trustees determine is necessary to enable the preparation of financial statements that are f￿e from material misstatement. whether due lo fraud or error. In prepartng the financial slalements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going concern. disclosing, as applicable, mallers related to going on¢grn and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable ¢cvmpany or to cease operations, or have no realistic allernalive bul lo do so. Page 15 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILTSHIRE CREATIVE ICONTINUEDI AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objective5 are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, wh8lher due to fraud or error. and to issue an Auditors, Report that include$ our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS {UKI will a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud OT error and are considered material if, individua15y or in Ihe aggregate, Ih8y could reasonably be expected lo influence the ewnomic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilrties, outlined above, to detect material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. The procedures undertakèn in order to identify and assess risks of material misstatement in respect of irregularities, including fraud and non-compliance with taw$ and regulations, are as follows.. We have considered the nature of the industry and sector, control anvironmenl and business perfomancg.. We have considered the results of our enquiries of management and the the Boord about their own identifieation and assessment of the risk of irregularities., For any matters Identified we have obtained and reviewed the parent charitable companls documentation of their poli¢ies and procedures relating lo.. Identifying, evaluating and complying with laws and regulations whether they We￿ aware of any instances of nondcompliance", Delecling and responding lo the risk of fraud and whether they have knowledge of adual, suspected or alleged fraud., and The intemal controls established to miligate the risks of fraud or non<0mplian￿ with laws and regulations. We have considorgd the matters d1scussed among the audit engagement team, including internal tax specialists regarding how and where fraud mvjhl 0￿Ur in the financial slalemenls and potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may e￿￿t within the organisalion for fraud and idenlrfied the highest area of risk lo be in relation to income recognition, with a particul8f risk in relation lo year*nd eut off. In common with all audits under ISAS (UK} we are also required lo perform specific proceduies lo respond lo the r4sk of management override. W8 also obtained an understanding of the legal and regulatory frameworks that the Charitable Group and Company operates in, focusing on PTovisions of those laws and regulations that had a direct effect on the dèlerminalion of material amounts and disclosures in the financial slatemenls. The key laws and regulations we considered In this context included the Charities SORP IFRS 102) - Accounting and Reporting by Charities and the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. In addition, we have considered provisions of other laws and regulations that do not have a dirod effe¢l on tho financial statements but compliance with which may be fundamental to the Charitable GTOUP and Company's ability lo operate or to avoid a material penalty. These includo data protection regulations. health and safety regulations, licensing ads and employment legislation. As a result of performing the above procedure5, we have completeness and cut-off of revenue recognition as a key audit matter related lo the potential risk of fraud. Our procedures lo respond to risks identified included the following.. Documenting and validating the control environment for income and debtors and Car￿ng out walkthrough lesling., Undertaking subslantwe sampl&based lesling or proof in totsl ¢alculations on all material revenue streams to ensure revenue has been recognised appropriately and a¢curalely', Considering manual income journals as part of our work on fraud risk5 documented above,. Reviewing the financial statement disclosure5 and lesling lo supporbng documenlalion., Page 16 WILTSHIRE CREATIVE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILTSHIRE CREATIVE IcopillNUEDI Enquiring of management concerning actual and potential litigation claim$'. Perfoming analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material mi$slalement', Reading minutes of meetings of those charged with govemance,. and In addressing the risk of fraud through management override of ¢ontrol$, testing the appropriateness of journal entries and olhor adjLt$lmenls', assessing whether the judgements made in making accounllng eslimales are indicative of a potential bias and evaluating the business Tationale of any significant transactions that a￿ unusual or outside the nomial course of business. We also wmmunicgled relevant laws and Tegulalions and potential fraud risks to all engagement team members and remained alert lo any indication8 of fraud or non-complFance with laws and regulations throughout the audit. Our audit procedures were designed lo respond lo risks of material misstatement in the financial stalemenls, recognising that the risk of not detecting a material misslalement due lo fraud is higher than the risk of not detecting one resulting from an error, as fraud may invoive deliberate concealment by, for exarnple, forgery, Misrep￿Sentatl0ns or through collusion. There are inherent limitations in the audit procedures perfornied and the further removed non•compliance with laws and regulations is from the events and transactions reflected in the financial ¥latemenls, the less likely we would become aware of it. A further description of our responsibilities for the audit of the financial slalemenls 15 located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors, Report. 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. Our audit work ha5 been undertaken so that we might slate lo the charitable compan18 members those matters we are required to slate to them in an Auditors. Report and for no other purpose. To the fullest extent pemiitted by law, wg do not accept or assume responsibility to 8nyone other than the ¢haTilable company and ils members. as a body, for our audit work. for this report, or for the opinions we have formgd. David Butlgr FCA DChA (Senlor Statutory Audltorl for and on behalf of Blshop Fleming LLP Chartered Aceounlanls ststulory Auditors 10 Temple Back Bristol BS16FL Dale.. Page 17 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfcted funds 2024 Restrlcted fund5 2024 Total funds 2024 Total funds 2023 Note Income from: Grant, donations and lega¢ie5'. Grants Donations and leyacies Charitable activities Other trading adivitigs Inveslmgnts 1,545,148 255,598 2,911,231 497,333 5,826 139,605 1,684,753 255,598 2,911.231 497.333 5,826 1.533,638 121.353 2,188,189 308.808 Total income 5,215.136 139,605 5,354.741 4,151.988 Expenditure on: Raising funds Charitable activities 305,624 4,849.560 305.624 5,195,497 209,120 4,660.340 345,937 Total expenditure 5,155,184 345.937 5,501.121 4,869.460 Ngt Incomg119XPgndlturg1 Transfers behveen funds 59,952 26,460 1206,3321 126,4601 {146.380} 1717.472) 16 Net movement In funds 86,412 1232,7921 1146.3801 1717,4721 Reconciliation of funds: Totsl funds brought forward Nel movemenl in funds 814,072 86,412 3,516,639 1232,7921 4,330,711 1146,3801 5,048,183 {717,4721 Total funds carried fgrward 16 900,484 3,283,847 4.184,331 4,330,711 The Consolidated Statement of Finanaal Activities includes all gains and1055es wognised in the year. The notes on pages 22 10 41 form part of these financial slalements. Page18 WILTSHIRE CREATIVE {A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER.'00499076 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notg Fixed assets Tangible assets Current assets 10 4,117,090 4.394,031 Stocks Debtors Cash al bank and in hand 12 23.134 640.421 766,516 28,450 574.986 368,763 13 19 1.430.071 972,199 Creditors.. amounts falling due within one year 14 11,304,570) 1942,2591 Net current assets 125,501 29,940 Total assets less current Ilabllltles 4.242,591 4,423,971 Creditors.. amounts falling due after more than one year 15 158.260) {93,2601 Totsl net a$sgts 4.184,331 4,330,711 Charity funds Restricted funds Un￿stricted funds 16 16 3,283,847 900.484 3,516,639 814,072 Total funds 16 4,184.331 4.330,711 The Trustees acknowledge their rosponsibililies for complw'ng with the r8quiremenl8 of the Act with respect lo accounting records and Pfeparalion of financial 5tatèmenl$. The financi81 slalements were approved and aulhori$8d for issug by the Trustgos and signod on their beha￿ by. Doric Bossom Chair Oale. Zy The notes on pages 22 to 41 form part of these financial statements. Page 19 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:00499076 CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Investments 10 4.104.077 4.390,042 101 4,104,178 4.390,143 Current assets Stocks Debtors Cash al bank and in hand 12 12,265 830,763 550.367 14,253 680,003 300,356 13 1.393,395 994,612 Credilois.. amounts falling due within one year 14 11,254,982) 1950,3541 Net current assets 138N13 44,258 Totsl ass8ts less current Ilabiliti•$ 4.242,591 4,434,401 Creditors". amounts falling due after more than one year 15 158.2601 193,2601 Total net as$ets 4,184.331 4,341,141 Charlty funds Reslricled funds Unrestricted funds 16 16 3,283.847 900.484 3,516.639 824,502 Total lunds 4,184,331 4,341,141 The Charitys nel movement in funds for the year was £1156,810I12023 - £{646,2251). The Trustees acknowledge their responsibilities for comptying with the requirements of the Act with respect lo accounting records and preparation of financial statements. Th8 financial statements were appTI)V8d and aulhorised for iSSLte by the Trustees and signed on their behalf by.. Doric Bossom Chair Date.. Zy The notes on pages 22 to 41 form part of these financial slalemenls. Page 20 WILTSHIRE CREATIVE (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Gash flows from operatlng actlvtties Net cash used in operating activities 469.775 {391.872) Cash flows from investlng actlvltles Interest received Purchase of tangible fixed assets 5,826 134,145) 735 11 S.7281 Net cash u$ed In Investing activities 128,319) {14,993 Cash flows from financing activltlos Repayments of borrowing Interest paid {35,0001 {8,7031 135,0731 (5,544) Net cash used in financing actlvltlos (43,703 (40,6171 Change In cash and Cash equivalents in th8 yoar Cash and cash equivalènt5 at the beginning of th$ yoar 397,753 1447,4821 816.245 368.763 Cash and cash gquivalents at tho gnd of tho y•ar 766.S16 368,763 The notes on pages 22 to 41 fom part ofthese financial slalernents Page 21 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION Willshire Creative is a charitable company limited by guarantee, incorporated in England and Wales. Its registered off4ce is Salisbury Playhouse, Malthouse Lane, Salisbury, Wiltshire, SP2 7RA. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Willshire Coative meets the definrtion of a public benefit entity under FRS 102. Assets and liabilities are initially wognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balance Sheet consolidat& the financial statements of the Charity and ils subsidiary undertakings$. The results of the subsidiaries are Consolidated on a line by line basis. The Chority has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Aclivilie5 Iri these financial stalemenls. 2.2 GOING CONCERN The Trustees assess whether the use of going concem is appropriate i.e. whether thera are any material uncertainties related lo events or conditions that may cast significant doubt on the ability of the group to continue as a going concem. The Trustees make this a$sessmenl in respect of a period of al least one year from the dale of aulhorisalion for issue of the financial slalemenls. Having considered budgets and forecasts, including cash flows, as well as the group's future funding and plans, the Tru51ees have concluded that the group has adequate resources lo continue in operational existence for the foreseeable future and there are fto material vncertainlies about the group's abilty to continue as a going cOn￿rn, thus they continue to adopt the going concem basis of a￿OuntIng in Preparing the financial statements. 2.3 INCOME All income is recognised once the Charity has entillemenl to the income, (( is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated Statement of Financial Activities on a recewable basis. The balance of income received for specific purposes bLtI not expended during the period is shown in the relevant funds on the Balance Sheet. whe￿ income is received in advance of entit￿ment of receipt, ils recognilKJn 1$ deferred and included in creditor5 85 deferred income. Where entillemenl ¢xcurs before income is re¢8ived, tho income is accrued. Page 22 WILTSHIRE CREATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontlnuedl 2.4 EXPENDITURE Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benafil lo a third paty, il is probable that a transfer of e¢onomi¢ benfjfils wtll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the lolal of direct eosls and Shared costs, including 5UPPOrt cost¥ inVo￿ed in undertaking each acliwty. Direct costs allribulable to a single activty are alkjcaled diredly lo that activity. Shared costs which conlribule to moro than one adivity and support costs whFch are not attributable lo a singlo activity are apportioned between those activities on a basis consislenl wth the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the 8Ctivilie8 which further the Group's objectives, as well as any associ81ed support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 INTEREST RECEIVABLE Intere51 on funds held on deposit is indudgd whgn receivable and the amount can be measured reliably by the Group., this is nomially upon notification of the interest paKI or payable by the institution with whom the funds are deposited. 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixe(f asset$ costing £500 or rnore are capitalised and recognised when future economlc bgnefils are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially reeognised at cost. After recognition, under the cost model, tsngible fixed assets are measured al cost less accumulated depreciation and any accumulated impaimient losse5. All cost5 Incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allo¢al8 the ￿$1 of tsngible fixed assetsloss th8ir residual value over their estimated useful lives, using the slraight-line method. Depreciation 18 provided on the following ba3e5.' Freehold propety and improvements Leasehold propety and improvements Plant, equipment and motor vehicles between 5 and 50 years straight line over remaining period of the lease 3% to 33Vo of cost 2,7 INVESTMENTS Fixed asset investments are a form of financial instrument and are inrtialty recognised al their transaction cost and subsequently measured at fair value al the Balance Sheet date, unless the value cannot be measured reliably in which case il is measured al cost less impaim)enl. Investment gains and losses. whether realised or unrealised. a￿ combined and presented as 'Gainsl{Lossesl on inve51ments' in thè Consolidated Slalemenl of Financial Aclivilie5. Inve$lmenl$ in subsidiaries are valued at cost less provision for impairment. Page 23 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES Icontinuedl 2.8 STOCKS Stocks are valued al the lower of cost and nel reali5able value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable oveiheads. 2.9 DEBTORS Trade and other debtors are rKognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade di￿Ounts due. 2.10 CASH AT BANKAND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments with a short maluiity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.11 LIA81LITIES Liabilities are recognised when there is an obligation at the Balance Sheet date a5 8 result of a past event, il Is probable that a transfer of economic benefit Yill be required in settlomenl, and the amount of the selllemenl be estimated reliably. Liabilitie5 are recogni5ed al the amount that the Charity anlicipales It will pay to sellle the debt or the amount f( has recewed as advan¢e¢J payments for the goo(Js or semces il musl provide. 2.12 FINANCIAL INSTRUMENTS The Group only has financial assets and finallcial liabilities of a kind that qualify as basic financial inslrum8nls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are gubsequenlly measured at amortised cost using the effective interest meth￿. 2.13 PENSIONS The Group operates a defined contribution pension scheme and th8 pgnsion charge represents the amounts payable by the Group lo the fund in respect of the year. 2.14 FUND ACCOUNTING General funds are unreslricled funds which are available for use at the discretion of the Twslees in furtherance of the general objectives of the Group and which have not been designated for other purpose5. Designated fund$ comprise unrestricted funds that have been Sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the note5 to the financial statements. Reslriclgd funds are funds which are lo be used in accordance with specifi¢ restThclitsns imposed by donors or which have been raised by the Group for particular purposes. The cos15 of raising and administering such funds are charged against the speciftc fund. The aim and use of exh reslricled fund is set out in the notes lo the financial slalemenls. Investment income, gain5 and losses are allocated to the appropriate fund. Page 24 WILTSHIRE CREATIVE A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM GRANTS. DONATIONS AND LEGACIES Unre5trict8d Restrictèd fund$ funds 2024 2024 Total funds 2024 GRANTS Arts Councll England - South Wesl Willshire Council Salisbury City Council Wi118hire Community Foundation 1,301,458 198,750 44,940 124.605 10.000 1,426,063 208,750 44,940 5,000 5.000 1.545,148 139.605 1.684,753 Donations 255.598 255,598 1,800,746 139,605 1,940.351 Unrestricted funds 2023 Total funds 2023 GRANTS Arts Council England - South Wesl Willshire Council Salisbury City Council 1.301,448 189,390 42,800 1.301,448 189.390 42,800 1,533,638 1,533.638 Donations 121,353 121,353 1,654,991 1,654,991 Page 25 WILTSHIRE CREATNE IA COMPANY UMITED BY GUAPANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES Unrgstrictgd funds 2024 Total funds 2024 Total fund5 2023 In HouselCo-produclion$- Ticket income and programmes Visiting Companies- Ticket Inoomg Educatson and Outreach Work Events and Hiring Miscellanous Incomo 2,014,032 733,809 77,278 23,107 63,005 2.014,032 733,809 77.278 23,107 63.005 1.173,816 842,941 129,515 30,986 10,931 2.911,231 2,911.231 2,188.189 All prior yeaT amounts relate lo unrestricted funds. INCOME FROM OTHER TRADING ACTIVITIES Income from non charltable trading activities Unrestricted fund5 2024 Total funds 2024 Total fund$ 2023 Sales 497,333 497.333 308,808 All prior year amounts relate lo unrestricted funds. INVESTMENT INCOME Unrestricted funds 2024 Total fund5 2024 Total funtls 2023 Investment income 5,826 5,826 Page 26 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE 8Y ACTIVITSES Activitle$ undertaken dlrectly 2024 Support osts 2024 Total funds 2024 Theatre production and education 2,773,995 2.421,502 5,195,497 Activities undertaken directty 2023 Support costs 2023 Total funds 2023 Theatre Production and education 2,904,751 1,755,589 4,660.340 Page 27 WILTSHIRE CREATIVE IA COMPANY LIMITED 8Y GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED ANALYSIS OF SUPPORT COSTS Total fund$ 2024 Total funds 2023 Staff costs General office costs Finance costs Professional fees Fundraising 1,647,058 533,074 131,891 109,479 1.194,989 452,042 72,805 35,509 244 2,421,502 1,755,589 STAFF COSTS Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and Salaries Social security costs Contribution lo defined contribution pension schemes 2.375.586 140.514 1,490,312 138,146 2,275,757 135.532 1,407.988 138,146 42.910 36,311 41.491 36,311 2,559,010 1,664,769 2,452.780 1,582,445 The average number of persons employed by the Charity during the year was a5 follows.. Group Group As reslaled 2024 2023 No. No. Charity Charity A$ reslaled 2024 2023 No. No. Theatre Cafe. bar & shop 83 11 78 16 83 78 78 Page 28 WILTSHIRE CREATIVE IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS ICONTINUEDI The average headcounl expressed as full-time equivalents wa5.. Group 2024 No. Group 2023 No. Charlty 2024 No. Charty 2023 No. Theatre Cofe, bar & shop 48 54 55 48 The number of employees whose employee benefits {excluding empbyer ponsion costs) exceeded £60,000 was: GTOUP 2024 Group 2023 No. In the band £70,001- £80,000 In the band £110,001- £120,000 The key management personnel of the Tiusl comprise the Tru$lge$ (who do not receive remuneration for their role as Truslee51, the Joint Chief Executives and the Senior Management Team as listed on page 1. The lolal amount of employee benetits (including employer pension contributions and employer National Insurance wnlribulionsl received by key management personnel for their services to the Trust was £531.297- 10 personnel12023". £333.657 - 7 personnel). InclLtrded in the 2024 total are staff reslrucluring costs amounting to £30.000 12023.. £17,642) and additional costs from employing interim finance directors for the full year. TRUSTEES. REMUNERATION AND EXPENSES Duiing the year ended 31 March 2024, no Trustees received any remuneration or other benefits12023 - £NIL). During the year ended 31 March 2024, expenses lolalling £177 were reimbursed or paid direct￿ lo 1 Trustee for training and travel {2023- £NIL) Poge 29 WILTSHIRE CREATIVE {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. TANGIBLE FIXED ASSETS GROUP Long-tsrm 19a$ehold Fixtures and prop9rty fittings Freehold property Total COST Al 1 April 2023 Additions Disposals 4.101A19 4,284.500 2,168.410 10,$54.329 34,145 34,145 (18A351 119,0341 1379) 1220} At 31 March 2024 4.101,040 4.284,280 2,184,120 10,569,440 DEPRECIATION Al 1 April 2023 Charge for thg year On disposals 2,893,751 98,276 11921 1,516,661 123,996 11711 1,749,886 87.184 117.0411 6.160,298 309,456 117,4041 Al 31 March 2024 2,991.835 1.640.486 1,820,029 6,452.360 NET BOOK VALUE At 31 March 2024 1.109.205 2.643.794 364.091 4.117.090 Al 31 March 2023 1,207,668 2,767,839 418,524 4,394,031 Page 30 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. TANGIBLE FIXED ASSEfs (CONTINUED) GROUP {CONTINUEDI CHARITY Long-tem leasehold Fixtures and propgrty flttlngs Freehold proporty Total COST At 1 April 2023 Addition$ Disposals 4,101,419 4,284,SOO 2,138,130 10,524,049 22,366 22.366 118.4351 119.034) 1379) 12201 At 31 March 2024 4.101,040 4,284,280 2,142,061 10,527.381 DEPRECIATION At 1 April 2023 Charge for the year On di5posal$ 2.893,751 98,276 {1921 1,516,661 123,996 11711 1.723.595 84N29 117,0411 6,134,007 306,701 117,4041 At 31 March 2024 2.991,835 1.640.486 1,790,983 6,423,304 NET BOOKVALUE At 31 March 2024 q.109,205 2,643.794 351.078 4.104,077 At 31 March 2023 1,207,668 2,767,839 414,535 4,390.042 Wiltshire C￿alIve owns the freehold of Salisbury Playhouse. For a period of 80 years from the last day of 1977 if Salisbury PlayhoLtse ¢easgs lo be used for the purposes set out for (( in its planning appIl￿tiOn, Salisbury District Council has the right to repurchase the site for £1 on one month's notico Page 31 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUAPANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. FIXED ASSET INVESTMENTS Investments in subsldlary companlos CHARITY COST OR VALUAT50N At 1 April 2023 101 AT 31 MARCH 2024 101 NET BOOK VALUE AT 31 MARCH 2024 101 AT 31 MARCH 2023 101 12. STOCKS Group 2024 Group 2023 Charity 2024 Charity 2023 Stocks and goods for resale 23.134 28,450 12.265 14,253 13. DEBTORS Group 2024 Group 2023 Charity 2024 Charty 2023 DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtor5 Prepayments and accrued income 19,621 62,959 7,719 581,244 123,541 118,259 62,076 314,940 198,964 104.023 502,541 118,259 408,004 104,023 640,421 574,986 830,763 680,003 Page 32 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. CREDITORS: AMOUNTS FALLING DUE VVITHIN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 other loans Trade creditors Amounts owed to group undgrtakings Other tsxalion and social security Other creditors AccNa15 and deferred income 3S,000 164,256 35,000 185,605 35,000 147,618 35,000 176,249 22.764 39,605 86,482 590.254 91.271 86,581 927.482 39.605 87,281 594,768 91,271 64,611 916,482 1,304,570 942,259 1,254,982 950.354 Group 2024 Group 2023 Charity 2024 2023 Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous perit)ds 491,101 264,872 827.196 491,101 1491,101) 1264,8721 491.101 262,086 822.996 491,101 1491,1011 1262,0861 827.196 491,101 822.996 491,101 Deferred incDme relates lo advance ticket sales for perfomances after the year end and 8n advance of gTonl funding from Arts Council England that relates to a future funding period. 15. CREDITORS: AMOUNTS FALLING OUE AFTER MORE THAN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 Other loans 58.260 93,260 58.260 93,260 The bank loan relates lo th8 Coronavirus Business Interruption Loan Scheme, the amount 18 repayable monthly over a temi of 6 years and has an interest rale of 2.620h over the base rate per annum. The loan is se¢ured by way of a legal charge over the freehold property held at lo￿4 Fisherton Street, Salisbury. Page 33 WILTSHIRE CREATIVE IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers Inlout Income Expendlture UNRESTRICTED FUNDS DESIGNATEO FUNDS Unrestricted fixed assets 904,932 (104,204) 32.515 833,243 GENERAL FUNDS General fund Non