STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {A company limited by guarantee) REPORT AND GROUP FINANCIAL STATEMENTS 31 MARCH 2021 ompany No: l)0911924 Charity No= 253242 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) CONTENTS Page5 Administrative Information 1to2 Chair's Statemènt Report of the Dirgctors and Stratègic Report 4t018 Statement of Trustees, Responsibilities 19 Independent Auditor's Report 20to23 onsolidated Statemènt of Financial Activities 24 Consolidated and Charity Balance Sheet 25 ststement of Cash Flows 26 Notes forming part of the financial statèments 27to46 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) ADMINISTRATIVE INFORMATION For the year ended 31 March 2021 Referenc6 and administrative details of the charity. its trustèes and advisors Charity Nafne Stoke on Trent and North Staffordshire Theatre Trust ￿Mited Krown as The New Vic Thealre Charity Registration NLtmber 253242 Company Registration Number 00911924 Registered Office Etruria Road Newcasue under Lyrne Staffordshi ST5 OJG Board of Directors Members ofthe Board of Directors. who ale directors for the purpose of company law and trustees for the purpose of chanty law, who served during the year and up lo the date of this Teport are sel out below". David Amigoni Colin Baroioft Councillor Lorraine Beardmore 8ryan Carnes Ichairl Ann Fisher Gabriella Gay Counallor Mark Holland Susan Honeyand5 (Deputy Chairl Gwenda Hughes Dr lona Jones Chiistopher Lewis (resigned 3 November 20201 Councillor lan Parry David Ritchie lappoinleil 2 June 20211 John Sambrook Jonathan Shepherd Sara William5 The direciors retiring by rotation on 1 December 2021 are.. lona Jones Jonathan Shepherd Sara Williams Ann Fisher Company Secretary Fiona Wallace Page 1 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) ADMINISTRATIVE INFORMATION For the year ended 31 March 2021 Senior Executive Team Theresa Heskins- Artistic Director Fiona Wallace- Managing Director Senior Management Team Emily C1arke- Head of Markebng and Communicattons Sarah Townshend - Head of Finance Susan Moff31- Diièctor ol New Vic Bordedines Jill RezzanD- Head ol New Vic Education Suzy Somerville - Head of Produclion Michelle Friel-Martin- Head of FundraEstng ar￿ Oevelopmenl Gemma Thomas- Appetite Project Director Auditors RSM UK Audit LLP Festival Way Stoke on Tienl Staffordshire ST1 5BB Banker¥ National Westminsler Bank plc 70 High Slreel Newcastle under Lyme Staffordshire ST5 1PP Solicitors Knights PLC The Brampton Newcastle urKler Lyme Stafford5hire STS OQW Investment managers Casllefield 9, Floor 111 Piccadilly Manchester M1 2HY Page 2 STOKE ON TRENT AND NORTH STAFFOROSHIRE THEATRE TRUST LIMITED {Limited by guarantee) CHAIR'S STATEMENT Foi the year ended 31 March 2021 Whal can I say about a year th81 has been like no olhert )then we have seen the coronavirus pandemic lead lo a wortdwide health cli515. imp3Cting across every aspecl of Ouf lives? Rather than dwell on the past year. perhaps I should focus on the future and endorse a senlimenl Ihal is expressed so well by one of our strongest supporters. Denise Coates CBE, founder ofthe Denise Coate5 Foundation. "The area is ble55ed to have the New Wic on ils doc*rslep. It del¥vers high quality Productions in an in-lhe-round setting. We should cherish what we have and do all we can to ensure that the Theatre has a viable long-lerm lulure. As we enErge from the effects of the pandemic. for some. the Arts will be a source of great joy. Society has suffered so much over the last 18 months and Ihe New Vic wll play an important part in returning enjoyment ancl happiness to people's lives." We will ￿rtainlY take up the challenge to be part of our community's fecovery and value the role the theatre can play. Looking back across the year I think the achievements highlighted in thi5 report show very clearly the importanl impact we made for beneficiaries throughout the cfisis. induding. our work with young people whose education ha5 been d￿Srupted. isolated older people. care-providers and young-carers. people with disabilities, minority communities. looked-after children and young people. and people experiencing racism and hate crime. The pandemic has meant that whilst the New Vicwas able to take some ofour artistic and community engagement work online with virtual screenings and Workshops. and ouldoors onto high streets and into gardens and parks, the theatre's income from its activities over the year has been drastically reduced due to long periods of enforced closure. 11 has certainly been a challenge but we have been grateful for the support ol our donors, with individual giving increasing during the year, and to larger supporters such as Arts Council England. for their quick and vital responses to Ihe crisis. We have also been able to benefi( from Governmenl investment that has ensured that jobs have been saveil and services have continued Although we finished the year much as we'd started. wlh the building closed to the public. we have a very different understanding ol the possibilities open lo us as wè explo￿ how we engage with people and communities to make the most of the impact the arts and theatre will have on iecovery. We've made a strong start with a new production of Coppelia. bringing families back to the thealre in a safe and welcoming environment and winning national, critical acclaim with five-star reviews. Finally. I wanl to pay tr¢bule to our audiences. parlirypanls. staff. volunteers and artis15. It has been a year that has tested OUT resilience bul the ¢ommitment of everyone invofved ￿th the Theatre is something l am very proud of and thankful lor 11 has enabled Lts lo look ahead wrth confidence to face the challenges ahead. Bryan Carnes MBE Chair of thè Board ol Trustees Page 3 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILÉmited by guarantee} REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For tha year ended 31 March 2021 Our Objectives and Activities The purposes of the charity are.. "To proniole, niaintain. improve and advance ed1Kal￿n, pafticiilarty by tlie produclion of education81 plays ai tlje eijcoiirageipjenl of the arts. Incli￿l￿g the arts ot dr£gma. mime. dan￿. ￿1￿l￿g and n7iisic and lo fonniilale, preparg and eslèbllsh schemes tliereloK. Our Mission is to make excellent theatre with a social impact Our Vision 15 Ihat= By being a cultural ￿ntre of ex¢ellen¢e for oui county and our city a dynamic, connected, local organisation thal makes dtstinclive theatre with a natsonal impaci-we ￿11 generate excrtement and piidè, raise aspiration and shape the place we seThe Through experienung high qualily thealre the INes of local people. parti(xJlarfy ehildren and families. will be enriched and enhanced Our theatre-making wll change lives by having an impact on health & wellbeing. Gomfnunily cohesion and 35pi¥atitsn. all supporting edL&4lional altainmenl across all ages. We are New Vic Theatre- the producing theatre lor Newcastle-under-Lyme, Stoke-on-Trent and Staffordshire. We believe in the power of theatre to change INes. We also believe that everyone should have access to great Ihealre. Our work enables us to achieve our charitable objectives to support educalion and arts engagement in our area. We are a nationally recognised arts wganisalion and a thriving charity. Our business model is based around cultural creativity creating Èx(%llent theatre in-the-round and using the creative proce55 lo address the needs of our area In non-traditional ways, ensuring that we see things differently and make a difference. We Increase access lo thealre and lo Ihealremaking." ar￿ use Iheatre lo achieve positsve change within our communities. Our work is ambilious. high-qualily. dynamic. inclvsive. relevant. and responsible. In response lo the challenge5 we face. particijlarly iecovery for our Gommunittes and economy from the COVID- 19 crisis. we will put cultural creativity at the heart of our activities and have an impact aixoss" Artistic excellence P13ce-shaping Heal￿ and wellbeing Economic prosperity Education Page 4 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2021 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Our business plan lo Mafch 2022 idenlifies Ouf key objectives that aim lo meet our charitable purposes through a range of aclivilies. The challenges of the year and the impact of Covid-19 have meant Ihat we have. by necessity. found new ways ol working and fulfilling these objectives. Highlights during the year.. Allracling Inleinational audiences for our online production of Hoard.. Rediscovered, a dramatic celebration ol the mystenes ol the Staffordshire Ho3id Creating a short film of our Christma5 show Coppelia. lo shale the magic of Ihe produclion with children and families when live performance was not possible during the winter De¢Nering Fab Food, Fun & Folktales. an ouldrx)r proiecl touring lo local ¢ommunilie5 to combat food poverty ovèr summer ar￿ autumn 2020 Our first live inleraclive workshops for nursery age children. live streamed inlo classrooms, ￿th amazing feedback from teachers and otheis aboul Boogie Beals arml Tgddy Tales. whiGh were enjoyed from across the UK Wortff ing with 10 artists commissioned lo create amazing. illuminated artworks Installed in shops across Stokè-on-Trent City c£ntre. Windows ol Wonder created a trail of crealivity. lo engage shoppers and support local high street recovery. Completing a major refurbishn*nt of our in-the-round auditoiium. including new sealing. stage and lighting. alongside a redevelopment of ihe theat￿.$ balcony During the year". 15,674 people atteThJed. partiapated. visited New Vic or experienced our work online 2,970 young people under 20 years partiupated in our Education and Borderlines community programmes 1,310 school-aged children engaged in woikshops loi our Bordedines dramas including digital 384 older peoplè look part in activities to cofflbal loneliness and isolation Page 5 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILimited by guarantee} REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPOR T For the year ended 31 March 2021 THEATRE-MAKING Our theatre programme was disrupted during the year by extended periods ol dosure due to the pandemic. Despite this we were one of the fi'rst theaties to reopen. with all Covid safely measures in place. to welwme back au(lien￿$. We have embraced new ways of working. making thealre for outdoor spaces, for digital presentation as well as putting Wotk bad( on the New Vic slage in ouc newly refurbished auditorium. We have no other year lo wmpare o(tr achievements against but know that the progTamfne we have been able to engage audiences and participants with has been a life-line for many and has put smiles back on so many faces. Our theatre programme included-. Gliosllwhl. a short. evocalive 1￿m and sound installation. developed by Theiesa Heskins Hoard.. Rediscovered Unearthed by Theresa H&skins My Name is Fr￿a by Samuel A(lamson The Foretgner by Lydia Adetunji Rune by April de Angelis Out of the Dark." The Hoard Speaks by Alan Garner The Rime of the Staffordshire Hoard by Gary Loftgden Hoarder by Sara Pascoe Magic by Dar￿n Sharp Inscribed by Lemn Sissay MBE Half a Hoise by Isy Sullie Hwaetl by Tom Wells In Defence of the Monsler- A Retelling ofthe Beowulf Legend by Gemma Fairfie GoppelAa.' A Mystery by Theresa Heskins Uiiite." It s Nol as Siipiple as Black or White. developed by Susan Moffat based on real-life experiences and ideas from hundreds ol IDcal people Hoard.. Rediscovered. a dramatic celebration of the mysteries of the Staffordshire Hoard Audiences unable to visit the theaiie in peison during November's lockdown were able to experience Hoard.. Rediscovered online. The digital theatre production oflered a full-length documentary drama and h()sl ol mini- plays. all inspired by the diswvery of the largesl hoard of Anglo-saxon gdd and silver ever discovered. Now an mportanl part ol the Staffordshire story, the play5 b¥ou9hl lo life the discovery ol Ihis astonishing hoard ol tieasufe. the people il might have belorKJed to. and the experts vtho tfied to unravel rt5 meanings. Alongside audiences in the UK, the digilèl work attracted vieweis irTr America. Spain. Fiance and as far afiekl as Australia. The online production included a filmed version of New Vic Artistsc Director Theresa Heskins. dociJmentary- drama Uneèrthed. and eleven mjni plays from some of the country's mtssl tslented writer5 including Isy Suttie and Lemn S1ssay. directed by Gemma Fairlie. Page 6 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILimit8d by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the yèar ended 31 March 2021 PLACE.SHAPING Through all of our cullural programmes we aim lo define. animate and shape our area and per¢eption5 of it impacting p05rtively tsn health and Well￿1n9. (x)mmunity cohesion. and contribuling to ueating a distinctive identity and & distinctive cultural offer. New Vie Borderlines continued to work wrth some of Ihe most disadvantaged people in our area, some ol the people most in need due to the impact ol Covid-19 Induding people with learning difficulties. carers, those aughl up In the criminal justice system. members of minority communities and people al risk of isolation due lo age or econotnic ryr¢umstances. In a challenging year. New Bordertines reached over 1,500 people including 1,449 thildren and young people. Work during the year induded". New VIG Borderlinesworked with the local community in Rugeley. and in partnership with Keele University, to explore what zero carbon means, how tran5PQrt and housing could be developed to be more carbon neutral and what the local community wanted like to see. The work transletred online due to pandemic restri¢lion5. International work included '1 am my dwnrty.. working wlh gids and women In the UK IStoke-on-Trenl, Staffordshire and Noltinghaml and the Philippines lo understand the pressure5 and barriers they face which can lead to Ihem being exploited. abused. or fail to achieve their Potential Borderlines also worked with pra¢titioners in the Philippbnes. 5￿)rkIng in conflict zones. lo develop creative tools to embed in their own future work. Our Appelile programme. changed the way rt worted to engage new audiences and participants lor the arts, delivered with a range ol local partners. Appetrte brought Oan Fox's'projector Bikes. lo ie5idenls of Gross Heath, Chesterton and Kidsgrove. The projections and music, powered by the bikes. brought people Lo doorsteps and wndows as an unexpected opportvnity to eKpenence this ex￿11￿9 arts event from the safely ol their own home or garden. There was a lot ol applause. dancing and positivity from iesidents. with some saying that Ihis was 'just what they needed. during this drficult time. It's Not as Simplè as Black and Whltè Kickstarting a larger programme of work. New Vic Borderlines worked with nearty 500 young people from the Ruskin CommLJnity High School in Crewe, to explore what facism is. where il happens and hDW we can tackle it. The work was part of the"Il's Not as Simple as Black and White" project funded by the govemment's Ministry for Housing Communities and Local Government tackling Falth and Ra￿ hate crime. We teamed up wth Port Vale Foundation Trust atKI Sporting Communibes CIC ID deliver an exciting project that used creativity. football and sport to understand vthy hate exists. The young peop5e engaged in some greal conversations around the subject and the groups got the chance to created their own football ¢hanls. posters and videos. as well a5 leaming how to bealbox and create raps tackling themes around hate. The project developed to reach over 1,417 young people later in the year. Page 7 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limiled by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year endgd 31 March 2021 Making our work accessible to all Addressing physical. economi¢. social and ¢ultural barriers to a¢cess and enabling the involvement and engagement of dNerse cornmunities in all aspecls of the company s work. Thi5 Included.. The provision ol Audio Described, captioned and interpreted performances where possible in the year. In setting admission prices the Tiustees take account of the Charity Commission's guidance on public benefit and fee chaiging. seeking to maximise access to the Tiust's work by those on low incomes and to remove the economic barrier lo participation and altendance by disabled people. There are specific pricing schemes designed lo increase access for". students undei 16$ (who made up over 25% of allendances at perfonnances) over 605 people in receipl of means-tested benefits disabled people and their careislcompanions. We ensured that t￿ke1 price was never a bairber to attendance during the year. All ticket prices were kept low due lo the investment of our funding Partners and our own fvndraising. Young people were able to a￿$$ free tickets and people in receipl ol relevant benefits were able to gel tickets for only £2. Participanls on our community engagernenl pro9ramme$ had a¢cess to free tickets and support to attend the theatre. High streets and side st￿et$ Our Appetite programme was busy duftng the year animaling shopping areas and local neighbourhoods whilst observing ()ur responsibility not to encourage people lo galher durtng the pandemic Recognised nationally for work to support htgh-streel regeneration. Appetsle worked wrth partners including Newcaslle-under-Lyme and Stoke-on-Trent Business Improvemenl Disiricts and Keele University to bring an amazingly broad programme ol arts aciivily to local communities. induding.. The Three Countles Exhibition wrth ArtsKeele, an outdoor arts exhibition featuring a tange of local artists Windows ofwmdef, commissioned ten arttsls lo work with business owners to Illuminate shop window5 for people to enjoy while doing their essential shopping Local photographer Adina Lawren￿ was commissioned to create Familial Faces.. a celebration ol traders, business owners and others in Newcaslle-urKler-Lyme lown centre. ASPIRATION Our Gullural eilucatK)n piografflmes worked to int￿aSe aspiration and achievement. Despite the challenges of the year, wè were still able to work closely In partnership wrth schwls, universities, volunlary and statutory bodies, Identifying need and working together lo make a dtfference. Pa9e 8 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2021 We continued to provide opportunities for young people. through the work of our BoTderfines and Education departments lor both thealre-going and Iheatre-maktng. ensLtring that the necessary resources were found to tnake this p05sibiè. including new digital resour￿. Our work for and wlh children and young people formed a central part of our artistic activity. en5uiing opportunities lo engage with art and ¢ulture as a way to explore. uThJerstand and challenge the world., develop Iheir own creativily, build skills, knowledge and abilily.. whilst valving and nurturing their imagination. Vvhen government reslricbons allowed, across ouf main-stage progiamme, and through our Education and Borderlines departments. we delivered a range of work for schools. colleges. communily halls, youth centres. libraries. children's centfes and outdoor Spa￿$. Young people engaged as co-creators as well as participants. Our proactive and outward-1￿k1ng approach ensured that children and young people from all parts ol our community, including the most Seriously disadvantaged. wefe able to engage with the arts Highlights dufing the year induded". Continving to connect digitally with meFnbers of our Demenlia and Crealivily group who were able lo work with a professKJnal wriler on a new poetry project Wofking wilh our partners al Bentilee Volunteefs lo provide weekly aclivrties delivered through a creativity pack provided lo partiapants and volunteers. In parlnership wilh Krealive Foundations this was accompanied by a weekly video senl to each participant lo ensure that everyone fell connected and enabled Youth Theat￿ sessions. delivered online for t1￿ firs1 lime. often wth a hands-on element In the form ol a pack whiGh arrived at the participant's home piior to the session A series ol online masterclasses lexploring sound and Iighling design, animalion. puppet making and speaal effecis make upl. delivered in collaboration wth rnembers of Ihe lechniGal and PToduclion departments, connecting mole young people to us for the bJtUfe. Story Treasures Our Story Tfeasures project, funded by Children tn Need. brought stories and imaginations alive amongst our local preschool children. aged 3-4 years old. Many of the children taking part came from di5advanlaged communities with limited opportuniti'es and each of our sessions aimed to Cfeats'vely caplure iheir imaginations., using Stories and physical explorat¢on as a caialyst lo enhance thei¥ skills. This OPPOrtunity lo explore and question the world through imaginative play increased Ihe children's confidence, speech and language skills and overall school ieadiness. Since Covid-19 these sessions have been even more valuable in supporting children through this challenging lime and expanding the exploration of the world bèyond their homes_ Page 9 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guaranteel REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2021 Entrepreneurial Charity We continued to maximise all sources of eamed income in ordei lo ensure Ihe financial viability ol the organisation whilst mainlaining the hKJhesl possible levels of charitable activity. 2020121 wa5 a cha51enging year bul the organisalion has femained ¥e5ilient. Key to this was goVernn￿nI suppc)rt through both the Job Retention Scheme and the Cullure Recovery Fund. Due to restrictions Box Office income was significantly reduced on the prtof yeai but fundraising income achieved 1 of target as Iwal people and ¢hantable grant makèrs rallied to support the theatfe sn the face of the pandemic. Fundraising Support from the Denise Coates Foundation conlinued to make a rnajorirnpa¢tforlhe work ol NewV1¢ Borderlines. The Foulldation donaled É100.000 during the year. Looking fo￿ard the Foundation have also made a significant £1 million donation to the theatre in May 2021 to ensure Ihe theatre's fLrtUTe as a vrtal resource lor the local community. and as a producer of high quality Iheatre. lollowing the Impa￿ of the Covid-19 pandemic. Other fundraising successes included support from the Chartley Foundation. Garfield Weston, Woffson Foundation. Foyle Foundation, Newcastle Civic ScKiety, Derbyshire Environmenlal, NatH)nal Heritage Lottery Fund, Staffordshire Cornmunity Foundation and BBC Children in Need. During the year income from donation5, grants and Sponsorship. and oui capital appeal (excluding Arts Council England and local authority lundin91 amounted 10 £603.978. We continued lo develop our irKlividual. reguL3r givi￿ stheme New Vic Patrons. The schemè is designed to engage regLJlar tlieatFegoeis in a long lerm. philanlhropic relationship with the theatre, making regular small donalions with the aim that these donations Wbll continue over exteFKled pellods of lime. Major Capitsl Project During summer and autumn 2020 the theatre completed a major redevelopment of the theatre's main auditorium. AII 600 seats were replaced. alongside improvements to the stage. lighting and access, induding redevelopment ol the theatre's balcony. "Tlie New Vic ljas beeii well looked afigrand ts a fftuelj-loved and very special btiilding. bill Ilie Ih6alr& need&d to woffk witli partn8rs and local ptrople lo invesl in Ilie main aiidiloriunj for Ilie fiiture. We wanled everyone s trip to tlie t11eal￿ lo be tlie besl it coiild be on every visil. As well as b￿Trging Ihe Now Vic lip to nic>d9ri? slc?iid8rds Ihg r91l0Vatioi? ifflprov8d 117e comfort expelle1￿e loroiir a1￿lenCeS . Fiona Wallace, Managing Director Page 10 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2021 Volunteer$ The New Vic 15 a voluntary led organisation and volunleers make an enormous contribution to our work. 11 is Impossible to compare the year with any prevbou5 year at the New Vic, as opporlunities lor volunteer activity were severely curtailed due to the pandem￿. We conlinued to engage our 100 plus volunteer cohort in our work throughout the year and their support and input has been VI￿ in putting Ihe theatre in a strong position lor the future. Qualifwng Third Party Indemnity Piovlsions The company has made qualifyin9 third paty indemnity provisions for the benefit of its director5 during the year. These pro)visions remain in lorce al Ihe reporting date. New Vic Theatr8 Projects New Vic Projects is the charity's subsidiary company delbvefing catering and assoaated anctllary trading aclivilies. Trading surplus is directed towards the chaiitable acbvilies of the organisation. As Ihe operation of New Vie Theatre Projects remains essential to Ihe experience of theairegoers. and community and education participants the Trust ensured thal the long lerm fulure of the service was not In jeopardy. We offered a restricted service during the year as calering and hospjtality was one of the hardest hit sectors wth limited opportunities lo open under continuing government restrictions. Plan5 for Future Pèriods AGlivity The Trust has a four-year business plan through to March 2022. The business plan shows inueased ambitions for the chanly in Ihe areas ol.. Theatre-making Place-shaping Health & Wellbeing Aspirats'on Alongside this the Ofganisalion secured Arts Council Engl3rKJ National Portfolio funding of £3.7 million in 2018 lor the corresponding four year peiiod and agreed a programme of delivery that is refleoted in the bu51ness plan. Our business plan seis out the Twst s Mission and Artislic Pol¢cy. our plan5 for our Artisb"c programme includin9 the work of New Vic Bofderlines. Newvic Education and Appetrte arwl ways in which WÈ plan to develop audiences and participants foi our work. Our overall aims and ambitions remain unchanged bul due to Ihe COVID-19 pandemicwe have revised our activity and operational plans wilhin a new conlexl. Page 11 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED IL•mited by guarantee) REPORT OF THE OIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2021 New developments ltsi the year ahead incjude". A revised programme of thealre, communtty and education aclivity in Sl3lfordshire. SLoke-on-Tient and beyond, that responds to bolh the ImMed￿te uisis and the process of recovery for both our communities and our artistic practice An artlStic prtsjramme that delivers high quality artists"c work within the necessary framework of COVID- 19 guidance, including ￿th soc¢ally distanced audience alteftdan￿ where appropriate and dig1131 work The Denise Coales Foundabon continues lo support our worfi wth disadvanta9ed young people and ommunilies inGluding work wlh local Looked After children who will have the opportunity through performances to reach audiences who wll help them shape their Own futures through policy making Our Borderlines programme wll a150 continue delivery of projects addressing racism and laith hate as part of government funded proiecis Our Education programme will work across age groups induding a projecl in schools to address poor literaw skills in primary S￿)￿1 aged children Delivering Year 3 of Phase 3 of our Arls Council England. Creative People & Places funded proie¢l Appetite In Sloke-on-Trenl Highlight5 wll indtjde an arts festival progiamme across the City. rescheduled in response lo the COVID-19 outbreak, and a continuing programme of community engagement and consultab'on with local people, many getling involve(I In the arts for the first time Leading. in p3rtnership. Year 2 of a 4-ye3r programme of art5 engagefnenl activities through Appetite in Newcaslle-under-Lyme that wll develop new communily decision-making wilh a focus on projects in town centres." events and empty shops and those Ihal pop-up in wmmunilies to engage bcal people. Page 12 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee} REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the yeaT ended 31 March 2021 The directors are pleased to present Iheir consolidated report and finan(>al statements for the year ended 31 March 2021. PRINCIPAL ACTIVITY The principal activrty of the Group is the provision of Iheatie and creative education and Cofflmunity activities. Related parties The charilable company has two wholly ovmed subsidianes. New Vicloti8 Thea￿ Projects Limited and New Vic Ttteatre Productions Limiled, both of which are companies limilÈd by shares. New Victoria Theatre Prciiecls Limited runs the bar, catering an¢J feiail activilies inside the theatre building. New Vic Theatre Produolions is currently dormant and available to be used to deliver theatre production commissions on behalf ol the parent company STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The organisat¢on Is a Company, limiled by guaranlee. having no share capital. 11 was incorporated on 28 Juty 1967 and registered as a charity on 31 July 1967. The ¢haritable company was established undei 3 Memorandum of Association wh¢ch established rts objects and powers. and it is governed under 115 Article5 of Assouation. In the event of Ihe tx)mpany being wound up members are required to conliibule an amount not exceeding £1. Organisatlonal Slructure The charitable company operates from the New Vic Theatre. The Br>ard meets in formal sessions 4 limes a year to determine oveTall poI￿Y and overview the furtherance of the charity's objects. Members ol the Boa¥d are appointed by the Trusl in consultation with stakeholders. sche(lule ol s￿￿e0MMittee$ is in place to support the Boar¢J's work. A scherre of dele9ation is in place and day lo day Fesponsibility lor the provision ol the services rests with the Artistic Oifector and Managing Director along with managers. The Artistic Direclor and Managing Oirectoi act as joint Chief Executive and are responsib￿ for ensuring that the ehaniy delivers the serVi￿S specified and that key performance indicators are mel. The Board remains the decision making body of the last resort recewing regular reports from the officers and approving all major fr'nanaal and operational deGisions. It delegates Ihe day to day responsibility for the PfQV15ion of services to the Artistic Director and the Managing Director who are responsible for ensuring that the charity's financial position Is secure. They are supported by Ihe senior managers." Head of Marketing and Communicalio>ns. Head of Finance. Oirector ol New Vic Boideilines. Head of New Vic Education. Head of Production, Appetite Director and Head of Fundfaising and Development. Recruitment and Appointment to Board of Directors The directors ol Ihe company are also charity tILtstees lor the purFx)ses of charily law. Under the requirements of the Memorandum and Articles of Association one third of Ihe members of the Board. or the nearest number to Page 13 STOKE ON TRENT AND NORTH STAFFOROSHIRE THEATRE TRUST LIMITED (Limitod by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ènded 31 March 2021 one third of Ihejr number if not divisible by three, must retire from office al each Annual General Meeting. Retiring members are eligible for re-eleclion. The directois regularly review Ihe balance of trustees and the recruitment ol Iruslees and seeks to reach an appropriate overall balance of skills and experience and make the truslees broadly reflect the communities served. Slakeholders are invited to suggest appropnate people for consKleralK)n_ Trustee Induction and Training New Trustees are invited to m￿t key staff and look round the Trust's p￿miSes. Truslees are expected to regularly attend the Trust's actwities and specific opportunities are arianged lo familiarise Trustees with different aspects oflhe Trust's work. Throughout the year invitatsons to attend a range tsf theatie. education and comrnunily events are made to Trustees. Public Benefit The trustees confirm that Ihey have ¢ompfied with the duty in Section 4 of thè Charities A(* 2011. by referring to the Charily Commission's general guidance on public benefi.t when reviewing the aims and obieclives of the chzrity and in planning its futu￿ activities. The trustees considei how all existing and planned activities will conlribute lo the aims and objectives sel out in ils governing ￿0￿mentS. Pages 3 10 18 01 thi5 report demonstrate how our activities impact and fulfil our public benèfrt obFdives. Fundraislng Statement The New Vic carries out a variety of fundraising activities. approaching individuals and companie5 for support and 5pon501ship as well as Trusts and Foundat￿n$ to help lo fund the ueaijve work ol the theatre. as well as the education and community work thal ¥eaches into (xjr community. As well as our own fundraising team. we employ a prole5sional fundraising agenGy to undertake telephone fundra15ing activity on our beha51. Oui poliues and approach to fundraising are as follow". We are registered wth the Fundraising Regulator and comply with the Codes of Fundraising Practice. Vve keep ab￿ast of any updates lo ￿gUlationS and enlorce change where necessary. We have a policy in place to protecl vulnerable people. We ensure that the details of Ihis policy are enforced throltghout all fijndfaising activities and with all parties. Before the appointment of a third party fundraising supplief, we carry out approp¥iate financial checks, and research their other charily clients to ensure thal their praclices meet oul ethical criteria. Once appointed. strict stewardship of the ielationship is applied. which includes daily discu55i0ns regarding any Issues and regularly listening in lo calls for example. We ask donors aboul the regularity and tone ol our fvndraising asks and Te5pond accordingly. We gain explicit consent foi the use of customer s data when booking tickets over the phone or via e mail. Opportunitie5 to update communication preferences or opt OLrt of communications are signposted on each communication. Only customers with explictst consent given for telephone communications are contacted for fundraising asks Data is screened against the Telephone Preference Service ITPSI and for customers whom we know are on TPS. bul have indicated they would receive ca115 ffom the New Vic. we chefjk with the customer they are still happy to recewe calls in this way at the beginning ol each contact Page 14 STOKE ON TRENT ANO NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guaranteè) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year end&d 31 March 2021 We doi nol share data wrth a third patty. unless we have been given explicit consent by the customer to do so wrth specific parlners. We never sell data. in line wlh our Privacy policy. During 202012021 New Vic Fundraising deall with O C￿nplaintS. New Vic see5 Supporters as the heart of the work ol the Iheatre. We strive to build ex￿lIent communications with donors, to report how their money is being spent and where there is a need to raise additional funds. we strive to maintain the highest slandaids in these communications. We standby the principles set oul in our supporter promise. Financial Review Total incoming resources lor the year were £2.012.065 12020". £3.350.8281 lexcluding restricted funds). Total outgoing resources were £2.038.161 {2020." £3.358.811} exduding restricted and designated funds. The slalemeni of finanaal activities shows thal there was a deficit Inet movement in lundsl for the year of £26,095 12020." £7.9831 against Unrestr￿ed general fvrKls. whith rewesent our day-to-day operah.ng activities. The organisation currently plans fof 3 deficit budgel as it allttates designated reseNes towards rts artistic and community activities. After net gaills on investments and taxab.on a surplus of £376.991 12020." £19,272 defiatl remains lor transfer lo the unreslftcted general reserve. There is a net Iransfer of £190,000 from the unrestricted general ￿se￿e to the designated reserve for investment in artistic work on stage, in line wrth strategic objeclives outlined in the Business Plan and related to the grant received from the Denise Coates Fovndalion. Investment of Ihis fund is agrèed within a three-year rolling programme. The con501idated unrestr>cted geneial reserne carried forward therefore now stands al £767,190 12020". t580.1g91. The balance carried lO￿ard of restricted reseryes after movements during the year is £3.451,43612020'. £2,984.078). Principal Funding Sources The principal fiJrKling sources during the year under review were.- Arts c￿ne11 England DCMS Culture Recovery Fund Newcastle under Lyme Borough CounrAI Staffordshire County Council Stoke on Trent City Counril Government Job Retention Scheme 949.557 248,990 47.000 33,333 35.000 636,865 Investment policy Trustees, having sought appropriate advice. are mindful of their obl¥gations under general trust13w and relevant legislation to seek lo protect the long term 'real' value of the assets they administer, whilst maximising income. Due regard is given lo the need to tske a l(mg term view wh￿h may, for specific periods, involve geneiaii'ng a lesser cuirent income in the Interests of perceived greater capstal proteclion an(Vor growih. The trustees. policy sees a dislinction between short-ierm and long-term funds. Page 15 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2021 Short term funds are held to provide financxal security. and may be required al Short notice AS Sltch signifi'cant capital volalilily cannot be loleraled and investment ol these assets wll focus on minimising this In respect of any ftjnds considered to be long-lemi in nalure. the Iruslees see their long term aim as reqyiring a ba1an¢e of Income and capital ieturn. Thelr desire is to ensure that future gener31ion5 are able lo benefit from the charities resources, at least tts a similar extent as present beneliciaries. To this end. the trustees manage a series ol reserve funds.. each fund having a specrfically designated purpose and where the source ol the invested capital can be traced lo a particular. clearly defined charilable object. Trustees have appointed Casllefiekl Investment Management to help them meet their 51ialegic investment aims Investment perfomiance There was a net gain on investmenl assets of £343,486 in 2020121 compared lo a nel loss of £188,589 in the previous year The investment slralegy puls emphasbs on the diversificalion of investment assets and protection ol capital and this movèment iefiects movements in markets. R•serves policy In the light of Ihe Public Funding re￿1¥ed by the Trust, the Board cDnsideTS it lo be appropriate to devote its resources fully to the delwery of the services for which public funding Trs re¢eived. 11 doe5 riot therefore seek lo divert income to build 5ubst3nti31 general ieserves. However, the Board recognises the benefit ol the additional sectjrity thal would acuue from the holding of appropriate reserves and seeks lo achieve suffKient general ieserves to cover 2-months operating costs (target £585.500 for both 2020 and 20211. The free reserves stand at £585.55612020." £335.3711 which meets this target. The free reserves represent the charitable company's general reserves less an amount relating lo the charilable company's net book value of Ltnrestricted tangible fi'xed assets, excluding short leasehold property. Designat8d res•rvès The theatre has designated ieserves for specific purposes to enable the company to deliver its charitable purptsses in the most effective and sustainable way. The total designated reserves al 31 March 2021 were £2,007,577 12020". £1.817.5771. A Capital Development Fund is held to improve Ihe facilities required for the group's activities. A substantial part ol the fund, which stands al £679.89912020 £679.8991 was committed to the conslruction ol the new building. Workspace. which provides improved and expanded facilities for eduGation and outreaGh activities as well as addiltonal on-site storage for costun*s and props. Our BLbilding Futures Fund of £233.700 12020.'£233.7001 represents monies raised to support our work wrth young people Ènd local communities, and ensuie the future of our visionary community programmes. The organisation'5 Business Plan is predicated on investment in our work on stage. and our £1.093,978 12020'.£9D3,9781 Artistic Development Fund enables the devek)pment ol artisticwork. enhanGing the Scale and ambition of that work and enabling audience growth. This wll in ietum ènhance box Offi￿ receipts which can in turn be reinvested. Page 16 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITE[) (Limited by guarant•o1 REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For thè year endèd 31 March 2021 PRINCIPAL RISKS AND UNCERTAINTIES Employees and Employment Policy Trustees are grateful to the staff and artists who work for the company. The Suc￿sS of the company reliÈs on their expertise and commitment The Board is oommitied to a poliw of equal opportunity in ils employment practices. It is the company's policy to offer equal opportunrty to persons applying toi vacan¢ie5 from a11 sections ol the community having regard to Iheir aptitudes and abilities in relation to the positions for which they apply. New Vic Theatre complie3 Wlth the requirements of the Equality Act 2010 which covers the fields of employment, lacililies. goods and services It states that it is unlawful lo discfiminale directly or indirectly because of any of the nine 'prolecled characteristics in the Equality Acl 2010_ These are". age, disabilily. gender reassignment, marriage and ¢ivil partnership. pregnancy and maternity. lace. religion or belief. sex. and sexual orientation The Remunerations Committee meets annually lo review and agree any pay increases, includin9 for Senior Executives. Local and national benchmarks ale con$K￿red as part of thi5 pro￿$s. Intèmal Control and Risk Management The Board has considered the mapr strategic, business and operalional risks which the organisalion la¢es across a number ol specific areas. Response lo and recovery from the COVID-19 pandemic is included at the highest level in risk management and forward planning. Other areas of nsk management planning include.. Artistic development and delivery Business income and fundraising Technology Finanryal Gonliol arKJ managernenl infwmation Human resources and health and safety Regulatory and legislabve Customer care Trustees regularly review individual organisatiortal risks as part of their activities. Alongside this Trustees receive twice yearty reports identifyin9 the key slralegi¢ nsks faced by the Trust, their potential impact and likelthood of occurrence tO9ether with action already in place to mitigate their impact and ieduee the Iikelihwd of their occurrence and future actKJn under considefalion. Risk Management is a key component in the Trust's deasion making. in part￿ulaT the approval of the Business Plan and annual budgets In a(klition. the Audil. Investment and Risk sub-committee meets a minimum of twice yearly and includes a review of finanaal nsk In rts remit. Impact of Covid.19 Our overall aims and ambitions remain unchange(I bul due to the COVID-19 pandemicwe have revised our activity and operational plans w11hin a new conlexl. In response to the cnsis we halled activity In March 2020 and ludoughed a large percentage of permanenl slaft and regular casuals until we could safely reopen In September 2020 During the second, extended period of lockdown we delivered work across a range ol platforms, outdoors and online We relied on support from Ihe Govemment Job Retention Scheme grant. where appropriale, to retain staff across the year. We received further government support with a loan of £825,000 under the Coronavirus Business Interruption Loan Stheme. The loan was taken to support cashflow and repaid in full in July 2021. A Page 17 STOKE ON TRENT AND NORTH STAFFOROSHIRE THEATRE TRUST LIMITED (Limited by guarante•l REPORTOF THE DIRECTORS INCLUDING STRATEGIC REPORT For the yèar èndèd 31 Mareh 2021 grant of £248,990 frofn the Cultural Recovery Scheme was awarded within the financtal year. A further award from the scheme of £247,209 was received 1 April 2021. We are very grateful lo the Denise Coates Foundation for a grant of £1.004,830 received in May 2021. made lo ensure the fulure of the Iheatre as 3 vita1 cultural resource for our area. The theatre reopened to the pttblio in May 2021. delivering socially distanced performances alongside community edLJeation and h05pilality activities. Budget targets lor ticket income have been met to date and the theatre is now operating on a phased model of return to full capacity performances (performances wlh full capacity from 6 September ak)ngside a nUm￿r of sooally dÈstan(%d performances to ensuie thal all thealre-goeTS feel safe and welcome($1. We have agreed lo financially support New WF¢tot13 Thèatie Projècts Limrted. should it be requirèd. whilst rts trading activities recover in the lsght of the Covid-19 pandemic We have provided a fomal letter of support to Projects to this effect. As in Ihe prior year. the Charity would assist with fundin9 any operating losses which may be incurred in the 12-month period following approval of the financial statements for the year ending 31 March 2021. Trustees deem that the Projects company is vilal to Ihe long term benefit ol the Trust and as il is has made a consislent, positive financial contributK)n over a period of more than 10 years il is projected to return lo this P0511ion within Ihe 12-month peFlOd. Our new, COVIO-19 operating model has reimagined Ihe way that we operate and wekome customers into our building. We are fully adhering lo curTenl guidan￿ and are responsive to changes in guidance as It emerge5. The Directors aCkn￿edge the unprecedented level of uncertainty caused by Covid-19 and have given this due consideration in the going concern policy a5 disd05ed in note 1.2 on page 27. Auditor RSM UK Audit LLP have indicated Iheii willingness to be ￿appoInted for another lerrn and appropriate arrangenpnls have been pul In place for them to be deemed ￿appoInted as auditors in the absence of an Annual General Meeling. Statement a5 lo disclosure of informatlon to auditors The directors have confirmed that. as lar as Ihey are avrdre. theie 15 no relEvant audit information of which the auditofs are unaware Each ol the direciors have confimied Ihal Ihey have taken all the sleps that they ought to have taken as directors. in order lo make themselves awaie of any ielevanl audit infoimalion and to establish Ihal Il has been communicated to the auditor. The report of the Directors and Strategic report V￿re approved by the directors and signed on their behalf by". Bryan Carnes MBE Chair ol the Board of Trustees Date." 01 December 2021 Page 18 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES For the year ended 31 March 2021 The trustees. who are also directors for the purposes of u>mpany law. a￿ responsible lor preparing the Report of the Directors, including the Slrategic Report and the consolidaied financial 51atenients in accoidance with applicable law arKI United lQ'ngdom Aco)unling Standards Iuniled Kingdom Generally Accepting Accounting Practicel. Company law requires the direclors to prepafe consolidated financlal statements for each finanual year which give a true and lair view of the stale of affairs of the charitable wmpany and group and ol the incoming resources and application ol resources. including income and expenditure, of the charitable group for that period. In preparing those finanaal statements, the direct￿S are required lo. Select suitable accounting policies and then apply them consistently", Observe Ihe methods and prinryv￿S in the Charities SORP 2015 {FRS 1021-, Make judgements and eslimates that are reasonable and PTudent" Stale whelheT applicable UK Accounting Standards have been followed. subject lo any matertal departures disclosed and eKplained in the financial stalements,. and Prepare the financial statemenls on the going cDncern basis unless il is inappropriate lo presume that the charitable company will conlinue in business. The dire¢lors are responsible for maintaining proper acry)unling records that disclose wrth reasonable accuracy at any time the financial position of the gfOUP arKI d)antable company and to enable Ihem to ensure that the consolidated financial slalernents comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charilable group and company and hence lor taking reasonable steps for the pievenlion and delection of fraud and othei I￿e9U18rlthes. The directors are responsible for Ihe maintenance and integrrty of the corporate and financial informalion included on the charitable company's web5ile_ Legi51at¢on in the Uniled Kingdom governing the preparalion and dissemination of the financial statements may differ from legislation in other iurisdiclions. Page 19 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AND TRUSTEES OF THE STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2021 (Registration number.. 0911924) Opinlon We have audite¢¢ the finanual stalements of Stoke on Trent and North Staffordshire Theatre Trust Limited (the 'parenl charitable company and its subsidiaries Ilhe'group I'l for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Aclivities (including the Con501idated Income & Expenditure Account), the Consolidated and Company Balance Sheets. the Consolidated Slatement of Cash Flows and notes to the financial statements. Induding a summary of sjgnificant accoursting policies. The financial reporting framework that has been applied in iheir preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" Iunited Kingdom Generally Accepted Accounting Practice In our opinion the financial statements.. give a Irue and lair view of the state of the charitable company's affairs as al 31 March 2021 and of its incoming resources and applicat￿n ol resources, incl¢Jding its income and expendituie, for the year then ended.. have ￿en properly prepa￿￿ in accordance wilh Uniled lfj"ngdom Generally Accepted Accounting Practice, and have been prepared in accordance wrth the reqLtrirements of the Companies Aci 2008. Basi$ for opinion We have been appointed auditors under the Companies Aci 2006 and section 151 of the Charities Act 2011 and report in accordance wilh Ihose Acts. We conducted our audli in accordance wtth International Standards on Auditing IUKI IISAS IUKII and appli¢able law. Our respon5ibililies Under Ihose standard5 are furthe¥ described in the Auditor s responsibilities lor the audit ol the financial statements seclion of our report We are independent ol the group and parent charitable company in accordance with the ethTcal requiremenls that are relevant to our audit of the fi'nancial statements in the UK, including the FRC'S Ethical Slandaid and we have fuifilted our other elhiGal re5pon5ibililies in accordance with these requirements. We belTreve that the audrt eviden￿ we have obtained is suffictent and appropriate to piovide a basis lor Ouf opinion. Conclusions rèlating to going concern In auditing the financial statements. we have conduded that the trustees. use of the going concern basi5 of accounting in the preparation of the finanaal stalements is appropriate. Based on the work we have pÉYfor￿d, we have not identified any material uncertainties relating lo events or conditions thal. individually or collectwely. may cast significant dotjbl on the groups or parent charitable company's ability to continue as a going concem lor a penod of at ￿ast twelve months from when Ihe financial statements are authorised for issue. Our responsibilities and the ressy)nsibilities ol the trustees wtih respect to going COn￿M 3r6 descfibed In the relevant sectioins of Ihis report Page 20 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED IL Trmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AND TRUSTEES OF THE STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2021 IRègistr3tion nU￿ber.. 09119241 other infomiation The other information comprises the infom)ation induded in Ihe Report of the Directors and Strategic Report other than the financial slatemenls and our auditor's report thereon. The trustees are responsible for the o)Iher information contained wilhin the Report of the Direclors and Slralegic Report Our opinion on the finanry81 statements does not cover the other Information and. except lo the extent olherwse explicitly stated in our report. we do not express any form of assurance condusion Ihefeon. Our responsibility is to read the othe¥ information and. in doing so. consider whetheT the other information is aleFially Incon515lenl wlh the financtal slatements or our knowledge obtained in the course of the audit or otherwise appears to be matenally misslaled. If we identify such material inconsistenaes or apparent material misstatements. we are required to determine whether this gives iise lo a material misstatement in the financial statements themselve5. If. ba5eil on the work we have performed. we condude that there is a material misstatement ol this other information. we are iequired to report thai lact. We have nothing to report In Ihis iegard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audil.- the Information given in the Oireclors Report. which includes the Direct015' Report and the Strategic Report prepared forlhe purpose5 of company law. for the finanual year foi which the financial 5talemenls are prepared is consistenl with the financial slalements." and the Dsrectors, Report and the Stralegic Report included ￿thin the Difeclors Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the Iighl of ihe knowledge and understanding of the group and the parenl charitable company and ils environment obtained in the course of the audil. we have not identified material misstalemenls In the Directors, Report or Ihe Slialegic Report incltjded wrthin Ihe Dbrectors, Report. We have nothing to ￿port in respect of the foll{￿1￿g matters where the Companies Aci 2006 requirès US to réport to you if, in our opinion.. adequate accounting recofds have r￿1 been kept. or returns aikquate for our audit have not been received from bTanche5 riot V1511ed by us". or the parent charitable company financial s13tements are not in agfeemenl with the accounting record5 and ieturns". 01 certain disdosures ol tiustees. ￿MuneratIOn sperjfied by law are not made., or we have not received all the inlormalion and explanations we requi￿ lor our audit. Responsibilities of trustees As explained more fully in the Statemenl of Trustees. reswjnsibilities sel out on page 19, the trustees (who are also the direclors of the charilable company for the purposes ol company lawl are iesponsible for the preparation ol the financial statements and lor being satisfied that they gwe a true and fair view. and lor such Inleinal conliol as the trustees determine is necessary to enable the prepafation ol finanryal statements that are free from material mis51alement. whether due to fraud or error. Page 21 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limitod by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEfvIBERS OF AND TRUSTEES OF THE STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2021 (Registration number: 09119241 Iri preparing the financial statements. the tfustees ale iesponsible for assessing the charitable company's ability to continue as a going concem, disclosing. as applicable. mallers relaled to going con￿rn and using the going Con￿[￿ basis ol accounting unless the Iruslee5 either intend lo liquidate the Charitable wmpany or to cease operalK)ns. 01 have no realistic alternative bul lo do $0. Auditor's responsibilities for the audit of the financial statements Our obj'ectives are to obtain reasonable assuran￿ at¥)ul whelher the Iinanryal statements as a whole are free frc)m malenal misslalement. whether due lo fraud or erTor. and to 155ue an auditor's report that include5 our r>pinion. Reasonable assuran￿ is a high level of assurance. bul is not a guaranlee that an audil conducted in accordance with ISAS IUKI will a￿ayS delect a material misstatement when Il exists. Misstatements can arise from fraud or error ar)d are considered material rf. indNidually 01 In the aggregate. they could ¥easonably be expected to influence the economic decis¢ons of Ltsers laken on the basis of Ihese financial slalements. The extent to which the audit wa¥ con$ider8d capabla of dotscting irregularitias. Including fraud Irregularities are instances ol non-compliance with laws and iegulalions The objedives of our audit are to obtain sufficient appropriate audit evidence regarding cotnpliance wth laws and regulations that have a direct effect on Ihe delerminalion of material amounls and disclosures in the financial stalemenls. to perform audit procedures lo help ￿entifY Instances of non-compliance with other laws and regulation5 that may have a m31eria1 effect on the financial stalemenis. and lo respond appropii8tely to K5entslied or suspected non-compliance with laws and regulations identified during the audit. In relation tD fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial stalements due to fraud. lo obtain sufficient appiopnate audrt evidence regarding the a55essed risks ol material misslalement due lo fiaud Ihrough designing and iMp￿MentIng appropriate rèsponses and to resFK)nd approprialely to fraud or suspected fraud identified tluring the audit. However. it is the primary ￿sponsIbl11tY of management. with the oversighl of those charged with governance. to ensure that the entity's operalions are conducted in accordan￿ with the provisions of laws and regulations and for the pievenlion and detectiorb of fraud. In identifyirsg and assessing risks ol material misstatement in respect of i￿egular1ties, induding fraLJd. the audit engagement team.. oblained an understanding of the nattjre of the sectoi. induding the legal and regulatory frameworks that the charitable company operates in and how the charitable company is complying wth the legal and regulatory frameworks., Illqulfed of management. and those charged with governance, about their own idenlilicatlDn and assessment of the risks of irre9ularilies. includir)g any knijwn adual. svspeoted or alleged Instances of fraud.. discussed Tnatteis about non-compliance wth laws and regulations and how fraud might occur incjuding assessment of how and where the finanual statements tT)ay be susceptible to fraud. As a result of these procedures we consider the most signilicant laws and regulatic)n5 thal have a direct impact on the financial statemenls are FRS102. Charities SORP IFRS 1021. Companies Act 2006, the parent charitable company s governing docwmenl. and tax legislation. We performed audil procedures to delect non-compliances which may have a material itllpacl on the Iinanoal statements which induded reviewing the financial slalements Page 22 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANO TRUSTEES OF THE STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2021 (Registration number= 09119241 ncluding Ihe Trustees. Report and femaiT)ing alert to new or unusual transactions whth may not be in accordance with the governin9 documents. The most significant laws and re9ulalions that have an indiiecl Impad on the financial slalernenls are those in relation to Employment Law. We perfoimed audit proceduies to inquice ol management whether the group Is in cornpliance wlh these laws and regulations. The audit engagement team identified the iisk of managemenl override ol conlrols and cash income as the aieas where the financial 5talemenls were most susceptible to material misstatement due lo fraud. Audit procedures performed IncludÈd bLJt were not limited to testing manual ioumal entries and other adju51menls, evaluating the business rationale in relatson to sKJnificant. unusual transactsons and transactions entered into outside the noimal course of business. A further description of our respon5ibtlities for Ihe audit of the financial stalemenls is located on the Financial Reporting Gouncil's web51te at htt "./1b￿￿.11c.0r .uklauditorsres nsibililigs. This Ilescriplion lomis part of our auditor's report. Use of our report This report is made solely lo the charitable company s members. a5 a body. In accordance with Chapter 3 of Part 16 of the Cornpanie5 Aet 2006. Our audit wolk has been undertaken so that we might slate to the charitable mpany s members those malters we are required to state to them in an auditor's report and for no other purpose. To the fullesl extent permitled by law. we do nol accept oi assume responsibility to anyone other than the charitable company and the charitable company's member5 a5 a body. for our audit work. for this report. or for the opinions we have formed. ANNA SPENCER-GRAY (Senior Stalutory Auditor} For and on behalf of RSM UK AUDIT LLP. Statutory Audilor & Chartered Accouniants Festival Way Stoke-on-Trent Slaffordshire ST1 5BB Date 8 December 2021 Page 23 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by 9uaranteel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {including consolidated income and expenditure account) for year ending 31 March 2021 2021 Total Funds 2020 Total Funds Unrestricted fvnds General Deggnated Restricted Fijnds Note Income from tk>nalions al￿ le￿leS tknalions 3a 1.2(K).724 1,436.637 2.637.361 1,871.538 Ch8ri18ble aclivili8S operati￿ ol theatre 1￿.325 136.325 1.623.954 Other IradirYJ aclimties 25.e63 25.663 543,305 In*slmenls 12.488 12,488 25,834 Other 3b ￿.PAs 636.865 Totsl income 2.012,1 1.436.637 3.448.702 4.W,631 Expenditure on R8iS1tvJ fund5 I243.4￿) 1243.4*1 I￿,050) Charilable actimlies 7 11,794,E641 I￿9.279) 12.763,9431 13.577,(E51 Total expenditure 2.038,160 9,279 3,007,439 4,143,115 Net inccme1lexpendilu￿I befo￿ gain5 and losses on inleslmenls and taxation P6.0951 467.358 441,263 178,4841 Taxation 12 59.600 59.600 177.300 Net gain51llcissesl on irnNeslmwls 14 343.486 343.486 1188,5891 Net incomellexpenditurel for the year 376.991 467.358 844.349 189,7731 Gross t¢ansfers bet%%Een funds 22 (l￿,(￿KIl 1￿.0 Net movement in funds 186.991 I￿,(X￿) 467.358 844.349 189,7731 Fund balances al the beginniNJ ol the year 580.199 1.817.577 2.984.078 5,381.854 5.471.627 Fund balances at the end of the yeaT 767.190 2.(KJ7.577 3.451.436 6,226,203 5.381.854 All income and expenditure derive Irom continuing activities. The comparalive figures for each fund are 5h(w4n in the notes to the acujunts. Page 24 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) CONSOLIDATEO AND COMPANY BALANCE SHEETS (Registralion Number= 09119241 as at 31 March 2021 COn￿lIdated 2021 Company 2021 2020 2020 Note Flxed assets Tangible asse15 In￿StMentS 13 14 3.852.042 1.657.641 S.￿.683 3.269,912 1,308,685 4.578.597 3,843.445 1,657,643 5,501.088 3.256,556 1.308,687 4.565,243 Current assets Stock Debtors Cash al bank and in harvj 15 16 16.278 308.701 1.822,012 2.146.991 22.404 952.Y25 367.110 1,342.439 316,172 1.789.615 2,105,787 950.583 2￿.854 1,251.437 Liabtlities Creditors falling due in one ye81 Net current 35sets 17 188B.804 1.258.187 539.182 803.257 877.638 1.228.149 519.530 731.￿7 Totsl asgets less current liabilities 6.767.870 5.381,854 6.729.237 5.297.150 Creditors falling due after nM)re than 1 year 18 {541.66n 1541.6671 Totsl net a&8ets 6.226.203 5.381,854 6,187,570 5.297.150 Repre*nled by.. Unrestricted income funds General Non charitable Irajing funds Designated Rearicled 19 19 19 728.557 38.633 2.(X>7.577 3.451. 495,495 84.704 1.817,577 2.984.078 728,557 495,495 2,(K)7,577 3.451.436 1,817.577 2.984.078 6,226.203 5.381.854 6, 187.570 5.297.1 The group financial slaten*nts consolidate the results of the charitable company and its wholly owned trading 5ub51diary New Victoria Theatre ProFcts Limited (Company number 019495641 on a line by line basis and ccounting policies are unrform across the group. A separate statement of linanaal activities and income and expenditure account are noi presenled lor the company itself lollowing exemptions afforded by section 408 of the Companies Act 2006 and paragraph 304 of the SORP 2015 IFRS 1021. The profit of the company for the year ended 31 March 2021 Is £890.420 12020.. £112.415 Ios51. A summary ol Ihe linanaal statements ol the charity Itse￿ 15 included in note 2 The financial slatemenls were approved by Ihe Board ol Diredors on 01 December 2021 and signed on ils behalf by Colin 8arcroft Director STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITEO (Llmited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS for year ending 31 March 2021 Constslidated 2021 2020 Note Cath flows fvom operathng a¢tivrtie* Net cash generated Irom operatin9 a¢tivities 27 1.237.298 1251,4841 Cash flows from investing activities.. Payments to acqui￿ fix￿ assets InleEsl atKJ (h%iderK55 1798,S941 12,488 (39.7441 25,834 Net ¢ash fftow from Investing actrvities 113.9101 Cath flows from ffinanclng a¢livitiÈs.' Bank loan [￿e1￿ 825,(Kl) Not eash from financrng activit185 825.( Taxation 178,8(X) 187.837 Net movement In cash and cash equivalents 1.454.9)2 177.5571 Cash and cash equivalents at 1 April 2020 367.110 444.667 Cath and cath equlvalents at 31 March 2021 1.822,012 367.110 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Accounting policies BasTrs of preparation Stoke on Trent and North Slaffordshire Theatie Tru51 ￿miled is a pnvale company. limited by guarantee having no share capital. The company iegistration number is 0911924. In the event ol being wound up the liability in respect ol the guaranlee is limited to £1 per membei of Ihe charrty. It is a registerecl tharity in England and Wales with registration number 253242. The address of the registeted office is given in the charity information on pa9e 1 of these financial statements. The nature of the charity's operations and principal activi￿.eS are lo offer an accessible. high quality theatre experience to a5 wide a range of audiences and partiupants as possible and also be part of the S￿lar and economic re9eTreralion of oijr region by raising aspiration and achievemenl." ie(lucing criminal and ankn-soual behaviour," making this a bettei place l01ive. woik arkd do business. The charity constitules a publ￿ benefil entrty as defined by FRS 102. The finanryal slatemenls have been prepared in acco¥d3nce with Accounting and Reporting by Charilies. Stale¢7)ent of Recommended Practice applicable to charilies Preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republt¢ of l¥eland IFRS 1021 issued on 16 July 2014. the Financial Reporting Standard applicable In the United Kingdom and Republic ol Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial slalemenls are prepared on a going concem basis under the historical cost convention, unless otherwise stated in the ielevant accounting policy nole. The finan￿al statements are p￿parert in sterling which is the functional currency of the charity and iounded lo the nearest £1. The significant a¢counting policies applied in the preparation ol these fi'nanaal statements are set out below These polioes have been consislently applied lo all years presented unless otherwise staled. Going Concern The Trustees acknowledge that the unprewlented level ol uncertainty caused by Cov5d-19 and rapidly changing circumstances mean that the jud9ements and eslimales required by management are more challenging than under nom7al circumstances. As sel out in the Strategic Report. incluLled within the Report of the Trustee5. the Trustee5 have given ¢Jue regard to the increased pressure on income streams brou9hl about by the pandemic. The inveslments (see note 141 are available to be drawn down over the next twelve months if requiced. A CBILS loan taken out during Ihe year to support cashflow has already been repaid In full lJuly 20211 and a further Cullural Recovery Fund granl1249kl was awarded 1 April 2021. As such the Tfuslees have conduded Ihalthe po￿tiVe level of inve5tThents held. the Denise Coates Foundation 9fant support £1.004.830 and CRF grant. along wih the benefrt ol Theatre Tax Relief as well as other relurning sources of income and the continued support of Il5 major funders. mean that the going concern basis rernains appropriate foi the preparabon of these financial statements. Group financlal statements The group finanaal slatements consolidate the results ot the charitable company and its wholly owned trading subsidiary New Victoria Thealre Propcts Limited (Company number 019495641 on a line by line basis and accounting poI￿lES are uniform across the group A separate stalement of financial activities and income and expenditure account are not piesented for the company itself following exemptions afforded by secb.on 408 01 the Companies Act 2006 and paragraph 304 01 the SORP 2015 IFRS 1021. A summary of the financi31 siatements ol the charity itself is included in note 2. New Vic Theatre Produclions Limited (Company number 093051121 15 exempt Iiom preparing individual accounts by virtue ol s394A of CofMpanie5 Act 2006. Tt is also exduded from consolidation on Ihe same basis. 11 has not traded since incorpoiation. STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limitèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Fund accounting Restricted funds Restricte(S funds represent granls and donations which are subpct to restr￿tIonS on their expendiluie imposed by the donor or Ihrough the terms ol an appeal. Unrestricled funds and deslgnated lunds UnTeslricted funds represent funds that are expendable al the discfetion ol the Board of Directors the furtherance ol the objects of the charitable company. Such funds may be held in order to fi'nance both working capital and capital Investment. Designaled funds a￿ those funds which are unrestricled in nature but which have been designated by the Boaio of Direcio(s lo be used in a particulai manner. Incoming resources Voluntary income induding donations, gifts and legacies and grants that Provide core funding or 3re of general nalure are recognised where there is entitlement. certairity of receipt and Ihe amount can be measured with sufficient reliabrlty. Such income is only deferred when.. the donor specilies that the grant of donation must onty be used in luture accounting per￿Ods. or the donor has imposed condilions vknich must be met before the charity has unconditional entitlèment Gifts and donations in kind are incIL￿ed when receivable and stated at their estimated value lo the charitablp ¢ompany. Income from commerclal trading activibes is reojgnised as earned. Investment income 15 recognised on a feceivable basis. Income from charitable aclivities indudes income in respect of admission and other lee5 and is recognised as earned. Income is deleired when admission fees or performance related grants are received in advance of the performances or events to wkn￿h they relate_ No amount is included in the financial statements for volunteer time in line w¢th SORP 2015 IFRS 1021. Further detail 15 given in the Truslees. Annual Report. Resources expended Expenditure is recognised on an accrual basis as 3 liabilrty is incurred. Contractual afrangements are recognised as goods or services are supplied. Costs of raising funds compiise costs incurred in attracting voluntary inwme together with those incurred in Irading activities thal raise funds. Charitable expenditure includes expenditufe assouated wth the staging of concerts. stage prc>ductions, and educational piogrammes and comprises both the direct costs and support costs relatirig to these aclivities. Costs Incurred relating to scenery materials. costumes. props and production costs for lutuie productions are prepaid and released to the Stalement ol Financial Activittes in the year in which the first night ol the related production lakes place. STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year endod 31 March 2021 All costs a￿ allocated between the expendrture calegories of the Statement of Finan¢i31 A¢livilies on a basis designed lo reflecl Ihe use of the resour￿. Cosls relating lo a particular activity comprise bolh costs that can be allocated difecuy to such aclivities and Ihose costs of an indirect nature necessary to support them. Support Costs are those fur￿10￿5 which assist the Work of the charrty either by supporting the delivery of charitable activities or by supporting Ihe generation of fur)ds. They indude bacJ( office functions. ftnance. HR, IT and governance costs. Irrecoverable VAT The charitable group is unalle to recover all ol the VAT payable by it. Irfecoverable VAT is charged against the category of iesourGes expended lor which it wa5 inGurred. Taxation The charitable group is eligible to receive lax credits calc)Jlaled on the basis ol its expendilure on theatre production costs Operating lease$ Rental charge5 payable under operating leases are char9ed lo the Slalemenl of Financial Activities on a straight line basis over the term ol the lease. 1.10 Tangible fixed assets Individual fixed assets costing £1.000 or more are capitalised al cost within the relevant category. Tangible fixed assets afe depreciated on a straight line basis over their estimated useful lives as follows.. The cost of the theatre building is being depreciated over the remaining life of the lease. Short leasehold property 25 years Leasehold property improvements 10 years All other assets 4 years Land is not separately idenltfjable in the lease and is r￿1 deprecjated. 1.11 Heritsge assets The ¢ost or valualion of hwitage assets is not available and the cost of provKling such information signrficantly outweighs any benefrt to the users of the accounts therefore heritage assets are not recognised on the balan￿ sheet. Acqliisilions only arise when donated lo the charily or tf it is believed that they ￿11 further the chaTIty's objectives. Once acquired they will be preserved by the Ghaiity in order to keep their historical, artistic, scientific. technological. geophysical or envifonmental qualities to such a high level as lo contribute lo knowledge and cijlture. A iegisler of the principal assels held by the charily is available and the assets themselves are accessible to Ihe public wth PriOT agree￿￿￿t. Heritage assets are to be hebj lor the foreseeable futu 1.12 Investments Inve51menls other Ihan subsidia¥ies are induded in the balan￿ sheet at market valLte at the year end. Gains alld ltssses on disposal and revaluation of Investments ale shown in the Statement of Financial Activities. Investments in SubS￿larieS are measured al cost less impairment. STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year endèd 31 March 2021 1.13 Stock Stock is induded at the lower of cost or net ￿liSable value afteT making due allowance fr)r slow moving and obsolete items. 1.14 Cash and cash equivalents Cash is represented by cash in hand and deposits wlh financial institub'ons repayable without penalty on notice of nol more than 24 hoijrs. Cash eouivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount$ of cash with insignificant risk of change in value. 1.15 Pensions The charitable company pays pension contributions to the Equity Scheme for Actors. It also pays pension contributions into an ernployer sponsored personal pension plan which is operated by Aviva. New and exi51ing employees who are not in the employer sponsored pension scheme are automatically eniolled into the governmeni spollsoTed NEST pension scheme unle55 they exercise Iheir right lo opt out Contributions are charged to the Consolidated Statement of Financial Activities a5 they fall due. All conlribulions are uniesiricted funds. 1.16 Financial Instrumenis The Group only has financial assets and financial liabilities of a kind th31 qualify as basic finall￿al instruments. Basic financial inslrumenls are initially recognised at transactional value and subsequently measured at their settlement value. 1.17 Judgments in applying accounting policies and key Sources of estimation uncèrtainty In applic?Iion ol the charitable group's accounting policies the trLtslees are required to make judgements. estimates and assumptions aboul the carrying amounts ol assets and liabilities that a￿ not readily apparent from olher sources. The estimales and associated assumptions are based on historical experienoe and other fa￿OrS Ihat are considered to be relevant Aclual results may differ from these estimales. The estimates and undeflysng 355Lbmplion5 are ieviewed on an ongoing basis. Revisions to accounting estimates are reco9nised in the penod in which the estimate is revised if the revision affects only that peri(xl or In the perKKI of revision and future penods tf the revision affects boih current and future periods. It has been assessed that there are r¥) material accounting judgements and estimations that require di￿10$1￿9. STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS For thè year ended 31 March 2021 Financial a¢livities of thg charity The consolidated Statement of Financial ACtI￿lieS indudes U)e resulis ol the charity's wholly owned subsidiary which operates the bar. restaurant. shop and all commeicial Irading operab'ons carried on al the New Vic premises. A svmmary of financial activilies undertaken by the parent charitable company alone is sel out below.. 2021 2020 Income Expenditure on chanlabie acliiilies Costs of raising lunds 3.305.253 12,767,588) 50.331 3,547,047 I3,5￿,296) 51,877 Net 5urplugldeficit) Theatre lax credit Nel mo¥ernenl on In￿StMen1$ Surpluslldeficill Tolal hjnds brought forvrdrd 487,334 59,6 343.486 890.420 5,297.150 1101.1261 177.300 188.589 1112,41 $1 5,409,565 Total funds carried forward 6.187.570 5,297.150 Represented by.. Unreslricled ￿ndS General C*signated 728,557 2.￿7,577 3.451436 495.495 1.817.577 2.984.078 Reslricled 6.187,570 5.297.150 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 3a Donations 2021 2020 Unrestricted funds Arts Council Er￿ParKI Ne￿astle under Lyme BoroLpJh C(￿￿11 Slaffordshire County Council Stoke on Trent City Cwncil GO￿Innient job retention scheme grant Corporate and Trust (tr)nalions Indiudu31 donations Olher ￿Untary incrmne 949.$57 47.0(K) 33,333 932,402 47,1)00 33,333 45,000 12,970 4.100 70,512 12,418 1.157,735 8,191 120.661 6.982 1.21X).724 Restricted funds Arts Council EnglaThJ Bordertines grants Education grants C(xporate and Trust ￿antS Indslidual donab'ons MiscdIar￿ls wants 742.258 272.931 159,611 439.2( 24.742 515,786 34.906 3,500 713.803 1.436,637 2.637.361 1.871.538 3b Other 2021 2020 G￿ernment th Retention Sclwne grJ)t 636.865 636.865 Incoming resources from charhtable activitie5 The income was primarily from the 0￿ratIon ofthe theatre and arts cent￿. UnTe5tri¢ted Unrestricted funds funds 2021 2020 Concerts and stage kkthjm)a￿es Educali(x) and (Artf￿h 126.760 9.565 1.512.671 111.283 136.325 1,623,954 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) hlOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Income &amèd fr<)m othèr activities The wholly owned trading sui)sidiary New Victoria Theatre Projects Limited is incorporated in the Unrted Kingdom and pays all but a small proFK)rtion of its taxable profits lo the charity Under the gift aid scheme New Victoria Theatre Projects Limrted s fegistered Offi￿ is at the Theatre premises. New Victoria Theatre Projects Limited operates the bar. reslaurant, shop and all commeroal trading operations carried on al the New Vic premises. A sL￿marY ol Ihe trading results is shown below. 2021 2020 Tumover Cost of sales an(1 adminislralKJn costs Interest payable Intere51 receivable Other operating Income 29.308 1193,1651 552,225 1541,8231 14 117.772 187 12,053 Nel profil Amount grfl aided to the chaiity Corporation lax 146,0711 22,642 Retained in subshliary 146.0711 22,642 Included within turnover 15 £3.645 12020. £8.9201 fiom the parent company and induded within cost ol sales and administration costs are recharges of £nil {2020." £27,650). At the year end £19,255 was owed Iiom the subsNliaiy12020. £13,428 owed to the subsidiary). 2021 2020 The assets and liabililEs of Ihe subsKJiary were.. Fixed assets Currenl assets Current ILgbi1il￿S 8.597 60,458 30.421 13.356 104.430 33.080 Total nel assets 38.634 84.706 Aggregale Share Capilal and ￿serveS 38,634 84.706 STOKE ON TRENT AND NORTH STAFFOROSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Invèstment Income Unrestricted Unrestricted funds funds 2021 202Q Bank interest Dividends 318 12.170 1.017 24.817 12.488 25,834 Analysis of expenditure on charitable activitias The charity undertakes d￿ect tharitable activrties only and does not make 9rant payments. Concerts and slage performances Education and outreach 2021 Total 2020 Total Touring arKI corKert lees Artisti¢ lees Performance arvj prcKJLKlion costs Box office and fvonl ol IKJuse Markeling and publicily Courses and acliiilies Oepwiation Central premises costs Supix)rt co$15 21.097 .348 907.797 242.644 161.461 21,097 56.348 916.967 255,415 169,959 431.436 211,795 230.510 470,416 415.409 202,745 1.231,549 309,091 265,341 365,422 148,316 219,810 419,382 9.170 12,771 8,498 431.436 21.180 23.051 47.042 190.615 207.459 423,374 2.210.795 553.148 2,763,943 3.577.(￿5 Expenditure on CharIta￿e aclivities was £2.763.943 12020". f3.577,0651 of which £1.794.664 was unreslfiCted12020.' £2.967.5671 and £969.279 was restncted12020'. £609.4971. The chaiity allocates its support costs as shown in the table below and furlher apportions thèse cosls between charitable activitie5 undertaken Isee atx>vel Support costs are allocated on a basis consistent with the use of resources. STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Operallon ol theatre Governance Total Basis Support costs General office Finance office Time srfflt Time SF￿1 Actual Actual 305,672 86.909 55.372 1.350 1.350 307,022 88.259 55.372 19.763 Audil & accOunta￿Y 19,763 447.953 22.463 470.416 Analysis of staff costs. trustee remuneration and expenses. and the cost of key mènagem8nt personnel 2021 2020 Salanes and wages S(Kia security costs Pension Gosts 1,682.259 124,805 62.124 1,799,763 127,116 59,935 1.869.188 1.986.814 The number of employees with emolumenls of greater than £60.000 was as follow5.. 2021 2020 £70.001- £80,000 Pension costs are allocaled lo aclivib.es in proportion to the ielated staffing costs incuried and are wholly charged lo unrestricted funds. The charity trustees were mt paid nor Tecei¥ed any other benefits Ifom employment with the Trust or its subsidiary during the year 12020 £nill The charity truslees were not reimbursed expenses during the year12020.' £nill. STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED IL4mited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Staff numbers The average number of employees foi the group li￿lUdIng casual and part time staff) during the year was as follows.. 2021 No 2020 No Tradiry Box office, pr¢yJuclion aThJ Education OUt￿8¢h Administralion 29 57 16 io 30 64 14 112 119 01 the total average number ol employees employed by the charitable company during the yeai, 83 were on permanent. full and part-time contracts. A fvrther 9 were employed on permanent, full and part-time contracts by the wholly owned subsidiary company. The remaining 20 individuals are casual staff employed by the wholly owned subsidvary. 10 Pension commitmonts The Company operates a defined contribulions pension scheme. The assets of the scheme are held separately from those ol the company in an independently adfflinislered fund. The amount charged to the Consolidate(J Slalement ol Financi31 Aetivities lor the year was £61.74212020'. £59.9351. Contributions amounting 10 £9.90912020." £10,237> were payable lo ihe plan at Ihe year end. Conlribulions lo Ihe Equity Sd)eme lor Aciors tolalled £37612020.. £8.9311. Contributions amounting to £101 12020.. £7701 were payable at the year end. 11 Movement in total funds lor the year 2021 2020 This is stated after chargir4J. Depreciation OperatiThJ leases equipment Auditors remuneiat10n exlemal audil olkEr S￿iCe$ Stock Fe¢ognised as an exwse 216.554 162.166 3.836 6.149 15.200 5.750 12.897 11.850 6,500 178.311 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILtmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 12 Taxation 2021 2020 Analygs of lax ¢￿di1 in the year Current tax Theatre lax Cfedit Adjustment for prior year TrEalre tax credit 13.855 126,500 45,745 50.800 59,6(KJ 177,300 Tangible fixed assets Group Long leasehold propety Short leasehold propety Fixtures. fittlngs, equipment and motor vehicles Totsl Cos¢ As al 1 Apnl 2020 Additions 2.581.958 1.¢r27.200 1.(￿3,034 798.684 4.672,192 798.684 As at 31 March 2021 2.581.958 1.027.200 1,861.718 5.470.876 Depreciation As at 1 Apnl 2020 Charge ltr￿ year 107,580 26.895 451,968 41.088 842.732 148.571 1,402,280 216,554 As al 31 March 2021 134.475 493.056 991.303 1.618.834 Nel book value As at 31 March 2021 2.447,483 534.144 870.415 3.852,042 As al 31 March 2020 2.474.378 575.232 220.302 3.269.912 17 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limitèd by gu3ranteo1 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Mar¢h 2021 Charity Long leasehold property Short leasehold property Fixtures. fittings, equipment and motor vehicles Total Cost As al 1 April 2020 Additions 2,581,958 1.027.200 903.237 798.684 4,512,395 798.684 As at 31 March 2021 2.581.958 1.027.200 1.701.921 5,311,079 Depreciation As al 1 April 2020 Charge lor the year 107.580 26.895 451.968 41.088 696,291 143,812 1,255.839 211,795 As al 31 March 2021 134.475 493.056 840,103 1,467,634 Net book valuè As al 31 March 2021 2.447.483 534.144 861,818 3,843,445 As al 31 March 2020 2.474.378 575.232 2[￿,946 3,256,556 Assets owned by the theatre All assets shown above were owned by the Iheatre excluding the Calering and Bar Equipment which were owned by the subsidiary. New Victoria Theatre Proieds Limited. Heritagè ass#ts In addition to the capilalised fixed assets held for thè group's own use. rt has title lo a collection ol hislor1cal artefacts and archives induding arfftrk and publicity for sets. costumes and programmes, scripts and audio inlerviews. The collection is currently on loan lo Slaffoidshife University. The intrinsic value of the ilems is bound up with the history of the New Wic Thealre and they are Irreplaceable origin31s to which no ieliable cost or value can be attribL¢ted Accordingly. these assets have not been capitalised in Ihe financial statements. STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 14 Fixed asset investments - Group Llsted Inveslments Total 2021 Total 2020 Cash Market ￿lue browhl formrd Add. *klilions lo In￿st￿eF1tS al cost Less.. disposals al ¢arryiNJ wlue Nel M0￿ment in cash reser¥es Add r￿1 Ilossygain ￿ rwlualit Market ￿1Ve al 31 March 2021 1.285.6(6 391.715 1395.2351 23.079 1.308,685 391.715 1395,2351 8.990 343,486 1,479,794 41,290 121,2001 12,6101 1188,5891 1,308,685 343.486 1,625,572 32.069 1657,641 Historic cost at 31 March 2021 1.392.539 32.(b9 1.424,608 1.292.446 Total 2021 .611 54,858 32,892 36,694 53S,517 Total 2020 1.124.384 52,603 40,003 18,881 49,737 Held in UK 490.587 54.858 32.892 36.694 536.517 Held oulgde UK 474.024 Equities & Equity FutKJs Fixed Interesl & Fixed Inleresl Funds DI￿£1 PropErty & PiopErty FuThls Other Assets Mulli-Assel Funds 1.1S1,548 474.024 1,625,572 1,285.608 The charity owns 100% of the issued share Caprtal ol New Victoria Theatre Projects Limited company number 1949564 and New Vic Theatre ProdtJctior)s Limiled company nLfrmber 09305112. Their registered office Is Elruria Roa¢J. Newcastle under Lyme. Staffordshire. ST5 OJG. 2021 2020 Inleslments in subsid'aies- cost The Investmenls In subsidiary have been eliminated on consolidation. Page 39 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 15 Stock Group Company 2021 2021 2020 2020 Goods fw resate 16,278 22.404 16 Debtors Group Company 2021 2021 2020 2020 Trade debtors Other deblots p￿paYmentS and acciued inccmne Amount due from subsidiary U[￿ertakIng Other laxes arKI so¢k?I se¢urily Theatre lax credit 13.454 1.355 107.479 51.588 7.2LMJ 578.553 13.454 1.355 96,008 19.255 51.456 7.200 576.343 313 186.1(Kl 10.284 305.300 10.284 305.300 186.100 308,701 952,925 316,172 950,583 17 CreditQTS-. amounts falling due within one year Group Company 2021 2021 2020 2020 Trade c￿dItorS Other taxes and social security cosls Other creditors Accruals and deferred ir￿Cffle Bank loan Amount owed lo subsidiary uTrJertakirg 87.548 45.502 54.137 418.284 283.333 134,C61 51.985 48.273 304.863 85.827 44.360 45.834 418.284 283,333 129.005 30,974 41.260 304,863 13.428 888.804 539.182 877,638 519,530 The Company is a member ot a VAT group. At 31 Marth 2021 the aggregate VAT liability of the oltter companies in the Group was £nil {2020." £19.416}. Page 40 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 17 Creditors: amounts falling due within one year- continved Defer￿d income comprises advance ticket sales. gift tokens and grant income received in advance. Income deferred in the Current yeai Felating to the advance ticket sa￿S amounis to £69,047 12020". £161.6861. Group Company Defetred income at 1 April 2020 Arnounls released from preK41xJs years Reswtces deferred during the year Defetred inc(¥ne at 31 March 21r21 304.862 1168.4571 224,409 304.862 1168.4571 224.409 360.814 360.814 18 Crèditors.. amounts falling due after more than one year Group Company 2021 2021 2020 2020 Bank loan I1315ing due in less lh￿ 5 years) Bank loan IfalliFvJ due after 5 years) 5CK).000 41.667 500.000 41.667 541.667 541.667 19 Analysis of unrestri¢led fijnd movtments- currant yèar Gainsl 1105sesl including tsxes Balance at 31 March 2020 Balance at 31 Marth 2021 Incoming resources Resources expended Grou Transfers General fund and charitable Irading Imds 580.199 2.012.Cb5 12.038.160) 403.086 1190.0001 767,190 Designated funds". Developfflenl Fu￿j Arts51￿ Developmetrt FuThJ Building Fuluies Fund 679.899 J3.978 233.700 679.899 1.093.978 233.700 190.000 2.397.776 2.012.(￿5 12.038.160) 403.086 2,774.767 General funds accumulated by the subs￿l3ry undertaking New Victoria Theatre Projects Limited amounted to £38.633 at 31 Maich 2021. Page 41 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILimited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For thg year endèd 31 March 2021 19 Analysis of unrestricted fund movgments - prior yoar Balance at 31 March 2019 Balance at 31 March 2020 Incomlng rèsources Resources expeniled Gainsl Ilossesl Traftsle General fund and non charitable Iradirwj funds 599,471 3.350.828 {3,358,8111 111.2891 580,199 Designat￿1 lun(15". Developm￿1 Fund Artsslic Developm￿1 FurMI Biiilding Futures Fund 679,899 1.028.474 273.7(X) 679,899 903,978 233,70D I124,4￿) 140.0001 2.581,544 3.350.828 13.523.307) 111,2891 2.397,776 General funds accumulated by the subw"diary undertaking New Victoria Theatre Projects Limited amounled to £84.704 al 31 Mar¢h 2020. Development Fuftd This fL¢nd is hekl to improve the facilitie5 required lor the group 5 aciivilies. A Substantial part of the fund has been committed in the cxjnsltuction of the new building, New Vic Workspace. providing improved and expanded facilities for education and oulreach activjties as well a5 to provide additional on511e storage space for PIOP5 and costumes. This fund is likely to be utilise(5 on an ongoing basis. Artistic Development Fund This fund is held to enable the theatre to invest in productions and will be ulilised on an ongoing b351S. Building Futures Fund The Building Fulvres Fund represents monies raised by the Building Future5 Appeal. and monies designated fftsm the Sustain 9rant. to support the group's work with young people. This fund will be utilised over the r)ext seven yeais Page 42 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 20 Analysis of restricted fund movements- current year 8alancÈ at Incoming 31 March 2020 re￿UrCeS Re￿UrceS Èxpended Balance at Transfers 31 March 2021 Peter Cheeseman Archi Building Futures Fund Appelile Capilal Projects Lease E(Jucalion & Oulwch Co4id R￿QNery 18.988 91.585 13001 141.0881 1131,6791 1126.6891 126.8951 1365.3381 1277.2901 18.688 50.497 131.679 314.IM8 2,474.378 85,079 847,825 2.447.483 86.943 367.202 277.2 2,984,078 1.436,637 I￿.279) 3.451.436 Analysis of restricted fund movements - prior yèar Balance at Incoming 31 March 2019 re￿UrCeS Rey)UT¢e5 expended Balance at Tran*rs 31 March 2020 Petei Cheeseman Archi Building Futures F*Jnd Appelile Capital Prqecls Lease Education & Outrexh Other Artistic prrI￿t$ 19.488 132.673 15001 141.0881 1148.2221 152.4531 P6.8951 1338.7611 111.889 18,988 91,585 148.222 267.227 99.274 2.501.273 137.375 314.048 2,474,378 85,079 286.465 11.889 2.890.083 713.803 (619.8081 2,984.078 Page 43 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 20 Analysis of ￿$triCted fund movements- Gontinued Peter Cheeseman Archive Fund This represents fijnds raised lo enable an archive ol the theatre lo be ￿eated and maintained 8uildiftg Futures Fund This represents that part of the 8Lrilding Futures Appeal which was sed lo build new accommodation for the group and lo start lo establish the Building Futures Fijnd to support the long tem) future ol the Trust's work wilh young people. Appelile Thts represents 9rants ￿cthved lor the dèlivery of an arts project to increase the number ol people in Stoke on Trenl who have access lo the arts and remove barriers lo their atiendance and partiopation. Cap1tal Project This represents grants received al￿ funds raised in 2016 to refurbish all fron¢ ol house areas as well as other vpgrade5 to make the building more suslainable, energy efficient and environmentally friendly. In 2021 further funds were raised to enable the theatre to complete a major redevelopmenl of the main auditorium. Lease This represents the transler of the lease from Ihe Landlord Trust. Education & Outreach This represents restricted funding and related expendilure in respect ol Ihe work undertaken by Borderlines and Education. It includes grants received fiom Oeni5e Coales Foundation. BBG Children in Need. Andrew Lloyd Webber Foundation. Stalts Community Foundation, Rag(h)11 Foundation and Big Loltery. Other Artisitc Projects This represents funding to deliver the Light Night event in Burslem. COV￿ Recovery Thi5 rep¥esen15 funds received for the Culture Rewvery Fund along with a grant from Heritage Lottery Foundation specifically to aid recovery Irom the effects of the pandemic. Page 44 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITEO ILimited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For thè yèar endèd 31 March 2021 21 Analysi5 of group nèt assets bètwèèn funds - curront year General nds Designated nds Restricted fvnds Totsl Tangible fixed assets In*stmenls Cash al bank and in hand Other net ¢urrenl IliatA'liliesyassets 151.598 158.956 1.587,027 11.130.391} 483.647 1,498.687 25,243 3.216.7 3.852.041 1,657.643 1,822,011 11.105.492) 209.741 24.899 767,1 2,007.577 3.451.436 6,226.203 Analysis of group net a55et$ b8tw*èn funds - prior ￿ar General funds Designated funds Restricted funds Total Tangible fixed assels In￿St￿entS Cash al bank arnl in ha￿1 Olhw net curmt Iliabililiesyassels 173.480 315.837 260.418 1169.5321 483.647 992,850 25.243 315,637 2.612,784 3.269.911 1,308,687 367,111 436.149 81.450 289.844 580.203 1.817.577 2.984.078 5,381,858 22 Transfers betsveen funds £190,000 was transferred from the 9erTreral fvrbd to the deswJnated fund in the year for investment in artistic development. The￿ were no transfers in the Pfior year. Page 45 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 23 o￿Tating lèase and other financial commitments At 31 March 2021 the group had future minimum lease payments under rK)n-cancellable operating leases as follows= Group Charity 2021 2020 2021 2020 Within one year Bet￿n Iv*Q and yws After years 4.&81 1,274 2,242 3,069 6,727 5,492 8,378 14,658 3,516 9,796 Commrtmenls ol £Nil12020." £Ntl} existed at the balan(* sheet date in respect of guaranteed future payments agreed in fespecl of perforMan￿S after the year end. Members The chaiity is incorptsrated as a company limrted by guarantee and. in accordance with the Memorandum of Associalion of the company every member of the company undertakes to contribute to the assets of the company In the event of rts being wound up while he is a member. or within one year after he ￿aSe$ lo be a member. for payment of the debts and liabilrtses of the company contracted beltsie he ceases to be a member and the costs. charges and expenses of winding up. and for the adjuslmenl ol the rights ol Ihe contributories among themselves such amount as may be required. not exceeding one pound. The nltmber of members at 31 March 2021 was 14 12020-151 25 Related parties Councillors M Holland. I Pairy. and L BeardnMKe are nominated directors by Newcastle under Lyme Borough Counal, Slaffordshire Counly Council and Stoke on Trent City CouncAI respectively. Grants given by these trN)dies are outlined al noie 3. During the year no payments were paid to a direcaor for Professional or other services supplied to the charity12020' £nill. No arr￿UnIS wefe owing at the end of the yÈar12020." £nill. Details of the trading belween the chartty and its subsidiarie5 is disclosed in note 5. The key management personnel comprise the ITUStees. the senior executive team and the senior management learn. The total amount ot employee benefits received by key management personnel wa5 £424.01612020." £404.2091. 26 Controlling entity The chanty is controlled by the Trustees. who are all dlrectors of the company. None tsf the directors a considered to have controlling or undL5e in1luen￿ over decisions taken by the company. Page 46 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) IOTES TO THE FINANCIAL STATEMENTS For thè year ended 31 March 2021 27 Reconciliation of net movetnent in funds to net cash flow from operating activitiès Cong)lidaled 2021 2020 Nel exp￿dItU Add back depwialion charge Add back loss on disposal ol fixed assels hleresl m0￿Ment in in￿stMentS MoEmenl In Stock m0￿Ment in deiko ￿0￿Ment In credilors 441.263 216,554 178.4841 162.166 1.976 125.8341 117.4801 112.4881 15.4701 6.126 525,024 66.289 1290.2871 2.390 1,237,298 1251.4841 28 Analysis of changes in net debt At *art ofyear Cashnows Al year end Cash al baThk and in haThl Loans fallirvJ due wlly"n year Lo￿S fallirKJ due after mwe than c￿ year 7.11D 1.454,902 283,333 541,667 2.279,902 1,822.012 283.333 541.667 2,647.012 367.110 Page 47