STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED IA company limitèd by guardnteè} REPORT AND GROUP FINANCIAL STATEMENTS 31 MARCH 2022 Company No: 00911924 Charity No-. 253242 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) CONTENTS Pag•s Administrativè Information 1to2 Chair's Statèment Rèport of the Directors and Strategic Report 4t017 ststement of Trustees, Responsibilities 18 Independent Auditor's Report 19to22 Consolidated Statement of Financial Activitiè$ 23 consolidatèd and Charity Balance Sheel 24 Statement of Cash Flo￿5 25 Notes forming part of the financial statemènts 26to46 **STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee)** ## **ADMINISTRATIVE INFORMATION** **For the year ended 31 March 2022** ## **Reference and administrative details of the charity, its trustees and advisors** Charity Name Stoke on Trent and North Staffordshire Theatre Trust Limited Known as The New Vic Theatre Charity Registration Number 253242 Company Registration Number 00911924 Registered Office Etruria Road Newcastle under Lyme Staffordshire ST5 OJG ## **Board of Directors** Members of the Board of Directors, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out below: David Amigoni Colin Barcroft Councillor Lorraine Beardmore Bryan Carnes MBE (Chair) Ann Fisher Gabriella Gay Councillor Mark Holland Susan Honeyands (Deputy Chair) Gwenda Hughes Dr Iona Jones Councillor Ian Parry David Ritchie (appointed 2 June 2021, resigned 19 May 2022) John Sambrook Jonathan Shepherd Sara Williams (resigned 28 February 2022) The directors retiring by rotation on 30 November 2022 are: John Sambrook Gabriella Gay ## **Company Secretary** Fiona Wallace Page 1 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guaranteel ADMINISTRATIVE INFORMATION For Ihe year ènd&d 31 March 2022 Sensor Executive Team Theresa Heskins- Artistic Directoc Fiona Wallace- Managing Direclor Senior Managèment Team Emily Clarke- Head ol Marketing and COmmun￿all0￿S Sarah Townshend- Head of Finance Susan Moffal- Director of New Vi¢ Borderfines Jill Rezzano- Head ol New Vic Education Ali Fowler- Head ol Production Michelle Friel-Martin- Head of Fundraising and Developmenl Gemma Thomas- Appetite Project Director David Sunnuck- Theatre Manager Vi¢ki Amedume- Associale Director Auditors RSM UK Audrt LLP Festival Way Stoke on Trent Slafford5hiie ST1 SBB Bankers National Westminster Bank plc 70 High Street Newca511e under Lyme Slaffordshire ST5 1PP Sollcitors Knights PLC The Bramplon Newcastle under Lyme Staffordshire ST5 OQW Investment managers Casllefield Investment Partners LLP 9" Floor 111 Piccadilly Manchester M1 2HY Page 2 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) CHAIR'S STATEMENT For tho year ended 31 March 2022 We entered the new financial year wlh Ihe building dosed and many of our activilies still paused due to the ¢onlinLJed impact ol the Covid-19 pandemic, bul it was a period of renewed hope and when we opened our doors lo audiences again on 17 May 2021 it was a moment for ¢elebrats'on- foi the organisation. our beneficiaries and audiences. A new initiative sel the lone for the year. Our Open House Calé programme was laun¢hed as a safe environment for people experien¢ing loneliness, with a special focus on helping those with a dtagnosis of dementia and their carers. The New Vic Education leam led this initsalive to bring people together to engage in arts a¢livities and socialise, after a lime of crisis and uncertainty that had impacled so negatively on our area. Open House was also a metaphor lor how we wanled to support recovery - for our communities and lor us as an organisation. Throwng open our d￿rS to invite audiences and pa￿Cipa￿tS back into the theatre after months of forced closure, using theatre and the arts lo actively engage. educate and entertain We are grateful lo our 5UPPOrters and funders Trmthoul wh¢)m none of our work would hapttn. including Arts Council England, NeKastle-under-Lyme Borough Counul. Stoke-on-Trenl City Coun¢il and Slaflordshire County Council. In particular. I would say thank you lo lo¢al funders, Ihe Denise Coales FoLJndalion who have made a significant investment in the future of the Iheatre Also, lo the Chartley Foundation who support our work with lileiacy projecls in stoke-tx)-T￿ nt. We closed the year on a high, wlh the success of MaNelloiis exceeding our own expectations. This special show about the life of local hero Neil 'Nello' Baldwn had been postponed from the autumn when covid was having such a terrible impact on the most vulnerable in our commun"rties. Wth an integrated ca5101 disabled, neuro-diveise, and neuro-typical actors. the show is now leading us tr)rward into 2022 as we tske our first New Vic show lo London'5 West End in October 2022_ Our commitment as a thriving charity is lo conbnue lo serve our commvnities wth our doors wide open lor audiences, participanls, staff arhd volunteers to make the m051 of their theat￿. l am pleased 10 sha￿ more details ol the year and our fl￿lre plans in this report. Bryan Carn&s MBE Chair of the 8Dard of Trustees Page 3 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 2022 Our Objectives and Activities The purposes of the chaiity are.. 'To proinole. m&iRlain, iinprove and a(tya￿￿ ediication. partKularty by the product￿11 of ediicaEAonal plays and the eiFcoiiragement ol the arts, incliidiiw Ihe arts of drania, Inime. dance. singing and musiG and to lonniilale, prepare aiid eslablish schemes therefor. Our Mission 1$ to make excellent th&atre with a social impact Our Vision is that.. By being a ¢ullural centre of eX￿llen￿ for our county and our city dynarllic, connected, local o)rganisab'on that makes distinctive theatre with a national imp3¢t-￿E will generate excitement and pride, raise aspiration and shape the place we serve Through experiencing high quality Ihealre the lives of local people, particularly d)ildren and families, wll be enriched and enhanced. Our Iheatre-making will change lives by having an impact on health & wellbeing, community cohesion arKI aspiration. all supporting educab'onal attainment across all ages. We are New Vic Theat￿ - the producing theatre for Newcastle-under-Lyme. Stoke-on-Trenl and Slaffordshire Vve believe in the power of theatre to ¢hange lives. We also believe that everyone should have access lo great Ihealie. Our work enables u5 to achieve our charitable objectives to support educalion and arts engagemenl in our area. We are a nat￿nallY ie¢ognised arts organisalion and a thriving charity Our business model is based around cultural crealwity creating excellent Ihealre in-the-round and using Ihe creative process to address the needs of our area in non-traditional ways. ensuring Ihat we see things differently and make a difference We increase access lo thealre and lo Ihealremaking,. and use Ihealie to achieve pos11ive change wthin our communities. Our work is ambilitsus, high-quality. dynamic. inclusive. relevant. responsible. In response to the challenges we face, particularty recovery for our communities and economy from the COVID-19 crisis. we will pul cultural crealivily al tre heart ol our a¢livrties and have an impact across.. Artislic excellence Place-shapin9 Health and wellbeing Economic prospefily 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 2022 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Our business plan to Mar¢h 2023 idenlifies our key objecknves that aim lo meet our charitable purposes through a range ol activities. The challenges of the year and ongoing impa¢t ol Covid-19 meant taking a more flexible approach across our activities wlh positive ouicomes delivered through the creativity and commitment of our staff and volunleers. During the yeai". 100,910 people allended. participated or visited New Wic 19,690 young people under 20 years participaled in our Education and Borderlines Community programmes 5.849 school children enuaged in workshops for our Bordedines dramas 1,382 older people took part in activities lo Combat loneliness and isolation 26,055 children and Iheir familie5 came lo see our Christmas shows THEATRE-MAKING Our Ihealre programme was disrupted during the year by exiended periods of closure due lo the continuing pandemic. Despite this we were one of the first thealres to reopen. wth all CoviLI safety measures in place, to welcome back audiences. We embraced new ways of working. makn'ng theatre for outdoor spaces, for digital presentation as well as putting worto back on Ihe New Vic slage in our nthy refurbished auditorium. We reopened ihe doors to the theatre on 17 May 2021 with many ol our plans for theaire-making still on hold as we found our way Ihrough the wnlinuing disruptions for staff and comrnunilies Confidence grew for artists and audiences as the year progressed and Ihe feedback for our shows demonstrated just how much coming back into the theatre meant lo people. -11 was my first visil after Covid aiid my fiiend and I realAsed just how much we have Inissed LIVE thealre. Loved Ihe play and its thalrelevance. Such a loiiching story. Sucli a taleiiled group ofperfomiers." audience member. MaNellous- March 2022 Our Iheatre programme included". Hoard Redffs¢overed- Unearthed. wrrtien and directed by Theresa Heskins Iplus a collection of short plays by writers including April de Angelis. Sara Pascoe, Lemn Sissay MBE, Tom Wells, Samuel Anderson, Lydia Adetunii. Alan Garner. Gary Longden, Darien Sharp atml Isy Suttiel Coppelia- a mystery- written and directed by Theresa Heskins The Girl Next Door- WTitten and directed by Alan Ayd(boum 8eaiAly and Ilie Beast- wrillen and directed by Theresa Heskins Tale Trail lo Coppelia- directed by CaToline Wilkes and Becky Sah Yizkor- from documentsry testimony. written and directed by Susan Moffal Love Hiirts- Irom documentary testimony, wnllen and directed by Susan Moffat Maffvellous- wrilten by Neil Baldwn and Theresa Heskins. directed by Theresa Heskins Page 5 STOKE ON TRENT ANO NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limitad by guaianteel REPORT OF THE OIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2022 Opening Doors With reslriclions liftt'ng wthin the year we were able lo open the doors lo the main Ihealre for chil(Jren and their families. CoppelAa- a mystery was crealered Vela'$ 510ry through her connection with the town and links lo her paper-making ancestry. Through a two-week resKlency a programme of free events invited shoppers and local communities to 9el involved in paper-making to explore their ovm creativity. The programme of arts a¢tivity continues and has also induded work by artists lan Mood, Su Hurrell and Shelley Jayne Crawford. Page 8 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) REPORT OF THE DIRECTORS INCLUDING STRA TEGIC REPORT For thè year ended 31 March 2022 ASPIRATION Our cultural education programmes worked lo increase aspiration and achievemenl. Oespile the challenges ol the year, we were still able lo work closely in parlnership wth schoo15. universities, voluntary and stalulory bodies, identifying need and working together lo make a difference. Wè continued to provide oppot1unities for young people. through the vnrk of Dur Borderlines and Education departments for both Iheatre-going anwned subsidiaries. New Victoria Theatre Projects Limited and New Vic Thealie Pioductions Limited, both of which are companies limited by shares. New Victoria Thealie Projects Limited runs the bar, catering and retail activities inside the Iheatre building. New Vic Theatre Productions is currenlty dormant and available lo be used to deliver theatre production commissions on behalf of the parent company. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document The organisation is a company. limited by guarantee, having no share capital. 11 was incorpoialed on 28 July 1967 and registe￿￿ as a charity on 31 Jijly 1967. The charitable company was established under a Merm￿andum of Association which established its objects and powers, and il is governed under Ils Articles of Association. In the event of the company being wound up members are required lo coTrlribute an amount not exceeding £1. Organisalional Stm¢ture The charitabk wmpany operates from the New Vic Theatre. The Board meets in formal sessii)ns 4 limes a year to delemiine overall FKTrlicy and overview the furtherance of the charity's objects. Members ol the 8oard are appointed by the Trust in consultalion wlh stakeholders. A schedule ol sU￿¢0mmittee$ Is in place to support the Board's work. The Board remains the decision-making body of last resort. receivin9 regvlar reports from the officers and approving all major financial and operational decisions. It delegates the day-to-day respOnsi￿.111Y for the provision of services lo the Artistic Director and the Managing Director, the joint Chief Executives. In partnership they are spon5ible for ensuring that the charity delivers Ihe services swified, Ihat key performance indicators are met and that the charily's finanaal p051tion is secufe. They are supported by the senior managers.. Head of Marketing anLI CommtJni¢atyons, Head of Finan¢e. Direclor of New Vic Borderfines. Head ol New Vic Education, Head of Production, Appetite Oiieclor. Associale DifeGtor, Head of Fundraising ancs Devel(>pmenl, and Thealie Manager. Page 12 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guardntsel REPORT OF THE DIRECTORS INCLUDING STIiATEGIC REPORT For th& year ended 31 March 2022 Recruitment and Appolntment to BoardofDirectors The directors of the company are also charity trustees for the purposes of charity law. Under the requiremenls of the Memorandtjm and Articles of Association one third of the members of the Board, or the neafest number lo one third of their number il not divisible by Ihiee. must ￿tire from of[1￿ al each Annual General Meeting. Retiring membws are eligible for re-ele¢tion_ The directors regularfy review the balance of Iruslees and the recruitment ol Irlbslees and seeks to reach an appropriate overall balance of skills and experience and make the Iruslees broadly reflect the communities setved. Stakeholders are invited lo suggest appropriate people for consideration. Truslee Inductlon and Training New Trustees are invited to meet key siaff and look round the Trusl's premises. Trustees a￿ expected to regularty attend the Tru51's a¢tivities and specific opportunib.es are arranged lo familiarise Truslees with different aspects ofthe Trust's work. Throughout the year inviiations to altend a lange of Iheatre, education and community events are made to Trustee5. Public Benefit The Truslees confirm that they have complied with the duty in Section 4 of the Charities Act 2011, by releriing lo the Charily Commission's general guidance on public benefit when reviewng the aims and objectives of the Charity and in planning its future aclivilies. The tnjstees consider how all existing and p5anned activities will ¢onlribule lo the aims and objectives sel out in rts goveming documents. Pages 3 to 17 of this repc>rt demonstrate how our activities impact and fulfil our public benefit objectwes. Fundralsing Statement The New Vic carries out a varhely ol fundraising aclivities. approaching individuals and companies for support and sponsorship as well as Trusts and Foundations to help to fund the creabve work of the theatre, as well as the education and community wotk that rea¢hes into our community. As well as our own fundraising team. from knme lo bme we employ a professional fundraising agency to undertake telephone fundraising acknvity on oui behalf. Our policies and approach to fundraising are as follow", We are registered with the Fundraising Regulator and comply wth the Codes of Fundraising Practice. We keep abreast of any updates lo regulations and enforce change where ne¢essary. We have a policy in place lo prole¢t vulnerable people We ensure that the details of this policy are enforced throughout all fundraising activities and wlh all parties. Before the appointment of a third-party fundiaising supplier, we carry out appiopriale financial checks, and research their other charity ¢lienls to ensure that their pra¢li¢es meet out ethical criteria. Once appointed, slrict stewardship ol the relalionship is applied. which indudes daily discussions regarding any issues and regularly listening in to ¢o11s for example. We ask donors aboul Ihe regularity and tone ol our fundralsing asks and respond accordingly. We gain explicit consent for the use ol cuslomer's data when booking tickels over the phone or via e mail. Opportunities to update communicab.on preferences or opl oul of communications are signposted on each communicalion. Page 13 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Llmlted by guarante&) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For Ihe year ended 31 March 2022 Only customets ¥Mth explicit consent given for telephone communications are conta¢led for fundraising asks. Data is screened against the Telephone Preference Service ITPSI and lor customers whom we know are on TPS, bul have indicated they w)uld receive Calls fiom the New Vtc. we check with the customer they are still happy lo receive calls in this way at the begifjning of each contact. We do not share data with a third party. unless we have been given explicil consent by the customer to do $0 with specific partners. We never sell data. in line wlh our Privacy policy. During 2021r2022 New Vic Fundraising received O complaints. New Vic sees supporters as the heart of the work of Ihe Ihealre. We strive to build excellent communications with donors, to report how their money is being spent and Whe￿ there is a need to raise additional funds. we strive to maintain the highest standards in ihese communications. We stsnd by the principles sel out in our supporter promise. Financial Review Total incoming resources for the year were £2.982.25612021." £2,012,065) {excluding restricted funds). Total outgoing resources were £2,685,41012021.' £2.038.1611 excluding resln¢ted and designated funds. The statement of financial activiiies show5 Ihal there was a surplu5 Inel movement in funds) for the year of £296,84612021'. £26.095 defi¢ill against unrestri¢ted lunds. which represent our day-t04Jay operating activities. The organisalion currenlly plans for a defiut bud9el as it alk)cale5 designated reserves towards its artistic and community activities. After nel gains on investments and taxation a surplus of £484,08012021'. £376.9911 remains lor transfer lo the general reserve. The consolidated general reseNe carried forward therefo￿ now stands al £735,067 {2021'. £767.190. This meets the tharity's aim ol a geneial ieserve that is sufficient cover 2-monlhs operating costs. There is a nel transfer of £823,377 to the designated reserve for inveslmenl in artistic work on stage. in line with strategic objectives outlined in the Business Plan. Inveslmenl ol this fund is agreed within a Ihree-year rolling programme. Principal Funding Sources The principal funding sources during the year under review 55t￿.. Arts Council England DCMS Culture Re¢overy Fund Newcastle under Lyme Borough Counol Slaffordshiie County Council Stoke on Trent City Council 949,557 377,670 47,000 33,333 35.000 Page 14 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limkted by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ended 31 March 2022 Investment policy Truslees, having sought appropriate advice, are mindful of their obligations under general trust law and relevant legislation lo seek to proleGI the long lenn'real. value of the assets they administer, whilst maximising in¢ome. Due regard is given lo the need to take a long leim view which may. for specific periods. involve generating a lesser current income in the interests of per¢eived greater capital protecb'on andlor gr0￿h. The Iruslees, policy sees a dislinctlon between short-lemi and long-lemi funds. Short term funds are held lo provide financial security, and may be required al short nolice. As such significant capital volablity cannot be loleraled and inveslmenl of these assets wll focus on minimising this. In respect ol any funds considered to be long-lem) in nalure, the Itustees see their long term aim as requiring a balance of income and capital relurn. Theii desi￿ is to ensvie that future generations are able to benefit from the ¢harities' resources. at least lo a similar extenl a5 present benefi￿arles. To this end, the truslees manage a series of ￿SerVe funds.. each fund having a specifically designated purpose an(5 where the source ol the invested capital can be traced to a particular. clearfy defined charitable object. Trustees have appointed C8sllefield Investment Management to help them meet their strategic investment aims. Inv&$tm6nt perfomianca There was a nel gain on investment assets ol £52,689 ￿ 2021122 Compared Io 8 nel gain of £343,486 in the previous year. The investment strategy puts emphasis on Ihe diversificaiion of investmenl assets and protection ol capital and this movement refle¢ls movemenls in matkets. Reserves policy In the light of the Public Funding received by the Trusl. the Board considers il lo be appropriate to devote its resour￿9 fully to the delivery of Ihe seM¢es for which publi¢ funding is received. It does not therefore seek lo divert income lo build substantial general reserves. However, Ihe Boaiil recognises the benefit tsf the additional security that would accrue from the holding of appropriale reserves and intends, as and when the Trust's financial circumstances allow and subject to the agreement of the funding bodies, to seek lo achieve sufficient general feserves to cover 2-months operating costs. The general reserve currently meets this target. The free reserves stand al £682.197. The free ￿seryes represent the charitable company's general reseNes les5 an amounl relating to the charitable company s nel book value of tangible fixed assets, excluding short leasehold property. The organisalion's Business Plan is predicaled on investmenl In ou¥ work on stage and once targets lor general reserve5 are met any surplus generaled will be ￿inveSted in Our a￿Stsc work thiough transfer to the Artistic Developmenl Fund. Designated roserves The theatre has designated reserves for speciffic purposes lo enable the company to deliver ils charitable purposes in the most effective and sustsinable way. Page 15 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guaranteel REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year end•d 31 March 2022 A Capital Dèvelopment Fund is held lo improve Ihe faGililies required for the group's activities. A substantial part ol Ihe fund. which stands al £679.89912021. £679,899) was ¢ommitled to the ¢onsliuclion Dlthe new building, Workspace, which provides Improved and expanded facilities for education and outreach activities as well as additional on-site storage for cosluffles and props_ Our Building Futures Fund of £233.70012021_" £233.7001 represenis monies raised to support our work wlh yOLJng pec>ple and local communilies and ensure the future of our visionary community programmes. The organisation's Business Plan is predicated on ir)veslmenl in our work on stage, and our £1,917,35512021'. £1.093,9781 Artistic Development Fund enables the development of artistic work, enhancing the scale and ambition of Ihal work and enabling audience grovAh. This will in relum enhance box office ieceipls which can in turn be reinvested. PRINCIPAL RISKS AND UNCERTAINTIES Employees and Employmant Policy Trustees are graleful lo the staff and artists vA)o vlork for the wmpany. The success ol the company relies on their expertise and commitment. The Board is committed to a policy of equal opportunity in 115 employment praclices. It is the ¢ompany's policy to offer equal opportunity lo persons applying lor vacancies from all sections of the comrnunity having regard lo Iheir aptitudes and abilities in relation lo the positions for which they apply. New Vi¢ Theat￿ Complies with Ihe requirements of the Equality Act 2010 vthich covers the fields of employment, facilities, goods and services. 11 stales that it is unlawful to discrsminale directly or indirectly because of any of the nine 'prolecled characteristi¢s' in the Equality Act 2010. These are. age. disability, gender reassignment. marriaoe and civil partnership, pyegnancy and malemity. race. ￿lI9FOn or belief, sex, and sexual orientation. The Remunerations Committee meets annually to ieview and agree any pay increases. including for Senior Executives. Local and national benchrnarks are considered as part of Ihis process. Internal Control and Risk Management The Board has considered the major strategic. business, and operatJonal risks which the organisation faces across a number of specific areas. Response to and recovery from the COVID-19 pandemic and the rising cost of living and delivering servi¢e5 are both included al the highesl level in fisk management and forward planning. Other areas ol risk management planning indude.. Artistic development and delivery Business income and fundraising Technology Financial control and management information Human resources and health and safety Regulalory and legislative Customer care Page 16 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limiied by guarantee) REPORT OF THE DIRECTORS INCLUDING STRATEGIC REPORT For the year ènded 31 March 2022 Trustees regularly review individual organisalional risks as part of their aCtiv￿e$. Alongside this Trustees receive iwice yearly reports identifying the key sirategic risks faced by the Trust. their potenb'al impact and likelihwd of occurrence togelhei wth acb'on already in place lo mitigate their impact and reduce the likelihood of their occurrence and future action under consideration. Risk Management is a key component in the Twst's decision making, in parb"¢ular the approval of the Business Plan and annual budgels. Irh addition. the Audit, Investment and Risk sulKommitlee meets a minimum ol fvlice yearly and includes a review of financial risk in its remit. Continuing Impact of Covid-19 Our overall aim5 and ambitions remain unchanged but during the year the conb"nuing impacl of the COVID-19 pandemic meant we continued to operale within a new context. We continued Io fely on support from the Government Job Retention Scheme 9rant, where appropriate, to retsin stsff during the first quarter of the year. We also received further government support ￿th an award of £377,670 frorn the Cultural Recovery Scheme within the finan¢ial year. Trustees ag￿ed to conb.nue financial support for New Victoria Theatre Projects Limited, should it be required. whilst its Ifading a¢livities recovered in the light of the Covid-19 pandemic. As in the prior year, the Charity commilled Its assist with funding any operating losses which weie incurred in the 12-monlh period following approval of the financial stalemenls. Trustees deem that the Projects company is vital lo the long-term benefit of the Trusl and as il is has made a consistent. posilive financial Contribution over a period ol more thari 10 years it is projected lo return to Ihis position wthin the 12-month period. Slatèment as to disclosure of infomiation to auditors The directors have confirmed that, as far as they are aware. there is no relevant audit information ol whi¢h the auditor5 are unaware. Each ol the directors have confirmed thal they have taken all the steps that ihey ought lo have taken as directors. in order to make themselves aware ol any relevant audit information and to establish that il has been communicated to the auditor. The report ol the DirectOTS and Strategic report were approved by the directors and signed on their behalf by.. Bryan Carnès MBE Chair of the Board ol Truslees Date.. 30 Novemkr 2022 Page 17 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES For th8 ye•r ended 31 March 2022 The trustees. who are also directors for the purposes of company law. are reswjnsible for preparing the Report of the Directors, including the Strategic Rewrt and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepting Accounting Pra¢li¢e}. Company law requires the diiectors to prepare consolidated financial ststements for each financial year which give a true and lair view of the state ol affairs of the charitable company and group and ol the incoming resources and application of resour¢es, including income and expendilvre, of Ihe charrtable group lor that period. In preparing those financial statements, the directors are required to". Sele¢¢ Suitab￿ accounting w)licies and Ihen aP￿Y them consistenuy.. Observe the methods and principles in the Charities SORP 2015 IFRS 102}- Make judgements and eslimales Ihal a￿ reasonable and prudent," and Prepare the financial statements on Ihe going concem basis unless il is inappropriate to presume that the charitable company wll ￿ntinUe in business. The directors are responsible foi maintaining proper accounting ￿¢0[￿S that disclose with reasonable accura¢y al any lime the financial position ol the group and ¢harilable company and to enable them to ensure that the consolidated financial statements Cornply wth the Companies Act 2006. They are also responsible for saleguarding the assets of the charitable group and company and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. The directors are reswnsible for the mainlenan¢e and integrity of the corporate arhd financial informalion included on the charitable company s websile. Legislation in the United Kir)gdom governing the preparation and dissemination of the financial stalements rrTray differ from legislation in other jufjsdictions. Page 18 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 2022 (Registration number- 09119241 Opinion We have audited the financial statements of Stoke on TreT)l and North Staffordshire Theatre Trust Limited Ilhe 'parenl charilable company and its subsidiaiies {the 'group'l'l for the year ended 31 March 2022 which comprise the Consolidated Stalemenl ol Financial Activities {including the Consolidated Income & Expenditure Accounll. the Consolidated and Company Balance Sheets. the Consolidated Statemenl of Cash Flows and notes to the financial statements, including a summary ol significant a¢¢ounting p￿iCIes. The financial reporting framewoik that has been applied In their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 'The Financial Reporting Standard appli¢able in the UK and Republic of Ireland. (United Kingdom Generally Accepted AccounlirrfJ PraCt￿e}. In our opinion the ffinancial statements.. give a true and fair view ol the stsle of the charitable company's affairs as at 31 March 2022 and of ils incoming resources and appli¢alion of resources. including ils in¢ome and expenditu￿, for the year then ended, have been properly prepared in ac￿rdanCe with United Kingdom Generalty A¢¢epled Accounting Practice., and have been prepared in accor(lance with the requiremenls oflhe Companies A¢1 2006. Basis for opinion We have been appointed auditors under the Companies Act 20[￿ and section 151 01 the Charities Act 2011 and report in accordance with those Acts. We conducted our audit in accordance with Inlernational Standards on Avdiling IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial 518temenls section ol our report. We are independent ol the group and parent charitable Company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other elhi¢al responsibilities in accordance wlh these requirements. We believe that the audit ewdence we have obtained is sufticienl and appropriate lo provide a basis loi our opinion. Conclusions rèlating lo going concern In auditing the financial stalemen15. we have concluded Ihal the trustees, use of the going concern basis of accounling in the preparation ol the financial statements is appropnate. Based on Ihe work we have perfomied, we have not idenknfied any material uncertainties relaling lo events or condilions that. individually or collectively. may casl significant doubt on the group s or parent charitable company s abilily lo continue as a going ¢oncem for a period of at least twelve months from when Ihe Iinan¢ial statements are authorised for Issue. Our responsibilities and the fesponsibilrties of the trustees with respect lo going con¢em are described in the levant sections of this report. Page 19 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Llmited 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 2022 (Registration number.. 09119241 Other information The other information comprise5 the infomi3b.on included in the Report of the Directors and Strategic Report other than the financial siatemenls and our audiloi's report thereon. The trustees are responsible for the other information contained wthin the Report ol the Directors and Slralegic Report. Our opinion on the financial siatements does not covei the oiher information and, except to the exienl olherwse explicitly stated in our report, we do not express any form of assuran￿ condusion thereon. Our responsibilrty is to read the other infomiab.on and. in doing so. consider whether the other informaliDn is materially inconsistent wlh the financial stalemenis or our knovAedge obtained In the course of the audit or otherwise appear5 to be materially misstated. 11 we idenlify such material inconsistencies or apparent material misstatemenis. we are required lo determine whether this gNes rise lo a material misslalemenl in the financial stslemenls themselves. If. based on the work we have performed. we Conclude that there Is a malerial misslalemenl of this other infom)alion, we are required to report Ihal facE. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information gwen in the Directors Report, which includes the Directors, Reptsrt and the Strategi¢ Report prepared foi the purposes of company law. for the financial yearlorwhich the financial slalemenls are prepared is consistent wrth the financial statements". and the Dire¢lors' Report and the Strategic Report included wlhin the Direclors Report have been prepared in accordance wth applicable legal requirements_ Illatters on which ￿ a￿ ￿quIrert to report by exception In the light ol the knovAedge and understanding of the group and the parent charitable company and its environment Obtained in the course ol the audit. we have r￿t identified material misstalemenls in the Directors, Report or the Stralegic Report incjuded wthin the DiieGlors' Report. We have nothing lo report in ￿SpeCt ofthe following mallers where the Companies Acl 2006 iequires us to report lo you if, in our opinion.. adeqLJate accounting records have not been kept, or retufns adequate for our audit have not been received from branches not visited by us., or the parent chanlable company financial statements are not in agreement wrth Ihe accounling records and returns., or certain disclosures ol trustees. remuneration specified by law are not made". or we have ftol received all the information and explanaiions we require for our audit. Responsibilitiès of trustees As explained more lully in the Stalemenl ol Truslees, responsibilities set oul on page 18, the trustees Iwho are also the dire¢lor5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view. and lor such Internal control as the Iruslees determine is necessary to enable the preparali¢)n of financial statements that are free from material misslatemenl. whethe< due to fraud or error. Page 20 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANDTRUSTEES OF THE STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2022 (Registration number: 09119241 In Preparing Ihe finan¢ial slatemenls. Ihe trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable. malters related to going concern and using the going concern basis of accounting unless the trustees either interKI to liquidate the charitable company or to cease operalions, or have no realisknc allemative bul lo do so. Auditor's re$ponsibilitiés for the audit of the financial stst&menls Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, v4helher due to fraud or error. and lo issue an auditorfs report thal includes our opinion. Reasonable assurance Is a high level of assurance, bul is not a guarantee that an audit condu¢led in accordance with ISAS (UK) wll always delect a maletial misstatement when il exists. Misslatemenls ¢an arise from fraud or error and are considered malerial if. individualty or in the a9gregale, they could reasonably be expected lo influence the economi¢ decisions of users taken on the basis ol Ihese financial slatemenls. The extent to which the audit was considered Capable of dètecting irrègulariti&$, including fraud Irregularities are instances of non-complian¢e wth laws and regulations. The objeclives of our audit are lo oblain sufficienl appropriate audit evidence regarding compliance wlh laws and ￿gUlationS that have a direct effect tsn the determination of material amounts and disclosures in the financial Statements, lo perform audit procedures lo help identify instances of r￿￿-￿mpI1ance wth other laws and regulations that may have a material effe¢l on the financial statements. and lo respond appropriately to idents.fied or suspected non-compliance with laws and iegulalions identified during the audit. In relation to fraud, the obje¢tives of our audit are to identify and assess the risk of material misstalemenl of the financial slalements due lo fraud. lo obtain 5uffi¢ient appropriate audit evidence [￿ardIng the assessed risks of malerial misstalemenl due to fraud through designing and implemenling appropr131e responses and to fespond appropriately lo fraud or suspected fraud idenlilied during Ihe audit. However. it is the primary reswnsibility of management. wlh the oversight of those charged with governance, lo ensure that the entity's operations are conducted in accordance wilh the provisions of laws and fegulations and for Ihe prevention ar)d deteclion of fraud. In identifying and assessing risks of material misstatement in respect of irregularrties. including fraud, the audil engagement team" obtained an understanding of the nature of the sector. including the legal and regulalory framework5 that the charitable company operates in and how the charitable company is comptying with the legal and re9ulatory frameworks". inquired of mana9emenl, and Ihose Charged wth govemance. about their own identification and assessment of the risks of irregularities, including any known actual. suspected or alleged instsnces of fraud", dis¢ussed mallers about non-complian¢e wth laws and regulalions and how fraud might occur including assessment of how and where the financial slalemenls may be suscepb.ble to fraud. As a result of these procedures we consider the most signilicanl laws and regulalion5 Ihal have a direct impact on the linan¢ial slatements are FRS102, Charihes SORP IFRS 1021. Companies A¢t 2006, Ihe parenl charitable company's governing document. and tax legislab'on. We performed audit procedures to delecl non-compliances which may have a material impacl on the finanual slalemenls which included reviewng the financial statements Page 21 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limlted 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 ENOED 31 MARCH 2022 IReoistration number.. 09119241 inGluding the Trustees, Report and remaining alert lo new or unusual transactions which may not be in accordance with thp gnvérning documgntg The most significant laws and regulations that have an indirect impa¢l on the financial statements are those in relation to Employment Law. We performed audit procedures lo inquire ol management whether the groiip is in compliance with these laws and regulations. The audit engagement team identified the risk ol m3n3gemenl override of Controls and Cash income as the areas where the financial slalemenls were most susceptible Its material Misstatement due to fraud. Audil procedures perforTned Included but weie iiol limifed to lestiiiy malludl jouinal eiitlles ¢Jiid uthei iidjustmeiils, evalutitirig tlie business rationale in relation lo significant, unusual transactions and transactions entered into outside the normal eoLJrse of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al h iIc•rs s. This dèscription forms part of our auditor." rcpori. Use of our report This Teport is made solely lo the charitable company's mernbers, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. OLJr audit work has been undertaken so that we might slate lo the charitable company's members those mallers we gre required lo slate lo them in an auditor's report and for nts other purpose. To the fullest extent permilted by law, we do Aot accept or assume responsibility to anyonè other than the charitable compariy and the charitable company's members as a body. for Dur audit work, for this report, or for Ihe opinioTrs we have formed. ANNA SPENCER-GRAY (Senior Slatulory Auditor} For and on behalf ol RSM UK AUDIT LLP. Slalutory Auditor & Chartered Accounlanls Feslival Way Sloke-on-Trenl Staffordshire STI 5BB Date 2 December 2022 Ptiye 22 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Llmit8d by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income and èxpenditure ac¢ountl for year ending 31 March 2022 2022 Total Funds 2021 Totsl Funds Unreslricled funds General Designated Restricted Funds Note Income from Donations and legacies 3a 1.411.928 1.765,677 3.177,e05 2,637.361 CharilalAe a¢li¥ilies 4 1.lQ4.513 1,084,513 136,325 Other trading actiiilies 25,683 In*stmenls 13.782 13.7￿2 12,488 Other 121,(64 121.( 636.865 Totsl income 2.982.2 1,765.677 4,747,933 3,448.702 ExpenditUTe on Raising ￿ndS 1439,6721 1439.6721 1243,4%) Charitable aclililies 7 12.245.738) 11.167.(YJ51 13.412.743) 12,763,943) Total expenditure 2.685.410 1, 167.C05 3,852,415 3.(KJ7.439 Nel income tek)re gair and losses on in4es1m￿tS and lax*i 2￿,846 598.672 895.518 441,263 T&¥*i 12 134.545 134,545 59.6 Nel gains on i1￿1MentS 14 52.689 52.E89 343,4 Net income for the year 598.672 1,082,752 844,349 Transfers between fv¥KIs 1516.2031 823.377 I￿7,174} Nel movement in funds 132.1231 823.377 291,498 1.082.752 844.349 FuThJ baances at teg"rYirvJ ol the year 767,19) 2.Cl)7,577 3,451.436 6,226,203 5,381,854 Fund balance5 at the ¢nd of the year 735,(E7 2.W).954 3.742,934 7.3)8,955 6.226,203 All income and expenditure derive from conb"nuing activities. The comparative fIgU￿S for each fund are shown in the notes lo Ihe accounts. Page 23 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) CONSOUDATED AND COMPANY BALANCE SHEETS (Registration Number: 09119241 as at 31 March 2022 Consolidated 2022 Company 2022 2021 2021 Note Flxed assets Tangible assets In%estmenls 13 14 3.7¢JO,652 1.717.015 5,417,667 3.852.042 1,657.641 5.509.683 3,695,413 1,717.017 5,412.430 3.843.445 1,657.643 5,501,088 Current assets Stock Debtor5 Cash al bank and ITh hand 1$ 16 26,470 332.932 2,313.084 2.672.486 16.278 308.701 1.822,012 2,146,991 418.000 2.202,444 2.620,444 316,172 1,789,615 2.105.787 Llabilitie5 Creditors falling due in on8 year Net Current assets 17 81.198 1,897.288 727.637 1.892.807 877.638 1,228.149 1.258.187 Total zs8ets less cUr￿n¢ IlabS1ities 7,308.955 6,767,870 7.305.237 6,729,237 crèdito￿ falling due after more than 1 year 18 {541,6671 1541.6671 Total net assets 7.308.955 6,226,203 7.305,237 6.187.570 Repre*nted by.. Unrestricted income funds General Non charitable tradiThJ funds Designated Restrictsd 19 19 19 731.349 3.718 2.830.954 3.742.934 728.557 38.633 2.007.577 3.451,436 731,349 728.557 2,830.954 3.742.934 2.007,577 3,451,436 7.308.955 6.226,203 7.305.237 6, 187,570 The gfOUP financial stalemenls ¢onsolidale the ￿su11$ of the charitable company and its wholly owned trading subsidiary New Victoria Theatre Proiecls Limiled (Company number 019495641 on a line by line basis and accounling wilicies are unrform across the group. A separale statement of financial activities and income and expenditure account are not presented for the company Itself lollowing exemptions afforded by section 408 of the Companies A¢t 2006 ar￿ paragraph 304 01 the SORP 2015 IFRS 1021. The profit of the company for the year ended 31 March 2022 is £1.117,66612021'. £890.4201. A summary of the financial stalements of the charily ilsell is included in note 2. The financial stale by nts were approved by ihe Board ol Oireclors on 30 November 2022 and signed OTF ils behalf colin Barcroft Dlrtrctor Page 24 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS for year ending 31 March 2022 Consolldated 2022 2021 Nots Cash flows from operating a¢llvltse$'. Net cash gen8ratsd from operating a¢tivltlt$ 27 1.189.455 1,237,298 Cash flows from investing activitiO$: Payments to acquire tangiNe fixed assets Inte￿$1 and diiidends 159.5981 13.782 1798,6841 12,488 Net cash flow from Inv¢sting activllle$ 145,8161 1786.1961 Cash flows from financlng activitie* Bank loan ￿cel￿d Bank loan repa 825.0(K> I825,1￿) Net ¢a$h Irom finantlng activities 1825.OWI 825,(KKI Taxation 172,433 178.8(M] Net movem8nt in eash and cash equivalents 491.072 1.454.902 Cash and tash equivalents at 1 Apvll 2021 1.822.012 367.110 ¢a$h and cash e4ulval¢nts at 31 Mai¢h 2022 2.313.084 1.822,012 Page 25 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year endgd 31 March 2022 Accounting policies Basis of preparation Stoke on Tlent and North Staffordshire Theatre Trust Limiled is a private company, limited by guarantee having no share capital The company registralion number is 0911924 In the event of being wound up the liability in respect of the guarafttee 15 limiled lo £1 per metnber of the charity. 11 is a registered charity in England and Wales with registralson number 253242. The addiess of Ihe registered office is given in the charity infomiab'on on page 1 of these financial slalements. The nature of the charity's operations and principal activities are lo offer an acce55ible, high quality theatre experience lo a5 wide a lange of audiences and participants as possible and also be part of the social and economic regeneration of our region by raising aspiration and achievement." redu¢ing criminal and anti-social behaviour". making this a beller place lo live, work and do business. The charity conslitules a public benefit entity as defined by FRS 102 The financial statements have been prepared In accordance ￿th Accounting and Reporting by Charities." Slalemenl of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard appli¢able In the UK and Republic of Ireland IFRS 1021 Issued on 16 July 2014, the Financial Reporting Standard appli¢able in ihe Uniled Kingdom and Republic of Ireland {FRS 1021. the Charities Act 2011 and UK Generally Ac¢epled Praclice as il applies from 1 January 2015. The financial stalements are prepa￿d on a going concern basss undei the historical Cost convention, unless othe￿iSe staled in the ielevant accotjnting wli¢y note. The finan¢ial statements are prepared in sterling which is the functional curren¢y of the charity and rounded lo the nearest £1. The significant accounting policies applied in the preparabon of these financial stalemenls are sel out below. These policies have been ¢onsistentty applied to all years presenled unless otherwise stated. Going Concem As set OLrt in the Slralegic Report. included withir) Ihe Report of the Trustees. the Trustees have given due regard to the increaseil pressure on income streams brought about by Ihe long term impact of the pandemi¢. Arts Council England ¢onlinues to be a significant fvnding partner for the charily with strategic investment through the National Portfolio already commilted for 2022123 and expected for a further 3 ye3r5 from April 2023. The group n7anages ils activities with posibve unrestricted bank balances Isee nole 211. The investments (see note 141 are available to be dravm down if required. As such the Trustees have concluded ihat. based on the a￿Ve, as well as other ieturning sources of income and Ihe ¢onlinued support of ils major funders, mean that the gotng concern basis remains appropriate for the preparation of these financial statements. Group financial statements The group financial stalemenls consolKlale the results of the ¢hantable company and ils wholly owned trading subsidiary New Victoria Theatre Projects Limiled (Company number 019495641 on a line by line basis and accounling policies are uniform across the group. A separate statement ol financial activities and income and expenditure accourbl are nol presented for the company ilsell following exemptions afforded by secb'on 408 01 the Companies Act 2006 and paragraph 304 of the SORP 2015 IFRS 102}. A summary of the financial statemenls of the charity itself is included in note 2. Newvic Theatre Produ¢lions Limited (Company number 09305112} is exempl from preparing individual accounts by virtue of s394A ol Companies Act 2006. il is also excluded from consolidation on the same basis. It has not traded since incorporation. Page 26 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Fund accountin9 Restricted funds Restricted funds represent grants and donations which are subject lo restriclior)s on their expenditure irnposed by the donor or through the temis of an appeal. Unrestricted funds and designated fun(ts Unrestricted lunds represent funds thal are expendable al the discretion of the Board of Oireclors in the ftJrtheranGe ol the objects of the chantable company. Such lunds may be held In order lo finance both working ¢apital and capital inveslmenl. Designated funds are Ih05e funds vknich ale unrestricted In nature bul which have been designated by the Board ol Direclofs lo be used in a parb'¢ular manner. Incoming resources Voluntary income including donations, gifts and legaaes and granls that provide core funding or are of general nature are recognised where there bs entitlement. certainty of receipt and the amount can be measured wth sufficient reliability. Such income is only deferred when. the donor specifies that the grant or donation must only be used in future accounting periods,. 01 the donor has imposed conditions vthich musl be met before the charity has unconditional entitlement Gifts and donations in kind are i￿luded vthen receivable and stated al their estimated value to the charitable company. Income from Commercial trading ac11vi￿eS is iecognised as eamed. Investment income is recognised on a receivable basis. Income from charitable activities indudes income in respect of admission and other fees and 15 re¢o9nised as earned. Income is deferred when admission fees or performance ￿lated grants are received in advance of the perfofmances or events lo which they relate. No amount is included in the ffinancial stslements for volunteer time in line with SORP 2015 {FRS 1021. Furthei detail is gwen in the Truslee5' Annual Report. Resources èxpended Expenditure is re¢ognised on an accnjal basis as a liakn.lity is incurred. Contra¢tual arrangements are recognised as goods or seNices are suppl￿. Costs of raising funds comprise costs incurted in altrath.ng voluntary income together wilh those incurred in Irading aclivities that raise funds. Charitable expendilure includes expenditu￿ associale(I with the siaging of ¢oncerts, sla9e produclion5, and educational progiammes and comprises bolh the direct costs and support cos15 relab'ng to these activities. Costs Incurred relating to scenery malerials, costumes. props and production costs for future productions are prepaid and released to Ihe Slalemenl of Financial Activities in the year in whi¢h the first night ol the related pioduction lakes pla￿_ Page 27 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limitèd by guarantee} NOTES TO THE FINANCIAL STATEMENTS For the year endod 31 March 2022 I costs are allocated between the expendi[u￿ Categories of Ihe Statement of Financial Activities on a basis designed lo reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be all(uled directly to such acknvities and those costs of an indiiecl nalu¥e necessary lo support them. Support costs are those funcbons which assist the ol the charity either by supporting the delivery of ¢haritsble aclivilies oi by supporting the generation of funds. They include back office functions, finance. HR. IT and govemance costs. Irrecoverable VAT The charitable group is unable to recover all of the VAT payable by it. Irrecoverable VAT is charged against the calegory of Trsources expended for which it was incuifed. Taxation The charitable group is eligible lo receive tax credrts calcuL4ted on the basis of ils expenditure on theatre production Costs. 0￿ratIng leases Rental charges payable under operalFng leases are charged lo the Stalement ol Financial Activities a slraighl line basis over the temi of the lease. 1.10 Tangible fixed assets Individual fixed assets costing £5,000 or more a￿ capitalised at cost within the relevant ¢alegory. Tangible fixed assets are depreciated ￿ a straight line basis over Iheir estrmaled useful lives as follows.. The Cost of the theatre Ixjilding is being dep￿cIated over the remaining life ol the lease. Short leasehold property 25 years Leasehold property improvemenls 10 years All other assets 4 years Land is r￿1 separately i(knlifiable in the lease atKI is not depreciated. 1.11 H&ritsge assets The cost or valuation of heritage assets is not available and the cost of providing such information significantly outweighs any benefit to the useis of the accounts therefore heritage assets are not recognised on the balance sheel. Acouisilions only arise when donated lo the charity or if il is believed that they wll further the charily's objectives. Once acquired Ihey wll be preserved by the charity in order lo keep their historical. artistic, ientific, technological. geophysical or enviionmental qualities to such a high level as to contribute lo knowledge and culture. A regislei of the principal assets hekl by the charity is available and the assets themselves are accessible to the public wlh prior ag￿eMent. Heritage assets are to be held lor the foreseeable luture. Page 28 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the yèar ended 31 MaTch 2022 1.12 Investments Investments other than subsidiaries are included in the balance sheet at market value al the year end. Gains and losses on diswsal and revaluation of inveslmenis are shown in the Statement of Financial Aclivilies. Investments in subsidiaries are measured al cost less impairment. 1.13 Stock Stock is included al the lower of Cost or net realisable value after making due allowance for slow moving and obsolete items. 1.14 Cash and cash equivalents Cash is represented by cash in hand and deposrts with financial inslilulions ￿paYable wthout penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments Ihat mature in no more than three months from the dale of acquisition and that are readily convertible lo known amounts ol cash wlh insignificant iisk of change in value. 1.15 Pension$ The charitable Company pays pension Contributions to the Equity Scheme for Actors. It also pays pension contributions inlo an employer sponsored personal pension plan %thich is operated by Aviva. foew and existing employees who are not in the employer sponsored pension scheme are aulomab'cally enrolled into the government SKK>nsored NEST pension scheme unless Ihey exercise their right to opt out. Contributions are charged to the Consolidated Statemenl of Financial Actbvlties as they fall due. All contributions are unreslricled funds. 1.16 Financial In$trumonts The Group only has finan￿al assets and finanaal liabilities of a kind that qualify as basic financial inslrumenls. Basic financial in5trumenls are initialty recognised al transactional value and subsequently measured al their selllement value. 1.17 Judgmènts in applying accounting policies and key sourcès of estimation un¢ertainty In application of the charrtable group's accountiThJ policies the trustees are required lo make judgemenls, esb'mates and assumptions aiK)Ut the carrying amounts ol assets arid liabilities that are not readily apparent from other sources. The esbmale$ and asswated assumptions are based on historical experience and other factors Ihat a￿ considered to be relevant. Actual results may differ from these estimales. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisitsns lo accounting estimates are recognised in the period in whiGh the estimale is revised il the revision affects only that period or in the period of revision and fulure periods if the revision affects bolh current and future periods. 11 has been assessed thal there are rKJ material accounling judgements and estimations that require disclosing. Page 29 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Llmited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS For the year onded 31 March 2022 Financial activities of the charity The consolidated Statement of Financial Activities includes the resulis of the charity's wholly owned subsidiary which operates the bar. restsuTant, shop and all Commercial Irading operation5 carried on al the New Vic premises. A summary ol financial a¢tivilies undertaken by the parent charitable company alone Is sel out below.. 2022 2021 Income Expenditure on ¢harilable activit￿S Costs ol raising funds 4.372.303 {3.391.5281 50.342 3.305.253 12,767.5881 150.331 Nèt surpluslldefieitl Theatre lax credit Nel movement on inveslmenls Surpluslldeficitl Tolal funds brought fon¥ard 930.433 134.545 52,689 1,117,667 6,187.570 487,334 59,600 343,486 890,420 5,297,150 Total funds carried forward 7,305,237 6,187,570 Represented by- Unreslrided funds General Designated 1.021,349 2.540,954 3.742.934 728,557 2.007.577 3.451,436 Restricted 7,305.237 6,187,570 Page 30 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEA TRE TRUST LIMITEO {Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ènded 31 March 2022 3a Donations 2022 2021 UnrestTicied funds Arls Council En9land Newcaslle under Lyme Borough Counril Slaffordshire County Council Stoke on Trent City Counol Corporate and Trust donabons Individual donations Legacy Income Other voluntary income 949,557 47,000 33.333 35.000 92,(K)O 86,435 166,203 2,400 1,411,928 949,557 47.000 33,333 35,000 8,191 120,661 6.982 1.200,724 R&stricted funds Arts Council England Borderlines grants Education grants Corporate and Trusl donations Individual donatsons Government grant 606.575 742,258 222,931 7,500 439,206 24.742 1.153,159 2,443 3,500 1.765,677 1,436,637 3.177.605 2,637.361 3b other 2022 2021 Government Job Retention Stheme grant Other government grants 97.( 24,(Y 636,865 121,064 636.865 Incoming rèsources from charitable activities The income was primarily from the opeiatson ofthe Iheatre and arts ¢entre. Unrestricted Unr¢stricted funds funds 2022 2021 Concerts and stage pertomiances Education and outreach Olher charitable acliwlies 998.53S 53.933 32.044 126.760 9.565 1,084,513 136.325 Page 31 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarant￿) NOTES TO THE FINANCIAL STATEMENTS For thè year ended 31 March 2022 Income eamed from other activities The wholly owned trading subsidiary New Victoria Theatre Proje¢ts Limited is incorporated in the United Kingdom and pays all bul a small piow)rtion ol ils taxable profits to the chaiity under the gift aid scheme. New Victoria Theatre Projects Limiled's iegistered office is at the Theatre premises. New Victoria Theatre Projects Limited operates the bar, restaurant. shop and all commercial trading operations carried on al the New Vic premises. A summary of the trading results is shown below. 2022 2021 Turnover Cost of sales and adminislralion costs Inleiesl receivable Other opefaling income 358,402 {417,9791 29.308 1193.1651 14 117,772 24.859 Nel loss 134,9151 146,0711 Included within turnover is £7.43312021'. £3,645) from the parent company and included wthin GOS101 sales and administration costs are recharges of £28,35612021". £nill Al the year end £85,874 was owed from the subsidiary12021." £19,255). The parent company have fomally agreed ID continue their support with ¢ashflow if needed and have issued a letter of support lo this effect. 2022 2021 The assets and liabilrties of the subsidiary were". Fixed assels Current assets 5,239 137,916 139,435 8.597 60.458 30.421 Tolal nel assets 3,720 38,634 Aggregate Sha￿ capital and reserves 3.720 38,634 Page 32 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILimited by guarant801 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Investment Income Unrestricted funds 2022 Unrestrl¢ted funds 2021 Bank interest Dividend5 262 13.520 318 12.170 13.782 12,488 Analysis of expgnditure on charitable activities The charity undertakes direct charitable adivities only an(1 does not make grant payments. Education and outreach Concerts and stage perfom)ances 2022 Total 2021 Total Touring and concert fees Artislic fees Performan￿ 8rKI produclK)n cosls Box office and fionl ol house Marketing and publiaty Courses and actwilies Deprecialion Central premises costs Support costs 228.697 147.439 1.127.553 269,831 283.434 228.697 147.439 1.138.947 284,033 298,485 474.460 206.454 261,134 373,094 21.097 56,348 916.￿7 255,415 169,959 431,436 211,795 230,510 470.418 11.394 14.202 15.051 474,460 20.645 23.278 37,349 185.809 237,856 335,745 2.816.364 5%.379 3,412.743 2,763,943 Expendilufe on charitable a¢livities was £3,412.743 12021." £2.763,9431 of which £2,245,738 was unreslricled12021.' £1,794.6641 and £1,167.005 was restrided {2021'. £969.2791. The charity allo¢ales ils support costs as shown in the lable below and further apportions these ¢osts be￿een ¢hariiable aGb"vitses underlaken (see above). Support costs are allo¢ated on a basis consislenl with the use of resources. Page 33 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year endèd 31 March 2022 Operatlon of theatrè Govemanc¢ Total Basis Support costs General office FIna￿e office Time SF* Time spent Actual Actu Actua 2LY),552 92,iXJ5 41,041 2,947 2,272 203,493 94.277 41.041 24,550 9.727 Audit & aCc￿lnIanCY Le9al & wofessional 24,550 9.727 39,495 373,094 Analysis of stsff costs. trust￿ fymuneration and expenses, and the cost of key management personnel 2022 2021 Salaries an(6 wages Social secuiily costs Pension Costs 1,858,605 141.250 59,521 1,682.259 124.805 62,124 2,059.376 1,869,188 The number of employees wilh emoluments of greater than £60,000 was as follDWS'. 2022 2021 £70,001- £80,(X)O £80,001- £￿.(KKI Pension cosls are allocated lo activities in ptoportion to the related staffing costs incurred and are wholly charged to unreslricled funds. Gabriella Gay was paid 1125 for supporling candidate inlerviews during the year. no other charity trustees were paid nor received any other benefits from employment wth the Trust 01 ils subsidiary during the year 12021.. £nill. The charity Ituslees were rbol reimbursed expenses during the year {2021'. £nill. Page 34 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ènded 31 March 2022 staff numbers The average number of employees for the group (induding casual and part time slaffj during the year was as follows.. 2022 No 2021 No Trading Box office, produdK>n and performance EdLKalion and outreach Adminislralion 23 55 18 10 29 57 16 10 106 112 Of the lolal average number ol employees employeil by the charitable company durin9 the year, 73 we on permanent, full and part-time Contracts and 11 were casual staff. In the who11y owned subsidiary, 9 employee5 were employed on permanent. full and part-lime contracts and 13 were casual staff. 10 Pension commitments The Company operates a defined ¢ontribution5 pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount ¢harged lo the Consolidated Stalemenl of Finanual Aclivrties for Ihe year was £59,521 12021.. £61,742). Contributions amounting to £10,574 12021.. £9,909) were payable to the ￿all al the year end. Contfibulions to the Equity Scheme for Actors totalled £5.91012021.' £3761. Contributions amounting lo £73812021". £1011 were payable al Ihe year end. Movemènt in total funds for the year 2022 2021 Th1$ Is slated aftw ¢hargir¥J". Depreciation Owaling leases equipmenl Audilots remuneratic exlemal audit other seThices St(￿k recognised as an expa)se 210.988 216.554 3,836 18. 15.2(M) 5,750 12.897 109.019 Page 35 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILimited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ènded 31 March 2022 12 Taxatlon 2022 2021 Analysis of tax credit in th• year Current tax Theatre tax credit Adjustmenl for prior year Theatre lax Credit 100,LXXJ 13,855 34.545 45,745 134,545 59,600 13 Tangible fixed assets Group Long lea$¢htsld property Short lèasehold property Fixture5, fittings, &quipment and rnotor vehi¢le$ Total Cost As al 1 April 2021 Additions 2,581.958 1,027.200 1.861.718 59,598 5,470,876 59,598 As al 31 March 2022 2.581,958 1.027.2 1,921.316 5.530,474 Depreciation As at 1 April 2021 Charge ftsi the year 134.475 26,895 493,056 41,088 991.303 143.005 1,618.834 210,988 As al 31 Mar¢h 2022 161.370 534.144 1.134.308 1,829,822 Net book value As al 31 March 2022 2.420.588 493,056 787.008 3.700.652 As al 31 March 2021 2.447.483 534.144 870.415 3,852.042 Page 36 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED (Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Charity Long lèasehold propgrty Short Ioasehold proporty Fixtures, fittings, èquipment and motor vohicles Totsl Cost A5 al 1 April 2021 Additions 2.581.958 1,027,2C 1.701.921 58,422 5,311,079 58,422 As al 31 March 2022 2.581.958 1.027.200 1.760.343 5,369,501 Depreciation As al 1 April 2021 Charge lor the year 134.475 26.895 493.056 41.088 840,103 138.471 1.467.634 206.454 As al 31 March 2022 161,370 534,144 978.574 1.674,088 Net book value As al 31 March 2022 2,420.588 493.056 781.769 3,695,413 As al 31 March 2021 2.447,483 534.144 861.818 3,843,445 Assets ownad by the theatrè All assets shown ab(>ve were owned by the thealre excluding ihe Catering and Bar Equipmenlwhi¢h were Dwned by the subsidiary, New Victorra Theatre Projects Limited. Heritagè assets In addition to the ¢apitalised fixed assets held for the group's own use. rt has title to a colle¢tion of histoiical artefacls and archives including artwork and publicity for sets, costumes and programmes. scripts and audio Interviews. The co1￿¢110n is currently on loan lo Staffordshire Universily. The inlrinsic value of the items is Ix>und up with the history ol the New Vic Thealre and they are irreplaceable originals to wh￿h no reliable cost Of value can be altributed. Accordingly. these assets have not been ¢apitalised in the financial siatements. Page 37 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 14 Fixed asset investments - Group Listed Investments Total 2022 Total 2021 Cash Market value brought lotward Add." addit￿nS lo Investments al cost Les5". disposals al ￿r￿ng value Nel movement ln cash reseNes Add." nel gain on revaluation Market value al 31 March 2022 1,625,572 159,321 1141.9141 32.069 1,657.641 159.321 1141,9141 110,7221 52,689 1,717,015 1,308,685 391,715 1395.2351 8.990 343.486 110,7221 52.689 1.695,668 21,347 1,657,641 Histor￿ cost at 31 Maich 2022 1.430,145 21,347 1,451,492 1,424,608 Total 2022 W,529 44,931 38.921 79.315 567.972 1,695,868 Total 2021 964.611 54.858 32.892 36,694 536,517 1,625,572 Held in UK 579.119 44.931 38.921 28.322 Held outslde UK 385.410 Equilie5 & Equity Funds Fixed Interest & Fixed Interest Furbds Dire¢l Property & Property FvrK15 Other Assets Mulli-Assel FurK15 50.993 567.972 691.293 1,004.375 The charity own$ 100% of the issued share capiial of New Victoria Theatre Projects Limited ¢ompany number 1949564 and New Vic Theatre PIiKluctior)s Limited company number 09305112. Their registered office is Etruria Road. Newcastle under Lyme, Staffordshire, ST5 OJG. 2022 2021 In￿lMentS in subsidwes- cost The investments in subsidiary have been eliminated on ￿n$0[1datIon. Page 38 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED {Limited by guarant98} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Stock Group Company 2022 2022 2021 2021 GocKls for resale 26,470 16,278 16 Debtors Group Company 2022 2022 2021 2021 Trade debtors Other debtors Prepayments and accrued income Amount due from SubS￿lary undertaking Olher laxes and social security Theatre lax credit 3.928 1.465 164.201 13.454 1.355 107.479 3,590 1,465 163,733 85.874 15,126 148,212 13,454 1,355 96,008 19,255 15,126 148.212 313 186,100 186,100 332.932 308,701 418,000 316,172 17 Creditors- amounts falling due Vdithln one year Group Company 2022 2022 2021 2021 Trade credit￿$ Olhei taxes and social security cosls Other creditors Accfuals and deferred irwne Bank loan 142,7Lk8 .447 66.￿5 521.418 87.548 45.502 54.137 418.284 2￿.333 123.165 35.619 51.340 517,513 85.827 44.360 45,834 418.284 283,333 781.198 727.637 877,638 The Company Is a member of a VAT group. Al 31 Mar¢h 2022 the aggregate VAT liability of the o)Iher companies in the Group £12.52912021". £nill- Page 39 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILimited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 17 c￿ditors. amounts falling due within one year- continued Deferred income comprises advance ticket sale5. gift tokens and grant Income received In advance. In￿me deferred in the Current year ielating to Ihe advance ticket sales amounts lo £177.721 12021.. £69.0471 Group Company Dekrred inctyne al 1 Aw"12021 Amounts released trom preiious years Resources defewed during the year Defer￿d income al 31 March 2022 360,814 1260,9111 354.651 360,814 1260,9111 354.651 454.554 454.554 18 Creditors.. amounts falling due after more than one year Group Company 2022 2022 2021 2021 Bank loan If3lliNJ due in less than 5 years) Bank loan Ifalliry due after 5 years) s￿,000 41.667 41.e67 541.e67 541,667 19 Analysi5 of unrestricted fund movements- current year tsainsi 110sse51 Including taxes Balance at 31 March 2021 Balance at 31 March 2022 Incoming resources Resour¢e5 expended GTOU Transfers General fund and non Chantab￿ IradiryJ funds DeS￿nated funds.. Development Fund Artistic Development Fur Buik1iry Fuluies Fund 767.1 2.982.256 12.685.410) 187,234 1516.2031 735 067 679.899 1.093,978 233.7(Xl 679,899 1.917,355 233.700 823.377 2.774,767 2,982.256 12.685.410> 187,234 307 174 3.566,021 General funds accumulated by the subsidiary undertaking New Vicloria Theatre Projecls Limited amounted lo £3,716 at 31 March 2022. Page 40 STOKE ON TRENT AND NORTH STAFFORDSHIRE THEATRE TRUST LIMITED ILimited by guarantwl NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 19 Analysis of unrestricted fund movoments- prior year Balance at 31 March 2020 Balance at 31 March 2021 Resource5 insl expended Ilosse$l Transfers resources General lund and non charitsble trading fum1s 580.199 2.012.￿ P.038.1601 403.086 1190,IKK)I 767,190 Designaied funds.. De*lopment Fund sbc Delelopmenl Fund Building Fulures Fund 679.899 J3.978 233,7C 679.899 I￿.000 1,093.978 233,71 2,397.776 2,01?,(￿ 12.038.160) 403.086 2,774,767 General furhds accumulated by the subsidiary undertaking New Victoria Theatre Projects Limited amounted to £38,633 3131 March 2021. Development Fund This fun