## ANNUAL REPORT AND FINANCIAL STATEMENTS 2023/24 Stoke-on-Trent and North Staffordshire Theatre Trust Ltd Company No: 00911924. Charity No: 253242 newvictheatre.org.uk 3 2 Administrative Information Chair's Statement ## ADMINISTRATIVE INFORMATION ## **For the year ended 31 March 2024** ## Chair's Statement ## **For the year ended 31 March 2024** **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 0JG ## **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 (resigned 14 June 2023) Bryan Carnes MBE (Chair) Ann Fisher Gabriella Gay Councillor Mark Holland Susan Honeyands (Deputy Chair) Gwenda Hughes Dr Iona Jones (resigned 29 November 2023) Councillor Ian Parry John Sambrook Jonathan Shepherd (resigned 29 November 2023) Councillor Sarah Hill (appointed 23 November 2023) Dr Thomas Petty (appointed 23 August 2024) **The directors due to retire by rotation in November 2024 are:** Ann Fisher Gwenda Hughes ## **Company Secretary** ## **Auditors** Geens Limited Graphic House, 124 City Road, Stoke-on-Trent, ST4 2PH Fiona Wallace ## **Senior Executive Team** Theresa Heskins – Artistic Director Fiona Wallace – Managing Director ## **Bankers** National Westminster Bank plc 70 High Street, Newcastle-under-Lyme, Staffordshire, ST5 1PP ## **Senior Management Team** Vicki Amedume – Associate Director Emily Clarke – Head of Marketing and Communications ## **Solicitors** Martin Thompson – Head of Production Michelle Friel-Martin – Head of Fundraising and Development Susan Moffat – Director of New Vic _Borderlines_ Knights PLC The Brampton Newcastle-under-Lyme, Staffordshire, ST5 0QW Jill Rezzano – Head of New Vic Education ## **Investment Managers** Castlefield Investment Partners LLP 9th Floor, 111 Piccadilly, Manchester, M1 2HY David Sunnuck – Theatre Manager Gemma Thomas – Appetite Project Director Sarah Townshend – Head of Finance ## CONTENTS **Administrative Information .................................................. 2 Chair’s Statement ..................................................................... 3 Report of the Directors and Strategic Report ................................................... 4 to 22 Statement of Trustees’ Responsibilities ........................ 23 Independent Auditor's Report ............................... 24 to 27 Consolidated Statement of Financial Activities ........................................................... 28 Consolidated and Company Balance Sheets ........................................................................ 29 Consolidated Statement of Cash Flows ........................ 30 Notes forming part of the financial statements .......................................... 31 to 47** Our work with and for young people is something I continue to champion and take pride in at the New Vic. In the past year, over 25% of our audience were young people, attending the theatre with their family, with school or independently and over 19,000 young people attended workshop and education activities. With this in mind I am pleased we have been able to invest more of our resources in work for young people and continued to engage funders and donors in this important work. Arts Council England is supporting us in expanding a program that celebrates and develops circus arts within our work. Through this support, we have been able to strengthen our partnership with the international aerial company Upswing and collaborate for the first time with London's dedicated children's theatre, the Unicorn Theatre. Our focus was on creating a production for pre-school aged children and their families. The resulting show, _The Princess and the Pea_ , was developed in collaboration with young people, who spent some time working alongside artists in the rehearsal room as the play took shape. Announcing that this show would move to the Broadway stage in autumn 2024 was an exciting moment for everyone at the theatre. Prioritising the scale and quality of our engagement with young people is something you can see across our work at the New Vic. For example, with the support of the Denise Coates Foundation, we ensure that children in our area who might not otherwise have the opportunity to participate in theatre and the arts can do so through initiatives like our Young People's Theatre Company. Over 20,000 young people got the chance to see our acclaimed Christmas production _The Nutcracker_ , but our work regularly takes us out of the theatre too, into surrounding areas in Stoke-on-Trent, Newcastle-under-Lyme and across Staffordshire. This work happens throughout the year, from our production of _Dr Dolittle_ , an exciting, interactive performance suitable for children from as young as four years which visited libraries and community spaces, through to working in partnership to deliver Stoke-on-Trent's biggest outdoor, family-friendly arts festival _The Big Feast_ . The team tell me that in this current climate providing free creative family activity is so important. Not only does it ensure parents and carers have a way to entertain their children, but it ensures that children from the earliest ages gain the benefits engaging in the arts can bring. In addition to improving educational outcomes, we know the arts provide children with lifelong creative and cultural benefits. We support Arts Council England's goal that all children, everywhere, have access to the inspiration and joy that culture and creativity bring and looking ahead, I am excited to be working with New Vic board, volunteers, staff, and partners to achieve this vital goal. I hope you will read and enjoy the details of this Annual Report. It not only demonstrates the tremendous achievements of the past year, but also gives an idea of the exciting times ahead for the theatre. Our plans include environmental improvements to our building, much needed investment in our backstage facilities and the opportunity to continue our work to develop the strength and experience of our board. We will achieve all of this as we continue to operate with financial stability, ensuring our resources are directed to achieve our aims and sustain our charitable impact. **Bryan Carnes MBE** Chair of the Board of Trustees Cover photo: Danielle Bird and Nicholas Richardson in _Astley's Astounding Adventures_ 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 5 4 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## Our Objectives and Activities > The purposes Our of the charity are: Mission > **"To promote, maintain,** is to **improve and advance education, particularly by the** make **production of educational plays and the encouragement** excellent **of the arts, including the** > **arts of drama, mime, dance, singing and music and to** theatre **formulate, prepare and establish schemes therefor''.** with a social impact Our Vision: - **At the New Vic, our vision is to be a beacon of cultural and community excellence, leveraging the transformative power of theatre and the arts to create meaningful change. We are dedicated to producing excellent theatre in-the-round that not only entertains but also inspires and empowers our communities.** **• Through our art we aim to enrich lives, foster dialogue, and drive positive social impact. By making theatre of the highest quality with and for local communities we will make our area a better place to live and work. We strive to be more than just a theatre; we aspire to be a vibrant community hub where creativity thrives, connections are forged, and that people are proud of.** **We believe in the power of theatre to change lives. We also believe that everyone should have access to great theatre. We have forged a national reputation for producing first class theatre - usually 8 or 9 in-house productions annually - with a particular strength in our work for young people and their families.** **We are a centre of cultural excellence for communities in Newcastle-underLyme, Stoke-on-Trent and Staffordshire. Our community and education work uses participatory drama, storytelling and theatre to deliver award-winning work for young people and adults across our communities.** **Through it we make an impact artistically, culturally, socially and economically. We aim to engage the widest possible audiences in everything we do and encourage more people to engage with and be inspired by the arts. Our work has an impact across:** - **Artistic excellence** - **Place-shaping** - **Health and wellbeing** - **Economic prosperity** - **Education** Photo opposite: The Company of _Astley's Astounding Adventures_ 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 6 7 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## ACHIEVEMENTS AND PERFORMANCE - _The Card –_ written by Arnold Bennett, adapted by Deborah McAndrew and directed by Conrad Nelson - **206** nursery and reception pupils from schools across Stoke-on-Trent took part in our Schools programme designed to improve schools readiness and progression ## During the year - **183,133** people attended, participated or visited New Vic - _A Play for the Living in a Time of Extinction –_ written by Miranda Rose Hall and directed by Eleanor Taylor - **20,422** young people under 20 years participated in our Education and _Borderlines_ community programmes - Our touring work was seen by an audience of **15,586** nationally, across 12 venues - _My Thousand Year Old Land (A Song for BiH) –_ from documentary testimony, written by Aida Haughton and directed by Susan Moffat - **368** school children engaged in workshops for our touring _Borderlines_ dramas ## THEATRE-MAKING - **100** people took part in our continuing programme of activities for older people aimed at tackling issues around living with dementia, caring responsibilities, loneliness and isolation The New Vic is unique. The first purpose-built theatrein-the-round in Europe and a ground-breaker in the integration of professional theatre work with an extensive community and education programme, we make theatre that is valued by local audiences in Newcastleunder-Lyme, Stoke-on-Trent and Staffordshire and also recognised nationally. We tour shows 'made at the New Vic' nationally and internationally, with work developed in this financial year already set to transfer to Broadway, New York in autumn 2024. - _Astley's Astounding Adventures –_ written by Frazer Flintham and directed by Theresa Heskins and Vicki Dela Amedume MBE • _Constant Companions –_ written and directed by Alan Ayckbourn - **35,408** children and their families came to see our Christmas shows • _The Nutcracker: A Christmas – Fairytale_ adapted and directed by Theresa Heskins - **1,445** children took part in holiday activity and were provided with food as part of a project aimed at tackling food poverty - _Tale Trail to The Nutcracker –_ created by the New Vic Education Team and directed by Becky Salt - **1,050** school children had the opportunity to perform Shakespeare at the New Vic as part of our festivals - _Yizkor –_ from documentary testimony, directed by Susan Moffat Our theatre programme included: - _A Leap in the Dark –_ written by Ron Hutchinson and directed by Gwenda Hughes and Caroline Wilkes - Our Education and Community teams worked with **112** local schools - _The Killing of Sister George_ , written by Frank Marcus and directed by Paul Hunter - We worked with **143** Young Carers across Staffordshire - _Ladies Down Under –_ written by Amanda Whittington and directed by Marieke Audsley ## Spotlight on... Artistic Excellence: The Nutcracker Our Christmas show, an adaptation of _The Nutcracker_ , was produced on a bigger scale than ever before. Audiences joined Marie and the charming Nutcracker Prince on an enchanting journey through a land of sugar spun snowflakes to find themselves in the Kingdom of Sweets, a mystical realm where toys come to life! The show included ballet and classical music alongside trade-mark New Vic storytelling and was seen by 35,408 people over 86 performances. _**"Sumptuous production imbued with contemporary resource"**_ The Stage on _The Nutcracker_ . ## Spotlight on... Artistic Excellence: Astley's Astounding Adventures September saw a revival of _Astley's Astounding Adventures_ in celebration of the 850th anniversary of Newcastle-under-Lyme receiving its Royal charter. The show told the story of local hero Philip Astley; born in Newcastle-under-Lyme, he became the international impresario that invented circus - the spectacular phenomenon that continues to capture the hearts of millions of people all over the world. This new, improved and much more ambitious revival returned by popular demand, and allowed us to launch our new circus and theatre programme. Working in partnership with leading circus and aerial company Upswing, the circus elements of the show were enhanced to create a spectacle for the audience. _**"entertaining, hugely inventive, family-friendly show"**_ The Stage on _Astley's Astounding Adventures_ . ## Spotlight on... Supporting Emerging Creative Talent: Kiln Sparks programme Kiln Sparks, a one-week backstage training programme led by the New Vic in association with New Earth Theatre, launched in Summer 2023 to provide an exciting opportunity for emerging theatre practitioners from under-represented groups to gain first-hand experience of working behind-the-scenes in a midscale producing theatre, specifically in-the-round. Led by New Vic Associate Director Vicki Dela Amedume MBE, participants explored the operation of lighting and sound desks, worked alongside directors and tried their hand at theatre design. _**"Everyone was so happy to help us keep learning. From updating schedules to adding more sessions to ask questions and get 1-1 time with the professionals in the theatre. Everyone was willing to take time to teach us practical skills, so it's been amazing"**_ Kiln Sparks Participant Photos opposite: (top) L-R: Abigail Middleton, Edwin Cheng and Clara Darcy in _The Nutcracker_ 2023 (Photo by Andrew Billington); (bottom) L-R: Rafiq Ffinch-Shah, Darcy Braimoh and Lee Partridge in _Astley's Astounding Adventures_ 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 9 8 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## PLACESHAPING **Through all of our cultural programmes we aim to define, animate and shape our area and perceptions of it – impacting positively on health and wellbeing, community cohesion, and contributing to creating a distinctive identity and cultural offer.** **Our community and education teams – New Vic** _**Borderlines**_ **and New Vic Education – work with some of the most disadvantaged young people in our area – children with physical and learning disabilities, looked after children, young carers, young people caught up in the criminal justice system, members of marginalised communities, unaccompanied refugee and asylum seeking children – using theatre to help individuals to find new and positive ways to understand themselves, their communities and the impact they can make themselves for their communities.** ## Spotlight on... Our Circus Programme: Circus Flavours _Circus Flavours_ visited the Six Towns Carnival, The Potteries Centre, Smithfield and Appetite's _The Big Feast_ in Hanley across the summer. A high energy experience offering those aged seven and over the chance to live out their dreams of joining the circus saw participants watch a breathtaking performance from Upswing's Associate Artists, before getting to 'have a go' themselves. Part of a new annual programme established by the New Vic and award-winning contemporary circus company Upswing, along with _Circus Flavours_ a Circus Summer School was held for care leavers at the theatre in August, designed to encourage participants to explore and develop their circus skills and meet new friends. **New Vic** _**Borderlines**_ **reached over 11,751 people including 6,733 children and young people. Highlights during the year included:** - **The Sunflowers Project** , a new programme of activity with the aim of engaging Ukrainian families in the area and providing a cultural, creative and therapeutic space, for joy, laughter, respite and support. The group set about creating and rehearsing their own 'Vertep', a Ukrainian nativity story which was performed in December. The group also took part in _Borderlines 'Fab Food and Folktales'_ holiday activities where they shared traditional Ukrainian fairy tales. The project culminated in a peace vigil held in the New Vic Peace Garden where the national tree of Ukraine (Viburnum) was planted by the whole group. - _**Yizkor**_ , a New Vic _Borderlines_ documentary-drama, was revived in January to mark United Nations Holocaust Memorial Day 2024. Set in a Shtetl in Eastern Europe, _Yizkor_ follows the experiences of teenagers Ariella and Moshe between May 1939 and 1944 and gives audiences insight into a community all but wiped out as a result of the Holocaust. The piece was created from testimonies and diary entries of real teenagers during the Holocaust, and includes contributions from Val and lbi Ginsburg, survivors of Auschwitz and Dachau concentration camps. An interactive discussion followed each performance, hosted by Aida Haughton MBE, UN Translator and a Bosnian war survivor, during which the Holocaust Memorial Day Trust 2024 theme Fragility of Freedom was explored. - The trailblazing work of New Vic Theatre's _Borderlines_ programme was recognised this year with a national award, as the Association of British Theatre Technicians (ABTT) named them the winners the Stephen Joseph Award for 2023. New Vic _Borderlines_ was handed the award for its _'sustained ground-breaking work in inclusive and socially relevant theatre, created with marginalized communities and reaching audiences beyond the mainstream'_ . They were presented with a certificate and specially designed mini 'theatre in-the-round' - bronze trophy during a celebration at the Gillian Lynne Theatre in London's West End. ## **Our Appetite programme continued to engage more people in our area in the arts for the first time. Work included:** - Appetite supported FRONTLINEdance's Explorers to bring their multi-sensory, wondrous adventure to Newcastle Common in March. The workshop brought to life two stories, with dance, colour, sound and teamwork. The fully inclusive contemporary dance performance and participatory show was relaxed, accessible and fun for all! - The 2023 _Big Feast_ Festival was attended by an audience of 9,401 people enjoying performance, music and dance over two days of the August Bank Holiday. This year we refined our access provision working with communities to discover what they needed in advance, with what lead time and in what format. We also offered hosted visits for those who would benefit from having a friendly face guide them around in a bid to remove as many barriers as possible for those wanting to attend. The event was supported by 368 volunteer hours given by our volunteer team. Photo: Danielle Henry and members of Newcastle Tri-Club team in _A Play For The Living In A Time of Extinction_ 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 10 11 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## Diversity and Inclusion **We work to reflect the voices and diversity of our communities through:** - **our work on stage** - **the people who work with and volunteer with us** - **the people who lead our organisation** - **our audiences and** ## **participants** Our ambition is to achieve greater diversity, both on and off stage, and to include the communities of Newcastle-under-Lyme, Stoke-onTrent and Staffordshire as decision makers and partners across all of our work. ## Making our work accessible to all **Addressing physical, economic, social and cultural barriers to access and enabling the involvement and engagement of diverse communities in all aspects of theatre and the arts.** ## This included: We ensured that ticket price was never a barrier to attendance during the year. All ticket prices were kept low due to the investment of our funding partners and our own fundraising. Young people were able to access free tickets and people in receipt of relevant benefits were able to get tickets for only £2. Participants on our community engagement programmes had access to free tickets and support to attend the theatre. **low incomes and to remove the economic barrier to participation and attendance by disabled people. There are specific pricing schemes designed to increase access for:** - **The provision of Audio Described, captioned and interpreted performances where possible in the year.** - **students** - **under 16s (who made up over 25% of attendances at performances)** - **In setting admission prices the Trustees take account of the Charity Commission's guidance on public benefit and fee charging, seeking to maximise access to the Trust's work by those on** - **over 65s** - **people in receipt of means-tested benefits** - **disabled people and their carers/companions.** Spotlight on... Punjab to the Potteries In August, the New Vic Theatre celebrated the Punjab to the Potteries project with a play reading of two new short plays, commissioned by Appetite and New Vic, inspired by the journeys of local people whose families began their story in the Punjab region before settling in The Potteries. Two playwrights with strong ties to the South Asian community - Shahid Iqbal Khan and Sarah Bedi each created a 30 minute play influenced by the memories, oral histories and mementoes of the people they met in Stoke-on-Trent and Newcastleunder-Lyme. Included as part of the celebration evening was a photographic exhibition including work by Sam lvin and Val Bansal who originated the ideas behind the Punjab to the Potteries project. Photo opposite: Daniel Murphy in _Marvellous_ , (Photo by Andrew Billington) Photo top: L-R: Arinder Sadhra, Pushpinder Chani and Jessica Kaur Chayanpreet in _Punjab to the Potteries_ 2023 (Photo by Jenny Harper); Photo bottom right: Members of the _Punjab to the Potteries_ Exhibition 2023 (Photo by Jenny Harper) Annual Report and Financial Statements | 2023/24 Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) 13 12 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## ASPIRATION **Our cultural education programmes worked to increase aspiration and achievement. And our aim is to make sure every local child has access to high quality theatre, so we work closely in partnership with schools, universities, voluntary and statutory bodies, identifying need and working together to make a difference.** the world; develop their own creativity; build skills, knowledge and ability; whilst valuing and nurturing their imagination. **We continued to provide opportunities for young people** , through the work of our _Borderlines_ and Education departments for both theatregoing and theatre-making, ensuring that the necessary resources were found to make this possible, including working with more artists with specialist skills in engaging younger people in the arts. Through our Education and _Borderlines_ departments, we delivered a range of work for schools, colleges, community halls, youth centres, libraries, children's centres and outdoor spaces. Young people engaged as co-creators as well as participants. Our work with and for children and young people formed a central part of our artistic activity, ensuring opportunities to engage with art and culture; to explore, understand and challenge Our proactive and outwardlooking approach ensured that children and young people from all parts of our community, including the most seriously disadvantaged, were able to engage with the arts. ## Spotlight on... Free Family Activities... Dr Dolittle In March 2024 New Vic Education developed a short touring play based on the novel ' _Dr Dolittle_ ' which was performed at 5 libraries and visitor attractions across Stoke-on-Trent and Newcastleunder-Lyme. The play was an interactive show designed to entertain and delight small children. Through this production we hoped to inspire children to engage in imaginative storytelling, help young families with free activities as part of their weekend plans, and encourage more visitors to local attractions, and through them to increase support for surrounding businesses. Each performance was a sell-out and thoroughly appreciated both by the audiences and venue staff, who were thrilled to see their sites animated by the show. _"It was absolutely fantastic, a super introduction for children to become interested in the theatre. Excellent for children's confidence and creativity!"_ Audience Member Highlights during 23/24 the year included: _**Tale Trail to the Nutcracker**_ allowed our youngest audiences to experience the magic of our Christmas show through an interactive experience led by two actors. 3-5 year olds and their families were invited to immerse themselves in the world of the Nutcracker, following the characters through the forest and into the land of sweets. Each year we continue to develop our knowledge and skills, making the performance as inclusive as possible, incorporating sensory elements and sign language throughout to ensure it can be enjoyed by all. The RSC's _**37 Plays**_ national playwriting project, celebrating the anniversary of Shakespeare's first folio partnered with the New Vic, where two of the selected plays received rehearsed readings at the theatre, directed by resident Assistant Director Polly Wain. Molly Cartwright from Stafford and Tim Wallers from Ludlow heard their words brought to life by a cast of local community performers as part of the competition which promoted new writing nationwide. Photo above: Amy Parker in _The Miner Birds_ 2023 (Photo by Andrew Billington) Photo opposite: Lynne Payne in _Dr Dolittle_ 2024 (Photo by Jenny Harper) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 15 14 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## Entrepreneurial Charity Our financial planning for 2023/24 aimed to ensure that our continued recovery from the pandemic was sustained and took advantage of new opportunities to develop our work. This was a challenging year for communities as the cost of living increased, and our audiences and participants, experiencing higher energy and food costs, needed by necessity to make difficult choices about family spending. Partnership funding was key to enabling us to continue delivering work for beneficiaries throughout the year. ## Environmental Impact **We recognise that climate change needs to be tackled urgently and our current priority actions include:** • Carrying out a further programme of environmental improvements focused on new and energy saving technologies, particularly focused on heating and energy use - see our future plans section. • Increasing the amount of materials we recycle and investigating the use of more sustainable materials in our production processes. We are adopting practices from the Theatre Green Book UK, the grassroots initiative that sets common standards for sustainable theatre across all areas of theatre practice and operation, aimed at supporting the UK theatre sector to reach net zero by 2030. - Working to ensure that operating costs and overheads are as low as we can make them so that we can direct the maximum percentage of our resources to achieving the aims and objectives in our business plan, our artistic, community and education work. - Continuing to maintain our wildlife garden and support biodiversity within our urban environment. - Engaging with our supporters, partners, sponsors and funders to let them know that we are working towards improving our environmental performance and putting strategies in place to enable them to be part of this. ## Fundraising We continued to develop our individual, regular giving scheme - New Vic Patrons. The scheme is designed to engage regular theatregoers in a long term, philanthropic relationship with the theatre, making regular donations with the aim that these donations will continue over extended periods of time. Over 360 people now make regular donations to our work as a Patron. None of our work would happen without our larger funding partnerships and we have been pleased to continue our work thanks to generous funding donations from: - The Denise Coates Foundation - The Chartley Foundation - The John Ellerman Foundation - National Lottery Community Fund - NHS Charities Together We are grateful for the significant contributions made to our work by Arts Council England, Newcastle-under-Lyme Borough Council, Staffordshire County Council and Stoke-onTrent City Council. ## New Vic Projects New Vic Projects is the charity's subsidiary company delivering catering and associated ancillary trading activities. Trading surplus is directed towards the charitable activities of the organisation. The service provided by the subsidiary remains essential to the experience of theatregoers, and community and education participants. The subsidiary company continues to improve trading results and returned a surplus profit at year end. ## Volunteers The New Vic is a volunteer-led organisation and volunteers make an enormous contribution to our work. During the year 110 volunteers gave 11,061 hours of their time to work with us on behalf of the charity and their support and input was vital. Photos: (top) Youth Theatre participants in rehearsals 2024 (Photo by Andrew Billington); (bottom) Youth Theatre participants in rehearsals 2024 (Photo by Andrew Billington) Annual Report and Financial Statements | 2023/24 Photo: L-R: Rina Fatania, Ada Player and Hayley Carmichael in _The Killing of Sister George_ 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) 16 Report of the Directors including Strategic Report for the year ended 31 March 2024 17 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## Plans for Future Periods Horizons Project, working with Ukrainian and Afghan children living in Staffordshire, Stokeon-Trent and East Cheshire to help them find security and optimism in the UK and gain confidence, skills and qualifications. ## **Activity** Our work for the year ahead includes: We continue to develop our work and reach through the investment of major funding partners Arts Council England and Denise Coates Foundation. During the year Trustees will work to set an updated forward strategy that builds on the strengths and successes of the past five years. The new fiveyear strategy will recognise our increasing our ambitions around: • A comprehensive program of theatre, community, and educational activities in Newcastle-under-Lyme, Stoke-on-Trent, Staffordshire, and surrounding areas. This initiative emphasizes quality and innovation, addressing the evolving needs and priorities of our communities, while also tackling the new challenges brought about by rising living costs and increased financial pressures. • Our Education programme will embark on a new project working in Bentilee aiming to increase community activity and pride in the local area, tackling loneliness and increasing volunteering. Plans for _Tale Trail_ continue to strive to make the show fully accessible, this year we plan to be supported by a neurodiverse Assistant Director, who will use lived experience to inform and guide our production process. - 1 Theatre-making 2 Place-making - 3 Health AND Wellbeing • An artistic programme that delivers high quality artistic work, including continuing to develop work for young people and their families. - 4 Learning - Delivering the third year of - and their families. activity as part of a successful - • The Denise Coates Foundation bid to the Arts Council continues to support our England, Creative People & theatre-making and our work Places National Portfolio with disadvantaged young Organisation programme. This people and communities brings our work across Stokeincluding work with local on-Trent and Newcastle-underLooked After Children who Lyme together under one will have the opportunity programme strand, including through performances to arts festivals, performance reach audiences who will help and exhibitions - part of a them shape their own futures continuing programme of through policy making. community engagement and - • Our _Borderlines_ programme consultation with local people, will continue delivery of many getting involved in the projects addressing social arts for the first time. This development will set out the Trust's key aims and objectives alongside our plans for our Artistic programme including the work of New Vic _Borderlines_ , New Vic Education and Appetite and ways in which we plan to develop audiences and participants for our work. - Our _Borderlines_ programme will continue delivery of projects addressing social inequality and diversifying access and engagement in the arts including a new Brighter ## Environmental Future In summer 2024, we begin a programme of environmental improvements that will focus on energy use reduction across the theatre, using cutting edge technology to manage heating and ventilation plant demand. These targeted environmental improvements include upgrading current windows to make them more efficient, and removing original, inefficient boilers, replacing them with modern energy efficient, controllable units . Solar panels and a smart heating control system with individual room control will also be installed to significantly reduce energy usage and costs. The New Vic will be the first theatre company to work with the internationally recognised, ground-breaking Keele University Environment Team on a capital investment programme of this type and will be key partners at each stage of the project. ## Circus Future Our circus programme in partnership with award-winning circus company Upswing will focus on work with young people throughout the coming year. Building on the legacy of Philip Astley the founder of the modern circus and famous son of Newcastle-under-Lyme, the annual programme of work fuses contemporary circus with theatre. _The Company of Wolves_ September 2024. A rare stage adaptation of this fascinating gothic horror tale, this new production will combine innovative theatrical storytelling with contemporary circus to bring Carter's work to life for a new generation _celebrating the skills and talents of circus artists through exciting new performance, engagement and professional development projects."_ - Two circus skills summer schools, widening access to cultural opportunities for communities, including young people at risk of exclusion Highlights from the coming year of the programme will include: Upswing Artistic Director and New Vic Associate Director Vicki Dela Amedume MBE said: _"I'm so excited that we are now able to develop this relationship further to create an annual programme of work that will allow us to be even more ambitious, more inventive,_ • Site specific performances of Upswing's _Circus Flavours_ for audiences and participants of Newcastle-under-Lyme and Stoke-on-Trent. - A brand-new stage production of Angela Carter's Photo opposite: Laura Wohlwend and David Djemal in _Yizkor_ 2024 (Photo by Andrew Billington) Photo top: Isobel Whitcomb in _Tale Trail to The Nutcracker_ 2023 (Photo by Andrew Billington) Photo bottom: Participants in a workshop for _Circus Flavours_ 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 19 18 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## **The directors are pleased to present their consolidated report and financial statements for the year ended 31 March 2024.** ## PRINCIPAL ACTIVITY The principal activity of the Group is the provision of theatre and creative education and community activities. New Victoria Theatre Projects Limited runs the bar, catering and retail activities inside the theatre building. New Vic Theatre Productions is currently dormant and available to be used to deliver theatre production commissions on behalf of the parent company. ## **Related parties** The charitable company has two wholly owned subsidiaries, New Victoria Theatre Projects Limited and New Vic Theatre Productions Limited, both of which are companies limited by shares. ## STRUCTURE, GOVERNANCE AND MANAGEMENT is in place to support the Board's work. ## **Governing Document** ## **Recruitment and** ## **Appointment to Board of Directors** The organisation is a company, limited by guarantee, having no share capital. The Board remains the decision-making body of last resort, receiving regular reports from the officers and approving all major financial and operational decisions. It delegates the day-to-day responsibility for the provision of services to the Artistic Director and the Managing Director, the joint Chief Executives. In partnership they are responsible for ensuring that the charity delivers the services specified, that key performance indicators are met and that the charity's financial position is secure. They are supported by the senior managers: Head of Marketing and Communications, Head of Finance, Director of New Vic _Borderlines_ , Head of New Vic Education, Head of Production, Appetite Director, Associate Director, Head of Fundraising and Development, and Theatre Manager. The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association one third of the members of the Board, or the nearest number to one third of their number if not divisible by three, must retire from office at each Annual General Meeting. Retiring members are eligible for re-election. It was incorporated on 28 July 1967 and registered as a charity on 31 July 1967. The charitable company was established under a Memorandum of Association which established its objects and powers, and it is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. During the year Directors continued a board development programme that aims to build on existing strengths to put the board in the best position to face the economic, social and cultural environment in which it operates. ## **Organisational Structure** The charitable company operates from the New Vic Theatre. The Board meets in formal sessions 4 times a year to determine overall policy and overview the furtherance of the charity's objects. Members of the Board are appointed by the Trust in consultation with stakeholders. A schedule of sub-committees This work has resulted in a new board recruitment protocol that embraces best practice to ensure a strong and diverse board is in place for the future. The first new trustees recruited under this new protocol will join the board in 2024. ## **Trustee Induction and Training** - New Trustees are invited to meet key staff and undergo an induction schedule, including an introduction to the building and our work. Trustees are expected to regularly attend the Trust's activities and specific opportunities are arranged to familiarise Trustees with different aspects of the Trust's work. Throughout the year invitations to attend a range of theatre, education and community events are made to Trustees. ## **Public Benefit** The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011, by referring to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the charity and in planning its future activities. The trustees consider how all existing and planned activities will contribute to the aims and objectives set out in its governing documents. Pages 4 to 14 of this report demonstrate how our activities impact and fulfil our public benefit objectives. ## **Fundraising Statement** The New Vic carries out a variety of fundraising activities, approaching individuals and companies for support and sponsorship as well as Trusts and Foundations to help to fund the creative work of the theatre, as well as the education and community work that reaches into our community. From time to time we may employ a professional fundraising agency to undertake telephone fundraising activity on our behalf. Our policies and approach to fundraising are as follows; - We are registered with the Fundraising Regulator and comply with the Codes of Fundraising Practice. We keep abreast of any updates to regulations and enforce change where necessary. - We have a policy in place to protect vulnerable people. We ensure that the details of this policy are enforced throughout all fundraising activities and with all parties. • Before the appointment of a third-party fundraising supplier, we carry out appropriate financial checks, and research their other charity clients to ensure that their practices meet out ethical criteria. Once appointed, strict stewardship of the relationship is applied, which includes daily discussions regarding any issues and regularly listening in to calls for example. - We ask donors about the regularity and tone of our fundraising asks and respond accordingly. - We gain explicit consent for the - use of customer's data when booking tickets over the phone or via email. Opportunities to update communication preferences or opt out of communications are signposted on each communication. - Only customers with explicit consent given for telephone communications are contacted for fundraising asks. Data is screened against the Telephone Preference Service (TPS) and for customers whom we know are on TPS, but have indicated they would receive calls from the New Vic, we check with the customer they are still happy to receive calls in this way at the beginning of each contact. - We do not share data with a third party, unless we have been given explicit consent by the customer to do so with specific partners. We never sell data, in line with our Privacy policy. - During 2023/24 New Vic Fundraising received 0 complaints. Our donors and supporters are at the heart of the work of the theatre. We strive to build excellent 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 standards in these communications. We stand by the principles set out in our supporter promise. Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 20 21 Report of the Directors including Strategic Report for the year ended 31 March 2024 Report of the Directors including Strategic Report for the year ended 31 March 2024 ## Financial Review Total incoming resources for the year were £4,592,475 (2023: £3,721,986) (excluding restricted funds). Total outgoing resources were £4,642,407 (2023: £3,628,682) excluding restricted and designated funds. ## **Principal Funding Sources** The principal funding sources during the year under review were: **£** Arts Council England ................................. **1,149,557** The statement of financial activities shows that there was a deficit (net movement in funds) for the year of £49,932 (2023: surplus £93,304) against unrestricted funds, which represent our day-today operating activities. The organisation currently plans for a deficit budget as it allocates designated reserves towards its artistic and community activities. Newcastle-under-Lyme Borough Council .............. **25,000** Staffordshire County Council ................................... **35,700** Stoke-on-Trent City Council ................................... **25,000** ## **Investment policy** Trustees, having sought appropriate advice, are mindful of their obligations under general trust law and relevant legislation to seek to protect the long term 'real' value of the assets they administer, whilst maximising income. After net (losses)/gains on investments and taxation there is a surplus of £404,022 (2023: £297,218). There is a net transfer of £128,230 to the designated reserves. This represents funds set aside for Artistic development which will be spent in 2024/25. Due regard is given to the need to take a long term view which may, for specific periods, involve generating a lesser current income in the interests of perceived greater capital protection and/or growth. The trustees' policy sees a distinction between short-term and long-term funds. The consolidated general reserve carried forward therefore now stands at £1,146,077 (2023: £870,285). This meets the charity's aim of a general reserve that is sufficient cover 2-months operating costs. Short term funds are held to provide financial security and may be required at short notice. As such significant capital volatility cannot be tolerated and investment of these assets will focus on minimising this. In respect of any funds considered to be long-term in nature, the trustees see their long term aim as requiring a balance of income and capital return. Their desire is to ensure that future generations are able to benefit from the charities' resources, at least to a similar extent as present beneficiaries. To this end, the trustees manage a series of reserve funds; each fund having a specifically designated purpose and where the source of the invested capital can be traced to a particular, clearly defined charitable object. Trustees have appointed Castlefield Investment Management to help them meet their strategic investment aims. ## **Investment performance** There was a net gain on investment assets of £51,768 in 2023/24 compared to a net loss of £116,684 in the previous year. The investment strategy puts emphasis on the diversification of investment assets and protection of capital and this movement reflects movements in markets. ## **Reserves policy** In the light of the Public Funding received by the Trust, the Board considers it to be appropriate to devote its resources fully to the delivery of the services for which public funding is received. It does not therefore seek to divert income to build substantial general reserves. However, the Board recognises the benefit of the additional security that would accrue from the holding of appropriate reserves and intends, as and when the Trust's financial circumstances allow and reserves for specific purposes to enable the company to deliver its charitable purposes in the most effective and sustainable way. sufficient money is set aside for the refurbishment and maintenance of the theatre buildings, fixtures and equipment. subject to the agreement of the funding bodies, to seek to achieve sufficient general reserves to cover 2-months operating costs. The general reserve currently meets this target. The free reserves stand at £997,392. The free reserves represent the charitable company's general reserves less an amount relating to the charitable company's net book value of tangible fixed assets, excluding short leasehold property. The organisation's Business Plan is predicated on investment in our work for audiences and participants and once targets for General Reserves are met any surplus generated will be reinvested in our artistic work through designated development funds. ## **A Capital Development** **Our Building Futures Fund** of £193,700 (2023: £233,700) represents monies raised to support our work with young people and local communities and ensure the future of our visionary community programmes. **Fund** is held to improve the facilities required for the group's activities. A substantial part of the fund, (the long term fund) which stands at £410,880 (2023: £451,968) was committed to the construction of the building, Workspace, which provides improved and expanded facilities for education and outreach activities as well as additional on-site storage for costumes and props. Over time this will reduce to zero as the assets are fully depreciated. The remaining part of the fund (the short term fund) which stands at £318,252 (2023:£318,252) ensures that Our work on stage is at the heart of our activities, and our £1,859,467 (2023: £1,731,237) **Artistic Development Fund** enables the development of artistic work, enhancing the scale and ambition of that work and enabling audience growth. This will in return enhance box office receipts which can in turn be reinvested. ## **Designated reserves** The theatre has designated ## PRINCIPAL RISKS AND UNCERTAINTIES and services. It states that it is unlawful to discriminate directly or indirectly because of any of the nine 'protected characteristics' in the Equality Act 2010. These are: age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation. operational risks which the organisation faces across a number of specific areas. The rising cost of living and impact for beneficiaries and delivering services are included at the highest level in risk management and forward planning. Other areas of risk management planning include: ## **Employees and Employment Policy** Trustees are grateful to the staff and artists who work for the group. The success of the group relies on their expertise and commitment. The Board is committed to a policy of equal opportunity in its employment practices. It is the group and company's policy to offer equal opportunity to persons applying for vacancies from all sections of the community having regard to their aptitudes and abilities in relation to the positions for which they apply. - Artistic development and delivery The Remunerations Committee meets annually to review and agree any pay increases, including for Senior Executives. Local and national benchmarks are considered as part of this process. - Business income and fundraising - Technology - Financial control and management information - Human resources and health and safety ## **Internal Control and Risk Management** New Vic Theatre complies with the requirements of the Equality Act 2010 which covers the fields of employment, facilities, goods - Regulatory and legislative The Board has considered the major strategic, business, and - Data and cyber - Customer care Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 23 22 Report of the Directors including Strategic Report for the year ended 31 March 2024 Statement of Trustees’ Responsibilities audit information and to establish that it has been communicated to the auditor. Audit, Investment and Risk subcommittee meets a minimum of twice yearly and includes a review of financial risk in its remit. Trustees regularly review individual organisational risks as part of their activities. Alongside this Trustees receive twice yearly reports identifying the key strategic risks faced by the Trust, their potential impact and likelihood of occurrence together with action already in place to mitigate their impact and reduce the likelihood of their occurrence and future action under consideration. The report of the Directors and Strategic report were approved by the directors and signed on their behalf by: ## **Statement as to disclosure of information to auditors** The directors have confirmed that, as far as they are aware, there is no relevant audit information of which the auditors are unaware. Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors, in order to make themselves aware of any relevant ## **Bryan Carnes MBE** Risk Management is a key component in the Trust's decision making, in particular the approval of the Business Plan and annual budgets. In addition, the Chair of the Board of Trustees Date: 25 September 2024 ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES ## **For the year ended 31 March 2024** The trustees, who are also directors for the purposes of company law, are responsible for preparing the Report of the Directors' including the Strategic Report and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepting Accounting Practice). The directors are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and charitable company and to enable them to ensure that the consolidated financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Company law requires the directors to prepare consolidated financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including income and expenditure, of the charitable group for that period. In preparing those financial statements, the directors are required to: The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charities SORP 2015 (FRS 102); - Make judgements and estimates that are reasonable and prudent; and - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Photo: L-R: Jo Patmore, Kate Wood, Tanya-Loretta Dee and Annie Kirkman in _Ladies Down Under_ 2024 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 25 24 Independent Auditor's Report Independent Auditor's Report ## 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 2024 (Registration number: 0911924)** - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ## **Opinion** ## **Conclusions relating to going concern** We have audited the financial statements of Stoke-on-Trent and North Staffordshire Theatre Trust Limited (the 'parent charitable company and its subsidiaries (the 'group')') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities (including the Consolidated Income & Expenditure Account), the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. - have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. ## **Basis for opinion** We conducted our audit in Income & Expenditure Account), accordance with International the Consolidated and Company Standards on Auditing (UK) Balance Sheets, the Consolidated Statement of Cash Flows and (ISAs (UK)) and applicable law. notes to the financial statements, Our responsibilities under those including a summary of significant standards are further described accounting policies. The financial in the Auditor's responsibilities for the audit of the financial reporting framework that has statements section of our report. been applied in their preparation We are independent of the group is applicable law and United and parent charitable company Kingdom Accounting Standards, in accordance with the ethical including FRS 102 "The Financial requirements that are relevant Reporting Standard applicable in to our audit of the financial the UK and Republic of Ireland" statements in the UK, including (United Kingdom Generally the FRC's Ethical Standard and Accepted Accounting Practice). we have fulfilled our other ethical In our opinion the financial responsibilities in accordance statements: with these requirements. We • give a true and fair view of believe that the audit evidence the state of the group's and we have obtained is sufficient and parent charitable company's appropriate to provide a basis for affairs as at 31 March 2024 our opinion. and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the Report of the Directors and Strategic Report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Report of the Directors and Strategic Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Directors Report, which includes the Directors' Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Directors' Report and the Strategic Report included within the Directors Report have been prepared in accordance with applicable legal requirements. Photo opposite: L-R: Katarina Kristic, Christina Bain and Stasha Dukic in _My Thousand Year Old Land_ 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 26 27 Independent Auditor's Report Independent Auditor's Report ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report or the Strategic Report included within the Directors' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: - adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' responsibilities set out on page 21, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give on the basis of these financial statements. a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. ## **The extent to which the audit was considered capable of detecting irregularities,** ## **including fraud** In preparing the financial statements, the trustees are responsible for assessing group's and parent the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the parent charitable company or to cease operations, or have no realistic alternative but to do so. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. As part of our planning process: - We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud. ## **Auditor’s responsibilities for the audit of the financial** ## **statements** We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts. • We obtained an understanding Our objectives are to obtain of the legal and regulatory reasonable assurance about frameworks applicable to the whether the financial statements charity. We determined that the as a whole are free from material following were most relevant: the misstatement, whether due to Charity SORP, FRS 102, Charities fraud or error, and to issue an Act 2011, Companies Act 2006. auditor's report that includes our • We considered the incentives opinion. Reasonable assurance is a and opportunities that exist high level of assurance, but is not a in the charity, including the guarantee that an audit conducted extent of management bias, in accordance with ISAs (UK) which present a potential for will always detect a material irregularities and fraud to be misstatement when it exists. perpetuated, and tailored our Misstatements can arise from risk assessment accordingly. fraud or error and are considered • Using our knowledge of the material if, individually or in the charity, together with the aggregate, they could reasonably be expected to influence the discussions held with the economic decisions of users taken charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. • Obtaining third party confirmation of material bank balances. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at **http://www.frc.org. uk/auditorsresponsibilities** . This description forms part of our auditor's report. - Documenting and verifying all significant related party balances and transactions. The key procedures we undertook to detect irregularities including fraud during the course of the audit included: - Reviewing documentation auditor's report. - such as charity board minutes for discussions of irregularities **Use of our report** including fraud. - Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the parent charitable company's trustees as a body in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. - Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. - Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates. - Assessing the extent of compliance, or lack of, with relevant laws and regulations. - Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds. **Karen Staley FCA BSc (Hons) (Senior Statutory Auditor)** For and on behalf of Geens Limited, Chartered Accountants and Registered Auditors Graphic House 124 City Road Stoke on Trent ST4 2PH 25 September 2024 Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 29 28 Consolidated Statement of Financial Activities Consolidated and Company Balance Sheet ## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ## CONSOLIDATED AND COMPANY BALANCE SHEET ## **(Registration Number: 0911924) as at 31 March 2024** ## **(Including consolidated income and expenditure account) for year ending 31 March 2024** **----- Start of picture text -----**
Unrestricted funds Restricted 2024 2023
General Designated Funds Total Funds Total Funds
Income from Note £ £ £ £ £
Donations and
legacies 3 2,022,915 – 598,083 2,620,998 1,770,522
Charitable activities 4 1,834,335 – – 1,834,335 1,969,041
Other trading
activities 674,481 – – 674,481 590,378
Investments 6 50,744 – – 50,744 23,244
Other 7 10,000 – – 10,000 –
Total income 4,592,475 – 598,083 5,190,558 4,353,185
Expenditure on
Raising funds (689,728) – – (689,728) (594,940)
Charitable activities 8 (3,952,679) (81,088) (809,674) (4,843,441) (4,331,806)
Total
expenditure (4,642,407) (81,088) (809,674) (5,533,169) (4,926,746)
Net income before gains
and losses on investments
and taxation (49,932) (81,088) (211,591) (342,611) (573,561)
Taxation 13 402,186 – – 402,186 320,598
Net (losses)/gains
on investments 15 51,768 – – 51,768 (116,684)
Net income for the year 404,022 (81,088) (211,591) 111,343 (369,647)
Transfers between
funds 23 (128,230) 128,230 – – –
Net movement in funds 275,792 47,142 (211,591) 111,343 (369,647)
Fund balances at the
beginning of the year 870,285 2,735,157 3,333,866 6,939,308 7,308,955
Fund balances at
the end of the year 1,146,077 2,782,299 3,122,275 7,050,651 6,939,308
**----- End of picture text -----**
All income and expenditure derive from continuing activities. The comparative figures for each fund are shown in the notes to the accounts. **----- Start of picture text -----**
Consolidated Company
2024 2023 2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 14 3,411,372 3,503,724 3,400,191 3,498,189
Investments 15 2,184,247 2,110,497 2,184,247 2,110,497
5,595,619 5,614,221 5,584,438 5,608,686
Current assets
Investments 16 – – 2 2
Stock 17 27,276 27,794 – –
Debtors 18 942,858 702,725 1,050,037 743,809
Cash at bank and in hand 1,270,316 1,875,958 1,094,122 1,794,515
2,240,450 2,606,477 2,144,161 2,538,326
Liabilities
Creditors falling due in one year 19 (785,418) (1,281,390) (727,113) (1,227,753)
Net current assets 1,455,032 1,325,087 1,417,048 1,310,573
Total net assets 7,050,651 6,939,308 7,001,486 6,919,259
Represented by:
Unrestricted income funds
General 20 1,096,912 850,236 1,096,912 826,118
Non charitable trading funds 20 49,165 20,049 – –
Designated 20 2,782,299 2,735,157 2,782,299 2,759, 275
Restricted 21 3,122,275 3,333,866 3,122,275 3,333,866
7,050,651 6,939,308 7,001,486 6,919,259
**----- End of picture text -----**
The group financial statements consolidate the results of the charitable company and its wholly owned trading subsidiary New Victoria Theatre Projects Limited (Company number 01949564) on a line by line basis and accounting policies are uniform across the group. A separate statement of financial activities and income and expenditure account are not presented for the company itself following exemptions afforded by section 408 of the Companies Act 2006 and paragraph 304 of the SORP 2015 (FRS 102). The profit of the company for the year ended 31 March 2024 is £82,227 (2023: £385,978 loss). A summary of the financial statements of the charity itself is included in note 2. The financial statements were approved by the Board of Directors on 25 September 2024 and signed on its behalf by: **Colin Barcroft** Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 30 31 Consolidated Statement of Cash Flows Notes forming part of the Financial Statements ## Consolidated STATEMENT OF CASH FLOWS ## Notes to the financial statements ## **For the year ended 31 March 2024** ## **For year ending 31 March 2024** |||**Consolidated**| |---|---|---| ||**2024**|**2023**| |**Note**|**£**|**£**| |**Cash flows from operating activities:**||| |Net cashgenerated from operatingactivities
**28**|(712,956)|(507,582)| |**Cash flows from investing activities:**||| |Payments to acquire tangible fixed assets|(94,644)|(1,014)| |Interest and dividends|50,744|23,244| |**Net cash flow from investing activities**|(43,900)|22,230| |**Taxation**|151,214|48,226| |**Net movement in cash and cash equivalents**|(605,642)|(437,126)| |**Cash and cash equivalents at 1 April 2023**|1,875,958|2,313,084| |**Cash and cash equivalents at 31 March 2024**|**1,270,316**|**1,875,958**| ## **1 Accounting policies** ## **1.1 Basis of preparation** Stoke-on-Trent and North Staffordshire Theatre Trust Limited is a private company, limited by guarantee having no share capital. The company registration number is 0911924. In the event of being wound up the liability in respect of the guarantee is limited to £1 per member of the charity. It is a registered charity in England and Wales with registration number 253242. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to offer an accessible, high quality theatre experience to as wide a range of audiences and participants as possible and also be part of the social and economic regeneration of our region by raising aspiration and achievement; reducing criminal and anti-social behaviour; making this a better place to live, work and do business. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis under the historical cost convention, unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **1.2 Going Concern** Arts Council England continues to be a significant funding partner for the charity with strategic investment through the National Portfolio committed for 3 years to March 2026. Having also assessed future financial forecasts and the current available cash reserves of the group the Trustees have concluded that the going concern basis remains appropriate for the preparation of these financial statements. ## **1.3 Group financial statements** The group financial statements consolidate the results of the charitable company and its wholly owned trading subsidiary New Victoria Theatre Projects Limited (Company number 01949564) on a line by line basis and accounting policies are uniform across the group. A separate statement of financial activities and income and expenditure account are not presented for the company itself following exemptions afforded by section 408 of the Companies Act 2006 and paragraph 304 of the SORP 2015 (FRS 102). A summary of the financial statements of the charity itself is included in note 2. New Vic Theatre Productions Limited (Company number 09305112) is exempt from preparing individual accounts by virtue of s394A of Companies Act 2006, it is also excluded from consolidation on the same basis. It has not traded since incorporation. ## **1.4 Fund accounting** ## **Restricted funds** Restricted funds represent grants and donations which are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. ## **Unrestricted funds and designated funds** Unrestricted funds represent funds that are expendable at the discretion of the Board of Directors in the furtherance of the objects of the charitable company. Such funds may be held in order to finance both working capital and capital investment. Designated funds are those funds which are unrestricted in nature but which have been designated by the Board of Directors to be used in a particular manner. Photo: Eddie Westbury and Acceler8 Brass Band in _The Card_ 2023 (Photo by Mark Douet) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 32 33 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **1.5 Incoming resources** Voluntary income including donations, gifts and legacies and grants that provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when: - the donor specifies that the grant or donation must only be used in future accounting periods; or - the donor has imposed conditions which must be met before the charity has unconditional entitlement Gifts and donations in kind are included when receivable and stated at their estimated value to the charitable company. Income from commercial trading activities is recognised as earned. Investment income is recognised on a receivable basis. Income from charitable activities includes income in respect of admission and other fees and is recognised as earned. Income is deferred when admission fees or performance related grants are received in advance of the performances or events to which they relate. No amount is included in the financial statements for volunteer time in line with SORP (FRS 102). Further detail is given in the Trustees' Annual Report. ## **1.6 Resources expended** Expenditure is recognised on an accrual basis as a liability is incurred. Contractual arrangements are recognised as goods or services are supplied. Costs of raising funds comprise costs incurred in attracting voluntary income together with those incurred in trading activities that raise funds. Charitable expenditure includes expenditure associated with the staging of concerts, stage productions, and educational programmes and comprises both the direct costs and support costs relating to these activities. Costs incurred relating to scenery materials, costumes, props and production costs for future productions are prepaid and released to the Statement of Financial Activities in the year in which the first night of the related production takes place. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs are those functions which assist the work of the charity either by supporting the delivery of charitable activities or by supporting the generation of funds. They include back office functions, finance, HR, IT and governance costs. ## **1.7 Irrecoverable VAT** ## **1.11 Heritage assets** The cost or valuation of heritage assets is not available and the cost of providing such information significantly outweighs any benefit to the users of the accounts therefore heritage assets are not recognised on the balance sheet. Acquisitions only arise when donated to the charity or if it is believed that they will further the charity's objectives. Once acquired they will be preserved by the charity in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. A register of the principal assets held by the charity is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future. ## **1.12 Investments** Investments other than subsidiaries are included in the balance sheet at market value at the year end. Gains and losses on disposal and revaluation of investments are shown in the Statement of Financial Activities. Investments in subsidiaries are measured at cost less impairment. ## **1.13 Stock** Stock is included at 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 deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. ## **1.15 Pensions** The Group operates a defined contribution pension scheme. Contributions are charged to the Consolidated Statement of Financial Activities as they fall due. All contributions are unrestricted funds. ## **1.16 Financial Instruments** The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments 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 uncertainty** The charitable group is unable to recover all of the VAT payable by it. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **1.8 Taxation** The charitable group is eligible to receive tax credits calculated on the basis of its expenditure on theatre production costs. ## **1.9 Operating leases** Rental charges payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the term of the lease. ## **1.10 Tangible fixed assets** Individual fixed assets costing £5,000 or more are capitalised at cost within the relevant category. Tangible fixed assets are depreciated on a straight line basis over their estimated useful lives as follows: Long leasehold property 125 years (87 remaining life of the lease) Short leasehold property 25 years All other assets 4-10 years Land is not separately identifiable in the lease and is not depreciated. In application of the charitable group's accounting policies the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods. In preparing these financial statements, the Trustees have made judgements determining the: - useful economic life of tangible fixed assets. The annual depreciation charge of tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reassessed annually and amended when necessary to reflect current estimates based on economic utilisation and physical condition of assets. - value of Theatre Tax Credits to be claimed. Theatre Tax Credit is claimed each year and the amount stated in the accounts is estimated based on draft computations before the final claim has been computed and submitted to HM Revenue and Customs. Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 35 34 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **2 Financial activities of the charity** The consolidated Statement of Financial Activities includes the results of the charity's wholly owned subsidiary which operates the bar, restaurant, shop and all commercial trading operations carried on at the New Vic premises. A summary of financial activities undertaken by the parent charitable company alone is set out below: **----- Start of picture text -----**
2024 2023
£ £
Income 4,546,413 3,792,609
Expenditure on charitable activities (4,835,628) (4,317,635)
Costs of raising funds (82,513) (64,866)
Net surplus/(deficit) (371,728) (589,892)
Theatre tax credit 402,186 320,598
Net movement on investments 51,769 (116,684)
Surplus/(deficit) 82,227 (385,978)
Total funds brought forward 6,919,259 7,305,237
Total funds carried forward 7,001,486 6,919,259
Represented by:
Unrestricted funds
General 1,096,912 850,236
Designated 2,782,299 2,735,157
Restricted 3,122,275 3,333,866
7,001,486 6,919,259
**----- End of picture text -----**
## **3 Donations** **----- Start of picture text -----**
2024 2023
£ £
Unrestricted funds
Arts Council England 1,149,557 949,557
Newcastle-under-Lyme Borough Council 25,000 25,000
Staffordshire County Council 35,700 33,333
Stoke-on-Trent City Council 25,000 35,000
Corporate and Trust donations 683,390 6,010
Individual donations 96,991 85,123
Legacy income 1,277 –
Other voluntary income 6 000 5,300
2,022,915 1,139,323
Restricted funds
Arts Council England 258,460 231,912
Corporate and Trust donations 338,339 381,144
Individual donations 1,284 8,143
Government grant – 10,000
598,083 631,199
2,620,998 1,770,522
**----- End of picture text -----**
## **4 Incoming resources from charitable activities** The income was primarily from the operation of the theatre and arts centre. |**Unrestricted funds 2024**|**Unrestricted funds 2023**| |---|---| |**£**|**£**| |Concerts and stageperformances
1,733,352|1,712,670| |Education and outreach
92,697|255,892| |Other charitable activities
8,286|479| |**1,834,335**|**1,969,041**| Education and outreach includes the work delivered by _Borderlines_ and Education along with one off projects delivered by Appetite. Photo: Participants of the Kiln Sparks programme with members of New Vic Staff 2023 (Photo by Andrew Billington) Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 36 37 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **5 Income earned from other activities** The wholly owned trading subsidiary New Victoria Theatre Projects Limited is incorporated in the United Kingdom and pays all but a small proportion of its taxable profits to the charity under the gift aid scheme. New Victoria Theatre Projects Limited's registered office is at the Theatre premises. New Victoria Theatre Projects Limited operates the bar, restaurant, shop and all commercial trading operations carried on at the New Vic premises. A summary of the trading results is shown below. **----- Start of picture text -----**
2024 2023
£ £
Turnover 698,517 606,028
Cost of sales and administration costs (670,480) (590,111)
Interest receivable 1,079 414
Other operating income – –
Net profit/(loss) 29,116 16,331
**----- End of picture text -----**
Included within turnover is £24,036 (2023: £15,650) from the parent company and included within cost of sales and administration costs are recharges of £63,265 (2023: £59,976). At the year end £107,708 was owed from the subsidiary (2023: £42,542). **----- Start of picture text -----**
2024 2023
£ £
The assets and liabilities of the subsidiary were:
Fixed assets 11,181 5,535
Current assets 203,999 110,695
Current liabilities (166,013) (96,179)
Total net assets 49,167 20,051
Aggregate share capital and reserves 49,167 20,051
**----- End of picture text -----**
## **6 Investment Income** |**Unrestricted funds 2024**|**Unrestricted funds 2023**| |---|---| |**£**|**£**| |Bank interest
22,062|6,628| |Dividends
28,682|16,616| |**50,744**|**23,244**| ## **8 Analysis of expenditure on charitable activities** The charity undertakes direct charitable activities only and does not make grant payments. |**Concerts**|||| |---|---|---|---| |**and stage**|**Education and**|**2024**|**2023**| |**performances**|**outreach**|**Total**|**Total**| |**£**|**£**|**£**|**£**| |Touringand concert fees
404,783|–|404,783|398,659| |Artistic fees
279,582|–|279,582|222,842| |Performance and|||| |production costs
1,704,794|17,237|1,722, 031|1,348,418| |Box office and front|||| |of house
377,250|19,855|397,105|353,054| |Marketingandpublicity
394,517|20,764|415,281|351,852| |Courses and activities
–|707,196|707,196|822,808| |Depreciation
168,464|18,532|186,996|182,072| |Centralpremises costs
276,347|30,705|307,052|256,683| |Support costs
381,074|42,341|423,415|395,418| |**3,986,811**|**856,630**|**4,843,441**|**4,331,806**| Expenditure on charitable activities was £4,843,441 (2023: £4,331,806) of which £3,952,679 was unrestricted (2023: £3,033,742), £81,088 was designated (2023: £257,797) and £809,674 was restricted (2023: £1,040,267). The charity allocates its support costs as shown in the table below and further apportions these costs between charitable activities undertaken (see above). Support costs are allocated on a basis consistent with the use of resources. |||**Operation**||| |---|---|---|---|---| |||**of theatre**|**Governance**|**Total**| |**Support costs**|**Basis**|**£**|**£**|**£**| |General office|Time spent|213,338|3,623|216,961| |Finance office|Time spent|124,281|3,105|127,386| |IT|Actual|45,968|–|45,968| |Audit & accountancy|Actual|–|11,477|11,477| |Legal &professional|Actual|–|21,623|21,623| |||**383,587**|**39,828**|**423,415**| ## **7 Other** ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Othergovernmentgrants|10,000|–| ||**10,000**|–| Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 39 38 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel** |**2024**|**2023**| |---|---| |**£**|**£**| |Salaries and wages
2,426,598|2,135,720| |Social securitycosts
198,588|175,130| |Pension costs
73,327|64,535| |**2,698,513**|**2,375,385**| |The number of employees with emoluments of greater than £60,000 was as follows:|| |**2024**|**2023**| |**£**|**£**| |£80,001–£90,000
–|2| |£90,001–£100,000
2|–| Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds. No charity trustees were paid nor received any other benefits from employment with the Trust or its subsidiary during the year (2023: £nil). The charity trustees were not reimbursed expenses during the year (2023: £nil). In the normal course of business, a trustee, Gabriella Gay, provides services to the Charity as an artist. The total amount paid for such services was £1,950, in addition Gabriella is director of Kwanzaa Collective, amounts paid to Kwanzaa total £3,050. Another trustee, Gwenda Hughes was paid £6,520 for providing directing services for _A Leap In The Dark._ ## **10 Staff numbers** The average number of employees for the group (including casual and part time staff) was as follows: |**2024**|**2023**| |---|---| |**No**|**No**| |Trading
30|28| |Box office,production andperformance
61|63| |Education and outreach
21|19| |Administration
11|12| |**123**|**122**| Of the total average number of employees employed by the charitable company during the year, 83 were on permanent, full and part-time contracts and 10 were casual staff. In the wholly owned subsidiary, 10 employees were employed on permanent, full and part-time contracts and 20 were casual staff. ## **11 Pension commitments** The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the Consolidated Statement of Financial Activities for the year was £73,327 (2023: £64,535). Contributions amounting to £13,618 (2023: £12,423) were payable to the plan at the year end. Contributions to the Equity Scheme for Actors totalled £9,397 (2023: £9,222). Contributions amounting to £4,088 (2023: £365) were payable at the year end. ## **12 Movement in total funds for the year** **----- Start of picture text -----**
2024 2023
£ £
This is stated after charging:
Depreciation 186,996 182,790
Operating leases
equipment 4,969 4,662
Auditors remuneration
external audit 12,600 12,000
other services – 3,775
Stock recognised as an expense 229,793 197,757
13 Taxation
2024 2023
£ £
Analysis of tax credit in the year
Current tax
Theatre tax credit 237,000 270,000
Adjustment for prior year
Theatre tax credit 165,186 50,598
402,186 320,598
**----- End of picture text -----**
Photo: L-R: Robert Pickavance, Suzanne Ahmet and Ben Norris in _A Leap In The Dark_ 2024 (Photo by Andrew Billington) Annual Report and Financial Statements | 2023/24 Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) 40 41 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **14 Tangible fixed assets – Group** |||**Fixtures,**|| |---|---|---|---| |||**fittings,**|| |**Long leasehold**|**Short leasehold**|**equipment and**|| |**property**|**property**|**motor vehicles**|**Total**| |**Cost**
**£**|**£**|**£**|**£**| |As at 1 April 2023
2,581,958|1,027,200|1,865,347|5,474,505| |Additions
–|–|94,644|94,644| |Disposals
–|–|(2,900)|(2,900)| |As at 31 March 2024
2,581,958|1,027,200|1,957,091|5,566,249| |**Depreciation**|||| |As at 1 April 2023
188,265|575,232|1,207,284|1,970,781| |Charge for theyear
26,895|41,088|119,013|186,996| |On disposals
–|–|(2,900)|(2,900)| |As at 31 March 2024
215,160|616,320|1,323,397|2,154,877| |**Net book value**|||| |As at 31 March 2024
**2,366,798**|**410,880**|**633,694**|**3,411,372**| |As at 31 March 2023
2,393,693|451,968|658,063|3,503,724| ||||**Fixtures,**|| |---|---|---|---|---| ||||**fittings,**|| ||**Long leasehold**|**Short leasehold**|**equipment and**|| |**Charity**|**property**|**property**|**motor vehicles**|**Total**| |**Cost**|**£**|**£**|**£**|**£**| |As at 1 April 2023|2,581,958|1,027,200|1,709,916|5,319,074| |Additions|–|–|87,824|87,824| |Disposals|–|–|(2,900)|(2,900)| |As at 31 March 2024|2,581,958|1,027,200|1,794,840|5,403,998| |**Depreciation**||||| |As at 1 April 2023|188,265|575,232|1,057,388|1,820,885| |Charge for theyear|26,895|41,088|117,839|185,822| |On disposals|–|–|(2,900)|(2,900)| |As at 31 March 2024|215,160|616,320|1,172,327|2,003,807| |**Net book value**||||| |As at 31 March 2024|**2,366,798**|**410,880**|**622,513**|**3,400,191**| |As at 31 March 2023|2,393,693|451,968|652,528|3,498,189| ## **Assets owned by the theatre** All assets shown above were owned by the theatre excluding the Catering and Bar Equipment which were owned by the subsidiary, New Victoria Theatre Projects Limited. ## **Heritage assets** In addition to the capitalised fixed assets held for the group's own use, it has title to a collection of historical artefacts and archives including artwork and publicity for sets, costumes and programmes, scripts and audio interviews. The collection is currently on loan to Staffordshire University. The intrinsic value of the items is bound up with the history of the New Vic Theatre and they are irreplaceable originals to which no reliable cost or value can be attributed. Accordingly, these assets have not been capitalised in the financial statements. ## **15 Fixed asset investments – Group and Company** **----- Start of picture text -----**
Listed
Investments Cash Total 2024 Total 2023
£ £ £ £
Market value brought
forward 2,099,849 10,648 2,110,497 1,717,015
Add: additions to
Investments at cost 11,397 – 11,397 543,875
Less: disposals at carrying
value (4,100) – (4,100) (23,010)
Net movement in cash
reserves – 14,685 14,685 (10,699)
Add: net gain on
revaluation 51,768 – 51,768 (116,684)
Market value at 31 March 2,158,914 25,333 2,184,247 2,110,497
Historic cost at 31 March 1,963,136 25,333 1,988,469 1,451,492
Held in UK Held outside UK Total 2024 Total 2023
£ £ £ £
Equities & Equity Funds 438,547 514,743 953,290 825,073
Funds – – – 95,918
Fixed Interest & Fixed
Interest Funds 48,703 – 48,703 40,138
Direct Property &
Property Funds 32,658 – 32,658 35,886
Other Assets 76,196 – 76,196 67,234
Multi-Asset Funds – 1,048,067 1,048,067 1,035,600
596,104 1,562,810 2,158,914 2,099,849
**----- End of picture text -----**
## **16 Current asset investments - Company** The charity owns 100% of the issued share capital of New Victoria Theatre Projects Limited company number 1949564 and New Vic Theatre Productions Limited company number 09305112. Their registered office is Etruria Road, Newcastle-underLyme, Staffordshire, ST5 OJG. |**£**|**£**| |---|---| |2|2| ## Investments in subsidiaries – cost The investments in subsidiary have been eliminated on consolidation. ## **17 Stock** ||||**Group**||**Company**| |---|---|---|---|---|---| |||**2024**|**2023**|**2024**|**2023**| |||**£**|**£**|**£**|**£**| |Goods|for|resale
**27,276**|**27,794**|–|–| Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 43 42 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **18 Debtors** ||**Group**||**Company**| |---|---|---|---| |**2024**|**2023**|**2024**|**2023**| |**£**|**£**|**£**|**£**| |Trade debtors
5,881|71,803|5,881|70,993| |Other debtors
3,923|845|3,923|845| |Prepayments and accrued|||| |income
261,498|203,740|260,969|203,092| |Amount due from subsidiary|||| |undertaking
–|–|107,708|42,542| |Other taxes and social security
–|5,753|–|5,753| |Theatre tax credit
671,556|420,584|671,556|420,584| |**942,858**|**702,725**|**1,050,037**|**743,809**| ## **19 Creditors: amounts falling due within one year** |||**Group**||**Company**| |---|---|---|---|---| ||**2024**|**2023**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Trade creditors|88,966|95,964|78,964|84,538| |Other taxes and social||||| |securitycosts|83,883|68,350|47,473|37,831| |Other creditors|62,207|53,358|52,949|45,263| |Accruals and deferred||||| |income|550,362|1,063,718|547,727|1,060,121| ||**785,418**|**1,281,390**|**727,113**|**1,227,753**| The Company is a member of a VAT group. At 31 March 2024 the aggregate VAT liability of the other companies in the Group was £33,389 (2023: £26,813). ## **Deferred income comprises advance ticket sales, gift tokens and grant income received in advance.** Income deferred in the current year relating to the advance ticket sales amounts to £362,299 (2023: £172,793). |**Group**|**Company**| |---|---| |**£**|**£**| |Deferred income at 1 April 2023
1,001,366|1,001,366| |Amounts released frompreviousyears
(1,000,538)|(1,000,538)| |Resources deferred duringtheyear
501,237|501,237| |Deferred income at 31 March 2024
**502,065**|**502,065**| ## **20 Analysis of unrestricted fund movements – current year** |||||**Gains/**||| |---|---|---|---|---|---|---| ||**Balance at**|||**(losses)**||**Balance at**| ||**31 March**|**Incoming**|**Resources**|**including**||**31 March**| |**Group**|**2023**|**resources**|**expended**|**taxes**|**Transfers**|**2024**| ||**£**|**£**|**£**|**£**|**£**|**£**| |General fund and||||||| |non charitable||||||| |tradingfunds|870,285|4,592,475|(4,642,407)|453,954|(128,230)|**1,146,077**| |**Designated funds:**||||||| |Capital||||||| |Development Fund:||||||| |Longterm|451,968|–|(41,088)|–|–|**410,880**| |Short term|318,252|–|–|–|–|**318,252**| |Artistic||||||| |Development Fund|1,731,237|–|–|–|128,230|**1,859,467**| |Building Futures||||||| |Fund|233,700|–|(40,000)|–|–|**193,700**| ||3,605,442|4,592,475|(4,723,495)|453,954|–|**3,928,376**| General funds accumulated by the subsidiary undertaking New Victoria Theatre Projects Limited amounted to £49,165 at 31 March 2024. Photo: Participants of New Vic _Borderlines_ ' Ukrainian Children's Christmas Nativity 2023 (Photo by Jenny Harper) Annual Report and Financial Statements | 2023/24 Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) 45 44 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **Analysis of unrestricted fund movements – prior year** |||||**Gains/**||| |---|---|---|---|---|---|---| ||**Balance at**|||**(losses)**||**Balance at**| ||**31 March**|**Incoming**|**Resources**|**including**||**31 March**| ||**2022**|**resources**|**expended**|**taxes**|**Transfers**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |General fund and||||||| |non charitable||||||| |tradingfunds|735,067|3,721,986|(3,628,682)|203,914|(162,000)|**870,285**| |**Designated funds:**||||||| |Capital||||||| |Development Fund||||||| |Longterm|483,647|–|(31,679)|–|–|**451,968**| |Short term|196,252|–|–|–|122,000|**318,252**| |Artistic||||||| |Development Fund|1,917,355|–|(186,118)|–|–|**1,731,237**| |Building Futures||||||| |Fund|233,700|–|(40,000)|–|40,000|**233,700**| ||3,566,021|3,721,986|(3,886,479)|203,914|–|**3,605,442**| General funds accumulated by the subsidiary undertaking New Victoria Theatre Projects Limited amounted to £20,049 at 31 March 2023. - Capital Development This fund is held to improve the facilities required for the group's activities. A substantial Fund part of the fund was committed in the construction of New Vic Workspace, providing improved and expanded facilities for education and outreach activities as well as to provide additional onsite storage space for props and costumes. The long-term fund represents the balance of future depreciation on those assets acquired. The short-term fund represents monies set aside for the renewal and maintenance of the theatre buildings and equipment. ## **Analysis of restricted fund movements – prior year** |**Balance at**|||**Balance at**| |---|---|---|---| |**31 March**|**Incoming**|**Resources**|**31 March**| |**2022**|**resources**|**expended**|**Transfers**
**2023**| |**£**|**£**|**£**|**£**
**£**| |Peter Cheeseman Archive
18,188|661|(904)|–
**17,945**| |BuildingFutures Fund
9,409|–|(9,409)|–
–| |Appetite
–|307,552|(307,552)|–
–| |Capital Projects
743,868|–|(73,799)|–
**670,069**| |Lease
2,420,588|–|(26,895)|–
**2,393,693**| |Education & Outreach
3,225|322,986|(307,211)|–
**19,000**| |Covid Recovery
547,656|–|(314,497)|–
**233,159**| |3,742,934|631,199|(1,040,267)|–
**3,333,866**| |Peter Cheeseman
This represents funds raised to enable an archive of the theatre to be created and maintained.|||| |Archive Fund|||| |Appetite
This represents grants received for the delivery of an arts project to increase the number of people in|||| |Stoke on Trent who have access to the arts and remove barriers to their attendance andparticipation.|||| |Capital Projects
This represents grants received and funds raised to enable the theatre to complete a major redevelopment|||| |of the main auditorium.|||| |Lease
This represents the transfer of the lease from the Landlord Trust.|||| |Education & Outreach
This represents restricted funding and related expenditure in respect of the work undertaken by_Borderlines_|||| |and Education.|||| |Covid Recovery
This represents funds received specifcallyto aid recoveryfrom|||the effects of thepandemic.| Artistic Development Fund This fund is held to enable the theatre to invest in productions and will be utilised on an ongoing basis. Building Futures Fund The Building Futures Fund represents monies set aside to support the group's work with young people. ## **21 Analysis of restricted fund movements – current year** |**Balance at**||||**Balance at**| |---|---|---|---|---| |**31 March**|**Incoming**|**Resources**||**31 March**| |**2023**|**resources**|**expended**|**Transfers**|**2024**| |**£**|**£**|**£**|**£**|**£**| |Peter Cheeseman Archive
17,945|–|(610)|–|**17,335**| |Appetite
–|320,457|(320,457)|–|–| |Capital Projects
670,069|5,000|(99,089)|–|**575,980**| |Lease
2,393,693|–|(26,895)|–|**2,366,798**| |Education & Outreach
19,000|272,626|(286,626)|–|**5,000**| |Covid Recovery
233,159|–|(75,997)|–|**157,162**| |3,333,866|598,083|(809,674)|–|**3,122,275**| Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 46 47 Notes forming part of the Financial Statements Notes forming part of the Financial Statements ## **22 Analysis of group net assets between funds – current year** |**General**|**Designated**|**Restricted**|| |---|---|---|---| |**funds**|**funds**|**funds**|**Total**| |**£**|**£**|**£**|**£**| |Tangible fixed assets
110,702|410,880|2,889,790|3,411,372| |Investments
–|2,184,247|–|2,184,247| |Cash at bank and in hand
850,659|187,172|232,485|1,270,316| |Other net current|||| |(liabilities)/assets
184,716|–|–|184,716| |**1,146,077**|**2,782,299**|**3,122,275**|**7,050,651**| ## **Analysis of group net assets between funds – prior year** ||**General**|**Designated**|**Restricted**|| |---|---|---|---|---| ||**funds**|**funds**|**funds**|**Total**| ||**£**|**£**|**£**|**£**| |Tangible fixed assets|65,882|451,968|2,985,874|3,503,724| |Investments|–|2,110,497|–|2,110,497| |Cash at bank and in hand|1,377,251|142,692|356,015|1,875,958| |Other net current||||| |assets/(liabilities)|(572,848)|30,000|(8,023)|(550,871)| ||**870,285**|**2,735,157**|**3,333,866**|**6,939,308**| ## **23 Transfers between funds** £128,230 was transferred from the general fund to designated funds in the year (2023: £162,000). ## **24 Operating lease and other financial commitments** At 31 March 2024 the group had future minimum lease payments under non-cancellable operating leases as follows: ||**Group**||**Company**| |---|---|---|---| |**2024**|**2023**|**2024**|**2023**| |**£**|**£**|**£**|**£**| |Within oneyear
4,666|4,180|2,172|2,620| |Between two and fiveyears
9,690|2,733|431|2,603| |**14,356**|**6,913**|**2,603**|**5,223**| ## **25 Members** The charity is incorporated as a company limited by guarantee and, in accordance with the Memorandum of Association of the company every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while he is a member, or within one year after he ceases to be a member, for payment of the debts and liabilities of the company contracted before he ceases to be a member and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves such amount as may be required, not exceeding one pound. The number of members at 31 March 2024 was 11 (2023-13). ## **26 Related parties** Councillors M Holland, I Parry, S Hill and L Beardmore (resigned 14/06/23) are nominated directors by Newcastle-under-Lyme Borough Council, Staffordshire County Council and Stoke-on-Trent City Council respectively. Grants given by these bodies are outlined at note 3. Payments to two Trustee's, Gabriella Gay and Gwenda Hughes are disclosed in note 9. No payments were paid to any other director for professional or other services supplied to the charity (2023: £nil). No amounts were owing at the end of the year (2023: £nil). Details of the trading between the charity and its subsidiaries is disclosed in note 5. The key management personnel comprise the trustees, the senior executive team and the senior management team. The total amount of employee benefits received by key management personnel was £551,782 (2023: £500,078). Vicki Amedume, is employed by the Charity and is also a director of Upswing. Payments made to Upswing during the year amounted to £53,298. These payments were for services related to the theatre's circus partnership programme. ## **27 Controlling entity** The charity is controlled by the Trustees, who are all directors of the company. None of the directors are considered to have controlling or undue influence over decisions taken by the company. ## **28 Reconciliation of net movement in funds to net cash flow from operating activities** ||**Consolidated**| |---|---| |**2024**|**2023**| |**£**|**£**| |Net expenditure
(342,611)|(573,561)| |Add back depreciation charge
186,996|182,790| |Interest
(50,744)|(23,244)| |Movement in investments
(21,982)|(510,166)| |Movement in stock
518|(1,324)| |Movement in debtors
10,839|(97,421)| |Movement in creditors
(495,972)|515,344| |**(712,956)**|**(507,582)**| ## **29 Analysis of changes in net debt** ||**At start of year**|**Cashflows**|**At year end**| |---|---|---|---| ||**£**|**£**|**£**| |Cash at bank and in hand|1,875,958|(605,642)|1,270,316| ||**1,875,958**|**(605,642)**|**1,270,316**| Stoke-on-Trent and North Staffordshire Theatre Trust Limited (A Company Limited By Guarantee) Annual Report and Financial Statements | 2023/24 **Registered Charity Number: 253242. Company Registration Number: 00911924 Registered Office: New Vic Theatre, Etruria Road, Newcastle-under-Lyme. ST5 0JG. Tel: 01782 717962** newvictheatre.org.uk