2023-07-31-accounts

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Company No. 00926862 Charity No. 255460

Leeds Theatre Trust Limited

(Limited by guarantee)

Trustees’ annual report and financial statements

For the Year Ended 31 July 2023

Leeds Theatre Trust Limited

Page

Charity Information ............................................................................................ 1 Trustees’ Annual Report ...................................................................................... 2 Independent Auditor’s Report ............................................................................ 16 Consolidated Statement of Financial Activities ..................................................... 20 Consolidated Balance Sheet .............................................................................. 21 Consolidated Statement of Cash Flows ................................................................ 22 Notes to the Financial Statements ...................................................................... 23

Charity Information

Charity number

Company number Registered office

255460

00926862

Leeds Playhouse Playhouse Square Quarry Hill Leeds LS2 7UP

Trustees

Ms R Breen, Chair Mr N Adleman, Vice Chair Mr M H Ellis (Retired 30 September 2023) Ms C Lowson Mr M Nabarro Ms R Pitt Miss S Pitter Mr S Walker (Retired 01 October 2022) Cllr C Howley (Retired 04 May 2023) Cllr L Martin Cllr D Chapman (Appointed 04 May 2023) Mr S Robinson Mr L Brophy Ms B Calinaud Ms A Eddison (Appointed 14 December 2022) Ms R Vinter (Appointed 14 December 2022) Ms S Fray (Appointed 14 December 2022)

Secretary Artistic Director and Chief Executive Executive Director Bankers

Auditors Investment Advisors

Mr C J Williams

Mr J Brining Mr S Iqbal (appointed 31[st] October 2022) National Westminster Bank plc 8 Park Row Leeds LS1 5HD Azets Audit Services Limited 12 King Street Leeds LS1 2HL Rathbone Investment Management Limited Port of Liverpool Building Pier Head Liverpool L3 1NW

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

The trustees, who are directors of Leeds Theatre Trust Limited (“The Trust”) for the purposes of company law and trustees for the purpose of charity law, present the trustees’ annual report (including the strategic report) together with the financial statements for the year ended 31 July 2023. Leeds Theatre Trust Limited operates as “Leeds Playhouse”.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Statement by the Chair and Chief Executive

Leeds Playhouse’s 2022/23 saw consolidation in the growth of audiences and the beginning of a sustainable return to pre-redevelopment (2018) / pre-pandemic levels of attendance, a range of ambitious artistic projects, the stabilisation of the Food and Beverage offer and a major review of the Business Model to ensure the sustainability of the Playhouse in the current funding / trading context for the next 3-5 years.

There were key changes in the Senior Management team, including the commencement of the new Executive Director, Shawab Iqbal’s tenure as well as the re-distribution of duties amongst key SMT members after the removal of a number of SMT posts.

The theatre’s programme was characterised by energy and rigour and comprised bold, ambitious, and wide-ranging productions in collaboration with a range of exciting local and national partners. At the core of this remined a reinvigorated and authentic commitment to diversity.

Building on the momentum maintained through the pandemic, we produced a range of high quality shows including: the regional premiere of Nine Night (tying in with celebrations around 60 years of Jamaican independence); The Importance of Being Earnest vibrantly told by an all-Black cast; another run of Orpheus in the Record Shop with Testament and Opera North; our most successful festive production, Charlie and the Chocolate Factory, which embarked on a year-long UK tour; fresh versions of Henry V and Lord of the Flies. We also hosted 1001 Stories in association with the Performance Ensemble as part of Leeds2023, a well-received production of Of Mice and Men, a production of A Passionate Woman which helped celebrate the life and work of Kay Mellor, following her death in 2022. The final production of the season was a new musical, In Dreams, featuring the music of Roy Orbison and co-produced with the Mirvish organsation in Toronto, where the show went after the Leeds run. Almost every production was created in co-production with partners from Leeds and the rest of the UK where many also toured or transferred.

We continued to lead the industry in creative access and disabled representation, with numerous shows featuring deaf and disabled team members and BSL, creative audio description at every performance of Lord of the Flies and presenting Much Ado About Nothing by Ramps on the Moon and Australian Learning Disabled company Back to Back as part of the Transform Festival.

Producing this programme wasn’t without challenge. Changes to approaches to work since the pandemic are becoming established in the industry, requiring additional budget lines for covers and understudies to provide protection for shows. Turn-over in staffing and continued skills shortages in areas such as Producing and Backstage; the impact of delivering within shorter timescales; mental health and the cost of living crisis impacting on the wellbeing of staff and freelancers were all challenges which placed additional strain on staff at all levels. However, much excellent work was undertaken in this period in redesigning the producing model which will facilitate planning over a longer time frame, putting the Playhouse is in a stronger position in the medium term.

The touring sector continued to be fragile, as a result of the impact of the pandemic though there was a gradual increase in the work available in the second half of the year. Transform Festival, Furnace Festival, Open Season, Young People’s Festival, Beautiful Octopus Club and Leeds Conservatoire

Shakespeare project welcomed artists and participants from across Leeds to perform on our stages, engaging over 1,000 participants and 3,500 audience members.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Statement by the Chair and Joint Chief Executives (continued)

Alongside the work on our stages, our Creative Engagement programme connected with over 10,000 individuals across the city, providing access to creativity and support for Leeds residents including isolated older people; people living with dementia; young people; refugees and people seeking asylum; and people with learning disabilities. Highlights included: delivery of Little Amal’s walk; completion of Burberry Inspire, our four-year project with Northern Ballet, Leeds Young Film and Hepworth Wakefield, celebrating 15 years of First Floor; our Comedy Club for older men living alone being awarded Best AgeFriendly Outreach Award at the Fantastic for Families Awards.

During the year the Playhouse completed its extensive £1.4M Roof Replacement Project with support and project control from Leeds City Council and generous funding from The Backstage Trust, Garfield Weston Foundation and The Foyle Foundation.

Through our Furnace programme, we continued to support the wider cultural ecology of the city by delivering sessions and paid placements for artists and companies across Leeds.

In January 2023, the Playhouse embarked on a major review of its business model. The process lasted 8 months and concluded with a reduction in the staffing overhead by removing of a number of posts and changes in terms and conditions for others, the closure of Costume Hire, reduced Box Office opening hours and significant change to the HR and Audiences function. A new department “Playhouse Connect”, building on the work carried out during the pandemic, was created, merging the Creative Engagement, Furnace and Creative Futures strands of work. A number of posts were removed from this area of the business, but the Playhouse still has one of the most sizable departments making this work in the UK. The work on the business model has set the Playhouse up for the next 3 to 5 years but external factors, including standstill funding and possible funding cuts, rising costs and pressure on salaries, the potential return of the rate of Theatre Tax relief to pre-pandemic levels could all require the Playhouse to recommence a further review of the business model in the very short term.

Our work on Inclusivity and Diversity continued, with Creative Futures (as part of Playhouse Connect) bringing under-represented groups into the theatre and work on Plan for Change also continued with a revised action plan and a refreshed Reference Group.

The Food & Beverage offer was reshaped, addressing ongoing losses in the restaurant and reviewing and increasing pricing to maximise profit from this area of activity. Excellent work has resulted in a stabilised situation and improved margins in the Front Room café and bars. There is still further to go, but the stabilisation of this area of work is most welcome.

Structure, governance and management

Governing document

Leeds Theatre Trust Limited (the Trust or the charitable company) is a company limited by guarantee governed by its Memorandum and Articles of Association dated 5 February 1968 and amended to allow for governance arrangements on 19 March 2013. It is registered as a charity with the Charity Commission. There are 14 members (2022: 12) each of whom agrees to contribute £1 in the event of the Trust winding up.

Appointment of trustees and members

The board of trustees of the charitable company is made up of a minimum of five members and no maximum, although this can be varied by ordinary resolution. The trustees have the power to appoint any person who is able and willing to do so to be a trustee, at which time they automatically become a member of the company. The number of members of the company is the same as the maximum number of trustees. The company has a maximum of two Local Authority trustees who are appointed by Leeds City Council.

A rotation plan is in place for trustees in office at 19 March 2013. Trustees appointed after this date serve in office for an initial period of four years following which they may be reappointed by the trustees for a further term of four years. Any trustee who has served in office for two terms must retire for a period of at least one year, following which they may be reappointed. The Articles were amended in June 2021 to allow the trustees to determine to extend the second term of office of a trustee by up to one year in order to provide continuity amongst the trustees. The Chair of the board is appointed by the board of trustees and is entitled to preside at meetings of the trustees and of the company.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Trustee induction and training

All new trustees receive a welcome pack containing important information about the Trust's work, recent achievements, copies of key documents, including the Articles of Association, organisation chart, financial plans, annual accounts, and reports together with a schedule of forthcoming meeting dates and the artistic and education programmes for the next season. All trustees are invited to an induction day where they will meet with the Chief Executive and other members of the senior management team and take a tour of the Leeds Playhouse building. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

The trustees administer the charitable company and there are sub-committees covering People & Culture and Finance. The Chief Executive is appointed by the trustees to manage the day-to-day operations.

Arrangements for setting the pay and remuneration for key management personnel

The directors consider that the trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in notes 10 and 23 to the accounts. The pay of the senior staff is reviewed annually and benchmarked against pay levels in other theatres of a similar size run on a voluntary basis.

Members

The trustees serving during the year and since the year end were as follows:

Related parties

The Trust has a close working relationship with Leeds City Council who provide essential core funding in support of both the artistic and education programmes for the benefit of local residents and the public. A summary of all transactions with Leeds City Council is set out in note 23 to the financial statements.

Objectives and activities

The objectives of the Trust are to promote, maintain, improve, and advance the education of the public in the performing arts. The vision of the theatre is to be a creative resource at the heart of the communities of Leeds, comprising an artistic programme of work on our stages, across the city and further afield, our Playhouse Connect programme engaging communities in creative and artistic development activities and a desire to be as open as possible to people from across the city bringing their creativity into the Playhouse buildings to share with others from across Leeds.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Objectives and activities (continued)

Leeds Playhouse is one of the country’s leading theatres and delivers an exceptional range of work. The year-round stage programme develops major productions with leading artists, new writing for the stage, established classics, music theatre and family work to a wide and increasingly diverse audience. The Playhouse has successfully transferred work into the West End and produced national and international tours, taking its productions beyond the region, and ensuring a national reputation. The Playhouse makes a significant percentage of its own work, designing, building, costuming, and producing around eight major productions and co-productions per annum from its building in central Leeds. In addition, Leeds Playhouse hosts a range of presented works across theatre, dance, music, comedy, conferences and events and large-scale community performances.

The stage programme is complemented by Playhouse Connect, which combines three previous strands of our creative ecology – Creative Engagement, Creative Futures and Furnace (our artist development programme). Playhouse Connect encompasses all the work the Playhouse does to connect creatively with the people and communities of Leeds outside of our productions. The Playhouse works with the community of artists in Leeds, Yorkshire and the wider North to strengthen the region’s creative ecology by creating a broader, more diverse, and highly skilled pool of artists living and working in Leeds, allowing skilled practitioners to build sustainable careers in the city. Through the projects the Playhouse supports we provide a home for independent artists at all stages of their careers to create and share new work with audiences, allowing them to increase the ambition and scale of their work. The Playhouse also supports smaller, less established theatre and performance spaces and companies around Leeds and the region. The aim of Playhouse Connect is to use theatre to open up possibilities for people of all ages and abilities in the Leeds city region.

Funding

The Trust received annual revenue grants to fund the Playhouse from Leeds City Council and Arts Council England. As the funding periods to which these grants relate do not coincide with the Trust’s financial year, the receipts from the two bodies are split proportionately over two financial years. The annual grants are shown below together with the value of the funding recognised in the year ending 31 July 2023.

			12 months
			recognition of
	For the year	For the year	funding for the
	ended	ended	year ended 31
	31 March 2023	31 March 2022	July 2023
	£	£
Leeds City Council	500,361	540,184	500,361
Arts Council England	1,535,853	1,535,853	1,535,853
	2,036,214	2,076,037	2,036,214

Investment powers and policy

Under the memorandum and articles of association, the Trust has the power to make any investment which the trustees see fit.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Reserves policy

The Trust has adopted a formal reserves policy as outlined below

To meet its objectives of promoting artistic excellence, the Trust presents a programme of theatre productions and other events at the Playhouse which are aimed at the widest possible audience. This inevitably involves a degree of risk. Identifying and managing risk is an important part of good charity governance. The charity aims to hold sufficient free reserves to withstand the financial impact of these risks.
Having considered various stressed financial scenarios the Trust has concluded that it should hold free reserves within a range of £1.2M to £1.8M which is the equivalent to 8 weeks and 12 weeks average annual income. Given the current risks and uncertainties around the Covid-19 pandemic, the Trust believes it is prudent to operate close to the top of the upper range of free reserves. The target level of free reserves is reviewed regularly by the Finance Committee and recommendations made to the Board for their approval.
The free reserves at 31 July 2023 were £1,332,551
Designated funds are held at the discretion of Trustees. The Trust has identified four main designated funds as follows:
Capital Equipment Fund
Roof Replacement Fund
Grant Specific Designations
Planned future deficits as part of our Covid-19 recovery plan
See Note 19 for details of designated funds

Changes in fixed assets

Movements in fixed assets are set out in note 11 to the financial statements. The trustees are of the opinion that the market values of the Trust’s properties are in excess of the amounts at which they are stated in the financial statements.

Public benefit

Leeds Theatre Trust is a public benefit entity and has five main areas of activity with which it seeks to provide benefit to its customers and the public at large: Own theatre productions, Visiting theatre productions, Touring out and Creative Engagement and Furnace artist development.

The trustees can confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.

Strategic Report

Risk management

The Trust uses various financial instruments including investments, cash and items such as trade debtors and trade creditors that arise directly from its operations. The main risks arising from the financial instruments are market risk, cash flow risk, interest rate risk and liquidity risk.

The trustees have established a strategy for the management of risks including:

a periodic review of the risks facing the charitable company.
the establishment of systems and procedures to mitigate any risks identified, including regular financial and non-financial reports.
the implementation of procedures designed to minimise any potential impact on the charitable company by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably; and
regular reviews with the Trust's investment managers to manage the investment portfolio.

The principal risks facing the organisation have been reported under Principal Risks and Uncertainties.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Fundraising Activity

The Fundraising activity for Leeds Theatre Trust Limited is led by an in-house team employed directly by the charity. The dedicated team of three fundraising and development staff raises funds for charitable activity from a combination of sources including individuals, corporates, trusts and foundations, working to a fundraising strategy approved by the trustees. The team is managed by the Director of Fundraising, a member of the Senior Management Team who reports to the Executive Director and Chief Executive.

Leeds Theatre Trust Limited has developed a clear and transparent strategy to deliver the new GDPR rules and part of this commitment is to ensure that we do not unintentionally contact vulnerable individuals who do not have a direct and obvious relationship with the Playhouse. We no longer include telephone fundraising as part of our strategy, and we carefully monitor the records we keep on previous and current donors. We never target our campaigns without applying these rules.

Leeds Theatre Trust Limited has received no complaints relating to its fundraising practice.

Achievements and performance

Overview

The accounting year was defined by the organisation returning to a full-scale operation, following the end of all government restrictions as part of the Covid-19 pandemic. For Leeds Playhouse, this also meant the theatre returning to full operations post the refurbishment of its main building, which was only open for four months prior to the national lockdowns. The year saw the beginning of a sustainable return of audiences back to the theatre, with record breaking sales figures for productions such Charlie and the Chocolate Factory. The food and beverages offer in the organisation experienced a significant review, resulting in a significant financial stabilisation of this area. Alongside the work on our stages, our Creative Engagement, Furnace and Creative Futures programme connected with over 15,000 individuals across the city and region- developing future talent, providing access to creativity and support for Leeds residents including isolated older people; people living with dementia; young people; refugees and people seeking asylum; and people with learning disabilities.

Business Model Review

The accounting year was also marked by a significant business model review exercise, which aimed to streamline activity and output as well as strengthening the organisation’s medium term financial resilience in an economic climate defined by rising costs and stand still funding. The outcome of this resulted in a reduction of staffing overheads in areas such as HR and creative engagement, investments in areas linked to income generation such as programming and commercial enterprises and the removal of the costume hire function

A new department “Playhouse Connect”, building on the work carried out during the pandemic, was created, merging the Creative Engagement, Furnace and Creative Futures strands of work. A number of posts were removed from this area of the business, but the Playhouse still has one of the most sizable departments making this work in the UK.

The work on the business model has set the Playhouse up for the next 3 to 5 years but external factors, including standstill funding and possible funding cuts, rising costs and pressure on salaries, the potential return of the rate of Theatre Tax relief to pre-pandemic levels could all require the Playhouse to recommence a further review of the business model in the very short term.

Strategic Partnerships

The ongoing development of partnerships is fundamental to the resilience of the Playhouse, the theatre industry and the wider arts and culture sector. A strong example of this is the many co-production partnerships which this year demonstrated, ranging from commercial partners such as Playful Productions, Neil Street Productions and Fiery Angel to significant co-productions with other subsidised venues such as Nottingham Playhouse and Birmingham Repertory Theatre, as well as touring companies such as ETT and Headlong.

We also worked with a range of partners, such as the Out of Many Festival and the Performance Ensemble. The latter was part of our contribution to the Leeds City of Culture year. This allowed Leeds Playhouse to contribute to both a strong economy and to a compassionate city by making Leeds a more attractive place to invest but also a better place to live, contributing to Leeds’ ambition to be best city

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Strategic Partnerships (continued)

by 2030. Our new building continues to break down barriers for people in the city through its significantly improved access facilities thus allowing more people to share their stories and our spaces.

Access, Inclusion and Equality

A commitment to Equality and Inclusion values was in our DNA long before it became a priority across our sector. Despite the challenging trading circumstances and the business model review, the Playhouse remained committed to its values surrounding equality and inclusion, which contributed to decision making during the review. The Playhouse continued to engage in meaningful ways with local communities, particularly those disconnected from mainstream cultural activity. The Playhouse, like Leeds, is a melting pot of people, cultures, and experiences. Its rich diversity is its strength, and we intend to evolve and actively respond to this context. The development of Playhouse Connect, will continue to respond to this long running aim.

In October2022, Shawab Iqbal began his tenure as Executive Director of the Playhouse. He brings significant expertise in this area from his roles in a range of organisations who have spearheaded this work including the Gate Theatre and Eclipse Theatre.

Plan For Change

The Playhouse has created an externally facilitated Reference Group tasked with developing a Plan for Change to support its commitment to being an anti-racist organisation, providing a safe and supportive environment for Black colleagues and communities and contributing to the advancement of progressive values around equity of representation and dismantling discriminatory structures.

The Plan continues to set out positive actions, now in their second phase, we will take both as an employer and as a major cultural institution in the city. The results of survey work have folded accountability, measurement, and urgency into the process, allowing us to set goals for the future and report on progress. This work continues to have a dedicated budget including resource to allow the appointment of new changemaker roles and provide targeted financial support to artists who have experienced racism.

The Plan for Change contains specific targets and measurable outcomes covering some of the following areas, which we have evaluated on during a quarterly basis:

Making recruitment processes more open and inclusive and better targeted to creating routes into the organisation to diversify workforce
Re-structure so we have more diversity of thinking and lived experience at a senior level of the organisation
Training and learning opportunities across the organisation
Increase financial commitment to this area of work
Respond to and build on outcome of perceptions analysis
Improved data gathering and analysis
Consideration of our communications in this area

Diversity Champions and Allies:

Our Senior Management Team continued to act as Diversity Champions, to help to build awareness of issues that people may face, to develop our internal and external relationships, and to ensure that we consider the widest possible range of impacts when we propose any organisational change.

We also trained a cohort of Playhouse staff from across other levels of the organisation as Inclusion Allies. These are designed to complement the Diversity Champion roles and provide different routes for people to seek help or support, or to check in with someone.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Access, Inclusion and Equality (continued)

In 2022/23, in addition to the access and inclusion work, which is intrinsic across our programme and operations, work continued on the ongoing development and implementation of two new key initiatives: our Plan for Change which began its second stage, and our Diversity Champions and Inclusion Allies.

Performance Programme

In 2022/23, the theatre presented an ambitious and dynamic programme of work across our stages, working with a range of partner and continuing to hold diversity unapologetically at its core – aimed at encouraging a wide range of audiences from Leeds to return to the theatre post pandemic.

Some of the many highlights across the performance programme included:

Oscar Wilde’s THE IMPORTANCE OF BEING EARNEST : a co-production between Leeds Playhouse, ETT and Rose Theatre. Directed by the winner of the 2021 Sir Peter Hall Director Award Denzel Westley-Sanderson, this fresh and contemporary take on Wilde's sharpest and wittiest comedy gave audiences a unique insight into this timeless satire.
Natasha Gordon’s award-winning debut play NINE NIGHT , a touching and funny exploration of the rituals of the traditional Jamaican memorial celebration following a British-Jamaican family as they connect to mark the passing of their beloved matriarch. Directed by Amanda Huxtable, this was a co-production between Leeds Playhouse and Nottingham Playhouse, staged in partnership with the Out of Many Festival.
CHARLIE AND THE CHOCOLATE FACTORY - THE MUSICAL - featured memorable songs from the iconic 1970s film as well as a host of sensational new tastebud-tickling toe-tappers. This Leeds Playhouse production, presented in association with Neal Street Productions & Playful Productions, was adapted from the original Dahl novel, and went onto a subsequent national tour.
ROAD TO TROJAN and REBELLION TO ROMANCE as part of the festival of the OUT OF MANY FESTIVAL celebrating 60 years of Jamaican independence, which included art, exhibitions, family fun, film, literature, and heritage events.
John Steinbeck’s OF MICE AND MEN , directed by Iqbal Khan in an intimate yet epic story about friendship and what it means to be human. This was a co-production between Leeds Playhouse, Birmingham Repertory Theatre and Fiery Angel.
A dynamic new production SINFONIA as part of 1001 Stories - directed by Alan Lyddiard and created from stories donated by the older people of the Leeds city region in an uplifting and unique celebration of lives lived to the fullest.
The world premiere of new musical IN DREAMS , written by David West Read and featuring the songs of legendary musician Roy Orbison and directed by Luke Sheppard .

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect

Overview

At the heart of the Playhouse’s artistic output are three areas of work – Creative Engagement, Furnace and Creative Futures – which provide participatory activity and artist development for thousands of local people each year.

The financial year 2022-23 saw activity across these areas start to settle and grow following the pandemic and our redevelopment, with an increase of activity and attendance across the building. Part of the year also coincided with Leeds 2023 Year of Culture.

At the end of the financial year, as part of the wider work to refine and streamline our business model, Creative Engagement, Furnace and Creative Futures were merged to create one department - Playhouse Connect. Playhouse Connect will encompass all the work the Playhouse does to connect creatively with the people and communities of Leeds outside of our productions. This merging of teams involved, in the Summer of 2023, the redundancy of several roles in this area, alongside the creation of some new roles within a restructured team.

Leeds Playhouse works with and engages thousands of people every year. From one-off interactions, year-round programmes, group activities and courses, working with people in their communities, removing barriers to access, amplifying underrepresented voices and opening up the building as a community resource for the city, the Playhouse strives to be a welcoming place for everyone. Playhouse Connect is made up of two interconnected elements – Learning & Skills and Creative Communities.

In total, our Playhouse Connect team delivered 3457 sessions of artistic development and engagement activity, connecting with 9712 artists and participants at the Playhouse, and 4542 people out and about around the city.

LEARNING & SKILLS

This work has a focus on theatre as a profession – growing skills, experience and knowledge for those who have already chosen to pursue theatre as a career or to educate and develop young people who might choose this pathway in the future. This activity provides a generous welcome and safe, nurturing space for local young people and artists across different career stages to make the Playhouse a creative home where they can hone skills, discover and develop their own artistic voice and practice, and create meaningful connections with their peers. Learning & Skills activity includes:

Education activity included:

Year-long activity in 5 Partner Primary Schools (Chapel Allerton, Shakespeare Primary, Farsley Spring Back, Hawksworth Wood and Hillcrest)
Numerous one-off workshops, backstage tours, industry days and CPD sessions for primary and secondary schools.
Undertook the first year of our partnership with Leeds Conservatoire, co-delivering the first year of a new MA in Dramaturgy and supporting 40 BA Acting students to stage two Shakespeare plays (Macbeth/Twelfth Night) at the Playhouse and on tour to Secondary Schools.
Created digital resources for our production of Lord of the Flies

Youth Theatre & Young People activity included:

Celebrating 15 years of First Floor, our creative space for Young People
Supported the delivery of the Healthy Holidays summer programme across City
Ran 8 Youth Theatres throughout the year (6 at the Playhouse, 1 at RJC Dance, 1 at DAZL in Middleton) with over 200 members.
Ran informal projects for young people at First Floor including Breeze, Young Carers Drop In, Playhouse Youth Drop in, Penny Press, and Ignition with Frantic Assembly
Partnered with National Youth Theatre in preparation for their Leeds 2023 show Nest in August 2023.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect (continued)

Furnace activity included:

1829 sessions in support of 1613 local artists.
Regular activity including one-off workshops, monthly Furnace Tuesdays, the creation of Yorkshire Disabled Creatives network, and monthly newsletters and £5 ticket offers.
We shared our spaces and resources to help a wide range of other local companies and artists realise their work including: Imitating the Dog were resident in the Courtyard for 5 weeks to create their new touring production of Macbeth; a number of local companies used the Bramall Rock Void to tech, open and launch tours of shows including Football Freddie by Fidget Theatre and Blow Down by Garry Lyons; the Jamaica Society hosted a wide variety of events in and around the building as part of the Out of Many Festival. In total, 66 weeks of free rehearsal space and tech support were given to local artists in our building, and the value of the in-kind and cash support to local artists was £249,557.
Our annual Furnace Festival in November 22 welcomed audiences to share 12 events presented by 54 artists, working in partnership with a range of organisations including Leeds University, the British Library and Leeds Studio.
24 paid placements lasting from one week to one year, working in partnership with organisations such as Tutti Frutti, Jerwood Arts, Stage One and Ramps on the Moon. This has included Delicia Sorhaindo as Resident Designer, Javairya Khan as Assistant Producer, Kyle O’Gara as Assistant Fight Director and Ada Eravama as Trainee Audio Description Consultant.
Significant opportunities for early career artists to make their step up to creating mid-scale work. This included Denzel Westley-Sanderson, a Black director who was given his first midscale directing opportunity with The Importance of Being Earnest working in collaboration with ETT and the Royal Theatrical Support Trust, and Tess Seddon, a previous Trainee Director at the Playhouse who returned to direct A Passionate Woman.
We maintained a full commissions slate of 14 plays of which 12 writers are locally rooted to Leeds, 3 are Black writers, 3 are of South Asian heritage and 3 are disabled. These commissions include a new adaptation by Bradford born Asif Khan of the popular children’s book Planet Omar, and Brown Girl Magic by Shreya Patel supported by Ramps on the Moon.
Our continued support of local companies bore fruit this year. Transform Festival, which was born out of the Playhouse and with whom we worked once again in 2022 to present work by international company Back to Back, achieved NPO status. Also achieving NPO status were The Performance Ensemble, who we continue to provide organisational support to in the form of office and rehearsal space, and with whom we worked throughout the year to prepare for the large-scale takeover of the Playhouse, 1001 Stories, by Older People taking place in April 2023 as part of Leeds 2023.
We continued to support our associate company, The Mayers Ensemble, with organisational development support, as well as working as lead producer on their major new project, Walk With Me, in collaboration with Fuel Theatre, Harewood House and Leeds 2023.

CREATIVE COMMUNITIES

This work connects with a range of diverse communities, providing a welcoming home within the Playhouse building and connecting with people on their own doorsteps. This activity is participatory, using art to open up possibility in people’s lives and provide them with the physical and emotional space to connect. It builds on the promise of our building as a community resource that belongs to the city.

Learning Disability activity included:

Weekly delivery of Buzz Creative Arts Course (Mondays & Tuesdays) and Buzz Weekend Workshops (Saturdays) for adults with Learning Disabilities supported by National Lottery.
The producing and delivery of Beautiful Octopus Club Festival in December 22 which included a club night, tea & cake rave, and a range of creative workshops.
Weekly outreach sessions in two locations in the city.
The presentation of a sensory show for people with PMLD, Whispering Jungle.
Four Interaction Days, welcoming Learning Disabled people and groups to come and explore the Playhouse.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect (continued)

Creative Ageing activity included:

Heydays, our weekly creative arts project for over 55’s, around 120 older people taking part in visual arts, performance, and discussion groups.
The Playhouse continues to lead the sector in its approach to people living with Dementia, having created the concept of Dementia Friendly Performances. We ran three different dementia focussed creative groups throughout the year.
We delivered a 1001 Stories Takeover as part of Leeds 2023, with over 75 artists, organisations, individuals, and older people’s groups involved in co-creating the two-week programme. Highlights include:
How Round is Your Roti? – food and discussion with Sikh Elders Service
Welcoming Pyramid Arts Legends group for older people with Learning Disabilities
Speaking Truth to Power – in conversation with Arthur France MBE
Skating workshops and demo with LSTEN
Aerial Circus workshop and demo performance with Urban Angels
Heydays Open Mic open to all
Wake Up, Shake Up Sessions with Northern Ballet, DECODANCE, Bramley Baths and Leeds Playhouse
Reunion for people who worked in the Burton Clothing Factory
MILIM’s in Conversation with Arek Hersh MBE and Jean Hersh
Chasing the Dream: the story of a rocket scientist with Heydays Member, Dr Margaret Bending
Workshop lecture with Kneehigh co-founder, Mike Shepherd
Panel discussion and extracts from a new play exploring the roots of the punk scene and Rock Against Racism movement in Leeds
A boutique screening room programmed in collaboration with Leeds Young Film and Leeds International Film Festival
Our Comedy Club for older men living alone was awarded Best Age-Friendly Outreach Award at the Fantastic for Families Awards.
Club 55, a club night for over 55s, ran in the Bramall Rock Void in December 22.

On Your Doorstep activity included:

We delivered activity in just under half the wards of the city, with a concentrated effort in four targeted areas - Burmantofts, Harehills, Seacroft and Middleton - partnering with DAZL, Leeds Muslim Youth Forum, Bellbrooke Surgery (funded by NHS), Thackray Museum of Medicine and Chapel FM to deliver wide-ranging activities.
We continued to evolve and widen our partnership with the Bellbrooke Surgery in Harehills.
Our Football Freddie community tour was a great success visiting 11 neighbourhoods including some new areas based on Leeds City Council Priority Areas and Lower Super Output Area data. We also offered a schools matinee and public performance in each venue, and delivered a range of outreach workshops alongside the show.

People’s Playhouse activity included:

We staged our annual Open Season in July 23 with the theme Our City, Our World. 10 events by a range of community groups from across the city were staged over 12 performances across the Quarry and Bramall Rock Void theatres.
We welcomed over 600 people to attend and participate in 17 different events which took over our front of house spaces including: a roller disco, Iftar dinner, Nowruz event, weekly breakdancing sessions, Mahogany Market, Queer Market, Knitting Club and Funny Boys Book Club.
We worked with Men’s Health Unlocked, a consortium of local organisations, to produce the Northern Man Festival 2023. This mini day-long festival involved performances, workshops and activities such as men’s grooming challenged the stigma around men’s mental health. Excitingly this year also saw sharings of two performances on the topic in the Bramall Rock Void.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect (continued)

Theatre of Sanctuary activity included:

455 diaspora people seeking asylum in Leeds engaged with activity including a City of Sanctuary relaunch event.
Weekly activity took place throughout the year including: a young people’s group, Hearts; a women’s choral group, Asmarina Voices; Playing Me which is for pre-school children to engage in structured play sessions; Conversation Cafe - a weekly 'cafe' for those with English as a second language to chat and learn in a relaxed setting in collaboration with the Refugee Council.
• A full programme took place to help commemorate Refugee Week in June 2023. Our theatre of Sanctuary Status was renewed, something we’re very proud of as the world’s first such theatre.

Board activity & governance

Rozina Breen and Neil Adleman acted as Chair and Vice-Chair for the full reporting period. Appointments and resignations of trustees are shown on page 4 of the Trustees Report.

Financial review

The financial year 2022/23 saw a return to full scale operations following the previous years’ Covid 19 restrictions. The organisation carried out a full review of its business model to ensure its long-term future. The deficit for the year on unrestricted funds was £1,200,702 including a deficit of £1,096,854 on the designated fund relating to the major capital works on the Playhouse Roof and planned Covid recovery costs, leaving a deficit for the year on the general unrestricted fund of £103,848 (2022: deficit £773,867). We carry forward a consolidated surplus on unrestricted funds of £2,446,137 (2022: surplus £3,646,839) of which £674,500 (2022: £1,771,354) is designated. The deficit for the year on the restricted fund was £740,726 (2022: £114,449). We carry forward a consolidated surplus on the restricted fund of £5,323,342 (2022: £6,064,068).

Plans for the future

The Playhouse aims to attract new audiences to its newly revitalised spaces. It must also ensure that the spaces are working well and function according to their design to deliver on the Redevelopment Project’s objectives to make the Playhouse a resilient organisation fit for the 21st Century. This will also require it to grow new revenues from the enhanced theatre and front of house offer, to maximise the benefits the Redevelopment has been designed to bring.

Principal risks and uncertainties

The trustees have examined the major strategic, business, and operational risks which the Trust faces and confirm that systems have been established and measures introduced to manage risks, accepting that it is not possible to eliminate all risks. The organisation maintains a risk register which is regularly scrutinised by the Trustees.

The principal risk areas normally relate to the costs and revenues associated with the artistic programme including theatre tax relief. The existing risks around physical hazards and health and safety continue to apply. Many of our existing risks are exacerbated by the current cost of living crisis, including the spiralling costs of producing medium and larger scale shows with limited opportunity to pass on the extra costs to audiences who are also being affected by the increased cost of living. Audience appetite remains uncertain and could impact on box office sales as well as impact significantly on the Bar & Catering income.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Physical hazards

There are physical hazards inherent in the nature of the work we carry out: we construct and operate large-scale physical stage sets and there are large numbers of visitors every day to our premises. Failure to manage risks arising from these operations could result in major injuries or loss of life to staff, contractors and members of the public, significant disruption to the programme of work on our stages and damage to our reputation. The cost related to the recovery or resultant litigation could have a material financial impact.

Trustees' responsibility statement

The trustees (who are also directors of Leeds Theatre Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company and group will continue in business.

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

The trustees confirm that:

so far as each trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

The Trustees 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 financial statements may differ from legislation in other jurisdictions.

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Going concern

The activities of the group, together with the factors likely to affect its future development and performance, are set out in the Report of the Trustees. The financial position of the group, its cashflow and liquidity are described in the Financial Statements and accompanying notes. The organisation was working to its activity and business plans for the period to March 2026 as submitted to Arts Council England and Leeds City Council, having carried out a full review of its business model to ensure its long term future. A longer-term Business Plan is being reviewed in light of the business model review process in response to the current cost of living crisis, inflation and rising energy costs.

The financial statements have been prepared on a going concern basis. The Trustees have taken note of the guidance issued by the Financial Reporting Council on Going Concern assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors.

The Trustees have prepared forecasts and cashflows covering the period to July 2024 and approved by the Board in Mar 2023.

Auditors

Azets Audit Services Limited offer themselves for reappointment as auditors in accordance with the Companies Act 2006. In accordance with s587(2) of the Companies Act 2006 they are deemed reappointed annually.

Statement of disclosure to the auditor

In so far as the Trustees are aware:

There is no relevant audit information of which the charitable company’s auditor is unaware; and
The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

In approving the Report of the Trustees, the Trustees are also approving the Strategic Report in their capacity as company directors.

On behalf of the Board

Rozina Breen

Chair of Trustees

20 March 2024

…………………………

Leeds Theatre Trust Limited

Independent Auditor’s Report to the Members of Leeds Theatre Trust

Opinion

We have audited the financial statements of Leeds Theatre Trust (the ‘charitable company’) and its subsidiary for the year ended 31 July 2023 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the consolidated statement of cash flow and related 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 UK Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 July 2023 and of its income and expenditure for the year then ended;
have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated.

Leeds Theatre Trust Limited

Independent Auditor’s Report to the Members of Leeds Theatre Trust

Other information (continued)

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Trustees’ report and strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ report and strategic report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
the financial statements are not in agreement with the accounting records and returns;
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 the Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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

Leeds Theatre Trust Limited

Independent Auditor’s Report to the Members of Leeds Theatre Trust

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of identifying irregularities, including fraud

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.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Leeds Theatre Trust Limited

Use of our report

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

Jessica Lawrence Senior Statutory Auditor For and on behalf of Azets Audit Services Limited 12 King Street Statutory Auditor Leeds LS1 2HL

……………………………

Leeds Theatre Trust Limited

Consolidated statement of financial activities (incorporating income and expenditure account)

		Unrestricted	Restricted	Total Funds	Total Funds
		funds	funds	2023	2022
	Note	£	£	£	£
Income from:
Donations and legacies	2,19	308,761	570,545	879,306	932,621
Commercial trading operations		1,003,430	-	1,003,430	475,093
Income from investments		55,000	-	55,000	56,464
Income from charitable activities	3	8,043,238	500,371	8,543,609	5,754,587
Coronavirus Job Retention
Scheme		-	-	-	50,403
Total income		9,410,429	1,070,916	10,481,345	7,269,168
Expenditure on:
Raising funds		1,020,050	-	1,020,050	708,742
Expenditure on charitable
activities		8,850,060	1,095,958	9,946,018	7,429,228
Capital Redevelopment Contribution	21	-	1,463,684	1,463,684	-
Total Expenditure	4	9,870,110	2,559,642	12,429,752	8,137,970
Net income / (expenditure)					(868,802)
before other gains / (losses)		(459,681)	(1,488,726)	(1,948,407)
(Losses)/gains from investments	12	6,979	-	6,979	(19,514)
Net income/(expenditure) before
transfers		(452,702)	(1,488,726)	(1,941,428)	(888,316)
Transfers between funds		(748,000)	748,000	-	-
Net movement in funds		(1,200,702)	(740,726)	(1,941,428)	(888,316)
Reconciliation of funds:
Total funds brought forward	19, 20	3,646,839	6,064,068	9,710,907	10,599,223
Total funds carried forward	19, 20	2,446,137	5,323,342	7,769,479	9,710,907

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

A fully detailed Statement of Financial Activities for the year ended 31 July 2022 is shown at note 23.

Leeds Theatre Trust Limited

Consolidated Balance Sheet as at 31 July 2022

		Group	Group	Company	Company
		2023	2022	2023	2022
	Note	£	£	£	£
Fixed assets
Tangible assets	11	5,461,057	5,804,835	5,461,057	5,804,835
Investments	12	667,712	660,733	667,714	660,735
		6,128,769	6,465,568	6,128,771	6,465,570
Current assets
Stocks	13	29,474	37,078	18,614	20,164
Debtors	14	3,475,985	1,802,876	4,140,592	1,960,680
Cash at bank and in hand		1,697,385	4,417,601	769,441	4,270,840
		5,202,844	6,257,555	4,928,647	6,251,684
Current liabilities
Creditors: amounts falling due within oneyear	15	(2,894,574)	(2,072,186)	(2,722,159)	(1,993,789)
Net current assets		2,308,270	4,15,369	2,206,488	4,257,895
Total assets less current liabilities		8,437,039	10,650,937	8,335,259	10,723,465
Creditors: amounts falling due	17	(667,560)	(940,030)	(622,560)	(895,030)
after more than oneyear
		7,769,479	9,710,907	7,712,699	9,828,435
Funds of the charity
Restricted funds	19	5,323,342	6,064,068	5,323,342	6,064,068
Unrestricted funds	19	2,446,137	3,646,839	2,389,357	3,764,367
		7,769,479	9,710,907	7,712,699	9,828,435

The financial statements were approved by the Board of Trustees and signed on their behalf on

……………………………………………….

Rozina Breen Chair of Trustees

Leeds Theatre Trust Limited

Consolidated Statement of Cash Flows for the year ended

	2023	2022
	£	£
Reconciliation of cashflow from operating activities
Net income/(expenditure) for the year	(1,941,428)	(888,316)
Depreciation	430,478	419,421
(Gains)/Losses on investments	(6,979)	19,514
(Profits)/Losses on sale of fixed assets	-	-
Investment income	(55,000)	(56,462)
Decrease/(increase) in stocks	7,604	(12,269)
Decrease/(increase) in debtors	(1,673,109)	(230,099)
(Decrease)/increase in creditors	872,774	218,551
Net cash (used in)/provided by operating activities	(2,365,660)	(470,656)
Cash inflow from investing activity
Income from investments	55,000	56,464
Purchase of tangible fixed assets	(86,700)	(50,258)
Cash inflow from financing activity	(31,700)	6,206
Payment of finance lease obligations	(58,588)	(74,119)
Other loans repaid/(advanced)	(264,268)	-
Cashprovided by/(used in) financing activities	(322,856)	(74,119)
Change in cash and cash equivalents in theyear	(2,720,216)	(538,569)
Cash and cash equivalents at the beginningof theyear	4,417,601	4,956,170
Cash and cash equivalents at the end of theyear	1,697,385	4,417,601

Analysis of changes in net debt

	1 August 2022	Cashflows	31 July 2023
	£	£	£
Cash at bank and in hand	4,417,601	(2,720,216)	1,697,385
Borrowings excluding overdrafts	(1,486,222)	322,856	(1,163,366)
Net debt	(2,931,379)	2,397,360	(534,019)

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

1 Principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Charitable company information

The charitable company is a registered charity and a company limited by guarantee and registered in England.

Charity number: 255460 Company number: 0926862 Registered Office: Leeds Playhouse, Playhouse Square, Quarry Hill, Leeds LS2 7UP

Leeds Playhouse (Enterprises) Limited is a wholly owned subsidiary of the charitable company.

Basis of preparation

The financial statements have been prepared on a going concern basis 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) (effective 1 January 2019) (“Charities SORP (FRS 102)”), the Financial Reporting Standard applicable in the UK and Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

Leeds Theatre Trust meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The principal accounting policies adopted in the preparation of the financial statements have remained unchanged from previous years and are set out below.

Basis of consolidation

These financial statements consolidate the results of the charity and its wholly owned subsidiary Leeds Playhouse (Enterprises) Limited on a line-by-line basis. A separate statement of financial activities and income and expenditure accounts are not presented for the charity itself following the exemptions afforded by the Companies Act 2006 and the SORP 2019.

Going concern

The activities of the group, together with the factors likely to affect its future development and performance, are set out in the Report of the Trustees. The financial position of the group, its cashflow and liquidity are described in the Financial Statements and accompanying notes. The organisation carried out a full business model review in the year to ensure its long-term future. The organisation will transition to its new business model in 2023/24. Arts Council England NPO funding has been secured for 2023-2026 and Leeds City Council is confirmed for the year 2023-24.

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

1 Principal accounting policies

The financial statements have been prepared on a going concern basis. The trustees have taken note of the guidance issued by the Financial Reporting Council on Going Concern assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors.

The Trustees have prepared forecasts and cashflows covering the period to July 2025 and approved by the Board in March 2024.

As part of the financial forecasting work referred to in Going Concern as set out above, the Trustees have considered the impact of the pandemic on the business, including on its working capital and the availability of cash.

Income

Voluntary income including donations, gifts and legacies and grants that provide core funding or are of general nature are recognised where there is entitlement, probability 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.

Income from commercial trading activities is recognised as earned as the related goods and services are provided.

Investment income is recognised on a receivable basis.

Income from charitable activities includes income received under contract. Where entitlement to grant funding is subject to specific performance conditions, this is recognised as earned as the related goods or services are provided.

Grant income included in this category provides funding to support performance activities and is recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when admission fees or performance related grants are received in advance of the performances or event to which they relate.

Government grants in the form of Coronavirus Job Retention Scheme are recognised at entitlement and are shown separately on the face of the SoFA.

Expenditure

Expenditure is recognised when a liability is incurred.

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

1 Principal accounting policies

Costs of generating funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

Charitable activities include expenditure associated with the staging of concerts, stage productions, art exhibitions and educational programmes and include both the direct costs and support costs relating to these activities. Production costs are written-off in the year in which the first performance of the related production takes place, unless the substantive part of the show's run is post year end, in which case both income and expenditure would be deferred.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g., the proportion of turnover.

Production comprises the salaries and overhead costs of the production, literary and artistic teams. Executive comprises executive salaries and travel. Support services comprise IT, administration, finance and secretarial salaries and overheads as well as theatre management costs and legal and other professional fees. Promotion comprises marketing and press salaries and costs. Front of house comprises box office, reception and duty management salaries and costs. Occupancy costs comprise cleaning and maintenance salaries and costs as well as utilities.

The following bases of allocation are used: Production – direct production costs, Executive – unrestricted direct costs, Support services – unrestricted direct costs, Promotion – Box office income, Front of house – Box office income, Occupancy – unrestricted direct cost

Fund accounting

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the appropriate fund.

Unrestricted funds are donations and other income received or generated for expenditure on the general objectives of the charity.

When grants and donations are received for a specific purpose involving capital investment, the cash will be recorded against a restricted fund. When the investment has been made, the relevant capital asset will be recorded against the relevant fund, and depreciation of the asset charged against the fund. Once any restrictions on the use of the asset have expired, the asset will be transferred from the restricted fund to the Trust's unrestricted funds.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. Cost comprises the invoiced value of the goods and services received.

Tangible fixed assets and depreciation

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets except freehold land by equal annual instalments over their expected useful lives. The periods applicable are as follows:

Freehold buildings	50 years
Long leasehold buildings	50 years
Wardrobe equipment, office, bar and restaurant fixtures and fittings	4 - 10 years
Computer equipment	5 years
Electrical equipment	7 - 15 years
Theatre fixtures and fittings	6 - 12 years
Motor vehicles	4 years

Freehold land is not depreciated.

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

1 Principal accounting policies

Investments

Investments are stated at market value at the balance sheet date.

The investment portfolio is held to generate returns and gains for the charity and accordingly is designated as fair value through profit and loss (“FVTPL”). Under this designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the SoFA.

Staff costs

The costs of short-term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period.

Pensions

Leeds Theatre Trust Limited operates a Group Personal Pension Plan with Standard Life which is a defined contribution contracted-in money purchase scheme.

Accordingly, these financial statements include pension costs payable on a defined contribution basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SoFA on a straight-line basis over the period of the lease.

Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial liabilities are only derecognised when, and only when, the group’s obligations are discharged, cancelled or they expire.

Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

As permitted by paragraph 34.90 of FRS 102, concessionary loans are initially recognised at the amount received or paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment.

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

1 Principal accounting policies

Taxation

Leeds Theatre Trust is a registered charity and as such is a charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising.

Critical accounting judgements and estimation uncertainty

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property plant and equipment and the note below for the useful economic lives for each class of assets.

2 Income from donations and legacies

2 Income from donations and legacies
	2023	2022
	£	£
Donations(Unrestricted)	308,761	282,734

In addition to the unrestricted voluntary income above, the Trust has received restricted grant income of £1,070,916 (2022 £1,190,071), which is analysed in note 19.

3 Income from charitable activities

3 Income from charitable activities
	2023	2022
	£	£
Core funding/performance grants:
- Arts Council England	1,541,136	1,585,811
- Culture Recovery Fund	-	1,000,000
- Leeds CityCouncil	500,371	540,184
	2,041,507	3,125,995
Income from theatre productions:
Admission charges	3,401,479	1,753,157
Co-production income	2,683,782	339,380
Recharge income	91,107	21,340
Touring out	43,557	107,396
Creative engagement: education and event income	115,558	137,077
Other income	166,619	320,645
	8,543,609	5,804,990

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

4 Expenditure on charitable activities and raising funds

The Trust undertakes direct charitable activities only and does not make grant payments.

For the year to 31 July 2023	Unrestricted direct costs	Unrestricted support costs (Note 5)	Unrestricted total costs	Costs against designated fund	Restricted total costs	Total 2023
Expenditure on charitable activities:	£	£	£	£	£	£
Own theatre productions	3,442,393	3,036,119	6,478,512	40,142	577,237	7,095,891
Visiting theatre productions	871,214	733,321	1,604,535	-	-	1,604,535
Touring out	-	-	-	-	-	-
Creative Engagement	331,863	220,273	552,136	-	232,487	784,623
	4,645,470	3,989,713	8,635,183	40,142	809,724	9,485,049
Depreciation	144,433	-	144,433	-	286,234	430,667
Material Item - Redevelopment Contribution	-	-	-	-	1,463,684	1,463,684
Governance	21,866	8,436	30,302	-	-	30,302
Total expenditure on charitable activities	4,811,769	3,998,149	8,809,918	40,142	2,559,642	11,409,702
Expenditure on raising funds:
Fundraising expenses	161,807	64,118	225,925	-	-	225,925
Tradingexpenses	794,125	-	794,125	-	-	794,125
Total expenditure on raising funds	955,932	64,118	1,020,050	-	-	1,020,050
Total expenditure	5,767,701	4,062,267	9,829,968	40,142	2,559,642	12,429,752

As disclosed in note 21 the Playhouse contributed £1,463,684 to Leeds City Council’s Roof Project.

Notes to the Financial Statements for the year ended 31 July 2023

4 Expenditure on charitable activities and raising funds (continued)

For the year to 31 July 2022	Unrestricted direct costs	Unrestricted support costs (Note 5)	Unrestricted total costs	Costs against designated fund	Restricted total costs	Total 2022
Expenditure on charitable activities:	£	£	£	£	£	£
Own theatre productions	1,544,418	2,572,179	4,116,597	367,305	571,274	5,055,176
Visiting theatre productions	213,258	308,355	521,613	-	-	521,613
Touring out	-	-	-	-	-	-
Creative Engagement	474,433	478,927	953,360	-	447,013	1,400,373
	2,232,109	3,359,461	5,591,570	367,305	1,018,287	6,977,162
Depreciation	133,187	-	133,187	-	286,234	419,421
Governance	19,616	13,029	32,645	-	-	32,645
Total expenditure on charitable activities	2,384,912	3,372,490	5,757,402	367,305	1,304,521	7,429,228
Expenditure on raising funds:
Fundraising expenses	146,319	98,426	244,745	-	-	244,745
Tradingexpenses	463,997	-	463,997	-	-	463,997
Total expenditure on raising funds	610,316	98,426	708,742	-	-	708,742
Total expenditure	2,995,228	3,470,916	6,466,144	367,305	1,304,521	8,137,970

Notes to the Financial Statements for the year ended 31 July 2023

5 Analysis of support costs

The Trust allocates its support costs between the charitable activities undertaken as shown in the table below.

							Total
For the year to 31 July 2023	Production	Executive	Support services	Promotion	Front of house	Occupancy	support costs 2023
Allocated to cost of charitable activity:	£	£	£	£	£	£	£
Own theatre productions	1,055,711	164,679	747,962	268,074	151,970	647,723	3,036,119
Visiting theatre productions	233,270	36,395	165,304	99,050	56,152	143,150	733,321
Touring out	-	-	-	-	-	-	-
Creative Engagement	88,872	13,868	62,987	-	-	54,546	220,273
	1,377,853	214,942	976,253	367,124	208,122	845,419	3,989,713
Allocated to costs of generating donations	-	6,767	30,735	-	-	26,616	64,118
Governance	-	890	4,044	-	-	3,502	8,436
Total support costs	1,377,853	222,599	1,011,032	367,124	208,122	875,537	4,062,267

							Total
For the year to 31 July 2022	Production	Executive	Support services	Promotion	Front of house	Occupancy	support costs 2022
Allocated to cost of charitable activity:	£	£	£	£	£	£	£
Own theatre productions	703,416	147,793	729,498	274,073	193,882	523,610	2,572,272
Visiting theatre productions	71,932	15,123	74,646	54,512	38,563	53,579	308,355
Touring out	-	-	-	-	-	-	-
Creative Engagement	160,046	33,642	166,052	-	-	119,187	478,927
	935,394	196,558	970,196	328,585	232,445	696,376	3,359,554
Allocated to costs of generating donations	-	10,374	51,204	-	-	36,752	98,330
Governance	-	1,375	6,786	-	-	4,871	13,032
Total support costs	935,394	208,307	1,028,186	328,585	232,445	737,999	3,470,916

Notes to the Financial Statements for the year ended 31 July 2023

6 Analysis of funding support for charitable activities

This table shows the cost of the main charitable activities and the sources of revenue directly to support those activities.

For the year to 31 July 2023	Own theatre productions	Visiting theatre productions	Touring out	Creative Engagement	Total 2023
	£	£	£	£	£
Admission charges	2,483,797	917,682	43,557	-	3,445,036
Creative engagement: education and event income	-	-	-	115,558	115,558
Co-production income	2,683,782	-	-	-	2,683,782
Recharge income	-	91,107	-	-	91,107
Other income	-	-	-	-	-
Total direct revenue	5,167,579	1,008,789	43,557	115,558	6,335,483
Unrestricted total costs (Note 4)	(6,478,514)	(1,604,535)	-	(552,136)	(8,635,185)
Net cost funded from grants and other income	(1,310,935)	(595,746)	43,557	(436,578)	(2,299,702)
For the year to 31 July 2022	Own theatre productions	Visiting theatre productions	Touring out	Creative Engagement	Total 2022
	£	£	£	£	£
Admission charges	1,462,307	290,849	107,396	137,077	1,997,629
Co-production income	339,380	-	-	-	339,380
Recharge income	-	21,340	-	-	21,340
Other income	-	-	-	-	-
Total direct revenue	1,801,687	312,189	107,396	137,077	2,358,349
Unrestricted total costs (Note 4)	(4,116,597)	(521,613)	-	(953,360)	(5,591,570)
Net cost funded from grants and other income	(2,314,910)	(209,424)	107,396	(816,283)	(3,233,221)

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

7 Financial activities of the charity

The Charity has taken advantage of section 408 of the Companies Act 2006 and has not included its own income and expenditure accounts in these financial statements.

A summary of the financial activities undertaken by the Trust is set out below:

	2023	2022
	£	£
Income	9,477,912	6,794,074
Expenditure on charitable activities	(9,911,018)	(7,394,225)
Expenditure on raising funds	(225,925)	(244,745)
Redevelopment costs	(1,463,684)
Gains on investments	6,979	(19,512)
Net movements in funds	(2,115,736)	(864,408)
Total funds brought forward	9,828,435	10,692,843
Total funds carried forward	7,712,699	9,828,435
Represented by:
Restricted funds	5,323,342	6,064,068
Unrestricted funds	2,389,357	3,764,367
	7,712,699	9,828,435

Operating costs are stated after charging: Auditor’s remuneration of £23,650 (2022: £18,750) for audit services in respect of the Group and £3,600 (2022: £2,700) for taxation services.

8 Operations of trading subsidiary

The wholly owned trading subsidiary, Leeds Playhouse (Enterprises) Limited, registered in England and Wales, pays all its profits to its parent charitable company under gift aid. Leeds Playhouse (Enterprises) Limited operates the bars, restaurant, coffee lounge and all commercial trading operations carried on at the Leeds Playhouse and is commissioned by Leeds Theatre Trust Limited and other theatre companies to produce theatre productions. Leeds Theatre Trust Limited owns the entire issued share capital of 2 ordinary shares of £1 each. A summary of the trading results and financial position of Leeds Playhouse (Enterprises) Limited is shown below.

	2023	2022
	£	£
Turnover	6,818,148	4,024,462
Other income – CJRS government grants	-	38,511
Cost of sales	6,188,892	(3,736,020)
Gross profit	629,256	326,953
Administrative expenses	(458,655)	(351,003)
Operating profit	170,601	(24,050)
Interest receivable	3,703	146
Operating profit	174,304	(23,904)
Payment under gift aid		-
Profit for the financial year after taxation	174,304	(23,904)

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

8 Operations of trading subsidiary (continued)

	2023	2022
	£	£
Current assets	2,836,562	903,931
Creditors: amounts falling due within one year	(2,734,534)	(976,209)
Creditors: amounts falling due after one year	(45,000)	(45,000)
Total net assets	57,028	(117,278)
Share capital and reserves	57,028	(117,278)

9 Taxation

The Trust has charitable status, and its investment income and gains are exempt from corporation tax by virtue of the provisions of section 488, Corporation Taxes Act 2010. Furthermore, it is considered that the trading activities of the Trust are carried out as the primary purpose of the charitable company and, accordingly, any element of the operating surplus attributable to such activities is also exempt from corporation tax under the provisions of that section.

10 Staff costs

	Group
	2023	2022
	£	£
Wages and salaries	3,125,543	3,116,730
Redundancy	57,310	1,713
Social security costs	276,725	263,141
Pension costs	62,285	59,525
	3,521,863	3,441,109

The average number of full-time equivalent employees (including casual and part-time staff) during the period was as follows. The calculation method of full-time equivalents in Box Office and Front of House has been changed to give a more accurate result.

has been changed to give a more accurate result.
	Group
	2023	2022
	Number	Number
Trading	13	19
Stage performances	35	38
Box office and front of house	20	44
Creative Engagement	13	20
Administration	31	38
	112	159

The number of employees whose emoluments (excluding pension contributions, employer’s social security costs but including benefits in kind) fell within the following bands:

		2023	2022
		Number	Number
£80,001	to £90,000	1	1

The key management personnel of the charity comprise the trustees, the Executive Director and Joint Chief Executive, Artistic Director and Joint Chief Executive, Finance Director, Technical Director, Marketing & Communications Director, Director - Creative Engagement, Strategic Director of Fundraising and Development, HR & Learning Director, Commercial Director, Associate Director, and the Senior Producer. The total cost of their employment was £534,992 (2022: £615,667).

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

10 Staff costs (continued)

Regular benchmarking exercises are carried out to ensure that staff salary rates are consistent with market rates for the sector. An annual pay review is implemented in April of each year.

During the year Neil Adleman (trustee) was reimbursed for out-of-pocket expenses of £nil (2022: £nil).

The directors of the charity are also the Trustees under charity law and received no remuneration either from the Charity or its subsidiary. The Charity has taken out indemnity insurance that protects both the Charity and its Trustees from losses arising from neglect or default by the Trustees, employees or other agents of the Group.

11 Fixed Assets

Group and company

			Fixtures,
	Freehold	Long	Fittings
	land and	Leasehold	and motor
	buildings	buildings	vehicles	Total
	£	£	£	£
Cost
At 31 July 2022	467,578	14,041,461	1,568,722	16,077,761
Additions	-	-	86,700	86,700
Disposals			(3,150)	(3,150)
At 31 July2023	467,578	14,041,461	1,652,272	16,161,311
Depreciation
At 31 July 2022	131,983	9,000,333	1,140,610	10,272,926
Provided in the period	6,537	280,000	143,941	430,478
Eliminated on disposal	-	-	(3,150)	(3,150)
At 31 July2023	138,520	9,280,333	1,281,401	10,700,254
Book values
At 31 July2023	329,058	4,761,128	370,871	5,461,057
At 31 July2022	335,595	5,041,128	428,112	5,804,835

All tangible fixed assets were used for charitable purposes. The bar, restaurant and conference facilities were also used by the trading subsidiary to generate funds.

Fixed assets includes assets held under hire purchase leases with a cost of £214,823, a book value of £42,965 and depreciation of £42,965 has been charged in the year.

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

12 Investments

Group and company

Group and company
	Listed
	Investments
	£
Cost or valuation
At 31 July 2022	660,733
Less: sale of investments	-
Net investmentgains	6,979
At 31 July2023	667,712
Net book amount
At 31 July2023	667,712
At 31 July2022	660,733

Investments are listed on a recognised stock exchange and are valued at fair value through the statement of financial activities.

The allocation of investments held at the period end was as follows:

	2023	2022
	£	£
UK and overseas equities	418,368	394,567
UK and overseas Fixed interest	50,387	67,259
Short term cash deposits	191,978	198,907
Book value at 31 July	660,733	660,733
Historical cost at 31 July	563,486	551,975

The Charitable company also holds a £2 investment in its subsidiary (2022: £2).

The £2 investment is stated at cost and represents 100% of the ordinary share capital of Leeds Playhouse (Enterprises) Limited, company number 02441300 registered in England and Wales with its registered office at the same address as its parent company. The results and aggregate amount of capital and reserves of the subsidiary at 31 July 2023 are disclosed in note 8 to these financial statements.

Leeds Playhouse (Enterprises) Limited is controlled by virtue of the parent Charity holding 100% of the issued share capital. It has a reporting date which is coterminous with the Charity and its registered office is the same as that of the parent company.

13 Stocks

	Group		Charitable	company
	2023	2022	2023	2022
	£	£	£	£
Raw materials and goods for resale	29,474	37,078	18,614	20,164

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

14 Debtors
	Group		Charitable	company
	2023	2022	2023	2022
	£	£	£	£
Trade debtors	257,263	120,970	122,958	95,675
Debtors arising on operations	21,280	29,570	6,217	28,116
Other debtors	1,746,816	896,669	-	186,820
Other taxes and social security	61,345	21,671	61,345	21,671
Prepayments	450,322	407,082	448,748	403,425
Accrued income	938,959	326,914	938,959	326,914
Amounts owed bysubsidiaryundertaking	-	-	2,562,365	898,059
	3,475,985	1,802,876	4,140,592	1,960,680

15 Creditors: amounts falling due	within one year	within one year
	Group		Charitable	company
	2023	2022	2023	2022
	£	£	£	£
Trade creditors	621,717	246,594	596,534	232, 851
Other taxes and social security	113,306	80,947	102,132	69,669
Other creditors	52,186	43,639	51,938	36,758
Finance lease creditor	-	58,588	-	58,588
Loans - Leeds City Council	540,806	532,604	540,806	532,604
Amounts owed to subsidiary undertaking	-	-	-	-
Accruals	668,314	416,035	590,913	375,040
Deferred income(note 18)	898,245	693,779	839,836	688,279
	2,894,574	2,072,186	2,722,159	1,993,789

A bank overdraft facility is secured by a fixed and floating charge over the group and charitable company's freehold land and buildings.

16 Loans & Finance lease obligations

	Group		Charitable	company
Future minimum lease payments:	2023 £	2022 £	2023 £	2022 £
Amounts due within one year	-	60,070	-	60,070
Amounts due in two to fiveyears	-	-	-	-
	-	60,070	-	60,070
Less future finance changes	-	(1,482)	-	(1482)
	-	58,588	-	58,588

	Group	Group	Charitable	company
Future minimum loan payments:	2023 £	2022 £	2023 £	2022 £
Amounts due within one year	572,506	572,506	572,506	286,253
Amounts due in two to fiveyears	662,116	948,369	662,116	1,234,622
	1,234,622	1,520,875	1,234,622	1,520,875
Less future finance changes	(71,255)	(93,241)	(71,255)	(93,241)
	1,163,367	1,427,634	1,163,367	1,427,634

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

17 Creditors: amounts falling due after more than one year

	Group		Charitable	company
	2023	2022	2023	2022
	£	£	£	£
Other creditors		-		-
Finance lease creditor		-		-
Loans - Leeds City Council	622,560	895,030	622,560	895,030
Other loans	45,000	45,000	-	-
	667,560	940,030	622,560	895,030

Loans payable to Leeds City Council represent the value of Leeds Theatre Trust Limited’s grant contribution to the Council’s scheme for the redevelopment of Leeds Playhouse and is summarised as follows:

£500,000 loan agreement payable over 15 years from September 2021
£957,541 loan repayable over a five-year period ending in September 2024.

Other loans represent a 3-year loan advanced to Leeds Playhouse (Enterprises) Limited by the brewery, the loan is interest free, but this is conditional on minimum purchasing commitments.

18 Deferred income

The movements in deferred income during the year were as follows. Contractual income is deferred when income is invoiced or received in advance of delivery of the associated service. The majority of deferred income relates to ticket sales for shows in the next financial year: the income is released when the performances take place.

	Group	Group	Charitable	company
	2023	2022	2023	2022
	£	£	£	£
At 1 August 2022	693,779	327,870	688,279	327,870
Released in year	(693,779)	(327,870)	(688,279)	(327,870)
Deferred inyear	898,245	693,779	839,836	688,279
At 31 July2023	898,245	693,779	839,836	688,279

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

19 Analysis of charitable funds

For the year ended 31	Balance at	Movement	in period	Transfers	Balance at
July 2023	31 July 2022	Income	Expenditure	between funds	31 July 2023
Restricted Funds	£	£	£	£	£
Grants of a capital nature:
Front of House Improvements	104,426	19,157	-	-	123,583
Premises fund - long leasehold
theatre complex	5,021,971	-	(280,000)	-	4,741,971
Total capital grants	5,126,397	19,157	(280,000)	-	4,865,554
Grants of a revenue nature:
Theatre of Sanctuary	(5,123)	11,135	(7,000)	-	(988)
Theatre redevelopment project	79,091	2,000	-	-	81,091
Roof Project	654,185	136,795	(1,463,684)	748,000	75,296
Leeds City Council	-	500,371	(500,371)	-	-
The Liz and Terry Bramall
Charitable Trust	4	-	-	-	4
National Lottery Community
Fund	-	99,307	(93,307)	-	6,000
ACE Celebrating Age	-	-	-	-	-
Esmée Fairbairn	-	79,391	-	-	79,391
Literary fund & Play Enabling	14,229	-	(11,934)	-	2,295
Ramps On The Moon	44,131	46,475	(16,932)	-	73,674
Innovations in Dementia	(167)	1,000	(833)	-	-
ACE Action Research	92,926	-	(6,234)	-	86,692
Andrew Lloyd Webber
Foundation	1,042	-	(1,042)	-	-
Comic Relief	8,823	4,044	(12,865)	-	2
Stage One Theatre Investment
Fund	1	-	-	-	1
Creative Arts & Dementia
Project	352	-	-	-	352
Emerald Foundation	50,000	8,333	(58,333)	-	-
Talent Development	(1,827)	-	-	-	(1,827)
Weston Jerwood Fellowship	-	-	-	-	-
Society for Theatre Research	4	-	(4)	-	-
Keith Howard Foundation	-	50,000	(20,833)	-	29,167
Kay Mellor Fund	-	8,380	(700)	-	7,680
Sir George Martin	-	4,000	(1,667)	-	2,333
Wades	-	3,500	(875)	-	2,625
Sir John Thaw	-	2,000	-	-	2,000
Fidelity UK	-	60,000	(48,000)	-	12,000
Burberry Inspire	-	35,028	(35,028)	-	-
Total revenue grants	937,671	1,051,759	(2,279,642)	748,000	457,788
Total Restricted Funds	6,064,068	1,070,916	(2,559,642)	748,000	5,323,342

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

19 Analysis of charitable funds (continued)

For the year to 31 July 2023	Balance at 31 July	Movement in period	Movement in period		Balance at 31 July
	2022	Income	Expenditure	Designations	2023
	£	£	£	£	£
Unrestricted Funds
Designated:
Capital Equipment fund	174,500	-	-	-	174,500
Roof Replacement fund	748,000	-	(748,000)	-	-
Grant Specific designations	90,977	-	(90,977)	-	-
Covid-19 Recovery fund	757,877	-	(257,877)	-	500,000
Total Designated funds	1,771,354	-	(1,096,854)	-	674,500
Unrestricted – general:
Unrestricted funds	1,875,485	9,410,429	(9,514,277)	-	1,771,637
Total Funds	3,646,839	9,410,429	(10,611,131)	-	2,446,137
For the year to 31 July 2022	Balance at 31 July	Movement in period			Balance at 31 July
	2021	Income	Expenditure	Designations	2022
	£	£	£	£	£
Unrestricted Funds
Designated:
Capital Equipment fund	87,250	-	-	87,250	174,500
Roof Replacement fund	430,000	150,000	-	168,000	748,000
Grant Specific designations	608,282	-	(517,305)	-	90,977
Covid-19 Recovery fund	721,380	-	(463,503)	500,000	757,877
Total Designated funds	1,846,912	150,000	(980,808)	755,250	1,771,354
Unrestricted – general:
Unrestricted funds	2,573,794	5,929,097	(6,627,406)	-	1,875,485
Total Funds	4,420,706	6,079,097	(7,608,214)	755,250	3,646,839

Grants of a capital nature

Restricted funds in respect of the long leasehold theatre complex are transferred to unrestricted funds over 50 years, being the period over which the theatre complex is depreciated. The Equipment fund represents the value of grants received towards the costs of specific theatre assets.

Grants of a revenue nature

The Backstage Trust provided further funds of £36,795 (total £718,503) towards the feasibility study and subsequent works to repair the Playhouse roof.

The Foyle Foundation provided funds of £100,000 towards works to repair the Playhouse roof.

Leeds City Council provided a grant of £500,371 to assist the Playhouse in delivering the Creative Programme.

Ramps On The Moon is a collaboration between Birmingham Repertory Theatre, New Wolsey Theatre Ipswich, Nottingham Playhouse, Leeds Playhouse, Sheffield Theatres, Theatre Royal Stratford East and Graeae Theatre funded by Arts Council England aiming to lead a fundamental change across the theatre industry in the development of deaf and disabled people as performers, audiences and participants. Funds received in the year total £46,475

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2022

The Keith Howard Foundation provided a £50,000 grant to fund Leeds Playhouse Youth Project consisting of creative projects, workshops, and production for anyone aged 5-25 years old.

The Burberry Foundation provided £35,028 to enable Leeds Playhouse to work as a key partner in the Burberry Cultural Capital in Yorkshire project delivering engaging and impactful experiences, through participating schools, giving young people the creative agency to become theatre-makers in their own right.

The National Lottery Community Fund provided £99,307 to support the Buzz Programme which offers arts education opportunities for young people aged 14 to 25 with learning disabilities.

Esmee Fairburn Foundation provided £79,391 towards project costs for co-creation and community engagement linked to the Leeds 2023 year of culture and beyond.

Unrestricted designated funds

Designated funds are held at the discretion of Trustees. The Trust has identified four main designated funds as follows:

Capital Equipment Fund
Roof Replacement Fund
Grant Specific Designations
Planned future deficits as part of our Covid-19 recovery plan

20 Analysis of group net assets between funds

	Unrestricted	Unrestricted
As at 31 July 2023	General	Designated	Restricted	Total
	funds	funds	funds	Funds
	£	£	£	£
Tangible fixed assets	439,086	-	5,021,971	5,461,057
Investments	667,712	-	-	667,712
Current assets	4,226,972	674,500	301,371	5,202,843
Current liabilities	(2,894,573)	-	-	(2,894,573)
Longterm liabilities	(667,560)	-	-	(667,560)
	1,771,637	674,500	5,323,342	7,769,479

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

	Unrestricted	Unrestricted
As at 31 July 2022	General	Designated	Restricted	Total
	funds	funds	funds	Funds
	£	£	£	£
Tangible fixed assets	502,864	-	5,301,971	5,804,835
Investments	660,733	-	-	660,733
Current assets	3,724,105	1,771,354	762,097	6,257,556
Current liabilities	(2,072,186)	-	-	(2,072,186)
Long term liabilities	(940,031)	-	-	(940,031)
	1,875,485	1,771,354	6,064,068	9,710,907

21 Material Item - Contribution to Leeds City Council Roof Project

The Playhouse contributed £1,463,684 to Leeds City Council’s Roof Project during the financial year. The contribution was partly funded by The Backstage Trust, Garfield Weston Foundation and The Foyle Foundation, as well as a contribution from the Playhouse’s reserves.

22 Related party transactions

The Trust has a close working relationship with Leeds City Council, which has nominated two trustees and provides funding by means of an annual grant to enable the charitable company to carry out its charitable objectives. The following is a summary of financial transactions with Leeds City Council (excluding business rates and similar charges):

	2023	2022
	£	£
Grants received	500,371	540,184

Grant funding was received either as fees under contract or by grant funding conditional on the staging of specific performances or drama training events. This income has been included in the financial statements under incoming resources from charitable activities.

The land on which the theatre complex is situated is owned by Leeds City Council and occupied by Leeds Theatre Trust Limited at a peppercorn rent, under a 250-year lease dated 3 May 2007. A balance of £1,163,366 (2022 - £1,427,094) included in other creditors due after more than one year in the balance sheet is payable to Leeds City Council representing the current value of Leeds Theatre Trust Limited’s grant contribution to the Council’s scheme for the redevelopment of Leeds Playhouse.

Leeds Theatre Trust Limited paid £Nil (2022 £nil) for legal services to Harbottle & Lewis LLP. Neil Adleman (trustee) is a partner at Harbottle & Lewis. Leeds Theatre Trust Limited also paid £62,640 (2022: £37,394) to Spektrix Ltd for box office services. Michael Nabarro, who is a trustee of Leeds Theatre Trust Limited, is CEO of Spektrix Limited. Sharon Watson, trustee, is the Artistic Director of Phoenix Dance Theatre; Leeds Theatre Trust paid Phoenix Dance Theatre paid £Nil for choreography fees (2022: £19,076 for choreography fees) and Phoenix Dance Theatre paid Leeds Theatre Trust Limited £Nil (2022 :£9,566). Susan Pitter, who is a trustee of Leeds Theatre Trust Limited acted on behalf of the Jamaica Society Leeds to deliver the Out of Many Festival including Road to Trojan and Rebellion to Romance. Leeds Theatre Trust paid Jamaica Society Leeds £39,425 for Net Box Office receipts (2022 £Nil) and Jamaica Society Leeds paid Leeds Theatre Trust Limited £23,400 for labour and technical recharges (2022 £Nil)

Leeds Theatre Trust Limited

Notes to the Financial Statements for the year ended 31 July 2023

23 Comparative statement of financial activity for the year ended 31 July 2022

		Unrestricted	Restricted	Total Funds	Total Funds
		funds	funds	2022	2021
	Note	£	£	£	£
Income from:
Donations and legacies	2,19	282,734	649,887	932,621	2,620,083
Commercial trading operations		475,093	-	475,093	58,640
Income from investments		56,464	-	56,464	55,289
Income from charitable activities	3	5,214,403	540,184	5,754,587	5,650,641
Coronavirus Job Retention
Scheme		50,403	-	50,403	760,537
Total income		6,079,097	1,190,071	7,269,168	9,145,190
Expenditure on:
Raising funds		708,742	-	708,742	567,727
Expenditure on charitable
activities		6,124,708	1,304,520	7,429,228	4,299,674
Capital Redevelopment Contribution	21	-	-	-	(1,181,347)
Total Expenditure	4	6,833,450	1,304,520	8,137,970	3,686,054
Net income / (expenditure)
before other gains / (losses)		(754,353)	(114,449)	(868,802)	5,459,136
(Losses)/gains from investments	12	(19,514)	-	(19,514)	94,041
Net movement in funds		(773,867)	(114,449)	(888,316)	5,553,177
Reconciliation of funds:
Total funds brought forward	19, 20	4,420,706	6,178,517	10,599,223	5,046,046
Total funds carried forward	19, 20	3,646,839	6,064,068	9,710,907	10,599,223

Leeds Theatre Trust Limited

Leeds Theatre Trust Limited

Contents

Page

Charity Information

Charity number

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Statement by the Chair and Chief Executive

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Statement by the Chair and Joint Chief Executives (continued)

Structure, governance and management

Governing document

Appointment of trustees and members

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Trustee induction and training

Organisation

Arrangements for setting the pay and remuneration for key management personnel

Members

Related parties

Objectives and activities

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Objectives and activities (continued)

Funding

Investment powers and policy

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Reserves policy

Changes in fixed assets

Public benefit

Strategic Report

Risk management

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Fundraising Activity

Achievements and performance

Overview

Business Model Review

Strategic Partnerships

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Strategic Partnerships (continued)

Access, Inclusion and Equality

Plan For Change

Diversity Champions and Allies:

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Access, Inclusion and Equality (continued)

Performance Programme

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect

Overview

LEARNING & SKILLS

Education activity included:

Youth Theatre & Young People activity included:

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect (continued)

Furnace activity included:

CREATIVE COMMUNITIES

Learning Disability activity included:

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect (continued)

Creative Ageing activity included:

On Your Doorstep activity included:

People’s Playhouse activity included:

Leeds Theatre Trust Limited

Trustees’ Annual Report for the year ended 31 July 2023

Playhouse Connect (continued)

Theatre of Sanctuary activity included:

Board activity & governance

Financial review

Plans for the future

Principal risks and uncertainties