2022-07-31-accounts - Sheffield Theatres Trust

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					Page
Chair's Report
Directors' Report
Statement ofTrustees'		Responsibilities			14
Independent Auditors'	Report				15
Accounting Policies					18
Consolidated Statement		of Financial		Activities	20
Charitable Company Statement			of Financial Activities		21
Balance Sheets					22
Consolidated Statement		ofCash	Flows		23
Notes on Accounts					24 —39

Directors
The directors, who are	also trustees	of the charity,	during the year and to the date ofthis report were as follows:
Mr Stephen Betts
Ms Ruth Bourne
Dr Anni Domingo
Mrs Mojisola Elufowoju	(Resigned	1 October 2021)
Mrs Surriya Falconer	(Resigned	26 November	2021)
Mr James Garnett
Lord Kerslake
Ms Eleanor Lang
Mr Neil MacDonald
Ms Kirsten Major
Ms Ruth McDonald	(Appointed	26 November	2021)
Ms Anne Marie Murphy	(Resigned	23 December	2022)
Ms Rosie Neave
Mr John Pickering
Mrs Sioned Richards	(Appointed	18July 2022)
Mr Arun Singh
Mr Umar Zamman	(Resigned	26August 2022)

SHEFFIELD THEATRES TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SHEFFIELD THEATRES TRUST (continued) The extent lo which our procedures are capable of detecling irregularities. induding fraud is detailed below.. The parent charitable company is subject lo laws and regulations that direclly and indirectly affect the financial slatemenls. Based on our understanding of the charity and the environment il operates within, we determined that the laws and regulations which were most Sn[fIcant included FRS 102, the Companies Act 2006, Health and Safety Regulations and the Charities Act 2011. We considered the extent to which non-compliance with these laws and regulations might have a material effecl on the financial statements. including how fraud might occur. We evaluated management's incentives and opportunities for fraudulent fflanipulation of the financial slalemenls {including the risk of override of conlrolsl. and determined that the principal risks were related to the posting of inappropriate journal entries lo improve the charity's result for the periiml. and managemenl bias in key accounting eslimates. Audit procedures perfomied by the engagement team induded- Discussions with management and those responsible for legal comEliance procedures wlhin the parent charitable company lo obtain an understanding of the legal and regulatory framework applicable to the charity and how the charity tx)mplies with that framework. inctuding consideratKJn of known or suspected instances of non-compliance with laws and regulation5 and frdUd- Reviewing minutes of Trustee meetings-. Identifying and assessing the design effectiveness of cnntrols that rnanagement has in place to prevent and detect fraud and non-compliance with laws and regulations- Challenging assumptions and judgements made by management in their significant accounting estimates. Identifying and lesling journal entries, in particular anyjoumal entries posted with unusual account combinations or posted by senior management. There are inherent limitations in the audrt procedures described above and the more removed non•compliance with laws and regulations is from the events and transactions refiecled in the financial stalemenls. the less likely we are lo beC0e aw8re of it. Also. the risk of not delecling a material misstalemenl due lo fraud is higher Ihall the risk of not delecling one re5ulling from error. as fraud may involve deliberate concealment by. for exafflple, forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's web511e at www.frc.org.uklaL¢ditorslaudil-assurancelauditor-5-responsibililies-for-the-audil-of-Ihe-frfdescription-of-the-audilOr'$- responsibilities-for. This description forms part of our audilof's feport. uofour1EFxt This report is made solely to the parent charilable CoMpanS 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 slate lo the parent Gharilable company's members those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility lo anyone other than the parent charitable company and the parent charitable company's mernbers as a body, for our audit work, for this report. or for the opinions we have formed. Simon Bladen. Senior Stslutory Auditor For and on behalf Hawsons Chartered Accountsnts. Stalulory Audilor Pegasus House 463a Glossop Road Sheffield S10 2QD Date.. ZOZ3 17

EAR ENDED 31JULY	2022
			Unrestricted	Restricted	2022	2021
			Funds	Funds	Total	Total
		Notes	6		6	I'.
Incoming Resources
Incoming resources from
generated funds:
Donations and legacies		2	2,479,451		2,479,451	5,967,536
Other trading activities		3	1,601,277		1,601,277	747,947
Investment income			40,053		40,053	5,194
Incoming resources from
charitable activities		4	7,408,082		7,408,082	1,377,673
Total incoming resources			11,528,863		11,528,863	8,098,350
Resources expended
Raising funds			19,595		19,595	6,888
Fundraising trading:
Costs ofgoods sold and other costs			1,593,897		1,593,897	502,047
Charitable activities		10	10,390,139	215,770	10,605,909	4,185,884
Other costs		11	19,850		19,850	17,750
Total resources expended			12,023,481	215,770	12,239,251	4,712,569
Net (Outgoing)/Incoming	Resources		(494,618)	(215,770)	(710,388)	3,385,781
Tax credit on ordinary activities		22	499,428		499,428	76,878
Net Incoming Resources
before Transfers		7	4,810	(215,770)	(210,960)	3,462,659
Transfers between funds			565,446	(565,446)
Net Movement in Funds			570,256	(781,216)	(210,960)	3,462,659
Fund balances brought
Forward at 1 August			4,308,298	6,073,497	10,381,795	6,919,136
Fund balances carried		12
forward at 31July			4,878,554	5,292,281	10,170,835	10,381,795

			Unrestricted	Restdcted	2022	2021
			Total	Total	Total	Total
		Notes	F	f		f
Incoming Resources
Incoming resources from
generated funds:
Donations and legacies		2	162,004		162,004	3,743,556
Other trading activities		3	42,500		42,500	79,111
Income from intercompany
Recharges			3,736,068		3,736,068	1,708,219
Investment income			40,053		40,053	5,194
Incoming resources from
charitable activities		4	531,111		531,111	1,040,664
Total incoming resources			4,511,736		4,511,736	6,576,744
Resources expended
Raising funds		9	19,436		19,436	6,888
Charitable activities		10	4,318,427		4,318,427	3,060,878
Other costs		11	13,050	612,163	625,213	11,750
Total resources expended			4,350,913	612,163	4,963,076	3,079,516
Net (Outgoing)/Incoming	Resources		160,823	(612,163)	(451,340)	3,497,228
Fund balances brought
forward at 1August			3,526,937	702,400	4,229,337	732,109
Transfer between funds			90,237	(90,237)
Fund Balances Carried
Forward At 31July			3,777,997		3,777,997	4,229,337

					2021
		Notes	Group f.	Company	Group f	Company f
FIXEDASSETS
Tangible assets		14	5,397,536		5,530,565
Investment in subsidiaries		16		90,234		90,234
Goodwill		17
			5,397,536	90,234	5,530,565	90,234
CURRENT ASSETS
Stock		18	23,353		26,606
Debtors		19	1,878,551	1,339,386	1,249,207	790,051
Cash at bank and	in hand	20	12,419,424	7,309,155	10,126,953	7,817,238
			14,321,328	8,648,541	11,402,766	8,607,289
CREDITORS - Amounts
Falling due within	one year	21	9,548,029	4,960,778	6,551,536	4,468,186
NET CURRENT ASSETS			4,773,299	3,687,763	4,851,230	4,139,103
NET ASSETS			10,170,835	3,777,997	10,381,795	4,229,337
RESERVES		12
Restricted funds			5,292,281		6,073,497	702,400
Designated funds			1,077,335	596,000	1,077,335	596,000
General funds			3,801,219	3,181,997	3,230,963	2,930,937
			10,170,835	3,777,997	10,381,795	4,229,337

				2022	2021
			Notes
Cash flow from operating	activities		8	2,396,236	5,164,373
Cash flow from investing	activities
Capital expenditure —purchase oftangible fixed assets				(143,818)
Interest received				40,053	5,194
Net cash flow from investing		activities		(103,765)	5,194
Net increase in cash and cash equivalents				2,292,471	5,169,567
Cash and cash equivalents	at	1 August		10,126,953	4,957,386
Cash and cash equivalents	at	31 July		12,419,424	10,126,953
Cash and cash equivalents		consists of:
Cash at bank and in hand				12,419,424	10,126,953

		2022	2022	2021	2021
		f	f	f
		Group	Company	Group	Company
Unrestricted
Arts Council England		1,303,416		1,520,224
Sheffield City Council		291,600		291,600
Sheffield City Council Covid-19 Support		17,611		181,864
DCMS - Cultural Recovery Fund		700,000		3,000,000	2,770,224
Ramps on the Moon		2,175	2,175	7,500	7,500
Facey Family Foundation		3,000
Directors Scheme (RTYDS)		10,049	10,049	16,209	16,209
Donations, Gifts and Legacies		151,600	149,780	247,739	247,223
Total unrestricted		2,479,451	162,004	5,265,136	3,041,156
Restricted
Garfield Weston Cultural	Fund			702,400	702,400
Total		2,479,451	162,004	5,967,536	3,743,556

				2022		2021
			Group		Company	Group	Company
			F			f	f
Fundraising	trading —Offstage		1,232,846			490,243	59,111
Limited (note 4a)
Fundraising	trading —Crucible		358,450			59,490
Enterprises	Limited (note	4b)
Coronavirus	job retention	scheme				93,601
Other			7,481			104,613
Management	fees		2,500		42,500		20,000
			1,601,277		42,500	747,947	79,111
INCOME FROM CHARITABLE ACTIVITIES
				2022		2021
			Group		Company	Group	Company
			f		f	f	f
Unrestricted
Ticket and related sales			7,392,089		515,118	513,269	176,260
Coronavirus	job retention	scheme	15,993		15,993	864,404	864,404
			7,408,082		531,111	1,377,673	1,040,664

Offstage Limited	—Profit	—Profit	and Loss Account	and Loss Account	and Loss Account
								2022	2021
								F	F
Turnover								1,232,846	490,243
Cost ofsales								(367,867)	(26,255)
Distribution costs								(442,588)	(223,220)
Administration								(322,415)	(90,832)
Other operating	income							136,461	126,770
Interest receivable
Net profit								236,437	276,706
Retained earnings		brought forward						276,706	59,111
Gift aid payments								(276,706)	(59,111)
Retained in Offstage			Limited					236,437	276,706
Cost ofgoods	sold	and		other costs included		in consolidated	statement	2022	2021
offinancial activities:								6
								Group	Group
Cost ofsales								367,867	26,255
Distribution costs								442,588	223,220
Administration								23,764	63,332
Staff recharges								(136,461)	(19,078)
Interest receivable
								697,758	293,729
Less amounts	included			in governance	costs			(5,500)	(4,500)
								692,258	289,229

							2022	2021
							f
Turnover							358,450	59,490
Cost ofsales							(148,887)	(20,628)
Distribution costs							(221,965)	(96,773)
Administration							(35,977)	(19,039)
Other operating	income						7,481	90,521
Interest receivable							118
Net (loss)/profit							(40,780)	13,571
Gift aid payments to Sheffield Theatres				Trust
Retained in Crucible Enterprises			Limited				(40,780)	13,571
Cost ofgoods sold and offinancial activities:		other costs included			in consolidated	statement	2022 F	2021 f
							Group	Group
Cost ofsales							148,887	20,628
Distribution costs							221,965	96,773
Administration							25,977	14,039
Interest receivable							(118)
							396,711	131,440
Less amounts	included	in governance		costs			(4,250)	(3,500)
							392,461	127,940

						2022	2021
							6
Production Agreement		Income				1,638,502	567,828
Cost ofsales
Production costs						(1,649,146)	(565,056)
Staff costs						(484,571)	(75,649)
Administration						(4,213)	(4,000)
Interest receivable
Net loss						(499,428)	(76,877)
Tax credit on	ordinary	activates				499,428	76,878
Retained in Sheffield Crucible Productions				Limited
Cost ofgoods	sold and	other costs included		in consolidated	statement	2022	2021
offinancial activities:						Group	Group
							5
Cost ofsales
Production costs						1,649,146	565,056
Staff costs						484,571	75,649
Administration						4,213	4,000
						2,137,930	644,705
Less amounts	included	in governance	costs			(4,200)	(4,000)
						2,133,730	640,705

				2022			2021
				Group	Company	Group		Company
				f	6	6
Staff costs comprised:
Wages and salaries			3,342,951		2,771,318	2,321,381		2,152,871
Social security	costs		251,782		229,736	178,143		167,834
Pension costs			201,539		192,358	183,743		178,120
Redundancycosts						98,185		59,407
			3,796,272		3,193,412	2,781,452		2,558,232
e average number offull-time equivalent			employees	for the year	was:
				2022			2021
				Group	Company	Group		Company
			Number		Number	Number		Number
Management,	finance and
administration				12	12	10		10
Programme, production		and technical		47	47	34		34
Education and	outreach			7	7	5		5
Marketing and	audience	development		24	24	26		26
Maintenance, cleaning		and
support services				23	23	18
Catering, bars	and commercial			44		9
Front ofhouse				51	51	11
				208	164	113		104

		2022		2021
		Group	Company	Group	Company
		f	6	f	6
This is stated after charging:
Auditors'	remuneration
as auditors		33,800		29,750	11,750
Depreciation		276,847		287,030
Operating	lease rentals:
Land and	buildings	20,300
Other		88,647		86,000
And after	crediting:
Interest receivable		40,053	40,053	5,194	5,194

					2022	2021
					Group	Group
						f
Net (outgoing)/incoming		resources			(210,960)	3,462,659
Net interest (receivable)					(40,053)	(5,194)
Net (outgoing)/incoming		resources from		operations	(251,013)	3,457,465
Depreciation					276,847	287,030
Decrease in stock					3,253	13,610
(Increase)/decrease	in	debtors			(629,344)	194,110
Increase in creditors					2,996,493	1,212,158
Net cash inflow from	operating		activities		2,396,236	5,164,373
COSTS OF RAISING FUNDS
				2022	2022	2021	2021
				Group	Company	Group	Company
				6	6	E
Fundraising				19,595	19,436	6,888	6,888

EAR ENDED 31JUL	EAR ENDED 31JUL	EAR ENDED 31JUL	Y 2022	Y 2022	Y 2022
10 EXPENDITURE ON			CHARITABLE ACTIVITIES			Group	Company	Group	Company
						2022	2022	2021	2021
Production Costs							6	F
Wages and salaries						37,668	37,443	28,652	28,652
Scenery, costumes	and materials					188,551	6,506	29,731	3,755
Production Services						1,207,905	(9,979)	321,690
Royalties and commissioning				fees		96,525	1,536	2,089
Additional directors',		designers'			and
other guests' fees						68,331	20,158	31,061	26,195
Indirect production	consumables					42,242	230	27,297
Miscellaneous						53,087	9,516	22,722	352
Education project costs						446,039	148,830	117,377	94,241
Visiting companies	fees and			other costs		4,010,982	40,697	24,180	9,457
Re-charge to co-producers				and
visiting companies						(655,464)		4,555
Hire costs						46,469		(148)
Programme costs						23,041	21,996	2,452
Licence and subscriptions						2,375	2,055	1,667	1,437
						5,567,751	278,988	613,325	164,089
Staff Costs
Wages and salaries						2,663,639	2,864,102	2,105,051	2,104,857
Training, recruitment			and other		costs	36,161	19,717	64,899	49,518
						2,699,800	2,883,819	2,169,950	2,154,375
Establishment Costs
Rent, rates and insurance						267,146	24,971	173,310	26,533
Heat and power						54,459		47,466
Electricity						328,657		72,796
Repairs and renewals						196,497	51,195	84,564	19,013
Waste disposal						17,732		4,056
Depreciation						215,770		219,629
						1,080,261	76,166	601,821	45,546
Selling Costs
Publicity and advertising						454,379	500,531	152,665	114,103
Boxoffice computer	systems					55,455	70,455	33,513	33,513
Ticket printing						5,091	5,091	711	711
Miscellaneous selling			costs			7,498	7,444	4,960	4,961
Credit card commission						113,936	113,936	34,320	34,320
Telephone, postage,		stationery			and
photocopytng						40,512	40,512	23,501	23,584
Travel and entertatntng						308	281	53	53
						677,179	738,250	249,723	211,245

				Group	Company	Group	Company
				2022	2022	2021	2021
Support Costs				E	6	E	f
Wages and salaries				362,004	362,004	271,070	271,070
Training, recruitment	and	other	costs	30,402	30,054	29,727	29,727
Depreciation				32,512		62,539
Telephone, postage, stationery			and
photocopying				10,427	10,307	3,373	3,323
IT maintenance and peripherals				63,349	53,001	99,962	98,040
Travel and entertaining				11,410	11,221	1,742	1 717
Professional charges				25,082	25,056	35,745	32,807
Bank charges				11,437	11,437	3,528	3,529
Licence and subscriptions				31,197	30,860	39,550	34,518
Miscellaneous				3,098	7,264	3,829	10,892
				580,918	541,204	551,065	485,623
Total costs ofcharitable		activities		10,605,909	4,318,427	4,185,884	3,060,878

OTHER	COSTS
		2022	2022	2021	2021
			f		8
		Group	Company	Group	Company
Auditors	Remuneration:
Charitable	Company	19,850	13,050	17,750	11,750

EAR ENDED 31JULY	2022
12 RESERVES
Group		At 1 Aug	Incoming	Outgoing		At 31July
		2020	Resources	Resources	Transfers	2021
RESTRICTED		f		5
Accumulated Building Fund		630,059		12,434		617,625
Garfield Weston Culture	Fund		702,400			702,400
Capital Redevelopment	Fund
(Lyceum)		443,333		115,005		328,328
Capital Redevelopment	Fund
(Crucible)		4,517,334		92,190		4,425,144
Total Restricted Funds		5,590,726	702,400	219,629		8,073,497
UNRESTRICTED
General		701,075	7,472,826	4,492,940	(450,000)	3,230,963
Designated —artistic research
and development		201,335			25,000	226,335
Designated —Major repairs		230,000			25,000	255,000
Designated —Capital and
Special Project		196,000			400,000	596,000
Total Unrestricted Funds		1,328,410	?,472,828	4,492,940		4,308,298
Total Funds		6,919,136	8,175,228	4,712,569		10,381,795
RESERVES
Group		At 1 Aug	Incoming	Outgoing		At 31 July
		2021	Resources	Resources	Transfers	2022
RESTRICTED		f.		E	6
Accumulated Building Fund		617,625		12,434		605,191
Garfield Weston Culture	Fund	702,400			(565,446)	136,954
Capital Redevelopment	Fund
(Lyceum)		328,326		111,145		217,163
Capital Redevelopment	Fund
(Crucible)		4,425,144		92,191		4,332,953
Total Restricted Funds		6,073,497		215,770	(565,446)	5,292,281
UNRESTRICTED
General		3,230,963	12,028,291	12,023,461	565,446	3,801,219
Designated —artistic research
and development		226,335				226,335
Designated —Major repairs		255,000				255,000
Designated —Capital and
Special Project		596,000				596,000
Total Unrestricted Funds		4,308,298	12,028,291	12,023,481	565,446	4,878,554
Total Funds		10,381,795	12,028,291	12,239,251		10,170,835

Group		Unrestncted	Restricted
		funds	funds	Total
		2021	2021	2021
		K	6
Tangible fixed assets		159,468	5,371,097	5,530,565
Current assets		10,700,366	702,400	11,402,766
Creditors		(6,551,536)		(6,551,536)
		4,308,298	6,073,497	10,381,795
Company		Unrestricted	Restricted
		funds	funds	Total
		2021	2021	2021
		'Z	6	f
Tangible fixed assets
Investment	and subsidiary	90,234		90,234
Current assets		7,904,889	702,400	8,607,289
Creditors		(4,468,186)		(4,468,186)
		3,526,937	702,400	4,229,337
Group		Unrestricted	Restricted
		funds	funds	Total
		2022	2022	2022
		E	f	L'
Tangible fixed assets		105,255	5,292,281	5,397,536
Current assets		14,321,328		14,321,328
Creditors		(9,548,029)		(9,548,029)
		4,878,554	5,292,281	10,170,835
Company		Unrestricted	Restricted
		funds	funds	Total
		2022	2022	2022
		f	E
Tangible fixed assets
Investment	and subsidiary	90,234		90,234
Current assets		8,648,541		8,648,541
Creditors		(4,960,778)		(4,960,778)
		3,777,997		3,777,997

Group	Land and		Land and
	Buildings	Equipment	Buildings
	(long	and	(short
	leasehold)	furniture	leasehold)	Total
Cost	f		f	f.
At 1 August 2021	6,854,510	8,489,080	59,124	15,402,714
Additions		143,818		143,818
At 31 July 2022	6,854,510	8,632,898	59,124	15,546,532
Depreciation
At 1 August 2021	1,739,746	8,073,279	59,124	9,872,149
Charge for the year	131,983	144,864		276,847
At 31 July 2022	1,871,729	8,218,143	59,124	10,148,996
Net book amounts
At 31 July 2022	4,982,781	414,755		5,397,536
At 1 August 2021	5,114,764	415,801		5,530,565

		Country of	2022	2021
		registration	Company	Company
			f
Offstage Limited (wholly owned)		England	90,222	90,222
Sheffield Theatres Crucible Trust
(limited by guarantee)		England
City ofSheffield Theatre Trust
(limited by guarantee)		England
Crucible Enterprises Limited
(wholly owned)		England
Sheffield Crucible Productions	Limited
(wholly owned)		England	10	10
			90,234	90,234

Sheffield Ly	ceum Theatre Trust Limited.
		2022	2021
		Group	Group
		f	f
Cost		90,220	90,220
Amortisation		(90,220)	(90,220)
Net book	amount
18 STOCKS
		2022	2021
		Group	Group
		f	f
Catering	supplies	23,353	26,606

					2022		2021
				Group		Company	Group	Company
Due within one year:				f		f	f	F
Trade debtors				169,480		11,750	33,553	13,313
Other debtors				795,717		8,366	301,352	9,926
Prepayments and accrued			income	913,354		85,113	914,302	632,178
Amount	due from subsidiary		companies			1,234,157		134,634
				1,878,551		1,339,386	1,249,207	790,051
20 CASH	AT BANK AND IN		MAND
					2022		2021
				Group		Company	Group	Company
				f		f	f
Cash in	hand			20,886		1,874	8,616	1,874
Cash at	bank			12,398,538		7,307,281	10,118,337	7,815,364
				12,419,424		7,309,155	10,126,953	7,817,238
21 CREDITORS —DUE		WITHIN ONE YEAR
					2022		2021
				Group		Company	Group	Company
Amounts	falling due within one year			f		f		f
Trade creditors				1,030,887		82,524	208,871	47,044
Other creditors				194,802		194,802	197,245	197,245
Taxation	and social security			964,126		156,887	512,219	295,110
Amount	due to subsidiary companies					1,210,702		1,386,755
Accruals	and deferred	income		7,358,214		3,315,863	5,633,201	2,542,032
				9,548,029		4,960,778	6,551,536	4,468,166

Total future minimum	lease payments	under non-cancellable	operating	are as follows:
		2022		2021
Financial commitments	due within	Group f	Company f	Group f	Company f
one year under operating leases:-
Due within 1 year
Other		5,038	5,038	7,331	7,331
Land and buildings		126,966		119,633
Due within 2 to 5years
Other		686	686
Land and buildings		463,867		425,200
Due in more than 5years
Land and buildings		1,625,292		1,731,792
		2,221,849	5,724	2,283,956	7,331