c1xnpY re8i5tration number: 932254 Charity re6i5tratioTr number: 257318 SHEFHELO THEATRES TRUST (A company lirnited by 8uaranteÈl CONSOUDATEO ANNUAL REPORT PERIOD ENDED 31 MARCH 2025
SHEFFIELD THEATRES TRUST ANNUAL REPORT PERIOD ENDED YI MARCH 2025 CONTEP4TS Pa Chairfs Report Oirectors. Rep)rt ststement of Trustees, ResponsIbilleS li Independent Auditor5, Rewrt 12 A¢¢ountin8 Pollcies 15 Consolidated Ststement of Financial Actl¥ibe5 17 Charitablecompany Statement of Finandzl Artmbes 18 8alance Sheets 19 consolidat Cash Flow Statement 20 Notes on Accounts 21-39
SHEFFIELD THEATRES TRUST CHAIR'S f¢EPORT The Tru5tee5 were dEvastated by the death of Our Chair. Dame Julie Kenny DBE OL in February 2025 at the age of 67. Julie was hugely excited about her future with Sheffield Theatres. The legary she lems South Yorkshire is exceptional. As well as leading the board ol Sheffield Theatres. she was Chair of Wentworth Woodhouse - a place she worked tirelessly to preserve. More important than the organisations she led, however. is the way she inspired a new generation of leader5 across the region and the country to be entrepreneurial in busine55. but also to Ca deeply èbout important community assets like Wentworth and Sheffield Theaires. She will be grealty missed. I have taken on the role of Interim Chair and the Organi1()n has beKun a public seard) for a new (hair. Recruitmeni has also taken place for a number of new trustee5. We were delighted io welcome Eli2abeth Ntwman as ArtistK Thrector in Detember 2024. Elizabeth's appointment, in which Julie was closely invofved, PfesaEes an exciting and arnbitious fure for Sheffield ThE3tres. Another cause chamwoned by Julie wa5 the welcorning of the MoNEomery Theatre & Arts Cèntre into the Sheffield Theatres family, following an approach frorn the trustees of the Montgomtry in 2024. The acquisition was completed officially on 3rd January 2025. Our vision is for the Montgomery io be a beacon of ttèatNtyfor children & youn8 peOe from acros5 the reÉion. Everyone at srr would like to ihank our rn3jor funders. Arts Council EngL4nd and Sheffield City Council, whose support 15 hugelv appr&iatèd. We continue to use ACE'S Let's Create Investment PrInues to guide the wèy in which we use the Arts Council funds we receive. and we continue to enjoy an excdlent working rdaiionship with the crty countil across many areas- not least in ourworking together on the future of the Workl Snookercharnwonships bryond 2027. My final thank5 go again to all the team at Sheffidd Theatres- includTrn8 the fred¥n arti51s we work with for their skill and dedication. Julie would ha¥* been irnrnense proud Df all that has been athie¥ed. Mr knin Sln¥h Sheffleld TheatresTrusl
SHEFFIELD THEATRESTRUST DIREcfoR5' REPORT FOR THE PERIOD ENOEO 31 MARCH 2025 The Trusiees and Dirertors of the charitaNt tompany prèsent thew rèport al0 with frnantial stat¢mtnts ol th¢ ¢harTrty for the period ended 31 March 2025. The financia,, Statements have been prepared in accordance with the accounting policies set out on page 15 of the financial statements and compty the charl5 Memorandum and Articles and applicable law. The trustees have adowed the prowsions of the Staiement of Recommended Piattice ISORPI "Aecountine and Reportlng bv Charities" IFRS 1021 in preparing the annual rewt and flnancial statements of the charfty. Le¥al and admlnlstratloTh detams Offic1 name of tharity: Sheffd atre5 Trust Charlty rezlstrotlon number: 257318 Company re$trkIn numbof: 932254 Regered Office: 55 Norfolk Street Sheffiekl SI IDA Dlrertois and Trustees: Ms Ruth 8ourne DrAnni Domingo Mr James Garndt Mr 8ron Hdmshaw Ms Eleanor Lao4 Mr 14eil Macoonald OBE Ms Kirsten Major Ms Ruth McDTh)ald Ms Laura M¢)ynahan Ms Rosie Neave Mr Amn Siw48h CNef Executfve: Tom Bird 8ankers: 8arckiys Bank I St Paul's Hace Norfolk Slreet Slffidd 512JW AudStors: Hawsons Chartered Accountants Statutory Auditors Pe8aSU5 Hov5e 463a Glossop Road Sheffield SIO 2QO
SHEFFIELD THEATRES TRIJST DIRECTORS, REPORT FOR THE PERIOD ENDED 31 MARCH 2025 IcThrtlnuedl StrKture. Governance and M•naBement Go¥em1 do¢um•nt Sheffield Theatres Trust Limited Isrri 15 a registered charity and a company limiied by guèiantee governed by its Memorandum and Articles ol Associ3tiDn dated 17 May 1968 and amended to allow for current go¥ernance arrangements on 21 Oeeember 2011. Anyone over the 38e of 18 can become a member of the Company and there ate tuiiendy 13.115 in 20241, membeis, each of whom agree to contribute £1 in the event of the tharity winding up. Obl•cts The primary objects of the charity Specified in the Memorandum and Artide5 of A5aOn are= To promote, maintain. improve and advance tducation. rticUlartY by the production of educational plays and the encouragetnent of the art5. induding the arts of drama. mime. dance. sin8irsg and music and io lormLtlate. prepare and establish schemes Ihereof. To receive. educate and train students in drama. danciw muslt and other arts and to promote the re¢o8niiion and encouragemeni ol special merit in students by the institloN and presentation ol scholafships, exhibiiions. grants. medals or other prize5 or benefactions. The board of trustees, which can have up to 15 members. adrninisters the charlty. The board rrets quarterty and there are sub- commlttees covering finance and audit. human resources and trustee norninations. A Chief E¥e¢utive is appointtd by the trustees to mana8e the day to day operations of the charity. To facilf(ate effettive operations. tht Chief Extive has delegated authority. within terms of delegation approved by the trustees. for operaiional matters including finance. employment and artistic performance related acti¥ity. Appolntrnent of trustees As Set out in the Articles of Association th• thair o the trustees is eknted by the directors. With the exception ol up to three trustees nominated by Sheffield Oty Council. trustee5 are elected by the member5 of the charitable company attending the January Annuèl General Meetin8. elected tru5tee5 Serve for an initial term ot three years and may then serve for a further thrèe years. On expiry of the second term an deded trustee may be inviied io be re-elected for a further year and this procedure can be peated everyyear provided rhèt the trustee does Mt serve for more than twdve years in tal. Nominees appointed by Sheffield City Councm are subject to the appointrnent prusSeS of th05? bodies and the 8uidelines on apFX)inlment io public office as they apply to Local Government n(Unir. Trustte indurtlon and tralnlry New trustee5 are invited to the registered offi.ce of STT to et with the Senior Managefflent Team to brief them on thebr le8al obligations under charity and company law. the content ol the Memorandum arKI Artides of AsSOCiation, the committee and decision-makin8 procè5SèS. the twjsiness tyan and rKent h"nancial perforn)ance of the (hanty. Any trustees elected to serve on the Finance & Sustainability Comminee recep a rnore detai financial induction followinB appointment.
SHEFFIELD THEATRES TRUST DIREcfoRS' REPORT FOR THE PERIOD ENDED 31 MARCH 2025 (C¢tInd} Strutture. Go¥ernance and Management IConflrrtdl Related parti The charrty has a c105e relatKln5hip with 5heffkl Lyceurn Theatre TrusL è charity whth owns the freehold of the buildin8 knovm as The Lyceum Theatre. Sheffidd Theatre5 Trust rent5 and manage5 the buikling. The charl$ wholly owned 5ubstdiary. Off5ta8e Limtted was established to operate the commerual bar. catering and retaili fatilitits al Sheffield Theatres. Offstage gift aids all of its profits wthin ihe group Isee note 3 to the accounts). Sheffield Theatres Crutiblè Trust and City of Shtffield Thtatr• Tnjst are Subslary trusts incorporatèd to manage the operaiions Df the Crucible Theatre and thé Lytèum Thtatrt. sheffld Theatrts Trust is the sole torp)rate member of boih trusts. Sheffield Crucible Producllons "mIted acts as an a8ent facililatin¥ investments in, and prodLKiW tours and produrtion for the group companv. on 3rd January 2025. The Montgomery Theatre and Arts Centre Limfted jThned the Sheffidd Theatre5 group. The Montgomery Iheatre and Arts Centre Limited manages the operations of the Montgomery Theatre. Sheffield Theatres Trust 15 the sole corpofaie member of The Montyomery There and Arts cent Limrted. Objectl¥es and attl¥ltlos The main Objert¢S for the organisatn wtrt and continue to bt tht promotion and fostèring of ariistic knowledge and the appreciation of the arts by the provision and futwe developrrnt of facilitie5 for the educaty.on and entert•nm¢nt ol the publ1¢ in the fld5 of art, crafL muslc and drama. The strategies empl¢)yedto athieve the chaTiV5 objectives are to.. offer opportunities for a broad range of people to get in¥ofved in arts zrtr¥ity explorlng thr own coative power5.' provide facilitie5 for amateur and professional arbsts to de¥elop. Group5 in the city are given discounted rates for hire of 5Patè and access to professional advKe.' concentrate on involvi4 YOU peOe in the arts to help encoura8e a culture in which different a8e ran8es play a compllmentary part. celebrate the diversity of tultures in our sotfjety by pro8rnmm1 preserntatlons by. and wiih. artlsts of dlflerent cultural backgrounds.. present a broad range ofarts work. Publk Bentht St•t•ment The charity seek5 to maxmise attendance and parknaPatn in its actiVe5 to erwre that audientts are drawn from every soclo- economic groups aThd age ran8e5. 11 doe5 this by advertising to the public through the rnedva. prin( social network and rtathing out to the local community- Ovr accessible performances include the Month Dementia Tea Dance5. We continue to Liffertif&&s at £5 under the Live for 5 xheme to everyone between the age of 16 and 26.
SHEFFIELD THEATRES TRUST OIREOR$, REPORT FOR THE PÉRIOD ENDED 31 MARCH 20251continuedl Str3teyc Report The Trustees preseni their Strategic Report for the period ended 31 March 2025. Pnxluctjons Sheffield People's Theatre returned to the Tanya Moisemfitsth Playhouse in August 2025 with Someththg Old, Somethlnq New, wrrtten & directed by Tess Seddon. In Septernber 2024 we produced a ltIcal-aCdaIrned new adaptation of Henrik Ibsen's A Dtylys Ilouse by Chris 8u5h {•• The Guordton, The Times). Also in September. we continued (yjr excellent (PrrIuclrq relationslyp th Theatre Centre as lzzy by Mohamed Zain-Dad premiered in the Playhouse I Yorkshire Posi}. Later in the autumn. we prOdUd the wortd prerniere of KeRreK by Jack Holdèn and Ed StambollowaTh in the Playhouse. The show was a huge success critically I Doity Teleqroph The GuordiL7n DOUV MoiQ and has been plcked up by rnaJorWe5t End and Broadway producer. Our pantomime, Snow Whlte, co-produced with Evdution Pantomimes. was an exceptnal s5$1 Best Pantornim lover s•atsl at th• Grèat Bntish Pantomirne Awards. The Stogel and won In the &Udb at Christmas, we produced a new revival of Ilttle Shop ol•lorrors I Amy Hodge. The fimes •ty The Stogel dlretted by Our woduclng work In 202S began wilh a ctrproduttion with the Unicom and Fiery Angel I CTP of Plq Heort Boy- a brand.new adaptation by Winsome WnncÉk of Malorie Blatkman's novtl I WIt'S On 5tOge rime Ovtl. Our final show in the period wa5 J05h Seymourfs new prDduction of Tennessee Williams. A Streetmr flamed De$hY I Stuge Whot s On Stogel. Thi5 show was the final production programrned by Rob Ha5tie. Guest Productktrns In the Lyceum, we continued to present a fabuk)us and prrwamme of the finest tourin8 work. Fli8hliehts induded= Alurder on the thient Express, Ilert You ComeAgakn a1 SIX.
SHEFFIELD THEATRES TRUST OIRECTORS, REPORT FOR THE PERIOD ENDED 31 MARCH 2025{contindI Our Woth Beyond Sheffield ilfr olPI continued its amazing Journry. enjoyin8 a major Ustour è5 well a5 playin8 venue5 in A5W. Pl9 HeortBoy wdertook a rnajor UK t¢)ur+ playing to 28.564 Peop across the country. Dizry t<yJTed UK schools and theatre in autumn 2024. Kenrex enjoyed a sucCful run at Southwark playh$ in London. irt eowduttth wFih Aria Entertainment. Inc$Ity & Rdwab)ce In 202ty25 we continued to charnpn marBinalised W)15 on otsr ageS and bwnd. A sienifKant proportion of the work detaled above was made with, lor and by members of commur411ts who have not tradfjtmalty engaged with the arts. Alon8slde other arts organisaiions in ihe oty. we are dtr1nd io act on the recornmendations of the Sheffield Race Équality Commission report. whith was publishtd in June 2022. This provles for a nurnber of actn5 that must be implemented in ordeT for us to truly tall ShÈffi'eld an anti-r3cist rity. Recommendation 5 ot the REC calls for spNt & culture to contribute to Sheffield beini an anti-rau5t uty- We were delighted to welcome Roots Mbili and Stand & 8e Counted a5 A5late Companies in the period. Furthermore. we continue to work alon8side Utopia Theatre io co-produte world-da55 theatre from African diaspora artists. We have also commissioned and committed to producing ThE Year ol the Runaways. a rnaior new project f(KuyTrg on South Asian communities in Sheffleld. Our 2030 Strategic P13Th contains a number of smart obpciw that allow us to measurè our success on dlvrsifying our stsff. stakeholder5 and audiences in orderto reflea the demographKs of sheffield & Souih yorkshire. Audlen¢es Over $2,000 peoFAe attended Snow Whlte in the Lyceum- anher bumpei paniomnne year. During the same period. tsver 30.000 people attended Little Shop olmorron in the CNtib. Meanwhile. our strong drama audiences (ontinued as over IS.( people attended AStreet¢arNOm tkske in sprin8 2025. creat Enga8emnt In a year of £haTh8e for the team, we managed to inaueL*ate Sheffleld Theatres. nLW Youth Theatre.. ai present. thbs Is a free. targeted scheme. We are conxitws that the Crucible Y¢JuthTheatre had a fflajor impart on YOU people in the city in the final decade5 of the 20th century- li is a joy to see it return! We have appointsd a new Creative EnBaEement Dlrector In June 202S.
SHEFFIELD THEATRES TRUST DIRECTORS, REPORT FOR THE PERIOD ENOED 31 MARCH 2025 (continued) Talent DevÈloprnent Our artists. space. The Bank. continued to rhmie In the pernd A new cohort have enjoyed an excellent year working alongside the ST stalf team. The cohort mernbers received guidance and funding in order to pursue creative projerts. while bein8 mentored by the ST team. The Making Room continued to offer a supportNe network and development opportunrtE5 for artisis based in Sheffield and ihe surrounding areas, and to promoie the prwsion of arv.si de¥elopment in South Yorkshire more widely. Fundraising The fundralslng team has grown and devdoped, wth the eatIOn of a new role of Fundratslng Manager. The new membership Kheme we launched in 23-24 has borne fruit= we now have 3.753 rnernbe, a yew-on-year increase of 19%. We treat donors faSrly and enwre ihey Can make an Infed decision about any donatwjn. In line wilh the Code of FuTHlrai5ing Practice, we take into account the needs of any possible donor who rnay be in vulnerable circumstances or need extra care and support to make an infornied decision. Sheff5Eld Theatrts is regisiered with the Fundraising Regulator aThd 15 ttsmpliant ¥th the Code of Fundraising Prartice.. the Code is Used to support staff training and referred ¢0 when planning fundraising MpaIgn5. There were no compliance issues in the period. Our fundraising is legal. open ènd honesL we are clear and respecthjl in our fundraising communicatlOll5. Our 5UPPOrters are at the heart ol our relation5hip4ed approath to fundraising.
SHEFFIELO THEATRES TRUST DIREcfoRS' REPORT FOR THE PERIOD ENDED 31 MARCH 2025 (continwl) Our Staff Team The Trustee5 are very proud ot our current workforce. all specialists in their field. who continually show thtir pèssion, creativitv, si11s and experience ¥r9$5 our rheatres and producti$. The board has a People & Culture Committee that oversees HR strategy in the organisation. We were happy to be aNe to budget to F>ay all staff è rninirnum 3% pay rise at l April 202S. and have also rnaintained paytne real li¥in8 wage. En¥lwonmental Sustaknablllty In our Strategic Plan lor 2030, we have cornmitted to reduce ourc3rbon footwint by IO% by 2030. Our Operations tearn by John Bates (Operations & Technical Dirertorl continued w monitor our eneryy usage, wasie. matèrials use and oiher environmental Impaets. This work is regularly fflonrtored by tru5tes thanks to Environmental Responsibility being estsbh'shed as one of Arts COn¢11 England's Investment Princ6ples. We corntinue to moniior éath Sheffièld Theatre5' prfyjucbon's performarKe a8ainst Theatre Green Book taigets, In order to understand the environrnental impact of the work we make in house. 2030 Mans aims that 50% of our productlOll5 wll meet the Theatrè Green 8ook Intermediate Standard by 2030 Iwith the other 50% at the Baseline 5tandardl. We were very 8rateful to receive fvndinB the UK Shared Prosperrty Fund Low CaTboTh Project to make a significant positive impact on the energy effitiency of our non-theatre lightir¥ In both the Crncible and Lyceurn. Gowmance The board continued to meei regularly and on schedule through0 tht ytar. The trust¢¢s are hugety gratef1 to Arnie Singh for stepping in a5 Interim Chair during 2025. We have undertaken a recruitinent wocess lor new trustees for 5helfield TheatresTnJsL We retain committees covertng ihese areas- People & Culture Finance & Sustainability Fundraislng 8oard rnEeting5 are observed by our tWD major funder5. Art5 Countil of Eland and Sheffield City Council. The Iard adwed a new 2030 Slralegic Plan in Marth 2025.
SHEFFIELD THEATRES TRUST DIRECTORS, REPORT FOR THE PERIOD ENDED 31 MARCH 2025 (c¢ntinuedl Fln•nclal R••W 2024-25 resulted in a surplus of unrestricted funds ot £85.514. The surplus achieved this period was helped by the generous extension by DCMS of the hi£her Theatre Tax Relief at 45%1S0% non-iouring and touring produaions. We also beThefitted from continued high interest rates wth advanced ticket sale5 rnzking a Svdnificant proport of the £15.Om bank balan¢e. We rKeived a tgtsl of £417.16312024.. E702.5031 in bank interest. The charitV5 wholly owned sub5idiarie5 Offstsee Ltd ddivered net prolits of £232.71812024.. £703.4811. The Offstage profits are fted back to the group. Sheffield Crucible ProdOn$ limited generated a net deficit of £680,05212024= É777,8961 which repiesents the tax credit due back for the Theatre Tax Relief claim. The fundiTr8 sources were from profits from the tradin8 subsidiaries. ticket recwpts. revenue 8rants of £868.943 from Arts Council and a grant of £194,067 from Sheffield Council. Pl¢1PaI Risks Jnd Uncertaintles Thè Trustees are ccthmitted io the identrfèt10ti and management of the major strategic. business and operational risks whith the charity faces. The principal financial risks revolve around the failure of a production at the Box Office. the risk of audiences not attendlng sufficlent numbers for whateveT reason, and the potentialty adverse effett on both profitabilrty and cash flow. Thi5 Is particularly relevant in theatre business where a completety new programme of works is embarked on each year. The Trustees are also awa of the issues relating io ihe World Snooker Charnpionship contrnct which currently ends on April 2027. Negotiations are ongoing with relevant stakehdders and parts io ertsurt the rentwal of this contrad. The Trustees and Senior Management are fully aware of the risk profile in the business. and a multi.function team of managers within the organisation is tasked with tommunicating with all Itvds of the organlsation to identify all risk5 and regular update a detailed risk re6ister identrfying likelihood and impart. 108ether th actions necessary to rniti8ate the risk. Thi5 15 considered by the Finance & Sustainability Comrnrttee aThlthen preSend to the main board. Arts Council En8land National Portfolio is in a(e subject to the terms of our fundin8 ayeement and has now been extended to March 2027. Sheffield Cty COU11 fundlng is a8reed in princtple until March 2026 and is confimied for 2025126. Future Plans In 5urnrnèr 2025. we are restsmlng our Lavnehpad and Together Festival pro8rammes. Our COVLwJUitin with Paines Plough and Belgrade Coventry, Consumed. opens at the Traverse in Édirlburgh in August as part of their festival programme. AutumTh begins with Elizabeth NEWrnan'S fir produtiion. ot Luqhnoso by Brian Fr1 and also ts Consumed come into the Tanya Moiseiwitsth Pl4yhgu5e. Christmas 15 on c(yJrse to be our bu5ie5t ever. with.. Aladdin in the Lyteum- Ai5ha Khan'5 brand Thew adaptation of A Christmas Cprol (featuring Sheffield's own carols) in the Crucible and a visf(ing produrtio Chrfsknus Llghts by Filskn"t Theatre. in the Tanya Moiseiwitsth Playhouse. In the 5prin& we will produce a wodd prerniere. The L+XWFootWch by rim Firth adapted from Stefano Massini's original- about the beginnings of women's (ootball in Sheffield. as well as Co-prod$ Crown oyBlood with Utopia Theatre and My BmthePs a Genius with Theatre Centre. Finany. 5umrner 2026 wiu see a new¥ers of SunthtrHolhloy play in the Crucible.
SHEFFIELD THEATRES TRUST DIRECTORS, REPORT FOR YHE PERIOD ENDEO 31 MARCH 2025 (coDIIDued In¥stment pow¢ts and polky Under the Memorandum and Articles of Association. the thanty has the power to invest in any way the trustees w4sh. Reserves polky Trustee5 have taken a risk-based approath io the reseNes polity and so wt need to maintain 5ufh'cient financial and cash reserves to safeguard our financial position and provide a buffer against identifd and unexpected eventualities also enabling us to address essential tapital txpènditurt and veSt in future opportunitses that may arLSQ in the comin8 years. The pace of chan8e is increasir4 and our ability to be an organi2ation that has the resourc25 to be abk to adapt 15 Crltical to our Sustainability. The Trustees have reviewed rts approprièteness of the reseryes pdicy and target reserves are set at £4.3m. At 31 Marth 2025 undesignated Jnrestriued reserves were £3.9m. 2025-26 wll be a chalen8inB year with the economic situation with costs of production increasing and cost of INing Impacting on aud¢ertce spend. Having this level of uniestritted funds will. therefore. be vitat. In 3ddition to thb5 we coniinue to use Designated funds to invest in artistic research & dtvtlopmeni wowkshops for new plays priry to full commisslonin8, to support increased product•)n costs to allDw for unplanned major bvikr¢ repairs and maintsn)nce projects for the four theatres, production & technical eqwpment as three of ourtheatres a in Grade11 listed buddin8S that require signlficant upkeep audlence development and Information tethnol(w to buikl audience knyalty and enhance customer experience As Set out in note 12, the current levd ol Designated Funds 15 £2.2m. DertOfS The direttors, who are also trusiees of the tharity. duri the period and tothe date ot this POrt were as follows- Mr Siephen Betts M5 Ruth Bourne Dr Annl Domingo Mr james Garnett Mr Brian Holmshaw Dame Julie KeN)y DBE DL (Deceased 21 February 20251 Ms Eleanor Lang Mr Neil MacDonald OBE Ms Kirsten Major Ms Ruth McDonald M5 Laura Moynahan M5 R05ie Neave Mr John Pickering Mr Arun Skngh Ms Ann Woolhouse IRegned 17 January 20251 IRey8ned 18July 20251 Re&8ned 17 July 20251 Constitution The company is a company limited by guarantee and not having a share capital. Each member gives a guarantee to contribute a sum not exceedln8 £1 lo the CDmparry should it be wound up. At 31 Marth 2025 there were 13 members. 10
SHEFFIELD THEATRES TrUST DIRECTORS, REPORT FOR THE PERIOD ENDED 31 MARCH 2025 IcoThtinwd) Statement of Trustees. Ile5ponsibilities The trusiees Iwho aTr also director5 of Sheffield Theatres Trts5t for the purposes of company lawl are SportbIt for preparing the Tru5tees' Annual Report lirKludin8 the Strate&"c Rewtl and the finanual Statements In accordance with applKable law and United Kingdom Accountlne Stsndards IUnr(ed Kid0M Generally Attepitd Attounting Practice). Company law require5 the trustees to prepare financial statements for e ffinancial year. which give a true and fair view of the state ol affairs of the charitable company and ol the IncomiDg resources and application of $ourCes. includinÉ the income and exptrtliture, of the tharitable tornpany ft>r that perh. In prepanng these financkil statements, the trustees are required to.. stlert subtable aOUntIng policies and then appty them con9steni.. obserye ihe methods and priKiples In the Chanties SORP IFRS 1021.. make jud8ements and es1imate5 that are reasonable and prudent.. ststè whether applicable UK Acc(yJnting Standards have been followed- prepare the financial statements on the gn concem ba5 unless il 15 inappropriate to presume ihat the charitable company will continue in operation. The trustees ¥e responsible for keeping adeqte accotsntine records that disclose wlth reasonable at any time the rinancial pos,tion of the charitable tompany and tnable them to ensure that the financial statements tomply with the Companies Act 2006. They are also responsib for Safeguardi the assets of the tharitable company and heThce for taking reasonable Steps for the prevention and detection of fraud and other ltregularit statement of dlscloswe of Informatlon toauditor5 In so far as the trustees are aware- there is no relevant audit infwmation of whKh ihe charrtable companvs audltors ère unaware: and the trustees have taken all steps that they ou8ht io have taken to make themselves aware of any relevant autht infor1natiL and io establish that the auditor isaware of that information Auditors A resolution to re-appoint Hawsons as auditors will be pro at the annual 8enernl meeting. In appro¥5ni the TNstee< Annual R*porL Wt also approw th¢ StratrfK Aepwt bKhKled thereln. In our ¢•p•¢ltyas c¢)mpany dlrectors. Slined on behall of the board Mr Arun Sheffleld TheatresTwust Datè: |.,12
SHEFFIEIO THEATRE5 TRUST INOEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF SHEFAELD THEATRES TRUST Opinlorb We have audited thÈ financial statements of Sheffield Theatres Trust Ithe'parent Charlble companTrll and il5 5ub5idiaries Ithe 'group'} for the period ended 31 March 2025 which comprise the Consoh"dated and Parent Cofflpany Statement of Financial Activitie5, the Consolidated and Parent Cornpany Balance theeL the Con501idated Slatement of Cash Flow5. the notes to the rinancial 5tatement5 and a surnrnary inchjding significant accounting poliaes. The financial reporting framework ihai has been applied in their preparation is applicable law and United King&Jm Accounting Stsndards. including Financial Reporting Standard 102'The Finanaal Reporting Standard applKable in the UK and Republic of Iland Ivnited Kingdom Generally Accepted Accountyn8 Practice). In our opinion the financial siatements.. 8ive a truè and fairview of the state of the group's and pwent Chaiitab compaThV5 affairs as at 31 March 2025, and of the group'5 incoming re50urce5 and apICation of resources. including its income and expenditure. for the perio(J then ended.. have been properly prepared accordance with United knngdom Generalty Accepted Accounting Pradice.. ènd have been Prepared in atcordance wlth the requirefflents of the Companies Act 2(#A. 6asls kn opknlon We conducted our au(lit in accordance International Standards on Auditir4 IUKI IISAS IUKII and applicable law. Our respon%bililies under those Standards are further described in the Auditorfs responsibili(ies for the audtt of the financial ststements section of OLkr report We ale independent of thegroup and parent charitable iompany in accordance with the ethical requtrements that are Idevant tD our audit of the finanaal 5tatement5 in the UK. including the FRC'S Ethscal Standard. and we have fulfilled our other ethical responsibilities in accordance these requirements. We bdie¥e that the audit evidence we have obtained 15 sufficient and approprbate to provide 3 basis for our opini¢)n. Con¢luslons relatlng to golng coKern In èudit4nR the finandal statements, we have tonduded that thetrustees. usè of thè going tontern ba515 of accounting In the preparatron of the finandal staiemenis is appropriate. gased on the work we have performed. we have not identified any material vncertaiTriies relating to events or co1ltionS that, indiwdually or collectively. may cast significant doubt on the group or pant tharitable company's ablty to coniinue as a going concern for a period of at leasi tWee months from when the financ1 siatements art authorlsed for issue. Our rèsponsibblities and the responsitm'lities of thè trustees wilh fesped to 8oln8 tontern are described in the relevant sertions of this report. Oth•rlnlorrnallon The other inlormation cornprises the information induded in the trustees. annual repor( otherthan the financial statements and our auditorfs rtport thèréon. The twstee5 are respon51Jle for the other inforrnation contained within the annual report. Our opinion on the finanuèj statements does not cover the other informatkn aThJ. except to the extent otherwise expllcitly stated in our report, we do noi express any form of assurancetcfftlusioD thereon. Our responsibility is to read the other Information and. in doing so, eonyder whetherthe othEr Information 15 materialty Incon515tent with the financial statements or our knowledge obtained In the course ol the •Jdit or otherwise appears to be materially rni55tsted. If we identlfy such material inconsistencies or apparent rnaterial misstatements. we are reotsired to determine wheiher thts gives rise to a material misstatèment in the linancial statemenis themsdves. If, based rm the work we have performed, we condude thai there is a materlal misstatement ol tPu"s other informaiion, we a required to report ihat fact. We have nothin8 to repDrt in thi5 regard. 12
SHEFFIELD THEATRES TRUST INDEPENOENT AUDITORS, RÉPORTTO THE TRusfEES OF SHEFAELD THEATRES TRUST Icontinuedl Oplnlons on othrmattrs prescribed bythe Companies Att 21106 In our opinion, based on the work undertaken in thecourse of the audit.. the information given in the trustees. report lincorporating the strategK rewt and the director5. report) for the financial period lor which the linanci¥ ststements are prepared is consistent wth the linancial statements,. and the strategic report and the directors, rewrt have been prepared in accordance with applicable le8al requirements. Mattels on which w¢ art required to pOrt by XCW)h In the light of the nowled8e anij understanding of the group ar paieni tharItab tompany and its environmtnt obtained in the course of the audit. wt have not identifd material misstatements in the strategic report and the directors. report. We have nothin8 to report In respeLt of the following maiters in retioN to whith the Companie5Act 26 requires u5 tD report to you if. in our opinion: adequate accwntin8 records have not been kept by ihe parent chafrtabbe company, oi retums adequate for otsr audit have not been received from branches not bisited by us. or the parent ch¥itable company financial statements are not in aereement the accountin8 records and returns,. or certain disdosure5 of director5, remuneration specified by law are not rnade." or we have not received all the information and eXPnat)nS we require for our audil. Rtsponslblities of tnlet5 As explained more fully in ihe trustee< respoAsibiliiies statement sd on paRe 11. Ihetntstees Iwho ale also the directors of the parent charitable company for the purposes of cornpany lawl are responsible for the preparatign of the financial 5tatement5 and lor being sat15fied that they give a true and fair wew. and for suth internal conlrol a5 the trustees determine is necessary to enable the preparatbjn of finanoal statements that are fe from material misstatsment. whether due to Iraud or error. In preparing the financial statements. the trustees are reSpOrble for assessing the group's and parent charitable companvs abllity io Continue as a going concern, disclosinL as appIae, matter5 rdated to going concem and usirig the going CDncern basis of accountin8 unle55 the trustees either intend to IiquKlate the group or parent Charitale cornpany or to ce35e operations. or have no reali5ti¢ alternati¥e but to do so. Audltorfs respOnbIlItIeS for the audlt of tho fin•nd•l statem•nts We have been appointed auditor under the Compans Art ènd report in accordance wfjth this Act. Our objectives are to obtain reaSOnae assurance about 7*thether the finanoal ststements as a whole are Iree from material mi55tatement, whher due to fraud or error, and to b55ue an auditorfs report that include5 our opinion. Reasonable 355urance 1$ a high level of assurance. but 15 not a guarantee thai an aUdt conducted in accordance with ISA5 IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a88regate, they could reasonabty beeKpected to influencethe economic decisions of users taken on the basis of these finantial siatemenls. 13
SHEFFIELD THEATRES TRUST INDEPENDENT AUDITORS. REPORTTO THE TRUSTEES OF SHEFREiD THEATRES TRLIST (continued) The parent charitable c(rfnpany is subjett to laws and regulatKJns thèt direcdy and indlrertly affect the financial staternents. Based on our understanding of the charity ènd the environment it operates withtn. wt determined that the laws and re8vlation5 which were most significant included FRS 102 and the cornp3n kt 2LKI6. We wisidered the eitent to which non-compliance with these law5 and ulat)n$ might have a material effect on the finanoal statement& including how fraud might occur. We evaluated management's (entiVeS and opportUn4ties for frauduleni manipuL4tion of thefin3ncial statements (including the risk of overr4de of eontrolsl. and determined ihat the prinapal risks were lated to the p05bng ol inappropfiatÈ Journal entrle5 to improve the charivs re¥j for the period. and managemenl tm.as in accountin8 estimates. Avdit procedures performed by ihe evgagement team induded.. tXscu5sions wilh manaÉemeni and tlb)se respJn5ible for leeal compliance Procedu within the parènt charitable company lo obtain an understandin8 of the legal and regulatory framework applKable to the tharity and how the charity complies wlth th31 framework. i[111n8 ¢onsKleratth)n of known or suspected insuntes of non-complian¢e with law5 and regulations nd fraud,. RèviewiThg minutes of Trustee meelings- IdeniifyinÈ and asse$5ing the design eflectivene55 of controlsthat management h45 In place to prevent and detect fraud and non.compliance with laws and re8ulations.' Challenging a55umptions and jud8ernent5 made by rnanagement in thèy sitfIcant aOUntIng e5mIle5_ Idenlifying aThd testing purnal entrres. In partiojlar any journal enthes posted with unusual account cornts"nat)ns or posted by senior man3gEment. TherÈ are Inherent Ilmitations in ihe aud procedures described abo¥e and the more remo¥ed non.compliance wlth laws and regulations is from ihe events and tran5¥t)ns refcted the tinancial statements, the less likèly we are lo borne aware of it. Also, the risk of not deteciin8 3 material misstattment due to fraud Is higher than the risk of not detecting one resulting from error. as fraud mty invdve deliberaleconcealrrnt by. for ample. forgery or sntentional miSeSentations. or thro coIIu5ion. A further description of our re5W)ll5ibilitles Is available on the Financhil Reporting Councll's websrte al Www.Irc.org.LtVauthtorslaudit-assurantelauditor-s-re5ponybilits-for.Ihe-aUdIt4jf-th&rlIdesCrIptIon-of-the-aUdrt0¢$. responsibiliiits-for. This descriptton forms part of our 3LHlitor's reporL This report is made solety to the parent charitable COMn¢$ members as a rn accordance Chapier 3 of Part 16 of the Companies Act 2006. Our a111 work has been undertaken $0 thai Te might state to the parent charrtablt comparnrfs members those mattprs we are required to state io them in an audito¢s report and for no other purpose. To the fullest extent permitted by law, we do not accept or 355ume responsiblitvto anyone other than the parent charrtable cornpany and the parent Charitab company's members as a body. for our audrt work. for this repo¢ or for the opinion5 we have lormed. tJSon) Sknon Bladen. Senior St•tutoryAudtor For and on behaw of Hawsons Chartered Actountsnts. Ststutory Auditor Pe8asus Hotsse 463a Glossop Road Sheffield SI0 2QD 1 S o teZ5 14
SHEFFIELD THEATRES TRUST ACCOUNTING pouaE5 The following accounting policie5 have been v5ed con5i5tently in dealing with itErns whith are considered material to the companvs allair5. Statutory Informatlon Shèflield Theatres Trust is a charity INO. 2573181 and 3 company limited by guarantee INO 9322541 domiciled in Enaland and Wales. The registered office is at SS Norfolk StreeL Shetheld. Sl ID Atcounting Con¥entlon The chdrily constitute5 a publK benefit entity as defined by FRS 102. The financrdl statements have been piepared ID accordance with Accountin8 and Reporting by Chariiies.. Statement ol Recommend Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Fbnancial Reporting Standard appkcable in the Unrted Kingdom and Repuwic of Ireland IFAS 1021, Ihe Companies Art 2006 and UK Generally Accepted Prattl. The presentation currery is United Kin8d¢yn pounds stedin& whith Is the fvnct40nal ctsrrenry of the charitv. The linarscial 5tatement5 have been prepared on a In8 concern basi5 which assumes that the cc•mpany wim coniinue in operational existence for the foreseeable future. Basls of Consolldadon The 8roup financial staternents comprise the finènrial statements of the chatable company and it5 subsidiarie5 made up to the end of the financial pericl and are wnsolldated a line by line ba515 accordance wtih FRSIO2. Incomin8 Re5ourceg frorn Generated Funds Voluntary income primarily represents erants rectivable Revenbt grnnts are recognised at fair value wheTr the cornpany ha5 entStlement after any performante conditions have been met. it 15 probate that the incorne will be received and the amount can be measured reliabty. Grants to finan caimtal expenditu are uedited to trIcted fvnds usin8 the same criteria as venue grants. Incoming resources from charilable artivities represent iicket 5ale5 and rdated fees for performances conducted In the year. Any tickets sold in advance a included in cèth and deferred income. Legacies are recognised at a point that they are quantifiable and there is reasonable certainty ihai they will be recelved. On occasion legacies will be notifietl ¢0 ihe Charity however It is not powble to measure ihe amount expetted to be distributed. Charltablt Artlvltles Charr(able activities indude expenditure aslated primari with Theatre Productions and Learning actr¥itie5 and inclLhle both the d1ct Costs and support CDsts rdating to these actwitie5. Orher Costs Other costs include those incurred in tht governance of the charity and its ass•ts and ar prirnarily associated with constitutional and statutory requirements. Yanglble A5S*ts Tangible assets for use by the tharity are caimtalised rf they can be used for more than one year and cost over £1,500. They are valued at cost. No depreciation 15 provided in the year of acquisit. Lon8 Leasehold property-This is depreaated in equal annual instalments (y4er the 99 ytar period ol the lease. Shorl Leasehold property-This ks depreciated in equal annual instdlments over the 10 year period of the lease. Equipment and furniture-These are deprecvated in equal annual instslments o¥ertheir estimated useful lives which range from 3 to 10 years. 15
SHEFFIELO THEATRES TRUST ACCOUNnNG pouaES Icontlnued) Intsngible Fimed Assets Intangible 355ets represent the goodwill arising on aC4UiSition of subsidiary Companies. Goodwill is amort15ed in equal instalment5 over 20years. No amortisatw is provided in the year ol acquisition. Investmenis In 5ubskllary Comwnl•s The investments in the wholly owned subsidiary companies are vgued at cost less any dlmlnuifjon in Value. whith the dlrectors, opiNon 15 not materialty different from rnark walut. Stocks Stock5 are valued at the lowerof cost and net reèlsable value. Re5er¥e5 Restrlrted Funds- Arnount5 received to finante cawal expenditure or There a donor 5pKihe5 the pre¢1 purp)se for whi¢h the arnounis donated must be used a credtted to Restricted Fnds. Depreciation on the assets fr'nanced by the Re5trirted Funds Ls charged dwectly to the Re5trirted Fund in the Statement of Financial Activitfjes. Desllnated FuTrds - Amounts that have been 5peafied by Trustees to be used for a partKular purpose are credited to Designated Funds. Thi5 includes a fund for Unanned major buihjing repaws. a fund for the net book value ol unre5trided tangible lixed assets and research and development workshop for new plays prior to hjll commissioning. Also induded is the designation of some ofthe$e funds to a Production Reser¥È and Audien Development fund. UDreslrlcted Funds-The5e are reserve5 not de5i¥nated or restred for a special purpose. These are available at the di5crelion of the Trustee5 for such purposes as the Theatre may require. The Trustees. aim is to maintain sufficnt unrestrirted reserves to 5afe8uard the finanual viability of the Company. Penslon Costs Pension costs charBeil in the flnancial statemen15 iepresent the contributiOD5 payable by the company during the period. The Trust operates a defined contrution pension Kheme for empknyees idIng 3 salary sacrlfke Opt. leases Rentals ptyable under operattn8 leases are Charged in the Statement of Firtancial AC"1t¢S in the ar in whbth they are Incurred. Tamation Theatre Tax Credits artsing from core expenditure on produrtions ha¥e been accounted for In line with the provisions of the Finance Act 2014 at the applicable rate. Golng concern After due consideratlon of all rekvani fartors the compans income and cash Ilow forecasts and projectlons indicate that the ompany should be able io continue to operate forthe foreseeable lutuie. The trustees therefore havè a reasonable expertation ihai the company has adequate resourtes to continue In operational existence for the foreseeable fure. According. they cwtinue to adopt the g(xn8 concern basi5 in preparin8 the financial ststemenls. 16
SHEFFIELD THEATRES TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES PERIOD ENDED 31 MARCH 2025 As Restated Year Ended 31 JV 2024 Total Period Ended 31 Mah 2025 Total Notes Funds Funds Int(ffiKw rtsour Inttthing resources from generated fundk Donation5 and legacies Other trading acli¥ities Instment income InLvrning re50urce5 from chJilable actlvlties 1.320.744 I.1.769 417.163 357.156 1.677.9Q) 1,180.769 417,163 2.280.935 2,169,000 702,503 8.771.631 80.492 8.852.123 11,924.072 Totsl In¢omlnK res¢>urces 11.690J07 437.648 12.127.955 17.076,510 Resour expended Raising funds Fundraising tradin8'. Cost of good5 srAd and other c05t5 Charrtable athvitie5 other cost5 Tot•1 rewJKes exp•ndÈd 14.754 14.754 22,981 1.394.478 10.775.757 32.4C#) 1.394,478 11,104,120 32,41>J IZy5.752 2,188,324 15.119.372 28,350 17.359,027 328.363 li 12217389 328363 Net •$0 re$our¢es 1527.11821 109285 {417.7971 1282.517) Tax credit on ordinary a¢tiwis Net iOrnin8 resour5 before transfers 680.052 680.OS2 777,896 151970 109285 262.Z55 495,379 Tr¥nsfer5 between funds 167.4561 67,456 N•t movèment In Funds 174741 262.Z55 495J79 Fund balarKes brou8hi forward at i qU$l 6.051.479 5.553.8(Kl 11,fJ)5.279 11,109,900 Fund balance5 carried forward at 31 March 2025 131 2024 12 6.136.993 5.710.541 I167.534 11.605279 Refer to note 27 regarding previuus yearfs restatemenL 17
SHEFFIELD THEATRES TRUST CHARITABLE COMPANY STATEMENTOF ANAKIAcTIV1TlEs (INCLUDING INCOME AND EXPENDITURE ACCOUNT) PERIOD ENDEO 31 MARCH 2025 P•rlod Ended 31 March 2025 T•tsl Y•av Endod 31 july 2024 Total Unrestrkted ftestrkted i¢e5 Incomln¥ re%>urces Incoming resourc from 8eneratingfunds: Donations and legaties other tradin6 acimties Income from lniercompany recharges Investment income IornIn8 resources from charitable activittes Total incomln8 resource5 245.720 Zl.667 3.482.740 98.949 245,720 21.667 3.482.740 98.949 1,048.034 32.500 4,676.514 168.844 227.525 80.492 308,017 612,57Z 4.076.601 80.492 4.IS7.093 6.538.464 Resour<es expended Raising funds Charitable activitS Other Costs 14.162 4.112.297 17.9)) 4,144.359 14.162 4.215.058 17.9 4,247,120 22,402 5.S68,502 18.250 5,609,IS4 io 102.761 li Totsl resources expended 102,761 Net louty01/1ncQrnini res$ 167.7581 122.2691 190.0271 929.310 Fund balances tKou¢ht forw¥d * i 3,973.306 284.960 4.2S8.266 3.328.956 Fund balances ¢arrknd forward at 31 Marth 2025 131 Jul¥ ZOZ4 3.905.548 262.691 4,168.Z39 4,258,266 There are no recoBni5ed gains and losse5 othei than the results forthe year Set out ab(Y¥e. There Is no dlfference between the amounts stated abo and thefjr hIOral ttjst eqU[vant$. 18
SHEFFIELDTHEATRE5TRUST COMPANY REGISTRATIthN NUM8ER 9322S4 8AL4NCE SHEETS 31 MARCH 2025 31 March 2025 31 March 2025 31 July 2024 31 July 2024 Companv Group Conwn¥ Group FIXED ASSETS Intan8ib1e assets Tan8ible assets Investment5 in subsidiaries 14 12.053.530) 7.741.167 15 5.515.853 16 90.232 90,232 90,234 .234 5.687.637 5.SIS,8S3 CURRENT ASSEWS Stocks 17 I.744 1.629.134 40.033 14.994.261 16.770.172 60,613 2.461A24 Dèbtors 18 949.944 1.294.508 Investments Cash at bank and in hand 19 7,237,194 8,187.138 13,671.508 16,193.945 6,912.764 .207.272 CREDITOR5 Amounts fallin8 due wtthin onè vear 20 110.590.2751 14.109,1311 110,104,519) 14,039,240) NET CURRENT ASSErs 6.179.897 4.078.7 6.089.426 4,168,032 11167.534 4.168.239 11,fj05279 4,258.266 RESERVES 12 Restricted funds 5.730.541 2.189.692 3.947.301 11.867.S34 262.691 804.$ 3,100.988 4168.239 5.553.gXI 1.805.013 4.246.466 11.505279 284.960 880.990 3.092.316 4,258.266 Designated fund5 General fund 29 These financial statements were apwoved and authonsed for issue byt Iard of dire¢tors on ................ signed on it5 bEhalf by.. .and Mr Arun Slrfh. D*ertor 19
SHEFFIELD THEATRES TRUST CONSOUDATED STATEMENT OF CASH FLOWS PERIOD ENDED 31 MARCH 2025 Perlod Ended 31 Mar¢h 2025 Year Ended 31 July 2024 Notes Cash flow from opèratin8 arti¥lties l.C61,724 11,242.2211 C¥h flow from In¥ostln¢ actl4fft1•s Caiita5 expendiiure Bank interesi received 1230.3901 417.163 114.289 301,062 1251,1971 702,503 Cash received on 3CqUlSition of subsidiary Net Cash flow from In¥estln¢ actlvbtles 451,306 Net increa5elldKreasel In osh and ¢ash equlvalents 1,362,786 1790,9151 Cash and cash egntS at l Augusl 13.671.508 14.462.423 Cash and cash equivalenis at 31 March 2025131July 2024 15,034.294 13,671,508 Cash and cash equivalents conslsts of: Cash at bank and in hand IS.034.294 13.671.508 20
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS PERIOD ENDED 31 MARCH 2025 I DONATIONS AND LEGAaES Sheffield Theatres fundin8 to March 2027 has been confirrned by Arts COUMI and Shetheld City Council funding is confirmed to Maich 2026. 2 OONATIONS AND LEGAaES Ye•r Ended 31Jth7 2024 Year Ended 31 July 2024 31 March 2025 31 M•r¢h 2025 Group Company Grnup Company Unrestrlcted Art5 CDunciI En8land Sheffleld CSty Council Department for Work and Pensions- Access to Work Gift AKI 868.943 I94.(7 1,303.415 291.433 938 194 44.783 1.766 435.618 35.OJO The Mackintosh Foundation 250 35,IX)) The Mackintosh Foundatlon. Reeional Theatre Technical Apprentice Programme Facey Family Foundation HM Burdall Charity The Biz Give Trust J G Graves Charitable Trust 17,463 17.463 30.355 30.355 3.5C(I 3.5CQ s.oc 2.5C(I 3,500 Sheffield Town Trust 1.7 1.7 Ste One Sheffield Lyceurn Theatre Trust Graham and Sue Royle, GRI Group Lid Donation¥ Gifts and Le8acOes 17.708 17.708 30.DJO 50.C 146,105 145,720 149.27S 1.320.744 164,749 1.910.935 164,095 678.034 Restrirted Arts Councll England Ramps on the Moon Esmee Fairbairn Ramps on the Moon Sheffield City Council . UKSPF Low Carbon Project Sheffield City Council- Mont8omery Caprtal Projeci Vouth Investment Fund 90.IK)O 280.OCKJ 90,OCQ 280,00) 97.935 144.339 Heritage Compass Poetry Commiss6on Cultural PSpeline 7.887 357.156 370.OLXJ 370.OIXI Total 1.677,9 24S.720 2.280.935 1.048.034 21
SHEFFIELDTHEATRES TRUST NOTES ON ACCOUNTS Icontinuedl PERIOD ENOED 31 MARCH 2025 3 OTHER TRADING Acfivrnf 5 Perlod Ended 31 Marth 2025 Group Perlod Ended 31 Marth 2025 Company Year Ended 31 July 2024 Group Year Ended 31 July 2024 Company Fundraisin8Trading- Offstage Lirned Inoie 4a) Management Fees 1.179.102 1.667 1,180.769 2.166,500 2.500 2.169.CQO 21,667 21,667 32,5CKI 32.500 4 INCOME FROM CHARITA8LE ACTNMES As Restaled Year Ended 31 Juty 2024 Perlod ETrded Permxl Énded 31 March 31 M•r<h 2025 2025 Gwup Comp•mi Year Ended 31Ju 2024 Grnup Company Unrestricted Ticket and related sales .771.631 227.S2S 11.874.185 562.685 Restrl¢ted Ramps on ihe Moon cohort fe .492 80.492 49.887 49.887 TDtal 8.8S2,123 30&017 11,924,072 612.572
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS IconllNed) PERIOD ENDED 31 MARCH 2025 44 FUNDRAISING TIIAOING FROM TrADING AcfMTIES OF SUBSIDIARIES Offstage Limiied operates all Th("PriMary purpose trading and fundraising activities within the Crucible, Lyeeum and Mont8Dmery Theatre 8uildbn8s. It give5 ils taxable profrt5 by way of Gift Ahj to Group cgmpanies. A summary of *s trad£ resuks 15 Show bdow. Offstate Llmlted- Profrt and ioss Account Perfod Ended 31 Marth Y•ar Ended 31 Juty 2024 Turnover 1.179.102 2.166.500 Cost ol Sales Oistribution Costs 1419.6891 1463.4861 180.9781 17,769 232,718 1669.2791 1704,2901 1116.8591 27.409 703,481 Adminisiration Interest Receivable Net Profit Retained earnings brou8hi forward 703,481 87L236 Gift aid payments to Sheffidd Theatrts Trust Retained in Offsta6e Limited 1703,4811 232,718 1871,2361 703,481 Perlod ETrded 31 Marth 2025 Group Year Ended 31Ju 2024 fjrgup C05t of goods sold and other c95ts included in consolidated starementof linancial activities- Cost of Sales 419,689 463.486 27.644 910.819 17,7501 903.069 669.279 704,290 36.859 1,410.428 17,0001 1.403,428 Distribution Costs Adminlstratlon Less amount5 included in gDvernance costs 23
SHEFFIELD THEATrÉS TRUST NOTES ON ACCOUNTS Icontinued) PERIOO ENOED YI MARCH 2025 4b FUNDAAIgNG TRADING FROM TRADING AcrivmES OF SU8SIDIARIES Sheffield Crucible Productims Limited Kts 35 an a8ent faulitating investment5 In. and producin& tours and production for the group company. A 5MMary of its trading r¢5utt5 a55hown bdow. Sheffield Cruclble Produrtlons Umlted . Profft and iouA¢£ovnt Perfod fThded 31 Mjrrh Yèar Endtd 31 July 2024 Production A8reement Income 1.8Cfi,722 2,271.172 C05t of Sales Production Costs 11.950,2361 1529.4741 17.OfAI IW.0521 12,362.4761 1681.1121 15.4801 1777.8961 Stafl Costs Adminisiration Net Loss Tax Credrt on Ordinary Actitlties Retained in Sheffield Cruclble Productlons Llmiied 680,052 777,896 Period Endtd 31 Morch 2025 fjrwp Year Ended 31 July 2024 C051 of goods sold and other c05t5 induded in consdKlated 5tatementof financial acli¥itie5'. Cost Of Sale5 Production Costs 1,950,236 529.474 7,064 2.486.774 17,0501 2,479,724 2.362.476 681,112 5,480 3.049.a68 15.4001 3.043,668 Staff Costs Adrninistration Le55 amount5 induded In gov2mance cost5 24
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS {contiNed) PERIOD ENDED 31 MARCH 2025 5 STAFF PARTICULARS PttiodEnded 31March 1025 Group Period Ended 31 Mar¢h 2015 Year Ended 31 Julv 2024 Year Ended aiju 2024 Company Cofflpany Group Stsff costs cornpri5ed.. Wages and 5alarie5 Social security costs Pension costs 2.989.635 244.324 168.101 2.560.846 219.72S 158.003 4.135,681 319.160 242.412 4,697,253 3,482,460 285,749 224,886 3,993,095 3.402.C 2.938.574 The average number of lull-time equryaleni employees the year wa5.. P*riod Ended 31 Marth 2025 Perlod Ended 31 Marth 2025 Year Ended 31Ju Year Ended 31Ju 2024 Grmp Number Companv Nunthr 12 Group Nwnber Company Number Management, finance and admtnistration Pro8ramme, produrtion and technical Education and 0reath 12 li li 69 62 62 Marketing and audience developmeni Maintenance, cleaning and suppt)rt Str cateri bars and commercial Front of house 26 26 25 25 27 27 26 26 64 60 267 199 255 191 The full time equivalent number olstaff who recei¥e(l emoluments in excess of £f4J.CU) per annum exdudkng pension contributions were as shown below-. Perfod Ended 31 March 2025 Y•ar Ended 311y 2024 £60.OCK¥- É69,999 £70.000- £79,999 £80,000. £89.999 £90,000. E99.999 25
SHEFFIELD THEATRE5 TRUST NOTES ON ACCOUNTS Icontlmied) PERIOD ENDED 31 MARCH 2025 6 TRUSTEES, AND KEY MAIIAGEMEPK PERSONNEL REMU14ERAn(X4 AND EXPEP4SES One director within the 8roup is paid £6.OQ)12024.. £6.LWI per annum as a consuliant to provide commercial produrtion advice to the trust. During the priod the same director rec•ved a Profit Share of £2.74912024= £3.2191. No remuneration was paid during the per to the IS directors of thecompany or other directors of the 8roup. The total amount of employee benefits received by key management personnd is E442.58312024.. E573,2241. The company consider5 It5 key management personnel comwi5e'. Chief ExecutivE Customer Experience Director Finance Direaor Artistic Diie¢tor DepV Chief Executi¥e Communications & Publi¢ Allair5 Cirertor Fundraising & Commercial Director Operations & Tethnical Director Producing & Pro8rammin8 txrector creat[ En8aEernent Dwe£lor 7 NET INCOMING RESOURCES Périod Ended Period Ended 31 March JI March 2025 2025 Yèar Endd 31 Juty 2024 Year Enrttd 31 July 20Z4 Ctynpjrry Group Comp•hv Tl¥'5 IS stated after thar0in811creditiY. Auditors. remuneration as auditors 472 216.717 17,9 40,750 422.972 IB,250 Depreciation Operating lease rertials: Land and buildings Other 42.367 4.131 60.076 6.196 4,131 6,196 And after credrtlng.. Interest recelvable 417,163 98.949 702,503 168.844
SHEFFIELD THEATRES TRVST NOTES ON ACCOUNTS Itryrtlnuedl PERIOD ENOEO 31 MARCH 2025 S RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERAIIIIG ACIIVMES Reconciliation of net incoming tesources to cash inflowllouthowl from operatin8 activitie5.' Povbod End•d 31 March 2025 Ye•r Ended 31 July 2024 Group Group Net incoming resources Bank interest receivable 262.255 1417.1631 1154.9)8) 216.717 146.1311 875,520 170,526 1.061.724 495.379 1702.5031 1207,1241 422,972 503 Net out80ing resources from operaii¢)ns Oeprecièiion Ilncreasel/de¢fease in stock Decreasellincreasel in debtor5 Increase/ldecrea5el in creditor5 Net cash inflowlloutflowl from operatin8 actNit 1869,6421 1588,9301 11.242,2211 9 COSTOF RAISING FUNOS Pethd Énded 31 Marth 2025 Group Period Ended 31 March 2015 Year Ended 31 July 2024 Group Year Ended 31 Juty 2024 Compafiy Comp¥nv Fundraisfjng 14.754 14,162 22,981 22,402 27
SHEFFIELD THÉATRES TRUST NOTES ON ACCOUNTS (contlnued) PERIOD ENDED 31 MARCH 2025 10 EXPENDITURE ON CHARITABiE AcfivffEs As Restated Perlgd Ended 31 March Perkxl Erded 31 March 2025 Year Ended 31 JY 2024 Year Ended 31 Juty 2024 fjrgup Cofflp•ny Gftsyp Compjnv Productlon Costs Wages and salaries Scenery, costumes, mater6als Production SeiCe$ 8.497 194,132 1,854,$43 103,963 8,497 11,846 11,3951 486 163.711 1,842.097 35.285 1.812 1.275 Royalt1è5 and commissioniTrg fees Additional dlrectofs., de5tener5' and other guesrs. fees. Inth'rèct producti¢n (SUmable$ Miscellaneou5 C95ts Education prDject staffing costs EducatioTh prDJect Costs. Vi51ting companles. fees and other costs Re<harge to Co-producers and visiting comparsie5 Pro8ramme costs Ll¢ences and sub5cripti0Tr5 104. 75.505 143.101 128.377 51.499 49.450 96.012 53.399 3,99B.328 $70 SS.(KJ7 91.059 120.868 62.888 6,022,792 1.686 17.572 120.868 229 8.829 96.012 12.1291 111,887 112,2181 29.517 1.597 6.428.841 29.011 1,247 215.538 29.991 1,953 8,676.576 29.766 1.350 431.169 Staff Costs Staffing cosis. Trainin& recruitrnent and other costs 2.597.650 18.421 2.616.071 2.554.318 IS.437 2.569.755 3.461.420 35,647 3,497,067 3.461.552 27.220 3.488,772 Establlshment Costs Rent, rates and insurance Heat and power Electricity Repairs and renewals Waste disposal Depr?cialion 240.103 30,471 321,831 57,116 252.175 312.612 38.084 374.610 1,356.428 40.284 67AOI 212.163 198.269 26.743 180,403 925.082 54.337 66,822 84W8 107,106 28
SHEFFIELD THEATRÉS TRUST NOTES ON ACCOUNTS (continued) PERIOD ENDED 31 MARCH 2025 As Restated Year Ended 31 Juty 2024 Pemd Ernled 31 h•rth 2025 Group Perlod Ended 31 Marth 2025 Year Ended 31Ju 2024 Gr¢)up Companv Sellln8 Costs Publicity advertising Box offiet computer sy5tem5 Mls¢ellaneov5 5elliThg costs Credit card commission Telephone. p05ta8e. stationery and photocopying Travel and entertaining 425,030 81,698 35.663 79.277 424.190 9J.427 35.519 79.277 545.916 11)4.216 9.237 150.940 539.198 119.216 9.321 150.940 24.472 24.465 46,441 44,603 1.570 655,448 2,945 859.695 2,532 865.810 647.949 Support Costs Wage5 and 5alarie5 Trainin& recrultmenl and other costs Depreciation TeleplM)ne. postsge. stationery and photocopying IT maintenantt and periiherals Travel and èntertaining Professional charges Bank tharges Licences and subscriptions Miscèllarttous 226.548 53.333 36.316 226,548 53.144 t102,178 93,650 48,362 402.178 93,246 4.407 3.729 6,774 49,330 19,834 18,135 10,238 6S,212 2A14 486,177 47.924 18.045 13.651 7.443 65.L9 3.956 52.9)1 24,551 43.237 11291 39.814 6.723 52,167 23,346 43.190 11,291 38,720 4,733 675,64S 439.509 729.606 Donath)n to subsSdlary charity 250.orJ) Total costs of charitae aeti¥iDes 11.104.120 4.215,058 15,119,372 5.568.502 Expense headings include restricted expenditure of.. 328.363 102.761 509,537 134,927 All charitable costs are prirnarly forTheatre Produdions and Education actrvities and thus all support costs are allocated a5 suth.
SHEFFIELD THEATRES TRUST NOTES ON ACCIXINTS {¢ontiNed) PERIOD ENDED 31 MARCH 1025 11 OTHER COSTS Perlod Ended 31 Mardb 2025 Group Pellod Ended 31Maith 2025 Comp¥ Year Ended 31 July 2024 Group Y•ar Ended 3JJy 2014 Companv Auditors. remuneration: Chwitable Company 32.4(K) 17.X 28.350 18,250 Auditors. remuneration for Offsla8e Limited and Sheffidd Cruobfe Producbons Limited are induded kn e4 make up part of the cost of good5 sold and other costs In the consolidated statsrnent of finanaal activsties. 12 RESERVES As Restated comini Rtsourcè5 Resi•ted Oyt%oSnB Resources Group At I August 2023 At 31 July 2024 Tr•nsfevs RESTRICTED Accumulated Building Fund Garfield Weston Culture Fund 592,757 109.563 112.4341 127.3911 1134.9271 $80.323 82,172 284,960 tlamps on the Moon Capital Redevdoprnent Fund ILyceuml Capital Redevdopment Fund Icruciblel Toiil Re$tri¢ted Funds 419.887 134,002 1108.1751 25,827 4.807.128 1226.6101 4.580,S18 S3.450 419M7 IS095371 5,553,8QO illaESTRICTED General Designated . Artist Research and Develowent OesigThated- Maitrr Repairs Oesi8Thated - Audience Oevelopment Oesi8nated- Production Desi8Thated- Special Projects Oesi8nated - Ernily'5 Welcome Total Unrestwlcted Fublds 3.847.682 17.434.519 116.834.2041 1201,S311 4.246.466 187,(XKI 187,000 495.C(Kl 111.8501 151,1981 431,952 165.207 13.4361 57.658 219,429 31X).OOJ 471.561 190,(K 5.071 661,561 5.071 5.466.450 17A34.519 I16,849.4 6,0SIA79 Total Funds 11.109.900 17I54.406 117359.0271 11.605.279 Refer to note 27 regarding prwious ¥earfs reslaiement.
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS {contlnued) PERIOD ENDED 31 MARCH 2025 12 RESERVES Icontlnuedl Group Al l August 2024 Incoming Outgoin Resources Tr•nsftrs At31 Marth 2025 RESTRICTED Accumulated 8u51din6 Fund Garfield Weston Culiure Fund Rarnps on the Moon Youth Investment Fund 580.323 18.2891 118.2611 1102.7611 126.0361 i10.0cl 572,034 63,911 262,691 82.172 284.9fOJ 1492 16.036 Universal Youth Work 19,4LKI 9,4LY) 7,887 4,995 Cultural Pipeline kleritaÉe Compass Poetry Commission Capiial R¥t10Pment Fund IMont8omeryl Capital Redevelopment Fund (Lyceuml Capital Reijevelopment Fund (crucie) Total Réstrlded Funds 218.303 218,3Q3 25.827 23.116 111.9411 23.116 60.118 4.580.518 7419 1151.0751 24.940 4.529.202 5553 437,648 1328J631 67A56 5,730,541 UNRESTRICTED General De5ignated- Artistic Research and Development Designated- Major Repa4rs Designated- Audience Oevelopment Oesignated- Productfion Oesignated- Special Projects Oesignated- Fixed Assets Designated- Emily's Welcome Total Unrtstrkled Funds 4,246.4166 12,369.789 111.908.4791 1760.47SI 3,947,301 187.11 13S.CO)I 88,000 240.oc 43L952 201,944 633.896 219.429 115,2631 32.245 236.411 300.(K#) 661.561 11(*J.CODI 1123.6631 134.9841 200.000 568.149 305.595 5.641 6,136,993 30,251 340.579 5.071 6.OSIA79 570 12J70J59 1122173891 167.4561 Total Fd5 11.605.279 12.808.007 IIL545.7521 11.867.534 31
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS Iwntiwed) PERIOD ENDED 31 MARCH 2025 12 RESERVES lcont1redI The accufflulated buildin8 fund is amourts receNed to finance impro¥ementS to leasehotd premises and purchase furniture and equipment The Garfleld Weston culture fund is the lunds reCed io finance purthèses otdigltal equipmernt now Caprtallsed. The capltal redevelopment funds are the balance of funds recewed to fin3Te the redevelopment work on The Crucible Theatre. The Lyceum Theatre and The Montgomery Theatre now capitalised. The Universal Youth Work granl is fvnding towards youth 5eNce5. The YIF reventse grant was receNed alongse fuAtIiw4 towards the Montgomery capital proje. to cover loss ol Income and ongoing personnel cost5. YhE Cultwal Pipeline revenue grant Is fvndingtowards trainkng The Heritage Compass re¥enueKrarrt is funding towards a fvndraisine e¥enV8ala fc41owin8 the capital redevelopment project The Poetry Commission revenue yant is fun(lingtowards a pxtry mural propd. The desi8nated fvnd lor artstic research & development is for research and devdowent of new a¥S and musbcals prior to fvll COrnm1$5ioninB. The des18nated fund for major repairs and renvwa15 15 a fund for unplanned maiur TepaF5, inve5trnent intD DEW e4uipment or the relurb¢shrnent ol the theatre. The production fund is to support increased production costs. The designated fund for red a5set5 represent5 the net book value of unrestricted tangible fixed assets. The expenditure from the lund represents depreciati¢)n chaw, and transfers inio ihe fund wll be madp for future addit05 to the charity's fixed ass$. Emily'5 welcome fund ha5 been Set up in memory of ourf0er Learningand Partiapation manager, Ernlly Hutthin50n, t support acce5S to our Creative Enga8ernent work.
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS Icontlnued PERIOD ENDED 31 MARCH 2025 12 RESERVES Icontlnuedl Companv At l August 2023 Incornini e50urcs OutKoS Resources At al Julv 2024 Transler5 RESTRICTED Rarnps on the Moon Total Rèstrlrted Fund5 419.887 1134.9271 1134.9271 284.960 284,960 4197 UNRESTRICTEO General Desi8nated- Audience Dev?lopmenl Desi8nated . Special ProFrt Total Unrestrfcted Funds 2.692.188 6.118577 15.470.791) 1247,6S81 3.092.316 16S.207 13.4361 57,658 219,429 471.561 3328J56 I.000 661.561 3J73.306 6.118577 ISA74217) Total Funds 3328?56 fjJ38,464 ISfi09.1541 4258.266 Companv At l Auiust 2024 Incoml Outyoin8 At 31 March 2025 Transfer5 RESTRICTED Ramp5 Qn the Moon Totsl Restrlrted Funds 284.960 284.960 80.492 8OA92 1102.7611 IIOl7611 262.691 262.691 UNRESTRICTED General Desnated . Audiente Development De5*nated - Special Proje Total Unr•strfrtod Funds 3,092316 4.D76.El 14.1x15.4331 162,4961 3,IOJ,988 219,429 115.2631 32.245 236.411 661.561 3.973,306 1123.6631 {4.1443591 30.251 568,149 3JOS.548 4A176hOI T¢)tsl Funds 4.258.266 4.157m3 {4.247.1201 4,16B,239 The Ramps on the Moon restricted fund is for the continuatmjn of Ramps on the Moon to mainstream anli-ablei5t prartice and de¥eh)p opportunities and equity for dL%atsd people iAthe perfomiing arts sector. The atsdiente development fund is to grow and develop our audiences The special projects fund s tts supwt organisational devehipment projecrs VKludinE the expansion of our work with chrfdren and young people, and additional investment nto tethnok.
SHEFFIELDTHEATRES TRUST NOTES ON ACCOUNTS (continued) PERIOD ENDED 31 MARCH 2025 1> ANALYSIS OF NET ASSEfs BETWEEN FUNDS Group Restrirted Funds 31 July 2024 Funds 31Ju 2024 Total JI Julv 1024 Tanble fixed assets Current assets 256.176 15.899.822 110.104.5191 6.051.479 5.259.677 294,123 5,515,853 16.193.945 110.104.S191 lI,E5.279 Creditors 5.SS3.800 Company Restrlrted Furrfls 31 1V 2024 Funds 31 July 2024 Total 31Ju 2024 Investrnenl in subsidiaries .234 7,922,312 {4.039,2401 3.973.306 ,234 8,207,272 14,039,240) 4.258.266 Current assets 284.960 Creditors 284,960 ANAL15 OF NET ASSETS BETWEEN FUIIDS Group Restrlcted FndS 31 March 2025 Funds 31 March 2025 Total 31 March 2025 Intanoble fixed assets Tangible fixed assets Current a55etS ISL6991 414.070 I2.1.831) 7.327,097 405.275 12.053.530) 7,741.167 16,770,172 110,590,275) 11.867.534 16,364.897 110.590.2751 6.136.993 Current Ilabilit 5,730,541 Comp•ny Umestrlrted ftestrlttèd Funds 81 Maich 2025 Total 31 Mafch 2025 ai Marth 2025 Investment and 5ub5idiary Current a55ets Cveditors 90.232 7.924.447 14.109.131} 3.905.548 90.232 8.187.138 14,109,131) 4.168.239 262.691 262.691
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS Icontlnuedl PEftIOD ENDED 31 MARCH 2025 14 FIXEO ASSETS. INTANG18LE Negative goodwlll ar05e Irorn the assets of The Mont8omeryTheatre and Arts Centre rnited being acqulred at nil onsideration. 31 March 2025 Group Cost 12,053.5301 Amortisat*)n Net Book Amount 12,053,530) See calculatk)n of negative goodwill in [te 23. 15 FIXED ASSEfs. TANGIBLE Land and 8ulldlnKs qFrteholdl land and Buldir {Lo Equipment and Fumiture GROUP Totsl Cost At l August 2024 Additions 6A54,510 9.516.423 230,390 11.641 16.370.933 230.390 2,211,641 Assets atquired on a¢qui5ition rrisposals At 31 March 2025 2.2(Xl.OXI 2,2(KJ.¢Krf) 6A54,510 9.7SB,454 18.812.964 reciatton At l August 2024 Charge for the year Dlsposals At 31 March 2025 2.125.615 69.750 8.729.465 146,967 10.855.080 216,717 2.195.36S 8,876,432 11,071.797 Net 8ook V lu At 31 March 2025 2.20).C(o 4&59.145 882.022 7.741.167 At l August 2024 4,728.895 786,958 S,SIS,853 35
SHEFFIELD THEATRES TRUST NOTES ON ACCOU14TS (contlnued) PERIOD ENDED 31 hftARCH 2025 16 INVESTMENT IN SU8SIOIARIES 31 March 2015 31 Julv 2024 Company Country of eKi5tratlon Companv Oftsiage Limited (wholly owned? Sheffield Theatres Cruc+ble Trvstllimited by guarantee) City of Sheffield Theatre Trust Ilimited by guarantee) The Montgornery Theatre and Art5 Centre Llmited Oirniied IybT 8uaranteel Crucible Enterprises l(ssolved on 17 Dernber 20241 Sheffield Crucible Produrtions Limited Iwholly owned) England England England 90,222 90,222 England England Englar io io 90,232 90,234 Sheffidd Theatres Crucible Trust was incorpoiated on 21 cCeMb 2fyJ6 as a chaiitsble limited byKuaiantee. li commentetl operations on 8 May 2007 wheTh the operation of the Crucible Theatre was transferred from the company together wlth the related assels and 1n¢¢ed fund5. It is undef the control of Sheff*ld Theatres Trnst and is treated as a subsidiary. City ol Sheffield Theatre Trust wa5 incorporated on Iojuty 2C•)7 as a tharitable limrted by guarantee. It cornmeThd operations on l A¥Eu5t 2007 en the operatx>n of the Lyceum Theatre was transferred from the company together with the related assets. It is tsnder the control of Sheffiehl Theatres TruM and is treated asa gjbsithary. The Montgomery Theatre and Arts Centre Limited wa5 incorporated on 23 February 2012 as a charltable company limited by guarantee. It was acquired by the Sheffield Theatres 8roup on 3 January 202S. and it Is treated as a subsidiary. 17 ST¢XK5 JIMatth 2025 Group JI Julv 2024 Group Caterirvg supplies 106.744 60,613
SHEFFIEID THEATRES TRUST NOTES ON ACCOUNTS IcontiNed) PERIOD ENDED 31 MARCH 2025 18 DE8TOR5- OUE WITHIN ONE YEAR 31 Marth 2025 31 Marth 2025 Ctyryian¥ al Juty 2024 Group 31Ju 2024 Company Group Trade debtors 83.872 685.051 12.590 1.855 648.069 287,430 949,944 452.449 958.367 314,043 3.582 587.072 389.811 1,294.508 Other debtors Amount due frorn subsidiary companie5 Prepayrnent5 and accrued income 860.211 1.629.134 1,051.008 2,461,824 19 CASH AT BANK AND IN HAND 31 Mawrh 31 P*lJrch 2025 Company 31 Juty 2024 31 Jdy 2024 Companv Group Cash n hand 19.096 15.015.198 IS,034,294 810 17,980 13,6S3.528 13.671.508 810 Cash at bank 7.236.384 7.237.194 6.911.954 .912,764 20 CREfMTORS. DUE WITHIN ONE YEAA 31Marth 2025 Gro 31 Illarch 2025 Companv 31 July 2024 Group 31 1¥ 2024 Componv Trade creditors 507.670 194.802 558.1 136.001 194.802 426.794 469.486 2.882.048 633,878 291.216 577A78 33,983 194,802 551,794 367,023 2,891.638 4,039,2410 Other creditor5 Taxation and social security Amount due to subs¥Jiary companie5 Accruals and deferred income 9.329.795 8.fg)1.547 )0.590.275 4.109.131 10,104.519 21 TAXATION The company is a giStered charity and as such is not normally liable to corporatpn tax. There Is a tax debtor of £680,052 12024.. £777.8961 ari51n8 from Theatre Tax Relief introduced as part of the Finance Act 2014 which 15 claimable as a Theatre Tax Credit. The Theatre Tax Relief rate during year was 45% tor non.touring produrtions and 50% foriouring produclions. 37
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS (continued) PERIOD ENDED 31 MARCH 2025 22 FINANCIAL COMMITMÉNTS 31 March ZOZS Group 31 March 1025 Company 311¥ty 2024 Group 31Ju 2024 Company Finanoal corrrnitrneTrts due within one year under operating leases'.- Due w•thln I ypar Other 5574 63.550 5.574 6.196 79.550 6.196 Land & 8uilin8S Due wlthln 2 to Syears Other 4,341 2S42(K) 4.341 Land & 8uildings Ouè In mor than 5 years Land & Biwldings 254.2 1.127.254 1.451.441 1.169.621 1,513,9C 6.437 10,537 23 ACQUISITION OF SUBSIDIARY UNOERTAIUNG On 3 January 2025. Sheth'eld Theatre5 Trust acquired The monornery Thea1 and Ans cent Limited fN nll consideration. The amount5 recogni5ed in respert of the nel twk value ot the identifiable assets and liabilities acquired are as set out In the table bdow. Ile¥alI10Th Adlu5tment Fall Value Vakne TanBible assets Oebtor5 Cash at bank and in hand 2.266.997 42.830 114.289 1315.2301 2.108.886 155.3561 2,211.641 42,830 114,289 1315,2301 2.053,530 Creditors Total identiliable a55ets ISS.3561 Negative 8oodwill 12,108,8B61 SS.356 12.053.530) Totsl consideration During 2025, 1 professional valuation ol The Plontgomery Theatre was undertaken by 1(Ott Associates ILP whth valued the land and buildings ai £2,200,OC¥J. The nèt book Value of the prtsFrty at the dale of acquisition was £2.2SS.356. A revaluation adjustment of £55.356 has therefort l>een protÈssÈd so that the property Tr$¥41 at fair value.
SHEFFIELD THEATRES TRUST NOTES ON ACCOUNTS (conllnued) PERIOD ENDED 31 MARCH 1025 24 OÉFINED CONTRi8unoN PENSION PLAN The company operates a defined contribution pension plan for Its employees. The amount recDgnised a5 an expense in the period was £168,10112024.. £242.4121. 2S ULTIMATE CONTftOiUNG PARTY The ultimate controlling party is the board ol directots. 26 TRANSAclloNS WITH AELATED PARTIES In accordance with FRS 102 para8raph 33.IA the company has taken athantay of ihe exempiion Irom dixlosing transac¢ion5 with r(s parent company and its fellow wholly owned subsKliary companies. Giants of £194.067 were receNed from Sheflield City Countil. Grant5 of £97.93S related to the UKSPF Low Carbon Proiert and £IOO.C4)O related to the MontgomeryTheatfe Capital Project were also received from sheffield City Council. Lease payments of £10,667 were made to the Sheffield City Council tor the Crucible Theatre. sheffield City Council have representaiives on thè board oftrustees of 5hÈffield Tr*atres Trust. Lease payment5 of £13.533 were made io the Lyceum Theatre Trust and management fees weie received of £1.667. The Qty of Sheffield Theatre Trust hohjs a 35 year lease of the Lyceum Theatre. 17 RESTATEME NT OF COMPARATWES The comparative figures have been restated to gross up incomin8 resources and resource5 expended on charitable activities to relFect the Qty of Sheffield Theatre Trust cultutal seryices exernption forVAT and costs harged to co-produttrs and guest production5. The restatement had no effert on the net movement of fund5 for theyear ended 31 July 2024 and no efftct the fund5 brought forward at l August 2023.