Theatre Royal (Norwich) Trust Limited Annual Report and Financial Slalemenls Period Ended 2 April 2023 A company limf(ed by guarantee. Registered in England No 00997352 Registered Charity No 262259 Theatre Royal (Norwich) Trust Limited Report and financial $tatsments fortho perlod endod 2 April 2023 Contents Paga Inlr¢xluclion by the Chief Executive & Creative Director Creative Experiences Strategy Report of the Trustees (inwrporating the Strategic Report) Achievements and Highlights Future Plans Financial Review Objeetives and Public Benefit Structure, Govemance and Management Risk Assessment and Management Statement of Truslee$' Responsibilities 7-20 20 21-22 23 2426 27 28 Independent Auditor's Report 29-33 Consolidated Statement of Financial Actwilies 34 Consolidated and Charitable Company Statements of Finan¢ial Position 35 Consolidated Statement of Cash Flows Notes lo the Financh81 Ststements 37-59 Theatre Royal (Norwich) Trust Limited Reference and admlnlstratlve deta118 for tho pgrlod endgd 2 April 2023 Trustees M Newey Ichaiman) J Baxter (reS￿ned 29 November 20221 D Fullman S Jaggard Iresigned 1 November 20221 JN Lloyd L McGilI￿raY T Seeley T WIL80n S Wilson A Mudeka lappoinled 29 November 20221 J Nicholas lappcAnled 29 Ntsvember 20221 L Rawslhome lappoinled 20 Juty 2023) Key managemont porsonnel S Crocker B Johnsen R Winlon VV Ellis VV Hill P P02Zi S Wright IGroup Chief Executwel IGroup Finance Director. Planning Director & Company Secretary) (resigned 3 Othber 20221 (Group Finance Director) lapFL)inted 20 July 20231 ICrealNe Programmes Director) ITechntal & Buildings Director) {Marketing & CCmmuni¢ati(￿S Director) {resigned 23 September 20221 (Commercial & Visitor se￿￿$ Diredor) Register•d office Theatre st￿et Norwich NR2 1RL Auditors BDO LLP 2 City Place Beehive Rlng Road Ga￿ick Wesl Sussex RH6 OPA Bankers Lloyds TS8 PIC 16 Gentleman's walk Norwich Norfo NR21LZ Theatre Royal (Norwich) Trust Limited Introdu¢tion by the Chief Executive for the porlod endod 2 April 2023 Introduction from the Chief Executive & Creative Director l am delighted lo introduce our Annual Report & Financial Statements for the financial year 2022-23. 1 do this with great pride in what Norwich Theatre has achi?vgd in this period and deep gr8tilude to all those who have, in any and every way, played a part in helping us to continu8 delivering against our charitable mission during this year. This year was dominated by a numbeT of'fitsls.. At a general level. this finanaal year was our first fulty oper8kn.onal one since 2018119 due lo the pandemic having seen operations either partially curtailed or completely halted in each of the three years in between. Following the Board of Trustees, approving the new and hugely ambitious four-year Creative Experiences slr8legy lo cover the period April 22 to March 26, this was a15tr our first year of delwering against its obJ"eclives and within a new and game•changing framework. Across our programme of worf( in the year. there were also a number of hugely exciting individual 'firsls' that all point towards the new future that our new strategy envisages.. from gaining a new international presen￿ through undertaking our first ever international lour to hosting our first evgr Christmas Paty Nigh15, which kickslart the deVelo[￿ent of vital new long-tem income streams lo support and sustsin our work. It is wth mixed emotions that l also reflect on the fact that this year similarly saw some significant 'lasls'. Al the positive end of things, this Iwelve months saw us deliver the last ofthe shows Ihatwere ￿scheduled due to COWD. We could genuinely breathe a sigh of relief that, at last, we had delivered lor the many thousands of audience members that patiently endured muttiple reschedules. some of whom waited up lo 4 years to eventually see the Show that they first booked forl As we entered this year we were fully aware that WÈ would also be navigating shifting sands in relation lo the broader economy and ecology in which we exist. I truly believe that we have proved ourselves tD be incredibly resilient and ad8plable in the face of this changing landscape. We have avoided any blunt 'lasts' where we have had influence, agency and an element of control and this is 50melhing of which l am pioud. Unfortunately, il was the changes to the distribution of public funding forthe arts, vthich is something Whol￿ outside of our control. Ihal undermined this resilience and forced unwanted short-term change which could potentially have ongoing lasting impact. The highest profile example of this was Glyndeboume, who we have welcomed lo Norwich for more than 50 years. Having had such a triumphant post-COMD return to us in November 2022 and with such exciting plans for the future of the partnership, it was a huge blow lo kam that this Would be Iheii last visi( due lo cuts to their public funding. As we were enterin9 the year that is reviewed in this Annual Report, I recall frequently recording my commitment lo ensuring Norwich Theatrè nol only survivèd post-Pandemic bul thrived like nèver before. All that I hav8 referenced in this inlrtxluclion, and is contained in the Stralggic RgPQrt from the Truslges, I hope points lo Norwich Theatre being well on fis way to achieving that goal. This brings me to my fin81 'lasl' and I began this introduction by expresslng my deep gratitude to everyone that has helped éèliver this position. I would like lo end by expressing profound thanks on a personal lèvel and on behalf of Norwich Theatre lo an individual that has not only helped build this success but has been a lead archit*. This Annual Rew)rt is lh8 last on8 that fiAichael Newey will sign as Chair of the Board of Trustees, as his temi of offi comes lo an end and we plan lor finding his successor. Wbthoul any doubt, NoThMch Theatre would not be the organisalion il is today without Michael's influence as a Chair $ince 2015. He has been inspirational in his uncornpTomising ￿MmItment lo core values, unwavering and fearless in the pursuit o ine impact and outcomes for people and boundless In his appetite and commitment in fulfilling the role lenc e anyone reading the following pages to do so with gralrtude to Michael. cker e¢ulive & Creative ber 2023 Chief Sept Irector Theatre Royal (Norwich) Trust Limited Crealive Experiences Strategy for thg perlod ondgd 2 Aprll 2023 (contlnuod) Our Core Pur ose We provide Creatlv$ Exp•rien¢&8 Our Vision To make all of our Crèative Experiences have wide reaching positive impact Our Mission We provide creative experiences, rooted in the art of PERFORMANCE and secure in our sense of PLACE. which generate positive impact for all PEOPLE and inspire PROSPERITY in all ils forms. Our Values Creativity We nurture our own creativity, apply our creative skilL8 lo everything we do and respect the value of all fom$ of creative experienee. Impacrfulne88 We deliver our work focused on achieving positive impacts for th& people and places with which we engage. Honasty We are open and honest with ourselves and all those with whom we work. KSndne88 We lead with kindness when workn.ng together and with others. Inclusivity We listen carefully and always strive lo co-creale to ensure that we hear the most diverse range of ve4ces and actively break down real and perceived barriers. Bravery We are not afraid lo challenge ourselves and actwely embraGe experimentation_and innovation in pursult of our vision. Our Strate We have structured our 51ralegy for the period Apiil 22 to March 26 around four key pillars.. Perfomiance. People, Plaeo and Pro$pgrlty. Ea¢h ot thèse is subsequently broken down by a set ofwork strands as shown on the following pages. Theatre Royal (Norwich) Trust Limited Creatlve Experlences Stratègy for tho perlod ende(12 Apdl 2023 {conllnu8d) Performance The art of porfom)ance In all Its fornis define8 our creative identity and runs across all our outpuc both aUdloncfvtarget￿ and participatory. We will at all limes ensure a balanced programme that is commeTcially viable, resonates locally with audiences, and comfortably marries together presented WI)￿ along$￿e the forging of our own artistic ambilitsns 2s an originator of woik. All of our creative partnerships and decisions musl be based on our values and quality, with a shared commitment lo original slorylelling, divorse representalion and aC￿SSibl11ty. We lake the responsibility that comes with being the largest theatre in our region, and our stages being critical lo the national touring ecology, very seriously. We always seek lo maximise the ¢)pportunities presentèd by our mulli-scale stages for both cr8alives and audiences and will keenly embrace our stage Nor•iich Theatre Beyond as new means lo create and connect aUdIen￿S with perfomiance. Thère are three strands to this Strategic Pillar- Pr•8ented Pmgramme Ensuring high leve18 of attendance and financial return through Populist Commercial Programming Growing and developing our National Touring Partnerships Ce￿brating Intemationalism through Cireus, Dance and Music Plattorming Local & Regional Thealre-makers Refiecling Relevant Themes and Issues of our time Orlglnated Programme Illuminating and amplrfying Localty Resonant Stories and Vol￿$ Fostering East of England Creative Collaboration and Co-originalion Generating Commercial Return Changing perception through National and International Profile Norwich Theatre Beyond dening our Reach Increasing Indusion by Tackling Barr￿rS lo Engagement Forging New and Different Partnerships Theatre Royal (Norwich) Trust Limited Cr•ativ8 Exp&ri•n¢o$ Stratogy forth& perlod endad 2 April 2023 (continued) Peo Peoplo aro th•"life4)lood of Norwich Thoatre and the impact wa havo on thosg with whom wo ongago is critical to our vision and mission. The fundamental principles of how we work with all of our people afft captU￿d in our values." lo make equity of opportunity., to value diversity in all ils forms,. and lo maintaln our unwavering commitment lo Inclusivity. We hugely value 811 those who give their lime voluntarity or who are employed by us lo b& CO&cr•ators and co- dolbverer8 of our work and will hold ourselves to account for their good wellbeing. enjoyment and satisfaction in doing so. We also acknowledge that our mission is only Viab￿ thanks lo the loyalty of theatre attenders and those visitors and customers who enjoy what our building5 have lo offer outside of our shows. We place huge importance on extending our reach and providing open aceess opportunities for peoplo lo explore their own creativity as participants. We are hugely grateful for the loyalty we re￿1ve and to those who ch¢>Jse to become philanthropic supportars of our whole mission. There are flve strnnds lo thls Strateglc Plllar: Co-crgators and Co-Deliverers Driving PositDie Engagement. Wellbeing & Happiness Embedding Inclusivity across everything we do Being an Outstanding Place lo Work or Volunteer Strivin9 for the most Diverse Representation in our worf(force Supwrting Personal & Professional Development Thgatrg Attendees Diiving Loyally & Increasing Frequency of Allendance Developing New Audiences Increasing the Quality & Depth of Engagement Growing our Onlir)e Community Vlsltots and Customors Delivering a consistent High Quality Visitor Experv&nce Animating our Buildings Driving Digital Efficiency in our Visitor Experience Listening and learning lo ensur& Equity of Access to our Buildings Participants Engaging people of all ages in Exploring our Stage Pr¢>Jrammes Open aceess opportunities as Entry Points for Creative Exploration Eneouraging Creative Togetherness lor Families Supporters Embedding a new Culture of Philanthropy Increasing levels of Individual Giving Ensuring high quality Donor Stewardship Theatre Royal (Norwich) Trust Limited Creatlve Experigncps Stratsgy for the period ended 2 April 2023 (¢ontlnuedJ Place We defing our ¥ense of placg both by our own placès, and the localltles In whlch they exist, as well a8 our place wlthln a natlonal and Intomatlonal arts gcology. We sre the proud custodians of three theatre bulldlng$ in the heart of the City of Norwich. Each of our venues works hard for u5 and ha5 Its own sel of demands in temis of general maintenan￿, ils own challenges in terms of remaining a￿ssIble and its own opportunities for fLrtum development. We will keep them in good order and fil for the future. Whilst the COVID-19 pandemic laught us Ihal we can deliver our charitable mission wilhgut our buildings, our return lo full financial suslainabilily is reliant upon the dynamism that comestrom actively being more than a theatre., we must fully maximise the opportunities that our buildings present through commerclal income streams both linked to and separate frcm theatre shows. We WOUd￿ call Norwih our horne and work hard lo embed ourselves in the fabric of Nornich, Norfolk and the East of England. Recrynising that a posl-pandemic world will see strategies change and need greater slakehohJ&r collaboralion, we will ￿neW our efforts lo engage in place-based $trat8gic work. Our ambition to renew our purpose, r8define perceptions of Norwich Theatre. and r￿se our national and inlemalional profile underpins our strategy lor the coming years. A focus on a handful of major partnerships will be eriltcal to achieving this. There are four Strands tt> thls Stratsgl¢ Plllar. Buildings & Infrastructure Being Goc>d Custodians of our venues Reducing Financial and Enwronmental Cost Fulure-Prooling our buildings Working towards the major Piayhouse Project Commèrcial Maximising income and profitability frorn our Show-Related Activities Growing income from our unique Standalone Hospitality Destinations Generating new income through Corporate Relations Developing New Commercial Income Streams Place-Based Strategic Work Foslefing new partnership and project5 in 5LlPPOrt of Levelling Up Promoting Norwich, Norfolk & the East of England as Cultural Destinations Measuring, Demonslraling & Sharing our Impact National & International Profile Supporting Arts Council England's L¢t's Create Strategy Building and Maximising our partnership with University of East Anglia Expanding our commitment lo Consortium Working Seekir)g opportunities for Sector & Thought Leadership Theatre Royal {Norwich> Trust Limited Crnativ• Exporiencas Strntegy fortho perfod onded 2 Aprfl 2023 (contlnued) Pros erit We belleve we have thè ability to Support positive change, improve p•opl•'s wellbeing and generate pr08perity for our city. our r8gion, our Soctor and our world and. in doing so, ensure our own future pro8perlty. Our Creative Engagement work has given us a demonstrable track record in generating a broad range of impact and social oulcornes with and for people and communities. This will be lurther developed into an outcomes- focussed programme of Creative work diwlly supporting social change. The period of COMD-19 has highlighted the divide in the cultural sector beiween freelance artislslnewly em&rging companies and established oiganisations. Translating this to a local and regional level, a brighter light has been shone on the lack o151ructured support in our regKJn for thealre artist development Our ¢)wn research and pilot- working in this area has underlined and clarifEd these gaps, opportunities and needs. Prior lo the pandemic, Notwich Theatre had been a seclor-leader in championing new approaches lo addressing climate change and promoting grealer environmental sustalnablllty. We wish lo re-atlain this status and further our contribution to combatting the Climate Crisis. A careful strand of work will be delivered around Oryani$ational Recovory, to map and manage risk, recover our self-suslaining financial model. establish levels of linancial future-proofing and achieve 8 new resilEnce. Thgre arg lour strnnds to th18 Strategic Plllar: Social Change Generating Ciealive Social Capital and Social Mobility with Underrepresented Communities Protecting the value of Creative Experience within Educational Settings Preventing & tackling s￿la{ Isolation in Older Adulls Promoting Individual Wellbeing & Resilience Artist Development Engineering Partnerships to best grow a more sustsinable L¢xal Theatre-making Ecology Providing Targeted Support forArtists & Companies Undertaking Selective Activities to Widen our Reach Developing our rol? as a Creative Hub through Open Access PFogrammes Environmental Sustalnablllty Working proactively towards Carbon Neutral Status Lessening our climate impact through Innovation in our Buildings Influencing, Edu￿ting and Advocating for Climate Pr¢)sperity Oryanisational Ro81118nce R&attaining Financial Sustainability Embedding a new culture of Impact Measurement Increasing robustness in our Leadership & Governance Theatre Royal (Norwich) Trust Limited Roport of th& Trustees Ilncorporatlng the Strat&glc Rèport) the perlod ended 2 Aprll 2023 We are pleased lo present the Report of the Twslees and Strategic Reportfor the first year of ourfour-yearcrealive Experiences strategy, structured around each of ils strategic pillars and sharing highlKJhls from our delNery against each of them in the year. PERFORMANCE This strategic pillar is focussed on our being a major UK performing arts organisation and our venues being among the largest aftd most visited in the East of England. K8y highlights across each of the work 5trand$ were-_ Presented Pro ramme - Popullst Commercial Progrnmmlng The highlight of the musieals year was undoubtedly Les Misérabl$s, which was cut short frcyn its lun at Norwich The8tre Royal on 16 March 2020 dLJe lo the COVID-19 pandemic. Weleoming il back in August 2022 was a poignant moment for us all at Norwch Theatre. Bul il was not about looking ￿Ck. It was about getting bacl As Stephen Crocker said al the lime, At last, our audiences who have been so patient and supportive will 'hear the people sing,, and il will be glorious. In lemis of eommercial drama, we look a slep into Narnia wilh The Lion, The Witch and thg Wardrobe. The show was a joyous fantasy production providing an opportunity lo escape modern life. Aslan, the impressive lion puppet, ventured out of the Norwich Theatre Royal building for a photo opportunity with onlwkers and BBC Look East. Norfolk's favourile comedy duo, Karl Minns and Owen Evans, aka The Nlmmo TwSns, were on two Norwch Theatre 51ages in August 2Q22 - a three week run at the Playhouse and a special one night only at the Theatre Royal- to tslebrate their 25th annwersary. - Natlonal Touring Partnershlps We welcomed the National Theatre's The Curfous Incldent of th• dog in thg Nlght-timo lo the Theatr8 Royal on its 10th-annNersary lour. The show, taken from Mark Haddon'5 best-selling novel, attempts to get into Chrislopherfs unique mind. This made for a powerful produGtion that IhTOWS a spot1￿h1 on neurodiversity and the reaction of society. Christmas arrived early with Northefn Ballevs en¢hanling festive favourile, The Nutcrackor in November 2022. As a part of Norwih Theatre's partnership with Northern Yallel. there was a fantsslic range of extra aclivrties to get involved with, including Northern Ballet Revealed an insight into touring lrf&- and an ovgr-50s ballet class right on the Theatre Royal stage. Thomas Shelby and his gang of Peaky Blinders surged onlo the Notwich Theatre Royal stage in January 2023 in Rambert Dance in Peaky Bllnders.. The Rodprnptlon of Thomas Shelby. Wrillen and adapted for the stage by Peaky Blinders, creator Steven Knight, il was a first ol ils kind dance theatre shgw, diiected and choreographed by Ram*rt's Artistic Director, Benoit Swan Pouffer. It was extremely disappointing that, due lo changes in their ￿Ve1 of funding from Arts Council England during the year, Glyndeboumg has decided to discontinue all ol ils touring for the foreseeable future. including their long- standing and very successful annual visit to NO￿l¢h. Whist we are delighted that English Touring Opera has re- confirmed its ongoing commitment to Norwich, work began during the year lo explore new relationships In this artlorm in order to satisfy a clear a￿d￿nCe dernand and maintain balance in our programme at the large-scal8. Theatre Royal (Norwich) Trust Limited Report of the Trustees (incorporating the Strategic Report) tho poriod ended 2 April 2023 (continued) . Local & Regional.Theatre Make Seven Norfolk-based residents featured alongside world-class opera singers from our partners, Glyndgboumo foi the brand-new chamber opera, glass human, which came lo Norwich Theatre Stage Two in November 2022. Singers frcm our Singing Sessions group recorded a new soundscape for the opera that explored themes of connection and loneliness in contempor8ry society. We were p￿aSed lo welcome once again NopNich and Norfolk Operatic Society, this lime with their rendrtion of Kinky Boots. Imth a tslenled cast and live band it followed in the footsteps of their successful production, The Sound of Music. in 2022. . International Circus. Muslc & Dance From ballet and breakdance to physical theatre and everything in between, this year we celebrated all things movement based with the launch of Norwich Moves. Shows under this branding provided an DPPOrtunity lo experience storytelling in a way where words are not the focus. They were selected lo feature wodd class and celebrated choreographers, dancers and art151s. It included Kin by Gecko, a show created by an Ipswich-based company who are an acclaimed physical theatre company renowned for their stunning movement and choreography. - Themes & Issues of Our Tlme NO￿lCh Theatre Playhouse has a reputation for being the place lo see 8 show esrly on before il beeomes the next big thing. The beloved and award-winning musical SIX began its lour al the venue before eventually making its way lo the Wesl End and Broadway. AudieN￿S had a similar opportunity with the chance lo see My Son's a Queer (But What Can You Do?). This show about embracing difference and the joy of individuality wowed audienees at this year's Edinburgh Fringe Fesltval and announced 115 Wesl End Transfer lo the Garrick Thealre in Ociober. But only after audiences saw il al th& Playhouse firsti We grew our Black History Month programming even further this yèar and shows during the month included hip- hop choreographer Joseph Toonga and his work, Born to Exist-. The Woman l Know., the rhythrn and blues of the acrobalic tiibule of the Black Blue5 Brothers., Courtney Ping, one of the first black British jazz artists lo make a serious mark on Ihejazz scene in the 80s', and AnousN(a Shankar and Manu Dolago with Biitten Sinfonia. Orl Inated Pro ramme - Locally Resonant Stories & Volces As a Norfolk the81re we are dedicated lo highlighting regional talent and amplifying local stories and voices. In September 2022 we partnered with Relish Theatre, who emerged from No￿lch, to bring to Norwich a story by Norfolk writer James McDermoll, sel in Crom8r. Time and Tide celebrated East Anglian lives, rural LGBTQ+ identity and the importance of inlergeneralional relationships. This showed al Stage Two before embarking on a regional tour as part of our new Notwich Theatre Beyond programme. - East of England Creatlve Coll8bor8tlon & Co.Orlgination On stage in April 2022 al the Playhouse. the Blrd8 and the Bee8 was our first C¢>production wth The Newwolsey Theatre in Ipswich and Theatre Royal Bury St Edmunds. It allowed us lo pool expertise and creativity and tell more local stories. We have also boen pleased to help co-found the East Ang15a Producers Network: a ¢ollectThie of mid-scale Eastern regional theatres and theatre making organisalions exploring opportunities to develop pl&e-making dramas lo tour in the region (including New Wolsey Ip$wiGh. Theatre Royal Bury Sl Edmunds. Eastem Ang￿5. High TKle and Key Theatre, Peterboroughl. Theatre Royal {Norwich) Trust Limited Roport of the Trusts•s {In¢o￿oratIng the Strateglc Reporti the period ended 2 Aprfl 2023 (contlnued) - Generating Comn7ercial Retum No festive period would be complete wilhoul a trip lo the theatre.. il is a way of making shared memories at a lime of year when logelherness is so important. Pantomime in particular is the perfèct festive escapism for every generatron and a time lo delight in the child-like enchantment of Christmas. We were delighted to welcome back Joe Tracini, this lime ID star as the lead in Jack and tho Beanstslk Joining him were comedians Rufus Hound and Sally Hodgkiss., TV stars Amanda Henderson and Dayle Hudson,. plus Briiain's Got Talent's Linda John-Pierre. With the brilliant Junior C8st. Ensemble and ourvery ¢Mn legendary dame. Richard Gauntlett, audiences enjoyed a real treat. Al the Playhouse we launched Tls th• Soason, an eclectic mix of fantastic Christmas shows that provide alternatives or additions to our traditional pantomime. These included Yippee Ki-yay, an unaulhorised parody of Die Hard, music from the Easy Rollers and the Puppini Sisl&rs and cabaret from Mat Ricardo, Le Gateau Chocolat and Jonny Woo. Thg Heart of Wintar was a magical musical in Stage Two for young children's very first Iheal exp8rien¢e, cornpleling our Ihree41age Christma$ offer. We also co-produced a national lour of Jake Humphrey's High Performance Llve. which opened al Theatre Royal on Sunday 5 February 2023, before visiting London's iconic Palladium and touring the UK. - National & Intgmatlonal Pmflle Carlos Acosta, one of the gr@alesl modem-day stars ol the dance world, returned to NOrw￿h Theatre Royal for nights in July 2022 with On Bdor•. a Norwich Theatre and Valid Productions co-production. The deeply personal show pays homage lo his late mother 2nd sees Carlos perform as a soloist and alongside Laura Rodriguez. founding member of his Cuban dance company, Acosta Danza. After ils sell-out Suc￿sS in Nowich and on lour around the UK in 2021, we went a slep further by taking the show inlernaliori81 this summer and to the Perallada Festival in Spain. With Buxton Intemalional Festival we launched an inspiring new co-production of a musical The Land of Mlght- Have-Begn, built around the songs of Ivor Novello and inspired by the early life of the pioneering feminist and pa¢ifisl. Vera Brittain. 11 preMIe￿S summer 2023. NoDNlch Theatre Be ond In September we launched this new fifth stage, which lakes fantastic and enthralling procluctions lo unusual places and communily-owned spaces. 11 recognises the importance of accessing art in Ihe places people live and reaching those who may not be able lo access theatre by Iradttional means. The shows are ones we have either supported, produced or enabled meaning thi5 new stage 1$ a hub for local Ihealre; supporting local artists and telling slories of the community that surrounds us. - ￿denIng ourReach The first show lo go Beyond was Rebel Rabblo, produced by Norwich-based theatre company, Limbik and supported by our artistic development programme. It was a large-scale, immerswe event on Mousehdd Heath, inspired by the local hLstory of Kett'8 Rebellion. Also on Norwich Theatre Beyond was DARKFIELD: EULOGY for which a shipping container landed outside The Forum in Norwich. The show look place in complete darkness and used binaural sound- a technique that simulates the hearing cues created by acoustic interaction between our bodies and the @nvironment around us - lo create an immersive narrative Ihatwas imagined, not seen.11 was hugely popular and the social media build up and review content led lo impressive sales. Following the successful launGh of James McDeTmott's Tlme & Tidé al Stage Two, through NOn￿￿h Theatre Beyond we took the show on our first regional lour.11 0￿rned and Closed al Norwich Theatre Stsge Two, and toured around East Anglia calling at theatres in Colchester, Bury Sl Edmunds, Low8Stoft. Sheringham, Wells, Diss. Great Yarmouth and Thetford. We worf(ed with many of these venues during the Pandern￿ and were thrilled lo work in partnership with them again on this key regional play. Theatre Royal (NonNich) Trust Limited Report of the Trustees {incorporating the Strategic Report) the period ended 2 Aprll 2023 (¢ontlnued) PEOPLE This slrolegic pillar LS focussed on our being a place of employment, eng89ement, enjoyment and entertainment for a huge number and range of people. NoNich Theatr& was reowarded ils Theatre of Sanctuary status by Norwich City of Sanetuary in recognition of our commitment lo being a place of support, safety and hospitality for refugees and asylum seekers In NOrW￿h. We are one ofjusl 34 arts organisalions across the UK lo be awarded sanctuary stslus. The panel was impressed by the range of initiatives, including our commilmenl lo platform a diverse range of artists across our stages and our aim for strong representation of artists from the global majority. Other key highlohls acn)ss each of the work strands were.. - CovCr•ators and Co-Dèllverer3 . Engagemen¢ Wellboing & Happiness We held a w¢de range of aelivilies for staff and volunteers for Croativity and Wollbging W&&k. This included Yoga, Tai Chi, Creative Vvriting. Picnics. Collage and Draw and Explore Nomich. Due to good weather most ol the events coukl be held outside in keeping with the theme for the week- Get Cre8lwe. Get Outdoors. We have Slgnrf￿anl￿ expanded our Mentsl Health First Ald provision during the year and we now have 18 Mental Health First Aiders trained by Menlal Health Fi¥sl Aid England. Incluslvlty We have f)ow b&ome a member of Inclu$lvg EmploygTr and have pul logelher a calalogue of neady 40 learning events on a range of Equity, Diversily and Inclusion topics, such as Inclusive Leadership Conversations, Anti- Racism, Digital inclusion etc. These events have been delivered via 60- 90 minute webinars, enabling colleagues 8CTOSS Nowch Theatre to fil them into their day. - Belng an Outstandlng Workplace The last part ol this year saw us undertake our most comprehensive ever review of Staff Pay & Benefrts based on national research and benchmarking acioss peer regional theatres.. analysis of macro-economic data and a review of our micr(>economic posilK)n. This resulted in a series of proposals being put to the Board of Trustees at the end of the year for implementation from the beginning of April 2023. All of these were approved, the most signifiGant of which was an agreed move to becoming a Real Living Wage Employer from the beginning of the financial year 23124. Our VolunteerTeam reached full capacity once again with numbers for regular shifts sitting at over 170. We have made some important improvements to the scheme including greater flexibility, more opportunities for working across all three venues and introducing new types of volunteer roles. A new Volunteer Focus Group has been vital in helping us recruit new members with certain individuals within th8 group tsking the lead on supporting recruitment wfch a focus on induction. training and 'buddy' support for newcomers. - Dlverse Repfftsentation We undertook another Diversity Survey of our whole staff and volunteer base in April 2023 gathering data in relation lo gender and sexual identity, age, race and elhnicity, physical and sensory atmlity, neurodiversity and socioéconomic bxkgrouThd. The data showed a predominanlly169%1 fèmale-idenlifying workforce with a broad and well-balanced age range. When wmpared lo ONS dats, we compare favourably across the areas, where ￿MparatIVe d81a is available. The data suggests that we have a greater proportion of LGBTQ+ people (21 Yo v 5Yol and people who iéenlify as Dldeaf. blind, partially sighted or as having a disability or other long term health condition116% v 9Vol, compared to Norfolk as an area in the 2011 ￿nsU$. Our glob21 majority representation is identical lo that of Norfolk130A} and 10% of our people identify as being neurodiverse, an idenirfier for which no current bcal dal8 is available. 10 Theatre Royal (Norwich> Trust Limited Raport of tha Trust8os (incorporating the Strategic Reporti the p8rlod 8nded 2 Aprfl 2023 (contlnued) . Diverse Roprnsontatlon {continuedJ This data infomiecj the development of an Incluslon Action Plan during the year which has 8L80 included improvements in systems for data monitoring in readiness for the release of 2021 census data. Having previously identified increasing global majority representation as an area for action in terms of our Govornanco & Leadership, we were delighted lo successfully recruit new Trustees who bring this lived experience whilst also filling identified professional skills gaps on our Board. - Personal & Professlonal Development We have delivered a range of general and targeted learning and development opportunities aeross the year, including a bespoke Crèativè Laadership Programm? for 25 Heads of Department and mid-lev@I managers across cohorts. We are pleased to be represented in a national peer learning programme. Creatin9 Tran8form*tlon. bytwo Heads of Departments who are working alongside peers from across the country. Theatrg Attgnd99$ . Loyalty & Frnquen¢y General levels of Tlcket Sales have, on the whole. relumed to pre-COVID levels. Sales for the entirety of 2022123 are very slightly down on 2019120, in part due lo the continued pIeSen￿ of a new COVID varianl al the start of 2022. The average price increase across all tickets has meant an increased revenue and return to pre-COVID income levels as well wrth an average of 75% capacity across ?11 Theatre Royal perfomances. This yearfs Pantomimewas a particular success wilhjust under 50,000 people seeing the show. making this year's Norwich Theatre panlomirne our highest-grossing pantomime ever With 31 sell-out performances, we welcomed audiences from far and wide, with audience member5 spanning from 15 different countries, including Australia, Austria, Canada, Gemany. Hong Kong, New Zealand, Frar￿, Gemiany. Nelheilands. Malla, Singapore, SoLbth Africa. Spain, USA and ol eourse the UK. - New Audlences Our focus during the year was, without doubl, encouraging audiences to come back post-COVID. That said. important loundalional work began in terms of building new relationships aligned to targeted sh¢)ws within the overall theatre programme. One of our key focusses in terms of Audience Development has already been identified as ethnicalty diverse bcal communities. In the year Dur Encore community-lickeling scheme distributed 150 free tickets lo Juventss Service. New Routes and Normch International Youth Project for young people and adults they work with, as well as staff and volunteers, lo visit the theat￿ and watch a show. The scheme began in the year and wll grow over the next three years. - Onllne Communlty In Juty 2022 we ceased our individual venue Social M•dia Channels and merged them into @NorwichTheatre. This was a decision made following analysis ot the large-crossover of followers and as part of our brand worf( to present a unrfi&d approach lo our Media and Communications rather than being venue specific. For th8 first lim8 we established and focussed on growing 8 new online presen¢e through TikTok and Linkedln land Threads as of Summer 231 and across the year we saw very encouraging growth compared to the previous year against a number of meaSU￿S with 8 20% increase in our total fans., a 133% rise in the number of inleraclions and 620k rise in the number of impressions. 11 Theatre Royal {Norwich) Trust Limited Report of the Trustees (incorporating th• Str*ogi¢ Roporti the perfod endod 2 Aprll 2023 (continued) Vi8ftorn and Custom•rs - Wi$itorExpertence A key element of our new posl-COVID slnjclure was the creation of a new Vl$ltor Sgrvlcgs departtnenl, covering all aspects of welcoming visitors front and back of house and across all three buildings. This has proved lo be a success and is providing new efficiency. flexibility and consistency whilst allowing a new focus on the whole visitor experience and our venues being open and welcoming public spaces for everyone al the heart of our city. - Anlmating ourBuildings We want our buildings to be al the eenlre of key civic events through active participation and our commercial offer. We also aspire for our buildings to be acliv8ly Èngaged with national celebrations or al moments of Iwal, regional or national significance. Refugee Week in June 2022 there was a UK-wide festival ￿lebrating creativity 8nd resilience. Thè week aimed lo help people from different backgrounds connect beyond labels and encourage understandin9 of why people are displaced and their challenges when seeking safely. We ran two free events during Refug8e Week al Nowich Th&alre Playhouse. We hosted the acclaimed A Mile In My Shoes installation, supported by New Routes. and created by the Empathy Museum, an organisalion dedicated to helping people see the world through anolherfs yes. During the interactive experience, part￿1panIS borrow8d a pair of shoes belonging lo a refugee or migrant and walked in them whilst listening lo a fifsl-hand story of their life. We also screened the fealure-lenglh doeumentary, Thank you for the Rain. a PO￿nant film about resilience on the frontlines of climate change. Norwich Prld8 was held on Saturday 31 JUW 2022 and was the perfect occasion to brbng Theatre Royal alwe with activity. We a￿ an official ally organisation of Pride because il shares so many of our own values.. being inclusive of all people,. celebrating diversity and bravery; and being kind in all that we do. Our activities were lamily-friendly and included free performances from singers and DJS. We hosted oui first drag-brunch in our Prelude restaurant with Norwich's own The Squirrels, and offered prime parade viewing from Ihe balconies. It was with profound sadness that we learned of the death of Her Majesty Qu¢en Ellzabeth 11 on 8 September 2022. We were pleased to be able lo broadcast The State Funeral. which took place on Monday 19 September, liv? and free.of•charge at Norwch Theatre Royal. We also held NO￿lCh City Couneil's Books of Condolence for public signing. The title 'Thealre Royal, was originally granted by the monarch as a license lo bring people together and Norwi¢h was among the very fiisl citie5 in the country lo be afforded this status, more than 250 years ago. We knew many people would appreciate the opportunity lo be together al a lime of national mourning and we were glad lo be able to provide a Spa￿ of sanctuary and loaelherness in our city. Runners from far and wide started the 10k Run NO￿l¢h race from right outside Norwich Theatre Royal. with our digital screens providing the official countdown clcck. We were pleased to partner wrth the organisers for this key event in the Norwich Galendar and lo offer the balconies as perfect viewing platforms for spectators lo cheer the Tunners, with one balcony exclusively for accessible viewing. Café Royal was open throughout the day, offering a selection of hol and cold drinks and light biles for ra￿9¢erS and supporters. As part of 8la¢k Hlstory Month in October we hosted athvork in the windows of Norwich Theatre Stage Two from artist Tina Doughty Art by Cocopina. Based on the artist's memories of growing up in Africa, the exhibition represented pÈopl$ of colour in beautiful and positsve ways, 12 Theatre Royal {Norwich) Trust Limited Report of the Tru8tee8 {Incorporatlng the Strateglc Reporti the period ended 2 Aprll 2023 (continued) Partici - Open Access Opportunitles It was very special to open the doors lo Norwich Theatre for our free annuol Open Day on 24 July 2022, and particularly momentous as il was the first lime we were able to host the Open Day since the COVltk19 pandemic. Hundreds of people came lo explore behind the scenes of one of Ihe18rgesl Ihealres in the region discovering the techn￿al staging, lighting and coslurnes, experienang Standing on the $18ge and learning about our creative and community work. We had a host of activities, storytelling and face painting. plus delicious offerings in Café Royal. - Creatlve fogetherness forFamilffes For a week at the start of the summer holidays, our first ever Family Festival offered activities and shows at all three venues to encourage families being creative together. From beatboxing to bubble fun. stitching lo stand up for children, we worked really hard to provide something for everyone. A particular highlight was the poetry picnic, which saw families picnic on the Theatre Royal stage whilst the performers were in the auditorium. There were lols of drop-in activities throughout the week in all areas of the buildings. including an explorer trail. cookie decorating and lunchtime cafè concerts. We also provided creative and fun activities during the School Holldays for families lo enjoy together. Over Easter we explored The Lion, The Witch and The Wardrobe, which was on stage al Theatre Royal. In spring half lem, events focused around moving, making, acting, and imagining. In Oclobe¥'$ hall term, the theme was Rethink. Recycle, and Reimagine with a range of aclivrties lo explo￿ how ciealivity cèn be used to help the climate. - Cultur• of Philanthropy In November we launched our ChrlstMa3 Appeal, ¥thich was to raise money to provide creative opportun(tie$ lo children who need them most, as part of cur Theatre of Possibility work. Fundraising included a wishing well in the Theatro Royal foyer, and contributions from the sale of merchandise. It raised more than £12,000 whilst engaging many staff in fundraising and reminding audiences of our charity slalus. - Individual Giving In June 2022 we re-launched our Fribnd$ Seh8m8 with threé simplrfied levels.. Friend, 8esl Friend. and Gold Friend. People join the Friends community from just £25 ? year, making il thg lowest ¢osl scheme in the legion and making the scheme affordable lo anyone wanting lo support the arts in Norfolk. Friends benefit from even ￿tter benefrts and discounts, which for the first time cover all three Nomich Theatre venues, wth priority booking, discounts on shows and in the bar at Norwich Theatre Playhouse. as well as in the café, bar, and restaurant at Norwich Theatre Royal and Stage Two. - Donorstgwardship Our dediealed Supporter8 continue to play their part in ensuring our work on stage and in the community is availab￿ to wider aUdIen￿S and future generations, whilst having access to exclusive events and ways to get involved with Norwich Theatre. They enjoyed a number of opwtunities throughout the year to learn more about the drfference their support is making, as well as going behind the scenes al dress rehearsals. from Acosta Danza's 'On Before. in July 2022 to Northem Ballet's 'The Nutcracker, in November 2022 and enjoying money-can't-buy a￿8$ lo Q&As with the Gompanies we work with, including the cast and crew of Jack and the Beanstalk. Theatre Royal (Norwich) Trust Limited Roport of thg Tw8t99s Iln¢ory)oratlng thg StrateglG Rgportl the p&rfod ended 2 Aprfl 2023 f¢ontinued) PLACE This strategic pillar is focussed on our being a creative force rooted locally, regionalty, nationally and inlemationally. Key highlvJhls &ross each of the work strands were.'- Buildin & Infrastructure - Being Good Custodlans of our V￿u0$ Our year-round programme of small scale Rgpalr & Rgplacgmont works returned lo kvels similar lo those in the full operating years pre-COVID with only relatively minor unexpected additional or unplanned works being ne8dod outsidè of the planned programme during the year. Our major capital investment into the maintenance of our buildings focussed on Roof Roplacemont Works. We fuKilled our previously agreed financial commitment to the long-planned Dencora House roof project (delayed due lo COVIDI and undertook th8 next phase of a mulli-year roof replacement programme on the Theatre Royal building. Reduclng Flnanclal and Envlronmontal Cost We continued to benefit from the capital inlervenlions that we made during our enforced period of closure due to COVID that were driven by longeT-leim cost saving and lesser environmental impact. These ir￿lUded a new air handling unil al Theatre Royal and instsllalion of digital poster sites. During the year we delivered a further package of LED Llghtlng Replacement covering front and back of house Spaces at Theat￿ Royal. Future.Proofing In terms of investment into our te¢hni¢al Theat￿ Infrastructure ond Equipmont, our capital expenditure in this area was both reactive and proactive duiing the year. This programme of works ha8 ensured we Gan continue to meet the technical needs of delivering our artistic programme by replacing some kèy elements of in-house equipment, including a new sound desk for Playhouse, whilst also 4nli¢ipgling how the industry 1$ changing and future opportunities with further investment into digital infrastructure. me Show-Relaled Actlvlties Our Theatre Royal reslaurant. Preludo, had a very strong year in temis of income generation. 11 finished the year oulslripping all linancpl largels sel and with high levels of positive customerfeedback. The restaurant served over 18,000 covers and achieve8 maximum capacity for most performaN￿s. Work began during the year to add further tables and increase capacity without compromising the unNue dining experience. Our Theatre 8ar8 had equal suceess to Prelude and also 8xceed8d the ambitious largels that were set - Stsndalone Hospltality DoStlnatlon8 The Playhou¥0 Bar conlinues to be one of the m05t popular bars in the city centre welwming a dNerse customer base alongside our theatre audience. This year saw excellent results for us, exceeding the very ambitious largels sel with a range of events and creative activities introduced into the day-1C￿daY running of the bar lo get new and regular customers coming back again and again. Cafe Royal has continued to thrive with growing regular customer5 visiting which now include several community and partner groups that take advantage of this unique setting. This first fijll year for our new Corporate Events function was a huge sucGess with over 50 events throughout the year, building new awareness in the markel of the potential use of our spaces outside of show lymes. 14 Theatre Royal (Norwich) Trust Limited Report of the Trustees (Incorpora￿ng the Strateglc Report) the period ended 2 Aprll 2023 (continued) - Corporats Relation8 In April we relaunched our Corporate Membershlp & Sponsor8hlp scheme with many more benefits and increased engagement. We also established new cL￿Orate sponsor packages, including the opportunity lo appèar on the safely curtain. The new schemes offer licket discounts. backstage tours and ne￿OrkIng QFPOrtunilies. Many businesses seized the opportunity lo renew or join the Scheme and we are proud to work alongside organisations who share similar values to our own. - New Commorclal Ineom8 Strearn8 Norwich Theatre Royal was transformed for two evenings in earty December for a festive spectacular full of glitz, glamour and drama. They were our first Chri$tma$ Party Nights ever and were a way to bring the magic seen on our stages out into the bar. baleonies and lounges. Both evenings were well allended, with guests enjoying a festive three-course dinner, drinks and dancing on an LED disco fl￿r. Pla¢&Based Strat8 1¢ Work - Promotlng NopNlch. Norfolk & the Ea8t of England as Cultural Destination8 We were active partners and conlribulors within a number of Local and Reglonal Forums and Consortia during the year including the Norfolk & Suffolk Culture Board Marketing Consortium (chaired by our Chief Execuiivel., Normch Busine55 Improvement District's Board of Directors and 'Experien¢e' Working Group and the Head East Campaign Deliver Group, delivered in partnership with Visit East of England, - Mea8uringi Demonstrating & Sharing our Impact A key winl in the yearwasthe official launch of our Crnative Exporignces Strategy through an event in September 2022 allended by a large range of stakeholders and streamed live online alongside a local and national media campaign. This launch gave us a platform lo demonstrate all that we intend to achieve over the coming four years and make firm and bold Commitments to living out our values as we deliver our strategy. We published a Revlew of 2022 in February 2023 and we intend lo re.instate our annual Centrè Stag¢ evenL shariThJ and demonstrating our impact with stakeholders, from October 2023. Natlonal & Intsmatlonal Profile Bulldlng and Maximising our partnorship wlth Unlvgrslty of East Anglla A formal Memorandum of Und•rstsndlng IMOUI was pul" in place with the Universty of East Anglia {UEAI in 2019 wlh broad objectives for partnership working focussèd on.. Learning & Teaching,. Research & Innovation and Targeted Engagement. Through the Mou's Wolking Group, made up from colleagues across both organisalions, conversalK)n and exchange has remained active with a number of joint projects in train or in development. A major focus for the year was the launch of Incubate, an innovative partnership between Norwich Theatre and University of East Anglia IUEAI, which will develop new work and relain creative lalenl in the East of England. Incubate ¢ombtnes the best practice of higher educab'on professional theatre to enable a supportive transition between UEA aThJ Norwich Thèatre for graduates. The project is open to all creative alumni of UEA. The Creatives are Chosen from those who apply for their exceptional promise and dedication lo developing their craft. Incubate is a new work initiative, designed lo support the most talented UEA Alumni lo develop their prOfeSs￿n31 practice. Through mentoring. R&D and work-in- progress perfomiances, Incubate artists are able to take a nw piece of theatre lo the next step in ((8 development. The pilot year for the project began with a slaged-reading of a new play from the fiisl Incubate Artist, Madeleine Ac¢alia. In addition, we were pleased lo secure the support of the Tyndall Centre lor Climate Change as a lead partner on Creatlve Mattèrs.. Cllmat• Storles and lo engage with UEA researchers on the evaluation of the Wise About Word$ projed. 15 Theatre Royal (Norwich) Trust Limited Report of th• Trustees Ilncorporatlng tho Strateglc Report) the period ended 2 Aprll 2023 fcontlnued) - Expanding our commitment lo Consortlum W0￿1ng We continue lo te active members of some National Vanues Consortia, including Dance Consortium (which is O-chaired by the Chief Executive}, Touring Partnership, House Ne￿Ork, Children's Touring Partnership and the Independents, Alliance. In the year we became a member of the newly formed Mld-scalo Musi¢al Theat Network along with The Lowry, Bimiingham HippodrDme and MAST Mayflower to support the development 2nd programming of new musicals at the mKI-scale across the country. These conversations are in the early stages, bul look promising in bringing variety and dwersity to futu￿ programming. particularly al Norwich Playhouse. In lems of Regional and Local Consortia, Norwich Theatre is represented by colleagues across the organisali in many forums, including Norfolk & Suffolk Culture Board, Norfolk Arts Forum Executive Committee, NOrw￿h Cuttur21 Compact, Norwich BID and Norwich Local Cultural Education Partnership. We also benefit from important knowledge exchange, peer support and sharing of resources by being part of specific Peer Networks of leads in HR. Technical and Financ8 across other large scale regional Ihealres_ - Sgctor & Thought Leadership The start of this year saw the outbreak of war in Ukraine dominalo public conscience and, as a major Norfolk institution, wejoined with our peers in making a gesture of recognition and 5UPPOrt. Between March and May 2022. we held bucket eolleclions after shows lo raise funds lo support the Disasters Em8rygn¢y Committeg Ukraing Humanltarian Appeal. Al the end of Piivate Peaceful in June. a show from which we also donated 50p from every lickel sold. we donated more than £38.000. This year we launched our brand-new podcast Norwich Theatre Talks. Hosted by Stephen Crocker, eath monthly episode focusses on a partieular theme and features a star gue51 plus a member of the Norwich Theatre team. Episodes have featured showrnan Derren Blown. TV Pfesènler Jake Humphrey, local former MP Sir Norman Lamb and choreographer, Sir Matthew Boume. In the spring we learned that il had been nominated lor the Norfolk Arts Award for best broadcast, with the winner lo be announced in Autumn 2023. 16 Theatre Royal (Nonmich) Trust Limited Roport of the TfUStee8 (incorporating the Strategi¢ Reporti the period endod 2 Aprll 2023 fcontlnued) PROSPERITY This strategic pillar is focussed on our being a cultural organisation committed lo dynamism and achieving positive impa¢l in all that we do. Key highlight5 across each of the work strands were:. Social Chan - CRative Social Capltal and Soclal Moblllty wlth Undeffepresentsd Communltles We ran Theatr& of Possibility - Hollday Progrnmm• during the year, Specifically for aulislK children, this half term holiday programme gu"￿ed participants through playful drama games and group exercises, resulting in a final piece of creative work that explored their questions, opin*)ns and hopes for the future. Creative Play for Disablod and Neurodivgrse was an open. sensory creative session, acCessi￿e for non-vetbal children. They took a journey of imagination and sensory play in a relaxed, supportive environment using an array of recycled sensory materials. Sensory Stori&s for SEND was another creative session. this one designed specifically for disabled and neurodiverse young people aged 7-11 and their parents and earers. During our engagernent work around the musical, The Color Purple, which Came to Norwich Theatre Royal, we also launched an important Consultation with Global Majorlty Communltlas lo inform strategic actions for the ftjlure. This is the start of a long-term conversation lo ensure OLJr work 15 meaningful and relevant lo more people. - Protectlng tha value of Creative Experlence wlthln Edueatlonèl Settings Norwich Theatre's Wise About Words project embeds drama and storytelling In the classroom lo explore the barriers lo learning in ewJht primary schools in urban, ruial and Coastal locations in Norfolk. The two-year project, furlded by the Paul Hamlyn Foundation and in partnership with the Wensum Trust, started in September 2021. 11 gives teachers the artistic tools lo nurture children's love of stories and build their emotional language skills. This clevelops children's slory-sharing abilities alongside confidence. teamwork. resilience and all of the skills children need to leam in the classroom that moht not be formal. In September we took the next natural step for all of the collaborative work we do with the Royal Shakespeare Company by fomialising iJur partnership to include being the Associate Partner Theatre for the règion. As part of the new partnership, we joined the RSC A$$oclate Schools Programme, with The Wensum Trust who are the Lead Associate School. 11 meant we were able lo provide resources for teachers, workshops for pupils, and small- scak shows called First Encounters. Social Isolation In OlderAdults Theatro Cares- A Life in Music is our participatory programme for people living with mild lo moderate dementia and their carers that aims to reduce isolation and support and enhance individual emotional wellbeing and social resilience. The programme is about a positive shared experience between the person liNqng with dernenlia and their carer or companion. Taking pkce in our Long Bar, we provide a safe space for people lo have fun through wnu51C- based activities led by experienced practitioners, with the addition in the autumn lemi of a guest workshop with Glyndebourne, and anolhei in the spring lemi with Engl'sh Touring Opera. Adult Theatre Makgrs: Women's Project focussed on creating a space for a ccfflmunity of creative women to come together and develop a new piece ofwork to voice the unheard stories of anyone who identifies as a woman. Sessions were led by the experiences shared amongst the group, and supported by physieal Ihealre, character analysis and script and vocal techniques. 17 Theatre Royal (Norwich) Trust Limited RoPQrt of the TruGteos1Sncorporating the Strategic Report thg poriod ended 2 April 2023 (continued) - Individual Wellb8lng & ResilienGe We launched a new series of wellbeing workshops c811ed Unwind With dedicated lo helping people de-sliess from their day. Unwinc* wffh Movement connected the mind and body with meditation, gentle dance movements and breathing techniques. Unwind with Words explored drfferent writing techniques lo use the power of words lo help reduce str8ss and calm the mind. The Creating through Motherhood programme was designed lo Èncourage mothers at any stage in Iheirjourney to ded￿ale an hour e8ch week to creative activity. expressing themselves and fomiing a support netsyork with other mothers. The series started with writing. where a female writing practitioner provided Kleas on how lo expres5 through writing and feel the benefits of putting pen to paper. Another programme this year has focussed on the wellbeing benefits of music. Moving and dancing to music helps toddlers fine tune their motor ski115, develop body and spatial awareness, and improve balance. Sing. Dance. Play were sessions for children aged 18 months lo four years lo connect with their parent or care giver in a creative and $upportwe space. In May 2022 was Creative Wellbeing Week, a national festival celebrating the power of creatwily and culture to improv& our health and w8llbeing. During the week we offered free projècts lo provide a safe space fo( Self- expression and promole positive mental health lor our wider community. Speak Up Theatre. supported by NOrw￿h Theatre's Artistic Development programme, Ian a series of Body Image Workshops using creativity to improve personal wellbeing and sell-perceplion. Thi5 female-led theatre company shone a light on the issues people face behind closed doors and encouraged conversation around issues that are )1 openly discussed in society. The workshops were free to attend and explored individual and collective experiences of image. They were the first phase of an ongoing proj'ect developing a new show 8bout our relationship with our bodies. Muslc on my Mind - Record Club wa5 a monthly group for mvsic. During each session, we played a classic albLEm in full on vinyl before discussing the album togelherwilh a group of like-minded aficionados.11 was part of the 12th Man Campaign that helps men talk moTe openly about their mental health. Artist Develo ment - Taryeted Support forArtists & Conwanies In AAay 2022 we worked with Orangè Skles Theatre. an engaging young company lo develop their show Wld Onion. It blended Ihealre, dance and circus arts plus more than 100 onions al each show as a metaphor for friendships and identity. The show delighted Stage Two audiences before a run al the Edinburgh Fringe. Between February and Juty 22. Stage Two hosted Frozen Light's Sensory Studitr. Frozen Light create exciting and original mulli-sensory theatre for audiences with profound and multiple leaming disabilities IPMLDI. The Sensory Studio project was a new work development and audience research inilialive, aimèd al transitioning their practi￿ from making work for PMLD audiences, lo making work with PMLD audience$. Fllght of the Escales. a Suffolk rooted company, was another to benefit from support by ourArtislic Development programme. The company 1$ focused on bringing female narratives lo the fore. Their show Tamed involved an inlergeneralional chorus of female performers- who appeared projected into the spa¢e- made up of women from the local area. It was a dark comedy. using Shakespeare's Taming of the Shrew 0$ a starting point, that gxploréd how behaviour, thought and agency has been lamed by the societies we live in. 18 Theatre Royal {Norwich) Trust Limited Report of th• Trust885 (incorporating th• Stratogic Reporti the pèrtod endod 2 Aprll 2023 (contlnued) - Creative Hub through Open Accoss Pmgrammes We are committed lo helping the arts grow in vibrancy, diversity, accessibility, and resilience. Through open access development activities and tailored support lo arti8ts and companies, our aim is lo maximise Norfglk's potential as a brilliant pl￿e to be ar) artist and to create new work. We were de1￿JhIe￿ lo welcome US musical theatre composer and singerlsongwriler Drew Ga8parfnl lo the Playhouse for one night only in October 2022. the only dale Drew performed this year in the UK. He ran a masterclass for Norfolk creative5 to share his professional skills and knowledge with our community and also performed an intimate evening celebrating his music This year, as part of being an RSC Associat• Theatre Partnerwe have supporting their quest lo find contemporary voices, in the fomi of 37 Plays. The PFoject is limed lo celebrate the 400th anniversary of shakespea￿,8 first folio. We provided scriptwriting support throughout the year lo communities in Norfolk to help them craft their play and share their untold stories and experiences. Environmental Sustainabilit - Lessening our dimate Impact thmugh Innovadon In ourBuildings As part of a drive lo be more conscientious with our energy u$ago several new processes have been insligaled lo turn systems off when unrequired. In particular the auditorium and stage working light systems have much lighler controls that are now being consislenlly implemented by Visitor Services and Technical teams. - Infltsenclng, Educating and Advocating for Climate Prosperity Al the start of 2023 we launched our boldest themed season to date. Croatlvo Matter8- ClSmate Storles is a year- long exploration, asking how we can use creativity to explore the climate crisis and presenting ways in which all of us can influence our collective future. The season has already involved many creatives, thinkers. activists and partners in activities and performances lo slimulale discussion and make connections. An early partnerwas the Tyndall Centre for Climate Change Research who provKled scientific expertise and adv￿. We have also worked with organisalions such as Friends ofthe Earth and The Norwich Climate Commission. Sessions so far have included Theatre Makèrs.. Valued Voiees - a session that explored how we might creativaly record climate narralive and be a voice for change and action,. Next Act.. Climate Stories Scratch Nighl in which people were invited to share Creative responses lo the dimale crisis., for children aged 7-11 years, The Vlfish Gatherer wa5 the first instslmenl in English Touring Opera's trilogy of Climats Change operas- and Shewolves, an uplifting coming•of-age Comedy about two girls with a hunger to tackle climate change. 19 Theatre Royal (Norwich) Trust Llmlted Report of the Trustg•s (incorporating the Strat•gl¢ Report the period ond•d 2 April 2023 (continued) anlsatlonal Reslllence - Le&dership & Governan¢e By the end of the year the Executive Team 81ruclure had been moved from being transitionary lo fimiing-up new responsibilities within new directorate$ and working towards a stronger and better fulure-proo*ed Head of Department structure supporting these. In an1￿1paI￿)n of the current Chair of Trustees, tenure reaching its maximum lemi limit during 2023-24, during the latter part of this year we also devised, agreed and actioned a recruitment plan for a new Chalr ot Trustees with a Chair Recruilment Taskforce in Pla￿ and the eady stages of this process underway. We Gonlinue our robust Risk Monitoring and Managomgnt at both Executive and Board levels. Two important pieces of work wère complèted coming out of our scrutiny and managemènt of risk as a means of supporting management and further mitpaalpon of key organisalional risks. We became Cyber Essentials certrfied in December 2022, 8 scheme that is backed by the UK goveTnm8nl and overseen by the National Cyber Security Centre and in gaining this certification il demonstrates that we have mel at least minimum levels of cyber Security iequired. We also completed ourfirst Internal Audit, focussed on Financial Controls and. as a result of this, have put in place an accompanying action plan. Future dovelo ments For each year of the Creative Experienees strategy an Annual Delivery Plan is pul in place outlining key priorities in that year against each Strategic Pillar and Work strand. Current future pr￿ritieS for years 2 and 3 of the strategy are.. Perfomance Development of partnership-working with key national touring partner8 Coryorigination of ￿ new mid-seale musicals al Playhouse Large-scale co-productions with Buxlon International Festival and Acosta D8nZ8 Pgop Ongoing action plans lo support our people as part of Best Companies Employee Engagement Surveys Expansion of My Theatre schemes largeling key groups facing barriers to attending our venues Re-launch of Individual Giving programmes Place Growth of conference and events business including new event spac8 at Playhouse Development of new income streams through equipment hires Re-visiting of Playhouse Capital Feasibility Study Pro$perity Development of 'Agenls for Change, programme widen our re?Gh and deepen engagement with stakeholder communities Internal re-launch of Green Team lo co-creale and c041elNer new approaches to lessening our climate impact Recruitment of new Chair of Trustees 20 Theatre Royal (Norwich) Trust Limited Rèport of tho Tru8tee8 Ilncorporatlng the Strateglc Report) the period ended 2 April 2023 (continued) Financial Review Business Review and Key Perforniance IndicatorJ The group continues to review the most aFpropri8le key perfomance indicators {KPlsl by which the development, performance or position of the Var￿￿S elements of its operations can be effectively measured. As part of our four year Creative Experiences strat￿Y an annual delivery matrix has been developed focusing on key Ferforrnance measures at an Operat￿al level and this accompanies the budget prepared lor each year. However. in lems of overall key performance indicators for the group, the high level indicators referred lo bek)w remain appropnate. The following KPIS have been reviewed foi the group.. 2023 2022 rhealre Op8ralAons Income from Theatre Operations and Education & Community (£1 £15,183k £7,275k Gommercial Operalions Income from Commercpl Trading Operations £3.087k £1,607k Non-fin&nGial Average staff numbers 237 146 The lolal income of the group was £18.4m12022'. £9.3ml. We remained closed for almost 6 months in the prior year and this is refle¢led in the £7,275k balance with the 2023 period end being the first full period of uninterrlpted 0￿ratiOn post pandemic. The KPIS for 2022 have been skewed significantly by the impact of th? pandemic. The income split for 2023 is eA)nsislent with that which was well established pre pandemic and represents a stsble supporting mix of theatre operations, commercial and grant funding. 2023 £000 120 15,008 175 2022 £000 50 7,111 Donations & Le cies Theatre O rations Education & Communil Exce tional Commercial Tradin 368 1,607 rations 3.087 Total Income The focus of future growth relates lo non-produGlion related commercial income and the re-growlh of fundraising to SUPPOrt our charitsble objectives. Total expenditure was £19.3m12022.. £10.8ml and was well controlled, especially in the context of the economic climate post pandemic. There is signifieanl and rig)rous focus on the projection and control of expenditure through monthly budget reviews, a reforecasling process, supplier review and ongoing greèn inili8tives lo counter increased expenditure on utilities. Caprtal expenditure was £203k in 202312022.. £882kl. The majority of this related lo a roof replacemenl1£46kl. LED lights for the main Theatre building1£24kl and the purchase of LED screens lo be used in own productions 1£57kl. Most capital expenditure is funded through unrestricled reserves, with some items eovered wholly or in part by slgnifScant restricted grants. 21 Theatre Royal (Norwich) Trust Limited Roport of the Trustee8 (incorporating the Strateglc Report) th• p¥rfod $ndad 2 April 2023 {¢ontinLtedJ Golng concem finanryal st8tements have been prepared on a going corlcem basL8. Forecasts have been prepared for the period to March 2025 which indicate Ihalthe group is expected to continue to Tetain a strong cash positive posit￿n. The forecasts are reviewed and agreed by the Board ￿lce a year. Sub$t8ntial and far rexhing actions taken after the pandemlc hit, induding a major reslw¢ture of ￿r workforce, and cost cutting across all areas ol the org8nisalion. The cost savings from this flowed into the 2021122 financlal year and en3bled a rebuild of establishment and overheads from the bottom up once our venues were 8ble lo reopen in September 2021. This has continued into the 2022123 finanual year. The govetllmenl support re¢eived throughout the course ol the pandemic, alongside the loan of £2.5m received from the Culture Recovery Fund enabled us lo ieopen in September 2021 Irc￿ an increased position of strength and financial resil1e￿e. Aud￿n￿ ￿ve1$ In the 2922123 fin8n¢ial yearhave seen a relum lo pre pandemic ￿ve[S and we have re-851oblishgd the incorre mixseen consislenlty pre pandèrric. VVhils1the current economic conditions presentchallenges, notab around maintaining audience numbers and r¢gorous control of costs, the rurrent four year Creative Experiences Strategy offers plenty of opportunltiès forth8 or9anisation lo strengthen its offering and Smprove ttsfinanckal posllion. These factors, coupled ¥￿th the eAsh b81arKes held, which are almost entIre￿ unrestrkyed. enabk the Trustees lo have a reasonabje expectalion that the gioup has adequ*0 resources lo continue lo operate for the foroseaable futu￿. Thè Trustèes h8ve not identi￿d any material Un￿rtaInty ￿l811ng lo going concem. Resgrvg9 poll¢y No￿lCh Theatre adopts o rlsk-bosed approach lo seeknng lo set a minimum level of Iree general reserves wh￿h the Twslees considerto be aPPTOPri8te lo rnainlain at any time. Factors taken into account in¢lude wthng-capital requiremènts. budget. castAlow forecasts, lon9-lerm financi81 plans and projecti(￿$ an¢J key risks. As at 02 April 2023. Norwich Theatre held a total of £5,461k in unrestricted re5erves12022- £5.694kl with £2,441k 12022 - £2,290kl ol this hoving being designated to support the continued development of Norwich Theatre. As $u¢h. the femaining generBI reservos as al 02 April 2023 are £3,023k12022 - £3,404kl. Restricted ¥es¢rve3 as 81 02 April 2023 tot81 £2.136k12022- £2.549kl. The tru5tee5 consider thal ordinarity gen8ral r&s8rv85 of Pr9 rrK)nths of costs (excluding show related setlkn)enlsl awe required to enable Notwith Theatre lo meet it5 current objectlves. This equates to c.£1.5m- £2rn. The general reserve therefore exceeds the reseNes targ•t statèd in th8 poI￿y. However, followhg Ihe slgniftanl refurbi$hm&nt of the Theatre in 2007 and the construction of Stage Two, a significant proportion of this is made up ofth'xed as3el3, and the net current assets in the general reserve ar• £1,311k. Thè nature of the currenl liabillties being mostly eferred income from advanc6 box office receipts means that there will be no signtficant rash outnow re3utting from these liabilities. In view of this and as a r6sutt of the significant cash deposlts held by Norwich Theatie the trustees consider the￿ to be no irntnediate concern in relation to Ihe ￿Ve1 of free ￿$¢￿e3, being general reserves adjusted lor deferred Inco￿ from advance box oifice sales. The trustees are satisfied that sufflclent reseNes were held as al 02 April 2023. Th& Iiuslees intend lo rev*w the reserve designations prior to the next period end. Forecasts have been prepared for the peri¢>J to March 2025 whth ind￿ate Ihat Nomch Theatre is èxpèctèd to have positive cashftows and continue 19 rnaintain suffiaenl reserves to operale. 22 Theatre Royal (Norwich) Trust Limited Rgport of the Trustte8 (Incory)orating the Strateglc Reporti th• period ended 2 Aprll 2023 (contlnued) Investment policy Nowch Theatre aims lo manage ils cash balances to provide for the d8y-to-day working capital requirements of ils operalKJns, whilst protecting the real long-lerm value of any surplu5 Gash balances against infL8tion. In addition, Norwich Theatre aims to invest surplus Gash funds lo maximise the retum on invested assets commensurate with aGceplable risk levels. This is lo be achieved through prudent investment and planning, together w(th the maintenance of a diversified portfolio. Inveslmenls are treated as current assets due lo the short term nature of the deposits placed on a 6 rnOnth￿ basis. The Iruslees invest in this way lo allow efficient access to the funds when Tequired. The return on these investments doe5 therefore not amount to a signrficanl sum but due to the demands on the cash flow of a theatre this has been agreed as reason8ble by the trustees. 23 Theatre Royal (Norwich) Trust Limited Report of th• Trustses {In¢orporating thè Strategic Report} the perfod ended 2 Aprll 2023 (Continued) Objectives and Public Benefit The primary objects ot the charty as slated in the Artic￿$ are.. to promote, maintain, improve and advance education. particularly by the produclh)n of educational plays and the encouragement of the arts including the arts of drama, mime, dance, singing and music and to formulate, prepare and establish schemes therefor., to re￿1Ve, educate and train students in drama, dancing. music and other arts and to promote the recognition and encouragement of special merit in students by the institution and presentslion of scholarships, exhibitions, grants. medals and other prizes or benefaction5. Our ambilK)nsfor continuing to develop our audiences, and our Creative Engagement programme arefar-reaching. Across our three venues we make an enormous contribution to our region being a fantastic place lo live, work, visit and invest. Collectively we are recognised as an important part of the cultural ecology, by making our region more vibrant and attraclNe, supporting and developing talent, skills and inspiring audiences. In shaping our objectives and planning our activitles. the Iruslèes have considered the Charty Commission'$ guidance on public benefit. including the guidance 'public benefit.. running a charity IPB21'.The theatre relies on the income from fees and charges lo cover ils operating costs. Affordability and access lo our piogramme is important lo us and is ref￿cted in our pricing policy. Our Core I￿rpOse We provide Creatlve Experlenc88. Our Vl$lon To make all of our Crsative Experiences have wFde reaching posilThie Impact. Our Mlsslon We Provide creative experiences. rooted in the art of Performance and secure in our sense of Place. wh￿h generate positive impact for 811 People and inspire Prosperity in all its forms. 24 Theatre Royal (Norwich) Trust Limited Report of the Trustee$ Ilncorporatlng the Strateglc Report) the period onded 2 Aprll 2023 (contlnued) structure, Governance and Management Momber8 and Board of Tru8tee8 The B08rd of Trustee5 cclnprises the Chair and at least 7 additional trustees. Norfolk County Counril and Norwich City Council each have the power to nominate one trustee. The trustees are also the member$ of the organisalion. The following trustees have served during the Feriod. Also noted where relevant the sutscommittees they are members of as at 02 April 2023.. Nomlnatlons & Rgmuneratlon Audlt & Rlsk M Newe J Baxter O Fullman- SJa ard JNLlo d L McGillivra T Seele S Wlson T Wilson J Nicholas A Mudeka L Rawblhotne" Chair Resi ned 29111122 Res ned 01111122 nled 29111122 inled 2917 1122 nted 2017123 -NOn￿lCh City Council Nominee Rgcruitmont and appolntment ol tru8tee8 Trustees are racruiled wi(h the relevant skillsel lo support the group's aGlivilies. Training and induGtvJn programmes, including the provision of a Trustee Handbook, ar8 tailored lo individual trustees according lo their needs. In addition, Iruslees are in regular contact wrth the Chief Executive and executive team and receive updates on areas of key activity. ¢harfty Code of Governance The Charity Code of Governance has been reviewed and an action plan developed_ This is monitored via the Nominations & Remunerations Committee. Organisational $tructurg Theatre Royal INorwi¢hl Trust Limited (Company NUrn￿r.. 009973521 is limited by guarantee and d¢)es not have any share capital. 11 operates underthe name Theatre Royal Norwich. 11 is govemed by its Articles of Association dated 27 November 2018. The company is also a registered charity Icharity Registration Number.. 262259). The fir)ancial slalemenls are prepared in accordance with the Charities Act 2011. the Companies Act 2006 and Accounting and Reporting by Charities." Statement of ReGorn￿ended Practice appI￿able to charities preparing their accounts In accordance with the Financial Reporting Standard applicab￿ in the UK and Repuuic of Ireland IFRSI leffe¢tive 1 January 20191. The trustees are required by the Articles of Association lo serve for a period of 3 years. Al each annual general mgeling one third of the members of the board lexcluding Ih05e appointed from the City or County Council) retire. A retiring member of the board is eligiblè for reappoinlmenl, provided they haven't reached the end of theii maximum lolal lemi of 9 years. The trustees meet approximalety six times a year and approve the annual budget ancl tske all major strategic decisions. 25 Theatre Royal (Norwichl Trust Limited R*port of th• Trustoes (incorporating the Strategic Report) th• pèrlod •nd•d 2 April 2023 fcontinuèd) Organisational structur8 (conlinuedj A Chief Executive is appointed by the Iruslees to manage the day lo day operations of the group. To f8C41ilale effective operations the Chief Executive and Executive Team have delegated authority, within the terms of delegation approved by the Board, for all operational mallers. The key management personnel comprise the executive team, including.. Chief Exe¢utNe & Creative Director Finance Director Creative Program$ & Audiences Diroclor Commercial & Visitor Services Director TethniGo1 & Buildings Director The Nominations and Remuneration Committee consider the pay for key management personnel in the context of the overall pay structure and benchmarking of similar roles within the industry. Ourworkforce The average number of employees in the period was 237 12022.. 1461. W8 arè also supported by a numbei of oulslanding volunteers and freelance colleagues. We are commilled lo developing a workforce w(th diveTse backgrounds and abilities, who feel valued, included and able lo bring their unique selves lo work. Refleding our position as a Theatre ol Sanduary. we constantly review our people policies and practs'ces to ensure that w& offer an inclusive culture, with a fwus on equity of opportunity that ensures our people feel empowered and enabled lo express their needs. Ideas and concerns and k confident that diverse voices will be heard. Having a worklorce that is empowered and equipped to deliver outstanding work is essential lo our SUc￿S and lo support this. we offer personal and professional development ensuring that people who work and volunteer for us have both a clear understanding of how their role helps Norwich Theatre implement ils strategy and achieve its objectives. and have the skills they need to do their current work adapt lo future changes. Volunt90rs Our Volunteer Stewards are an integral part of our organization and the support from this team is been vital to ensuring we deliver an excellent Visitor Exwrience. 2023 saw the number of stewards continue lo grow to over 170. The Volunteer team are a key part of our Front of House welcome and their feedback is invaluable to u$ and helps us shape our high standards and service delivery. Their work is also vital support to us providing 'Creative Experiences. and we are immensety proud of the contribution that they make. Fundralslng Our k8y principles are that all of ourfundraising activity will be legal, open, honest and reSp￿trU1. We are members of the Fundraising Regulator. Our principles cover our governance and our fundraising practice alongside our organisalional behaviour and Pro￿dureS in relation to requesting, receiving and management ol all donab'ons including benefits and Gift Aid, As part of this we follow the principles recc4nmended ty the Institute of Fundraising.. A legal principle Unde￿Inning fundraising 15 that all funds raised for a particular cause must be used for that partiCLslar eause. We will not denigrate other irKIivKluals or organisalions. We will not exaggerate facts relating to the potential beneficiary. Ime will not tske advantage of mk%lakes made by the donor. 26 Theatre Royal (Norwich) Trust Limited Report of the Trustees lin¢orporating the Stratsgi¢ Rgport) the period ended 2 April 2023 {¢ontinuedJ Fundralsing (continued) A donation given by sc¥neone who lacked cap8aty at the time of tlonating will be returned. We will not engage in fundraising which is an unreasonable intrusion on a person's privacy. is unreasonably persislenl or pLa￿S undue pressure on a porson lo donate. Vve will not continue to ask an individual for support rf a person clearly Indbates - by wc*d or gesture - that they do not wish lo continue lo engage.. or they have reasonable grounds for believing. in the course of their engagement with th8 individual, that they are in vulnerable circumstances which mean they arè unable lo make an informed decision lo donale. Wg will comply with all re￿vant Charity CommiSs￿n rÈNuirements and regard lo national guidance on our fundraising activity. We do not as part of our fundraising Strategy engage indniiduals or enlilies which fundraise on our behalf. We have not received any complaints in relation to our fundraising actwily in the current or prior period. Subsidiaries Theatre Royal {Norwich} Trust Limited ha8onewholly owned subsidiary. Theatre Royal (NO￿lehI Semces Limited. R•lated parties None of the trustees receive remuneration or other benefit from their work with the charity. Trustees were imbursed for expenses amounting to £1,04512022.' £Nill during the period. Any connection btheen a Iruslee OT senior manager of the charity wlh a production company, contracleis actor or performer musl be disclosèd lo the full board of Iruslees in the same way as any other conlraclual relationship with a related paty. In the current year the Iruslees and connected persgns that have related paty transactions were as follows". Norfolk County Council and Norwich City Council are each entitled to nominate 1 trustee of the eharily. During the year Norfolk County Council provided grant funding of £5,791 12022.. £5,791) and purchased workshops for £Nil 12022.. £3,840). There were no balances outstandin9 as al either period end. Norwich City Council provicled grant funding of £Nil12022." £37,325). There were no balances oulslanding as al either period end. None of the trustees entered into any material Irans8Ctk)ns, eonlraels or other arrangement with the group, other than as indicated below.. T Wilson is a Partner of Lovewell Blake LLP. During the year, pensk￿ advice was purchased from Lovewell Blake LLP totaling £35012022.. £6501. Sales for Theatre membership and events catering were made lo Lovewell Blake LLP during the period lolaling £1,11512022'. £8001 There were no balances outstanding al either FEriod end. S Crocker is the group chiel executive and creative director and is also 8 director of Dance Consortium. He is not remunerated for this role. The Theatre purchased perfomiances and an annual rnembership totalling £46,400 12022.. £24,000) from Dance Consortium during the period. Sales were made to Dance Consortium amounting to £54512022.. £Nill. There were no balances outstanding at either period end. S Crocker is also chair of Curious Directive. He is not remunerated for this role. The Theatre sold consumables for £Nil12022'. £361 lo Curious Directive during the period and made purchases o( £3512022.- £Nil}. There were no balances outstandiThJ at either period end. S Crocker is also a director of Norwich Business Improvement District Limited. He is not remunerated for this role. The Theatre purehased advgrtising amounting to £75012022." £Nill from Norwich Business Improvement District Limilecl during the period. There were no balances (yJlslanding al either period end. 27 Theatre Royal (Norwich) Trust Limited Report of the Trustoes Ilncorporating the Strategle Report the period ended 2 Aprll 2023 [￿ntInued) Risk assessment and management The Board of Trustees is responsible for ensuring there are effectThie and adequate risk management and internal control systems in place lo manage the major risks to which the group is exposed. The Executiv@ team lake oversight of risk management by regular review of the risk register and this is repprted on by the Chief Executive and Finance Director al least bi-annually al the Audit and Risk Committee meeting Prlnclpal Rtsks and Un¢artainties As per risk register- last revEwed by the Trustees on 20 July 2023 Risk aroa Financial Risk Over dependence on certain income streams Mana ement varied theatre yogramme, including the in-house produced Pantomime, and a range of ancillary income streams such as the bar and restaurants and fundraising will help reduce reliance on ticket income. A bid has also been made for Arts Council NPO funds. Annual capital budget allocated to repla¢ement. A regular maintenance program is in place for property, equipment and systems and the surplus is invested in the fabric of the buildings. Capital requirements are ￿vieWed over 8 3 yèar period and a lon er-term multi- ear buildin s lan is lo be develo ed. Established financial procedures and controls. Full annual external audit carried out and presented lo the Audit & Risk Committee. Internal Audit program in place with resulting action plans Produced and monitored b the Executive team and Trustees. A variect theatre programme with widespread m8rk¢ling. Audience Development Strategy agreed by the board in May 2022 with detailed operational delivery plans. Delivery matrices in place for each ar of strate delive Clear oversight of cash and reserves position in budget and cash flow forecasting infomalion provided lo Trusl&es. Fomal reserves policy is included in the financial statements and is reviewed and roved b the Audit & Risk Committee. Annual review in place and completed with input from the Audit & Risk Committee. Claims register developed and presented lo the Executive team uarterl Regular review of conditions on licenses, leases or funding agreemenls. Infomialion is cascaded and reviewed with relevant managers. Operational Out tsf date facilities or equipment Financial Fraud or mis8pproprk4tion of funds Financial Dependency on limited customer base Financial Reserves policy Financial Insufficient insuranc8 cover Operational Non perf0mlan￿ of conditions sel out in lease, li￿nse or any funding reemonl Security of IT systems Op¢ralignal Additional measures lo combat cyber crime have been introduced. Cyber Essential compliant status achieved. Increased levels of Insuran￿ cover in this area. Rigorous risk assessments, safe working procedures, good housekeeping and maintenance program. Appropriate insurance cover. Major strategy rolloul through briefing sessions for all staff. volunteers and freelancers. New and Tevised appraisal process. Implementation of the Real Living Wage. Best Companies B Heard surve undertaken. Em k) ment suNe action lan. Operational Fire or flood resulting in inability lo use the main Theatre buildin Inability lo attract and retsin key staff Opeialional 28 Theatre Royal (Norwich) Trust Limited R•port of the Trustees (incorporating the Strateglc Rgporti the perfod 0nd0d 2 April 2023 (eontinue Statement of Trustees, Responslbllities The trustees (who are also directors of Theatre Royal (Norwichl Trust Limrted for the purposes of company law and trustees for the purwses of Charily lawl are responsible for preparing the Annual Report and the financial slalements in ac￿rdance with applicable law and regulation5. Company law requires the directors to prepare linancial slalements for each financial year. Under Ihal law the directors have eleelèd to prepare the financial slalements in accordance wilh United Kingdom Generally Accepted Accounting Practi￿ Iuniled Kingdom AcGounting Standards and applicable law, induding FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelandl. Under company law the directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the group and charitable company and of the incoming ￿SOurCeS and application of resources including the income and expenditure of the group and Charitable company for the pellod. In prepadng these financial sl8temenls, the directors are required lo-. select suitable accounting policies and then apply them consistentty., observe the methods and principl8s in the Charities SORP., make judgements and accounting estimates that are reasonable and prudent,. slate whether applicable UKAccounting Standards have been followed. subject lo any matenal departures disclosed and explained in the financial ststemenls., and prepare the finanThal slalements on the going con￿rn basis unless it is inappropriate lo presume that the Charitable Company will continue in operation. The trLJStees are responsible for keeping proper accounting records that are sufficient lo show and explain the Charitable Company's transactions and disclose with reasonable accuracy al any lime the financial position of the Charitable Company and to enable them to ensure that the financial 51atem&nls comply with the Companies Acl 20C6. The trustees are also responsible for safeguarding the assets of the Charitable Company and the Group and for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. Statam•nt of disclosur• to auditor In so far as each cl the trustees are aware al the limg of approving our Iruslees. annual report.. there is no relevant information, being information needed by the auditors in connection with preparing their report, of which the wmpany's auditors are unaware., they have each taken all the steps that they are obliged to lake as trustees in order lo make themselves aware of any relevant audit infomialion and lo establish that the company's auditors are aware of that information. This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charitw and in accordan￿ with the Companies Act 2006. The Trustees approve the Trustees, Report lincorporaling the Strategic Report) which is signeé on behaif of the Board of T￿￿tee$ of Theatre Royal (Notwich) Twst Limited. M N•wey. Chaimian Dale. &7 S￿￿¥￿2023 29 Theatre Royal (Norwlch) Trust Limited Independent audltorfs report to the mombeT8 of Th*atra Royal (Nokwich) Trust Llmlted Opinion on thè flnancial statements In our opinion, the financial slalements.. give a true and fair view of Ihe stale of the group's and of the parent charrtable company's affairs as al 2 April 2023 and of the Group's incoming resources and application of resources for the period then ended.. have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounling PraCt￿t-, and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of Theatre Roy81 (Norwthl Trust Limiled fihe parent charil**le company.) and ils subsidiary {"Ihe group'l for the period ended 2 April 2023 which comprise the consolidated slalemenl of financial aetivrties, the consolidated and charitable company statements of financial position, the consolidated statement of cash flows and notes lo the financial statements, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparallon is apoicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢￿pted Accounting Practrel. Ba$is for opinion We conducted our audit in accordance with Inlernalional Standards on Auditing IUK) IISAS {UK)l and applicable law. Our responsibilities under those standards are lurther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit eviden￿ we have obtsined 1$ Sufficient and appropriat8 to provide a basis for our opinion. Independence We remain independent of the group and the parent Charitab￿ company in accordance with the ethKal requirements that ale relevant to our audit of the financial Slalements in the UK, including the FRC'S Eth￿al Standard, and we have fuwilled our other ethical responsibilvcies in accordanee with these requirements. Conclusions relatod to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is apprcpriale, Based on the work we have performed. we have not hlenlified any material un¢ertainties relating lo events or condilic)ns that, individually or collectively, may casl signrficant doubl on the group and the parent Charita￿e company's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue Our responsibilities and the responsibilities of the Trustees with respect to going Concern are described in the r81gvanl sections cf this report. 30 Theatre Royal (Norwich) Trust Limited Independent auditor's roport to the membor8 of Theatre Royal (Norwich) Trust Limited (continued) Other inforniatlon The Twslees a￿ responsible for the other information. The other infomiation eomprises the infomalion includ& in the Annual Report, other than the financial statements and our audrtor's report Ihereon. Our opinion on the rinancial slalemenls does not cover the other infomialion and, except lo the extent otherwise explicitly slated our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other Informal￿n and, in doing so, ¢onsider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit, or othen￿lSe 8ppe8rs lo be materially misstated. If we identify such material inconsistencies 01 apparent material misslalemenls, we are required lo delemiinè whether this gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we con¢lud& that ther& is a material misstalernenl of this other infonnalion, we are required lo report that fact. We have nothing lo report in this regard. Other Companies Act 2006 reportlng In our opinion. based on the work undgrtaken in the course of the audit: the infomialion given in the Trustees, Report, which includes the Directors, Report and the Strategic report prepared for the purposes of Company Law, for the financial period for which the financial statements are pr8pared is consistent with the financial statements., and the Strategic report and the Directors, Report, which are included in the Trustees. Report, have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the group and the parent charitsble company and ils environment obtained in the course of the audit, we have not identified material misslalemenl in the Strategic report or the Trustees, report. We havè nothing lo report in respeGI of the following matters In relation lo which the Companies Act 20C6 requlres us lo report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company. or returns adequate for ouf audit have not been received from branches not visited by us., or the parent charitable company financial slalemenls are not in agreement with the acccunting records and returns", or certain disdosures of Directors, remuneration $pe¢ified by law are not made,. or we have not réceived all the information and explanations we requlre for our audit. Responslbllitiès of Trustees As explained more fully in the Trustees. responsibilities stslement. the Trustees (who are also the directors of thè charitable Company for the purKK)5e5 of company lawl are responsible forthe preparation of the finanaal statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees detemiine is necessary lo enable the preparation of financial ststemenls that are free frcm material misslat￿ent. whether due lo fraud or error. In preparing the financial slalemants, the Trustees are responsible for assessing the group's and thè parent charitable company's ability lo continue as a going concern, disclosing, as apPI￿able, matters related to going con￿rn and using the going concern basis of accounting unless the Trustees either intend to liquidate Ihe group or the parent charitable company or to cease oper81ions, or have no realistic allemative bul lo do so. 31 Theatre Royal (Norwich) Trust Limited Indepondont auditor's report to thg members of Theatre Royal INorwi¢h) Trust Llmitsd (contlnuedj Auditorfs re8ponsibilitie8 for th8 audlt ¢f the financial ststgments We have been appointed as auditor under the Companies Act 2006 and report in a(rnrdance with the Act and relèvant regulations made OT having effect thereunder. Our obieclives are lo obtain reasonable assurance about whether the financial sl8lanenls as awhole are free from material misslalemenl, whether due lo fraud or error. and to Issue an auditorfs reporl that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always deled a materi81 misslalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on th8 basis of these financial slalemenls. Extent lo wh￿h lh8 audit was capable of delecting iff9gulaiytBs, including fraud Irregularities, including fraud, are instances of non-compliance with Jaws and regulations. We design procedures in line with our responsibilities. outlined above, lo delecl material miss181ements in respect of irregularities. including fraud. The extent lo which Dur procedure$ ale capable of deleeling irregularilieg, including fraud is detailed below.. Enquiring of those Charged with governance and management, including obtaining and reviewing 8UPPOrting documentation, concerning th@ group's and the tharitsble company's intern￿ policies and procedures relating lo.. Identifying, evaluating and comptying with laws and regulations and whether they were aware of any instances of non-¢ompliance", Detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud,. and o The internal controls established lo mitigate the risks related lo fraud or non-compliance wth laws and regulations. Obtaining an understanding, as gathered from accumulated knowledge of the gTOUP and charitable ompany and the industry, of the ￿gaI and regulatory (including reporting framewotlll environment that the group and charitable company operates in, focusing on those laws and regulations that could reasonably be expected lo have a direct effect on the financial slalements or a fundamental effects on the operations of the group and charitsble company. For Theatre Royal (Norwich) Trust Limited, we consider these lo include Companies Act 2006, Charities SORP, UK GAAP. Employment Law, Health & Safely Legislation, Data Protection and standard UK lax legislation. Vvhere available and provided. reviewing all corrèspondenee with regulatory aulhorilies. Undertaking analytical procedu￿$ lo idenlify any unusual or unexpected relationships that may indicate risks or material misstalemenl due to fraud. In addiessing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,, assessing whether Ihejudgements made in making accounting estimates are Indicative of a potential bias", and evoluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Additionally. we reviewed the revenue wognilion poI￿Y for consistency with pr*)r year and endured the adopted policy was in lin& with UK GAAP requirements. We lesled the application of this policy Ihioughoul our substantive audit prorEdures over revenue, Our audit prccedures were design8d to respond to risks of material misststemenl in the finan¢i81 slalements. recognising that the risk of not detecting a material misstalemenl due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate ￿ncealment by, for example. forgery, misrepresenlalions or through collusion. There 8re inherent limitations in the audit prO￿dureS performed and the further removed non- compliance with laws and regulations is from the events and Ir8nsaclions reflected in the financtai statements, the less likely we are lo become awar8 rf it. A further description of our responsibilities for the audit of the financial slalements is located al the Finantsal Reporting Council's I'FRC's'} website at.. hii ..1/w￿.frc.0r .ukJaudilorsres of our auditor's reForL onsibililies. This description forms part 32 Theatre Royal {Norwlch) Trust Limited Indep9nd9nt audltorfs roport to thg mgmbgrn of Th8atrp Royal {NopNi¢hl Trust LIMIt￿ (¢ontinuod) Use of our report This rgport is made solely to the charitable company's members, as a body, in acGordanGe with Ch8pler 3 of Part 16 of th& Companies Act 2006. Our audit work has been undertaken so that we might S&￿8 to the ch8ritsble mpany's members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the lullest extent permitted by law, we do not accept or assume responsibility lo anyone otherthan the charitable company and the charitable company s members as a l)ody, lor our audit work. for this report, or for the opinions we have formed. DocuSbJn•d by.. BC8C15A11E97446 Fiona Condron {Senior Statutory Auditor) For and on behalf of BDO LLP, Slalulory Auditor Gatwck, UK Dale.. 4 October 2023 BDO LLP is a limited liability partnership registered in England and Wales Iwilh registered number OC3051271. 33 Theatre Royal (Norwich) Trust Limited Consolldated Statement Of Financial Activities (includlng Consolldat￿ Incomo and Expendlture account) for tho 52 wook$ ondod 2 April 2023 Icomparativ88 for th• 53 weeks ended 3 Aprll 2022 Noto Unrestricted Funds Restricted Fund Total Funds 2023 Total Funds 2022 Income Donations aThJ18gacies 119.554 119.554 50.559 Incom8 Irom ¢h?rilable activities Theatres Operation Education and commun Coronavirus Job Retention Scheme Other exceptional it8ms 15,008,557 99,856 15.008,557 174,856 7,110.901 163,843 14,259 353,689 75,000 Incom8 fmm other trading aclivilies Commercial trading activities 3,086,980 3,086,980 1,607,189 Total Incomg 18,314,947 75.000 18.3B9.947 9.300.440 Expendllure Cost of r8ising funds Commercial trading opeialions Fundraising (2.467,8161 (4361 12.467.816) {436} 11.579,596) 17,148) Interest Payable 153.3161 153,316} 150.4971 Expenditu￿ on charitable 8Ctivit￿$ Theatres operation Education and Communlly {16,233.8801 1430,0871 194,294) 116,328.1741 {430,0871 18,920.3671 {245,7191 Total expenditure 119,185.535} {94,2941 {19,279.8291 {to.803,327 Net expendituro beforo transfgr8 and taxation 1870.5881 119,2941 1889.882) (1.502.887} Taxation 243,396 243,396 107,429 Transfers between funds 21 394.481 (394,481) Net lexpendituml movement in funds for the year 1232.7111 1413,775) {646,4861 11,395,458) Reconciliation of fund$ Total funds brought forward 20.21 5,694,059 2.549,458 8.243,617 9,638,975 Total funds ¢arrl•d forward 20,21 5,461,348 2.135,683 7,597,031 8,243,517 The Slalemenl of Financial Activities includes all galns and losses ￿COgnised in year. Al income 8nd expenditure derives from wnlinuing activities. The notes on pages 37 to 59 fom part of these accounts. 34 Theatre Royal (Norwlchl Trust Llmlted Consolklated and Charitable Company Statements of Flnancial Po8ition as at 2 Aprll 2023 Group 2023 Group 2022 Charity 2023 Charity 2022 Note Fixed assets Tangible assets Inle¥esl in subsidiary undertaking 10 11 8,019,623 8,622,951 8.019,623 8,622,951 Total fixed assets 8,019.623 8,622,951 8.019.623 8,622,951 Current asset8 Stock Debtors Current asset investment Cash al bank and in hand 12 14 61,909 797.735 5,000,000 4,033,009 64.824 434.240 12,750 1,474,056 5,000,000 2.824,458 14.876 3.SX17,368 9,226.296 5,632.437 Total curnnt assots 9,892,653 9,725,360 9.311.264 9,554,681 Llabilities Credrtors falling due within one year 15 17.711.451) 17,552,516) {7,367,3641 17.350.066) Net current assets 2,181,202 2,172,844 1,943,9(￿1 2.204.615 Tolal assets le88 current Ilabilities 10,200,825 10,795,795 9.963.523 10,827,566 Creditors falling due in more than one year 15 (2,603,7941 12.552,278) {2.603.7941 (2.S52.278} Net as89ts 7,597.031 8,243,517 7.359,729 8.275,288 The fvnds ofthe charity: Unrestricted income funds Restr￿ted income funds 20,21 20,21 5,461,348 2,135,683 5,694,059 2,549,458 5.224,046 2.135,683 5,725,830 2,549,458 Totsl grouplcharity funds 7,597,031 8.243,S17 7,359,729 8.275,288 The Charity has taken advantage ol section 408 of the Companies Act 2006 and has not included an income statement in these financ￿1 statements. The Charity'$ deficit for the year was £915,559 12022 - deficit of £1,389,428) The financial slalements were approved and aulhorised for issue by the Trustèes on 2 71911013 and signed on their behalf by.. M Nawgr Chalm)an The notes on page8 37 to 59 fomi part of these xcounts. 35 Theatre Royal (Norwich> Trust Limited Consolldated Statement Of Cash Flow8 forth6 52 weeks ended 2 April 2023 (comparatlves tor tha 53 weeks ended 3 Aprfl 2022} Note 2023 2022 Cash fl¢)ws from optratlng a￿1¥11195 Net lexpenditure} Taxation DeprecialK)n Decreasellincrease} in stock (Increaselldecrease in debtors Increase in creditors Interest payab {646.486} 1243.3961 806,080 2,91 S (120.0991 157,135 53.316 (1,395,458) 137,035) 782,561 140,330> 223,665 1.974,058 50,497 10 12 14 15 Cash provld¢d by opfrratlng actlvllle8 9,465 1,557,958 Cash Ilows from investing activitios Pur¢hase of tangible fixed assets Increase in current a5sel investment io 1202,7521 15.000,000) 1882.438} Cash used in investing adlvltl•s 15,202,752) {882,4381 {De¢reasellin¢rease in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year (5.193,2871 9,226,296 675,520 8,550,776 Totsl cash and cash •quival•nts at th• •nd of thg year 4,033.009 9,226,296 The statement of nel debt'is shown in note 16. The notes on pages 37 to 59 form part of these accounts. 36 Theatre Royal {Norwich) Trust Limited Not•8 to th• financial $tatem•nts forth8 poriod endod 2 April 2023 Accounting policios The prinrypal accounting policies adopted, judgements and key sources of e8timalion uncertainty in preparalton ol the financial statements are as follows". al Basis of preparation Theatre Royal (Norwichl Trust Limited is a prwate company limrted by guarantee incorwraled in England and Wales under the Companies Act 20C6. The financial statements have been prepared in aC￿rdanCe with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing Iheii accounts in accordance with tho Slalement of Recomm&nded Practice. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. (The Charities SORP 2nd Edition) and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006 and the Chorilies Act 2011. Theatre Royal (Norwichl Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othery41se stalèj in the relevant accounling policy nolelsl. The functional curr8ncy is sterling. Values are rounded lo the nearest wund. b} Going ¢on¢grn The financial statements have been prepared on a going eoncern basis. Forecasts have been prepared for the period lo March 2025 which indicato that the group 15 expected lo continue lo relain a strong cash positive position. The forecasts are reviewed and agreed by the Board ￿l¢e a year. Substantial and far reaching actions were taken after the pandemic hit, induding a major restructure of our orkforce, and cost cutting across all areas of the organisalion. The cost savings from this flowed into the 2D21122 linancial year and enabled a rebuild of eslablishmenl and overheads from the bottom up once our venues were able lo reopen in September 2021. This has continued into the 2022123 financial year. The government support received throughout the course of the pandemic, abngsKle the loan of £2.5m received from the Culture Recovery Fund enabled us lo reopen in September 2021 from an increased position of strength and financial resilience. Audience levels In the 2022123 financial year havè seen a reluin lo pre pandemic leve15 and we have re- established the income mix seen consistently pre pandemic. Whilst the current e￿nOmiC conditions present challenges. notable around maintaining audience numbers and rigorous control of costs, th& current four year Creative Experiences strategy offers plenty of ¢JPPOrtunilies for the organisalion lo strengthen ils offering and improve ils financial position. These factors, Coupled with the cash balances held, which are almost entirely unrestrided, enable the Trustees lo have a reasonable expectation that the group has adequate resources to continue lo operate for the foreseeable future. The Trustees have not idenlif*d any material uncertainty relating to going concern. c} Basls of accounting and consolidation The Consolidated Aceounls eomprise the accounts of the charrtab￿ Cc¥npany and its subsidiary undertaking, Theatre Royal (Norwiohl Services Limf(ed which are made up to the nearest Sunday lo 31 March in esch yeai. This accounting period ended on 2 April 2023 and the previous accounting period ended on 3 April 2022. 37 Theatre Royal (Norwich) Trust Limited Nott5 to the financlal $tatemont8 forthe period 8nd•d 2 April 2023 (continued) Accounting poll¢i08 (continued) dl InGomo All income is includ8d in the Slalement of Financkql Aclfvit￿S ISOFAI when the charity 1$ entitled tothe income and the amount can be quanlrfied with reasonable a￿￿raCy. No amoLrnls are included in the financial slalemenls for seryices donated by volunteers. Voluntary Income This comprises all incorne from donations and grants. Voluntary income is reeognised on a receivable basis in the appropriate fund. here the donor imposes conditions which require that the resOU￿e is spent in a later ae¢ounling period then the income will be deferred until all of the conditions have been satisfied. Income from chaitable activtiies This comprises income from box office tickel sales from the Theatre Royal Norwich. The Notwich Playhouse and Stage Two technical income frc￿n produetions and membership subxriplions. Income from ticket sales is recognised at the date of the relevant performance. Income from any show Ihal straddles the two accounting periods is split in aCcOrdar￿ wtth actual sales per performance. The cost of performances is recognised al the dale of the perfomiance. Deferred income is recognised where the relevant perfomance has yel to lake place. The front of house merchandi8e 1$ recognised on a r￿￿oble ba515. The membership Subscriptions are paid on an annual basis and are therefore lime apportioned so that the income is ￿cognised on a monthly basis over the temi of the membership. 11 is the policy of the group lo honour hislork grfl vouchers and box office credits. wh￿h in the past hav¢ had no fixed expiry dale, up to Ihree years of ￿e. New grfl vouchers and box Offi￿ credits are given a fLxed expiry temi of 3 years. This policy in relation lo histor￿ vouehers has been adopted on the basis of minimal usage of vtsuchers and credits in excess of 3 years old. Invgslment in¢vme Investment income relates to gross investment income received from current asset inv8Stmenls and cash on deposit. Commeroial tr86ing operafions This comprises income generated by Theatre Royal {No￿lChI Services Limited and is recognised as unrestricted income on a receivables basis, once the services have been provided lo the customer5. Other trading income primarily relates lo ticket pn)cessing fees, which are recognised al the lime of processing. Donated Se￿l¢e$ In accordan￿ with the Charities SORP IFRS 1021. the general volunteer lime is nol recognised." the Iruste8S' annual report provides more infomialion about their contribution. •) VAT For VAT purposes the the8tre is partially exempl. The Thealie's irrecoverable VAT is treated as an expense and is included under the appropriate cost hèadings, ynder commercial IFading ￿51$ and charitable expenditure. Theatre Royal (Norwich) Trust Limited Notss to th• flnanclal statements for tho p•rfod ended 2 Aprrl 2023 (Contlnued) Accounting polici•s (continued) fj Expondlture All expenditure is accounted for on an aecruals bas￿ and has been classrfied under the following headings.. Costs of raising funds Those costs incurred lo attract voluntary income and those incurrod in commercial trading activities that raise funds. InlgTrst payable Interest payable on the bank loan is recognised in the pèri¢Jd in which il falls due. Charitable activities These include expenditure associated with the staging of a range of performances, edijcalional programme¥ and allracling new members, l)olh personal and corporate. This heading includes both the direct costs and support costs lelaling lo these activrf(ies. Support costs These include central functions and have been allocal8d directly to aetivrty wsl categories based on the specific department or activity lo which they relate. Govemance costs These include those incurred in the govemance of the charity and ils assets and are primarily associated with conslilutional and slalulory requirements. Governance costs are included within support costs. Cost of comme￿{al Irading activities These primarily comprise the costs of the trading Subsid￿ry, Theatre Royal Norwich Isèrvicesl Limi(ed. g) Taxatlon The charitable company is a charity within the meaning of Paragraph 1 schedu￿ 6 Finance Ael 2010. Accordingly, the charitable wmpany is exempl from laxalion in respect of income and chargeable gains within categories Covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 and SeclK)n 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively for charitable purposes. The trading subsidiary provides for lax al amounts expected lo be patd or recovered using tax rates and laws that have been enacted or subslanlially enaeled at the slalemenl of financial position date. The trading subsidiary claims Theatre Tax Relief introduced as part of the Finan￿ Act 2014. Theatre Tax Relief can be claimèd on all pre-production costs, royalties and costs associated wilh closing the production. Theatre Tax Relief Is recognised on the accrua15 basis in the financial statements in line with pr8-produ¢tson costs incurred. h) Fund o¢¢ounting The charity's unrestricted reserves are the g8n8ral fund whrh is available for use at the discretion of the trustees in furtheran￿ of the general objectives of the charity together with a designated development fund which was eafmarked for the future development of the Theatre. Designated funds comprise unrestricted funds Ihal have ben sel aside by the trustees for partieular purposes. The aim and use of each designated fund is set out in the notes lo the financial slalements. The charity also has resliicted funds in respect of fijnds whi¢h are lo b& used in accordance with specifi restrictions imposed by donors or which have been raised by the charity ft)r particular purposes. See notes 20 and 21 for details. 39 Theatre Royal (Norwich) Trust Limited Notes to th• financial statements for the period ended 2 Aprll 2023 {￿ntInUed) Accounting poliGle8 (conlinu8d) 11 Fixod assets and deprnciatlon Tangible fixed assets are held at cost less depreciat￿. Onty assets costing a mininum of £2,000 are capilalised. Doprecialion of tangible fixed assets is calculated on the straight line basis at a fixed Pe￿entage per annum, in order lowrite down the cost of each asselto ils residual valueover its estimated useful economic The Pfincipal annual rates used are.. Leasehold propertles Improvements lo leasehold properties Plant and machinery Fixtures and fittings Computer equipment 5% 15% 10% 33% Assets under the course of construction are not depreciated. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectivety rf appropriate, or rf there is 8n indication of a significant thange since the last reporting dale. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are reec)gnised in the 51alemenl of financial activities. Al each reporting date, the Charitable Company assesses whether there is any indication of impairment. If such indication exists. the recoverable amount of the asset is deletmined which is the higher of ils fair value 18SS Costs to sell and 118 value in use. An impairmènt loss is rècognised where the carrying amount exceeds the recoverable amount. JI Investment In subsidiary Investments in subsidiaries are slated al cost ￿s$ any assessed impaivmenl in the as$eL kl Stocks Siocks are valued al the lower of cost and nel realisable value. Cost 1$ based on the cost of purchase on a first in, fir51 out basis. Nel realisable value is based on eslimaled selling price less additional costs of disposal. 11 Se•nery, props and costumos The Theatrè possesses substantial amounts of scenery. props. and ¢oslumes which for reasons of financial prudence and difficulty of v8lualiDn are not included in the Slalement of Financial Position, except lo the extent that they are unused at the Statement of Financial Position dale, In which case they are included in stocks. m) Leasod *$$ets Annual rentals of operating leases are Charged to the Statement of Financial Activities acLount over the lease lemi. n} D•btor8 Trade and other debtors are recognised at the settlement amount due after any I￿￿e discount offered. Payrnenls are valued al the amount prepaid nel of any trade discounts due. 40 Theatre Royal (Norwich) Trust Limited Not06 to tho flnancial ststements for the ￿rIOd ended 2 Aprll 2023 {continu•dJ Ac¢ounting policies {conbnued) ol Current a88et Investment$ Current asset investments relate to cash deposits with maturity of MO￿ than three months but under oneyear, which is ￿nsidered a basi¢ financial instrument and Is measured al amortised cost. pl Cash Cash and cash equivalents include cash at bank and in hand and highly liquid inlerest-tearing securi(ies with malurits'es of three months or bss Su￿.eCt to in8ignificant rfsk of changes in value. ql Creditorn and Provisions Creditors and provispjns are recogni8ed where the charity has a present ¢bligalion resulting from a past event that will probably result in the transfer of funds lo a third paty and the amount due lo sellle the obligation can be meosured or estinaled reliably. Creditors and piovisions are normally recogni5ed al their settlerrent amount after allowing for any trade discounts due. rl Pen$lon 8chom8 The charitabi? company contributes to the individual pension schomes of staff members and these amounts are charged to the Statement of Financial Activities on an accruals basis. 81 Legal 8tatus of the Trust and m•mbgrn Ilabilty The Trust is a company limited by guarantee and has no Sha￿ capital. The liability of the members is limited. Every member of the charitable company undertakes 19 contribute lo the assets of the charttable company in the event of the same being wound up while heJsh8 is a member, or within one year after helshe cèases lo be a member, for payment of debts and liabilities of the charitable company contracted before helshe ceases lo be a member and to the c081s, charges and expenses trf winding up and for the adjustment cl tha rights of the contributories among themsefves, such amount as may be required not exceeding £1. tl Estlmates and judgoments The preparation of financial slalements requires management to exercise ils judgement and make eslimales In the process of applying the Group's and Charity, accounting policies. Tangible fixed assets a￿ depreeialed over their useful INes taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annualty and may vary depending on a number of factors. In re-ass@ssing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining lif8 of the asset and projected disposal values. InGomg from donations and legacle8 2023 2022 Donatlons Donations 119,554 50,559 Of the total income from donations, none was restricted in either period. 41 Theatre Royal (Norwich) Trust Limited Not•8 to tho financial statements for the perlod ended 2 April 2023 {¢ontinued) Incorng from charitable activitieB 2023 2022 Theatre operation Box Office receipts Income from theatre services Friends subscriptions Rental income Contra income Release of historic grft vouchers 13,309,031 860,564 170.664 72,941 413,013 182,344 6,433,242 331,475 159,518 31,623 155,043 15,008.557 7.110,901 Education and Community Learning and education Community Training and skills 14.071 72,676 88.109 1,104 66.008 96,731 174.856 163.843 ExceplKtrnal Coronavirus Job Relenltin Scheme Other government Coronavirus support Insurance proceeds Relgase of historic gift vouchers 14,259 43,116 226,415 84.158 367,948 Total inwme from cttaritab￿ actwilies 15.183,413 7,642,692 Of the total In￿Me fr¢Jm charitable adivities, £75,1)0012022 £75,000) relating lo Training and Skills was restricted. All other income from charrf(able activities is unTestri¢led. Exceptional Item$ Coronavirus Job Retention Scheme Following the closure of our venues and the cessation of operations. a significant proportK)n of employees w&re pla￿d on furlough leave from 17 March 2020. In the prior period, grant income totally £14,259 was received from central government under the Coronavirus Job Retention Scheme. Theie was no such income received in Ihe current period. othergovemment Coronavims support During the prror period. a number of other grants were received from Iwal government relating lo the enfc)rced closure of our venue$ lolalling £43.116. Insurance proceeds In October and Novernber 2021, we received the ￿mainIng £225,142 due lo us after the fire that damaged part of the building iri 2019. The balance of £1,273 included in the amount above is due lo an unrelated claim. 42 Theatre Royal (Norwich) Trust Limited Note5 to th• financiat statoment for the perlod ended 2 Aprll 2023 fcontinued) Incomo from charftable aetivitl$8 {conlinuedJ Exceptlonal It•m$ (continued) Release of historic gift vouchers 1118 the policy of the group to honour historic gift vouchers and box office eredits, which in the past have had no fixed expiry dale, up to three years of age. New gift vouchers and box office credits are given a fixed expiry term of 3 years. This policy in relation lo historic vouchers has been adopted on the basis of minimal usage of vouehers and credits in excess of 3 years old. Income ￿lating lo unused vouchets overlhree years of age of£182,34412022- £84, 1581 has been released. This was recognised within 'other exceptional items. in 2022 however in 2023 is shown under Theatre Operations. Analysis of charitable expondltum Edu¢atlon and Communlty Theatre opera￿on Total 2023 Payments to producers Own production cost$ Backstage and other prDduGtion co$ls Advertising and marketing Box offi￿ and Fiont of House Learning an(J education Community Tr8ining and skills Depreci8tion Friends Support costs (nol8 5) 9,895.395 854,482 1,095,811 912.497 499,880 9,895,395 856,283 1,12B,387 912,497 499.880 7.399 52,613 94,285 755,136 33,822 2,522,$64 1,801 32,576 7,399 52,613 94,285 755.136 33.822 2,281.151 241.413 Total 2023 16,328,174 430,087 16.758,261 Education and Communlty Theatr* Opèratlon Total 2022 Payments to producers Own produGlion cosls 8ack51age and other prOdUct￿n costs Advertising and marketing Box office and Front of House Leaming and education Community Training and skills Depreciation FrEnds Support costs Inole 51 4,363,129 793,801 689,721 460,588 266,760 750 1,692 9,099 4,363,879 795,493 698.820 460.588 266,760 1,840 27,785 37,642 715.188 4,939 1,793.152 1,840 27,785 37.642 715,188 4,939 1,626,241 166,911 Total 2022 8,920.367 245,719 9, 166,086 Totsl expenditure for the year was £19,279,82912022 - £10,803,327) of which £94.294 {2022 - £91,563) was reslricled and £19,185,535 {2022 - £10,711,764) was unrestricted. 43 Theatre Royal (Norwich) Trust Limited Notos to tho flnancial ststements for the poriod ended 2 Aprll 2023 (continued) Allocation of support costs Educatton and Communlty Theatrn Operation 2023 Premises cos15 Office costs Transport and travel Insurance People 8nd Cullurg Governance General expenses I[re￿Ver9b1e VAT 837,272 830,599 26,051 57,374 103,345 138,011 35,959 252,540 52.338 160,576 1,927 20,495 5,123 889.610 991.175 27,978 77,869 108,468 138,011 36.913 252,$40 954 Total 2023 2,281.1S1 241,413 2,522,564 All support cos1$ ale allocaled lo Thealre Operation apart from those which can be allributed speCif￿allY lo Education & Community activitie$. Educatlon and Community Th?atr& Operation 2022 Premises costs Office costs Transport and travel Insurance People and Culture Governance General expenses Irrecoverab￿ VAT 486.505 734,602 17,580 48,194 88,928 146,085 20,458 83,889 40.723 105,426 780 18,852 527,228 840,028 18,360 67,046 88,928 146,085 21,588 83,889 1,130 Total 2022 1.626,241 168,911 1.793, 152 Governanc@ costs are made up of the followlng.. 2023 2022 External audit Legal and professional f*5 Bat)k charyes Other goveinance costs 85,469 13.805 29,828 8.909 30,970 39,713 49,702 25.700 138.011 146,085 Theatre Royal (Norwich) Trust Llmited Notes to the flnanclal statements tor the pgriod onded 2 April 2023 fcontinu•d) Trading incom¢ and expenditure 2023 2022 Income from Theatre Royal (Norwichl Trust Services Limrfced Other trading income 2.718.998 367.982 1,421,632 185.557 3,086.980 1,607,189 Expenditure from Theatre Royal {No￿lCh) Trust Servlees Limited Other trading expendiluie <2.450.909} 116.907) 11,477,776} 1101.820} (2.467.8161 11,579,596) Surplus on trading activities 619,164 27,593 Other trading income primarily comprises lid(el pro￿881ng fees. Staff costs 2023 2022 The ¢051$ inGurr8d during the perlod.. Wages and s81aries Social Security cosls Other pension wsls 3,632,092 300.341 121,271 2.417,117 194,683 78.780 4.053.704 2,690,580 2023 2022 Employees earning more than £60,OCx) per annLtm were.. £130,000- £140.000 £100,000 - £110,000 £60,CQO - £70,000 The number of higher paid staff accruing retirement benefit$ was 2 {2022- 11. Pension Contri￿tionS in respect of these employees were £9,52412022 - £5,380). 45 Theatre Royal (Norwich) Trust Limited Notgs to thg flnanclal ststement8 for the period ended 2 April 2023 (continued) Staff costs {conlinuedJ The average number of amploye8s during the period was.. 2023 Number 2022 Numb6r Theatre staff Education and c(mmunily Management and adminkstralion Catering and bars 97 11 21 108 56 16 66 237 The key management personnel of the group comprises the Trustees and Ih08e that form the Executive team {Ch￿f ExeculNe & Creative Director, Finance Director, CrealNe Programmes Director. Commercial & Visitor SeNices Director and Technical & Buildings Director). While not formally constiluled, this Execulfve Team structure has been in place since the start of the 202D121. As of October 2022. the Marketing and Communications Director posilK)n was vacated and has not been consKlered a part of the Executive Team going forward. The r&muneiation of the key management personnel, including wage8 & salaries, empk)yerfs national insurance and pension conlribulions, was £524.781 {2022 - £410.1851. No trustees recewed any remuneral￿n during the year12022 - £Nill. Trustee expenses tolalled £1.045 during the year 12022 - £Nill wh￿h related lo train tickets, parking and aC￿mMOdatioN paid to 212022- Nil) trustees. Net oxpendlture 2023 2022 Nel expenditure is stated after charging: Depreciation of tangibla owned assets Rents payable on premises Audrtor's remuneration". for the audil of the parent charity for the audit of subsidiory undertakn'ngs accounts preparation fee - taxation SerV￿S 806,079 19,229 782.￿1 17,095 30,723 20,482 3,795 5.500 18.135 11.7¢)0 3,481 Theatre Royal (Norwich) Trust Limited Notes to the finaneial statements for the period endod 2 Aprfl 2023 {¢ontinued) Taxatlon 2023 2022 Corporatlon tax Theatre Tax Credit for the yèar Adjustments in respect of previous perKJds 254,997 14.746) 64,254 Total current tax 250.251 64,254 Deferred tax Origination and reversal of liming differences Effect of Ghange in. lax rale on OFening balance 30,946 12.229 Total dèferred tax 16,8551 43,175 Total tax credit 243,396 107.429 Factorn affecting tax credit for the 52 week periodfyear The lax assessed for the 52 week periodlyear is less than12022- less than) the sl8ndard rale of corporation lax in the UK of 190kn {2022 - 19Qkl as sel out below.. 2023 2022 tkficit on ordinary actNilies beforelox (889,882) 11.502,887) Deficit on ordinary a¢livilw multiplied by standard ra18 of corporation tax in the UK of 19%12022 _190￿) 1169,0781 {285,5481 Income and expenditure not deductible for tax {74,3181 178,119 Total tax credlt {243,3961 (107,429) Theatre Royal (NOrw￿h} Trust is a registered charity and is exempt from tsx on income and capital gains falling within section 505 of the Income and Corporation Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied to r(s charitable objectives. The Theatre Tax Credit reprtsent5 Theatre Tax Relief claimed by The2tre Royal (No￿leh} Services Limited on qualifying theatrical productions. or Theatre Royal (Norwich) Trust Limited Not•s to the finan¢lal ¥tstements for thg period ended 2 Aprfl 2023 (continued) 11 Interèst in subsidiary undertakings The following subsidiary undertakings are 100Qh owned and controlled by the Charity: Namè Company No. Cla88 of 8har• Theatre Royal (Norwichl Services Limited 01052539 Ordinary The principal activity of Thèatre Royal (Norwichl Servi￿5 Limrted is the operation of restaurant and barfacililies, commercial box office services and production of in-house theatre productions. A summary of the subsidiary company's perfomance and assets is shown below. 2023 2022 Income Expenditure Tax credit 3,516,347 {3,490,6701 243,39fj 2,023,512 {2,148,468} 107,429 Profivllossl 269.073 117.5271 Nel asset￿111ab1IrtiesI 237.303 131,7701 The directors acknowbdge a payment of grft was made in excess of the available reserves to the shareholder. which 1$ a Charitable company. This amounted to £471.4SO. No further distribution has been made and the directors have re¢overed the money from the shareholder by way of 8 reduction in the amount of intercompany loan between the shareholder and the company equal lo the amount of dtstrlbu1￿n that is repayable. 12 Stock Group 2023 Group 2022 Charfty 2023 Charfty 2022 Stocks comprise.. Raw materials and consumables Goods lor resale 12,750 49.159 14,876 49,948 12,750 14,876 61,909 64,824 12.750 14,876 13 Current asset Inve8tment Group 2023 Group 2022 Charity 2023 Charity 2022 Current asset investments 5,000,000 5.000.000 Current inve51menls compris8 cash deFX)sits with a maturity of between three months and one year. 49 Theatre Royal (Norwich) Trust Limlted Notes to thè financlal statements for the perlod ended 2 April 2023 (continued) 14 D•btorn Group 2023 Group 2022 Charity 2023 Charity 2022 Trade debtors Other debtors Prepayments and accrued income Deferred tax asset (Note 171 Amounts owed by subsidiary undertakings 30,709 479,105 212,875 75.046 48,768 105,373 198,198 81,901 12.128 167,514 180,158 34,075 22,765 198,173 1,114,258 3,652,355 797.735 434,240 1.474.056 3,907.368 15 Creditors Group 2023 Group 2022 Charity 2023 Charity 2022 Amounts falling due within one year. Trade creditors Other creditors Accruals and deferred incom& TaxalK)n and social security payable 1.256.927 481,482 5.775.557 197.485 759.459 713.976 5,831,287 247,794 1,172,043 481,482 5.602.431 111.408 711,084 713,976 5,758,185 166,821 7,711.451 7,552,516 7,367.364 7,350,066 Group 2023 Gmup 2022 Charity 2023 Charity 2022 Amounts falling due in more than one year.. Loans 2.603,794 2,552,278 2.603,794 2,552,278 50 Theatre Royal (Norwlch) Trust Limited Notss to tho finan¢lal statements for tho period 8nded 2 April 2023 (continued) 15 Credltors (continued) Anatysts of the maturity of loans". Group 2023 Group 2022 Charity 2023 Charity 2022 Amounts falling due- Within l year Within 2-5 years After 5 years 668.198 1,935,596 477.284 2,074,994 668.198 1,935,596 477,284 2,074.994 2.603,794 2.552,278 2.603,794 2.552.278 In 2021 the group gblained a ban of £2.500,000 from the Department of Culture, Media and Sport via the Arts Council of England. Interest is payable al 20k. and no repayments are due until the fourth anniversary of the draw down of the loan, being 15 March 2025. The loan has a temi of 20 years from the dow down dale with the final repayment being 15 March 2C)41. In addition lo which there are a number of non-financial covenants against which Norwich Theatre are required to regularly Teport. Deferred income 2023 2022 2023 2022 Deferred income brought forward Releasèd during the year Deferred during the year 5,601.861 114,976,498) 14,763.941 4,504,878 16,481,651) 7.578,634 5,579,036 (14,892,354) 14.606.323 4.504,878 16.457,3761 7.531.534 5.389.304 5,601,861 S,293.005 5,579,036 Deferred inccrne for the group relates lo tick￿ sales in advance and annual Friends and Corporate Club subscnplions paid in advance. 16 Nèt debt note 3 April 2022 Interest ¢harye 2 April 2023 Cash flow8 Cash at bank and in hand Debt due > 1 year 9,226.296 12,552,278) {5,193.287) 4,033,009 12.603,7941 {51,516} 6,674,018 (5.193.287} (51.516} 1.429.215 There aTe no restrictions over cash and cash equivalent$ whtch Comprise cash and cash in hand. 51 Theatre Royal (Norwich) Trust Limited Notes to tho financial slatemonts for the pgriod gnded 2 April 2023 (￿ntinued) 17 Deferred tax Deferred lax included in the Group Slalemgnt of Financial Position is as follows.. 2023 2022 In¢l(Kled in debtors (Note 14} 75.046 81.901 The deferred tax account consists of the lax effect of Iwning drfferences in respect of tax losses carried forward.. 2023 2022 Tax loses carried foThvard'. Al beginning of the year IDebiledll¢redited lo the Statement of Comprehenstve Income 81,901 {6,8551 38,726 43,175 75.046 81,901 18 Commitments under operating leases Norwich City Council own the main theatre building. During 2007 a lease was signed with Norwich City Council in respect of the Theatre. The 125 year lease provide5 for an annual peppercorn rent lo be paid providing the Theatre continues lo operate within the terms of the lease. Other commitments LFnder operating leases.. Group 2023 Group 2022 Charity 2023 Charity 2022 Land and buildings expiring-. Within one year Within 2-5 years After 5 years 22,000 67.833 20,187 88,000 1,833 22,000 67.833 20.167 88,000 1,833 89,833 110,000 89.833 110,000 19 Pension arrangements The group operates a defined contribution pension scheme. Contributions are charged lo the Statement of Financial Activities in the period in which they accrue, and amounted to £121,271 in the current periocl (2022 - £78,780). There were no outstanding contributions * the period end {2022- £Nill. 52 Theatre Royal (Norwich) Trust Limited Notes to the flnanclal statements for the pèrlod ènded 2 April 2023 (¢ontlnuedJ 20 Analysis of net a88ets betrNeen fund8 Perlod ended 2 April 2023 Net Current assgtsl Group Non-current liabilitles Flxod assets Total UnTrstricted.' General Reserve Buildings Improvement Lewy Fund Designated Education Centre Fund 4,313,631 1,310,865 680,646 12,603,794) 3,020,702 680,646 1,760,000 1,760,000 6,073,631 1,991,511 12,603,794) 5,461.348 Restricted.. 250 Refurbishment Fund Education Centre Appeal Green infrastructure Digital infrastructure Ise about Words (Paul Hamlynl 6S3,584 1,292,408 653,584 1,292,408 9.656 133,764 46.271 9,656 133.764 46,271 1,945,992 189,691 2.135.683 Total al 2 April 2023 8,019.623 2,181,202 {2,603.794) 7,597,031 Pgrlod ended 2 April 2023 Net current assetsl Charitablg Gompany Non 1,760,000 Total un￿￿trtct?￿ funds 5,725.830 15,680.572 116,576.837 394,481 5,224,046 Reslricted." 250 Refurbishment Appeal Fund Education Centre Appeal Fund Green infraslruclure Digital infTastruclure Wise abo¥Jt Words IPaul Hamlynl 969.369 1315.7851 653,584 1,322,578 130,1701 1,292.408 18,533 180,829 58.149 (7,4161 11,461} 147,C651 9,656 133,764 46,271 75.000 186,8781 Tot81 restricted funds 2,549.458 75,000 (94,2941 1394.4811 2,135.683 Total reseThes ,275,288 15,755,572 118,671,131) 7,359,729 56 Theatre Royal (Norwich) Trust Limited Notes to thg finan¢ial ststsmènts for the perlod endod 2 Aprll 2023 {conUnuedJ 21 Analy818 of fund8 movements (continued) Group At 28 March 2021 At 3 Aprtl 2022 Income Expondlture Transfers Unrgslricted.. General Reserve Buildings Improvement Levy Fund Designated Education Centre Fund 4,548,720 299,619 9,034,917 19D,523 110,604,335) 424,615 3,403.917 490,142 1,840,000 {40,0001 1,800,000 Total unTrslricted funds 6.688.339 9.225,440 {10,604.3351 384.615 5.694,059 Restricted.. 250 Refurbishment Appeal Fund Education Centre Appeal Fund Calatyst Green infrastructure Digital infrastructure Wild aboLrt Words Community Recovery Wise about Words IPaul Hamlynl 1,280.549 1311,1801 969,369 1,352,748 130,170) 1.322.578 43.265 19,750 240,000 6,786 7,538 143,265) 11,217> 159,1711 16,7861 17.5381 116,8511 18,533 180,829 75,000 58,149 Total reslriGted funds 2,950,636 75,000 191,5631 1384,615) 2,549.458 Total resekves 9,638,97S 9,300,440 (10.695.898) 8.243.517 57 Theatre Royal (Norwich> Trust Limitsd Nol¢$ to the fin¥n¢lo1 ¥tatemonts for th• period andèrl 2 Aprfl 2023 {contlntsedl Anatysls of funds mov•ments (cGntNrw8dJ Charttable company Al 28 Ma￿h 2021 At 3 Aprll 2022 Income Expenditure Transfer8 Unreslr¢cted.' General Reserve Buildings Improvemerrt Levy Fund Designated Education Centre Fund 4,562.964 299,619 7,624.785 190,523 19.176,6761 424.615 3.435.688 490,142 1,840,OC 140.OW} 1,8(M),o Total ￿n￿striC￿ed fijrpd 6,702,583 7,815,308 19,176.6781 384.615 5,725,830 R8Strid8d." 250 Refufbishrnent Appeal Fund Educatk)n Centr8 Ap￿31 Fund Catalyst Green infrastrudure Digital intraslructure Wild About Word5 Community Recovery se about Words (Paul Hamlyn} 1,280,549 (311,1801 989,369 1,352,748 130.1701 1,322,578 43.265 19,750 240,000 6,786 7,538 143.2651 11.2171 159.1711 16,7861 17,5381 116,8511 18,533 180.829 75,000 $8,149 TotBI r8stricled fvnds 2.950.636 75,000 191,S631 1384,8151 2.S49.458 Tot81 reserves 9.653.219 7,890,308 19,268,239) 8,275,288 The Buiklings lrnprovemenl Le￿ Fund contains funds generated from the ¢har9ing ol a levy on lickols sold, in order to ftjnd future bU1￿1ng$ impfovernents. Costs charged to this fund oceAJrwhen it is used in relat￿n lo repairs and maintenance. Transfers out of thi¥ fund occur Wh￿ it is used for caphal expenditure at which polnt the value is recognised in the general fund. The DeS￿nated Education Centre Fund reflects the TrustÈÈs' decision lo support the compktion ol t1￿ Stage Two building in 2016. The remaining £2,000,000 funding required was funded from the Trusfs reserves and a designated lun(1 establks>i¢d ag8insl which an element ol the depiec4adon charges for the builditvJ have been IransfrtT9d. Thg ReslrKled 250 RefUrbiSh￿nt Appeal refiects lunds raised to finance the rnodemi8atK>n of the Theatre in 2￿7. The depreciation of the ￿lurt)ishMent has been transferred lo be charged agalnst this reserye. The Restricted EduCat￿n Centre Appeal FLEnd reflects funds raisèd to finance the building of Stage Two, on8 Of the Theatre's venues. An glefflgnl of the deprecialion of Stage Two has been transferred to be charged against tris reserve. The Digrtal Infrastructure Fund relates to a grant receNed from the G&rfield Weston Foundation to supFK)rt a tn4.or digital Ir3nsformalion project. Other lund5 relat8 tu specific grant funding receNed, for whth expenditure must be spent on either capital or revenue projects in acLordance with the tèrms of the grant. Theatre Royal (Norwich) Trust Limited Noto$ to the financial $tatoments for the perlod ended 2 Aprfl 2023 (contlnued) 22 Rèlated party transactions Theatre Royal (Norwich) Trust Limited has one wholly owned subsidiary, Theatre Royal (Norwichl Services Limited. During the year £779,79612022 - £601.8801 was recharged from the Trust relating to Panlo, £102,176 12022- £11,499) recharge ￿lating to the management recharge, and other costs of £1,458,67612022- £962,277). The debtor at year end was £1,114,25812022 - £3,652,355). For details of the gift aid payment. see note 11. None of the trustees receive remijneration or other benefit from their work with the charity. Trustees were reimbursed for expenses amounting to £1,04512022- £Nill during the period. Any conne￿10n between a trustee or senior manager of the charity with a production company, contracted actor or perfomier musl be disclosed lo the full board of trustees In the same way as any other conlraclual ￿latIOnShIP with a related party. In the current year, the Iruslees and connected persons that have related party transactions were. Norfolk County Council and.No￿lCh City Council are each entitled to nominate 1 trustee of the charity. During the year Norfolk County Council provid8d grant funding of £5,79112022 - £5.7911 and purchased workshops for £Nil12022 - £3,8401- There were no balances outstanding as * evcher period end. Norwich City Counal provided grant funding of £Nil {2022 - £37,325). There We￿ no balances oulslanding as al either period end. None of the Iruslees entered into any material Iransaclions, conlrads or other arrangements with the group, other than as indicated below., T Wilson is a partner of Lovewell Blake LLP. Durlng Iheyear. pension advice was purchased from Lovewell Blake LLP lolalling £350 {2022 £6501, Sales for Theatre membership and events catering were made lo Lovewell Blake LLP during the period lotslling £1,11512022 - £8001 There were no baLgnces outstsnding al either period end. S Cm¢ker is the group chief executive and creative d1￿ctOr and is also a director of Dance Consortium. He is not remunerated for this role. The Theatre purchased perfoman￿S and an annual membership totally £46,40012022 - £24.0001 from Danee Consortium during the period. Sales were made to Dance Consortium amounting 10 £545 {2022 - £Nill. There were no balances oulslanding al either period end. S Crocker is also chair of CUTIOUS Directive. He is not remunerated for this role. The Theatre Sold consurnables lor £Nil12022- £361 to Curious Direcknve during the perDd and made purchases of £3512022 - £Nill. There were no balances outstanding al either period end. S Crocker is also a director of Notwich Business Improvement DislriGI Limited. He 15 not remuneTated for this role. The Theatre purchased advertising amounting lo £75012022 - £Nill from NO￿lCh Business Improvement District Limited during the period. There were no balances oulslanding al either period end. 23 Capital cornmitments There were no capital commitments as al 2 April 2023 (2022 - £Nill. 59