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2024-03-31-accounts

Charity registration number 267965

Company registration number 01171757 (England and Wales)

HEADLONG THEATRE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

HEADLONG THEATRE LIMITED

CONTENTS

Page
Report Of The Trustees 1 - 11
Statement of Report of the Trustees responsibilities 12
Independent auditor's report 13 - 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 31

HEADLONG THEATRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J Audibert (Resigned 5 December 2023)
A Cornelius (Appointed 14 June 2023)
K Dickens (Appointed 13 June 2023)
P Dillon
C Donald (Resigned 5 December 2023)
S Ellis
L Harvey
J Head
C Heaney (Appointed 14 June 2023)
J Hurt
P Isaac
N Jones (Resigned 14 June 2023)
L Lambley
D Munday (Resigned 14 June 2023)
T Phillips (Resigned 1 September 2024)
T Racklin (Resigned 1 September 2024)
L Wan
Charity number 267965
Company number 01171757
Oxford office (and registered address) Oxford Playhouse
11-12 Beaumont St
Oxford
OX1 2LW
London office 3rd Floor
207 Waterloo Road
London
SE1 8XD
OX1 2LW
Auditor Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
Bankers HSBC plc
65 Cornmarket Street
Oxford
OX1 3HY
Key management personnel:
Artistic Director/Chief Executive H Race Roughan
Executive Director/Chief Executive L Maguire

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The report, prepared in accordance with the Charities Act 2011, also constitutes a directors’ report for the purposes of company legislation.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

EXECUTIVE SUMMARY

2023-24 has been a year of stabilisation and innovation for Headlong. With our sector vulnerable after the challenges of the past few years, we were proud to continue playing a vital role connecting theatres, artists and audiences across the nation with high-quality, exhilarating theatre. We began our programme with Miranda Rose Hall’s A Play for the Living in a Time of Extinction in a hugely ambitious eco-touring model helmed by Katie Mitchell. The production started life with our co-producers at the Barbican before being restaged by local artists in Coventry, Knowsley, Stoke-on-Trent, Plymouth and York. Working in co-production with The Royal Exchange, Factory International for Manchester International Festival and the Young Vic we staged the UK premiere of Kimber Lee’s untitled fck mss s**gon play in Manchester and London, directed by Roy Alexander Weise. In the autumn Holly Race Roughan directed Arthur Miller’s A View From the Bridge in a fresh and thrilling co-production with Octagon Theatre Bolton, Chichester Festival Theatre and Rose Theatre Kingston. Finally, our West End transfer of James Graham’s award-winning Best of Enemies was presented by NT Live and NT at Home.

We reached 61,034 people in nine towns and cities across the nation during the year and were thrilled with the critical and popular responses to our work on stage. Additionally, 18,567 people across the UK saw Best of Enemies in cinemas on its first night of screening.

Offstage, we continued to demonstrate our commitment to nurturing the brightest artists, especially those working and living outside London. Our respected Headlong Origins artist development programme supported five earlycareer directors to level up their careers and our third Writer in Residence joined us in London for a year-long bespoke attachment. The networks we have built over many years of touring allowed us to reach and platform a large and diverse group of freelance artists and creative practitioners whose talents and dedication enriched all aspects of our work. We also worked with community cyclists and choirs across the country on A Play for the Living in a Time of Extinction and women with refugee status in Bolton, developing new relationships and connections and deepening dialogue between local cultural providers and diverse groups underrepresented in the arts.

In April, Headlong became part of the Arts Council England’s Transfer Programme, committing to a feasibility process with a view to setting up a new base outside of London by 31st October 2024. As a National Portfolio Organisation, this decision has helped to secure our vital public subsidy and confirm our identity as a truly national touring company. Rightly, this process was a significant focus for the Executive and Board throughout the year and has led to the design of a new operational model, the creation of a new three-year strategic plan, a new base in Oxford including Associate partnerships with the Oxford Playhouse and the Cultural Programme at the Schwarzman Centre for the Humanities as well as Associate Partnerships with Octagon Theatre Bolton and Leeds Playhouse.

Our work would not be possible without the dedication and generosity of so many. In 2023-24 we would like to thank our funders, including Arts Council England, Backstage Trust and our family of individual donors; the many artists, creatives and practitioners who worked with us throughout the year; our theatre and venue partners across the country; the audiences who came to see our shows; and our brilliant, hardworking staff team.

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2023-24 Key Achievements

WHO WE ARE AND WHAT WE DO

Led by Artistic Director Holly Race Roughan and Executive Director Lisa Maguire, Headlong is the UK’s leading touring theatre company. For almost 50 years, we have been bringing artists, audiences and communities together to make and experience award-winning, exhilarating theatre.

We partner with theatres from Plymouth to York to champion local stories, inspire diverse audiences and sustain regional venues across the nation. Mid-scale, with national impact, we support underrepresented and early-career artists with accessible pathways into the industry, nurture the brightest writers to write their best plays, and bring communities together to co-create theatre that breaks down barriers and ignites important conversations. The role we play as the linchpin connecting theatres, artists and audiences across the nation with high-quality touring work is critical to the vitality and future of UK touring theatre.

Since 2016, over 1.75 million people of all ages and backgrounds have experienced a Headlong production on stage, screen and online. Our productions regularly receive 4- and 5-star critical acclaim, rapturous audience feedback and major Olivier and UK Theatre awards. Previous shows include the Olivier Award-winning This House and Labour of Love , the five-starred hits Best of Enemies and People, Places & Things , national tours of Henry V , Junkyard and Jitney , and major digital theatre innovations Signal Fires and Unprecedented . We are industry leaders in promoting new writing, sustainability, equality, diversity and inclusion and are proud to be acknowledged as a key/ prescribed practitioner for A-Level Drama and Theatre studies.

Core Aims and Objectives

“We have worked with Headlong in a series of co-productions and collaborations since 2014. They are brilliant project partners; flexible, visionary and generous. I’d go so far as to say that they have become the indispensable company on the mid-scale touring circuit in recent years addressing a critical need for the highest quality work in venues across the UK.”

James Brining , Artistic Director/Joint CEO, Leeds Playhouse

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENTS AND PERFORMANCE

After a period of significant change, the company focussed on the recruitment of a number of key roles on a mix of fixed-term and permanent contracts to establish a more stable staff team. During the year we welcomed three new trustees to our Board: Anna Cornelius, Claire Heaney, and our new Chair, Kathy Bourne.

We also said goodbye to four of our dedicated trustees: Justin Audibert, Cas Donald, Nicky Jones, and after 13 years on the Board (three as Chair), Donna Munday.

Productions

A Play for the Living in a Time of Extinction

26 May 2023 – 30 September 2023

Our ground-breaking eco-tour of A Play for the Living in a Time of Extinction by Miranda Rose Hall faced the climate crisis head-on . This national tour was a co-production between Headlong and the Barbican, working in close partnership with and playing at the Belgrade Theatre, Coventry, Shakespeare North Playhouse, the New Vic Theatre, Theatre Royal Plymouth and York Theatre Royal.

Taking inspiration from an international project conceived by Katie Mitchell, Jérôme Bel and Théâtre VidyLausanne, we challenged ourselves to radically shift our touring model by disallowing the movement of any personnel across venues and keeping the movement of materials to a very bare minimum. Following the initial production, starring Lydia West, we staged the play at five regional venues with a local team of theatre makers. This included two graduates from our Origins Directors programme, Nyasha Gudo and Ellie Taylor.

“ This could - and should - become a blueprint for environmentally sustainable theatre .” Arifa Akbar, The Guardian

untitled fck mss sgon play**

24 June 2023 – 4 November 2023

Roy Alexander Weise (The Mountaintop) directed this “witty and thought-provoking” (The Telegraph – 4 stars) new play by American Kimber Lee in a co-production with the Royal Exchange, Factory International for Manchester International Festival and the Young Vic. Critical acclaim also included 4 stars from the Guardian and the Financial Times (“a blazingly satirical drama about the prejudice and casual stereotyping that so many British east Asian and south-east Asian actors have encountered.

A View from the Bridge

07 September 2023 – 11 November 2023 Holly Race Roughan directed a “thrilling and dynamic” (The Guardian, 4 stars) revival of Arthur Miller’s classic, A View from the Bridge . A co-production with Bolton Octagon, Chichester Festival Theatre and Rose Theatre Kingston. “Disturbing and gripping, it’s a view you can’t look away from” (What’s On Stage 4 stars).

“[Headlong] are a company who respond to the world around us with urgency and imagination whilst simultaneously nurturing artists of all experience so that they can creatively thrive. They are a truly vital artery in the body of UK theatre.”

Justin Audibert, Artistic Director, Chichester Festival Theatre

Audiences

By touring widely, we reduce geographic barriers to high-quality theatre, benefitting thousands of people every year by providing exceptional midscale theatre near where they live. In 2023-24, we reached 61,034 audience members in nine towns and cities across the UK, including in Bolton, Chichester, Coventry, Knowsley, London, Manchester, Plymouth, Stoke and York. 18,567 people across the UK saw Best of Enemies in cinemas on its first night screening.

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Audiences (continued)

Our digital reach saw notable growth over the past year. E-newsletter subscribers increased by 41%, reaching 20,066 by the end of 2023-24, up from 16,000 the previous year. Social media followings also rose slightly, totalling 58,951 across Instagram, X, and Facebook, compared to 58,000 in 2022/23. Instagram saw the most significant growth at 12%, reaching 5,869 followers, while X and Facebook remained stable with 43,514 and 9,568 followers, respectively, highlighting a strong digital presence across platforms.

Community

As a touring company, we work in partnership with like-minded local cultural providers and grassroots organisations to support local venues to become civic spaces for their local communities. We add value to key education providers and schools and nurture audiences for both Headlong and regional partners through co-creation. In 202324 we continued our work of embedding community activity into our artistic programme.

A Play for the Living in a Time of Extinction

This touring model created unique opportunities for us and our partner venues to make new relationships within their communities. Headlong’s in-house Communities Associate, Iskandar إسكندرR. Sharazuddin, collaborated with each venue’s Participation and Producing teams, to source cyclists for all performances, as well as local choirs. In London, this included the engagement of the Citizens of the World Choir which celebrates the artistry, heritage and humanity of people seeking sanctuary, and their allies. The impact on the choir members and cyclists in each touring venue cannot be overstated, especially as some of these members had absolutely no involvement with theatre prior to this engagement.

untitled fck mss sgon play**

During the untitled fck mss s**gon play run in London we curated the event Untitled - Rage & Joy – during ESA Heritage Month. Approximately 200 people attended the event.

A View from the Bridge

At Octagon Theatre Bolton - a theatre of sanctuary - we delivered a weekly dance project for local women with refugee status. This culminated in a pre-show performance on stage. There was a strong retention rate for participants, who had not performed in public before.

Headlong also undertook research and development of a new initiative focused on young people and supported by the Buffini Chao Foundation. Young people from around the country worked in a hybrid manner beginning in a digital space and coming together in person with artist-facilitator Paula Varjack. The intention was to explore methods of collaborative practice through multiple digital and social media platforms leading to beta-testing new performance ideas that could exist in both digital and live contexts.

This was the second phase in a pilot programme of testing new ideas of working digitally to help Headlong develop a national Digital Young Company. During this residency programme artists and makers developed their creative practice through a series of seed projects which they were then able to present in a closed sharing. In addition to guest facilitators Tristan Alabanza & Ryan Lanji, the participants were led through a series of tasks in an exciting R&D process which was about generating content quickly and in an off-the-cuff way. Through meeting digitally first and then coming together in person creative collaborations were supercharged. Artists who had never met before were suddenly developing performance scores of new work, playing with multiple platforms to tell one story, and exploring liveness in audio-visual and text based mediums. We aim to develop this project further in 2024.

Artist Development

In 2023-24, we continued to play a major role in future-proofing our industry by developing artists, especially those living and working outside London. The networks we have built over many years of touring allow us to reach the brightest local artists and offer them unparalleled access to professional opportunities on a national scale.

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Origins

Our respected year-long Headlong Origins programme, funded by Backstage Trust, continued in 2023-24 for the fourth time. It has supported another five early-career directors based outside of London, to develop the skills, experience, relationships and ideas to realise their artistic ambitions and move forward in their careers.

"Being recruited for the Headlong programme was a game changer for me. Their belief in supporting regional directors cannot be underestimated for the good it does, not only for the individual, but for the creative industry as a whole as it introduces and champions non-London centric creatives.” Lexie Ward, Origins 4 participant

Headlong Commissions

As of March 2024 Headlong had 12 plays under commission from 13 writers reflecting a diverse range of both established and emerging voices: The works under commission represent a balance of Headlong’s commitment to classics of tomorrow with something to say, and adaptations that allow us to see the canon anew. Three of our commissions are radical reimaginings of existing works with major ‘Headlong’ interventions ( The Ballad of Mulan, Heart of Darkness, The Cherry Orchard). Of the new plays, two speak directly to the climate emergency.

Writer in Residence

Rhashan Stone became our third writer in residence. The role has evolved to see Stone fully embedded as a key voice in the artistic team as part of ideas generation and incubation, as well as supporting the recruitment and ongoing mentoring of our Origins directors.

Justice: Equality, Diversity & Inclusion

In 2023-24, we continued to hold regular internal Justice meetings for all staff, to which Board members were frequently invited, and discussed progress against our goals at every Board meeting. We also used a Justice checklist to ensure our targets were embedded into our producing processes and debriefed after every production to assess how we had performed to our goals. All four Justice Plans are now published on our website.

We continue to monitor and ensure gender balance and full representation across all our work and among our staff and Board. Our Board at 31 March 2024 was 77% female or non-binary, 23% male and 23% Global Majority. The Board, Finance and General Purposes and Nominations Committees are all chaired by women. Our diverse, female-led workforce was 40% Global Majority and we continued to use the Weston Jerwood Creative Bursaries Toolkit to ensure our recruitment processes were as inclusive as possible.

Since 2019, Headlong has achieved gender parity across all commissions, with at least one in four new works also written by an artist from the Global Majority. We maintained this industry-leading standard in 2023-24. Of the freelancers we worked with, 60% were female or non-binary, including directors, actors, stage managers, designers and writers, and 37% Global Majority. We also worked with 16 individuals who identified as disabled and/or neurodiverse.

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

Financial Sustainability

As a proud National Portfolio Organisation, we are reliant on public funding to survive, and we work very hard to ensure every production achieves maximum impact and public benefit. In 2022-23 we made a successful application for renewed funding that addressed the strategic priorities of Arts Council England’s 10-year strategy, Let’s Create . As a result of this, we were invited to enter their Transfer Programme, a parallel investment programme developed following the Arts Council’s comprehensive spending review in 2021. This achievement will safeguard the core public funding that is vital to our existence and confirm our identity as a truly national touring company, helping us to contribute even more to strengthening arts and investment opportunities outside London. Following feasibility research throughout 2023 and early 2024 we made the decision to establish a new base in Oxford as part of a new operational model that will see us enter into Associate Partnerships with venues in Oxford, Bolton and Leeds during 2024-25.

In 2023-24, we ended the year with a planned surplus of £67,017 and carried forward reserves of £612,704 (202223: £545,687), £19,337 of which were restricted (2022-23: £0). Arts Council England NPO funding of £692,302 (2022: £692,302) was received, comprising 45% of our total income (2022-23: 60%). This vital core funding supported all artistic and community activity and talent development. We also received a Feasibility Grant from the Arts Council to support the planning and strategy for our transfer out of London. Our remaining funding comprised 38% from production income, 11% was raised from fundraising from Trusts, Foundations and Individual Donors, and the remainder came from Theatre Tax Relief and investment interest.

Our Finance Director continued to oversee, re-evaluate and refine the established systems we have in place, which provide checks and balances and an appropriate audit trail, while maintaining a high level of accuracy and efficiency. All bank transactions were subject to a two-person authorisation system and all budgets were supervised by individual internal budget-holders, with expenditure signed off by a second authoriser before being paid. At Board level, on a quarterly basis all financial papers were first checked by and discussed with the Financial and General Purposes Committee, before they were reported to the full Board.

Reserves Policy

The trustees aim to maintain unrestricted reserves at a level that ensures sufficient reserves are available at any time to complete committed projects and administrative costs. Our minimum reserves level, is at least 3 months of operating costs (i.e. our designated Contingency Fund) the minimum reserves required to complete committed projects and administrative costs. The Trustees have deemed this an appropriate level.

The carried forward reserves as at 31st March 2024 are £612,704 (2022-23: £545,687). £19,633 of these are restricted (2022-23: £0). This is all in line with our reserves policy.

Included in the unrestricted reserves figure for 2023-24, there is planned investment of £202,445 to support post pandemic recovery and to support artistic innovation in 24/25 and beyond, as well as further £107,887 for committed future costs. There are no undesignated funds, and Headlong continues to balance innovation with rigorous financial management.

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Reserves Policy (continued)

In 2023-24 the Finance Director proposed an updated reserves structure to the Financial and General Purposes Committee, to better reflect the current landscape, and our goals for the company, these changes are described below, and most will be implemented from 2024-25 onwards. The changes for 2023-24 are the addition of 3 additional designated funds as below.

Headlong now has six unrestricted designated funds, as follows:

The Board has considered and discussed the company’s financial future, including the ongoing legacy of COVID19, and considers Headlong Theatre Limited a going concern.

Risk Management

The trustees have conducted a review of Headlong’s activities and the major risks to which it is exposed. An established risk register is updated annually, and systems and procedures have been established to monitor and mitigate any risks identified in the register.

The report below includes the risks that the trustees deemed to be most significant to the company during 2023-24.

The main risks identified were:

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Fundraising

In 2023-24, we continued to nurture long-term relationships with individuals and trusts who understand and support our values and wish to support our work. Following the recruitment of a Development Director, a new strategy was put into place to plan for a substantial increase of income in 24-25, while ensuring we remained on track to meet the 23-24 target.

Although a challenging year for fundraising, we were successful in raising a total of £166,587 (an increase from 22/ 23; £119,852). This included an 80% increase in Individual Giving renewal income which is testament to long term supporters’ belief in our programming and strategy.

In addition to vital core funding from Arts Council England, we received five small trust grants as well as the fourth annual grant from Backstage Trust in support of our Headlong Origins talent development programme.

As part of our commitment to good practice, we ensure that our fundraising activity is subject to statutory regulations and GDPR. We received no complaints during the year in relation to our fundraising activity.

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

In February 2024 we announced our 2024-25 season, a dynamic programme of innovative new writing and reimagined classics that will celebrate the company’s 50th anniversary and bring award-winning artists and bold new voices to audiences across the country:

The House Party

Headlong in a co-production with Chichester Festival Theatre (CFT) will present The House Party by writer Laura Lomas - a reimagining of August Strindberg’s Miss Julie for today’s generation. Produced in association with Frantic Assembly, The House Party will be directed by Headlong Artistic Director Holly Race Roughan playing from 3 May - 1 June 2024 at CFT’s Minerva Theatre.

A Raisin in the Sun

Continuing Headlong’s commitment to distributing high quality drama nationally, a fresh new staging of A Raisin in the Sun by director Tinuke Craig ( Jitney ) will play in nationwide venues from 13 September 2024 in a Headlong, Leeds Playhouse, Lyric Hammersmith Theatre and Nottingham Playhouse production, also visiting Associate Partners Oxford Playhouse. Ground-breaking, pioneering and challenging, Lorraine Hansberry's A Raisin in the Sun broke barriers as the first play by a Black woman on Broadway.

The New Real

Artistic Director Holly Race Roughan will direct the Royal Shakespeare Company’s world premiere of acclaimed playwright David Edgar’s ( Nicholas Nickleby , Pentecost ) major new political play The New Real produced in association with Headlong at the RSC’s The Other Place playing in October and November 2024. In a year of epoch-changing elections, David Edgar’s The New Real is an epic, panoramic play about how the political fault-line was redrawn. An origin story. For right now.

Alongside our work on stage, we will continue our community and artist development activity. We plan to work with community organisations and schools local to performances while we are on tour. We will welcome our fifth cohort of Headlong Origins early-career directors and continue commissioning and developing distinctive new writing from some of the UK’s most exciting voices. We will be developing plans to deliver a new national Digital Young Company for young people aged 18-21 to learn new skills to support their creative work on digital platforms as well as develop soft skills for this generation who were heavily impacted by Covid-19 and associated lockdowns.

In 2024-25, we will join the trialer’s group for the second iteration of the Theatre Green Book in order to support our environmental goals. We will also progress our Justice work, with a focus on reviewing our Justice plans for Race and Disability.

Organisationally, we will plan for our transfer out of London by 31st October 2024, a move which will coincide with our 50[th ] anniversary year and represent an exciting and significant step forward as we continue our work supporting artists, audiences and venues across the nation.

HEADLONG THEATRE LIMITED

REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

Headlong Theatre Limited is a company limited by guarantee registered in England and Wales (number 1171757) and a charity registered with the Charity Commission in England and Wales (number 267965). Its governing document is its Memorandum and Articles of Association.

During 2023-24 the company was based in London and had a permanent staff of six, led by an active and engaged volunteer Board of directors.

Directors are recruited via an open and inclusive process led by the Board’s Nomination Committee. Individuals are formally appointed by majority vote after being proposed by another member of the Board at a Board meeting. On appointment, new trustees are given a Board induction pack which provides information on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, decision-making processes, Headlong’s financial position and the business plan. Trustees are also supplied with a copy of the company’s Memorandum and Articles of Association. All trustees are offered training appropriate to their roles on the Board.

The Board meets quarterly to receive artistic, organisational and Justice reports from senior leadership and review management accounts and annual budgets. A Finance and General Purposes Committee, made up of six trustees, also meets quarterly prior to each Board meeting to scrutinise the management accounts and cash flow, manage the organisational risk register and review day-to-day management. Trustees devolve responsibility for the running of the charity to the key management personnel and joint Chief Executives.

Headlong is committed to employing staff who are amongst the best and most ambitious employees in the sector. As such, we set our rates of pay competitively with other subsidised theatre buildings and touring companies. The remuneration of each of our key management personnel is agreed by the Finance and General Purposes Committee of the Board and is determined by the seniority, experience and skills of the staff member.

The Trustees, who are also the directors for the purpose of company law, who served during the year and up to the date of signature of the financial statements were:

J Audibert (Resigned 5 December 2023) A Cornelius (Appointed 14 June 2023) K Dickens (Appointed 13 June 2023)

P Dillon C P Donald (Resigned 5 December 2023) S Ellis L Harvey J Head C Heaney (Appointed 14 June 2023) J Hurt P Isaac N Jones (Resigned 14 June 2023) L Lambley D Munday (Resigned 14 June 2023) M Phillips (Resigned 1 September 2024) T Racklin (Resigned 1 September 2024) L Wan

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HEADLONG THEATRE LIMITED

STATEMENT OF REPORT OF THE TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The trustees (who are also the directors of Headlong Theatre Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland.”

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

In so far as the trustees are aware:

HEADLONG THEATRE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADLONG THEATRE LIMITED

Opinion

We have audited the financial statements of Headlong Theatre Limited (the “Charitable Company” ) for the year ended 31 March 2024 which comprise and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HEADLONG THEATRE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HEADLONG THEATRE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Report of the Trustees report.

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

Responsibilities of Trustees

As explained more fully in the statement of Report of the Trustees responsibilities, the Trustees, who are also the directors of the Charitable Company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HEADLONG THEATRE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HEADLONG THEATRE LIMITED

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

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

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

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

John Howard (Senior Statutory Auditor) for and on behalf of Azets Audit Services

12 December 2024

Chartered Accountants Statutory Auditor

2nd Floor Regis House 45 King William Street London EC4R 9AN

HEADLONG THEATRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and
legacies
3
735,749
154,640
Charitable activities
4
648,451
-
Investments
5
3,669
-
Total income
1,387,869
154,640
Expenditure on:
Charitable activities
6
1,340,189
135,303
Net income/(expenditure)
for the year/
Net movement in funds
47,680
19,337
Fund balances at 1 April
2023
545,687
-
Fund balances at 31
March 2024
593,367
19,337		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
890,389
732,154
80,000
648,451
337,303
-
3,669
1,814
-
1,542,509
1,071,271
80,000
1,475,492
1,076,431
222,549
67,017
(5,160)
(142,549)
545,687
550,847
142,549
612,704
545,687
-		 Total
2023
£
812,154
337,303
1,814
1,151,271
1,298,980
(147,709)
693,396
545,687

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

All income and expenditure derive from continuing activities.

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

HEADLONG THEATRE LIMITED BALANCE SHEET AS A T 31 MARCH 2024 2024 2023 Not•• Fixed assets Tan9iblg assets Inv¢$lrnents 10 11 4.144 3,236 4.145 3,237 Curr•nt a880t• Debtors Cash at hank and In hand 12 631,545 412,024 500,095 405,811 1,043.569 905.908 Credltor8: amounts lalllng du? wlthln onft year 1435,D101 1363.456} Nat current As$ets 608.559 542.450 Total a$s•ts l•¥• current Ilabllltlgs 12.704 54S,867 Income funds Resldctod fijnds Unreslri¢led funds 14 19,337 593.367 545,687 612,704 545,687 cl818tslements were approved by the Trusle8s on 3 Decomber 20Z4 Company reglstratlon number 01171757 17-

HEADLONG THEATRE LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
19
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(3,027)
3,669		 £
5,571
642
-
6,213
405,811
412,024		 2023
£
£
(282,929)
(1,040)
1,814
774
-
(282,155)
687,966
405,811

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Headlong Theatre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 11-12 Beaumont St, Oxford Playhouse, Oxford, OX1 2LW.

1.1 Accounting convention

These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; the Companies Act 2006; the Charities Act 2011 (as amended by provisions of the Charities Act 2022); and the requirements of the Statement of Recognised Practice, Accounting and Reporting by Charities (effective 1 January 2015). The financial statements have been prepared under the historical cost convention.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future. The trustees continue to take all available steps to maintain sufficient resources in order for the Theatre can continue and, based on projections and available information, have a reasonable expectation that the theatre will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore had prepared the financial statements on a going concern basis.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; the Companies Act 2006; and the requirements of the Statement of Recognised Practice, Accounting and Reporting by Charities (effective 1 January 2015). The financial statements have been prepared under the historical cost convention.

Cash donations are recognised on receipt. Other donations are recognised once the Charitable Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Donations and legacies including core grants, sponsorship and gifts are included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Cost of raising funds are those costs incurred in attracting voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the staging of its projects and performances. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.

Allocation and apportionment of costs governance costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs, administrative office function costs, depreciation, HR and recruitment, and premises costs. They are incurred directly in support of expenditure on the objects of the charitable company.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination fees. fees.

Support and Governance costs have been 100% allocated to the charitable activity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment Over 4 years Fixtures and fittings Over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the Charitable Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

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

Financial instruments are recognised in the entities balance sheet when the Charitable Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charitable Company’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charitable Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Legal Status

The charitable company is a company limited by guarantee. The Memorandum of Association restricts the liability of members on winding up to £1 unless their liability becomes unlimited through contravention of the Memorandum. In the case of winding up none of the accumulated funds are distributed to the members but shall be given or transferred to some other charitable institution having similar objectives.

1.14 Public Benefit

The charitable company meets the definition of a public benefit entity under FRS 102.

1.15 Fund accounting

Restricted funds - these are funds that can only be used for specific restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds - these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

2 Critical accounting estimates and judgements

In the application of the charities accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2024
2024
£
£
Trust funding and
donations
43,447
123,140
Grants - Art Council
England
692,302
31,500
735,749
154,640		 Total
Unrestricted
Restricted
funds
funds
general
2024
2023
2023
£
£
£
166,587
39,852
80,000
723,802
692,302
-
890,389
732,154
80,000		 Total
2023
£
119,852
692,302
812,154

4 Charitable activities

Operation of
Operation of
touring
touring
theatre theatre
2024 2023
£ £
Ancillary trading income 562,460 308,403
Other income 71,991 18,092
Royalty income 14,000 10,808
648,451 337,303

5 Investments

**Unrestricted ** Unrestricted
funds funds
general general
2024 2023
£ £
Interest receivable 3,669 1,814

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6 Charitable activities

Operation of
Operation of
Touring
Touring
Theatre
Theatre
2024 2023
£ £
Operation of Touring Theatre 862,681 807,773
Share of support costs (see note 7) 586,957 477,236
Share of governance costs (see note 7) 25,854 13,971
1,475,492 1,298,980
Analysis by fund
Unrestricted funds - general 1,340,189 1,076,431
Restricted funds 135,303 222,549
1,475,492 1,298,980

All costs are allocated between the expenditure categories noted above on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, for example, time spent, per capita or floor area.

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Support costs


Staff costs
Depreciation
Marketing costs
Hospitality and
memberships
Raising funds
Office expenses
Transfer programme
Insurance and health and
safety
Audit fees and other
services
Legal and professional
Board Expenses
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
447,075
-
2,119
-
12,140
-
6,828
-
12,995
-
85,449
-
14,663
-
5,687
-
-
18,109
-
7,450
-
295
586,957
25,854
586,957
25,854		 2024Support costs Governance
costs
£
£
£
447,075
409,183
-
2,119
1,557
-
12,140
8,625
-
6,828
7,367
-
12,995
13,856
-
85,449
24,250
-
14,663
-
-
-
12,397
-
18,109
-
9,746
7,450
-
4,147
295
-
78
612,811
477,236
13,971
612,811
477,236
13,971		 2023
£
409,183
1,557
8,625
7,367
13,856
24,250
-
12,397
9,746
4,147
78
491,207
491,207

Governance costs includes payments to the auditors of £8,520 (2023: £8,200) for audit fees.

8 Trustees Renumeration

None of the Trustees received any remuneration or benefits during the year (2023: none).

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries		 2024
Number
8
2024
£
447,075		 2023
Number
8
2023
£
409,183

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Employees (Continued)

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
£60,000 - £69,999 2 2

The key management of the charity comprise the trustees, the Artistic Director and the Executive Director. The total employee benefits of the key management personnel of the charity were £128,036 (2023: £148,548).

10 Tangible fixed assets

Plant and
equipment
Fixtures and
fittings
£
£
Cost
At 1 April 2023
58,933
2,101
Additions
2,448
579
At 31 March 2024
61,381
2,680
Depreciation and impairment
At 1 April 2023
57,197
601
Depreciation charged in the year
1,497
622
At 31 March 2024
58,694
1,223
Carrying amount
At 31 March 2024
2,687
1,457
At 31 March 2023
1,736
1,500		 Total
£
61,034
3,027
64,061
57,798
2,119
59,917
4,144
3,236

11 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024 1
Carrying amount
At 31 March 2024 1
At 31 March 2023 1

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
543,867
12,000
75,678
631,545
2024
£
67,105
237,575
5,495
124,835
435,010		 2023
£
316,934
33,191
149,970
500,095
2023
£
13,361
178,614
33,775
137,706
363,456

13 Creditors: amounts falling due within one year

Deferred Income represents production income deferred when the production income deferred when the production is scheduled to occur in the following financial year:

Balance b/fwd
Income Released in the year
Income Deferred In year
Balance c/fwd at 31 March 2024		 2024
£
-
-
-
-		 2023
£
23,725
(23,725)
-
-

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at 1 Incoming Resources Balance at Incoming Resources Balance at
April 2022 resources expended 1 April 2023 resources expended 31 March 2024
£ £ £ £ £ £ £
ACE Feasibility - - - - 31,500 (22,163) 9,337
Backstage Trust_Headlong Origins 126,887 80,000 (206,887) - 80,000 (80,000) -
Buffini Chau_Digital Young Company - - - - 10,140 (10,140) -
Buffini Chau_Headlong Futures 1,952 - (1,952) - - - -
Cockayne Grants for the Arts_Gilgamesh - - - - 20,000 (10,000) 10,000
Garrick Charitable Trust_Writers' Programmes - - - - 3,000 (3,000) -
John Ellerman Foundation_Writers' Programmes 13,710 - (13,710) - - - -
Noel Coward Foundation_Writers' Programmes - - - - 5,000 (5,000) -
Old Possum's Practical Trust_Writers' Programmes - - - - 5,000 (5,000) -
142,549 80,000 (222,549) - 154,640 (135,303) 19,337

Restricted funds of £19,337 carries forward to 2024/25, comprising £10,000 from Cockayne Grants for the Arts, and £9,337 from Arts Council England's Feasibility Grant.

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2022
£
Depreciation and Maintenance Contingency
41,125
Contingency
261,246
Touring & Freelancer Support
248,476
Website & IT Infrastructure
-
Statutory Staff Training
-
Commissioning Commitments
-
550,847		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 April 2023
£
£
£
-
-
41,126
-
-
261,246
1,071,271
(1,076,431)
243,315
-
-
-
-
-
-
-
-
-
1,071,271
(1,076,431)
545,687		 Movement in funds
Incoming
resources
Resources
expended
Transfers
31
£
£
£
-
-
-
-
-
-
1,542,509
(1,475,492)
(107,887)
-
-
27,670
-
-
5,070
-
-
75,147
1,542,509
(1,475,492)
-		 Balance at
March 2024
£
41,126
261,246
202,445
27,670
5,070
75,147
612,704

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Designated funds

----- Start of picture text -----
(Continued)
----- End of picture text -----

Please note that a review of these funds has been conducted by the Board of Trustees, and some extra funds have been designated in 2023/24 to cover investment in IT, new statutory one-off training requirements, and our exisiting commissioning fee committments.

1) Depreciation and Maintenance Fund. The balance of this fund is intended to be no less than £30,000, and which is designated and set at a level sufficient to finance the future depreciation costs, as forecast, of currently held theatre and office equipment and to cover maintenance of a cyclical nature to the company's premises and equipment, repair costs which exceed ongoing budgetary allocations for this purpose, and improvements to the company's facilities. The Directors believe that a fund totalling £30,000 will be adequate for this purpose and intend to replenish it as funds are drawn down.

2) Contingency Fund. The balance of this fund is intended to be no less than £246,000. The purpose of this fund is to: · increase the Company's cashflow and enable it to be a prompt payer · free the Company from reliance on bank overdraft or other debt financing for its working capital · enable the Company to survive the insolvency of one or more of its principal debtors · protect the Company from the effects of significant, unforeseeable one-off shortfalls in anticipated income · cushion the financial consequences of unforeseeable major incidents or adverse conditions affecting the Company, its touring or its premises allow the Company to assume greater commercial risk in undertaking more diverse, challenging and innovative work.

3) Touring and Freelancer Support. Fund set up in 2021 to mitigate the impact of COVID-19 on the cash flow of regional venues and on freelancers, we allocated the balance of our undesignated unrestricted reserves to a designated Touring & Freelancer Support Fund. We expect this fund to naturally be wound down by March 2025, as we strat to invest these funds into innovation and outreach projects, as authorised by our Trustees.

HEADLONG THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Fund balances at 31
March 2024 are
represented by:
Tangible assets
4,144
-
Investments
1
-
Current assets/(liabilities)
589,222
19,337
593,367
19,337		 Total Unrestricted
funds
Restricted
funds
2024
2023
2023
£
£
£
4,144
3,236
-
1
1
-
608,559
542,450
-
612,704
545,687
-		 Total
2023
£
3,236
1
542,450
545,687

17 Operating lease commitments

At the reporting end date the Charitable Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
18,467
-
18,467		 2023
£
39,726
9,888
49,614

18 Related party transactions

There were no disclosable related party transactions during the year (2023: none).

19 Cash generated from operations
Cash generated from operations 2024 2023
£ £
Surplus/(deficit) for the year 67,017 (147,709)
Adjustments for:
Investment income recognised in statement of financial activities (3,669) (1,814)
Amortisation and impairment of intangible assets 2,119 1,557
Movements in working capital:
(Increase) in debtors (131,450) (383,312)
Increase in creditors 71,554 248,349
Cash generated from/(absorbed by) operations 5,571 (282,929)