NVT Chair Report – AGM 2023
We seem to be returning to a more normalised pattern of productions and attendance now. Last season saw a near capacity audience overall, with good feedback to a wide range of productions. Audition numbers are also improving, providing a greater casting of options and bringing new and past members to the theatre. Our membership numbers are holding up well too. All is looking very positive and we are looking forward to a good 2023-24 season - our 76[th ] - which has started with two well received productions and near capacity audience.
Our main area of concern is the significant number of roles that are remaining unfilled. Some of these are crucial and they are only being covered by trustees and other role holders doubling up and taking on an additional workload. A situation that is not ideal or sustainable in the longer term. Please consider how you could assist.
Last season started with a Short Play Festival – four short plays by new directors (new to the NVT anyway). A successful start to the season. This was followed by six plays of widely differing styles and contexts – The York Realist, It’s A Wonderful Life, Farragut North, Not Talking, Beginning and Pyrenees. Our Brighton Fringe production – Suddenly Last Summer – followed in May. This was sold out so quickly, an additional matinee was added on the last Saturday. The season concluded with our June and July productions – The Goat, or Who is Sylvia and NSFW. Both very well attended.
The overall feedback for our productions continues to be very positive and it is down to the efforts made by the directors, casts, production teams, box office, bar and all other supporting members who volunteer and make these productions a success.
NEW VENTURE PRODUCTIONS New Venture Theatre Bedford Place Brighton BN1 2PT
Financial Statements For the year ended 31 August 2023
Charity Registration Number: 268607
INDEX
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Income & Expenditure Account year ending 31 August 2023
-
Statement of Assets & liabilities including Reserves Policy 31 August 2023
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Financial review and commentary year ending 31 August 2023
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Independent Examiners Report 31 August 2023
New Venture Productions Financial Statements for the year ended 31 August 2023
Page 1 of 8
Income & Expenditure Account year ending 31 August 2023
| INCOME Ticket sales Bar and Programme sales Membership subscriptions Donations NVYT and Acting classes Other Income Total Income EXPENDITURE Building running costs and maintenance Office and General Adninistration Expenses Development and improvements NVYT and Acting class teaching costs Subscriptions and Insurance Production and Associated costs Bar Stock Total Expenditure Net Surplus / Deficit Refurbishment costs Year 1 Renew at New Venture funded from dedicated reserves Reconciliation of Funds Total Funds b/fwd 1 September Net change in year Total Funds c/fwd 31 August |
2023 £ 55,644 30,607 3,760 1,279 2,067 3,007 |
2023 £ 55,644 30,607 3,760 1,279 2,067 3,007 |
2022 £ 44,726 26,294 3,250 4,199 1,444 1,018 |
|---|---|---|---|
| £96,364 | £80,931 | ||
| 34,593 2,665 6,694 2,840 8,807 19,788 15,529 |
18,213 3,104 2,206 2,330 7,770 20,000 14,164 |
||
| £90,916 | £67,787 | ||
| 5,448 -11,495 |
13,144 -600 |
||
| -6,047 | 12,545 | ||
| 101,453 -6,047 |
88,909 12,545 |
||
| £95,406 | £101,453 |
New Venture Productions Financial Statements for the year ended 31 August 2023
Page 2 of 8
Assets & Liabilities including Reserves Policy at 31 August 2023
| FIXED ASSETS New Venture Theatre, Brighton Grade 2 Listed Building - insurance value CURRENT ASSETS Bank Current Account General Deposit Account Fixed Term Deposit Renewal at New Venture Deposit Donations Renewal at New Venture Deposit NVT reserve PayPal Account Total Other Prepaid Performance Rights Cash Float TOTAL CURRENT ASSETS Less CURRENT LIABILITIES NET CURRENT ASSETS Liquid Reserves Iliquid Reserves - Grade 2 Listed Building |
2023 £ |
2023 £ |
2022 £ |
|---|---|---|---|
| £1,529,988 | £1,356,994 | ||
| 22,010 40,218 30,372 0 2,296 510 __ 95,406 6,976 580 ______ 102,962 NIL |
22,346 65,010 0 3,736 10,000 361 __ 101,453 7,234 580 ______ 109,267 NIL |
||
| £102,962 | £109,267 | ||
| 102,962 1,529,988 |
109,267 1,356,994 |
||
| £1,632,950 | £1,466,261 |
RESERVES STATEMENT
The trustees aim to maintain general deposit account balances at a reasonable level, £60,000 to £80,000, as a reserve for ongoing building and theatre repairs and upgrades.
NOTE
New Venture Productions accounts on a cash basis recording revenue when money is received and expenses when money is paid out. Therefore, no adjustments have been made to account for when revenue is earned and expenses are incurred.
New Venture Productions Financial Statements for the year ended 31 August 2023
Page 3 of 8
Financial review and commentary year ending 31 August 2023
Overview
From a financial perspective the year to 31 August 2023 proved to be a successful year for NVT. Healthy ticket and bar sales meant that NVT was able to cover the material increases in electricity and gas prices and fund significant maintenance and upgrades to the theatre building and equipment during the year and still achieve an excess of income over expenditure of £5,448.
The work on replacing the South Wall windows is well underway with £11,495 spent in the year from the two reserve accounts to cover this work.
Income
Income for the year to 31 August 2023 totalled £96,364 (2022: £80,932).
Ticket sales
The value of gross ticket sales increased by 24% over the previous year and NVT achieved an average audience capacity across the ten productions in year end 31 August 2023 of 92.80% with seven of the productions achieving 95% capacity or more. The May 2023 Brighton Fringe production, “Suddenly Last Summer” added an extra matinee performance to satisfy audience demand.
Bar and Programme sales
The bar and programme sales, £30,607, remain encouraging. Bar prices were increased reflecting higher charges from our suppliers at the beginning of the season and for some products later in the year too. These price increases did not impact overall bar sales.
Membership subscriptions
Membership renewals and new subscriptions totalled £3,760, ahead of the previous financial year but still some way below internal expectations for the year ending 31 August 2023.
Donations
Donations. £1,279, including Gift Aid claimed, were predominantly received as an add on to ticket purchases on Ticketsource.
NVYT and Acting classes
The Acting Class has been well attended throughout the year with external teacher fees funded by the class fees received.
The Youth Theatre was closed In March 2023 as there were insufficient students to make it viable.
New Venture Productions Financial Statements for the year ended 31 August 2023
Page 4 of 8
Other Income
| Other Income | ||
|---|---|---|
| Analysis | 2023 | 2022 |
| £ | £ | |
| SundryFees received for ad hoc theatre hire | 870 | 140 |
| Net Proceeds 75thGala EveningFund Raising | 1,204 | 0 |
| Commercial 2-year sponsorship | 0 | 750 |
| Interest received | 635 | 9 |
| Sundryincome | 298 | 119 |
| Total | £3,007 | £1,018 |
Expenditure
Day to day expenditure for the year to 31 August 2023 totalled £90,916 (2022: £67,787).
Building running costs and maintenance
Building running costs and maintenance totalled £34,593 (2022: £18, 213) a 90 % increase on the previous year. This is due to extensive repair and replacement of NVT equipment and higher costs due to inflation in the UK adding at least 10 to 15%. In some cases, the increase in price was more significant, for example Gas and Electricity. Steps were taken to contain this by the replacement of the theatre, rather than stage, lighting with LEDs during the year.
Office and General Administration Expenses
NVT published online theatre updates in the year and continued, where possible, with in house printing of programmes and flyers.
Development and improvements
During the year to 31 August 2023 work continued upgrading the theatre’s sound systems and more generally information technology. NVT’s WiFi platform was enhanced, and a new third party provider has taken over from the previous supplier. The other main development cost was the installation of LED lighting in all theatre areas.
NVYT and Acting class teaching costs
See the comments at Income above.
Subscriptions and Insurance
The overall year on year rise in the charge for subscriptions and insurance is primarily due to the increase in the cost of both NVT’s general commercial insurance policy and the trustee insurance policy.
Production and Associated costs
New Venture Productions Financial Statements for the year ended 31 August 2023
Page 5 of 8
Production and Associated costs (printing, rights and licences, workshop costs, Brighton Fringe registration, etc.) are, now more in line with pre lockdown costs reflecting the increased activity and good capacity in respect of the ten productions staged in the year to 31 August 2023.
Bar Stock
NVT instituted careful monitoring of stock selling prices and bar margins, against a background of constant supplier price increases, to ensure that margins were maintained. This meant that Bar prices increased several times during the year and still remained competitive.
Refurbishment costs - South Wall Window Replacement
| Refurbishment costs - South Wall Window Replacement | |
|---|---|
| Description | £ |
| Work undertaken in the year ending 31 August 2023: Rebuilding, refitting, and painting 1 of 3 windows. Commencement of off-site joinery for remaining 2 windows. Total |
5,820 5,675 £11,495 |
| Funded by: Fund raising and donations Renew at New Venture (disbanded August 2022) Contribution from NVT ring fenced in a dedicated deposit account. Interest received year to 31 August 2023 on dedicated deposit accounts. Costs incurred year to 31 August 2022. Reserved funds remainingon 31 August 2023 |
3,736 10,000 55 (11,495) £2,296 |
| Anticipated work to completion: Total reserved funds remaining to complete Refurbishment of South Wall Windows in year to 31 August 2024. Anticipated costs to completion. To be funded byNVT inyear to 31 August 2024 |
2,296 (6,196) £3,900 |
The trustees took the decision to retire the five-year initiative on 31 August 2022. All donations received since that date are accepted to support the theatre’s objectives more generally rather than to support specific projects.
New Venture Productions Financial Statements for the year ended 31 August 2023
Page 6 of 8
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