## **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 - Income & Expenditure Account year ending 31 August 2023 - Statement of Assets & liabilities including Reserves Policy 31 August 2023 - Financial review and commentary year ending 31 August 2023 - 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** CHARITY (OMMISSION FOR ENGIAND AND WALES Indopendont examlnorfs rnport on the accounts Section A Independent Examiner s Report On accouth forthg ￿•r •ndéd Olwl S•1 4JUton p•g•• I rewrtto the Injts LX) myexw)InaUw ¢Sthe acL¥JJnts afth8 8b ¢hanty{Ih8 Tn*fifrJr tsyear ¢ndo(13 1 gg ZL¥is R•JpM•lbNU•• A8 Ihe chartytru&ees. rn8por¢lt40 tf the cllhg bul• of r•p¢wl Acthunts In #ctordart8vth theCh#th￿ Art X111 llheA¢ri. I report In r8sF*ca of myèx8mlnalk)n dthe Tru￿.5 8ccwts cwded out under$et*w 145 ofthB 2011 Ad li ¢4rylNJ Out my•l•ThnwU￿. I hav• Ic•x•d a11tho arv1l¢4b￿ Dir*YAtir* Ch•rity ConThffjs 1445Xbl oflhè Ad. Ind•p8ndènl examlnerfs stat•m•nt u tho 8yAmlnathJn gN•8 m8 cauu to thatth, 8ny Th*ri aft￿A￿.. c¢ the Kcounts did not accord Ihe xc¥wrtlrvJ re¢wd$: the ￿c￿nts dld not ccmpty*41h rfJtknbl• ¢)yum¥othe fomi and content ofacojjnts set wt in the Chawkn88 l*&xJJnts Re[K￿l R•gulotiorts 2rJ]8 cthor than any rwj1rem￿I tsWJuntsO￿e 8 INe arn1 a mallur k1ered as part olan ￿lepend￿l¢X8m1Th0Ikn with I￿ ewninth toth attenlon sh)ukY be drw•Tr in Ihls wM)rt Sn c(d8rtO 8Trab￿ a proF4r understandlng dthe ￿)￿nts1o t¢ rethd. Slgned: N•m•: qU￿1fte*ll0Irf*IQr bothy Vf any): IER Octob•r 201• NÈW VÉnturÈ Produttions Financial StatÉmÈnts forthÈ yÈar Ènded 31 August 2023 Pa8È 7 of Addr•M: &A Section 8 Dis¢1¢>5urg Onty rf tha ex&Thi￿r rwds to hiyhwt maltws of corw Is•9 CC32, lftdeFeTrJ8nt exam1n8￿fy) oftharity M)unts.. ar¥J gLId0￿ knr gxamlner81. Gav• her• dwsof •ry It•m• thatlh• •x•mln8r I￿)￿l-￿£ THAI l I IER Octobpr2018 NÈW VÉnturÈ Produttions Financial StatÉmÈnts forthÈ yÈar Ènded 31 August 2023 Pa8È 8 of CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner s Report Report to the tr￿le￿ ': m8mb•r8 of On accounts for th? y•ar endèd Chvlty no (rf any) out on pagos I report to the trustees on my d￿MInatif￿ or the aco)unts of th8 abovo dwity (tr TTh￿) year etKknI3 1 18 Resptsn8lbElltlé# and As charity trus* are responsitde for the preparation of the bag19 ol rnport a¢¢wnts in ac¢¢xd￿ the Charflles Act 2011 rts Acr). I re￿t Ai res￿1 (A my eXamInatK￿ of th8 TnJsYs ac¢￿￿￿ C￿rIed out under section 145 cl the 2011 and in caryThJ out my examination, I hav8 follmd al the apF4icab18 DIr￿IK)n$ given by the Charity Conmi￿lOn under seclion 145(5)(b) of th8 A Indopondont examlnerfs statsment u comè to my attenti the examinatwjn *tMch givos me catse trj b&S8ve that in. any maerial thg accountirg records rKrt ke0 in actordance with sectM)n 1x1 of th8 Art or the accounts dld not ac(Ml the aru￿rtIng rBcord$: or the a￿HJnts dMI n(A c(Thpty with the requlrem8nts con(xrnwvJ the lo￿ and ￿ntent of accounts set out in the char￿e$ (A0￿)Unts ￿￿j ReF4Jts) R&3ulaliorts 2008 other than any wuirement that ts acxxwnts gr¥e 8 true aThJ faif vw is a n c(w¥JergS as part of an IrrfJeper¥Jer•t eyAmlrth. with the examina11￿ to ¥thKth attenti￿ Sh￿1￿ be dravm in trrfs report in order to énatA8 a tyoper understanth'ng 0ftr￿ accamts to be r8ach8d. S5gned: 2,)2' IAIN Hf*4 Relevant profusslonal qualifKatlon(s) ar body {If aTry): 04-- k... . IER Odob•r 2018 Addr•3s: Section B Disclosure Onfy complete rf the e￿lMIner ne8ds to highlrght matters of conc8m (s8è CC32. IndeperKlent exa￿￿r￿ of (• acmints: directicfis and gtmdance for 8￿rnerS). Give h•re detalls of any Items that Ihe examlnar Wishes to dlscloso. Tt(￿￿ ItiE M48-nLfJg TElfiI l LI.SM I IER Oclobor 2018