2022-03-31-accounts - The Young Vic Company

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			Page
Charity Reference and Administrative		Details
Report ofthe Chair
Trustees' Annual Report
(Including Directors' Report &Strategic		Report)
Independent Auditor's Report
Consolidated Statement of Financial	Activities		13
(Including Income and Expenditure	Account)
Consolidated and Charity Balance sheets			14
Consolidated Statement ofCash Flows
Notes to the Consolidated Financial	Statements		16

Trustees	and directors	and directors		Glenn Earle —Chair
				Varun Chandra
				Nicola Dunn OBE
				Dr. Robert Easton
				Kobna Holdbrook-Smith
				Dr. Ali Hossaini Jr.
				Kwame Kwei-Armah	OBE
				Ebelechukwu Okobi
				Farah Ramzan Golant
				Abigail Sewell
				Fiona Shaw
				Dr.Sita Thomas
				Steven Tompkins
				Anna Williams
Artistic Director				Kwame Kwei-Armah	OBE
Executive	Director			Lucy Davies (from May 2022)
Executive	Committee			Nicola Dunn OBE
				Glenn Earle
				Dr.Robert Easton
				Kwame Kwei-Armah	OBE
				Anna Williams
Registered	Office			66The Cut
				London
				SE1 8LZ
Company	Registration		Number	01188209(England	and Wales)
Charity Registration		Number		268876
Bankers				Barclays Bank PLC
				1 Churchill Place
				Canary Wharf
				London
				E145HP
Auditors				Azets Audit Services
				2"' Floor, Regis House
				45 King William Street
				London
				EC4R 9AN

An Artistic Director (Chief operations ofthe Charity.	An Artistic Director (Chief operations ofthe Charity.	An Artistic Director (Chief operations ofthe Charity.	Executive	) and Executive Director are appointed
The trustees serving during			the year	and since the year end were as follows:
Board of	Management
Glenn	Earle (Chairman)
Varun	Chandra (appointed		28 May 2021)
Nicola	Dunn OBE
Dr. Robert Easton
Kobna	Holdbrook-Smith
Dr. Ali	Hossaini Jr.
Kwame	Kwei-Armah	OBE
Ebelechukwu Okobi
Farah	Ramzan Golant (appointed			28 May 2021)
Abigail	Sewell
Fiona Shaw
Dr Sita	Thomas
Steven	Tompkins
Anna Williams

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				2022	2021	2022	2021
			Notes	Group	Group	Charity	Charity f
Fixed Assets
Tangible assets Investments			10 11	8,676,059	8,698,934	8,676,059 1	8,698,934 1
				8,676,059	8,698,934	8,676,060	8,698,935
Current assets
Debtors				1,199,132	909,941	1,199,132	922,705
Cash at bank and	in	hand		2,894,106	3,625,026	2,885,829	3,581,809
Creditors: Amounts		falling		4,093,238	4,534,967	4,084,961	4,504,514
due within one year			13	(1,369,218)	(1,448,657)	(1,360,709)	(1,418,030)
Net current assets				2,724,020	3,086,310	2,724,252	3,086,484
Net assets				611,400,079	F11,785,244	K11,400,312	f11,785,419
Charity Funds
Unrestricted funds Designated funds Designated funds Restricted funds	—Operating —Fixed Assets		14 14 14 14	695,361 1,737,294 8,676,059 291,365	1,400,950 1,695,854 8,373,227 315,213	695,594 1,737,294 8,676,059 291,365	1,401,125 1,695,854 8,373,227 315,213
				E11,400,079	E11,785,244	f11,400,312	F11,785,419

Reconciliation of net income to net cash flows from	2022	2021
operating activities	E
Net (expenditure)/income for year Depreciation oftangible fixed assets (Increase)/decrease in debtors Decrease in creditors	(385,165) 414,071 (289,191) (79,439)	2,413,803 343,393 139,075 (153,624)
Net cash flow from operating activities	(339,724)	K2,742,647
Statement ofCash Flows
Net cash flow from operating activities	(339,724)	2,742,647
Cash flow from investing activities
Payments to acquire tangible fixed assets	(391,196)	(51,392)
Net (decrease)/increase in cash and cash equivalents	(730,920)	2,691,255
Cash and cash equivalents at 31 March 2021	3,625,026	933,771
Cash and cash equivalents at 31 March 2022	E2,894,106	E3,625,026
Cash and cash equivalents consists of:
Cash at bank and in hand	2,894,106	3,625,026
Cash and cash equivalents at 31 March 2022	E2,894,106	E3,625,026

	Summary ofSignificant Accounting Policies (continued)
(d)	Expenditure recognition
	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 when 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:
	~ Costs 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.
(e)	Support costs allocation
	Support costs are those that assist the work ofthe charity but do not directly represent charitable activities
	and include office costs, governance costs, charity administration and salary core costs. They are included
	directly in support of expenditure on the objects of the charity. Support costs are allocated between the
	expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned to reflect the ratio of the different areas of charitable
	activities excluding depreciation.
	Tangible fixed assets and depreciation
	Tangible fixed assets for use by the charity are stated at cost less accumulated depreciation.
	Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated
	residual value, ofeach asset on a systematic basis over its expected useful life as follows:
	Theatre rebuild 2% straight line basis
	Equipment 25% reducing balance
(g)	Fixed asset investments
	Investments in subsidiary companies are stated at cost.
(h)	Debtors and creditors receivable Ipayable within one year
	Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.
	Impairment
	Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash
	generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued
	amount where the impairment loss is a revaluation decrease.
	Provisions
	Provisions are recognised when the charity has an obligation at the balance sheet date as a result ofa past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can
	be reliably estimated.
(k)	Leases
	Rentals applicable to operating leases where substantially all ofthe benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities as incurred.
	Employee benefits
	When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
	The charity contributes to defined contribution personal pension schemes for certain employees. The assets ofthe schemes are held separately from those of the undertaking in independently administered funds. The
	pension cost charge represents contributions payable by the charity to the schemes.

3. 3.1	Income Income from grants and donations	Income Income from grants and donations	Income Income from grants and donations				2022f	2021f
	Core funding: Arts Council England		revenue grant				1,792,530	1,792,530
	Other Arts Council England funding						856,286	150,000
	Individual, corporate and Legacies Covid-19 Job Retention	trust donations Scheme and Emergency			Relief		1,465,379 48,249 102,558	1,201,017 1,100,000 1,929,230
							f4,265,002	f6,172,777
3.2	Income from charitable	activities
	Production income: Box	office					1,521,148
	Production income: Co-productions Theatre tax relief		and	tours			333,423 151,152	151,656 5,047
							f2,005,723	f156,703
3.3	Other income
	Trading activities Partnerships						340,943 104,662	36,483
	Young Vic Productions Ltd: Income		from shows				6,015	116,880
							f451,620	f153,363
	Total income						f6,722,345 f6,482,843
4.	Expenditure			Direct		Staff	Support Total	Total
4.1	Expenditure on raising	funds:		costs f		costs f	costs f 2022	2021f
	Revenue fundraising expenses			31,204		182,751	131,511 345,466	268,851
4.2	Charitable activities:
	Productions and co-productions Directors Programme		2,941,115 122,980		1,616,377 136,978		789,064 32,878 5,346,556 292,836	2,649,812 219,007
	Taking Part Depreciation			239,435		320,604	142,470 414,071 702,509 414,071	459,642 343,393
			3,303,530		2,073,959		1,378,483 6,755,972	3,671,854
4.3	Other expenditure:
	Young Vic Productions Ltd: Costs			6,072			6,072	128,335
	Total expenditure		f3,340,806		f2,256,710		f1,509,994 f7,107,510	f4,069,040

Governance costs		Direct	Staff	Support	Total	Total
		costs	costs	costs	2022	2021
		E	E	E		E
Professional fees				58,543	58,543	22,250
Audit and accountancy				25,675	25,675	15,125
				E84,218	684,218	837,375
Net expenditure / (income) for the year					2022	2021
					E
Net expenditure is stated after charging		I(crediting):
Depreciation oftangible Auditors' remuneration	fixed assets		Audit services		414,071 13,750	343,393 12,500
Directors' remuneration Operating lease rental costs			Other services Premises		11,925 103,530 19,674	6,950 102,000 19,674
Operating lease rental income			Equipment Premises		44,916 (28,391)	43,148 19,571


Staff costs	2022	2021
		E
Salary costs: core staff Social security costs Pension costs	2,015,825 195,584 45,301	2,232,449 186,078 50,287
	E2,256,710	E2,468,814

2022	2021
1	1

	Comparatives for	the	2021	2021	2021	2021	2021
	statement offinancial activities		Unrestricted Funds	Designated Funds	Designated Funds	Restricted Funds	Total
			Operating	Operating	Fixed
					Assets
	Income from:
	Grants and donations		4,787,959	1,108,500		276,318	6,172,777
	Charitable activities		156,703				156,703
	Other income		153,363				153,363
	Total income		5,098,025	1,108,500		276,318	6,482,843
	Expenditure on:
	Raising funds Charitable activities:		268,851				268,851
	Productions and co-productions Directors Program		2,621,870 219,007	4,227		23,715	2,649,812 219007
	Taking Part Depreciation Other expenditure		459,642 343,393 128,335				459,642 343,393 128,335
	Total expenditure		4,041,098	4,227		23,715	4,069,040
	Net income		1,056,927	1,104,273		252,603	2,413,803
	Transfers between	funds	343,393		(343,393)
	Net movement in funds Reconciliation offunds:		1,400,320	1,104,273	(343,393)	252,603	2,413,803
	Total funds brought	forward	630	591,581	8,716,620	62,610	9,371,441
	Total funds carried	forward	K1,400,950	E1,695,854	K8,373,227	f315,213	f11,785,244
10.	Tangible fixed assets				Theatre
	Group and Charity			Equipment	Rebuild	Total
	Cost
	At 1 April 2021			2,730,789	11,745,381	14,476,170
	Additions			391,196		391,196
	At 31 March 2022			3,121,985	11,745,381	14,867,366
	Depreciation
	At 1 April 2021 Charge for the year			2,405,332 179,163	3,371,904 234,908	5,777,236 414,071
	At 31 March 2022			2,584,495	3,606,812	6,191,307
	Net Book Value
	At 31 March 2022			f537,490	E8,138,569	K8,676,059
	At 31 March 2021			F325,457	E8,373,477	E8,698,934

12.	Debtors: Amounts falling due within one year	Debtors: Amounts falling due within one year	Group 2022 2021	Group 2022 2021	Charity 2022 2021	Charity 2022 2021
	Trade debtors Other debtors Prepayments and accrued income Amount owed by subsidiary undertaking		124,207 50,565 1,024,360	82,779 27,840 799,322	124,207 50,565 1,024,360	82,779 27,839 799,322 12,765
			K1,199,132	K909,941	E1,199,132	F922,705
13.	Creditors: Amounts falling due within one year
	Trade creditors Accruals Advance box office receipts Other creditors Deferred income		435,378 164,158 385,647 360,606 23,429	155,472 100,662 196,398 396,468 599,657	435,378 164,158 385,647 352,097 23,429	155,472 78,022 196,398 388,481 599,657
			K1,369,218	K1,448,657	K1,360,709	F1,418,030
	Deferred income
	Balance as at 1 April Amount released to incoming Amount deferred in year	resources			599,657 (599,657) 23,429	486,247 (486,247) 599,657
	Balance as at 31 March				E23,429	K599,657

Analysis of net assets between
	Fixed Assets	Net Current	Total
		Assets
Group
Unrestricted Funds
Operating Designated Funds:		695,361	695,361
Operating: Burford Legacy Operating: Special Situations Operating: New Commissions Fixed Assets Restricted Funds	8,676,059	1,145,713 582,175 9,406	1,145,713 582,175 9,406 8,676,059
Commercial Transfers Artistic Fund Other		107,560 99,069 84,736	107,560 99,069 84,736
Total	E8,676,059	E2,724,020	K11,400,079

The minimum amount owed to the company by	a tenant under a non-cancellable & 1 year	operating lease Within 2-5 years	is as follows: Total
Rent and service charge
	82,063	287,221	369,284
The operating lease relates to the cafe/restaurant to a break clause after 5 years.	at The Young VicTheatre with a lease term of10years, subject