## ## ||||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||||| ## ## ## ## ## ## ## ## ## ## ## ## ||||CU0I-||Q
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I—| ## ## ## |||||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| ## ## |5.|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|funds|||| |---|---|---|---|---| |||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||| ## ## ##