2023-03-31-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		14
Consolidated	Statement of Financial	Activities	16
(Including Income and Expenditure		Account)
Consolidated	and Charity Balance Sheets		17
Consolidated	Statement ofCash Flows		18
Notes to the	Consolidated Financial	Statements	19

Trustees and directors	Trustees and directors	Trustees and directors		Glenn Earls - Chair
				Varun Chandra
				Nicola Dunn OBE
				Dr. Robert Easton
				Kobna Holdbrook-Smith
				Dr. Ali Hossaini Jr.
				Kwame Kwei&rmah	OBE
				Andrea Ling
				Layla Madanat
				Ebelechukwu Okobi
				Joshua Parr
				Farah Ramzan Golant
				Fiona Shaw
				Steven Tompkins
				Anna Williams
Artistic Director				Kwame Kwei-Armah	OBE
Executive	Director			Lucy Davies
Executive	Committee			Nicola Dunn OBE
				Glenn Earls
				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

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				2023	2022	2023	2022
				Group	Group	Charity	Charity
			Notes			6
Fixed Assets
Tangible assets			10	8,324,277	8,676,059	8,324,277	8,676,059
Investments			11			1	1
				8,324,277	8,676,059	8,324,278	8,676,060
Current assets
Debtors			12	2,924,108	1,199,132	2,913,973	1,199,132
Cash at bank and in		hand		244,970	2,894,106	236,762	2,885,829
				3,169,078	4,093,238	3,150,735	4,084,961
Creditors:	Amounts	falling
due within	one year		13	(2,563,120)	(1,369,218)	(2,553,842)	(1,360,709)
Net cunent	assets			605,958	2,724,020	596,893	2,724,252
Net assets				68,930,235	Et1,400,079	68,921,171	611,400,312
Charity Funds
Unrestricted	funds		14	483,066	695,361	474,002	695,594
Designated Designated	funds —Operating funds —Fixed Assets		14 14	8,324,277	1,737,294 8,676,059	8,324,277	1,737,294 8,676,059
Restricted	funds		14	122,892	291,365	122,892	291,365
				68,930,235	Et1,400,079	68,921,171	Kt1,400,312

Reconciliation ofnet Income to net cash flows from	Reconciliation ofnet Income to net cash flows from	2023	2022
oPeratlng activities		8	8
Net expenditure for year		(2.469,844)	(385,165)
Adjustments for:
Depreciation oftangible fxed assets		375,315	414,071
Loss on disposal oftangible	fixed assets	5,884
Increase in debtors		(1,724,976)	(289,191)
Increase/(decrease) in creditors		1,193,902	(79,439)
Net cash flow from operating activities		(2,619,719)	(339,724)
Statement ofCash Flows
Net cash flow from operating activities		(2,619,719)	(339,724)
Cash flow from investing	activities
Payments to acquire tangible fixed assets		(29,417)	(391,196)
Net decrease in cash and	cash equivalents	(2,649,136)	(730,920)
Cash and cash equivalents	at 31 March 2022	2,894,106	3,625,026
Cash and cash equivalents	at 31 March 2023	8244,970	62,894,106
Cash snd cash equivalents	consists of:
Cash at bank and in hand		244,970	2,894,106
Cash snd cash equivalents	st 31 March 2023	6244,970	62,894,106

	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 isa 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:
	~ Expenditure on raising funds are those costs incurred in generating voluntary income and other trading
	income
	~ Expenditure on chantable activities comprises those costs incuned by the charity in the staging of its
	productions and other projects and events. It includes both costs allocated directly to such activities and
	those costs ofan indirect nature necessary to support them.
(e)	Boxoffice and associated income and expenditure
	Box office income comprises ticket sales for productions and projects at the Young Vic and any other
	performance spaces used by the charity. For productions and projects occurring wholly within one financial
	year, ticket sales and other directly associated income is recognised when the performances take place and
	all associated costs are expensed in the same financial year. Where a production spans the year end, all
	directly associated costs and income are recognised in the year of the official opening night (offen referred
	to as the press night).
	Support costs allocation Support costs are those that assist the work of the charity but do not directly represent specific charitable
	activities and include venue operating costs, equipment repairs and maintenance, IT and systems costs,
	office costs, governance costs, charity administration and core salary costs. They are incurred 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 ofthe resource. Costs relating to a particular area ofactivity
	are allocated directly, others are apportioned to reflect the ratio of the different areas ofcharitable activities,
	excluding depreciation.
(g)	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 offthe 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
	Fixed asset investments
	Investments in subsidiary companies are stated at cost.
	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 ata 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 outffow ofeconomic benefits will be required in settlement and the amount can
	be reliably estimated.
	Leases
	Rentals applicable to operating leases where substantially all ofthe benefits and risks ofownership remain
	with the lessor are charged to the Statement of Financial Activities as incurred.

	Income												2023f		2022
3.1	Income from grants	and			donations
	Core funding: Arts Council					England	revenue grant						1,792,530		1,792,530
	Other Arts Council England					funding									856,286
	Individual, Corporate,	Trust				& Foundation,			Local	Authority	funding		1,257,574		1,464,029
	Legacies												30,000		48,249
	Covid-1 9Job Retention		Scheme and Emergency							Relief					102,557
													f3,080,104	f4,263,651
3.2	Income from charitable			activities
	Production income: Boxoffice												1,614,706		1,522,499
	Production income: Co-production,						touring		and sponsorship				1,280,971		322,326
	Ancillary trading												275,481		76,625
	Royalties, recharges and			other fees									138,653		132,400
													f3,309,811	f2,053,850
3.3	Income from other trading					activities
	Young Vic Productions		Ltd:			Income	from	productions					10,133		6,015
3.4	Investment income
	Interest received												3,498		30
3.5	Other income
	Theatre tax relief												1,392,971		151,152
	Insurance claims														247,647
													f1,392,971		6398,799
	Tots I income												f7,796,517	f6,722,345
	Expenditure						Direct Costs-			Direct Costs-		Support Costs-	Support Costs-	Total	Tots I
							activities f			staffing f		staffing f	otherf	2023 f	2022 f
4.1	Expenditure on raising
	funds:
	Costs of raising donations				and		187,337			191,590		67,430	127,513	573,870	345,466
	legacies
	Costs ofother trading	activities						839				3,664		4,503	6,072
							188,176			191,590		71,094	127,513	578,373	351,538
4.2	Charitable activities:
	Productions, co-productions
	and events						5,125,338			1,301,351		552,923	1,045,605 8,025,217		5,346,556
	Creators Program						195,851			151,739		40,458	76,508	464,556	292,836
	Taking Part						306,336			243,644		94,402	178,518	822,900	702,509
	Depreciation												375,315	375,315	414,071
							5,627,525			1,696,734		687,783	1,675,946 9,687,988		6,755,972
	Total expenditure						5,815,701			1,888,324		758,877	1,803,459 10,266,361 7,107,510

Support costs				Total	Total
				2023	2022
					6
HR, ITand Administrative				309,702	381,728
Theatre Operations				730,706	739,760
Production and Technical				104,363	147,354
Strategic Projects				212,679
Staffing				744,940	601,623
Governance:
Professional fees				40,982	58,543
Audit and accountancy				29,712	25,675
Staffing				13,937
Depreciation				375,315	414,071
				62,562,336	62,368,754
Net expenditure	for the year			2023	2022
				6
Net expenditure is stated after charging		I (crediting):
Depreciation oftangible fixed assets				375,315	414,071
Auditors' remuneration			Audit services	19,427	13,750
			Other services	10,285	11,925
Directors' remuneration				105,600	103,530
Operating lease	rental costs		Premises	19,673	19,673
			Equipment	48,132	46,611
Operating lease	rental income		Premises	(140,704)	(70,780)

Staffcosts	2023 6	2022f
Salaries, wages and fees:core staff	2,319,661	2,015,825
Social security costs	254,143	195,584
Pension costs	55,715	45,301
Termination pay	17,680
	62,647,199	82,256,710

	Comparatives for	the	2022	2022	2022	2022	2022
	statement offinancial		Unrestricted	Designated	Designated	Restricted	Total
	activities		Funds	Funds	Funds	Funds
			Operating	Operating	Fixed
					Assets
	Income from:
	Donations and legacies		3,597,618	45,713		620,320	4,263,651
	Charitable activities		2,053,850				2,053,850
	Other trading activities		6,015				6,015
	Investment income		30				30
	Other income		398,799				398,799
	Total income		6,056,312	45,713			6,722,345
	Expenditure on:
	Raising funds		351,538				351,538
	Charitable activities:
	Productions and co-productions		5,053,767	4,273		288,516	5,346,556
	Creators Program		141,521			151,315	292,836
	Taking Part		646,444			56,065	702,509
	Depreciation		414,071				414,071
	Total expenditure		6,607,341	4,273		495,896	7,107,510
	Net expenditure		(551,029)	41,440		124,424	(385,165)
	Transfers between	funds	(154,560)		302,832	(148,272)
	Net movement in funds		(705,589)	41,440	302,832	(23,848)	(385,165)
	Reconciliation offunds:
	Total funds brought	forward	1,400,950	1,695,854	8,373,227	315,213	11,785,244
	Total funds carried forward		6695,361	61,737,294	68,676,059	6291,365	811,400,079
10.	Tangible fixed assets				Theatre
	Group and Charity			Equipment f	Rebuild 8	Total 8
	Cost
	At 1 April 2022			3,121,985	11,745,381	14,867,366
	Additions			29,417		29,417
	Disposals			(8,121)		(8,121)
	At 31 March 2023			3,143,281	11,745,381	14,888,662
	Depreciation
	At 1 April 2022			2,584,495	3,606,812	6,191,307
	Charge for the year			140,407	234,908	375,315
	Disposals			(2,237)		(2,237)
	At 31 March 2023			2,722,665	3,841,720	6,564,385
	Net Book Value
	At 31 March 2023			6420,616	67,903,661	68,324,277
	At 31 March 2022			8537,490	58,138,569	58,676,059

	This investment	comprises	a 100% owned	a 100% owned	subsidiary	undertaking,	undertaking,	Young Vic Productions Limited	Young Vic Productions Limited	Young Vic Productions Limited	which is
	registered in England, registered number			06238751.The principal			activity ofthe company is theatre			production.
	During the year, income in this subsidiary amounted tof56679(2022:f10699).At			undertaking amounted to 31 March 2023 its net assets				f65,662 (2022:f10,642) and expenditure stood atf8753(2022:net liabilities f231).
	The results ofthe	subsidiary	undertaking	are	included	in these consolidated financial statements.
						Group			Charity
12.	Debtors: Amounts falling due within one			year		2023 f		2022 f	2023 f		2022 f
	Trade debtors					40,901		124,207	40,901		124,207
	Other debtors					171,341		50,565	109,497		50,565
	Prepayments and	accrued income				2,711,866		1,024,360	2,704,643	1,024,360
	Amount owed by	subsidiary	undertaking						58,932
					f2,924,108			f1,199,132	f2,913,973	f1,199,132
13.	Creditors: Amounts falling		due within one year
	Trade creditors					704,696		435,378	704,696		435,378
	Accruals					590,583		164,158	590,583		164,158
	Advance box ofgce receipts					75,089		385,647	75,089		385,647
	Other creditors					1,157,179		360,606	1,147,901		352,097
	Deferred income					35,573		23,429	35,573		23,429
					f2,563,120			f1,369,218	f2,553,842	f1,360,709
	Other creditors includes two loans totalling			f861,844 repayable within				one year with	total interest payable off618
	(2022: no loans).
	Deferred income
	Balance as at 1 April								23,429		599,657
	Amount released	to incoming resources							(23,429)		(599,657)
	Amount deferred	in year							35,573		23,429
	Balance as at 31 March								f35,573		f23,429

Fund reconciliation	Fund reconciliation	Balance at				Balance at
		1 April				31 March
Group		2022f	Income 6	Expenditure 6	Transfers f	2023 6
Unrestricted
Operating		695,361	7,370,595	(8,141,299)	558,411	483,068
Designated:
Fixed Assets		8,676,059			(351,782)	8,324,277
Operating:	Burford Legacy	1,145,713		(1,145,713)
Operating;	Special Situations	582,175		(582,175)
Operating:	New Commissions	9,406		(9,406)
Restricted
Commercial	Transfers	107,560			(107,560)
Artistic Fund		99,069			(99,069)
Other		84,736	425,922	(387,768)		122,890
Total funds		611,400,079	67,796,517	Z(10,266,361)		68,930,235

Analysis o	fnet assets between funds
		Fixed Assets	Net Current	Total
Group		f	Assets 6	31 March 2023 f
Unrestricted	Funds
General Operating			483,066	483,066
Designated	Funds:
Fixed Assets		8,324,277		8,324,277
Restricted	Funds
Other			122,892	122,892
Total		E8,324,277	6605,958	68,930,235