## ## ||||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|| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||LC0
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I-| ## |||||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| ## ## ## ## ## ## ## ## ## ## ##