THE YOUNG VIC COMPANY IA r•gi¥t•r•d chjrlty •nd ¢omp•ny Ilmltgd by guar•nt••l RepoRT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charfty Numb•r: 268876 Company R•glstr•tlon Number: 01188209 {En9land and Wal••) THE YOUNG VIC COMPANY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 Pag• Charty Reference and Adminislr8lNo Details Report of the Chair Trustees, Annual Report {Induding Direetors, Report & Slratsgic Rfrwrtl Independent Auditor'$ Réport 16 Consolidated Slalement of Financial Activities Iln¢luding Income and Expenditure Account} 18 Consolidalgd and Challty Balance Sheets 19 ConsolTrdaled Ststsm￿t of Cash Flows Nol8S to the Consolidated FinancS8l Statements 21 THE YOUNG VIC COMPANY CHARifi REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Tru•lee• and dlrectors Glenn Earle- Chalr Ni¢ola Dunn OBE Dr. Robert Easton Kobna Holdbrook-smilh Dr. Ali Hossaini Jr. Andre8 Ling Layla Madanal Joshu8 Pa Farah Ramzan Golanl Fw)na Shaw Steven Tompkins Anna Williams Artlstlc Dlr•ctor Kwame Kwel-Amiah OBE {unlll September 20241 Nadia Fall (from January 2025} Ex•Gutlv• DlrnGtgr Lucy Davies EX•cutI￿ Commltt•• Nicola Dunn 08E Glenn Earle Dr.Robert Easton Kwame Kwei-Armah OBE Anna Wlllioms (Chair R•gi$t•r•d Offi¢• 66 The Cul London SE1 8LZ Company Roglstratlon Number 01188209 (England and Wales Ch•rlty R•ghtratlon Numb•r 268876 Bankern Barclays Bonk PLC 1 Churchlll P18ce Canary Wharf London E14 5HP Audllorn Azets Audit Services Floor. Regis House 45 King Willi8m Street London EC4R 9AN THE YOUNG VIC COMPANY REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2024 'London's most essential th&atr8'_ The Guardian l am delighted to Present the annual rgport and financial slalemenls for the Young Vi¢ for the year ended 31 March 2024. This has been an important and wonderful year I(￿ the Young Vic. A stabilising year. and one vthich also included some ambitious and stellar artistic projects. The Second Woman, in which Ruth Wilson pertomied the same scene 100 times over 24 hour5 of 8 May Friday night wll never be forgotten by those who experienced it- includin9 those who queued around the block for five hours lo do so. The extraordinary Untilled F'ck M'ss S"'gon Play exhilarated audience members and saw us partner, as we love to do, with great UK festivals and theatres. Jared Harris returned lo the stage after more than fifteen years lo play Max in Pinter'$ The Homecoming alongside Joe Cole and a wonderful cast, directed by fomieT Associate Director Matthew t)unsler making his own homecoming lo the Youn9 Vic. We welcomed 86,000 audience members lo th¢ main house shows across the year. Our renowned Taking Part department reached beyond the longstsnding work in Lambeth and Southwark lo forge important new global connections. Particular mention is deserved for Innov8te, a flagship Taking Part programme in schools using artists and creative tools lo teach the curriculum. The impact of this pedagogy led lo a fascinating symposium and important new connections wilh Create Centre, Sydney and with teachers and creative leaming leaders across the UK. The Creators Program engaged over 2,500 artists in over ￿ acts'vilies. Andrea Ling was awarded the Genesis Future Directors Awaid and cxeated a stunning PTodu¢lion of The E8rthworks by Tom Morton-smith in the Clare studio. Last year's accounts and report showed an expansive and lesting year that drew heavily on reserves. This year has been about siabilisalion, embedéing 8 financial and operating model for the Young Vic that is nsistenl 8nd sustainable. We are extremely grateful lo Atts Council England for their support in re-profiling our grant to shore up our plans. l am very proud ofthe work ofthe Trustees and the leadership team in ensurin9 those plans m8nifesled so successfvlly by the end of the year. as these accounts show. We held a wonderful fundraising dinner in November of this year and fell the overwhelmin9 SUPPOrt and faith of the Young v￿.$ community of donors and artists - the evening raised over £2SO,000. This was a y88r of ongoing change in our leadership team, as Kwame Kwei-Armah announced that he will stand down in 2024125 after six extraordinary and imp8cfful years as the Young v￿.$ Art151ic Director. The Board held a rigorous and stimulating recruitment process, which proved the vitality of future leaders in our sector, and we look forward to welcoming Nadia Fall as Kwame's successor in 2025. As ever. we ackno¥￿edge an(1 celebrate our staff, trustees, collaborators, artists, supporters, friends and 8LKlience members without whom our joumey through thi$ yfjar would not have been possible. Glenn Earle Chair THE YOUNG VIC COMPANY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and the audited finan¢i81 slalements of the charity and ils subsidiary company, Young Vic Productions Limited. lor the year ended 31 March 2024. The trustees have adopted the provisions of the Slalement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Charity. The Trustees. Annual Report Incorporates the group Directors. Report and Slralegic Report. The financial stslemenls have been prepared in accordance wilh accounting policies set out in notes to the accounts and comply wrth the charty's governing document. the Companies Act 2006, the Charities Act 2011 las amended by provisions ol the Charities Act 20221, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlh the Fir)ancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. PUBLIC BENEFIT STATEMENT The TrLJStees have paid due regard lo the Charity Commission gtjidance on public benefit when reviewing the charrty's objectives and aclivrties. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the charity are to create high quality, innov811ve 8nd imaginative theatre for a wKle and, in particular, contemporary audien¢e in unique ad8pl8ble auditoria with far-reaching education activsties and access poli¢ies. We continue to develop an intemalional reach through collaboration and co-production with theatre makers from across the worfd, and through digital distribution of our produclions. We work wth outstanding internatsonal directors and the best of the new generation of British (Jirectofs. We continue with our extensive professional development programme for youn9 directors and Iheatre-makers, and we uphold an ongoing programme ol creative engagement wrth our local boroughs ar￿ ¢iM¢ partners. ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT Purpose Founded in 1970 8s a space for world-premiere productions and unexpected lakes on classic plays that speak urgently lo our present. the Young Vic Theatre has been one of London's leading theatres for more than fity years. Welcoming more than 100,000 visitors a year to ils London Watertoo location, the Young Vic stands out in the city s cultural landscape for balancing daring cornmercial drive, success and a￿.$11¢ flair with genuine grassroots social impact change in our neighbourhood. We forge deep wnneclions in our neighbourhood through our Taking Part programme, where we engage with over 15,000 people every year vi8 a wide range of projects. from 5kills-based workshops to on-stage performance5. We give 100/0 of our licke15 free 10 Schools and neighbours, irrespecb've of box office demand, and we are committed to keeping ticket prices low. The Young Vic's Creators Program is OUT space for mulli- and anti-disciplinary ath'sls. and is the only scheme of its kind. Launched in 2001, and formerfy known as the Directors Program, we offer artists and Producers a unique opportunity lo develop their craft through inilialives that range from Ir8inee and 85515tant director roles lo a two-year residency through the Genesis FellowlAssociale Director position. The Genesis Ne￿Ork provides an online Community lo over 2.000 artists and producers. Each year, the recipient of the Genesis Future Directors Award directs a show in the Clare Theatre with full support from the Young Vic team. Built uwn the principles of access, innovation, and community, the Young Vic is deepening its roots nationally and intemalionally. THE YOUNG VIC COMPANY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Young Vic's founding spirit is iconoclastic and pushing at the forefront of possibility, bringing together artists and audiences on a global ￿ale and using the power of stories lo change our world. Artistic Highll9hts The Young Vie produced five projects in the main house during the financial year= The Second Woman in partnership with LIFT. created by Nat Randall and Anna 8reckon 'Spell-binding the8thcal marathon - astonishing. The Gu8rdi8n Evening Sland8rd Theatre Awards Edrtor'5 Award Benèatha's Pla¢• by Kwame Kwei-Armah 'Razor sharp. °Cuhure-W8r skimiish wth a tremendous heroine. The Times Untitled F'¢k M's$ S-gon Play by Kimber Lee ￿1￿cted by Roy Alexander Weise in partnership wlh MIF and the Royal Exchan9e 'ferociously funny satire - punky, polemical and stingingly fresh" The Guardian Tho Homacoming by Harold Pinter direcled by Matthew Dunsler 'An impeccable production of an important, deeply unpleasant play. The Evening Stsndard Na¢htl•nd by Marius von Mayenberg translated by Maj8 Zade directed by Patrick Marb&r 'An unsettling. endlessly fascinating dra￿a. Independent The Young WIC Produced five projects in the hAaria and Clare studios during Ihis year= The Fabrlc with Colour Vogue Ball Sundown Klkl Reloaded by Jay Jay Revlon directed by Tristan FynnAiduenu Trlbg by Ronk¢ Adékolu¢J'(s and The Company directed by TD. Moyo in partnership with the Beth Cent Iwomen in Prison) Innov•t•: Lagacy and Leaming Sympo8lum G•nesbs Futurg Dbrnctors Award: Tho Earthworks by Tom Morton-smith directed by Andrea Ling Our arli51ic output reached 85,796 people at the YV. We worl(ed with 476 freelancers durin9 the year. We began this year with depleted reseryes, 8nd Ihe need to recover from and mitigate the uncertainty in the exlemal environment. We sel a balanced budget exclLKling depreciation and the leadership team worked effectively together to seek efficiencies and maximise income. Earty in the year we approached our major funder and partner, Arts Council England IACEI, wth a strategy for programming the year. This included a financial model for producing in the main house. They agreed a re- profiled advance of a w)rtion of our Ihree-year grant 2023-2026 to support this strategy. It is reassuring that the budget tracked extremely well throughout the year, wlh main house shows perfomiing particularty well against cost, and against income in the second h81f of the year. The ACE advance therefore ￿Mained in the bank and in unreslricled funds at the year end, lo support the followng trNO years as originally planned. THE YOUNG VIC COMPAMY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Taking Part ITPI TP continued its work across ils th￿e strands.. Leaming, PartICIP8t￿n and Neighbourhood Theatre. Learning: In Learning, we worked wth 2,725 participants across the year. vknich ineluded 1,486 aged 0-19. We offered 20 work experience placements and hosted four Young Associates. Combined, Lambeth and Soulhwark have over 70 Secondary Schools wth over 24 Alternative Provision settings, and over 13 colleges and higher education institutions. We work with.. Young people 11+ Adults of all ages in education and training settings All Secondary schools in Lambelh and Southwark through our I￿e lickel scheme All Secondary Alternative Provision settings in Lambeth and Southwark Colleges. Higher Education instilulions, youth provision, the Youth Justice System and Crimin81 Justice System that offer education or training courses We partner on the College's Pathway to Work (Supported Internship) ￿urse for neurodiverse young people aged 18- 25. with an Education Health Care Plan. We have h051ed 5 interns since the stsrt of our partnership wlh the Soulhwark College Supported Inlemship Programme in 2021. The flagship project Ihis year was Innovate.. Legacy & Leaming Symposium. INNOVATE was our tsvo year in- depth arts-in-educalion programme which saw us embed 6 mullidisciplin8ry artists in 2 m8inslream schools.. Dunraven School and South Bank University Academy. Inspired by Dorothy Heathcole's Mantle of the Expert. teacher4n-role, applied theatre practice, and incepted by Llrettor of Taking Part, she￿en Jasmin Phillips, we used the arts to leach the curriculum. For one week in March 2024. we shared our INNOVATE fesearch, practice, and vision for the relationship bettveen the arts and a￿deMiC and pastoral curriculum through the INNOVATE.. Legacy & Leaming Symptssium, with elements co-crealed by the CREATE Cenlre, Sydney through the BAlish Council's Connections Through Culture Programme. The Symposium was for leacheT5, school stsff. acade￿Ics, emerging to mid-career artists. applied theatre practitioners, and those interested in using the arts in an educational context. Over 1,000 attendances across the week and the conversations and connections Ihal emerged are not just a one-lime evenl but an on90ing joumey of development and growth. Partl¢lp4tlon: In Participatson, the objectives a￿.. To offer a range of WOTkshops, programmes and projects for resi(Sents within our local btsroughs To regularfy engage wth local organisations and find ways to wnnect them wlh our building To make our building accessible lo those within our Ioc81 boroughs THE YOUNG VIC COMPANY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 All Lambelh and Southwark Residents.. Offered tree tickets to see all Youn9 Vic Productions Once signed up lo our mailing lisl gel regular emails with opportunities al tho Young Vic and wiihin the lo¢al borough Take priority in gaining places on all our workshops. programme5 and projects Noighlx>urhood Theatre is a collective of 177 adults in Lambeth and Southwark Iwilh over 7.500 on the mailing list) who are offered playful, professional and creative development through pro9rammes, podcasts, workshops, productions, festlV8ls, trips and bespoke projects. Of the p8rticipanls, 72Q/o are from Lambeth or Southwark, but we also work with 19Q/o of residenls ¥Mlh no fixed addres5 8nd 9010 newly arrived lo the UK and our boroughs. Creators Program ICP) The Creators Program is a longslan¢Jin9 careei development program offering skills-based workshops to around 2,500 artists on the Genesis Nelwork. CP reached over 1,500 artists through 60 activilies in this year, 8nd 81s0 offered Trainee arKI Assistsnl DI￿¢t01 opportunities on all the work across all the spaces. CP also lea26. This reduces the lolal grant ￿MainIng to draw down and record as income during 24125 and 25126 from £3,585,060 to £2,835,L%O. Notably though, the £750,000 advanced remains in unrestricted funds at 31 March 2024. Young Vic is extremely grateful to our numerous, generous individual and corporate dOr￿r5, from those conlribuling annually through our Friends, Good Friends, Soul Males and Corporate supporter schemes ort Us, Co orate En emenll lo our in¢￿dible major donors. Thank you for en8bling our stage and community work to flourish. Our profound thanks also lo the following Twsts, Foundations and ststulory bodies for their grants in the yoar In supwrt of the Creators Program. Taking Part. work on the main stage and our core organisational costs.. The Andor Charitable Trust Australia Council The Black Heart Foundation Cleopalra Trust The Charlotte Aitken Trust Esmée Fairb8im Foundation The Genesi5 Foundation The Golden Bottle Trust The Golsoncott Foundation Jerwood Arts The John Thaw Foundatio The Martin B9￿eY Choritsble Trust The Prudence Trust We are increasingly dependent on the brilliant individuals and organisalions who recognise the need for private funding for us lo deliver our work and the importance, power and polen1181 of the perfomiing arts. Staff costs and overheads.. Staff costs inflated in 22-23 to support a year of enhanced activity at home and beyond and to buikj our People lunction. This overhead therefore saw some reduction this year, to frcrfn £2.647k lo £2,552k. wlh average monthly head count shifting from 65 10 61. General overhead5 reduced by £278k1190/ol from £1.428k lo £1,150k Ihi5 year, reflecting lighter budgets for building repairs, maintenance and servicing a5 well a5 minimal short term strategic projects and consultancy this year. Last year's report highlighted a huge increase in energy ¢osls from mid 22-23. these costs remained very high until rnid 23-24 and decreased dramalically from October. with Monthly electricity costs rnore or less halving instantly. Overall, energy costs were £12k higher this year. 10 THE YOUNG VIC COMPANY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Nel result." The nel result Was an in-year surplus of £681,860 compared with a deficit of Q,470,1 $5 in 22-23 and a deficit of -£385,165 in 21-22. This three-year persod was preceded by a surplus of £2,413,803 in the pandemic closu year 20-21, during which additional funds were received which were spent down after reopening in 21-22 and 22-23 through a combination of planned deficit budgets, unexpected costs and slower than predicted pick4JP in sales post pandemic. The surplus this year was thanks to tight control ol costs generally, and the programming, casting, creab'on, production and in-house management of Homecomin9 and Na¢hlland. The result for the year pre-dgpreciation was £1,017,166, thus retaining the advanced £750,000 from Arts Councils England to support the upcoming years as originally planned. PLANS FOR FINANCIAL YEAR 202&25 This year is Kwame's final year as Arbsb'c Director so the Board and Executs've team have balanced the important development of a proven, effective producing modgl in the main house wth the ambition lo deliver some expansive fin81 projects that conclude Kw8me's artistic ioumey as leader. These larger projects have necessitated significant enhancement from partners, supporteé by strong agreements and cashflow plans lo mitigate risk. We have committed lo four projects across the Main House. In the Main House we will produce ￿ musicals back to back.. Passing Strange by Stew Stewart and Heidi Rosenwald directed by Liesl Tommy followed by the worfd premiere of A Face in the Crowd by Elvis Costello and S8f8h Ruhl directed by Kwame Kwei-Amiah. Together these projects bring over£1m ol inwafd investment I co-producer enh8n¢ement funding. This will be followed by the OlivK8r Award winning director Lyndsey Tumer making hgr Young Vic debut directing Lilian Hellman's savage 20th century classic The Little Foxes with Anne-marie Duff and the year will conclude the transfer of the Notbngham Playhouse Production of James Glaham's p18y PUNCH. whi won fivg-slar reviews dLtrin9 Its brief run in Nottingham. In the Maria, T8king Part will produce MANTELPEACE. a free exhibition which eelebrales the transition from boyhood io manhood and provides a fresh perspective on tfadilional mas¢ulinity. Drawing from real-lrfe experiences of young men in Southwark and Lambelh, with contributions from Arco Academy. Lansdowne School, Southwark Inclusive Le8ming Service and Untold Creative Training. Also in the Maria, for the first time the Young Vic wll partner with Roy81 Welsh College of Music and Drama to present NEW'.24. 8 tr40-week festival of four new plays perfomed by graduating students. In the Clare we wll produce the next Genesis Future Directors Award-winner.. Annie Kershaw wll direct Stef Smith's Girl in the Machine. MANAGEMENT AND STAFF The Executive of Kwame Kwei-Armah, Artistic Director and CEO, and Lucy Davie5, Executs've Director, remained in post throughout the year, supported by Sue Emmas as Associate Director. OUT Chair, Glenn Earle continued in posi followng his appointment in October 2019. For the year ahead, Kwame Kwei-Armah lendered his resignation in January 2024 and wll sland down in September 2024. Nadia Fall was appointed Arb'slic Direclor and CEO in May 2024 and wll take up the rol& in January 2025. Lucy Davies tendered her resignation in August 2024 to tske up the role of CEO of Brighton Dome & Festival and will sland down in December 2024. Sarah Nicholson has been appointed as Interim Executive Director and will begin handover from November 2024. THE YOUNG VIC COMPANY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 RESERVES POUCY Young Vic aims to maintain sufficient unre51ricled operating reserve5 to cover al least months ofoverheads and salaries Icurrenlly around £700,0001. This provides financial cover for contingent situations, especially shortfalls in box office and fundraising. The long-lerm airn of the Charity and Group is lo build overall operating reserves of £1m", £750,000 in unreslricled oper8tin9 reserves, plus a designated artistic fund of £250,000 with the purpose of investing in new work. The £750,000 unreslricled reserves largel is exceeded 8131 March 2024, with vnrestrieled reseTves standing al £1,492.501 12023. £482.755. 640A of largel, 2022.. £695,361, 920/0 of largetl. A portion of this reserve is in the form of an advance from Arts Council England and so we anticipate that the reserve level ¥MII revert to around 50010 of the target level for soffte years until the charity is in a position to a¢¢umulate a surplus lo replenish reserves. Plans for 24125 and 25r26 wll priorilise sustaining rnan8ge8ble cashflows for the OTganisats"on while creating a strategy for the gradual rebuilding of unrestricted operatin9 reserves to meet the target, within a realistic timeframe. DESIGNATED FUNDS The Charty and Group also holds designated fixed asset funds of £8,011,61312023.. £8,324,277), representing the net book value of its tangible fixed assets, which can only be realised by disposing of these assets. includin9 the theatre building. There is a charge over the building referenced in the notes lo the financial ststemenls under Conlingenl Liabilities Inole 16bl. KEY RISKS AND UNCERTAINTIES The trustees have examined the major risks that the Charity laces 8nd confirm th81 systems a￿ in place to manage these risks. The most signific8nl conlexlu81 risks 8re the growing gum in the Young Vie's economic model befv￿en cost inflation and stsnd5till funding, and the uncertainlie5 around income perforrnance. In the year ahead there will be leadership transition which a￿ayS brings risk lo an organisation. The appointment of a very experienced and respected Artistic Director in Nadia Fall has broughl confidence lo the organisats'on. She starts in post in January 2025, and Ihere is a strong transition and handover plan in place. Major E¢onomi¢ Risks Fundraising Income: a high proportion of income is from fundraising. The trustees monitor the progress through the year and ensure targets are ambitious but achievable. We are seeing shifts in philanthropy trends and motivations after Covid-19, and a year of leadership transition is often uncertain as donors await the new leader and a refreshed vision. Trustees remain confident thal the Young Vic mission and programme continues to align in an attractive way for donors. Box Office Income.. The Young Vic progr8mme has enabled an uplift in lop lickel prices, while continuing to offer free and reduced price tsckets as in the past. Despite some underperfomiance and with sumrner months a￿ayS Seeing softer sales, box office income ha5 been Tobusl with one sales target reaching 147Q/o IThe Homecoming). Average ticket price has continued to rise and in the year ahead1241251 we a￿ seeing this approach its highest level ever on some shows (£301. Caution remains In ticket income forecasting despite these positive paiterns and strong sales records. Ticket sales income will always be a major economic risk for Young Vi¢ given the unpredictsbility ol which shows will prove a box office hil and the subsidised sectors remit to innovate 8nd experiment. 12 THE YOUNG VIC COMPANY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Subsidy.. The theatre is reliant on public funding from Arts Council England and has been offered ongoing funding at the same level as Part of the National Portfolio for the three years 2023-26. An extension year 26127 has been offered by ACE with the 8ppli¢ats'on process lo open in Autumn 2024.11 is effects'vely guaranteed th81 the Young Vic will be approved for this extension year fundin9. The m8jor risk at present Iherefore relates 10 the gradu81. long-t$Tm impact of standstill funding. Cost Infiation: Cost Inllalion was flagged as a majoreconomic risk last year, given the multiple extemal factors influencing prices. Prices have stabilised for the most part with more modest price rises anlicipaled in the coming years, though uncertainty remains around energy pricing in particular, which is a signrficanl venue cost. However, in the context of the major income risks noted and the proportion of fixed overheads when running a Ihe8tre venue, even modest cost inffi81ion has become challenging. We re¢Juce risk where possible by keeping core contractual commitmen15 to a minimum and regularly reviewing overheads contract pricing against competitors. We maintain a comprehensive risk management strategy which is reviewed by the Executive Board at least annu811y wth the accompanying risk ￿gIster reviewed at least quarterty. The strategy comprises assessment of all the major risks which Ihe company faces. an outline of Ihe systeflls that are in place which mitigate these risks and detsils of the procedures to be undettsken. GOING CONCERN The resijlls of the 23124 financial year have prove¢J that the revised Pfogramming strategies worked. supported by regular Board and Executive Board review. wth Main House projec15 ¢8p8ble ol achieving significant income upsides. Costs have been extremely well controlled. Arts Council England's advance 01 £750k in funding ensured manageable cashflows throughout the year, and was relumed lo unrestricted funds by the year end. The budget for 24125 was developed over Ihe winter of 23124 and In March 2024 the Board signed off a deficll budget incorpor8ty.ng spending down some of the unspent ACE advance, Subject to continued close monitoring Ihroughout the year. Critical to Young Vic's financial security is robLTrSt and experienced leadership wlh a sharp focus on financial planning and clear, transparent Communi￿tionS with Ihe Board of Trustees. The Board is confident that excellent relatK)nships wth revenue funde￿ and key stakeholders a￿ in place and wll remain in place during the leadership transition in 24125- 25126. The Trustee5 meet at le8St quarterly through¢JJt the year, with the Executive Board meeting monthly with the CEO, Executive Director and Finance Director. The Executive Board, which has delegated authority for detailed financial and business review, monitors progress through management accounts. budget reforecasls, detailed 13 week and high level 12-month casmow projections. Intemal reporting has benefited from rthv finance sofNYare in place from April 2023 which 5UPPOrts re81 lime financial infomialion, and improved budget tracking tools. Programming plans are reviewed ¢arefully for financial risk before commitments are made. Planning cycles aim f¢x sufficient lead-in time to enable cost effiuencies and lo raise associated fijnds. whilst ensuring flexibility lo accommodate changes Ihat are a ne¢essary part of the creative prO￿S5. Sn assessing going concern. Trustees have given carefvl consideration to the following.. Lalesl budget and cashflow forecast for the 2024-25 financial year, including ant+ClP8led year end reserves, and the assumptions therein Draft budgets and c8shflow forecasts 202&26, including anticipated year end reseNes, and the as5UlllPtions therein Intemal and extemal financial risks and the charity's ¢apacrty lo absorb and respond to such risks Rolyjslness of management processes and communication Plans for the period to March 2026 focus on delivering high impact productions and projects which will maximise audience5 and p8￿CIpation and have the potential to attract additional funding, and on generating 13 THE YOUNG VIC COMPANY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 earned income from h+res and other sales wherever possible. Cost managemenl strategies are based on minimising fixed overhead commilrnents whi151 recognising the conslrainls of an operats'ng model which includes njnning a multi-faceted theatre building. Essen11811o Young Vic's finanryal reSi1￿nCe is the ongoing supporl and Aexibility of our long-time core funder Arts Couneil England. We are extremely grateful for their ongoing support. Their commitment of ongoing annual unrestricted funding of £1.79m as part of Arts Council England's National Portfolio. secured through lo March 2026, and likely extension through 26127 provides a solid foundation lor the years ahead. Further variations lo the timing and size ol grant instalments have been agreed for 24125 and 25126, to support Young Vi¢,$ 8¢tivity timeline an(1 cashllows. wth an indication ol further flexibility once the extension year lunding is approved. Taking into account the plans ouuined, related budgets and forecasts, and the ongoing support of major stakeholders including Arts Council England. the Trustees have concluded that the projections are sound, deliverable and controllable. They consider that there is a reasonable expectation Ihat the charity wll have sufficient funds to wntiftue to meet ils li8bililies as they fall due for the foreseeable ftjture and therefore have prepared the financial statements on a going Concern basis. They will continue to work closely with the Executive Team and Finance Director throughout this period to ensure financial risks are identified and mitigaled as they arise and within the available resources. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitutlon The Youn9 Vic Company is a registered charity in England (number 268876} and company limited by guarantee Inumber 011882091. The Young Vic Company's governing document is ils Memorandum and Art￿leS of A5swialion. Organisational Structure The directors of the charitable wnpany I'the Charrty,) are ils Iruslees for the purpose of chafily law and throughout this report are collecbvely referred to 8S the Iruslees. The Charity is managed by the Iruslees on the Board of Management. currently with thirteen members, which meets four b'mes a year. An Executive Committee of Iru51ees reports lo this board. An ArtisliG Director Ichief Executive) and Executive Director are appointed by the trustees lo manage the day- to-day operations of the Charity. The Iruslees seNing during the year and si￿￿ the year end were as follows.. Board of Trustees I C¢>mpany Director$ Glenn Earle Chair Varun Chandra (resigned 19 July 20241 Nicola Ounn OBE Dr. Robert Easton Kobn8 Holdbrook-smith Dr. Ai Hossaini Jr. Kwame Kwei-Arm8h OBE (resigned 20 Sept 20241 Andrea Ling lappoinled 4 May 20231 Layla Madanal (appointed 4 May 20231 Ebelechukwu Okobi Iressgned 12 Sept 20241 Joshua Parr lappoinled 4 May 20231 Farah Ramzan Golant Abigail Sewell (resigned 4 May 20231 Fiona Shaw Dr.Sila Thom8s (resigned 4 May 20231 Steven Tompkins Ann8 Williams Kwame Kwei-Afmah was Artistic Director and Chief Executive of the Ch8rfty until September 2024. Lucy Davies will serve as interim Chief Executive from September- December 2024. Nadia F811 w41118ke up the role of Artistic Director and Chief Executsve from January 2025. 14 ThE YOUNG VIC COMPANY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and Appolntmgnt of Trustses Trustees have the power to appoint or to Co-opt new members onto the Board and appointments are ratified in accordance with the rules al the next AGM. New trustees are selected on the basts of skills they can offer to complement the abilitses of the Board as a whole. New Trustees are briefed on their legal obligalions under charity and company law, the content of the Memorandum 8nd Articles of Association and the workings ol the Board of Management and the decision-making process. STATEMENf OF ACCOUNTING AND REPORTING RESPONSIBILMES The Trustees (who are also the directors of The Young Vic Company for the purposes of company lawl are responsible for preparing the Annual Report and the financial slalements in accordance wlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors lo prepare financial slalements for each financial year. Under that law the directors mu51 not approve the financial ststements unless they are sab'sfied that they give a true and fair view of the stale of affairs of the group and the charity and of the incoming resources and applic8th.on of resources, including the income and expenditure. of the group and the charity for Ihat period. In preparing these financial statements, the directo￿ are required lo.. select the most suitable accounting policies and then lo apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and accounting e51imales that are reasonable and prudent., slate whether 8pplicable UK Accounh"ng Standards have t*en followed. subject lo any material departures disclosed 8nd explained in the financial stalemenls,. and prepare the financial s181emenls on the going concern basis unless it is inappropriate to assume Ihal the charity will continue in oper8tion. The directors a￿ responsible for keeping adequate accounting records ihal are SLrfficienl lo show 8nd explain the charity's transactions. disclose with reasonable accu¥a¢y at any time the financial p¢)sition of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charty's constilulion. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fcau¢J and other irregularities. R•l•vant Audlt Infom)ation We, the ￿1￿Clor$ of the company who hekl office al the date of approval of these Financial Stslemenls 8s set out above each ¢onfim). so far as we are aware, Ih81'. there is relevant audit information of which the company's auditors a￿ unaw8re'. and we h8ve taken all the steps that we ought to have t8ken as directors in order to make ourselves aw8re of any relev8nl audit inlormation and lo establish that the ￿mpanY'S auditOTS are aware of Ihal infom)alion. In approving the Trustees, Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors. On behalf of the Board-. Glenn Earle, Cholr Dote: 11 Dec¢mbèr 2024 15 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE YOUNGVI¢ COMPANY Oplnlon We have audiied the financial 51alemenls of fhp Yiwng Company Ilhe'¢harrtaUe p¥eni ¢ompany'l subsldkary Ithe'gioup'}forl yeaT ended 31 March 2024 ¥¥h￿h comprise ihe ￿n$¢I￿alert $taterneni ol finan¢ial ¥Ciwilitrs. the wn501vJ3ied and chètitytsai¥nce sheet5. Ihe sdwJ&ed 5ta(emenl of cash 11(h¥s and Ihe notes to Ihe ￿Tr$￿idated fi￿nC￿41 swiemw)i$. in¢lvding a summary ol s¥nifi¢Bnl accounti polityes ThÈ fin¥ncJai reporting Ifamewwk Ihal ha5 been In their pre￿ra￿0Tr Is applicable law and Uniw K￿910M A¢wunty SlaThJafds In¢luding Finanjal Repofling siandard 102'TP* Financi81 Reptyiiry sièndard *p￿ICab￿lfi ibe UK ènd Rewblicof Iieland. IUThled Kln9dom Geneially A¢¢&￿ed Accavniing Plau￿￿) In our Opinion the financial slaiemen15 91¥e 8 Iwe ano view olthe Siaie ol the gIOUP'5 anrs ol Intr chanlable pareth company s affirs as * 31 March 2024 and of groLP'S In￿ming iesoui¢es and appliG*ion ol l8srtur¢e$ forthe year Ihtn ended. have been propeily prepared In accordan￿ wllh UTh￿d Kth9dom Gwerally Attepted Ac¢ouniifKJ Pr8rfi￿. #nd have been prepaied In atcordarte ￿1￿ lh2 requirernenLS of Ihe c￿npaTh￿S Aci 2006 Ba$is foi opinlon We conduthed our audit in acco￿ance Vjith Iniemwional Standards Auth1￿9 IUKI 11Sk IUKII ar¥t applieable law Oui ￿sponsIbIlitIeS der Ih05e 51aDd3Fd5 are further ￿CrIbed In Ihe Audrtor's re5POn51biliiies for the audl ol fin8ncia staiemenls olour report We art Independenl ol ihe gioup In accordan￿ wrth Ihe elhica1 req￿reMentS ihai are relev4nt w our audit ol the fmancial $iaiomeni$ in Ihe UK incI￿￿n9 Ihe FRC $ E]h￿31 siana8ro. anowe h8ve fldfil￿a oui 01￿{ eihital responsibilities InaGc0rdan￿wIikn Ihese Tequrempms We be5*ve lh• ltte audit •VideDcewe have obiakned is suffi¢Èni and 8r4)royi*e 10 prov4le a basis tor oui o¢Mni Con¢lusityn$ r¢l•¢inO tty going ¢on¢trn In auoiling financial siatemenls. we have cO￿l￿oe￿ Ih8t Ihe diie¢lo¢ use ol gtlry GDrfein ba515 of arcounlrng Ihe preparalion ol ihe fina￿137 statements is appropnate 88sed on the ¥¥oik we have p¥lormed. havt noi ¢da￿lfied any tnalenèl uncerta1ni* TeLryknng lo even15 01 Co￿1￿10￿3 ihal. individually OF cclleclNety. rnay casl svJnrficanl doubl on the crfftpanys ability lo coniinve as a going ￿nCeM lor a peiiod ol ai least fyAve monlhs Ifom whell financial stsiemEn15 are authonsed lar 4S5ue Our resrrt)nsibilibes 8nd respons￿11￿￿$ of the ¢Jirecitys ¥￿th iespeci ￿ o)Ing ¢orthm are descilbed In the relevant Sec￿}￿S of Ihis rewjrt Othr inlorm*tK)n The other Inlormaiion cwprises Ihe inlopmaiityn itt¢luoeo in 8Mual Teoort, ot￿r Ihan the financial 5talemenls an(J DUT auditor 5 report Ibereon The directors aTe responsib￿ for Ihe Oiher 1nforrnal￿ff coniaintd Wl¢hin Ihe annual rewrt Our oplnhw on the ffinan¢iai st•tements (*>e5 noicoyei ihÈ Otheiirrformation and. excepi io ihe exLentOIher￿lse expli¢iUy in Ouf repDrt we ¢0 noi expr8ss any lomi olassurance eon¢lusw Ihereon Our resp¢nsifMknty 1$ 10 lead Ihe other Inlotmai*n and. In doing 50. Consider whelhei the Oiher Info[￿allOn Is rnaleriall Inconsisteni With Ihe fiTrancial staiementsor Our knowledge obiained In theavdil.OT othe1￿1$* appears lotse (naieiially mi5slated Ilwe Identify Such maierial incoDsrsiencies or apparenl maierial mK8siaiBmenis. we ale required 10 deiefmine wheiFtr IIN$ gives rise lo a Thale￿￿1 mlS51*ernenl In Ihe hnancial slaletnenls Ihemselve5 If based on the wort we have perlorrned we col￿de ihal theie a rn•i$iial mi551siemèni ol Ihis DlhÈt infèrmabon. we ale iequired to thai laci Opinion ￿h11 m•tt•r$ pr•$¢rib•d by thoConw•niBJ Atl 2006 In our opnRin. based on Ihe work undertaken In Ihe ol Ihe 8udil I￿1(rforMÈI1vn yiven inifve IIusiee$'report ￿lIch ￿cludeS the dLieclois' report andslTalegK Teport Prepa￿ for the wrpD5es of company la¥¥ loi Ihe finan¢i•l yeai for wl1¢h Ihe finawial 51¥1*menl5 ale prepared ￿ corhs151eni wilh Ihe f￿￿cIal siatemenis. an the 51r8legic reP￿rt and ihe thiectois iepNI included wlhin Ihe Irustees report have been prepared irs aCcord￿ce with applicab￿ leg81 requirernen15 jiters on which we are r*g¥lr•d to r•port by •x¢eptbon In the light ol ltye knowledge and under51andiTrg DI the group aTrd the charl￿ble parenl company and 115 envirorbrneni oblaiThea Ihe Course ol Ihe audil. we h8ve not ￿entifIed rnaierial missiatemenii In Ine $lr8ie91¢ ￿pOll or the iirethors repon Inc￿¢Se￿ Y￿h1￿ If* IILL4lee5 fepDrf We have noth￿9 10 rtport In rÈ$p6ct ol thè folkning malth where the CompaT¥ies Aci 2006 requiies US to rewrt lo you Il In ou¢ (VIn￿n adt4uaie a¢couDbno re(tsiJs have not kepl or relums adequale lor tsur audii have not been received Irrffi ￿anCheS not vi*iea by us. or the charitable paFtrnl cofflpany s financial slalEmeDts are not agFeeTnenl Wlh the accouNirh9 iecord5 énd return5. eenain OKsclosures of Iru51eps Femuneialion specif￿e￿ by law are nol made or we have noi received a11 Ihe infoimaborn and emplar￿￿or,$ we require Ioi oui 8udil 16 REPORT OF THE INDEPENDENT AUDITORS TO ThE MEMBER5 OF TrIE YOUNG VIC COMPANY RespDn>￿ilft￿S oltrwt••s At expl¥Tr￿ mtte lthy In the Intstees. reJpwoibithets ststemenl. Ihe IiustEe$ Ivtho ale also threEtUs oflt* ¢h¥hab19 ¢￿￿nY kx the purposes ol umpany Liwl are reswnslble torthe prep¥8￿)n ollhe finwoal ar￿ Iur beino 6aiisfied Ihal ￿Y givt a true 8nd falr vitty and for 5u¢h unlrd as the Inistees determine 15 npcess•ryw enaNe the preparat￿ of stal•nents th818re free hom rn￿e￿al mi$stakmeni. t%*ether due to ltsud or error. In preparing Ihe finandal 5tatwients. the Iwslees are reswrnsitle fty asse￿￿9 Ihe groups ond the Ghthlaue pareni company 5 abrtity 10 ¢onlin￿ a5 a9￿Tvj t¢n¢wn. ¢Jsd05ry. a5 IpF4iu1￿. mallers reL7ted togLNno ¢tyKem and u51r￿ the ￿Th9 ¢oncem ba5k4 ol aul %¥hetl*r tr* finant4al statements as A whok arè fr* frfm rnaterial mi55ts1èmeN, whelhtt d￿ lo Iraud or ettc*, and to i%5ue an ￿￿rto¢S TepDrt Ihol inttludtt opinTon. Reasonable as$urartt 1$ a Imgh ievtl ol astsurance bui a 9uaiantee thai an a￿11 C￿d￿(￿ in accordan￿ wilh ISAS IUKI will 0￿y$ *Jete¢i a male1￿[ m155ta16ynèni when 11 exLsts 14lY65tatemenl$ ¢4n aiisefrom fiaudiy etyorand are Conside￿ m8¢¥¥l If, Ir*r1￿￿￿￿orlryIhe 893regate. they COU￿ reasonabty beexpEcled to influente ihe ernwmic de¢i%ion$ of users trken on ba$$ ol ti*e finan￿81 Sl*wwnts A further description ol OUF vespDnJibiliWd$ fortr* authtol the finarKkql $tsiemÉnt$ Is IocA8d rxl thg Firanthal R*poibng CowKil's Y*bshe at wfrc.ory U￿0U011¢Yjr￿On$its1IE￿ Ths ¢esuipbon ftym5 Port of aLK*or8 report. Ext¢nttowht¢h th• •udltW•S C01161d•rné of d•t•Cllng lir•gul•rftkn4 Ihduthn8 IwTeguL*rit*s. Includw fraLvI, are In8tsnc88 of non4tyMpbance wllh kn5 and rngulalions We desyn in line with our resportsibiltheG oullined ab￿¢ and on the FInat￿l R•porttw Coun¢l's w*bsd¢ lo deted m¢erièl rrd$81¥1enrrt5 in wespectof irJèpuigrt*$, Indudlng Iraud. Weobialnand Waa￿0￿rUnderSlandl￿g0f Iheenirfy. its3ciivltie5. itsctyttrolormironrnenl. and ￿ke￿f￿1VIe ¢knebpmert&, indLvling ￿n tothe Wl and r￿￿latOry*rarn9wotk #p￿leab￿and Iheenbty is com￿yIn9with Ihatlramewolk Based onthis underst8ndin9.we ￿*sntify •id osses$ T15k5 01 m¥itTial mIss￿￿nI ofthe finantial statemen15 wheihel 4￿ lo fraud or•￿￿r, dpsKJn and perfofffl pffjcedurets rewn5iYe lo IhD5e risks. and Ob￿1n evidence Ihal is Sufficient and appr¢oriate lo wovNle 8 b8$1s frx our Lwnion. This ￿￿deS CLY￿K1￿ra￿on of ts risk ol xts by Ihe entity thai weie contrary 10oppliuble laws and regv1atior6. ￿￿th11ng fr*¥J Inresponse lolheri5& Ofitte￿[gr11*s arKI mnw from *)p•r)tlno •¢tlvlti•• 1.106.072 12.619,7191 Cash Ilow from Inv•stlng actlvlll•• Payments to 8¢quire t8n9ibl8 fixed ¥ss•ts 35,1331 129.4171 N•t Incr•a8•1(d•cr•u•l In and ¢￿h •qulval•n¢• 1,070.939 {2.649,1361 C85h and cash equNalents at 31 Mar¢h 2023 244,970 2.894.106 Cash and Cash •qUI￿1•n￿ at 31 March 2024 £1,315,909 £244,970 C•8h and ca•h •qulvalents ¢on•l•ts ol: Cash at b￿k #nd in hand 1.315.9)9 244.970 Ca•h and ¢••h equlval•nts •t 31 MaKh 2024 £1.315,909 £244,970 The noles on pages 21 to 32 form part ol Ih6Be finan¢kg1 $¢at¢m¢nls. THE YOUNG WC COMPANY NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Sumrnary of Significant A¢countlng Poli¢i•¥ General Infomiatlon and basil of accoun￿￿9 Thè Young Vic Company is a charity 8nd a cornpany limited by guarante8 in th8 United Kingijom and registered in England. In the event of the charity b￿n¥ wound up. the li*)ilrty in respect of the guarantee is limited to £1 pgr rn8mbèr of th8 charity The addres5 of thè ragistered office is given in the Charity infomiation on page 2 01 these fina￿la1 statements. The nature of lh8 tharity's opèrats.ons and principal activib'es are to create high Quality. innovative and irnaginative Iheatre for a wide and. in particular, cont8mporary audience in unique adaptable auditoria wilh far-reaching aducation acbvities and access poIicYdS. The financial s¢alem8nt5 havè been p￿pared in accordan￿ ￿th Ac(>JuntiThJ and Reporting by Chanties.. Statement of Recommended Practice applicable to charities p￿parIng th8ir a(xounts in accordance with the Financial Reporting Standard applicable in the UK an¢J Republicol Ireland IFRS 1021, Ihe Chariti85 Act 2011 18s amended by the provisions ol the Chariti95 Act 20221. the Comp￿￿eS Act 2￿6 and UK Gen8rally Ac£epted Accounting Practice. The tharity constitutes a public benefit entity 35 defined by FRS 102. The 9roup's financial ststemènts consolidate those ofthe o)mpany and rt5 subsidiary Und&￿￿'ng Young Vic Productions Limited. The th'nanoal statements afe prepared on a going concom basts ￿nder Ihe historic81 cost conventK)n. Thè ffinancial staternents ar8 prepared in steding whth is the fU￿tK)nal eurrency of the charty. The significant accounting poI￿leS appl￿d in Ihe p￿paratIOn of Ihese fin8naal 51atern8ntS 8re set out ￿lOw. These polieAes have been consistenly applied to all years presented unless Otherwise stated. {bl Fund accounllng Unreslncted general funds are available ltsr use at the discretion of the trustees in furth&rarte of the geTwal obj￿11¥￿$ ol the charity and which have not been designated for olher pvrposes. Designated funds are Set aside by the trustees oul of unr8stn.ded general lunds for sp￿1￿¢ avJets, future purposes or proj￿¢8. Reslricted lunds are ￿n￿MefundS that must be spanl on rdslricled purposes in awordance wth tha funders. shes and deta¢ls of the funds held and ￿$trict￿)n5 Pfovided ale SI￿ In the notes lo the accounts. In¢ome recoonltlon All incomityJ resources are included in the St818rn8nt of Financial Activities ISOFAI when the charity is legalty entitled to the incorne after any perfomiance ¢onditions have been met. the amount ¢an be measured reliabty and rt is probable Ihal th8 income will be weived. The following spe￿IlC ￿l￿e$ are applied to parl¢cular cat8)ories of income.. Voluntsry inix)me including core grants. gr8nts for S￿(ar1¢ ￿t￿ltieS. donatsons. legacy gifts, and memberships, sponsorship and corwrate support where th8 substance of the trans&tw)n i8 that of a gift. Volunlary income 15 includ8d in full in Ihe Statement of Financial Activities when recwvablo. Grants are racognised when the charity b8come5 uncoThJith)nally entitled kn the grgnt. Incorning resourc85 from charitable activit￿$ includes box office Ititkel sales). sponsorship and fee Inc￿)8 from productions, co-productions and tOUfS. irKome from ancillary tradir¥J and royalties from productions 0ri9inally stajed by the charity. Grant income is only induded in this category where there re performance ￿lated conditions lo be rnet, for example a Specif￿ leve1 of services io be provided as condilion of the funding. Income from ¢harilab18 activities is reeognised where the￿ is entitlefwnl to the Income, receipt is probable and the Monetary v*u8 be measured reliably. No 8mL¥Jnl ig Included in the financial statem￿ts volunteer b.me in line with the SORP IFRS 1021. 21 THE YOUNG VIC COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Summary of Sl9nlfl¢ant Accounting Poliei•s Icontinu•dl Idl Expenditure recognition All expenditure is accounted foron an a(cruals basis and has been classrfied under headings that aggregate all costs related lo the category. Expenditure 15 re￿nISed wh8n there is a legal or constructive obligab.on to make payments 10 third parties. il 15 probab18 that the settlement will be required and the amount of the obligation can be measured reliably. It is calegorised under the followng headings." Expenditure on raising funds are thos8 (x)sts Incur￿ in 9enera¢ing voluntary income and other trading income Expenditure on charitable activities comprises those costs Incur￿ by the ¢hanly in tho staging of its pro¢Juclions and other projects and ev￿ts. It indudes both (x)sts allocated directly lo such activities and thtsse costs of an indirect nature necessary lo support them. lel 8oy office and as$o¢iat•d in¢om• and oxpendrturo Box office income comprises ticket sa18s for production5 and projects al the Young Vr and any other perfomanc8 Spaces used by the charity For pr(￿UdIOnS and projects (tcurring wholly within one financial year. ticket sales and other directly associaled In(x)me is recA)gnised when the performanos lake pl￿8 and all associaled Costs are expensed In the sarne finan￿al year. Where a produclion spans the year end. all directly 3sstsciated costs and incorn8 are generally r8¢0gnised in the year of the official opening night (often referred to as the pr855 nightl. whe￿ a small scale studio prcKluction with a short perfOrrnan￿ penod of less Ihan three weeks spans the year end. all diredly associated costs and income are recognised in the year where the majority of the actwity relating 10 the production t(x>k plaix. ifj Support Costs allocatlon Support costs are those Ihal assist the work of the charity bul do not dirodly reprasant specific charilable activities and Include venue operating cost5. equipment Tepairs Ènd m8intenance, IT and systems o)sts, office costs, govemance cost5, charity administration and ￿re salary costs They are Incur￿ directly in support of expenditure on the obje¢ts of the Charity. Support costs a￿ allocated between Ihe expenditure categories on 8 basis deS￿ned lo refl￿1 the use of the resource. Costs relati￿ to a particular area of activity are allocated directly. others are apportioned 10 refiect the ratio ol ts differ8nt areas of charilabb aclivilies. exeluted above on a ba￿S (Jesyned to ￿fie¢t the use of the resour￿. Costs ￿latirng to a parti¢ul8r activty are allocated direclty. Direct staff wsts are albcated wlth referen￿ lo the aver898 tirne that Staff spend working dir8Ctly in each a￿3. Support costs. induding support staff but excluding depreciatKJn. 8re 8PPOrtioned with reference to direc¢ slaff resourc8 in èach area. 25 THE YOUNG VIC COMPANY NOTES TO THE CONSOLIOATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 P￿or year expendlture Dire¢t Cost$- ctiviti Dirg¢t Costs- Itaffing Support Costs- stafflng Support Costs- other T¢)tsl 2023 Expendlture on rabsln9 funds.. Costs of rasing donations and lega￿eS Costs of other trading *ivi￿.￿S 187,338 218,151 51,569 145,742 602,8(X) 1,150 4,191 5.341 188.488 218.151 55,760 145,742 608,141 Charltablt actlvitl•s- Produclions, cwroductions and events Creators Prograrn Taking Part Depretsalion 5,125.337 195,852 1,472.199 170,683 276.648 348.014 40.348 65,397 983,549 114,030 184,823 375,315 7.929.099 520.913 833.204 375,315 5,627,525 1.919,530 453,759 1,657,717 9,658,531 Totsl expendlture 5,816.013 2,137,681 509,519 1,803,459 10,266,672 Support c￿ts Totsl 2024 Totsl 2023 HR. IT and Administrative Th88tre Operations Production and Techn￿1 Strategic Projects Staffing Gov•m8nca'. ProfessionBI fees Audit and ac(x)untancy Staffing 385.413 636.396 94.267 10,514 476.246 309.702 730.706 104.363 212.679 493.555 2,359 21.354 20,365 410.982 29.712 tS,964 D8Pf8ri*ion 335.306 375.315 £1,982,220 £2,312,978 Net expendlture I Ilncomel for tho year 2024 2023 Nel expenéiture is staled after thargin9 1 Irxeditingl.. Depreciation of tangible fixed assets Auditors, remunerats.on 335,306 375,315 1 S,738 19.427 5,617 10.285 105.61N) 105.600 19,673 19,673 50.270 48.132 1124.6821 1140.7041 Au¢il servi her seryices Directors, remuneration Operats"ry lease rentsl costs Premises Equipment PremL8es OperalirwJ18a5e r8ntal incomè Tru$t•g$' rgmungratlon During the yoar tho Artistic Director Kwame Kwei-Amiah received rernuneratk)n under a contract of employmenl of £105.61X). plus employèr pÈnsion ctsntnbutions totalling £3.168 12023" £105.600. penS￿n contnbulions £3.1681, as permitted by the charity's governing documant. No other Irusie8 received or waived any reffluneration during the year12023". nonel. 26 THE YOUNG VIC COMPANY NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hlARCH 2024 Staff costs 2024 2023 Salaries. w4es and fees.. (x)r8 $￿ff Social secunty Costs P8nsK>n wsts Temiination pay 2.231.125 231.578 57.836 31,461 2,319,661 254,143 55.715 17,6 £2,SS2,000 £2.647,199 Salaries, W￿e$ and fe85 include the ￿$t of interim slatt, indudirwJ agencies and freelancers. covering v8eant core stalf roles. Terrnination payments made during the year indudgd £4,356 of ex gratia pay 12023.. £2.1601. The av8r4e monlhly numberoffull time and part time staff dunng the yearwas 6112023." 651. Four employ88s rec￿V8d annual rgMunèra￿On of more than £60.CK)012023.. thml and within Ihe followtng bands.. 2024 2023 £100.001-£110.000 t80.CrfJ1-£90.000 £70.001-£80.000 £60.IXJ1-£70.000 The charty considers rts k8y managernent personnel to be the Artistic th'rector and the Executive ￿rector. The ￿9￿ale benefits of key rnanagement personnel totalled £221,27912023. £224.6031. ComparatlN*S for the 8tatsrnent of financlal aGtlvltle$ 2023 Unr8strict•d Fund$ 2023 R￿trIcted Funds 2023 Total Income from: Donations and legacie5 haritaue activities Other trading activit*s Investment in(Y>me Other income 2.654.182 3,309.811 10.133 3.498 1.3¥2.971 425,922 3,080,104 3,309,811 10.133 3,498 1,392,971 Tolal Income 7.370.595 425,922 7,796.517 Ex￿ndIture on.. Raising funds Charltabl¢ ¥tlvltles- Produdions and co-productions Creators Program Taking Part Depre¢i81ion 608,141 8,141 7,827.104 278.fL)3 789,743 375.315 101,995 242.310 43.462 7,929,099 520.913 833.205 375.315 Total •XpendI￿re 9,878,906 387.766 10,266,672 Not •x￿ndItUTfy 12,508.3111 38,156 12.470.1 $51 Transfers bètween funds 206,629 I2(￿.629) Not movement In funds Reconclllatlon of funds- Totsl funds brought forward 12.301.682) 1168,4731 12.470.155) 11,108,714 291.365 11,4￿.079 Total fvnds carri•d forward 8.807.032 122,892 8,929.924 27 THE YI)UNG VIC COMPANY NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Tan9lble fixed a$$ets Group and Charlty EquipmènL Flxturès, Dlgltal Theatre Rebulld Total Cost Al 1 April 2023 AdditK)ns Disposals 3,143,281 35,133 11.621.612) 11,745,381 14,888.662 35.133 11,621,612) AI 31 Ilarch 2024 1.556,801 11.745.381 13,302.183 Deprneiation Al 1 April 2023 Charge for the year Disposa15 2.722,665 100,399 11.609.121) 3,841,720 234.9)7 6,564,385 335.306 11,609,121) Al 31 March 2024 1,212,943 4,076,627 5,29).570 Net Book Value At 31 March 2024 £342,859 £7,668,754 £8.011.613 At 31 Marth 2023 £420.616 £7,903.661 £8.324,277 11. Fixod a550t inv•stm8nts Shar•s In group undertakln9S Cost At 1 April 21Y23 and at 31 March 2024 £1 Net Book Value At 1 Aprll 2023 and 31 March 2024 £1 This investment comprises a 100% owned subsidiary undertaking. Young Vic P￿ductiOnS Limited which registered In England. registered number 06238751. The principal adivily ol the cornpany is theatre production During the year, Income in this subsidiary undertaking amounted to £79.37712023' £65,662) and expenditure amountèd to £79,358 12023 £56,679) Al 31 March 2024 rts nel assets stood at £8.771 12023.. £8.7531. Thè r95uhs ol the subsidiary undertaking are included in these (onsolidated financ￿1 statements. Group Charfty 12. Dobtor8'. Armunts falling du8 Mthin ong year 2024 2023 2024 2023 Trade deblors Other debtors Prepayrnents and accrued income Amounl owed by subsidiary undertaking 98.132 101,424 1,208,513 40.901 171,341 2,711.866 98.132 101.424 1.208.S13 40,901 109,497 2.704,643 58.932 £1,408,069 £2,924,108 £1A08.069 £2.913.973 13. Creditora.. Amounts falling due wthin one year Trade creditors Accruals Advance box ott￿e receipts Other creditors Deferred income Amount owed to subsidiary undertaking 219,144 281.347 282,426 230,940 109,950 704,6 590.563 75,089 1.157,490 35,573 219,144 281.347 282,426 230.089 109,950 W7 704.696 59J.583 75.089 1,147.901 35.573 £1.123.807 £2.$63,431 £1,123,863 £2,553,842 28 THE YOUNG VIC COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 13. Creditors: Amounts falling due wthin one year Iconlinuwjl Olhercreditors include5 one loan totalliThJ £40,135 ￿paYa￿e vmthin one y8ar12023". two loans totalling £861.444, repayable within one yearl Deferrgd Incon 2024 2023 Balance at 1 April Amount r818ased tts incoming resour(*s Amount deferred in year 35,573 135,5731 109.950 23.429 123.4291 35,573 Balan¢• at 31 March £109,950 £35.573 14.1 Fund 10￿￿¢1110110n Balanc• at 1 Aprfjl 2023 Balance at 31 March 2024 Income Expenditure Tran8f•rs Group Unrgstrlcted Operating Desi9nated'. Fixed Assets 482.755 6,805,686 16.116.304) 320.364 1,492,501 8.324.277 1312.6641 8.011,613 8.807.032 6,805,6e6 16.116.304) 7,700 9,504,114 Restrfcted Projects and Activities.. Pr(KJuetions and events Creators Program Taking Part Strategic Project5 & Fixed Assets 82.450 205,500 89,992 182,4501 1212.7011 174,9921 115,3211 99,871 92,670 15,000 23.021 17.7(X)I 122.892 377,942 1385,4641 17,7001 107,670 Totsl fund• £8.929.924 É7.1B3,628 £{6.501.7681 £9,611,784 Thè Destgnated Fixed Asset Fund represents the net b￿k Vall￿ of all fixed assets, to ensure that this value tsed up in the builijing and ils equipment is dearfy distinguishable from funds availab18 to spend. The Reslricled Projects and Activities fund represents grants and donations given in suprA)rt of specrfic pro(Juctions. projects or a¢tivilie5 where the funder has restri¢t8d the use of the funds. A breakdo¥vn across the rnain stranLts of aclivilies is provided. The tnaprity of Restrbcled prOj￿tS and Activit* fun(Js are ￿eNed and spent wrthin one calendar year. Transfers be￿￿een lun¢Js represent the Cost of depr8ciation transferred from unrestncled funds to designated fixe asset funds. the cost of fixed a5so1s purchased from reslricled and unre5trKted funds transferred to designated fixed asset funds. and amounts rde&8ed from reslricled funds to un￿StriCte(j hjnds where the funders have permstted transfers. THE YOUNG VIC COMPANY NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14.2 Fund roc￿¢11￿￿On- Prior year Balanc• at Balance at 31 March 2023 2022 Income Expendlturo Tran$fvrs Group Unrestrlcted Operatiro D8signal8d.. Fixed Assets Operatiro. Burford Legacy OperatirKJ. Speual Situations Op8ratiry.' CommissKJns 695,361 7.370,595 18.141,6121 558,411 482.755 8.676.059 1.145,713 582,175 9,406 1351.7821 8,324,277 11,145,713) 1582,1751 19.4061 11,108,714 7,370,595 19,878,9)61 206,629 8.807.032 Restrlct•d Commercial Transfers Artlslic Fund Projects and Activities.. Productions and events Creators Program Taking Part Strategic Projects & Fixed Assets 107.560 99,069 1107.5601 199,0691 28,541 333,(M)O 39,381 25,000 128.5411 I236,￿9) 139,3811 181,6151 5.1(M) 99,871 79,636 23.021 291,365 425,922 1387,7661 1206,6291 122.892 Tolal fund$ £11.400.079 £7.796,517 £110.266.6721 ÈB.929,924 The Desrgnated Operating Funds We￿ funds established by the Board to underpin the financial seDJrity of the Young Vi¢. lo provide working capital. to fund exceptional projecls desi9nèd to increase the roach of the Iheatre and lor commissioning new theatrical works. The Restricl8d Comrn8rri81 Tr8n518r5 Fynd was in respe¢l of donation5 ¢0 be applied to future transfers of theatrical productions lo the West End or Broadway. The Restricted Artistic Fund was estatAished at the Start of the pand￿￿ to as$6t wrth Young Vic's T￿0Very post r￿pening. 15.1 Analysis of not a558ts betW8on funds Flxed A88ets Net Current A8s•ts Total 31 March 2024 Group Unrostricted Funds General 0￿ratIng Designated Fixed Assets R•strl¢tsd Funds Projects and Activities 1,492,501 1.492.501 8.011,613 8.011.613 107,670 107,670 Total £8.011.613 £1.600.171 £9.611,784 15.2 Analy$l8 of 099gts 1)the•n funds- prfor year Fix•d Ass•ts N•t Curr•nt Assets Total 31 March 2023 Grtyjp Unrestrlcied Funds General Operating Designated Fixed Assets Restrlcted Funds Projects and Activiti8s 482.755 482,755 8,324,277 8,324.277 122,892 122.892 Total £8,324.277 £605,647 £8.929,924 30 THE YOUNG VIC COMPANY NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Financial eommltments la) Operatlng leaws The total of futur8 minimum lease payments under rrt)n- cancellable operating ￿aSe$ for e&h of the following periods are.. Equlprnent 2024 Equlpment 2023 Not later than ona year Later than one year and rK)t latèr than five years 35.378 43,833 50,270 30,764 The charity has a contract for the grant of a 99 year lease wlh Lambelh Borough Council. which cornmen￿d on 29 Septemter 2006 for an annual rental of £15.000 and in¢re85es in line with Retail Price Index infiatson on 8ach 10 year anniversary. The current annual ￿ntaI is £19.67312023." £19,673). {bl Conting•nt Ilabllth$ Al 31 March 2024 a wnlingent Ila￿.1rtY existed in the fonn of a charge relating to the building agreement in respect ol the theatre prernises. whereby the cornp￿Y has agreed lo repay 8 grant funding advance from Arts Cou￿41 EnglaThJ of £6.250.000 should the tems of thè grant agreernent not be met12023'. same ￿ntingent liabiltyl. Al 31 March 2024 8 contingent liability existed in Ihe form of 8 d8￿ntUre. whereby the company has Charg￿ to Arts Council England a fixed charge over all debts due or owng lo the ￿1mpanY and 8 floats'ng charge over all the company's present and tyture undertakings and assets. in respect of a grant fvnding advancè o1£6,250.00012023". same contingent liability). 17. Penslonj and other post-rellrement beneffts The charity contributes to ($8fined contribution personal pengon schem85 for ￿rtain employees. workers. freelance perfonners. musici8n5 and stagtr marwgers. The amount rwnised a5 an expense In Ihe penod was £71,38712023." £72,0931. 18. Amount r¢c•lvablg undgr non4ane•llablo 0￿ratIng l•a The minirnum amount tsw￿ to the company by a tenant urnjar a non-can¢ellable operatiry thse is as follows". Rent and Rent Serv1¢• ¢hargo S¢fvlce chargg 2024 2023 Not18ier than one year Later than on8 year and not later than five years 104,785 157.178 95,805 239,513 The 0￿rthn9 lease relates to the catslrestsurant at The Young Vic Theatre with 81è8se ierm of 10 years, subject to a break clause after 5 years. The lease agreernenl also indude5 annual tumovw rent. calculated at 3%. 5% and 12% 01 gross tumover in aCr￿rdanCe with lessee turTh)ver Ihresholds which are reviewed on an annual basis. The lessee does h8ve an option to purchase th8 property al Ihe èxpiry ol the lease per*)d. 19. Related party transactions Donatlons General donations arn made by some trust88s,' donatw)ns a￿ freely gNen with no benefits received in robjm. with the exception ol nominal benefits under membership schemes available to all members 81 th8 same level. The totsl aggregate afflouni given in general donations by tfU5te85 during the year ending 31 Klarch 2024 wa5 £328.92812023 £159,474). 31 THE YOUNG WC COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Exp*nses Trustee and Chief Executive Kwarne Kwei-AFmah was reimbursed for expenses In the ordinary business ol his paid role 8$ Artistic Director. OrE other trustee received reimbursement ol travel expenses tot8lling £71 for atlendin9 board meeting$12023'. nonel. Foes Trustees are occasionalty engaged through a freelan￿ contract for seNiees. All such engagements will adhere to Young Vic's slandar¢J contractual terms and rates of pay, and rnust be discussed in 8dvance wth the Chair of Trustees to ensure appropriate processes are in p18ce to avoid any wtents'al ctjnflicl of Inte￿1. Trustee Andrea Ling was engaged as a ¢￿atIve pra￿ltioner by thè Creators Prograrn under tsvo freelance contracts In the year. receiving fees totalling £4.355. This Includèd paymènt for directing Earthworks as recipient of the Genesis Future Directors Award. Trustee Joshu8 Parr was engaged as a creative practitioner by the Creators Program under one freelan￿ contract In the year. recewirKJ fees totslling £585 There were no balan￿$ owed lo trustees on fredance servic4 conlracls al Ihe yèar end. 12023.. no paymenls to trustees for f￿elance service coniractsl. Loans At the start of the year Young Vic Cc¥rpany owed £61,844 to trustèè Dr Robert Easton. being a short-lem) loan In support ol day to day eashflows. with interest accruing at 1Yo per annum Dunng the year Inlerest of £291 w&8 accrued and £22,000 InclLKJing interest pro r8t8 was written ofF and gifted to Young Vi¢ as a donation, leaving a balance of £40,135 outst8nding at 31 March 2024. The repayment penod tsthe ￿mainINj b81aneèwas extended to 30 September 202412023". loan of £61,844 issue(l and out51anding 81 the year endl. In Apnl 2023 trustee and Chief Exewtive Kwame Kwei-Amiah made a short-term loan of £100.0￿ to Young Vic Company in support of day lo day cashflows. with Interest accruing at 1Yo per annum. Thè loan was in place for less than one month and was repaid In full plus interest of £38 There was no balance outstanding at 31 March 2024. 12023. no loan issued rw)r balanc8 outsiaFKling at Ihe year ￿1. Remuneration See Note 7 for detsils of TrusleelArtistK Ll'rector remuneration. 20. Nèt outgoing re80urces of parent charlty As permitted by Se￿￿n 408 of the Companies Act 21XJ6, the Statement of Financial Activities of the parent chanty Is not prosented separately 35 part of these financial statements. The pa￿nt charity's net incoming resource5 were £681,841, after depreciation of £335.30612023." nel outgoing fesources £2.479.139. after depr￿lation of £375.3151 32