mailes Goldie CHAR TERED ACCOUNT ANIS REGISTERED COMPANY NUMBER:01210050 REGISTERED CHARITY NUMBER: 269645 Hull Truck Theatre Company Limited (A company limlted by guarantee) Consolldated Financial Statements 31 March 2024 stx)216170-1-6 I¢AEVI CHARTEIED ACCOUNT4NT5 Hull Truck Theatre Company Llmited Contents Reference and Administrative Details 1to2 Trustees, Report 31013 Independerrt Auditorn, Report 14to17 Conaolldatsd Slalemenl of Flnanclal ActNI11•8 18 Con•olidaled Balance Sheel 19 Balan￿ Sho¢t 20 Con8olldated Statement of CJBh Flo 21 Not•8 to the Flnand41 StatemenlB 22to40 Hull Truck Theatre Company Limited Reference and Administrative D•tall• Charltsble cornpany R•gi•tration Number 269645 Company R•giBtratJon Number 01210050 The charltable company is incorporated in England and Wales. 50 Ferensway Hull East Yorkshlr• HU2 2L8 R•gl*t•f•d Offic• Tru•ts•• and Offlcorn The Iruslees and officers •ervlng during the year and slnce tha year end were as followi.. TruBI8•1'. N Badey E Beverfey M Bisbey {re8lgn•d 27 June 20231 P 8urge85 P Coyle N Hailifax Ireslgned 20 March 20241 RHart J Hlnson C Jacobsen P Lautsn F Leone R Prttchard J Roblnson (￿SIgned 10 May 2024) M Robson E Walsh (resigned 27 June 20231 Councillor J Oad (appointed 16 May 20241 J O'Nell {8ppointed 20 March 20241 R Slngh lapyolnled 20 March 2024) J Wa15h (appointed 20 March 2024) Chalr.. RHart Secretary.. J Mills-ward Page 1 Hull Truck Theatre Company Limlted R•ferenc• and Administrative Details Senlor Management l Leadership M 8abych Team.. J Mills-ward T Saunder J Wllson (resigned 30 June 20241 A Pownall (resigned 17 Juty 20231 S Bgrton L Smith lappoinled 4 September 20231 Audltor Smwles Goldi• Chartered Accounlants Statutory Auditor Regent's Court Prince58 Street Hull HU2 8BA B•nk•r• SBC 34 Jame•on Street Hull East York#hlre HU1 3JX Page 2 Hull Truck Theatre Company Limitod Truste85' Report I he trustee5, who are dlreclors for the purposE5 of wrTIV24 we welcomed 62,943 8udi•nce members. On average 11% of all our bookers were now. Flve produdtons produced andlor ¢TrproducerJ by Hull Truck Theatre, across a rango of 8tWe8 and genres, from imagbnattve and thealrlcally playful productions of well-knO￿ liUes for families, new comrni55ions wlh original music and puppetry, an integrated BSL Production, a gritty and entertaining piece of contempvrary theatre staged In the round for adults and the first ol a th￿e year cycle of c¢>productions with Derby Theatre and Bolton Octagon focussing on school curriculum li￿e8. The year's produced programme ol production8 wa8 as foNows'. Page 4 Hull Truck Thaatrn Company Limitsd Trustees, Report Around tha Worfd In 00 Days (fhursday 4 - Saluid¥y 20 May 2023) By Laura Eason Based on the novel by Jules Veme Directed by H81 Chomberg Co•productlon with Theatre By The Lake "An oxtraordinary adventure for adults and kldj, v*ilh timerkeeping as a theme" The Guardian. "A breathtaking and hilariou8 adventure" _ North Wesl End, "Louie Whilemore's Ingenious design is a highlight. The Slage, POP Mu•ic (Thursday 5- S4lurday 28 Cktober 20231 By Anna Jordan Directed by Math 8abych Hull Daily Mail -'A sparkling 5UCCa88.' I lull Whet'g nn- °HnMTIwArming and joyous.. North West End - We were in the presence of quality.. The Rcviews Hub-'Il ￿￿11 hav• you wrth • heftrt full of hope.. The Stage 'Uplifting' The Yorkshlre Post 'Thealre prov?$ Slyelf lo be a hw5e of magic. And surprise.. Yorkshiré Tlmes-"EngfO88ed from the start.. Plnocchlo (Frlday 24 Nov- Sunday 31 Deeèmberl Adapted by Mike Kenny Dirècted by Mark Babych Sponsored by Hull Train8 Pr818ed by regional and national pre88 alike, Pinocchlo was consISten￿Y re¥lewed warmly for an Inuedible standard of acb'ng, the 8hov*s inclu8ivlty and for being a lun fsmlly experience for the festive period. Some highllghts included.. 'Il's all a lot of fun. The Yorkshire Post 'It is about being Irug lo oneself.. The Guard18n 'A truly enjoyable festive Ireal.. North West End Prin￿•6 and th• Frog ￿ednesdaY 13- Sunday 31 December) Written and Directed by Tom Saunders 'Thls was a brilll8nl Sho￿ - Fairy Powered Productions Anlrnal Fami (Wednesday 27 March - S8turday 13 April) Based on the novel by George Ow*ll Adapted lor the stage by lan Woolridge Directed by Iqbal Khan "The Power of Omell's 810ry shines. . The Ajts Dispatch °An intere8ting theatrical experienGe' North We$1 End Poge 5 Hull Truck Theatre Company Limited Trustees, Report Th• House• arn Slnklng (And the Adults Don't Carel -130 March- l April) Written by Josh Overton Directed by Tom Saunders Performed by Young Creators.. 'One of the freshe51 pieces of theatre I've ¥een in year8.. Mlchelle Dee, local blogger Hullovl¥lon123- 24 Jun•> Devised by the company Oirected by Jo8ie Lena Dav￿8 Perfom7ed by Act111 "I couldnl stop raving about It for days afterwardB' Sam Sims, HULL IS THIS Hull Tnlck Theatre confjnued h8 SUPPOrt of local artlsls through 118 annual GROW festival of work featuring S new short rilms by Hull writers commlssioned for our Dlgilal Shorts programme, 3 buTSary 8rd$ for local artists ond companies to present work in progres$ v•rsionJ of new Ihealre pieceg In eady development Tanging from a highly physical new play sel in a pole da$B, work by UkraSnlan artlsts now living in Hull along¥ide a visiting programme ol bold contemporary theatre Induding Middle Child Theatre and Milk presents ¢￿PrOduction of Modest- 4 blend ol drag king cabaret and music hall about the life of 8rt181 Elttabeth Thompson. A lotsl of 153 perfomiancej were Jlgged across th? year, Th18 included 132 ¥S￿ling company pertomiances preBenting 8 dlverse range ol perfonnance8 from nallonally renowned orb'sts and companies including regular vi&i18 from th• John Godber company wlh thelr hbghly popular show #bout Northem Soul, Do l Love You, Northern Bro8d8ides tour ol auality Street. the annual Hull Comedy Fe8tlval and Jazz Festlval and comedians Mileg Jupp and Bridget Christie among$l other8. In addith'on, the theatre continued ils commilrnenl to showcaslng the best inlem8lional work wa its partnership wth Freedom Festival Arts Trust, pre8enllng a visual 8lunnlng producll¢)n of Instant Loneline85 by Dutch comp8ny Via Bedin in collaboration vAth Cello Ocl81 Am81erdam and Kell, a Work in progreBS sharing by Intemalionally Ten0￿e￿ rnuyician ma￿'Th Green and Director Emma Rice. Theatre hires by amateur organitsatson¥ were very popular and presented well-known claisic musicals includlng Grease. Footloose and Spamalot. Partnership WorkSng This year marked the start of a three year partner8hlp ￿ere Hull Truck Th••tre joined forces vllh Octagon Th•atr• Bolton and D•rby Theatr•, developing an eX￿ling new strand of programming. specthcally designed lo engage an Smportanl and coveted audience demographic.. children and young people. Most young people's first experience of allending the theatre 18 al part ol a School visit this is especially true for those in Iov•tr income families. Tradrtionally. large school groups would visit their regional theatre en-ma5ye during the festive period, usually to enjoy an uplifting and entertaining production - wlh 8ub8equenl visits throughout the year planned for specific groups where there was a dlrect leaming benefit identified. Over recent years, school vl8ils outside the leglive period have reduced. feedback from schools cits'ng that travel co818, de-priolitlgalion of art8 Subjects within the curriculum and concems around student behaviour adding a new mu￿￿laYer8d challenge for attendance. This new 51ralegic partnership deepen5 the relationship be￿een classroom educab'on and the 8rts by annually produang and programming an arb'stically ambitious drama vA)ich is aligned to 8 text studied in schools as part of the curriculum lor GCSE students. Each chosen lille acr055 the Ihree-year period appeals lo schools studying tho text and has a wider appeal to general audiences. P89e 6 Hull Truck Theatre Cornpany Limited Trustees. Report Across the Ihr•e-year partnership, one of the three co-producers lead on the production of the show, which then rotates accordingty. Tille5 are chosen in consultation with schools in each venue's catchment area. The produdon moves from venue to venue in the February- April programming slot. enablin9 more audiences lo experience the work across rnults.ple locations. This proce8$ algo enable8 all partners to invest and share resour￿ and ideas. incTe8sing sustainability of projects and growng richer work wlh capital lo be able lo accommodate larger cast siies, alongside $eizing the opportunity to diversity the leadership of prolects and pfoduclions. For example, the first year of Ihls partnership was a productlon of Animal Farm directed by critically aedaimed Director Iqbal Khan, whose credit¥ include multiple productions al the Royal Shakespeare Company and Creative Director of the opening remony of the 2022 Commonwealth Game8. 4er8landing th_e Thèatres Audiences To futher understand changing ludlence behavlour8 the theatre undertook 118 largest audience roi•arGh prol•ct in s•veral years in Springl.giimm•.r ?n?7. Working wlh partner, Indigo. the project Involved a combination of qualrtalive and quantstative research and a deop dive Into the theatre8 lickebng system, Spoktrix. Total book•rs analyséd.. 45,000 Total suryey re8ponse8'. 708 Focus group pa￿e1￿n￿.. 18 The main aim¥ of the project were lo Investigate the perceptions of price, motsv8llon$ for attendanc• and the role of pricing in the decision to attend theatre In general. Thls research was done coming out of the pandemlc and at the beglnning of navlgaling the cost-of-llvlng crigis. Key findings induded.. HTT is a valued end apprerAaled theolre with 4 gtrong local identity for current audlencei vtho love the intimacy of the experlence. Nurturing long-term loyal customers is vital and there may ￿ the opportunlty to increase revonue from some through pricing and bolt-on strategies. Programmlng Inot pricel drive8 audiences and there i¥ high trust in HTT to deliver more challenging work. Many HTT audiences face financial pre88ure8 and are prlc&8ware bul there h room to increase revenue Irom pricing and yield management. Increase ts¢ket prices slightty and communlcale thi8 clearty and openly. Help people rebuild theatre going habits vAth targeted campaigns. The findings from the prolect helped inform the theatre8 Ilcket pricing increase strategy in ALrtumnl Winter 2023. The exercise be reviewed a9ain in 2024ras. Page 7 Hull Truck Theatre Company Limltsd Trusteas. Report re.ative. L amln Pr￿gro.MOLe Hull Truck Theatre's Creative leamlng department dellvered 9,337 engagements acro$$ 698 sessions In 2023-2024. This includes 8 s&ssions a week made up of 5 paid-for Youth Theatre group8, 2 free youth theatre groups. our Acl111 group for ￿lTed adu￿$ and weekly sessions for sludenl$ from Ganton Special School and Frederlck Holmes sp￿al School at the theatre focused on theatre-sklls and collaboration. The theatre al¥0 ran a range of workshops and projecty for s¢hool8 and colleges on varfou8 topi and Ihemes Including careers, lrteracy, specific-lext8 and backstage tours. Alongside delivering an Introduction lo Sland Up Comedy Course. a ten-week Young Wrrter¥ prcyect and a range of school holiday acb'vilies al the theatre and in the community. The theatre portner8 ￿th the Royal Shakespeare Company to deliver creative CPD to Hull & East Riding le8chers whlch aims lo add drama lo their toolkit for lrteracy leaching. The project end¥ Hull TNck Theatre delivering a Playmaking Fe8tlval in the theatre's main house wlh teachers directing their classes in excerpts from Tss*lfth Night. Over the 4 days, 344 childr?nfyoung people performed V+ith 30.3% of booker• new lo Hull Truck Thealrt and 34.9% living our target poslcode8 ofHU3 and HU6. The cr•8lve learning team aljo dev•loped a new area ol work. using drama lo train key NHS personnel (GPS and receplioni8131 and local businesses on skills such as diffi¢ull consultations and customer Service. Th? 8e88ion8 involved worklng with professlonal actors to explore scenarios In which staff deal wth challenging customers and collaborate on approaches lo working wlh them. Sustainablllty Collaboroling ￿th OH Ye$1 Nel Zero, a regional group made up of bu8ine$$es and organi$allons from all different sectors. the theatre cenlinued to reduce the theatre's carbon footprint -and Charn￿.0n the cuhural seclor'j role in Ihls In the theatreB 9eographlc region. AS part ol Hull Trud( Theatre'¥ commrtment lo being a greener organisatlon, durlng the bulld and design process of the production Pop Muslc the Theatre Green Book base line $tsndard lo reducing waste wa5 followed. Everyone involved Sn the production, from 8el design¢r$, ¢o$lume designers, lighting and Sound designers. and director8 and producers worked lo create and de8ign vKth the environment In mind. Followng the Theatre Green Book guidance, the theatre made sure that al least 50% of all m8terialg came Irom reu3ed or recyrled source5 and 65% of them lo then go on lo future lives. through 8torage or rfruse. Technical yystems were managed in 8 sustainable way and journey8 and deliveries were reduced by building the sel and making costumes in the theatre, instead of being made el8evknere. During the theatre Chrlstma¥ productlon of'Pinocchio' on incenlve wa$ offered to audiences to travel to and from Ihe venue sustainably. Partnerlng up vAth show spon30r, Hull Train5, audiences were encouraged lo reconsider their travel choices through an incentive where everyone was able to Show a Va￿'d Tail tScket for their journey would recelve an ice-cream forlu51 £1 at the point of purchase. Page 8 Hull Truck Theatro Company Limited Trustses, Report Hull Trud( Theatre is commilled to creating 8 9afe and welcoming space for all our communities to enloy and feel valued. The theatre offered caplioned. audio-described, relaxed and baby friendly performance$ for all Hull Truck Theatre productions throughout 2023-24. audience membef8 being able lo book Access lickels forwheelchair Spaces or be81 view of captionsl8SL inlerpTeter se*s online. In a commitment lo embeddlng accegsible and indusive storytelling, the theatre's Chrislmag Show Pinocchio Integrated the uye of British Sign Language IBSLI into every perforniance of the show openlng the doors lo a wider audience and building on the 5UCCeSge8 of A Chrlgtmas Carol in 2022. Tttej production captured the heart-warming joumey of friendship and discovery of vtho you really are in thi8 modem inlerpretalion of Carfo Collodi's beloved Italian Classic. The lonely woodcarver Geppetlo 1$ blesged wth the miracle ol his wooden puppet coming to Ilfe on Christma$ Eve by the grace ol the Blue Spirit bringing him the joys of farnily and companlonshlp. The theatre's ml$sion l¥ to reflect ? modem Brllain acr08s all of our work, from on stsgè to audiences, pyrticipanlg and our WOTkforce. Ambitious equality and divergily plans are drfven by the theatres Indusion Acts'on Group - a vrtirking group of represenlalivej from all department8 and level8 acros8 the theatre. Durlng 23-24 we offered communlly tickets to Hull Trud¢ Theatro production8 Pop Music. Plnocchlo, Prlncess & The Frog and October and February Great Adventures. On top of this, the ￿MiSSIon of the visiting companies, we offered community Ilckels for Mama Afrikg, As She Likes 11, 8i-Topla and A Song for Ella Grey. A8 well 88 performing al the theatre, our Great Advenbjres provision toured to 8 community 8pace¥ In our largel poslcodes and to Open Door8. As part of our community engagement linked lo our Christmas production8 of Community Partnership Coordinator rgn three reative acts'vits'es wth our community partners,. cregling fox and c81 puppety linked lo Pinocchio. colour-in frogs linked lo Princess & The Frog for a foyer dlsplay and a large 9-piece jigsaw display decorated by community groupy vknich was di¥played on our upper foyer and later gifted to new community centre In Sierra Leone. On top of this, recordings of Pinocchlo were ¥haTed vthh care home8 across Hull and East Yorkshire lo give residents the opportunity to parucipate in the Christmas Iradllion ol attendlng the theatre. 2,255 Pay Wh81 You Cgn tickets were taken up by local people. 400 community £3 Ilckels were given out to community group$. 52 to care homes and 938 local people vi8lled the theatre for free 88 part of our Give the Gift of Theatre scheme. These schemes locus on local communities experiencing disadvantage and enable communities lo enloy the magic of a theatre perfomiance, many for the first 'me. Gwe The Gift of Theatre 18 generously supportod by our Spotlight corporate partners and public appeal. The theatre was al¥0 recognized by ￿nning or belng 'highly commended" in the folknv￿ng regional award5'. REYTA.. Acce8$iblo and Inclusive Tourism Award Iwlnnerll TIC- Public Venue Category (Finalist) PIBA.. First Class Service (Finalisll Page 9 Hull Truck Theatre Company Limited Trustees, Report PLANS FOR FUTURE PERIOP.S. ¢IN_QQRPORATING_&18A. T.RGIC REPQ8[P.I$CLOSURESI The theatre looks forward lo an exrAting year in 24-25. Using the audience research done In 23-24, the produced programme includes a mix of well-known lilles and new wort( including.. Little Shop of Horrors - 8 co production the Octagon Theatre 8otton, Theatre by the L¥ke in Keswick and the New Wolsey Theatre Ipswich. By working together 8nd pooling resources vAlh 3 other co-producers. we hope lo deliver an ambthous and popular actorlmu8lcl4n Show in the summei period at a scale nomially beyond resources. Christmas shows.. The Borrowers in the main house and Rapunzel in the ¥ludio. These lilles We￿ chosen directly from the audience rese8r¢h lo Include a lamily story with Chrlslma¥ threaded through. Two new plays by local writer Maureen Lennon.. Mary and The Hyenas a ￿￿PrOduCtion Pllot Theolre and communlty production Gulsl The Musical. The 2nd production in the theatre'B Educational Partner8hlp ￿th Octagon Theatre Bolton and Derby Theatre.. Of Mice and Men. Hull Truck Theatre's audiences have begun to balance out and grow in certain areas. Our current finanaal position is relatively strong. as we enter the 2nd year ol Arts Councll England's Ngtlonal Portfolio Status %*hich ha5 been confirmed ￿11 continue for an additional year into 2027. Hull Clty Councll ￿111 al80 launch thelr ovm refreshed cultural strategy in 2025 for the period 2025-30. Hull Twck Theatre wll Spend 2024125 on a period of new dlscovery as part of Ramps on the Moon'g cohort of nali¢)nal cultural organisations looking al how we embed the social model ol d18ability acr088 l areas of the theatre's operations. The theatre will continue lo push bc•undaritr$ with imaginative, unmissable producbons ond a programme that engages and excites audiences and participan18 Cf088 Hull and the wider r8gion. Our cornmltment to rigoTOUS financial management and envlronmental responsibility wll ensure that can lace the challenges of the futuré with delerminatlon and 8 strong vlbrant artistic voice. We believe in the power of live performance to Inspire. enlertaln and connect people lo each other and the wodd around u$, and look forward to sh8ring an unforgettable joumey, filled wth high-quality Ihought-provoklng ab8offoing theatre. laughter, mufjlc and magi¢. FINANCIAL REVIEW The group's principal funding $ources contrnue to be granlslsponsor8hlp from Arts Council England Hull City Council, together v*ilh box office recelpt5, funding from trusts and foundations, donation6, sponsorship, event hire and catering charge5. 2023-24 wa8 the first year of the 2023-26 funding agreement 4Mth Artg Council England 08 a Nalbonal Portfolio Organi5ation {NPOI, il is a150 expected this funding agreemonl may be extended for one year until 2027. The group also conts'nues lo benefit from claimy of Theatre Tax Relief on the theatre's qualifying productlons, welcoming the rates staying al an increased level post the initsally temporary Covid-19 enhanced rate. The 2023-24 financial year resulied in Hull Truck Theatre group achieving a 8urplus of £36.86212023'. £115,210) on ￿n￿$1￿cted general funds. Followng the transfers be￿en funds, thich included de51gnations of £22,980 {2023.' £13,000) lo assist the continued recovery of the theatre following the pandemic, the ￿sU11 for the year was a surplus of £13,972 {2023'. £102,210) on unrestricted general funds. Overall, the Hull Truck Theatre group made a deficit for the year of £147,21412023'. £75,150) and this Was aftei the indusion of deprerAalion totalling £131,59212023'. £141,453). Page 10 Hull Truck Theatre Company Limited Trustges. Report Whilst the group balance sheet reports nel asgets of £14,388,073 {2023-. £14,535,287). most of this figure, £13.018,684 12023". £13,141.3221 relates to the theatre building, which is held in a r8sth.cted trust fund. Accordingty, the expendable assets available lo the group stsnd at a much more modest level and require astute financial management. Further details of the expendable reseTves a￿ sel out below. ReseN•s polky During the year the group fvrther consolidgled its undertying finandal pos11ion and al 31 March 2024 had unrestricted general regerves of £911.73012023.. £897,758). In line the reserves policy, the trustees are committed to continuing to build these reserves to a level which is equivalent lo at least slx months, operabonal expenditure (approximately £1,000,000) in order to secure the Ihealre'8 long-lerm financial Te511ience. With detailed kno¥￿edge of the local environment and operating conditions, ¥lrenglhenlng of the company's reserves was seen as essential due lo the uncertaln flnancial position ol the ents're cultural Sector due to sland-sllll funding along unpredictable audSence8 megns that the company has set another dehrAI budget lor the 2024.25 Ilnanclal year. Therefore, il Is e¥¥erili¥l Iliiil itt¥eives ale sufficlent to ensure a viats4e trading position throughout land beyond) this perlod. Re$ponsSble financial management wll continue, and we VAII closely control Spendlng and regularly monllor Iwdgets as we dnve forw8rd new incorne generallon iniliallves. The group has developed a gel of d•8ignated TeseTrte8, the one purpoje of which Is lo protect agalnst three major areas of Tbsk idenlrfied by the trustees,, repalr3 and renewal8 Ithg theatre bullding is now over len ye8rs old), production co$1$ Ilhe scale and ambitson ol production8 can be ¢urtailed by lack of flnanual resource), and 61aff Costs Ilo mitigate the effect8 of a rising National Living Wage against the backdrop of ¥land81111 public subsidy). In the longer term the tru$lee$ propose lo rebulld - and If possible grow - these designated •mounli year on year for the purposes of long-lemi 81ralaglc proteth'on. Additional de5ignallons are usually made annually as part of a f0rward-1hln￿n9 approach lo flnanci81 planning a8 internal and external circumstance8 conts'nually change and evolve. Arnounts are designated by the Iru¥tee8 either lo resource even18 and initlats'ves ouisSd• the nomal annual ope[a￿Onal patt•m, or for the purposes of risk mlb"gatson. Golng ¢onc•m The Finance & General Purposes sub-commlllee of the Board regulady ieview8 the group's reserves nd cash Ilow projections to ensure il 18 able lo meet ils financial obligations as they fall due. Tho trustees have considered the financial forecasts covering the Arts Council's NPO perlod 2023-26 together wth the group'8 reserves and cash flow projectlons. The financial forecasts have been prudently prepared and any unforeseen income reductions andlor expenditure increases wll be supported by the glrong Te$erves base. Therefore, the forec8gtS show that the group will have adequate resource8 to meet ils obllgations as they lall due anil lo continue in operational existence for period of al least 12 months from the date of approval of thege financial Slalemenls. A8 a result. the tru51ees are of the view that the charNy and grovp are a going concem and the financial statements have been prepared on a going concem ba818. Page11 Hull Truck Theatre Company Limited Trustees. Rèport STRUCTURE, GO.vER￿4N￿.1￿4Na￿NT Govemlng document The charity 13 govemed by its Articles of Association and eonslilutes i cornpany 1Smit•d by guarantee as dellned by the CompanieB Act 2006. The Ilablllty tsf the members in the event of tho company being wound up is limited lo £1. 0ryonlsatlon•l s¢ruclur• A Board of Trustees whlch meets four times per annum has uftlmale responsibility for the affairs ol the the8tre. The trustees 8ppoint the Arti$li¢ and Exacub"ve Directors, vA)o manage the da*lo4ay operations of the theatre as co-CEOs. The Strategic Management Team ISMTI makek iegular report8 lo the trustees, and SMT m•mber8 attend Board M￿￿n9$ as appropriate. In Jddilion lo the lull Board there are SU￿¢0Mmittee$ vthlch meet regularly., namely the Flnance & General Pufposes and Personnel & Appolntmenls su￿ComMIttee5. Furthermore, there is 3 nominated Iruslee sits on the theatre's intern81 Health & Safety committee. Through these mechani4ms and •tructUTes. the Board of Trustees 15 able lo lulfll 118 dutie8 of care. dlllgence and Jkill. Recrultment ond •ppolntment of truJtM¥ Ag 8 signiflcant funder und stakeholder, Hull City Council has the rlghl to nomlnate at any one time trwo Iruslees. Other Iru8tees are appolnled wa a robust recruilmenl process involvtng the acb.ve particlpalion of the Board and COwCEO8. The membership of the Board of TruBtees i• regulady reviewed lo ensure its Skills and experien￿ a￿ fit for purpose and Ihat 1118 truly dlverse and Induiive. Suitable InJ3tees a￿ appointed lo fill any vaconcies 88 soon as po89ible. Inductlon and tr•lnlnB of trust••8 Newly appointed tru8lees undergo a proc•$$ of inductlon whlch Incl￿e8 a dlscu81ion with the Chair, lour of the building, inlroductlon lo key staff and opportunbties to fomiliarise themselves wilh the organisation's work. Throughout the yéar invilalion8 lo attend a range of the8tre. educatlon and communlty evenly are extended to trustees. Board Away Days covering a variety of relevant topics aro held on a mlalively regular b9￿¥. P•ypollty for s•nlor #t•ff Pay for senior Blaff is aulhorlsed by the theatre's Personnel & Appoinlrnenl$ Jul>committee, ￿1th pay bands benchmarked against other theatres of a simllar srLe. Page 12 Hull Truck Theatre Company Limited Trustees, Report 8TATEMENT OF.TR.USTEE8' RE8PDN&LB1_LIT.l￿. The Iruslees (who are also the direclors of Hull TNck Theatre Company kn'mited for the Purposes of company lawl are resP0115ible for preparing the trustees. report and the financial slalements in accordance wlh applicable law and United Kingdom Accounllng Standards (United Kingd¢)m Gen¢rally Accepted A¢countsng Praclicel. induding FRS 102 'The Financial Reporting Standard applicable iii ilie UK ￿1){1 Republic of Ireland" Company law requi￿8 the trustees to prepare fin8ncial statements for e8ch financlal year. Under company law the tNStees musl not approve the financial 51atemenls unless they are satisfied that they give a true and fair view ol the 5ts1e of affairs of the parent charrtable company and the group and of the incoming TesouTce$ and application of resources, including ils income and expenditure, of the charitable group for that period. In preparing the8e fin8ncial g18temenls, the Iru8lees ale iequired Select sultable accounting policies ond apply them con8lStentty', ob¥erve the methods and principlej in the Chqrlllo3 SORP,, make judgemen18 8nd eslimales th81 are reasonable and prudent.. slate whether applicable occounting standard$, comprlsing FRS 102 have been followyd, subject to any material departures disclosed and explalned in the financi81 statèments., and prepare the flnancial 5tatemenl8 on the going concèm basis unless 11 is Inappropriate to presume Ihot the parent charitable company wll continue in buslne$8. The Iruslees are re8ponslble for keeping proper accounting record8 th•t can dl8eloie ￿th rea8on8ble accuracy al any ts.me the financial p0511ion of the p8rent charitable company and the group and enable them lo ensure that the financial gtslernenl$ comply wlh the Companles Act 2006. They are also responsible for gafeguarding the as8ets of the parent charltsble company and the group and hence for tsking rea8on8ble AtepB for the preventSon and deledon of fr8u(l and other irregularities. In 80 fgr a? the trustee8 are awar8'. Iherelg no relevant aud51 infomi8tson of whlch the group's audYtQTS are unawqre.. and the truste•s have taken all 8teps that they ought lo have token lo make Ihemjelves 8w4re ol any relevant audit informallon and lo e¥labllsh that the auditOT8 are aware of Ihat Information. R•appointm•nt of auditor The auditors. Smaileg Goldie. wll be proposed lor r￿￿ppoIntMent at the forthcoming Annual General Meeting. Ap roved by order of the board of trustees on .2hl. i J.1 0.1 and signed on it8 behalf by.. Chaimian and Trustee Page13 Hull Truck Theatre Company Limited Independent Auditorfs Report to the Member5 of Hull Truck Theatre Company LlmSted Opinlon We have audited the flnand81 slalements of Hull Truck Theatre Company Limited lthe 'charitable parent companv) and its subsidiaries (the 'group'l for the year ended 31 March 2024, which cornpris8 the Consolidated Statement of Flnancial ActNities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes lo the Financial Slalemenls. including a summary of significant accounting policies. The financial reporting framework that has been applied In their preparation 19 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial $lalements'. give a true and fair view of the slate of the group's and parent charitable company's aff8lrs as al 31 March 2024 and of ils Incoming resources and application ol resources, including ils income and expendrture, for the year then 8nded', have been properly prepared in accordance wth Unrted Klngdom Generally Accepted Accounlng Practice,. 8nd have been p￿Pared In accordonce with the requirements of the Companle8 Act 2006. B••l• for oplnlon We conducted our audlt in acGordance vllh Intemalional Slandardi on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards arè further descrlbed in the audltor responsibilitre8 for the audlt of the financial Statements seth'on of our report. We are independent of the group in accor*Jance vllh the elhlcal requirements that are relevant lo our audrt of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical respons1b1￿.1iej in accordance v*th Ihe8e requiremen18. We beliove that the audit evldence we have obtained 18 oufficlenl antl appropriate lo provlde A b8s18 for our opinion. Conclu•ion¥ r•l•tlng to golng conc•m In auditsng the financial slalemenls, we have concludèd that Ih? Iruslees use of the going concern bagij of accounting In the preparation of the financlal stalemenl8 Is approprlate. 888ed on the work we have performed, we h8ve not Identrfied ony material uncertainties relating to events or conditions that, individually or collectively. may cast signfficanl doubl on the group's ability lo continue as a going concern for a period of at least months from when the orfginal financlal Btatemen15 were authorised for iyyue. Our responsibilities and the re8ponsibililies ol the Iruslees wrth respect to going concem are descrtbed in the relevant Jectlons ol thi$ report. Other Infomiation The trustees are responsible for the other Infomiation. The other informth'on comprises the Information included in the annual report, vlher than the financial slalemenls and our audf(or's report thereon. Our opinion on the financial statements does not cover the other infomialion 8nd we do not •xpre5s any form of a8surance conclusion Ihereon. Page 14 Hull Truck Theatre Company Limlted Independent Audltor's Report to the Members of Hull Truck Theatre Company Limited In connection wth our audit of the financial statements, our responsibility Is to read the other infomialion and, in doing so. consider whether the other infomats'on is materially inconsistent vllh the ffinancial statements or our knovledge ob18ined in the audlt Of otherwse appears lo be materially misstated. If we identsfy such material inconsistendes or apparent material misstatements, we are required to detemiine %thether there is a material misslatemenl In the financial statements or 8 materfal mi•g18temont of the other information. If, based on tho work w• have perfomed, we condude that there Is a material mlsslalemenl of thls other inform•tlon. we are required to report Ihat fact. We have nothing to report In this regard. Oplnlon on oth•r matt•r prMcrlb•d by th• Compani•• kt 2006 In our oplnion, based on the work undertaken in the cour8e of the audit.. the informalicn given the and Tru$lees' Report lor the flnancial year for s¥hich the finanual statement8 are prepared 18 consi8lenl wth the flnanoal slalemenls., and the and Truslee8' Report have been prepared in accordance wlth appliCa￿e legal requirernonls. Mattevs on whlch wo ar• r•qulred to r•port by •xc•ptlon In the light of our knO￿edge and underjlanding of the group and the parent charltable company and it8 environment obtained in the course of thè audit, we have not identmed material rni88lalements in the and the Tfu¥lees' Report. We have nothing to report in respect of the follovlng matteTJ where the C¢Jmpanies 2006 require• U8 to report to you if. in our opinion.. adequate accounting rècord8 have not been kept or relums adequate for our audlt have not been received from branches not vlgiled by us., or the financ181 slalements are not in agreement wlh the accountyng records and returns., or certain disclosures of trustees, remuneration 8pecified by law are not made., or we have not recelved all the infomation and explanallons we require for our audil., or the trustees were not entslled lo lake advantage of the 5m811 companies exemptson Irom the requlrement to prepare a Strategic Report or in preparing the Report af the Trusteeg. R••pon¥lbiliti•* of tru•ts•s A8 explained more fully in the STATEMENT OF TRUSTEES, RESPONSIBILITIES l$el out on page 131. the trustees Iwho are also the directors of the charitable company for the Purposes of company lawl are respungible for the preparation of the financlal Slalements and for being satisfied that they give a true and lair view, and for such intemal control as the Iruytees determine is necesjary to enable the prepamlion of finanrA81 statements that are free from material mlsstatemenl, whalher due to fraud or error. In preparing the financial statements, the trustees are responsible for 438essing the charftable company's ability lo continue as a going concern, disc105in9. as applicable. m8tters related to gung concem and using the going concern basis of accounllng unless Ihe trustees either intend to liquidate the charitatle company or to cease operations, or have no rea1181ic alternative bul to do so. Page 15 Hull Truck Theatre Company Llmlted Independent Auditor's Report to the Members of Hull Truck Theatre Company Llmlted Audltor respon8lbllltieg for th• •udit of the financl•l statqments Our objectives are to obtain re350nable assurance about whether the financial $18lemenls as a wthole are free from material misslatemenl. whether due to fraud or error. and lo issue an 4udilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always delect a malertral mi$gtalement when il exis18. Mi8slalements can arise from fraud or error and are considered material if. individually or In the aggregate, they could reasonably be expect•d lo intluence the economlc declsions of u8er taken on the basis of these financlal $lalemenls. Irregularlties, including fraud, are instances of non-compliance with laws and regulallon8, We deslgn procedures in Ilne wth our reyponsibilits'e8. Outllned above, lo delecl material mlBstalement8 In respect of irregularities, includlng fraud. The extent lo which our Procedures are Capable of detecting irregularities, induding fraud 18 detailed below.. Our approach lo idenllfylng and asse83in9 the risks of material mis$lalemenl in respect iriegularilies, including fraud and non-compllance wfth laws and regulations, was focused on specific laws and regulations which we considered may have a direct materfal effe¢l on the Charity only and con801id8led financAal statements or the operations of the charltable company and the group, including the Cornpanies Act 2006, the Charitses Act 2011, data prolectltsn, ants'.bribery, employment and health and Gafely legislation. An understandlng of these laws and regulations and the extent of compliance was obtained through dlscussion wth management and inspecting legal and regulatory correspondence. We a8se$sed the $uJcepllblllty of the charftsble company's and consolidated finanrial s18lements lo material misstalemenl, including obtaining an understandlng of how fraud might occur, by making énquiries of m8nagemenl and considering the internal controls in place lo miligale rl8ks ol fraud and non￿omplIance with lawj 8nd regul4b'ons. To address the risk ol fraud thiough managernenl bla5 and overrlde of controls. we perfomed analytical procedure¥ lo idenllfy any unusual or unèxpectad rolation8hipi', le8ted joumal entries lo identify unusual transactions., Assessed whether judgements and 988umptlon$ made In delermlnlng the 4ccountlng ¢slimale8 re indlcalive of polentlal bia8', •nd investigated the rationale behind signfjficanl or unusual trans8etlonJ. In response to the risk of Irregularities and non-compllance wlh law5 and regula￿On8, we designed procedures whith included. but were not limited lo agreeing charity only and cong01idaled financlal statement di8cIo8ures lo underlw'ng supporting documentabon., reading Ihe minutes ol meelings of those charged *ilh governonce.. enquiring of management 88 to actu81 and polentlal Ittigatlon and daimy., and revievlng correspondence wf(h HMRC, relevanl regulator8 and the chorilable companys legal dvi8or8. Page 18 Hull Truck Thoalre Company Llmlted Independent Auditotr8 Report to the Mornbers of Hull Truck Theatro Company Llrnlted Due to the inherent Ilmllab'ons of an audit, there is a risk that we will not delecl all Irregularlties, including those leading lo a material m1651alement in the financial statement8 or non-compliance with regulatbon. This risk incre8ges the moTe that compliance with a law or regulation is removed trom the events and Iransactlon6 rellected in the financial slalemenls, as we will be less likely lo become aware of instances of non-￿MPlianCe. Auditing standardg also limit the audit procedure5 requirvjd to identify non-complianGe wlh law6 and r•gu14tions lo enquiry of the directors and nth•r mAnagemenl and the inspgctlon ol regulatory and legal correspondence, rf 8ny. The riyk is also greater ￿gardIng regularities OCCUfring due to fraud rather than error. aj fraud involves inlenbonal concealment, forgery, ¢ollu8ion. om15slon or misrepresentation. A further descriptlon of our responsibiliti85 is available on the Flnancial Reportlng Council'g website al.. www.frc.ory.ukJaudiloTsresponsibilities. Th18 de8cripllon foTm8 part of our audltol8 report. U•• olour Mport I his report l# made yolely to the charilalJl¥ p¥i¥iil ￿lli￿allY,$ trustees, as a body, in 4c¢ordonce vAth Chapter 3 of Part 16 01 the Companles Act 2006. Our audit work ha8 been undertaken so that N might slate lo the group'¥ trustees Iho$e matterj v*& are requlred lo slate lo them In ali ¥udilL¥I'8 report and for no other purpose. To the fullest extent pemiitted by law, we do not ac￿p1 or a$$umè responsibility lo anyone other than the charllable parent company and its tiuslees as a body, for our audit work, for this report, or for the opinions we have formed. Stephen 8ramall Bsc., FCA (Senior Slatulory Audrtorl For and on boholf of Small•¥ Goldle Chartered AGGountants, Regent'8 Court Prfnce85 Slretl Hull HU2 88A Dale... .2AI.i11. 24 Page 17 Hull Truck Theatre Company Llmited Consolldated Ststement of Financial Activiti88 for the Year Ended 31 March 2024 {Includlng Congolldat•d Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unr•$trlcted D•%ignat•d Reitrictsd funds funds fvnds Totsl 2024 Total 2023 INCOME Donatv)ns and legacies Charitable acti￿lieS Other trading acliwtle# Other income 33,901 1,960.256 151,557 52,890 33,901 1,960,256 151,557 52,890 18,324 2,023.728 139.533 Total income 2 198,604 2 198 804 2,181,585 Expend1￿1• on: Ralsing funds Charitoble aCti￿tieS 16,488 2,145256 18,486 2,329.332 6.886 2 250,069 43,816 140 260 Total expendliure Nel incornel{expendllure) Tranafer$ betsv•on funds 2 161.742 43,816 140 280 2,345.818 2 256,735 36,882 143,816) (140,260) 1147.214) 176.1501 22.890 Nel movement in fund8 13,972 120,9261 (140,2601 1147,2141 175,1501 R•con¢lll•tlon olfund• Total fund$ brought forward 897.758 424 950 13 212 579 14 535 287 14610437 Total funds carried forward 911730 404,024 13,072,319 14 388,073 14 535,287 Al of th? group'8 actlvkies dèrive from cOn￿nUIng operauons durlng the above perfodl. The funds breakdown for 202315 shomffl In noto 22. The note8 on pages 22 10 40 fomi an integral part of these financial statements. Page 18 Hull Truck Theatre Company Limited (Rogistration number: 01210050) Consolidated Balance Sheet as at 31 March 2024 UnreJtrIcl￿ Ro¥trlcted funds funds 2024 2023 Not• Flxod a*••ts Tangible assets 13 25,593 13,018,683 1.1.044.276 13,348.251 Gurrgnt a•••t• Dèbtors sh al bank and In hand 348,902 1,448.775 348,902 1,502,411 358,282 1,223,930 1,797,677 53.636 1,851,313 1.582,212 Crndltor¥: Amount• f•lllng du• wbthln onfr year 16 452,284 452,284 332,402 N•t cun•nl ••••ts 1,345,393 53,636 1,399,029 1,24Y,¥1 Total •M•ts le￿ ¢urr•nt 1,370,988 13,072,319 14,443,305 14,598.061 Credltor•: Amounts f•lllng du• aftfrr more than ono y••r 17 55,232 14,388,073 Not •s••t• 1,315,754 13.072,319 14,535,287 Fund• Restricted fund8 13,072,319 13.072,319 13,212.579 Unr•8trlct•d lund• De8ignated Funds General Funds 404,024 911,730 404,024 911,730 424,950 897,758 Total unrestrlcled funds 1,315,754 1,315.754 13,072,319 1.315754 1 322 708 TDt*l fund• 22 14.388,073 14,535,287 The trustees have prepar•d group accounts in accordance wlh sedon 398 of the Companie8 Act 2006 ond section 138 of the Charitles Act 2011. The ncial statements on pages 18 to 40 were approved by the tru8lee8, and auth0ri5ed lor188ue on .1611.J.J.A4, and signed on theSr behalf by M Robson Trustee The note5 on page5 22 to 40 fomi an integral part of these financial statement8. Page 19 Hull Truck Thoatre Company Limit (Registration number: 01210050) Balance Sheet as at 31 March 2024 Unr•8trfct•d Ro•trlcted fund• fund• 2024 2023 Not• Flx•d ass•ts Tangible assets Investments 13 14 7.269 210 7,289 210 185.700 210 7,479 7.479 185,910 Curr•nt asuts Debtors Cash al bank and In hand 15 386.688 1,184,188 386,888 1,237,824 1,624.512 389,125 972,744 53.630 1,570,878 53,636 1,361,869 Cr•dltor•: Amounts falllng du• wlthln on• yo•r N•t curr•nt •¥uts 440.872 440,872 326.010 1,130.004 53.638 1.183,640 1,035.859 1,221,789 1,137,483 53.636 1.191,119 Fund• of tho ch•rlt•bl• eomp•ny: Reslricled funds 53,836 53,836 71,257 Unro•trlct•d fund• General Fund* De8lgnal•d FundB Total unreslricled funds 733,459 404,024 733,4S9 404,024 725,562 424.950 1,137,483 1,137,483 1,137,483 1.150,512 1,221,769 Totsl lund• 22 53,636 1,191,119 Th• financial 8tslement8 on pages 18 to 40 were 8PPToved by the Iru81888, and authort￿d for Issue on .261.1.1.1.8.4. and iigned on th•ir ￿haV by.. M Rob$on Trustee The note8 on page8 22 10 40 forni an integral part of these finanaal statements. Page 20 Hull Truck Theatre Company Limlted Consolidated Stalement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Noto Cash from opjrnting actlvltl•8 Net cash expendf(ure AdJu•tm•nt• to Gash flow• from nonacaBh ltsm• Depreciation Profil on dlsp08al of tangible fixed a88et8 (147,214) 175,1501 131.592 52.890 141,453 {68,512) 66,303 Worklng capItsI •dlustm•nt• Decrea8•1lin¢reasel in debtors Increa8elldecreasel In creditorn Net cash flo￿ from operavng 4CtlvllleJ Ca¥li nowg from Iiiv•stlng actJvltl•s Sale of tanglble Ilxed assets C••h Ilow• from flnJnGlng actlvltbvs Repayment of loans and borrowing5 Nel increa8el(decreasel in cash and cash •quivalents Cash and cash equivalen18 Ot l April Cash and cash equlv818nts at 31 March 9,380 120,201 1107,9211 160 149 18 61,069 1201.787) 225,273 17 7,861 8,970 278.481 1210,7371 1,434,667 1,223.930 1,502,411 1223,930 An of Ihe cash Ilows are derlved from continuing operalimi durlng the above Ivk> pefiods. The notes on pages 22 to 40 lorm an integral part of these finandal statemen18. Poge 21 Hull Truck Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accountlng policlo• Summary of ¥lgnlflcant accountlng polici•s and koy accountlTrg •$¢lmats• The principal accounting policies applied in the preparation of these financlal statements 8re Bet out below. These policles have been consislenlly applied lo all the year8 p￿SenI￿d, unless othawse led. 3tatem•nt of ¢ompllanc• Hull Truck Theatre Company Limlted ly a company limbled by guarantèe and e8lablished in EnglandlWal8s. In the event of the charlty being wound up, the 118bilty in re8pecl of the guarantee is limited lo £1 per member ol the charity. The address of the registered office is given in the References and Adrninislrotive detsi15 on page 1 of these financial st8temenls. The nature of the Cha￿￿¥ operallons and princlpal activllleB are fvlly detsiled in the Report ol the Trustees. Hull Truck Theatre Company Llmited meets the defflnition of a publlc benefit ents'ly under FRS 102. The financlal statements h8ve been propared in accordanc? wlh Accounllng and Reportlng by Charilie8.' Statement of Recommended Practice (applicable lo charities preparing their accountg In accordance wlh the Financi81 Reporting Standard oppli¢able In the UK and Republic of Ireland IFRS 10211 {i85ued in October 20191- Icharlttes SORP IFRS 10211, the Financlal Reportlng Standard oppllcable in the UK and Republic of Ireland IFRS 1021, the Charities Acl 2011, the Companie¥ Act 2006 and UK Genorally Accepted Accounting Practice. 8a*ls ol prnpllratlon The flnancial statements are prepar?d on o gcing concem basls under the hi$toricol cost convention, modified to include certaln items al fair value. The ffinancial $talement$ are presented in tsleding which i• the functional currency ol thè charity and rounded Ip the nearest £. Ba81s of con•olldAtlon Th• conBolidaled financial 8lalement8 con$olldate the resutt8 of the chanty and its wholly ovmed subsidiary undertakings on a line by line basis uging the acqui8illon method. No statement of financial act￿l￿e3 Is presented for the charity as p•miltted by section 408 of the Companies Act 2006. Golng concern The trustee$ have considered the flnancial forecjsls covering the Arts Counal's NPO poriod 2023-26 together v￿th the group's reser¥eg and cash flow proleclion$. The finanual forecasts have been prudenlly prepared and any unfooseen income reductions andlor expenditure increases Wll be supported by the strong rese￿e$ base. Therefore, the forecasts show that the group vlll have adequate ￿SOurceS lo meet its obligation$ as they fall due and to continue in operational existence for period of at least 12 months from the dale of approval of these financial stalemenls. As a re$ult, the trustees are of the view that the charity and group are a going concem and the financial ststemenls have been prePa￿d on a going concem ba515. Page 22 Hull Truck Theatre Company Limlled Notes to the Financial Statements for the Year Ended 31 March 2024 Incomo and gndoY•Thents All incornels recognised once the charity or its subsidiaries have entitl•ment to the funds after any perfomance conditions have been met, il is probable that the income wll be received and the amount ol the income receivable can be measured reliably. Doiiallons •nd hgacl•s Donations are recognised vthen the tharilable company has been notified In WTiknng of both the amount and settlernenl d81e. In the event that a donats'on is subject to conditions that requi￿ a level of performance by the charitable company belore the charitable company is enlided lo the funds. the income is deferred and not recognised until either thoye condition5 are lully mel, or the tulfilmenl of tho8¢ ￿nditionS is wholly within the control of the charitable company and il is probable that these conditions wll be fvlfilled in the feporting period. Grnnts rnc•lv•bl• Income Irom government and other grants, wthether capital or revenue. is recognised when the charfty has enlillemènl lo the funds, any perfomiance condltlon8 allached to the grants have been mel, il 15 probably that the income wll be received and the amount can be measu￿￿ reliably and is not deferred. D•f•rrnd Incom• Inwme In advance of a theatrical performance or provilicn of other speclfied Servlce is deferred untsl the Grilerfa for income recognition are met. other tr•dlnq •¢tlvltl•s Income from the 98le of goods Ig recognlsed when 8lonificanl rf$k¥ and rewards ol ownershlp ol the good5 have transferred to the buyer, the amount of income can be measured reliably, il is probabty that the economic benefits a$so¢ialeLI with the tran98Ction will flow to the charity or 515 sub8lLliarie8 and the cost8 incurred or lo be incurred in respect ol the transaction can be measured rellably. This is usually al the point of sale. Exp•nditur• Expenditure is recognised once there Is a legal or con8trudve obligallon to that ex￿ndIture, it 18 probable settlement 18 reqUI￿d and the amount can be mea8ured reliably. Expenditure iy accounted for on an accruals basis and has been classified under he8dings that aggregate all cost related lo that category. Where costs cannot be diredy attributed lo particular he8ding5 they have been allocated on b8$is consistent wlh th¢ use of resourGes. Expendbture 15 cla58ified under the followlng he8dln98'. R•lsing funds These comprise dlrect fundrnising costs. together Wbth associated support costs. Ch•rithble •ctivltl•s Expenditure of charitable activitie$ includes the direct COSts of running the theatre and Its assoclated operations, as well as support Costs relating to these activits'e8. Page 23 Hull Truck Theatre Company Limited Notes to the Financial Statemen18 for the Year Ended 31 March 2024 Other expendllur• Other trading activities indudes the cost of sales and overheads incurred by the charity's events and catering Subsidiary. Support ¢o¥ts Support costs relate to those lunctlons that asslst the work of the charSty bul do not dlrectly undertake charitable acb"vllies. These indude back office co8ts, finance, personnal, payroll and govemance 1918. Gov•manc• co•1• These indude the coB15 atlrlbutsblo to the charllable company's compliance with conBtstub'onal and Atalulory requirtsmenls, indudlng audit, slrateglc manogemenl and tw¥lees meets'ngs and reimbur¥ed expenses. Tlxatlon The charity is exempt from corporation tax on inGome and galna to the extent they are applied lo ils Cha￿table Jctiwties. Tanglble flxed ••••ts Tangible fixed a$8el8 are staled at colt lor déemed costl or valuation less accumulated depreclollon and accumulated Imp8lrment losses. Cost indudes costs dlrecuy attributsble lo making tho asaol capable of operatlng as Intended. D•pr•clatlon and •mortlg•tlon Depreclalion Is provided on langlble fixed assets so as to write off th8 coil or v8lualon, les# any estimated residu81 value, over their expected useful economlc Ille a• follows.. A•80t cl••• Long lèasehold propety Freehold land and buildlng9 Improvements lo property Flxturei. fitts'ngs and equlpmfjnt D•pr•cl•tlon method •nd r4t• over 50 year# over 50 year¥ 2% on co$1 1¢>25% ¢)n cost ImpaSrni•nt of fix•d a$••ts Assets not measured al fair value are reviewed for any Indication that the asaet may be impaired al each balance Sheet date. If such indication exi8ts. the recoverable amount of the asset, or the aysel's cash generating unil, ij estimated and compared to the carrying amount. Where the Garrying amount exceeds Its recovernble amount. an impairment 1055 15 recognised in the Statement of finanrjal activities unless the a$801 Is carriad al a revalued amount where the impaiTmenl Ioss 18 a revalualon decrease. Fix&d asset In¥eBtrngnts Other investments are measured al cost le88 impaimienl. Page 24 Hull Truck Theatre Company Limlted Notes to the Financial Statements for the Year Ended 31 March 2024 Dtbtov* Trade and other debtors are recogni$ed al the 8etUement amount due. Prepaymen15 are valued at the arnount prepaid. Cr•dltor• •nd provhlon• Credllors and prowyiony are recognised where the charity has a Present obligation resulling from past evenl that wll probably result in the Ir8nsfer of funds lo a third party and the amount due lo Bettle the obligation can be measured reliably. Creditors and provl8lons are normally recognised at their settlement amoLbnt. 8orrowing• Loans and borfl)wings are initially Tecognised al the transaction price Snduding transaction costs, Subsequently. they are measured at grnortised cost uslng the eff8th.ve Interest rate method. le88 Impairmènt. 11 an arrangement constltule8 a flnanc8 transaction it i¥ iii¥¥¥ur¥d ¥1 yie¥ei)I value. Fund structure Unrestricted fun¢J& can be UBed In accordance wlh the charitable objeth"v•$ al the discretlon ol the trustees. Unrestricted deslgnaled funds comprl8e funds tl)al have been let aside ty the trustee# for a 8peufic purpose. a8 ghown In the notes lo lh¥ &14wuiiLs. Restricted lunds can onty be used lor particular restricted purpos¢$ %wthin tho objects ol the charity- Restrictions arise vthen ipecified by the donor or ￿en fundB are railed for particular restricted purposes. Further explanation of the nature and purpose of each fund Is Induded In the notes lo the financial it8tements. P•n•ion• and oth•r r•tlrem•nt obllgatlon8 When employees have rendered gervice to the company, short term employee benefili and termination benefilg to %thich the employees are entltled are recognlsed at th• undis¢ounted amount expected lo be paid in exchange for that service. The charity operated 8 defined Eonlributlon plan for the benefit of Its employegs. Contributlon8 are •xpen5ed as they becorne payable. 2 Income from donation• •nd1gg•Gi•s Total 2024 Total 2D23 Donation8 33,901 18,324 Page 25 Hull Truck Thealre Company Limited Notes to the Flnanclal Statements for tho Year Ended 31 March 2024 3 Incom• from charltabl• •Gtlvltl•s Total 2024 Total 2023 Admisslon fee¥- own producllons Admlssion fve5- Incoming producUon8 Crea￿ve leaming programme Artl8t development programme Ctrproduction income Spon$or8hip Grants {Bee analysls below) 389.400 400,883 78.567 596,199 225,591 67,073 302 2,400 258,760 873,383 2,023,728 258.780 832,626 1,960.258 Grants reGelved, Included in the above 8fe as follows.. 2024 2023 Arts Councll England - Notional Portfollo Funding Garfèld Weston- Weston Culture Fund Hull City Council- Warn) Space Grant AGce$i lo Works Grant Stage One Grant Universlty of Hull Hull City Councll - UK Shared Proiperity Fund 805.229 12.500 200 12,971 1,726 805,229 200 28,994 24,517 2,000 12,443 832,626 873,383 Page 26 Hull Truck Theatre Company Limited Note8 to the Financial Statements for tho Year Ended 31 March 2024 4 Incomo from other tradlng octlvities Total 2024 Tot•1 2023 Theatre and Beverfey Road rcnt41 ineomc Merchandise & programme yale5 Events and catering income Corporate 8ponsor5hip Third p8rty lickeling Income Other Income 42,891 4,294 58.725 7,138 7.194 31,315 151,557 34,300 8,994 58,978 5,950 6,961 24.352 139.533 5 Oth•r Incomo Tot•1 2024 Tol•l 2023 Galng on lale of langlble fixéd #sgets 52.890 8 Exp•ndrtur• on ral8lng fund• Allocatsd •upport co•ts Totsl 2024 Tothl 2023 Dlre¢t co•t• Costs of gener8￿n9 donallons and lega￿• 3.831 12.655 16,488 6,666 Page 27 Hull Truck Thoatre Company Limitad Notes to the Financial Statoments for tho Year Ended 31 March 2024 7 Expondlturo on ¢h•rltablo actlvlti Actlvlty und•rtak•n dlr•¢lly Actlvlty support Total •xp•ndltur• Operatlon of Iheatrg 1,139,525 1.189,807 2,329.332 Comparative figures 1,053,371 1 198.69 2,250,069 Analy•h of gov•rTran¢• •nd lupport co•ts 2024 R•l8lng nd• 2023 R•l•lng fund• Dèvelopment Salariei 12,855 4,370 2014 2023 0￿ratIon of Operntlon of th••tr• th••tr• Administration and operations 8alane8 Adminlstration CommunicatlOn8 and box offlce Buildlng8 ond premi8es Deproclalion, amortlsallgn and other 81mllAr colts VAT recoverable Theatre lax relief Governance cost8 711,332 142,373 168,708 208,339 131,592 {41,232) 1158,3181 27,013 1,189,807 719,191 136.058 197.013 256,550 141,453 147.029) 1229,8581 23,120 1,196,698 Govem•nc• ¢o•t• Totsl 2024 Tot•1 2023 Audltors. remuneralion Trustees. expenses Legal fees 15,838 96 11,080 27.013 13,446 804 9,070 23,120 Page 28 Hull Truck Theatre Company Limlted Notes to the Flnancial Statements for the Year Endod 31 March 2024 9 Ngt Incominwoutgoing rnsourc•s Nel loutgoingllincoming resour￿$ for the year indude.. 2024 2023 Operating lea5es- equipment Operating leases building Audit fees Profjt on disposal oftangible flxed a8#el$ Depreciat4'0n of fixed avJets 13.141 15.000 15.B38 152,8901 131,592 13,084 15,000 13,446 141,453 10 Tru•ts•* f•mun•rnllon and •xpon¥•• Nu liuy1¥￿￿ Ii¥v¥ i¥¥elved ai)y remuneration or other benefila In thoir c#p•city 03 a tru=lee for the year ended 31 March 2024 nor for the year ended 31 March 2023. The amount of reimbur¥ed travel expenses paid to Iru$lees In the currènt year was £51212023,. £6041 Paya￿e lo 3 trust￿8. 11 Stsff coit• The *ggreg8le payroll co$ls vnre as followT-. 2024 2023 Stsff co•ts durtng the y••r w•r•: Wages and 8alarie5 Social Secunty cosly Pension co819 856,984 68.777 17,209 942,970 835,706 89,873 922 003 The monthly average number of persons employed during the year wa8 88 follows.. 2024 No 2023 No Average number 53 56 No employee received emoluments of more than £80,000 durtng the yeor or in the pdor year. Koy management p•rJonnel of tho •ntity 2024 2023 Total employee benefits paid lo key management personnel Number of employees 288 699 Page 29 Hull Truck Theatre Company Lirnlted Notes to the Financial Statements for the Year Ended 31 March 2024 12 C¢)mparntlve• for the Jt*tem•Trt of financlal activiti•s Unr•Jtrl¢tgd D••lgnated funds fund$ Restrict•d fund Totsl 2023 Note Income and Endo*m•nts Irom.. Donations and legacSe$ Charitable advikn.es Other Iradlng aCti￿leS Total income 18.324 2,019,414 139,533 18,324 2,023.728 139.533 4,314 2,177,271 4.314 2,181,565 Exp•ndltur• on: Roi8ing funds Charftsble advllSei 6,666 2.055,395 6,666 2.250.069 31.974 162,700 Total expendlture Nel incomellexpendllure) TIAnBlers belween fund• 2,062,061 31,974 162,700 2,256,735 115,210 13,000 (31,9741 13,000 (158,386) 175,150) Net movement In funds 102,210 118,974} 1158,3881 75,1 $01 R•conclllatlon ol fund• Total fvnds brought foryrnrd Total lundi carried forward 22 795,548 897,758 443,924 13,370.965 13212 579 14,610,437 14 535.287 424.950 Page 30 Hull Truck Thoatrn Company Limited Note8 to the Financial Statements for tho Year Ended 31 March 2024 13 Tanglbl• fix•d asset* Group Lea••hold land and Freehold l•nd bulldlngs •nd bulldlngs Fl¥tur••, flttlngs and Impro¥wii¥iii¥ •quipffl•nt to prop•rty Tot•1 Cost At 1 April 2023 Di8posal$ At 31 March 2024 14,814.006 311,174 311,174 1,294,414 28,074 16.447.868 311.174 14,814,006 1,294,414 28,074 16,136,494 O•precl•tlon At 1 April ?n?I Charge for the year Eliminated on disposals Al 31 Marth 2024 1.672,604 137,890 1,275,277 13,557 3,099,417 122,638 892 6,060 2,002 131.592 138791 1795 322 1281337 15 559 3,092 Z18 N•t book vilue At 31 March 2024 13,018.884 13,077 12,S15 13.044,276 At 31 March 2023 13,141,322 173.275 19,137 14,517 13,348,2S1 Page 31 Hull Truck Theatre Company Limited Notes to tha Financlal Statements for the Year Ended 31 March 2024 Charit•blo company Fmhold land and building• Flxtures, flttlngs and Improvem¢nts equipm•nt to property Total Cowt At 1 Aprfl 2023 Disposals At 31 March 2024 311.174 311,174 751,005 10,082 1,072,261 311,174 751,005 781,087 DoprKl•tlon At 1 April 2023 Charge for the year Eliminated on dlsposal At 31 March 2024 137,899 892 138.791 746,051 4,954 2,811 202 886,561 0,048 138,791 761 005 2,813 753 818 14•t book v4lu• Al 31 March 2024 7,269 At 31 Marth 2023 173 275 4.954 185 700 14 Flx•d a•••t Inv••tm•Tht• Charltsbl• comyny Subsldlary und•rt8klng• Co•1 At 1 Aprfl 2023 At 31 March 2024 210 210 N•t book v*lu• At 31 March 2024 210 At 31 March 2023 210 D•tslls of und•rtaklng• The regi8ter•d office for each entty 1$ the same as can be found on page 1 of thew financial Btatements. Page 32 Hull Truck Thoatro Company Llmit•d Notes to the Financial Statements for the Year Ended 31 March 2024 Dotall8 of und•rt•king• Delailts of the investments in which the charrtable company holds 20% or more of the nominal value of any class of share capital are 88 follovn.. Country ol incorporntlon Proportbon of voting rlght• And $haro8 hgld 2024 2023 Princlyl actlvlty Undortaklng Holdlng Sub•ldiary undertiklng• Hull TNck Productions England and Llmiled Wale8 Ordinary loo% 100% Perfomiing Arts Hull Truck Enterprises England and Wales Ckdinary 100% 100% Operth'on of arts facllilie¥ Hull Truck Events and En9land and Catering Llmlted Wale Event$ and catering Jctlvllies Ordlnary 100% 100% The rewllj of these companies are summarlyed in note 24. 15 D•btors Group Chlrlty 2024 2023 2024 2023 Trade debtor8 Due from group undertakings Prepayments Other deblors 43,574 18,392 28,419 195,653 151,128 11,488 13,435 288,605 106,816 269 152,965 152,383 348.902 1 Dg,840 230,050 358,282 386.688 389,125 16 Cr•dltorn: amounts falllng du• wlthln on• y• Group Charlty 2024 2023 2024 2023 Trade uoditors Loans Due lo group undertakings other taxation and SO￿￿1 security other creditor8 Accruals and deferred income 134,500 8,410 97,790 8,729 133,840 96,787 8,991 11,266 18,443 4,236 286,695 23.735 4.085 198,063 332,402 16,044 4,236 277,761 22,443 4,085 191,429 452,284 440,872 326,010 Page 33 Hull Truck Theatre Company Llmited Notes to the Financial Statoments for the Year Ended 31 March 2024 D•forr•d income Group and Charlty 2024 1023 Deferred income at 1 April 2023 Resources deferred in the period knounls released from prevlou8 perlods Deferred income at year end 133.564 177,435 133 564 136,239 133,564 136.239 177.435 133,564 Deferr•d Income Gomprises the following.. 1024 2023 Crea￿Ve leamlng and other incomè In advance Box office receipts In advance Deferred grant 4,656 128,908 159,935 17.500 177,435 133,564 Grant Ineom• w88 received for over a 12 month pedod from 1 November 2023 to 31 October 2024, Iherelore 7 months have been deferred into th• y881 endlng 31 March 2025. 17 Cv•dl¢or•: amounts f•lllng du• •ft•r on• ymr Group rfty 2024 2023 2024 2023 Loans $5.232 62,774 Page 34 Hull Truck Th•atr• Company Llmlt•d Notes to the Financlal Ststements for the Year Ended 31 March 2024 18 Borrowlng• Group Charity 2024 202J 2024 2023 Hull City Councll lo•n WIU)iii 1 year Wthin 1-2 year5 Within 2-5 years After 5 years 8.410 8.929 30,229 16,074 8,729 9,175 30,440 23,159 63,642 71.503 The Hull City Council Loan is repayable by Inslalments and is duè lo be rep4id in fvlarch 2030. Interest is charged on this loan at 0.75% above base rate. 19 Lea•lng agr••ffl•rrt• Tot81 future minlmum lease payments under non-cancellable operating leasos are a8 follo￿.. Group Charfty 2024 2023 2024 2023 Within one year B•fv•een one and five yeard After five yearB 14.066 43,584 110,776 168,426 24,017 47,776 121,672 104,066 403,584 1,025,776 1 $33.426 114.017 407.778 1,126.672 1,648,465 193465 20 P•n•lon commltffl•nts The group operate3 a defined contrfbullon penylon scheme. The charge to the profil and loss aecounl for the year In respect of contribullon8 payable to the scheme amounted to £17,209 {2023- £16.625). Contribvuons k)taMing £4.236 {2023 - £4,085) V**re payabl• lo Ihe scheme at the end of the year and are included in creditors. 21 C¢)mmllm•nts Group and charlt•bl• Company Capll•l ¢ommltm•nts The total amount contracted for bul not provided in the financial statements Vdas £34,993 12023 £Nil). This commitment relate5 to cay'tal expenditure on new lighting equipment. Page 35 Hull Truck Thoatre Company Llmited Noteg to the Flnancial Statements for the Year Ended 31 March 2024 22 Funds Group Balanc• at 1 April 2023 Balance At 31 March 2024 Incomlng rn•ources •xpend•d Trnn*feM Unr••trlct•d fund Genornl General fund 897,758 2,198,604 12,181,741> (22,890) 911,731 D￿lIn•(•01 Repair• and renewals Production and arti¥tic CO816 Staffing Ind Inclusion costs Caprtal prolacti and foyer Digltal Innovatlon Rejllience reseNe ProduGts'on equipment 41,132 (30,7791 28,541 38,894 200,000 {30,000) 170.000 39,727 33,563 28,541 86,987 15,000 424,950 39,727 86,453 52.890 128,5411 88,987 13.037 43,816 22,890 404,024 Tot•1 um••trIGt￿ fund• 1,322.708 2,198,604 2,205 557 1.315.755 R•*trlct•d fund• 8rI118h Council R&D ACE Catalyst I AM Fund - Outreach Youth Theatre Ferensway Theatre Development 6.0001 13,9351 1,844 51.792 55,727 7,986 17,8881 13 141 322 122,637 13.018,685 Tot•1 r••trictod funds 13,212,S79 140,258 13,072,321 Total fund• 14.535 287 2,198,604 2,345,815 14.388,076 Page 36 Hull Truck Theatro Company Limit•d Note8 to the Financial 8tstgments for the Year Ended 31 March 2024 Comparative mov•m•nt In fund• Balance at 1 Aprll 2022 Balanc? It 31 March 2023 Incomlng Rosourc rosourcgB •xpond•d Tra￿f•r¥ Unrnstrl¢i•d fund• G•n•r41 General fund 796,648 2,177,271 12,062,061) 113.0001 897,758 D•Jlgn•l•d Repairs and renew818 Production and artl6ty'¢ cost$ Staffing and Inclujlon costs Capital project8 8nd foyer Dlgital Innovation Resilience reJer¥e Pr¢xlucknon equipment PR agency Bor?hole 45,419 14.2871 41,132 200.000 200,000 40,977 33,563 29,476 86,987 2,000 5,SOO 20.000 (1,250) 39,727 33,583 28,541 66,987 15.000 {9371 13,000 15.5001 120,0001 31,974 443,924 13,000 424.9SO Total unv••trlcled lund# 1,239,472 2,177.271 2,094,035 1,322,708 RMtrlct•d lund• 8rth.sh Council R&D ACE Calalysl I AM Fund - Outreach Youth Theatre Acce¥¥ lo Work Feren$way Theatre Development Totsl rn•trlct•d fund• 10,003 81,630 12,1591 125,9031 7,844 55,727 15,372 17,686} {4.314} 7,686 4.314 13,283,960 122,638 13.141.322 13 370,965 4,314 162,700 13,212,579 Tol•l fund• 14,610,437 2,181,585 2,256,735 14,535,287 Page 37 Hull Truck Theatre Company Limitsd Notes to the Flnanclal Statement6 for Ihe Year Ended 31 March 2024 The specThlc purposeB for V&thich the funds are to be app16ed are a8 follows.. {al The general fund8 represent the free funds of the group which are not design8led for any particular purpose. (b) The designated fund¥ have been sel aslde OLrt of the unrestricted lunds by the Iruslees lor the specific purposes Ilsled. Ic) The British Counc51 Research and Development fvndbng ha8 been prowded to 8UPPOrt the 'Lazgru¥ Project,. This 18 joint prolect between Hull Truck Thtsatre and Freedom FO8￿¥al and vlll rÈ8ull in performances al various Hull cty centre slei8. Id) ACE Catalyst funding Is a grant from Art8 Councll England under118 Calaly¥l'.Evolve programme vthich supports organisalions that hav• recently ylarted fundraiolng lo achieve step change In their •bilily lo eam philanthropic income. {el The l AM Fund provlded a grant from the HEY Smile Foundats'on to gupport the PT¢)vlsbn of outreach Youth Theatre. (Q The Acces5 lo Work fund represents grant Income received to fund a trainee producer whlch wai expenses fully dudng Iho year. {gl The Ferensway Theatre Development lund represents grant• from Art8 Ctyjncll England, Hull City Council, the European Regional Development Fund and Yorkshire Forw8rd an¢J a donation from Humberside Theatre Trust Llmlted lo fund the purch4Be of the group's long leasehold property and certain fixtures, filling8 and equipment. This re$lricled fund will be expense8 over 8 number of years Is the ￿p1￿1 cost of the rel8tsd i$$¢ls is d•praclated. 23 R•l•ted party tr•n••ctlon• Thera were no related paty Iran8actlon• in the ye8r ended 31 March 2024 or 31 March 2023. 24 Det•il¥ of •ub•ldlary und•rtaklng* Hull Truck Ent•rprl•H Llmlt?d The charlty owns the whole of the issued ordinary share capltsl of Hull Truck Enterpri￿5 Limrted, company registered in England. The subsidiary ha5 been used to facilitate the developrnent of the new Hull TnJ¢k Theatre building. AJI advilies have been con$olid8led on a line by line b8$is in the SOFA. The total available distribulable re8erves are gifted lo the charity. A summary of the results of the $ub*diary 1$ shovffl below.. Page 38 Hull Truck Theatrn Company Limitod Notes to the Financial Statements for the Year Endod 31 March 2024 2024 2023 Tumover Admlnlslrative expenses Gross loss Other operafjng Income Interest payable and similar expenses 90,000 131,863 90.000 128,149 141,8831 127,678 138,1491 124,130 45 Nel profrt Th• aggr•gate olth• ••••ts, Ilabilities and fund• wa•. A8sets Liabiliti•s 85.813 86,026 13,222,153 13,084,728 13.348.701 13.215.224 A99r•git• ¢all•d up ihore c•plt•l and re88rve8 137.427 133,477 Hull Truck Events and C•terlng Llmltsd The charrty owns the whole of ihe issued ordlnary yhare capital of Hull Truck Evenlg and Catering Limrted, a company registered in England. The subsldièry is used for the operatlon of the Ihealre'8 bar and catering facllilles and the hiring of facilltie8 for the purposes of events. ￿1 activilies have been consolidated on a line by Ilne basls in the SOFA. The total available distn'bulable reJetves are gifted to tho charity. A $ummary of the resully of the Mibsidiary 18 Shown helow. 2024 2023 Tumover Co81 of 8aleg 58.725 14,710 58,978 17,587 Gross1088 Admbnistrative •xpen8e8 44,015 3,060 41,389 N•1 profit Tho aggr•g•t• of th• ••••ts, Ilabllltl•• and fund• w••: Assets 40,955 38,827 107.742 66.687 84,401 45,474 Aggregate called up share c8pital and reserves Page 39 Hull Truck Theatr• Company Limitod Notes to the Flnanclal Statemen18 for the Year Ended 31 March 2024 Hull Truck Productloni Llmlted The charity owns the whole 01 the Issued ordinary Share capital of HLFII Truck Productions Limtted, company registered in Englgnd. The Subsidiary is used for producing, running and closing theatriC81 productions. All acb'vth'es have been consolidated on a line by Ilne ba$1¥ in the SOFA. A 8ummary of the re8ults of the subsidiary is 8hovm below.. 2024 2023 Tumover Cost of yales 443,170 581,725 724.488 954,146 Gross1088 Tax on loss 1138,5551 138.555 (229,6581 229,658 Net profil Th• aggr•g•t• of th• a•••ts, Ilablllti•s •nd fund• w••: As8818 138,555 138.555 229,658 229,658 Aggrogale call•d up share capital und fegervej 26 N•t Incomlng rn•ourcM ol ￿r*nt charltsbl• cofftwny As permrtted by Paragraph 397 of the SORP, th¢ 8talemenl ol FinancSal Acllvllies of Ihe parent eharitable company Is not presented a8 Part of these financial 81atemenls. The parent charitabl• ompany's nel outgoing resource8 lor the year lo 31st Morch 2024 wai £30,65012023'. n•t incoming reBources £18,892). Page 40