The New Theatre Royal - Trustees (Portsmouth) Limited Limited by Guarantee Trustees, Report and Financial Statements forthe year ended 31 March 2024 Registered Charity Number 271976 Registered Company Number 01266053 NEW THEATRE ROYAL PORTSMOUTH
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEX Page Chairfs Introdurtion Charity Information Trustees, Report 3-10 Independent Auditor's Report 11-14 Statement of Financial Activitie5 15 Balance Sheet at 31 March 2024 16 Statement of Cash Flows 17 Accounting Policies 18-20 Notes to the Financial Statements 21-33
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHAIR'S INTRODUCTION l am pleased to report that the New Theatre Royal, Portsmouth, has had another busy year with our audience numbers continuing to build. There were countless highlights in the programme. We were one of the venues on the World Premiere tour of Tole5from Acorn Wood" We hosted Les Enfants Terribles, world class production of "The House with Chicken Leg>, which was co-produced with HOME Manchester prior to their Christma5 run at London's 5outhbank Centre. We enjoyed the production by Say It Again, Sorry? of'trhe Importance of Being.... Earnest? a brand new interactive production inspired by Oscar Wilde's classic play following a successful run at the Edinburgh Fringe. Our associate artists did not disappoint and produced some excellent work this year. Downtown Pompey's 'Sticky Floors and Polm Trees" supported by New Theatre Royal, The National Lottery and The Arts Council was 3 brand new original piece of heritage theatre that examined tho humanity, complexity and community of pubbing and clubbing in 80,5 Pompey. Filskit Theatre continued to produce wonderful shows for early years, including "Kaleidoscope" inspired by research into how a baby's sense of sight develops and how they instinctively begin to categorise colour. Produced by New Theatre Royal, Two Colours Ukrainian Choir presented an emotional, thought-provoking musical extravaganza, celebrating their heritage and highlighting the ongoing trauma the war in Ukraine has brought to their lives. Going to the theatre is an experience and l am incredibly proud of our excellent team of staff and volunteer5 who generate consistently excellent feedback from our visitors who comment on the warmth and service they experience when coming to our shows. This experience would not be possible without all the work that goes on behind the scenes. The Board of Trustees has continued to support the team with difficult decisions and I want to thank them for the support they provide all year round. The challenges of running a Grade I l* listed building continue and this will become an increasing focu5 of the staff and Board. We are grateful for our strong working partnership with Portsmouth City Council, owners of the building, in this regard. Finally, I would like to thank all those who buy tickets to our shows,. without an audience there is no theatre. We look forward to delivering more exciting shows next year with the support of our board, staff, volunteers, stakeholders and audience. Angela Parks Chair
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY INFORMATION REGISTERED CHARITY NAME The New Theatre Royal- Trustees (Portsmouthl Limited CHARITY NUMBER 271976 COMPANY REGISTRATION NUMBER 01266053 PRINCIPAL AND REGISTERED OFFICE New Theatre Royal 20-24 Guildhall Walk Portsmouth Hampshire POI 2DD TRUSTEES {at date of signing} Ms Angela Parks Ichairl Ms Hannah Ashwell Ms Helena Berry (appointed 22, June 20241 Mrs Catherine Helena Cole (Vice Chairl Mr Christopher Gambs Mrs Sally Garner-Gibbons (appointed 21, June 20241 nd Mr David Parfitt (appointed 22 June 20241 th Ms Catherine Pearce (appointed 24 June 20241 Mr lan Pratt (appointed 22 July 20241 Ms Janet Rawson Mr Benjamin Roberts Mr James Tickell (appointed I" May 20241 th Cllr Gerald Vernon-jackson (re-appointed 27 June 20241 SECRETARY None KEY MANAGEMENT PERSONNEL lat date of signing) Mrs Sheena H ulme Ilnterim CEO) MrsAmanda Hart (Head of Finance, appointed 30 April 20241 AUDITOR Blue Spire Limited Cawley Priory South Pallant Chichester P019 ISY BANKERS Lloyds Bank plc 38 London Road North End Portsmouth P02 OLR
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT Throughout these accounts, the term "NTR" refers, variously according to context, to the company and to the charity called "The New Theatre Royal Tru5tee5 IPortsmouthl Limited" along with the theatre with the name"New Theatre Royal, Portsmouth", owned and managed by the companv. The trustees. who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements of NTR for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial Statements of NTR. REFERENCE AND ADMINISTRATIVE DETAILS The schedule "Charity Information" on page two provides details on NTR'S registered number. company number, registered office, trustees, advisers and offices. THE TRUSTEE5 Trustees who served on the Board of NTR during the year were as follows: Ms Angela Parks (Chairl th Ms Lucy Ashton lappointed 15 February 2023, resigned 17 March 20241 Ms Hannah Ashwell th Mrs Krystyna Butwilowska Iresigned 26 March 20241 Mrs Catherine Helena Cole Dr Anna Farthing (appointed 18 September 2023, resigned 20, May 20241 Mr Christopher Gambs Mr Timothy Herman (resigned 16 May 20231 th th Ms Jane Long (appointed 26 March 2023, resigned 16 July 20231 th Mr David Moore (appointed 17 February 2023, resigned 9 October 20231 th th th th Cllr George Madgwick lappointed 29 June 2023, resigned 12 June 202411.1 Ms Janet Rawson Mr Benjamin Roberts th Cllr Gerald Vernon-jackson (resigned 29 June 2023, reappointed 27th June 2024}1'1 I'l= Portsmouth City Council IPCCI representative
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document NTR is a company limited by guarantee and is governed by its Memorandum and Articles of Association originating from 29 June 1976 as subsequently aTnended. It is a charity registered with the Charity Commission for England and Wales. Appointment of trustees Members are appointed either by nomination by Portsmouth City Council Ithe local authority funding body) or by nomination and election. All appointments are confirmed at the Annual General Meeting. In compliance with the Articles and Memorandum of A550ciation, the three longest serving board members are required to be re-elected at each AGM and no member shall serve more than nine years. Trustee induction and training Trustee inductions include a multi-document briefing covering accounts, minutes of trustee meeting5, health and safety and other policies, budget and business plan. In addition, all new members spend time with the management team, staff, Chair of the Board and Board committees, as well as being given induction guides. Organisation Since March 2020 Sheena Hulme has been responsible for the operational management of NTR. Given the ongoing financial pressures of the organisation, in September 2023 the Board appointed Dr Anna Farthing as NTR'S new CEO with a remit to review our strategic direction, artistic programme and community partnerships. After the March 2024 year end, further changes were made to the structure of the management team. Anna Farthing left the organisation in May 2024 and we would like to thank Anna for her valued contribution while she worked with us. Sheena Hulme was appointed interim CEO from May 2024with Amanda Hartjoining as Head of Finance at around the same time. They undertook a review of the organisation and presented a new strategic plan in September 2024. The Annual General Meeting usually takes place in October. The Board meets formally on a two- monthly basis, with informal meetings in between as necessary. Board members may serve on a committee or advisory panel to oversee the key areas of operation, chosen to reflect the requirements of these and the skills and expertise of the members. Committees during the period were.. Finance and Risk Committee (bi-monthly meetings}, Staffing and Remuneration Committee lannuall and Community and Fundraising. Appropriate staff members and co-optees may also be members of these committees and advisory pane15. A skills audit has been undertaken to identify skills areas on the Board, which informs the recruitment of both new board membership and committee Membership.
THE NEW THEATRE ROYAL - TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR EJVDED 31 MARCH 2024 TRUSTEES, REPORT To facilitate effective operations, the Chair has authority, within the term5 of delegation approved by the trustees and described in the 2006 Act, to give support and oversight to those managing the day-to-day operations of NTR. Additional delegated authority include5 operational activities relating to finance, recruitment and employment, business planning and development, trading, fundraising and marketing. Authority delegated to the Chair and committee members is subject to Board approval. Board members and staff are required to complete and sign a declaration of interests form and may be required not to participate in decision making where a conflict is identified. The authority of the Chair may be delegated to the Deputy Chair, as decided by the Chair and trustees (where appropri3tel where the Chair is practically unable to undertake her duties. The Trustees thank the staff of NTR for their work in achieving the objectives and activities during the period. Remuneration process Personnel remuneration is reviewed on an annual basis by the management team, taking into consideration benchmarked industry averages, minimum wage increases, affordability and Staff development. Remuneration policy is agreed with, and its adherence monitored by, the Finance and Risk Committee. In addition, there is a Staffing and Remuneration Committee, which agrees the salary of the management team, and reviews and agrees the proposed increases for all other staff. Volunteers NTR operates a busy volunteer programme and continually seeks to recruit new volunteers. Volunteers provide support to front of house , marketing Isuch as leaflet and poster distribution), maintenance support, archiving and historical research and recording, -and assistance at community events. The trustees wish to thank all volunteers, without whom the venue could not operate. Related parties There are no related parties. Risk management The trustees are risk aware with business plans and policies informed by our risk register. The risk register is ieviewed at least ten times a year and is considered at every formal board meeting. There is a regular review by the Finance & Risk Committee of financial, HR and health and safety risks.
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT OBJEcfivES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects for which NTR 15 established are the encouragement of the Arts, the promotion and advancement of aesthetic education and the cultivation and improvoment of public taste in drama. opera, music, ballet, painting and sculpture, cinema, literature, ar)d the other arts. These objectives and the activities based L¢pon them have been agreed by reference to, and in accordance with, the Charity Commission guidance on public benefit. In pursuit of these charitable objects for the public benefit, NTR presents performances at the New Theatre Royal and other venues within Portsmouth and the region. NTR also organises and runs a comprehensive and growing programme of educational and community workshops. These areas of activity are commensurate with the vision and objectives of the company to provide recreation, education and both individual and community benefits, social and economic. NTR seeks to operate partnerships with other arts organisations in the region and across the UK and works closely with many local community and education organis3tions. There is close liaison with other local arts providers and NTR works with community groups from a d iverse variety of interests and art forms. The trustees would like to thank all its partners and supporters, and their contribution to our objectives and activities. Achievements and performance during the year During 2023-24, NTR continued its approach, established on re-opening after the Covid lockdown. of delivering a varied programme of professional and community events, with a balance of popular entertainment, culturally stimulating shows and events intended to help the less fortunate in the local comrnunity. We focused our community activity on a particular target group children and young people. A5 shown by the key indicators summarised below, we are on the path to build activity to a level that is both financially sustainable as well as purposeful as a charity in our local area. 2023/24 2022/23 2021/22 £000 £000 £000 Produrtions Performances Ticket Soles (for shows in year) Participotory Events Porticipotor5 Ticket Soles (£000) Artistic Spend (£000) 99 92 54 194 209 128 54,665 324 61,200 341 27,040 62 34,266 1,146 512 16,647 1,176 429 3,259 523 233
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT Our year included these highlights.. al Our pantomime collaboration with Jordan Productions continued into its fourth year, with the production of Alladin, attracting the highest level of ticket sales year on year for our pantomime. bl We continued to partner with Associate Artists, Downtown Pompey, Filskit Theatre and Two Colours Ukrainian Choir, as they delivered projects to their own target groups. Our involvement comprised hosting event5 in our theatre, assisting with outreach work and administrative support. cl We continued to offer subsidised tickets on most shows for 16-25-year-olds, free culture cards for refugees and young people in care, Holiday Activities with Food IHAFI workshops and access performances. We offered work placements for school, college and University students. In this respect, we have close collaboration with local authorities, Chichester and Portsmouth universities, local colleges and schools and London Studios. dl We saw through the final year of a two-year apprentice programme, providing one opening in marketing and another in technical services. Fundraising standards information Fundraising activity at NTR currently comprises.. al The application for and receipt of grants for core or project funds. bl Donations from the public through the website or in person. cl A Friends Membership scheme. dl The promotion of sponsorship opportunities associated with key projects or events. NTR is currently creating a new fundraising strategy and policy and will be registered with the Fundraising Regulator in accordance with best practice. Fundraising activity will be managed by NTR'S management team supported by a new Fundraising Committee, with the oversight of the Board. FINANCIAL REVIEW Principal f inancial matters The statement of financial activity in these accounts shows a deficit of £175,186, including a depreciation charge of £53,25012023.' surplus £482,638). The reported surplus for 2022123 was not a fair reflection of financial activity, albeit it did reflect an encouraging recovery from the Covid closure period. It included the receipt of grants totalling £581,499 relating to previous years, which were not paid at the normal release time, so the outcome was distorted from a measure of current performance as a result.
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT The underlying result for 2022123 was a deficit of almost £IOO,000. These results were flattered by a still-depressed cost base coming out of the Covid closure period. which was not Sustainable in the longer term with the pressures it puts on a small team. During 2023124, additional recruitment and expansion in activity were planned, with a budgeted deficit of £200,000 for the year, which was to be funded from the delayed grant receipts. In that context, the actual deficit for the 2023-24 year of £175,186 was a slight improvement on that plan. Principal risks The Board has the responsibility for reviewing all risks facing the organisation and ensuring wherever possible that mitigation is in place. The Board has delegated the detailed examination of the risk register to the Finance and Risk Committee. In the current environment, NTR continues to face a range of significant risks, notwithstanding that its finances have been transformed by the release of withheld grants. The first principal risk is that the organisation is currently operating at a deficit and will eventually exhaust the cushion provided by the recent Arts Council grant release. It is important that we identify new funders and rebuild the confidence of existing funders in the strength of governance and the quality of the cultural programme. The second principal risk reflects the uncertain general economic environment. Consumer spending on arts events remains a readily avoidable expenditure when pressures increase on family budgets. Fundraising for grants and donations remains difficult. The third principal risk relates to the buildings and the fact that responsibility for maintenance will lie with NTR in the near future. To mitigate this risk, the Board is in the process of appointing a trustee with experience in thi5 area who can assess the maintenance cost exposure in collaboration with Portsmouth City Council. They will support the management team in working with PCC to ensure that the building is maintained appropriately. Investment powers and policv Under the Memorandum and Articles of Association, NTR has the power to invest in any way the trustees wish in furtherance of its objective5. Reserves policy Reserves are to be spent lat the trustees, discretionl in furtherance of NTR'S objectives. The policy is to retain sufficient free reserves that equate to approximately three to four months of overhead expenditure. The calculation of free reserve5 ignores the fixed asset reserve but includes the designated sustainability reserve and adds back the long-term loan that is effectively permanent funding. Thi5 would provide sufficient funds to cover management, administration and support costs and the target level is currently around £225k. The value of the free reserves as at 31 March 2024 was £305k so the target was achieved. The trustees are resolved to continLJe to build up free reserves as a priority objective over the next few years.
THE NEW THEATRE ROYAL - TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT PLANS FOR FUTURE PERIODS We Set out in the 2022-23 account5 a plan for the next two years comprising the following.. l. Establish NTR'S civic role through developing new collaborative relationships with Portsmouth City Council Ifreeholderl, University of Portsmouth Ico-locatedl and other anchor institutions such a5 Royal Navy, NHS, Local Enterprise Partnership, employers. schools, colleges, community groups and the creative and cultural sector. 2. Complete a new strategy for sustainable, creative, cultural and placemaking activity, then commence implementation. 3. Enhance the management team through training, development and possible recruitment at senior levels. 4. Continue to address issues concerning NTR'S governance and on diversity and inclusion raised by separate external reviews. 5. Produce and deliver against an income generation strategy to develop and diversify income for NTR. 6. Continue planning for resuming responsibility for the maintenance of the fabric of the building from 2026. This plan remains relevant and we shall be focussing on its achievement during the coming year. In addition, we have reviewed the Board of Trustees with the objective of attracting experienced individuals from our community with theatre, listing building management and governance expertise. We are delighted to have made several new appointments since the year end. RESPONSIBILITIES OF THE TRUSTEES Ihe trustees Iwho are also directors of the company, NTR, for the purposes of company lawl are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including income and expenditure, of the company for that period. In preparing these financial statements. the trustees are required to.. select 5Ultable accounting policies and then apply them consistently,. observe the methods and principle5 in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT The trustees are responsible for keeping adequate accounting record5 that disclose, with reasonable accuracy, at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Insofar as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The board of trustees conduct continuous monitoring of the financial and operational position based on current and projected figures. AUDITOR Blue Spire Limited was reappointed as auditor at the annual general meeting of the NTR. This report has been prepared having taken advantage of the exemption for small companies in the Companies Act 2006. App th oved by the trustee5 on 26 November 2024 and signed on their behalf. Angela Parks Chair io
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Independent Auditor's Report to the members of The New Theatre Royal Trustees (Portsmouth) Limited Opinion We have audited the financial statements of The New Theatre Royal Trustees IPortsmouthl Limited for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting Iramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024. and of its incoming resources and application of resources, including its income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (applicable to Smaller entities),. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statement5, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of this report. li
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Other information The trustees are responsible for the other information. The other information comprise5 the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financi21 statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial Statements are not in agreement with the accounting records and returns; or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 12
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material rn isstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are re5pon5ible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's 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 will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includ ing fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the Charity and the industry in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be the Companies Act 2006 and the Charities Act 2011. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any. Audit procedures performed by the engagement team included.. Di5CUssions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. Reading minutes of meeting of those charged with governance. Challenging assumptions made by management in their significant accounting estimate5 in particular those relating to provisions. 13
THE NEW THEATRE ROYAL - TRUSTEES {PORTSMOUTH} LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Enquiry of those charged with governance around actual and potential litigation and claims. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the busine55 rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transartions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilitie5 is available on the FRC'S website at: httP5'.//www.frc.org.uk/auditors/aLsdit-assurance/auditor-5-responsibilities-for-the-audit-of-the- fi/description-of-the-auditor's-responsibilities-for. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company'5 member5 those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. // S.* 7oZSt Geoffrey Sc (Honsl FCA, Senior Statutory Auditor For and on behalf of Blue Spire Limited, Statutory Auditors Cawley Priory, South Reliant, Chichester, West Sussex P019 ISY 14
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YSAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE ACCOUNT) 2024 2023 Unrestrirted Funds General Designated Total Funds Total Funds Note Items arisin durin the ear INCOME FROM".- Donations and legacies Other trading activities Inve5tment5 Charitable activitie5 Other 113,222 9,249 10,590 1,129,579 113,222 9,249 10,590 1,129,579 677,727 9,827 62 1,027,941 Total 1,262,640 1,262,640 1,715,557 EXPENDITURE ON:. Raising funds Charitable activities 1,083 1,383,493 1,083 1,436,743 53,250 1,232,919 Total 1,384,576 53,250 1,437,826 1,232,919 Net incomellexpenditurel 1121,936} 153,2501 1175,1861 482,638 Gross transfers between funds 20 19,0051 9,005 Tax on activities io Net movement in funds 1130,9411 144,2451 1175,1861 482,638 RECONCILIATION OF FUNDS Total funds brought forward 20 186,526 459,009 645,535 162,897 Total funds carried forward 20 55,585 414,764 470,349 645.535 15
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BALANCE SHEET 2024 2023 Note FIXED ASSETS Tangible assets 13 314,764 359,009 Total fixed assets 314,764 359,009 CURRENT ASSETS Stock of goods for resale Debtors 14 15 4,258 52,505 848,224 8,904 361,842 579,848 Cash at bank and in hand Total current assets 904,987 950,594 CURRENT LIABILITIES Creditors.. Amounts falling due within one year 16 1599,4021 1514,0681 Net current assetsl{Ilabllltles) 305,585 436,526 Total assets less current liabilities 620,349 795,535 Cred itors.. Amounts falling due after more than one year 1150,0(X)I {Iso,ocMJI Totsl a55ets/lliabilitiesl 470,349 645,535 THE FUNDS OFTHE CHARITY Unrestricted funds General reserve5 Designated funds 19-20 55,585 414,764 186,526 459,009 19-20 Totsl unrestricted fund5 470,349 645,535 Totsl charityfunds 470,349 645,535 These accounts have been prepared in accordance with the provisions applicable to companies subjectto the small companies, regime. The notes on pages 21 to 33 form part of these accounts. th Approved by the trustees on 26 November 2024 and signed on their behalf. Angela Parks Chair The New Theatre Royal - Trustees (Portsmouthl Limited Icompany No. 01266053) 16
THE NEW THEATRE ROYAL - TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF CASH FLOWS 2024 2023 Net cash flow from operating activities (see below) 266,292 345,408 Cash flow from disposal of freehold property and shares Cash flow from investing activities Payments made to acquire tangible fixed assets Interest received 19,0051 10,590 17,3011 62 Net cash flow from investing activities 1,585 {7,239) Net increase/ldecreasel in cash and cash equivalents 267.877 338,169 Cash and cash equivalents at l April 2023 576,860 238,691 Cash and cash equivalents at 31 March 2024 844,737 576,860 Reconciliation of net Income to net cash flow from operating activities 2024 2023 Net income for the year 1175,186} 482,638 Adjv5ted for: Interest receivable Depreciation and impairment of tangible fixed assets Decrease/linerea5el in stock Decreasellincreasel in debtors Increase/ldecreasel in creditors 110,5901 53,250 4,646 309,337 84,835 1621 51,448 16,8121 1334,4941 152,690 441,478 1137,2301 Net cash flow from operating activitie51see above) 266,292 345,408 Analysls of changes in net debt Other non- At 31 March At IApr 2023 Cash flows cash changes 2024 Cash and cash equivalents Cash at bank and in hand Bank overdraft repayble on demand 579,848 12,9881 268,376 14991 848,224 13,4871 Total 576,860 267.877 844.737 17
THE NEW THEATRE ROYAL - TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMFNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES General information, scope and basis of the financial statements The New Theatre Royal Trustees (Portsmouthl Limited is an incorporated charity, limited by guarantee, incorporated in England with the company number 01266053. In the event of the NTR being wound up, the liability in respect of the guarantee is limited to £10 per member. The address of the registered office is given in the charity information page of these financial statements. The nature of the NTR'S operations and principal activities are outlined in the trustees, report. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companie5 Act 2006 and U K Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of NTR and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Incoming resources All incoming resources are included in the Statement of Financial Activities ISOFAI when NTR is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised NTR will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of NTR and it is probable that they will be fulfilled. Investment income in the form of bank interest is recognised as the right to receive payment is established. For legacies, entitlement is the earlier of being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified where it is not yet possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure 15 recognised where there is a legal or 18
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Staff costs, support cost5 and governance costs Support costs are those that assist the work of NTR but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. Staff costs have been allocated between costs of raising funds, charitable activities and governance costs on the basis of time spent by staff. Support costs cannot be directly attributed to particular headings and have been allocated to cost of raising fund5 and expenditure on charitable activities on a basis consistent with use of the resources. Support costs have been allocated to charitable activities on the best estimate of the use of those resources. Governance costs are costs associated with the general running of NTR as opposed to the day to day activities. Governance costs have been allocated to cost of charitable activities on the basis they form part of carrying out those activities. Allocation of support costs and governance costs Support costs and governance costs are allocated to the different activities within expenditure on charitable activities on the basis of the number of clients involved in each activity. Employee benefits When employees have rendered service to NTR, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Termination benefits are recognised on the same basis as expenditure as outlined above. NTR operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Tax NTR is considered to pass the tests set out in sections 466 to 493 Corporation Tax Act 2010 ICTA 20101, 35 such no corporation tax is payable on its activities. VAT NTR 15 registered for VAT and operate5 on a standard basis. Costs are recorded net of VAT within the SOFA. Fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. 19
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, le55 estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Equipment Fixtures and fittings Freehold buildings 15 years 5 years 50 years Stocks Stocks are stated at the lower of c05t and estimated selling price less costs to complete and sell. Cost include5 all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow- moving stock where appropriate. Debtors and creditors receivable/ payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expendittjre. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short~term highly liquid investments that are feadily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund accounting Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Unrestricted desi nated funds are funds used, or set aside for use, for specific purposes at the discretion of the trustees. Unrestricted funds are available for use at the discretion of the trustees in furtherance of NTR'S general objectives and which have not been designated for other purposes. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from approving these financial statements. The budgeted net income over expenditure is sufficient with the level of reserves for NTR to be able to continue as a going concern. 20
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Donations and legacies 2024 Unrestricted Funds General Designated Total Funds Items relatin to ear under review Donations Gift aid receivable Grants receivable Portsmouth City Council Other grants 17,615 1,486 17,615 1,486 77,000 17.121 77.000 17,121 Total donations and legacies 113,222 113,222 2023 Unrestrirted Funds General Designated Total Funds Donation5 Gift aid receivable Grants receivable Portsmouth City Council Other grants 16,300 1.428 16,300 1,428 77,000 1,500 77,000 1,500 96,228 96,228 Items relatin to revious ears Portsmouth City Council Arts Council England 77,000 504,499 77,000 504,499 581,499 581,499 677,727 677,727 21
THE NEW THEATRE ROYAL - TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Other trading activities 2024 Unrestricted Funds General Designated Total Funds Rental and hire income 9,249 9,249 9,249 9,249 2023 Unrestrirted Funds General Designated Total Funds Rental and hire income 9,827 9,827 9,827 9,827 Investments 2024 Unrestricted Funds General Designated Total Funds Bank interest receivable 10,590 10,590 10,590 10,590 2023 Unrestricted Funds General Designated Total Funds Bank interest receivable 62 62 62 62 22
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Charitable activities 2024 Unrestrirted Funds General Designated Total Fund5 Ticket income Merchandise income Hire of theatre Other income Bar and catering income 702,232 13,197 126,224 109,036 178,890 702,232 13,197 126,224 109,036 178,890 1,129,579 1,129,579 2023 Unrestricted Fund5 General Designated Total Funds Ticket income Merchandise income Hire of theatre Other income Bar and catering income 603,138 4,803 158,623 86,565 174,812 603,138 4,803 158,623 86,565 174,812 1,027,941 1,027,941 Other income There were no balance5 Iri the year to 31 March 2024 and the previous year under this heading. 23
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Raising funds 2024 Unrestricted Funds General Designated Total Funds Seeking donations and fundraising events 1,083 1,083 1,083 1,083 2023 Unrestrirted Funds General Designated Total Funds seeking donations and fundraising events Charitable activities 2024 2023 Theatre performance Total Funds Theatre performance Total Funds Artistic and outreach activity Box office and front of house Bar and catering costs Marketing and advertising Depreciation Support costs Isee note 81 Governance costs (see note 81 512,573 23,479 76,731 72,460 53,250 682,470 15,780 512,573 23,479 76,731 72,460 53,250 682,470 15,780 428,624 25,268 70,502 57,164 51,448 587,123 12,790 428,624 25,268 70,502 57,164 51,448 587,123 12,790 1,436,743 1,436.743 1,232,919 1,232,919 General funds Designated funds 1,383,493 53,250 1,383,493 53,250 1,181,471 51,448 1,181,471 51,448 1,436,743 1.436.743 1,232,919 1,232,919 24
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Support and governance costs 2024 Fundraising Charitable costs activities Governance Total Funds Staff payroll costs Staff related costs Premise5 Communications and IT Lega1 and professional Advertising and printing Accountancy Auditor's remuneration Finance charges 439,272 6,592 181,511 17,896 10,230 410 439,272 6,592 181,511 17,896 10,230 410 11,905 3,875 26,559 11,905 3,875 26,559 682,470 15,780 698,250 Unrestricted general funds 682,470 15,780 698,250 682,470 15,780 698,250 2023 Fundraising Charitable costs artivities Governance Total Funds Staff payroll costs Staff related costs Premises Communications and IT Legal and professional Advertising and printing Accountancv Auditor's remuneration Finance charges 339,811 4,122 160,896 13,803 36,435 264 339,811 4,122 160,896 13,803 36,435 264 8,915 3,875 31,792 8,915 3,875 31,792 587,123 12.790 599.913 Unrestricted general funds 587,123 12,790 599,913 587,123 12,790 599,913 25
THE NEW THEATRE ROYAL - TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Auditor's remuneration 2024 Unrestricted Funds General Designated Total Funds Auditor's remuneration - audit Auditor's remuneration - taxation 3,750 125 3,750 125 2023 Unrestricted Funds General Designated Total Funds Auditor's remuneration - audit Auditor's remuneration - taxation 3,750 125 3,750 125 10. Tax on activities There were no balances in the year to 31 March 2024 and the previous year under this heading. 26
THE NEW THEATRE ROYAL- TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 11. Wages and salary cost 2024 2023 Total Funds Total Funds Gross wages Employer'5 national insurance costs Employer'5 pension contribution5 408,408 24,161 6,702 318,116 16,988 4,707 439,271 339,811 Staff numbers: Average head count 40 33 There were no employees with employee benefits above £60.000 in this or the preceding year. Pension Scheme The charity operates a defined contribution plan for the benefit of its employees. Contributions payable to the scheme for the year under review amounted to £6,70212023: £4,707). At the balance sheet date, £1,70312023: £1,038} was payable in respect of these contributions. 12. Related party transactions There is only one related party transaction. Ms Anna Farthing received salary and pension contributions totalling £47,024 for the period when she was a trustee. Otherwise, none of the trustees al was remunerated or received other benefits from employment with NTR or bl was reimbursed expenses or had expenses paid on their behalf during the year under review or the comparative year. During the year under review NTR'S key management personnel received employee benefits costing £104,83112023- £48,297) including related employer social security contribution5. In addition, travel and subsistence expenses were reimbursed at cost only where these were wholly necessary for their roles. There were no other transactions with related parties that require disclosure in the financial statements 27
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 13. Fixed assets Freehold Theatre property equipment Fixtures & fittings TOTAL Cost Brought forward Additions Disposals 741,130 161,077 9,005 902,207 9,005 Carrled forward 741,130 170,082 911,212 Depreciation Brought forward Charge for the year On disposals 389,702 49,408 153,496 3,842 543,198 53,250 Carried fonvard 439,110 157,338 596,448 Net book value carried forward 302,020 12,744 314,764 Net book value brought forward 351,428 7,581 359,009 14. Stock 2024 2023 Bar, café and ice cream stock 4,258 8,904 28
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 15. Debtors 2024 2023 Trade debtors Tax debtors Accrued grants Prepayments and accrued income 20,195 16,749 20,212 331,499 10,131 15,561 52,505 361,842 16. Creditors: Amounts payable within one year 2024 2023 Trade creditors Accruals Hire deposits Deferred income Isee below) Taxation and social security Bank overdrafts Other creditors 123.520 139,550 25.988 295,470 9,495 3,487 1,892 112,787 104,456 21,184 260,256 11,359 2,988 1,038 599.402 514,068 Brought Released in Deferred In fonmard vear year Carried forward Ticket sales in advance 260,256 1702,2321 737,446 295,470 17. Contingent liability At the balance sheet date, there are no known matters for which it would be appropriate to include a liability in these accounts or make reference to them in this note. 29
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 18. Creditors: Amounts payable in more than one year 2024 2023 Loans 150,000 150,000 Analysed as payable- After f ive years 150,000 150,000 19. Analysis of net assets between funds As at 31 March 2024 Unrestrirted funds General Designated Total funds 2023 Total funds Fixed assets Net current as5ets/lliabilitiesl Non-current liabilitie5 314,764 loo,000 314,764 305,585 1150,0001 359,009 436,526 1150,0001 205,585 1150,(K)01 55,585 414,764 470,349 645,535 As at 31 March 2023 Unrestricted funds General Designated Total funds 2022 Total funds Fixed assets Net current assets/lliabilitiesl Non-current liabilities 359,(K)9 iOO,(KJO 359,009 436,526 1150,0001 403,156 190,2591 1150,0001 336,526 1150,0001 186,526 459,IYJ9 645,535 162,897 30
THE NEW THEATRE ROYAL- TRUSTEES (PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 20. Analysis of movement in funds Year to 31 March 2024 Total furtds brought forward Total incoming resources Total Trartsfers between funds Total funds carrled forward resources Tax on ÈxpendÈd attivities Unrestrittedfund5 Deslgnated funds Fixed a55et reserve Sustslnability reserve C8pEtal works 359,009 iffl,000 153,2501 9,005 314,764 loo,000 Total deslEnated funds 459,9 153,2501 9,005 414,7tA Gener81 resernfes 186,526 1,262,640 11,384,576) 19,0051 55,585 Total unrestrlcted fund5 645,535 1,262,640 11,437,826) 470,349 Total funds 645,535 1,262,640 11,437,826? 470,349 Transfers The tran5feraf £9,005 betweÈn the unrestricted general reserves and the fixed asset reserve represents the additions to fixed assers less di5P05a15 ID the year. Year to 31 March 2023 Total funds brought forward Total incornin Total reSoUeS Tran5fer5 between fund5 Total funds Carrled forward Tax on resources expended Unrestrlctedfunds Designated fund5 Fixed asset reserve Sustainability reserve C8pitèl woiks 403,156 151,4481 7,301 loo,000 142,4001 359.IX)9 l(N),mO 42,400 Total designated funds 445,556 151,4481 64,901 459.009 General reserves 1282.6591 1.715,557 11.181.4711 I64,1} 186,526 Total unrestricted funds 162,897 1,715,557 11,232,919) 645,535 Tot31 funds 162,897 1,715,557 11,232.9191 645,535 Tr3nsfers The tr8n5fer of £7,301 between the unrestricted general reserves and the fixed a55et reserve iepre5ent5 thÈ addition5 to fixed assets less disposals in the year. The transfer of £IOO,000 bÈtweÈn the unrestricted gener31 re5erve5 and the sustalnabillty reserve repiesentS the establishment of a nÈw designated fund frorn the current ye3r5urplu£, which will be used for future Specific expenditure connected with the rnaintpn8ncÈ of our Grade |1* listed building and future 5u5tainabilityworks. The transfer of £42,400 from the Capital Works designated fund b3ck to unrestricted general r@servÈs has beÈn made a5 the purpose of the lund has fallen away following the Sale of the frÈÈhold of the bullding and there is no longer the need forthe 3550Ciated expenditure. 31
THE NEW THEATRE ROYAL- TRUSTEES IPORTSMOUTH) LIMITED FIIVANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 21. Description of funds Designotedfunds Fixed asset Funds representing the net book value of fixed assets held by NTR. reserve Sustainability reserve A fund representing general reserves set aside to be used for future specific expenditure connected with the maintenance of the Grade li* listed building and future sustainability works. Capital works Funds set aside by the trustees, in 2016-17 financial year, for the completion of the capital works to the building. 22. Financial instruments 2024 2023 Total funds Total funds Financial assets Debt instruments measured at amortised cost.. Trade debtors 20.195 20,212 20,195 20,212 Financial liabilities Measured at amortlsed c05t- Trade creditors 123,520 112,787 123,520 112,787 32
THE NEW THEATRE ROYAL - TRUSTEES {PORTSMOUTH) LIMITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 23. Previous year statement of financial activities 2023 2022 Unrestrirted Fund5 General Designated Totsl Funds Totsl Funds Note Items arisin durin the ear INcof¥lE FROM:. DonatDns and legacies Other trading activities Investments Charitable activtties Other 677,727 9,827 62 1,027,941 677,727 9,827 62 1.027,941 78,081 14,179 546,835 Total 1,71S,557 1,715,557 639,098 EXPENDITURE ON:. Raising funds Charitable activities 147 1,181,471 51,448 1,232,919 793,011 Total 1,181.471 51.448 1.232.919 793,158 Net incomel(expendlturel 534,086 {51,448) 482,638 1154,060) Gross transfer5 between fund5 20 164.9011 64,901 Tax on activrties io Net movement in funds 469.185 13.453 482,638 1154,060) RECONCIUATION OF FUNDS Total fund5 brought forward 20 1282,6591 445,556 162,897 316,957 Total funds carried forward 20 186,526 459,009 645,535 162,897 33