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
reSoU￿eS
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