2023-03-31-accounts - Sadler's Wells Trust Limited

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		Unrestricted	Designated	Restricted	Total	Total
		Funds	Funds	Funds	Funds	Funds
		Year ended	Year ended	Year ended	Year ended	Year ended
		31March	31March	31March	31March	31March
		2023	2023	2023	2023	2022
	Note	K'000	K'000	K'000	f'000	K'000
Income
Donations and legacies:
Sponsorship and donations		1,342		2,466	3,808	1,595
Arts Council Funding		2,501		1,709	4,210	3,353
Charitable activities:
Theatre presentations		19,418		109	19,527	15,083
Activities for raising funds
Trading income		2,928			2,928	1,805
Other income		661			661	860
Total Income		26,850		4,284	31,134	22,696
Expenditure
Charitable activity: theatre presentations
Expenditure on presentations		19,696		1,883	21,579	17,539
Theatre overheads		4,470	50	1,663	6,183	5,373
Raising Funds
Fundraising costs		621		46	667	609
Trading costs		2,309		56	2,365	1,771
TotalExpenditure		27,096	50	3,648	30,794	25,292
Net (Expenditure) / Income		(246)	(50)	636	340	(2,596)
Other Recognised Gains and Losses		97		102	199	394
Gross Transfer Between Funds		816	(500)	(316)
Net Movement in Funds		667	(550)	422	539	(2,202)
Net funds at1April 2022		1,584	952	1,578	4,114	6,316
Net Funds at31March 2023		2,251	402	2,000	4,653	4,114

		2023	2023	2022	2022
		Consolidated	Charity	Consolidated	Charity
	Note	f'000	f'000	f'000	f'000
Fixed Assets
Tangible assets Investment Property	6 7(b)	55 1,650 1,705	55 1,200 1,255	67 1,650 1,717	67 1,200 1,267
Current Assets
Stock for resale Debtors		71 3,153	16 5,542	66 2,163	21 3,971
Cash at bank and in hand		13,168	10,269	12,343	10,624
		16,392	15,827	14,572	14,616
Creditors: Amounts Falling Due Within One Year		9,024)	8,009	7,840	7,434
Net Current Assets		7,368	7,818	6,732	7,182
Long term Liabilities	10	(4,420)	(4,420)	(4,335)	(4,335)
Total Assets Less Liabilities		4,653	4,653	4,114	4,114
Funds
Restricted Unrestricted - Designated Unrestricted	18 18 18	2,000 402 2,251	2,000 402 2,251	1,578 952 1,584	1,578 952 1,584
		4,653	4,653	4,114	4,114

						Year ended	Year ended	Year ended	Year ended
						31March 2023		31March 2022
					Note	f'000	K'000	E'000	K'000
Net cash flows from operating			activities		12		825		633
Cash flows from investing		and	financing	activities	13				(35)
Net change in cash and cash equivalents				in the period			825		598
to movement in net cash
Increase	in cash in the period						825	598
Movement	in net cash in the	period					825		598
Net cash	and cash equivalents		at 1April	2022			12,343		11,745
Net cash	and cash equivalents		at 31March 2023		14		13,168		12,343

	During 2023, the cha	rity has received	funding from t	he Arts Council fo	r:
						2023	2022
						f'000	f'000
	NPO core funding					2,501	2,679
	Restricted:
	. NYDC					474	420
	.Stratford					1,232	240
	. What's Next					3	14
						4,210	3,353
3.	Support Costs					Year ended 31March	Year ended 31March
			Theatre			2023	2022
		Presentation	Overhead	Fundraising	Trading	Total	Total
		f'000	f'000	f'000	f'000	f'000	f'000
Executive Office		696	72	49	93	910	746
Finance		940	99	66	125	1,230	2,219
People		297	31	20	39	387	299
		1,933	202	135	257	2,527	3,264
	Resources expended	before support	costs:
	Unrestricted	18,090	4,302	509	2,096	24,997
	Restricted	1,556	1,629	23	12	3,220
	Designated		50			50
	Resources expended	21,579	6,183	667	2,365	30,794

Governance Costs
											Year	ended
											31March			Year ended
											2023		31March 2022
											Total			Total
											OOOO			f.'000
Governance costs include the			following		payments			to	auditors:
			Audit - current				year					46			36
			Audit - prior year									13
			Tax - current year									3
			Tax —prior			year						6
			Other:		non	statutory			audit			1
												69			38
Staff Costs
											2023			2022
Consolidated and charity											K'000			f'000
Wages and salaries												7,278		6,998
Social security costs												754			622
Pension costs (note 17)												255		234
Redundancy and termination			payment		costs included				in	7,854 8,287 the above totalled f14,553(2022:E1,632).
Employee remuneration		for employees			earning		more		than f60,000 fell in the		following	bands:
											2023			2022
K180,001 - f190,000
f170,001 - f180,000
K140,001 - 6150,001
8100,001 —f110,000
f90,001 - K100,000
K80,001 - K90,000												2			1
f60,001 - K70,000 During the year the company			paid	pension		contributions				off60,099(2022:f48,496)		8 on behalf	4 ofthese staff.
The average monthly	head count			was	304	staff	(2022:			302)and the average	number	of full-time		equivalent	staff
employed (induding	part-time		staff):								2023			2022
Theatre and Front		of House										71			68
Boxoffice												10			9
Marketing												18			20
Technical												54			59
Administration												21			14
Development												10			9
Events												5			5
Catering												19			21
												208		205

Tangible Fixed Assets Consolidated
	Leasehold		Computer		Fixtures and	2023
	Imp'ments		Equipment		Fittings	Total
	K'000		K'000		f'000	f'000
Cost
At 1st April 2022		110		351	154		615
Additions
Disposals
At 31st March 2023		110		351			615
Depreciation
At 1st April 2022		70		324	154		548
Charge for the period		5		7			12
At 31st March 2023		75		331	154		560
Net book value
At 31st March 2023		35		20			55
At 31st March 2022		40		27			67

	Leasehold		Computer		Fixtures and	2023
	Imp'ments		Equipment		Fittings	Total
	E'000		E'000		f'000	f'000
Cost
At 1st April 2022		110		289	46
Additions
Disposals
At 31st March 2023		110		289
Depreciation
At 1st April 2022		70		262			378
Charge for the period		5		7			12
At 31st March 2023		75		269	46		390
Net book value
At 31st March 2023		35		20			55
At 31st March 2022		40		27			67

					Year	Year
					ended	ended
					31March	31March
					2023	2022
Profit and Loss Account					K'000	K'000
Turnover					5,939	4,325
Cost ofsales					(808)	(443)
Production	expenses				2,751	2,880
Gross Profit					2,380	1,002
Administration expenses					(1,240)	(944)
Bank interest					10
Taxation					199	394
Result for	the financial		year		1,349	452
Retained	earnings	brought: forward
Charitable	distribution		to parent charity		(1,349)	(452)
Retained	earnings	carried forward
					31March	31March
					2023	2022
					f.'000	K'000
The assets and liabilities ofthe subsidiary				were:
Fixed assets					450	450
Current assets					3,773	2,466
Creditors:	amounts	falling due within one		year	(4,223)	(2,916)
Total net	current assets

Borrowings
	31March	31March
	2023	2022
Payable within 1year Payable 2-5 years Payable over 5years	536 3,884 4,420	499 3,836 4,335

			At 1April	Income	Expenditure	Transfers/	At31March
			2022			Gains	2023
			E'000	E'000	E'000	E'000	E'000
Restricted Funds:
National Youth Dance Fund			184	504	(635)	71	124
Dame Hilda Bracket Fund			131		(5)		126
What Next? Fund			53	108	(125)		36
Stratford Mobilisation				1,231	(1,253)	22
DOPODO			69	1	(65)		5
Breakin' Out			200	3	(185)		18
Development			595	11	(329)	(269)	8
Learning and Engagement	Funds		19	795	(532)	(6)	276
Programming, Producing Rose Choreographic Prize	and Touring	Funt	324	380 1,000	(356) (8)	(47)	301 992
Kwame Asafo Adjei Fund Data Accelerator Project				88 125	(86) (36)	(2)	89
Other restricted funds				38	(33)	17	25
Unrestricted Funds:			1,578	4,284	(3,648	214	2,000
Designated Funds
Peacock Theatre Fund			50		(50)
The Shakespeare's Head	Fund		402
Contingency reserve			500			(500)
			952		50)	(500)	402
General Fund			1,584	26,850	(27,096)	913	2,251
			4,114	31,134	(30,794)	199	4,653

Year ended 31March	2022
			At 1April		Incoming	Resources	Transfers/	At31March
			2021		Resources	Expended	Gains	2022
			f'000		E'000	f'000	K'000	I'000
Restricted Funds:
National Youth Dance Fund			261		523	(600)		184
Dame Hilda Bracket Fund				131				131
What Next? Fund				32	131	(110)		53
Stratford Mobilisation				122	240	(362)
DOPODO				73		(4)		69
Breakin' Out			240		2	(42)		200
Development			485		437	(327)		595
Learning and Engagement	Funds				53	(34)		19
Programming, Producing	and Touring	Funds	325			(41)		324
Garfield Weston Fund				626		(626)
Relaunch Fund				264	200	(464)
Other restricted funds					10	7
			2,559		1,636	(2,617		1,578
Unrestricted Funds:
Designated Funds
Peacock Theatre Fund				50				50
Creative Learning Fund				135		(135)
The Shakespeare's Head	Fund			402				402
ACE Cultural Recovery Fund				341		(341)
Contingency reserve							500	500
				928		476	500	952
General Fund			2,829		21,060	(22,199)	(106)	1,584
			6,316		22,696	25,292	394	4,114

Year ende	d 31March 2022
		Fixed	Cash	Net Total
		Assets		Assets
		f'000	f'000	K'000
Unrestricted	Funds	1,115	10,346	(9,877)	1,584
Designated	funds	402	550		952
Restricted	funds	200	1,447	(69)	1,578
TotalFunds		1,717	12,343	9,946	4,114

Year ended 31March 20	22
			Unrestricted	Designated	Restricted	Total
			Funds	Funds	Funds	Funds
			Year ended	Year ended	Year ended	Year ended
			31March	31March	31March	31March
			2022	2022	2022	2022
		Note	K'000	K'000	K'000	E'000
Income
Donations and legacies:
Sponsorship and donations			749		846	1,595
Arts Council Funding			2,679		674	3,353
Charitable activities:
Theatre presentations			15,083			15,083
Activities for raising funds
Trading income			1,805			1,805
Other income			744		116	860
Total Income			21,060		1,636	22,696
Expenditure
Charitable activity: theatre presentations
Expenditure on presentations			16,347	432	760	17,539
Theatre overheads			3,512	44	1,817	5,373
Raising Funds
Fundraising costs			569		40	609
Trading costs			1,771			1,771
Total Expenditure			22,199	476	2,617	25,292
Net Income / (Expenditure)	before
Investment (Loss) / Gain			(1,139)	(476)	(981)	(2,596)
Net Investment (Loss) / Gain
Net Income / (Expenditure)			(1,139)	(476)	(981)	(2,596)
Other Recognised Gains: Theatre Tax		Relief	394			394
Gross Transfer Between Funds			(500)	500
Net Movement in Funds			(1,245)	24	(981)	(2,202)
Net funds at1April 2021			2,829	928	2,559	6,316
Net Funds at31March 2022			1584	952	1578	4 114

			Theatre
		Presentation.	Overhead	Fundraising	Trading	2022
		f'000	6'000	f'000	f'000	K'000
Executive Office		586	51	33	76	746
Finance		1,743	152	97	227	2,219
People		235	20	13	31	299
		2,564	223	143	334	3264
Unrestricted	resources	expended
before support costs		13,783	3,289	426	1,437	18,935
Unrestricted	resources
expended		16,347	3,512	569	1,771	22,199