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2023-03-31-accounts

GRAEAE THEATRE COMPANY LIMITED (THE)

(A Company Limited by Guarantee)

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2023

COMPANY REGISTRATION NUMBER: 01619794

CHARITY REGISTRATION NUMBER: 284589

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

CONTENTS

Page
Report of the Trustees 2-13
Independent Auditor's Report 14-17
Statement of Financial Activities 18-19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22-38

1

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

The Trustees present their report and the financial statements for the �ear ended 31 �arch 2023�

The report has �een prepared in accordance with the Charities Act 2011 and is also the report of the directors for the purposes of the Companies Act 200��

The financial statements have �een prepared in accordance with the accounting policies set out on pages 2224 therein and compl� with the charita�le compan��s �emorandum and Articles of Association� applica�le laws and Accounting and Reporting �� Charities� Statement of Recommended Practice applica�le to charities preparing their accounts in accordance with the Financial Reporting Standard applica�le in the �nited �ingdom and Repu�lic of Ireland �FRS 102��

For the purpose of determining disclosure re�uirements the charit� is classified as�

Re�eren�e and admini�trati�e detai��

Charit� num�er 284�89 Compan� num�er 01�19794 Registered office Brad�ur� Studios� 138 �ingsland Road� �ondon �2 8��

�irectors and Trustees

The directors of the charit� are its Trustees for the purpose of charit� law� The Trustees who served during the �ear and since the �ear-end are as follows�

Samantha Tatlow Re-appointed � �ecem�er 2021 Appointed as Chair 11 �cto�er 2021 Sharon �arshall Re-appointed 18 �anuar� 2021 �essi Parrott Re-appointed � �ecem�er 2021 �isa �gunto�in�o Appointed 4 �a� 2021 Nathan Crossan-Smith Appointed � �ecem�er 2021 Anthon� �ee Appointed � �ecem�er 2021 Andrea �alter Appointed 7 �arch 2022 �e�orah Rees Appointed � Septem�er 2022 Caroline �oving Appointed 4 �a� 2021 Resigned 14 Septem�er 2022

Throughout this report the word �Trustees� refers to the individuals and the word �Board� refers to the Trustees acting as a �od��

Secretar� Charles �ills �resigned 13 �ecem�er 2022� �li�a�eth �u�ford �appointed 13 �ecem�er 2022� �oint Chief ��ecutive �fficer and Artistic �irector �from 2� Novem�er 2021� �enn� Seale�� �B�

�oint Chief ��ecutive �fficer and ��ecutive �irector �from 2� Novem�er 2021� �evin �alsh Auditor Bu��acott ��P� 130 �ood Street� �ondon �C2� ��� Ban�ers CAF Ban� �td� 2� �ings �ill Avenue� �est �alling� �ent ��19 4��

2

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

Stru�ture� �o�ernan�e and mana�ement

�overning document

The charit� is constituted as a compan� limited �� guarantee and is governed �� its �emorandum and Articles of Association dated 10 �ecem�er 1981 and updated in �ecem�er 2011� There are currentl� eight mem�ers� each of whom agrees to contri�ute �1 in the event of the charit� �eing wound up�

Appointment of Trustees

As set out in the Articles of Association� the Board ma� at an� time appoint an� mem�er of the compan� as a mem�er of the Board� su��ect to a ma�imum of twelve mem�ers� An� mem�er so appointed retains his�her office until the ne�t Annual �eneral �eeting and is then eligi�le for re-election� At each Annual �eneral �eeting one-third of the mem�ers who have �een longest in office retire� All retiring mem�ers are eligi�le for re-election su��ect to the limits to terms of office set out in the Articles of Association� The charit� aims for a Board where �0� or more of the Trustees identif� as �eaf� disa�led and neurodivergent�

Regular s�ills� audits are carried out and� when considering appointing new Trustees� the Board has regard to the re�uirement for an� additional specialist s�ills needed�

Trustee induction and training

New Trustees are provided with an information pac� to �rief them on their legal o�ligations under charit� and compan� law� the content of the �emorandum and Articles of Association� the �usiness plan and the recent financial performance of the charit�� Trustees are encouraged to attend training courses a�out the responsi�ilities of �eing a trustee at a venue and time convenient to them� Trustees are also encouraged to visit the charit��s office to meet emplo�ees and other Trustees outside the formal meetings� Trustees� Awa� �a�s are held from time to time so that the compan��s �e� aims and o��ectives can �e discussed and reviewed� Trustees are also encouraged to attend productions and appropriate in-house training events�

�rganisation

The Board meets� at least �uarterl�� to manage the affairs of the compan�� Four Trustees must �e present for the meeting to �e �uorate� Since the C��I�19 pandemic� meetings have �een in a h��rid of �oom conferencing software and in-person meetings� To aid accessi�ilit� meetings are shorter� with more �rea�s� captioned� BS� interpreted and recorded� �

There is also a Finance and �eneral Purposes su�-committee which meets up to four times a �ear� The purpose of the committee is to provide a greater level of scrutin� of� and support to� compan� officers with a responsi�ilit� for financial management�

The Board has adopted the NC�� Charit� �overnance Code� This has fed into the formation of �raeae�s �overnance Polic� which was formall� adopted on � �arch 2023� The polic� includes Board role descriptions� person specification and a scheme of delegation of Board authorit��

The �oint Chief ��ecutive �fficers are appointed �� the Board to manage the da� to da� operations of the charit��

To facilitate effective operations� the �oint C��s delegate authorit�� in line with the Board�s scheme of delegation� for operational matters including finance� emplo�ment� fundraising� and the artistic� training and educational output of the charit��

The �e� management personnel for the period covered �� this report are�

�ther charities and related parties

The charit� does not have an� su�sidiar� underta�ings� The charit� colla�orates from time to time with other organisations� particularl� in the theatre sector� that ma� also �e charities �ut does not have an� formal long term arrangement with an� other charit� e�cept in relation to grants received for specific activities�

3

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

Pub�i� bene�it

The o��ects of the charit�� as set out in the Articles of Association� are to promote� maintain� improve and advance education� particularl� �� the production of educational pla�s and the encouragement of the Arts including the arts of drama� opera� operetta� dance� �allet� music� singing� literature� poetr�� sculpture� painting� mime and puppetr��

The charit��s particular purpose as a touring theatre compan� is to develop and promote disa�led-led accessi�le theatre for a wide�ranging audience� The charit��s main activities underta�en to further its purpose are theatrical productions and training� education and learning activities�

The Board has given due consideration to the Charit� Commission�s pu�lished guidance on the Pu�lic Benefit re�uirement under section 17 of the Charities Act 2011 when reviewing the charit��s aims and o��ectives and in planning future activities� The Board considers that all of the charit��s o��ectives deliver �enefit to the pu�lic� as e�plained �elow�

Ob�e�ti�e� and a�ti�itie�

�raeae�s vision is to create world-class accessi�le theatre� which �rea�s down �arriers� challenges a�leist preconceptions and places �eaf� disa�led and neurodivergent� artists centre stage ��hereon referred to as disa�led artists��

�raeae�s mission is to ignite artistic curiosit�� pioneer a radical dramatic language� and champion accessi�ilit�� �e do this �� providing a diversit� of platforms for new generations of artists� locall�� nationall� and internationall�� through the creation of trail-�la�ing theatre�

�raeae is a disa�led-led human rights compan�� founded on the need to tac�le social in�ustice� discrimination and e�clusion� It is fuelled �� the pursuit of inclusion and artistic e�cellence and champions disa�led people in the arts�

The compan��s strategic aims are to�

In promoting and producing world-class theatre� led �� disa�led directors� writers and performers� �raeae see�s to dismantle �arriers to emplo�ment in the arts� �espite legislative progress and slowl� shifting attitudes� there remains a lac� of recognition of the talents of disa�led people�

�ur programme of wor� see�s to address this through our productions which showcase the s�ills of �eaf� disa�led and neurodivergent performers� �ur productions� through the creative use of sign language� audio description� captioning and rela�ed environments also open up theatre to �eaf� �lind� disa�led and neurodiverse audiences� ensuring that all mem�ers of the pu�lic �enefit from access to the arts� �here possi�le� we ensure that tic�et prices for disa�led audience mem�ers are su�sidised and we onl� tour shows to venues across the �� which have a high standard of access for disa�led people�

�ur professional development training programmes provide accessi�le and inclusive opportunities for learning� The� are delivered for aspiring actors� directors and writers to learn the s�ills the� need to wor� as

4

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

Ob�e�ti�e� and a�ti�itie� (�ontinued)

professionals� �ur training programmes are significantl� su�sidised� in recognition of the economic �arriers often faced �� disa�led artists� and are open to those artists throughout the ���

�ur outreach programme fuels the ne�t generation of theatre-ma�ers and audiences� �ur professionall� trained disa�led artists and wor�shop leaders act as important role models for �oung participants� raising aspirations and proving that a career in the arts is possi�le for all� �e �elieve that through investment in training and education� we can effect change within the industr� �oth for individuals and organisations ali�e� from �oung people through to professionals� to ensure that there are e�ual opportunities for all people to �enefit from the arts�

The compan� continues to advocate e�ualit� for all �eaf� disa�led and neurodivergent artists and their right to participate in all aspects of societ�� �espite the impact of the ��ualit� Act� in realit�� access is still ver� uneven in the arts� �ost spaces provide onl� limited levels of accessi�ilit�� can cope with onl� a small num�er of disa�led artists and technicians at an� one time� and are capa�le of dealing with onl� a limited range of impairments�

�raeae continues to champion access in a num�er of wa�s� �� using Brad�ur� Studios as a model of �est practice in inclusive design� through authentic representation of disa�ilit� in theatre� through our training and outreach programmes and through our advocac� wor� with other organisations�

�raeae�s strategic planning is underpinned �� sound governance and continual monitoring of our wor�� measuring �uantitativel� achievements against targets as well as �ualitativel� through feed�ac� from audiences and �eneficiaries on their e�perience of �raeae�s wor��

These were our ma�or activities during the �ear�

A�hie�ement� and per�orman�e

Productions and artistic activities

The period ending 31 �arch 2023 mar�ed the first full �ear of programming since the C��I�19 pandemic which closed theatres nationwide� C��I� was still present and shaped how pro�ects were delivered and who was a�le to participate� Audiences were still hesitant to return to theatres and much of �raeae�s wor�force� freelancers and participants were engaging with the compan� remotel� or with great caution�

�owever� 2022 mar�ed the first time the compan� was a�le to deliver wor� in theatres �first with 10 Nights in �anuar�� then the first full tour with Kerbs �� �raeae�s first full opera� postponed since 2019� followed� The Paradis Files � Then �raeae was a�le to return to the outdoor theatre sector with This Woven O �

The success of this flurr� of creative content set the organisation in a strong position for planning for the 20232� funding period�

�ur ma�or activities during the �ear were�

�

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

A�hie�ement� and per�orman�e (�ontinued)

Kerbs

In Fe�ruar�-April 2022� �raeae em�ar�ed on an �ngland-wide tour of Kerbs �� �rite to Pla� graduate �ichael Southan� This funn�� sweet and �uietl� su�versive show a�out the pursuit of love and se� was co-produced �� the Belgrade Coventr�� toured five venues �one in this financial �ear� and reached live audiences of 1�28�� A tic�eted digital release followed�

The Paradis Files

This new opera told the stor� of �aria-Theresia von Paradis� �The Blind �nchantress�� a pianist� composer and touring musician from the 18[th] Centur�� This was �raeae�s first full opera and featured music �� �rroll�n �allen� a �i�retto �� �rite to Pla� graduate Nicola �erenows�a and �ased on an original idea �� Selina �ills�

�espite ever� mem�er of the team contracting C��I� in rehearsals� it was a glorious success� reaching audiences of over 2�7�0 and receiving the �� Theatre ���cellence in Touring� award� A digital release reached more audiences not �et read� to return to the theatre�

This Woven O

�raeae returned to �reenwich��oc�lands International Festival with a new show written and directed �� the Associate Artists� Part sculptural installation� part theatre arena� this series of vignettes e�plored the transformative power of nature through spo�en word� movement and tactile interactions�

Training� education and learning

This past �ear has �een curated �� our communit� and the need for activism� against the �ac�drop of the star� realit� facing disa�led people and the arts� Artists and participants have� however� sought �o� in a sense of �elonging and we have �een e�uall� responsive to the �uiet voices who are onl� �ust starting to re-emerge from the pandemic�

“It is my right to be listened to

It’s my right to dance.

It’s my right be autistic.

It’s my right to have children

It’s my right to travel

it’s my right to choose my personal care.

it’s my right to be Deaf and teach sign-song.

It’s my right to community”

Youn� Company returned to in-person sessions this �ear amid e�citement and relief at �eing �ac� together in their �raeae home� while we also continued to provide online and h��rid spaces for those who were still una�le to attend in person� �oung Compan� 14� co-created a poetic new performance The Festival of Rights a�out isolation� freedom and social �ustice� Through a deep series of research� development and rehearsals� �oung people too� to the stage at Rich �i� in Fe�ruar� 2023 with a call to action for a �rave new world� �oung Compan� �� continued to connect in their online safe space� supported �� director Nic�ie �iles �ildin� to coauthor stories and nurture their friendships across the countr��

En�emb�e �ounced �ac� from the difficulties of the pandemic to support our earl�-career artist alumni across 3 short-courses with drama schools �A��A and RA�A and also BBC Studios� �e pic�ed up where we left off with drama schools� developing new ideas for the radical changes needed to improve accessi�ilit� in drama training� also engaging new partnerships in a new artistic training model of learning and impact�

�

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

A�hie�ement� and per�orman�e (�ontinued)

Let Me Be � our Sha�espeare-inspired theatre ma�ers course with 1�23 Theatre Compan� too� on new heights this �ear� Cutting �dge Theatre �oined us in association to deliver the 10-wee� course to artists in Scotland supported �� Creative Scotland�

In the formal education spaces� we were grateful to partner again with A New �irection� the Cultural Inclusion �anifesto� and Alliance for Inclusive �ducation �A��FI�� while developing new allies through wor� with �rmiston Academies Trust� �oodfield School and �ueensmill School to challenge the term S�N�S�N� and support �oung people to have agenc� in defining their own identities�

Production-related participation returned on a modest scale with �ove �etters for a Caravan �olida� for our tour or Kerbs in 2022, followed �� a portrait and poetr� communit� pro�ect for The Paradis Files tour� �e have �egun to redeem our impact in communities as the �ear has gone on� as part of a new co-production with 20 Stories �igh which will culminate in 23�24�

�e delivered industr� and sector training in Aesthetics of Access� Accessi�le �ar�eting and Front of �ouse training from �eswic� to �orea reaching o�er 1�400 indu�try parti�ipant��

�e are than�ful to the 2�225 arti�t� and parti�ipant� who have helped shape our programme this �ear and will continue to listen and respond as we �egin new chapters of our wor� across the countr� and the world�

A��o�iate Arti�t� and Trainee�

Than�s to funding from �ueens Theatre �ornchurch�� the three associate artists �Sonn� Nwachachu�wu� �ate �ovell� Britn� �irginia� were a�le to sta� on until �arch 2023� while also �eing appointed as Associate �irectors of the venue� Their wor� was performed at �reenwich� �oc�lands� �ornchurch� Islington and the� also supported �raeae�s other artistic output over the period� �raeae will �e recruiting for a new Associate Artist and �irector in 2023-24�

Beyond

The sector support programme� which connected disa�led artists with venues nationwide� started in April 2020 and reached its conclusion in �arch 2023� �ver 48 artists� from earl� to mid-stage career� were supported with CP�� mentoring and networ�ing and� as theatres reopened� connected with venues in their area to ta�e their wor� further� The pro�ect was such a success it will now form a core part of �raeae�s deliver� in future�

Li�e and Li�e�to�di�ita� Per�orman�e

A festival of digital theatre was launched in Novem�er 2023� featuring 10 Nights � Kerbs and The Paradis Files and reaching disa�led audiences still not a�le to return to the theatre� �er�s was su�se�uentl� shown to audiences in Bei�ing� reaching an audience in the room of 70 and a further 3�300 streaming online�

Radio

For a num�er of �ears now� we have colla�orated with Na�ed Productions to create a drama for BBC Radio 4� This �ear� �enn� Seale� co-directed a new version of �ad� Chatterle��s �over called The Chatterle�s� This new adaptation was set in modern-da� Redcar and was developed wor�ing closel� with mem�ers of B��S�A� It reached audiences of around 7�4�000 including on BBC Sounds�

�eb�ite and Brand

�uring the �ear� a grant from Bloom�erg Philanthropies ena�led us to invest in development of a new we�site� It also allowed us to invest in �randing� audience and donor development and in �uilding a �an� of resources for disa�led people tr�ing to get into the arts� The new site will launch in late 2023�

7

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

A�hie�ement� and per�orman�e (�ontinued)

Raising funds

The ma�orit� of the charit��s income is provided �� grants from Arts Council �ngland and from trusts and foundations� To secure these grants the charit� has to prepare detailed applications and su�se�uentl�� if successful� to provide reports to the funders on the outcome of the relevant activities� The Board considers that the time invested in fundraising activities is vital to maintaining good relationships with funders so as to increase the possi�ilit� of securing longer term and repeat funding� The main individual funder remains Arts Council �ngland through the National Portfolio� The other funders which provided grants during the �ear are listed in note 21 to the financial statements�

In April 2019� the Board approved a new three-�ear strategic plan which ena�led the organisation to grow while maintaining a sound financial underpinning� A num�er of multi-�ear grants were secured in pursuit of this plan� the largest of which was a grant from AC��s Transforming �eadership fund to support activit� �etween 20192022� Covid-19 affected the timeline of planned pro�ects �ut� with full agreement from funders� �raeae delivered against all o��ectives �� �arch 2023�

Corporate training is not �et a relia�le and sustaina�le source of income�

�raeae aims to achieve �est practice in the wa� in which it communicates with funders� donors and other supporters� The ma�orit� of funding comes from organisational funders �rather than individuals�� and we set high standards in the wa� that we present our wor�� �ver� application and communication is assessed against standards of representation� empowerment and ownership and we onl� approach funders with a demonstra�le commitment to diversit� and inclusivit��

In communicating with individual supporters� we ta�e care with the tone and fre�uenc� of communications and the accurac� of data to minimise the pressure on supporters� �raeae is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice� �raeae applies �est practice to protect supporters� data and has updated its �ata �anagement Polic� and Privac� Polic� in line with ��PR�

�raeae underta�es to react to and investigate an� complaints regarding its fundraising activities and to learn from them and improve its service� The charit� has received no complaints a�out its fundraising activities�

P�an� �or �uture period�

Productions and other artistic activities

�raeae will partner with �ildin and Ng Productions and Theatre �� the �a�e on //Tuning In//, a new piece �� Adam Fenton� initiall� touring �a� 2023� with more dates to follow�

Self-Raising � an auto�iographical piece e�ploring �enn� Seale��s childhood� will �e performed at the �din�urgh Festival in 2023 �efore a potential tour in 2024�

High Times and Dirty Monsters � a co-production with 20 Stories �igh and �iverpool �ver�man� touring late 2023�

Training� education and learning

�ur investment in training and developing �eaf� disa�led and neurodivergent artists continues with :

�ider strateg� for the future

�raeae�s strateg� for 2022-2� firml� esta�lishes its reputation as the national theatre for disa�led people� Through partnerships in the North �est and �ast of �ngland� the compan� will �uild a lasting presence for disa�led people in the regions� opening up the arts for man� people that have �een denied the opportunit�

8

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

P�an� �or �uture period� (�ontinued)

�efore� The strateg� sees �raeae investing in training opportunities� colla�orative productions and ac�nowledging its responsi�ilities to share s�ills� resources and connections with the wider disa�ilit� arts sector�

The funding strateg� �uilds on the relative success of 2019-22� in which reserves remained within Boardagreed limits� while deliver� increased and the organisation focused �etter on the needs of the communit�� �owever� core costs remain a challenge� In 2011-12 core funding from Arts Council �ngland was ���1�147� In 2021-22 it was ��74�784� That is a 4� increase after ten �ears� In that same ten �ear period �raeae�s headline annual rent has increased �� 107� from �98�7�3 to �20��000� The ne�t rent review will appl� from �ul� 2023�

�raeae received an uplift from Arts Council �ngland lin�ed to new activit� in 2023-2�� the continuation of the Be�ond programme and two new mem�ers of staff �Associate �irector North and Associate Artist �ast�� Funding towards overheads remains the same� ma�ing for a challenging future at Brad�ur� Studios�

The Board have authorised a strateg� to redesign �raeae�s home� �ring in more funds from licensees and open out fundraising to a wider group of funding sources�

9

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

Finan�ia� re�ie�

Income

Total income for the �ear amounted to �1�39��1�3 �2022� �1�479�921� of which �1�017�840 �2022� �1�119�290� related to grants and donations receiva�le without which �raeae could not generate the range of productions and training� education and learning activit� that it underta�es� A list of those funders is on page 38�

The charit��s principal funding source during the �ear was Arts Council �ngland which provided core revenue funding of ��74�784 �2022� ��74�784��

The charit� received funds of �11��880 �2022� ��8��13� from the �Access to �or�� scheme run �� the �epartment of �or� and Pensions� This scheme ena�les the charit� to reclaim some of the additional costs incurred in setting up and providing specific wor�-related access support� Since April 2018 the government has placed an annual cap on the specific support provided �� Access to �or� for the artistic director� This cap does not alwa�s cover the actual re�uirements of the �o� which varies depending on activit�� The cost of support in 2022-23 e�ceeded the annual cap �� �3�7�8 �2022� �29�2����

Income from charita�le activities includes �o� office� venue fee and ro�alties of �122�74� �2022� �74�3�8�� Theatre Ta� Relief of �18�0�2 �2022� �104�114� and fees from training and wor�shops of ��0�477 �2021� �79�02��� The charit� also received income of ��2�89� �2021� �2��3�3� from trading activities �including the hire of office and rehearsal space� hire of technical e�uipment and sales of �oo�s�� Trading income in 2021-22 was �een significantl� reduced �ecause of coronavirus�

��penditure

Total e�penditure has increased from �1��72�97� for the �ear ended 31 �arch 2022 to �1�724�808 in 2022-23� ��penditure in 2022-23 included�

��penditure in 2021-22 included�

�eferred production costs

At 31 �arch 2023 deferred production costs were �17�1�0 relating to Wedding Fair, Self Raising and Bad Lads �2022� �1�8��83 primaril� relating to The Paradis Files ��

Ri�� mana�ement

The Board periodicall� reviews the ma�or e�ternal ris�s to which the charit� is e�posed and has esta�lished s�stems to mitigate those ris�s� as far as is reasona�l� possi�le� Internal ris�s are mitigated via ro�ust policies and procedures covering all areas of management� human resources� financial pro�it�� health and safet�� environmental issues and diversit� targets�

10

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

Ri�� mana�ement (�ontinued)

After mitigation there remains a level of residual financial ris� which the Board manages �� detailed monitoring of cash flow and fundraising targets alongside a reserves polic� informed �� the residual ris�s as discussed �elow�

Principal ris�s and uncertainties

The Board is particularl� concerned with ris�s that have the potential to cause the charit� to cease operations� and have set in place policies to mitigate those ris�s� These include�

Lack of strategy and forward planning leading to financial management difficulties. The charit��s management prepare three-�ear Business Plans� regularl� updated� and annual �udgets� reviewed �uarterl� �� the Board against actual income and e�penditure and monthl� at a �epartmental level� �onger term planning �five to ten �ears� is challenging �ecause the premises from which �raeae operates are su��ect to a five �earl� rent review� which can have a material effect on overheads�

Health and safety and environmental issues The �oint C��s monitor the charit��s activities� in Brad�ur� Studios and elsewhere� and ensures that appropriate policies are in place to provide a safe wor�ing environment and to meet other legal re�uirements�

Failure of an income source The charit� does not commit to ma�or pro�ects until funds are confirmed and � or sufficient reserves are earmar�ed� �raeae has �een confirmed as a National Portfolio �rganisation �� Arts Council �ngland for the 2023-24� 2024-2� and 202�-2� financial �ears and so the Board considers that the charit� remains a going concern�

Re�er�e� po�i�y

At 31 �arch 2023 restricted funds amounted to �1�498�8�1 �2022� �1�70��0�7� and unrestricted funds were �1�080�837 �2022� �1�203�27���

Designated funds

Some unrestricted funds have �een designated �� the Board to address specific areas of financial ris��

 Financial management difficulties

Annual and three �ear �udgets are prepared �� the charit� and there are detailed �udgets for individual productions and training pro�ects� �owever� theatrical pro�ects retain a significant level of ris� around audiences� personnel� timing� and funding� In order that the charit� can maintain an am�itious programme and support important outreach opportunities the Board has designated two reserves to assist with funding shortfalls� Artistic fund �40�000 �2022� �40�000�� Training� education and learning fund �20�000 �202� �20�000��

The �sm�e Fair�airn Foundation has supported �raeae�s new writing programme since 2013� Between �anuar� 2021 and �ecem�er 2022 the foundation converted their two �ear restricted grant to unrestricted to assist the organisation in �est supporting its sta�eholders to weather the pandemic� In �anuar� 2023 the� also offered an additional �20�000 unrestricted grant to assist with the pressures of the cost of living crisis� �raeae committed to spend these funds in the spirit of the original grant� towards artist development� and the added fle�i�ilit� allowed the organisation to �ring departments together to �est meet the needs of sta�eholders� The main grant ��100�000� covering the period �anuar� 2023 onwards is restricted and will �e spent as such� The fle�i�ilit� with the previous grant has ena�led us to set up a designated fund of �3��000 to increase freelancers fees and match the increased costs of delivering the pro�ect this �ear�

The charit� occupies leased premises that are su��ect to an upward rent review ever� five �ears� The Board originall� designated a reserve to partiall� offset the effect of these increases� �easehold propert�� The charit� has now reduced this reserve to �ero� the Board choosing not to hold a designated fund for un�nown operating cost�

In the coming financial �ear �raeae hopes to em�ar� on a capital pro�ect related leased premises� The Board has created a designated fund for the costs related to the management and advice re�uired for this pro�ect of �30�000�

11

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

Re�er�e� po�i�y (�ontinued)

Designated funds �continued�

The Board is aware of the importance of investment in succession planning� s�ills� development� mar�eting and fundraising activities and has designated two funds to support this investment� �ar�eting fund �10�000 �2022� �1��09��� Strategic development fund �20�000 �2021� �2��200��

Fi�ed asset purchases impact operational �udgets over more than one �ear� The Board designates funds to cover the cost of purchasing and replacing fi�ed assets where these are not funded �� specific grants� Fi�ed asset fund �17���3 �2022� �23�43��� The relevant depreciation is offset against the fund each �ear�

The charit� has a responsi�ilit� for the health and safet� of people wor�ing in and visiting Brad�ur� Studios� In order to maintain a safe and pleasant wor�ing environment the Board has designated a fund for periodic e�uipment and �uilding maintenance and for unplanned ma�or repairs� Sin�ing fund �100�000 �2022� �100�000��

The charit� o�tains financial support from the government�s Access to �or� Scheme �ut the Board is aware that future support from this scheme is e�pected to �ecome more limited� The Board has designated a fund to cover une�pected salar� costs and other costs relating specificall� to staff re�uiring access support� Access fund �2��000 �2022� �2��000��

Further details a�out the designated funds can �e found in note 1� to the financial statements�

The Board is also aware that failure to compl� with regulator� re�uirements could have potential for significant financial impact on the charit� �fines� or closure �ut considers that it is inappropriate to ma�e specific financial provision for such matters�

General funds

After designating funds to address particular ris�s the Board aims to hold unrestricted general funds in the region of si� months� operating costs� �nrestricted general funds at 31 �arch 2023 amounted to �783�274 �2022� �797�828�� The average monthl� operating cost during the �ear �which e�cludes the direct costs of productions and training� was ��2�3�0 �2022� ��3��42�� The �alance of undesignated general funds at 31 �arch 2023 �ased on past costs represents 12�� months of operating costs �2022� 12�� months�� In the current economic climate the Board is comforta�le with holding this level of general funds�

12

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Report o� the Tru�tee� �or the year ended 31 Mar�h 2023

Statement o� Tru�tee�� Re�pon�ibi�itie�

The Trustees �who are also directors of The �raeae Theatre Compan� �imited for the purposes of compan� law� are responsi�le for preparing the Trustees� report and financial statements in accordance with applica�le law and �nited �ingdom Accounting Standards ��nited �ingdom �enerall� Accepted Accounting Practice��

Compan� law re�uires the Trustees to prepare financial statements for each financial �ear which give a true and fair view of the state of affairs of the charita�le compan� and of the income and e�penditure of the charita�le compan� for that period�

In preparing these financial statements� the trustees are re�uired to�

The Trustees are responsi�le for �eeping proper accounting records that disclose with reasona�le accurac� at an� time the financial position of the charita�le compan� and ena�le them to ensure that the financial statements compl� with the Companies Act 200�� The� are also responsi�le for safeguarding the assets of the charita�le compan� and hence for ta�ing reasona�le steps for the prevention and detection of fraud and other irregularities�

�ach of the Trustees confirms that�

This confirmation is given and should �e interpreted in accordance with the provisions of s418 of the Companies Act 200��

The Trustees are responsi�le for the maintenance and integrit� of the corporate and financial information included on the charita�le compan��s we�site� �egislation in the �nited �ingdom governing the preparation and dissemination of financial statements ma� differ from legislation in other �urisdictions�

This report was approved �� the Board on 2023 and signed on its �ehalf ���

Samantha Tatlow Chair

13

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Independent auditor�� report to the member� o� The Graeae Theatre Company Limited

Opinion

�e have audited the financial statements of The �raeae Theatre Compan� �imited �the �charita�le compan��� for the �ear ended 31 �arch 2023 which comprise the statement of financial activities� the �alance sheet and the statement of cash flows� and the notes to the financial statements including the principal accounting policies� The financial reporting framewor� that has �een applied in their preparation is applica�le law and �nited �ingdom Accounting Standards� including Financial Reporting Standard 102 �The Financial Reporting Standard applica�le in the �� and Repu�lic of Ireland� ��nited �ingdom �enerall� Accepted Accounting Practice��

In our opinion� the financial statements�

Ba�i� �or opinion

�e conducted our audit in accordance with International Standards on Auditing ���� �ISAs ����� and applica�le law� �ur responsi�ilities under those standards are further descri�ed in the auditor�s responsi�ilities for the audit of the financial statements section of our report� �e are independent of the charita�le compan� in accordance with the ethical re�uirements that are relevant to our audit of the financial statements in the ��� including the FRC�s �thical Standard� and we have fulfilled our other ethical responsi�ilities in accordance with these re�uirements� �e �elieve that the audit evidence we have o�tained is sufficient and appropriate to provide a �asis for our opinion�

Con��u�ion� re�atin� to �oin� �on�ern

In auditing the financial statements� we have concluded that the trustees� use of the going concern �asis of accounting in the preparation of the financial statements is appropriate�

Based on the wor� we have performed� we have not identified an� material uncertainties relating to events or conditions that� individuall� or collectivel�� ma� cast significant dou�t on the charita�le compan� and charita�le compan��s a�ilit� to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue�

�ur responsi�ilities and the responsi�ilities of the trustees with respect to going concern are descri�ed in the relevant sections of this report�

14

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Independent auditor�� report to the member� o� The Graeae Theatre Company Limited

Other in�ormation

The trustees are responsi�le for the other information� The other information comprises the information included in the annual report and financial statements� other than the financial statements and our auditor�s report thereon� �ur opinion on the financial statements does not cover the other information and� e�cept to the e�tent otherwise e�plicitl� stated in our report� we do not e�press an� form of assurance conclusion thereon�

In connection with our audit of the financial statements� our responsi�ilit� is to read the other information and� in doing so� consider whether the other information is materiall� inconsistent with the financial statements or our �nowledge o�tained in the audit or otherwise appears to �e materiall� misstated� If we identif� such material inconsistencies or apparent material misstatements� we are re�uired to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information� If� �ased on the wor� we have performed� we conclude that there is a material misstatement of this other information� we are re�uired to report that fact�

�e have nothing to report in this regard�

Opinion� on other matter� pre��ribed by the Companie� A�t 2006

In our opinion� �ased on the wor� underta�en in the course of the audit�

Matter� on �hi�h �e are re�uired to report by e��eption

In the light of the �nowledge and understanding of the charita�le compan� and its environment o�tained in the course of the audit� we have not identified material misstatements in the trustees� report�

�e have nothing to report in respect of the following matters in relation to which the Companies Act 200� re�uires us to report to �ou if� in our opinion�

1�

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Independent auditor�� report to the member� o� The Graeae Theatre Company Limited

Re�pon�ibi�itie� o� tru�tee�

As e�plained more full� in the trustees� responsi�ilities statement� the trustees �who are also the directors of the charita�le compan� for the purposes of compan� law� are responsi�le for the preparation of the financial statements and for �eing satisfied that the� give a true and fair view� and for such internal control as the trustees determine is necessar� to ena�le the preparation of financial statements that are free from material misstatement� whether due to fraud or error�

In preparing the financial statements� the trustees are responsi�le for assessing the charita�le compan��s a�ilit� to continue as a going concern� disclosing� as applica�le� matters related to going concern and using the going concern �asis of accounting unless the trustees either intend to li�uidate the charita�le compan� or to cease operations� or have no realistic alternative �ut to do so�

Auditor�� re�pon�ibi�itie� �or the audit o� the �inan�ia� �tatement�

�ur o��ectives are to o�tain reasona�le assurance a�out 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� Reasona�le assurance is a high level of assurance� �ut is not a guarantee that an audit conducted in accordance with ISAs ���� will alwa�s detect a material misstatement when it e�ists� �isstatements can arise from fraud or error and are considered material if� individuall� or in the aggregate� the� could reasona�l� �e e�pected to influence the economic decisions of users ta�en on the �asis of these financial statements�

Irregularities� including fraud� are instances of non-compliance with laws and regulations� �e design procedures in line with our responsi�ilities� outlined a�ove� to detect material misstatements in respect of irregularities� including fraud� The e�tent to which our procedures are capa�le of detecting irregularities� including fraud is detailed �elow�

To address the ris� of fraud through management �ias and override of controls� we�

In response to the ris� of irregularities and non-compliance with laws and regulations� we designed procedures which included �ut were not limited to�

1�

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Independent auditor�� report to the member� o� The Graeae Theatre Company Limited

There are inherent limitations in our audit procedures descri�ed a�ove� The more removed that laws and regulations are from financial transactions� the less li�el� it is that we would �ecome aware of non-compliance� Auditing standards also limit the audit procedures re�uired to identif� non-compliance with laws and regulations to en�uir� of the trustees and other management and the inspection of regulator� and legal correspondence� if an��

�aterial misstatements that arise due to fraud can �e harder to detect than those that arise from error as the� ma� involve deli�erate concealment or collusion�

A further description of our responsi�ilities for the audit of the financial statements is located on the Financial Reporting Council�s we�site at www�frc�org�u��auditorsresponsi�ilities� This description forms part of our auditor�s report�

U�e o� our report

This report is made solel� to the charita�le compan�'s mem�ers� as a �od�� in accordance with Chapter 3 of Part 1� of the Companies Act 200�� �ur audit wor� has �een underta�en so that we might state to the charita�le compan�'s mem�ers those matters we are re�uired to state to them in an auditor's report and for no other purpose� To the fullest e�tent permitted �� law� we do not accept or assume responsi�ilit� to an�one other than the charita�le compan� and the charita�le compan�'s mem�ers as a �od�� for our audit wor�� for this report� or for the opinions we have formed�

Catherine Biscoe �Senior Statutor� Auditor�

For and on �ehalf of Bu��acott ��P� Statutor� Auditor

130 �ood Street

�ondon

�C2� ���

Date: 16 October 2023

17

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Statement o� Finan�ia� A�ti�itie� (in�orporatin� an in�ome and e�penditure a��ount) For the Year Ended 31 Mar�h 2023

For the Year Ended 31 Mar�h 2023
Note�
In�ome �rom:
�onations
2
Charita�le activities
3
�ther trading activities
4
Investments
5
�ther income
6
Tota�
E�penditure on:
Raising funds
7
Charita�le activities
8
Tota�
Net (e�penditure) in�ome
11
Tran��er� bet�een �und�
15
Net mo�ement in �und�
Re�on�i�iation o� �und�:
Total funds �rought forward
15
Tota� �und� �arried �or�ard
15		 Re�tri�ted
Fund�
�
418�4�9
11��880
-
-
-
�3��339
�3�130
�0��471
��8��01
�123�2�2�
�82�944�
(206�206)
1�70��0�7
1�498�861		 Genera�
De�i�nated
�
�
�79�381
20�000
191�27�
-
�2�89�
-
7�273
-
-
-
840�824
20�000
171�020
-
831��10
�3��77
1�002��30
�3��77
�1�1�70��
�43��77�
144�89�
��1�9�1�
(16�811)
(105�628)
800�08�
403�191
783�274
297�563
Unre�tri�ted Fund�		 Tota�
Fund�
2023
�
1�017�840
308�1��
�2�89�
7�273
-
1�39��1�3
224�1�0
1��00���8
1�724�808
�328��4��
-
(328�645)
2�908�343
2�579�698

The Statement of Financial Activities includes all gains and losses recognised in the a�ove financial �ear�

All income and e�penditure derive from continuing activities during the a�ove financial �ear�

18

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Statement o� Finan�ia� A�ti�itie� (in�orporatin� an in�ome and e�penditure a��ount) For the Year Ended 31 Mar�h 2022

For the Year Ended 31 Mar�h 2022
Note�
In�ome �rom:
�onations
2
Charita�le activities
3
�ther trading activities
4
Investments
5
�ther income
6
Tota�
E�penditure on:
Raising funds
7
Charita�le activities
8
Tota�
Net (e�penditure) in�ome
11
Tran��er� bet�een �und�
15
Net mo�ement in �und�
Re�on�i�iation o� �und�:
Total funds �rought forward
15
Tota� �und� �arried �or�ard
15		 Re�tri�ted
Fund�
�
38���12
71��13
-
-
-
4�7�02�
27�447
�2��912
��3�3�9
�19��334�
�83�441�
(279�775)
1�984�842
1�705�067		 Genera�
De�i�nated
�
�
730�778
-
2�7�498
-
2��3�3
-
233
-
8�034
-
1�022�89�
-
140�43�
-
779�180
-
919��1�
-
103�280
-
�7�701
1��740
170�981
15�740
�29�104
387�4�1
800�085
403�191
Unre�tri�ted Fund�		 Tota�
Fund�
2022
�
1�11��290
329�011
2��3�3
233
8�034
1�479�921
1�7�883
1�40��092
1��72�97�
�93�0�4�
-
(93�054)
3�001�397
2�908�343

The Statement of Financial Activities includes all gains and losses recognised in the a�ove financial �ear�

All income and e�penditure derive from continuing activities during the a�ove financial �ear�

19

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Ba�an�e Sheet at 31 Mar�h 2023

Note� 2023 2022
� �
Fi�ed a��et�:
Tangi�le assets 1�338�302 1�424�930
�eritage assets 1�300 1�300
������� �������
Total fixed assets 12 1�339��02 1�42��230
������� �������
Current a��et�:
�e�tors 13 224�077 424�839
Cash at �an� and in hand 1�1�3��77 1�2�9�9��
������� �������
Total current assets 1�377�7�4 1��84�804
Liabi�itie�:
Creditors� amounts falling due within one �ear 14 137���8 202��91
������� �������
Net current assets 1�240�096 1�482�113
������� �������
Total net assets 2�579�698 2�908�343
������� �������
The �und� o� the �harity:
Restricted Funds 15 1�498�8�1 1�70��0�7
�nrestricted Funds
�esignated 15 297���3 403�191
�eneral 15 783�274 800�08�
������� �������
Total charity funds 2�579�698 2�908�343
������� �������

Approved �� the Board on 2023 and signed on its �ehalf ��

��������� Samantha Tatlow Chair

Company no� 01619794

20

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Statement o� Ca�h F�o�� For the Year Ended 31 Mar�h 2023

Note�
Ca�h ��o�� �rom operatin� a�ti�itie�:
Net cash (used in) generated by operating activities
A
Ca�h ��o�� �rom in�e�tin� a�ti�itie�
Interest received
Sale of fi�ed assets
Purchase of tangi�le fi�ed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Ca�h and �a�h e�ui�a�ent� at 1 Apri� 2022
Cash and cash equivalents at 31 March 2023		 2023
�
�10��00��
7�273
-
�8�����
�1�283�
�10��288�
1�2�9�9��
1�1�3��77		 2022
�
�184�748�
233
12�083
�14���4�
�2�238�
�18��98��
1�44��9�1
1�2�9�9��

A Re�on�i�iation o� net in�ome to net �a�h ��o� �rom operatin� a�ti�itie�

Net (expenditure) income for the reporting period
Ad�u�tment� �or:
�epreciation charges
Sale of fi�ed assets
Interest received
�Increase� � �ecrease in de�tors
Increase � ��ecrease� in creditors
Net cash (used in) generated by operating activities		 �328��4��
9��184
-
�7�273�
200�7�2
����033�
�10��00��		 �93�0�4�
90�2��
�12�083�
�233�
�229�2�0�
�9��0�
�184�748�

No separate reconciliation of net de�t has �een prepared as there is no difference �etween the net cash��de�t� of the charit� and the a�ove cash and cash e�uivalents�

21

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023

1 ACCOUNTING POLICIES

(a) Ba�i� o� preparation

These financial statements have �een prepared for the �ear to 31 �arch 2023 under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies �elow or the notes to these financial statements�

The financial statements have �een prepared in accordance with Accounting and Reporting �� Charities� Statement of Recommended Practice applica�le to charities preparing their financial statements in accordance with the Financial Reporting Standard applica�le in the �nited �ingdom and Repu�lic of Ireland �FRS 102� �Charities S�RP FRS 102�� the Financial Reporting Standard applica�le in the �� and Repu�lic of Ireland �FRS 102� and the Charities Act 2011�

The charit� constitutes a pu�lic �enefit entit� as defined �� FRS 102�

The financial statements are presented in sterling and are rounded to the nearest pound�

(b) Criti�a� a��ountin� e�timate� and area� o� �ud�ement

Preparation of the financial statements re�uires the trustees and management to ma�e significant �udgements and estimates� The items in the financial statements where these �udgements and estimates have �een made include�

(�) A��e��ment o� �oin� �on�ern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements� The trustees have made this assessment in respect of a period of one �ear from the date of approval of these financial statements�

The trustees of the charit� have concluded that there are no material uncertainties related to events or conditions that ma� cast significant dou�t on the a�ilit� of the charit� to continue as a going concern� The trustees are of the opinion that the charit� will have sufficient resources to meet its lia�ilities as the� fall due�

(d) In�ome

�1� �onations and legacies� including grants which are not conditional on delivering certain levels of activit�� are recognised when these are receiva�le unless the donor has specified that the donation or grant relates to a future period or that certain pre-conditions must �e fulfilled �efore use� In these cases amounts received are recognised in the relevant period or when the pre-conditions have �een met and until then are treated as deferred income� �onations and grants for particular purposes are identified as restricted funds�

�2� Income from �o� office and venue fees is included in income in the period in which the relevant production ta�es place�

�3� Theatre Ta� Relief claima�le �� the charit� is recognised as income in the �ear in which the elegi�le e�penditure is incurred�

�4� �ther income is recognised on a receiva�le �asis when there is legal entitlement to receipt� ��� Income relating to rentals in a su�se�uent period is treated as deferred income� ��� The value of donated services and gifts in �ind provided to the charit� are recognised as income at their open mar�et value in the period in which the� are receiva�le� where the �enefit to the charit� can �e relia�l� measured� An e�uivalent amount is included as e�penditure under the relevant heading in the Statement of Financial Activities or capitalised as appropriate�

22

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

1 ACCOUNTING POLICIES (�ontinued)

(e) E�penditure

�1� ��penditure is accounted for on an accruals �asis�

�2� ��penditure on raising funds comprises those costs incurred in attracting donations� grants and trading income� plus a proportion of the underl�ing support costs of the compan��

�3� ��penditure on charita�le activities comprises those costs incurred on productions� other artistic activities� training and outreach programmes� and grants made to organisations and individuals� It includes �oth costs that can �e allocated directl� to those activities plus a proportion of the underl�ing support costs of the compan��

�4� Core staff costs� office administrative e�penses and premises costs are allocated to the costs of raising funds and charita�le activities on an estimate of time spent �� staff supporting these activities� ��� �overnance costs� which comprise costs directl� attri�uta�le to the management of the charit��s assets� organisational procedures and the necessar� legal procedures for compliance with statutor� re�uirements� are included within administrative e�penses�

(�) Produ�tion�

�1� For productions occurring wholl� within one financial �ear �o� office and venue fees are recognised in that �ear and costs are recognised as incurred� T�picall� costs are incurred in advance of income �eing generated�

�2� �here a production spans the �ear-end and is e�pected to �e loss ma�ing� the e�pected loss is recognised in full in the �ear in which the loss is foreseen�

�3� �here production set up costs have �een incurred prior to the �ear-end �ut the production has not �et opened� the set up costs are carried forward at the �alance sheet date as deferred production costs until such time as the production opens�

�4� �here �raeae Theatre Compan� �imited acts as a financiall� contri�uting co-producer onl� that contri�ution is recognised in the �ear it is granted�

(�) Tan�ib�e �i�ed a��et�

Tangi�le fi�ed assets are stated at cost less accumulated depreciation� Assets costing less than ��00 are not capitalised� �epreciation is provided on a straight line �asis to write off the assets over their anticipated useful economic lives� as follows�

�easehold propert� 30 �ears
Computer e�uipment 2 �ears
�ffice e�uipment� production e�uipment� motor vehicles 4 �ears

Assets under development� �eing the accumulated costs of designing and �uilding �espo�e e�uipment� are included under tangi�le fi�ed assets �ut are not depreciated until the assets are �rought into use� If a decision is made to discontinue development then the accumulated costs are written off in the �ear that decision is made�

(h) Herita�e a��et�

�eritage assets are wor�s of art which are held and maintained principall� for their contri�ution to �nowledge and culture� �eritage assets are not depreciated�

(i) Debtor�

�e�tors are recognised at their settlement amount� less an� provision for non-recovera�ilit�� Prepa�ments are valued at the amount prepaid� The� have �een discounted to the present value of the future cash receipt where such discounting is material�

�ther de�tors include an estimate of Theatre Ta� Relief claima�le �� the charit��

23

1 ACCOUNTING POLICIES (�ontinued)

(�) Ca�h at ban� and in hand

Cash at �an� and in hand represents such accounts and instruments that are availa�le on demand or have a maturit� of less than three months from the date of ac�uisition�

(�) Creditor� and pro�i�ion�

Creditors and provisions are recognised when there is an o�ligation at the �alance sheet date as a result of a past event� it is pro�a�le that a transfer of economic �enefit will �e re�uired in settlement� and the amount of the settlement can �e estimated relia�l�� Creditors and provisions are recognised at the amount the charit� anticipates it will pa� to settle the de�t� The� have �een discounted to the present value of the future cash pa�ment where such discounting is material�

(�) Fund �tru�ture

�eneral funds represent those monies which are freel� availa�le for application towards achieving an� charita�le purpose that falls within the charit��s o��ects�

�esignated funds comprise monies set aside out of unrestricted general funds for specific future purpose or pro�ects�

Restricted funds comprise i� monies raised for� or their use restricted to� a specific purpose� or contri�utions su��ect to donor imposed conditions� and also ii� the net �oo� value of tangi�le fi�ed assets is included in restricted funds where those assets are funded through restricted grants or donations which re�uire the charit� to hold those assets on an ongoing �asis for a specific purpose�

(m) Operatin� �ea�e �ommitment�

Rentals pa�a�le under operating leases are charged against e�penditure as incurred over the lease term

(n) Pen�ion �ommitment�

The compan� contri�utes to a defined contri�ution pension scheme on �ehalf of its emplo�ees� The assets of the scheme are held separatel� from those of the compan� in an independentl� administered fund� The pension costs charge represents contri�utions paid and pa�a�le in the �ear �� the compan��

(o) Forei�n �urren�ie�

�onetar� assets and lia�ilities denominated in foreign currencies are translated into sterling at the rates of e�change prevailing at the �alance sheet date� Transactions in foreign currencies are recorded at the date of the transactions� All differences are ta�en to the Statement of Financial Activities�

(p) Finan�ia� in�trument�

The charit� onl� holds �asic financial instruments as defined in FRS 102� The financial assets and financial lia�ilities of the charit� and their measurement �asis are as follows�

Financial assets � other de�tors are �asic financial instruments and are de�t instruments measured at amortised cost� �isted investments are a �asic financial instrument as detailed a�ove� Prepa�ments are not financial instruments�

Cash at bank � classified as a �asic financial instrument and is measured at face value� Financial liabilities � accruals and other creditors are financial instruments� and are measured at amortised cost�

(�) Ta�ation

The compan� is a registered charit� and is therefore not lia�le for corporation ta� on income derived from its charita�le activities� as it falls within the various e�emptions availa�le to registered charities�

(r) Grant ma�in�

�rants to organisations and individuals are accounted for when the award is made�

24

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement�

For the Year Ended 31 Mar�h 2023 (�ontinued)

2 INCOME FROM DONATIONS AND GRANTS 2023 2022
**Re�tri�ted ** Unre�tri�ted Tota� Re�tri�ted Unre�tri�ted Tota�
� � � � � �
Arts Council �ngland �AC�� - �74�784 �74�784 - �74�784 �74�784
�ther grants received �see note 21� 418�4�9 20�000 438�4�9 38���12 140�400 �2��912
�onations - 4��97 4��97 - 1���94 1���94
�������� �������� �������� �������� �������� ��������
Tota� �o�untary in�ome 418�459 599�381 1�017�840 385�512 730�778 1�116�290
�������� �������� �������� �������� �������� ��������

The funding from Arts Council �ngland and the grants from other funders included under this heading are provided to help the compan� implement its �usiness plan or to support particular pro�ects �ut entitlement to the grant is not conditional on fulfilling specific performance-related conditions�

�rants that have specific performance-related conditions are reported as income from charita�le activities �note 3��

3 INCOME FROM CHARITABLE ACTI�ITIES

INCOME FROM CHARITABLE ACTI�ITIES
2023 2022
**Re�tri�ted ** Unre�tri�ted Tota� Re�tri�ted Unre�tri�ted Tota�
� � � � � �
�enue fees and ro�alties - 122�74� 122�74� - 74�3�8 74�3�8
Fees from training� wor�shops and other artistic - �0�477 �0�477 - 79�02� 79�02�
�ther grants received �see note 21� - - - 3�000 - 3�000
Theatre Ta� Relief �TTR� - 18�0�2 18�0�2 - 104�114 104�114
Access to �or� 11��880 - 11��880 �8��13 - �8��13
�������� �������� �������� �������� �������� ��������
Tota� in�ome �rom �haritab�e a�ti�itie� 116�880 191�275 308�155 71�513 257�498 329�011
�������� �������� �������� �������� �������� ��������

From 1 April 2021 the charit� �egan accounting for TTR accruals �asis�

4 INCOME FROM OTHER TRADING ACTI�ITIES

2023 2022
**Re�tri�ted ** Unre�tri�ted Tota� Re�tri�ted Unre�tri�ted Tota�
� � � � � �
Income from hire of space and e�uipment - ����7� ����7� - 2���78 2���78
Sales of merchandise and other income - ��219 ��219 - �7� �7�
�������� �������� �������� �������� �������� ��������
Tota� in�ome �rom other tradin� a�ti�itie� - 62�895 62�895 � 26�353 26�353
�������� �������� �������� �������� �������� ��������
5 INCOME FROM IN�ESTMENTS
2023 2022
**Re�tri�ted ** Unre�tri�ted Tota� Re�tri�ted Unre�tri�ted Tota�
� � � � � �
Interest on deposit accounts - 7�273 7�273 - 233 233
�������� �������� �������� �������� �������� ��������
6 OTHER INCOME 2023 2022
**Re�tri�ted ** Unre�tri�ted Tota� Re�tri�ted Unre�tri�ted Tota�
� � � � � �
Coronavirus �o� Retention Scheme - - - - 8�034 8�034
�������� �������� �������� �������� �������� ��������

2�

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement�

For the Year Ended 31 Mar�h 2023 (�ontinued)

7 E�PENDITURE ON RAISING FUNDS 2023 2022
**Re�tri�ted ** Unre�tri�ted Tota� Re�tri�ted Unre�tri�ted Tota�
� � � � � �
��penditure on raising grants and donations - �3�7�4 �3�7�4 - ���223 ���223
��penditure on digital infrastructure 39�9�0 - 39�9�0 - - -
��penditure on other trading activities - 14�092 14�092 - 14�12� 14�12�
Support costs for raising funds 13�170 93�1�4 10��334 27�447 �1�088 88��3�
�������� �������� �������� �������� �������� ��������
Tota� e�penditure on rai�in� �und� 53�130 171�020 224�150 27�447 140�436 167�883
�������� �������� �������� �������� �������� ��������

In 2022-23 the compan� was awarded funding from the Bloom�erg �igital Accelerator Programme to �e used in the development of its we�site and audiences� ��penditure against this programme is recorded as digital infrastructure in e�penditure on raising funds�

8 E�PENDITURE ON CHARITABLE ACTI�ITIES

2023 2022
**Re�tri�ted ** Unre�tri�ted Tota� Re�tri�ted Unre�tri�ted Tota�
� � � � � �
Productions and other artistic 322�78� 188��13 �11�299 133���4 193���1 327�21�
Support costs for productions and other artistic �7�1�4 404�31� 4�1�4�9 109�787 2���313 3���100
Training� education and learning �T��� 194��17 82�949 277�4�� 270�190 ����97 33��887
Support costs for T�� 31�01� 219�410 2�0�424 112�281 2�3��09 37��890
�������� �������� �������� �������� �������� ��������
Tota� e�penditure on �haritab�e a�ti�itie� 605�471 895�187 1�500�657 625�912 779�180 1�405�092
�������� �������� �������� �������� �������� ��������

2�

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

9 ANALYSIS OF SUPPORT COSTS

Support costs are allocated �� management estimates of the proportion of staff time spent supporting the three main activities� as follows�

Raising Productions Training
funds and other education
artistic and learning
2023 Tota�
Allocation for �ear ended 31 �arch 2023 13� ��� 31� 100�
� � � �
Staff 48�2�0 209�39� 113��33 371�278
Premises 3��1�7 1���9�� 8��17� 278�298
Administration 21�917 9��118 �1��17 1�8���2
������� ������� ������� �������
106�334 461�469 250�424 818�228
������� ������� ������� �������
2022 Tota�
Allocation for �ear ended 31 �arch 2022 11� 44� 4�� 100�
� � � �
Staff 3��80� 1�1�778 1���2�4 344�847
Premises 34�498 142�2�1 14��4�� 323�224
Administration 17�232 71�0�1 73�1�1 1�1�4�4
������� ������� ������� �������
88�535 365�100 375�890 829�525
������� ������� ������� �������

10 ANALYSIS OF STAFF COSTS

�mplo�ees 2023 2022
� �
Salaries and wages �42�070 �14�183
Social securit� costs 44�418 37�948
Pension costs 34�209 31�90�
������� �������
Total emplo�ee costs �20��97 �84�037
������� �������

The compan� operates a defined contri�ution pension scheme� At 31 �arch 2023� there were 1� emplo�ees �2022� 17� with retirement �enefits accruing under this scheme�

The average head count �num�er of staff emplo�ed� on the pa�roll during the �ear �including casual and part-time staff� was 18�� �2022� 18��

The average num�er of full-time e�uivalent emplo�ees on the pa�roll during the �ear �including casual and part-time staff� was 14�9 �2022� 1���

27

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

10 ANALYSIS OF STAFF COSTS (�ontinued)

There was one emplo�ee during the �ear with emoluments �e�cluding pension contri�utions� a�ove ��0�000 �2022� none��

The �e� management personnel are the trustees� the �oint Chief ��ecutive �fficers� and the Finance �irector� The trustees were not paid during the �ear or the prior �ear� The salar� and pensions paid for the other �e� management personnel in respect of their services to the charit� are shown �elow�

11 Salar�
NI
Pension
�
�
�
�enn� Seale�� �oint C�� and Artistic �irector
�0��00
7�480
4�200
�evin �alsh� �oint C��
���3�0
��712
3�780
Charles �ills� Finance �irector �outgoing�
32�3�4
3���2
2�14�
�att �ones� Finance �irector �incoming�
21�213
2�404
1�4�0
Salar�
NI
Pension
�
�
�
�enn� Seale�� �oint C�� and Artistic �irector
�8�7�3
��888
4�113
�evin �alsh�� �oint C��
�1�8�4
��93�
3��30
Charles �ills� Finance �irector
43�9�7
4�847
3�078
�previousl� ��ecutive �irector
Pa� multiples of full time e�uivalent earnings for monthl� paid staff at the
2023
start of the financial �ear
�ighest to median
2�0
�ighest to lowest
3�0
Non-pa�roll
2023
In addition to emplo�ees paid through the pa�roll the compan� contracts
�
with specific individuals to provide services in relation to the compan�'s activities�
These individuals include actors� musicians� directors� choreographers� designers�
stage managers� dut� managers� practitioners� facilitators� access support wor�ers�
interpreters� fundraisers� mar�eting consultants and financial consultants�
The total costs associated with these additional individuals is�
442�424
�������
NET INCOME BEFORE TRANSFERS
2023
�
Net income �efore transfers is stated after charging�
�epreciation
9��184
Auditor's remuneration �statutor� audit�
14�4�0		 2023
Total
�
72�280
���842
38�1�1
2��0�7
201�340
2022
Total
�
�9�7�4
�1�419
�1�892
183�075
2022
1�9
2�9
2022
�
��8�01�
�������
2022
�
90�2��
7�400

28

The Graeae Theatre Company Limited

(A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

12 FI�ED ASSETS

Herita�e
a��et�
�
COST
At 1 April 2022
1�300
Additions
-
At 31 �arch 2023
1�300
DEPRECIATION
At 1 April 2022
-
Charge for the �ear
-
At 31 �arch 2023
�
NET BOO� �ALUES
At 31 �arch 2023
1�300
At 31 �arch 2022
1�300		 Computer
E�uipment
�
�0�728
-
60�728
4��804
11�080
56�884
3�844
14�924		 Produ�tion
O��i�e
E�uipmentE�uipment
�
�
124�32�
111�47�
-
8����
124�326
120�031
124�32�
107�312
-
2���9
124�326
109�981
�
10�050
-
4�1�3		 Lea�eho�d
Property
�
2�443�033
-
2�443�033
1�037�190
81�43�
1�118�625
1�324�408
1�40��843		 Tota�
�
2�740�8�2
8����
2�749�418
1�314��32
9��184
1�409�816
1�339�602
1�42��230

The heritage asset is a painting of Na�il Sha�an �� �leanor �ohnson which was donated to the compan� in Novem�er 201��

13 DEBTORS 2023 2022
� �
Trade de�tors �3�211 ����98
�ther de�tors and prepa�ments 1�3�71� 189���8
�eferred production costs 17�1�0 1�8��83
������� �������
224�077 424�839
������� �������
14 CREDITORS: AMOUNTS FALLING DUE 2023 2022
�ITHIN ONE YEAR � �
Trade creditors �8�290 �8�9�9
�ther ta�es and social securit� 14�708 18�71�
�eferred income ��318 ����8
�ther creditors and accruals �9�342 109�438
������� �������
137�658 202�691
������� �������

The compan� operates a defined contri�ution scheme for its emplo�ees� There were contri�utions due in creditors of �4�210 at 31 �arch 2023 �2022 �7�303��

29

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement�

For the Year Ended 31 Mar�h 2023 (�ontinued)

15 MO�EMENTS IN FUNDS

At 1 Apri� In�ome E�penditure Tran��er� Tran��er� At 31 Mar�h
2022 to Genera� �rom Genera� 2023
� � � � � �
Re�tri�ted �und�
�easehold propert�� including AC� Sustain 1�399�994 - - �81�133� - 1�318�8�1
��uipment grants ��249 - - �1�879� - 3�370
Cross pro�ect grants 8���7� 1���000 �1����04� - �8 8��040
Productions and other artistic activities 18��444 10��1�9 �291��03� - -
Training� education and learning 28�804 1�7�300 �94��14� - - 91��90
Access to �or� - 11��880 �11��880� - - -
������� ������� ������� ������� ������� �������
Tota� re�tri�ted �und� 1�705�067 535�339 (658�601) (83�012) 68 1�498�861
������� ������� ������� ������� ������� �������
Unre�tri�ted �und�
De�i�nated �und�
New writing fund 140�71� 20�000 ��3��77� ��2�039� - 3��000
Artistic fund 40�000 - - �12�443� 12�443 40�000
Training� education and learning 20�000 - - - - 20�000
�ar�eting fund 1��09� - - ���09�� - 10�000
Strategic development fund 2��200 - - ���200� - 20�000
Fi�ed asset fund 21�179 - - �12�172� 8���� 17���3
Access fund 2��000 - - ���801� ��801 2��000
Sin�ing fund 100�000 - - �2�382� 2�382 100�000
�easehold propert� operational fund 1��000 - - �1��000� - -
�easehold propert� capital fund - - - - 30�000 30�000
������� ������� ������� ������� ������� �������
Tota� de�i�nated �und� 403�191 20�000 ��3��77� �122�133� �0�182 297���3
Genera� �und� 800�08� 840�824 �1�002��30� 20��14� ��0�2�0� 783�274
������� ������� ������� ������� ������� �������
Tota� unre�tri�ted �und� 1�203�276 860�824 (1�066�207) 83�012 (68) 1�080�837
������� ������� ������� ������� ������� �������
Tota� �und� 2�908�343 1�396�163 (1�724�808) - - 2�579�698
������� ������� ������� ������� ������� �������

Summar� of transfers �etween restricted funds and unrestricted funds

�epreciation of assets purchased with restricted funds
Transfer from general to cover restricted cost of T� programme		 83�012
��8�
83�012
��8�

30

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement�

For the Year Ended 31 Mar�h 2023 (�ontinued)

15 MO�EMENTS IN FUNDS

At 1 Apri� In�ome E�penditure Tran��er� Tran��er� At 31 Mar�h
2021 to Genera� �rom Genera� 2022
� � � � � �
Re�tri�ted �und�
�easehold propert�� including AC� Sustain 1�481�127 - - �81�133� - 1�399�994
��uipment grants 4��29 - - �1��37� 2�2�7 ��249
Cross pro�ect grants 3�7��93 191�8�2 �4�3�879� - - 8���7�
Productions and other artistic activities �0�441 14��944 �23�441� - 2��00 18��444
Training� education and learning 81�1�2 �0�70� �97��2�� ����28� - 28�804
Access to �or� - �8��13 ��8��13� - - -
������� ������� ������� ������� ������� �������
Tota� re�tri�ted �und� 1�984�842 457�025 (653�359) (88�198) 4�757 1�705�067
������� ������� ������� ������� ������� �������
Unre�tri�ted �und�
De�i�nated �und�
New writing fund 108�877 - - - 31�839 140�71�
Artistic fund 40�000 - - �38��18� 38��18 40�000
Training� education and learning 20�000 - - - - 20�000
�ar�eting fund 1��09� - - - - 1��09�
Strategic development fund 30�000 - - �4�800� - 2��200
Fi�ed asset fund 1��478 - - �7��9�� 12�297 21�179
Access fund 2��000 - - �9�2��� 9�2�� 2��000
Sin�ing fund 100�000 - - �8��70� 8��70 100�000
�easehold propert� operational fund 32�000 - - �1��000� - 1��000
������� ������� ������� ������� ������� �������
Tota� de�i�nated �und� 387�4�1 - - �84�740� 100�480 403�191
Genera� �und� �29�104 1�022�89� �919��1�� 172�938 �10��237� 800�08�
������� ������� ������� ������� ������� �������
Tota� unre�tri�ted �und� 1�016�555 1�022�896 (919�616) 88�198 (4�757) 1�203�276
������� ������� ������� ������� ������� �������
Tota� �und� 3�001�397 1�479�921 (1�572�975) - - 2�908�343
������� ������� ������� ������� ������� �������

Summar� of transfers �etween restricted funds and unrestricted funds

�epreciation of assets purchased with restricted funds
Release of restricted funds for core costs
Revenue grant used for purchase of computer e�uipment
�rant previousl� treated as spent repaid to funder		 82��70
���28
�2�2�7�
�2��00�
88�198
�4�7�7�

30

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

15 MO�EMENTS IN FUNDS (�ontinued)

Re�tri�ted �und�

Leasehold property fund

The leasehold propert� fund was set up in 2007-08 for funding received in the development of the Brad�ur� Studios� The �uilding was ac�uired under a 30-�ear lease� The transfer for the �ear represents the annual depreciation charge�

Equipment grants

These funds represent grants received to contri�ute to the cost of purchasing� developing or maintaining specific assets� No grants were received during the �ear �2022� �nil�� �uring the �ear �1�879 �2021� �1��37� was applied for depreciation on the assets purchased� maintenance costs� and costs incurred on e�uipment no longer �eing developed�

Cross project grants

These are grants that support a range of �raeae's activities�

�uring the �ear �raeae received �30�000 from Arts Council �ngland Transforming �eadership �2022� ��0�000� and �100�003 has �een spent supporting the Be�ond pro�ect and related activities �2021� �149���1�� �eliver� of some activities was difficult under Covid restrictions so Arts Council �ngland e�tended the grant period into 2022-23� In Fe�ruar� 2021 �raeae received �198�107 from the �eston Culture Fund which has supported digital deliver� of activities in addition to live performances� �182�4�� of which was spent in 2021-22 and the remaining �1���41 was spent in 2022-23�

Also during 2022-23 �raeae received �12��000 �of a total �1�0�000 e�pected� from Bloom�erg Philanthropies as part of their �igital Accelerator Programme� �39�9�0 of which was spent in 2022-23�

Productions and other artistic activities

This fund is related to the �raeae's �pera Production - the Paradis files� �uring the �ear �raeae received �102�409 in funding from Arts Council �ngland in support of this pro�ect and �3�7�0 of funding from the �ision Foundation�

All this mone� has �een spent during the �ear in deliver� of this pro�ect�

Training, education and learning

�rants totalling �1�7�300 �2022� ��0�70�� were received in the �ear to contri�ute to the costs of the �outh programme� the new writing programmes Write to Play and Play Labs, �nsem�le� the Be�ond pro�ect and other wor�shop activities�

Access to Work

The compan� receives funds from the �epartment of �or� and Pension's �Access to �or�� scheme� The scheme ena�les the compan� to reclaim some of the additional costs incurred in setting up and providing wor�-related access support�

32

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

15 MO�EMENTS IN FUNDS (�ontinued)

Unre�tri�ted �und�

General funds

�eneral funds represent those funds that are unrestricted and are not designated for other specific purposes�

New Writing fund

In the 2021-22 financial �ear �sme Fair�urn� recognising the challenges of Covid restrictions generousl� made their �ears eight and nine suppport for �raeae's new writing programme unrestricted� In 2022-23 we have as far as possi�le� used these funds as the� were originall� intended� �ut we have also released ��2�039 to our general funds to support core costs� The remainder of this fund includes other unrestricted donations made with new writing in mind including a further �20�000 in funding from �sme Fair�urn in recognition of the pressures of the cost of living crisis�

Artistic Fund

The artistic fund allows the compan� to develop a more strategic and am�itious programme in the future� In 2022-23 �12�433 was applied to support �raeae's production of This �oven � at the �reenwich and �oc�lands International Festival� our partnership with 20 Stories �igh of �igh Times and �irt� �onsters and �er�s� The Board has agreed to allocate �38�319 to this fund at 31 �arch 2022 to support our wor� in the coming �ear�

Training, education and learning fund

This fund supports important outreach opportunities which ma� not �een funded through specific grants� The Board has agreed to maintain this fund at �20�000 at 31 �arch 2023�

Marketing fund

The mar�eting fund is availa�le to support mar�eting and pu�licit� costs of future pro�ects� The fund was not utilised during 2022-23 and this fund has �een ad�usted to �10�000 at 31 �arch 2023�

Strategic Development Fund

The strategic development fund supports investment in succession planning� s�ill's development� strategic advice and fundraising activities� This fund was not utilised during 2022-23 due to the audience development received through the Bloom�erg �igital Accelerator Programme� At 31 �arch 2023 the �oard has agreed to set this fund at �20�000 for the purposes of the development of our new fundraising programme and corporate wor�shop strateg��

Fixed asset fund

The fi�ed asset fund is to cover the cost of purchasing and replacing fi�ed assets where these are not funded �� specific grants� �uring the �ear �12�172 �2022� �7��9�� was utilised in respect of depreciation on assets through the fund and the Board agreed to allocate a further �8���� to the fund for the purchase of a new telephon� s�stem and �oo�case�

33

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

15 MO�EMENTS IN FUNDS (�ontinued)

Unre�tri�ted �und�

Access fund

The compan� emplo�s a higher proportion of people with disa�ilities than most other organisations� This fund is set up to support access costs that are not covered �� Access to wor� or �� specific grants� ���801 �2022� �9�2��� has �een utilised during the �ear� The Board has agreed to restore the fund to �2��000 at 31 �arch 2023�

Sinking fund

The sin�ing fund has �een set up to cover e�uipment maintenance� general wear and tear of the �uilding and unplanned maintenance� �uring the �ear �2�382 �2022� �8��70� has �een spent against this fund� The Board has agreed to restors this fund to �100�000 at 31 �arch 2023�

Leasehold Property operational fund.

The leasehold propert� operational fund was originall� set up to provide for the anticipated �uin�uennial rent reviews under the lease and increases in costs of the �uilding generall�� �uring the 2022-23 financial �ear we have ta�en the advice of our auditors that it is not common practice to designate funds for un�nown operational costs and so with the Board's agreement this fund has �een released in 2022-23�

Leasehold Property capital fund.

In the ne�t financial �ear �raeae intends to em�ar� on a pro�ect to ma�e capital ad�ustments to Brad�ur� Studios to allow the �etter utilisation of this asset� In anticipation of the legal and pro�ect related costs related to these wor�s� the Board has agreed to esta�lish a �30�000 fund for this purpose at 31 �arch 2023�

34

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement�

For the Year Ended 31 Mar�h 2023 (�ontinued)

16 ANALYSIS OF NET ASSETS BET�EEN FUNDS

2023
**Re�tri�ted ** **Unre�tri�ted ** Unre�tri�ted Tota�
Genera� De�i�nated
� � � �
Fi�ed assets 1�320�739 1�300 17���3 1�339��02
Current assets 200��84 897�170 280�000 1�377�7�4
Current lia�ilities �22�4�2� �11��19�� - �137���8�
������� ������� ������� �������
At 31 �arch 2023 1�498�861 783�274 297�563 2�579�698
������� ������� ������� �������
2022
**Re�tri�ted ** **Unre�tri�ted ** Unre�tri�ted Tota�
Genera� De�i�nated
� � � �
Fi�ed assets 1�403�7�1 1�300 21�179 1�42��230
Current assets 390�798 909�737 384�2�9 1��84�804
Current lia�ilities �89�482� �113�209� - �202��91�
������� ������� ������� �������
At 31 �arch 2021 1�70��0�7 797�828 40��448 2�908�343
������� ������� ������� �������

17 CAPITAL COMMITMENTS

The compan� had no capital commitments at 31 �arch 2023 or at 31 �arch 2022�

3�

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement� For the Year Ended 31 Mar�h 2023 (�ontinued)

18 OPERATING LEASE COMMITMENTS

At 31 �arch 2023 the charit� was committed to ma�ing the following pa�ments under noncancella�le operating leases�

cancella�le operating leases�
2023 2022
� �
Land and bui�din�� � operatin� �ea�e� payment� due
In under one �ear 137�700 137�700
�ater than one �ear and not later than two �ears 121�47� 137�700
�ater than two �ears and not later than five �ears 3�0�000 3�1�47�
�ater than five �ears 1�23���07 1�3����07
������� �������
1�8�4��82 1�992�382
������� �������
P�ant and ma�hinery � operatin� �ea�e� payment� due
In under one �ear 2�000 2�198
�ater than one �ear and not later than two �ears 2�000 2�198
�ater than two �ears and not later than five �ears 3�000 1�099
������� �������
7�000 ��49�
������� �������

The lease agreement for the premises at Brad�ur� Studios is su��ect to a �uin�uennial rent review� �see also note 19�� The ne�t review is due at 18 �ul� 2023�

The compan� has entered into a five �ear lease on a store in �rith which e�pires on 28 April 2024�

19 LEGAL CHARGE

�n 24 Novem�er 2008� the compan� signed a lease relating to premises at Brad�ur� Studios� 138 �ingsland Road� �ondon� �2 8�� for a term of 30 �ears e�piring 17 �ul� 2038� The lease premium paid was �1�000�000 plus �AT of �17��000�

Arts Council �ngland �AC�� provided a grant to cover the cost of the premium and other costs relating to the premises� It was a condition of the grant that AC� have a fi�ed and floating securit� over the assets of the compan�� The charge is also dated 24 Novem�er 2008�

3�

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement�

For the Year Ended 31 Mar�h 2023 (�ontinued)

20 RELATED PARTY TRANSACTIONS

Trustee e�penses

No e�penses were reim�ursed to the trustees during the �ear �2022� �nil��

�uring� 2022-23

A relative of the �iterar� Co-ordinator undertoo� wor� for the charit� on normal �usiness terms�

�uring 2021-22�

A relative of the Artistic �irector undertoo� wor� for the charit��

37

The Graeae Theatre Company Limited (A Company Limited by Guarantee)

Note� to the Finan�ia� Statement�

For the Year Ended 31 Mar�h 2023 (�ontinued)

21 OTHER GRANTS RECEI�ED 2023 2022
**Re�tri�ted ** Unre�tri�ted **Tota�Re�tri�ted ** Unre�tri�ted Tota�
� � � � � �
Note 2 - income from donations
Arts Council �ngland Cultural Recover� Fund - - - 131�8�2 - 131�8�2
Arts Council �ngland pro�ect grant 102�409 - 102�409 102�408 - 102�408
Arts Council �ngland Transforming �eadership 30�000 - 30�000 �0�000 - �0�000
Bloom�erg �igital Accelerator Programme 12��000 - 12��000 - - -
Cit� Bridge Trust �7�300 - �7�300 �0�70� - �0�70�
Creative �and Trust - - - - - -
�sm�e Fair�airn Foundation 100�000 20�000 120�000 - 140�400 140�400
Fidelit� �� Foundation - - - 20�000 - 20�000
The Curve Theatre - - - ��000 - ��000
The �aiwa Foundation - - - �2��00� - �2��00�
The �'��l� Carte Charita�le Trust - - - 4�000 - 4�000
�N�SC� Clu� �ienna - - - 8�411 - 8�411
�Ision Foundation 3�7�0 - 3�7�0 ���2� - ���2�
������� ������� ������� ������� ������� �������
418�459 20�000 438�459 385�512 140�400 525�912
������� ������� ������� ������� ������� �������
Note 3 - income from charita�le activities
Arts Council �ngland - - - 3�000 - 3�000
������� ������� ������� ������� ������� �������
� � � 3�000 � 3�000
������� ������� ������� ������� ������� �������

22 POST BALANCE SHEET E�ENTS

In �ul� 2022 �raeae received notification of a legac� from an individual who died on 22 �arch 2022� The final amount is not �et determined and therefore the Trustees consider that this income should �e recognised in 2023-24�

38