## **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�
- a larger charit� �having income over ��00�000�
- a small compan� �fewer than �0 emplo�ees� turnover less than ����million��
## **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�
- the Trustees� who are not paid� and
- the �oint C��s and the Finance �irector� whose remuneration is set �� the Board� with reference to mar�et rates for the theatre and charit� sectors�
## �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�
- **Create �or�d���a�� theatre** � produce and tour high �ualit�� high impact theatre that is unmista�a�l� �raeae�s� providing a platform for the s�ill and e�cellence of disa�led artists�
- **Find ne� audien�e�** � for �raeae and for the wider industr�� �nsure the wor� has a lasting impact across �ngland� unleashing creativit� in regions and communities� wor�ing with groups that have little access to art and culture and on a variet� of platforms�
- **Champion a��e��ibi�ity** � through partnerships with national and international organisations creating� supporting and advising on accessi�le environments and practice�
- **Nurture ta�ent** � wor� with national partners to open up the arts for disa�led artists at all e�perience levels� Create new environments for theatre-ma�ers to thrive and �uild independence�
- Promote **e��e��ent �o�ernan�e** and leadership across the compan�� the theatre sector and other �usinesses� �pen up routes to leadership roles for those that have �een denied them�
- **E�p�ore ne� �reati�e hori�on�** � �� scrutinising our practice and �� representing a greater diversit� of voices on stage�
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�
- _**Kerbs**_ **:** A national tour of a new pla� �� a �rite to Pla� graduate� and digital release�
- _**The Paradis Files**_ � A national tour of a new opera of �The Blind �nchantress�
- _**This Woven O**_ � A new outdoor show for families directed �� �raeae associates
- _**Young Companies**_ � Regular Saturda� sessions with two groups of �oung disa�led people
- _**Beyond**_ � a ma�or artist support programme� connecting artists with venues nationwide
- _**The Chatterleys**_ � New pla� for Radio 4
## **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�
- _**Kerbs**_ � Completion of a national tour �� a �rite to Pla� graduate
- _**The Paradis Files**_ � A national tour of a new opera of �The Blind �nchantress�
- _**This Woven O**_ � A new outdoor show for families directed �� �raeae associates
- _**Young Companies**_ � Regular Saturda� sessions with two groups of �oung disa�led people
- _**Beyond**_ � a ma�or artist support programme� connecting artists with venues nationwide
- _**The Chatterleys**_ � New pla� for Radio 4
�
**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”_
- �The Festival of Rights� �raeae �oung Compan� 2023�
**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 **:**
- �rite to Pla� � The �sm�e Fair�airn Foundation has awarded grants which will allow this programme to continue at least to �ecem�er 2024�
- �outh Programme � a multi strand programme to develop the ne�t generation of �eaf� disa�led and neurodivergent creative artists�
## �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�
- _Paradis Files_ direct costs of �428�934 �e�cludes support costs�
- _This Woven O_ direct costs of �2��979 �e�cludes support costs�
- _Kerbs_ direct costs of �17�074 �e�cludes support costs�
- _Beyond_ direct costs of �94�271 �e�cludes support costs�
- _New Writing_ direct costs of �7��17� �e�cludes support costs�
- �oung Compan� direct costs of �77�3�� �e�cludes support costs��
��penditure in 2021-22 included�
- _10 Nights_ direct costs of �128��9� �e�cludes support costs�
- _Beyond, Beyond Develop, Beyond Digital_ direct costs of �172�008 �e�cludes support costs��
- _Kerbs_ direct costs of �141�230 �e�cludes support costs�
- _New Writing_ direct costs of ��7�974 �e�cludes support costs��
## �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�
- Building lia�ilit�
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��
- �oss of income source
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�
- select suita�le accounting policies and then appl� them consistentl��
- o�serve the methods and principles in 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 �� and Repu�lic of Ireland �FRS 102��
- ma�e �udgements and estimates that are reasona�le and prudent�
- state whether applica�le �nited �ingdom Accounting Standards have �een followed� su��ect to an� material departures disclosed and e�plained in the financial statements� and
- prepare the financial statements on the going concern �asis unless it is inappropriate to presume that the charita�le compan� will continue in operation�
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�
- so far as the Trustee is aware� there is no relevant audit information of which the charita�le compan��s auditor is unaware� and
- the Trustee has ta�en all the steps that he�she ought to have ta�en as a Trustee in order to ma�e himself�herself aware of an� relevant audit information and to esta�lish that the charita�le compan��s auditor is aware of that information�
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�
- give a true and fair view of the state of the charita�le compan��s affairs as at 31 �arch 2023 and of its income and e�penditure for the �ear then ended�
- have �een properl� prepared in accordance with �nited �ingdom �enerall� Accepted Accounting Practice� and
- have �een prepared in accordance with the re�uirements of the Companies Act 200��
## **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�
- the information given in the trustees� report� which is also the directors� report for the purposes of compan� law� for the financial �ear for which the financial statements are prepared is consistent with the financial statements� and
- the trustees� report� which is also the directors� report for the purposes of compan� law � has �een prepared in accordance with applica�le legal re�uirements�
## **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�
- ade�uate accounting records have not �een �ept �� the charita�le compan�� or returns ade�uate for our audit have not �een received from �ranches not visited �� us� or
- the charita�le compan� financial statements are not in agreement with the accounting records and returns� or
- certain disclosures of trustees� remuneration specified �� law are not made� or
- we have not received all the information and e�planations we re�uire for our audit� or
- the trustees were not entitled to ta�e advantage of the small companies� e�emptions from the re�uirement to prepare a strategic report�
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�
- Performed anal�tical procedures to identif� an� unusual or une�pected relationships�
- Tested and reviewed �ournal entries to identif� unusual transactions�
- Tested authorisation of e�penditure�
- Assessed whether �udgements and assumptions made in determining the accounting estimates were indicative of potential �ias� and
- Investigated rationale �ehind significant or unusual transactions�
In response to the ris� of irregularities and non-compliance with laws and regulations� we designed procedures which included �ut were not limited to�
- �nsuring that the engagement team collectivel� had the appropriate competence� capa�ilities and s�ills to identif� or recognise non-compliance with applica�le laws and regulations�
- Identif�ing the laws and regulations applica�le to the charita�le compan� through discussions with management� and from our commercial �nowledge and e�perience of the sector�
- �nsuring that the identified laws and regulations were communicated within the audit team regularl� and the team remained alert to instances of non-compliance throughout the audit�
- Focussing on specific laws and regulations which we considered ma� have a direct material effect on the accounts or the activities of the charit�� These included �ut were not limited to relevant financial reporting standards� the Charities Act 2011 and the Companies Act 200��
- Agreeing financial statements disclosures to underl�ing supporting documentation�
- Reading the minutes of trustee meetings� and
- �n�uiring of as to actual and potential litigation and claims�
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�
- estimating the allocation of support costs �etween activities�
- estimating the useful economic life of tangi�le fi�ed assets�
- estimating the value of donated services and gifts�
- assessing the appropriateness of deferring production costs under polic� �f� �3� on page 23�
## **(�) 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�
- script reading for the New �riting department for a fee of �33�
## �uring 2021-22�
A relative of the Artistic �irector undertoo� wor� for the charit��
- video editing on a pro�ect for a total fee of �3000 �on normal �usiness terms��
- supporting R�� on a pro�ect for e�penses onl� of �170�
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