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2024-03-31-accounts

The National Youth Theatre of Great Britain (A Company Limited by Guarantee)

Annual Report and Financial Statements For the year ended 31 March 2024

Nest, 2023, photo by JMA Photography

Charity Commission Number - 306075

Office of the Scottish Charity Regulator Number - SC043665

Company Number - 699114

The National Youth Theatre is registered as a Disability Confident employer

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Contents

Who We Are - Vision, Mission, Values and Culture 3
Overview by Paul Roseby, Chief Executive and Artistic Director 5
Our National Programme 7
NYT National Outreach and Inclusion Programmes 9
The National Creative Production House for Young People 11
NYT in Numbers 12
Looking Ahead 13
Our Supporters 15
Financial Review 17
Structure, governance and management 21
Independent auditor’s report 25
Statement of financial activities 30
Balance sheet 31
Cash Flow 32
Notes to the financial statements 33-43

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The Trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 31 March 2024.

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Award-winning, redeveloped National Youth Theatre, Holloway Road.
Photo by Helen Murray
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Who we are

Introducing NYT

National Youth Theatre is a pioneering youth arts charity that nurtures creative expression, personal well-being, performance and technical skills development and theatre craft, engaging thousands of young people aged 11-25 around the UK every year. Established in 1956 as the world’s first youth theatre, NYT seeks out, supports and champions performers, theatre technicians, designers and young creative leaders. We help build future audiences in sustaining the UK’s cultural footprint and securing the future talent pipeline for the cultural sector at large. NYT achieves this by producing ambitious theatrical productions in local communities, on leading global stages and in unusual spaces across the UK and beyond, commissioning bold and relevant new writing and reinterpreting classic stories for our time. NYT’s free creative leadership, safeguarding, wellbeing, intersectionality and inclusive practice training underpin our work with hundreds of creative freelance professionals each year continually growing and diversifying the creative industries talent pipeline.

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Vision

NYT works for a world in which young people lead, create and continually aspire to be their best version of themselves: individually, collectively and creatively. In pursuit of unique storytelling NYT supports the empowerment of young people to take centre stage in their lives and in communities of practice, whether defined by location, representation or identity.

Mission

NYT is a pioneering youth arts organisation and charity. We support, platform, inspire and cocreate with exceptional young people from across the UK aged 11 to 25 and, through our Inclusive Practice ethos, those aged up to 30 who identify as learning disabled or neurodiverse. We believe that the best way for young people to learn is by doing and by engaging with leading artists and industry professionals, whilst testing their work with live audiences.

We create skills development programmes that nurture and support talent, providing alternatives to formal training which respond to and meet young people’s needs and the needs of the sector. Our programmes support young people with a competitive edge and enable practical career development.

Our commitment to excellence sees us work with the most exceptional young people each year through our free flagship programmes, The NYT REP Company and Playing Up.

Culture and Values

At the National Youth Theatre, we work towards a culture that is inclusive, creative and collaborative. We celebrate all the ways we are different and aim to create an environment where everyone can thrive and do their best work. We want our culture to create spaces where young people from around the UK can be together, be brave and create bold work. We ask everyone involved in making each project to approach it with generosity, curiosity, kindness and respect. We believe that we do better work together than we would apart and that our work is richer and stronger thanks to the different backgrounds and experiences that everyone in our company brings. Through our work we want to be connected and responsive to each other, our communities, our industry and the wider world. Whatever your background or wherever you are from, we invite you to support our mission to be a creative force for good at a critical time for our industry, country and world.

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Overview - Paul Roseby, CEO & Artistic Director

This year we have reached new live audiences nationally, engaged with more people than ever online, worked with thousands of young people, employed over 400 creatives and provided bursaries and social inclusion opportunities to those who need it most.

Our productions in London this year started with The Bakkhai, a new Rep Company production in our Studio Theatre at Holloway Road and at Christmas we presented our first productions for young audiences, Ada, based on the life of the programmer, Ada Lovelace and Refilwe, a modern twist on Rapunzel, which was a co-production with Talawa Theatre and Bernie Grant Arts Centre.

Nest, 2023, photo by Tom Arber

In West Yorkshire, our most ambitious and groundbreaking project of the year was NEST, our co-production with Leeds 2023, building on years of art and eco-activism at NYT to animate an epic RSPB nature park in Leeds, the first event of its kind in the area. The show, which reached thousands of local audience members, was the culmination of months of community work in the region, delivering free courses to local young people, asylum seekers and refugees, thanks to partnerships with Leeds Playhouse and our associate company Compass Collective. A team of 150 professional and young creatives made an unforgettable mark on an unlikely stage.

★★★★ "One hopes that this production can be scaled down in size, but not quality, to allow for its message to be seen by many more audiences" The Reviews Hub

We will return to Leeds in 2024 and beyond to deliver a range of summer courses and embed our presence as part of the legacy of the festival.

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Alongside production opportunities we have welcomed over 1,500 young people to more than 50 courses in 7 towns and cities around the UK, further expanding our national reach and providing improved access to NYT activities.

We were also delighted to secure funding for Assemble, supported by the National Lottery Community Fund, bringing creative opportunities to disabled young people in non-mainstream schools in London, Manchester and Wales.

We have delivered more backstage and technical training opportunities than ever this year. 1,150 free opportunities were provided by the Ignite programme, supported by Netflix, providing free workshops in the Northeast, South Wales and West Yorkshire to tackle the skills crisis in behind-the-scenes roles in film, TV and theatre. The young people we are engaging with said that these kinds of opportunities were previously not available to them due to location or lack of industry connections.

In London we continued to receive accolades for our redeveloped Creative production House at Holloway Road, including being shortlisted for Most Welcoming Theatre at the UK Theatre Awards and longlisted for sustainability at the 2023 Dezeen Awards.

There has been a tide of challenges impacting our fragile sector this year, with the continued reduction in arts provision in schools and the loss of venues and opportunities for new writers and performers. The impact of the cost-of-living crisis and widening socio-economic divide continues to limit young people’s engagement with and exposure to the arts sector.

Thanks to the talent, commitment and invention of our creatives, production teams and volunteers we have continued to grow our offer, widen our reach and fight for creative opportunities for young people.

“NYT are a critical element of theatre’s fragile ecosystem. We shouldn’t be complacent that it’ll all be there for the next generation" Broadway World

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Our National Programme

Throughout the year NYT have delivered and enabled a range of productions alongside our training and R&D opportunities to support and inspire our young members, provide our freelance Associates and emerging Artists with employment, reach new and existing audiences and play a strong civic role in our national communities of people and places.

The Bakkhai, 2023 Photo by Ali Wright The Bakkhai

April 2023, NYT Studio Theatre

Directed and adapted by Maisie Newman, from the adaptation by Anne Carson Performed by the NYT Rep company

Love Bomb, 2023, photo by Helen Murray Love Bomb

July 2023, NYT Studio Theatre

Written by Benjamin Salmon and co-directed by Masha Kevinovna and Kyley Winfield, performed by the Playing Up cohort.

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Nest, 2023, photo by JMA Photography

Nest

September 2023, St Aidan’s Park, Leeds

Co-commissioned and co-produced with Leeds 2023 Performed by members

Ada, 2023, photo by Johan Persson Ada

December 2023, NYT Studio Theatre Written by Rebecca Manley and directed by Andrew Whyment. Performed by members

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Refilwe, 2023, photo by Ellie Kurttz Refilwe

December 2023, NYT Studio Theatre

Co-produced with Bernie Grant Arts Centre and Talawa Theatre Company Written by Bisola Alabi and directed by Azieb Pool. Performed by NYT members

NYT National Outreach and Inclusion Programme

Assemble, supported by National Lottery Community Fund

Assemble is enabling stronger collaboration and friendships between disabled young people and their peers in and out of the disabled community, reducing isolation and building local grassroots inclusivity networks. Assemble is enabling young neurodivergent and disabled people to access, shape and engage with the cultural opportunities in their communities whilst providing them with progression routes into the arts. We secured 2-year funding from NLCF's Bringing People Together programme. In the first year we appointed a core team and established a programme in non-mainstream schools in London, Greater Manchester and South Wales, providing creative activities and allowing young people to develop new interests and gain confidence in accessing cultural spaces not previously experienced before.

Ignite your Creativity, supported by Netflix

In partnership with Netflix, we delivered IGNITE Your Creativity workshops in South Wales, West Yorkshire and Sunderland. The free programme is providing first day's opportunities to young people aged 15-25 in backstage, technical and theatre craft roles for stage and screen with courses led by industry professionals. Working with an Advisory Panel of Industry Leaders including BAFTA nominated producer Luti Fagbenle, lighting designer Jessica Hung Han Yun, TV Exec Chantal Rickards and Oscar winning designer Eve Stewart.

NYT's New Deal for Young People, supported by Greater London Authority

We secured funding from the GLA's New Deal for Young People initiative to support over 500 young Londoners aged 16-24 from underrepresented and marginalised backgrounds across all London Boroughs through development and delivery of creative mentoring opportunities, including mentoring training and peer-to-peer mentoring. Combining NYT’s award-winning

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and industry-recognised training programmes with new focused support strands, young people will build skills, confidence and networks enabling progression to creative careers. Delivery is taking place between January 2024 and March 2025.

Playing Up and Stepping Up

Playing Up and Stepping Up are NYT’s flagship accredited courses, offering practical part-time drama training programmes, for young people aged 19 – 25* who are not in Education Employment or Training (NEET) the opportunity to gain a qualification in drama. These courses were delivered in partnership with The JGA Group and accredited by OCN. During FY24 79 young people participated in an accredited course at NYT.

National community workshops and auditions

In FY24 we continued to increase our national programme of free community workshops with 16 workshops offered across six cities, engaging with over 600 young people, with a focus on deepening our engagement with marginalised young people. We then offered free community audition sessions across the country which attracted nearly 400 young people.

NYT Commissions

In FY24 we continued to develop work foregrounding a breadth and diverse variety of creative talent and new national voices. NYT’s prolific and nurturing commissioning programme enables and highlights new young voices alongside established industry talent. Each R&D and Commission brings direct opportunity for new talent in the company whether in acting roles, assistant directing, stage management, writing or design.

Writers commissioned in FY24 included Katie Lyons for a play about women’s football, Debris Stephenson for ‘My brother's a genius’, Tabby Lamb for ‘How we swam’ and Omar Khan for ‘Blue Kimera’.

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The National Creative Production House for Young People

National Youth Theatre, Holloway Road. Photo by Helen Murray

The capital redevelopment of our site on Holloway Road, led by DSDHA Architects, has laid the foundations to enable the provision of numerous new opportunities for us to service our communities and membership, locally and nationally.

During FY24 we introduced a season of works by Associate Companies and other producers, featuring workshops and opportunities for members alongside the productions including those by Frozen Light Theatre Company and Blink Dance Theatre. Our first Christmas programming featured new work aimed at younger audiences to service and build local audiences for the Workshop Theatre alongside our growing programme of courses and training opportunities. Made By Members and Open Mic Nights enabled new voices to find an audience.

NYT were shortlisted for the UK Theatre ‘Most Welcoming Venue’ Award in 2023 and shortlisted for the international Dezeen Awards for the most Sustainable Renovation.

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NYT in Numbers FY24

o 3,000 young people engaged in industry led skills training to prepare them for their next
steps
o 5,814 active members subscribed to our NYT Hub, accessing online resources from industry
leaders and opportunities
o £1.6m is the amount it would have cost NYT REP performers to train for the equivalent
time at a drama school since 2012

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Looking Ahead

In the coming year and beyond NYT will proactively seek to extend our partnerships and programmes to showcase diverse young people, to support those with the least opportunity to progress and to forge new entry routes and talent development pipelines.

Career development

Building agency for young people at the start of their careers and platforming progression pathways to next level opportunities is at the heart of our work.

Our partnership with Netflix will return in FY25 delivering an expanded programme of workshops in more locations to help us build new diverse talent pipelines and address skills shortages in the broader creative sectors. We will partner with TV and film production studios, networks and commissioners including Fulwell 73 Productions in Sunderland, Urban Myth Films in Newport and Netflix in Shepperton.

Productions and performance opportunities

We will present ambitious, high-quality work with leading directors, writers and designers for national live and online audiences, engaging diverse new voices and challenging perceptions of youth-led performance. Young people are leading the changes they want to see, setting agendas for NYT and modelling creative futures, telling the stories they want to be told.

In summer 2024 we presented Storyfest, a festival of new writing at NYT. Commissions have been developed over the past year through R&D opportunities at NYT and include new writing by Omar Khan, Debris Stephenson, Tabby Lamb, Temi Majekodunmi, Siofra Dromgoole and Dzifa Benson. The festival will include performance and backstage opportunities for NYT members.

The Rep Company, our free alternative to drama school training, returned with a new cohort of 18 young actors, supported by bursaries funded by the Leverhulme Foundation and a young director, supported by the Bryan Forbes Bursary Fund. The company will deliver two new productions at Holloway Road and at Wilton’s Music Hall including a partnership with Digital Theatre.

We will programme new work at Holloway Road, building existing partnerships with disabled led companies including Frozen Light and Associate Company, Blink Dance Theatre.

We will also explore the creative potential for AI and digital technologies through member commissions and showcases, working internationally in partnership with Youth Theatre Kenya, supported by the British Council, alongside the development of a national programme of new digital creative access courses exploring new technologies for storytelling and supported by Microsoft.

Looking further ahead, we will celebrate our 70th birthday in 2026. Our plans to celebrate this milestone will include reimagining live theatre through interactive digital platforms such as gaming, creating new partnerships to develop innovative ways of telling stories whilst continuing to advocate for the experience of live theatre.

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Accredited courses and Inclusion

We will undertake feasibility and partnership research to build on the success of our existing accredited courses, Playing Up and Stepping Up, developing a new accredited courses offering beyond London, enabling more NEET and under-represented young people to build career pathways to the creative industries nationally funded by Adult Education Budgets.

Our National Lottery Community Funded programme, Assemble, continues in FY25, embedding national inclusive practice and strategic community building programmes in nonmainstream schools across London, Greater Manchester and Wales, in partnership with National Youth Arts Wales. Community led steering groups will influence social policy and cultural provision, working with London Metropolitan University as our Evaluation Partners. In FY25 we have joined Ramps on the Moon, a national cohort of organisations committed to enhancing access to the arts for disabled people and reducing anti ableism.

Our companywide focus on pastoral care and wellbeing will be enhanced with the progression of our work in this area building on our Silver Accreditation as a Trauma Informed Organisation, with One Small Thing.

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Our Supporters

Promo Image for NYT at COP26. Photo by Myah Jeffers

The National Youth Theatre of Great Britain is proud to acknowledge Arts Council England, our major supporter for the year 1 April 2023 to 31 March 2024.

We would like to thank the charitable trusts and foundations, statutory bodies and companies who support our work, including: Maria Björnson Memorial Fund; BoshierHinton Foundation; Clothworkers’ Foundation; John Ellerman Foundation; Greater London Authority’s New Deal for Young People, supported by the Mayor of London through the Propel collaboration; The HughBonGo Fund, The Talent Fund; International Music and Art Foundation; Isledon; The JGA Group; The Leverhulme Trust; John Lyon’s Charity; Mattel; National Lottery Community Fund’s Bringing People Together programme; Netflix; Newcomen Collett Foundation; The David Pearlman Charitable Foundation; Jack Petchey Foundation; The Portal Trust; Christina Smith Foundation for the Alan Macdonald Bursaries for Young Designers; Theatres Trust; The David Toguri Bursary Fund; Harold Hyam Wingate Foundation for The Wingate Tutors.

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All those who supported our First Days Gala at The Roundhouse on 7 February 2024 and in particular our headline sponsors EON Productions, Omega and Little Lion Entertainment and our supporting sponsor Think Media.

Our individual supporters including our Centre Stage Supporters.

All those who donated to the Bryan Forbes Bursary for Young Directors and in particular Emma Forbes and Graham Clempson, and everyone who has given to bursary funds in the memories of Peter Clayton, Jerry Hodgson and Edwin Shirley.

The generous people and companies who offer pro-bono support.

And all our other wonderful donors and those who prefer to remain anonymous.

National Youth Theatre's fundraising is carried out by its small core staff team, supported on a voluntary basis by the NYT Development Board chaired by Joyce Hytner OBE and NYT's Council chaired by Dawn Airey CBE

National Youth Theatre is registered with the Fundraising Regulator, and we carry out all fundraising in accordance with their Code of Fundraising Practice. This includes monitoring fundraising carried out on the charity's behalf. In the year to 31 March 2024, National Youth Theatre did not work with any commercial partners or professional fundraisers who raised funds directly on our behalf. National Youth Theatre does not make unreasonably intrusive or persistent fundraising approaches or place the public, including vulnerable people, under undue pressure to donate.

National Youth Theatre has a clear process for managing any complaints about the charity's fundraising and this is available on our website. In the first instance, a person should contact the Head of Development in writing or by phone. On receipt of a complaint National Youth Theatre commits to investigate the complaint and advise the complainant in writing of the outcome of the complaint within 28 days. National Youth Theatre will keep a full record of the complaint and use it to further staff learning. If the complaint involves a supplier of National Youth Theatre, the charity will require them to respond with an outcome. If the complainant is dissatisfied with the outcome of the investigation, they may refer the complaint within two months to the Fundraising Regulator.

During the year there were no complaints received (year to 31 March 2023: nil).

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Public Benefit

We have referred to the guidance in the Charity Commission’s general guidance on Public Benefit including the guidance ‘public benefit: running a charity (PB2),’ when reviewing our aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Financial Review

Financial Performance

National Youth Theatre operates a vibrant, mixed economy trading model. We generate earned income from our courses, box office and rehearsal space rentals and secure fundraised income to support our charitable aims. Our model is proactive, dynamic and opportunistic. The upside of this model is that NYT is not overly reliant on any single source of income. The challenge is that every year our model relies on significant effort and resource to deliver the required revenue. In a period of rapidly increasing costs alongside the increasing need for our services amongst young people, NYT is facing greater pressure than ever to ensure financial sustainability while delivering our charitable objectives.

During the year ended 31 March 2024, NYT returned to pre-covid levels of earned income with an increased number of courses delivered around the country, more opportunities for member engagement and increased membership, following investment in our new website. However, both restricted and unrestricted fundraising from grants and donations fell compared to 2023, reflecting an increasingly challenging environment for grant funding.

In 2023, as planned, designated programme funds were allocated to support our national programme ambition, delivering NEST, a site-specific event featuring over 100 young people, delivered in co-production with Leeds 2023. Designated funds also supported provision of bursaries and access to our programmes across the country.

As our courses and member activity has increased post-covid, we have experienced a continuing growth in needs for bursaries and increased costs of pastoral and wellbeing support for our membership. We recognise that our continued commitment to widening access to our courses and creating more opportunities for young people will result in a longterm requirement to grow and diversify all our income strands to ensure we can maintain our provision.

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Our total income for the year was £3,508,799 (2023: £3,503,127). If a final capital grant of £150,000 is excluded, then overall income fell by 4% compared to the previous year, despite the increase in activity levels.

Total expenditure for the year was £4,068,431 (2023: £3,777,456) of which charitable activities accounted for 86% of the total expenditure (2023: 92%). The increase in expenditure reflects the additional investment in our co-production with Leeds 2023, within our national programme budgets. We have also seen an increase in operational costs, including mortgage interest, due to the sharp increase in interest rates and ongoing impact of inflation and cost of living increases for staff and freelance practitioners.

The overall deficit for the year was £559,632, after depreciation (2023: deficit of £274,329). The total deficit was made up of an operating surplus of £61,461 on unrestricted funds, a planned deficit of £499,297 on designated funds and a deficit of £121,796 on restricted funds, representing expenditure of grants received in the previous financial year.

Transfers from designated funds represent the allocation of £120,000 of legacy income received during the year to support our work with young people. Transfers from restricted funds totalling £144,440 were made to reflect core contribution to project expenditure

Reserves

The appropriateness of the reserves policy is reviewed each year in conjunction with the budget setting process. The Council has set a formal reserves policy and has concluded that the overall level of the Charity's free reserves should be maintained at a level of between 6 months to one year of annual unrestricted expenditure, after guaranteed income. The Charity's reserves fall into the following categories: restricted funds, which may be used only for the purposes specified by the donor, designated funds which the Council have set aside from unrestricted funds for a specific purpose, and unrestricted funds, which are free for use for any of the purposes of the Charity as set out in the governing document.

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Our unrestricted and designated reserves allow us to confidently plan our core activities for the coming years and to allow NYT to invest in opportunities that may arise for our young people and mitigate against financial risk in a period of ongoing economic uncertainty.

Total reserves at 31 March 2024 were £7,670,126 (2023: £8,229,758).

Our funds include £4,171,219 of restricted funds (2023: £4,293,015) which is represented by the value of the capital redevelopment of the National Production House at Holloway Road, with the remainder representing the unspent portion of grants received for project delivery.

Our designated funds of £1,892,019 (2023: £2,391,316) have been earmarked by the trustees to support future programming and capital needs of NYT. Unrestricted funds total £1,606,888 (2023: £1,545,427). Unrestricted and designated funds are held as cash or current asset investments or invested in our tangible and intangible fixed assets.

At 31 March 2024 free reserves totalled £718,845 (2023: £709,885). This represents 6 months of overheads cover (2023: 6 months) based on our 2024/25 budget.

Principal Risks and Uncertainties

The trustees have reviewed the principal risk and uncertainties facing the charity and identified the key risks and the mitigations currently in place:

→ Economic climate impacts on ability to deliver our budgets for both income and expenditure

The current macro-economic climate with ongoing cost of living challenges is recognised as a significant risk to both NYT’s earned income and its cost base. To mitigate this risk while maintaining affordability and accessibility we aim to include contingency within our budgets to allow for unbudgeted shifts in either income or expenditure. NYT also continues to seek new funding streams and sources of earned income. NYT has reduced the risk of exposure to higher energy costs by entering a long-term fixed rate utilities contract. To mitigate the impact of interest rate rises, NYT deploys available cash balances in fixed short term money market deposits.

→ NYT growth in delivery creates unsustainable demands on staff capacity

Our continued ambition to broaden our offer to our members and achieve national impact, runs the risk of exceeding our capacity to deliver effectively with a small and sometimes overstretched team. Long term illness or incapacity of key staff has the potential to significantly affect delivery of strategy. NYT mitigates this risk by cross team working, including additional staffing resource within project budgets where possible and managers work closely with staff to monitor workload and capacity.

→ A safeguarding breach or substantiated claim of abuse of power or racism

As a high-profile charity working with thousands of young people every year, including many vulnerable young people with complex needs, the reputational impact of a high-profile incident or allegation would be significant. NYT maintains an effective safeguarding policy and procedures benchmarked against best practice and regular training is provided for staff and

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partners. Board representatives for both safeguarding and equalities have been appointed and safeguarding compliance is a standing board agenda item.

Cash and borrowings

At 31 March 2024, NYT held £1,978,673 (2023: £2,636,496) in cash and current asset investments. Of this total £1,000,000 (2023: £1,250,000) was invested in a money market deposit with a maturity date of more than 3 months after the balance sheet date.

Our long-term debt, due after more than one year, was £2,587,650 (2023: £2,648,096) which is the balance of our 25-year mortgage (original value £2,770,000) held against the purchase of the 999-year lease of our premises at Holloway Road.

Bank covenants

KPIs and covenants have been agreed with our bankers, HSBC, as part of the mortgage agreement. The covenants monitor the loan to value of the lease and our income from operating activities compared to both net debt and total repayments. These metrics are reviewed on a quarterly basis and covenants are formally tested at the end of each accounting period.

During the financial year ended 31 March 2024 we did not meet the covenants related to operating income, due to the planned investment of designated funds secured in previous years. HSBC have confirmed in writing that no changes to the mortgage terms were required following these results. The budget for FY25 is projected to meet the covenants.

Up All Night rehearsal 2023, preparing for Duke of Yorks’ Theatre

Legacy donations

As the National Youth Theatre approaches its 70[th] anniversary, there is an increasing focus on helping the charity to benefit from legacy donations. Trustees have adopted a Legacy Recognition Policy to allow the charity to benefit positively from such income. Our policy requires us firstly to meet all stated terms of any legacy funding received. Funds may then be designated for expenditure over an agreed multi-year period according to the scale of the legacy.

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In the current year NYT received a legacy totalling £180,000 of which £120,000 was released to unrestricted funds within the year and the balance will be carried forward to support activity in the coming year.

Reference and Administration Details

Registered Office and National Creative Production House for Young People 443-445 Holloway Road, London N7 6LW

Auditors MOORE Kingston Smith 6[th] Floor, 9 Appold Street, London, EC2A 2AP

Structure, Governance and Management

Royal Patron

HRH The Duke of Edinburgh KG GCVO

President

Barbara Broccoli CBE

Patrons Sir Elton John CBE Adeel Akhtar Matt Lucas Zawe Ashton Sir Ian McKellen CH CB Michael Bonehill OBE LLB FRSA Dame Helen Mirren DBE Hugh Bonneville Rosamund Pike Daniel Craig CMG John Reid Timothy Dalton Sarah Solemani Chiwetel Ejiofor OBE Matt Smith Sophie Ellis-Bextor Liza Tarbuck Sir Derek Jacobi CBE

Statutory directors and Trustees / Members of Council

Dawn Airey CBE (Chair) Dawn Butler MP Jessica Hung Han Yun Johnny Capps Nicola Howson Sylvia Darkwa-Ohemeng Tobi (Oluwatobi) Kyeremateng Simon Davies Johnny Moore (Finance Chair) Janet Ellis MBE Prasanna Puwanarajah Graham Elton MBE Simon Stockill (Safeguarding Lead) Mary Fitzpatrick (Equality lead) Stephen Whitehead (appointed November 2023) David Hockley Daniel York Loh

Youth Members of Council Aneeza Selina Ahmed Elan Ayana Davies Elliot Mills Hester Cox Issy Fordham

Patrick Ashe Patrick Gregan Rana BAder Sorcha McElroy Will Atiomo

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Development Board Joyce Hytner OBE (Chair) Tim Lloyd-Hughes Tilly McAuliffe (Vice Chair) Daisy Lewis Philip Bartle QC Freddie Lewis Judith Chan Annette Lynton Mason Jacqueline De Croy Darcia Martin Heather Greenwood Helen Northrop Krishnan Guru-Murthy Chantal Rickards Nigel Hall Maggie Todd Diana Hiddleston Stephen Whitehead Alexandra Hillier

Non-statutory director Paul Roseby OBE, Artistic Director and Chief Executive

Governing Document

The National Youth Theatre of Great Britain is a company limited by guarantee governed by its Memorandum and Articles of Association dated 24 July 1961. It is a registered charity with the Charity Commission and the Office of the Scottish Charity Regulator. There are currently 236 members of the Association, each of whom agrees to contribute an amount not exceeding £10 in the event of the charity being wound up.

Appointment of Council Members

The appointment of new Council Members is the responsibility of the Chair of the Council. New Council members are proposed and elected as appropriate at the Annual General Meeting. Council members retiring by rotation and eligible for re-election may be re-elected to the Council by the Association at the Annual General Meeting.

Council Member Induction and Training

New Council members attend a meeting with the Chair and are invited to meet with management and to undergo an orientation programme to familiarise them with the operation of the organisation and their legal obligations under charity and company law. Training programmes on Safeguarding, Intersectionality and additional areas of inclusive and charitable practice are offered to Council Members throughout the year.

Organisation

The Council may have no fewer than 5 and no more than 20 formal members. The Council manages the business of the Association. The Council meets six times during the year. The Council has sub-committees with agreed terms of reference who have responsibility for the oversight of certain aspects of the NYT’s strategy.

To facilitate effective operations, the CEO & Artistic Director has delegated authority for operational matters including finance, employment and artistic performance related activity.

Association Membership

NYT’s Association is made up of former NYT members, former and current Council members, and invited former staff members. New members are elected once a year at the Annual General Meeting.

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The Association elects a Council to represent them. The Council manages the business of the Association, ensures the smooth running of the company and charity in accordance with the terms of the governing document, provides overall strategic leadership, and approves the annual budget and programme.

The Association holds an Annual General Meeting (AGM) each year, which all Association members are entitled to attend. The meeting is used by the Association to review the audited accounts for the previous financial year, appoint or re-appoint the independent auditors, elect Council members as appropriate and propose new members of the Association. The last AGM was held on Thursday, 23rd November 2023. Extraordinary General Meetings (EGMs) can be called by the Council as required.

Sub-Committee structure

During the year there was one active Sub-Committee of the Council: the Finance SubCommittee.

The Finance Sub-Committee is chaired by Trustee, Johnny Moore. Members include Dawn Airey CBE and David Hockley from Council, Paul Roseby the Chief Executive Officer & Artistic Director, Karen Turner, Executive Director & Chief Operating Officer and Louise Zandstra, Director of Finance.

The core purpose of the Finance Sub-Committee is to support the Council’s financial governance responsibilities by ensuring that funds are spent appropriately and effectively, that appropriate controls and systems are in place and by assessing the risks to which the organisation is exposed and the mitigation of those risks.

Development Board

The Development Board is not a formal part of the NYT constitution, though it does include active Trustees and enables proactive support for the Charity. Chaired by Joyce Hytner OBE, the Development Board supports all aspects of fundraising for NYT and are particularly active in advocating for new individual and corporate supporters and in extending NYT’s networks.

Key Management

The key management team are the CEO and Artistic Director, the Executive Director and Chief Operating Officer (part-time), the Director of Finance, the Associate Director, the Head of Development, the Head of Communications and Digital and the Head of Operations. The pay of the CEO and Artistic Director is set by the Board and that of the other key management by the CEO and Artistic Director.

Statement of Trustees' Responsibilities

The Trustees (who are also directors of National Youth Theatre of Great Britain for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Trustees’ statement as to disclosure of information to the auditor

So far as they are aware, there is no relevant audit information of which the charitable company's auditors are unaware and the Trustees have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information.

This report has been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP FRS102) and in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

The Annual Report was approved by the council on 21 November 2024 and authorised for issue and signed on its behalf by:

Dawn Airey CBE Chair of the National Youth Theatre Council

Johnny Moore Chair of Finance Sub-Committee

24

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN

Opinion

We have audited the financial statements of The National Youth Theatre of Great Britain (‘the company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements

25

does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 36, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

26

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

27

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not

28

accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Cross (Senior Statutory Auditor)

27 November 2024

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

29

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 March 2024

General
INCOME
Notes
£
Donations and legacies
(3)
195,980
Income from charitable activities
Fundraising events
(4)
397,798
Grants receivable for charitable activities
(5)
316,495
Income from charitable activities
(6)
1,636,526
Other income
(7)
167,957
Investment income
(8)
65,950
TOTAL INCOME
2,780,706
EXPENDITURE ON
Raising funds
(9)
572,485
Charitable activities
696,309
1,460,390
249,810
4,691
Productions and training (9.a)
Courses and training (9.b)
Social inclusion (9.c)
Bursaries (9.d)
Other (9.e)
-
TOTAL EXPENDITURE
2,983,685
NET INCOME (EXPENDITURE) BEFORE TRANSFERS
(22)
(202,979)
TRANSFERS
(22)
264,440
NET MOVEMENT IN FUNDS
(22)
61,461
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD 1 April 2023
1,545,427
TOTAL FUNDS CARRIED FORWARD AT 31 March 2024
(24)
1,606,888
Unrestr
Fun		 General

£
195,980
397,798
316,495
1,636,526
167,957
65,950
Unrestr
Fun		 Designated
£
180,000
-
-
-
-
-
icted
ds		 Revenue
£
13,800
-
384,293
-
-
-
Rest
Fu		 Capital
£
-
-
150,000
-
-
-
150,000
-
-
-
-
-
156,675
156,675
(6,675)
-
(6,675)
3,969,775
3,963,100
ricted
nds		 Total
2024
£
389,780
397,798
850,788
1,636,526
167,957
65,950
3,508,799
572,485
1,082,726
1,522,890
539,292
150,066
200,972
4,068,431
(559,632)
-
(559,632)
8,229,758
7,670,126		 Total
2023
£
369,727
329,590
1,162,890
1,493,294
145,645
1,981
2,780,706 180,000 398,093 3,503,127
-
375,000
50,000
40,000
50,000
44,297		 -
11,417
12,500
249,482
95,375
-		 304,318
1,044,844
1,369,401
576,350
192,224
290,319
2,983,685 559,297 368,774 3,777,456
(202,979)
264,440		 (379,297)
(120,000)		 29,319
(144,440)		 (274,329)
-
61,461
1,545,427		 (499,297)
2,391,316		 (115,121)
323,240		 (274,329)
8,504,087
1,606,888 1,892,019 208,119 8,229,758

30

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

BALANCE SHEET AS AT 31 March 2024

2024 2024 2023 2023
£ £ £ £
Notes
Fixed assets
Tangible assets (13) 8,019,965 8,202,038
Intangible assets (14) 130,890 122,757
Current assets
Stock 3,983 3,642
Debtors (15) 525,772 360,324
Current asset investments (16) 1,000,000 1,250,000
Cash at bank and in hand 978,673 1,386,496
2,508,428 3,000,462
Liabilities
Creditors: amounts falling due within one year (17) (401,507) (447,403)
Net current assets 2,106,921 2,553,059
Total assets less Current Liabilities 10,257,776 10,877,854
Creditors: amounts falling due after more than one year (21) (2,587,650) (2,648,096)
Total Net assets 7,670,126 8,229,758
The funds of the charity
Restricted income funds 208,119 323,240
Restricted capital funds 3,963,100 3,969,775
Unrestricted income funds 1,606,888 1,545,427
Designated income funds 1,892,019 2,391,316
Total charity funds (24) 7,670,126 8,229,758

The financial statements were approved by the council and authorised for issue on 21 November 2024 and signed on its behalf by:

(pace Johnny Moore Qe Nose Chair of Finance Committee

31

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 March 2024
Operating activities
Cash (outflow)/inflow from operations
Interest paid
Net cash (outflow) from operating activities
Investing activities
Purchase of intangible assets
Purchase of tangible assets
Transfer from (to) current asset investments
Interest received
Net cash used in investing activities
Financing activities
Mortgage repayments
Net cash outflow from financing activities
Net cash (outflow)
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
A. RECONCILIATION OF NET INCOMING RESOURCES
TO NET CASH (OUTFLOW) INFLOW FROM OPERATING ACTIVITIES
Net Expenditure for the period
Adjustments for:
Finance costs
Investment income
Amortisation and impairment of intangible asset
Depreciation and impairment of tangible asset
Movements in working capital:
(Increase)/decrease in stock
(Increase)/ decrease in debtors
(Decrease)/increase in creditors
Net cash (outflow)/inflow from operating activities
B. ANALYSIS OF CHANGES IN NET DEBT
Cash and cash equivalents
Cash
Borrowings
Debt due within one year
Debt due after one year
Total		 Notes
A.
B.
As at 1st April
2023
1,386,496
1,386,496
(65,292)
(2,648,096)
(2,713,388)
(1,326,892)		 2024
2023
£
£
(415,370)
157,318
(170,596)
(133,210)
(585,966)
24,108
(61,126)
(114,061)
(15,596)
(72,609)
250,000
(1,250,000)
65,950
1,981
239,228
(1,434,689)
(61,085)
(56,612)
(61,085)
(56,612)
(407,823)
(1,467,193)
1,386,496
2,853,689
978,673
1,386,496
(559,632)
(274,329)
170,596
133,210
(65,950)
(1,981)
52,994
10,388
197,669
201,167
(341)
673
(165,448)
(21,288)
(45,257)
109,478
(415,370)
157,318
Cash Flows
As at 31st March
2024
(407,823)
978,673
(407,823)
978,673
639
(64,653)
60,446
(2,587,650)
61,085
(2,652,303)
(346,738)
(1,673,630)		 2023
£
157,318
(133,210)
24,108
(114,061)
(72,609)
(1,250,000)
1,981
(1,434,689)
(56,612)
(56,612)
(1,467,193)
2,853,689
1,386,496
(274,329)
133,210
(1,981)
10,388
201,167
673
(21,288)
109,478
157,318
978,673
(64,653)
(2,587,650)
(2,652,303)
(1,673,630)

32

COMPANY NUMBER: 699114

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS

For the year end 31 March 2024

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Companies Act 2006.

The National Youth Theatre of Great Britain meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

(b) Preparation of the accounts on a going concern basis

The Trustees have assessed the charity’s ability to continue to adopt the going concern basis of accounting. They have considered all available information about the future at the date they approve the accounts including the forecast for the financial year end (31st March 2025). In addition, the Trustees have reviewed the cash flow forecast for the twelve months from the date of approval of the financial statements to December 2025.

On these projections the Trustees consider that the charity has sufficient cash to continue trading for twelve months from the balance sheet date and meet its liabilities as they fall due, including interest payments on the mortgage (note 22). Accordingly the going concern basis has been used in preparing the Financial Statements, and the trustees consider that there are no material uncertainties in making that assessment.

(c) Income

Grants and donations

Grants and donations are recognised when there is entitlement, probability of receipt and the amount can be measured with sufficient reliability.

Income from charitable activities

Income from these activities is recognised when earned.

Deferred Income

The charity defers income where amounts have been invoiced or payments received in advance of a performance or when the charity has future contractual obligations upon receipt of incoming resources.

(d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, and conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity world have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

(e) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Investment income

Investment income is included when receivable by the charity.

(f) Fund accounting

Unrestricted general funds these can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds - these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds - these are funds that can only be used for a particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

(g) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

33

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED) (h) Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's artistic programmes, courses and activities. These costs have been allocated between raising funds and the expenditure on charitable activities. The basis on which support costs have been allocated is driven by a ratio of activity income over total income. Staff costs, overheads and marketing expenditure are then split by this ratio and apportioned to all activities accordingly. (i) Operating leases The charity classifies the lease of photocopiers as operating leases; the title to the equipment remains with the lessor and the equipment is replaced every 5 years. Rental charges are charged on a straight line basis over the term of the lease. (j) Tangible/ Intangible fixed assets Tangible fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided at rates calculated to write off each asset less its residual value over its useful economic life. Impairment reviews are carried out as and when evidence comes to light that the recoverable amount of a functional fixed asset is below its net book value. The rates used are as follows: Long Leasehold Property - Over the 997 year life of the lease, post practical completion Leasehold Improvements - 4% Computer Hardware and Software - 25% Fixtures and Fittings - 20% - 25% The capitalisation thresholds are as follows: Computer Hardware and Software - £750 Fixtures and Fittings - £500 Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. They are recognised at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably. Amortisation is recognised so as to write off the cost or valuation of the assets less their residual values over the useful lives on the following bases: Website - 25% (k) Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. (l) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Deferred income represents income received in advance of the charity being entitled to recognise the income and where it has been stipulated that the incoming resource must be used in a future accounting period. (m) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due settle the obligation can be measured or estimated reliably. Creditors and provision are normally recognised at their settlement amount after allowing for any trade discounts due. (n) Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, these being cash at bank, debtors and creditors. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Cash deposits with a maturity of more than three months are recognised as current asset investments. (o) Gifts in Kind Where the value of a gifted services can be measured reliably, the value of these services is included within charitable activities and with the appropriate category of incoming resource. Where the value in immaterial, or cannot be measured reliably, the substance of the transaction is described in the notes to the financial statements. (p) Pension Scheme Arrangements The National Youth Theatre of Great Britain operates a group personal defined contribution pension scheme into which both the company as the employer and the employees make payments. All such contributions are held with Royal London and NEST who are independent of the charity's finances.

2. Company Status

The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is £10.

34

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

3. INCOME
Donations and legacies
Restricted
Cripplegate Foundation
Sir Ian McKellen
Jack Petchey Foundation
Total Restricted
Unrestricted and Designated
Legacies
Donations
David Pearlman Charitable Foundation
General Donations (inc individuals)
International Music and Arts Foundation
James Bond Auction - Christies
John Ellerman Foundation
Netflix
Gift aid
Total Unrestricted
4. Fundraising events
Fundraising dinner: Auction prizes
Fundraising dinner: Ticket sales
5. Grants receivable for charitable activities
Unrestricted
Arts Council England Revenue
Arts Council England Cultural Recovery Fund
Clothworkers' Foundation
Other grants (£5,000 and below)
Total Unrestricted
Restricted
London Marathon Fund
National Lottery Community Fund
GLA New Deal for Young People
Portal Trust
Leverhulme Trust
John Lyon's Charity
John Lyon's Charity
Groundwork
The HughBonGo Fund, The Talent Fund
National Lottery Heritage Fund
Clothworkers' Foundation
Garfield Weston Foundation
English Heritage
Paddington Development Trust
Islington Council
Stuart Low Trust
Other grants (£5,000 and below)
Total Restricted		 Total
2024
£
-
10,000
3,800
13,800
180,000
-
60,980
10,000
-
50,000
75,000
-
375,980
Total
2024
£
199,217
198,581
397,798
Total
2024
£
311,395
-
-
5,100
316,495
150,000
141,000
74,343
40,000
27,000
25,000
22,200
16,000
10,000
8,000
6,000
-
-
-
-
-
14,750
534,293		 Total
2023
£
2,762
-
1,800
4,562
-
34,000
64,887
10,000
102,131
50,000
75,000
29,147
365,165
Total
2023
£
170,421
159,169
329,590
Total
2023
£
311,395
37,528
300,000
19,744
668,667
-
-
-
40,000
164,000
25,000
28,300
8,000
10,000
-
24,000
100,000
59,000
10,000
9,700
6,337
9,886
494,223

35

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

6. Income from charitable activities
Course fees
Rental of rehearsal facilities
Members accommodation
Audition & Membership fees
Co-production income
Box office
Merchandise sales
Pageant
Kickstart/IPC
Other
All income from charitable activities was unrestricted.		 Total
2024
£
736,852
303,261
219,969
161,922
138,500
58,080
17,942
-
-
-		 Total
2023
£
665,326
193,878
284,875
139,706
-
45,585
23,757
27,910
96,730
15,528
1,636,526 1,493,295
7. Other income
Theatre Tax Relief
Sundry
All other income was unrestricted.
8. Investment income
Interest receivable
All investment income was unrestricted.		 Total
2024
£
145,311
22,646		 Total
2023
£
110,493
35,152
167,957 145,645
Total
2024
£
65,950		 Total
2023
£
1,981

9. ANALYSIS OF EXPENDITURE

Direct costs
Operations
Promotion and marketing
Depreciation
Governance
Support costs
Total resources expended
Represented by:
Restricted income funds
Designated income funds
Unrestricted income funds		 Raising funds
£
368,890
39,679
37,795
7,108
3,375
115,638		 a) Productions
and training
£
731,018
46,053
43,867
8,250
3,917
249,621		 b) Courses
£
816,892
137,593
131,061
24,647
11,704
400,993		 c) Social
inclusion
£
335,634
39,691
37,807
7,110
3,376
115,674		 d) Bursaries
76,340
14,368
13,686
2,574
1,222
41,876		 e) Other
200,972		 Total
£
2,328,774
277,384
264,216
250,661
23,594
923,802
572,485 1,082,726 1,522,890 539,292 150,066 200,972 4,068,431
-
-
572,485		 11,417
375,000
696,309		 12,500
50,000
1,460,390		 249,482
40,000
249,810		 95,375
50,000
4,691		 156,675
44,297
-		 525,449
559,297
2,983,685
572,485 1,082,726 1,522,890 539,292 150,066 200,972 4,068,431

Expenditure on charitable activities and raising funds was £4,068,431 (2023: £3,777,456) of which £524,449 was restricted (2023: £692,284 ) and £3,542,982 was unrestricted (2023: £3,085,172).

The apportionment of the support and governance costs is on the basis of expenditure incurred and staff time spent on each project. Governance comprises the charity's audit costs, legal costs and government compliance.

36

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. ANALYSIS OF STAFF COSTS, TRUSTEES' REMUNERATION AND EXPENSES

Cost of raising
funds
£
Wages and salaries
138,288
Social security
14,256
Pension costs
5,531
158,075
Total Staff costs
Wages and salaries
Social security
Pension costs
Cost of Key management personnel
Staff costs
Social security
Pension costs		 Productions and
training
programmes
£
113,554
11,696
4,542
129,792		 Courses
£
75,702
7,122
3,028
85,852
2024
£
1,103,156
117,458
56,688
1,277,302
472,925
56,582
33,244
562,751		 Social
inclusion &
bursaries
£
157,710
15,115
6,113		 Total
£
485,254
48,189
19,214
178,938 552,657
2023
£
1,109,160
121,763
50,296
1,281,219
491,620
63,584
33,132
588,336

The key management are the CEO & Artistic Director,the Executive Director (part-time), the Director of Finance, the Head of Development, the Head of Productions, the Associate Director and the Head of Communications.

The following number of employees received employee benefits (excluding employer national insurance and pension costs) during the year between:

and pension costs) during the year between:
2024 2023
No. No.
£60,000 - £69,999 1 2
£70,000 - £79,999 1 -
£80,000 - £89,999 - -
£90,000 - £99,999 - 1
£100,000- £109,000 1 1

No expenses were paid to trustees during the year (2023: Nil).

No trustee received remuneration for their services during the year (2023: Nil). NYT purchased Management Liability Insurance, which includes trustee indemnity cover, in the sum of £934.

11. STAFF NUMBERS
Raising funds
Productions
Courses and training
Social inclusion & bursaries
Kickstart/IPC
Operational		 2024
Number
4
3
3
6
-
15
31		 2023
Number
4
4
2
3
8
11
32

Staff numbers reflect the average number of staff in post during the year ended 31st March 2024.

37

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

12. CORPORATION TAX

The charity is exempt from tax on income and gains falling within section 466-493 of the Corporation Tax Act 2010 to the extent that these are applied to its charitable objects.

13. TANGIBLE FIXED ASSETS
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge in the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Computers, IT
Fixtures and
and Technical
Leasehold
Leasehold
fittings
equipment
Improvements
premises
Total
£
£
£
£
101,781
83,300
4,036,081
5,437,090
9,658,252
-
15,596
-
15,596
101,781
98,896
4,036,081
5,437,090
9,673,848
100,855
56,831
270,674
1,027,854
1,456,214
925
15,564
156,675
24,505
197,669
101,780
72,395
427,349
1,052,359
1,653,883
-
26,501
3,608,732
4,384,732
8,019,965
925
26,469
3,765,408
4,409,236
8,202,038
14. INTANGIBLE FIXED ASSETS
Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Amortisation
At 1 April 2023
Charge for the year
On disposal
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Total
Website
New Website
£
£
£
94,710
114,061
208,771
-
61,126
61,126
(94,710)
-
(94,710)
-
175,187
175,187
86,014
-
86,014
8,697
44,297
52,994
(94,710)
-
(94,710)
-
44,297
44,297
-
130,890
130,890
8,697
114,061
122,758

38

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN

COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

15. DEBTORS

Trade debtors
Prepayments and accrued income
VAT
Other debtors
Theatre Tax Relief - CT receivable
16. CURRENT ASSET INVESTMENTS
Cash deposits with a maturity date of more than 3 months
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Mortgage payments
Other taxes and social security costs
Accruals
Deferred income (see note 18)
Sundry creditors
18. DEFERRED INCOME
Deferred income brought forward
Incoming resources deferred in the year
Released from previous year
Deferred income carried forward		 2024
£
108,063
304,715
-
4,812
108,182
525,772
2024
£
1,000,000
2024
£
42,546
64,653
44,881
117,677
116,717
15,033
401,507
2024
£
78,645
116,717
(78,645)
116,717		 2023
£
62,006
182,812
4,506
-
111,000
360,324
2023
£
1,250,000
2023
£
239,316
65,292
6,250
57,900
78,645
-
447,403
2023
£
49,566
78,645
(49,566)
78,645

The charity defers income where amounts have been invoiced or payments received in advance of a performance or when the charity has future contractual obligations upon receipt of incoming resources.

19. RELATED PARTY TRANSACTIONS

A total of three trustees made donations totalling £17,700 (2023 three trustees £17,776), a further six trustees purchased gala tickets totalling £22,500 and four trustees made donations at our annual gala, totalling £16,125.

During the year, payments of £3,679 were made for professional services to a company of which trustee, David Hockley, is a director and £135 for recruitment advertising to a company of which trustee, Sylvia Darkwa-Ohemeng, is a director. There were no outstanding balances at the balance sheet date.

20. NET INCOME/ EXPENDITURE
Net income / expenditure is stated after charging:
Auditors' remuneration - audit
Auditors' remuneration - other
Depreciation/ amortisation
Bank loans and overdraft interest payable
Operating lease - Other		 Total
2024
£
19,150
7,713
250,662
170,596
10,356		 Total
2023
£
17,825
3,500
211,555
133,210
3,968

39

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Mortgage falling due between 2 - 5 years
Mortgage falling due after 5 years		 2024
£
306,529
2,281,121
2,587,650		 2023
£
308,647
2,339,449
2,648,096

The mortgage is repayable in fixed monthly instalments agreed by the bank. The interest rate charged on the loan is a margin of 1.52% over HSBC base rate.

HSBC holds a fixed and floating charge over the assets of the company and first legal mortgage over the leasehold property of the National Youth Theatre at 443-445 Holloway Rd, London N7 6LW.

22. ANALYSIS OF CHARITABLE FUNDS 2024

ANALYSIS OF CHARITABLE FUNDS 2024
Movement in Funds
1st April 2023 Income Expenditure Transfers 31st March 2024
£ £ £ £ £
Restricted Funds
The Ancestors - 8,000 (8,000) - -
NLCF - Assemble - 141,000 (102,432) 38,568
Bryan Forbes - Bursary for Young Directors 55,663 - (2,375) (27,625) 25,663
Christina Smith Foundation 59,019 - (9,517) (28,117) 21,385
Clothworkers' Foundation - 6,000 (6,000) - -
Theatres Trust - 5,000 (5,000) - -
Peter Clayton Fund 33,049 - - - 33,049
Groundwork - 16,000 (16,000) - -
Jack Petchey Foundation - 3,800 (3,800) - -
John Lyons 2,510 25,000 (27,510) - -
John Lyons inclusion work 1,300 22,200 (5,649) - 17,851
Judy Browne - Bursary Funding 7,798 - - (7,798) -
Leverhulme Trust 162,600 27,000 (110,000) (79,600) -
Portal Trust - 40,000 (40,000) - -
Sir Ian Mckellen - 10,000 (10,000) - -
Sophie's Silver Lining Fund 1,300 - - (1,300) -
Talent Fund - 10,000 (10,000) - -
Small grants under £10k - 9,750 (9,750) - -
GLA Propel - 74,343 (2,741) - 71,602
Capital Redevelopment Fund 3,969,775 150,000 (156,675) - 3,963,100
Total Funds 4,293,015 548,093 (525,449) (144,440) 4,171,219
General Fund 1,545,427 2,780,706 (2,983,685) 264,440 1,606,888
Designated National Programme Fund 500,000 - (325,000) - 175,000
Designated New Commissioning Fund 200,000 - (50,000) - 150,000
Designated Property Fund 500,000 - - - 500,000
David Toguri Bursary Fund 651,316 - (50,000) - 601,316
S106 fund 290,000 - (40,000) - 250,000
Digital fund 200,000 - (44,297) - 155,703
Holt Legacy - 180,000 - (120,000) 60,000
Clive Mantle Bursary Fund 50,000 - (50,000) - -
Total Funds 3,936,743 2,960,706 (3,542,982) 144,440 3,498,907
Total Funds 8,229,758 3,508,799 (4,068,431) - 7,670,126

Transfers from restricted to unrestricted funds totalling £144,440 were made to recognise core cost contributions to projects

Transfers from designated to unrestricted funds totalling £120,000 represent the amount of the Holt legacy allocated to bursaries and member activity in 2023/24.

40

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

(Note 22 continued) Restricted Funds

Project Funds
Funds which have been awarded by trusts to support NYT in delivering a particular project or activity.
Project funds include:
The Ancestors Completion of a youth led project interpreting and sharing Portchester Castle's Black heritage.
NLCF/Assemble A national multi year project working with disabled young people in non-mainstream schools.
GLA/Propel Provision of creative mentoring opportunities to young Londoners, building skills and confidence.
Theatres Trust Support for purchase of theatre equipment, now complete.
Bursary funds
Our bursary funds are secured from individuals and trusts. These funds allow us to provide financial assistance to NYT members who would otherwise be
unable to take part in NYT courses, productions and other activities and to support early career creatives to develop their practice.
Bursary funds include:
Bryan Forbes Bursaries for young directors
Christina Smith Foundation Bursaries for young designers
Clothworkers' Foundation Bursaries for young actors
Peter Clayton Fund Bursaries for NYT members
Judy Browne Bursary Fund Bursaries for the development of vocal skills
Leverhulme Fund Bursaries for acting & technical course fees
Sir Ian McKellen Bursaries for NYT members
Sophie's Silver Lining Fund Bursaries for NYT members
Talent Fund Bursaries for auditions
Social Inclusion Funds
These funds are made up of amounts from funders, who stipulated that the donations be restricted to support specific NYT social inclusion activities.
Social inclusion funds include:
Groundwork Emerge
Jack Petchey Foundation Playing Up
John Lyons Work in non-mainstream schools
Portal Trust Playing Up

Capital Redevelopment Fund

This fund represents grants and donations to support the redevelopment of the Holloway Road site. The Fund has been fully spent and movements relate to the annual depreciation charge to write down the cost of the redevelopment over its estimated useful life.

Designated Funds

National Programme Fund

This fund was designated to support national programming and member engagement initiatives. Funds were used in 2023 to to deliver the NYT and Leeds23 co-production, NEST.

New Commissioning Fund

This fund is designated to commission relevant new work seeking new audiences and talent on and off stage. Funds were used in 2023 to secure new commissions and fund R&D oportunities.

Property Fund

This fund was designated to provide match funding from The National Youth Theatre of Great Britain to support future stages of of the redevelopment and long term maintenance of our national headquarters at Holloway Road.

David Toguri Bursary Fund

The Trustees have designated this fund to support young artists in movement related work.

S106 Fund

To support work within the local area in keeping with our planning obligations for the capital redevelopment project. Funds were used in the current year to fund the role of Community Producer.

Digital Fund

To enable NYT to continue to expand national growth and reach through online programming, the fund has been invested in our new website and CRM and the cost of the site will be amortised annually over its estimated useful life.

Holt Legacy

A legacy donation to support the work of NYT which has been allocated to provising bursaries and support for our members across 2024 and 2025.

Clive Mantle Bursary Fund

The fund was used to offer financial assistance to NYT members who would otherwise be unable to take part in NYT activities.

41

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

23. ANALYSIS OF CHARITABLE FUNDS IN PRIOR YEAR

ANALYSIS OF CHARITABLE FUNDS 2023

ANALYSIS OF CHARITABLE FUNDS 2023
Movement in Funds
1 April 2022 Income Expenditure Transfers 31st March 2023
£ £ £ £
Restricted Funds
The Ancestors - 59,000 (59,000) - -
Bryan Forbes - Bursary for Young Directors 55,663 - - - 55,663
Christina Smith Foundation 62,500 - (3,481) - 59,019
Clothworkers' Foundation - 12,000 (12,000) - -
Clothworkers' Foundation - 12,000 (12,000) - -
Cripplegate 57,464 2,762 (27,177) - 33,049
Garfield Weston Foundation - 100,000 0 (100,000) -
Greater London Authority Young Londoner - 4,484 (4,484) - -
Groundwork 8,000 8,000 (16,000) - -
Jack Petchey Foundation - 1,800 (1,800) - -
John Lyons - 25,000 (22,490) - 2,510
John Lyons inclusion work - 28,300 (27,000) 1,300
Judy Browne - Bursary Funding 7,798 - 0 - 7,798
Isledon Arts - 2,302 (2,302) - -
Islington - 9,700 (9,700) - -
Islington - Tourettes Heros 6,000 - (6,000) - -
Leverhulme Trust 117,695 164,000 (119,095) - 162,600
Paddington Development Trust - 10,000 (10,000) - -
Portal Trust - 40,000 (40,000) - -
Sir Ian Mckellen 10,000 - (10,000) - -
Sophie's Silver Lining Fund 1,300 - - - 1,300
Stuart Low Trust - 6,337 (6,337) - -
Talent Fund - 10,000 (10,000) - -
University of Warwick - 3,100 (3,100) - -
Capital Redevelopment Fund 4,260,094 - (290,318) - 3,969,776
Total Funds 4,586,514 498,785 (692,284) (100,000) 4,293,015
Unrestricted and Designated Funds
General Fund 1,466,257 3,004,342 (3,085,172) 160,000 1,545,427
Designated Programme National Fund 500,000 - - - 500,000
Designated New Commissioning Fund 200,000 - - - 200,000
Designated Property Fund 500,000 - - - 500,000
David Toguri Bursary Fund 651,316 - - - 651,316
S106 fund 300,000 - - (10,000) 290,000
Digital fund 200,000 - - - 200,000
Clive Mantle Bursary Fund 100,000 - - (50,000) 50,000
Total Funds 3,917,573 3,004,342 (3,085,172) 100,000 3,936,743
Total Funds 8,504,087 3,503,127 (3,777,456) - 8,229,758

42

THE NATIONAL YOUTH THEATRE OF GREAT BRITAIN COMPANY NUMBER: 699114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2024 are represented by:

Tangible fixed assets
Intangible assets
Current assets
Current liabilities
Long Term Liabilities
Total net assets
Fund balances at 31 March 2023
Tangible fixed assets
Intangible assets
Current assets
Current liabilities
Long Term Liabilities
Total net assets		 Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
4,056,865
3,963,100
8,019,965
130,890
-
130,890
2,300,309
208,119
2,508,428
(401,507)
-
(401,507)
(2,587,650)
-
(2,587,650)
3,498,907
4,171,219
7,670,126
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
4,232,263
3,969,775
8,202,038
122,757
-
122,757
2,677,222
323,240
3,000,462
(447,403)
-
(447,403)
(2,648,096)
-
(2,648,096)
3,936,743
4,293,015
8,229,758

25. COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the charity had aggregate annual commitments under non-cancellable operating leases on Printer equipment as set out below.

Within one year
Between one and five years		 2024
2023
£
£
10,356
3,968
41,424
8,928

26. CAPITAL COMMITMENTS

At 31st March 2024 the charity had aggregate capital commitments totalling £nil (2023: £43,146)

43