**Charity registration number 501935** **Company registration number 01077517 (England and Wales)** ## **DUKES PLAY HOUSE LIMITED (THE)** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **DUKES PLAY HOUSE LIMITED (THE)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|N J Townsend| |---|---| ||R Gauld| ||T J Booker| ||M J Collins| ||G E Murphy| ||W P Bancroft| ||S Chadwick| ||A E Cox| |**Secretary**|K O'Neill| |**Charity number**|501935| |**Company number**|01077517| |**Principal address**|The Dukes| ||Moor Lane| ||Lancaster| ||United Kingdom| ||LA1 1QE| |**Registered office**|The Dukes| ||Moor Lane| ||Lancaster| ||United Kingdom| ||LA1 1QE| |**Auditor**|Azets Audit Services| ||Fleet House| ||New Road| ||Lancaster| ||United Kingdom| ||LA1 1EZ| |**Bankers**|NatWest Bank| ||68 Church Street| ||Lancaster| ||United Kingdom| ||LA1 1LN| |**Solicitors**|Holdens| ||2 Castle Hill| ||Lancaster| ||United Kingdom| ||LA1 1YR| ## **DUKES PLAY HOUSE LIMITED (THE)** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 6| |Statement of trustees' responsibilities|7| |Independent auditor's report|8 - 10| |Statement of financial activities|11 - 12| |Balance sheet|13| |Statement of cash flows|14| |Notes to the financial statements|15 - 31| ## **DUKES PLAY HOUSE LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **REPORT TO THE COMMITTEE OF MANAGEMANT FOR THE YEAR ENDED 31 MARCH 2023** The committee of management, who are directors of the company and trustees of the charity, present their annual report on the affairs of the charity, together with the financial statements and auditors’ report for the year ended 31 March 2023. This report has been prepared in accordance with the provisions applicable to small companies entitled to the small companies’ exemption. ## **Structure, governance, and management** Dukes Play House Limited (The) (referred to either as "The Dukes Playhouse" or "The Dukes" throughout these financial statements) is a company limited by guarantee incorporated under the Companies Act under company no. 1077517 and is governed by the Memorandum and Articles of Association dated 19[th] October 1972 as amended dated 21 January 1999, 6 September 2005, 7[th] November 2017, and 18[th] October 2018. The company is also a registered charity, charity no. 501935 and operates on a not-for-profit basis. Its registered office is The Dukes Playhouse Ltd, Moor Lane, Lancaster, LA1 1QE. Its principal operating address is The Dukes, Moor Lane, Lancaster, LA1 1QE. The company is governed by the Board of Trustees (“Board”) as Directors of the company. Board members are appointed by the committee by simple majority. There are a maximum of 12 Trustees who may serve a maximum term of 4 years and then reappointment for 4 years. All are independently appointed members. Representatives of the major funders are invited to attend Board meetings. The regular cycle of six formal meetings was maintained with an additional six subcommittee meetings to oversee Finance. The Board is responsible for the overall policy and scrutiny of the financial performance of the organisation. The Board ensures the accountability to key funders and stakeholders and the appointment of the Director/CEO and pay and remuneration of the Director/CEO. The day-to-day management of the company is delegated by the Board to the Director overseeing the senior management team of Head of Finance, Head of Marketing & Sales, Head of Creative Communities, Head of Film, Head of Technical & Production, Talent Development and Programme Manager and Head of Visitor Experience. ## **Review of the Year** ## **Vision** ## **The Dukes’ Mission** To bring the best in live performance and cinema to the communities of Lancashire in our venue and other spaces. To create and actively support the opportunities for communities, individuals, and artists to develop their own creative work and its delivery. ## **The Dukes’ Vision** The Dukes creates and presents a diverse collection of storytelling through a range of art forms that delivers excellence, inspiration, and challenge. The Dukes is a catalyst for communities, individuals, and artists to develop their own creativity and practice. The Dukes is a place of cultural leadership and imaginative conversation. - 1 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Artistic and Audience Development** The last twelve months have been a period of recovery for the Dukes post the COVID impact. During this period, we have strived to rebuild the organisation both in its delivery and internally building upon the groundwork pre pandemic and the COVID closure period. Moving towards a more stable and well-resourced business model has been vital building back our programmes, audiences, participants, and impact. Financially the Dukes is in an increasingly stable position with strong reserves and designated funds supporting a positive cashflow situation which has been achieved through continued streamlining of costs, good investment in the organisation structure and proactive income generation. The Dukes continues to develop it artistic programme and grow audiences through our own programmes and partnership working. Our key achievements over the last financial year include: - Welcoming over 66k audiences to film or a live performance both at the Dukes and off-site events across Lancaster and Morecambe - Our live performance programme achieved a 70% average capacity. - Our Play in the Park show completely sold out and welcomed 49% new audiences and 68% from outside Lancaster. - Co delivered Light Up Lancaster in partnership with Lancaster BID and Lancaster City Council which brought international artists to Lancaster and was experienced by 58,000 audiences. - We launched two new film festivals Dark Dukes and Green Screen with audiences of over 5500 enjoying films, workshops, talks and themed activities. We partnered with the BFI to offer film makers opportunities. - Sun Square cinema was launched with Lancaster BID and Lancaster City Council with headphone screenings in Sun Square on Sundays. - Introduced new cinema programmes including food and film, film quiz, film talks and continued to work with LA1 Shorts film festival. - Blast Fest our new work festival supporting North West based artists was launched and commissioned 5 artists to create new work. Over 130 people attended a free sharing at the Dukes. - Lancaster Playwriting Prize in partnership with Lancaster University had 24 entries from Neurodiverse/ disabled Playwrights from across the North West and was won by Matthew Gabrielli with ‘Fools Gold.’ - Partnered with our first Creative Collaborator company One Tenth Human as a part of an 18-month support programme. - Supported 30 artists locally with space for R&D and exhibitions space free of charge. - 2 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ The Dukes is an audience focused organisation, making the arts and creativity available and accessible to all members of our community, and developing a diverse and highly engaged audience base. The Dukes achieves this through by synergising the strategies of long term committed community engagement and strategic marketing/ communications, creating access points to move from participation to attendance to creation through special events, offers, and support for developing artists. The Dukes invests in assets, data management, engagement strategies and creative output. We continue to consolidate our programme and grow our community work with ambitions to reach deeper into our communities, spread our creativity wider and continue to push higher as a key cultural asset and talent hub for Lancaster/Morecambe. In 22/23 we: - Grew our team with new roles in marketing, technical and programming. - Supported young people to explore creative careers in partnership with Lancaster University through our MAKE programme and Memorandum of Agreement – 98 young people completing paid and volunteer internships, placements, and yearlong programme. Many have now gone on to secure full time roles in the creative sector, education, the third sector and business. - Welcomed 64 schools to performances and cinema at the Dukes. - Had 13000 participations across our Creative Communities programme including young carers, older people, schools, students and young people across Lancaster and Morecambe - Established our new advisory groups Community Forum and Youth Board. - Secured our 3-year NPO funding from Arts Council England and continued our successful partnership with Lancaster City Council as a core funder. - Secured over £290k of additional funding from grants and foundations to support our programme and work within the community. - Brought together Arts leaders and Chairs of the Board for Lancashire’s first Governance Conference ‘In Governance We Trust’ in partnership with Arts Lancashire and Clore Leadership. - 3 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Organisational Development** With the strong governance of our Board and the support our team of amazing volunteers the Dukes is a dynamic resilient cultural organisation with a high level of engagement with audiences and the community hosting a vibrant and diverse programme of relevant live performance and cinema that places the Dukes at the heart of the Lancaster/Morecambe cultural offer and as a leading organisation regionally. We are committed to investing in our people, artists, audiences, and place. The Dukes has continued to push along its trajectory of an inclusive, resilient, exciting, high-quality organisation with audiences and artists at its heart. The Dukes is in a strong position to continue its growth as a core cultural and arts leader. The Dukes has also worked extremely hard to maintain the organisation and ensure the future resilience of the Dukes after such a previous growth period of growth. We are still dealing with the impact of COVID and additionally this year we have faced the challenges of rising inflation and the cost-of-living crisis. This situation has seen costs increased across all areas and a reduction in sales/donations as people make difficult choices. The Dukes business model is heavily weighted to earned income (80% of turnover) and over the last 12 months we have been working steadily to grow back that income generation as funding resources reduced. We have worked strategically on audience development with a focus on audience experience and marketing and comms to support a strong artistic programme reflecting the quality of the Dukes. The Dukes continues to actively source all resources of additional income and support whilst reviewing and restricting all expenditure to ensure the organisation is lean and adaptable. The Dukes delivered new business plan and budget for 22/23 and has developed outline plans until 2026 which have been approved by the Board and consulted with the staff team. This plan will be under constant review. The Dukes has also secured continuing support from Arts Council England as a National Portfolio Organisation and a Service Level Agreement with Lancaster City Council. The Dukes team is an experienced team supported by the Director and Board at a senior level to adapt as needed. The Director has significant background in cultural leadership with previous experience of financial turnaround, commercial operations, fundraising & organisational development. The Board has a range of skills, from charity operations, financial expertise, HR, legal &creative engagement. The Dukes has a system of robust financial monitoring with detailed financial reports, business modelling, cost control measures, reported monthly to a Finance & Audit Committee led by the Treasurer who has significant financial experience running large institutions. The Director oversees all aspects of the organisation’s financial viability, resilience & sustainability. The year-end saw the organisation deliver an even position through strong financial management in this period. This enabled the Dukes to further stabilise and invest. The successes of the last year could not have been delivered without the energy and drive of the whole staff team. The Trustees are grateful for the dedication and commitment that underpins a year of high achievements. The Dukes continues to be grateful for the assistance of volunteers. This work is vital to the Dukes and our volunteers also act as ambassadors for the theatre. We must also record our appreciation for the dedication of the Board and the Members who provide clear governance, support, and advocate for the Dukes. The Dukes continues to have a positive relationship with Lancaster City Council and Arts Council England. The Trustees recognise the importance of the generous support from these two key stakeholders. The Trustees recognise the risk of future cutbacks and the impact of inflation and cost of living. The Trustees are working alongside Lancaster City Council to secure a lease for the Dukes and a new Service Level agreement for 23/24 has been secured. - 4 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **The Year Ahead** The Dukes is looking forward to 23/24 with a renewed sense of focus and determination to move forward. The Dukes will continue to build upon the successes of the last few years and further embed its work within the local community and creative sector. The Dukes recognises that the next period will be challenging due to the impact of the cost-of-living crisis. ## **Trustee Induction and Training** All Trustees are given a complete welcome pack including information on the Organisational Plan, information of the Trust’s work and achievements, copies of the Articles of Association, key organisational policies, Charity Commission - The Essential Trustee- What You Need To Know and a skill and contact audit. All Trustees are invited to meet the Director and have a tour of the building. ## **Risk Management** Board governance and decision-making is managed through several key documented processes which are reviewed by Board members and further scrutinised by the Finance and Audit Committee. These documents and processes including the Financial Authorities, Business Continuity Plan, Profit and Loss breakdown and bi monthly management accounts are tailored to the needs of the organisation and the risks it is exposed to. The Board adopted a full organisational risk assessment developed in house. This will be a live document that will be updated on 6 monthly basis. It should be noted that COVID has an individual risk register and monitoring process via the COVID Response Team. Additional ongoing process and actions to mitigate risk are detailed in the Organisational Plan. Monitoring and evaluation take place across the organisation to inform programme, project, and service development. ## **Investment powers** The Trustees have wide powers of investment ## **Reserves policy** The Trustees aspire to retain 12 weeks operating costs in reserve. ## **The trustees who served during the year and up to the date of signature of the financial statements were:** A J Hatton-Yeo MBE (Resigned 19 July 2022) N J Townsend R Gauld T J Booker A P Odon (Resigned 24 January 2023) C B Tyrer (Resigned 24 January 2023) D Rigby (Resigned 18 July 2023) M C Whitehead (Resigned 22 May 2022) M J Collins (Appointed 21 November 2022) G E Murphy (Appointed 21 November 2022) W P Bancroft (Appointed 23 May 2023) S Chadwick (Appointed 23 May 2023) A E Cox (Appointed 23 May 2023) ## **Auditor** In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting. - 5 - DUKES PLAY HOUSE LIMITED (THE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Dl$¢lo8ur• of Infomiatfon tts •udStor Each of the Iru31ees has ¢onfim7ed that there is no information of whith they awaf9 whicth is relevant to the audtt, but of which the auditor is unaware. They have fvrthèr confirmed that they hav8 taken appropriate Ste￿ to idèntify such relevant infomi8tion and to establish that the audrtor is aware of such infomiation. Id ChAlr ## **DUKES PLAY HOUSE LIMITED (THE)** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ The trustees, who are also the directors of Dukes Play House Limited (The) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 7 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUKES PLAY HOUSE LIMITED (THE)** ## **Opinion** We have audited the financial statements of Dukes Play House Limited (The) (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (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 charity 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 charity’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 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 this gives rise to 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 our audit: - the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and - the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements. - 8 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DUKES PLAY HOUSE LIMITED (THE)** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report. ## **Responsibilities of trustees** As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. - 9 - DUKES PLAY HOUSE LIMITED (THE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DUKES PLAY HOUSE LIMITED (THE) Extsnt to whl¢h the aud5t was ¢on8ld•Y•d up•l>l• of dètsctlng IrrngularltF•s. Includlng fraud Irregularities, induding fraud, are instance5 of non**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
292,422
-
Charitable activities
**3**
1,073,544
71,699
Other trading activities
**4**
138,873
-
Investments
**5**
2,902
-
Other income
**6**
97,367
-
**Total income**
1,605,108
71,699
**Expenditure on:**
Raising funds
**7**
146,590
-
Charitable activities
**8**
1,373,532
70,148
Other expenditure
**12**
71,589
-
**Total expenditure**
1,591,711
70,148
**Net income for the year/**
**Net movement in funds**
13,397
1,551
Fund balances at 1 April 2022
633,741
392
**Fund balances at 31 March 2023**
647,138
1,943|**Total**
**2023**
**£**
292,422
1,145,243
138,873
2,902
97,367
1,676,807
146,590
1,443,680
71,589
1,661,859
14,948
634,133
649,081|**Total**
**2022**
**£**
372,903
894,297
119,773
80
83,999| |---|---|---| |||1,471,052| |||101,334| |||1,193,752| |||70,049| |||1,365,135| |||105,917
528,216| |||634,133| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 11 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Prior financial year** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
372,903
-
Charitable activities
**3**
882,722
11,575
Other trading activities
**4**
119,773
-
Investments
**5**
80
-
Other income
**6**
83,999
-
**Total income**
1,459,477
11,575
**Expenditure on:**
Raising funds
**7**
101,334
-
Charitable activities
**8**
1,178,341
15,411
Other expenditure
**12**
59,024
11,025
**Total expenditure**
1,338,699
26,436
Gross transfers between funds
47,738
(47,738)
**Net income for the year/**
**Net movement in funds**
168,516
(62,599)
Fund balances at 1 April 2021
465,225
62,991
**Fund balances at 31 March 2022**
633,741
392|**Total**
**2022**
**£**
372,903
894,297
119,773
80
83,999| |---|---| ||1,471,052| ||101,334| ||1,193,752| ||70,049| ||1,365,135| ||-
105,917
528,216| ||634,133| - 12 - DUKES PLAY HOUSE LIMITED (THE) BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Nots$ Flx•d a•s•ts Tangible assats Curr•nt ass•ts Stod(5 Debtors Cash al bank and in hand 14 37,415 56.351 2,313 173,394 597,914 16 107,19B 930,591 773,821 1.040,084 Crodltors: amoun1• falling due within on• ￿•r 17 {161.9551 (258,135) Nel current assets 611.666 781.949 Total ass•ts l•ss current liibililies 649.081 838.300 Credltorn: amounts 14lllng dy• after mor• than on• y•ar 18 1204,16n Net a￿*￿ 649.081 634,133 Income fund> Rèstri¢té¢J lund$ Unres ricted funds Designated lunds.. Operating reseNe Other designated funds 21 1,943 392 200,000 150.000 200,￿0 150.￿0 22 350,000 297,138 350.1X)O 283.741 General unrestrKted funds 847.138 633,741 649,081 634.133 The fl￿¢￿91 $tatsmnts wer8 apwob*d tythe on... . . Mr Rod•rl¢k l)auld Com￿nY RoglBtrallon 01077517 13- ## **DUKES PLAY HOUSE LIMITED (THE)** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**2023**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**26**
(85,579)
**Investing activities**
Purchase of tangible fixed assets
-
Investment income received
2,902
**Net cash generated from/(used in)**
**investing activities**
2,902
**Financing activities**
Proceeds from new bank loans
-
Repayment of bank loans
(250,000)
**Net cash (used in)/generated from**
**financing activities**
(250,000)
**Net (decrease)/increase in cash and cash**
**equivalents**
(332,677)
Cash and cash equivalents at beginning of year
930,591
**Cash and cash equivalents at end of year**
597,914|**2022**
**£**
(47,494)
80
250,000
-|**£**
285,016
(47,414)
250,000
487,602
442,989
930,591| |---|---|---| - 14 - **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **Charity information** The Dukes Playhouse Limited is a private charitable company limited by guarantee and is incorporated and domiciled in England and Wales. The address of the registered office is The Dukes, Moor Lane, Lancaster, LA1 1QE. The nature of the its operations and its principle activities are detailed in the trustees report attached to these financial statements. ## **1.1 Accounting convention** The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** These financial statements show net unrestricted income of £13,397 and unrestricted funds at the year end of £647,138. The trustees have prepared financial forecasts and budgets which incorporate the ACE funding to March 2026 and new service level agreement with Lancaster City Council and incorporate the COVID-19 considerations discussed in the trustees report which demonstrate the future viability of the charitable company and its ability to meet its debts as they fall due. Therefore at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income in respect of productions is recognised in the period in which the production occurs. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 15 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** **(Continued)** Income from Government and other grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be reliably measured. Income received in advance of a theatrical performance or provision of other specified service is deferred until the criteria for income recognition are met. Other trading income is recognised on a receivable basis. Investment income is recognised in the SoFA in the year in which it is recevable. ## **1.5 Expenditure** Expenditure is recognised once there is a 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 reliably measured. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Costs of raising funds comprise the costs of trading of the bar and catering facilities. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to those activities and those of an indirect nature necessary to support them. Other costs represent those items not falling into the categories above. Support costs relate to 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 programmes and activities. These costs have been allocated between costs of raising funds and expenditure on charitable activities. Support costs are apportioned on an appropriate basis eg floor area, per capita or estimated usage. ## **1.6 Tangible fixed assets** Tangible fixed assets costing more than £1,000 are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Leasehold improvements term of lease Fixtures and fittings 4-10 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). - 16 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.8 Stocks** Stocks are stated at the lower of cost and estimated selling. Cost is based on the cost of the purchase on a first in first out basis. ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## **1.11 Taxation** The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes. - 17 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.12 Employee benefits** When employees have rendered services to the charity, short term employee benefits to which the employee is entitled are recognised at the amount expected to be paid for that service. The charity operates a defined contribution pension plan for the benefit of its employees. Contributions are expensed as they become payable. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.13 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Donations and legacies** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Donations and gifts|31,518|64,896| |Arts Council England|260,904|308,007| ||292,422|372,903| - 18 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **3 Charitable activities** |Income from charitable activities
Performance related grants
Other income
**Analysis by fund**
Unrestricted funds
Restricted funds|**Theatre**
**Independent**
**cinema**
**2023**
**2023**
**£**
**£**
597,918
148,486
286,221
38,744
28,802
-
912,941
187,230
876,586
151,886
36,355
35,344
912,941
187,230|**Creative**
**learning**
**2023**
**£**
-
-
45,072
45,072
45,072
-
45,072|**Total**
**2023**
**£**
746,404
324,965
73,874
1,145,243
1,073,544
71,699
1,145,243|**Theatre**
**Independent**
**cinema**
**2022**
**2022**
**£**
**£**
424,933
101,081
280,344
9,930
45,345
-
750,622
111,011
750,622
101,081
-
9,930
750,622
111,011|**Creative**
**learning**
**2022**
**£**
-
1,645
31,019
32,664
31,019
1,645
32,664|**Total**
**2022**
**£**
526,014
291,919
76,364| |---|---|---|---|---|---|---| |||||||894,297| |||||||882,722
11,575| |||||||894,297| - 19 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **4 Other trading activities** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Fundraising events|39,203|56,410| |Trading activity income: Bar and Catering|99,670|63,363| |Other trading activities|138,873|119,773| ## **5 Investments** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Interest receivable|2,902|80| |**Other income**||| ||**Unrestricted **|**Unrestricted**| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Other income|22,241|16,211| |Theatre tax credit|75,126|36,968| |Coronavirus job retention scheme grant|-|30,820| ||97,367|83,999| ## **6 Other income** - 20 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **7 Raising funds** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2023**|2022| ||**£**|£| |Trading costs||| |Other trading activities|48,252|27,493| |Staff costs|58,465|40,666| |Depreciation and impairment|558|558| |Support costs|39,315|32,617| |Trading costs|146,590|101,334| ||146,590|101,334| - 21 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **8 Charitable activities** |Staff costs
Depreciation and impairment
Production costs
Film hire and carriage
Marketing
Creative learning
Incoming tours
SRO Box Office costs
Other
Share of support costs (see note 9)
Share of governance costs (see note 9)
**Analysis by fund**
Unrestricted funds
Restricted funds|**TheatreIndependent**
**cinema**
**2023**
**2023**
**£**
**£**
167,064
66,990
17,035
832
122,216
-
-
89,566
73,110
5,935
-
-
132,010
-
27,586
-
1,855
-
540,876
163,323
406,258
157,261
11,278
-
958,412
320,584
958,412
287,183
-
33,401
958,412
320,584|**Creative**
**learning**
**2023**
**£**
55,731
511
-
-
-
56,022
-
-
-
112,264
52,420
-
164,684
127,937
36,747
164,684|**Total**
**2023**
**£**
289,785
18,378
122,216
89,566
79,045
56,022
132,010
27,586
1,855
816,463
615,939
11,278
1,443,680
1,373,532
70,148
1,443,680|**TheatreIndependent**
**cinema**
**2022**
**2022**
**£**
**£**
171,510
61,838
25,320
832
67,948
-
-
46,817
29,360
10,802
-
-
112,512
-
23,540
-
711
-
430,901
120,289
337,044
130,469
26,110
-
794,055
250,758
789,824
240,828
4,231
9,930
794,055
250,758|**Creative**
**learning**
**2022**
**£**
47,342
4,643
-
-
-
53,464
-
-
-
105,449
43,490
-
148,939
147,689
1,250
148,939|**Total**
**2022**
**£**
280,690
30,795
67,948
46,817
40,162
53,464
112,512
23,540
711| |---|---|---|---|---|---|---| |||||||656,639
511,003
26,110| |||||||1,193,752| |||||||1,178,341
15,411| |||||||1,193,752| - 22 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **9 Support costs** |Staff costs
Rent and rates
Heat and light
Cleaning
Repairs and maintenance
Telephone
Insurance
Stationery and computer
Licences and subscriptions
Staff recruitment and training
Office & sundry expenditure
Audit fees
Governance costs
Analysed between
Trading
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
499,235
-
31,475
-
34,123
-
9,848
-
9,140
-
5,049
-
11,213
-
15,585
-
2,621
-
(694)
-
37,659
-
-
9,430
-
1,848
655,254
11,278
39,315
-
615,939
11,278
655,254
11,278|**2023**
**£**
499,235
31,475
34,123
9,848
9,140
5,049
11,213
15,585
2,621
(694)
37,659
9,430
1,848
666,532
39,315
627,217
666,532|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
371,843
-
26,373
-
36,460
-
8,197
-
11,081
-
3,783
-
15,654
-
21,501
-
8,606
-
3,004
-
37,118
-
-
8,050
-
18,060
543,620
26,110
32,617
-
511,003
26,110
543,620
26,110|**2022**
**Basis of allocation**
**£**
371,843
Staff time
26,373
Usage
36,460
Usage
8,197
Staff time
11,081
Usage
3,783
Usage
15,654
Floor area
21,501
Usage
8,606
Usage
3,004
Usage
37,118
Usage
8,050
Governance
18,060
Governance
569,730
32,617
537,113
569,730| |---|---|---|---|---| - 23 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **10 Trustees** None of the trustees (or any persons connected with them) received any remuneration or expenses from the charity during the year. All trustees can receive two free tickets for the guest night performance of a Dukes theatre production. ## **11 Employees** The average monthly number of employees during the year was: |Technical - Full time
Technical - Part time
Front of house - Full time
Front of house - Part time
Administrative - Full time
Administrative - Part time
Creative communities - Full time
Creative communities - Part time
Total
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
4
1
2
14
6
4
1
1
33
**2023**
**£**
782,261
44,268
20,956
847,485|**2022**
**Number**
5
-
2
14
6
4
1
1| |---|---|---| |||33| |||**2022**
**£**
646,643
29,967
16,589| |||693,199| The average number of full time equivalent employees is 23 (2022: 24). This is calculated using half the number of part time staff. There were no employees whose annual remuneration was more than £60,000. ## **12 Other expenditure** |**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
Net loss on disposal of tamgible fixed assets
-
7,762
11,025
Financing costs
23,227
13,759
-
Other expenditure
48,362
37,503
-
71,589
59,024
11,025|**Total**
**2022**
**£**
18,787
13,759
37,503| |---|---| ||70,049| - 24 - **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **12 Other expenditure** ## **(Continued)** ## **13 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **14 Tangible fixed assets** |**Leasehold**
**improvements**
**Fixtures and**
**fittings**
**£**
**£**
**Cost**
At 1 April 2022
730,701
548,286
At 31 March 2023
730,701
548,286
**Depreciation and impairment**
At 1 April 2022
730,701
491,935
Depreciation charged in the year
-
18,936
At 31 March 2023
730,701
510,871
**Carrying amount**
At 31 March 2023
-
37,415
At 31 March 2022
-
56,351|**Total**
**£**
1,278,987| |---|---| ||1,278,987| ||1,222,636
18,936| ||1,241,572| ||37,415| ||56,351| Included in leasehold property improvements is conversion work carried out on a derelict church to create a Moor Lane Additional Building. The net book value of Moor Lane Additional Building at the year end was £nil. The work originally undertaken amounted to £280,750 and was funded by a National Lottery grant of £194,750 from Arts Council England and a grant of £86,000 from Lancaster City Council. The Dukes Playhouse Limited, as part of its charitable aims, supports Moor Lane Additional Building in its work in providing participation activities for local young people. Included in leasehold property improvements is refurbishment work to the 'round' theatre. The net book value of the studio refurbishment at the year end was £nil. the work originally undertaken amounted to £380,583 and was funded by a grant of £260,383 from North West Development Agency and a grant of £99,100 from Arts Council England. ## **15 Stocks** |**Stocks**||| |---|---|---| ||**2023**|**2022**| ||**£**|**£**| |Goods for sale and consumables|2,313|2,295| - 25 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments
**17**
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
**20**
Other taxation and social security
Deferred income
**19**
Trade creditors
Other creditors
Accruals
**18**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**20**|**2023**
**£**
7,689
140,205
25,500
173,394
**2023**
**£**
-
17,418
34,374
31,381
26,520
52,262
161,955
**2023**
**£**
-|**2022**
**£**
19,463
67,578
20,157| |---|---|---| |||107,198| |||**2022**
**£**
45,833
7,342
57,883
45,140
27,040
74,897| |||258,135| |||**2022**
**£**
204,167| During the financial year, The Dukes Playhouse fully repaid the bank loan before any interest became due. ## **19 Deferred income** |Arising from government grants
Relating to post year end productions|**2023**
**£**
17,216
17,158
34,374|**2022**
**£**
15,005
42,878| |---|---|---| |||57,883| The income in the above note has been deferred as it relates to box office productions which occurred after 31 March 2023 or grants with unfulfilled conditions at the year end. - 26 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**20**
**Loans and overdrafts**
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments|**2023**
**£**
-
-
-
-|**2022**
**£**
250,000| |---|---|---| |||45,833
204,167| |||4,166| - 27 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **21 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 April 2021**|**resources**|**expended**||**1 April 2022**|**resources**|**expended**
**31**|**March 2023**| ||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**| |Prime Time|-|-|-|-|-|23,000|(23,000)|-| |Park equipment funding|58,763|-|(11,025)|(47,738)|-|-|-|-| |Fixed asset restricted funds|4,231|-|(4,231)|-|-|-|-|-| |Eat for Victory|-|-|-|-|-|5,000|(5,000)|-| |Young Carers|-|1,645|(1,250)|-|395|8,355|(8,750)|-| |Film Exhibition Fund|-|9,930|(9,930)|-|-|35,343|(33,400)|1,943| |Rounding|(3)|-|-|-|(3)|3|-|-| ||62,991|11,575|(26,436)|(47,738)|392|71,701|(70,150)|1,943| Park Equipment Funding represents grants received in respect of the upgrading of the equipment used for the park shows. The fixed asset note to the accounts describes the purpose of the fixed asset restricted fund. Young Carers represents grants received to operate an arts festival to benefit young carers. The Film Exhibition Fund represents grants received to hold exhibitions of films including relevant speakers and presentations. Prime Time represents grants to fund projects for people aged 65+ across Lancaster and Morecambe to explore creativity and social isolation. Eat for Victory represents grants to fund a project exploring WWII with young people locally in partnership with Lancaster Museums. - 28 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **22 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |||**Movement**||**Movement**|| |---|---|---|---|---|---| |||**in funds**||**in funds**|| ||**Balance at**|**Movements to**|**Balance at**|**Movements to**|
**Balance at**| ||**1 April 2021**|**31 March 2022**|**1 April 2022**|**31 March 2023**|**31 March 2023**| ||**£**|**£**|**£**|**£**|**£**| |Operating reserve|200,000|-|200,000|-|200,000| |Capital programme|80,000|-|80,000|-|80,000| |Artistic Programme Investment|30,000|-|30,000|-|30,000| |Audience Development|20,000|-|20,000|-|20,000| |Capacity Building|20,000|-|20,000|-|20,000| ||350,000|-|350,000|-|350,000| ## **Operating Reserves - £200,000** Removed from the general cash flow and designated as an operating reserve for use when approved by the Board. This is equal to 12 weeks of the Dukes pre COVID turnover. ## **Capital Programme - £80,000** In light of the Dukes ongoing capital needs and also its future ambitions that this reserve is established and the funds used only for major capital emergency needs (including purchasing of equipment vital to operation) and as match funding for any other major capital bids (including pre bid requirements). ## **Artistic Programme Investment - £30,000** This fund would be used for investment in artistic programme in the future that would return a level of financial capital back to the organisation. Examples could be further investment in digital programming, match funding for co-productions or to support the growth of the Dukes Home-grown productions. ## **Audience Development - £20,000** The Dukes faces an uncertain future with regards to audiences. This fund would be used to support audience development and marketing programmes outside the normal marketing budget with clear goals and milestones of delivery. These programmes would be focused on increasing audiences and investing in new marketing practices or training. ## **Capacity Building - £20,000** The Dukes capacity within the staff team is an ongoing challenge which would benefit at times from additional capacity on a short term basis however budgeting for this support is challenging within the current budget model. This fund would be used to fund additional capacity on short term basis particularly in areas of development such as fundraising, marketing and financial management. - 29 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**23**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
March 2023 are
represented by:
Tangible assets
37,415
-
Current assets/(liabilities)
611,666
-
Long term liabilities
-
-
649,081
-|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
37,415
56,351
-
56,351
611,666
781,557
392
781,949
-
(204,167)
-
(204,167
649,081
633,741
392
634,133|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
37,415
56,351
-
56,351
611,666
781,557
392
781,949
-
(204,167)
-
(204,167
649,081
633,741
392
634,133| |---|---|---| |||634,133| ## **24 Operating lease commitments** At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years|**2023**
**£**
21,074
-
21,074|**2022**
**£**
22,797
574| |---|---|---| |||23,371| ## **25 Related party transactions** ## **Remuneration of key management personnel** The remuneration of key management personnel is as follows. ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Aggregate compensation|66,548|55,428| - 30 - ## **DUKES PLAY HOUSE LIMITED (THE)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**26**|**Cash generated from operations**||**2023**|**2022**| |---|---|---|---|---| ||||**£**|**£**| ||Surplus for the year||14,948|105,917| ||Adjustments for:|||| ||Investment income recognised in statement of financial activities||(2,902)|(80)| ||(Gain)/loss on disposal of tangible fixed assets||-|18,787| ||Depreciation and impairment of tangible fixed assets||18,936|31,353| ||Movements in working capital:|||| ||(Increase) in stocks||(18)|(1,625)| ||(Increase)/decrease in debtors||(66,196)|71,080| ||(Decrease)/increase in creditors||(26,838)|42,486| ||(Decrease)/increase in deferred income||(23,509)|17,098| ||**Cash (absorbed by)/generated from operations**||(85,579)|285,016| |**27**|**Analysis of changes in net funds**|||| |||**At 1 April 2022**|**Cash flowsAt 31 March 2023**|| |||**£**|**£**|**£**| ||Cash at bank and in hand|930,591|(332,677)|597,914| ||Loans falling due within one year|(45,833)|45,833|-| ||Loans falling due after more than one year|(204,167)|204,167|-| |||680,591|(82,677)|597,914| - 31 -