WAKEFIELD THEATRE TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 March 2024 Company Registration Number 01173859 Registered Charity Number 503597 WAKEFIELD THEATRE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION REPORT OF THE TRUSTEES STATEMENT OF TRUSTEES, RESPONSIBILITIES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES 9-11 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 12 GROUP AND CHARITY BALANCE SHEETS 13 CONSOLIDATED STATEMENT OF CASH FLOWS 14 NOTES TO THE ACCOUNTS 15-35 WAKEFIELD THEATRE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION AS AT 31 MARCH 2024 Charity name.. Wakefield Theatre Trust Charity number.. 503597 Company number.. 01173859 Registered office and principal address: Wakefield Theatre Royal Drury Lane Wakefield WF1 2TE Directorsrrrustees: Vicky Ackroyd Peter Box + Nigel Brook + o Abi Cattley . Lindsey Davies Thom Freeth + Michael Graham Darren Johnson Garry Lyons Daniel Mccormack + o Kathryn Morgan + . Brandon Robinson - Connolly Tom Seddon Jacqueline Speight + Ben Tagoe Katherine Town + o Paul Wainwright + Appointed 6 June 2024 Resigned 4 September 2023 WMDC representative Deputy Chair Resigned 4 September 2023 Committee key:_ Finance & General Purposes Audit Fundraising Chair Appointed 28 April 2023 WMDC representative Appointed 28 April 2023. Resigned 23 October 2023 Resigned 31 December 2023 Company secretary Katherine Town Executive Team personnel: Executive Director= Katherine Town Head of Finance and Operations.. Head of Finance: Rosie Dewsbury- to 31 May 2023 Edward Browne- from 14 June 2023 Associate Director, Participation.: Head of Participation. Rhiannon Hannon- to 5 May 2023 Aoibheann Kelly- from 6 June 2023 Head of Development.. Sarah Shooter Head of Communications and Programme.. Kealey Woodward Head of Operations Oliver Brown- from 22 May 2023 to 28 February 2024 Nol a director under the Companies Act 20[￿ or Trustee under the Charrties Act 2011 Advisors". Bankers HSBC Bank PLC PO Box 33. 66 Westgate Wakefield, WF1 1XB Auditors.. Saffery LLP Mitre House North Park Road Harrogate HG1 5RX Solicitors.. Chadwick Lawrence LLP Paragon Business Village Red Hall Crescent. Wakefield WF1 2DF WAKEFIELD THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are pleased to present their annual report together wilh the consolidated financial statements of the charity and rts subsidiary for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Acl purposes. The financial statements comply with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of Association, and the second edition of the Charities Statement of Recommended Practice I'charities SORP'> {applicable to charities preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland- FRS 102). Chair's Report During 2023124 Theatre Royal Wakefield continued to serve our local community with an exciting Greative programme of performances and participation projects. During Ihe year we made a number of senior appointments to our leadership team and these individuals have quickly established themselves as valued members of our wider workforce. The whole team have worked incredibly hard to deliver a SUGcessful year, creatively and financially. During the year a VAT review took place, which led to a reassessment of the Trust's VAT liability. Following review, the Trust's status was confirmed as being partially exempt. The significant outcome of this is thal the Trust overpaid VAT on ticket sales and have submitted one su¢¢essful claim to refund overpaid tax. This new VAT status will have a positive impact on the Trust's future sustainability. At year end Theatre Royal Wakefield has delivered signif￿Ant benefits to our local communities. in addition we hold our full reserves and have been able to add to our Matcham Designated Fund to invest in our Grade Il. listed building. We have a strong position and are committed to continue to inspire local audiences and transform lives in our local communily. Kathryn Morgan Chair ofthe Trustees Aims and Activities Mission To develop new creative opportunities and experiences both wilhin the theatre building. throughout the wider community and on tour, encouraging high qualty engagement across a broad sector of the Performing Arts. Vision We transform lives in our local Community through giving everyone opportunities for vibrant and engaging performing arts experiences. We are the only professional theatre in the Wakefield District and seNing our local community is a key driver for all our work. Principal activity The company'5 prinGipal activity during the year was the presentation of a wide range of professional and amateur performances including drama. music. Gomedy. dance and the annual pantomime. Performing arts participatory work continues to play a vital part in the Trust's overall artistic programme. Key to achieving our mission is encouraging active participation both in the perfomiance programme and in creative participation activities. The Directors understand. and acknowledge. the guidance provided by the Charity Commission and believe that their activities provide both social and economic benefits, as well educational benefits. In shaping our objectives for the year and planning our activilies, the Trustees have considered the Charity Commission's guidance on publi¢ benefit, including the guidance 'public benefit.. running a charity IPB2)'. The Theatre relies on grants and the income from fees and charges to cover its operating costs. Affordabilily and access to our programme is important to us, we ensure that Participation activities are free or have bursaries available. We encourage all within our community to take part in our activities. The company aims to promote a creative policy that encourages people to expand their awareness of what the arts have to offer in a variety of forms. Innovation and artistic development are key features to ensure that the Theatre is conslantly being reinvigorated, Ihereby mitigating exposure to changes in our market condilions. WAKEFIELD THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trust is very involved in the communFly and usually relies on voluntary help. 102 people (2023.. 84) volunteered their time to the Theatre throughout the year. Our volunteers assist fronl of house for events and performances, assist with our Theatre of Sanctury activib-es. assist our Fundraising programme, in addition to our volunteer Trustees. We wish to thank all our volunteers for their loyal support and active service through the year. Achievements and Perfomiance 2023124 was the first year ofour new three year business plan for 2023-2026, which focuses on sustainabilty, creative programme development. engagement with local communities and developing the theatre for the 215t century. We programmed the best of UK touring theatre, maintaining our focus on family friendly programming and high-qualily new drama, as well as hosling local amateur talent and producing our own work. Attendances al Theatre Royal Wakefield across our spaces were 73,136 at 217 perfom)ances 12023.. 69,495 at 223 perfomances}. 206 performances took place in the Matcham Auditorium and 9 performances took place in the Walker Studio. In addition. our Walker Studio also hosted local theatre companies to conducl R&D for polenlial future shows and Participation sessions on a weekly basis. Our Autumn season opened with our youth musi¢al. School of Rock. It was an exuberant and accomplished production and gave the talented young cast valuable training opportunities lo work with a professional creative team. It marked 20 years at the helm of these productions for Director Louise Denison. 4,568 people saw the production. The highlight of the festive season and the year for many people in the Wakefield district Is our annual pantomime. Sleeping Beaulywas an extreme￿ successful pantomime for the Theatre and was seen by 28,772 people. The production was the Trust's twentieth in-house pantomime. We ensured accessibilitywith low ticket prices available for all perforniances and two British Sign Language {BSL) interpreled performances. In addition to a Relaxed Performance for school groups. for the first time we presented a specially adapted Relaxed Performance for families who have autism or have sensory commLtnication disorders or learning difficulties. During the year our Participation work was a vital part of our creative programme and we give our thanks to our talented freelance practitioners who have worked so hard to deliver our programme. Through all our projects we have helped local people to address their well-being. develop their talent and creativity. and lo raise their aspirations. Participants have also developed life-skills such as team-work, Confidence building and presentation skills. We delivered training programmes through three different projects. Performance Academy delivered weekly musical theatre training for 176 young people aged 5-18 from across the Wakefield District. In on the Act, our young company of 18-30 year old theatre-makers. trained with us until July 2023 and p&rformed Our Teachers A Troll in summer 2023 in the Walker Studio, this production marked the end of this programme. Chime, our musical theatre programme wrth learning-disabled young participants (a9ed 14-25 years), delivered weekly training sessions. Our work with marginalised communities is critical to Theatre Royal Wakefield's identity. We remain proud of our Theatre of Sanctuary statU5,' this formal award recognises that we are a place of safety, welcome and support for Asylum Seekers and Refugees. Conversation Café and drama workshops took place weekly and Wakey Wakey, Saturday morning storytelling and play sessions for young families, is open to all but targeted at Asylum Seeker and Refugee families. We have also continued with our weekly musical theatre appreciation group for socially isolated older people. These Projects and Chime were supported by Wakefield Council through a Connecting Culture grant. We continued to work with the National Theatre to tour top quality drama productions inlo schools. Jekyll and Hyde toured to Wakefield secondary schools in spring 2024- it was watched by 612 students from five schools in the Wakefield district. We also had two Theatre Nation Partnerships mid-scale tours visit Wakefield, with both Sucker Punch and My Beautsful Laundrette presented in partnership wrth the National Theatre to great acclaim. During the year Speak Up continued lo be delivered in five Wakefield secondary schools in partnership with the National Theatre, 2023124 academic year is the second year of this three year project. Speak Up is a co- creation arts engagement project in %chools. working to enable youth leadership and advocacy. Over the year we delivered 53 Speak Up sessions, working in depth wtth 135 students. We also worked with BBC Bilesize WAKEFIELD THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 to provide career5 advice to more than a thousand students in four Wakefield Secondary Schools. Further we worked with Leeds Universty Business undergraduate students who conducted a term-long research module based on our Membership scheme. Theatre Royal Wakefield has no regular public subsidy and in any year fundraising is a key activity for our ongoing viability and sustainability. We ensure Ihat our fundraising complies with induslry besl practice. This includes maintaining strong relationships with donors and keeping them fully informed about how their donations are used. We raised a total of £257,004. resulting in a contribution of £235,343 following project costs (excluding salaries) (2022123.. £343,895. £321,994 contribution). This was a very strong performance by a very small team. raising funds through grant bids. events, individual giving campaigns, a membership scheme and corporate giving_ During the yearwefurtherdiversified ourfundraising, launching a lottery scheme and new popular Fundraising events: such as the special opportunity to have a dinner on our stage. In recognition of our Participalory and Fundraising activities we were the winners of the Best Community Performing Arts Venue in West Yorkshire in the Northern Enterprise Awards. We are incredibly grateful to all those trusts. foundations and slatulory funders who have awarded us grants to support our work. For full details, see note 21. These funding streams have enabled us to continue our creative output during Ihe year, which assisted us to attract other funding. Fundraising Disclosure Our comTnilment to 5UPPOrte15 We are proud to be registered with the Fundraising Regulator. recognising our commitment to following the Code of Fundraising Practice. We also strictly adhere to all relevant Institute of Fundraising guidance, including Treating Donors Fairly guidance. We have an Ethical Fundraising Policy which the Board ofTrustees monitors and a Supporters Promise that guides our work wrth donors. members and partners. All fundraisers representing us receive rigorous training to understand the standards we expect wher) they are speaking to members of the public on our behalf, to ensure a positive experience. We will always lake action if others acting on our behalf fail to meet our high standards and we will never sell the data we hold to anyone else or share it without consent or having a legitimate reason lo do so. Wakefield Theatre Trust has a procedure for handling complaints and we are committed to dealing wi(h all complainls constructively, impartially and effectively. We will make every effort to ensure Ihat all Complaints receive a complete, accurate and timely response and no complaint is ever disregarded. If we cannot resolve a fundraising related complaint we will provide infomiation about how to raise a complaint with Ihe Fundraising Regulator. We publish our Safeguarding Policy on our website. We are also signed up to the Fundraising Preference Service to enable individuals to opt out from receiving fundraising communications from us_ In addition to our policy we have an agreed operating procedure to protect vulnerable people. Our fundraisers are familiar with the code of conduct to ensure that it is applied properly. The number of complaints re￿iVed by the charity or a person acting on its behalf about activities by the charity or by a person on behalf of the charity for thè purpose of fund-raising was zero. Financial Rèview The prevailing operational ¢limate during the year has continued to be challenging. With strong financial and operational management, the financial impacts were limited and the Theatre starts 2024125 with Reserves and designated funds for our future development. The group held cash at the end of the period of £967.604 (2022123. £885,770). Of this sum, £326,946 of cash 15 held for restricted or designated purposes. Al the end of the period net assets of £2,108,680 12022123= £2,142,619) were held ofwhich £1,808,680 {2022123- £1:842,619) were held in restricted ordesignated funds. Reserves Policy and Going Concern The charitable company and group recognise that operating a venue and touring theatrical productions is in normal limes a variable activity. Trading is more challenging Ihan before the pandemic due to the various economic pressures, such as the rises in innation. energy prices and the wider cost of living crisis. The Trustees reserves policy is to hold reserves equivalent to three months basic operating costs. During 2022123 we re35sessed our three months basic operaling costs and these have increased to f300k. For 23- WAKEFIELD THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 24 the target remains the same and we close the 2023￿4 year with our full reseNes policy of £300k. Free reserves total £243k (which includes designated funds less unrestricted fixed assets). In 2021122 the Trustees created a Designated Fund for Covid-recovery of £160,000. to enable the Trust to move to a sustainable operating model_ The remaining balance at the beginning of the year was £83.395 and this was expected to cover the deficit budget planned. However, due to a positive VAT reclaim during the year of £76,213 (see below). the funds were nol required. The balance of this fund has therefore been transferred to the one remaining designated fund." Matcham restoration and refurbishment. The Matcham Designated Fund was created during 2020121 for the restoration and refurbishment of the Matcham theatre building and ils equipment, essential in sustaining the future of the theatre. At the start of the 2023124 financial year the balance was £172,084. During the year we invested £9,159 of this fund on maintenance lo the Matcham building alongside a depreciation charge for the year of £4,385 relating to dimmer works. The final position on unrestricled reseTves was above the target of £300.000 and allow5 Trustees to transfer a further £43,186 to the Matcham Designated Fund. The adiuslments above leave a closing balance of£287,121 on Ihe fund and for total designated resetves. The Matcham Designated Fund will be utilised within five years of the year end. The net impact of these adjustments is a £31,642 transfer from unrestricted lo designated reseNes. A VAT review took place in the summer, which led to a reassessment of the Trust's VAT liability. Following review, the Trust's status was confirmed as being partially exempt. The significant outcome of this is that Ihe Trust overpaid VAT on ticket sales. We have submitted one claim of £76,213 for 2019120 Q3 which HMRC approved. We are now in the process of compiling a claim for all remaining periods between 2019-20 Q4 to 2023-24 Q3. NO￿lthStanding the above repayment, we consider that there is still an elemenl of doubt as to whether this further claim will be approved. Whilst the prospects for a successful claim are enhanced by the agreement of the first claim we consider that there remains sufficient room for doubt to proceed with caution and therefore further claims are not recognised in the accounts. Our consolidated balance sheet remains strong with net assets of £2,108,680 and ownership of the theatre building. The Trustees have reviewed the circumstances of the Wakefield Theatre Trust and groLtp. Having considered the forecast financial information and the very strong relationships with funders and the local authority, the Trustees consider that adequate resources continue to be available to fund the aclivilies of the Trust and the group for the foreseeable fLrture. The Trustees are of the view that Trust and group are a going Concern. Plans for future periods The 2024125 financial year has continued with the success of the prior year. We have appointed a new Trustee, Vicky Ackroyd, who is a perfomiing arts access champion and will bring this experience to provide scrutiny and positive challenge to our governance and our work. Our on stage programme goes from strength to strength and in particular we were pleased to present John Godber's Happy Jack, about a mining couple in the 401h anniversary year of the miners strike. In the autumn we are working in partnership wtlh Red Ladder to present Sanctuarywhich is part of our commitment to being a Theatre of Sanctuary. Our participation work with the local communily continues to develop ar¢d we will bling two of our projects together in an integrated and inter-generational cofflpany to create a performance which will be shared as part of a large Wakefield festival. the Hatchling, and on our stage foi Heritage Open Days at the end of the 2024 summer holidays. Structure, governance and management The Company is constituted as a Company Limited by Guarantee and having Charitable Status. The governing instrument is the Memorandum & Articles of Association. Appointment of Directorsrrrustees The Directors (Trustees) are initially appointed by the Board and their appointment ratrfied at the next Annual General Meeting of all the company's members. A 'Role and Specification" for Trustees has been drawn up and is the document that governs appoinlmenls and Ihe conduct of Trustees. The maximum term of appointment is 10 years. setved in three terms of 4, 3 and 3 years. Whilst this is longer than the maximum term of 9 years recommended by the Charity Governan¢e WAKEFIELD THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 code, this ensures thal talented and committed Trustees can be retsined whilst also encouraging change on a managed basis and offering opportunilies for new people to become involved. Once appoinled, new Trustees are encouraged to participate in at least one of the sub Corporation tax owed Net movement in funds 25,000 (87.075) (33,862} {95,9371 Reconciliation of funds: Total funds brought foDNard 275.000 342,554 1,621,002 2,238,556 Total funds carried forward 300.000 255,479 1,587,140 2,142,619 18 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestricted Fund Restricted Fund 2024 Total Donations Grants SWYNHS Creative Minds 2024 WMDC Connecting Communities WMDC SPF National Thealre Audience Development WACCL National Theatre Speak Up 4,000 34,236 13.453 9,500 7,000 83,400 4,000 34,236 13,453 9,500 7,000 83,400 151.589 151,589 Total donations and legacies 151,589 151.589 Investment Income Bank Interest 19 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies - Comparative Unrestricted Fund Restricted Fund 2023 Total Donations Grants Theatres Trust- CCTV Arts Council England- Blow D¢)wn SVVYNHS Creative Minds 2023 WY Mayors Office Safer Communities WMDC Open Day Tours WMDC UKCRF WMDC Connecting Communities Andrew Lloyd Webber Foundation WACCL National Theatre Speak Up 5.000 66.000 7,893 7,946 5,000 66,000 7,893 7,946 970 468 34,568 8,918 1,000 80,533 970 468 34.568 8,918 1.000 80,533 1,438 211,858 213,296 Total donations and legacies 1.438 211,858 213,296 Investment Income Bank Interest 20 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Unrestricted Fund Restricted Fund 2024 Total Income from Charitable Activities: Operation of the Theatre Box office Other theatre income Touring income Education and outreach income Theatre production charges Theatre hires Ticket levies 1.058.802 11.717 1,058,802 11,717 109,162 80.775 57.512 101.762 109.162 80,775 57,512 101,762 Total Charitable income received 1.419.730 1,419,730 Charitable activities Comparative Unrestricled Fund Restricted Fund 2023 Total Income from Charitable Activities: Operalion of the Theatre Box office Other theatre income Touring income Education and outreach income Theatre production charges Theatre hires Ticket levies 925,185 23,291 111,168 107,622 96,747 60.381 94.905 13.324 938,509 23,291 111,168 107,622 96,747 60,381 94,905 Total Charitable income received 1.419.299 13.324 1,432.623 Activities for generating funds Unrestricted Fund Restricted Fund 2024 Total Trading activities Membership scheme Commission and recharges receivable Sponsorship and development 244,588 15.181 74.225 90.234 244,588 15,181 74,225 90,234 Total income received 424,228 424,228 Activities for generating funds- Comparative Unrestricted Fund Restricted Fund 2023 Total Tiading activities Membership scheme Commission and recharges receivabte Sponsorship and development 217,914 14.260 60.132 116,339 217,914 14,260 60,132 116,339 T'otal income received 408,645 408,645 21 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure Direct cost of activities Support costs Restricted Total funds 2024 Charitable Activities Artist costs Stage expenses Technical and front of house costs Visiting producers fees TRW running and production costs Education and outreach fees Marketing Other support cosls Governance Governance - Subsidiary 46.544 179.320 368.320 481,964 107,860 46,544 179,893 368,320 482,864 256,658 62,437 597,318 6.291 573 900 148.798 3.921 59.633 58.516 537.685 6.291 Total Charitable Activities 1.184,008 605.492 213,825 2,003,325 Activities for generating funds Fundraising Trading activities Marketing Other support costs Governance 43,573 116,544 43,573 116,544 3.286 39,258 331 3,286 35,913 331 3,345 Total Activities for generating funds Total expenditure 160.117 202 992 1.344.125 645.022 217,170 2.206,317 Expenditure - Comparative Direct cost of activities Support C051s Restricted Tolal funds 2023 Charitable Activities Artist costs Stage expenses Technical and front of house costs Visiting producers fees TRW running and production cosls ToLJring costs Education and outreach fees Marketing Other support costs Governance Governance - Subsidiary 45.014 158.068 304.166 522. 894 45.014 159.374 304 166 610.021 1,306 87,127 131.606 113,506 1,375 64.295 245,112 144,796 494 316 10.382 143,421 430,021 10.382 2900 Total Charitable Activilies 1.161.748 586.724 267.609 2,016,081 Activities lor generating funds Fundraising Trading aclivilies Marketing Other support costs Governance 85,232 107,921 428 85.660 107,921 7.621 33,668 7.621 30.211 546 3,457 Total Activities for Generating Funds 193,153 38,378 3,885 235,416 Total expenditure 1,354,901 625,102 271,494 2,251.497 22 WAKEFIELD THEATRE TRUST NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Allocation of support costs The charty allocates its support costs a5 shown in the table below. The support costs are allocated on a basis of premises costs based on floor space and the other costs are consistent with the use of resources. Charitable activities Trading activities 2024 Total Administration salaries 293.224 Other staff costs 14.786 Premises Costs 173.532 Computer. stationery and postage costs 28.332 Telephone 5.578 Travelling and subsistence costs 1.489 Legal and professional costs 17.139 Bank charges 6,941 Interest payable 2.961 Other sundry expenses 3.265 Unrecoverable VAT 10,053 Depreciation of fixtures. fittings & equipment 40.018 Marketing 62.437 Governance costs 6.291 Governance costs- subsidiary 3.000 15,433 779 16.954 1,491 293 79 902 366 156 171 529 2,106 3.286 331 308,657 15.565 190,486 29,823 5,871 1.568 18,041 7,307 3.117 3,436 10,582 42,124 65,723 6,622 3,000 669.046 42,876 711.922 Restricted Unrestricted 63.554 605,492 3.345 39.530 66,899 645,022 Total 669,046 42,876 711,922 Allocation of support costs Comparative The charity allocates its support costs as shown in the table below. The support costs are allocated on a basis of premises costs based on floor space and Ihe other costs are Consistent with the use of resources. Charitable activities Trading activities 2023 Total Administration salaries Other staff costs Premises Cost5 Computer, stationery and postage costs Telephone Travelling and subsistence costs Legal and professional costs Bank charges Interest payable other sundry expenses 143.819 90.552 169.799 22.760 5.122 2.836 8.319 5,199 3,599 5.483 7.569 4.766 16,588 1.198 271 149 438 274 189 288 151,388 95,318 186.387 23,958 5.393 2,985 8,757 5,473 3,788 5,771 Depreciation of fixtures, fittings & equipment 36.828 Marketing 144.7 Governance costs 10,382 Governance costs - subsidiary 2.900 1.938 7,621 546 38.766 152.417 10,928 2,900 652.394 41.835 694,229 Restricted Unrestricted 65.670 586.724 3.457 38,378 69,127 625,102 23 WAKEFIELD THEATRETRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Total 652,394 41,835 694,229 Subsidiary trading company The charty has one wholly-owned trading subsidiary (incorporated on 10 October 2014), TRW Productions Limited, which develops. prodU￿S and runs productions for Wakefield Theatre Trust. A summary of the trading results of the subsidiary is shown below: Profit and loss account 2024 2023 Turnover Cost of sales and administrative costs 482,864 610,022 {485.986) {613,011 } Operating (Loss) Theatre Tax relief Distribution to parent charity under Gift Aid 13.122) 90.087 1154.480} {2,9891 97,266 Capital and ReseNes Called up share capital Profit and loss account 10 87,084 154,600 10. Taxation The subsidiary trading Company is entitled to theatre tax credits of £90.087 (2023.. £97,266} in the period. 11. Net expenditure for the year Net expenditure is stated after charging: 2024 2023 Operating leases Depreciation Audrtor's remuneration". Audit fees - Charity Audit fees - Subsidiary Accountancy and corporation tax services 7.977 77,483 1,668 74,125 9.300 3,000 1,800 9.500 2,900 1,200 24 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 12. Staff costs, Trustees. remuneration and expenses and cost of key management personnel Staff costs 2024 2023 Salaries and wages Social Security costs Pension costs 706,327 49.367 11,216 716,230 38,184 10,130 766,910 764,544 Employees earning more than £60,000 or more during the year= 1 {£60k to £70kl (2023.. 01. Trustees. emoluments Katherine Town was the Executive Director and Trustee of the company with Charily Commission consent until 31SI December 2023.. they resigned as a Trustee bLrt remain as Executive Director. The remuneration related to their services as employee and there was no remuneration for their duties as Trustee. The total remuneratson was as follows: 2024 2023 Salaries {2023 salaries) Company pension contributions 60,042 991 58,058 1,321 61,033 59,379 The number of Trustees for whom retirement benefits are accruing under defined contribution schemes amounted lo 1 during the year, but at year end the number was zero (2023. 1). Expenses relatin9 to travel and subsistence ¢osts amounted to £0. {2023.' £0> and no costs, {2023'. £0} related to expenses incurred fulfilling duties as Trustee. Key management personnel During the year, key management personnel of the parent charity comprise the Trustees and the Executive Team., made up of Executive Director, Head of Finance (Head of Finance and Operations), Head of Development, Head of Participation (Associate Director Participation) and Head of Communications and Programme. The total employee benefits of the key management personnel of the trust were £270,863 (2023.. £210,248}. 25 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Staff numbers The average head count was 32 staff {2023: 33 staffl and the average monthty number of full-time equivalent employees (including casual and part time staffj during the year was made up as follows. 2024 Number 2023 Number Stage crew and technicians Box office, marketing and front of house Bar Education Own productions Support 22 23 13. Related party transactions Two Trustees are councillors for Wakefield Metropolitan District Council {WMDCI and during the year Wakefield Theatre Trust received £47.688 in grant income. £960 for sponsorship and advertising, £279 for room hire and £882 for Licenses and pest control. The Chair is also Chair of the audit committee at Wakefield Grammar School Foundation who paid Wakefield Theatre Trust £3,780 for space hire. One Trustee is a member of the Heart of Yorkshire Education Group board who paid Wakefield Theatre Trust £2,161 for hosting their year*nd show and paid £1,836 for the Children's University Graduation. Wakefield Theatre Trust was charged £928 for use of the Heart of Yorkshire Education Group facilities for rehearsals. Nine Trustees paid for two theatre memberships totalling £625- which included Actor5 Circle Membership and Members Plus. The Executive Director is Deputy chair of the Theatres Trust. Wakefield Thealre Trust paid £132 for Theatres Trust membership. The Executive Director has made donations to the theatre of £240. Two Trustees have children attending performance academy and paid a total of £2,291. In addition, one of the Trustees children paid £195 in participation fees to perform in the youth musical and one child received £100 honorarium for participating in the Panto chorus. Trustees paid £865 to attend the Gala Dinner. One of the trustees paid £135 for pantomime tickets_ One staff member paid £292 for their daughter to attend Perfomiance Academy. The following transactions took place during the year between the Trust and ils wholly owned subsidiary TRW Productions Ltd {°TRW): 2024 2023 Transactions: Production costs recharged to TRW Theatre and utilities recharged to TRW Commission fee charged by TRW 405,211 80,775 (482,8641 513,274 96,747 1610,021) 26 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tangible fixed assets Group and Charity: Freehold land and buildings New Build Fixtures, development fittings and costs equipment Total Cost 1 April 2023 Additions 885,000 992,852 6,945 774.881 38,771 2,652.733 45,716 31 March 2024 885.000 999,797 813,652 2.698,449 Depreciation 1 April 2023 144.000 95.253 548,897 788,150 Charge for year 16,000 19,359 42,124 77,483 31 March 2024 160.000 114.612 591,021 865,633 Net book values 31 March 2024 725.000 885,185 222,631 1,832,816 31 March 2023 741.000 897.599 225,983 1,864,582 Land & Buildings at Theare Royal Wakefield were revalued on 25th March 2015 by K. Short & Co - Chartered SuNeyors and Valuers at £885.000 on the basis of market value. This company is not connected to the Trust. Included within freehold land and buildings is land which is not depreciated £85,000 {2023- £85,000) 15. Investments The charity holds 10 shares of £1 each in rts wholly owned trading subsidiary company TRW Productions Limited. Company number 09258386. which is incorporated in the United Kingdom. These are the only shares allotted, cal￿d up and fully paid. The 3clivities and results of this company are summarised in note 10. 16. Stock GTOUP and Charity 2024 2023 Bar and refreshments 7.148 6,553 27 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17. Debtors Group Charity 2024 2023 2024 2023 Amounts falling due within one year: Trade debtors Prepayments Accrued income Taxalion & Social Security Theatre tax relief Other Debtors Amounts owed by subsidiary company 11,490 51,258 11.738 13.224 32,836 9.259 11,490 51,258 11.738 13,224 32,836 9,259 90,047 629 160,464 2,451 629 2.800 2,451 2,600 165.162 218.234 77.915 60.370 18. Creditors Group harity 2024 2023 2024 2023 Amounts falling due within one year: Trade creditors Amounts owed to subsidiary company Taxation and social security Other creditors Accruals Deferred Box Office Income (note 19) Other Loans Deferred Income {Note 19> Pension contributions payable 156.444 76.744 156,444 76,744 5,272 2,376 19.216 29,946 17,186 35,434 80,906 88,170 537,102 430,267 19.550 23,454 5,234 13,500 82,852 19.216 17,186 80,906 537.102 19.550 5,234 29.946 35,434 93.871 430,267 23,454 13,500 82.852 835,637 786,068 840,909 782,643 Group Charity 2024 2023 2024 2023 Amounts falling due in more than one year: Other Loans 28,413 46,452 28,413 46,452 28.413 46,452 28,413 46,452 Other Loans includes two bank Loans. The HSBC bank loan secured by 3 legal charge over the freehold propety daled 9 July 2019. is repayable 7 years from the date of draw down and has an interest rate of 3Q/o over base rate. 28 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 The HSBC Bounce Back Loan supported by a guarantee from the UK Government under BBLS (the BBLS Guarantee) dated 10 June 2020 is repayable 72 months from the date of draw down and has a fixed interest rate of 2.50h. 19. Deferred income 2024 2023 Box Office Balance as at 1 April 2023 Amount released to incoming resources 430,267 (430,267) 366,428 (366.428) Amount deferred in the year 537,102 430,267 Theatre HITe￿spOnsOrshIp Annual Agreements Balance as at 1 April 2023 Amount released to incoming resources 13,500 (13,500} 24,065 124.065} Amount deferred in the year 5.234 13.500 Balance as at 31 March 2024 542,336 443,767 Due within 1 year 542,336 443,767 Due after more than 1 year Deferred income consists of box office income received in advance for productions which took place after the year end and deposits for theatre hires which took pla￿ after the year end. 20. Unrestricted funds Group: Brought forward Incoming resources Outgoing resources Transfers Carried forward General fund 300,000 2.020.789 (1,989.147) (31,6421 300,000 Designated Fund Group Brought forward Incoming resources Outgoing resources Transfers Carried forward Matcham Restoralion & Refurb Covid Recovery 172.084 83.395 115,037 {83:3951 287,121 255,479 31,642 287,121 29 WAKEFIELD THEATRE TRUST NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Designated Fund Matcham Restoration & Refurbishment A Designated Fund was created during 2020121. This fund is for the restoration and refurbishment of the Matcham theatre building and its equipment. The fund balance at 22123 year end was £172,084 and £13,544 w3s invested during 2023124 on various repairs and upgrades throughout the Matcham building. The remaining Covid recovery funds of £83,395 were transferred to Malcham Restoration fund along Wlth an additional £45,186 from unrestricted funds. The balance of the fund at 31 March 2024 is £287,122. Designated Fund Covid Recovery A Designated Fund of £160,000 was created during 2021122. During 2022123 £76,605 of this fund was invested in staff training. consultancy and enabling us to exit the PSATSA pension scheme by paying our Section 75 debt. The remaining balan￿ has been transferred to Matcham Restoration fund leaving a nil balance at 31st March 2024. Unrestricted Funds- Comparative Brought fornard Incoming resources Outgoing resources Transfers Carried fonvard General fund 275,000 1.930,378 (1.980.003> 74,625 300,000 Designated Fund Group & Charity Brought lo￿ard Incoming resources Outgoing resources Transfers Carried forward Matcham Restoration & Refurb Covid Recovery 182,554 160.000 {10,470) 176,605) 172,084 83,395 342,554 <87,0751 255,479 30 WAKEFIELD THEATRE TRUST NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 21. Restricted funds Group and charity". Balance 31 March 23 Incoming Outgoing resources resources Balance Transfers 31 March 2024 Fixed Assets - La￿1 & Buildirys 724.559 Fixed Assets - Centre for Creatmty 733.260 Fixed Assets - Other 25.529 Fixed Assets - Equity TrLEI 2,559 Fixed Assets - Andrew Lloyd Webber FOuThjat￿n 7,718 Fixed Assets - Theatres Trust- Lirtjury Trust 4,123 Fixed A5sets- v￿Dc Capital Fund 47,246 Theatres Trust - Flying System 1,052 National Theatre Speak Up 25.698 WACCL VVMDC SPF 23124 SWYNHS Creative MI￿%$ National The2tre AUdie￿e Developmert WMDC ConnectirYJ Culture 2023 Creative Minds Chime 23124 WY Mayors Office Safer Communities (15,9961 (25,3431 (8,028) 14201 {1,872) (1.188) {3,384) {1.052) (86,1671 {4,000) (7,269) {3,319) {9,500) {34,2361 {7,450) {7,946) 708,563 707,917 17,501 2,139 5,846 2,935 43,862 83.400 7.tK)O 13,453 4.CQO 9,500 34,236 22,931 3,000 6,184 681 7,450 1,587,140 151,589 (217,170) 1,521,559 Fixed Assets- Land & Buildings This fund consisls of grantsldonations received specrfically for the purchase of fixed assets and associated cosls. The funds are depreciated over the expected useful life of the assets. The balance at 31 March 2024 is entirely attributsble to freehold land and buildings. Fixed Assets- Centre for Creativity The Centre for Creativity was ¢ompleted and became fully operational in 2018. The balance at 31 March 2024 is entirely attributable to freehold land and buildings. Fixed Assets- Other This fund consists of grantsldonalions received specifically for fixed assets. The funds are depreciated over the expected useful life of the specific asset. The balance at 31 March 2024 is attributable to the website, IT equipment. dimmer rack and smoke detectors. Equity Trust Capital Funds received to improve the experience of actors performing at our Theatre. by upgrading the male shower and toilet facilities in the dressing room block_ These works were completed during summer 2019. WMDC Capital Fund A one-off capital grant of £60k in 2019120 from Wakefield Metropolitan District Council towards fire detection works and a feasibility study of the restoration of the Matcham theatre building. The fire detection system works took place at the start of the 2020121 financial year. The feasibility study was completed in 2020121. Theatres Trust- Flying System Funds recLwved from the Theatres Trust Re-opening fund to complete capital works on our Flying System. The works were completed in July 2021. 31 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 National Theatre Speak Up Funding to deliver Speak Up in Wakefield secondary schools. Speak Up is a new, free nationwide project for schools which will see young people working in collaboration with local artists and teachers to lead creative projects in response to issues that are most important to them. The project will run for three years. WACCL (31 Donations received to support our projects for local young people. WMDC Shared Prosperity Fund {SPF} 23-24 Funding to develop existing projects. Conversation Café. aimed at refugees and asylum seekers, improving Iheir confidence and well-being and Stepping Out, aimed at similar benefits for older people. Creative Minds Chime 2024 Funding for a music-making for theatre projÈct which will offer a range of activities lo allow young people with Learning Disabilities andlorAutism to develop skills and knowledge. The project continues into to June 2024. National Theatre- Theatre Nations Partnerships Funds received from the National Theatre to develop new drama audiences for Theatre Royal Wakefield as part of the Theatre Nations Partnerships project. WMDC Connecting Culture (2 Funding to support our participation work with Older People. Asylum Seekers and R&fugees and Migrant communilies and our work with young people with Learning Disabilities andlor Autism to develop skills and knowledge. Creative Minds Chime 23124 Funding for a music-makin9 for theatre project which will offer a range of activities to allow young people with Learning Disabilrties andlor Autism to develop skills and knowledge. WY Mayors Office Safer Communities Funding to engage Asylum Seekers and Refugees and migrant communities in conversation cafe and Wakey Wakey activities to support them as they make Wakefield and the UK their new home. Andrew Lloyd Webber Foundation Funds received from the Listed Victorian Theaties - Small repairs fund to install two heat pumps in our scene dock and stage areas. Theat￿$ Trust Funds received from the Theatres Trust small grants programme which was supported by The Linbury Trust to complete upgrade works on our CCTII System. The works were completed in July 2022. 32 WAKEFIELD THEATRE TRUST NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Restricted funds - Comparative Group and charity.. Balance Incoming 31 March resources 2022 Outgoing resources Balance Transfers 31 March 2023 Fixed Assets- Land & Buildings 740,559 Fixed Assets- Centre for Creativity 758,672 Fixed Assets- Other 33,293 Equity Trust 3.051 WACCL {11 1.167 NT Theatre Nations Partnership 3.928 WMDC Capital Fund 51,482 Theatres Trust- Flying System 2.684 WMDC Raise Your Voi 2.110 National Theatre Speak Up WACCL {2) 5.000 Sir George Martin Charitable Trust 2.000 Creative Minds Conversalion Café 4.300 WMDC UKCRF Grant Conv Café RYV 5.076 WY Resilience Fund Comm Grant 3.380 Creative Minds Chime 2022 4.300 WMDC Connecting Culture ACE Blow Down Creative Minds Chime 23124 WY Mayors Office Safer Communities Andrew Lloyd Webber Foundation Theatres Trust- Linbury Trust {16,000) {25,4121 {7,7641 (4921 {1.167) (3.928) (4.2361 (1.632) (2.110) {54,8351 {6,000) {2,0001 <4.3001 {5,0761 <3,380) {4,3001 {34,568) {91.774) (4431 724,559 733,260 25,529 2,559 47,246 1,052 80,533 1.000 25,698 34,568 79,324 7.893 7,946 8,918 5,000 12,450 7,450 7,946 7,718 4,123 (1.200) (877) 1,621.002 225,182 (271.494) 12,450 1,587,140 22. Analysis of group net assets between funds Designated Funds General Funds Restricted funds Total 2024 Fund balances at 31 March 2024 are represented by.. Tangible fixed assets Cash in hand other net current (liabilities) Long term (liabilities) 344,053 640.658 (656,299) (28,413) 1,488,763 39,825 17.029) 1,832,816 967.604 {663.327) 128,413) 287.121 287.121 300.000 1,521,559 2.108.680 Analysis of group net assets between funds Comparative Designated Funds General Funds Reslricted funds Total 2023 Fund balances at 31 March 2023 are represented by-. Tangible fixed assets Cash in hand Other net current (liabilities) Long term (liabilities) 318,536 498,020 (470,104) (46,452} 1,546,046 42,705 {1.611) 1,864,582 885,770 (561.2811 {46,452} 345.045 (89,566) 255,479 300,000 1,587,140 2,142,619 33 WAKEFIELD THEATRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 23. Financial commitments At 31 March 2024 the giouplcharty had annual Gornmitments under non-cancellable operating leases as follows: 2024 2023 Within one year Between one and five years 4,258 4,042 777 1,166 24. Contingent liability There were no contingent liabilities at 31 March 2024. 25. Government grants Income from Government Grants comprises performance-related grants made by local authorities to fund the artistic and theatrical programme of the Wakefield Thealre Trust. See notes 4 and 21 for more information and to the amount and source of these grants. 26. Reconciliation of group net movemerrts in funds to net cash flow from operating activities 2024 2023 Nel movement in funds Depreciation charge Interest income Decreasel(Increasel in stock {In¢rease)l Decrease in debtors Increasel{Decrease} in creditors 133.939) 77,483 110.532) (595> 53,072 31,530 195.937) 74,125 (3.7301 11,6601 158.786} 140,758 Net cash generated byl(used in) operating activities 117,019 54,770 27. Analysis of debt At1Apr 2023 Other non- Cash Flow cash movement At 31 Mar 2024 Cash 885.770 81,834 967,604 Bank Loans due wrthin 1 year (23,454) 21.943 (18,0391 {19,550) Bank Loans due greater than one year (46.452) 18,039 {28.413) Total 815.864 103.777 919,641 34 WAKEFIELD THEATRE TRUST NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 28. Contingent Asset A VAT review took place in the summer: which led to a reassessment of the Trust's VAT liability. Following review, the Trust's status was confirmed as being partially exempt_ The significanl oulcome of this is that the Trust overpaid VAT on ticket sales. We have submitled one claim of £76,213 for 2019120 Q3 which HMRC approved. We are now in the process of compiling a claim for all remaining periods between 2019-20 Q4 to 2023-24 Q3. Notwithstanding the above repayment. we consider that there is still an element of doubt as lo whether Ihis further claim will be approved. Whilst the prospects for a successful claim are enhanced by the agreement ofthe first claim we consider that there remains sufficient room for doubt to proceed wtth caution and therefore further claims are not recognised in the accounts. 35