Newcastle Theatre Royal Trust Limited
Contents
Legal and administrative detalls..................................
Trustees. report lindudlng Strategic reptrrtl for the year ended 31 March 2023.............-..................................
Statement of Tru5tees' responsibilities...............................-.............................................................-........................ 12
Independent audiiors. report to the members of Newcastle Theatre Royal Trust Limited......................... ..... 13
Statement of Financlal AttivltSes Ilncluding Income and expenditure account) for the year ended 31 M?rch
Balance Sheet as at 31 March 2023 ................................................................................................................... 18
Statement of Cash Flows for the year ended 31 March 2023................
Notes io the finandal statements for the year ended 31 March 2023.............................................................. 20
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||||Unrestricted|Unrestricted||||
|---|---|---|---|---|---|---|---|
||||General|Designated|Restricted|Total|Total|
||||funds|Funds|funds|2023|2022|
|||Note|E|E|E|E|E|
|Income from||||||||
|Donations
and legacies||4|159,280||10,899|170,179|85,678|
|Charitable
activities:||||||||
|Operation ofTheatre||5|16,837,125|||16,837,125|7,062,330|
|Other including
Government
Grant fundinR|||37,724|||37,724|176,998|
|Investments|||236,963|||236,963|328|
|Misc. income|||||||13,215|
|Totalincome|||17,271,092||10,899|17,281,991|7,338,549|
|Expenditure||||||||
|Expenditure
on charitable||||||||
|activities:||||||||
|Operation ofTheatre||9|(15,615,501)||(10,899)|(15,626,400)|(8,065,988)|
|Total expenditure|||(15,615,501)||(10,899)|(15,626,400)|(8,065,988)|
|Net income/(Expenditure)|||1,655,591|||1,655,591|P27,439)|
|Actuarial
gains/(losses)
on
defined benefit pension
schemes||13(h)|3,140,000|||3,140,000|1,640,000|
|Transfer to designated|funds||(577,000)|577,000||||
|Transfer to restricted|funds|||||||
|Net movement
in funds|||4,218,591|577,000||4,795,591|912,561|
##
||||||Unrestricted||||
|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|||||
|||||General|Designated|Restricted|Total|Total|
||||Note|funds
6|Funds
6|funds|2023
6|2022
6|
|Net movement|In funds|||4,218,591|577,000||4,795,591|912,561|
|Reconciliation|offunds:||||||||
|Total funds brought||forward|22|997,334|559,000|2,582|1,558,916|646,355|
|Total funds carried||forward|22|5,215,925|1,136,000|2,582|6,354,507|1,558,916|
##
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|Balance Sheet
s at31March 2023|||||
|---|---|---|---|---|
|||Note|2023|2022|
||||f|f|
|Fixed assets|||||
|Tangible assets||15|506,398|604,647|
|Investments
in subsidiaries||16|1|1|
||||506,399|604,648|
|Current assets|||||
|Stocks||17|16,446|15,771|
|Debtors||18(a)|881,589|634,151|
|Cash||24|13,042,143|11,672,333|
||||13,940,178|12,322,255|
|Creditors:|||||
|Amounts
falling due within one year||20|(8,092,07II7|~8,227,9877|
|Net current assets|||5,848,108|4,094,268|
|Total assets less current|liabilities||6,354,507|4,698,916|
|Creditors falling due after more than one year|||||
|Defined benefit pension|liability|13(c),(I)||(3,140,000)|
|Net esse'ts|||6,354,507|1,558,916|
|The funds ofthe charity:|||||
|Restricted funds||22|2,582|2,582|
|Unrestricted
funds|||||
|Revenue funds||22|5,215,925|4,137,334|
|Pension reserve||22||(3,140,000)|
|General|||5,215,925|997,334|
|Designated
funds||22|1,136,000|559,000|
|Totalfunds|||6,354,507|1,558,916|
##
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|Statement ofCash Flows||||||
|---|---|---|---|---|---|
|forthe year ended 31March 2023||||||
||||Note|2022/23|2021/22|
|||||6|6|
|Net cash generated
in operating
activities|||24 (a)|1,132,847|3,612,969|
|Cash flows from investing
activities||||||
|Interest received||||236,963|328|
|Purchase oftangible fixed assets|||||(165,708)|
|Disposal oftangible
fixed assets||||||
|Net cash used in investing
activities||||236,963|(165,380)|
|Cash flows from financing activities||||||
|Government
grant —Culture
Recovery Fund||||||
|Government
grant —Coronavirus
Job Retention||Scheme|||144,998|
|Cash inflow from financing
activities|||||144,998|
|Increase
in cash and cash equivalents|||24 (b)|1,369,810|3,592,587|
|Cash and cash equivalents
at the beginning|of|the year||11672 333|8079 746|
|Cash and cash equivalents
at the end ofthe year|||24 (c)|13,042,143|11,672,333|
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||||Unrestricted|Unrestricted|||
|---|---|---|---|---|---|---|
||||General|Designated|Restricted|Tota I|
||||funds|Funds|funds|2022|
||||E|E|E|E|
|Income from|||||||
|Donations
and legacies|||85,678|||85,678|
|Charitable
activities:|||||||
|Operation ofTheatre|||7,062,330|||7,062,330|
|Other including
Government||Grant funding|176,998|||176,998|
|Investments|||328|||328|
|Misc. income|||13,215|||13,215|
|Total income|||7,338,549|||7,338,549|
|Expenditure|||||||
|Expenditure
on charitable||activities:|||||
|Operation ofTheatre|||(7,307,323)|(36,764)|(721,901)|(8,065,988)|
|Total expenditure|||(7,307,323)|(36,764)|(721,901)|(8,065,988)|
|Net income/(expenditure)|||31,226|(36,764)|(721,901)|(727,439)|
|Actuarial
gains/(losses)
pension schemes|on|defined benefit|1,640,000|||1,640,000|
|Transfer to designated|funds||(50,831)|500,667|(449,836)||
|Net movement
in funds|||1,620,395|463,903|(1,171,737)|912,561|
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|||Unrestricted|Unrestricted||Restricted|2023|2022|
|---|---|---|---|---|---|---|---|
|||General
f|Designated|f|f|f|f|
|Individual|Giving Scheme|1,571||||1,571|2,413|
|Other donations||157,709|||10,899|168,608|83,265|
|||159,280|||10,899|170,179|85,678|
##
|||||2023|||2022||
|---|---|---|---|---|---|---|---|---|
||||Turnover|Cost of|Net income|Turnover|Cost ofsales|Net income|
|Unrestricted||funds|E|sales|E|f|E|E|
|||||E|||||
|gox office (incl. booking
fee)|||14,872,108|(9,330,598)|5,541,510|6,104,189|(2,848,270)|3,255,919|
|Ancillary|||568,153|(262,798)|305,355|302,541|(145,935)|156,606|
|Catering|&bar||1,025,777|(264,923)|760,854|458,265|(116,764)|341,501|
|Memberships|||215,033||215,033|123,254||123,254|
|Creative|Engagement||105,948|(64,812)|41,136|30,555|(23,406)|7,149|
|Miscellaneous|||50,106||50,106|43,526||43,526|
||||16,837,125|9,923,131|6,913,994|7,062,330|(3,134,375)|3,927,955|
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|Other||||||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||6|f|
|Sponsorship||||||37,724|32,000|
|Government|grant|(Cultural|Recovery Fund)|||0|0|
|Government|grant|(Coronavirus||Job Retention|Scheme)|0|144,998|
|||||||37724|176,998|
##
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|2023|2022|
|---|---|
|6|E|
|236,963|328|
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|2023|2022|
|---|---|
|E|E|
|0|13,215|
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|||Unrestricted|Unrestricted|Restricted|2023|2022|
|---|---|---|---|---|---|---|
|||General|Designated|funds|||
|||funds|funds||||
|Cost ofcharitable|activities:||||||
|Cost ofsales (see|note 5)|9,923,131|||9,923,131|3,134,375|
|Marketing||695,002|||695,002|661,632|
|Boxoffice||493,872|||493,872|391,497|
|Front ofhouse management||1,052,848|||1,052,848|782,062|
|Building overhead|costs|1,117,833||10,899|1,128,732|1,189,330|
|Development||49,842|||49,842|43,582|
|Technical||940,026|||940,026|802,119|
|Creative Engagement||127,645|||127,645|107,318|
|Depreciation||98,248|||98,248|27,462|
|Support costs (see|note 10)|1,103,511|||1,103,511|918,689|
|Governance costs|(see note 10)|13,543|||13,543|7,921|
|Total cost ofcharitable activities||15,615,501||10,899|15,626,400|8,065,988|
##
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|||Support costs|Governance|2023|2022|
|---|---|---|---|---|---|
|||(Note 9)|(Note 9)|||
|||f||6|E|
|Central|Office, Admin & HR|646,872||646,872|312,758|
|Finance|Office|250,512||250,512|287,378|
|Information
Technology||206,127||206,127|318,553|
|Internal|Audit||3,043|3,043||
|External|Audit||10,500|10,500|7,921|
|Total||1,103,511|13,543|1,117,054|926,610|
##
|et incom|e/(expenditure)|is stated after charging:|||
|---|---|---|---|---|
||||2023|2022|
||||6|E|
|Depreciation
oftangible||fixed assets|98,248|94,695|
|Operating|lease rentals|—plant &equipment|||
|Auditors'|remuneration||||
||Audit fee||10,500|10,000|
|Directors'|and officers'|liability insurance|2,604|2,593|
|Cost ofstock recognised||as an expense —stock write off|0|5,035|
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|The costs incurred
in respect ofemployees|were:||
|---|---|---|
||2023|2022|
||E|E|
|Wages and salaries|2,656,864|2,274,690|
|Social security costs|210,039|180,060|
|Pension charges|333,439|293,153|
||3,200,342|2,747,903|
|r ofem|ployees
earning|over E60,000,exc|luding
pen|
|---|---|---|---|
|||2023|2022|
|||Number|Number|
|E60,001|—E70,000|1|2|
|E90,001|- E100,000|1|1|
##
|on
including
employer
p|ension and natio|nal
insuran|
|---|---|---|
||2023|2022|
||Number|Number|
|E50,001 - E60,000|2|1|
|E60,001 —E70,000|||
|E70,001 - E80,000|||
|E80,001 —E90,000|||
|E90,001 - 6100,000|||
|E120,001 —E130,000|||
|E140,001 - E150,000|||
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|ension expense for the accounting year ending 31|ension expense for the accounting year ending 31|March 2024 (continued)|
|---|---|---|
|Analysis ofamounts
charged to profit and loss||Period ending 31March 2024|
|||Em|
|Current service|cost|0.38|
|Net interest on|net defined
benefit liability|0.13|
|Total estimated|pension expense|0.25|
##
|Reconci|liation ofpension
liability||
|---|---|---|
|Opening|pension
liability at 1April 2022|(3,060,000)|
|Current|service cost|(980,000)|
|Interest|on net defined benefit liability|(70,000)|
|Contributions
attributable
to the employer||300,000|
|Curtailments|||
|Actuarial|gains/(losses)|6,490,000|
|Pension|asset value not recognised
(as per FRS102para 28.22)|(2,680,000)|
|Closing|pension
liability at 31March 2023||
##
|re:|||||
|---|---|---|---|---|
|Assumptions||31March 2023|31March 2022|31March 2021|
|||9fi|Yo|Yo|
|Discount rate||4.70%|2.70%|2.10'Yo|
|CPI inflation||2.709o|2.90%|2.70'Yo|
|Pension accounts revaluation|rate|2 709o|2.90%|2.70'%|
|Pension increases||270%|290 o|2 709f|
|Sala
increases||420%|4 40Yo|4.20Yo|
##
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||Mortality assumptions||||31March 2023|31March 2022|
|---|---|---|---|---|---|---|
||||||Years|Years|
||Males||||||
||Pension member
aged 65at accounting|||date|21.6|21.8|
||Active member aged 45 at accounting|||date|22.9|23.5|
||Females||||||
||Pensioner
member aged 65at accounting date||||24.6|25.0|
||Active member aged 45 at accounting|||date|26.1|26.7|
||Asset allocation||||Value at|Value at|
||||||31March 2023|31March 2022|
||E uities||||51.2%|57.09o|
||Property||||10.5%|8.49S|
||Government
bonds||||1.39o|2,09o|
||Corporate bonds||||19.5%|18.8Yo|
||Multi Asset Credit||||4.59o|0.09S|
||Cash||||1.89o|1.8Yo|
||Other||||11290|12 OoA|
||Tota I||||100.09o|300.0'|
|(f)|Reconciliation offunded status to Balance Sheet||||||
||||||value asat|Value as at|
||||||31March 2023|31March 2022|
||||||6|6|
||Fair value ofassets||||14,960,0000|14,600,0000|
||Present value offunded|defined benefit obligation|||(12,280,000)|(17,660,000)|
||Pension asset value not|recognised|(as|per FRS102para 28.22)|(2,680,000)||
||Funded status - liability|recognised|on|the balance sheet|0|(3,060,000)|
##
|Amounts
recognised
in inc|ome statement|||
|---|---|---|---|
|||Year ending|Year ending|
|||31March 2023|31March 2022|
|||6|6|
|Operating cost||||
|Current service cost||980,000|1,010,000|
|Financing cost||||
|Interest on net defined benefit liability||70,000|90,000|
|Pension expense recognised|in income statement|1,050,000|1,100,000|
##
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||||||Year ending|Year ending|
|---|---|---|---|---|---|---|
||||||31March|31March 2022|
||||||2023|6|
||||||6||
||Asset gains/(losses)
arising||during the year||7,540,000|470,000|
||Liability gains/(losses)
arising during the year||||(1,050,000)|1,970,000|
||Total amount
recognised||in other comprehensive|income|6,490,000|2,440,000|
|(i)|Changes tothe|present|value ofthe defined benefit obligation||||
||||||Year ending|Year ending|
||||||31March|31March 2022|
||||||2023|6|
||Opening defined|benefit obligation|||17,660,000|18,370,000|
||Current service cost||||980,000|1,010,000|
||Interest expense|on defined benefit obligation|||470,000|380,000|
||Contributions
attributable||to the participants||140,000|140,000|
||Actuarial
(gains)/losses
on||liabilities||(6,670,000)|(1970000)|
||Net benefits paid|out|||(300,000)|(270,000)|
||Curtailment
cost||||||
||ClosIng present value ofliabilities||||12,280,000|17,660,000|
|(j)|Changes to the|fair value|ofassets||||
||||||Year ending|Year ending|
||||||31March 2023|31March 2022|
||||||6|6|
||Opening fair value|ofassets|||14,600,000|13,680,000|
||Interest income on assets||||400,000|290,000|
||Re-measurement|gains/(losses)
on assets|||(180,000)|470,000|
|Contributions
attributable|||to the employer||300,000|290,000|
|Contributions
attributable|||to the participants||140,000|140,000|
|Net benefits
paid||out|||(300,000)|(270,000)|
|Closing fair value||ofassets|||14,960,000|14,600,000|
##
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|Actual re|turn|on assets|||
|---|---|---|---|---|
||||Year ending|Year ending|
||||31March 2023|31March 2022|
||||6|f|
|Interest income on assets|||400,000|290,000|
|Gain/(loss)|on|assets|(180,000)|470,000|
|Actual return||on assets|220,000|760,000|
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|15 Tangible assets||||||
|---|---|---|---|---|---|
||Buildings|Other|Computer|BoxOffice &HR|Total|
||Rncl. leasehold|EquIpment|Equipment|systems||
||improvements)|||||
||6|||||
|Cost||||||
|At 1April 2022|1,354,342|310,371|52,200|244,741|1,961,654|
|Additions
during the year||||||
|Disposals|f275 179)||||275,179)|
|At 31March 2023|1,079,163|310,371|52,200|244,741|1,686,475|
|Accumulated
depreciation||||||
|At 1April 2022|798,087|306,743|52,200|199,978|1,357,008|
|Charge for the year|84,748|2,420||11,080|98,248|
|Disposals|l275 179)||||l275,179)|
|At31March 2023|607,656|309,163|52,200|211,058|1,180,077|
|Net book value||||||
|At31March 2023|471,508|1,208||33,683|506,398|
|At 31March 2022|556,255|3,628||44,763|604,647|
##
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|Prior year|note||||||
|---|---|---|---|---|---|---|
|||Buildings|Other|Computer|BoxOffice &|Total|
|||gael. leasehold|Equipment|Equipment|HR systems||
|||improvements)|||||
|||8|||||
|Cost|||||||
|At 1April|2021|1,198,015|310,371|52,200|235,360|1,795,946|
|Additions|during the year|156,327|||9,381|165,708|
|oisposals|||||||
|At 31March 2022||1,354,342|310,371|52,200|244,741|1,961,654|
|Accumulated
depreciation|||||||
|At 1April|2021|723,371|304,323|52,200|182,418|1,262,312|
|Charge forthe year||74,716|2,420||17,560|94,695|
|oisposa Is|||||||
|At31March 2022||798,087|306,743|52,200|199,978|1,357,007|
|Net book|value||||||
|At 31INarch 2022||556,255|3,628||44,763|604,647|
|At31March 2021||474,644|6,048||52,942|533,634|
##
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|17 Stock|||||
|---|---|---|---|---|
||||2023|2022|
||||6|6|
|Goods for resale|||16,446|15,771|
|18 Debtors|||||
||||2023|2022|
|Trade debtors|||94,320|61,708|
|Subsumption|security monies held by Newcastle|City Council —note 19|380,000|380,000|
|Other debtors|||126,422|56,428|
|Prepayments|and accrued income||280,847|136,015|
||||881,589|634,151|
##
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|Creditors: amounts
falling due within one y|ear||
|---|---|---|
||2023|2022|
|Trade creditors|1,348,379|1,287,985|
|Taxation and social security|131,510|270,091|
|Other creditors|47,561|101,896|
|Accruals|711,267|637,596|
|Deferred income (note 21)|5,853,353|5,930,419|
||8,092,070|8,227,987|
##
|Balance|as at 1April 2022||5,930,419|
|---|---|---|---|
|Amount|released to income earned from charitable|activities|(13,727,818)|
|Amounts|refunded
net ofshow transfers||(287,172)|
|Amount|ofadvanced
receipts at year end||13,937,924|
|Balance|as at31March 2023||5,853,353|
|Balance|as at 1April 2021||3,367,625|
|Amount|released to income earned from charitable|activities|(3,083,935)|
|Amounts|refunded
net ofshow transfers||(283,690)|
|Amount|ofadvanced
receipts at year end||5,930,419|
|Balance|as at 31March 2022||5,930,419|
##
##
||||||Unrestricted|||Restncted||
|---|---|---|---|---|---|---|---|---|---|
||||Revenue|Pension||Designated|Unrestricted|Restnctsd||
||||funds|reserve|Suh total|funds|Funds|Funds|Total|
|||||f||||||
|At 1April|2022||4,137,334|(3,140,000)|997,334|559,000|1,556,334|2,582|1,558,916|
|Net incoming/||(outgoing)||||||||
|resources|for the year||1,655,591||1,655,591||1,655,591||1,655,591|
|Transfers||||||||||
||||(577,000)||(577,000)|577,000||||
|Actuarial|Gain/Loss|||3,140,000|3,140,000||3,140,000||3,140,000|
|At31March 2023|||5,215,925||5,215,925|1,136,000|6,351,925|2,582|6,354,507|
||||||Unrestricted|||Restricted||
|Previous|year||Revenue|Pension||Designated|Unresulcu. d|Restricted||
||||funds|reserve|Sua-total|funds|Funds|Funds|Total|
|At 1April|2021||4,156,939|(4,780,000)|(623,061)|95,097|(527,964)|1,174,319|646,335|
|Net incoming/(outgoing)
resourcesfor the year|||31,226||31,226|(36,764)|(5538)|(721901)|(727439)|
|Transfers|||(50,831)||(50,831)|500,667|(44
~ 36)|(449,836)||
|Actuarial|loss|||1,640,000|1,640,000||1,640,000)||1,640,000|
|At 31March 2022|||4,137,334|(3,140,000)|997,334|559,000|1,556,334|2,582|1,558,916|
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|||Unrestricted|Designated|RestrIcted|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|2023|
|||f|||f|
|Tangible|fixed assets|506,398|||506,398|
|Investment
in subsidiary||||||
|Current|assets &long term debtor|12,801,596|1,136,000|2,582|13,940,178|
|Current|liabilities|(8,092,070)|||(8,092,070)|
|Pension|liability|||||
|Total net assets as at 31March 2022||5,215,925|1,136,000|2,582|6,354,507|
|Previous|year|Unrestricted|Designated|Restricted|Total|
|||funds|funds|funds|2022|
||||||f|
|Tangible|fixed assets|604,647|||604,647|
|Investment
in subsidiary||||||
|Current|assets & long term debtor|11,760,673|559,000|2,582|12,322,255|
|Current|liabilities|(8,227,987)|||(8,227,987)|
|Pension|liability|(3,140,000)|||(3,140,000)|
|Total net assets as at 31March 2021||997,334|559,000|2,582|1,558,916|
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|)
Reconciliation of|net outgoi|ng|resources to|net cash|used in operati|ng
activities||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||6|6|
|Net outgoing resources||||||4,795,591|912,561|
|Depreciation||||||98,248|94,695|
|Government
grants|receivable||||||(144,998)|
|Bad debt provision||||||||
|(Decrease)/Increase|in pension||liability|||(3,140,000)|(1,640,000)|
|Interest receivable||||||(236,963)|(328)|
|(Increase)/Decrease|in stocks and work in progress|||||(675)|(11,101)|
|Decrease in advance|contribution||payment to|Newcastle|City Council||236,418|
|Decrease/(Increase)|in debtors|||||(121,772)|365,184|
|Increase/(Decrease)|in creditors|||||(261,584)|3,800,538|
|Net cash (used in)/generated||from operating||activities||1,132,845|3,612,969|
|Analysis ofchanges|in net cash||&net debt|||||
|||||At|1April 2022|Change
in year|At 31March 2023|
|Cash at bank and in|hand||||8,482,424|4,559,719|13,042,143|
|Cash held with Newcastle
City||Council|||3,189,909|(3,189,909)||
|Net cash|||||11,672,333|1,369,810|13,042,143|
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|||||At 31|||At 31|
|---|---|---|---|---|---|---|---|
|||||March|||March|
|||||2023|||2022|
|||6||E|6|6|6|
|||Other|Office|Total|Other|Office|Total|
|||equipment|equipment||equipment|equipment||
|Notlaterthan|1year|1,773|1,719|3,492|1,258|1,719|2,977|
|Later than 1|year and not|||||||
|later than 5years|||1,056|1,056||2,775|2,775|
|||1,773|2,775|4,548|1,258|4,494|5,752|
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