Theatre
liill Royal
Newcastle Theatre Royal Trust Limited
(a company limited by 8uarantee)
Annual Report and Financial Statements
for the year ended 31 March 2024
Reglstered Number: 01217427
Charlty Number: 504473

Newcastle Theatre Royal Trust Limited
Contents
Legal and administrative details.................................................................................
Trustees, report Ilncluding Strategic report) for the year ended 31 March 2024.. .
Statement of Trustees, responsibllitles .
12
Independent auditors, report to the members of Newcastle Theatre Royal Trust Llmlted............................... 13
Statement of Flnanclal Actlvltles Ilncluding income and expendlture account) for the year ended 31 March
2024.............................................................................,...................................................................................... 16
Balance Sheet as at 31 March 2024 .............................,..........,....... ..
.18
Statement of Cash Flows for the year ended 31 March 2024............................................................................ 19
Notes to the flnanclal statements for the year ended 31 March 2024.............................................................. 20

Neweastle Theatre Royal Trust Limited
Legal and administrative details
Registered charity number:
504473
Re8lStered company number: 01217427
Trustees
Nicholas Swales, OBE, DL (Chair)
John Carver (Vice-chair) Ireslgned 29 September 20231
Raymond Mills (Vice-chairl (appointed 16 October 20231
Julie Blackie
Lorna Edwards
Ben Fletcher-watson
Scott Holland
Andrew Roberts lappolnted S, June 20231
th
th
Allson Jone5 (appointed 5 June 2023}
Chlef Executlve
Marlanne Locatorl
Management Team
Jo Kirby
Slobhan Lightfoot
Colin Johnston
Dlrector ofAudlence & Commuications
Director of Operatlons
Director of Flnance
Company Secretary
Colln Johnston
Bankers
HSBC UK Bank plc
3rd Floor
Central Square South
Orchard Street
Newcastle upon Tyne
NEI 3AZ
Independent Audltors
Azets Audlt Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Principal address and registered offlce
Newcastle Theatre Royal Trust Llrnited
100 Grey Street
Newcastle upon Tyne
NEI 6BR

Newcastle Theatre Royal Trust Limited
Trustees, report for the year ended 31 March 2024
The Trustees (who are a150 the directors for the purpose of company lawl submit their report including the Strategic
Report and the audited financial statements of the Newcastle Theatre Royal Trust Limlted 1.the Trust"} for the year
ended 31 March 2024,
The financial statements comply with the Charities Att 2011, the Companies Act 2006, the Memorandum and
Articles of Association and have been drawn up in accordance with the Statement of Recommended Practice ISORP)
applicable to charities preparin8 their financial statements in accordance with the Flnancial Reportlng Standard
applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191.
Structure. governance and management
The Trust Is a charltable company Ilmlted by guarantee and Is a registered charlty. The members have no
shareholdlngs, but in the event of a winding up they have each undertaken to contrlbute to the payment of
Ilabllltles, such amount as may be requlred, not exceeding a total of £1.
The Trust Is governed by Its Articles of Association (last amended by special resolution on 13 December 20191. As
stated in the Article5 of Association, the Trust shall have up to eleven trustee5 who shall be appointed at the Annual
General Meeting. Trustees are appointed for a three-year term of servlce, wlth reappolntment beln8 permltted
provided that the maximum period of service is 3 x three-year terms.
The Board of Trustees normally meets flve tlmes per year which includes an annual away day and all major decisions
are put forward for con51deration at Board Meeting5. There is a Finance & General Purp05e5 Committee, which a150
has responsiblllties for Heath and Safety, with a membership of up to flve Board Member5, whlch normally meets
flve tlmes per year and 15 from time to time given delegated authority for certaln matters. Other speclfic committees
are created for specific purposes and projects as necessary. The senlor management team are responsible for the
day-to4ay runnin8 of the charity.
New Trustees have a full Inductlon whlch Includes rneeting with the Chair, Chief Executive and Senior Leadership
team and a briefing is given on the organlsatlon and its practices and procedures, as well as the responslbilities of
Trustees. An introduction to the operational aspects of the Trust is glven together wlth a tour of the Theatre Royal
and all new Trustees recelve a comprehen51ve Snduction pack. Specific training for all Trustee5 15 also arranged as
required.
The Trustees set the salary and remuneratlon package for the Chief Executive taking into account industry norms
and the need to attract hl8h quallty candldates. The salarles of the Trust's key management personnel are set by
the Chief Executive in conjunction with the Finance & General Purposes Commlttee. Both are benchmarked agalnst
salaries of comparable position5 in the industry, Subsequently any increase is 8enerally in line with any pay award
made to all staff.

Newcastle Theatre Royal Trust Limited
Trustees, report for the year ended 31 March 2024 (continued)
All Trustees give their time freely and receSve no remuneration.
The Trustees are responsible for malntalnlng a sound system of internal control in order to Safeguard the assets of
the charity.
An annual budget is presented and approved by the Board in March each year, having been reviewed in advance
by the Finance & General Purposes Committee. Management accounts in which actual results are compared agalnst
budgeted results are prepared and clrculated to the Management Team monthly and Trustees at each board
meeting. One volunteer assists the Trust as an archivlst, and the Trustees and senlor management team are very
grateful for the ¢ontributlon5 made by our volunteer.
Objectives and actlvltles
The Trust's primary charitable objectlves are to promote, malntaln, Improve and advance educatlon, partlcularly by
the productlon of educatlonal plays and encoura8ement of the arts, Includln8 the arts of drama, mlme, dance,
singing and music.
This is normally achleved by the presentation of a wlde ranging and pro8ramme of quality drama, dance, musicals,
opera, ballet, pantomime, live music and comedy performed in the 1,247 Seat, Grade l L15ted, Theatre Royal,
alon8slde a creative engagement programme that is embedded at the heart of the overall creative programme.
The performance programme Is a careful balance of creatlve endeavour, cornmerclal success and financial
prudence, to ensure that a key source of income, tlcket sales, makes a significant contribution to the cost of
operating and malntaining the Theatre Royal bulldlng.
The Trustees have complied with the duty In the Charitie5 Act 2011 to have due regard to publlc beneflt guldance
published by the Charity Commission. In dellverlng Its objectives, the Trust achieves Its charitable purposes for the
beneflt of the public.

Newcastle Theatre Royal Trust Limited
Trustees. report for the year ended 31 March 2024 (continued)
Strategic Report
In May the Trustees agreed and approved a new strategic plan with a new vision, mission. values and guiding
Principles for the charity. Thls work was the result of a 6 month programffle of con5ultatlon and input from all
members of staff and Trustees and facilitated by Theatre sector consultants. The resultin8 Strategy as detailed
below is in the process of being put in place..
Our Vlslon.. A love of theatre for everyone, that lasts a lifetime.
Our Mlsslon.. To create moments of maglc on and off stage, through an ambitious creative programme for
audiences and communitles across the North East. Our landmarktheatre in the heart of Newcastle is a place where
everyone is welcome and a space for all to enjoy.
Our Values..
Ambltlou5.' We are ambitious in all that we do.. excellence and quallty are pre-requlsites and we endeavour to be
the best that we can be.
Incluslve.. We celebrate dlverslty.. we welcome and respect dlfference volces and perspectlves knowlng that
together we can achieve more.
Collaboratlve.. We value trust: we embrace partnership working to achieve and celebrate shared success.
Creative.. We nurture creativlty; we recognlse and celebrate Ima8lnatlon and orlglnallty In everyone.
Progresslve.. We are forward thinking; we look to the future and embrace change,
Underpinning the strategy are Buldlng prlnclples that are the lenses through which we plan and dellver all activity.
This framework has Informed the developrnent of key organisational strategies over the last year, with more
development requlred in the year to come.
People.. Our success Is driven by our people. We support and develop our teams and Trustees to be a talented and
diverse workforce, empowered and appropriately skllled to dellver and support our creative programme, our
creatlve engagement programme and commercial operations. We value our teams, health and well-bein8 and we
look to take care of the 'people experlence, at NTR,
Flnonclol Resllience.. We embrace an entrepreneurial approach to broadening our income streams, increasing
trading and developing new income generating opportunities. The areas of current financial focus are commercial
operation5, fundraising and development ticket income- particularly growth in customer loyalty and membership.
Ploce.. We are a cultural hub In the city centre, welcoming audiences from across the North East. We reflect, and
are representative of, our distinctive region and communitie5 on and off stage. We want to ensure our theatre
building is open and accessible for everyone to enJoy more of the time.
Proce55.' We wlll embrace change and focus on continuous improvement, always looking to modernise and digitise
where possible. Partnership worklng is inherent In all our programmes and welcome collaboratlon to support
growth.
Sustainobility: We value and respect the envlronment and take responsibility to ensure our policles and actions
contribute to Improved 5UStainability.

Newcastle Theatre Royal Trust Limited
Trustees, report for the year ended 31 March 2024 (continued)
Our key strateglc objectives
ro Present G creative programme of quality and excellence
Our programme on stage is rooted in quallty,. It is ambitious and embraces diversity. We are the largest Theatre in
Newcastle and draw our diverse audiences from acr055 the North East and, In order to serve these communities.
our programme wlll present a broad range of the best regional, natlonal and international drama, dance, musicals,
opera and pantomime. We will explore collaboration to facilitate or open new musical or drama productlons and
we will develop a programming strategy for our smaller studlo space.
Produce a creative engagement programme providing pathways and opportunities for communltie5 in
Newcastle
Our Creative Engagement programme slts at the heart of our overall Creative Programme, providing partlcipants
with pathways to find their own creatlvity, support their personal and professional development, Improve well-
being and provide positive health outcomes. The work is focused in three areas: Young People, Communlty and
Talent Development.
The Theatre Is o publlc space In the clty that is ¥velcoming and accesslble
Our theatre building is a 8reat asset for the clty and we are proud custodians of one of Its recognlsable landmarks.
Wh115t recogni5ing the challen8es presented by the Grade I listingi we wlll develop its earnin8 Potential whllst
aiming to maximlse access and provide opportunity for everyone to enJoy the building. We will endeavour to ensure
our Theatre Is a place to create, to connect, to feel safe in, to Inspire and a place to have fun.
Achievements and performance
We welcomed nearly 330,000 audience members to See 5how5, presenting 61 productlons and 410 performances
across a range of genres. 39% of our audience came to see musical theatre, 22% for pantomime, 15% for dance,
7% for drama. The remalnlng 17% comprlsed audiences for famlly shows, opera and comedy.
We launched the premlere of Michael Harrison's new pantomlme Plnocchlo (Crossroads pantomimesl welcomin8
85,¢)00 to a nearly Sell out 7 week run 194% occupancy). Musicals were an Important part of the creatlve
programme, driving audiences and tlcket sales
highlights Included Six 198.5% occupancy), Slster Act {89%
occupancy), 42. Street180% occupancy), Jesus Chrlst Superstar186% occupancy}, The Drlfters Girl {67% occupancvl,
Everybody's Talking About Jamie189% occupancy) and The Bodyguard (93% occpauncvl.
Whi15t drama Is proving challen8in8 for many venues, we presented a number of nationally acclaimed
productlons: the National Theatre's Ocean At The End Of The Lane, We5t-End hit 2:22 A Ghost Story, James
Grahams, Quiz and partner company the Royal Shakespeare Company's Jullus Caesar. Working in collaboration
with the RSC we created a communlty chorus of 6 female identifying community members to develop their vocal
and performance skills In regular workshops wlth the RSC before performlng wlth the professional company on
stage for the run of Julius Caesar in Newcastle.
Dlverse national and International Dance Companles have presented a range of classical and contemporary dance
on our stage this year. including three Dance Consoritum productlons- Dada Masilo's Sacrifice (South Africa), Alley
2 Alivn Alley American Dance Theatre's second company IUSAI, Sao Paolo Dance Company (Brazill. From the UK
we welcomed partner company Matthew Bourne's New Adventure's sleeping Beauty, Northern Ballet's Beauty &
The Beast and Scottish Ballet's Cinders! Further enrichement for dance audiences has included 900 attenders at
pre-post show talks, 110 attenders to observe company classes and the opportunity for 5 adult dancers in training
to participate in a master class with Ailey 2.

Newcastle Theatre Royal Trust Limited
Trustees, report for the year ended 31 March 2024 (continued)
We welcomed 7,536 new attenders to see a production on stage and in total sold 71% occupancy across the
year. Our average ticket price paid was £32.20 and average number oftimes an audience Member attended in the
year was 2.27.
At the centre of our vision and mission is our Creative Engagement pro8r3mme. This work has provided pathways
for people in Newcastle and the North East to discover and experience Ilve theatre as well as develop the abundance
of creative talent and the industry's future workforce here on our doorstep. The past 12 months have seen us reach
out further into the communltV• collaborate with organisations representing under-served groups and nurture
relatlonships wlth 5choo15 In economlcally deprived areas.
In 2023124, we have worked directly with over 1,300 individuals through practical workshop activities within the
Theatre, a further 327 School age puplls in their school settings and over 130 adult participants in communlty
settin8s. We also opened the doors to our backstage areas and welcomed 178 people to particlpate in Insight v151t5
which enabled them to get a glimpse into how the theatre works.
We have formed a partnership arrangement wlth West End Schoo15 Trust IWESTI, a charitable company of primary
schools and partner organi5ations located in the west end of the city of Newcastle upon Tyne. In January we officiallv
became a partner organi5ation of WEST and with them developed a 3 year plan to deliver creative engagement
activity to the schools in the Trust over the coming 3 years. We launched a weekly after school club, delivered on
site at Theatre Royal, as well as starting to deliver our Oracy and Literacy work in School.
We continued our partnership with both Twlstlng Ducks, a North East charlty that airns to change the Ilves of people
with learning difflcultles and autlsm, and Newcastle College, working with neurodivergent young adults and those
with additional learnlng needs, supporting 53 individuals develop confidence, social and performance skills.
On stage, we developed two large scale maln auditorium productlons, el6ht full scale Studio productions and a
further 27 show back and sharing events across our Studio and Rehearsal Room spaces, welcoming 1,480 audlence
members.
Our Youth Theatre contlnues to grow wlth 572 young people developlng performance skllls and creatlng small scale
devised projects. Our popular Summer School programme saw 286 youngsters f rom acr055 the region participate
In a number of week-long, performin8 arts projects includlng creating a play in a week, exploring backstage roles, a
five-day film challenge and muslcal theatre showcase.
In total, 4901 young people partlclpated In our creatlve engagement actlvlty th15 year.
As a longstanding flagship Creative En8a8ement programme, Project A- our actor training programm,-welcomed
18 young people from across the North East In our 23124 cohort. Vlsiting Director5 worked with the group to create
two new pieces of work. Wlth the permi55ion of the Julia Darling estate, one of the piece5 was further developed
and performed as epi108ue to a sell-out, weeklon8 run of Darlinls A Manlfesto for a New City. Over 90% of the
graduate5 have gone on to continue their training in Drama School settings or have received professional
representation, working in the industry from graduation.
Evry is the city wide Strategic plan, led by Newcastle City Council, which seeks to make Newcastle a place where
every baby, child and young person can feel happy & healthy, ready for their next 5tep5, safe and heard. A5 one of
the first organisations to join the partnership, over 800 young people and their fami lies, who would have been
otherwise unable, attended the preview performance of our pantomime, Pinocchio.
Our contlnued comrnitment to introducing new audiences and providing opportunitie5 for as many people as
possible to enjoy and experience live theatre enabled us to forge and grow valuable relationships with a number of
communlty and outreach partners.

Neweastle Theatre Royal Trust Limited
Trustees, report for the year ended 31 March 2024 (continued)
Through Gem Arts
diverse arts development organisation committed to delivering a culturally eclectlc
programme of work- we welcomed members of the South East Asian community to experience Opera North's
Orpheus. A collaboratlon with Newcastle City of Sanctuary enabled a group of migrant and asylum seekers to
experience opera for the first time.
Flnancial review
The Trust's income was £15,996,798. compared to £17,281,991 the prevSous year120231. The reduction was as a
result of a less commercially focused programme on stage but one that presented a wider breadth of genres and
artistic innovation.
The Income generated by the foyer bar sales resulted in £743,956 net Income to support the Theat￿ operation.
Due to the continued hl8her level of Interest rates, the Trust benefited wlth Interest recelved of £627,520. This
Income ¢ontrlbuted signficinatly to the year-end surplus but it should be noted that thls Income Is not sustalnable
mid to lon8 term and will reduce as Interest rates fall. Therefore a focus on generating new income streams for the
Trust Is essential to generate a surplus In future years.
The Trust awarded a 4% pay increase for all staff in this year. Thls Increase recogn15ed the levels of inflatlon over
recent years and a number of years of nll pay increase for staff.
The Trust does not normally recelve any external fundlng in the form of Government (national or Locall Grants.
The Trustees are, howeveri grateful for all supporters and cu5tomer5 of the Theatre Royal who have contlnued to
5UPPOrt by attending productions and continuing with thelr memberships and donatlon5.
Overall expenditure on charitable activities was £15,649,151 and Income generated was £15,996,798, therefore
resulting in a net surplus of £347,647 for the financial year.
The Trustees regard the resultin8 surplus as a good result In the contlnulng challenging climate of increased costs
for presenting the work on stage, staffing and overheads.
Pension scheme
The last full trlennlal actuarial valuation was at 31 March 2022. The Trust continued to benefit from lower employer
contributlonsfollowing the newsubsumption agreement with Newcastle Clty Council and theTyne & Wear Pension
Fund. The contribution rate durlng the year ended 315r March 2024 was 10.3% {2023: 14%).
The accounting valuation of the Balance Sheet pen51on scheme for LGPS funded benefits improved from a surplus
of £2,680,000 as at 31 March 2023 to a surplus of £3,430,OCKJ (although this wa5 capped at Enil on the Balance
Sheet) and for LGPS unfunded benefits, made on a discretionary basis upon early retirement, the liability remained
at £70,000 {2023'. £70.0001 (which was oftset agaln5t the above surplus, with no surplus nor liability for the pension
scheme being included in the Balance Sheet). The increased surplus reflect5 changes in the financial assumptlon5
Used to value the assets and Ilablllties frorn an accounting perspective, these are different to the a55umptions used
by the actuarie5 in determining the employer contribution rate5. Further details on this decrease are given in note
12.
In accordance with FRS 102 the net surplus of the LGPS scheme 15 not recognised on the Balance Sheet.

Newcastle Theatre Royal Trust Limited
Trustees. report for the year ended 31 March 2024 (continued)
An actuarial gain of £1,030,000 has been recognised on the LGPS benefits12023'. £6,490,000>. There is no change
to the unfunded LGPS benefits in the year, whlch reflects the movement on the net defined benefit pension scheme
obligatlons following the actuary's annual review of this liability for accounting purposes. As a result of this actuarial
gain, and the accountin8 treatment to Ilmlt the surplus to £nil, the overall net movement in funds (shown on the
Balance Sheet) for the year is an increase of £nil12023'. increase of £3,140,000).
The pension surplus represents a snapshot of the pension scheme at the year end, however, It should be noted that
the average duratlon for the LGPS funded scheme liabillty Is 19.5 years las calculated by the actuarial advlsors to
the Tyne and Wear Penslon Fund) and the surplus for this scheme of £3,430,000 (capped at £nil on the Balance
Sheet) Should be assessed in this context.
It is Important to note that on 27 June 2024 trust left the Tyne & Wear Pension Fund. The guarantee in place at
31. March 2024 between Newcastle Clty Councll and South Tyneslde Councll las Admlnlstering Authority for the
Tyne and Wear Penslon Fund) In relation to the Trust's admission to the Fund, was subsequently released and the
bond repaid.
Reserves pollcy and golng concern
The Trust aims to generate sufficient funds to Invest in culturallart15tlc actlvltle5 in furtherance of it5 charitable
objectlves (education through the arts). Its aim is to hold sufficient 8eneral reserves to cover the normal operatlng
costs for a minimum 3 month period in order to manage an orderly wlnd up of the buslness Ilf ever requlred) and
to retain sufficient cash funds to repay any deferred incorne balances held in relation to advance ticket Sales.
Restrlcted reserves represent funds that are retained for a speclflc purpose In accordance wlth the terms upon
whlch the Income was received. The desi8nated reserve Is part of the general reserve and represents reserve5 that
have been set aside to meet specific obligatlons. These obligations include the 3 year cost for planned restoration
and refurbishment of the Theatre Royal bullding, together with commitments to fund creative engagement
projects, artlstlc partnershlps, and any capital commitments. The deslgnated reserve also Includes an amount
5ufflcient to cover the normal operating costs for a minimum 3 month period.
Unrestricted funds amounted to £6,699,573 at 31 March 202412023: £6,351,925). The general reserve, excluding
the desl8nated reserve, amounted to £441,573 at 31 March 2024 {2023'. £5,215,925). The designated reserve at 31
March 2024 amounted to £6,258,00012023: £1,136,000). The restricted reserve at 31 March 2024 is unchanged
and amounted to £2,582.
Total funds held at 31 March 2024 amounted to £6.702,15512023: £6,354,507).
The Trustee5 appreciate the careful balance required in maintalnlng reserves whllst CDntinuing investment in
building maintenance and improvernents, and ensuring funds are available to protect a8ainst fluctuations in
audience numbers alon8side the challenge of offerln8 a varied artistic programme.
Goln8 concern
In light of ongoing prudent management and the steps taken above, the Trustees are confldent that the Trust is
80ing concern and a5 such the going concern basis ha5 been adopted in the preparation of the financial statements.
The Trustees consider there are sufficient reserves and cash to enable the Theatre to continue in operation for the
foreseeable future and the financial positior) of the Trust continues to be closely monitored.

Newcastle Theatre Royal Trust LRmited
Trustees, report for the year ended 31 March 2024 (continued)
Investment powers pollcy and performance
The Trustees have the power, a5 detalled in the Trust's governing document, to invest the f unds of the Trust as thev
see fit. The investment policy Is to hold the funds needed for the day-to-day operations as cash. Should surplus
fund5 arise they are invested with a view to maximise income return wh115t rnaintaining the liquidity requirements
of the Trust.
NTRT Tradlng Ltd INon-tradln81
NTRT Trading Ltd is incorporated in En8land, registration number 11036273 and Its registered office is 100 Grey
Street, Newcastle upon Tyne, NEI 6BR. This company was dissolved on 9 July 2024.
NTR Green Room Llmlted (Non-tradln8)
On 11 March 2024 the trust ended the leases in respect of the demises tradlng as Datbar and Nltehawks. NTR
th
Green Room Limited was incorporated on 30 January 2024 to carry on commercial operations at the theatre when
the areas prevlou51y occupied by Datbar and Nltehawks reopen. We are currently engaged in a process of
consultation to consider the design and use of those spaces.
Prlnclpal ri5k5 and uncertaintles
In deliverin8 the charitable objectives, the Trustees are mlndful of the risk involved and have established systems
and procedures for identifyin8, reviewin8 and mitlgating the key risks. A risk register 15 malntalned which is
revlewed regularly and updated as necessary by the Senior Management Team, Flnance & General Purpose5
Committee and then annually by the Board of Trustees. The reglster detalls the significant risks to which the Trust
is exposed and the steps taken to mitigate those risks. The r15ks are reviewed by rnanagement throughout the year.
The key rlsks whlch the charlty faces are:
Econom1¢ rfsk- The flnancial 5ucce55 of the Trust rests on 8eneratlng sufficlent Income from across a mlx of box
office sales by malntalnlng/ln¢reasing audlence attendance rates, commercial operations, sales income and
development, and fundraising Income. This year there has been a squeeze on the marglns achlevable from the stage
programme due to Increased costs set a8ainst challenglng customer confidence due to the c05t of living crlsis,
inflatlon and continued economic uncertalnty meanin8 ticket price increases remained modest. Ticket and
commercial sales are closely monitored by management and the achlevement of flnancial tar8ets are regularly
reported to both the Finance & General Purposes Committee and Board.
ArtlstlcRlsk- A failure to malntain the quality, diversity and popularlty of the artistic pro8ramme will dirertly impact
box office sales. A level of confidence has returned to some Theatre producer5 who tour work nationally, however
increased costs mean that the breadth of their artistic risk is somewhat Impacted. Action5 taken to mitigate this
risk include ensurlng the relationship5 With commercial and subsidised producers are stron8, maintaining close and
regular contact as touring plans are developed. The Theatre's Programming Team meeting, comprised of kev
creative staff and the Senior Leadership Team contribute to the programme planning. The board receives regular
updates on the status of both the current and future programme.
Penslon scheme risk- The Trust Used to participate in the Tyne & Wear Pension Fund. which is a defined benefit
local government pension scheme, which exposed the Trust to increases in the required employer contribution rate.
over which the Trust ha5 no control. Following the actuarial valuation and enterin8 of a new 5ub5umption

Newcastle Theatre Royal Trust Limited
Trustees, report for the year ended 31 March 20241continued)
agreement with Newcastle City Council and the Tyne and Wear Pension Fund, the Trust's employer contribution
th
rate was set at 10.3% for the year ended 31. March 2024. On 27 June 2024 the Trust exited the Tyne & Wear
Pension Fund and is now no lon8er exposed to the risks of a defined benefit pen5i0n scheme. The Trust now
operates a defined contributlon scheme wlth Smart Pension and the employer contribution rate contlnues to be
10.3%.
Stoff Recrultment and Retentlon rlsk- Recruitment of staff acr055 all sectors, including Theatre, has been difficult
as pressure on wages and work life balance expectations continue to increase. The Theatre's minimum pay levels
are, however, aligned with the Real Living Wage Foundatlon wage. Beneflts Include an Employee Assistance
Scheme, mental health first aiders and a well-being group. A new role of Head of People h35 been Introduced this
year along with a newly developed People Plan, which includes a review of employment terms and benefits being
undertaken. The new Senior Leadership and Head of Deptarment structure has Introduced more expertise and
capacity to the wider leadershlp team. The Flnance & General Purposes Committee scrutinise5 the annual budget
in detail before it is approved by the Board and close attention Is given to the level of pay awards made.
Terrorlsm a Cyber Securlty• IT reslllence rlsk- The Charlty relles heavlly on Its computerlsed booklng systems and
other supporting IT systems, The risk of criminal cyber actlvlty remains constant, The Trust engages specialist IT
provlders and has payment Card industry compllance certlflcation. All staff recelve IT security tralnlng and the Trust
implements regular training updates. however, thls remalns an area where on8oln8 vlgilance Is requlred throughout
the organisatlon and by all levels of staff at all times. The introduction of a new role of Head of Business Support
has resulted In the Introduction of modern15ed, fit for purpose, cloud based and future proofed systems acr055 HR
and Flnance which further mitl8ate IT system failures. The Trust monitors and endeavours to improve the Counter
Terrorism procedure5 taking advice f rom CT speciallsts, leglslative changes, to Inform policy changes.
Plans for future year5
The three strategic oblectlves wlll be the focus of the comlng year and the Trust wlll expand on the work Inltlated
thi5 year in each of these areas,
Creative Programme - the Trust will look for partnershlp opportunltles to faclllate and launch new productions
that align to our artlstlc vision and that are relevant and representative of the North East, celebrating the talent in
the region.
Creative Engagement-this programme of work will grow, particuarly focused on the West of the city where there
is limited creatlve and cultu ral provision and Significant area5 of deprivation. Thi5 work will expand and build on
the partnership with West End Schools Trust, to ecompass community enga8ement In communlty settings. Talent
Development programme5, to nuture and sUPPOrt creative talent in the region will also be a focus,
The Theatre Building- following the end of the lease arrangements for the Theatre's demise that were previously
Datbar and Nitehawk5, consideration5 will be given to how those spaces can be best used to create a building and
cultural hub in the clty that is open More of the time to more people.
10

Newcastle Theatre Royal Trust Limited
Trustees, report for the year ended 31 March 2024 (continued)
Publlc benefit
Fundralslng
Income generated from the Trust's core charitable activitie5 15 Used to fund its day to day operations. Donation and
legacy income usually repre5ent5 a small percentage of the Trust's overall income, but 15 an area for exapan51on
with the introduction of a new Head of Development role. Income from the Friends scheme generates £155,433
and wlth over 6,600 members these supporters are a core audience base for the Theatre.
During the year donations totalled £35,96012023: £84,211) and the Trustees are extremely 8rateful to all donor5
and our loyal audience5 for their sUPPOrt during the year.
The Trust engaged a Head of Development on 4 March 2024 to manage its fundraislng activities and to increase
external support for our creative engagement programme and improvements to the buildin8.
The Trust seeks to prDtect all members of the public lincludin8 vulnerable people) in all of it5 fundraising activitles.
The Trust's 'Data Promlse" whlch Is avallable on the Theatre's webslte, outllnes how the Trust treats the personal
data of Its Customers,
The Trust did not recelve any complalnts about Its fundraising activities durin8 the year.
The Board regularly recelves Informatlon on the level of donations received and sponsorship Income generated and
any activitie5 belng carried out which enables them to monitor fundralsing activities,
Fixed assets
Movements in tangible flxed assets are set out in note 14 to the financial statement5.
Dlrectors. and off Icers, liability insurance
The Newcastle Theatre Royal Trust Llmlted holds Ilablllty Insurance on behalf of the dlrectors and offlcers.
Statement as to dlsclosure of informatlon to audltors
The Trustees who were In offlce on the date of approval of these flnanclal statements have confirmed, as far as they
are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Trustees has
confirmed that they have taken all the Steps that they ought to have taken as directors in order to make themselve5
aware of any relevant audit information and to establlsh that it has been communicated to the auditors.
Independent Auditors
Azets Audit Services have indicated their willingness to continue In office.
The Trustees, Report Including the Strategic Report has been approved by the Board and is signed on its behalf of
by:
Mr Nlcholas R. Swales, OBE, DL
Chair
Date:
14 October 2024

Newcastle Theatre Royal Tnjst Limited
Statement of Trustees. responsibilities
The Trustees (who are also dlrectors of Newcastle Theatre Royal Trust Limited for the purposes of company lawl
are re5pon5ible for preparing the Trustees. Report (including the Strategic Report) and the flnanclal Statements in
accordance with applicable law and regulations.
Cornpany law requlres the Trustees to prepare financial ststements for each financial year. Under that law the
Trustees have prepared the financial statements in accordance wlth United Kingdorn Accounting Standards,
comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and appllcable
law {Unlted Kingdom Generally Accepted Accountlng Practice). Under company law the Trustees must not approve
the financial statements unless they are satisfied that they give a true and fair vlew of the state of the affairs of the
charitable company and of the incoming resources and application of resources, Includlng the income and
expenditure, of the charitable company for that period. In preparing these financial statement5, the Trustees are
required to:
select sultable accounting policies and then apply them conslstentlv;
observe the method5 and principles in the Charities SORP;
make judgments and estlmates that are reasonable and prudent,,
state whether FRS 102 Yhe Flnanclal Reportln8 Standard applicable in the U K and Republlc of Ireland" has
been followed, subject to ar)y material departures dlsclosed and explalned In the flnancial statement5,' and
prepare the flnanclal statements on the going concern basis unless It Is Inapproprlate to presume that the
charltable company wlll contlnue In busine55.
The Trustees are respon51ble for keeping adequate accounting records that are sufficient to show and explain the
charltable company's transactions and disclose wlth reasonable accuracy at any tlme the flnanclal position of the
charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguardlng the assets of the charltable company and hence for taking reasonable
step5 for the prevention and detection of fraud and other Irregularitie5.
The Trustees are responslble for the maSntenance and integrity of the charitable company's webslte. Le8lslatlon In
the Unlted Klngdom 8overnin8 the preparatlon and dlssemlnatlon of financial statement5 may differ from le8lslatlon
in other jurisdictions.
Approved and signed on behalf of the Board by..
Mr Nlcholas R. Swales, OBE, DL
Chair
Date:
14 October 2024
12

Newcastle Theatre Royal Trust Limited
Independent auditors, report to the members of Newcastle Theatre Royal
Trust Limited
Opinion
We have audited the financial statements of Newcastle Theatre Royal Trust Llrnlted Ithe'charlty'l for the year ended
31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet. Statement of Cash flows, and
notes to the flnancial statement5, including a Summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities
SORP - FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, and applicable law
(United Kingdom Generally Accepted Accountin8 Practice).
In our opinion the flnanclal statements:
give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of Its Incoming
resources and appllcatlon of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance wlth United Klngdom Generally Accepted Accounting Practlce;
and
have been prepared in accordance wlth the requlrements of the Companles Act 2006.
Basis for oplnlon
We conducted our audit in accordance with Internatlonal Standards on Audltln8 IUKI IISAS IUKII and applicable law.
Our re5pon5ibilities under those standards are further described in the Auditorfs responsibilities for the audit of the
financial statements section of Okjr 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 responslbllltles In accordance wlth these requlrements. We believe
that the audlt evldence we have obtalned Is sufflclent and appropriate to provide a basis for our oplnion.
Going Concern
In auditin8 the financial Statements, we have concltjded that the Trustees, use of the 8oln8 concern basls of
accountlng in the preparatlon of the flnancial statements is appropriate,
Based on the work we have performed, we have not identlfled any materlal u ncertalntles relating to events or
condition5 that, Indlvldually or collectlvely, may cast significant doubt on the charity's ability to continue as a going
concern for a perlod of at least twelve months from when the financial statements were authorlsed for issue.
Our responsibilities and the responsibilities of the Trustee5 Wlth respect to going concern are described In the
relevant sections of this report,
Other Information
The Trustees are responsible for the other information. The other information comprises the information included
in the annual report, other than the financial statements and our auditor's report thereon. Our opinlon 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.
In connertion with our audit of the financial statements. our responsibility 15 to read the other information and. in
doin8 so, consider whether the other Information is materially inconsistent with the financial statement5 or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
13

Newcastle Theatre Royal Trust Limited
Independent auditors, report to the members of Newcastle Theatre Royal
Trust Limited (continued}
Other Information (contlnued)
If we identify such materlal inconsistencies or apparent material misstatements, we are required to determine
whether there is a material misstatement in the financial statements or a material misstatement of the other
information. 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 nothlng to report in thls regard.
Opinion on other matters prescrlbed by the Companles Act 2006
In our oplnlon, based on the work undertaken In the Course of the audit.,
the Informatlon glven in the Trustees, report for the flnanclal year for which the financial statements are
prepared is conslstent wlth the financial statements,. and
The Trustees, report has been prepared in accordance with appllcable le8al requirements.
Matters on whlch we are required to report by exceptlon
In the light of our knowledge and understandlnB of the company and Its environment obtained in the course of the
audlt, we have not identified material mlsstatements in the Trustee5' report.
We have nothlng to report In respect ofthe following matters where the Companies Act 2006 requlres US to report
toyou if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audlt have not been recelved
from branches not visited by us; or
the financial statements are not in agreement with the accountlng records and returns; or
certain disclosures of trustees remuneratlon specified by law are not made,. or
we have not received all the Information and explanations we require for our audit.
Responsibilltles of Trustees
As explalned more fully in the Statement of Trustees, Responslbilities set out on page 12, the Trustees are
responsible for the preparatlon of the financial statements and for being satlsfied that they give a true and fair view,
and for such internal CDntrol as the Trustees determine is necessary to enable the preparation of financial
statement5 that are free frorn material mi5Statement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for a55e55ing the Charity's ability to contlnue as
a going concern, disc105in8, as applicable, matters related to 80in8 concern and u51ng the going concern basis of
accounting unless the Trustees either Intend to liquidate the Charity or to cease operatlon5, or have no realistic
alternatlve but to do so,
Auditorfs responslblllties for the audit of the financlal statements
Our objective5 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 auditorfs report that includes our opinlon.
Reasonable assurance is a hi8h level of a55urance, but is not a guarantee that an audlt conducted in accordance
with ISAS IUKI will alway5 detect a material misstatement when it exi5t5. Misstatements can arise from fraud or
14

Newcastle Theatre Royal Trust Limited
Independent auditors, report to the members of Newcastle Theatre Royal
Trust Limited (continued)
Auditorfs responsibilities for the audlt of the flnancial statements (continued)
error and are considered material if, indlvldually or in the aggregate, they could reasonably be expected to influence
the economic declslons of users taken on the basis of these financial statements.
Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularltles, including
fraud, The eKtent to whlch our procedures are capable of detecting Irregularltles, Includin8 fraud is detailed below:
Enquiries with management about any known or suspected Instances of non-compliance with laws and
regulatlons and fraud,.
Revlewlng board mlnute5,'
Review of legal expenses Incurred by the charity;
Challen8lng assumptions and judgement5 made by management in thelr 518nlflcant accounting estimates,.
Auditing the r15k of management overrlde of controls, Including through testln8 journal entrles and other
adjustments for appropriatene55.
Because of the field in which the client operates, we identified the following area5 as those most likely to have a
material Impact on the financial statement5 and compliance wlth the UK Companles Act, and the Charities Act.
Owing to the Inherent limitation5 of an audit, there is an unavoidable risk that some material mi55tatements in the
financial statement5 may not be detected, even though the audit 15 properly planned and performed Sn accordance
with the ISAS {UKI. For instance, the further removed non-compliance is from the events and transactlon5 reflected
in the financlal statements, the less likely the auditor Is to become aware of It or recognise the non-compliance.
A further descriptlon of our re5pon5ibilitles for the audit of the financial Statements Is located on the Flnanclal
Reporting Councll's website at www.frc.org.uk/auditorsresponsibilities. This descrlption forms part of our auditor's
report.
Use of our report
This report is made solely to the charitable company's Trustees, as a body, In accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's Trustees
those matters we are required to state to them In an audltor'5 report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responslbillty to anyone other than the charitable company and Its
Trustees as a body, for ou r audlt work, for this report, or for the oplnlons we have formed,
Slmon Brown BA ACA DChA (Senlor Statutory Auditor)
For and on behalf of Azet5 Audit Servlces
Chartered Accountants
statutory Auditor
Bulman House, Re8ent Centre, Gosforth
Newcastle upon Tyne, NE3 3LS
Date:
2024
Azets Audit Services is a tradlng name of Azets Audit Services Llmlted.
15

Newcastle Theatre Royal Trust Limited
Statement of Financial Activities
for the year ended 31 March 2024
Unrestricted
General
funds
Unrestricted
Designated
Funds
Restricted
funds
Total
2024
Total
2023
Note
Income from
Donations and legacies
35,960
35,960
170,179
Charltable actlvltles..
Operatlon of Theatre
Other including Government
Grant fundln
15,274,208
15,274,208
16,837,125
59,110
59,110
37,724
Investments
627,520
627,520
236,963
Total Income
15,996,798
15,996,798
17,281,991
Empendlture
Expenditure on charltable
activities..
Operatlon of Theatre
115,649,151)
115,649,151} 115,626,400)
Total expendlture
{15,649,1511
IIS,649,151} 115,626,400)
Net Income/(Expendlturel
347,647
347,647
1,655,591
Actuarial galns/llossesl on
defined benefit pen510n
schemes
13181
& Ikl
3,140,000
Transfer to desi8nated funds
Transfer to restricted funds
15,122,Q)01
5,122,000
Net movement In fund5
14,774,353)
5,122,1)00
347,647
4,795,591
16

Newcastle Theatre Royal Trust Limited
Statement of Financial Activities (continued)
for the year ended 31 March 2024
Unrestricted
General
funds
Unrestricted
Designated
Funds
Restricted
funds
Total
Z024
Total
2023
Note
Net movement In funds
(4,774,353)
5,122,000
347,647
4,795,591
Reconclllatlon ot funds;
Total funds brou8ht forward
Totsl funds carrled forward
21
5,215,925
1,136,OCN)
2,582
6,354,507
1,558,916
21
441,572
6,258,000
2,582
6,702,154
6,354,507
The statement of flnanclal activltles Includes all galns and losses recogn15ed in the year. Income and expendlture
for the year covers actlvltles at the Theatre Royal and for the year ended 31 March 2a24,
17

Newcastle Theatre Royal Trust Limited
Balance Sheet
as at 31 March 2024
Note
2024
2023
Flxed assets
Tangible assets
Investments in subsidiarles
14
15
748,415
506,398
748,416
506,399
Current assets
Stocks
Debtors
Cash
16
17
23
16,751
1,006,838
13,163,523
14,187,112
16,446
881,589
13,042.143
13,940,178
Credltors:
Amounts falllng due wlthln one year
Net current assets
19
18,233,373)
5,953,739
18,092,070)
5,848,108
Total assets le55 current Ilabllltles
6,702,155
6,354,507
Credltors fallln8 due after more than one year
Deflned beneflt penslon liabilltv
12 Icl, Ikl
Net assets
6,702,155
6,354,507
The funds of the charlty:
Restricted funds
21
2,582
2,582
Unrestrlcted funds
Revenue fund5
Pension reserve
General
21
21
441,573
5,215,925
441,573
5,215,925
Designated fund5
21
6,258,000
1,136,000
Total funds
6,702,155
6,354,507
The financlal Statements on pages 16 to 41 were approved for Issue by the Board on 14 October 2024 and were
signed on its behalf bv..
Mr Nlcholas R. Swales, OBE, DL
Chalr
Date..
th
14 October 2024
Registered number: 01217427
18

Newcastle Theatre Royal Trust Limited
ststement of Cash Flows
for the year ended 31 March 2024
Note
2023124
2022123
Net cash generated In operatini actlvltles
23 lal
1154,0741
1,132,847
Cash flows from Investlng actlvltles
Interest received
627,519
236,963
Purchase of tangible fixed assets
1352,0661
Dlsposal of tanglble flxed assets
Net cash used In Inve$tln8 a¢tlvltle$
275,453
236,963
Cash flows from flnanclnB actlvltles
Government grant- Culture Recovery Fund
Government 8rant- Coronaviru5 Job Retentlon Scheme
Cash Inflow from flnanclng actlvltles
Increase In cash and cash equivalents
23 (bl
121,380
1,369,810
Cash and cash equlvalents at the beginning of the year
13,042,143
11,672,333
Cash and cash equlvalents at the end of the year
23 Icl
13,163,523
13,042,143
The reconciliation of net cash flow to movement In funds Is shown In note 23lal.
19

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024
Principal Accountlng Pollcles
al Basls of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5: Statement
of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial
Reporting Standard applicable in the U K and Republic of Ireland IFRS 102 - (Charities SORP FRS 10211, the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Cornpanles Act 2006.
Newcastle Theatre Royal Trust Limited meets the deflnltion of a publlc benefit entity under FRS 102. Assets and
liabilities are initially reco8nised at historical cost or transaction value unless stated in the relevant accounting pollcy
note{sl.
The future operations of the Trust are dependent on sufficient net income 8eneratlon. The Trust Is constantly lookln8
at ways to maintaln high levels of tlcket sales and Increase revenue stream5 in order to create flnancial security. The
majority of show programming is put in place at least 12 months In advance and Is monltored very carefully against
targets when It goes on sale.
The Trust's forecast5 and prolectlons for the next twelve months show that the Trust should be able to continue In
operational existence for that perlod, taklng into account reasonable p0551ble changes In tradlng performance and the
potential impact on the Trust of possible future scenarios arlsln8 from the on-goin8 impact of Covld-19. The Trust has
stron8 Posltlve cash balances and Is forecasting for thls to continue to be the case. The Trustees have stress-tested
thelr forecasts, taking into account various scenari05, and remain confident that the uncertainties do not cast
518nlflcant doubt on the company's ablllty to continue as a 80in8 concern.
The Trustees have considered the reserves and financial plans for the Trust and are of the view that, at the date of
approval of the financlal statemer)ts, the Trust has sufficient reserves to continue to operate for the foreseeable
future. The Trustees consider the charitable company to be a 8oln8 concern and the flnancial statements have been
prepared on that basls.
The prlnclpal accountlng pollcle5 adopted, judgements and key sources of estimation uncertainty in the preparatlon
of the financial statements are set out in the following notes.
b) Areas of lud8ement and estlmates
The preparatlon of the financial statements requires management to make judgements, estlmates and assumptlons
that affett the appllcatlon of pollcles and reported amounts of asset5, liabilities, income and expenditure. These are
based on historic and other factors that are belleved to be reasonable, the results of whlch form the basis for making
judgements. The estimates and underlying assumptlons are revlewed on an on-going basls.
Specific areas of estimatlon include depreciation and useful economic live5 of asset5. provision5 and impairment. The
nature of the estimation means that actual outcomes could differ from those e5tirnate5. None of the judgements or
e5timate5 have a Significant effect on the financial statements.
c) Income recognltlon
Income from government and other grants, whether 'capital' or 'revenue' grants, is recogni5ed when the charity has
entitlement to the funds, any performance conditlons attached to the Item(51 of income have been met and it is
probable that the income will be received and the amount can be measured reliably and is not deferred.
20

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
c) Income recognltlon {continued)
Income from charitable actlvltles, Future Levy Fund income and sponsorship and business membership Income is
recognised as it is earned and is deferred when It is received in advance of the performance or period to which it
relates. ficket Sales income comprises of gross income receivable. No Value Added Tax I'VAT'I is due on it because
the activity falls within VAT exemption for cultural se￿ICe5.
Gift vouchers, credit notes and tlckets sold in advance are Included in creditors as deferred income and are recognlsed
as Income when the performance is held or when the expiry date is reached.
Interest on funds held on deposlt Is recognlsed when receivable and the amount can be measured rellably by the
charity,. thls Is normally upon notification of the interest paid or payable by the bank or Newcastle City Council.
d) Resources e)tpended & Irrecoverable VAT
Expendlture Is recognised once there is a le8al or constructlve obllgatlon to make a payrnent to a third party, it is
probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure Is
cla55ified under the following headings:
Charitable actlvities include expenditure associated with performances and educatlonal actlvltle5 and include
both direct C05t5 and sUPPOrt costs relating to these activities.
Support Costs Include expenses incurred for the management and ad ministratlon of the Trust. These costs
have been allocated to the charitable activities on the basis of time spent on activities.
Governance costs comprise expense5 relating to governance of the company and are prlmarily as50clated
wlth constitutional and statutory requirements.
All resources expended are classlfled under attivity headln8S that aggregate all cost5 related to the category.
Where appllcable, irrecoverable VAT Is apportioned to expenditure based on the total department spend.
e) Fund accountln8
Unrestrlttedfunds
Unrestrlcted funds are available to spend on actlvltles that further any of the purposes of the charity. They may be
desi8nated or undeslgnated,
Deslqftotedfvnds
The designated funds include funds set a51de by the Trustees to cover the refurblshment and restoration of the
building, repair and renewal of equipment, a contrlbutlon toward5 creative en8a8ement projects, potentlal technlcal
upgrades and minor one-off projects,
Re5trlctedfvmls
Restricted fund5 are funds which are to be used in accordance with specific restriction5 imposed by donors or whlch
have been raised by the charity for a particular purpose.
21

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
fl Tangible flxed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any
impairment losses. Assets wlth a value of below £10,000 are not capitalised. Depreciation of flxed assets is charged
by equal annual instalments commencing with the period of acquisition at rates estimated to write off their cost less
any residual value over the expected useful lives, which are as follows..
Computer hardware and software 3 years
Box office system
5 years
Other equipment
5 years
Buildings flxtures & flttlngs
between 5 years and 10 year5
8uildin8s Royal House
depreciated over asset life
gl Stock
Stock of 8oods for resale have been included at the lower of cost and net rea115able value. Net realisable value Is based
on estimated selling price less further costs expected to be incurred to disposal.
h) Debtors
Trade and other debtor5 whlch are receivable withln one year are Inltially recognised at the transaction price and
subsequently measured at amortised cost, bein8 the transactlon price le55 any amou nts settled and any Impairment
losses.
11 Cash at bank and In hand
Cash at bank and cash in hand includes cash and short term hlghly liquid Investments wlth a short maturity of three
month5 or less from the date of acqulsitlon or opening of the deposit or Similar account.
J) Trade credltors & other Ilabllltles
Trade ¢redltor5 and other Ilabllltle5 are recognised where the charity ha5 a present obllgation resulting from a past
event that wlll probably result in the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can
be measured or estimated reliably. Trade creditors and other liabilities are Inltlally measured at the transaction price
and subsequently measured at arnort15ed cost, being the transaction price less any amount Settled,
kl Flnanclal Instruments
The Trust only has financial as5et5 and financial liabilities of a kind that qualify as basic financial instruments. Basic
financial instruments are initially recognised at transactlon value and subsequently measured at their settlement
value.
l) Penslon costs
Employee5 are entitled to join the Tyne and Wear Pension Fund which operates a Local Government Pension Scheme
{LGPSI. The LGPS15 one of the largest publlc sector pen51on schemes In the UK. It is a natlonwlde penslon scheme for
people working in local government or working for other types of employer participating in the Scheme. Newcastle
Theatre Royal Trust Limited has admitted body 5tatU5 in the Scheme. Contributions are paid by the Trust and by its
employees.
22

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
11 Pension costs {continuedl
The LGPS 15 a deflned benefit plan with benefits earned up to 31 March 2014 being linked to flnal salary. Benefit5 after
31 March 2014 3re based on a Career Average Revalued Earnings scheme. Member5 ofthe LGPS may also contribute
towards added years or join the Additional Voluntary Contrlbutlon Scheme, each of which is funded by the employee
alone. Member5 a150 have the flexibility to Join the 50150 part of the scheme whereby they will pay half of the normal
contribution but thelr beneflts wlll also be reduced.
Beneflts In the LGPS built up before l April 2014 are b35ed on the final pay of the member when they leave the
Scheme. New employees are automatically enrolled into the LGPS scheme unless they have exercised their right to
opt out of scheme membership.
All benefits built up In the LGPS for membership after 31 March 2014 are calculated under the rules of the new career
average scheme. Pension Is built up at a rate of 1149th of the amount of pensionable pay recelved in that Scheme
year, or at a rate of 1198th if in the 50150 section of the Scheme.
An actuarlal revlew on 31 March 2024 valued the Newcastle Theatre Royal Trust Llmited's share of the scheme's net
pension surplus as £2,680,00012023,, deficit £3,060,000). The surplus In relatlon to funded benefits is not shown on
the balance sheet In accordance wlth the requlrements of Financial Reporting Standard FRS 102, Further Informatlon
IS glven in note 13.
2 Legal status of the Trust
The Trustls a charitable company limited by guarantee, incorporated in England. The members have no shareholdings
but in the event of a windin8 UP they have each undertaken to contribute to the payment of liabilities such amount
a5 may be required, not exceeding a total of £1.
23

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 {continued)
3 Comparative Information - Prior Year Statement of Flnanclal Actlvltles
Unrestricted
General
funds
Unrestricted
Designated
Funds
Restrlcted
funds
Total
2023
Income from
Donations and legacles
159,280
10,899
170,179
Charltable actlvltles:
Operatlon of Theatre
16,837,125
16,837,125
Other Includlng Government Grant fundlng
37,724
37,724
Investments
236,963
236,963
Mlsc. Income
Total Income
17,271,092
10,899
17,281,991
Expendlture
Expenditure on charitable actlvltie5'.
Operatlon of Theatre
115,615,501}
(10,8991
I15,626,4￿)
Total expendlture
115,615,501}
110,8991
115,626,400)
Net In¢ome/(expendlture)
1,655,591
1,655,591
Actuarlal galnsl{lossesl on deflned benefit
pension schemes
Transfer to de518nated funds
3,140,000
3,140,000
1577,0001
577,000
Net movement In funds
4,218,591
577,000
4,795,591
24

Newcastle Theatre Royal Trust Limited
Notes to the f inancial statements for the year ended 31 March 2024 (continued)
4 Income from donations and legacies
Unrestricted Unrestricted Restricted
General
Designated
2024
2023
Individual Givlng Scheme
1,558
1,558
1,571
Other donations
34,402
34,402
168,608
35,960
35,960
170,179
5 Income from charitable actlvltles
2024
Cost of Net Income
sales
2023
Cost of sales
Turnover
Turnover
Net Sncome
Unrestrlcted funds
Box offlce Ilncl. booking
feel
13,458,580 18,299,995)
5,158,585
14,872,108
19,330,S981
5,541,510
Ancillary
434,812
1180,2121
254,600
568,153
1262,7981
305,355
Caterlng & bar
999,146
1255,1901
743,956
1,025,777
1264,9231
760,854
Member5hlp5
199,082
199.082
215,033
215,033
Creative Engagement
137,708
177,2621
60,446
105,948
164,8121
41,136
M15cellaneous
44,880
44,880
50,106
50,106
15,274,208
18,812,659)
6,461,549
16,837,125
19,923,131)
6,913,994
Mlscellaneous Income Include5 Postage income relating to ticket sales and member events a5 well as funds arising
from the cancellatlon of explred hlstorlc glft voucher5 and credit notes,
25

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
6 Other
2024
2023
Sponsorship
59,110
37,724
All of this Other income relates to unrestricted funds.
7 Investments
2024
2023
Interest recelvable
627,520
236,963
Interest receivable relates to Interest earned on cash deposlts. All Investment Income relates to unrestrlcted funds.
8 Analysis of expendlture on charltable activities
The Trust undertakes direct charitable artivities only and does not make grant payments.
Unrestrlcted Unrestrlcted
General
De518nated
funds
funds
Restrlcted
funds
Z024
2023
Cost of charltable a¢tlvltle5:
Cost of sales (see note 51
Marketing
8,812,659
8,812,659
9,923,131
890,525
890,525
695,002
Box office
487,118
487,118
493,872
Front of house rnanagement
BuIldin￿ overhead cost5
Development
Technical
1,115,360
1,115,360
1,052,848
1,119,351
1,119,351
50,392
1,128,732
50,392
49,842
803,083
803,083
940,026
Creatlve EnRaRernent
172,366
172,366
127,645
Depreciatlon
110,048
110,048
98,248
Support costs (see note 91
Governance cost515ee note 91
2,070,075
2,070,075
1,103,511
18,174
18,174
13,543
Total cost of charltable a¢tlvltles
15,649,151
15,649,151
15,626,400
26

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
Analysis of 5UPPOrt and governance costs
The Trust allocates its support costs as shown In the table below. Support costs are allocated on a basls consistent
with the use of resources.
Support
costs
(Note 81
Governance
(Note 81
2024
2023
Central Offlce, Admin & HR
Finance Office
Informatlon Technologv
Internal Audlt
687,803
1,076,782
305.490
687,803
1,076,782
305,490
5,013
5,013
13,161
13,161
18,174 2,088,249
646,872
250,512
206,127
3,043
10,500
1,117,054
External Audit
Total
2,070,075
10
Net Income/{expendlture
Net incomellexpenditurel Is stated after charging:
20Z4
2023
Depreciation of tanglble flxed assets
Operatlng lease rentals- plant & equipment
Audltors, remuneration
Audlt fee
Directors, and officers, Ilability Insurance
Cost of stock recognised as an eMpense- stock write off
110,048
98,248
12,800
2,604
10,500
2,604
27

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
11 Employee informatlon
al Average number of employee$
The average rnonthly number of employees, includln8temporary5taff, employed durlngthe year was 259 {2023: 1881
split between Theatre Royal operations 240 {2023'. 170} and management and administration 1912023.. 18).
b) The cost5 Incurred In respect of employees were:
2024
2023
Wages and salarle5
Social security costs
Pension charge5
2,927,815
233,827
261,980
3,423,622
2,656,864
210,039
333,439
3,200,342
Penslon charges for the year include employer contrlbutlons of £261,98012023: £333,439) into the Tyne and Wear
Penslon Fund in respect of employees, pension costs. The employerfs contribution rate for the year was 10.3% of
pensionable pay12023.. 14%1. Employee contrlbutlons vary according to their annual pay. At the year end £34,784
12023.. £40,5541 was owed in respect of employer and employee contributlon5 due to the scheme which were paid
across in April 2024.
The number of employees earnin8 over £60,000, excluding pension contrlbutlons,15 as follows..
2024
Number
2023
Number
£60,001- £70,000
£90,001- £100,000
£ioo,ooi - £iio,000
c) Key Management Personnel
For the purpose of thls disclosure Key Management Personnel are deflned as the Trustees, Chlef Executlve, Dlrector
of Finance, Director of Operations, and Director of Audience & Communications whose ag8regate remuneration in the
year, excluding employer pension and national insurance contributions, was £295,31412023.' £249,023}. A8gregate
remuneration Including employer pension and national insurance contributlons was £356,50512023'.£310,7501:
2024
Number
2023
Number
£50,001- £60,000
£60,001- £70,000
£70,001- £80,000
£80,001- £90,000
£90,001- £100,000
£120.001- £130,000
£130,001- £140,000
28

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
11 Employee information Icontinuedl
d) Trustees, emoluments
Trustees recelved a remuneration or expenses during the year ended 31 March 2024 for serwice5 rendered to the Trust
of £671.2512023.. £731. Directors normally attend a number of performances each year in orderto monitorthe qualitv
of productlon5 and rnaintain a Board presence at the Theatre. In 2024 the value of tickets for performances attended
by the Dlrectors was £2,05012023 £1,889).
12 Penslons
The dlsclosures Ibelowl relate to the funded liabilities within the Tyne and Wear Pension Fund (the "Fund'l which is
part of the Local Government Penslon Scheme (the "LGPS").
The LGPS Is a funded deflned benefit plan wlth beneflts earned up to 31 March 2014 belng Ilnked to flnal salary.
Benefits after 31 March 2014 are based on a CareerAverage Revalued Earnlngs Scheme. Deta115 of the beneflt5 earned
over the period covered by thls dlsclosure are set out in The Local Government Pension Scheme Regulations 2013 and
The Local Government Pen51on Scheme ITransltlon Prov151on5, Savlng5 and Amendment) Regulatlon5 2014.
(a) Fundin81 Governance Arrangements of the LGPS
The funded nature of the LGPS requires partlclpatin8 employer5 and its employee5 to pay contribution5 into the Fund,
calculated at the level Intended to balance the pension liabilities with investment assets. Information on the
framework for calculatlng contributions to be paid is set out in LGPS Regulation5 2013 and the Fund's Funding Strategy
Statement.
An actuarial valuatlon was carried out as at 31 March 2022. Employer contributions for thi5 period have been set at
10.3% of pensionable pay. Thls compares to an employer contrlbutlon rate of 14.0% for the year ended 31 March
2023. The Fund's Administering Authoritvi South Tyneside Councll, is responsible for the governance of the Fund.
An actuarial revlew for accounting purposes, usln8 the roll-forward method, was undertaken to revlew the funded
status of the Scheme a5 at 31 March 2024. As a result of thls revlew, the Trust's share of the dlfference between the
falr value of the Scheme's assets and the present value of funded defined benef it obligations ha5 increased from a
surplus of £2,68m as at 31 March 2023 to a surplus of £3.43m as at 31 March 2024. Durlng the year the falr value of
assets Increased by £1,03m and the present value of the defined benefit obll8atlon Increased by £0.28m.
In accordance with the requirements of FRS102, disclosure of certain information concerning assets, Ilabilitles, Income
and expendlture relating to the pension scheme is required and is set out below,
(b) Estlmated Penslon Expense for the Accountlng Year Endlng 31 March 2025
The artuarial revlew for accounting purposes provides an estimate of the charges to the income and expendlture
account in future perlod5 based on the a55umption5 as at 31 March 2024.
Analysis of amounts charged to profit and loss
Period endin8 31 March 2025
£m
0.38
10.041
0.34
Current service c05t
Net interest on net deflned beneflt Ilability
Total Estimated Penslon Expense
An allowance for administrative expenses of £O.Olm is included in the current servlce cost.
The estimated expense is based on an estimated pensionable payroll overthe period of £2.53m.
29

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
{c) Changes to the Penslon Llablllty
Reconclllation of Pension Liabilitv
Pension asset value at 31, March 2023
2,680,000
Current service c05t
1410,0001
Interest on net defined liabilitv
140.000
Contrlbutlons attributable to the employer
250,000
Actuarial gainslllossesl
770,000
Pension asset value not recognlsed las per FRS102 para 28.221
13,430,000)
Closln8 Penslon A55et at 31 March 2024
(d) Prlnclpal A55umptlons
The prlnclpal assumptions used by the Actuary in updatlng the latest valuatlon of the Fund for FRS 102 purposes
were:
Assumptlons
31 March 2024
31 March 2023
31 March 2022
Discount rate
CPI inflation
Pension accounts revaluation rate
Pension increases
Sala
increases
4.80%
2.60%
2.60%
2.60%
4,10%
4.70Yo
2.70%
2.70%
2.70%
4,20%
2.70%
2.90%
2.90%
2.90%
4.40%
The mortallty assumptlons are based on the artual mortallty experlence of members wlthln the Fund based on analysls
carried out as part of the 2019 Actuarial Valuation and allow for expected future mortallty improvements,
Sample Ilfe expectancies at age 65 resultlng from these mortallty assumptlons are shown below:
Mortallty Assumptlons
31 March 2024
Years
31 March 2023
Years
Males
Pension member aged 65 at accounting date
Actlve member aged 45 at accounting date
Females
Pensioner member aged 65 at accounting date
Active rnember aged 45 at accounting date
21.0
22.3
21.6
22.9
24.2
25,6
24.6
26.1
30

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
A55et Allocation
Value at
31 March 2024
50.6%
10.4Yo
1.3%
19.5%
4.6%
0.7%
12.9%
ioo.o%
Value at
31 March 2023
51.2%
10.5%
1.3%
19.5%
4.5%
1.8%
11.2%
ioo.o%
Equities
Property
Government bond5
Corporate bonds
Multi Asset Credit
Cash
Other
Total
(e) Reconciliation of Funded Status to Balance Sheet
Value as at
31 March 20Z4
Value as at
31 March 2023
Falr value of assets
15,990,0000
14,960,0000
Present value of funded deflned beneflt obllgatlon
112,560,000)
112,280,000)
Pension asset value not reco8nlsed las per FRS102 para 28.22)
13,430,000)
12,680,000}
Funded status - Ilabillty reco8nlsed on the balance sheet
The spllt of the liabllities at the last valuation between the varlous categories of members is a5 follow5:
Active members
33%
Deferred pensioners 21%
Pensioner5
46%
(Q Amounts Reco8ni5ed In Income Statement
Year endlng
31 March 20Z4
Year endlng
31 March Z023
Operatln8 Cost
Current servlce cost
Flnancln8 Cost
Interest on net defined benefit liability
Interest on unrecognised asset
410,000
980,000
1140,0001
loo,000
70,000
Penslon expense reco8nlsed In Income statement
370,000
1,050,000
(g) Amounts Recognlsed In Other Comprehenslve Income
Year endlng
31 March 2024
Year Èndlng
31 March 2023
Liability gain511105ses1 arising during the year
Adjustment gainlllossesl due to restriction of surplus
Total amount recognised In other comprehenslve income
540,000
230.000
{1,050,0001
7,540,(KIO
770.000
6A90.000
31

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
(h) Changes to the Present Value of the Defined Benefit Obligation
Year ending
31 March
2024
Year ending
31 March 2023
Opening defined benefit obligation
12,280,000
17,660,000
Current service cost
410,000
980,000
Interest expense on deflned beneflt obllgation
Contributions attributable to the participants
Actuarlal Igain5111055es on Ilabllities
Net benefits paid out
570,000
470,000
160,000
140,000
1540,0001
16,670,Crf)O)
1320,0001
1300,(X)O)
Curtallment cost
C1051ng present value of Ilabllltles
12.560,000
12,280,000
(i) Changes to the Fair Value of Assets
Year endlng
31 March 2024
Year endlng
31 March 2023
Opening fair value of a55ets
14,960,000
14,600,000
Interest income on assets
710,000
400,000
Re-measurement galns/llossesl on assets
230,000
1180,0001
Contributions attributable to the employer
250,000
300,000
Contrlbutions attrlbutable to the partlclpants
160,000
140,000
Net benefits paid out
1320,0001
1300,0001
Closlng falr value of assets
15,990,000
14,960,000
(J.) Actual Return on A55ets
Year endlng
31 March 2024
Year endlng
31 March 2023
Interest income on assets
710,000
400,000
Gain/llossl on asset5
230,000
1180,0001
Actual return on assets
940,000
220,000
32

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
(k) Unfunded Benefits
The liablllty recognised in respect of the unfunded LGPS benefits is £70.00012023.' £70,000). These benefit5 are
termlnatlon benefit5 made on a discretionary ba515 upon early retirement In respect of members of the LGPS. No
penslon fund exists to meet these benefits. No attuarial gain has been recognlsed In the period in respect of these
liabllitie5,12023', £Nill, The unfunded LGPS liability of £70,000 has been offset against the actuarial gain reported
(such that whllst there is no a55et reported for the funded LGPS scherne there is no liability reported for the unfunded
LGPS 5chemel.
(l) Contingent liabilities
Guaranteed Mlnlmum Penslon IGMP) Equallsatlon
In March 2016 the Government made the LGPS responslble for paylng the full increase5 on GMPS for indivlduals
reaching State Penslon Age ISPAI from 5 Aprll 2016 through to 6 December 2018 as an "interim solution"
In January
2018 this interlm solution was extended to individuals reaching SPA before 5 Aprll 2021 passlng further c05t on to
the LGPS,
The 31 March 2019 attuarlal valuatlon allowed for the extension of the interim solutlon to those reachln8 State
Penslon A8e by 5 Aprll 2021 as already required under leglslatlon. However, the valuatlon dld not allow for the impact
of potentially extendln8 this Interlm solutlon Indefinitely, provlding full penslon Increases on GMP for members
reaching State Pension Age after 5 Aprll 2021. Based on approxlmate calculations, at a whole fund level, the Scheme's
actuary has Indicated that the Impact of providin8 full penslon increases on GMPS for those members reaching State
Pension Age after 5 Aprll 2021 is an increase in past service liabilities of between O. 1% to 0.2% across the Fund as a
whole.
(m)Exit of the LGPS
On 27th June 2024 the trust exlted the LGPS defined benefit scheme and entered a deflned contrlbutlon scheme. There
Is no liability to the trust on exlt of the deflned beneflt scheme, and the subsumptlon bond of £380,000 held by
Newcastle Clty Councll has been repaid in full.
33

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
13 Taxation
The Trust is a charity established under the Charltles Act 1993 (now Charltles Act 20111. It15 therefore exempt from
taxation in respect of income and capital gains received within categories covered by section 505 Income and
Corporation Taxes Act 1988 and sectlon 256 Taxation of Chargeable Gains Act 1992, to the extent that such income
and gains are applied to charitable purposes only.
14 Tan8ible assets
BuSldln
Ilncl. leasehold
Smprtsvementsl
Other
Equlpment
Computer
Equlpment
Box Offlce & HR
systems
Totsl
At l Aprll 2023
1.079,163
310,371
52,200
244,741
1,686,475
Addltlons durln8 the year
271,201
80,864
352.065
Dlsposals
0.00
At 31 March 1024
1,350,364
310,371
133,064
244,741
2,038,540
A￿UMUlated depreclatlon
At l Aprll 2023
607,656
309,163
52,200
211,058
1,180,077
Charge for the year
92,290
1.208
5,470
11,080
110,048
Dlsposals
At 31 March 2024
699,946
310,371
57,670
222,138
1,290,125
Net book valui
At 31 March 2024
650,418
75,394
22,603
748,415
At 31 March 2023
471,507
1,208
33,683
506,398
The main Theatre Royal premlses Is leased from Newcastle Clty Councll whlch owns the property. A new 125-year
lease commenced on 20, December 2019 at a peppercorn rent. The Trustees consider the nature of the Theatre
Royal'5 bu5ine55 to be such that realistic quantiflcation of the true value of this gift in kind is impossible with any
accuracy, and hence no value has been attributed to it within the financial 5tatement5.
34

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
14 Tangible assets (continued)
Prior year note
BuSldlngs
Ilncl. leasehold
Improvements)
Other
Equlpment
Computer
Equlpment
Box Oftlce &
HR systems
Total
Cost
At l Aprll 2022
1,354.342
310,371
52,200
244,741
1,961,654
Addltlons during the year
Dlsposa15
1275,1791
1275,1791
At 31 March 2023
1,079,163
310,371
52,200
244,741
1,686,475
Accumulated d•pr•¢latlon
At l Aprll 2022
798,087
306,743
52,200
199,978
1,357.008
Charge for the year
84,748
2,420
11,080
98,248
Dlsposals
1275,1791
1275,1791
At 31 March 2023
607,656
309,163
52,200
211,058
1,180,077
Net book value
At 31 March 2023
471,508
1,208
33,683
506,399
At 31 March 2022
556,255
3,628
44,763
604,646
15 Investments In subsldiarles
On 27 October 2017 NTRT Tradlng Ltd was Sncorporated. This company is a wholly owned subsidiary ofthe Trust and
has yet to commence trading. The company 15 limited by guarantee and the Trust, as the parent charityi guarantees
to pay up to one pound towards the cost5 of d15501utlon and the debts and liabilities of the company. NTRT Trading
Ltd is incorporated In England, registration number 11036273 and its re8lStered office is 100 Grey Street, Newcastle
upon Tyne, NEI 68R. Thi5 company was dissolved on 9 July 2024.
th
On 30 January 2024 NTR Green Room Trading Limited was incorporated. NTR Green Room Llmited Is Incorporated
in England, re8lStration number 154S690 and It5 reg15tered office is 100 Grey Street, Newcastle upon Tyne, NEI 6BR.
Oneordinaryshare has been issued and is held bythe NewcastleTheatre Royal Trust Llmlted. NTR Green Room Llmited
is therefore a wholly owned subsidiary of the trust and it Is Intended that this subsidiary will carry out commercial
operations relating to the theatre.
35

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
16 Stock
2024
2023
Goods for resale
16,751
16,446
17 Debtor5
2024
2023
Trade debtors
113,982
94,320
Subsumption securlty monles held by Newcastle Clty Councll - note 19
380,000
380,000
Other debtors
67,182
126,422
Prepayments and accrued Income
445,674
280,847
1,006,838
881,589
18 Amounts owed by related parties
£380,000 Is held by Newcastle Clty Counc51 as securlty for the Councll agreelng to the pension scheme 5ub5umption
agreement12023.' £380,000). When the Trust arranges for a penslon bond to be put In place to cover the potential
risk of increased liabilities on cessation to the Council, then the monies held as security wlll be returned to the Trust.
The agreements In place allow for the Councll to request further securlty to be provlded in the future elther vla monles
held or vla an appropriate pension bond.
The bond was repaid in full to the trust, wlthout Interest, on 9 July 2024,
36

Newcastle Theatre Royal Trust Limited
Notes to the f inancial statements for the year ended 31 March 2024 (continued)
19 Creditor5: amounts falling due within one year
2024
2023
Trade creditors
1,622,643
1,348,379
Taxatlon and social securitv
161,122
131,510
Other credltors
19,084
47,561
Accruals
1,237,463
711,267
Deferred Income (note 201
5,193,061
5,853,353
8,233,373
8,092,070
20 Deferred Income
Deferred Income comprises advance tlcket sales, booklng fees and heritage fund income for performances after 31
March 2024.
Balance as at l April 2023
5,853,353
Amount released to Income earned from charltable activitie5
112,060,176)
Amounts refunded net of show transfers
1355,462)
Amount of advanced recelpts at year end
Balance as at 31 Mar¢h 2024
11,755,346
5,193,061
Balance as at l April 2022
5,930,419
Amount released to income earned from charitable activitie5
{13,727,8181
1287,1721
Amounts refunded net of show transfers
Amount of advanced receipts at year end
Balance as at 31 March 2023
13,937,924
5,853,353
37

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
21 Funds
Unrestrirted
RestrSrted
Revenue
Penslon
De518n¥ted
lunds
Unrestricted
Restrlcted
funds
reseNè
sU￿tOtal
Funds
Funds
Total
At l Aprll 2023
5,215,925
5,215,925
1,136,000
6,351,925
2,582
6,354.507
Net Incomlngl loutgoln81
resources for the year
347,647
347,647
347,647
347,647
Transfers
15,122,000)
15,122.0001
5,122,000
Actuarlal Galn/Loss
At 31 March 2024
441,571
441,572
6,258,QQO
6,699,572
2,582
6,702,154
Unrestrlrted
Re$trlcted
Prevlous year
Revenue
Penslon
Deslin•ted
lunds
Unrestrlrted
R•strlrted
fund5
reserve
SulTrtot•l
Fund5
Funds
TGt•l
At l Aprll 2022
4,137,334
13,140,000)
997,334
559,lY)O
1,556,334
2,582
1,558,916
Net Incomln&l loutgolngl
resources for the year
1,655,591
1,655,591
1,655,591
1,655,591
Transfers
1577,0001
1577,0001
577,0(M)
A¢tuarlal GalnlLoss
3,140,000
3.140,000
3,140,000
3,140,000
At 31 March 2023
5,215,925
5.215.925
1,136,000
6,351,925
2,582
6,354,507
Unrestrlrted funds
The designated funds include funds set aside by the Trustees to cover the refurbishment and restoration of the
building, repair and renewal of equipment, a contribution towards Creative Engagement projett5, Potential technical
upgrades and minor one off proJect5.
Re5trirted fund5
Restricted funds are fund5 which are to be used in accordance with specific restrictions imposed by donor5 or which
have been raised by the charlty for a partlcular purpose.
Pension reserve
Note 12 provldes Informatlon on the Trust's penslon reserve balance.
38

Newcastle Theatre Royal Trust Limited
Notes to the f inancial statements for the year ended 31 March 2024 (continued)
22 Analysis of net a55et5 between funds
Unrestrlcted
funds
Deslgnated
funds
Restrlcted
funds
Total
2024
Tangible fixed assets
Investment in subsidiarv
Current assets & long term debtor
Current Ilabllitle5
748,415
748,415
7,926,530
18,233,373)
6,258,000
2,582
14,187,112
18,233,373)
Pension liability
Total net assets as at 31 March 2014
441,573
6,258,000
2,582
6,702,155
Prevlous year
Unrestrlcted
funds
Deslgnated
funds
Restrlcted
funds
Total
2023
Tanglble flxed assets
Investrnent in 5ubsidiarv
Current assets & long term debtor
Current liabilitles
506,398
506,398
12, 801,596
18,092,070)
1,136,000
2,582
13,940,178
(8,092,070)
Pension liability
Total net assets as at 31 March 2023
5,215,925
1,136,000
2,582
6,354,507
39

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
23 Notes to the cash flow statement
(al Reconciliation of net outgoing resources to net cash used In operatlng actlvltles
2024
2023
Net outgoing resources
347,647
4,795,591
Depreciatlon
Government grants receivable
Bad debt provlslon
{Decreasel/lncrease In penslon Ilablllty
Interest receivable
110,048
98,248
13,140,000)
1236,9631
16751
1627,5191
13041
Ilncrea5el/Decrease In stocks and work in progress
Decrease In advance contrlbution payment to Newcastle City Council
Decrease/llncrea5el In debtors
Increase/lDecrea5el In credltor5
1125,2491
1121,7721
1261,584)
141,303
Net cash (used In118enerated from operatlng actlvltles
1154,0741
1,132,845
(b) Analysls of changes In net cash & net debt
At l Aprll 2023
Change In year
At 31 March 2024
Cash at bank and in hand
13,042,143
121,380
13,163,523
Cash held wlth Newcastle City Councll
Net cash
13,042,143
121,380
13,163,523
(¢) Reconclllatlon of net cash flow to movement In net cash
Increase In cash In the year
Net cash at l April 2023
121,380
13,042,143
Net cash at 31 March 2024
13,163,523
40

Newcastle Theatre Royal Trust Limited
Notes to the financial statements for the year ended 31 March 2024 (continued)
24 Lease and other flnanclal commltments
Operatlng leases
Total future mlnlmum lease payments under operatin8 leases are glven In the table below..
At31
March
2024
At31
March
2023
Other
Offlce
equipment equlpment
1,876
1,055
Totsl
Other
equlpment
1,773
Offlce
equlpment
1,719
Total
Not later than l year
Later than l year and not
later than 5 years
2,932
3,492
1,056
2,775
1,056
4,548
1,876
1,055
2,932
1,773
25 Ultlmate controlllng party
The company Is Ilmited by guarantee and there is no ultlmate controlllng partv.
41