Registered number.. 01356378
Charity number= 507354
HIGH PEAK THEATRE TRUST LIMITED
(A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
CONTENTS
Page
Reference and administrative details of the company. it5 Trustees and advisers
Chair's report
Trusteès, report
4-12
Independent audltor's report on the financ5al statements
13-16
Statement of financial artivities
17
Balance sheet
18-19
statement of tash flows
20
Notes to the flnanclal statements
21-41

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2022
Trustee5
Professor J Simons, Chair
Ms H Bowdur lappoint8d 30 September 20211
Mr S Clark (appointed 30 September 20221
Mr A Fletcher (appointed l December 20211
Mr N Jeffrey
Mrs PA John50n (resigned 30 September 20211
Mr R MacLean
Dr J Morrissy (resigned 30 September 20211
Mrs J Moulder lappointed 30 September 20211
Ms A Phillips (resigned 28 Septernber 20221
Mr K E Savage, High Peak Boroueh Council Nominee (deceased 3 December 20211
Mr AL Scott
Mr E Siddall, High Peak Borough Council Nominee (appointed 30 September 20221
Mr J SilvenNood (resigned 10 Septernber 20211
Mrs A Simcox (resigned 28 July 20221
Mrs S A Swift Hawgood lappointed 30 September 20211
Company reElstered
number
01356378
Charity registered number 507354
Reglstered offl
No. 5 The Square
Buxton
Derbyshire
SK17 6AZ
Company secretary
M5 K Gi150n
Independent audltor
BHP LLP
Chartered Accountants
2 Rutland Park
Sheffield
SIO 2PD
Bankers
Virgin Money UK PLC
34 Princes Street
Stockport
Cheshire
SKI IRE
Page I

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Sollcltors
Cooper Sons Hartley & Williams
25 Market street
Chapel-en-le-Frith
High Peak
SK23 OHS
Page 2

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
CHAIR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
It'5 a particular pleasure to introduce this year'5 annual report. A year ago, who knew when theatres would be able to re-
open? Who knew if audiences would want to return? Or whether we would ever be allowed to remove our masks and
breathe again? But not only did Buxton Opera House open in July, we did so in triumphant style with a joyous production
of Stephen Sondheim'5 A Little Night Music, directed by Paul Kerryson, a production which also heralded in the 2021
Buxton International Festival.
Since then we have had a vibrant season. Many of our performances were only made possible with the Eenerous support
of the High Peak Borough Council and the Government Culture Recovery Fund, which helped to bring our theatre back to
life after it5 Slxteen months of closure. Buxton Opera House regularly wins awards for the warmth of its welcome, and it's
easy to see why when audiences are greeted by our wonderful army of volunteers who provide the best in customer care.
I want to thank each and every one of them.
Thi5 year too has been marked by a new ambitlOU5 youth and community pro8ramme, Plarform 3. What a delight it's
been to see the exuberance and talent of Generation Z on the glorious Opera House stage. They demonstrate that the
experience of live theatre far outstrips its entertainment value. It builds confidence, develops essential skills. instils
discipline and teamwork, and prepares young people for future career5 in many different walk5 of life.
My special thanks for the success of the past year go to the inspirational leadership of Paul Kerryson and to the Board of
Trustees, who steered the company through extraordinary times. We were delighted to welcome four new Trustees
during the year. Helen Bowdur and Andrew Fletcher are both senior art5 profe55ionals from fundraising and rnanagement
backgrounds respectively. Musician Jane Moulder cornbines HR expertise with extensive art5 charity experience, and Sally
Swift from NBC Universal brings both legal knowledge and a global perspective on arts strategy for the future. They
complement an already strong and dedicated board for whose advice and energy l am most grateful.
JLJdy Si
0115 (Dec 2. 2022 11..42 GMT)
Judy Simons
Chair
Date- Dec 2, 2022
Page 3

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the audited financial statements of the charitable company for the
l April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees, report and a directors, report
under company law. The Trustees confirm that the Annual report and financial statements of the charitable company
comply with the current statutory requirements, the requirements of the charitable companvs governing document and
the provision5 of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Isecond edition
October 20191.
Since the Company qualifies as small under section 382 of the Companies Att 2006, the Strategic report required of
medium and large cornpanies under the Companie5 Act 2006 (Strategic Report and Director5, Reportl Re8ulations 2013
has been omitted.
Objectlves ond urtlvltles
a. Polities and objectives
The objects of the Charity are..
The advancement of the arts and culture including drama. ballet. opera, music, singing, literature, sculpture and
painting,. and
The advancement of the Buxton Opera House and Pavilion Arts Centre as performance venues whilst respecting heritage
and architectural significance.
In setting objectives and planning for activities, the Trustee5 have given due consideration to general guidance published
by the Charity Commission relating to public benefit, including the guidance'Public benefit.. running a charity IpB21'.
In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published
by the Charity Commission relating to public benefit, including the guidance'Public benefit.. running a charity IPB21'.
b. Strategies for achieving objertive5
Buxton Opera House is Derbyshire's only large-scale venue for the performing arts. The Company manages and
programmes the Opera House (capacity 9011 and the adjacent Pavilion Arts Centre (capacity 3541. The principal strategies
for achieving objectives are the presentation of live performances in the Opera House, including dance, comedy,
hildren'5 concerts, rock, pop and folk music, pantornime and opera, plus a programme of cinerna Screenings and live
events in the Pavilion Arts Centre. The venue is also home to the annual Buxton International Festival, with its associated
Fringe Festival. In addition to its programme of visiting artists, the Trust commissions new work, mounts co-productions.
has an imaginative Learning and Engagement programme tentred on young people, and actively seeks to wtsrk in
partnership with co8nate bodie5.
The policies adopted by the Board require the Chief Executive Officer to lead the organisation in achieving a balanced and
high-quality experiente within the Opera House and Pavilion Arts Centre within the parameters set out in the agreed
financial strate8y and operational plan together with realistic fundraising and secondary income tar8ets to supplement
trading income.
Page 4

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Objectives and artivities Icontinuedl
c. Activlties undertaken to achieve objectives
The principal business activity is the presentation and production of performances in our venues. The Trust has increased
the scale of learning and participation opportunities for community engagement, wtsrking closely with HPBC, schools,
ommunity group5 and other educational partners within the High Peak area, providing platforrns for local talent of all
ages supported by professional expertise. The Company continues to exploit income and new audience opportunities with
top visiting companies, commercial co-productions and community productions, which also contribute to the core budget.
d. Main activities undèrtakèn to further the company's purposès for thè publit bènefit
In shaping the objectives for the year and planning activitie5, the Trustees consider the Charity Commission's guidance on
public benefit, including the guidance on fee charging. The Company enters into different business arrangements with
visiting companies and event organisers. Where these arrangements involve the payment of a fee to the Company, the
charges and concessions set are subject to scrutiny to ensure that operating tosts are covered and the Trust can retain
acce55 to the venues for non-commercial event organiser5 and those events attracting an audience who may otherwise
feel excluded from attending or participating in the wider programme due to economic, health, or other characteristics.
We programme a diverse range of attivity and treate associations with an eclectic mix of partners for the public benefit.
The prograrnme includes both high quality visiting and home-produced production5 plus an expanding Learning and
Community engagement, accessible to both current and new audienceslparticipants. The Trust is committed to improving
access and inclusivity for our staff, artists and audiences working alongside such partners as Disability Positive. Derby
University and the Arts Countil England's Let's Create strategies.
Chief Executive Offi(er'5 repgrt
a. Review of activities
For the first three months of this financial year there were no performances in either the Opera House Or the Pavilion Arts
Centre. We tontinued with preparètions to ensure that both venues (Opera House and PACI could reopen with 3 safe
environment for audiences, staff and vislting companie5. Previously scheduled performances were transferred to the
Autumn and Winter months and new bookings for this period reflected the growing confidence from visiting promoters
and productions.
The Trust took the decision to reopen on 8th july 2021 to host the Buxton International Festival. For the first two weeks
only socially distanced performances were permitted, with a maximum of 360 seats in the Opera House. The first
production, A Little Nieht Music, signalled a new venture, a co-production between Buxton Opera House and Buxton
International Festival, supported by Arts Council England IACEI and HPBC, which also supported the reopening of the
Opera House during thi5 challenging tirne. As restrictions lifted, audience5 returned in force, and bookings were better
than expected for the Autumn season including the pantomime Aladdin, which was solely produced by the Trust for the
first time.
ACE also supporte(4 an expanding Learnin8 and Engagement programme of activities. Our Reconnect prograrnme
continued through the first six months of the year, transforming from virtual activity to live activities through the summer
of 2021. Platform 3, a new joint initiative with Buxton International Festival, was launched in September 2021 and its
programme has continued to expand, encouraging a new generation of talent to flourish.
Page 5

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Chief Executive Officer'5 report Icontinuedl
Following the successful reopening of the Opera House, the reopening of the cinema was more problematic. Following the
pandemic and in line with other cinema operations. it was clear that audiences had got used to watching films at home
nd were continuing Wlth Netflix and Prime screenings. It was decided to continue with the cinema for the time being, but
gradually add more lucrative live work in the PAC.
The future success of Buxton Opera House is crucial to the social and economic impact on the local community and
continuing status of the Opera House as a world class heritage tourist attrattion. Now that the business is recovering from
the pandemic, the Trust has reinvigorated plan5 for the capital project (put on hold during the pandernicl with an
Economic Impact assessment and reassessment of the original feasibility study. This will enable us to establish the
mechanisms tts reach RIBA stage 4, which we expect to do in partnership with HPBC and Derbyshire County Council.
b. Futurè Plans
The Trust will continue to drive artistic ambition, including co-productions IGyp5y Wlth the Buxton International Fe5tivall,
producing the 2022 Christmas show, expanding Platform 3 and other Learning & Engagement activities plus creating the
annual community musical Sweeney Todd. We will continue to work alongside partners including the Festival. the
Crescent Trust, Derby University and local schools plus our new partner Disability Positive, and to seek new partners. We
airn to substantially increase fundraising targets via donation5, business 5pon50r5hip and applications to trusts and
foundations prior to the major capital project fundraising campaign. Following the successful Culture Recovery Fund bids,
we submitted an application to Arts Council England IACEI for funding via National Portfolio Organisation status. We are
extremely pleased to report that we have received a conditional offer fr(>m ACE which we hope will be formally signed-off
in January 2023 after a further meeting and presentation. Funding would then cornmence in the 2023 12024 financial
vear.
During the coming year we will continue to prograrnme high quèlity, lucrative touring productions and world tlass artists
to Sustain the busine55 against future threats, including the dangers of inflation and the growing cost of living crisi5. We
will continue to deliver dynamic learning and community engagement activities while reaching new participants within
the rural and disadvantaged communities of the High Peak. We will develop staff/management training and develop
customer care whilst nurturing our excellent volunteer forte. We will maintain our Health and Safety provision by RB
Solutions with regular inspections to ensure a safe environment for staff, audiences and visiting cornpanies. We will
develop new audiences prior to the new technical and access facilities provided by a future successful capital project
which will eventually bring a greater choice of high-quality visiting and in-house productions to 8uxton, Derbyshire and
the High Peak.
c. Fundraising Standards Information
The Trust has a fundraising policy in place which covers gifts from individuals, sponsorship from organisations, and funding
from grant-making bodies. It focuses on our aim to be a responsible and ethical organisation, mindful of our
re5pon5ibilitie5 to our tommunity, the arts, heritage and the environmerit. The company acknowledges donors, right to
privacy and fully upholds the value5 of the Fundraising Re8ulator'5 Fundraising Promise. In the period in question,
fundraising income was £183,922, of which £65,479 was from the membership Giant Cash Bonanza scheme. The
remaining £118,443 was from ad hoc donations and sponsorship. In February 2022, our fundraising endeavours were
boosted by a special event, One Night Only, whith raised £SI,000 and has been placed in a designated fund for the
upgrade of backstage equipment within the Opera House. We seek to maximise all donations by claiming Gift Aid from
HMRC wherever possible, in line with the requirements of current legislation.
During 2021 the Board established a Fundraising Sub-committee to monitor all fundraising attivity and plans.
Page 6

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Financiol review
a. Going concern
For the financial year ended 31 March 2022, both our balance sheet and liquidity were strong which left us well placed to
drive the business forward and seek new opportunities.
We have very recently critically reviewed the budget and cashflow for the remainder of the financial year to 31 March
2023, particularly in light of inflationary pressures which impacts both costs and discretionary spending. However, with
good visibility on future ticket Sales, we expect to record a rnodest trading surplus for the full financial year and our
unrestricted cash 15 expected to rernain Strong at c£840,000.
Looking further ahead to the financial year ending 31 March 2024, a detailed budget and cashflow have been prepared on
an extremely prudent basis, particularly as we have less visibility on future ticket sales. In addition, we must be very
mindful of the continuing economic uncertainty and have allowed for a significant increase in our costs. We still expect to
achieve at least a breakeven position with positive cashflow. Critically, both balance sheet and liquidity are expected to
remain robust and therefore. will be perfectly adequate to maintain our operations.
Clearly, Strong financial management and when required, prompt robust action will continue to be an essential part of our
success.
After making appropriate enquiries and considering the detailed budgets and eashflows, the Trustees have a reasonable
expectation that the Cornpany has adequate resources to continue in operational existence for the foreseeable future. For
this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details
regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves polity
The level of free reserves Irepre5ented by the Unre5trirted General Fund) for the year ended 31 March 2022 was £593,715
12021.. £731,072). In addition, there are designated reserves of £813.76612021'. £610,767) and restricted reserves of
£12,82712021.' £18.1031.
We were pleased to be able to re-introduce and meet the free reserves target of £550,000, which was Set in October 2018
but had to be suspended during the recent prolonged period of closure due to the Covid-19 pandemic. It is worth stating
that this has been possible some 12 months ahead of the date we advised in last yearfs financial statements.
c. Printipal funding
HPBC own5 the freeholds of Buxton Opera House and Pavilion Art5 Centre, leasing the Opera House to the Company for a
nominal rent, and being party to a management agreement and lease with the Company for the operation of Pavilion Arts
Centre. HPBC provided a grant of £49,020 in the year in relation to this.
Further funding received during the year specific to the Covid-19 pandemic is detailed IN "d. Financial results"
The terms of this funding require any annual operating surplus up to £26.000 to be set aside for repairing obligations.
which are the responsibility of HPBC under the lease. However, surpluses may be applied against previous deficits before
any contribution to the repair fund is payable. Beyond this, HPBC assumes full responsibility for the rnaintenance of the
structure of the venues and for all major repairs. In addition, business rate relief of approximately £29,000 is granted by
HP8C.
Page 7

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
d. Flnanclal Results
The Statement of Finantial Attivities for the year ended 31 March 2022 is shown on page 17. However, the results are ntst
directly comparable with the previou5 two financial year5 due the continued impact of the Covid-19 pandemic. Overall,
net income for the financial year was £60,36612021'. deficit of £15,2041. This reflects a net surplus on unrestricted funds
of £113.70612021.' deficit of £17.9981 and a net deficit on restricted funds of £53,34012021'. surplus of £2,794>.
Both Buxton Opera House and the Pavilion Arts Centre remained closed for the first three month5 of the financial year,
following which there was a short period of social distancing before full capacity was permitted. Even then, we noted a
reluctance in some customers to return to the confines of a theatre and consequently ticket sales, and other income
streams, were subdued. We also refunded a significant amount of advance ticket sale5 for cantelled or rescheduled shows
but pleasingly, many customers showed their loyalty to the Trust by leaving their funds with u5 in anticipation of shows
being rescheduled. We were very grateful for this support.
Staff payroll was by far our largest cost and the Trust received £49,255 12021.. £518,951) of funding through the
Government's Coronaviru5 Job Retention Scheme. Two staff took voluntary redundancy and a further three were given
notice of redundancy during the year.
In the previous financial year, we received a Culture Retovery Fund first round grant of £447,795 from the Department for
Digital, Culture, Media and Sport. The award, adrninistered by Arts Council England, was unspent by £270,000 at 31 March
2021 but was fully utilised during this financial year. We received a further £240,960 from ACE under the second round of
the Culture Recovery Fund, which was fully spent during the year to 31 March 2022. The aim of these grants was to
support organisations as they transitioned back to a viable and sustainable operating mtsdel. A significant proportion of
the money enabled u5 to en8a8e with our audiences in way5 which conformed with the prevailing rules on gathering5,
such as online and outdoor performances.
A further £8,000 was reteived from HPBC through the Omicron Hospitality and Leisure Grant, whilst ACE Eave a further
£7,500 to fund the formation of a Local Cultural Education Partnership, the aim of which was to facilitate a youth-led
cultural programrne in our local area.
We were extremely grateful to have received thi% public funding which was essential to our survival both during the
period of closure and the slow return to normal tradin8.
Just as preparations started for our re-opening, the Opera House was subject to water ingress from a blocked external
drain. Repair5 to the fabric of the building were the responsibility of our landlord, HPBC but a considerable amount of our
backstage equipment was damaged beyond repair, resultin8 in an insurance claim of £114,432.
The Trust generated a cash inflow of £1,080,18512021'. cash outflow of £152,139), with cash at the end of the year of
£2,498,66712021.. £1,418,482). This balance include5 the amount of £1,367,74812021.. £574,273) for advance ticket sales,
which are shown within creditors. Net current assets were £841,64612021.. £783,279) at the year end.
Our balance sheet and liquidity were strong despite a very difficult year and cash balances remain perfectly adequate for
our working capital needs. The aforementioned can be attributed to the strong and prudent financial management
exercised during the financial year.
Page 8

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Structure. qovernqnce gnd manaqement
a. Constitution
The Company is governed by a Memorandum and Articles of Association I'Articles'l which were adopted by Special
Resolution on 23rd August 2017. It is a cornpany limited by guarantee, registered at Companies House (registration
number 013563781 and a charity re8lStered with the Charity Commission Inumber 5073541.
There are currently 10 Members who are Trustees. each of whom agrees to contribute £1 in the event of the charitable
Company winding up.
b. Methods of appointment or elertion of Trustees
Under the Articles, the Trustees can appoint any person to be a Trustee (subject to the conditions set out in Article 53 to
57 concerning eligibilityl. Trustees are also the Members of the Company for the purpose of the Companies Act. The
Trustees can elect from their number a Chair and Deputy Chair and determine for what period they are to hold offite
IArticle 601. It is the custom and practice of the Charity to appoint a member of the Local Authority IHPBCI, selected by
the Local Authority, as a Member of the Company and a Trustee.
c. OrganSsatlonal structure and declslon-maklng pollcles
The Trust supports the principles of good governance set out in the Charity Governance Code for larger charities (the
'Code'l which was published in December 2020. The Cornpany Secretary undertakes an annual review of the Trusvs
performance against the seven principles of the Code and presented findings to the Trustees. During the year the Trust
applied the recommended best practice with the exception of undertaking an external board evaluation every three
vears. Further details of the internal board evaluation process are detailed below.
The Code review undertaken during the year concluded that governance at the Trust is working well. The Trust has made
a number of improvements to governance arrangements including the progressive refreshing of the Board and will
continue to do $0 in relation to recommended practice. The Board 15 the non-executive and unpaid governing body of the
charitable Cornpany. Board member5 are both directors of the charitable Company and Charity Trustees, and under
company and charity law are responsible for policy, administration and general control.
The minimum and maximum number of Trustees is five and fifteen respertively- there are currently 10 Trustees. The
Trustees who served during the year are listed on page l. Six formal board meetings were scheduled to be held durin8 the
vear, one of which was incorporated into a strategy day.
Since 2018 an annual Board evaluation process has been undertaken. The Chair and Ctsmpany Secretary treated a
comprehensive questionnaire to be completed by Trustee5, covering areas of best practice, focus and performance. The
Board considered the outcome of the review and recommendations for action. The results of the process were positive
although it was acknowledged that consequences of Covid-19 had highlighted work was necessary in a number of areas, in
particular risk managernent. The Board approved the recommendations arising from the evaluation, which included a
greater emphasi5 on risk management by Finance, Audit & Risk Committee. Although the Code recornmends that the
Board undertakes an external evaluation every three years, in light of the changes to the Board as well as the ongoing
situation with Covid-19 and restrictions on movements it was decided that an internal evaluation should take place during
the year.
Page 9

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Structure. 8overnance and mana8ement Icontinuedl
The Board has a Finance, Audit & Risk Committee IFARCI, members of which are appointed by and from the Board. FARC
has formal terms of reference agreed by the Board. The principal function of FARC is to oversee the financial and risk
management of the Company, including the review of management accounts.
The FARC normally meets at least four times a year and reports directly to the Board. During the year, FARC met four
times. At each meeting the FARC considers the management accounts, cashflow and budget. FARC also reviews the annual
ctounts, including recommend3tion5 from the auditor and the Risk Register.
The Board has a Nomination Committee, members of which are appointed by and from the Board. The Committee has
formal terms of reference agreed by the 8oard. It normally meets at least twice a year and reports directly to the Board.
The Comrnittee's principal function is to review the comp051tion of the Board and sUCte55ion planning. During the year the
Nomination Cornmittee held one rneeting with Nomination Comrnittee matters being dealt with directly by the Board. A
Board skills analysis was undertaken in May 2022 to facilitate changes to the Board which would be necessary during
2022.
The Board has a Remuneration Comrnittee, member5 of which are appointed by and from the Board. The Comrnittee has
formal terms of reference agreed by the Board. Its principal function is to maintain a policy for the remuneration of senior
managers. It normally meets twice a year and reports directly to the Board. During the year the Remuneration Committee
held one meeting.
A Chief Executive Officer is appointed by the Trustees to manage the day-to-day operations of the Company. To facilitate
effective operations, the Trustees have delegated certain authorities to the Chief Executive Officer, for operational
matters including finance, employment and artistic performance related activity.
d. Policie5 adopted for the induction and training of Trustees
In advance of taking office, new Trustees are provided with an induction pack. including the Articles, Matters Reserved for
Board Decision and the Code of Conduct. They are briefed on their legal obligations under relevant legislation including
charity and company law, the Charity Commission guidance on public benefit. and informed of the Content of the Articles,
the Board, Committee and deci5ion-makin8 proce55es, the business plan and recent financial performance of the Charity.
During the induction, they meet senior employees and other Trustees. Trustees have regular training sessions through
Board events and are encouraged to attend appropriate external training events where these facilitate the undertaking of
their r(>le.
e. Pay policy for key mana8ement personnel
Our successful applications to the Government's Culture Recovery Fund ICRFI allowed us to make significant
organisational changes to become both financially resilient post pandemic and to make the historic Opera House fit for
the 21st century. This included Changes within the senior management team, which were funded through CRF.
Otherwise, we followed government guidelines in place during the pandemic, with no pay review undertaken during the
financial year.
Page 10

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Structure. 8overnance and mana8ement Icontinuedl
f. Risk management
The process of risk assessment is addressed through a framework of policies, procedures and internal controls. Key
policies are subject to Board approval and on-going review by rnanagement and the FARC. This Committee is also
responsible for 5at15fying itself that a proper system of internal control framework exist5 to manage financial risks and that
controls operate effectivelv.
The following statements surnmarise the Board's policy in managing key risks-.
Health, Safety and Security Risk.. all staff and volunteers receive regular training to safeguard their safety and that of the
audience. The Charitable Company appoints a lead officer for Health and Safety matters. and a Health and Safety
Cornmittee meets every 2 - 3 month5. A Trustee acts as Board tharnpion for Health and Safety. Trustees receive regular
reports on all Health and Safety matter5. An a55e55ment of all risks to health and safety is carried out periodically and
updated as required. The Trust continued to receive significant advice from RB Solutions on Health and Safety matters,
particularly throuehout the period of closure and as both our venues prepared to reopen.
Financial Risk.. threat5 to financial stability constitute the major financial risk to the Charity. A key element IN the
management of financial risk is the regular review of actual performance against budgets and of working capital, through
active management of both trade debtors and creditors.
Bu5ine55 Risk.. a failure to meet the backstage technical expectations of our visitin8 compaNie5 will lead to Us offerin8 a
diminishing artistic programme with associated financial impact. We will actively seek investment both internally
generated and external funding- to bring our facilities up to industry standard in order to attract quality productions.
Page 11

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees, responsibilities
The Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for
preparing the Trustee's annual report and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Atcounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year
Under company law, the
Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state
of affairs of the charitable company and of its incoming resources and application of resources, including the income and
expenditure of the charitable Company, for that period. In preparing these financial 5tatement5, the TIu5tees are required
to..
select suitable accounting policies and then apply them consistently,.
observe the methods and principles of the Charities SORP 2019 IFRS 1021,.
make judgment% and atctsunting estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standard5 have been followed, subject to any material departures
disclosed and explained in the financial statement5;
prepare the financial statements on the 80ing concern basis unless it is inappropriate to pre5urne that the
company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time
the financial position of the charitable company and enable them to ensure that the financial statements comply with the
Cornpanies Act 2006. They are a150 responsible for Safeguarding the 3S5et5 of the company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Dlsclosure of Informatlon to audltor
In so far as the Trustees are aware:
there is no relevant audit information of which the charitable company's auditor is unaware, and
the Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant
audit information and to establish that the auditor is aware of that inforrnation.
Approved by order of the members of the board of Trustees and signed on their behalf by..
ons (Dec 2, 2022 11 42 GMTI
Professor J Simons
Date- Dec 2, 2022
Page 12

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF HIGH PEAKTHEATRE TRUST LIMITED
Opinion
We have audited the financial statements of High Peak Theatre Trust Limited (the 'charitable company'l for the year
ended 31 March 2022 which comprise the statement of financial activities, the balance sheet. the statement of cash flows
and the related note5, including a summary of significant accounting policie5. The financial reporting framework that ha5
been applied in their preparation is applicable law and United KiN8dom Accountin8 Standards, including Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the finantial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming
resources and application of resources, including its income and expenditure for the year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial
statements section of our report. We are independent of the charitable company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial
Reporting Council's Ethical Standard, and we have fulfilled our other ethical respon5ibilitie5 in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
In auditing the f1nancial statements, we have concluded that the trustees, use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast Significant doubt on the charitable company's ability to continue a5 a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant
sections of this report.
Page 13

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF HIGH PEAKTHEATRE TRUST LIMITED ICONTINUEDI
Other information
The other information comprises the information included in the trustees. report other than the financial statements and
our auditor's report thereon. The trustees are responsible for the other information contained within the trustees, report.
Our opinion on the financial statement5 doe5 not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read
the other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially
misstated. If we identify 5Uth material incon5iSteneies or apparent material mi55tatement5, we are required to determine
whether thi5 give5 rise to a material misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report that
fact.
We have nothinE to report in thi5 regard.
Opinions on other matter5 prescribed by the Companies Art 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the tru5tees' report (incorporating the director5, report) for the financial year for which
the financial statements are prepared is consistent with the financial 5tatements,' and.
the director5, report has been prepared in accordance with applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of
the audit, we have not identified rnaterial mi55tatements in the directors, report.
We have nothing to report in respect of the following rnatter5 in relation to which Companie5 Act 2006 requires US to
report to you if, in our opinion..
adequate accounting records have not been kept, or return5 adequate for our audit have not been received from
branches not visited by u5,. or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of directors, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit,. or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime
and take advantage of the small companies. exemptions in preparing the directors, report and from the
requirement to prepare a strategic report.
Page 14

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF HIGH PEAKTHEATRE TRUST LIMITED ICONTINUEDI
Re5ponsibilitie5 of trustees
As explained more fully in the trustees. responsibilities statement, the trustees Iwho are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and
for being sat15fied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary
to enable the preparation of financial staternents that are free from Material misstatement, whether due to fraud or
error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to
continue as a going concern, disc105ing, a5 applicable, matters related to going concern and using the going concern basi5
of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no
realistic alternative but to do so.
Audltor responslbllltles for the audlt of the flnanclal statements
Our objectives are tts obtain reasonable assurance about whether the financial Statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS
IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud Or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornic
decisions of user5 taken on the basi5 of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilitie5, Outlined above, to detect rnaterial mi55tatements in respect of irregularities, including fraud. The
extent to which our procedure5 are capable of detecting irregularities, including fraud 15 detailed below..
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilitie5 and skills to identify or recognise non-cornpliante with applicable laws and regulations,.
we identified the laws and regulations applicable to the charitable company through disCU55ions
with management and trustees, and from our knowledge and experience of this organisation,.
we focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the charitable company, including the Charitie5 Act 2011, the
Cornpanies Art 2006, data protection, health and safety legislation and employment law,.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and trustees-
identified laws and regulations were tommunicated within the audit team regularly and the teèm remained alert
to instances of non-cornpliance throughout the audit of the charitable companv.
We assessed the susceptibility of the charitable company's financial statements to material misstatement, including
obtaining an understanding of how fraud might octur, by,.
making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud,. and
con5ideiing the internal controls in place to mitigate risks of fraud and non-compliante with laws and regulation5.
To address the risks of fraud through management bias and override controls, we..
performed analytical procedures to identify any unusual or unexpected variances,.
tested journal entries to identify unusual tran5aCtions,'
assessed whether judgments and assumptions made in determining the accounting estimates set out in note 3
Page 15

## **HIGH PEAK THEATRE TRUST LIMITED** 

## **(A company limited by guarantee)** 

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HIGH PEAK THEATRE TRUST LIMITED (CONTINUED) 

were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## **Use of our report** 

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


**Jane Marshall (Senior Statutory Auditor)** for and on behalf of 

**BHP LLP** 

Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield SlO 2PD 

Date: Dec 8, 2022 

Page 16 



HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
STATEMENT OF FINANCIALACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 MARCH 2022
Unrestrleted
funds
2022
Restrleted
funds
2022
Total
funds
2022
Total
funds
2021
Note
Income from:
Donations and legacies
Charitable activities
393,355
1.698,158
99,574
3,319
396,674
1.698,158
99,574
591.273
35,802
76.435
other trading activities
Investrrents
6,236
6,236
1,113
other income
49,255
49,255
518.951
Total Income
2.246,578
3,319
2,249,897
1,223.574
Expenditure on:
Raising funds
Charitable activities
7,530
2,145,342
7,530
2,202,001
3.793
1,234,985
io
56,659
Total expenditure
2,152,872
56,659
2,209,531
1,238,778
Net incomellexpenditurel bèfore taxation
Taxation
93,706
20,000
153,3401
40,366
20,000
115.2041
17
Net incomellexpenditurel after taxation
Transfers between funds
113,706
148,0641
153,3401
48,064
60,366
115,2041
22
Net Incomel lexpendlturel and net
movement in funds
65,642
15,2761
60,366
115.2041
Retontiliation of funds..
Total funds brought forward
Net movement in funds
1.341,839
18,103
15,2761
1.359,942
1,375,146
115,2041
65,642
60,366
Total funds tarried forward
1,407,481
12,827
1,420,308
1,359,942
The Statement of Financial Activities includes all gains and losses recognised in the year.
Page 17

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
REGISTERED NUMBER.. 01356378
BALANCE SHEET
AS A T31 MARCH 2022
2022
2021
Note
Fixed assets
Tangible assets
18
578,662
576.663
578,662
576,663
Currènt assets
Stocks
19
16.505
5,425
Debtor5
20
226,500
2,498.667
102,673
1,418,482
Cash at bank and in hand
2,741.672
1,526,580
Creditors.. amount5 falling due within one year
21
11,900,026)
1743,3011
Net Current assets
841,646
783.279
Total assets less current Ilabllltles
1.420,308
1,359.942
Total net assets
1.420,308
1,359,942
Charity funds
Restricted funds
22
12,827
18.103
Unrestricted funds
Designated funds
General funds
22
813,766
593.715
610,767
731,072
22
Total unrestricted fund5
22
1.407,481
1,341,839
Total funds
1,420,308
1,359,942
Page 18

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
REGISTERED NUMBER.. 01356378
BALANCE SHEET ICONTINUEDI
AS A T31 MARCH 2022
The Tru5tee5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small
companies regime.
The financial statements were approved and authorised for issue by the Tiustees and signed on their behalf bv..
Judy 51
ons IDec ?, ?022 11.'42 GMTI
Professor J Simons
Ichair of Trustees)
Date..
Dec 2, 2022
The notes on pages 21 to 41 form part of these financial statements.
Page 19

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
Note
Cash flows from operatlng actlvltles
Net cash provided byl (used inl operating activities
25
1,223.665
1142,9321
Cash flows from investing activities
Bank interest
6,236
334
1,113
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed 3S5ets
1150,0501
110,3201
Net cash used In Investlng artlvltles
1143.4801
19,2071
Change In cash and cash equlvalents In the year
1,080.185
1152,1391
Cash and cash equivalents at the beginning of the year
1,418.482
1,570,621
Cash and cash equivalents at the end of the year
26
2,498.667
1,418,482
Page 20

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
General information
The company is a company limited by guarantee. The members of the company are the Trustees named on page l.
In the event of the company being wound up, the liability in respect of the euarantee is limited to £1 per member
of the company.
Accounting policies
2.1 Basis of preporfjtion oAfinqnciolstgtement5
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting
and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 Isecond edition- October 20191, the Financial Reporting Standard applicable in the UK and Republic
of Ireland IFRS 1021 and the Companies Act 2006.
High Peak Theatre Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant
accounting policy.
The financial statements are presented in sterlin& which is the functional currency of the charity. and
rounded to the nearest £1.
2.2 Going concern
For the financial year ended 31 March 2022, both our balance sheet and liquidity were strong which left us
well placed to drive the business forward and seek new opportunities.
We have very recently critically reviewed the budget and cashflow for the remainder of the financial year to
31 March 2023, particularly in light of inflationary pressures which impacts both costs and discretionary
spending. However, with good visibility on future ticket sales, we expect to record a modest trading surplus
for the full financial year and our unrestricted cash is expected to remain strong at c£840.000.
Looking further ahead to the financial year ending 31 March 2024, a detailed budget and cashflow have been
prepared on an extremely prudent basis, particularly as we have less visibility on future ticket sales. In
addition, we must be very mindful of the continuing economic uncertainty and have allowed for a significant
increase in our costs. We still expect to achieve at least a breakeven position with p051tive cashflow. Critically,
both balance sheet and liquidity are expected to remain robust and therefore, will be perfectly adequate to
maintain our operations.
Clearly, strong financial rnanagement and when required, prompt robust action will continue to be an
essential part of our success.
After making appropriate enquiries and considering the detailed budgets and cashflows, the Trustees have a
reasonable expectation that the Company has adequate re50urce5 to continue in operational existence for
the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the
financial statements. Further details regarding the adoption of the going concern basis can be found in the
accounting policies.
Page21

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accountin8 policies Icontinuedl
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will
be received and the amount of income receivable tan be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt
and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy
exists when the company has sufficient evidence that a Eift has been left to them Ithrough knowledge of the
existence of a valid will and the death of the benefactorl and the executor 15 sat15fied that the property in
question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is
probable that it will be received and the fair value of the amount receivable. which will generally be the
expected cash amount to be distributed to the company, can be reliably measured.
Grant5 are included in the statement of financial activities on a receivable basis. The balance of intorne
received for specific purposes but Not expended during the period is shown in the relevant funds on the
Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and
included in creditors as deferred income. Where entitlement occurs before income is received. the income is
actrued.
Income tax recoverable in relation to donation5 received under Gift Aid or deeds of covenant Is recogni5ed at
the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is
receivable.
Other income is recognised IN the period in which it is receivable and to the extent the goods have been
provided or on completion of the service.
Income relating to the Coronavirus Job Retention Scheme ICJRSI is recognised in the period for which the
funding is claimed.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third party, it is probable that a transfer of economic benefits will be required in settlement and the amount
of the obligation can be measured reliably. Expenditure 15 classified by activity. The costs of each activity are
made up of the total of direct costs and shared costs, including 5UPPOrt Costs involved in undertaking each
activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which
contribute to more than one activity and support costs which are not attributable to a single activity are
apportioned between those activitie5 on a basi5 consistent with the use of resources. Central staff costs are
allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable
purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities whith further the
company's objectives, a5 well a5 any asSOClated support Costs.
Page 22

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accountin8 policies Icontinuedl
2.5 Interest recelvable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by
the company,. thi5 is normally upon notification of the interest paid or payable by the institution with whom
the funds are deposited.
2.6 Taxatlon
The company is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and
therefore it rneets the definition of a charitable compariy for UK corporation tax purposes. Accoidingly, the
company is potentially exempt from taxation in respect of income or capital gains received within categories
covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable
Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
A5 a charitable cornpany, the charity is able to rnake a claim in relation to theatre tax reliefs. The tax credit is
recognised in the accounts on an accruals basis, where the amounts can be reliably measured by the date of
approval of the accounts.
2.7 Tangiblefixed 0s5ets Gnddepretiation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the
carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets
and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the
Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation 15
provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives.
Depreciation is provided tsn the following base5'.
Freehold property
Short-term leasehold property
Fixtures and fittings
Computer and office equipment
Lighting and other equipment
40 years
Over the term of the lease
5 25 years
3 5 years
5 - 10 years
2.8 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and
51ow-moving Stocks. Cost includes all dirett C05ts and an appropriate proptsrtion of fixed and variable
overheads.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade di5COUnts due.
Page 23

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accountin8 policies Icontinuedl
2.10 Cush ut bonk und In hund
Cash at bank and in hand includes cash and short-term hiehly liquid investments with a short maturity of
three month5 or les5 from the date of acquisititsn or opening of the dep051t or similar actount.
2.11 Liabilitie5 ondprovisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is
probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement
can be estimated reliably.
Liabilitie5 are recognised at the amount that the company anticipates it will pay to settle the debt or the
amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the
effect of the time value of money is material, the provision is based on the present value of those amounts,
discounted at the pre-tax discount rate that reflect5 the risks specific to the liability. The unwinding of the
discount is recognised in the Statement of financial activities as a finance cost.
2.12 Flnunclol Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basie financial
instrurnent5. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently measured at
amortised cost using the effective interest method.
2.13 Open7ting leases
Rentals paid under operatin8 leases are charged to the Statement of financial activities on a 5trai8ht line basis
over the lease term.
2.14 Penslons
The tharitable company contributes to personal pension schemes of certain employees. Contributions to
personal pension scheme5 are charged to the SOFA in the year in which they relate.
2.15 Employee beneAits
The cost of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement 15 recogni5ed IN the period in which the employee'5 services are
received.
Reduridancy and termination cost5 are retogni5ed a5 an expense at the point the tharity is demonstrably
committed to either.. terminate the ernployment of an employee or group of employees before normal
retirement date,. or provide termination benefits as a result of an offer made in order to encourage voluntary
redundancy. The charity is considered to be demonstrably committed only when it has a detailed formal plan
for the termination and 15 Wlthout reali5tlC Possibility of withdrawal frtsm the plan.
Page 24

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accountin8 policies Icontinuedl
2.16 Fund occountlng
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the company and which have not been designated for other
purpose5.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted fund5 are funds which are to be used in accoidance with specific re5triction5 inip05ed by donor5 or
which have been raised by the company for particular purpose5. The cost5 of raising and administering such
funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to
the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Crltlcal accountlng estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors.
including expectations of future events that are believed to be reasonable under the tircumstanees.
Critical accountin8 estimate5 and as5umptions'.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and
assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are discussed below.
Support costs..
Some costs incurred by the charity such a5 printing, postage and stationery are shared between activities. The
charity's policy is to allocate these costs on the basis of assessed consumption.
Page 25

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Income from donatlons and legacles
Unrestrirted
funds
2022
Restricted
funds
2022
Total
funds
2022
Total
funds
2021
Donations
87,874
57,020
248,461
3,319
91.193
57,020
248.461
44,458
74,020
472,795
Grants- High Peèk Bortsugh Council
Grants- Arts Council England
393,355
3,319
396.674
591,273
Total 2021
587,810
3.463
591,273
Income from charltable artlvltles
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Box office receipts
Bookin8 fees
Restoration levy
Gift card income
731.919
731.919
196,629
99.847
196.629
99.847
8,689
1.429
800
Sundry show income
Theatre hire
66.926
133,389
246.775
66.926
133.389
246.775
150
11,582
Bar refreshments
Learning and participation income
Programme and merchandise sales
Other income
9,163
17.840
9.163
17.840
5.905
195,667
195.667
7,247
1,698,158
1,698.158
35,802
Total 2021
35,802
35,802
Page 26

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Income from other tradlng actlvltles
Incomè from fundraising events
Unrestrlcted
funds
2022
Total
funds
2022
Total
funds
2021
Matcham card sale5
6,845
6,845
2,730
I,￿0
70,005
2,700
Name a seat income
Giant cash bonanza intome
65,479
27,250
65,479
27.2SO
Sponsorship
99,574
99.574
76,435
Total 2021
76.435
76,435
Investment Income
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Bank interest
6.236
6.236
1.113
Total 2021
1,113
1,113
Page 27

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
other Incomlng resources
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Government CJRS grant
49,255
49,255
518,951
Total 2021
518,951
518,951
Expenditure on raisin8 funds
UnrestrScted
funds
2022
Total
funds
2022
Total
funds
2021
Fundraising costs
Fundraising salaries
1,645
1.645
3,793
5,885
5,885
Totts12022
7,530
7,530
3,793
Total 2021
3,793
3,793
Page 28

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
io.
Analysls of expendlture on charltable actlvltSes
Summary byAund type
Unrestrlcted
funds
2022
Restrlcted
funds
2022
Total
funds
2022
Total
funds
2021
Promotion and advertising
Catering and programme costs
Establishment expense5 (note 111
Bad debts
109,065
96,315
431,644
17721
121,927
259,253
205,732
108,455
109,065
96.315
433,776
17721
121,927
259.2S3
205,732
108.4SS
54,527
113.5S4
251,806
448.363
9,511
2,132
344,499
Box office salaries and related tosts
98,088
Backstage salaries and related costs
Front of house salaries and related cost%
189,586
229,939
79,495
319
Marketing salaries and related costs
Learning & participation salaries and related costs
Governance costs (note 131
Support Costs Inote 121
Production & ticketing costs
54,527
113,554
251,806
448,363
30,CQ7
192,818
60,723
2,145,342
56,659
2,202.001
1,234,985
Total 2021
1,234,316
669
1,234,985
Page 29

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
ii.
Establishment expenses
2022
2021
Rent and rates
4,109
1,367
Insurance
19,761
48,057
13,640
41,814
Heat and light
General repair5
Depreciation
Office expenses
Bank charges
Irrecoverable VAT
37,827
143.772
35,006
113,646
71.336
1,890
26,476
2,141
30,807
26,700
other sundry expenses
Loss on disposal of fixed assets
72,272
83,709
3,945
Totol
433,776
344,499
12.
Support costs
2022
2021
Administration salaries
251,806
192,818
Total
251.806
192,818
Page 30

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
13.
Governance costs
Unrestricted
funds
Total
funds
Total
funds
Auditors, remuneration
19,864
93,372
318
19,864
93.372
318
12,650
17,125
232
Professional charges
Meeting expenses
113,5S4
113,554
30,007
Total 2021
30,007
30,007
14.
Auditor's remuneration
2022
2021
Fees payable to the company's auditor for the audit of the company's annual
accounts
11.7
11.125
Fees payable to the company's auditor in respect of..
All non-audit services not included above
8,074
1,525
15.
Staff costs
2022
2021
Wages and salaries
Social security Costs
Other pension costs
924.831
62,499
20.255
727,503
43,887
18,855
1,007.585
790,245
During the year termination payments of £41,41712021-. £17,571) were made.
Page31

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
15.
Staff costs Icontinuedl
The average number of persons employed by the company during the year was as follows..
2022
No.
2021
No.
Cost of generating funds
Charitable activities
S3
60
54
60
The average headcount expressed as full-time equivalents was as follows-.
2022
No.
2021
No.
Charitable activities
34
37
No employee received remuneration amounting to more than £60,000 in either year.
During the year key management personnel remuneration including employer's pension and Nl was £280,748
12021.. £204,909)
The charitable company benefits from the donation of many hour5 of voluntary work in the form of 'front-of-
house. work during performances. In accordance with the Charities SORP IFRS 1021 this is not included in the
financial statements.
16.
Trustees. remuneratlon and expenses
During the year. no Trustees received any remuneration or other benefits12021 £NILI.
During the year ended 31 March 2022, expenses totalling £122 were reimbursed or paid directly to 2 Trustees
12021- £120 to l Trusteel.
Page 32

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
17.
Taxation
2022
2021
Theatre Tax Relief
120,0001
120.0001
18.
Tangible fixed assets
short.term
leasehold
property
Computer and
office
equlpment
Lighting and
other
equlpmet)t
Freehold
property
Fixtures and
flttlngs
Total
Cost or valuutlon
At l April 2021
Additions
216,539
846,554
438,750
123,048
399,422
150,050
145,3271
2,024,313
150,050
167,4411
Di5P05a15
15,3711
116,7431
At 31 March 2022
216,539
846,554
433,379
106.305
504,145
2.106,922
Depreciution
At l April 2021
Charge for the year
On disptssals
118,587
540,043
394,377
82.864
311,779
1,447,650
5,413
50,793
11.716
15,3341
18.012
116.7441
57,838
141,0841
143,772
163,1621
At 31 March 2022
124,000
590,836
400,759
84.132
328,533
1.528,260
Net book volue
At 31 March 2022
92,539
255,718
32,620
22,173
175,612
578,662
At 31 March 2021
97,952
306,511
44,373
40,184
87,643
576,663
Page 33

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
19.
stocks
2022
2021
Finished goods and goods for resale
16,505
5,425
20.
Debtor5
2022
2021
Due wlthln one yeur
Trade debtors
112,550
1.221
9,292
84,403
Other debtors
Prepayment5 and accrued income
112,729
8,978
226.500
102.673
21.
Credltors.. Amounts falllng due wlthln one year
2022
2021
Trade creditor5
271,273
51.509
37.882
1,539.362
15,116
8.997
21,525
697.663
Other taxation and social security
Other creditors
Accruals and deferred income
1,900.026
743,301
2022
2021
Deferred income at l April 2021
Resources deferred during the year
Amounts released from previous periods
574,273
1,367.748
1574,2731
701,274
574,273
1701,2741
1,367.748
574.273
Deferred income relates to box office takings in advance.
Page 34

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
22.
Statement of funds
Statement of funds- current year
Balance at i
April 2021
Transfers
inlout
8alantÈ at 31
March 2022
Income
Expenditure
Unrestrictedfvnds
Deslgnotedlunds
Fixed asset donations
161,442
306,511
108,710
8,000
123,2431
150,7931
169,7361
29.585
167,784
255,718
ISS,160
8,000
Pavilion Arts Centre Fund
Other fixed assets
116.186
Learning and enga8ement
Repair5 fund
Sir13n Mckellen fund
2,104
24,000
2,104
24,000
Backstage equipment fund
Refurbishment Fund
51.OLXI
150.000
si,000
150,000
610,767
201.0￿]
1143,7721
145.771
813,766
Generallunds
General Funds
731,072
2,045.578
11.989,1001
1193.8351
593,715
Total Unrestrictedfvnds
1.341,839
2,246.578
12.132,8721
148.0641
1.407,481
Restrictedfvnd5
Piano fund
9,209
12,1321
7,077
Willoughby Luncheon Club
Childrens Theatre
5,750
3,144
5,750
3.319
154,5271
48.064
18,103
3.319
156,6591
48.064
12,827
Totul offunds
1.359,942
2,249.897
12.189,5311
1.420,308
Page 35

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
22.
Statement of funds Icontinuedl
statement of funds- prlor year
Balance at
31 March
2021
Balance at
l April 2020
Transfer5
in/out
Income
Expenditure
Unrestrlctedfvnds
De5igngtedfunds
Fixed asset donations
169,743
357,304
152,942
8,000
18,000
24,000
115,9211
150,7931
146,9321
7,620
161,442
306,511
108,710
8,000
2,104
24,000
Pavilion Arts Centre Fund
Other fixed a%setS
2,700
Learning and engagement
Repair5 fund
Sir lan Mckellen fund
115,8961
729,989
1129,5421
10,320
610,767
GeneralAunds
General Funds
629,848
1,220,111
11,108,567)
110,3201
731,072
Totul Unrestrlctedfvnds
1,359,837
1,220,111
11,238,109)
1,341,839
Restrlctedfunds
Piano fund
9,559
5.750
13501
9,209
5,750
Willoughby Luncheon Club
Childrens Theatre
3,463
13191
3,144
15,309
3,463
16691
18,103
Tottsl ofAunds
1,375,146
1,223,574
11,238,778)
1,359,942
Page 36

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
22.
Statement of funds Icontinuedl
DeslEnated funds
Fixed a55et donation5 Various donor5 have granted funds towards capital expenditure. The use of the fixed a55et5
are unrestricted and therefore the fund is shown as a designated fund which is being released over the useful
economic life of the assets.
Pavilion Arts Centre These funds represent the net book value of the leasehold property within note 16. The
depreciation expense in relation to this property 15 allocated to thi5 fund.
other fixed assets - These funds represent the other fixed assets not included above and are beine released over
the useful econornic life of the assets.
Learning and engagement This fund has been created from the surplus that arose from our 2018 production of
West Side Story. The money has been set aside to fund future learning and participation activities.
Repair5 fund A building condition survey of No 5 The Square was commissioned in August 2C119 followin8 which a
repair fund of £18,000 was designated to address the work highlighted as requiring immediate attention. It is
intended that the work. relating primarily to the roof, chimney and masonry, will be undertaken in the summer of
2020 along with the internal decoration of comrnunal areas.
Sir lan McKellen fund - Sir lan McKellen visited the Opera House in May 2019 as part of his 80th birthday tour. Sir
lan took a minimal fee, with the understanding that profits from the show would benefit causes specific to our
venue. We indicated that the proceed5 - £24,000 - would be placed in a designated fund for future Learning &
En8agement work.
Backstage equipment fund This fund is specifically for the upgrade of backstage equipment which will allow larger
and more technically complex productions to be presented at Buxton Opera House.
Refurbishment fund This fund reflects our commitment to a major capital refurbishment of the theatre which will
secure its future for manv years to come. We wish to offer the modern standards expected by customers and
visiting companies, a5 well as increasing the potential for creative output, learning and engagernent with the
ommunitv.
General funds
General fund5 represents the free funds of the charitable company which are not designated for particular
purposes.
Rèstricted funds
Piano fund represents donations being used for the running costs of a grand piano purchased in 2017.
Willoughby Luncheon Club The Willoughby Luncheon Club w35 founded in 1983 to support the Opera House
through a varied diary of artivities and social occa5ion5. Over the years the Club raised in exce55 of £50,000 to
purchase equipment for the theatre or contribute towards its upkeep and refurbishment. Sadly. the Club wound
up in 2018 and the brought forward fund of £5.750 reflects its final donation to the theatre and the matched
funding associated.
Page 37

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Children's theatre This restricted fund relates to the refurbishment of the Pavilion Arts Centre studio theatre.
Continuing donations support ongoing Learning & Engagement work.
Transfers
Transfers are made from general funds to the designated fixed asset funds to reflect the movements in fixed assets
in the year. Transfer5 are made from restricted fund5 to general funds when as5et5 have been purchased frorn a
restricted fund but are held for the general purpose of the charity. Transfers are made from unrestricted funds to
restricted funds to cover deficits in restricted funds.
23.
Summary offunds
Summary of funds- turrent year
Balance at I
Aprll ZOZI
Transfers
Inlout
alance at 31
March ZOZZ
Income
Expendlture
Designated funds
General funds
610,767
731,072
201.OLXI
2,045.578
3.319
1143,7721
11,989,100)
156,6591
145.771
1193.8351
48.064
813,766
593,715
Restricted funds
18,103
12,827
1.359,942
2,249.897
12.189,5311
1.420,308
Summary of funds- prior year
Balance at
31 March
2021
Balance at
l April 2020
Transfers
in/out
Income
Expenditure
Designated funds
General funds
729.989
629,848
15.309
1129.5421
11,108,567)
16691
10,320
110,3201
610.767
731,072
18.103
1,220,111
3,463
Restricted funds
1,375.146
1,223,574
11,238.7781
1,359.942
Page 38

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
24.
Analysls of net assets between funds
Analysis of nèt assets betwèen funds- current year
Unrestricted
funds
2022
Restrirted
funds
2022
Total
funds
2022
Tangible fixed assets
Current assets
578,662
2,728.845
11,900,026)
578,662
2.741,672
11.900,0261
12,827
Creditors due within one year
Totol
1,407,481
12,827
1.420,308
Analysis of net assets between funds- prior year
Unrestricted
funds
2021
Restricted
funds
2021
Total
funds
2021
Tangible fixed assets
Current assets
576,663
1,508,477
1743,3011
576,663
1,526,580
1743,3011
18,103
Creditors due within one year
Totol
1,341,839
18,103
1,359,942
Page 39

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2S.
Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles
2022
2021
Net incomellexpenditurel for the year las per Statement of Financial Activities)
60.366
115,2041
AdjustmentsAor.'
Depreciation charges
Bank interest
143.772
16.2361
3.945
111.0801
1123.8271
1,156.725
113.646
11,1131
Loss on the sale of fixed assets
Ilncreaselldecrease in Stocks
Ilncreasel in debtors
Increaselldecreasel in creditors
18,378
148.0841
1210,5551
Net cash providtdby/(used in) open7ting ottivitiés
1,223,665
1142,9321
26.
Analysis of cash and cash equivalents
2022
2021
Cash in hand
2,498.667
1,418,482
Totol cash andc95h equivalent5
2,498,667
1,418,482
27.
Analysis of changes in net debt
At l April
2021
At 31 March
2022
Cash flows
Cash at bank and in hand
1,418,482
1,080,185
2,498,667
1,418,482
1,080,185
2,498,667
Page 40

HIGH PEAK THEATRE TRUST LIMITED
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Pension commitment5
The company contributes to personal pension funds of the employees and the assets of the schemes are held
separately from those of the charity in independently administered funds. The pension charge represents
contributions payable by the company to the funds and amounted to £20,255 12021.. £18,85SI. Contributions
totalling £3,69912021.. £nill were payable at the balance sheet date and included within other creditor5.
29.
Operatlng lease commltments
At 31 March 2022 the company had commitments to make future minimum lease payments under non-
cantellable operating lease5 a5 follows..
2022
2021
Within l year
Between 2 and 5 years
7.499
5.541
5,987
iii
13.040
6,098
Related party transactlons
The company also made payments of £ 20812021= £331 to Vision Buxton 3 company of which R MacLean is also a
director.
During the year wages and salaries were paid to l employee who had direct family relations of Mrs S Howe
totalline £7512021= £3.8071 and l employee who is a direct family relation of J Morgan totallin@ £4,02912021..
£1,881.
Page 41