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2023-08-31-accounts

The Wolverhampton Grand Theatre (1982) Limited REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 August 2023

Muras Baker Jones Limited Chartered Accountants & Statutory Auditor Wolverhampton

The Wolverhampton Grand Theatre (1982) Limited

INDEX

For the year ended 31 August 2023

PAGE
REPORT OF THE DIRECTORS (INCLUDING STRATEGIC REPORT) 1 to 7
REPORT OF THE AUDITORS 8 to 10
CONSOLIDATED STATEMENT OF INCOME 11
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 12
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 13
CHARITABLE COMPANY STATEMENT OF FINANCIAL POSITION 14
CONSOLIDATED CASH FLOW STATEMENT 15
CHARITABLE COMPANY CASH FLOW STATEMENT 16
NOTES TO THE FINANCIAL STATEMENTS 17 to 29

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS

The Directors are pleased to present their Report (including strategic report) together with the Financial Statements of the group for the period ended 31 August 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

CHARITY NUMBER: 515154 COMPANY NUMBER: 1731876 REGISTERED OFFICE: Lichfield Street Wolverhampton WV1 1DE AUDITORS: Muras Baker Jones Limited Regent House Bath Avenue Wolverhampton WV1 4EG BANKERS: Barclays Bank Queen Square Wolverhampton WV1 1DS

DIRECTORS AND TRUSTEES

The company is a registered charity and the Directors are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Directors.

The Directors serving during the year were as follows:

BOARD OF DIRECTORS: Philip J Barnett (Chair) Sir Geoff Hampton (Vice Chair) Tracey K Worthington (resigned 16 February 2023) Nuala M O’Kane Hayleigh Lupino Dawinder K Bansal (resigned 15 October 2022) Samuel J Hudman Major S Rana Luke Maskew (appointed 1 March 2023)

Duncan C A Jones was appointed a director with effect from 17 October 2023.

COMPANY SECRETARY: Anne-Marie Brennan

CHIEF EXECUTIVE OFFICER: Adrian Jackson

1

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

With the economy continuing to struggle and households wrestling with high energy and mortgage costs, a visit to any Arts or Culture venue is now very much a discretionary spend that has to compete with many other recreational activities. Focus on value for money whilst delivering a great customer service has therefore been at the forefront of our thinking this year.

Despite this tough economic climate we are delighted to be able to report that the Grand Theatre has had another very successful year. Over 250,000 attendees having come through our doors over the past twelve months. The appetite for customers to support our programme of quality shows and events appears as strong as ever, with the Grand Theatre providing a much needed escape in surroundings that conjure up everything that is wonderful about live Theatre.

During the year two pieces of significant work took place in addition to the normal duties of the Board and management team. The first, which is still on-going, looked at how we might expand our existing programme of events to cater for the varying tastes and diversity of the community in which we sit. The second was a decision to bring the production of our 2023 pantomime entirely in-house. The Board believe both of these will lead to an enhanced experience for existing and future audiences.

ORGANISATION

Wolverhampton Grand Theatre (1982) Ltd is a company limited by guarantee and a registered charity. It is authorised and regulated by the Charities Commission of England & Wales.

Its constitution is set out in its Articles of Association. These have been updated on several occasions since the company’s original incorporation in 1982 to reflect changing legislation and governance best practice.

The company has two wholly owned subsidiaries:

The principal activity is the operation of the Grand Theatre in Wolverhampton. The charitable objectives of the company set out in the Articles are:

The governing body is a Board of non-executive directors who are also the Trustees of the charity.

In certain circumstances the Board will delegate authority to sub-committees. These various committees meet as and when required. A Chief Executive & Artistic Director are appointed by the Board to manage the day to day operations of the charity within delegated authority levels and to deliver the agreed Strategic Plan and Artistic Policy of the Theatre.

DIRECTOR APPOINTMENT, INDUCTION, TRAINING, EFFECTIVENESS AND SKILLS An effective and diverse Board is essential if the charity is to meet its objectives. At the point of selection the Board will not discriminate unfairly on any of the grounds set out in the charity’s Equality & Diversity Policy.

2

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

New directors are provided with a comprehensive information pack, comprising key governance, policy, strategy and financial documents, and are invited to spend an induction day at the theatre. Thereafter the charity is committed to supporting the ongoing training and development of its Directors to help them remain fully effective in their role.

The Board carries out a comprehensive annual self-assessment of its own effectiveness in line with the Charity Governance Code. This addresses a wide range of performance issues using an established scoring system in line with best practice. This review also includes an assessment of the effectiveness of the Chair.

GOVERNANCE

The Board follows the Charity Governance Code to ensure compliance with good governance. The Board has a robust overarching Governance and Policy Framework. This sets out the principles of good governance and specifies the distribution of roles and responsibilities. The Framework is supported by various policies covering Governance, Financial, Regulatory, Operational and Employee matters and includes details of the frequency of review and where authority has been delegated to an appropriate sub-committee.

RISK MANAGEMENT

The Board has a comprehensive Risk Management Policy. Management of all Health and Safety issues is cascaded through the entire organisation supported by regular staff meetings and appropriate training. This has been developed in line with best practice and the guidance issued by the Charity Commission and sets out how the charity identifies, assesses and manages the actual and potential risks to which it may be exposed.

As with last year, the Directors consider the single biggest risk to the organisation to be the possible impact of the current economic climate on both the Grand Theatre’s cost base and audience behaviours, factors which would affect the sector as a whole.

PERFORMANCES

The theatre delivered a full programme of productions from September to July, offering a a wide-range of theatre entertainment across all genres.

Large scale musicals were very popular, with Sister Act, Mamma Mia, Jersey Boys and The Bodyguard all making return visits and the latter three West End musicals leading the way for attendance. The ever popular Blood Brothers and the humorous Rock of Ages were well received. Several musicals visited the Grand for the first time, with The Commitments (inspired by the film) and The Cher Show attracting many music fans, and The SpongeBob Musical attracting a family audience for some summer fun.

Fans of Take That ’s music were doubly rewarded, not only enjoying the musical Greatest Days which featured the band’s music, but also a sold-out week-long November residency by Gary Barlow himself in his show A Different Stage .

The pantomime Aladdin was particularly successful, exceeding expectations for both footfall and revenue, and underlining the return of audience confidence a year on from the previous pantomime season.

Family entertainment also featured throughout the year, with Dinosaur World Live and Dragons & Mythical Beasts both notable for the presentation of full-scale puppet creatures on stage, and Milkshake Live and Northern Ballet’ s Ugly Duckling appealing to the youngest children

The Grand welcomed audiences of all ages for a week of the touring pantomime Mother Goose , which brought the legendary Sir Ian McKellen to the theatre for the first time in half a century, accompanied by the comedian John Bishop .

3

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

Drama included a star cast in Best Exotic Marigold Hotel , new writing from the National Theatre in the form of Sucker Punch , and the innovative Unexpected Twist , a stage version of Michael Rosen’s re-imagined Oliver Twist from the Children’s Theatre Partnership . Black Is The Colour of My Voice was an impressive one-woman play about Nina Simone, while the innovative She’s Royal explored the lives of two little-known figures from British history from the perspective of schoolchildren learning about the legacy of empire and slavery in India and West Africa.

Classical forms of theatre included a full-scale production of the opera La Boheme and the return of touring classical ballet with The Nutcracker . In June Birmingham Royal Ballet ’s BRB2 company brought a selection curated by Artistic Director Carlos Acosta . Audiences also had the opportunity to enjoy an unusual “candlelit” concert by the Classic Rock Orchestra and an afternoon performance by the orchestra of the Welsh National Opera .

Highlights among one-night attractions included Jools Holland, Giovanni Pernice, Jane McDonald , Tony Blackburn with Sounds of the Sixties , magician Richard Cadell and the Soweto Gospel Choir . There was a wide array of popular variety and music tribute shows. An in-house production, Sir Jack’s History Boys , celebrating the 30th anniversary of Wolverhampton Wanderers’ first promotion to the Premier League.

An array of stand-up comedy included John Richardson, Michael McIntyre, Dara O’Briain, Russell Kane, Ed Gamble, Dave Gorman, Stewart Lee, Tim Vine, Paul Choudhry, Harry Hill, Guz Khan and Jack Dee.

Community use of the building saw local amateur societies presenting full-scale and very popular musicals and multiple local Dance Schools presenting their annual galas. Both the main amateur companies chose technically challenging family titles, with Bilston Operatic Company’s Peter Pan and West Bromwich Operatic Society’s Shrek – The Musical both very well-attended and well-received.

With disruption from Covid having subsided, there were no reschedules or cancellations of touring product, however one postponement was necessary as a result of the passing and subsequent funeral of Queen Elizabeth II.

PUBLIC BENEFIT

The charity’s Public Benefit objective is to

‘Promote the performing arts and make the magic of theatre more accessible ’.

The Directors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objects and in planning for the future.

The year saw activities taking place both onsite and in the wider community to enhance and complement the main offer on stage, with some work delivered in partnership with external organisations including the National Theatre.

The building saw Q&A sessions for both schools and the general public, usually featuring members of visiting companies, tours of the theatre requested by community groups or advertised for private individuals, also the Maths Trail for schools, and the theatre’s Book Club. Theatre staff visited schools careers fairs and gave talks in schools and community groups about the theatre and its history.

The annual creative project associated with the pantomime was Aladdin’s Antique Shop. A range of groups, including schools, community groups and local associations, worked with a local freelance artist to create an art installation on display at the theatre from December.

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The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

Twenty sessions of the Grand’s Introduction to Panto were presented at primary and SEND schools, with an estimated 7000 individuals, many of whom had never visited a theatre, learning about the traditions and history of pantomime during two weeks of school visits.

The theatre’s free membership schemes Sixteen25 and First Call are aimed to encourage more frequent theatregoing by young people. Member numbers at the end of the year were up almost 25% on the prior year

The Grand Arena Youth Theatre , run in partnership with the University’s Arena Theatre, offered 90 sessions during the year, with two created productions staged at the Arena attracting over 400 friends and family members.

The theatre’s South Asian and Black African Caribbean Ambassador Forums again worked with the theatre’s Marketing and Programming teams towards growing the diversity of audiences. There was an additional focus on the main stage presentation of several productions including the pantomime Aladdin, the dance show Just Naach , a return visit for the sell-out Rush – A Joyous Jamaican Journey, as well as She’s Royal and Black Is The Colour Of My Voice . The percentage of first-time attendees at specific productions presented within the development strategy ranged from 50% to a maximum of 73%.

The theatre’s monthly Memory Café recommenced in September, with 31 morning sessions held over the year for 50-60 attendees per session. People with dementia and their carers experience a range of live performance especially music, with additional styles and performers having diversified its appeal.

The mobile version of the Memory Café supported by a local company was repeated on the same basis as the previous year, visiting care homes from May 2023. By the end of a 6 month schedule it will again have visited 40 venues and entertained up to 1500 people.

In July, celebrated entertainer Tony Christie was the focus of the Grand’s first dementia-friendly performance, appearing in a concert arranged following the announcement of his own dementia diagnosis.

Assisted performances took place throughout the year in the main house, with BSL interpretation and/or audio-description provided on 21 occasions across 12 full-scale touring productions, as well as for pantomime. Provision of Relaxed performances (designed for those on the autistic spectrum or having other additional needs) was extended. There were two such performances for Aladdin (one for schools and a weekend one for families), and the theatre worked with the production company of The SpongeBob Musical to form and implement the only relaxed performance on the show’s UK tour. The theatre launched its Active Access forum, with audience members and professionals contributing to the direction of the theatre’s access provision. A specific D/deaf customer group has also been set up.

The Grand’s participation in the National Theatre’s Speak Up project continued through the year. Its aim of empowering and inspiring young people through collaborative creative participation saw multiple activities taking place for both individual young people and schools. Weekly sessions took place in five secondary schools through the entirety of the school year, during which pupils worked with artists and practitioners from across the region in areas including mixed media, fine art, graffiti art, film-making, photography, Brazilian drumming and steel pan.

Tettenhall Wood School had their artwork made into products to sell to raise money for Wolverhampton food banks, with Charlton School’s works now installed at New Cross Hospital. Ormiston Shelfield Community Academy shared their anti-knife crime film at a film premiere evening at the Grand and Ormiston New Academy and Colton Hills Community School created films about neurodiversity and academic pressures respectively.

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The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

The Generation G young people’s forum began meeting monthly in October as part of Speak Up and a series of Creative Workshops took place in the February, Easter and Summer school holidays as part of the initiative. Hosted by local practitioners and theatre staff, workshop subjects included dramatic arts, make-up, costume and dance, while two week-long summer schools created first a drama and then a musical production. Successful bids to the UK Holiday Activities Fund resulted in £25,000 being awarded to fund free places for a number of eligible children among the 500 holiday workshop participants.

In addition the theatre worked with the National Theatre in delivering their Shut Up I’m Dreaming production into four secondary schools.

STRATEGY

The priority during the year continued to be the recovery of audiences post the Covid pandemic and to ensure the Theatres on-going financial stability. Now that this has been achieved, a major Strategic Review of the theatre’s activities has been scheduled for October 2023.

A large amount of work has already taken place in advance of this review. This includes the identification of the current risks and opportunities facing the Theatre and discussions between the Chair and individual Board members as to the key priorities for discussion.

As already outlined in the Report of the Director’s a key item for discussion will be how we can expand our existing programme of events to cater for the varying tastes and diversity of the community in which the Grand Theatre sits.

FINANCIAL REVIEW

The financial period for the group has resulted in a surplus of £859,259 (2022 £951,054).

This result was achieved by a strong programme, notably pantomime, and large scale musical theatre productions in particular. Secondary spend remained strong as was the engagement from the local business community.

The rise in interest rates has seen a welcome increase in interest received on cash balances.

Costs have been tightly controlled, particularly salaries, despite being under continuing pressure.

INVESTMENT POWERS AND POLICY

Under the Memorandum and Articles of Association, the Directors have the power to invest in any way beneficial to the company.

The Directors, having regard to the liquidity requirements of operating the Theatre and to the Reserves Policy, operate a policy of keeping a suitable portion of funds with an Investment Manager and also in interest bearing bank deposit accounts; they seek to achieve the best available rate of deposit interest consistent with a low level of risk. The Board continuously reviews these arrangements.

RESERVES POLICY

Details of amounts transferred to reserves are shown in note 18 to the Financial Statements. The reserves of the company are required to fund future capital expenditure, meet additional maintenance costs and any future shortfalls in revenue.

An annual review of both the Reserves and Investment Policies was undertaken by the Board and amendments made, in accordance with the changing requirements of the organisation particularly resulting from the current pandemic.

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The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

DIRECTORS’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

Company law requires the Directors to prepare Financial Statements that give a true and fair view of the state of affairs of the company at the end of the financial period and of its surplus or deficit for the financial period. In doing so the Directors are required to:

The Directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and enables them to ensure that the Financial Statements comply with the Companies Act 2006. The Directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with company law, as the company’s Directors, we certify that:

AUDITORS

Messrs Muras Baker Jones Limited have signified their willingness to continue in office.

APPROVED BY THE BOARD ON 21 NOVEMBER 2023 AND SIGNED ON ITS BEHALF BY:

P J BARNETT Chairman

7

The Wolverhampton Grand Theatre (1982) Limited

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WOLVERHAMPTON GRAND THEATRE (1982) LIMITED

OPINION

We have audited the financial statements of The Wolverhampton Grand Theatre (1982) Limited for the year ended 31 August 2023 which comprise the Group Statement of Income, the Group Statement of Financial Activities, the Group and Parent Charitable Company Statement of Financial Position, the Group and Parent Charitable Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied to their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

8

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WOLVERHAMPTON GRAND THEATRE (1982) LIMITED (continued)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material 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 nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors’ Responsibilities statement set out in the directors report, the directors (who are also trustees of The Wolverhampton Grand Theatre (1982) Limited for the purpose of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

9

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WOLVERHAMPTON GRAND THEATRE (1982) LIMITED (continued)

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

……………………………………….. Trevor Brueton BA FCA (Senior Statutory Auditor) For and on behalf of Muras Baker Jones Limited Chartered Accountants and Statutory Auditor

21 November 2023

Regent House Bath Avenue Wolverhampton WV1 4EG

10

The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED STATEMENT OF INCOME

For the year ended 31 August 2023

Note 2023 2022
£ £
THEATRE INCOME 4 9,574,632 7,921,386
Cost of sales (6,942,415) (5,722,049)
___ ___
GROSS SURPLUS 2,632,217 2,199,337
Operating expenses (2,121,145) (1,818,647)
Other operating income 5 77,532 665,486
___ ___
OPERATING SURPLUS 588,604 1,046,176
Investment income receivable 86,723 30,712
Restricted funds income 117,036 -
Restricted funds expenditure (87,811) -
___ ___
SURPLUS BEFORE TAXATION 704,552 1,076,888
TAXATION 10 185,022 -
___ ___
SURPLUS FOR THE FINANCIAL YEAR 889,574 1,076,888
(Loss) on revaluation of investments (30,315) (125,834)
___ ___
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 859,259 951,054
Transfer to designated funds 18b (235,527) (591,685)
Transfer to restricted funds 18a (29,225) -
___ ___
Surplus for the year to general reserve 18b 594,507 359,369
___ ___

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the above two financial periods.

TOTAL RECOGNISED GAINS AND LOSSES

These are detailed in the Consolidated Statement of Financial Activities.

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The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 August 2023

Note Unrestricted Restricted 2023 2022
funds Funds Total funds Total funds
£ £ £ £
INCOME
Donations and legacies:
Sponsorship 45,348 - 45,348 45,016
Donations 32,184 - 32,184 27,773
Grants - 117,036 117,036 592,697
Investment income 86,723 - 86,723 30,712
Income from
Charitable Activities:
Theatre income 4 9,574,632 - 9,574,632 7,921,386
Theatre tax relief 185,022 - 185,022 -
___ ___ ___ ___
TOTAL INCOME 9,923,909 117,036 10,040,945 8,617,584
___ ___ ___ ___
EXPENDITURE
Charitable Activities:
Cost of operation of theatre 7 9,063,560 - 9,063,560 7,540,696
Other charitable activities - 87,811 87,811 -
___ ___ ___ ___
TOTAL EXPENDITURE 9,063,560 87,811 9,151,371 7,540,696
___ ___ ___ ___
NET INCOME/(EXPENDITURE)
FOR THE PERIOD 860,349 29,225 889,574 1,076,888
Gain/(Loss) on revaluation of
investments (30,315) - (30,315) (125,834)
BALANCE BROUGHT
FORWARD 3,064,126 - 3,064,126 2,113,072
___ ___ ___ ___
BALANCE CARRIED FORWARD 18a, 18b 3,894,160 29,225 3,923,385 3,064,126
___ ___ ___ ___

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The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 August 2023

Note 2023 2022
£
£		 £
£
FIXED ASSETS
Tangible assets 12(a) 278,092 268,619
Investments 12(b) - -
___ ___
278,092 268,619
CURRENT ASSETS
Stocks 13 25,230 31,218
Debtors 14 823,486 324,546
Investments 15 1,105,860 1,113,830
Cash at bank and in hand 5,109,976 4,583,563
___ ___
7,064,552 6,053,157
___ ___
CREDITORS: FALLING DUE
WITHIN ONE YEAR
Advance bookings 2,834,652 2,670,229
All other creditors 16 584,607 587,421
___ ___
3,419,259 3,257,650
___ ___
NET CURRENT ASSETS 3,645,293 2,795,507
___ ___
TOTAL ASSETS LESS CURRENT 3,923,385 3,064,126
LIABILITIES
___ ___
NET ASSETS 3,923,385 3,064,126
___ ___
Represented by:
Reserve funds - restricted 18a 29,225 -
Reserve funds - unrestricted 18b 3,894,160 3,064,126
___ ___
3,923,385 3,064,126
___ ___

APPROVED BY THE BOARD ON 21 NOVEMBER 2023 AND SIGNED ON ITS BEHALF BY:

M RANA DIRECTOR

REGISTERED NUMBER: 1731876

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The Wolverhampton Grand Theatre (1982) Limited

CHARITABLE COMPANY STATEMENT OF FINANCIAL POSITION

As at 31 August 2023

Note 2023 2022
£ £ £ £
FIXED ASSETS
Tangible assets 12(a) 278,092 268,619
Investments 12(b) 200 200
___ ___
278,292 268,819
CURRENT ASSETS
Stocks 13
25,230		 31,218
Debtors 14 886,965 401,741
Investments 15 1,105,860 1,113,830
Cash at bank and in hand 5,043,732 4,504,778
___ ___
7,061,787 6,051,567
___ ___
CREDITORS: FALLING DUE
WITHIN ONE YEAR
Advance bookings 2,834,652 2,670,229
All other creditors 16 582,087 586,076
___ ___
3,416,739 3,256,305
___ ___
NET CURRENT ASSETS 3,645,048 2,795,262
___ ___
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,923,340 3,064,081
___ ___
NET ASSETS 3,923,340 3,064,081
___ ___
Represented by:
Reserve funds – restricted 18a 29,225 -
Reserve funds – unrestricted 18b 3,894,115 3,064,081
___ ___
3,923,340 3,064,081
___ ___

APPROVED BY THE BOARD ON 21 NOVEMBER 2023 AND SIGNED ON ITS BEHALF BY:

M RANA DIRECTOR REGISTERED NUMBER: 1731876

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The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 August 2023

Note 2023 2022
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Surplus for the financial year before taxation 704,552 1,076,888
Adjustments for:
Depreciation 83,202 73,313
Loss/(Profit) on disposal of fixed assets - -
(Increase)/Decrease in stock 5,988 (22,280)
(Increase)/Decrease in trade and other debtors (313,918) (127,320)
Increase/(Decrease) in trade and other creditors 161,608 241,903
Movement in investment values (30,315) (125,834)
Taxation received - -
_ _
NET CASH GENERATED FROM OPERATING ACTIVITIES 611,117 1,116,670
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets (92,674) (12,821)
_ _
NET CASH FROM INVESTING ACTIVITIES (92,674) (12,821)
_ _
INCREASE IN CASH 518,443 1,103,849
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 21 5,697,393 4,593,544
_ _
CASH AND CASH EQUIVALENTS AT END OF YEAR 21 6,215,836 5,697,393
_ _

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The Wolverhampton Grand Theatre (1982) Limited

CHARITABLE COMPANY CASH FLOW STATEMENT

For the year ended 31 August 2023

Note 2023 2022
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Surplus for the financial year 889,574 1,076,850
Adjustments for:
Depreciation 83,202 73,313
Loss on disposal of fixed assets - -
(Increase)/Decrease in stock 5,988 (22,280)
(Increase)/Decrease in trade and other debtors (485,224) (196,348)
Increase/(Decrease) in trade and other creditors 160,433 253,742
Movement in investment values (30,315) (125,834)
_ _
NET CASH GENERATED FROM OPERATING ACTIVITIES 623,658 1,059,443
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets (92,674) (12,821)
_ _
NET CASH FROM INVESTING ACTIVITIES (92,674) (12,821)
_ _
INCREASE IN CASH 530,984 1,046,622
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 21 5,618,608 4,571,986
_ _
CASH AND CASH EQUIVALENTS AT END OF YEAR 21 6,149,592 5,618,608
_ _

16

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

1. GENERAL INFORMATION

The Wolverhampton Grand Theatre (1982) Limited is a private charitable company, limited by guarantee. The address of the registered office is Lichfield Street, Wolverhampton, WV1 1DE.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006. The Wolverhampton Grand Theatre (1982) Limited meets the definition of a public benefit entity under FRS 102.

3. ACCOUNTING POLICIES

The Financial Statements have been prepared in accordance with applicable Accounting Standards and the Statement of Recommended Practice, Accounting and Reporting by Charities (issued October 2019) - Charities SORP (FRS102) (subject to note 3(c) below).

(a) ACCOUNTING CONVENTION

The Financial Statements have been prepared under the historical cost convention.

The Financial Statements consolidate the results of the Charitable Company and its whollyowned subsidiaries, Wolverhampton Grand Theatre Trading Limited and Wolverhampton Grand Theatre Productions Limited, on a line by line basis. A separate Statement of Financial Activities, or Income and Expenditure Account, for the Charitable Company itself is not presented because it has taken advantage of the exemption afforded by Section 408 of the Companies Act 2006.

(c) GRANTS RECEIVABLE

Revenue Grants are credited in the Financial Statements for the period in which they are due.

Capital grants and donations received in respect of capital expenditure are treated as Deferred Income and credited to the Profit and Loss Account on a straight line basis over the life of the asset to which they relate.

The treatment of these capital grants and donations is considered by the Directors to be more meaningful than that required by the Statement of Recommended Practice and is necessary to enable the Financial Statements to show a true and fair view.

17

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

  1. ACCOUNTING POLICIES (Continued)

  2. (d) OTHER INCOMING RESOURCES

    • i. Voluntary Income

Income from donations and sponsorship is included in Incoming Resources when these are receivable, except as follows: 

  - When donors specify that donations and sponsorship must be used in future accounting periods, the income is deferred until those periods.

  - When donors impose conditions which have to be fulfilled before the company becomes entitled to use such income, the income is deferred and not included in Incoming Resources until the pre-conditions for use have been met.

RESOURCES EXPENDED

Expenditure is recognised when a liability is incurred.

Depreciation is provided on Fixed Assets at the following annual rates, calculated on the cost of the assets.

Fixtures & equipment 10%/25%/50% Computer equipment 25%/50% Improvements to leasehold property 5%/10%

Certain smaller items of computer and other equipment are fully depreciated in the period of acquisition. The useful life of all assets is regularly reviewed and where appropriate depreciation is accelerated if it is identified that the useful life of an asset is being overstated. Accelerated depreciation this year amounts to £nil.

Stocks are valued at the lower of cost and net realisable value. Cost is calculated using latest purchase price of the stock at the period end. Net realisable value is based on estimated selling price after taking into account all further costs expected to be incurred on disposal.

18

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

  1. ACCOUNTING POLICIES (Continued)

  2. (h) OPERATING LEASES

Rentals payable under Operating Leases are charged to the Income and Expenditure Account on a straight line basis over the period of the Lease

(i) RESERVES

Details of reserve funds are given in note 18.

Unrestricted funds are available for use at the discretion of the directors to further any of the charitable company’s purposes.

Designated funds are unrestricted funds that have been earmarked by the directors for particular future projects or commitments.

Restricted funds are subject to restrictions on their use as imposed by the funder or through the terms of any appeal.

(j) GOING CONCERN

The directors assess whether the use of the going concern basis is appropriate and in doing this consider whether there are any material uncertainties related to events or conditions that may cast significant doubt over the ability of the charitable company and the group to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the approval of financial statements. In making this assessment the directors have considered the potential impact of the current economic situation but have also taken account of the existing reserves and the significant level of liquid assets held by the charitable company and the group. Overall, the directors have concluded that the financial statements should continue to be prepared on a going concern basis.

(k) JUDGEMENTS AND ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome

(l) FORMAT OF FINANCIAL STATEMENTS

The format of the Financial Statements is considered by the Directors to be more meaningful than the format required by the Companies Act 2006.

(m) PENSION COSTS

Contributions payable by the company to a group personal pension scheme are charged to the Statement of Income in the period to which they relate.

19

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

4. THEATRE INCOME

Theatre income represents the value of Box Office Receipts, Theatre Rentals and Sundry Sales during the year excluding VAT where applicable.

Theatre income is analysed as follows:

Box office income
Other income
Theatre income consists of the following categories:
Sales of goods
Sales of services
5.
OTHER OPERATING INCOME
Grants and subsidies – Covid-19 Support Grants
Donations
Sponsorship
6.
SURPLUS FOR THE FINANCIAL YEAR
is stated after charging/(crediting):
Depreciation of tangible fixed assets
Loss on disposal of fixed assets
Auditors’ remuneration		 2023
2022
£
£
7,346,622
6,029,567
2,228,010
1,891,819
_
_
9,574,632
7,921,386
_
_
2023
2022
£
£
1,014,912
829,363
8,559,720
7,092,023
_
_
9,574,632
7,921,386
_
_
2023
2022
£
£
-
592,697
32,184
27,773
45,348
45,016
_
_
77,532
665,486
_
_
2023
2022
£
£
83,202
73,313
-
-
11,000
12,900
_
_

20

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

  1. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

The Charity undertakes one direct charitable activity only. (a) Cost of operation of theatre

(a) Cost of operation of theatre
2023 2022
£ £
Show costs 6,014,490 5,007,871
Bar and kiosk supplies 333,097 246,263
Wages and salaries (net of recharges) 1,156,688 894,139
Other costs 137,702 130,198
Postage, stationery and telephone
12,535		 43,992
Marketing 182,897 161,263
Education and Outreach 9,609 675
Premises costs 306,378 257,260
Depreciation 83,202 73,313
Loss on disposal of fixed assets - -
Support costs (see 7 (b) below) 826,962 725,722
___ ___
9,063,560 7,540,696
___ ___
(b) Analysis of support costs
The Charity allocates its support costs as follows:
2023 2022
£ £
Salaries and wages 751,398 645,391
Office expenses 54,102 59,191
Professional charges 21,462 21,140
_ _
826,962 725,722
_ _

Support costs include governance costs of £21,462 (2022 - £21,140).

Governance costs in respect of professional charges are allocated on an actual basis, other costs are allocated on a time spent basis.

21

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

8. EMPLOYEE INFORMATION AND STAFF COSTS

The average number of persons employed by the company (including Non-Executive Directors) during the year was as follows:

2023 2022
No No
Non-Executive Directors 7 8
Production 83 68
Administration 18 17
___ ___
108 93
___ ___
The aggregate payroll costs of these persons were as follows:
2023 2022
£ £
Wages and salaries 1,816,868 1,471,045
Social security costs 142,509 120,878
Pension costs 52,372 40,287
___ ___
2,011,749 1,632,210
___ ___

The number of employees receiving emoluments in excess of £60,000 per annum was:

2023 2022
No No
Taxable emoluments band
£60,001 - £70,000 per annum 1 2
£70,001 - £80,000 per annum 1 1
£80,001 - £90,000 per annum 1 -
£100,001 - £110,000 per annum - 1
£110,001 - £120,000 per annum 1 -
___ ___

9. DIRECTORS

No Director received any remuneration or expenses during the year ended 31 August 2023 (2022 - none).

10. TAXATION

The charitable company is exempt from corporation tax because of its charitable status.

The group corporation tax credit relates to Theatre Tax Relief provision of £185,022 arising in respect of one of its subsidiaries.

22

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

  1. SURPLUS FOR THE FINANCIAL YEAR

The charitable company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own income and expenditure account in these financial statements. The group total comprehensive income for the year includes a surplus of £859,259 (2022 - £951,016) which is dealt with in the financial statements of the parent charitable company. The financial statements of the charitable company include gift aid receipts of £64,082 (2022 - £122,878) from a subsidiary company.

12 (a) TANGIBLE FIXED ASSETS – GROUP AND CHARITABLE COMPANY

Improvements
to leasehold Fixtures and Computer
property equipment equipment Total
£ £ £ £
COST: 9,053,657 591,455 187,606 9,832,718
As at 31 August 2022
Additions - 46,910 45,765 92,675
Disposals - - - -
___ ___ ___ ___
As at 31 August 2023 9,053,657 638,365 233,371 9,925,393
___ ___ ___ ___
DEPRECIATION:
As at 31 August 2022 9,007,992 384,355 171,752 9,564,099
Charge for the year 11,660 55,122 16,420 83,202
Eliminated on disposals - - - -
___ ___ ___ ___
As at 31 August 2023 9,019,652 439,477 188,172 9,647,301
___ ___ ___ ___
BOOK VALUE:
As at 31 August 2023 34,005 198,888 45,199 278,092
___ ___ ___ ___
As at 31 August 2022 45,665 207,100 15,854 268,619
___ ___ ___ ___

23

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

12 (b) INVESTMENTS

Shares in subsidiary Shares in subsidiary
undertaking
Group Charitable
Company
£ £
COST
As at 1 September 2022 - 200
Additions - -
___ ___
As at 31 August 2023 - 200
___ ___

The charitable company owns 100% of the share capital of The Wolverhampton Grand Theatre Trading Company Limited, a company registered in England and Wales (Company No. 07563671). The principle activity of the subsidiary is to hire out The Grand Theatre for commercial purposes.

The charitable company owns 100% of the share capital of Wolverhampton Grand Theatre Productions Limited, a company registered in England and Wales (Company No. 10647264). The principle activity of the subsidiary is to create an in-house theatre production.

The results of the subsidiaries are incorporated into the consolidated financial statements of the group.

13. STOCKS

Goods for resale
DEBTORS
Trade debtors
Amounts due from group undertakings
Other debtors
Prepayments and accrued income
 Group
2023
2022
£
£
25,230
31,218
__
_
Group
2023
2022
£
£
97,263
190,979
-
-
206,660
45,410
519,563
88,157
_
_

823,486
324,546
_
______		 Charitable Company
2023
2022
£
£
25,230
31,218
__
_
Charitable Company
2023
2022
£
£
96,804
108,433
249,004
159,747
21,594
45,404
519,563
88,157
_
_
886,965
401,741
_
______
  1. DEBTORS

24

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

15. CURRENT ASSET INVESTMENTS

Group Charitable Company
2023
2022		 2023 2022
£
£		 £ £
Brewin Dolphin managed funds 1,105,860
1,113,830		 1,105,860 1,113,830
_
_		 _ _
1,105,860
1,113,830		 1,105,860 1,113,830
__
__		 __ __
16. ALL OTHER CREDITORS - FALLING DUE WITHIN ONE YEAR
Group Charitable Company
2023
2022		 2023 2022
£
£		 £ £
Trade creditors 152,925
84,795		 151,905 84,750
Social security costs and other
taxation 14,279
40,863		 14,279 40,863
Other creditors 55,267
55,969		 55,267 55,969
Accruals and deferred income 362,136
405,794		 360,636 404,394
Amounts due to group undertakings -
-		 - 100
_
_		 _ _
584,607
587,421		 582,087 586,076
__
__		 __ __

17. MEMBERS

The company is limited by guarantee. Each member has undertaken to contribute a sum not exceeding one pound in the event of a winding-up.

18(a). RESERVE FUNDS - RESTRICTED

GROUP AND COMPANY

Fund balances at 31 August 2022
Incoming resources
Expenditure
Fund balances at 31 August 2023		 Arts Council –
Speak Up
£
-
83,400
(73,364)
10,036		 HAF
£
-
33,636
(14,447)
19,189		 Total
Funds
£
-
117,036
(87,811)
29,225

Arts Council – Speak Up is a project to encourage young people to work in collaboration with local artists on creative projects.

HAF is a project to provide out of school activities for young people during the school holidays.

25

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

18(b). RESERVE FUNDS - UNRESTRICTED

These represent unrestricted accumulated funds and are analysed as follows:

GROUP

Investment
programme
reserve
£
At 31 August 2022 1,064,565
Surplus for the
financial year
265,842
Transfers
-
_
At 31 August 2023 1,330,407
_
CHARITABLE COMPANY
Investment
programme
reserve
£
At 31 August 2022 1,064,565
Surplus for the
financial year
265,842
Transfer (to)/from
general reserve
-
_
At 31 August 2023 1,330,407
_		 _ Special
reserve
Contingency
Reserve
Revaluation
Reserve
£
£
£
-
1,832,000
42,428
-
-
(30,315)
502,000
(502,000)
-
_
___
_
502,000
1,330,000
12,113
_
___
_
Special
reserve
Contingency
Reserve
Revaluation
Reserve
£
£
£
-
1,832,000
42,428
-
-
(30,315)
502,000
(502,000)
-
_
___
_
502,000
1,330,000
12,113
_
___
_		 General
reserve
Total
£
£
125,133 3,064,126
594,507 830,034
-
-
_
_
719,640 3,894,160
_
_
General
reserve
Total
£
£
125,088 3,064,081
594,507 830,034
-
-
_
_
719,595 3,894,115
_
_

26

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

18(b). RESERVE FUNDS- UNRESTRICTED (Continued)

The Investment Programme Reserve is a Designated Fund set up in order to provide for planned future expenditure on the maintenance and improvement of the theatre’s facilities.

The Special Reserve is a designated fund set aside to provide funding for future development of the theatre.

The General Reserve is there to provide a cushion against potential future losses and to enable the Theatre to meet its day to day commitments, including being able to commit to visiting productions up to 18 months in advance. Any deficit on this reserve can be covered by transfers from the contingency reserve if required.

The Contingency Reserve is a Designated Fund and is intended to provide an internal source of immediate funds which may be used to mitigate the economic impact of potential unforeseen situations. The level of reserve fund is reviewed by the board on an annual basis.

The Revaluation Reserve is a Designated Fund which reflects the unrealised movements in the value of investments held by the Theatre.

19 RECONCILIATION OF MOVEMENT IN MEMBERS' FUNDS

Group
2023
2022
£
£
Net incoming resources for the
financial year
859,259
951,054
_ __
Increase in members’ funds
859,259
951,054
Members’ funds at beginning of year
3,064,126
2,113,072
__ ___
Members’ funds at end of year
3,923,385
3,064,126
_
______
20.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
GROUP
Unrestricted
funds
£
Fund balances at 31 August 2023 are
represented by:
Tangible fixed assets
278,092
Current assets
7,035,327
Creditors: Falling due within one year
(3,419,259)
Total net assets
3,894,160

_		 Charitable
2023
£
859,259
_
859,259
3,064,081
_
3,923,340
____

Restricted
funds
£
-
29,225
-
29,225		 Charitable
2023
£
859,259
_
859,259
3,064,081
_
3,923,340
____

Restricted
funds
£
-
29,225
-
29,225		 Company
2022
£
951,016
_
951,016
2113,065
_
3,064,081
____
Total
Funds
£
278,092
7,064,552
(3,419,259)
3,923,385

27

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Continued)

CHARITABLE COMPANY

Unrestricted
funds
Fund balances at 31 August 2023 are
represented by:
£
Fixed assets
278,292
Current assets
7,032,562
Creditors: Falling due within one year
(3,416,739)
Total net assets
3,894,115
21.
COMPONENTS OF CASH AND CASH EQUIVALENTS
Group
2023
2022
£
£
Cash at bank and in hand
5,109,976
4,583,563
Current asset investments
1,105,860
1,113,830
_ _
6,215,836
5,697,393
_
_
22.
ANALYSIS OF CHANGES IN NET FUNDS
GROUP
At 31
August 2022
£
Cash at bank and in hand
4,583,563
Current asset investments
1,113,830
_
5,697,393
_		 Restricted
funds
Total
funds
£
£
-
278,292
29,225
7,061,787
-
(3,416,739)
29,225
3,923,340
Charitable Company
2023
2022
£
£
5,043,732
4,504,778
1,105,860
1,113,830
_ _
6,149,592
5,618,608
_
_
Cash flows
At 31
August 2023
£
£
526,413
5,109,976
(7,970)
1,105,860
_
_
518,443
6,215,836
_
_		 Total
funds
£
278,292
7,061,787
(3,416,739)
3,923,340

28

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2023

22. ANALYSIS OF CHANGES IN NET FUNDS (Continued)

CHARITABLE COMPANY
Cash at bank and in hand
Current asset investments		 At 31
August 2022
£
4,504,778
1,113,830
_
5,618,608
_		 Cash flows
£
538,954
(7,970)
_
530,984
_		 At 31
August 2023
£
5,043,732
1,105,860
_
6,149,592
_

23. PENSION COMMITMENTS

Certain of the charitable company’s employees are members of a group personal pension scheme to which the charitable company makes contributions. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge of £52,372 (2022 - £40,287) represents contributions payable by the charitable company to the fund.

24. OPERATING LEASE COMMITMENTS

The total future minimum lease payments outstanding at 31 August 2023 under non-cancellable operating leases are as follows:

Leases which expire:
Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
-
-
_
-
_		 2022
£
-
-
_
-
_

25. RELATED PARTIES

The charitable company leases the theatre from Wolverhampton City Council. Under the terms of the lease £nil rent is due to Wolverhampton City Council for the year ended 31 August 2023 (2022 - £nil).

29