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← The Wolverhampton Grand Theatre (1982) Limited

2024-08-31-accounts

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

For the year ended 31 August 2024

Muras Baker Jones Limited Chartered Accountants & Statutory Auditor Wolverhampton

The Wolverhampton Grand Theatre (1982) Limited

INDEX

For the year ended 31 August 2024

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 2024.

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 until 25 January 2024) Sir Geoff Hampton (Vice Chair, then chair from 25 January 2024) Nuala M O’Kane Hayleigh Lupino (Resigned 25 January 2024) Samuel J Hudman Major S Rana Luke Maskew Duncan C A Jones (Appointed 17 October 2023, Vice Chair from 25 January 2024) Ben Bourton-Payne (Appointed 25 April 2024) Luke Maskew resigned as a director with effect from 9 October 2024. COMPANY SECRETARY: Anne-Marie Brennan CHIEF EXECUTIVE OFFICER: Adrian Jackson

1

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

This year the theatre has continued to operate against a backdrop of extremely challenging economic uncertainty. Our immediate catchment contains large swathes of economic deprivation so to choose to spend on recreational activities is a difficult decision for many households.

It is therefore highly commendable that audience numbers have remained buoyant and that the reach of the theatre into our diverse local communities continues to grow. Some of the programme highlights and successes are mentioned later in this report but the accolades received for our ‘in house’ pantomime, Snow White are perhaps worthy of note in this introduction.

Considerable effort and expenditure occurred during the year as the potential for the theatre’s expansion into a second set of premises was considered. This opportunity ultimately proved itself not to be feasible but the Board and Senior staff of the theatre strived to make this a success. It remains the right idea, which crucially relies upon there being the right location.

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.

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.

2

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

The Board reviews its own performance and that of its individual trustees including the Chairman every three years but, in line with the Charity Governance Code, it regularly discusses its own effectiveness and mix of skills, knowledge and experience to ensure it continues to govern, lead and deliver the charity’s purpose effectively.

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. A further element of risk is the continuing success of the ‘Halls” where audience numbers continue to grow. However, there is some evidence to suggest that we are largely catering to different audiences and markets.

PERFORMANCES

The 12 months of operation from September to August saw the presentation of a diversity of productions, aiming to appeal to all sectors of the community as well as some new strands of programme to continue the development of the theatre’s brand.

An extensive engagement and outreach programme complemented and extended the delivery of main house presentations. The multiple strands of this, involving work with a range of local and national partners and funders, are detailed in the Public Benefit section below.

In the main house touring musicals included older favourites alongside contemporary classics as well as new productions touring for the first time and drew a wide range of audiences.

Established titles Jesus Christ Superstar , Annie and The Rocky Horror Show rubbed shoulders with the tour of recent West End hit Bonnie & Clyde the Musical , and South Asian dance musical Frankie Goes To Bollywood , both attracting a number of first time visitors. SIX The Musical and Everybody’s Talking About Jamie have established themselves as firm favourites with teenage theatregoers

Three musicals were programmed for the school holidays due to their broad family appeal, including a return for Madagascar The Musical , and new productions of The Wizard of Oz and 101 Dalmatians .

The Grand’s drama offering included a similar diversity of genre and scale. The appeal of supernatural tales seems undimmed, with contemporary West End phenomenon 2:22 – A Ghost Story complementing The Woman In Black ’s period setting.

Three very different productions all adapted from works of popular fiction attracted enthusiastic audiences - the National Theatre ’s spectacular staging of The Ocean at the End of the Lane , and thought-provoking dramas The Boy at the Back of the Class and Life of Pi .

The chaotic comedy Peter Pan Goes Wrong proved very popular with family audiences in October halfterm.

3

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

The Grand welcomed two internationally acclaimed contemporary dance companies for the first time – the Sao Paulo Dance Company presented a mixed but decidedly Latin-American repertoire in March through the Grand’s membership of the Dance Consortium while Matthew Bourne’s Romeo and Juliet played for a week in October as part of its UK tour. Opening night audiences were treated to a unique post-show event featuring Matthew Bourne in conversation with Jessica Ward, Principal of Elmhurst Ballet School.

The acoustics of the Grand’s Victorian auditorium were demonstrated by large scale productions of the classic operas Carmen and Madama Butterfly .

As ever the Grand’s programme featured multiple one-night shows and variety events. Screen and stage star Lea Salonga ’s sold out concert in May was a highlight, with Jools Holland, Gareth Gates and Rob Brydon (better known for comic roles) among other stars bringing music to the stage. Traditional dance fans meanwhile enjoyed three productions featuring well-known stars of the BBC’s Strictly series.

More unusual offerings were the ingenious comedy of Buffy Revamped , drag-based cabaret hit Queenz – The Show With Ballz , and Wolves’ Wembley Wonders , a special event created by the Grand to commemorate the 50th anniversary of Wolverhampton Wanderers’ League Cup victory.

The Grand’s self-produced pantomime Snow White was enjoyed by press and audiences alike, with the youngest theatregoers also catered for throughout the year with Peppa Pig, Bluey’s Big Play, The Sooty Show, Singalonga Matilda The Musical and the anarchic comedy of Cirque du Hilarious.

Stand-up comedians performing through the year included Tom Davis, Sarah Millican, Judi Love, Stewart Lee, Frankie Boyle and Tom Allen . Classic radio comedy was also in evidence with I’m Sorry I Haven’t A Clue and the nostalgia of the Dad’s Army Radio Show .

The popularity of the tribute show appeared undimmed, with artists celebrated ranging from Frank Sinatra and Neil Diamond to Barry White and Whitney Houston.

Amateur companies from the Black Country presented week-long runs of full scale musicals, with Bilston Operatic Company presenting Chitty Chitty Bang Bang and Andrew Lloyd Webber’s Love Never Dies brought to the Grand stage for the first time by West Bromwich Operatic Society. As ever a number of local dance schools chose the Grand to present their annual gala events throughout the year.

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 delivery of charitable objectives encompassed programming decisions as well as the schedule of outreach activities and events planned to engage audiences beyond the main stage and the building itself.

The Grand worked with its South Asian and its Black, African & Caribbean Ambassador groups to support the aim of developing audiences more representative of the city’s ethnic diversity.

Working collaboratively with the Black, African and Caribbean Ambassador group , the Grand presented a one night music show “Rendezvous” which celebrated the life and legacy of a well-loved Wolverhampton nightspot. The event was attended by over 900 people, with a third of bookings coming from first-time customers.

4

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

A member of the same ambassador group, entrepreneur Junior Hemans , was the focus of a Grand Theatre event aiming to inspire young people about the world of work. Funded by Wolverhampton City Council and supported by The Prince’s Trust , this event was attended by approximately 300 young people, with over half the bookings made by first time customers.

Touring productions also meshed closely with the Grand’s access and diversity aims. Frankie Goes To Bollywood was the first full-scale South Asian musical to be presented at the Grand, with 42% firsttime customers among its audience of approaching 3000. An Influencer event arranged by the theatre to coincide with the production attracted over 70 South Asian connections, and 15 organisations were represented at a South Asian Media Event organized for Life Of Pi.

Multiple Q&A sessions took place at the theatre for both schools and the general public, featuring members of visiting companies. In addition there were 22 tours of the theatre for community groups and individuals, including the Maths Trail for schools. Theatre staff oversaw 11 work experience placements , visited 6 schools careers fairs and gave 11 talks in schools and community groups about the theatre and its history.

The annual creative project associated with the pantomime was entitled Reflections in association with Snow White. A local freelance artist was commissioned to work with a range of community groups and local associations reflecting diverse backgrounds, ages and abilities. The finished art installation exploring ideas of identity, personality and self-esteem was displayed at the theatre from December.

An estimated 8,000 individuals enjoyed the Grand’s Introduction to Panto which visited primary and SEND schools over 3 weeks in the Autumn. Pupils learned about the traditions and history of pantomime as well as experiencing a special 40 minute performance in school. For many this was a first experience of theatre in any form and a waiting list was set up for the following year due to the level of demand from schools.

The theatre’s free schemes for young people, Sixteen25 and First Call, both grew their membership, with the combined total of over 900 by the end of the year.

Three weeks of participation for young people took place during the summer holidays. “Play In A Week” was delivered in partnership with the University’s Arena Theatre , while a two-week summer school covering multiple aspects of theatre practice attended by 55 8-17 year olds included a number of free places funded by the local authority.

Young people were also the focus of the Speak Up Project , delivered by the Grand Theatre in partnership with the National Theatre (NT) . The three year project aiming to empower and inspire young people through collaborative creative participation entered its final year and saw multiple activities taking place for approximately 150 students across five secondary schools. Two Speak Up Days for all five schools were also delivered, one at the theatre and one at Walsall Art Gallery , while all five schools each made two visits to see touring productions at the Grand.

Tettenhall Wood School continued to sell their artworks, now raising money towards a new library, while the knife crime video created by Ormiston Shelfield Community Academy last year is now being used by West Midlands Police in their work with schoolchildren and young people.

The Grand worked with the NT on facilitating its Schools Tour , which saw their production of Jekyll & Hyde taken into five Wolverhampton & Walsall Schools and hosted both a Student Conference and a Young Persons Night as part of the extensive wraparound activities for The Ocean at the End of The Lane which visited the Grand as part of its UK tour.

The Grand’s participation in the Theatre Nation partnership with the NT also resulted in 11 free screenings of past NT Live productions taking place monthly at Wolverhampton’s Central Library . Almost 400 people attended, with some titles specifically chosen to coincide with Black History Month, International Women’s Week and LGBT History Month.

5

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS - continued

The Grand’s provision of assisted performances was extensive. A number of services were enhanced or expanded in consultation with the Grand’s Active Access Ambassador Group , which includes customers and a range of professionals from local disability organisations who attend quarterly review and planning meetings.

Over 400 individuals attended 19 Audio Described performances which took place at the Grand across musicals, drama, dance and pantomime. An additional 24 pre-show touch tours were arranged to facilitate those with visual impairments having a deeper experience of the performance. Feedback this year has noted the willingness of visiting companies to be increasingly hands-on with these and allowing additional time.

There were 14 British Sign Language interpreted performances and 12 captioned performances, with a captioned performance now planned to be included for every drama production.

Relaxed Performances attracted over 3,000 attendees in the year with the delivery of specially adapted performances for those on the autism spectrum or with other additional needs now having extended beyond pantomime. The team worked with the producers of 101 Dalmatians to provide a Relaxed performance for families in the summer holidays. Aimed at a more adult audience, The Grand was the only venue on the tour to provide a Relaxed performance of The Ocean at the End of the Lane , with the National Theatre acknowledging the experience and commitment of the Grand team in regard to delivering relaxed performances.

The Grand Theatre created and delivered an accessible 30-minute production aimed at early years and reception pupils adapted from the book My Gnome On The Roam . Enjoyed by over 1100 children from 8 schools, each performance included sign language interpretation incorporated into the production. The Outreach Team were thrilled to be visited by the book’s author Anne Armstrong with whom they’d consulted on the production, when she added Wolverhampton into her itinerary for an unrelated visit to Europe.

The Grand’s activities supporting people with dementia and their loved ones expanded further. There were over 2700 attendances at 45 Memory Café sessions at the Grand, with a taster session for a planned South Asian Memory Café proving very popular. These will soon take place alongside the original format and the more recently established Motown focussed sessions.

The Memory Café Care Home tour in Autumn 2023 visited 19 establishments while a separate tour focussing on Soul, Motown and Reggae ran in the Spring. Overall around 1000 residents no longer able to attend a venue were still able to enjoy the magic of live performances

STRATEGY

The priority during the year continued to be the consolidation of our recovery of audiences post the Covid pandemic and to ensure the Theatres on-going financial stability. The majority of our strategic planning capacity was focused on the building expansion proposal. Now that this has been mothballed there is a need for refocusing and a further Board planning day will take place early next year.

Whilst considerable efforts have been channeled into this abortive expansion, it is pleasing to note that our core business has remained unaffected. Audience numbers remain buoyant and the quality and diversity of our programme is a credit to all concerned.

FINANCIAL REVIEW

The financial period for the group has resulted in a surplus of £272,175 (2023 £859,259). This strong result was achieved against increasing direct costs. Costs continue to be tightly controlled, particularly salaries, despite being under continuing pressure. The growth in outreach projects has seen an increase in spend in this area.

The rise in interest rates has seen a welcome increase in interest received on cash balances and the increase in investment values has also been a significant factor.

6

The Wolverhampton Grand Theatre (1982) Limited

REPORT OF THE DIRECTORS – continued

Costs continue to be tightly controlled, particularly salaries, despite being under continuing pressure. An increase in outreach projects has seen an increase in spend in this area.

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.

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 28 NOVEMBER AND SIGNED ON ITS BEHALF BY:

SIR GEOFF HAMPTON 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 2024 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:

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 (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

Regent House Bath Avenue Wolverhampton WV1 4EG

28 November 2024

10

The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED STATEMENT OF INCOME

For the year ended 31 August 2024

Note 2024 2023
£ £
THEATRE INCOME 4 9,269,631 9,574,632
Cost of sales (7,154,122) (6,942,415)
___ ___
GROSS SURPLUS 2,115,509 2,632,217
Operating expenses (2,569,534) (2,121,145)
Other operating income 5 65,122 77,532
___ ___
OPERATING (DEFICIT)/SURPLUS (388,903) 588,604
Investment income receivable 185,396 86,723
Restricted funds income 62,659 117,036
Restricted funds expenditure (34,430) (87,811)
___ ___
(DEFICIT)/SURPLUS BEFORE TAXATION (175,278) 704,552
TAXATION 10 343,137 185,022
___ ___
SURPLUS FOR THE FINANCIAL YEAR 167,859 889,574
Surplus/(deficit) on revaluation of investments 104,316 (30,315)
___ ___
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 272,175 859,259
Transfer to designated funds 18b (274,092) (235,527)
Transfer to restricted funds 18a (28,229) (29,225)
___ ___
(Deficit)/Surplus for the year to general reserve 18b (30,146) 594,507
___ ___

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.

11

The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 August 2024

Note Unrestricted Restricted 2024 2023
funds Funds Total funds Total funds
£ £ £ £
INCOME
Donations and legacies:
Sponsorship 42,589 - 42,589 45,348
Donations 22,433 - 22,433 32,184
Grants - 62,659 62,659 117,036
Investment income 185,396 - 185,396 86,723
Income from
Charitable Activities:
Theatre income 4 9,269,631 - 9,269,631 9,574,632
Theatre tax relief 343,137 - 343,137 185,022
___ ___ ___ ___
TOTAL INCOME 9,863,186 62,659 9,925,845 10,040,945
___ ___ ___ ___
EXPENDITURE
Charitable Activities:
Cost of operation of theatre 7 9,723,556 - 9,723,556 9,063,560
Other charitable activities - 34,430 34,430 87,811
___ ___ ___ ___
TOTAL EXPENDITURE 9,723,556 34,430 9,757,986 9,151,371
___ ___ ___ ___
NET INCOME/(EXPENDITURE) 139,630 28,229 167,859 889,574
FOR THE PERIOD
Gain/(Loss) on revaluation of
investments 104,316 - 104,316 (30,315)
BALANCE BROUGHT 3,894,160 29,225 3,923,385 3,064,126
FORWARD
___ ___ ___ ___
BALANCE CARRIED FORWARD 18a, 18b 4,138,106 57,454 4,195,560 3,923,385
___ ___ ___ ___

12

The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 August 2024

Note 2024 2023
£
£		 £
£
FIXED ASSETS
Tangible assets 12(a) 293,832 278,092
Investments 12(b) - -
___ ___
293,832 278,092
CURRENT ASSETS
Stocks 13 28,647 25,230
Debtors 14 800,340 823,486
Investments 15 1,232,655 1,105,860
Cash at bank and in hand 5,696,451 5,109,976
___ ___
7,758,093 7,064,552
___ ___
CREDITORS: FALLING DUE
WITHIN ONE YEAR
Advance bookings 3,251,479 2,834,652
All other creditors 16 604,886 584,607
___ ___
3,856,365 3,419,259
___ ___
NET CURRENT ASSETS 3,901,728 3,645,293
___ ___
TOTAL ASSETS LESS CURRENT 4,195,560 3,923,385
LIABILITIES
___ ___
NET ASSETS 4,195,560 3,923,385
___ ___
Represented by:
Reserve funds - restricted 18a 57,454 29,225
Reserve funds - unrestricted 18b 4,138,106 3,894,160
___ ___
4,195,560 3,923,385
___ ___

APPROVED BY THE BOARD ON 28 NOVEMBER 2024 AND SIGNED ON ITS BEHALF BY:

M RANA DIRECTOR

REGISTERED NUMBER: 1731876

13

The Wolverhampton Grand Theatre (1982) Limited

CHARITABLE COMPANY STATEMENT OF FINANCIAL POSITION

As at 31 August 2024

Note 2024 2023
£ £ £
£
FIXED ASSETS
Tangible assets 12(a) 293,832 278,092
Investments 12(b) 200 200
___ ___
294,032 278,092
CURRENT ASSETS
Stocks 13
28,647		 25,230
Debtors 14 860,080 886,965
Investments 15 1,232,655 1,105,860
Cash at bank and in hand 5,634,784 5,043,732
___ ___
7,756,166 7,061,787
___ ___
CREDITORS: FALLING DUE
WITHIN ONE YEAR
Advance bookings 3,251,479 2,834,652
All other creditors 16 603,196 582,087
___ ___
3,854,675 3,416,739
___ ___
NET CURRENT ASSETS 3,901,491 3,645,048
___ ___
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,195,523 3,923,340
___ ___
NET ASSETS 4,195,523 3,923,340
___ ___
Represented by:
Reserve funds – restricted 18a 57,454 29,225
Reserve funds – unrestricted 18b 4,138,069 3,894,115
___ ___
4,195,523 3,923,340
___ ___

APPROVED BY THE BOARD ON 28 NOVEMBER 2024 AND SIGNED ON ITS BEHALF BY:

M RANA DIRECTOR REGISTERED NUMBER: 1731876

14

The Wolverhampton Grand Theatre (1982) Limited

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 August 2024

Note 2024 2023
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
(Deficit)/Surplus for the financial year before taxation (175,278) 704,552
Adjustments for:
Depreciation 99,915 83,202
Loss/(Profit) on disposal of fixed assets - -
(Increase)/Decrease in stock (3,417) 5,988
(Increase)/Decrease in trade and other debtors 366,283 (313,918)
Increase/(Decrease) in trade and other creditors 437,106 161,608
Movement in investment values 104,316 (30,315)
Taxation received - -
_ _
NET CASH GENERATED FROM OPERATING ACTIVITIES 828,925 611,117
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets (115,655) (92,674)
_ _
NET CASH FROM INVESTING ACTIVITIES (115,655) (92,674)
_ _
INCREASE IN CASH 713,270 518,443
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 21 6,215,836 5,697,393
_ _
CASH AND CASH EQUIVALENTS AT END OF YEAR 21 6,929,106 6,215,836
_ _

15

The Wolverhampton Grand Theatre (1982) Limited

CHARITABLE COMPANY CASH FLOW STATEMENT

For the year ended 31 August 2024

Note 2024 2023
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
(Deficit)/Surplus for the financial year 167,867 889,574
Adjustments for:
Depreciation 99,915 83,202
Loss on disposal of fixed assets - -
(Increase)/Decrease in stock (3,417) 5,988
(Increase)/Decrease in trade and other debtors 26,885 (485,224)
Increase/(Decrease) in trade and other creditors 437,936 160,433
Movement in investment values 104,316 (30,315)
_ _
NET CASH GENERATED FROM OPERATING ACTIVITIES 833,502 623,658
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets (115,655) (92,674)
_ _
NET CASH FROM INVESTING ACTIVITIES (115,655) (92,674)
_ _
INCREASE IN CASH 717,847 530,984
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 21 6,149,592 5,618,608
_ _
CASH AND CASH EQUIVALENTS AT END OF YEAR 21 6,867,439 6,149,592
_ _

16

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2024

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 2024

  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 2024

  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 2024

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
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		 2024
2023
£
£
6,845,027
7,346,622
2,424,604
2,228,010
_
_
9,269,631
9,574,632
_
_
2024
2023
£
£
1,086,975
1,014,912
8,182,656
8,559,720
_
_
9,269,631
9,574,632
_
_
2024
2023
£
£
22,533
32,184
42,589
45,348
_
_
65,122
77,532
_
_
2024
2023
£
£
95,690
83,202
-
-
11,500
11,000
_
_

20

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2024

  1. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
The Charity undertakes one direct charitable activity only.
(a) Cost of operation of theatre
2024 2023
£ £
Show costs 6,146,740 6,014,490
Bar and kiosk supplies 337,940 333,097
Wages and salaries (net of recharges) 1,334,182 1,156,688
Other costs 167,419 137,702
Postage, stationery and telephone
7,534		 12,535
Marketing 269,913 182,897
Education and Outreach 46,886 9,609
Premises costs 325,608 306,378
Depreciation 99,815 83,202
Loss on disposal of fixed assets - -
Support costs (see 7 (b) below) 987,519 826,962
___ ___
9,723,556 9,063,560
___ ___
(b) Analysis of support costs
The Charity allocates its support costs as follows:
2024 2023
£ £
Salaries and wages 791,286 751,398
Office expenses 54,459 54,102
Professional charges 22,470 21,462
Amar House project 119,304 -
_ _
987,519 826,962
_ _

Support costs include governance costs of £22,470 (2023 - £21,462).

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 2024

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:

2024 2023
No No
Non-Executive Directors 8 7
Production 86 83
Administration 20 18
___ ___
114 108
___ ___
The aggregate payroll costs of these persons were as follows:
2024 2023
£ £
Wages and salaries 2,032,008 1,816,868
Social security costs 161,297 142,509
Pension costs 62,822 52,372
___ ___
2,256,127 2,011,749
___ ___

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

2024 2023
No No
Taxable emoluments band
£60,001 - £70,000 per annum 1 1
£70,001 - £80,000 per annum 1 1
£80,001 - £90,000 per annum 1 1
£100,001 - £110,000 per annum - -
£110,001 - £120,000 per annum 1 1
___ ___

9. DIRECTORS

No Director received any remuneration or expenses during the year ended 31 August 2024 (2023 - 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 £343,137 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 2024

  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 £272,183 (2023 - £859,259) 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 £59,369 (2023 - £64,082) from a subsidiary company.

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

Improvements
to leasehold Fixtures and Computer
property equipment equipment Total
£ £ £ £
COST:
As at 31 August 2023 9,053,657 638,365 233,371 9,925,393
Additions - 94,931 20,724 115,655
Disposals - - - -
___ ___ ___ ___
As at 31 August 2024 9,053,657 733,296 254,095 10,041,048
___ ___ ___ ___
DEPRECIATION:
As at 31 August 2023 9,019,652 439,477 188,172 9,647,301
Charge for the year 11,660 65,064 23,191 99,915
Eliminated on disposals - - - -
___ ___ ___ ___
As at 31 August 2024 9,031,312 504,541 211,363 9,747,216
___ ___ ___ ___
BOOK VALUE:
As at 31 August 2024 22,345 228,755 42,732 293,832
___ ___ ___ ___
As at 31 August 2023 34,005 198,888 45,199 278,092
___ ___ ___ ___

23

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2024

12 (b) INVESTMENTS

Shares in subsidiary Shares in subsidiary
undertaking
Group Charitable
Company
£ £
COST
As at 1 September 2023 - 200
Additions - -
___ ___
As at 31 August 2024 - 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.

  1. STOCKS
Goods for resale
DEBTORS
Trade debtors
Amounts due from group undertakings
Other debtors
Prepayments and accrued income
 Group
2024
2023
£
£
28,647
25,230
__
_
Group
2024
2023
£
£
99,689
97,263
-
-
610,243
206,660
90,408
519,563
_
_

800,340
823,486
_
______		 Charitable Company
2024
2023
£
£
28,647
25,230
__
_
Charitable Company
2024
2023
£
£
99,705
96,804
587,929
249,004
82,038
21,594
90,408
519,563
_
_
860,080
886,965
_
______
  1. DEBTORS

24

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2024

15. CURRENT ASSET INVESTMENTS

Group Charitable Company
2024
2023		 2024 2023
£
£		 £ £
Brewin Dolphin managed funds 1,232,655
1,105,860		 1,232,655 1,105,860
_
_		 _ _
1,232,655
1,105,860		 1,232,655 1,105,860
__
__		 __ __
  1. ALL OTHER CREDITORS - FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security costs and other
taxation
Other creditors
Accruals and deferred income
Amounts due to group undertakings
 Group
2024
2023
£
£
50,754
152,925
69,987
14,279
83,393
55,267
400,752
362,136
-
-
_
_

604,886
584,607
_
_		 Charitable Company
2024
2023
£
£
50,664
151,905
69,987
14,279
83,393
55,267
399,152
360,636
-
-
_
_
603,196
582,087
_
_

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 2023
Incoming resources
Expenditure
Fund balances at 31 August 2024		 Arts Council –
Speak Up
£
10,036
16,122
(10,036)
16,122		 HAF
£
19,189
46,537
(24,394)
41,332		 Total
Funds
£
29,225
62,659
(34,430)
57,454

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 2024

18(b). RESERVE FUNDS - UNRESTRICTED

These represent unrestricted accumulated funds and are analysed as follows:

GROUP

Investment
programme
reserve
£
At 31 August 2023 1,330,407
Surplus for the
financial year
169,776
_
At 31 August 2024 1,500,183
_
CHARITABLE COMPANY
Investment
programme
reserve
£
At 31 August 2023 1,330,407
Surplus for the
financial year
169,776
_
At 31 August 2024 1,500,183
_		 _ Special
reserve
Contingency
Reserve
Revaluation
Reserve
£
£
£
502,000
1,330,000
12,113
-
-
104,316
_
___
_
502,000
1,330,000
116,429
_
___
_
Special
reserve
Contingency
Reserve
Revaluation
Reserve
£
£
£
502,000
1,330,000
12,113
-
-
104,316
_
___
_
502,000
1,330,000
116,429
_
___
_		 General
reserve
£
719,640
(30,146)
_
689,494
_
General
reserve
£
719,595
(30,138)
_
689,457
_

Total
£
3,894,160
243,946
_
4,138,106
_
Total
£
3,894,115

243,954
_
4,138,069
_

26

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2024

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
2024
2023
£
£
Net incoming resources for the
financial year
272,175
859,259
_ __
Increase in members’ funds
272,175
859,259
Members’ funds at beginning of year
3,923,385
3,064,126
__ ___
Members’ funds at end of year
4,195,560
3,923,385
_
______
20.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
GROUP
Unrestricted
funds
£
Fund balances at 31 August 2024 are
represented by:
Tangible fixed assets
293,832
Current assets
7,700,639
Creditors: Falling due within one year
(3,856,365)
Total net assets
4,138,106

_		 Charitable
2024
£
272,183
_
272,183
3,923,340
_
4,195,523
____

Restricted
funds
£
-
57,454
-
57,454		 Charitable
2024
£
272,183
_
272,183
3,923,340
_
4,195,523
____

Restricted
funds
£
-
57,454
-
57,454		 Company
2023
£
859,259
_
859,259
3,064,081
_
3,923,340
____
Total
Funds
£
293,832
7,758,093
(3,856,365)
4,195,560

27

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2024

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Continued)

CHARITABLE COMPANY

Unrestricted
funds
Fund balances at 31 August 2024 are
represented by:
£
Fixed assets
294,032
Current assets
7,698,712
Creditors: Falling due within one year
(3,854,675)
Total net assets
4,138,069
21.
COMPONENTS OF CASH AND CASH EQUIVALENTS
Group
2024
2023
£
£
Cash at bank and in hand
5,696,451
5,109,976
Current asset investments
1,232,655
1,105,860
_ _
6,929,106
6,215,836
_
_
22.
ANALYSIS OF CHANGES IN NET FUNDS
GROUP
At 31
August 2023
£
Cash at bank and in hand
5,109,976
Current asset investments
1,105,860
_
6,215,836
_		 Restricted
funds
Total
funds
£
£
-
294,032
57,454
7,756,166
-
(3,854,675)
57,454
4,195,523
Charitable Company
2024
2023
£
£
5,634,784
5,043,732
1,232,655
1,105,860
_ _
6,867,439
6,149,592
_
_
Cash flows
At 31
August 2024
£
£
586,475
5,696,451
126,795
1,232,655
_
_
713,270
6,929,106
_
_		 Total
funds
£
294,032
7,756,166
(3,854,675)
4,195,523

28

The Wolverhampton Grand Theatre (1982) Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2024

22. ANALYSIS OF CHANGES IN NET FUNDS (Continued)

CHARITABLE COMPANY
Cash at bank and in hand
Current asset investments		 At 31
August 2023
£
5,043,732
1,105,860
_
6,149,592
_		 Cash flows
£
591,052
126,795
_
717,847
_		 At 31
August 2024
£
5,634,784
1,232,655
_
6,867,439
_

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 £62,822 (2023 - £52,372) represents contributions payable by the charitable company to the fund.

24. OPERATING LEASE COMMITMENTS

The total future minimum lease payments outstanding at 31 August 2024 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		 2024
£
-
-
_
-
_		 2023
£
-
-
_
-
_

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 2024 (2023 - £nil).

29