The Oxford Playhouse Trust (A company limited by guarantee) Trustees, Annual Report and Financial Statements for the year ended 31st March 2021 Company registered number 2397373 Charity registered number 900039 op OXFORD PLAYHOUSE The Oxford Playhouse Trust Report of the Trustees for the year ended 31st March 2021 The TrLSStees present their report and the audited financial statements of the charity for the year ended 315t March 2021. The trustees have adopted the provision5 of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the charity. Trustee5 of the charity The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows: R Collins D Dance L Elder (Vice Chairl S Eltis E Lloyd C Mayer E Paris S Popat B Price A Reed S Staunton R Surender C Thurlby-Brooks K Wilkes (appointed 29111120201 M Whitlum-cooper resi ned 04110120211 Reference and administrative details Secreta G Baker Joint Chief Executive Officers.. L Chantal, V Lefrancois Charit Com number.. number.. 91XK139 2397373 Princi al Office: 11- 12 Beaumont Street Oxford OXI 2LW Bankers: The Royal Bank of Scotland CAF Bank Ltd 32 St Gile5 25 Kings Hill Avenue Oxford West Malling OXI 3ND Kent ME19 4JQ Barclays Bank plc 54 Cornmarket Street Oxford OXI 3HB Auditors.. Wenn Townsend 30 St Gile5 Oxford OXI 3LE Solicitor5= HMG Law LLP 126 High Street Oxford OXI 4DG The Oxford Playhouse Trust Report ot the Trustees {continuedl for the year ended 31st March 2021 Objectives ?nd Activitles The charitable company's objectives are the promotion and advancement of the education of the public, in particular to raise the Eeneral standard of dramatic production in the United Kingdom, to educate public taste, to encourage the arts of drama and music, and to stimulate public awareness and appreciation of the visual arts. Yhe Playhouse is notjUSt u theatre. It is the culturolheurt of our city.- Oxford Mail, June 2020 Our VISION: A Playhouse for Everyone Our PURPOSE: To inspire people and transform live5 by cultivating and championing creativity.. on our stages. In our communities and online. Our MISSION: We will deliver an innovative, relevant, and inclusive artistic programme that Sparks, enables and nurtures every individual's curiosity and imagination, and invests In artlstic collaborations throughout Oxfordshire's distinct communities. Our Mission is delivered through three artistic programmes: l. Playhouse Presents.. For our audience, we will present and produce world-class, inspirational theatre, within and beyond the wa115 of Oxford Playhouse, which nourishes, entertains, and celebrates Oxfordshire's diverse communities. 2. Playhouse Artists.. For our artists, we will seek out. support and nurture curious emerging & developing practitioners, innovative creative practice, and artistic risk-takers, kindling ground-breaking partnerships and collaborations, to further establish Oxford Playhouse as an incubator for new work. 3. Playhouse Communities.. With our community partners, we will deliver artistic collaborations that address inequality and provide creative opportunities to enrich the lives of people across the county, unleashing and empowering a myriad of artistic voices. Through these interconnected artlstic programmes. we will remain relevant, dynamic, and resilient and play a leading role in shapin8 the theatre ir7dustry and wider cultural sector. Public beneflt statement The Trustees have complied with their duty to have due regard to the guidance on public beneflt published by the Charity Commission in exercising their powers and duties. Achievements and performance Founded in 1938, Oxford Playhouse is 3 Playhouse for Everyone. A vital cultural asset and leading ￿gIOnal arts hub, which inspires and supports the wider cultural sector. The only not-for-profit mid-5cale venue in Oxfordshire. we are a favoured go-to venue for high-quality touring productions and showcase amateur and student companies, with extensive participation and artist development programmes. Restrictions placed on the theatre sector due to Covid-19 severely impacted our planned programmes for 2020-21. Despite the challenges and unrivalled levels of uncertainty we were able to deliver a variety of live and digital events acros5 all three strands of our artlstic programme. Playhouse Presents In July 2020, we live-streamed from Oxford Playhouse for the first time. a fundraiser highlighting the plight of the theatre sector in variety show A TheiJtre Near You featuring Stephen Fry and Marcus Brigstocke laudience I￿0+1. In the autumn, we launched our 'Digital Stage, presenting live, recorded and streamed events from stages across the UK, on location and in people's living room5. We Squeezed live performances with comedians Nina Conti, Flo and Joan and Sarah Pascoe into a small window when restrictions eased in October, alongside a digital programme of presented and co-produced work. For families we commissioned The Great Big Story Mix Up, and presented Koleidoscope Concert. Our more stretching work included digital commissions Smull Hour5 by Ava Wong Davies with Mandala Theatre and IF Oxford. and Do You Love Me Yet? with support from TORCH. There were several in conversation events with writers Ella Hickson, Jasmine Lee-jones and Lemn Sis5ay. Oxford Playhouse was a national partner for several plays presented online including Kneehigh's The Flying Lovers of Vitebsk, ond Wise Children's Romontics Anonymous and co-producer of an adaptation of the Pirture of Dorian Gru¢. Ticket sales from this production were in exce55 of 12,500 but will be counted in 2022 statistics wlth the financial data due to the production spanning two financial years. The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st Marth 2021 At Christmas we streamed Raymond Brigg's Futher Christmas into 46 primary schools and the Oxford Children's Hospit31. In addition, we presented Opera Up Close's operatic pantomime Sommy & the Beonstalk and an interactive digltal experience for younger audiences with The Gift of Winter. Oxford Playhouse recorded a total of 6,331 known attendances. increasing to a total of 15,250 to allow for 2.5 viewers per device for online content. Artistic Programme Events No. Performances Known Audience Additional Estimated Audience Total Audience Live Performances Online Live Events Online Recorded Events Live to Digital {strearnedl 386 iooi 317 4627 386 2503 793 11568 14 33 1502 476 23 6941 Note: figures in table correspond to ACE Annual Submission. Live to Digital is where a streamed event is secondary intent i.e. performance made for Iwe audience and streamed. Playhouse Artlsts We continued to support artists working remotely through mentoring, advice from staff and freelance artists online. Four mid-career artists were supported by Evolve, six playwrights graduated from Playhouse Playmaker (mentored by playwright Clare Bayleyl, we appointed artist Amantha Edmead to the national Freelance Task Force, supported 12 female creatives through Mothers Who Make and issued regular newsletters signposting freelancers to opportunities and support. Commissions realised in year include Smoll Hours and Love Letters Home, and those conceived and developed, to be presented in 2021-22 including Under The Mask ITamashal and Can l Live Icomplicitél. Playhouse Communities In April 2020, the Playhouse's Participation Team immediately migrated to digital platforms to deliver Playhouse at Home, a programme of digital creative opportunities to uplift, inspire and engage during lock- down. All programmed activities transferred online, including new community projects delivered in association with partners in Oxfordshire and beyond. These projects ensured the Playhouse remained relevant, useful and at the heart of our community during the months of lockdown. We continued our weekly Early Years Hey Diddle Diddle sessions online, along with our Young and Adult Companies. We ran a Digital Fun Palace during October half-term with downloadable activities and a popular Monologue Jam in association with the National Literacy Trust in the summer term for young people. With local partners we engaged with 1.500 people through community projects that reached some of the most vulnerable and isolated people in our community, projects included= Sound Stories Iwith Oxfordshire Association for the Blindl. Tea Talk5 Iwith Age UK) and drama sessions with KEEN Oxford and BeFree Young Carers. We delivered Community Playmaker, a development of our flagship Playmaker programme to encourage everyone to have a go at writing a play and,. Everyday Creative. across our social media channels providing different daily activities in spring 2020. A total of 26 digital products were produced to maintain engagement with existing and new participants. The Oxford Playhouse Trust Report of the Trustees (continued for the year ended 315t March 2021 Infomial learning: Participation and Community Prograrnmes Known Attendance Est. Attendance Total Attendance Age Group Early Years.'10-5 years old) 5-7 years old 8-11 ears old Sessions 28 325 325 12-14 years old 15-16 years old 17-18 years old 0-19 mixed ages 20+ 37 423 423 34 385 385 1052 41 633 419 116 1195 1195 256 2961 419 3380 Formal learning We also engaged with 19 educational establishments throughout the year. In total 2,258 young people participated in 72 sessions within a formal learning setting. 1,800 school children took part in Oxford Playhouse's Primary Playmaker project, to support literacy and creative writing in primary schools, with 10 shows selected, to be produced with professional actors and shared online in 2021. Oxford Playhouse continues to be an Artsmark Partner and sit on the steering committee of the Oxford LEP. Total participant5 across formal and informal Leaming Programmes known 5,219* plu$ 419 estlmated. The Creative Case: Diversity, Equality and Inclusion at the Playhouse The theatre is A Playhouse for Everyone and we invest in ensuring access and inclusion is at the heart of all our activities across performance, participation, artist development and CLtstomer service. Once again we received a rating of 'Stron8' in our annual appraisal against the Creative Case criteria frorn Arts Council EnEland in 2020. We are honoured to play a leadership role on creating a Manifesto for Radical Change for the city-wide Cultural Partnership around inclusion and racial diversity. We continue to invest in the irsfrastructure of our building. While the front of house is accessible, our Grade Il* listed building currently presents obstacles to access for artists and staff. Having invested in a fully wheelchair-occessible office and meeting room in 2019, we have begun a consultation and feasibility study on making our backstage facilities fully-acce55ible. Our Artist Development programmes are targeted to increase opportunities for artlSts with protected characteristics. particularly those underrepresented in our industry. We continue to ensure we cast all our own productions to reflect the cit￿5 ethnically diverse population136% of Oxford Citls populations is from the global majority). We also recognise that many people are excluded from participation in the arts due to a lack of money, aspiration, education and time. We mitigate some of those factors by taking free performances and activities to community Eroups and schools who would otherwise struggle to connect with theatre. Father Christmus an adaptation of Raymond Briggs novel reached an estimated 4,140 children in primary schools in some of the most deprived areas across the county and Oxford Children'5 Hospital. The Oxford Playhouse Trust Report of the Trustees {continued) for the year ended 31st March 2021 The Effects of Covid-19 The Playhouse has one of the lowest subsidy rates in UK and welcomes 3 times as many audience members per £1 public investment than average. Earned income from tickets and secondary sales normally accounts for 88% of our turnover Ithe UK average for middle-scale theatres is 65%). As a direct consequence of the Covid-19 pandemic, the Oxford Playhouse was closed on 16 March 2020 and our scheduled Main House. BT Studio and Playhouse Plays Out programmes suspendeij with immediate effect. This also negated all income from secondary sales associated with live events. Our agency business, Ticket5 Oxford, ceased bookings on behalf of promoters. Income from charitable activities amounted to £83,440 which was £2,931,357 lower than in 2020. Trading income fell £412,809 to £124,425 and would have been higher had we have not secured a short-term rental agreement with University Oxford's Said Business School. This arrangement enabled UO lone of our core fundersl to deliver socially distanced lectures in our auditorium, whilst enabling us Iwhen government restrictions permitted) to present live test-events and livestream perfomiances, which helped us prepare to reopen with confidence in 2021. The Board and Senior Management Team ISMTI took the necessary steps to shore up the organisation, reduce core costs and improve resilience, to ensure lonE-term of survival of Oxford Playhouse. All but essential staff were furloughed through the government's Job Retention Scheme IJRSI. We took the difficLtIt decision over the Summer to enter a redundancy consultation process, losing 7 staff members- and 16 staff agreed to temporary reduced hours. Directors agreed to 20-25% temporary salary cuts. Direct, operational and overhead tOSts were reduced where possible with rent holidays negotiated. We supported staff within the year via a well-being programme offering group and l..1 support. We a150 invested in training for staff and trustees specifically focused on anti-racism, communication and feedback, Dementia Awareness, health and safety, Arts Award advisor training and the Social Model of Disabilitv. The charity is supported by many volunteers who give their time to asslst in the operation of the theatre. This dedicated group of over 100 people, have been fairly dormant this year due to restrictions imposed and lack of live events. However, staff remained in contact with volunteers throughout ensuring they were well and keeping them updated on event5 at the Playhouse and nationally. We have used the 'dark' period from mid-march 2020 to review our organisational structures, IT infrastructure, processes, policies and procedures to ensure we return to operations with optimised resilience and efficiency. We identified key areas of investment and procured funds to invest in streaming equipment, IT. sustainabllity and building works to strengthen our resilience. During the financial year Oxford Playhouse successfully applied for Emergency Funding from Arts Council England which was initially granted for short temi survival, focussed on financial and creative sustainability through the pandemic. The total sum awarded within the financial period was £625.431 reduced by £61,496 due to double funding through CJRS claims. We successfully applied for a grant in January 2021 to support our return to a viable business operation which was awarded in April 2021. Emergency funding breakdown.. May 2020 Oct 2020 Emergency Response Fund Cultural Recovery Fund I £ 167,405 £ 458,026 (reduced to £396.530 as per above) Apr 2021 Cultural Recovery Fund 2 £1,056,596 fforfinoncial yeor 2021-22J David Brownlee Associates Benchmarking analysis comparing Oxford Playhouse with the UK Theatre subsidised membership April 2019 The Oxford Playhouse Trust Report of the Trustees Icontinuedl for the year ended 31st March 2021 The final grant included funds to build Oxford Playhouse reseNes1£619,9831, which we anticipated we would need as we recover from the pandemic. rebuild our artistic programmes, workforce and audiences. Additional grants from local authority OCC specifically awarded to address trjusiness interruption and the impact of Covid- 19 amounted to £24,385. One positive effect of the pandemic ha5 been the support shown by our audience and community. We launched the Playhouse Plays On fundraising campaign in March 2020. In the year ending March 2021 2,189 people donated £193,681 to the appeal with a further 1,184 people donating £50,598 in all or partial ticket refunds, raising a total of £244,279 to help secure the future of the theatre. This was arguably one of the most successful campaigns in the UK and a testament to the goodwill shown towards Oxford Playhouse and the value our audience places in theatre and culture more widely. Over the course of the year many business sponsors, colleges and members did not renew their support due to the Playhouse's inability to offer associated benefits. A membership drive will take plate in 2021-22. Whilst we anticipate it will take approximately two years for audiences to retum to their pre-covid capacity levels, Trustees consider the Emergency Funding acquired, coupled with our cost-cutting programme, will ensure the charitfs financial stability as a going concern, as we rebuild our business. Future Plan5 Creativity is at the core of Oxford Playhouse. We are passionate about nurturing and developing talent. working in partnership and delivering exceptional cultural experiences for all. In April 2021 we launch our new Business Plan which rebalances the focus of our three artistic programmes - Playhouse Presents, Playhouse Artists and Playhouse Communities. These interconnected strands deliver our mission placing creative engagement and opportunities for all at their heart. Our creative work will continue to be emboldened by distinctive partnerships and collaborations, that enrich the experiences of our participants, artists ènd audiences. Artistic ambition, diversity, access, inclusion, dynamism, relevance and sustainability underpin these core programmes. In line with the Government Roadmap we successfully reopened Oxford Playhouse to live (socially distanced) audiences at the end of May 2021, with the launch of the UK tour of the Donmar Warehouse's play installation Blindness. This was followed by Wor Df the Worlds and Ralph Fiennes Starring in T.S. Elliot's Four Quartets. Online we continued our digital stage presentations with Touching the Void, Anthropocene and A Cold Supper Behind Horrods starring David Jason and Stephanie Cole. At the time of writing ljuly 20211, we await the delayed further easing of restrictions. currently rescheduled to 19 July and continue until then with a full programme of socially distanced performances including drama Womon in Block, comedian Ru55ell Howord, family show 8rainioc and Rising, by choreographer Aokash Odedra. This summer we will sustainably tour the family show, Me ond Iwy Bee (about how to save the environment one bee at a timel to schools, Blenheim Palace and parks in Oxford and Didcot. In the theatre we see the return of the hit musical SIX. The autumn season confirmed brings a hybrid of live and digital work to the Oxford Playhouse and online platforms. At the time of writing we are putting the finishing touches to our 2021 pantomime Robin Hood and BT Christmas show for young families. Our Audience Development plan for reopenlng focuses on winning back audiences as well as seizing opportunities to attract new, diverse audiences in an altered cultural landscape. We will continue to stream productions live or recorded, where possible, to extend our reach and diversify our audiences, supported by the appointment of a Digitsl Creative Producer. The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2021 Our community, participation and learning programmes continue to be delivered online with a mixture of in person and digital sessions planned from summer 2021 onwards. In September, the participation team commence a period of consultation to develop an associated schools, programme, building on the success of Primary Playmaker, in partnership with other Oxfordshire cultural entities. We continue to work with Magdalen College School giving an opportunity for a young Director and Producer to work within the Playhouse and continue our pilot year of Young Ambassadors. We are in the process of recruiting a producer to lead our Artists Development programme and take responsibility for our Christmas and Easter studio productions and Summer Tent show. We are also recruiting staff to fulfil absent POSts and roles that will enable us to realise our aspirations and objectives set out in our 2021-22 business plan. Over the course of the year we will be consulting with Buro Happold (Engineering Consultancy) to advise on our work around decarbonisation of our building and Goss Consulting to advise on making our building fully accessible. This work sits alongside sU5tainability and accessibility recommendations that will be implemented across our operations and productions. Work began in 2020-21 on the Playhouse's new website and implementation of an Event Management System will be fully realised in 2021-22, along with a Mobile App for refreshments and merchandise. Financial review Prior to March 2020, Oxford Playhouse was on track to achieve record sales, and continued growth into 2020- 21. This year was unprecedented with a sharp fall in income due to the Playholtse being closed due to Covid- 19 related restrictions; income from Charitable Activities £83,44012020.' £3.014,7971 and Trading Activities £124,42512020.. £537,234). There was an increase in Donotions due to emergency funding from DCMS, OCC and successful fundraising appeal, totalling £1,423,01012020-. £694,1821. Other Income was £300,767 hiEher than 2020 as a result of claiming for furloughed staff through the Government's Coronavirus Job Retention Scheme. The revenue for 2020-21 £1,962.231 against an expenditure of £1,687,747 resulted In an in.year surplus of.£274,484. Total funds carried fonmard are £2,167,005 (see breakdown of reseNes below). Arts Council England has extended the term for the 2018-22 National Portfolio Organisations to include 2022-23. The additional year is subject to a satisfactory business plan and settlements are yet to be confirmed. It should be noted that the Board and Executive are grateful to the Department of Culture, Media and Sport, Arts Council England and HM Treasury for their financial support of the Playhouse and the wider cultural sector during this unprecedented crlsis. Investment powers and policy Under the memorandum and articles of assoclation, the charity has the power to invest in any way the trustees wish. The trustees, investment poliry 15 to obtain as high an Income as possible with low risk. Such funds should be easily accessible given the trustees, intention to spend designated funds and the requirement to hold liquid funds to meet trough5 in cash flow and unexpected liabilities. The funds are therefore invested with CAF Bank and the Royal Bank of Scotland. The investments provided a return of 0.1% in the year ended 31st March 2021 12020.. 0.5%) reflecting generally very low rates of interest. Reserves Policy Oxford Playhouse maintains reseNes to provide business Stability and to invest in the artistic programme and the charity's associated activities. Due to ongoing challenges and uncertainty relating to Covid-19 and resulting restrictions, we propose that Oxford Playhouse retain their current target of £672,80018-weeks full operating costs 2019120, equivalent of three-months excluding direct charitable activity costs) by the end of the current 4-year NPO funding agreement in March 2022. The Oxford Playhouse Trust Report of the Trustees {continued) for the year ended 31st March 2021 The total amount of restricted reseNes on 31 March 2021 was £1,396,32312020- £1,491,847) with £1,346,620 12020.. £1,480,217) attributable to fixed assets and the balance relating to specific funds. Our unrestricted and designated funds total £770,682, of which our consolidated free reserves total is £365,75412020.' £15,8011. In 2021 we propose designating £166,500 to a building and plant fund to SUPPOrt required works, to ensure our resilience and viability. This work is partially funded through grants received. The monies received from the Cultural Recovery Fund 2 in 2021 have enabled the Trust to Improve our unrestricted reserve position. We forecast a more positive end of year reseNe posltion131 March 20211 but recognise that this financial cushion will be required to sustain ihe organisation through the exigencies and uncertainties of the pandemic and its longer-term economic implications. Rlsk Management The trustees are responsible for the management of risks faced by the organisation. The board carries Oilt formal review of the charity's risk management processes on an annual basi5 and the charity maintains a risk register. In essence this process encompasses risk identification, analysis, and assessment of likely impact. quantification of these impacts, monitoring, ownership, response, and control. It is inevitable that unforeseen risk events will occur but by a systematic and regular review of project risks the trustees expect to keep these to a minimum. Generally, there are three categories of risk management.. Avoidance- managing to avoid the occurrence of the risk or eliminating it5 cause. Mitigation- managing the risk so as to reduce the impact of the risk if it does occur, e.g. insurance Acceptance - accepting the consequence of the risk either by producing a contingency plan to implement if the risk event occurs or by adjusting plans and intentions to cope with its effects. A risk management process should have three outputs- Direct action measures to avoid or mitigate the risk occurring or reducing the consequences of the occurrence. Contingency- a plan to implement if risk occurs, action undertaken in anticipation of risk occurring. Review- setting a time at which the risk identification and analysis is reviewed and revised if necessary. The key areas of risk where management failure would carry a potential threat to the organisation have been identified as follows.. Business disruption resulting in insufficient revenue generated (because of restrictions, closures or cancellation of shows as a result of Covid-191-' the risk is reduced by attaining funding to increase level of reserve5 and staff who have actively pursued hybrid live-digital programmes to enable some events to continue online. AvaSlability of high-quality touring shows= this risk is redltced by a growing reputation for strong ticket sale5 attracting visiting producers and an increase in co-productions. Loss or reduction of grant from three core funders.. mitigated through strong relationships, delivery of agreed activity and their benefits, and prompt reporting. Economic conditions.. the current economic uncertainty surrounding the UK'S recovery from Covid-19 and fall-out of Brexit may lead to reduced levels of disposable income and inbound tourism. Mitigation comes from dynamic ticket pricing combined with strengthening and diversifying funding from non-programme sources. Non-renewal of building and/or car park lease-. avoided by early re-negotiation of leases and prompt payments. The Oxford Playhouse Trust Report of the Trustee5 Icontinued) for the year ended 31st March 2021 Structu￿, Governance and Management Leadership The Oxford Playhouse Trust is a company limited by guarantee governed by its memorandum and articles of association dated 25th May 1989 and amended 22nd September 2001 and 23rd September 2006. It is registered as a charity with the Charity Commission. The liability of members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member. At the balance sheet date there were 15 members. A restructure of the Executive in the first quarter of 2020 led to the appointment on 1st June 2020 of Vanessa Lefrancoi5 as Director and Joint Chief Executive, to work alongside Loulse Chantal who has been in post since September 2014. This change in the leadership team strengthens the company's financial, commercial, operational and administrative operations, and is similar to the model which was in place when the Trust was formed in the late 1980s. Appointment of trustees The trust's memorandum and articles of association provide that the appointment of trustee5 shall be as follows.. Two by The University of Oxford, one by St John's College and at least four by the company in general meeting. Trustee induction and tralnlng All trustees have at least a two-hour discussion with the chair and members of the nominations committee prior to appointment, who provide them with a summary of the tru5Vs development to date and its current position. The new trustees have an opportunity to discuss the issues that arise and ask any questions. New trustees also receive recent minutes, some historical information, the current business plan, as well as the memorandum and articles of association and most recent accounts. The director and other members of staff meet new trustees and explain the operation of the Playhouse from their perspective. Trustee recruitment and induction procedu￿ is reviewed on an annual basis. Over the course of the last year, trustees have attended briefing sessions with key members of the staff to gain a deeper insight into such areas as marketing, finance, and production planning. Organi5ation The board of trustees administers the charity. The board meets four times a year plus an annual away day. There are sub committees for Finance and Risk, Programme, Productions.and Participation and Equality, Diversity and HR. A Development Committee to SUPPOrt fundraising has trustee and non-trustee members. Each sub-committee meets four times a year las a minimum) prior to board meetings. The Playhouse directors are the Chief Executtves who direct the artistic policy and day-to-day operations of the charity. To facilitate effective operations, the Chief Executives have delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artlstic performance related activitv. Key Management Personnel Remuneration The Trustees consider the Board of Trustees, the Chief Executives and the senior leadership team a5 comprisin8 the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 9 to the accounts. Trustees are required to disclose all relevant interests and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. The pay of the Chief Executives and senior leadership team is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is fair and not out of line with similar roles. Related parties Arts Council England, South East provide essential CO￿ funding. Oxford University and Oxford City Council also provide essential core funding and have nominated representation on the board. In the case of the City Council the nominated individual is a non-voting observer. St. john's College, which is the freeholder of the Playhouse, also nominates a board member. Details of transactions with these organi5ations are provided in the notes to the accounts. The charity has two wholly owned subsidiaries Oxford Playhouse Pro(luctions L¢mited which is the production company for our in-house shows,- and Oxford Playhouse Umited, which is not turrently trading. Statement of Trustees. responsibilities The Trustees (who are also directors of The Oxford Playhouse Trust for the purposes of company lawl are sponsible for preparing the Trustees. Annual Report and the financial statèments in atcordance with applitable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted AccoLtnting Practicèl. Company law reqtjires the Trustee5 to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to: selett suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2015 IFRS 1021. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departure5 disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will contlnue In operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other Ir￿gUI3r1tle$. Disclosure of information to the audltor5 We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, $0 far as we are aware, that: there is no relevant audlt infomiatlon of which the tharitws auditors are unaware- and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the compantys auditors are aware of that information. This report has been prepared having taken advantage of the small companies, exemption in the Companies Act 2006. y order of the tr es E Parls (Chairl th 4 November 2021 io Independent Auditors, Report to the Members of The Oxford Playhouse Trust Opinion We have audited the financial statements of The Oxford Playhouse Trust for the year ended 31st March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Reporting Stondard applicable in the UK and Republic OA Irelond Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and parent charitable companWs affairs as at 31st March 2021, and of the group's incoming resources and application of resources, including it5 income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basss for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable 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 atcordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The othei information comprises the information included in the trustees. annual report, other than the financial statements and our auditorfs report thereon. 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. li Independent Auditors, Report to the Members of The Oxford Playhouse Trust {continuedl In connection with our audit of the financial statement5, our responsibility 15 to read the other infomiation 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 thi5 regard. Opinions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees. report (incorporating the directors. report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2(X)6 requires us to report to you if, in our opinion.. adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company's financial statements are not in agreement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audlt. Re5pon5ibilities of trustees As explained more fully in the directors, responsibilities statement. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the group's and parent charitable 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 trustees either intend to liquidate the group or the parent charitable company or to cease operation5. or have no realistic alternatwe but to do so. Auditorfs 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 materlal misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial statements. 12 ## **Independent Auditors' Report to the Members of The Oxford Playhouse Trust {continued)** A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims; - Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; - Reviewing minutes of meetings of those charged with governance; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. ## **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 and to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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. **Lee Baker FCA {Senior Statutory Auditor) For and on behalf of Wenn Townsend Statutory Auditor 30 St Giles' Oxford OXl 3LE** **4th November 2021** **13** The Oxford Playhouse Trust Consolidated Statement of Financial Activities {including income and expendlture account) for the year ending 31st March 2021 Note Unrestricted Designated Funds Funds Restricted Funds Totsl Funds 2021 Total Funds 2020 Income from: Donations and legacies Charitable activities Other trading activities Other income Investments 1,361,510 83,440 124,425 330,683 673 18,500 43,000 1,423,010 694,182 83,440 3,014,797 124,425 537.234 330,683 29,916 673 1,568 43 4b Total income and endowments 1,900,731 18,500 43,000 1,962,231 4,277,697 Expenditure on: Raising funds Charitable activities Trading to generate funds 209,913 1,074,760 204,519 8,480 43,419 8.262 19,508 99,880 19.006 237,901 1,218,059 231,787 338,684 3,688,293 403,156 Totsl expenditure 1,489,192 60,161 138,394 1,687,747 4,430,133 Net incomellexpenditure) 411,539 141,6611 195,3941 274,484 1152,4361 Transfer between funds 1198,6311 198,761 11301 Net incomellexpenditurel after transfers 18 212,908 157,100 195,5241 274,484 1152,4361 Reconciliation of Funds Total funds brought forward 18 152,846 247,828 1,491,847 1,892,521 2,044,957 Total funds carried forward 18 365,754 404,928 1,396,323 2,167,005 1,892,521 The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 17 to 31 form part of these financial statements 14 The Oxford Playhouse Trust (Company Number 2397373) Balance sheet as at 31st March 2021 Group Charity Note 2021 2020 2021 2020 Fu(ed assets Tangible assets Investments li 12 1.733.048 1,865,090 1,733,048 1,865,090 1.733,048 1.865,090 1,733,049 1,865,091 Current assets Stock Debtors Cash at bank and in hand 13 14 4,454 268.732 727,487 8,719 214,067 540,074 4,454 268,732 727,487 8,719 182,150 540,074 1,000,673 762.860 1,000,673 730,943 Current Ilabilities Creditor5 falling due within one year 15 1566,7161 1735,4291 1566,7161 1735,4291 Net current a5sets1lliabilitiesl 433,957 27,431 433,957 14.4861 Net assets 2,167,005 1,892,521 2,167.006 1.860,605 The funds of the charity Restricted income funds Unrestricted income funds: General Designated 18 1.396.323 1.491,847 1,396.323 1,491.847 365,754 404.928 152,846 247,828 365,755 404, 928 120,930 247,828 18 Total tJnrestrirted funds 770,682 4(X),674 770,683 368,758 Total charity funds 2,167,LKJ5 1,892,521 2,167,006 1,860,605 The financ5al statements have been prepared in accordance with the special provlslon5 01 part 15 of the Companies Act 2006 relating to small companie5. These financial statements were approved by the trustees on 4, November 2021 and were signed on their behalf by.. E Pari5 {Chair) The notes on pages 17 to 31 form part of these flnanclal statements 15 The Oxford Playhouse Trust (Company Number 23973731 Statement of Cash Flows for the year ending 31st March 2021 Note 2021 2020 Net cash flow from operating activities 20 248.456 123,751 Cash flow from investing activities Payments to acquire tangible fixed assets Bank interest received li 161,7161 673 147,5271 1,568 Net cash flow from investing artivities 161,0431 145,9591 Net increase in cash and cash equivalents 187,413 77,792 Cash and cash equivalents at 1st AprS12020 540,074 462,282 Cash and cash equivalents at 31st March 2021 727,487 540,074 Analysis of cash and cash equivalents: Cash in hand Deposits Iless than 3 monthsl 2,450 725.037 2,450 537,624 Total cash and cash equivalents 727,487 540,074 16 The Oxford Playhouse Trust Notes to the accounts for the year ended 31st M?rch 2021 Summary of significant accounting policies al General information and basis of preparation Oxford Playhouse Trust is a company limited by guarantee governed by its memorandum and articles of a550ciation dated 25th May 1989 and amended 22nd September 2001 and 23rd September 2003. It IS registered as a charity with the Charity Commission in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page l of these financial statements. The nature of the charity's operations and principal activities are included in the trustees, report. The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applled In the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. bl Group flnancial statements These financial statements consolidate the results of the charity and its wholly owned subsidiary Oxford Playhouse Productions Limited on a line by line basis. A separate Statement of Financial Activities, or income and expendlture account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006. c) Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund Is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 17 The Oxford Playhouse Trust Notes to the accounts {continuedl for the year ended 31st March 2021 I Summary of significant accounting policies d) Income recognition All incoming resources are included in the Statement of Financial Activitie5 ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount con be measured reliably and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the omounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. Further detail is given in the Trustees, Annual Report. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity where it is not possible to measure the amount expected to be distributed. On these occasions. the legacy is treated as a contingent asset and disclosed. Income from trading actlvlties includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and setvices in order to raise funds and is recognised when entitlement has occurred. The charity receives government grant5 via Arts Council England and Oxford City Council. Income from government and other grants are recognised at fair value when the charity has entitlement èfter any performance coriditions have been met, it is pmbable that the income will be received, and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Investment income 15 all earned from cash holdings in bank deposit accounts. Other income includes gains on disposals of tangible fixed assets and currency revaluations. (el Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising donations and legacies includes salaries and the costs of fundraising events and promotional material,. Expenditure on charitable activitie5 includes production costs and fees paid to visiting companies, along with salaries and costs of providing educational experiences to schools and the public,. and Costs of trading to generate funds represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 18 The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 315t March 2021 I Summary of significant accounting policies Icontinuedl If) Support costs allocation Support costs are those that asslst the work of the charity but do not directly represent charitable activities and Include office costs, governance costs, administrative and payroll cost5. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to COSt of raising funds and expenditure or) charitable activities on a basis consistent with use of the resources. Overheads have been allocated on a per capita bas15. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of these costs is included in note 6. g) Tangible fixed a55ets Tangible fixed assets are stated at cost lor deemed costl or valuation le55 accumulated depreciation and accumulated impairment losses. Cost includes Costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Leasehold land and building5 Fixtures and fittings Computer equipment Life of lease lending October 20371 10- 20% straight line 10- 25% straight line h) Stocks Stock is included at the lower of cost or net realisable value. Stock consists of purchased goods for resale. l) Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised ir4 expenditure. j) Provlslons Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it 15 probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. kl Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basi5 over the period of the lease. l) Foreign currency Foreign currency transaction5 are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transactS0n. Monetary assets and liabilitie5 denominated in a foreign currency at the balance sheet date are translated Using the closing rate. 19 The Oxford Playhouse Trust Notes to the accounts Icontinuedl for the year ended 31st March 2021 I Summary of slgnificant accounting pollcles (continued) m) Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. n) Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. ol Going Concern The financial statements have been prepared on a going concern basis a5 the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including a revision of expectations for the potential impact of COVID-19 on the charity. They have concluded that the budgeted income and expenditure is sufficient with the level of resetves held for the charity to be able to continue as a goin8 concern. p) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affert the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factor5. including expectations of future events that are believed to be reasonable under the circumstances. In preparing these financial statements, the Trustees have made the following judgements= Basis of allocation of support costs (note 61 Support costs totalling £1,687,74712020'. £4,430,133) are allocated to expenditure categories in the Statement of Financial Activities based on an estimate of the time spent on these activities. Estimate of useful economic life of fixed assets (note 11} As noted in note Ig above, fixed assets totalling £1.733,04812020: £1,865,090) are depreciated on Straight line basis based on an initial estimate of their useful economic lives. 2 Income from donations and legacies 2021 2020 Gifts Oxford University Grant Oxford City Council Grant Arts Council England 323,193 101,040 48,385 950,392 188,668 101,040 25,000 379,474 1,423,010 694,182 In 2021, income from donatlons and legacies attributable to restricted funds totalled E43,00012020: £4,500). 20 The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2021 3 Income from charitable activities Unrestrlrted Funds 2021 Unrestricted Funds 2020 Income relating to presented programme Admission Charges & Hire Fees.. Oxford Playhouse Burton Taylor Studio Membership Theatre Tax Relief.. Income from In-house Productions and Touring= Performances at Oxford Playhouse Performances at Burton Taylor Studio Perfomiances on tour 50,7S3 2.180,590 15,574 45,706 30,986 20,613 7,223 643,597 28,368 41,660 Education related income: Admission & Workshop charge5 4,851 28,316 83,440 3,014,797 In 2021, no income from charitable activities wa5 attributable to restricted funds12020- £nill. 4a Incorne from other trading activities 2021 2020 Tickets Oxford Agency Bar and Catering operation BT Management Fee5 Fundraising Events Sponsorship Rental income 1,483 795 37,455 11,775 6,000 66,917 48,457 362,843 81,737 21,364 22,833 124,425 537,234 In 2021, no income from trading activities was attributable to restricted funds12020.. £nlll. 4b Other income Other income represents government grants receivable in the form of the Coronavlrus Job Retention Stheme. 5 Income from Investments All of the investment income ari5e5 from interest bearing deposit and current accounts. In 2021, no income from investments was attributable to restricted funds12020: £nill. 21 The Oxford Playhouse Trust Notes to the accounts Icontinuedl for the year ended 31st March 2021 Total resource5 expended Charltable Activities Raising Generating Funds Funds Programme Productlons Education Total 2021 Total 2020 Direct C05ts Production Costs Staff Costs Inote 101 Cost of Sales Marketing Activity Fundraising/Gala Cost 51.704 522,214 8,587 3,924 64,215 1,772,665 208,885 1,044,427 1,427,029 8,007 136,417 65,770 231,295 14,122 12,343 156.664 156,664 8.007 65.770 14.122 Support Costs Governance Inote 71 Premises Costs Irrecoverable VAT Depreciation IT Costs Administration Profit on disposals 2.341 23,955 2,341 23,955 7,801 79.852 43,765 96.879 15,959 23,230 3,121 31,941 15,604 159,703 43,765 193,758 31,916 46,460 22,951 254,622 277,716 192,886 62,026 55,632 115,4491 302,297 1,687,747 4,430,133 29,064 4,787 6,969 29,064 4.787 6,969 38,751 6,383 9,292 237,902 231.787 907,174 8,587 Prlor year Charitable Activities Raising Generating Funds Funds Programme Produrtions Educatlon Total 2020 Direct Costs Production Costs Staff Costs Inote 101 Cost of Sales Marketing Activity FundraisinB/Gala C05t 1.290,626 754,778 469,426 239,512 12,613 1,772,665 9,504 1,427,029 136,417 231,295 12,343 232,884 190,351 136,417 175,579 55,716 12,343 Support Costs Governance (note 71 Premises Costs Irrecoverable VAT Depreciation IT Costs Administration Profit on disposals 3,746 41,553 3,061 33,964 12,139 134,673 210,818 102,020 32,807 29,425 18,1711 2,734,694 3,852 42,736 66,898 32,374 10,410 9,337 12,5931 927,668 153 1,696 22.951 254,622 277,716 192,886 62,026 370 55,632 11031 115,4491 25,931 4,430,133 31.478 10.122 9,079 12,5211 338,684 25,729 8,274 7,421 12,061 403,156 1,285 413 Included in the above 15 £138,39412020: £159,321) charged to restricted funds. 22 The Oxford Playhouse Trust Notes to the accounts {tontinued) for the year ended 31st March 2021 Governance costs 2021 2020 Auditor remuneration for audit Auditor remuneration for non-audit Legal and professional fees 8,500 2,200 4,904 8,500 2,200 12,251 15,604 22,951 Net {expenditurel This is stated after charging/lcreditingl'. 2021 2020 Depreclation Profit on disposal of fixed assets Payments under operating leases Auditor's remuneration Non-audit remuneration 193,758 192,886 115,4491 67,350 8,500 2,200 66,357 8,500 2,200 Trustees, and key management personnel rernuneration and expense5 The trustees neither received nor waived any remuneration during the year12020-. £nill. The total amount of employee benefits received by key management personnel is £336.928 12020.. £266,131). The charity considers its key management personnel comprise.. Joint Chief Executive Officer5 Development Director Programme Director Finance Controller Technical Director Marketing Director No trustees are accruing pension arrangements12020: None). The trustees did not have any expenses reimbursed during the year12020: £nill 10 Analysis of staff costs and numbers 2021 2020 Wages and Salaries Social security costs Defined contribution pension costs Redundancy costs 918.574 75,445 24,353 26,055 1,294.741 103,149 29,139 1,044,427 1,427.029 No employee received total employee benefits of more than £60.0(X) in the current or preceding year. 23 The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2021 10 Analysis of staff cost5 and numbers Icontinuedl The average monthly number of employee5 and full-time equivalent IFTEI during the year was as follows.. 2021 Number 2020 Number Programmin8, Productions, Education and Governance Front of House, Box Office & Bar/Catering Actors 26 12.5 37 21.5 38.5 63 li Tangible fixed assets Leasehold property Fixtures & Computer fittlngs equipment Total Cost At 1st April 2020 Additions Disp05als 3,116,245 1,356,556 147,262 61,716 4,620,063 61,716 134,1271 134,1271 At 31st March 2021 3,116,245 1,322,429 208,978 4,647,652 Depreciation At 1st April 2020 Charge for year Disposals 1.828.946 73,560 815.316 109,515 134,1271 110,711 10,683 2,754,973 193,758 134.1271 At 31st March 2021 1,902,506 890,704 121,394 2,914,604 Net ljook value At 31st March 2021 1,213,739 431,725 87,584 1,733,048 At 31st March 2020 1,287,299 541,240 36,551 1,865,090 24 The Oxford Playhouse Trust Notes to the accounts Icontinuedl for the year ended 31st March 2021 12 Subsidiary companies 2021 2020 100 £1 ordinary shares in The Oxford Playhouse Limited l £1 ordinary share in Oxford Playhouse Productions Limited Provision against investment in The Oxford Playhouse Limited loo loo iiooi 11(x)I At 31st Marth 2021 The Oxford Playhouse Limited Iregi5tered in England and Wales) had aggregate capital and resetves of £100. The company is dormant and there were no gains or losses for the current or previous year. The investment has been impaired to nil as the subsidiary is not trading. Oxford Playhouse Productions Limited Iregistefed in England and Wales) is a wholly owned subsidiary of The Oxford Playhouse Trust. Summary of results for Oxford Playhouse Productions Limited are as follows.. 2021 2020 Assets Liabilities 31,917 Funds 31,917 Income Expenditure 369.100 1369,1001 Net profit Other income- Theatre tax credits 31,916 Operating profit 31,916 For the 31st March 2020 financial year, Oxford Playhouse Productions Limited entered into a legal agreement with The Oxfor¢J Playhouse Trust whereby The Oxford Playhouse Trust commissioned Oxford Playhouse Productions Limited to produce two of its shows. Accordingly, whilst Oxford PlayhoLtse Productions Ltd remained responsible for decisions connected with these productions, Oxford Playhouse Productions Limited had sub-contracted The Oxford Playhouse to make available the benefit of the service5 of relevant staff and provide production services as appropriate for the shows commissioned. As a direct result of the COVID-19 pandemic, no such productions were possible for the 31st March 2021 financial year. 25 The Oxford Playhouse Trust Notes to the accounts Icontinuedl for the year ended 31st March 2021 13 Stocks 2021 2020 Goods for resale 4,454 8,719 14 Debtors Group 2021 Charity 2021 2020 2020 Trade debtors Other debtors Prepayments and accrued income 951 26,569 241,212 41,361 14,606 158,100 951 26,569 241,212 41,361 14,606 126,183 268,732 214,067 268,732 182,150 15 Credltors due within one year 2021 2020 Trade Creditors Social Security & other taxes Other Creditors and Accruals Deferred income Amount owed to subsidiary companies 85,382 19,531 173,674 288,029 100 146,811 29,367 179,800 379,351 100 566,716 735,429 16 Deferred income Deferred income comprises advance ticket sales and grants received for projects taking place in the next financial year. 2021 2020 Balance at 1st April 2020 Amount released to incoming resources Amount deferred in year 379,351 1379,3511 288.029 371,651 1371,6511 379,351 Balance as at 31st March 2021 288,029 379,351 26 The Oxford Playhouse Trust Notes to the accounts {continued) for the year ended 31st March 2021 17 Leases Operating leases Total future minimum lease payments under non-cancellable operating leases are as follows.. 2021 2020 Not later than one year Later than one and not later than five years Later than five years 61,350 232,750 449,925 69,357 261,273 492,775 744,025 823,405 18 Fund Reconclllation Unrestricted funds Balance at 1st Aprll 2020 Incoming Resources Resources Expended Transfers Balance at 31st March 2021 General Fund Designated Tent Fund Designated Fixed Assets 152,846 1,900,731 11,489,192) 1198,6311 18,500 365,754 18,5CXJ 386,428 247,828 160,1611 198,761 400,674 1,919,231 11,549,353) 130 770,682 Restricted funds Balance at 1st Aprll 2020 Incoming Re50urce5 Resources Expended Transfers Balance at 3tst March 2021 Oxford Playhouse.. Leasehold Buildings Oxford Playhouse.. Fixtures and Fittings Tent Garrick Evolve Theatre Trust .' Foyer AC￿sSIbilitY Emanuel Kaye - Participation Outreach The Richard Gladstone Room Creative Education Participation Communities 1,124,440 355,777 173,5601 160,0371 1,050,880 295,740 31,000 31,C#JO 2.600 1321 5,400 162 12,6001 32 5,400 11621 2,000 10,000 2,000 11,303 3,500 12,1971 1,491.847 43,000 1138,3941 11301 1,396,323 Designated funds al Designated funds relate to the cost of the Auditorium refurbishment carried out in 2016, as capitalised and defined as designated funds. The asset will depreciate over an 8 year period. bl Restricted funds Oxford Playhouse.. Leasehold Buildings- Capital Funds raised to refurbish The Oxford Playhouse. Oxford Playhouse.. Fixtures and Fittings- Capital Funds raised to refurbish The Oxford Playhouse. Tent- decorated marquee that travels to schools and community groups with interactive play Garrick Evolve- Supporting the EVOLVE Artists in Residence scheme. Theatre Trust= Foyer Accessibility- to improve Foyer accessibility. Emanuel Kaye.. Participation Outreach- community engagement project. Creative Education- programmes to support literacy for children and young people Participation Communities- programmes with community partners to support vulnerable communities 27 The Oxford Playhouse Trust Notes to the accounts {continued) for the year ended 31st Ma￿h 2021 19 Analysis of net assets between funds Consolidated: Vnrestricted General funds Designated Funds Restrlrted income funds Totsl Fixed assets Cash at Bank and in hand Other Current asset5 Current Liabilities 386.428 18,500 1,346,620 49,703 1,733,048 727,487 273,186 1566,7161 659,284 273,186 1566,7161 365,754 404,928 1,396,323 2,167,005 Charlty: Unrestrirted General funds Designated Funds Restrirted income funds Total Fixed assets Investments Cash at Bank and in hand Other Current assets Current Liabilities 386,428 1,346,620 1,733,048 659,284 273,186 1566,7161 18,500 49,703 727,487 273,186 1566,7161 365,755 404,928 1,396,323 2,167,0( 20 Reconciliation of net income/{expenditure) to net cash flow from operatlng activities 2021 2020 Net income / lexpenditurel for the year 274,484 1152,4361 Depreciation of fixed assets Profit on disposal of fixed assets Bank interest Decrease in stock Increase in debtors Decrease in creditors 193,758 192,886 115,4491 11,5681 13,2401 66,319 37,239 16731 4,265 154.6651 1168,7131 Net cash flow from operating activities 248.456 123,751 28 The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2021 21 Pensions and other post-retlrement benefits al Defined contribution pension plans The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £24,35312020.. £29,1391- The defined contribution liability Is allocated to unrestricted funds. 22 Related party transactions Information about related party transactions and outstanding balances is outlined below.. Sir Rory Collins, a Trustee, is the St Johns representatlve on the Board. St Johns College owns the freehold of Oxford Playhouse and the adjoining offices. Rent paid under the two separate leases totalled £32,45212020.' £45,6091. There are no outstanding balances with the college at 31st March 2021. Sos Eltis and Liesl Elder were the University representatives on the Board. The University provided Erant of £101,040 during the year12020.. £101,040) and owns the Burton Taylor Studio. which it pays the charity to manage on its behalf. The total fee for this was £37,45512020'. £81,7371 of which £nil was outstanding at year end12020.. £nill. 29 The Oxford Playhouse Trust Notes to the accounts Icontinuedl for the year ended 31st March 2021 23 Comparatlve funds Comparative Unrestricted funds Balance at 1st April 2019 Incoming Resourees Resources Expended Transfers Balance at 31st March 2020 General Fund Designated Fixed Assets 119.018 279,271 4,273,197 14,239,369) 131,4431 152,846 247.828 398,289 4,273,197 14,270,812) 400,674 Comparative Restricted funds Balance at 1st April 2019 Incoming Resour¢es Resources Expended Transfers Balance at 31st March 2020 Oxford Playhouse= Leasehold Buildings Oxford Playhouse.- Fixtures and Fittings Pop Up Tent Garrick Evolve 2018119 Theatre Trust ." Foyer Accessibility Emanuel Kaye . Participation Outreach The Richard Gladstone Room Participation Communities 1,188.334 425,480 10,300 2,600 13,954 6,000 163,8941 169,7031 110,3001 1,124,440 355,777 2,600 1321 5,400 162 3,500 113,9861 16001 18381 1,000 3,500 1,646,668 1159.3211 1,491,847 30 The Oxford Playhouse Trust Notes to the accounts Icontlnuedl for the year ended 31st March 2021 24 Comparative analysis of net assets between funds Comparative Consolldated: Unrestricted General funds Designated Funds Restricted income funds Total Fixed assets Cash at Bank and in hand Other Current assets Current Liabilities 137,045 528,444 222,786 1735,4291 247,828 1,480,217 11.630 1,865,090 540,074 222,786 1735,4291 152,846 247,828 1,491,847 1,892,521 Comparative Charity: Unrestricted General funds Designated Funds Restricted income funds Total Fixed assets Investments Cash at Bank and in hand Other Current assets Current Liabllities 137,045 247,828 1,480,217 1,865,090 528,444 190,869 1735,4291 11,630 540,074 190,869 1735,4291 120.930 247,828 1,491,847 1,860.605 31 The Oxford Playhouse Trust 11-12 Beaumont Street Oxford OX12LW Wenn Townsend 30 St Giles Oxford OX13LE Dear Sirs The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of The Oxford Playhouse Trust Limited financial statements for the year ended 31st March 2021. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. ￿1 representations are rnade lo the best of our knowledge and belief. General We have fulfilled our iesponsibilibes a5 directors I Iiuslees as sel out in the terms of your engagetnen( letter dated 23rd April 2019. under the Companies Act 2￿J6 for preparing financial 51alements in accordance wth applicable law and United Kingdom Accounting Standards (United Kin9dom Generally Accgpled Accounting Practice}, for bein9 satisfied that they give a true and fair view and for rnaknng awurale representations to you. 2 All the transactions undertaken by the charitable company have been property reflected and recorded in the accounting records. 3 All the accountin9 records have been made available lo you for the purpose of your audit. We have provided you with unrestricted ac¢e$s10 8118ppropri81e peisons within the ¢h8ritable company, and Mth all other records and related inlomation requested, including minutes of all managomanl and trustae mèetings and Corresponden￿ with The Charity Commission. 4 The finan¢ial slalernents are free of material misstatements, including omissions. The effects of uncorrectÈd rnisslatbmènts {as sèl tAJI in thè appèndix tr) this léttèr) are immateri31 both indNidu8lly and in total. Intemal control and fraud 6 We acknowledge our responsibility for the design, implementation and maintenance of internal control systems lo prevent and deleot fraud and error. We have disclosed to you the resuts of our risk 8s8es$menl that the financial statemanls m8y be rnisslated as a resuEt of fraud. 7 We have disdosed lo you all instances of known or suspected fraud affecting the entity Invo￿1ng management, empk)yees who have a significant role in internal control or others that could have a material effect on the financial slalements. 8 We have also dI￿10$ed lo you all information in relation lo allegations of fraud or 3u$pected fr8ud affecting the entity's financial stslemenls ¢x)mmuni¢*ed by curient or ft)rmei erHpl¢)yees. analysts, reg(Jlator$ or others. Assets and liabilities 9 The charitable company has satisfactory title to all assets and there are no liens or encuMbran￿S on the chatitablè company's assets. except for those that are disclosed in the notes to the financial statements. 10 All actual liabilities, eontingenl liabilities arKI guarantee5 given to third parties have been reeorded or disclosed as appropri8te. 11 We hav8 no plans or intentions that may materially alter the carrylng value and where relevant the falr value measurernents or classification of assets and liabilities refflected in the financial statements. 12 Accrued income is recoverable and that, where necessary, adeqU￿e provisions have Othe￿A$e been made against doubtful debtors. Total accrued income in the current year includes £167,517 from CRF 1 grant. We understand that £121,714 has been received post year end and are satisfied that the remaining £45,803 is recoverable in full. Accountlng estimate8 13 The methods, dal8 and significant assumptions used by us in rnaking accounting eslimales, and their related disclosures. are appropriate to achieve recognit￿n. measurement and disclosure that is reasonable in the context of tha appli¢able financial reporting framework. Legal claims 14 We have disclosed to YOU 811 ¢18ims In connethon wlh lillg81ion that have been, or arè expected to be, ￿CeIVed and such matters, as appropriate. have beèn properly accounted for. and disclosed in. the financial stslemenls.