The Oxford Playhouse Trust (A company Ilmlted by guarantee) Trustees, Annual Report and Financial Statements for the year ended 31st March 2024 Company registered number 2397373 Charity registered number 900039 01) OXFORD PLAYHOUSE
The Oxford Playhouse Trust Report of the Trustees for the year ended 31st March 2024 The Trustees present their report and the audited financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" {FRS 102) in preparing the annual report and financial statements of the charity. Trustees 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: D Dance (Chair) S Eltis C Mayer {resigned 28 November 2023) K Wilkes C Thurby-Brooks (resigned 28 November 20231 A Buonfino J Pillman (Vice Chairl S Staunton (resigned 30 April 20231 R Collins {re5igned I September 20231 E Claughton (appointed 20 February 2024) A Ray (appointed 20 February 20241 A Knight {appointed 20 February 20241 J Bhogal (appointed 20 February 20241 D Baker (appointed 20 February 2024} M Tuckwell {appointed 20 February 20241 G Aitken {appointed 20 February 2024) G Rose (appointed I September 20231 Reference and admlnistrative detalls Secreta G Baker Chief Executive Officer: M Tweddle Charit number: 900039 Com an number: 2397373 Princi al Office: 11- 12 Beaumont Street Oxford OXI 2LW Bankers: The Royal Bank of Scotland CAF Bank Ltd 32 St Giles, 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 Solicitors: Harbottle & Lewis 7 Savoy Court London WC2R OEX
The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2024 Objectives and Activltles The charitable objectives of Oxford Playhouse are the promotion and advancement of the education of the public, to raise the general standard of dramatit 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. Vision: A Playhouse for Everyone Purpose: To inspire audience5 and positively impact lives by nurturing and championing creativity and artistic excellence on our stages, online and in our communities. Mission: to deliver high-quality, innovative and inclusive artistic programmes that nurture the curiosity of audiences and participants; and to invest in partnerships and collaborations within the cultural sector and Oxfordshire's communities. Our Interconnected programmes: Playhouse Presents: we present and produce world-class, inspirational theatre on our stages, online, on tour and in community & educational settings, that nourish & entertain audiences and reflect & celebrate Oxfordshire's diverse communities. Playhouse Artlsts: we connect and support emerging, developing and mid-career artists, to enable creative practice and experimentation; creating an environment within Oxford Playhouse for innovative new work. Playhouse Communitles: working with community partners, we deliver accessible artistic and participatory programmes, with a focus on breaking down barriers to attendance and widening creative opportunities for all. Public benefit statement The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. Achlevements and performance Oxford Playhouse is one of the country's leading regional theatres. The only not-for-profit mld-scale venue In Oxfordshire, The Playhouse Is at the heart of cultural life in the city and region, with a wonderfully rich heritage, dating back to 1938, of live performance, drama, dance, spoken word, music and comedy. The expertise and outstanding reputation of the team including its technical, programming & production, marketing & sales functions, ensure that it is a favoured venue on the mid-5cale touring map. It also produces its own mid-5cale and studio productions, including a hugely popular pantomime which plays to audiences of around 38,000 each year. As well as being a home for inspirational performance, The Playhouse is an active charity with artistic, social and educational aims, which are embedded through its vibrant and inclusive creative learning programme. During 2023124, Oxford Playhouse presented over 90 companies in 624 performances (248 of which were for family audiences). selling 141,OCXJ tickets. We commissioned artists to produce original work for OP, managed three Young Companies and an Adult Acting Company, co-produced the annual Offt)eat Festival to showcase new work, and toured the Playhouse Plays Out Tent to schools and community settings across the county, playing free to over 3000 children and their families.
The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2024 RECEIVED PROGRAMME The varied and diverse Main House programme included: the award-wining musical Blood Brothers {playing for the first time at Oxford Playhouse); high-quality drama including Somerset Maugham's The Circle, starring Jane Asher, I, Daniel Blake, KIN, Farm Hall, The Way Old Friends Do, Murder in the Dark, The Verdict, When Darkness Falls,. contemporary dance from Ballet Black {Pioneers) and Richard Chappell Dance Company. opera from.Opera Up Close and English Touring Opera; music from Fairport Convention; Eliza Mccarthy & Jon Boden, Fascinating Aida, Bach Explored, Gilbert & Sullivan's HMS Pinafore, The Pasadena Roof Orchestra and RUSH.. A Joyous Jamaican Journey; one nighters including Natalie Haynes, Sir Bradley Wiggins, Dr John Cooper C-larke, Susie Dent, Red Sky ot Sunrise with Anton Lesser, Uncanny l Know What I Saw with Danny Robbins and an audience with Dame Patricia Routledge. as well as comedy from Stewart Lee, Bridget Christie, Jenny Éclair, Michael Mclntyre, Miles Jupp, Ivo Graham, Nick Mohammed, and Lucy Beaumont. The programme also included a new co-production for Oxford Playhouse, Royal & Derngate Northampton, China Plate, Inspector Sands of Emily Brontè's Wuthering Heights. Children's and family theatre included Northen Ballet's Tortoise & The Hare, Julia Donaldson's Zog, Peppa Pig'5 Fun Doy Out, Comedy Clubfor Kids, Blippi.. The Wonderful World Tour,. as well as a musical production from The Children's Theatre Partnership of Charles Dickens/Michael Rosen's Unexpected Twist; and from Le5 Enfants Terribles, The House With Chicken Legs. Productions staged by community companies included The Addams Family performed by Musical Youth Company of Oxford, The Hobbit performed by pupils from Magdalen College School, The Chinese New Year Festival Show in association with Oxford Brookes University, and Oxford5hire Mind's Comedy Gala. University of Oxford co-productions with Oxford Playhouse and supported by Oxford University Dramatic Society (OUDS) during the year included the student productions of The Great Gat5by, Angels in America and The Cherry Orchard. The year also included the triennial Oxford Greek Play, a new translation of Medeu, produced by students supported by Oxford University Classical Drama Society {OUCDSI and Oxford Playhouse. OXFORD PLAYHOUSE PRODUCTION5 Playhouse Plays Out Tent (Summer 2023) Mlnd the Monsters "You con be inspired andfeel like you can do anything." {Pupil attending the show) Each year, The Playhouse aims to tour a piece of accessible children's theatre and accompanying creative workshops to schools and community settings across the county, with a particular emphasis on areas of low cultural engagement and/or deprivation. Our Playhouse Tent show in summer 2023 was entitled Mind the Monsters. an original piece of drama, written by Ben Watson and directed by Al Miller. The show, aimed at KSI and KS2 children and families, explored how we can keep our brains healthy and be aware of negative thought patterns and behaviours. We were pleased to partner with One Eighty, an Oxfordshire children's mental health charity, who advised us the final script, as well as on our planning/resources for schools, workshops. Funding was secured from the Lucy Group, The Pye Charitable Settlement, The D'oyly Carte Charitable Trust, Moulsford School and Blenheim Palace, which enabled the tour of 60 performances and 25 workshops to be delivered free to all audiences. With school settings across the county {1926 schoolchildren), we also toured to 5 community venues {1193 audience5) including The Leys Witney, Flo Fest in Florence Park Oxford, Oxford Children's Hospital, and RAF Ben50n.
The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2024 Oxford Playhouse Pantomime Jack & The Beanstalk -what o delight. The Oxford Playhouse pantomime this yeor presents o pantomime with all the tried and tested traditional elements but with t7 noveltyfactor that counterpoints the whole show to perfection... Joyfull Oxford Times The Oxford Playhouse pantomime Jack & The Beonstolk, written by Jack Counsel and directed by Toby Hulse, was hugely successful and played to 36,197 audiences, including 8400 schoolchildren, from November 2023 - January 2024 and recorded record sales for an OP pantomime. A cast of 8 professional actors were joined on stage by a 14 strong Young Company. The Playhouse continued its commitment to its Open House programme, by giving away over 1434 free tickets to community groups, whose members might otherwise not have been able to attend. These groups included: Helen & Douglas House, Asylum Welcome, Yellow Submarlne Charity, Homeless Oxfordshire, Bounce Back 4 Kids, Autlsm at Kingwood, Be Free Young Carers, Oxfordshire Deaf Children's Society, The Leys Family Solutlons Service and Rose Hill Junior Youth Club. Access performances across the run included Audio Described l& Touch Tour), Captioned, Relaxed and Dementla Friendly (in partnership with Age UK Oxfordshire). We also worked in partnership with the Freemasons on an invited audience of children with special and additional needs. Burton Taylor 5tudlo Chrlstmas Show Dear Father Christmas "These children were entranced. They didn't move or speak other than to engage in the Show and when they did they were so excited... it was warm and seemed designed ubsolutely with all the things that young children like firmlyfront of mind... an absolute delight." Daily Info Dear Fother Christmas, written by Helen Eastman, was a restaging of this very popular OP production (original 20111 and over 60 performances played to 2555 audiences, including 1390 children. Directed by Helen Eastman and Sam Rayner, the production was aimed at 3- 7-year-olds and was set in Santa's postroom on Christmas Eve with interactive elements during the show for the children to enjoy as well as the story itself. All performances for this production were Relaxed. Children were invited to write to Father Christmas before the show and post their letters in a special postbox, with the letters forming part of the set for the production. ARTIST DEVELOPMENT During the year, Oxford Playhouse continued its commltment to working with developing artists. The annual Offbeat Festival of new work ran in July 2023, in partnership with Arts at The Old Flre Station and the New Theatre, Oxford, with a range of outdoor, indoor, and digital productions. Our flagship professional artist schemes, Evolve and Playhouse Playmaker, were both relaunched thi5 year. During Autumn 2023, we recruited six writers to Playhouse Playmaker, a playwriting course which began in January 2024, with monthly se55i0ns, mentoring and support led by writer Clare Bayley. Over the length of the programme, each writer has produced a complete draft of a new play, and excerpts will be performed as part of Offbeat Festival 2024. Our current Playmaker writers are: Paula David, Louis Emmitt-stern, Afsaneh Gray, Jessica Norman, Lare Oyefusi and Sarn Parker. We also recruited three artists and companies to Evolve, our attached artists scheme, which a150 commenced in January 2024, with tailored mentoring support, cash support and space/facilities resource. Our current Evolve artists/companies are: Oxford People's Theatre, Seemia Collective and Stephen Bailey.
The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2024 A renewed focus was placed through the year on wider support for regional artists, with artist coffee mornings, co-working space and networking sessions all taking place. CREATIVE LEARNING & PARTICIPATION The Playhouse delivered an extensive Participation programme during 23/24, with a total engagement level of 14060. Children & Young People Our weekly, term-time sessions, including music & story fun with Hey Diddle Diddle {age5 0-5), Playhouse Youth Theatre (ages 12-16) and Playhouse Young Company117-25 year olds) successfully continued, with numbers reaching full capacity across the year. Our Playhouse Young Company participants presented a production on the Main Stage: Blue Stocking5 by Jessica Swale and holiday schemes included Play in a Week (ages 7- 111 and Comedy & Clowning (ages 12-161 and delivered our tenth Fun Palace event, as part of the national initiative. There were audition opportunities for young people to take part in professional productions, with fourteen teenagers cast in our pantomime, Jack and The Beanstalk and 3 young people performing during the Oxford run of English Touring Theatre's Macbeth. Communlties & Adults This programme continued to grow and included an ongoing collaboration with KEEN Oxford to deliver accessible drama workshops. The participants, all living with additional needs and disabilities, created their own short version of Jack & the Beanstalk, ahead of their visit to see our Panto. The Spring Term explored stories by Roald Dahl, with a similar sharing taking place for an invited audience of families and KEEN Oxford service users. Social Thursdays continued providing free sessions for older or socially isolated people to explore creative activities including play readings, craft activities, and music workshops. OP continued to co-chair the ROAR partnership, seeking to increase and improve accessible creative opportunities across Oxfordshire. We also provided work experience placements to young adults with additional needs, working in partnership with the charity Yellow Submarine. Through the year we ran a programme of post-show discussions around the main stage programme, open to all to attend. The Playhouse Adult Company (ages 26+1 continued to be popular, now delivering at full capacity120 x participants}, with a waiting list for places. Among the projects the group worked on was a ensemble staging of Under Milk Wood by Dylan Thomas, performed in the Burton Taylor Studio. Creatlve Educatlon Our Creative Education work included our flagship literacy and creative programme, Primary Playmaker. 420 schoolchildren in Years 5 & 6 from 11 Oxfordshire primary schools took part in ten weeks of workshops delivered in their school setting by Oxford Playhouse practitioners. The workshops guided the children to write their very own playscript. A showcase of their work, with a selection of the children's scripts rehearsed and performed by a cast of four professional actors, played on the main stage at OP with all those who had participated in the Primary Playmaker scheme attending. We also began planning for a pilot project entitled Open House for Schools, to open access for schoolchildren and schools who wouldn't otherwise be able to attend production5 at OP. Work Experience weeks offered 46 teenagers across 4 placement weeks the opportunity to learn about a professional theatre and work with multiple departments in our organisation.
The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2024 KEY UPDATES & FUTURE PLANS The recruitment and onboarding of new leadership, trustees and senior staff was a major focus and priority for the 23/24 period. After a wide executive search and recruitment process, Mike Tweddle joined as Artistic Director & CEO in September 2023. He brought a wealth of art15tic leadership experience, expertise as a director and producer, and a strong personal history and affinity with Oxford Playhouse. Director of Marketing Marianne Jacques, who had successfully steered the organisation's recovery for six months as Interim CEO, was appointed to the new role of Executive Director in October 2023. They worked in partnership with the Chair and Vice Chair on a Board development process, which led to the recruitment of 7 new trustees in January 2024, enriching and diversifying the skills and perspectives represented by the Board. Further key appointments included Katy Snelling, who returned to Oxford Playhouse in the new role of Director of Programming and Creative Partnerships. In addition, Ashley Bale stepped up to a new and expanded role as Technical Director and Head of Production, tasked with delivering efficiencies and innovation in our producing model, and working to establish new co-producing relationships and approaches. The Senior Management Team was further strengthened by internal promotion across departments including Marketing & Communications, Participation and Operations. By the end of the financial year, senior staff and new trustees had been sufficiently integrated to begin work with the wider team and stakeholders on a new five-year strategy 12025-30). The organisation has continued its recovery from the effects of the pandemic, with audience numbers increasing yearon year, and now approaching pre-covid levels. The organisation has placed a renewed focus on increasing the reach of engagement with audiences, artists and participants. Workforce During the year, Oxford Playhouse employed 34 permanent members of staff {full and part-time). It also employed 83 contractual, freelance, or commissioned staff. The charity is supported by a team of 85 volunteers, who give their time to assist in the Front of House operation of the theatre. This dedicated group share ushering duties for each of the 560+ performances during the year and make a huge contribution to the organisation through their advocacy within our communitie5. Financial Review Despite an ongoin8 challenging economic climate for cultural organisations, The Playhouse continued its commitment to artistic and creative learning programmes for all. We continued to see recovering audience confidence in attending live events, and the increasing availability of touring work. This had a positive impact on income and combined with effective cost-control we generated a surplus for the year. An increase in income generated from Oxford Playhouse productions on the main and studio stages was encouraging, as was income generated from the received programme. At 31 March 2024, there was a surplus generated of £117,000 and a free reserves Posltion of £558,200. Reserves Policy Oxford Playhouse maintains reserves to provide business stability and to invest in the artistic programme and a550ciated creative learning activities. The Board believes that general funds reserves should be maintained at a level equating to 8 weeks full operating costs- equivalent to three months excluding direct charitable activity costs. This equates to £487,500. Free reserves at 31 March 2024 showed a significantly improved position of E558,200 - up £352,200 from the March 2023 position of £206,000. The Trustees plan to continue building these reserves whilst balancing the current needs of The Playhouse and its beneficiaries. Funding In this period, Oxford Playhouse received the first year of its Art5 Council England National Portfolio Funding for 2023 - 2026, a grant of £386,456. In January it was announced that the funding period will be extended to 2027 for current NPOS in a non-competitive process. Oxford Playhouse is grateful for the continued support of the University of Oxford, who provide an annual grant of £102,050. The Playhouse is also funded by Oxford City Council (£20,000) as part of the Community Impact Fund.
The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2024 Risk Management Investment powers and policy Under the Memorandum and Articles of Association, the charity has the powerto invest in any way the trustees wish. The trustees, investment policy is 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 troughs in cash flow and unexpected liabilities. Risk Management The trustees are responsible for the management of risks faced by the organisation. The board carries out formal review of the charity's risk management processes on an annual basis and the charity maintains a risk register. Risks are identified, analysed and assessed, in terms of likelihood and probable impact, with mitigation actions, monitoring, ownership and controls in place. We recognise three categorles of risk management: Avoidance- managing to avoid the occurrence of the risk or ellminatin8 Its cause. Mitigation- managing the risk to reduce the impact of the rlsk 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. We consider three outputs when managing risk: 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 nece55ary. Main risks that carry a potential threat to the organisation have been identified as follows: The lower level of free reserves." management and the board actively review reserves levels on an at least quarterly basis; building financial resilience Is a strategic objective and building reserves Is prioritised in decision making; Economic conditions: current economic uncertainty, high interest rates & inflation, and cost of living crisis may impact booking behaviour of audiences; mitigation comes from robust financial deals around shows, dynamic ticket pricing, realistic income target setting, combined with strengthening and diversifying funding from non-programme sources. Availability of high-quality touring shows. This risk may continue as the sector continues its recovery post pandemic. Our position is strengthened by a growing reputation for strong ticket sales attracting visiting producers and an increase in co-productions. Potential instability caused by changes in leadership and governance. The long-term effect of the pandemic on the theatre industry and the national economy more widely. Other external factors affecting the UK'5 economic and political stability. Governance Oxford Playhouse Trust is a registered charity and company limited by guarantee. Oxford Playhouse is governed by an independent, diverse, and experienced Board of Trustees, in accordance with the objectives and procedures set out in the organisation's Memorandum and Articles of Association 25 May 1989, amended 22 September 2001 and 23 September 2006. The liability of members is limited by guarantee to an amount not exceeding £1 per member. At the balance sheet date there were 13 members.
The Oxford Playhouse Trust Report of the Trustees {continued) for the year ended 31st March 2024 The Board of Trustees meet quarterly with the Executive and by exception if required. Members of the Senior Management Team (SMT} join sessions by invitation. Departmental reports, including progress against Arts Council England investment principles, and activity actions plans, are produced for each meeting. Management Accounts, Balance Sheet, Cash Flow Statement and Funds Summary are emailed monthly for review to all Trustees and discussed at Finance Committee and Board meetings. Vision and strategy are discussed and developed with Trustees and SMT at an annual Board Away Day. The Board is supported by three committees chaired by trustees (Governance; Finance & Risk. Programme, Productions & Participation. Nominations) and three Taskforces chaired by staff members (Dynamism & Development; Equity, Diversity & Inclusion; Buildings & Sustainability). Each committee has its own terms of reference. Committees meet quarterly with relevant staff, appointed Trustees, invited industry professionals and volunteers. All Board and Committee meetings are recorded, and minutes circulated to Trustees and auditors. The Board is responsible for considering and formally ratifying recommendations rnade by the sub committees. The Finance Committee is responsible for appointing an auditor every five years. The Auditor presents the year- end accounts and audit findings to Trustees. Appointment of Trustees The Memorandum and Articles of Association of The Oxford Playhouse Trust stipulate that the appolntment of trustee5 is as follows: Two by The University of Oxford, one by St John's College, Oxford, and at least four by the company in general meeting. The Board appointed Mrs. Debbie Dance, who is an existing Board member, as Chair in March. Leadership & Management Marianne Jacques took over as Interim Chief Executive Officer in April 2023. After an extensive external search process, Mike Tweddle was appointed as Artistic Director & Chief Executive Officer. He took up the position in September 2023. Marianne Jacques was appointed into a new position of Executive Director in October 2023. Key Management Personnel Remuneration The Trustees consider the Board of Trustees, the Artistic Director & CEO, Executive Director and the Senior Management Team to comprise the key management personnel of the charity, in charge of directing and controlllng the charity, and overseeing day to day operations. All Trustees give of their tlme freely and no Trustee remuneration was paid in the year in their capacity as Trustees. Details of Trustee expenses and related party transactions are disclosed in note 9 to the accounts. Trustees are requjred 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 senior leadership team is reviewed annually and is normally increased in accordance with average earnings. Remuneration is reviewed to ensure that it is fair and in line with similar roles internally and externally. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises. Related parties Arts Council England, The University of Oxford and Oxford City Council provide essential core funding and have nominated representation on the board. In the case of Oxford City Council, the nominated individual is non- voting observer. St John's College, Oxford, which 15 the freeholder of The Playhouse building, also nominates a board member. Details of transaction5 With these organisations are provided in the notes to the accounts.
The Oxford Playhouse Trust Report of the Trustees (continued) for the year ended 31st March 2024 Statement of Trustees, responslbllities The Trustees (who are also directors of The Oxford Playhouse Trust for the purposes.of company law} are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the situation 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: select 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 depa rtures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. Disclosure of information to the auditors We, the directors of the company who held office at the date of approval of these Financial Statements as set out above, each confirm, so far as we are aware, that: there is no relevant audit information of which the company's auditor5 are unaware; and we have taken all the steps that we ought to have taken as directors to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. This report ha5 been prepared having taken advantage of the small companies, exemption in the Companies Act 2006. y order of the trustees D Dance (Chair) ..2024
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 2023 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 i n their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finoncial Reporting StandGrd (7pplicGble in the UK and Republic of Ireland (United Kingdom Generallv Accepted Accounting Practice). In our opinion the financial statements: give a true and falr view of the state of the group's and parent charitable company's affairs as at 31st March 2023, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance wlth United Klngdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 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 relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accountins 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 conditlons that, individually or collectively, may cast significant doubt on the cha rita ble 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 responsibilities a nd 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 other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's 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. io
Independent Audltors, Report to the Members of The Oxford Playhouse Trust (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 incons1Stent 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 prescrlbed by the Companies Act 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 requlred to report by exceptlon We have nothing to report in respect of the following matters in relatlon to which the Companies Act 2006 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 audit. Responsibilities of trustees As explained more fully i n the directors, responsibilities statement, the trustees (who are also the dlrectors 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 8olng 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 operations, or have no realistic alternative but to do 50. Auditor's responsibilitles 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 mi55tatement, 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 (UK) will always detect a material misstatement when it exi5t5. 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. li
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 auditorfs 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 15 detailed below: Enquiry of management, those charged with governance around actual and potentlal Iltlgation and claims; Enqulry of entity staff in tax and compllance functions to identify any instances of non-compliance with laws and regulations; Reviewin8 minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testingto 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 companWs 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 auditorfs 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 Ststutory Auditor) For and on behalf of Wenn Townsend Statutory Auditor 30 St Giles, Oxford OXI 3LE . 2024 12
The Oxford Playhouse Trust Consolidated Statement of Financial Activities (including income and expenditure account) for the year ending 31st March 2024 Note Unrestricted Designated Funds Funds Restricted Funds Total Funds 2024 Total Funds 2023 Income from: Donations and legacies Charitable activities Other trading activities Other income Investments 645,563 3,175,545 514,922 22,125 115,950 1,862 783,638 816,545 3,177,407 2,859,488 514,922 450,696 88,197 58,404 11,844 2,854 4b 88,196 11,844 Total income and endowments 4,347,875 22,125 206,008 4,576,008 4,187,987 Expendlture on: Raising funds Charitable activities Trading to generate funds Total expenditure 264,650 3,393,509 390,282 11,976 69,889 11,976 33,133 250,611 33,133 309,759 319,596 3,714,009 3,821,866 435,391 429,051 4,048,441 93,841 316,877 4,459,159 4,570,513 Net incomel(expenditure) 299,434 {71,716} {110,8691 116,849 {382,5261 Transfer between funds 52,754 (33,2101 {19,5441 Net Income/{expenditure) after transfers 18 352,188 1104,926) {130,4131 116,849 (382,5261 Reconciliation of Funds Total funds brought forward Total funds carrled forward 18 206,007 503,909 1,368,454 2,078,370 2,460,896 18 558,195 398,983 1,238,041 2,195,219 2,078,370 The statement of fi nancial activities includes all gain5 and105ses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 16 to 30 form part of these financial statements 13
The Oxford Playhouse Trust (Company Number 2397373) Balance sheet as at 31st March 2024 Group Charity Note 2024 2023 2024 2023 Fixed assets Tangible assets Investments li 12 1,383,665 1,539,416 1,383,665 1,539,416 1,383,665 1,539,416 1,383,666 1,539,417 Current assets Stock Debtors Cash at bank and in hand 13 14 13,393 316,457 1,333,973 12,524 202,333 1,224,126 13,393 316,457 1,333,973 12,524 202,333 1,224,126 1,663,823 1,438,983 1,663,823 1,438,983 Current liabilities Creditors falling due within one year 15 (852,2691 {900,0291 1852,2691 1900,0291 Net current assets 811,554 538,954 811,554 538,954 Net assets 2,195,219 2,078,370 2,195,220 2,078,371 The funds of the charity Restricted income funds Unrestricted income funds: General Designated 18 1,238,041 1,368,454 1,238,041 1,368,454 18 18 558,195 398,983 206,007 503,909 558,196 398,983 206,008 503,909 Total unrestrlcted funds 957,178 709,916 957,179 709,917 Total charlty funds 2,195,219 2,078,370 2,195,220 2,078,371 The financial statements have been prepared in accordance with the Special provisions of part 15 of the Companies Act 2006 relating to small companies. 11.1.09.1.. These financial statements were approved by thetrustees on .... . by: 2024 and were signed on their behalf D Dance (Trustee) The notes on pages 16 to 30 form part of these financial statements 14
The Oxford Playhouse Trust (Company Number 2397373) Statement of Cash Flows for the year endlng 31st March 2024 Note 2024 2023 Net cash flow from operating activities 20 139,782 44,081 Cash flow from investlng activities Payments to acquire tangible fixed assets Bank interest received 11 (41,7791 11,844 (106,384) 2,854 Net cash flow from Snvestlng actlvltles (29,935) {103,530) Net Increase In cash and cash equivalents 109,847 (59,449) Cash and cash equlvalents at 1st April 2023 1,224,126 1,283,575 Cash and cash equivalents at 31st March 2024 1,333,973 1,224,126 Analys15 of cash and cash equlvalents: Cash at bank and in hand 1,333,973 1,224,126 Total cash and cash equlvalents 1,333,973 1,224,126 15
The Oxford Playhouse Trust Notes to the accounts for the year ended 31st March 2024 I Summary of significant accounting policies al General Information and basis of preparation Oxford Playhouse Trust is a company limited by guarantee governed by it5 memorandum and articles of association 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 cha rity's operation5 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 (FRS 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 certa in items at fair value. The financial statements are prepa red in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. b) Group financial statements These financial statements consolldate the results of the charity and its wholly owned subsidiary Oxford Playhouse Productions Lim ited on a l ine by line basis. A separate Statement of Financia l Activities, or income and expenditure 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 fund5 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 fund5 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. 16
The Oxford Playhouse Trust Notes to the accounts {continued) for the year ended 31st March 2024 I Summary of signlficant accounting policies d) Income recognltlon All incoming resources are included in the Statement of Financial Activities (So FAI when the charity Is legally entitled to the income after any performance conditions have been met, the amount can 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 amounts 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 forvolunteer time in line with the SORP IFRS 102}. Further detail is given in the Trustees, Annual Report. For legacies, entitlement is the earlier of the charity being notified of an im pendi ng d istribution 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 activities includes income earned from fundraising events a nd trad ing activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. The charity receives government grants via Arts Council England and Oxford City Council. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable 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 is all earned from cash holdings in bank deposit accounts. Other income includes gains on disposals of tangible fixed assets and currency revaluations. (e) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classifled under headinES that aggregate all costs related to the category. Expenditure is recognised where there is a lega l 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 relia bly. It is categorised under the following headi ngs: Costs of raising donations and legacies includes salaries and the costs of fundraising events and promotional material; Expenditure on cha rita ble activities includes production costs and fees pa id to Vlslting companies, along with salaries and costs of providing educational experience5 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 a5 an expense against the activity for which expenditure arose. 17
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 1 Summary of signlficant accounting policies (continued) (f) Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative and payroll costs. 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 on charitable activities on a basis consistent with use of the resources. Overheads have been allocated on a per capita basis. 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. 8) Tangible fixed assets Tangible fixed assets are stated at cost lor deemed cost) or valuation less 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 basi5 over its expected useful life as follows: Leasehold improvements Fixtures and fittings Computer equipment Life of lease lending October 20371 5-20% straight line 20-25% straight line h) Stocks Stock is included at the lower of cost or net reali5able value. Stock consists of purchased goods for resale. l) Debtors and credltors recelvable / payable wlthin one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arisin8 from impairment are recognised in expenditure. J) Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. k) Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. l) Foreign currency Foreign currency transactions 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 transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. 18
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 I Summary of significant accounting policies (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 forthe 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 I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. o) Golng Concern The financial statements have been prepared on a going concern basis as 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 authori5ing these financial statements. They have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern. p) Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires the Trustees 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 event5 that are believed to be reasonable under the circumstances. In preparing these financial statements, the Trustees have made the following judgements: Basls of allocatlon of support costs (note 6) Support costs totalling £1,003,17812023: £1,054,099) are allocated to expenditure categories in the Statement of Financial Activities based on an estimate of the time spent on these activities. Estlmate of useful economlc Ilfe of flxed assets (note 11) As noted in note Ig above, fixed assets totalling £1,383,665 {2023: £1,539,416) are depreciated on a straight line basis based on an initial estimate of their useful economic l ives. 2 Income from donations and legacles 2024 2023 Gifts Oxford University Grant Oxford City Council Grant Art5 Council England 275,132 102,050 20,000 386,456 307,749 101.040 21,300 386,456 783,638 816,545 In 2024, income from donations and legacies attributable to restricted funds totalled £115,95012023: £188,609). 19
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 3 Income from charitable activities Unrestricted Unrestricted Funds Funds 2024 2023 Income relating to presented programme Admission Charges & Hire Fees: Oxford Playhouse Burton Taylor Studio Membership Theatre Tax Relief 2,199,239 22,090 28,263 95,347 1,985,337 19,995 27,188 108,000 Income from In-house Productions and Touring: Performances at Oxford Playhouse Performances at Burton Taylor Studio Performances on tour 753,365 39,627 13,204 644,897 31,066 17,239 Education related income: Admission & Workshop charges 26,272 25,766 3,177,407 2,859,488 In 2024, £1,862 from charitable activities was attributable to restricted funds12023: £11,346). 43 Income from other trading activities 2024 2023 Tickets Oxford Agency Bar and Catering operation BT Management Fees Sponsorship 50,144 370,892 84,986 8,900 44,049 320,252 83,795 2,600 514,922 450,696 In 2024, no income from trading activities wa5 attributable to restricted funds12023: £nil). 20
The Oxford Playhouse Trust Notes to the accounts {continued) for the year ended 31st March 2024 4b Other income 2024 2023 Government Grant: Job Retention Scheme Restoration Levy 2,533 55,871 88,197 88,197 58,404 In 2024, £88,197 from other income was attributable to restricted funds12023., £55,871). 5 Income from investments All of the investment income arises from interest bearing deposit and current accounts. In 2024, no income from investments was attributable to restricted fund512023: £nill. 6 Total resources expended Charltable Actlvltles Raising Generating Funds Funds Programme Total 2024 Productlons Educatlon Direct Costs Production Costs Staff Costs (note 101 Cost of Sales Marketing Activity Fundraising/Gala Cost 1,216,820 729,666 510,404 185,733 65,220 13,267 1,792,444 1,326,665 130,140 202,225 4,508 199,000 199,000 130,140 161,194 41,031 4,508 Support Costs Governance (note 71 Premises Costs Irrecoverable VAT Depreciation IT Costs Administration 12,164 38,507 12,164 38,507 44,600 141,194 235,013 108,641 7,365 87,789 2,732,282 11,353 35,940 59,821 27,654 1,875 22,346 896,157 811 2,567 81,092 256,715 294,834 197,530 13,390 159,615 4,459,159 29,630 2,008 23,942 309,759 29,630 2,008 23,942 435,391 1,975 134 1,596 85,570 21
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 6 Total resources expended {continued) Prior year Charitable Activities Raising Generating Funds Funds Programme Total 2023 Productions Education Direct Costs Production Costs Staff Costs {note 10) Cost of Sales Marketing Activity Fundraisin8/Gala Cost 1,354,248 717,809 492,224 182,715 33,682 13,051 1,880,154 1,305,107 118,112 204,384 8,657 195,766 195,766 118,112 162,915 41,469 8,657 Support Costs Governance (note 7) Premises Costs Irrecoverable VAT Depreciation IT Costs Administration 17,577 39,631 17,577 39,632 64,450 145,316 228,195 121,478 37,488 53,568 2,885,467 16,405 36,990 58,086 30,922 9,542 13,635 881,988 1,173 2,642 117,182 264,211 286,281 220,870 68,160 97,395 4,570,513 33,131 10,224 14,610 319,596 33,130 10,224 14,610 429,051 2,209 682 972 54,411 Included in the above is £316,877 (2023: £262,273) charged to restricted funds. Governance costs 2024 2023 Auditor remuneration for audit Auditor remuneration for non-audit Legal and professional fees Trustee Expenses 10,000 10,006 60,993 93 9,020 60,786 47,376 81,092 117,182 Net (expenditure) Thi5 IS Stated after charging/(crediting): 2024 2023 Depreciation Payments under operating leases Auditor's remuneration Non-audit remuneration 197,530 61,350 10,000 10,006 220,870 61,350 9,020 60,786 22
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 Trustees, and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year {2023: £nill. The total amount of employee benefits received by key management personnel is £232,534 (2023: £302,885). The charity considers its key management personnel comprise: Artistic Director & CEO Executive Director Director of Programming & Creative Partnerships Finance Controller Technical Director & Head of Production Director of Operations No trustees are accruing pension arrangements {2023: None). During the year, Trustees were reimbursed expenses totallin8 £573 {2023- £2,823). 10 Analysis of staff costs and numbers 2024 2023 Wages and Salaries Social security costs Defined contribution pension costs 1,205,294 95,475 25,896 1,125,417 97,678 24,563 1,326,665 1,247,658 No employees received total employee benefits of more than £60,000 In the current year12023: None). The average monthly number of employees and full-time equivalent (FTE) during the year was as follows: 2024 Number 2023 Number ProEramming, Productions, Educatlon, Marketing, Development, Operations Front of House, Box Office and Bar/Caterin& Admin and Finance 18 19.5 10 28 28.5 23
The Oxford Playhouse Trust Notes to the accounts {continued) for the year ended 31st March 2024 11 Tanglble fixed assets Leasehold improvements Flxtures & fltting5 Computer equipment Total Cost At 1st April 2023 Additions Disposals 3,116,245 8,946 1,511,516 11,573 220,186 21,260 4,847,947 41,779 At 31st March 2024 3,125,191 1,523,089 241,446 4,889,726 Depreciation At 1st April 2023 Charge for year Disposals 2,049,626 74,007 1,114,127 86,810 144,778 36,713 3,308,531 197,530 At 31st March 2024 2,123,633 1,200,937 181,491 3,506,061 Net book value At 31st March 2024 1,001,558 322,152 59,955 1,383,665 At 31st March 2023 1,066,619 397,389 75,408 1,539,416 12 Subsldiary Companles 2024 2023 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 100 (100) {iooi At 31st March 2024The Oxford Playhouse Limited (registered in England and Wales) had aggregate capital and reserve5 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 15 not trading. 24
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 12 Subsidiary companies (contlnued) Oxford Playhouse Productlons Limited {registered 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: 2024 2023 Assets Liabilities 95,219 107,777 Funds 95,219 107,777 Income Expenditure 570,613 1570,613) 583,525 1583,5251 Net profit Other income- Theatre tax credits 95,218 107,776 Operating profit 95,218 107,776 13 Stocks 2024 2023 Goods for resale 13,393 12,524 14 Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 34,597 1,335 280,525 36,263 166,070 316,457 202,333 25
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 15 Creditors due within one year 2024 2023 Trade Creditors Social Secu rity & other taxe5 Other Creditors and Accruals Deferred income Amount owed to subsidiary companies 143,774 40,125 200,423 467,847 loo 243,522 27,776 285,099 343,532 loo 852,269 900,029 16 Deferred income Deferred income comprises advance ticket sales and grants received for projects taking place in the next financial year. 2024 2023 Balance at 1st April 2023 343,532 251,382 Amount released to incoming resources Amount deferred in year 1343,532) 467,847 1251,3821 343,532 Balance as at 31st March 2024 467,847 343,532 17 Leases Operatlng leases Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Not later than one year Later than one and not later than five years Later than five years 25,012 83,922 1,479 61,350 214,250 345,725 110,413 621,325 26
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 18 Fund Reconciliation Unrestrlcted funds Balance at 1st April 2023 Incoming Resources Resources Expended Transfers Balance at 31st March 2024 General Fund Designated Boiler Designated Artist Development Designated Pit Lift Designated Fixed Assets 206,007 89,Crf)O 14.000 4,347,875 14,048,441) 52,754 189,000} 558,195 114,000) 22,125 50,000 5,790 72,125 326.858 400,909 179,841) 709,916 4,370,000 {4,142,282) 19,544 957,178 Restrlcted funds Balance at 1st Aprll 2023 Incomln8 Resources Resources Expended Transfer$ 8alance at 31st March 2024 Oxford Playhouse: Leasehold Buildings Oxford Playhouse- Fixtures and Fittings Tent Creative Learning Participation Communities Cameron Mackintosh Building Works Gladstone OCC Big Ideas Grant Consultancy I,OCrf),693 137,814 49,895 35,848 2,803 20,000 61,041 17,000 20,000 23,360 164,3421 153,3461 149,9481 142,2971 117,3971 115,4591 (48.8911 11,8371 8,946 27,043 945.297 111,511 55,O¢JO 16,059 9,495 6.203 94,476 55.053 22,508 24,089 1,662 93,196 9,500 110,8701 124,6631 120,0001 123,3601 1,368,454 206,008 1316,8771 119,5441 1,238,041 Designated funds Deslgnated Fixed Assets: thls Is the cost of fixed assets purchased from unrestrlcted surpluses. Additlons are capitalised and defined as designated funds with a fund transfer from unrestricted funds. Depreciation on such assets is char8ed to the designated fund over their useful economic life per note Ig. Designated Artlst Development Fund: Fund covers our Playhouse Playmaker and EVOLVE schemes whlch help progress early-mid career artlsts. Restrirted funds Oxford Playhouse: Leasehold Bulldlngs- Capital Funds raised to refurbish The Oxford Playhouse. Oxford Playhouse: Flxtures and Flttings- Capital Fund5 raised to refurbish The Oxford Playhouse. Tent: decorated marquee that travels to schools and community groups with Interactive play. Creative Leavlng: pro8rammes to support literacy for children and young people Partlclpatlon Communltles: Participation Outreach - community engagement project. Cameron Mackintosh: to underwrite any1055es incurred on student productions taking place in main house. Buildin8 works: includes restoration levy of £88.196 and specific grants to fund building projects at OPT. Gladstone: To help pay for a new projector. OCC Big Ideas Grant: to Co-create immersive theatre with young people and community group5. Effectively the main grant became project-based and not core; the grant w35 released to general fund in 23/24. Consuftancy: to support the ongoing programme of change management at executive level. 27
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 19 Analysls of net assets between funds Consolidated: Unrestricted General funds Designated Funds Restricted income funds Total Fixed assets Cash at Bank and in hand Other Current assets Current Liabilities 326,857 72,126 1,056,808 181,233 1,383,665 1,333,973 329,850 {852,2691 1,080,614 329,850 {852,269) 558,195 398,983 1,238,041 2,195,219 Charity: Unrestrirted General funds Designated Funds Restricted income funds Total Fixed assets Investments Cash at Bank and in hand Other Current assets Current Liabilities 326,857 1,056,808 1,383,665 1,080,614 329,850 {852,269) 72,126 181,233 1,333,973 329,850 1852,269} 558,196 398,983 1,238,041 2,195,220 20 Reconclllation of net income/(expendlture) to net cash flow from operatlng actlvltles 2024 2023 Net income / (expenditure) for the year 116,849 1382,5261 Depreciation of fixed assets Bank interest (increase) / decrease in stock (Increase) / decrease in debtors (Decrease) / increase in creditor5 197,530 (11,8441 {8691 (114,1241 147,7601 220,870 (2,8541 1,405 (70,2281 277,414 Net cash flow from operating activities 139,782 44,081 28
The Oxford Playhouse Trust Notes to the accounts (continued) for the year ended 31st March 2024 21 Pensions and other post-retirement benefits Defined contribution pension plans The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period wa5 £25,89612023: £24,563). The defined contribution liability is allocated to unrestricted funds. 22 Related party transactions Information about related party transactions and outstanding balances is outlined below: St John5 College, Oxford owns the freehold of Oxford Playhouse and adjoining off ices, and in line with the Memorandum of A550ciation, has a representative on the Board. Rent paid under the two separate leases totalled £34,12512023: £34,125). There are no outstanding balances with the college at 31st March 2024. The University of Oxford also has representatives on the Board. The University provided a 8rant of £nil during the year12023: £101,040) and owns the Burton Taylor Studio, which it pays the charity to manage on its behalf. The total fee for this was £84,986 (2023: £83,795) of which £nil was outstandin8 at year end {2023: £nil). 23 Comparative funds Unrestricted funds Balance at 1st April 2022 Incomln8 Resources Resources Expended Transfers Balance at 31st March 2023 General Fund Designated Tent Fund Deslgnated Boiler Designated Artist Development Designated Fixed Assets 512,571 3,275 89,000 3,921,436 13,2751 14,220,967) 17,0331 206,007 89,000 14,000 400,909 14,000 440,879 187,2731 47,303 1,045,725 3,932,161 14.308,2401 40,270 709,916 Restricted funds Balance at 1st Aprll 2022 Incomlng Resources Resources Expended Transfer5 Balance at 31st March 2023 Oxford Playhouse.. Leasehold Building5 Oxford Playhouse.. Fixtures and Fittings Tent Creative Learning Participation Communities Cameron Mackintosh Building Work5 CRF2 Gladstone OCC Big Ideas Grant Consultancy 1,005,507 207,516 20,080 43,000 6,207 20,000 45,425 67,436 163,8941 169,7021 139,0131 110,1521 111,0281 59,080 1,000,693 137,814 49,895 35,848 2,803 20,000 61,041 68,828 3,000 15,127 17,503) 56,871 116.8441 124.4111 167,4361 17,000 20,000 75,000 17,000 20,000 23,360 151.6401 1,415,171 255,826 1262,2731 140,2701 1,368,454 29
The Oxford Playhouse Trust Notes to the accounts {continued) for the year ended 31st March 2024 24 Comparative analysis of net assets between funds Consolidated: Unrestrirted General funds Designated Funds Restricted income funds Total Fixed assets Cash at Bank and in hand Other Current assets Current Liabilities 400,909 103,000 1,138,507 229,947 1,539,416 1,224,126 214,857 {900,0291 891,179 214,857 1900,029) 206,007 503,909 1,368,454 2,078,370 Charity: Unrestrlcted General funds Designated Funds Restricted income funds Total Fixed assets Investments Cash at Bank and in hand Other Current assets Current Liabilities 4(JI,909 1,138,507 1,539,416 891,179 214,857 1900,0291 103,OCK) 229,947 1,224,126 214,857 1900,029) 206,008 503,909 1,368,454 2,078,371 30