Registration Nllmber N1031527 Charity Number NKC104797 DLKKY 'I'HLA'I'KE TRIJ5T Trustees, Report and Consolidated FiDanclal Statements for tbe yeAr ended 31 March 2025
DERRY THEATRE TRUST Trustees, officers and advisors Martin Bradky Mary McKenna Martin Mullan cait1) Ann¢ Kelly Dolores OtIllY Conal Casey Shauna Cus8ck* S¢an Fleming" Niree Mcmorris Brian Tierney Appointed 04 July 2024 nominated by Derry City & Straban¢ District Council Trustees of - Derry Theatre Trust and M Forum Trading Llmiled Resigned 03 July 2024 Dlrectors of subsldiary company Millennium Forum ProductioDS Limited Martin Bradley David McLaughlin Key MaDagement Personnel Chief Executive Officer Finance Manager Box 0]¢¢ Manager Technical Manager General Manager D¢v¢lopi))¢nt & Cativ¢ En8ascm¢nt M(fftasor Secretsry Mary M¢Kenna David McLaughlin Elaine McParland Lisa Heaney Chloe Harkin Paul M&%on Cara M¢Cartn•y HMRC Charity No. Charity Commission No. XR16635 NIC104797 Registered Office & Business Address Newmarket Street Londonderry BT48 6EB Independent Auditors McDaid Mccullough Moore Chartered Accountants and Statutory Auditor 28142 Clarendon Street Dery BT48 7HD Bankers Allied Irish Bank Strand Road Londonderry BT48 7TN Solicitors Guckian Flenagan Solicitors 7 Limavady Road Londonderry BT47 6JU
DERRY THEAThE TRUST Trustees, Report ind CoDsolldated FinanclAI Statements for tbe y¢ar ended 31 2025 ContsDts Page Ttees, annual report (incoryorating directOTS report and strategic report) Trustses, responsibility statsment Ind¢pendent auditors, report 10-13 Consolidated statement of finan¢ial actAVities 14 Consolidated statem¢nt of financial position Is Company statement of flljancinl position 16 Consolidated statement of cash flows 17 Notes to the flnancial ststements 18.39 Page I
DERRY THEATRE TRUST Trustees, responsibility statement for the year ended 31 March 2025 Trustees, responsibilitles The Trustees ar¢ responsible for preparing the Trustees annual report and the fmancial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare fmancial statements for each fmancial year. Under that law the Trustees have elected to prepare the financial stAtementq in xccnrdance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approv¢ the financial stalements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing thes¢ financial atements the Trustees are required io: s¢lect suitable a¢¢ountins polici¢s rd apply them wnsistently observe the methods and principles in the Charities SORP2019. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departUS disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will Continue in business. The Tni8tee.s are responsible for keepin£ adequate accountinR records that sutTicient to show and explain the charitable company iransactions and disclose with reasonable accuracy at any time the financial position of the Charitable company and to 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 ¢ompany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 9
t O¥0 fn e4 Iij. OD O ajl - Yr ¢) o ¢) a)
DERRY THEATRE TRUST Company No.N1031527 Consolidated statsmeDt of finaneial posfition as at 31 Marcb 2025 2025 2024 Notes Fixed assets Intsngible assets Tangible assets 13 14 6.833.380 7.066,130 6,833,381 7,066,131 Current assets Stocks Debtors Cash at bank and in hand 16 17 18 23,670 245,298 3,363.749 22,974 J96,102 2,986,360 3,632,717 3,205,436 Creditors: amounts falllDg due witbln one year 19 (2,125,119) (1,978,876) Iyet cllrreDt assets 1,507.598 1.226,S60 Total assels less curreDt liabllitles 8,340,979 8,292,691 Funds Restricted ndS Unrestricted funds 22 23 8,215.523 125.456 ,223,026 69,665 Total charity funds 8.340,979 8,292,691 Th¢ financial statements were approv¢d and authorised for issue by the Trustees on 4 Sept¢mber 2025 and were sign¢d below on its behalf by Martln Brndley Trustee M#ry MeKenna Trustee The notes on Pe8 18 to 39 forni an integral part of these flnancial statements. Page IS
DERRY THEATRE TRUST Company No.N1031527 Company statement of finaneial position as at 31 March 2025 2025 2024 Notes Fixed assets Intangible assets Tangibl¢ assets 13 14 6.832,007 7,056,231 6,832,008 7,056,232 Current assets Debtors Cash at bank and in hand 17 18 809,429 1.57 I,623 863,095 1,107.264 2,381,052 1,970,359 Credltors: amounts falling due wlthln one year 19 (483.928) (355,260) Net current assets 1,897,124 1.615,099 Total Assels less current 118bilitles 8,729.132 8,671,331 Net assets 8,729,132 8.671,331 Funds Restricted funds Unrestricted funds 22 23 8,214,150 5 14,982 8.213.127 458,204 Totydl charlty funds 8,729,132 8.671,331 The financial statements were approved and authorised for issue by the Trustees on 4 September 2025 and were signed below on its behalf by MArtln Brndley Trustee Mary McKenna Trnstee The notes on pggeg 18 to 39 form All Illtogrnl port of th¢80 financial statements. Page 16
DERRY THEATRE TRUST CoDsolldated ststement of Cash flows for the year ended 31 Mgr¢b 2025 2025 2024 Notes Cash flow8 from operr•tAng Aelfvlllel Net operating surplus before actharial chang¢s 46,288 106,101 Adjustmentsfor.. Depreciation Defined benefit pension scheme service ¢ost Other interest r+x¢ivable and similar income Inter¢st payable and similar expenses 232,750 2,000 (152.843) 240,863 10,000 (72.560) 1,973 Changes in.. Stocks Debtors Creditors (696) (49,196) 146,243 (5.514) 31,322 149,512 Cash gon¢rnt•d from op•rAtlng *etfvltles 224.546 461,697 Other interest receivable and similar income Interest payabl¢ and similar exFnses 152,843 72,560 (1,973) Net Increase in cash ADd Cash equivalents in the year Nct debt at l Aprll 2024 Net cash and casb equfvalents at 31 Marcb 2025 377.389 2,986,360 532,284 2.454.076 18 3.363,749 2,986,360 Page 17
DERRY THEATRE TRUST Nots8 to Financial Stalements for the year ended 31 March 2025 Accounting Pollcfies 1.1. Accountfing conventfion and basis of preparallon The charity constitutes a public nefit entity as defined by FRS 102. Derry Theatre Trust is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Millennium Forum, Nei¥market Street. Derry RT48 6F.R The group financial ststements have been prepated under the histori¢a] cost Coni'ention and in accordance with the Charities SORP (FRS 102) for charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) applicable in the UK and Republic of Ireland (issued in October 2019), the Companies Act 2006 and under Ihe Companies Act 2006 (Strategic Report and Directors, Report ) Regulations 2013. The financial st*ments are prepared in sterling, which is the functional curren¢y of the entity. Accounting policies have been applied consistently in th¢ current and pre¢¢ding year. 1.2. Basls of Conyolfidgtion The Group financial sl&tements compris¢ the financial statements of Derry Theatre Trust and its subsidiary companies. M Forum Trading Limited and Millennium Forum Productions Limited. The financial statements of the subsidiary companies are prepared for the same reporting year as the parent company. using consistent accounting policies. A subsidiary is an entity. controlled, either directly or itKlir¢ctly, by the Company, wheTe control is the power to govern the financial and operating poli¢ies of the entity so as to obtain benefit from its activities. The directors have taken advantage of th¢ exemption available under section 408 of the Companies Act 2006 and not presented a separate statement of financial activities for the company. 1.3. Income Income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with re&sonable auracy. Income represents theatre ticket sales, theatre and room rentals, merchandise inwme. bar and confectionery sales and income from advertising, marketing & sponsorship. exclwive of value added tax. Income also includes grant income from Derry City & Strabane District Council, thc Arts Council and Arts & Business. Income from theatre ticket sales, received in advance of a perfornlance, is deferred to the dat¢ of the perforn)ance and match¢d against the cost of the relevant perfomwjce. Capital grants are recognised in th¢ year of receipt in statement of financial activities and treated as restricted funds with the related d¢preciation of the assets Gharged against the same fund. The deferred development donation. is recogniscd when rec¢iv¢d, is a r¢strict¢d fund donation added to the ticket costs to the patrons of the theatre and is used for Amprovements, development of shows, ¢nhancement expenditure and to fmance fijture refurbishment projects. Page 18
DERRY THEATRE TRUST Notes to FiDan¢ial Statements for the year ended 31 March 2025 . continued 1.4. Expenditllre Expenditure is recognised on an accruals basis as a legal liability is incurred and can be reliably measured. Expenditure. where relevenL is exclusive of VAT. Charitable activities expenditure comprises those costs incurred by the charity in the ddiverance of its charitable activities. It 11cludes both costs that can be allocated directly to such a¢tivities and those costs of an indirect nature necessary to support them. Support Costs not directly related to theatrical perfonnances are allocated where possible to the performance of that activity. Support costs include office costs, legal & professional costs and admlnistrative payroll costs. l.S. Conference licence The conference lic¢n¢e is valued at cost le55 accumulated amortisation. Amortisation is ¢al¢ulat¢d to write off th¢ cost in equal annual instalments over their ostimated useful life of 5 years. TAnglhle flxed assets and depreclation Tangible fixed assets with a life expectancy of greater than one year. are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairnlent losses. Depreciation is provided at rates calculated to write off the cost less residual value of ea¢h asset over its expected useful life, as follows: Buildings Piazza development Plant and machinery Fixlur¢b, fittings and equipment straight linc over fifty years 2 % - 200/0 straight line 100/0-20 % straight line 200/0 straight line Land is not depreciated. Impalrment of assets A review for indicators of impaim]ent is carried out at each reporting date, with the recoverable amount being estimat¢d where such InditorS exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairn)ents Zre also reviewed for possible -.ev¢rsal at each reporting date. 1.8. Leasing Rentals payable under operating leases are charged agai1St ftncome on a straight line basis over the lease term. Page 19
DERRY THE.4TRE TRUST Notes to Financial Statements for the year ended 31 March 2025 . continued 1.9. Subsidiaries Fixed asset investments reflect the company interest in the wholly owned subsidiar), companies M Forum Trading Limited and Millennium Forum Productk)ns Limited. Investments are measured at the lower of cost and net realisable value. 1.10. Stock StoLk is valued at the lower of cost and net realisable value: in respect of Stocks. cost is calculated on a first in fst out basis. Cost includes purchase price and transport costs less trade discounts and rebates. Net realisable value is besed on selling price less any further costs of disposal. 1.11. Pension and other p05t- retirement benefits The charitable company operat¢s a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the charitable Mpany. Pension scheme liabiliti:s are m¢asur¢d on an actuarial basis using a projected unit method and are discountcd to their present value using a discount rat¢ of 5.8Yo (31 March 2024 . 4.80/0). Pension scheme assets are valued at nwket value at the balanrx sheet date. Th¢ pension sch¢m¢ charg¢ in the Statement of Financial Activities is the current and past service cost plus financing cost less employers contributions. 1.12. Forelgn currencles Monetary assets and liabilities denominated in foreign currencies ar¢ translated into sterling at the rates of exchange prevailing al th¢ balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange prevailing at the date of the transactions. All differences are taken to the Statement of Financial Activities. 1.13. Funds The funds of the charitable group & company consist of restricted funds and unrestricted funds. unStrICted funds are funds available for us¢ by the charity at the discretion of th¢ trustees in furtherance of the general objectives of the charity and have not been designated for other purposes. Restricted funds are funds which aTe to be used in accordance with specific restrictions imposed by the donors. The aim and use of each restricted fund is set out in the notes the flnancial statements. 1.14. Donated assets Donated assets ate included in the financial statements at the lower of cost or net realisable value. The trustees estimate of replacement Cost is based on existing market valuations for similar assets. Page 20
DERRY THEATRE TRUST Noles to Financial Statements for the yegr ended 31 Mareh 2025 . continued 1.15. Going concern The financial ststements have been prepared on a going concern basis &8 the trustees believe that adequate resources are available to continue operations and no nterIal uncertainties ¢xists. The TTUStees have considered the level of funds held and the expected level of income and expenditure for twclv¢ nionthJ frorn authori8ins thoso rUnCl•l statements. The basis of their jiidgement. taking intn account the current financial climate, include revenues expected from the 25126 programme, current revenues versus budget and continued support from funding bodies. 1.16. Debtors Debtors and prepayments are recognised at the settlement amount due after any trade dis¢ount. 1.17. Credltors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in a payment to a third party and the amwnt can be reliably estimated. 1.18. JudgemeDts and k¢y sources of uneertalnty In applying company accounting policies the Trusi¢es are rcquired to make judgements and estimates on an ongoing basis about the carrying value of the company &8sets and liabilities. If revision is required. the revision is iT¢ognis¢d in that period togeth¢r with futur¢ periods if necessary. The depreciation charge in respect of tangible fixed assets is based on the estimated useful life of each oup of assets. Revision of estimated useful life of each grouping will affect the estirnates charged in the Statement of Financial Activities. l.19. Financlal Instrnments The group and company financial assets and liabilities are considered basic fmancial instruments. The financial asset or liability is initially recognised at transaction value and re¢ognised only when the company becomes a party to the contractual provisions of the inslrum¢nL Page 21
DERRY THEATRE TRUST Notes to Flnancial Statements for the year ended 31 March 2025 . continued Donatlons Unrestricted Restricted Rtricted iDcome Income ¢apitsl funds funds funds 2025 2024 Total Total Developmeni donatlon 212,342 212,342 217,560 212,342 212,342 217,560 Income from Charltable a¢tlYllles Unrestrleted Rutricted Restrlcted SDcom¢ Income ¢&plt*l funds fiinds fund. 2025 2024 Total Total Derry City & Strabane District Council Arts Council of Northern Ireland Sundry grants 376,805 90,250 164.141 376,805 90,250 164,141 376,805 173,481 64,859 631,196 631,196 615,145 3,366,889 3,361,846 4,446 14,087 198,210 178,124 2.652 2,297 242,245 219,464 159,938 139,280 Box office Donations Perfonnanc¢ rentals Programmelmerchandising Costs recharged Roomlpiazza rentals 3,366.889 4,446 198,210 2,652 242,245 159,938 3,974.380 631,196 4,605,576 4,530,243 Income from other tradlng actlvltles FOH and bar income Sponsorship income Advertising income Confectionery sales Miscellaneous income Rental income 440,702 74,908 11,967 129.932 4,392 83,643 440,702 74,908 11.967 129,932 4.392 83.643 417,781 67,730 )9.599 121,565 4.255 89.477 745,544 745,544 720,407 Group Investment income 2025 2024 Bank interest 152.843 72,560 Page 22
DERRY THEATRE TRUST Notes to Financial Statements for the year ended 31 March 2025 . continued Costs of charitable activities - by actfvity Charltliblg TrAdlng activities activilies 2025 Total 2024 Total Production costs Wages Cost of sales - bar Outside catering Cost of Sales - eonfectionery Marketing & advertising Depreciation Maintenance Grant expenditur¢ Support costs (below) 2.626.224 845.049 2,626.2fj4 2,665,983 64,651 909.700 822,925 l61,414 161,414 154,262 87,189 74,032 51.003 57.022 142,028 133,218 4,674 232.750 240,863 581,989 466,329 72,638 28.942 9,530 805,082 791,093 87,189 51.003 142,028 228,076 581,989 72,638 795.552 5,378,745 291,272 5.670.017 5,434,669 Support costs Core tkeAtre activltles Trading actlvitles 2025 Totsl 2024 Tothl Administration wages Staff training & welfare Computer costs Telephon¢ Rates Light & heat Cleaning Insurance Miscellaneous Audit fees Legal & professional fees 290,649 5.452 63,337 15,831 12.205 138,867 75.263 31,967 125,846 8,900 27.235 290.649 5,452 69,117 15,831 12,205 138,867 75,263 34,167 125,846 10.450 27,235 292 ?89 6,963 59,308 8,133 3,811 119,405 60,855 42,640 143,280 10,000 44.409 5.780 2,200 1,550 795,552 9,530 805,082 791,093 Support costs where ascertainaèle are allocated directly to the related aciivity. Expenditure allocation between restricted and unrestricted is included in the funds notes. Page 23
DERRY THEATRE TRUST Not&4 to FiD2nclal Stalements ror the year ended 31 March 2025 . continued Group surplus 2025 2024 Net surplus is stated aft¢r charging: DeprlatIon of tangAblG a3ts Loss on foreign exchange Operating lease rentals OlCe equipment 232.750 134 240.863 101 6,999 4,056 Audltors, r¢munerMlholl 2025 2024 Fees payable to the companies auditors for the audit of th¢ companies annual financial ststements 2,000 Fees payable to the companies auditors for the audit of the subsidiary companies 8,450 10.450 1,800 8,200 10,000 In¢ome And Expelldlture a¢¢ount 2025 2024 Income per Statement of Financial Activiti¢s less Capital grant income 5.716,305 5,540,770 5,716,305 5,540,770 (5.670.017) (5.434.669) 106,101 Expenditure Net surplus 46,288 Group Interest payable and slmllar charyes 2025 2024 Interest 1,973 Page 24
DERRY THEATRE TRUST Notes to Financial Statements for the year ellded 31 Marcb 2025 . continued Employees - Company and group Number of employees The average monthly numbers of employees (including the chlef exeLtIVe) during Ui¢ yrat wrrG: 2025 2024 Front of House I Security Technical Administration Box Office Marketing 21 22 14 15 Development 62 63 Employee status Full time employees Part time employees 15 18 45 Employment costs 2025 2024 Wages and salaries Social security Costs Pension costs-other operating charge 1.004,082 72.96 123,307 927,467 66.155 121,592 1.200,349 1.115,214 PensloD Ther¢ was a nil deficitlsurplus on the company defined benefit pension scheme at both J l March 2025 and 31 March 2024. This is principally because of changes to key assumptions used to calculate the present value of schen]e assets, changes in asset returns and changes in demographic assumptions. Refer to not¢ 20. Page 25
DERRY THEATRE TRUST Notes to Financi21 Statements for the year ended 31 M*rch 2025 . continued 9.1. Key management personnel 2025 2024 Chief Executives emoluments Remunerailon and oth¥r ¢VIu1¢iiS. Pension contrlbutions 88.165 15,444 82,521 14,767 103,609 97,288 Emoluments of other employees did not exceed £60,000. Key management persDnDel remuneration Wago8 ond solaries (including pension contributions) Social security costs 237,451 21,259 220,812 19,353 258,710 240,165 Remuneration of full tirne key management personnel is set by the Trustees, as adjusted by inflation. Tru1¥¢>. i'eiiiuu¢i-atioA The Trustees were not remunerated for their services during the year (2024 - £NIL). One Truste¢ was reimbursed £3,000 in respect of mileage and subsistence expenses incurred during the year (2024 - £3.000). 10. Pension costs Tlie group op¥rat¢s a defiiicd bcncfit pension schcm¢. The scheme and its assets are. held by independent managers. Charges incurred in arriving at operating surplus for the year and the statement of recognised gains and loss¢s for the year are shown in note 20 the accounts. 11. Tax on ordinary activhles No group charge to corporation tax arises in the year endcd 31 March 2025 (31 March 2024 - £ nil). Derry Theat Trust is a registered charity for tax purposes and the company policy of the subsidiary Companies, is to gift aid any surplus to the parent company. D¢rry Theatre Trnst. As a result no corporation tax liability arises. Page 26
DERRY THEATRE TRUST Not&q to Financial Statements for tbe year ended 31 March 2025 . continued 12. Suryllls for the year attributable to members, The Trustees have taken advantage of the exemption available under section 408 of the Companies Act 2006 and not pro¥ented a soparate Ètatement of fAn9neial activities for the ¢hAritAble company. The results of the parent undertaking for the year ended 2025 showed an operating surplus of £55,801 and an overall SUTplus of £57,801 after accounting for a surplus of £2,000 on the actuarial pension (2024 showed an operating surplus of £115,109 and an overall surplus of £60,109). 13. IDtangible fixed assets - Group and company Conferenee IlceD¢e Cost At l April 2024 At 31 March 2025 Total 20,443 Amortlzatlon At l April 2024 At 31 March 2025 20.442 Net book values At 31 March 2025 At 31 March 2024 Page 27
DERRY THEATRE TRUST Notes lo Flnaneial Stslements for the year ended 31 Mareh 2025 . continued 14. Tangible rued assets Freehold Fixtures, land and Pia7Wd PlaDt and fittings And buildings development maehinery equipment Croup Total C08t At l April 2024 11,369,599 487,326 2.616,284 907,528 15.380,737 At 31 March 2025 11,369,599 487,326 2,616,284 907,528 15,380,737 Depreclatlon At l April 2024 Charge for the year 4.657,147 207,392 255,957 2,521,137 7,702 880.366 8,314,607 17,656 232,750 At 31 March 2025 4,864,539 263.659 2.521,137 898,022 8,547,357 Net book VAlueJ At 31 March 2025 6,505,060 223,667 95,147 9.506 6,833,380 At 31 March 2024 6,712,452 231.369 95,147 27,162 7.066,130 Freehold Flxture5, laDd and Plazza Plant and fittings and buildings development mydchlnery equipment Company Total Cost At l April 2024 At 31 March 2025 11,369,599 487,326 2.616,284 864,898 15,338,107 I I,369.599 487.326 2,616,284 864,898 15,338,107 DeplAtIOn At l April 2024 Charge for th¢ year At 31 March 2025 4.657,147 207,392 255,957 2,521,137 7,702 847,635 8,281,876 9,130 224,224 4,864,539 263,659 2,521.137 856,765 8,506,100 Net book VAlues At 31 March 2025 6,505,060 223,667 95,147 8,133 6,832,007 At 31 March 2024 6,712.452 231.369 95.147 17,263 7,056,231 The cost of depreciable ets included in land and buildings at 3 l March 2025 was £10,369,599. At th¢ balance sheet date there was no material difference between carrying value and market value. -I'he building cost of the theatre buijding includes thc build cost of th¢ r¢ntal units. Th¢ total cost of these rentsl units is negligible compared to the total build cost. Page 28
DERRY THEATRE TRUST Yotu to Financial Ststements for the year ended 31 March 2025 . continued 15. Group inforniatioD Company M Forum Tradin¥ Littiil¥d Millriiiiiuiii Fonun Productions Limitcd (both compan$ limited by guarantee) are wholly owned subsidiaries of Derry Theatre Trust, whose registered offices are at Newmarket StreeL Derry B T48 6EB. D¢rry Theatre Trust controls the voting rights of both companies. Subsidlvdry undertaklngs Country of Incorporatlon Npdture of & company no. buslness Company Subsldlary undertaklngs M Forum Trading Limited Northern Ireland Operating a N1050180 theatre for Arts & Entertainment purposes North=rn Ireland Producing N1631011 external touring perforniances Millennium Forum Productions Lid The aggregate amount of capital and reserves and the results of these undertakings for the last relevent financial year were &$ follows: R¢Jults for the year Reserves M Forum Trading Limited Millennium Forum Productions L (389,527) (988) Income for M Forum Trading Limited for the year amounted to £4.772.044 (2024 - £4,630,084) and expenditure for the year amounted to £3,654,190 (2024 - £3.683,793). Nonnal company policy of M Forum Trading Limited is to gift any oFerating surplus to Derry Theatre Trust £l,117.854 (31 March 2024 - £946,291). tncome for Millennium Forum Productions Ltd for the year amounted to £nil (31 March 2024 - £nil) and c,osts for the. ye.ar amnijnted tn £9118 (31 March 2024 - £482). Page 29
DERRY THEATRE TRUST Not&8 to Financial StstemeDts for the year ended 31 reh 2025 . continued 16. Stockg 2025 2024 Group btocks 23,670 22,974 The replacement value of stock does not materially differ from cost. 17. Debtors Group Trade debtors Other debtors Prepayments 2025 2024 129.243 78,418 37,637 89.171 65,980 40,951 245,298 196,102 Company Trade debtors Amounts owed by M Fc¢um TradinR Limited Other debtors Prepayments and accrued income 47,044 708,346 43,497 10,542 29,089 777,135 43,789 13,082 809,429 863,095 18. Casb and ¢8sh equlvalents Group 2025 2024 C&8h at bank and in lild 3,363,749 2,986.360 3,363,749 2,986,360 Company 2025 2024 Cash at bank and in haThl 1,571,623 1,107,264 1,571,623 1,107,264 Cash and cash equivalents on the balance sheet Compri bank accounts. Page 30
DERRY THEATRE TRUST Notes to Flnancial Slatements for the year ended 31 Mareh 2025 . continued 19. Credltors: amounts falling due witbin one year 2025 2024 Group Trade credliors Deferred income Other tsxes and social security costs Other Creditors Accrued expenses 657.488 I,067.92J 70.071 105,481 224,154 817,520 768,614 198,748 193,994 2.125,119 1,978,876 2025 2024 Company Trade creditors Deferred income Other taxes and social s¢¢urity costs Accrued expenseg 261,790 5,667 24,328 192.143 220,803 12,917 21,759 99,781 483,928 355,260 S¢¢llrlty . Company Charitable company property Is secur¢d by :_ Debentures in favour of (l) The Millenniurn Commission and (2) The Depathent for Social Development on the Trus¢s Land contained in folios LTr62853 and LY3478 County Londonderry. Page 31
DERRY THEATRE TRUST Notes to Financial Statements for the year ended 31 MArch 2025 . continued Group and company 20. The charitable company operates a funded defined pension plan with benefits earned up to 3 1 March 2015 linked to fmal salary and benefits after 31 Mawh 2015 linked to a carr average revalued earnings basis. The assets of the scheme are held separately from those of the charitable company. The pension sch¢mG 13 a multi-omplo>'or d¢fined benefit scheme administered by NILGOSC.. The qcheme operAteq nn a roll forward approach of calculating pension scheme assets and liabilities by making adjustments to the results of the l&st full valuation (31 March 2022). 20.1 Prlncipal lletuarlaj ajsumptfions were . 2025 2024 Salary incr¢ase rat¢ Pension increase rate CPI inflation Discount rate Pension contributions are determined by Aon, a member of the Institute of Actuari¢s, on the basis of the actuarial report in April 2025. 20.2 The fair value of the scheme assets, the present value of the scheme liabilities and the resulting position is: Value at 31103125 Value at 31103124 Equities Bonds Property Other Unrecognised asset Total market value of &ssets Present value of scheme liabilities 1,464,085 694,820 336,775 1,049,320 (970.000) 1,450,840 717,120 322,040 830,000 (348,000) 2.575,000 (2.575,000) 2.972.000 (2,972,000) Surplus l (deficAt) in the sCh¢e Page 32
DERRY THEATRE TRUST Noles to Financial Statements for Ihe year ended 31 Marcb 2025 . continued An analysis of the movements in th¢ pension results for the year are shown below: Group and company Pension brought forward Totsl operating charge Totsl fmance cost Actuarial gain Unrecognised asset Employer contributions Pension carried fonyard 65,000 (125,000) 5,000 293,000 (348,000) 110,000 (164,000) 3,000 644,000 (605,000) 122,000 The employers, contribution into the scheme during the year ended 31 March 2025 amounted to £121,30II employers, contribution rate of (31 March Z024 - £111,592 - at a Contribution rate of 19.50/0). The employers, contribution for the y¢ar ejded 31 March 2026 is estimated at £85,000 (190/0). Page 33
DERRY THEATRE TRUST Notes to Finanelal Statements for Ihe year ended 31 Marcb 2025 . continued 20.3 Analysis ofthe amount cnarged io operating Surplus/(decItj 2025 2024 Current service cost Return on pension scherne assets Interest on pension scheme liabilities Total operating charge (J 64,000) (125,000) 162.000 136,000 (159,000) (I 31.000) (161,000) (120,000) 20.4 Analysis ofamoun¢ recogni5ed in Stalemenl ofiolal recognised gains and losses 2025 2024 Acttjarial (deficit) / gain on pension scheme assets Actuarial Eain on the scheme liabilities Unrecognised asset Gain l (Deficit) (37.000) 175,000 644,000 118,000 (605,000) (348,000) 2,000 (55,000) 20.5 Hislory ofexperience gains and losses A history of experfience gains and losses is shown below: 2025 2024 2023 2022 2021 Difference between the expected and actual return on schemc asscts: amount (£) percentage of scheme assets Exp¢ri¢n¢¢ gains and IosKs on scheme liabilities: amount (£) percentage of the present value of the schem¢ liabilities Total amount recognised in Ststement of total recognised gains and losse. amount (£) percentag¢ of the present value of the schemc liabilities (37,000) 175,000 (369,000) 154,000 {l)ts/o (13)0/0 (5)0/ 453,000 (16)0/0 644.000 (230,000) 1,580,000 353.000 (872,000) (25)0/0 (8)0/• (62) % (9)0/ (21)% (644,000) (55,000) 1,211.000 507,000 (419,000) (25)% (9)0/0 (42)0/0 (12)0/0 (12)% Pgge 34
DERRY THEATRE TRUST Notes to Flnanelal Statements for the ytAr ended 31 M*rch 2025 continu¢d 21. Flnancl81 commltments - offlc¢ equlpment At 31 March 2025 the gtoup had annual commiknents u51der non-canc¢llable operating ]e&8¢s as follows . 2025 2024 Expiry dats . Within one year Between one and five years 394 1,509 394 394 1,903 PAge 35
DERRY THEATRE TRUST Notes to Financial Statements for the year ended 31 Mareh 202 . continued 22. Re8trlcted funds - Group 2024 Income Expenditure 2025 Restricled capltal fuDds Capital projects Donation 6,848,362 95,000 (219,845) 6.628.517 95,000 6,943.362 (219.845) 6,723,517 Restricted Income funds Development donations Derry City & Strabane District Council Arts Council for Northern Ireland Other grants 1,279,664 212,342 376.805 90,250 164,141 1,492,006 (376.805) (90,250) (164.141) 1.279.664 843,538 (631,196) 1,492,006 Total group restricted funds 8,223,026 843.538 (851,041) 8,2l5,523 Re8trlcted funds - Company 2024 In¢ome Expenditure 2025 Reslrlcted capltal funds Capital projects Donation from Arts Council 6,838,463 95,000 (211,319) 6,627,144 95,000 933,463 (211,319) 6,722,144 Restricted income funds Development donation fund Deny City & Strabane District Council Arts Council for Northern Ireland Sundry grants 1.279,664 212,342 376.805 90,250 91,503 1,492,006 (376,805) (90,250) (91,503) 1,279,664 770,900 (558.558) 1,492,006 Tolal eompany rn8tricted funds Purpose of restrlcted funds Core grants received from Deny City & Strabane District Council and Th¢ Arts Council of Northern Ireland are annual operating grants contributing towards the operating costs of the theatre. These grants are fully utilised in the year. The Nation Lottery Community Fund (£30.417) and Jobstart (£21.086) provided employment grants. The Foyl¢ Foundation (£40,000) provid¢d assisLqnce in connection with the auditorium refurbishment. 8,213,127 770.900 (769.877) 8.214,150 Capitsl project fund grants are the originaj capitsl funding from donors The Millennium Commission, The Arts Council of Northern Ireland, Derry City Council, DSD and Tara Consultants, towards the building costs of The Millennium Forum. This funding is reduced annually by the related depreciation charge on the assets of the company. Pgge 36
DERRY THEATRE TRUST Notes to Financial Stgtemellts for the ye2r Ènded 31 March 2025 continued The development donation fund is a donation added to ticket costs to be used for improvements, development of shows, enhancement expenditure and to finance future refurbishment projects. Other grants received during the year from Arts & Business. Derry City and Strabane District Council, The AII). Cvwiknil of Noitiiciii Ircland, Enkalon, Publi¢ H¢alth Agcncy ond Tho Community Fund contrlbuted towards various projects undertaken by the Millennium Fow including Interact Youth Arts Festival and Education Programmes during the year. 23. Unrestricted fuDds- Group Actuarial penslon Income Expendlture surplus 2024 2025 Total Unrestricted funds 69,665 4,872,767 (4,818.976) 2,000 125,456 U nrestrlcted IuDds - Lompany Actuarlal pension Income Expendllure Surplus 2024 2025 Tothl unrestrlcted fund8 458,204 1,303,441 (1,248.663) 2,000 514,982 Purposes of unre8trlcled funds Unrestricled funds are funds that are utilised at the discretion of the Trustees in furtherance of the objectives of the charitable grouplcompany. Included in company unrestricted funds is gift aid fron] the subsidiary company, M Forum Trading Limited ar,d rental in¢on]e. Included in group unrestricted income is all Ancome and costs from the subsidiAry trading companies. M Forum Trading Limited and Millennium Forum Productions Limited. Page 37
DERRY THEATRE TRUST Not to FiDallcfial Statements for the ye2r ended 31 Mareh 2025 . continued 24. Company limlted by gllarantee The charitable Company Is Ilmlrcd by guaraniee noi havlng a share C4ipiial. Every member of the charitable company undertakes to contribute to the &ssetslliabilities of the charitable company in the event of the same being wound up while he/she is a member, or within one year after helshe ceases to be a member, for payments of the debts and Jiabilities of the charitable Company Contracted before helshe ceases to be a member. and of the costs, Charges and expenses of winding up and for the adjustment of the rights of the contributories amongst themselves, such amount as mayb¢ Kquir¢d not exc¢¢ding on¢ pound. 25. Analysis of changes in Del debt Openlng b¥dlaDee Cash flows Closing balance Group Cash at bank and in hand 2,986,360 377,389 3,363.749 Openlng balaDce Cash flows Closffing balance Company Cash at bank and in hand 1,107,264 464,359 1,571,623 26. Re131ed party transa¢lions Derry City & Strabane District Council nominat¢ retired councillor Shauna Cusack and current councillors Sean Fleming, Niree Mcmorris and Brian Tierney to the board of Trustees. The Council provided funding during the year of £413,200 (31 March 2024 - £387,294). Transactions with the Chief Executive officer, David McLaughlin, during the year. amounted to £21,931 in respect of pantomime royalties and mileage (2024 - £20.959). Transactions with Martin Bradley, Trustee and Chairnian. during the year amounted to £3,000 (2024 - £3,000) in of mileage & subsistence expenses. Martin Mullan is a director of Grove Theatre. Room rental income received during the year £9,129 (2024 - £7,026). £2.013 was outstanding at the balance sheet date. Caitlyn Anne Kelly is the proprietor of McCr¢a School of Music. Room rental income received during the year was £4,975 (2024 - £2.037). Page 38
DERRY THEATRE TRUST Notes to FinanciAI Ststements for the year ended 31 Mgrth 2025 . continued 27. AnAty8ls of net assets betsyeen funds for the group l company Unrestricted Restricted funds funds Total 2025 Consolldated fund bahn¢es at 31 March 2025 Fixed assets Net current assets 138,453 6,694,928 (12,997) 1,520,595 125,456 8,215,523 6,833,381 1,507,598 8,340.979 Unrestrlcled Reslrlcted funds funds Total 2024 Con$olld&ted fund balances At 31 March 2024 Fixed assets N¢t current assets 153,188 6,912.943 (83,523) 1,310,083 69,665 8,223,026 7,066,131 1,226,560 ,292,6Y I Unrestrieted Restrlcted funds Tunds Total 2025 Company fund balAnces at 31 March 2025 Fixed assets Net current assets 138,453 6,693,555 376,529 1.520,595 6.832,008 1,897,124 514.982 8.214,150 8.729,132 Unrestricted Restrlcted funds fuDds Total 2024 Company fund balae8 al 31 March 2024 Fixed assets Net current assets 151.358 6,904,874 306,846 1,308.25J 7,056,232 1.615,099 458,204 8.213,127 8,671,331 Page 79