FISCAL YEAR 23
REVIEW
A YEAR IN REPORT TO THE COMMUNITY
“
The Hanover Theatre and Conservatory continued to evolve in 2023. The first full season of THT Repertory brought professional plays to downtown Worcester, while the completion of Carroll Plaza realized free public programming on our doorstep. These new initiatives complement the mainstage and our 15-year legacy, improve our resiliency, help us reach more people than ever before and make our impact on our city even greater.
FINANCIAL OVERVIEW
“
Troy Siebels, President and CEO
Combined Statement of Activities for the year ending June 30, 2023 Ticket sales & other event income Conservatory tuition* Contributed revenue Other earned income Total revenue
$9,063,802 $697,664 $2,059,750 $467,277 $12,288,493
Event related expenses General administrative expenses Facility expenses Total expenses
$6,198,727 $5,112,791 $777,350 $12,088,868
*Varies from audited financials due to summer program tuitions reflected in FY22.
BALANCE SHEET SUMMARY 2023 Cash & cash equivalents Accounts receivable & prepaid expenses Other non-current assets Fixed assets Total assets
$8,426,147 $534,540 -------$12,714,095 $21,674,782
Accounts payable Advance ticket sales Deferred revenue Lines of credit and notes payable Total liabilities Net assets
$359,739 $1,999,373 $562,364 $925,000 $3,846,476 $17,828,306
TOTAL LIABILITIES & NET ASSETS
$21,674,782
ENGAGEMENT ATTENDANCE 2023
Performances Lobby/function rentals Student matinees Total attendance Total attendance since 2008
DONORS & SUBSCRIBERS Theatre donor households Theatre member households Broadway series subscribers
173,061 17,255 18,443 208,749 2,679,134 1,216 863 4,179