2021-12-31-accounts - Southwark Playhouse Theatre Company

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				Page
Reference and Administrative Details
Report ofthe	Trustees			2to 9
Report ofthe	Independent Auditors			10to 12
Consolidated	Statement of Financial	Activities		13
Consohdated	and Chantable Company		Balance Sheet
Consolidated	Cash Flow Statement			15
Notes to the	Financial Statements			16to 26

REFERENCE AND	REFERENCE AND	ADMINISTRATIVE	ADMINISTRATIVE	ADMINISTRATIVE	ADMINISTRATIVE	DETAILS
Registered	Company		number			2994954 (England		snd Wales)
Registered	Charity	number				1042870
Registered	offfce					77-85 Newington		Causeway
						London
						SE16BD
Trustees						S Hickson —resigned 8September 2021
						R N Pearson
						G Semper
						K Serkis
						G Wellman
						H Whitehouse
						TWood
Patrons						Sir Simon Hughes
						Sir Michael Caine
						Andy Serkis
Company	Secretary					C Smyrnios
Key Management:
Chief Executive Officer/Artistic					Director	C Smyrnios
General Manager						CBeaver-	until 30June 2021
Youth &Community			Director			D Workman
Communications		Manager				SSafavi —until 30September 2021
Sales and	Ticketing		Manager			CSpencer-	from	November 2021
Theatre Manager						J Deighan
Technical	8 Production			Manager		C Compson
Auditors						Azets Audit	Services
						2«Floor, Regis House
						45 King William Street
						London
						EC4R 9AN
Bankers						HSBC
						28 Borough	High	Street
						London
						SE1 1YB

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SOUTHWARK PLA YHOUSE THEATRE COMPANY Audltor's responslbllltles for the avdit of the finanelal ststèments We have been appojnled auditor under the Companies Aci 2006 and report in aco)rdance with this Act. Our objectives are to obtain reasonable assurance about whether the financi81 statements as a whole are free from material misstatement, whether dLJe to fraud or Èrror, and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a gu8iantee that an audit conducted In accordance with ISAS IUKI will always detect a matenal rnisslatemenl when It exists Misstatements can arise from fraud or error and are considered material Il. Individually or in the aggregate, they Could reasonably be expected lo Influen the econornic decisions 01 users taken on the basis of these financial statements. Irregularities, Including fraud, are Instances of non-compliance wth laws and regulations We design procedures in line with our responsibilrties. outlined above, to detect materi21 misstatements in respect ol ifregularilies. including fraud The specific procedure5 for this ew8gem6nt and the extent to which these are capable of dete¢ting irregul8ritiès. Induding fraud is detailed below.. EnqLJiry of management and those charged with govèmance around actual and potential litigation and dairns as well as actual. suspected and alleged fraud, Reviewing minutes of meetings ol those charged with governance.. Assessing the extent ol compliance with the laws and regulations considered to have a direct rnateri81 effed on the fi'nanryal statements or operations of the company througtt enquiry and Inspection". Reviewing financial statement disdosures and testsng to supporting documentslion to as5e55 compli8nce with applicable laws and regulations. Performing audit work over the risk of management bias and owerride of controls. including testing of journal entries and other adjustments foi appropfiateness, ev81uating the business rationale ol significant transactiCfi5 outside the norrnal course ol business and reviewing acctsunting estimates lor Indicators of potential bia8. Because olthe intterent limitation5 of an 8ud1t. there Is a risk that we will not detect 811 Irregularities, including those leading to a tn8teiial misstatement in the frnanual statements or non-compliance with regulation This Iisk In¢aseS the more that compliance with a law or regLJlation Is removed from thè Èvents ancl transactions reflected in the financial statemènts. as we will be lèss likely to becorne aware of instancès ol non-compliance The risk a150 greater regarding Irregularities occurnng due to fraud rather than error, as fraud involves Intentional conTralrnent. forgery, collusion, omission or rnisiepresentation. A further description of our responsibilities is 8V8i18ble on the Financial Reportino Council's web51te at.. https.'IlvwM frc org LJklOur-WorklAUditlAudit-8nd-assuranlStandards-3nd-9us1ancelslandardS-and-gUd8nCe-fQT- auditorslAuditors-responsibilities-for-èudiVDescription-of-auditors-responsibilits'es-lor-audit.aspx This #escriptK)n fonns part of our auditor's report. Use of our report This report is made solely to the charitable cornpany's members, as a body, In accorc1an witr Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 beell undertaken so thatwe might State tothe charitable company's mernbers those matters we are required to state to thern In an auditor's report and for no other purpose. To the ft&llest extenl permitted by law. we do not accept or assume responsibility to anyone other than the Cttantabe company a1 the charitable MpanY'S members as a body, for our audit work. for this report, or for the opinions we have foalled. 42oL 4IF John Howard (Senior Statutory Audltorl Foi and on behalf of Azets Audit Setvices Statutory Auditor Chartered Accountants Floor. Regis House 45 King William Street London EC4R 9AN Date 20 2Qb Page 12

					2021	2020
		Notes	Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			6	E	6	E
INCOME
Donations, grants and legacies Charitable activities			7,060 282,265	136,158 42,732	143,218 324,997	1,761,351 209,208
Other trading activities Investment income			194,003 129		194,003 129	136,573 252
Other income			2,576,236		2,576,236	52,109
Total			3,059,693	178,890	3,238,583	2,159,493
EXPENDITURE ON
Raising funds Chaditable activities			202,081 627,713	122,813	202,081 750,526	181,784 1,050,437
Total		10	829,794	122,813	952,607	1,232,221
NET INCOME/(EXPENDITURE)			2,229,899	56,077	2,285,976	927,272
RECONCILIATION	OF FUNDS
Total funds brought forward		23	254,001	1,650,296	1,904,297	977,025
TOTAL FUNDS CARRIED FORWARD			2,483,900	1,706,373	4,190,273	1,904,297

AT 31	DECEMBE	R 2021
			Company	number -02994954
	Notes	GROUP		Charitable	Company
		2021	2020	2021	2020
		6	6	6	6
FIXEDASSETS
Tangible assets	14	3,188,404	2,806,010	3,188,404	2,805,410
Fixed asset investment	15			100	100
		3,188,404	2,806,010	3,188,504	2,805,510
CURRENT ASSETS
Stocks	16	5,469	4,604
Debtors	17	103,280	62,607	114,243	77,225
Cash at bank		2,198,807	576,220	2,185,284	566,898
		2,307,556	643,431	2,299,527	646,123
CREDITORS
Amounts falling due within one year	18	(487,887)	(688,335)	(479,959)	(684,346)
NET CURRENT ASSETS		1,819,669	(44,904)	1,819,568	(38,223)
TOTAL ASSETSLESSCURRENT LIABILITIES		5,008,073	2,761,106	5,008,072	2,767,287
CREDITORS
Amounts falling due after more than one year	19	(817,800)	(856,809)	(817,800)	(856,809)
NET ASSETS		4,190,273	1,904,297	4,190,272	1,910,478
FUNDS
Unrestricted funds		2,483,900	254,001	2,483,899	260,182
Restricted funds	23	1,706,373	1,650,296	1,706,373	1,650,296
TOTAL FUNDS		4,190,273	1,904,297	4,190,272	1,910,478

					Notes	GROUP	GROUP	Charitable	Company
						2021 f	2020	2021 6	2020 6
Cash used in operating		activities			26	2,459,613	473,182	2,453,412	471,203
Cash flows from investing			activities
Interest received						129	252	129	252
Disposal oftangible fixed		assets					14,000		14,000
Purchase oftangible fixed		assets				(401,565)	(2,091,816)	(401,565)	(2,091,579)
Cash provided	by (used	in) investing		activities		(401,436)	(2,077,564)	(401,436)	(2,077,327)
Cash flows from financing			activities
Repayment of borrowings						(462,581)	(17,860)	(462,581)	(17,860)
Cash inflows from new borrowings							1,320,000		1,320,000
Interest paid						26,991	17,250	26,991	17,250
Cash provided	by (used	in) financing		activities
						(435,590)	1,319,390	(435,590)	1,319,390
Change in cash	and cash equivalents
in the reporting	period					1,622,587	(284,992)	1,616,386	(286,734)
Cash and cash	equivalents		at the beginning
Ofthe reporting	period				27	576,220	861,212	568,989	855,632
Cash and cash	equivalents		at the end
ofthe reporting	period				27	2,198,807	576,220	2,185,284	568,898

DONATIONS	AND LEGACIES			2021	2020
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		8	8	8	8
Future Playhouse			135,958	135,958	1,167,623
The Wall			200	200	2,806
Other donations	and grants	7,060		7,060	590,922
		7,060	136,158	143,218	1,761,351

In 2020, attnbuted	2590,922 of the income was attributa to the restricted fund.	2590,922 of the income was attributa to the restricted fund.	ble to the unrestr	icted fund, and t	he remaining 61,	170,429 was
INCOME	FROM CHARITABLE ACTIVITIES				2021	2020
			Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			8	8	8	6
Managed	Production		24,507		24,507	18,615
Theatre	Rental		257,758		257,758	141,971
Youth 8	Community	(restncted)		42,732	42,732	48,622
			282,265	42,732	324,997	209,208

OTHER	TRADING	ACTIVITIES			2021	2020
			Unrestricted	Restricted	Total	Total
			Funds f	Funds 6	Funds 8	Funds 8
Income	from trading	activities	194,003		194,003	136,573
			194,003		194,003	136,573

In 2020 all ofthe 6136,573 other t	In 2020 all ofthe 6136,573 other t	rading actwities income was att	ributable to	the unr	estncted fund.
INVESTMENT INCOME					2021	2020
		Unrestricted	Restricted		Total	Total
		Funds	Funds		Funds	Funds
		8	8		8	8
Sank interest		129			129	252
In 2020 all of	thef252 investment	income was attnbutable to the	unrestricted	fund.
OTHER INCOME					2021	2020
		Unrestricted	Restricted		Total	Total
		Funds f	Funds 8		Funds 8	Funds 6
Other income		5,910			5,910	1,068
Job retention	scheme	37,686			37,686	51,041
Compensation		2,532,640			2,532,640
		2,576,236			2,576,236	52,109

r a future new premises	once one has bee	n identified.
RAISING FUNDS				2021	2020
		Unrestricted	Restricted	Total	Total
		Funds f	Funds f	Funds f	Funds f
Commercial Front ofoffice operations		22,044		22,044	38,789
Expenditure on trading	activities	177,769		177,769	142,754
Future Playhouse		2,268		2,268	241
		202,081		202,081	181,784
In 2020 all the F181,784 ofthe expenditure		in relation to raising	funds was attributable	to the unrestricted	fund.
CHARITABLE ACTIVITIES				2021	2020
		Unrestricted	Restricted	Total	Total
		Funds f	Funds	Funds F.	Funds f
Managed Production		627,713		627,713	590,086
Youth &Community New Venue Costs			44,600 78,213	44,600 78,213	60,635 399,716
		627,713	122,813	750,526	1,050,437

he remaining f460,351 being attrib	utable to the restricted fund.
EXPENDITURE		Supportcosts
	Direct costs f	(See note 11) f	Tots I 2021 f	Total 2020 f
Managed Production Youth &Community	56,172 44,600	571,541	627,713 44,600	590,086 60,635
New Venus Costs	6,406	71,807	78,213	399,716
	107,178	643,348	750,526	1,050,437
Raising funds	197,831	4,250	202,081	181,784
	305,009	647,598	952,607	1,232,221
SUPPORT COSTS
		Establishment	Governance
	Staff costs	costs f	costsf	Totalsf
Managed Production New Venue Costs	260,787	304,254 71,807	6,500	571,541 71,807
Raising funds			4,250	4,250
	260,787	376,061	10,750	647,598

							2021	2020
							6	6
Wages							260,787	266,343
Software licences							3,651	1,037
Recruitment fees
Rent &rates							108,121	108,468
Other establishment costs							222,052	469,060
Accountancy fees							4,932	4,964
Advertising &PR							4,805	6,150
Legal & professional fees								10,000
Consultancy fees							32,500
Auditors remuneration Auditors remuneration	(Parent only 54,350) —non audit work (including		over/under	accruals)			10,500 250	7,200 2,763
							647,598	875,985
NET INCOME/(EXPENDITURE)
			Consolidated				Charity
Net income/(expenses)	is stated after		2021 6			2020 6	2021 6	2020f
charging/(crediting): Auditors' remuneration			10,500			7,200	6,500	4,350
Auditors' remuneration	for non-audit	work	250			2,763	(650)	2,000
Depreciation - owned	assets		19,171			35,706	18,571	34,717
ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION					AND
EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL
			Consolidated				Charity
			2021			2020	2021	2020
			6			6	6	6
Wages and salanes Social security costs Pension			335,394 25,180 6,288			335,486 19,404 5,980	241,913 18,162 4,535	246,995 14,286 4,403
			366,862			360,870	264,610	265,684
The average number equivalent) during the	ofemployees year was:	(full time	23			22	10	10

TANGIBLE FIXEDASSETS
	Assets under	Plant and	Fixtures and
CONSOLIDATED	construction 8	machinery 6	fittings 8	Totals f
COST
At 1 January 2021	2,767,539	118,940	200,623	3,087,102
Additions	231,046	170,519		401,565
Disposals		(74,770)	(200,623)	(275,393)
At 31 December 2021	2,998,585	214,689		3,213,274
DEPRECIATION
At 1 January 2021		80,469	200,623	281,092
Charge for year		19,171		19,171
Released on disposal		(74,770)	(200,623)	(275,393)
At 31 December 2021		24,870		24,870
NET BOOK VALUE
At 31 December 2021	2,998,585	189,819		3,188,404
At 31 December 2020	2,767,539	38,471		2,806,010
CHARITY
	Assets under	Plant and	Fixtures and
	construction 6	machinery 6	nttln9s 8	Totals f
COST
At 1 January 2021	2,767,539	114,124	200,623	3,082,286
Additions	231,046	170,519		401,565
Disposals		(74,770)	(200,623)	(275,393)
At 31 December 2021	2,998,585	209,873		3,208,458
DEPRECIATION
At 1 January 2021		76,253	200,623	276,876
Charge for year		18,571		18,571
Released on disposal		(74,770)	(200,623)	(275,393)
At 31 December 2021		20,054		20,054
NET BOOK VALUE
At 31 December 2021	2,998,585	189,819		3,188,404
At 31 December 2020	2,767,539	37,871		2,805,410

8103,853).The compan STOCKS	y	had capital and reser	ves off100(2020:66,082 Debit)	ves off100(2020:66,082 Debit)		,
			Consolidated		Charity
			2021	2020	2021	2020
			6	6	6
Finished goods			5,469	4,604
DEBTORS:AMOUNTS		FALLING DUE
WITHIN ONE YEAR
			Consolidated		Charity
			2021	2020	2021	2020
			6	6	6	6
Trade debtors			28,000		28,000
Amounts owed by group		undertakmg			12,477	15,640
Other debtors			44,209	26,504	42,695	25,482
Prepayments and accrued income			31,071	36,103	31,071	36,103
			103,280	62,607	114,243	77,225
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
			Consolidated		Charity
			2021	2020	2021	2020
			6	6	6	6
Trade creditors			144,886	33,155	141,177	33,170
Social security and other		taxes	6,724	6,122	6,724	6,122
Other creditors			258,731	160,245	258,743	160,245
Accruals and deferred	income (note 18A)		11,546	26,232	7,315	22,228
Bank loans (note 20)			66,000	462,581	66,000	462,581
			487,887	688,335	479,959
DEFERRED INCOME
			Consolidated		Charity
			2021 f	2020 6	2021 6	2020 6
Salance at 1 January				456,164		456,164
Deferred during the year
Released dunng the year				(456,164)		(456,164)

		Consolidated		Charity
		2021 5	2020 8	2021 8	2020 f
Bank loans	(note 20)	817,800	856,809	817,800	856,809
BORROWINGS
		Consolidated		Charity
		2021	2020	2021	2020
An analysis	ofloans is givens below:	E	5	5	9
Amounts falling due within one year Bank loans		66,000	462,581	66,000	462,581
Amounts	falling due between one and
two years Bank loans		66,000	62,581	66,000	62,581
Amounts	falling due between two and five
years Bankloans		264,000	250,325	264,000	250,325
Amounts falling due after five years Bank loans		487,800	543,903	487,800	543,903

OPERATING LEASE COMMITM	ENTS -Consolidate	d and charity	d and charity
The charity had total commitments	under an operating	leases are. Land and buildings			Equipment
		2021	2020	2021		2020
		9	9	8		9
Expiring: Not later than one year Later than one and not later than	five years	77,500 30,137	84,212 105,137
Later than five years		290,000	292,500

RESTRICTED FUNDS- Consolida	ted and charity 2020
	At 1Jan 2020	Income	Expenditure 6	At 31Dec 2020f
Restricted funds
Managed Productions
Theatre Rental
Youth & Community	30,209	48,622	(60,635)	18,196
The Wall	17,247	2,806		20,253
Future Playhouse	844,140	1,167,623	(399,716)	1,612,047
	891,596	1,219,051	(460,351)	1,650,296

26.	RECONCILIATION	OF NET INCOME/(EXPENDITURE)	TO NET	CASH FLOW	FROM	OPERATIING	OPERATIING	ACTIVITIES
			Consolidated			Charitable	Company
		2021		2020		2021		2020
			8	6		8		6
	Net (expenditure)/income for the
	reporting period (as per the statement of financial activities) 2,285,976			927,272		2,279,792		933,453
	Adjustments for: Depreciation charge		19,171	35,706		18,571		34,717
	Interest received		(129)	(252)		(129)		(252)
	Decrease/(increase) Decrease/(increase)	in stocks in debtors	(865) (40,673)	4,044 43,932		(37,018)		33,919
	(Decrease)/increase	in creditors	196,133	(537,520)		192,196		(530,634)
	Net cash provided activides	by (used In) operating 2,459,613		473,182		2,453,412		471,203
27.	ANALYSIS OF CASH AND CASH EQUIVALENTS
			Consolidated			Charitable	Company
		2021		2020		2021		2020
			6	6		8		6
	Short-term deposits 2,185,283			576,220	2,185,283			568,898