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2023-12-31-accounts

Charity registration number 1042870

Company registration number 02994954 (England and Wales)

SOUTHWARK PLAYHOUSE THEATRE COMPANY

REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

SOUTHWARK PLAYHOUSE THEATRE COMPANY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Kathryn Serkis
Glenn Wellman
Tim Wood
Giles Semper
Helen Whitehouse
Karen McHugh
Kenneth Hunt (Appointed 1 July 2023)
Rodney Pearson (Resigned 8 May 2022)
Company Secretary Christopher Smyrnios
Charity number 1042870
Company number 02994954
Principal address 77-85 Newington Causeway
London
SE1 6BD
Registered office 77-85 Newington Causeway
London
SE1 6BD
Auditor PJT & Co Limited
90 Walworth Road
London
SE1 6SW
Principal Bankers HSBC
28 Borough High Street
London
SE1 1YB
Patrons Sir Simon Hughes
Sir Michael Caine
Andy Serkis
Chief Executive Officer
Christopher Smyrnios
& Artistic Director
General Manager Emma Bentley
Head of Participation Dave Workman

SOUTHWARK PLAYHOUSE THEATRE COMPANY

CONTENTS

Page
Trustees' report 1 - 14
Statement of trustees' responsibilities 15
Independent auditor's report 16 - 19
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Notes to the financial statements 23 - 35

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

Charitable Objects

To advance education for the public benefit by promotion of the arts in particular but not exclusively the art of drama.

Main Activities

Southwark Playhouse is all about telling stories and inspiring the next generation of storytellers and theatre makers. It aims to facilitate the creation of new work by theatre practitioners and companies at all stages of their creatives lives and careers.

Through our schools work we aim to introduce local people at a young age to the possibilities of great drama and the benefits of using theatre skills to facilitate learning. Each year we engage with 100s of school pupils through free schools’ performances and long-term in-school curriculum support.

Through our Young Company (YoCo), a youth-led theatre company for local people between the ages of 14-25, we aim to introduce young people to the many and varied disciplines of running a semi-professional theatre company. YoCo provides a training ground to build confidence and inspire young people towards a career in the arts.

Our work in the community aims to engage with local people, of all ages and backgrounds, by bringing them together to exchange ideas and promote social cohesion through meaningful, long-term drama related projects.

Our theatre programme aims to facilitate and showcase new work by some of the UK’s best talent with a focus on new work, and reinterpreting classic and contemporary pieces of note. Our two flexible theatre spaces, soon to be joined by a third, enable us to offer theatre artists and companies the opportunity to showcase and develop their work. Over the past 29 years we have produced and presented early productions by many aspiring theatre practitioners, many of whom are now enjoying flourishing careers.

Southwark Playhouse is an equal opportunities employer and encourages contributions from all sectors of the community.

Public Benefit

This report clearly sets out the activities which the charity undertakes for the public benefit. The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

The Year in Summary

This was an auspicious year. After a prolonged, stop-start period of development, spanning the past 17 years, we were finally able to welcome our first paying audience to our new Elephant venue. A feat that could not have been achieved without the incredible efforts of our trustees, staff team, volunteers, patrons, participants and supporters.

We were keen to put our participation programme front and centre for the opening production. To demonstrate that, despite all the glass and concrete, the new venue would still be a building for the local community. So, our inaugural production was The Wind in the Willows performed by our Elders company who gave an incredibly vibrant re-enactment of Alan Bennett’s adaptation. Following the Elders, our second production was a devised play by our People’s Company, entitled Bermondsey Revolution , about local historical figures Ada and Alfred Salter. Both productions were incredibly well attended, especially by local audiences, which really set the venue off to a terrific start.

Our first professional production was also produced in-house. Being situated at the foot of the Walworth Road we thought it would be a fun idea to revive Enda Walsh’s wonderful The Walworth Farce . Directed by Nicky Allpress and performed by a terrific cast, the production really showcased the space as a unique, and much needed, addition to the London theatre ecology. We hosted a joyful gala event for everyone who had been involved with the creation of the new theatre, with heart warming speeches given by Tim Wood, our Chair, and long-standing patron, Simon Hughes.

Following the flurry of in-house projects, we started to settle into a programme of visiting productions including Berlusconi, a new musical, produced by Francesca Moody; and The Curious Case of Benjamin Button (first premiering in The Little back in 2019), this time co-produced by ATG in a scaled-up production. Benjamin Button was particularly successful, to the extent that plans are in progress for a 2024 west end transfer.

Simultaneously, our newly named Borough venue, continued to host and showcase a whole range of innovative work in its two theatre spaces. Highlights included: a new play Strike , about the 1984–1987 Dunnes Stores antiapartheid strike; and the zany, sell-out, hit new musical Police Cops: The Musical in our Large space. In our Little space, we presented some fantastic new writing such as Smoke , Sugar Coat , Shewolves , and Under the Kundè Tree .

In November, we celebrated our 30[th] anniversary, which happily coincided with our production of Manic Street Creature , a transfer of a hit Edinburgh show. This show was originally going to be produced by an external producer, who unfortunately dropped out at the last moment, putting the show’s run in jeopardy. We felt the show had great potential for a London run, so we decided to produce it in-house. Over the past 30 years Southwark Playhouse has been at the forefront of showcasing the work of new theatre talent. If you consider the top theatre talent of today it is almost certain they will have originally cut their teeth at Southwark Playhouse. So, this production felt a very apt way of celebrating its thirtieth year: supporting and showcasing an exciting, new, musical play by a talented, emerging artist.

The year turned out to be our most successful, largely owing to addition of a new theatre to our portfolio. However, it was clear that audience numbers still had a way to go to get back to pre-Covid figures. Owing to the cost-of-living crisis people have a lot less disposable income to spend and therefore are more risk averse, the very nature of our theatre programme and the work we do is risky, so it feels much harder to convince prospective audiences to cross the threshold.

Likewise, theatre producers are still very wary. The cost of putting on a production has vastly increased owing to the significant raise in minimum wage, the dearth of technical freelancers, and the rise in the cost of raw materials. The journey of some of our shows this year have been financially precarious and so it feels essential to pay tribute to the producers who are championing and producing new work in our venues. It highlights now, more than ever, the need for venues, such as ours, to offer affordable, supportive performance space for the new generation of theatre makers, while at the same time making that work accessible to new audiences.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The staff, as ever, have been incredible. It should not be a surprise that running two venues is no easy feat for a small team, and there have been many challenges. Despite this, they have been good humoured, professional, and passionate throughout. Their contribution to the success of the organisation cannot be underestimated.

Owing to our expansion we added new roles, and welcomed new people, to the team. We added a third member to our technical team: a second Deputy Technical Manager. Our communications and marketing department increased to two with a new Marketing Officer.

Our front of house team added a second Front of House and Venues Manager, three new permanent Duty Managers, as well as a whole new casual team of Duty Managers and Front of House and Bar Team Members. In addition to all of this we were excited to welcome a new trustee to the board too.

Overall, an exciting year and a real milestone in the organisation’s history. However, we are still very much in transition, and there is much to accomplish and develop. But, as we enter this new phase, we remain cautiously optimistic for coming years ahead.

Below we outline in detail the activities of the organisation over 2023.

Theatre Programme

This year we presented 34 productions of which: 3 were co-productions; 3 were in-house productions; and the rest were productions by visiting companies.

Southwark Playhouse Borough: The Large

★★★★ “Is as captivating as it is unsettling.” The Telegraph

★★★★ “an irresistible Irish drama about taking a stand” The Times

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Southwark Playhouse Borough: The Little

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

★★★★ “Fun and infectious… a rocking coming-of-age story of trauma and healing” The Guardian

(World Premiere, New Writing, Visiting Company)

★★★★ “Unapologetically entertaining.” Evening Standard

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Southwark Playhouse Elephant: Main House

★★★★ “A polished piece that shows much promise for the future of original British musical theatre.” The Stage

(Musical Revival, Visiting Company)

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Artist Development & Support

As always Southwark Playhouse continues to offer the most competitive rates for hiring its spaces in London. Wherever possible, it aims to add value and reduce risk for producers and companies presenting shows in the capital.

In addition to this we continue to support the development of artists and the creation of new work including:

Monkey’s Everywhere: R&D space for a new devised piece for children

We provided R&D space for free to director Olivia Jacobs and performer/deviser Damien Warren-Smith aka Garry Starr. To help them develop a new play for children about mental health. The show will premiere at Edinburgh 2024 and potentially come to the Playhouse after.

The Directors’ Club

Weekly free space given to The Directors Club for their regular networking and development sessions.

Diverse Actors Breaking Barriers’ General Auditions

Free space given for Diverse Actors Breaking Barriers’ General Auditions: an industry showcase for Black, BESEA, MENA, Central and South American, Polynesian/pacific islanders, and Asian Actors. It's a relaxed and safe environment where Actors share their monologue/song in front of a panel made up of industry professionals such as Casting Directors, Agents, Directors, Producers & Theatres. They are then given live feedback in the room which they can chat further about and discuss.

Black Writer’s Collective

This year has been more of an interim one for the group, although we have maintained regular meetings and events.

Meeting at least once a month in person or online, we have managed to have the opportunity for members to share work with each other, as well as hear from guest speakers.

This year’s guests have included writers and performers Tatenda Shamiso and Rikki Beadle-Blair, alongside a literary agent, journalist/PR, representatives from the Arts Council and Southwark Playhouse’s own Artistic Director!

The end of the year saw some positive news, with a significant amount of funding being received, which will allow us to stage more significant showcase opportunities of participants’ work in 2024.

We were also able to offer the Participation Space to two of our Collective members to stage readings of their plays, which they cast and directed themselves – a model we hope to do more with in the new year.

Alt Actor Training

Led by director Toby Clarke, we have hosted their six-week actor training courses for young people who might otherwise not be able to afford actor training throughout the year and will expand this in 2024.

Digital Marketing Intern in partnership with Tik Tok Creative Academy

Led by Emma Bentley, we took part in an initiative to provide work experience to an aspiring young marketing creative. Facilitated by Tik Tok, as part of their creative academy, we interviewed several young people from diverse backgrounds to be a digital marketing intern with us for 6 months. We selected a fantastic candidate who helped us develop our TikTok presence but also assisted the marketing and communications manager with other areas of the playhouse’s marketing. Here’s what the intern had to say about their experience:

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

“Overall, my time at Southwark Playhouse was transformative, refining my content creation and copywriting skills through collaboration with producers and performers. The experience offered a perfect blend of professionalism, theatrical enjoyment, and positivity & I would highly recommend this to all creatives aspiring to make their digital mark in the theatre industry.”

Participation Programme

Young Company: 11-13 Group

In 2023 the Company was led by Lucy Dear, Flo Dessau and Lydia Luke (January – July) and Nichole Cook and Deshaye Gayle (September onwards).

The first half of the year was spent devising and performing Roots, a brand-new piece of theatre staged in the Participation Space at Southwark Playhouse Elephant. This took extracts from work by writers such as Arinzé Kene and Kae Tempest, and blended it with work created by the group, to create a fantastical but thoughtful piece exploring life in a changing London.

A lot of the group moved up to our 14 – 18 Company at the end of the summer, and so the Autumn term saw us building a primarily new Company, along with our new lead facilitators, focused on improvising and devising, with plans to stage our next production in the spring.

Young Company: 14-18 Group

In 2023 the Company was led by David Gilbert, Amaarah Roze and Theo Ray, with David moving on after Easter, and Lydia Luke moving up in the Autumn with many of the 11 – 13 Company members she knew from working with them previously. Our year has primarily focused on our involvement in the National Theatre’s Connections scheme. In April, the Company performed (Circle Dreams Around) the Terrible, Terrible Past by Simon Longman as their entry, which was the first performance in the new Participation Space to make use of all the lighting and sound technology available to us in there. We employed designed Francesc Serra to make a unique set for us, which used pipes hanging from the ceiling on pulleys to create different playing spaces onstage.

Subsequently, as part of the Connections project, the Company took the performance to the Partner Theatre Festival at Theatre Peckham, which was a fun opportunity to play in a bigger space.

The Autumn term has seen us gear up to take part in Connections again in 2024 – we will be performing Replica by Titas Halder and have spent much of this term exploring themes and characters, ready for rehearsals to begin in the new year. We are hosting the Partner Theatre Festival next year, which will be a great opportunity for us to welcome other groups into the theatre.

Other opportunities the group took part in this year includes a day-long workshop on improvisation led by Make It Beautiful Theatre Company, and the opportunity to work with writer and director Rikki Beadle-Blair as he workshopped a play he is writing for NT Connections in 2025.

Other Activity

Although our 19 – 25 Young Company is currently on hiatus, we received a small amount of funding which we used for an exploratory week of R&D with fourteen young people led by director Toby Clarke. Across the week, the group explored a story and themes around it, as potentially something to be developed further for the stage, as part of work with the Young Company.

The LatinX Youth Theatre also continued running until May, culminating in a bilingual Spanish/English performance in the Large at Southwark Playhouse Borough. This was a joyful event, as we were able to welcome the families of the young people into the venue, many of whom may not have been to visit us before.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Elders Company: The Southwark Players

The Southwark Players did a brilliant job launching Southwark Playhouse Elephant with their production of Alan Bennett’s The Wind in the Willows. What was planned as a small production ended up being slightly larger than intended, running for four performances as the opening show in the new venue. Co-directed by Georgina Sowerby and Michael Spencer, the production employed three stage managers and ended up involving Participation Coordinator Nora in the crucial role of prompt! The cast worked hard and shared something that they were proud of.

There were two other main projects after this. Having taken part in several workshops during the spring and summer, at the end of August, Georgina spent five days working with the Company on a staged reading of Shakespeare’s Pericles. Slightly unknown, but a rather wonderful play, this was a great success and a nice challenge for those who took part. It also raised £100 for refugee charities.

Subsequently, Autumn saw the Company work once more with Michael Spencer and new director Nic Harvey on Michael Frayn’s Matchbox Theatre. This is a selection of short skits and scenes, which gave everyone in the Company a chance to shine and was a fun way to finish the year.

Some of the female members of the Southwark Players formed their own company to stage an edited version of Gogol’s The Government Inspector at Lewisham College, which raised £2.5k for Ukraine. We supported them with rehearsal space, and they have subsequently put together a version of Our Country’s Good, both of which have toured to care homes, with plans to do more next year.

Elders Company: The Improvisers

Continuing to be led throughout 2023 by Fiona Drummond and Michael Spencer, the group had three projects they undertook this year.

Across the spring term, their focus was on different ways of storytelling – which culminated in them staging a performance of a fairytale to an audience – but without knowing until the audience arrived which fairytale it would be!

Over the Easter break, some of the group also worked with director Michael Spencer to do some R&D on a project he was developing for the Prague Biennial, which was taking some of the ideas he has developed with the Elders Company over the years to a group of older adults in Czechia.

Across the summer term, we wanted to step up the challenge to the groups’ skills, and so decided to stage ImpRomeo and Juliet – a performance inspired by and responding to the Shakespeare play. This included responses to lines of text or speeches, improvised versions of famous scenes from the play, as well as group/ ensemble scenes responding to some of the themes and atmospheres that the Company felt were important to them.

Finally, the Autumn term saw a bit of a ‘back to basics’ approach, with a return to developing and building upon core improvisation skills the group have been developing over the years, particularly as we had welcomed some new members in the meantime. This culminated with a fantastic sharing with all the content suggested by the audience in advance, and the group creating some moving and hilarious responses.

Windrush 75

Thanks to funding from both Southwark Council and the Department for Housing, Levelling Up and Communities, both of whom had schemes to support projects celebrating this year’s celebrations around the 75th anniversary of the arrival of the Windrush to the UK, we were able to undertake a large-scale schools project this summer.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

This saw us working with six primary schools in Southwark and Lambeth, each of whom was paired with two writerpractitioners. Across a series of in-school workshops, the students were introduced to the story of the Windrush, and then guided to writing their own short pieces for performance, using both the history and their imagination to create these.

Following the workshops, we staged three special performances – including one on Windrush Day, June 22nd – at which the students came to see their plays performed onstage at Southwark Playhouse by professional actors.

After this, we also printed this work in a book, a copy of which was given to every student who participated, with additional copies being made available for school libraries, etc.

Orchard Hill

We have continued our weekly workshops with students from Orchard Hill College – a college in Camberwell for young adults with a range of learning difficulties and SEND.

Our approach with this project has been dynamic and receptive to the students, but always with the aim of centring them as artists and creators, with their voice central to the creation of any work, to ensure that they feel valued and respected as themselves, with their own abilities and talents showcased.

Our first project of the year was an immersive performance set in an airport and an airplane, with each student taking on a specific role which they then used in interactions with our audience. This was our first attempt at a longform piece of performance, and it allowed us to show just how much the students communication and interpersonal skills had developed in their two years with us.

More ambitiously, the summer term saw us move more into the realm of the imaginative, with a narrative piece that saw us mashing up The Wizard of Oz with the tales of Narnia in a crazy story that all came from the students’ own imagination and ideas.

The majority of our first cohort of students left at the end of the summer term, and so this Autumn saw us go back to some basics to establish our new ‘Company’, which culminated this term with a short sharing of some work around a winter theme.

Acting Up

We secured funding for six workshops to take on the delivery of Acting Up from the Three C’s centre in Lewisham. This was weekly drama group for adults who have experienced various levels of mental health issues. We haven’t been too successful in increasing numbers, and sessions were impacted by Covid, but we used these few sessions to work with the existing group to define what they would like moving forward, and generating material for us to use to send out to potential funders.

Hamlet – Shakespeare For Schools

Lazarus Theatre Company’s production of Hamlet in January was part-funded by the Playhouse to enable us to provide six matinee performances free for schools, which all sold out. Feedback was positive, with one teacher saying: “WOW. Just wow. Thank you so much for today's performance. The students were mesmerised. What a creative and clever production! From actors to front of house, it was so well run, and everyone was so welcoming - as per usual. This makes such a difference to our students” .

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

We received some additional funding from The BlueSpark Foundation, which allowed us to run a project with two local schools (Sacred Heart and Platanos College) who after having seen the production worked to devise their own original responses to the play and the production, which they staged at the Playhouse. One student wrote afterwards: “For me I see this process as a way to make memories of my time in school. I can talk about having gone through this program in the future as something that sets me apart. It’s really helped with social skills and built my passion for acting. However the performance goes on Friday, I will count this as a personal success” .

People’s Company

Alongside the Elders, the People’s Company opened the new venue with

Bermondsey Revolutions, which packed out the new theatre with the story of Alfred and Ada Salter, Bermondsey legends.

The summer term saw the company write and direct their own night of short plays, Black Box, which took place in the Little.

The People’s Company are keen to reach all parts of the community, and so ran a series of outreach workshops of their own, including with Arts 4 Dementia and a Latinx group. The work they developed was staged at a daytime sharing in the Large, which welcomed a host of new audience members through our doors.

Partnerships

This we have partnered/offered space to the following groups:

2024 has lots of exciting things to come, including:

The hopeful return of our Shakespeare for Schools production…

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

Statement of Financial Activities

The Statement of Financial Activities (SOFA) shows the extent of, and movement in, all charitable funds differentiating between restricted funds (monies provided for specific purposes) and unrestricted funds (monies which can be applied to any charitable objectives within the organisation's objectives). Unrestricted funds include funds designated by the trustees for specific future investment in the organisation. At the year end the unrestricted fund balance totalled £2,311,249 (2022: £2,366,584) and the restricted funds totalled £1,751,319 (2022: £1,714,222) therefore resulting in total funds as of 31 December 2023 of £4,062,568 (2022: £4,080,806); of these £3,394,188 are represented by fixed assets such as buildings and equipment (2022: £3,429,573).

Total incoming resources for the year were £1,495,404 (2022: £968,352). Total expenditure for the year was £1,513,642 (2022: £1,077,819). This year we saw a significant increase in turnover from the year before - over 50% increase, mostly owing to the opening of our new Elephant venue. Earned income sources are therefore notably increased on the previous year: theatre rental £767,458 (2022: £474,358), bar/café income £402,513 (2022: £278,911) and managed production income £92,381 (2022: £50,184). The year's accounts show a deficit of £18,238(2022 deficit: £109,467) which is significantly less than 2022. Opening the new venue has created new streams of revenue. There was still some significant capital spend in the year, and the renewal of our energy deals (previous ones agreed pre-pandemic) will also have a significant impact on our overheads.

Restricted Funds

Restricted Fund movements throughout the year largely represent grants and donations towards our Participation projects.

Unrestricted Funds

These represent the operational income of the charity (e.g., ticket sales, bar sales, venue hire), as well as general grants, donations, and other income towards the activities of the charity.

Reserves Policy

The reserves policy is reviewed annually by the Trustees as part of the preparation and approval process of the annual report and accounts for both Southwark Playhouse Theatre Company Ltd and Southwark Playhouse Trading Ltd.

Operational Reserve: £430,000. The Trustees have examined the requirement for free reserves i.e., those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. The Trustees consider that, given the nature of the charity’s work, the level of free reserves should be approximately equivalent to 3 month’s annual expenditure on unrestricted funds at any one time, plus provisions for staff redundancy and similar costs.

The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to the timing differences in income flows, adequate working capital to cover core costs, and will allow the charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.

Unrestricted reserves are also held for the following purposes:

Capital Reserve: £850,000 for the upkeep of current premises and the future development of alternative premises.

Artistic Programme: £175,000 towards artist support and the development and production of in-house productions.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for future periods

Having opened our new Elephant venue, we are focusing on developing our two-building model further to ensure that it operates efficiently. This means considering appropriate staffing levels and systems of operations. This will evolve over the next 2-3 years to ensure the organisation can run sustainably.

We have one significant outstanding capital spend for our Elephant venue and that is the installation of an air conditioning system. This was planned for during the main capital works but unfortunately was shelved owing to spiralling costs. We hope to carry these works out within the next 12–24 months.

Our lease on Newington Causeway will be coming to an end in April 2026. We have yet to investigate whether we can extend the lease, but the building is approximately 60 years old and is need of repair. The roof and gutters need renewing, and the inefficient heating system needs replacing. Additionally, fire doors and theatre kit need replacing, and the whole building generally needs some freshening up. The landlord’s plans are to eventually develop the building so it is likely an extension, if that was possible, would not be long. The question needs to be asked: is it worth the time and cost? Although all options are still on the table, we have begun to look at the possibility of taking on other commercial premises instead. One where we could potentially negotiate a longer lease and therefore justify capital spend on fitting it out.

Our commitment to support new artists continues, we will be recruiting a new Programming Associate in 2024. This new role will be responsible for programming The Little space and well as supporting the Artistic Director with the overall theatre programme. The role will be fixed term to provide a constantly revolving opportunity for new and emerging theatre artists to build experience in programming. This role will also be responsible for launching and managing an Artist Support programme where we open up our doors and offer theatre practitioners and companies free space to develop work.

The Colechurch House development is still on the horizon although it is still in the financing phase and so completion is likely some years’ away. We have renewed our heads of terms with developer CIT for a further 3 years in which time it is hoped that the development will ‘break ground’. A mixed-use office development on Tooley Street SE1 it will include a permanent base for Southwark Playhouse to replace its temporary venue on Newington Causeway. The new building will include two flexible theatre spaces of a similar capacity to those at its Borough venue. We will be working closely with developer in creating the new theatre.

Structure, governance and management

The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The maximum liability of members in the event of winding up is £1. On 31 December 2023 there were 7 members who are all Directors of the company.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Kathryn Serkis Glenn Wellman Tim Wood Giles Semper Helen Whitehouse Karen McHugh Kenneth Hunt (Appointed 1 July 2023)

The Trustees are drawn from people who have shown a keen interest in the Theatre, giving due consideration to the required skills, experience, and diversity of the Board body. New Trustees are recommended by Trustees and the Chief Executive and are approved by the Board. Their appointment is then confirmed at the Annual General Meeting. When they are first appointed, Trustees receive an induction pack and are briefed by the Chairman and Chief Executive, as well as having the chance to meet other staff. The board's performance is reviewed annually by the Chair.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Risk Management

The Trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces, and external help sought. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, visiting companies and practitioners, participants and audiences to the organisation’s two theatres

Key Management

The key management personnel of the charitable company are the Board of Trustees, the Chief Executive who is also the Artistic Director, the General Manager, the Head of Participation. All members of the board give their time freely and no board members received remuneration in the year. Details of expenses reimbursed to trustees are disclosed in note 11. There are no related party transactions.

Remuneration for the key management is reviewed annually and set by the Board of Trustees.

The activities of the charity are supervised by the Trustees, who meet as a board four times each year, or more often if necessary. The trustees delegate the day-to-day management of the charity to its paid staff, particularly to the Chief Executive. The high quality and professional experience of the Board continue to provide strong support and direction for the Theatre’s team and staff.

Auditor

In accordance with the company's articles, a resolution proposing that PJT & Co Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Chris Smyrnios Chris Smyrnios (Nov 27, 2024 14:03 GMT)

Christopher Smyrnios

Chief Executive Officer

25 October 2024

SOUTHWARK PLAYHOUSE THEATRE COMPANY

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, who are also the directors of Southwark Playhouse Theatre Company for the purpose of company law, are responsible for preparing the Trustees' 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 state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF SOUTHWARK PLAYHOUSE THEATRE COMPANY

Opinion

We have audited the financial statements of Southwark Playhouse Theatre Company (the parent charitable company) and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group statement of financial activities, the Group and Parent Charitable Company Balance Sheet, the Group and Parent Cash Flow Statement and notes to the financial statements. including significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’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 and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SOUTHWARK PLAYHOUSE THEATRE COMPANY

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our audit procedures were designed to testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 31 December 2023.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with laws or regulations.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SOUTHWARK PLAYHOUSE THEATRE COMPANY

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We included the following procedures in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations:

We assessed the susceptibility of the company’s financial statements to material misstatement,

including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we performed

analytical procedures to identify any unusual or unexpected relationships;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but not limited to:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SOUTHWARK PLAYHOUSE THEATRE COMPANY

Piyush Chandulal Jasani (Senior Statutory Auditor) for and on behalf of PJT & Co Limited

piyush jasani piyush jasani (Nov 28, 2024 16:13 GMT)

.........................

Chartered Accountants Statutory Auditor

Accountancy House 90 Walworth Road London SE1 6SW

SOUTHWARK PLAYHOUSE THEATRE COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations, grants
and legacies
3
2,047
34,388
Charitable activities
4
876,296
128,637
Other trading
activities
5
424,180
-
Investment income
6
25,869
-
Other income
7
3,987
-
Total income
1,332,379
163,025
Expenditure on:
Raising funds
8
323,546
-
Charitable activities
9
1,064,168
125,928
Total expenditure
1,387,714
125,928
Net (expenditure)/income
for the year/
Net movement in funds
(55,335)
37,097
Fund balances at 1 January
2023
2,366,584
1,714,222
Fund balances at 31
December 2023
2,311,249
1,751,319		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
36,435
8,337
48,952
1,004,933
524,542
98,111
424,180
278,911
-
25,869
2,349
-
3,987
7,150
-
1,495,404
821,289
147,063
323,546
245,223
-
1,190,096
693,382
139,214
1,513,642
938,605
139,214
(18,238)
(117,316)
7,849
4,080,806
2,483,900
1,706,373
4,062,568
2,366,584
1,714,222		 Total
2022
£
57,289
622,653
278,911
2,349
7,150
968,352
245,223
832,596
1,077,819
(109,467)
4,190,273
4,080,806
Donations, grants
and legacies
3
Charitable activities
4
Other trading
activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net (expenditure)/income
for the year/
Net movement in funds
Fund balances at 1 January
2023
Fund balances at 31
December 2023

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
15
Investments
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling
due within one year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling
due after more than one year
20
Net assets
Income funds
Restricted funds
21
Unrestricted funds		 Group
2023
£
3,394,188
-
3,394,188
6,531
190,283
1,986,398
2,183,212
(697,132)
1,486,080
4,880,268
(817,700)
4,062,568
1,751,319
2,311,249
4,062,568		 2022
£
3,429,573
-
3,429,573
8,435
84,972
1,766,318
1,859,725
(377,280)
1,482,445
4,912,018
(831,212)
4,080,806
1,714,222
2,366,584
4,080,806		 Charity
2023
£
3,394,188
100
3,394,288
-
183,699
1,972,946
2,156,645
(692,132)
1,464,513
4,858,801
(817,700)
4,041,101
1,751,319
2,311,249
4,062,568		 2022
£
3,429,573
100
3,429,673
-
84,881
1,762,586
1,847,467
365,122
1,482,345
4,912,018
(831,212)
4,080,806
1,714,222
2,366,584
4,080,806

The notes on pages 23 to 35 form part of these financial statements.

The financial statements were approved by the Trustees on 25 October 2024

Tim Wood (Nov 27, 2024 14:14 GMT)

Tim Wood

Trustee

Company registration number 02994954

SOUTHWARK PLAYHOUSE THEATRE COMPANY

CONSOLIDATED AND CHARITABLE COMPANY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
27
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible
fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 Group
2023
£
269,278
(42,099)
-
25,869
(16,230)
(16,512)
(16,512)
236,536
1,766,317
2,002,853		 2022
£
(133,036)
(280,994)
5,779
2,349
(272,866)
(26,588)
(26,588)
(432,490)
2,198,807
1,766,317		 Charity
2023
£
269,278
(42,099)
-
25,869
(16,230)
(16,512)
(16,512)
236,536
1,752,794
1,989,330		 2022
£
(133,036)
(280,994)
5,779
2,349
(272,866)
(26,588)
(26,588)
(432,490)
2,185,284
1,752,794

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Southwark Playhouse Theatre Company is a private company limited by guarantee incorporated in England and Wales. The registered office is 77-85 Newington Causeway, London, SE1 6BD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of improvements to leasehold investment properties. The principal accounting policies adopted are set out below.

Basis of Consolidation.

These financial statements consolidate the results of the Charity and its wholly owned subsidiary, Southwark Playhouse Trading Limited, on a line by line basis in accordance with FRS - Section 9 and the SORP (FRS 102) - section 24.

Details of the Southwark Playhouse Trading Limited are given in the note 27 of the financial statements.

A separate statement of the financial activities for the charitable Company has not been presented because the Charitable company has taken advantage of the exemption afforded by section 408 of the companies act 2006.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future after having reviewed the company's financial forecasts and expected future cash flows. The company does not have any liquidity issues or concern in meeting its obligations and it continues to operate in the profit making environment. Furthermore, the management have evaluated the company's ability as a going concern and the trustees believe that the company is well placed to manage its business risks successfully in the foreseeable future. Thus the trustees have decided to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from trading activities which represents the income from sale of catering and bar facilities, is recognised as earned in the period in which it is received.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Over the term of the leases Plant and equipment 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Amounts included in the assets now includes the newly constructed Elephant Theatre at Newington Butts. The entity has started depreciating this asset.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Socks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Useful economic lives of tangible assets

The annual depreciation charge for the tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and the residual values are reassessed annually. they are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

There are no assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
2,047
34,388
Donations and gifts
Future Playhouse
-
-
The Wall
-
-
Other donations and
grants
2,047
34,388
2,047
34,388		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
36,435
8,337
48,952
-
-
32,593
-
-
536
36,435
8,337
15,823
36,435
8,337
48,952		 Total
2022
£
57,289
32,593
536
24,160
57,289

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Charitable activities

Unrestricted
Funds
2023
£
Theatre Rental
767,458
Youth & Community
Managed Production
92,381
859,839
Analysis by fund
Unrestricted funds
859,839
Restricted funds
-
859,839		 Restricted
Funds
2023
£
16,457
145,094
-
145,094
16,457
128,637
145,094		 Total
2023
Unrestricted
Funds
2022
£
£
783,915
474,358
145,094
92,381
50,184
1,004,933
524,542
876,296
524,542
128,637
-
1,004,933
524,542		 Restricted
Funds
2022
£
-
98,111
-
98,111
-
98,111
98,111		 Total
2022
£
474,358
98,111
50,184
622,653
524,542
98,111
622,653

5 Income from lettings and trading activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Letting and licensing arrangements 21,667 -
Income from trading activities 402,513 278,911
Other trading activities 424,180 278,911

The amount represent all trading activities from the subsidiary in the period.

6 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Bank Interest
25,869 2,349

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7 Other income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Other Income 2,500 5,100
Marketing Income 1,487 2,050
3,987 7,150

8 Other Expenditure

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Trading Activities and Raising Funds events 24,630 27,755
Trading costs
Other trading activities 165,805 103,413
Staff costs 133,111 114,055
298,916 217,468
Total costs 323,546 245,223

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Expenditure on charitable activities

Restricted
Charitable
Expenditure
Restricted
Charitable
Expenditure
Total
Restricted
Charitable
Expenditure
Restricted
Charitable
Expenditure
2023
2023
2023
2022
2022
£
£
£
£
£
Direct costs
Managed Production
168,418
-
168,418
68,512
-
New Venue Costs
-
44,234
44,234
-
58,718
Youth and
Community
-
81,694
81,694
-
80,496
168,418
125,928
294,346
68,512
139,214
Share of support and governance costs (see note 10)
Support
884,750
-
884,750
600,768
-
Governance
11,000
-
11,000
24,102
-
1,064,168
125,928 1,190,096
693,382
139,214
Analysis by fund
Unrestricted funds
1,064,168
- 1,064,168
693,382
-
Restricted funds
-
125,928
125,928
-
139,214
1,064,168
125,928 1,190,096
693,382
139,214		 Total
2022
£
68,512
58,718
80,496
207,726
600,768
24,102
832,596
693,382
139,214
832,596

10 Support costs allocated to activities

Staff costs
Depreciation
Software licence
Rent and rates
Other establishment costs
Accountacy fees
Advert and PR
Governance costs
Analysed between:
Restricted Charitable Expenditure		 2023
£
470,006
77,483
4,191
126,233
192,089
3,176
11,572
11,000
895,750
895,750		 2022
£
307,013
-
3,044
117,790
154,314
5,000
13,607
24,102
624,870
624,870

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Employees

The average monthly number of employees during the year was:

Administration and Support staff
Employment costs
Wages and salaries
Social security costs
Other pension costs		 Consolidated
2023
2022
Number
Number
27
23
Consolidated
2023
2022
£
£
554,458
384,257
39,339
29,813
9,320
6,998
603,117
421,068		 Charity
2023
Number
16
Charity
2023
£
421,347
39,339
9,320
470,006		 2022
Number
10
2022
£
282,796
29,813
5,245
317,854

Employee time has been allocated either:

1) To direct costs on percentage of the time spent by an employee on an activity.

2) To support costs allocated on a percentage basis over all the costs.

There were no employees whose annual remuneration was more than £60,000.

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023 2022
£ £
In respect of:
Property, plant and equipment 7,740 -

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15 Tangible fixed assets

Leasehold
improvements
£
Cost
At 1 January 2023
3,239,618
Additions
22,214
At 31 December 2023
3,261,832
Depreciation and impairment
At 1 January 2023
-
Depreciation charged in the year
26,280
Impairment losses
-
At 31 December 2023
26,280
Carrying amount
At 31 December 2023
3,235,552
At 31 December 2022
3,239,619		 Plant and
equipment
£
248,868
19,885
268,753
58,914
43,463
7,740
110,117
158,636
189,954		 Total
£
3,488,486
42,099
3,530,585
58,914
69,743
7,740
136,397
3,394,188
3,429,573

More information on the impairment arising in the year is given in note 14.

All the the tangible fixed assets are held by the charity.

16 Stocks

16
Stocks
Finished goods and goods for resale
17
Debtors
Amounts falling due within one year:
Trade debtors
Corporation tax recoverable
Other debtors
Prepayments and accrued income		 Consolidated
2023
2022
£
£
6,531
8,435
Consolidated
2023
2022
£
£
41,469
18,927
16,457
-
85,295
31,261
47,062
34,784
190,283
84,972		 Charity
2023
£
-
Charity
2023
£
34,885
16,457
85,295
47,062
183,699		 2022
£
-
2022
£
23,045
-
27,052
34,784
84,881

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18
Loans and overdrafts
Consolidated
2023
2022
£
£
Bank loans
840,700
857,212
Payable within one year
23,000
26,000
Payable after one year
817,700
831,212
Amounts included above which fall due after five years:
Payable by instalments
708,700
691,612		 Charity
2023
£
840,700
23,000
817,700
708,700		 2022
£
857,212
26,000
831,212
691,612

The long-term loans are secured by fixed charges over lease of 80 Newington Butts, London, SE11 4SL.

A loan of £950,000 was taken out during 2020 at interest rate of 2.9% per annum over Unity Trust bank's base rate. The loan is repayable over 234 months.

19 Creditors: amounts falling due within one year

Consolidated
2023
2022
Notes
£
£
Bank loans
18
23,000
26,000
Other taxation and social
security
29,325
8,914
Trade creditors
48,833
46,231
Other creditors
584,974
277,442
Accruals and deferred income
11,000
18,693
697,132
377,280
20
Creditors: amounts falling due after more than one year
Consolidated
2023
2022
Notes
£
£
Bank loans
18
817,700
831,212		 Charity
2023
£
23,000
29,325
48,833
579,974
11,000
692,132
Charity
2023
£
817,700		 2022
£
26,000
8,914
46,231
270,984
12,993
365,122
2022
£
831,212

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At
Youth and Community
The Wall
Future Playhouse
Previous year:
At
Youth and Community
The Wall
Future Playhouse		 1 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
33,944
128,637
(81,694)
80,887
20,789
-
-
20,789
1,659,489
34,388
(44,234)
1,649,643
1,714,222
163,025
(125,928)
1,751,319
1 January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
16,328
98,111
(80,495)
33,944
20,253
536
-
20,789
1,669,792
48,416
(58,719)
1,659,489
1,706,373
147,063
(139,214)
1,714,222

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
2,366,584
1,332,379
(1,387,714)
2,311,249
1 January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
2,483,900
821,289
(938,605)
2,366,584

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

23 Consolidated analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
December 2023 are
represented by:
Tangible assets
805,155
2,589,033
Current assets/(liabilities)
1,483,094
2,986
Long term liabilities
-
(817,700)
2,288,249
1,774,319		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
3,394,188
840,540
2,589,033
1,486,080
1,526,044
(43,599)
(817,700)
-
(831,212)
4,062,568
2,366,584
1,714,222		 Total
2022
£
3,429,573
1,482,445
(831,212
4,080,806

24 Operating lease commitments

Lessee

Short term lease on the current theatre include a provision for upward rent reviews according to prevailing Newington Causeway has market conditions. The lease has been extended for three year at an annual rental of £133,000 commencing 8 April 2023.

The long term lease at Southwark Playhouse Elephant, SE11 4SL is for 125 years at rent of £2,500 per annum from 7 February 2018.

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2023
£
135,500
179,100
285,000
599,600		 2022
£
99,426
312,074
287,500
699,000

25 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

26 Subsidiaries

Details of the charity's subsidiaries at 31 December 2023 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Southwark Playhouse England and Bar and catering facilities Ordinary 100.00
Trading Limited Wales

SOUTHWARK PLAYHOUSE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

26 Subsidiaries

(Continued)

The investments in subsidiaries are all stated at cost.

Southwark Playhouse Trading Limited, incorporated on 15 October 2014 is a private limited company, registered number 9264350.

The consolidation is carried out on a line by line basis.

Southwark Playhouse Trading Limited made a profit of £99,913 in the year.(2022: Profit £55,157).

27
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations
28
Analysis of changes in net funds
At 1 January
2023
£
Cash at bank and in hand
1,766,318
Loans falling due within one year
(26,000)
Loans falling due after more than one year
(831,212)
909,106		 2023
2022
£
£
(18,238)
(109,467)
(25,869)
(2,349)
77,483
34,044
1,904
(2,966)
(88,854)
18,309
322,852
(70,607)
269,278
(133,036)
Cash flows At 31 December
2023
£
£
220,080
1,986,398
3,000
(23,000)
13,512
(817,700)
236,592
1,145,698

2023 Theatre Company Consolidated Audited Accounts 2023_70105

Final Audit Report

2024-11-28

Created: 2024-11-27 By: Chris Smyrnios (chris.smyrnios@southwarkplayhouse.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA-o4btM8bUaWOTITDLc0foJkSlVURgh_W

"2023 Theatre Company Consolidated Audited Accounts 2023_7 0105" History

2024-11-27 - 14:00:19 GMT- IP address: 140.228.47.42

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Signature Date: 2024-11-27 - 14:03:13 GMT - Time Source: server- IP address: 140.228.47.42

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Document e-signed by piyush jasani (piyush@pjtandco.com)

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