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2022-03-31-accounts

Registered number: 03656378 Charity number: 1074877

HAMPSTEAD THEATRE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Auditors' Report on the Financial Statements 6 - 9
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 19

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees Greg Ripley Duggan
Alexandra Marks
Susan Wyatt
Company registered
number
03656378
Charity registered
number
1074877
Registered office
Eton Avenue
Swiss Cottage
London
NW3 3EU
Company secretary
Ashok Shah
Independent auditors
Nyman Libson Paul LLP
Chartered Accountants
124 Finchley Road
London
NW3 5JS

Page 1

HAMPSTEAD THEATRE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the audited financial statements of the company for the 1 April 2021 to 31 March 2022. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Governance

Hampstead Theatre Foundation is both a registered charity and a company limited by guarantee having no share capital; it is governed by its charitable objects and Memorandum and Articles of Association and is a non-profit distributing organisation. The liability of its members in the event of the charity being wound up is limited to £1.

b. Directors and Trustees

The directors of the charitable company are its Trustees for the purpose of charity law, and throughout this report are collectively referred to as the Trustees. The Trustees who served during the year and since the year end are shown on page 1. None of the Trustees have any beneficial interest in the charity.

The Trustees are responsible for its overall management and control, including the implementation of policies. The Board meets regularly. They have certain legal, financial and fidiciary duties under company law and as Trustees must also comply with charity law.

c. Appointment of Trustees

As set out in the Articles of Association, the chairman is appointed by other Trustees. New Trustees are elected to the Board by existing members.

d. Trustees Induction and Training

New Trustees receive the latest annual report and financial statements and all relevant information relating to the charity. All trustees are kept informed about relevant developments within the charity sector.

e. Related Parties

The charity has no subsidiaries. The charity has a close relationship with Hampstead Theatre Limited, a company also limited by guarantee and a registered charity, to whom it leases the theatre building.

Page 2

HAMPSTEAD THEATRE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

f. Risk Management

The Trustees are responsible for the management of the risks faced by the charity. Risks are identified, assessed and controls established as appropriate. Consequently, the Trustees are satisfied that all major risks identified have been mitigated.

OBJECTIVES AND ACTIVITIES

a. Principal Activity

The principal activity of the charity, as defined by its Memorandum and Articles of Association, is to promote, maintain, improve and advance education particularly by the encouragement of the arts and the provision of places and facilities for their performance, creation, display, exhibition and realisation. The charity has had regard to the guidance from the Charity Commission to ensure that its objects and activities are applied for the public benefit.

Since its incorporation the charity has had responsibility for building a new theatre at Swiss Cottage, London NW3. The building was completed in February 2003. The charity now leases the building to Hampstead Theatre Limited for occupying the building and for maintaining the terms of its 99 year lease with the London Borough of Camden.

ACHIEVEMENTS AND PERFORMANCE

a. Review of leases

The Foundation continues to lease the building to Hampstead Theatre Limited and to support its work with grants as shown in the accounts.

b. Review of activities

The detailed figures are contained in the financial statements. The charity had net outgoing resources of £132,020 (net outgoing resources 2021: £75,641) for the year. Fixed assets, which consist of the theatre, are shown at net book value of £10,323,269 (2021: £10,452,310). Unrestricted funds at 31 March 2022 amounted to £9,307,484 (2021: £9,421,767).

c. Reserves policy

The trustees have adopted a reserves policy to ensure that there are sufficient funds to maintain the fabric of the theatre. The free reserves at the year end, which consists of unrestricted reserves less the net book value of the unrestricted fixed assets amounted to positive £3,205 (2021: £6,184), which the trustees consider is acceptable. Going forward the charity will raise more funds to increase these reserves.

d. Investment Powers, Policy and Performance

Under the Memorandum and Articles of Association, the charitable company has the power to invest in any way the Trustees feel appropriate.

Page 3

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

PLANS FOR THE FUTURE

a. Future leases

Hampstead Theatre Foundation will continue to lease the theatre to Hampstead Theatre Limited for the term of its 25 year agreement which commenced on 27 January 2003.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 4

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

AUDITORS

The auditors, Nyman Libson Paul LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 15 March 2023 and signed on their behalf by:

Greg Ripley Duggan

Page 5

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSTEAD THEATRE FOUNDATION

Opinion

We have audited the financial statements of Hampstead Theatre Foundation (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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:

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSTEAD THEATRE FOUNDATION (CONTINUED)

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND AUDITORS

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

OPINION ON FINANCIAL STATEMENTS

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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.

Page 7

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSTEAD THEATRE FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Opinion on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• The Trustees Report has been prepared in accordance with applicable legal requirements.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Nyman Libson Paul LLP

Chartered Accountants Statutory Auditors 124 Finchley Road London NW3 5JS

15 March 2023

Nyman Libson Paul LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMPSTEAD THEATRE FOUNDATION (CONTINUED)

Note
Income from:
Other trading activities
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2022
£
-
-
-
12,737
12,737
(12,737)
1,031,727
(12,737)
1,018,990		 Unrestricted
funds
2022
£
56,000
2
56,002
175,285
175,285
(119,283)
9,426,767
(119,283)
9,307,484		 Total
funds
2022
£
56,000
2
56,002
188,022
188,022
(132,020)
10,458,494
(132,020)
10,326,474		 Total
funds
2021
£
56,000
6
56,006
131,647
131,647
(75,641)
10,534,135
(75,641)
10,458,494

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 19 form part of these financial statements.

Page 9

HAMPSTEAD THEATRE FOUNDATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 03656378

BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
9
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
Net current assets / liabilities
Total net assets
Charity funds
Restricted funds
11
Unrestricted funds
11
Total funds		 87,571
87,571
(84,366)		 2022
£
10,323,269
3,205
10,326,474
1,018,990
9,307,484
10,326,474		 100,865
100,865
(94,681)		 2021
£
10,452,310
6,184
10,458,494
1,031,727
9,426,767
10,458,494

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 145 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 15 March 2023 and signed on their behalf by:

Greg Ripley Duggan

The notes on pages 11 to 19 form part of these financial statements.

Page 10

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. General information

Hampstead Theatre Foundation is a charitable company limited by guarantee and incorporated in England. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

The address of the registered office is Eton Avenue, Swiss Cottage, London, NW3 3EU.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity's functional and presentation currency is GBP.

Hampstead Theatre Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The statement of financial position shows that the charity had net assets at the balance sheet date of £10,326,474 (2021: £10,458,494). The charity is dependant on the support of a related company. The trustees have received assurances from the related company that it will support the charity for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Existing funding facilities, forecasts and projections indicate that the charity has adequate resources to continue with some level of activity from minimal to full levels. Although the potential effects of the coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.

After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

Page 11

HAMPSTEAD THEATRE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.4 Incoming Resources

Grants and donations receivable are recognised in incoming resources in the year in which they are received.

Rental income is recognised when receivable by the charity.

2.5 Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Charitable activities are costs related directly to the aims of the charity.

Governance costs include those expenses incurred in the governance of the charity which do not relate to the provision of the charitable activities, but are primarily associated with the constitutional and statutory matters.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Page 12

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities and provisions are normally recognised at their settlement amount.

2.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. Income from other trading activities

Income from non charitable trading activities

Rental income
Rental income		 Unrestricted
funds
2022
£
56,000
Unrestricted
funds
2021
£
56,000		 Total
funds
2022
£
56,000
Total
funds
2021
£
56,000

Page 13

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. Investment income

Interest receivable
Interest receivable		 Unrestricted
funds
2022
£
2
Unrestricted
funds
2021
£
6		 Total
funds
2022
£
2
Total
funds
2021
£
6

5. Analysis of expenditure on charitable activities

Summary by fund type

Direct costs
Direct costs		 Restricted
funds
2022
£
12,737
Restricted
funds
2021
£
12,737		 Unrestricted
funds
2022
£
175,285
Unrestricted
funds
2021
£
118,910		 Total
funds
2022
£
188,022
Total
funds
2021
£
131,647

Page 14

(A Company Limited by Guarantee)

HAMPSTEAD THEATRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of expenditure by activities

Management of the theatre
Management of the theatre
Analysis of direct costs
Depreciation
Bank charges
Ground rent
Depreciation
Bank charges
Ground rent		 Activities
undertaken
directly
2022
£
129,172		 Grant
funding of
activities
2022
£
56,000
Activities
undertaken
directly
2021
£
129,147		 Support
costs
2022
£
2,850
Support
costs
2021
£
2,500
Activities
2022
£
129,040
32
100
129,172
Activities
2021
£
129,040
7
100
129,147		 Total
funds
2022
£
188,022
Total
funds
2021
£
131,647
Total
funds
2022
£
129,040
32
100
129,172
Total
funds
2021
£
129,040
7
100
129,147

Page 15

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of expenditure by activities (continued) Analysis of direct costs (continued)

Analysis of support costs

Auditors' remuneration
Auditors' remuneration
7.
Auditors' remuneration
Fees payable to the company's auditor for the audit of the company's
annual accounts		 Activities
2022
£
2,850
Activities
2021
£
2,500
2022
£
2,850		 Total
funds
2022
£
2,850
Total
funds
2021
£
2,500
2021
£
2,500

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).

Page 16

HAMPSTEAD THEATRE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Tangible fixed assets

Cost or valuation
At 1 April 2021
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Long-term
leasehold
property
£
12,628,370
12,628,370
2,176,060
129,041
2,305,101
10,323,269
10,452,310

10. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
-
2,285
42,850
39,231
84,366		 2021
£
25
2,800
42,850
49,006
94,681

Page 17

HAMPSTEAD THEATRE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at 1
April 2021
as restated
£
9,426,767
1,031,727
10,458,494		 Income
£
56,002
-
56,002		 Expenditure
£
(175,285)
(12,737)
(188,022)		 Balance at
31 March
2022
£
9,307,484
1,018,990
10,326,474

12. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
£
1,018,990
-
-
1,018,990		 Unrestricted
funds
2022
£
9,304,279
87,571
(84,366)
9,307,484		 Total
funds
2022
£
10,323,269
87,571
(84,366
10,326,474

Page 18

HAMPSTEAD THEATRE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease in creditors
Net cash provided by operating activities		 2022
£
(132,020)
129,040
(10,315)
(13,295)		 2021
£
(75,641)
129,041
(1,721)
51,679

14. Related party transactions

During the year rent of £56,000 (2021: £56,000) was received from Hampstead Theatre Limited and grants of £56,000 (2021: £Nil) were paid to Hampstead Theatre Limited. At the balance sheet date £42,850 (2020: £42,850) was owed to Hampstead Theatre Limited.

15. Legal charge

Arts Council England has a charge through a legal mortgage, secured on all assets of the charitable company, including the Theatre Building. The charge was registered on 8 July 2008.

Page 19