REGISTERED COMPANY NUMBER: 03696681 (England and Wales) REGISTERED CHARITY NUMBER: 1077139 REPORT OF THE TRUSTEES AND AUDITED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR PLAY TO THE CROWD (PREVIOUSLY THE LIVE THEATRE WINCHESTER TRUST) (A COMPANY LIMITED BY GUARANTEE)
PLAY TO THE CROWD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet yash Flow Statemen Notes to the Financial Statements Page 1 to 10 11 to 13 14 15 16 17 to 29
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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 in 2024/2025 The Charity's purpose and method are summarised below: Why: To Delight and Unite our Communities How: What: By inspiring people to connect with and participate in live performance - both indoors and out - and by inviting them to 'escape from the ordinary' and discover a lifelong love of theatre and the arts We run a beautiful theatre, family friendly festivals and community participation programmes in and around Winchester The name Play to the Crowd reflects our commitment to encourage a broader and more diverse set of people to our work and to bring the charity forward in the consciousness of the public. The organisation consists of: Theatre Royal Winchester, our 400 seat, heritage theatre with a year-round received programme of professional theatre, dance, music, comedy, talks and family shows, a vibrant local community programme and our own professionally produced annual pantomime. Hat Fair, one of the nation's most distinctive Outdoor Arts festivals, bursting onto the City's streets and public spaces on the first weekend of July annually, with an eclectic mix of free national, international and local performances. Playmakers, the current name for all our community, participation and young people's work, which includes a range of regular youth theatre groups, work with older people, schools and universities, refugee communities and rural communities. It also includes our trading subsidiary, Trade to the Crowd which operates our bars and associated catering and small hires. ACHIEVEMENT AND PERFORMANCE For the third year running Play to the Crowd broke its record for the highest ticket sales revenues In Theatre Royal Winchester's history, despite the ongoing cost of living crisis. This year also saw more events at Theatre Royal Winchester than ever before with almost 82,000 people seeing work in the venue across 358 performances or screenings in the main house. We also pulled out all the stops to present a celebratory 50th anniversary Hat Fair, at which there were almost 50,000 attendees to the variety of free outdoor performances, despite the inclement weather. Page 1
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE (continued) We developed a new initiative for Winchester with the advent of RAW: Winchester's Week of Contemporary ertormance, which was created in collaboration with other local venues in the city and will now become ar annual fixture each March. In addition, we helped grow the Children of Winchester Festival into a full weeken and ensured the continuation of the Winchester Jazz Festival as well as hosting the first Al Arts Festival in partnership with University of Southampton. Our Playmakers work continues to reach our priority communities, and we were delighted to formally become a Theatre of Sanctuary as well as to launch our second community hub, with Colden Common now joining Wickham, to extend our reach across the district of Winchester. Audience feedback, as gathered from post-show questionnaires, continues to be very positive, which is a tribute to our staff team and the quality of the work we present on our stage. Across almost 4,000 responses submitted, there was an average score of 4.66 out of 5 for the shows and 4.63 out of 5 for the venue experience, with a whole range of glowing comments. This represents extraordinarily high averages across such a large sample. Further Strategic Developments in 2024/2025 We refreshed our Business Plan, including sharpening our purpose, values and priority communities, ready for April 2025. We delight and unite our communities by putting culture, learning, joy and community at the heart of all our work and being inclusive, passionate and kind in all that we do. We continued to expand our range of corporate partners and were delighted to confirm Trethowans as our Strategic Partner for Theatre Royal Winchester for a second year, as well as celebrating ten years of support from Paris Smith. We finally completed the refurbishment of the circle toilets and installed the new Tower Street french windows and we began work on the major stalls toilets capital project. We invested in a new sound system for Theatre Royal, Winchester. We made maior repairs to our roof and installed a new hot water boiler. We invested in a new EPOS system and moved our operations onto Microsoft 365 software. Artistic Outputs Overall in 2024-2025 Play to the Crowd presented more than 1000 separate activities which attracted over 142,000 attendances. Of these, about 500 were direct performances to audiences numbering over 132,000 and the other 500 were participatory activities which attracted more than 10,000 attendances. Of the performances, 358 were in Theatre Royal Winchester and the rest were at Hat Fair or off site during the year. Of these 358 Theatre Royal Winchester performances, 296 were professional performances or screenings (of which 60 were our own Pantomime performances) and 62 were community performances. The Board of Trustees would like to thank sincerely all the visiting artists, musicians, companies, performers and audiences who visited Theatre Royal Winchester and Hat Fair during 2024/2025. Thanks are due, in particular, to the whole creative team who come together each year to present our annual pantomime which is produced in house and is essential to the business model of the charity. This year's pantomime was Mother Goose and we were delighted to welcome a new Director for the first time in 20 years as we successfully navigated the transition from one creative lead to another. We celebrated the work of our long-time writer/director Jamie Barry, while welcoming Robin Belfield to take on the mantle. As part of a carefully managed evolution, the two of them agreed to co-write Mother Goose as part of this hand Page 2
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE (continued) Supporting the local community to perform As the only professional stage in the district, we are delighted to welcome, support and present the work of many local community groups, providing professional expertise and advice as well as a platform for their talents. In 2024-25 we were delighted to welcome a wide range of local groups including: Winchester Musicals and Operatic Society (WMOS); Blue Apple; Integr8 Dance; Encore Youth Theatre; University of Winchester; Winnall Rock School; Embley School; Ultimate Victory Dance; the Performing Arts Academy; The Maven Awards; Naomi House and Jack's Place; Peter Symonds College; Henry Beaufort School; and The Gregg School. Hat Fair also enables the charity to offer a diverse range of community performance opportunities including the involvement of a number of local choirs and outdoor performances by Blue Apple and University students as well as many other local acts presented on The Hat Fair People's Stage. Playmakers Playmakers is our brand for all our participation, community engagement and young people's work. Across the year, there were over 10,000 attendances to nearly 500 participatory activities. This includes our six regular Playmakers Youth Theatre groups who showcased their work at Hat Fair and at a Take Over Day in the theatre. The Hat Fair Carnival was another colourful success with many local schools and community organisations participating in costume workshops supported by New Carnival Company and our Playmakers team before parading through the city to mark the start of the 50th Hat Fair. FINANCIAL REVIEW Despite the continuing significant challenges of the cost-of-living crisis for our community and the ever-growing costs of running an enterprise such as Play to the Crowd, we managed to complete the year close to budget. This is a tribute to the whole team not only for excellent budget discipline and strong management and agility, but also for sheer hard work to deliver the outputs we achieved and the earned and raised income levels. The Financial Position of the charity at year end The 2024-25 financial year began with a general undesignated reserve of £583,504 including unrestricted fixed assets of £268,342. There was an additional £249,741 in our designated capital reserve held for development of the building and the theatre's infrastructure at the start of the 2024-25 year. In order to achieve the out turn reported we have once again had to: Programme more intensively into the building than ever before, including a greater percentage of more populist work including popular musical performance, stand-up comedy and celebrity talks Continue to ease up the average ticket yield in line with the business plan target of 3% a year Control costs and carefully monitor and manage expenditure whilst seeking to maximise ancillary spend by ticket holders and fundraised income. The financial outturn also benefitted from several staff vacancies during the year which we struggled to fill due to a shortage of available sector specific skills. This is a national challenge in the arts sector and continues to create pressures on our organisation as well as many others across the country. We ended this 2024-25 year with a general undesignated reserve of £656,296 including unrestricted fixed assets of £394,878. £656,296 represents an increase of £72,792 over 2023/24. Page 3
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW (continued) Total unrestricted general reserve Less: Unrestricted fixed assets (Note 23) Total general free reserve Less: Designated restoration reserve (Note 22) Total undesignated general free reserve 2025 912,065 -394,878 517,187 -256,769 260,418 2024 833,245 -268,342 564,903 -249,741 315,162 In addition we ended the year with £256,769 in our restoration levy supported designated reserve, for future capital projects to improve the building. We intend to depreciate the cost of current and future building improvement projects against this reserve over the next ten years. Our full charity reserves availability therefore stands at £517,187 (£564,903 in 2023/24) including free and designated reserves, as the tabie above illustrates. serves Poll The Trustees have reviewed new Charity Commission guidance, which encourages a new way of thinking about the rationale for holding reserves, and, in that context, we have updated the Reserves policy for 2024-25 and beyond. The primary purposes of our reserves going forward are to: - Ensure the continuity of our charitable activities in the event of unexpected financial challenges - Maintain confidence among stakeholders, including beneficiaries, donors, and partners - Mitigate risks associated with economic uncertainties or changes in funding streams - Enable the charity to seize opportunities for growth or development Play to the Crowd is not forecasting a deficit budget in the 2025-2026 year and so should not need to draw upon reserves during this period. This policy and reserves levels will be reviewed regularly to ensure continuing relevance and will be updated annually. We recognise we need to maintain a reserves level appropriate to the size, activities, and risks of the charity. The Charity's risk register has been examined in detail and the reserve range has been set in accordance with this analysis. The reserves level will be reviewed regularly by the Board of Trustees and adjusted as necessary. For the year 2024-25 it was set at a target reserve range of £365,000 - £495,000 and this remains unchanged into 2025-26. It has also been agreed that the current held restoration levy designated reserve should be expended to improve the infrastructure of the building as this is what it is intended for. This is replenished through the levy on ticket sales at the rate of approximately £80,000 each year. appropriate reserves along with a comprehensive insurance policy, which includes cover for business interruption, we aim to safeguard the future of our charity and maximize our impact on society, continuing our mission to Delight and Unite our communities by inspiring people to connect with and participate in live performance. Play to the Crowd had a current core team structure in 2024-25 of 22 full time equivalent staff (consisting of 24 people), without whom the achievements of this year would simply not have been possible. Given the challenges of the year, particularly around the difficulties in recruitment, they have done magnificently. The trustees recognise their passion, commitment and professionalism throughout the year and thank them for their outstanding efforts and endeavours. Page 4
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW (continued) In addition, we are lucky to have an excellent team of casual colleagues who ensure our bar is staffed and our front of house and technical teams are supported. We also rely upon creative freelancers to deliver our pantomime and to work alongside our Playmakers team delivering many of our community and participatory activities. We are a significant employer in our city and provide important opportunities for students at our two local Universities, both while studying and also upon graduating. One of the key challenges for recruitment and retention is the cost of housing (both bought and rented) in Winchester and the surrounding area, and this presents a real risk for the years ahead. Volunteers Volunteers continue to make an important contribution to the running of Play to the Crowd. Over 150 individuals contributed their time voluntarily assisting with Front of House, Marketing, Distribution and related activities. Hat Fair volunteers cover technical, fundraising and crowd marshalling activities. We estimate that in 2024-25 we benefitted from over 5,000 worked volunteer hours. The in-kind value of the contribution of our volunteers across the organisation is estimated at over £60,000. The Board is grateful for the wonderful contribution our volunteers give to the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Play to the Crowd is a company limited by guarantee, governed by its Memorandum and Articles of Association, which were fully and formally updated and approved at the 2023 AGM before being lodged with the Charity Commission and Companies House. Play to the Crowd is registered as a charity with the Charity Commission and as a company at Companies House. Appointment of Trustees The Chairperson is nominated by the Board. As per Board Policy, revised by unanimous agreement at a board meeting in February 2023, Board Members/Trustees, up to 12 in number overall, can serve a maximum of three terms of 3 years. The first term is to expire at the AGM after the Board member has served an initial 3-year period of office. Board members / Directors wishing to serve a second or third term of 3 years must be considered by fellow trustees and re-elected at the AGM after the third year of the previous term has expired. Board and Governance Observers who regularly attend Board meetings are from Hampshire County Council, Winchester City Council and our landlords, Winchester Theatre Trust. Board members regularly discuss strategy, the artistic output, sales and financial performance, compliance, risk and the risk register, key staffing issues including turnover, safeguarding, future resilience and plans for strengthening the company's partnerships and relationships across the city and beyond. Trustees have continued to make a strong contribution during the present times that continue to be challenging and require active support and oversight as well as agile and dynamic approaches to governance and management. Trustee Induction and Training New Trustees are fully informed of their legal obligations under charity and company law. New trustees are given a copy of the Memorandum and Articles of Association, recent Accounts and financial performance of the charity, relevant publicity material, the latest 'Trustees' Annual Report and the current Business Plan. They also have an induction meeting and tour. Occasional training opportunities are offered to them to support their understanding and awareness of the arts sector and their role as trustees of both a charity and a company. Trustees also participate in staff and board development activities and workshops on occasion. Page 5
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Organisation The Board of Trustees administers the charity. The Board meets for formal board meetings four times per annum. The Board has a number of Board Action Groups, comprised of board members and senior staff and with invited experts on occasion, which meet as required to their purpose These Action Groups report into the main board meetings and are: The Finance and Trading Action Group - meets in advance of every board meeting and receive the full monthly management accounts every month. The Building and Spaces Action Group - meets to discuss operational building matters and is currently supporting the Building Transformation Project. The Hat Fair and Playmakers Action Group - meets regularly but more frequently in the lead up to Hat Fair. In addition, a Development Action Group is currently being formed from 2025/26 to drive fundraised income The Chief Executive (CEO) is appointed by the trustees to manage the day to day operation of the charity and theatre. The Senior Management Team, led by the CEO, operates effectively as a small leadership team. To facilitate effective operations, the CEO has delegated authority from the board for operational matters including finance, employment and artistic related activity. The Senior Management Team supplies a written report on the progress of the organisation prior to each formal board meeting and whenever requested by the Related Parties None of our Trustees receive remuneration from their work with the charity. Any connection between a Trustee or Senior Manager of the charity with a production company, contracted actor, performer or exhibitor must be disclosed to the full Board of Trustees in the same way as any other contractual relations with a related party. Any conflicts of interest with the Board's agenda and discussions are registered and considered at the start of every relevant Board meeting. Theatre Royal Winchester is the property of Winchester Theatre Trust Limited. Winchester Theatre Trust Limited raised money for the refurbishment and fitting out of the theatre, which enabled it to re-open in October 2001. The lease is full repairing and currently runs until 2048. Setting pay of key personnel Pay levels for key personnel and for the organisation more broadly are set by assessing sector benchmarks and taking a view on balancing affordability with market forces. A new Reward and Recognition Policy was approved by trustees during the course of the 2023-24 year and includes a table of approved salary bands and scales. This offers staff the chance to progress up scales within a salary band, if this approach is deemed affordable by trustees each year. Trustees consider the affordability of any annual pay rises each January or February, including examining external factors, prior to implementation in April. The Board sets and approves the remuneration of the CEC based on performance and external benchmarking. The Board considers the recommendations of the CEO on the remuneration of his senior management team and, after appropriate discussion, approves accordingly. Page 6
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNMENT AND MANAGEMENT (Continued) Principal risks identified by trustees and measures to manage risk The Board have approved a Board Risk Assessment, and they review this register as a whole at least annually in order to update the level and types of risk, assess appropriate mitigations, and identify any new or emerging risks. The main risk areas assessed through this document are as follows: Financial Creative Organisational including safeguarding - Technology - Marketing and Profile related including reputation - Building and infrastructure related The analysis indicates that Play to the Crowd's most significant risks and their mitigating actions are: - Loss of public investment - Maintain strong relationships. Achieve multi-year agreements to minimise uncertainty. Develop more diverse income streams. Reduce the % turnover relied upon from public funding year on year by growing earned income as per business plan targets. - Decline in ticket sales - More appealing and more diverse programmes to attract new audiences. New ticket pricing to attract younger people. More engagement results in more relevant programme. - Meeting of full repairing lease - The Restoration Levy has made a big difference in mitigating this risk. Each year we now prioritise an achievable number of tasks to maintain and improve the building, and to minimise the risk of costly reactive repairs being suddenly required. - A future 'force majeure' shock such as a pandemic - Maintain a cash reserve to allow a more robust response than previously and update business interruption plans. - External financial pressures combine to create the perfect storm of rising fixed costs and loss of earned income due to less available discretionary spend amongst the public and more competition for grant and supporter income streams - Carefully monitor operational budgets and make changes to mitigate month by month. - Safeguarding incident - Consideration, awareness and familiarisation with the charity's safeguarding policy by all trustees, staff and volunteers. Appropriate safeguarding training across the charity. - Recruitment and retention of key staff - The current external employment environment along with rising salaries makes recruitment and retention challenging. This is especially acute in specialist skills areas including technical, finance and hospitality. There is also risk associated with losing key senior staff. Page 7
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE Registered Company number 03696681 (England and Wales) Registered Charity number 1077139 Registered office Theatre Royal Winchester 21 Jewry Street Winchester Hampshire, S023 8SB Auditors MC Audit Limited Chartered Accountants Statutory Auditors Station House North Street Havant Hampshire PO9 1QU Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ National Westminster Bank ple 48 Blue Boar Row Salisbury Wiltshire SP1 1DF Page 8
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE (Continued) Trustees The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving during this year and since the year end were as follows: Elected Trustees: Mark Byford (Chair) Paul Spencer (Vice Chair) Anthony Arkwright Lorraine Cheshire Steve Cross Amy Eastwood Majid Dhana Lynne Lockyer Sho Shibata Shaun Stacey Noemi Wall (Appointed 12 June 2024) Chief Executive: Deryck Newland Company Secretary: Dan Angus Page 9
PLAY TO THE CROWD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees Responsibilities The trustees (who are also the directors of Play to the Crowd for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group's auditor is unaware, and - the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each taken all steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. approved by order of the board of tusies on 78 / T./ 25 and signed on its behal by: Mr Mark Byford Chair of the Board Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PLAY TO THE CROWD Opinion We have audited the financial statements of Play to the Crowd (the 'charitable company') and its subsidiaries for the year ended 31 March 2025 on pages 14 to 29 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets and Cashflow Statements and notes to the financial statements, 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 FRS 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: give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2025 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. 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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group or parent charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 11
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PLAY TO THE CROWD Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the 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 group and parent 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 group or parent charity or to cease operations, or have no realistic alternative but to do so. 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 a Report of the Independent Auditors 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. 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 Report of the Independent Auditors. 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: From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern. Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues concerning ticket sales and grant income and management override concerning the size of the organisation. We set financial statement materiality level based on the level of income. As a not for profit organisation raising income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level. Page 12
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PLAY TO THE CROWD Substantive audit tests were designed after assessing and testing systems and controls. The systems and controls which have been designed to act as a preventative measure against fraud and error were operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested. Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override. The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation. Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management. This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 group and the parent charity and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Underwood (Senior Statutory Auditor) for and on behalf of MC Audit Limited Statutory Auditors Station House North Street Havant Hampshire PO9 1QU Date: Page 13
PLAY TO THE CROWD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM Grants, donations and legacies Charitable activities Charitable operations Other trading activities Other income Investment income Total EXPENDITURE ON Raising funds Commercial trading operations Charitable activities Charitable operations Total Net income/(expenditure) Transfers between funds Taxation (trading subsidiary only) Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD Notes 5 7 3&6 4 Unrestricted funds 415,250 1,637,438 385,896 33,939 2,472,523 Restricted funds 163,672 29,866 - - 193,538 Total 2025 578,922 1,667,304 385,896 33,939 2,666,061 Total 2024 604,200 1,607,602 371,394 24,198 2,607,394 3 & 8 9 195,919 2,197,784 2,393,703 78,820 - 291,910 291,910 (98,372) 195,919 2,489,694 2,685,613 (19,552) 189,677 2,407,947 2,597,624 9,770 22 - 78,820 (98,372) (19,552) 9,770 833,245 - 912,065 235,484 137,112 1,068,729 1,049,177 1,058,959 1,068,729 Page 14
PLAY TO THE CROWD CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 MARCH 2025 FIXED ASSETS Tangible assets Investments CURRENT ASSETS Stocks Debtors Cash at bank and in hand CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due in more than one year NET ASSETS FUNDS Restricted funds Unrestricted funds TOTAL FUNDS Group 2025 Notes 16 17 18 19 20 22 22 531,990 531,990 8,097 57,295 1,109,472 - 1,174,864 (657,677) 517,187 1,049,177 1,049,177 137,112 912,065 1,049,177 Group 2024 504,625 504,625 8,427 134,940 1,218,704 1,362,071 (797,967) 564,104 1,068,729 1,068,729 235,484 833,245 1,068,729 Charity 2025 526,144 1 526,145 69,057 1,099,260 1,168,317 (648,235) 520,082 1,046,227 1,046,227 37,11 09,1 1,046,227 Charity 2024 503,397 1 503,398 147,489 1,201,914 1,349,403 (785,301) 564,102 1,067,500 1,067,500 235,484 832,016 1,067,500 The financial statements were approved by the Board of Trustes on 28/7 / 25 and were signed on tis Mr Mark Byford - Trustee Page 15
PLAY TO THE CROWD STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 Group 2025 Group 2024 Charity 2025 Charity 2024 Notes Cash flows from operating activities Cash generated from operations 27 69,199 69,199 215,247 215,247 67,718 67,718 206,058 206,058 Cash flows from investing activities Interest received Purchase of tangible fixed assets Acquisition of subsidiary Cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Total cash at the end of the year 33,939 (212,370) (178,431) 24,198 (245,322) 33,939 (206,032) (221,124) (172,093) 24,198 (245,322) (221,124) (109,232) 1,218,704 1,109,472 (5,877) (104,375) 1,224,581 1,218,704 1,201,914 1,097,539 (15,066) 1,216,980 1,201,914 Page 16
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Accounting convention The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by harities: Statement of Recommended Practice applicable to charities preparing their accounts i ccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The total unrestricted funds of Play to the Crowd, including the designated restoration levy and unrestricted fixed assets, as of 31 March 2025 stand at a positive £912,065, up from a positive £833,245 the previous year. In addition there is a positive sum of £137,112 held on the balance sheet of restricted funds. As at 31 March 2025 Play to the Crowd had a net current assets position of £1,049,177. For the year ended 31 March 2025 the Trust reported a deficit of £19,552 and saw it's Cash and Bank balances remain strong at £1,109,472. With a current focus on evolution of the business to further build operational and financial resilience the Trustees are confident that the Trust will continue to achieve a net current asset position at 31 March 2026. The trustees therefore believe the charity has sufficient resources to continue in operational existence for the foreseeable future and, on the basis of these budgets and forecasts, the trustees consider the company to be a going concern and have prepared the financial statements accordingly. Group financial statements These financial statements consolidate the results of the charity and its wholly owned subsidiary, Trade To The Crowd, on a line by line basis. A separate statement of financial activities and income and expenditure account are not presented for the charity itself following the exemptions afforded by section 408 of the Companies Act 2006. Incoming resources All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Grants, sponsorship and donations represent income from various sources as disclosed in the notes to the financial statements. Investment income is recognised on a receivable basis. Page 17
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES - continued Government grants Government grants are recognised based on the accrual model. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Where costs are related to the next financial period, the grants will be recognised in deferred income. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been ailocated to activities on a basis consistent with the use of resources. Support costs include central functions and have been entirely allocated to operation of the theatre costs on the basis that this is the charity's core and that further allocation would not be meaningful. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Resources expended are allocated to costs of generating funds, charitable activities and governance costs on an accrual basis where appropriate and a usage basis, as determined by the trustees, when allocation on an accruals basis is not possible. Recoverable VAT The company qualifies for cultural exemption in respect to its income from theatrical performances. As other activities are standard rates, a proportion of VAT paid by the company is recoverable in respect of those activities. The amount recoverable will fluctuate from year to year in accordance with the levels of income generated by the various activities. The recoverable amount is offset against charitable services costs. Operating leases Rentals payable are charged on a straight line basis over the lease term. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvement to property -10%/ 20% on cost Plant and machinery - 20% on cost Fixtures and fittings - 20% on cost Computer equipment - 20% on cost Tangible fixed assets costing £1,000 or more are capitalised at cost. Impairment of fixed assets Tangible fixed assets are reviewed for indicators of impairment at each reporting date. Where there is an indication that an asset may be impaired, the asset's recoverable amount is estimated. The recoverable amount is the higher of fair value less costs to sell and value in use. An impairment loss is recognised wher he carrying amount of the asset exceeds its recoverable amoun Stocks are valuad at the lower of cost and net realisable value, after making due allowance for obsolete and Taxation The charity is exempt from corporation tax on its charitable activities. Page 18
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES - continued Fund accounting Unrestricted and designated funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Financial instruments The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable investments in stocks and shares. The measurement basis used for these instruments is detailed below. Debtors & cash at bank Trade and other debtors are recognised at the settlement amount due after any trade discount offered Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand included cash held on deposit or in a current account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a 2 FINANCIAL ACTIVITIES OF THE CHARITY The financial activities shown in the consolidated statement includes those of the charity's wholly owned subsidiary, Trade to the Crowd A summary of the financial activities undertaken by the charity is set out below: Total incoming resources Total expenditure on charitable activities Net incoming resources Total funds brought forward Total funds carried forward Represented by: Restricted funds Unrestricted funds 2025 2,464,757 (2,486,030) (21,273) 1,067,500 1,046,227 137,112 909,115 1,046,227 20650) 10,545 1,056,955 1,067,500 235,484 832,016 1,067,500 Page 19
3 4 5 PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM COMMERCIAL TRADING OPERATIONS Trade To The Crowd Ltd (Registered Company number: 12131447 The charity's wholly owned trading subsidiary, Trade to the Crowd, which is incorporated in Englanc and Wales, pays its profits to the charity by Gift Aid. The following is an extract of the financial statements of Trade to the Crowd for the year ended 31 March 2025: Turnover Cost of sales and administrative expenses Profit before tax Corporation tax Profit after tax Profits distributed to the charity Retained in subsidiary The assets and liabilities of the subsidiary were: Fixed assets Current assets Current liabilities Net assets Aggregate share capital and reserves 2025 283,813 (199,583) 84,230 84,230 (82,509) 1,721 15,845 (22,777) 2,951 2,951 INVESTMENT INCOME 2025 Deposit account interest 33,939 All investment income is derived from cash deposits held within the United Kingdom. GRANTS, DONATIONS AND LEGACIES Donations Grants Restoration & maintenance levy 2025 73,358 347,000 158,564 578,922 2024 269,571 (191,763) 77,808 77,808 (78,583) (775) 1,228 26,319 (26,317) 1,230 1,230 2024 24,198 2024 49,268 398,059 156,873 604,200 Page 20
6 7 8 PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Grants received, included in the above, are as follows: Winchester City Council Hampshire County Council Arts Council of England Winchester BID Without Walls Audience Development Other grants OTHER TRADING ACTIVITIES Front of house ancillary sales including Trade to the Crowd's trading operation (see note 3) 2025 236,600 99,900 2,000 3,500 5,000 347,000 2025 385,896 INCOME FROM CHARITABLE ACTIVITIES Ticket sales Hatfair other income Education income Higher Education Investment Venue hire Individual memberships Corporate support Other income Unrestricted Restricted 1,330,666 1,599 22,191 83,314 81,297 14,283 30,888 73,200 1,637,438 29,866 29,866 Total 2025 1,330,666 31,465 22,191 83,314 81,297 14,283 30,888 73,200 1,667,304 COMMERCIAL TRADING OPERATIONS Other trading activities Front of house ancillary cost of sales including Trade to the Crowd's trading operation (see note 3) 2025 195,919 Page 21 2024 244,500 36,000 109,702 3,500 4,357 398,059 2024 371,394 2024 1,303,276 39,586 22,286 81,250 65,104 13,356 22,481 60,263 1,607,602 2024 189,677
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE ACTIVITIES COSTS Direct Support Charitable Operations 1,190,773 - 1,190,773 10 11 DIRECT COSTS OF CHARITABLE ACTIVITIES Production costs Hatfair production costs Education workshops and performances Marketing Box office costs SUPPORT COSTS Charitable Operations Management Wages Social security Pensions Insurance Light and heat Telephone Postage and stationery Sundries Travel expenses Cleaning Repairs and maintenance Consultancy Training Recruitment Subscriptions Recoverable VAT Depreciation of tangible fixed assets IT costs 1,298,921 1,298,921 Total 2025 2,489,694 2,489,694 2025 864,208 181,844 18,822 55,461 70,438 1,190,773 Management Governance 1,289,267 9,654 1,289,267 9,654 2025 700,075 57,499 14,318 27,685 60,260 13,513 27,312 2,513 12,082 144,620 6,013 9,473 3,359 4,851 (31,708) 183,279 54,123 1,289,267 Page 22 Total 2024 2,407,947 2,407,947 2024 838,479 177,454 20,037 47,358 69,434 1,152,762 Totals 1,298,921 1,298,921 2024 666,412 52,470 13,610 24,219 65,925 11,181 9,998 28,394 1,333 12,569 122,404 27,450 8,067 6,956 4,963 (30,925) 181,006 39,604 1,245,636
12. 13 14 PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Governance costs Auditors remuneration Accounting fees Bank charges NET INCOME/(EXPENDITURE) - GROUP Net resources are stated after charging: Auditors' remuneration Depreciation - owned assets 2025 Charitable Operations 7,985 1,231 438 9,654 2024 Total Activities 7,605 1,575 369 9,549 2025 7,985 185,005 2024 7,605 181,781 TRUSTEES' REMUNERATION AND BENEFITS No trustees' received remuneration or other benefits during the year ended 31 March 2025 nor for the period ended 31 March 2024. Trustees' Expenses During the year no trustees (2024: none) were reimbursed for out of pocket expenses. STAFF COSTS 2025 2024 Wages and salaries National insurance Pension contributions 785,775 744,176 60,635 52,470 15,092 13,610 861,502 810,256 The key management personnel of the charitable company during 2024-25 comprised the Chief Executive, the Communications and Development Director, the Hat Fair and Playmakers Director and the Business and Operations Director. The total employee benefits of the key management personnel of the Charity were £221,760 (2024: £228,292). Page 23
15 PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 The average monthly number of employees (full time equivalent) during the year was as follows: Administration and Creative Box office Technical Front of house 2025 Number 15 1 4 4 24 2024 Number 11 2 22 Only one employee had annual emoluments of more than £60,000 per annum this year (none in the previous period). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2024 Unrestricted Restricted funds funds Total 2024 € 380,498 1,577,033 371,394 24,198 2,353,123 223,702 604,200 30,569 1,607,602 371,394 24,198 254,271 2,607,394 INCOME FROM Donations and legacies Chartable Operations ther trading activitie ther trading activitie Investment income Total EXPENDITURE ON Raising funds Commercial trading operations haritable activitie haritable Operatior Total Net (expenditure/income Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 189,677 2,098,124 2,287,801 65,322 - 65,322 767,923 833,245 - 189,677 309,823 2,407,947 309,823 2,597,624 (55,552) 9,770 - (55,552) 9,770 291,036 1,058,959 235,484 1,068,729 Page 24
16 17 PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS - GROUP Improvements to property COST At 1 April 2024 542,797 Additions 79,521 Disposals At 31 March 2025 622,318 DEPRECIATION At 1 April 2024 212,344 Charge for year 85,462 Eliminated on disposals At 31 March 2025 297,806 NET BOOK VALUE At 31 March 2025 324,512 At 31 March 2024 330,453 TANGIBLE FIXED ASSETS - CHARITY Improvements to property COST € At 1 April 2024 542,797 Additions 79,521 Disposals At 31 March 2025 622,318 DEPRECIATION At 1 April 2024 Charge for year 212,344 85,462 Eliminated on disposals At 31 March 2025 297,806 NET BOOK VALUE At 31 March 2025 At 31 March 2024 324,512 330,453 Plant and Fixtures and machinery fittings 368,53 126,51 495,042 261,878 59,932 321,810 173,232 106,653 221,310 6,338 227,648 197,097 24,457 221,554 6,094 24,213 Computer equipment 84,018 - 84,018 40,712 15,154 55,866 28,152 43,306 Plant and Fixtures and machinery fittings 368,531 217,434 126,511 495,042 261,878 59,932 321,810 173,232 106,653 217,434 194,449 22,737 217,186 248 22,985 Computer equipment 84,018 84,018 40,712 15,154 55,866 28,152 43,306 Page 25 Total 1,216,656 212,370 1,429,026 712,031 185,005 897,036 531,990 504,625 1,212,780 206,032 1,418,812 709,383 183,285 892,668 526,144 503,397
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 18. STOCKS Bar stock Confectionery etc 19 20 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Trade debtors Other debtors and accrued income Prepayments 1S.465 20,900 16,930 57,295 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Trade creditors Social security and other taxes VAT Other creditors Deferred income 51,465 22,179 18,421 139,823 425,789 657,677 Group 2024 80,344 40,037 14,559 134,940 Group 2024 82,974 18,439 17,252 210,823 468,479 797,967 2025 5,761 2,336 8,097 Charity 2025 17,891 34,236 16,930 69,057 Charity 2025 45,971 22,179 18,421 135,875 425,789 648,235 2024 6,108 2,319 8,427 Charity 2024 80,342 52,588 14,559 147,489 Charity 2024 74,219 18,439 17,252 206,912 468,479 785,301 - DEFERRED INCOME Deferred income represents income received in advance for tickets for shows in the next financial year. Brought forward Amount released to incoming resources Amount deferred in year Carried forward Group 2025 468,479 (468,479) 425,789 425,789 Group 2024 390,994 (390,994) 468,479 468,479 Charity 2025 168,479 (468,479) 425,789 425,789 Charity 2024 390,994 (390,994) 468,479 468,479 Page 26
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 21 OPERATING LEASE COMMITMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 2025 2024 22 Expiring: Within one year Between one and five years 9,707 19,609 29,316 8,460 8,297 16,757 The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,083 (2024: £8,520). The building the charity occupies is currently provided for a peppercorn rent and the charity is committed to the lease agreement until 30 September 2048. The total future minimum lease payments are expected to be Enil. MOVEMENT IN FUNDS - GROUP Analysis of unrestricted fund movements Generate Restoration tund Balance A11.424 583,504 249,741 833,245 Analysis of restricted fund movements Restricted fund - HCC Restricted fund - Garfield Weston Restricted fund - Hat Fair Restricted fund - Shared prosperity estricted fund - WCC CI estricted fund - Without Wal Balance At 1.4.24 74,618 86,365 15,459 59,042 235,484 Comparatives for movement in funds - 2024 Analysis of unrestricted fund movements General fund Designated fund Balance At 1.4.23 557,982 209,941 767,923 Incoming resources 2,393,040 79,483 2,472,523 Incoming resources. 108,887 60,272 24,379 193,538 Resources expended (2,321,248) (72,455) (2,393,703) Resources expended (53,917) (29,753) (108,887) (56,481) (18,493) (24,379) (291,910) Transfers : Balance At 31.3.25 655,296 256,769 912,065 Balance At 31.3.25 20,701 56,612 19,250 40,549 137,112 Incoming resources 2,273,821 79,302 2,353,123 Resources expended (2,248,299) (39,502) (2,287,801) Transfers Balance At 31.3.24 583,504 249,741 833,245 Page 27
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 22 MOVEMENT IN FUNDS (Continued) Analysis of restricted fund movements 23 Restricted fund - HCC Restricted fund - Garfield Weston Restricted fund - Hat Fair Restricted fund - Shared prosperity Restricted fund - WCG GIL Restricted fund - Henry Ist production Balance At 01.04.23 157,129 118,107 9,800 6,000 291,036 Incoming Resources resources expended (82,511) (31,742) 168,771 15,000 57,500B 254,271 (168,771) (9,341) (6,458) (11,000 (309,823) Transters Balance At 31.3.24 74,61฿ 86,365 15,459 59,042 235,484 Designated restoration fund The Trustees recognise that there are significant future costs to be incurred to maintain the infrastructure of the The Trustees also recognise that significant funds will be required, to which the Trust would be expected to contribute, for major refurbishment and transformation projects aimed at improving the operational and financial resilience of the Trust. At present a £2 Restoration and Maintenance Levy is collected from audiences as part of the overall ticket price and the Trustees have decided that £1 of this Levy is used to increase the Designated Fund. The other £1 is used to support operational maintenance and repair costs to ensure the building is kept in sound condition as per the requirements of our lease. Garfield Weston Depreciating capital investment in live streaming and cinema equipment and install of accessible toilet completed in 2020 and the installation of bi-fold doors and improvement works to circle level toilets - finally completed in 2024. Hatfair ACE - For the delivery of our Outdoor Arts Festival - Hat Fair in July 2025. HCC Depreciating capital investment. Shared Prosperity Comes via WCC to support the Hat Fair Community Participation programme and contribution to the new sound system at Theatre Royal Winchester (Vor munity infrastructure Levy) Contribution to capital asset purchase of a mobile trailer stage in 2021. Henry 1st Production Investment to support the staging of Henry 1 in The Great Hall, Winchester. Without Walls Support to develop new audiences for Hat Fair. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed assets Current assets Current liabilities Unrestricted funds 394,878 1,174,864 (657,677) 912,065 Restricted funds 137,112 - 137,112 2025 Total funds 531,990 1,174,864 (657,677) 1,049,177 24 EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £15,092 (2024: £13,610). Page 28
PLAY TO THE CROWD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 25 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2025. The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. ransaction between great wipen eliminated on consolidation are not disclosed within the financial statements. 26 ULTIMATE CONTROLLING PARTY The charitable company is not under the control of another entity or any one individual. 27 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES Group Group Charity 2025 2024 2025 Net movement in funds Depreciation charge Interest received (Increase)/decrease in stocks (Increase) in debtors Increase/(decrease) in creditors (19,552) 9,770 (22,994) 185,005 181,781 183,285 (33,939) (24,198) (33,939) 330 (1,318) 77,645 (43,261) 78,432 (140,290) 92,473 (137,066) 69,199 215,247 67,718 Charity 2024 10,545 181,006 (24,198) (48,634) 87,339 206,058 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank 1,218,704 1,218,704 (109,232) (109,232) 1,109,472 1,109,472 27 CAPITAL COMMITMENT DISCLOSURE At the reporting date, the charity had entered into a contract for refurbishment works totalling £258, 139. Of this, £48,405 had been incurred by 31 March 2025, with the remaining £209,734 committed to be paid upon completion of the work post year-end. Page 29