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.
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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
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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.
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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.
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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.
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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.
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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
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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
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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.
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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.
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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
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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).
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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.
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