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2026-03-31-accounts

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Registered number: 05694721 Charity number: 1115555

THEATRE503 LIMITED

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Trustees' responsibilities statement 8
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 11 - 12
Statement of cash flows 13
Notes to the financial statements 14 - 28

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THEATRE503 LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2026

Trustees James Dacre, Chair
Royce Bell, Vice Chair (stood down 11 June 2025)
Emma Rees, Vice Chair
Eleanor Lloyd OBE (stood down 11 June 2025)
Ollie Raggett
Joshua Chua
Jack Tilbury
Roy Williams OBE (stood down 25 February 2026)
Azera Jones (appointed 26 November 2025)
Amber Massie-Blomfield (appointed 26 November 2025)
Cerian Walsh
Philippa Hill
Tian Brown-Sampson (promoted from Associate Trustee to Trustee 26 November
2025)
Emily Carewe (Executive Director)
Naomi Alicia Ladenburg
Kandy Chantal Rohmann
Guy Schanschieff (appointed 26 November 2025)
Company registered
number
05694721
Charity registered
number
1115555
Registered and principal
operating office
503 Battersea Park Road
London
SW11 3BW
Executive Director
Emily Carewe-Jeffries (trading as Emily Carewe)
Artistic Director
Anthony Simpson-Pike
Independent Examiners
MHA
Chartered Accountants
2 London Wall Place
London
EC2Y 5AU

Page 1

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THEATRE503 LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2026

The Trustees present their annual report together with the financial statements of the Charity for the year ended 31 March 2026.

Since the Charity qualifies as small under section 383 of the Companies Acts 2006, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

a. Policies and objectives

In shaping the theatre's objectives for the year and planning its activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies on grants, donations and the income from fees and charges to cover its operating costs.

In setting the level of fees, charges and concessions, the Trustees give careful consideration to the accessibility of the theatre for those on low incomes.

Affordability and access to the programme is important to Theatre503 and the work it produces is intended to be enjoyed by people of all ages and backgrounds, both locally and UK wide.

b. Strategies for achieving objectives

The strategies employed to achieve the charity's aims and objectives are to:

Putting these strategies into action the theatre has three major areas of activity which are:

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THEATRE503 LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Objectives and activities (continued)

c. Activities for achieving objectives

This year saw a range of successes on our stage and through our programmes, as well as a number of strategic challenges that required Trustees and Team Members to reimagine the ways in which we achieve our strategic objectives in the support of artists and our communities.

We staged 29 full-length plays on our stage at The Latchmere, reaching 7866 live audience members, and engaging over 350 freelancers. The year began with a successful production of Derry Boys by Niall McCarthy, which had initially begun its development as a 10-minute short play as part of our open access Rapid Write Response scheme before evolving into a full-length play. The first season of programming from Artistic Director Anthony Simpson-Pike was announced in September 2025 and launched in January 2026 with Donbas by Olga Braga, which was the winner of our 2025 International Playwriting award - chosen by an industry panel from 1377 submissions.

In forging this debut season, the Board and Executive launched a renewed producing model for the organisation which saw an increase in our annual in-house productions from 1 self-produced production per year to 4 inhouse productions. This significant increase in self-producing output was made possible through intensive fundraising, work with partners and with the generous support of PW Productions who acted as production sponsors for our 2026-27 season. This new approach to producing work was necessitated by the significant funding challenges experienced across the theatre sector, particularly in relation to producing new work and the availability of project funding from Arts Council England and the Trusts and Foundations who we’ve previously depended upon to subsidise our output. To illustrate the scale of this challenge, in April 2025 we saw 9-months of programmed work fall away due to a lack of available project funding, leaving our theatre at risk of being dark for the majority of the year. We moved quickly to programme new work, including a highly successful season of transfers from the Edinburgh Fringe, as well as Tanya Loretta Dee’s fantastic debut play Loop which played on our stage for 3-weeks in Autumn 2025. Strategically, our focus continues to be on developing meaningful partnerships to support an increased volume of produced work in-house and in co-production.

2025-26 saw our local borough - Wandsworth - become London Borough of Culture. As part of these celebrations, we were co-commissioned alongside local radio station Riverside Radio to lead and deliver a 40episode community led radio soap opera, The Wandsworth Way , celebrating the local people of Wandsworth. With lead writer James Fritz, we engaged over 30 local writers, and over 150 community actors across the season.

We continue to work towards refurbishing the 503Studio but were unsuccessful in our application for funding through Arts Council England’s Creative Foundations Fund. We have activated the studio with meanwhile use projects throughout the year, including rehearsals, community events, workshops and masterclasses and coworking space, allowing us to deliver against our social value commitments whilst we still continue to fundraise to finish the full fit-out

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THEATRE503 LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Achievements and performance

a. Key performance indicators

b. Stage performances

Our full length productions for this year included:

  1. Derry Boys by Niall McCarthy , directed by Andy McLeod. The play began as a 10-minute Rapid Write Response piece, before being developed into a full length play. Sold at 68% capacity. **** The Stage

  2. Loop by Tanya Loretta Dee , directed by Sophie Ellerby. “Dee’s writing and acting ensure that she’s a future powerhouse.” Sold at 53% capacity. **** - Reviews Hub

  3. Donbas by Olga Braga , directed by Artistic Director, Anthony Simpson-Pike. The play won 2025 International Playwriting Award, selected from 1377 submissions. The production was co-produced with Good Chance and 45North, in association with Seventh Productions. Sold at 95% capacity. * “Donbas showcases exactly why we need to be supporting more new writing when important stories like these need to be told.” - Love London Love Culture

Alongside these 3 week runs, we staged 26 short runs across our Summer, September and January short seasons, as well as 3 iterations of our Rapid Write Response programme.

c. Education, community, literary and artist development

The Writers Programme sold well, with a 30% uplift in participant numbers across the year and a 100% increase on 1-2-1 dramaturgy sessions. We offered 42 bursaries.

Our brilliant literary team dedicated much time to recruiting our 2026 503Five cohort, who are Arianna Munoz, Hannah Shury-Smith, Danielle James, Ellen Bannerman and Kathrine Payne.

Rapid Write Response continued to progress from stride to stride, held brilliantly by new Deputy Artistic Director Yasmin Hafseji, taking over from outgoing Deputy Artistic Director Rochelle Wilson. It has continued to open up a pathway to future collaborations and opportunities with early career artists, platforming 6 writers’ responses to every 3-week run we programme. Across the year we platformed 18 new plays and received 139 submissions, and mentored over 50 first time directors.

We delivered the first iteration of Finding Your Voice - a series of after school playwriting classes for primary school children - in partnership with St Mary’s Primary School in Nine Elms, and aim to roll this programme out further in the borough alongside the introduction of the 503 Young Company in 2026/27.

We announced the winner of our International Playwriting Award in July 2025, having received 1377 submissions received from 49 countries. Throughout the year, our Literary team led a reading pool of 20 through a rigorous assessment process, with longlisting and shortlisting, with the winner - Donbas by Olga Braga - chosen by a group of fantastic industry judges who we thank for their time.

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THEATRE503 LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Achievements and performance (continued)

d. Factors relevant to achieve objectives

Artistic values

Pricing policy

Accessibility

Financial review

a. Reserves policy

We aim for our reserves to be equivalent to 3 months of our running costs, valued in 2021 at £44,000. Having revalued our running costs at the 2025 AGM at £75,000, we are aiming towards incremental increases in our reserves target, whilst also acknowledging the reality of the financial climate. In 2025/26 our reserves target is £50,000, increasing to £60,000 in 2026/27, and £70,000 in 2027/28.

Total reserves at the end of the financial year were £517,119 (2025: £580,196) of which £50,576 (2025: £61,531) were restricted, £428,190 (2025: £455,854) were unrestricted designated capital funds and £38,353 (2025: £62,811) were unrestricted general funds.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, in the understanding of the increased risk posed as a result of the ongoing precarious economic and fundraising climate, and the increasing operating costs felt across the sector. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Page 5

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THEATRE503 LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

c. Financial review

Following the successful rebuilding of our reserves in the 2024/25 financial year, emphasis was placed on maintaining momentum whilst navigating a change in artistic leadership, and diversifying income streams. We successfully maintained our philanthropic income streams across Trusts & Foundations and individual giving, including a highly successful fundraising event at Battersea Power Station.

We continued to feel the impact on our expenditure of running two separate sites, and strategically continue to interrogate maximising the earning potential of the 503Studio as a meanwhile use venue.

We continue to recognise that the financial and fundraising climate remains incredibly challenging, but feel confident that our increased and diversified income streams place us in a strong position to react and respond dynamically, and build towards a more sustainable financial future.

d. Principal funding

The majority of the charity's income has continued to derive from box office income, tax credit claims from DCMS, Arts Council England grants, The Carne Trust, Wandsworth Borough Council, Concord Theatricals, Trusts & Foundations (see below) and individual donors.

We received grants from the following Trusts & Foundations within the year: De Laszlo Foundation, Noël Coward Foundation, Mila Charitable Organisation, D’Oyly Carte Foundation, Maria Bjornson Memorial Fund, Wimbledon Community Foundation, Unity Trust, and Orseis Trust.

e. Capital project

We have accounted accurately for all capital income, with expenditure on the fit-out being realised on our balance sheet as a depreciating asset.

Structure, governance and management

a. Constitution

The Charity was incorporated on 1 February 2006 under the Companies Act 1985 as a private company limited by guarantee, having no share capital, and its objects and regulations are governed by its Memorandum and Articles of Association.

Charitable status was granted on 24 July 2006 under registered number 1115555. The principal objects of the Charity are to promote, maintain, improve and advance education particularly by the promotion of educational plays and the encouragement of the Arts including the arts of Literature, Drama, Music, Singing and Movement.

There have been no changes in the objectives since the last annual report.

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THEATRE503 LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

As per the Memorandum and Articles of Association of the Charity, new Trustees are appointed by ordinary resolution.

Not less than fourteen nor more than thirty five days before the date of the meeting, the Charity is given a notice that is signed by a member entitled to vote at the meeting; which states the member's intention to propose the appointment of a person as a Trustee; which contains the details that, if the person were to be appointed, the Charity would have to file at Companies House and which is signed by the person who is to be proposed to show his or her willingness to be appointed.

c. Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Theatre503 operates a Risk Register covering Finance, Premises, Audiences, Product, Staffing and Capacity which is reviewed regularly by Trustees. The Artistic Director and Executive Director review operating risk during operations meetings and the Trustees interrogate changes in risk as they occur.

d. Structure, governance and management

Three long standing and highly valued Trustees reached the end of their final term of service during this period. In anticipation of this change, the Board led a major recruitment campaign to appoint three new Trustees. This included a full skills audit of all current trustees to identify key recruitment areas to focus upon in making new appointments and a widely advertised public recruitment process that saw a very competitive field of candidates submit applications. The Board was pleased to welcome Amber Massie-Blomfield, Azera Jones and Guy Schanschieff in November and to promote Tian Brown-Sampson from her role as an Associate Trustee to become a full Trustee.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.

The Trustees' Annual Report has been prepared in accordance with the provisions applicable to entities subject to the small companies' regime, was approved by order of the members of the board of Trustees and signed on their behalf by:

James Dacre (Chair of the Board)

Date: July 20, 2026

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THEATRE503 LIMITED

(A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2026

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

Approved by order of the members of the board of Trustees and signed on its behalf by:

James Dacre (Chair of the Board)

Date: July 20, 2026

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THEATRE503 LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2026

Independent examiner's report to the Trustees of Theatre503 Limited ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2026.

Responsibilities and basis of report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: July 21, 2026

John Coverdale FCA (ICAEW)

MHA Chartered Accountants 2 London Wall Place, London, EC2Y 5AU

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

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THEATRE503 LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2026

Note
Income from:
Charitable activities
3
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net (expenditure)/income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2026
£
374,589
966
375,555
431,593
431,593
(56,038)
3,916
(52,122)
518,665
(52,122)
466,543		 Restricted
funds
2026
£
177,532
-
177,532
184,571
184,571
(7,039)
(3,916)
(10,955)
61,531
(10,955)
50,576		 Total
funds
2026
£
552,121
966
553,087
616,164
616,164
(63,077)
-
(63,077)
580,196
(63,077)
517,119		 Total
funds
2025
£
960,923
4,066
964,989
611,764
611,764
353,225
-
353,225
226,971
353,225
580,196

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

The notes on pages 14 to 28 form part of these financial statements.

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THEATRE503 LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05694721

BALANCE SHEET AS AT 31 MARCH 2026

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 150,949
91,058
242,007
(160,889)		 2026
£
436,001
436,001
81,118
517,119
-
517,119
50,576
466,543
517,119		 142,276
89,740
232,016
(107,386)		 2025
£
465,566
465,566
124,630
590,196
(10,000)
580,196
61,531
518,665
580,196

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THEATRE503 LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05694721

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2026

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

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

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

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

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

James Dacre

(Chair of the Board)

Date: July 20, 2026

The notes on pages 14 to 28 form part of these financial statements.

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THEATRE503 LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026		 2025
£
394,676
4,066
(410,713)
(406,647)
(12,000)
(12,000)
(23,971)
113,711
89,740
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2026
£
34,264
966
(21,912)
(20,946)
(12,000)
(12,000)
1,318
89,740
91,058

The notes on pages 14 to 28 form part of these financial statements

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THEATRE503 LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

1. General information

The Charity is a company limited by guarantee, incorporated in England & Wales, company number 05694721, having its registered office at 503 Battersea Park Road, London, SW11 3BW.

The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.

Charitable status was granted on 24 July 2006 by the Charity Commission of England & Wales, registered number 1115555.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Theatre503 Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, in the understanding of the increased risk posed as a result of the ongoing precarious economic and fundraising climate, and the increasing operating costs felt across the sector. For this reason they continue to adopt the going concern basis in preparing the financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Creative industry tax relief claims are recognised to the extent that claims are expected to made and accepted in relation to qualifying expenditure incurred in the year.

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THEATRE503 LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

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

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Long-term leasehold property - over ten years on cost
Other fixed assets - over ten years on cost

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

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

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THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

2. Accounting policies (continued)

2.9 Liabilities and provisions

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

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

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

Page 16

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

3. Income from charitable activities

Productions
Education, Community & Development
Capital project
Commercial income
Total 2026
Productions
Education, Community & Development
Capital project
Commercial income
Total 2025		 Unrestricted
funds
2026
£
180,146
179,093
-
15,350
374,589
Unrestricted
funds
2025
£
207,392
159,984
-
6,929
374,305		 Restricted
funds
2026
£
71,155
103,377
3,000
-
177,532
Restricted
funds
2025
£
190,353
83,950
312,315
-
586,618		 Total
funds
2026
£
251,301
282,470
3,000
15,350
552,121
Total
funds
2025
£
397,745
243,934
312,315
6,929
960,923

4. Government grants

Arts Council England
Wandsworth Council
Gift Aid claims
Theatre tax relief claims
Employment Allowance		 2026
£
33,154
26,030
7,886
75,443
10,500
153,013		 2025
£
31,950
25,290
12,705
115,567
5,000
190,512

There were no unfulfilled commitments or other contingencies associated with the above grants at the end of the financial year.

Page 17

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

5. Investment income

Bank interest received
Total 2025		 Unrestricted
funds
2026
£
966
4,066		 Total
funds
2026
£
966
4,066		 Total
funds
2025
£
4,066

6. Analysis of expenditure on charitable activities Summary by fund type

Productions
Education, Community & Development
Total 2026
Productions
Education, Community & Development
Total 2025		 Unrestricted
funds
2026
£
143,570
288,023
431,593
Unrestricted
funds
2025
£
67,016
270,527
337,543		 Restricted
funds
2026
£
129,507
55,064
184,571
Restricted
funds
2025
£
209,842
64,379
274,221		 Total
2026
£
273,077
343,087
616,164
Total
2025
£
276,858
334,906
611,764

Page 18

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

7. Analysis of expenditure by activities

Productions
Education, Community & Development
Total 2026
Productions
Education, Community & Development
Total 2025		 Activities
undertaken
directly
2026
£
30,139
154,869
185,008
Activities
undertaken
directly
2025
£
71,499
182,329
253,828		 Support
costs
2026
£
242,938
188,218
431,156
Support
costs
2025
£
205,359
152,577
357,936		 Total
funds
2026
£
273,077
343,087
616,164
Total
funds
2025
£
276,858
334,906
611,764

Page 19

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Theatre and building
Nine Elms running costs
Fees
Interest
Marketing, administration and finance
Total 2026		 Total
funds
2026
£
285,845
51,193
28,098
19,739
7,595
1,280
37,406
431,156		 Total
funds
2025
£
268,787
22,120
19,443
8,848
7,870
503
30,365
357,936

8. Independent examiner's remuneration

2026 2025
£ £
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts 7,000 7,000
Fees payable to the Charity's independent examiner in respect of:
All other services not included above 2,650 2,650

Page 20

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

9. Staff costs

Wages and salaries
Social security costs
Contributions to defined contribution pension schemes		 2026
£
261,176
19,070
5,599
285,845		 2025
£
246,821
16,764
5,202
268,787

The average number of persons employed by the Charity during the year was as follows:

Operations
Charitable activities		 2026
No.
2
7
9		 2025
No.
2
8
10

No employee received remuneration amounting to more than £60,000 in either year.

The Trustees of the Charity considers that its Key Management Personnel comprise:

The total of employee benefits for Key Management Personnel was £97,235 (2025 - £81,271) .

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2025 - £NIL) .

During the year ended 31 March 2026, no Trustee expenses have been incurred (2025 - £NIL) .

Page 21

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

11. Tangible fixed assets

Cost or valuation
At 1 April 2025
Additions
At 31 March 2026
Depreciation
At 1 April 2025
Charge for the year
At 31 March 2026
Net book value
At 31 March 2026
At 31 March 2025		 Long-term
leasehold
property
£
475,467
21,022
496,489
19,613
48,686
68,299
428,190
455,854		 Other fixed
assets
£
24,943
890
25,833
15,231
2,791
18,022
7,811
9,712		 Total
£
500,410
21,912
522,322
34,844
51,477
86,321
436,001
465,566

The Nine Elms project is currently in the course of construction.

12. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable		 2026
£
70,367
-
11,000
69,582
150,949		 2025
£
15,083
11,626
-
115,567
142,276

Page 22

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

13. Creditors: Amounts falling due within one year

Bank overdrafts
Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2026
£
14,348
10,000
50,176
4,064
4,547
77,754
160,889		 2025
£
616
12,000
56,745
4,426
2,656
30,943
107,386
Deferred income at 1 April 2025
Resources deferred during the year
Amounts released from previous periods		 2026
£
30,943
71,754
(30,943)
71,754		 2025
£
70,000
10,943
(50,000)
30,943

Grants from Concord of £20,000 and the Arts Council England for the 503Engine project of £10,943 were deferred during the year 31 March 2025 to April and May 2025. A further £71,754 received in the year to 31 March 2026 from PW Productions, 503Engine, D'Oyly Carte and Carne 503Five has been deferred to 2026/27.

14. Creditors: Amounts falling due after more than one year

2026 2025
£ £
Other loans - 10,000

Page 23

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

15. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Nine Elms capital spend
General funds
General Fund
Total Unrestricted funds
Restricted funds
503Five
503Engine
Playwriting Award
Carne Associate Director
Production contributions
Capital project
Total of funds		 Balance at 1
April 2025
£
455,854
62,811
518,665
Balance at 1
April 2025
£
7,697
-
3,100
4,366
-
46,368
61,531
580,196		 Income
£
-
375,555
375,555
Income
£
17,000
15,000
3,000
12,000
127,532
3,000
177,532
553,087		 Expenditure
£
(48,686)
(382,907)
(431,593)
Expenditure
£
(1,567)
(12,500)
(6,000)
(21,039)
(143,465)
-
(184,571)
(616,164)		 Transfers
in/out
£
21,022
(17,106)
3,916
Transfers
in/out
£
(3,500)
-
-
4,673
15,933
(21,022)
(3,916)
-		 Balance at
31 March
2026
£
428,190
38,353
466,543
Balance at
31 March
2026
£
19,630
2,500
100
-
-
28,346
50,576
517,119

Page 24

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Nine Elms capital spend
General funds
General Fund
Total Unrestricted funds
Restricted funds
Slate managed funds
assessor
503Five
503Engine
Rapid Write Response
Playwriting Award
Wandsworth Writes
Carne Associate Director
Capital project
Production contributions
Total of funds		 Balance at
1 April 2024
£
65,348
2,370
67,718
-
13,634
-
-
-
1,447
-
144,172
-
159,253
226,971		 Income
£
-
378,371
378,371
4,450
11,000
27,500
4,000
13,000
-
24,000
312,315
190,353
586,618
964,989		 Expenditure
£
(19,613)
(317,930)
(337,543)
(4,450)
(16,937)
(27,500)
(4,000)
(9,900)
(1,447)
(19,634)
-
(190,353)
(274,221)
(611,764)		 Transfers
in/out
£
410,119
-
410,119
-
-
-
-
-
-
-
(410,119)
-
(410,119)
-		 Balance at
31 March
2025
£
455,854
62,811
518,665
-
7,697
-
-
3,100
-
4,366
46,368
-
61,531
580,196

Page 25

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

(A company limited by guarantee)

THEATRE503 LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

15. Statement of funds (continued)

Designated funds

Relating to the Nine Elms capital project representing the amount spent to date less depreciation charged.

General funds

Held to cover future running costs.

Restricted funds

Representing restricted funds received for specific projects less amounts spent thereon. Transfers to the Designated fund correspond to the amount spent on the Nine Elms capital project.

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2026
£
436,001
191,431
(160,889)
466,543		 Restricted
funds
2026
£
-
50,576
-
50,576		 Total
funds
2026
£
436,001
242,007
(160,889)
517,119

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2025
£
465,566
170,485
(107,386)
(10,000)
518,665		 Restricted
funds
2025
£
-
61,531
-
-
61,531		 Total
funds
2025
£
465,566
232,016
(107,386)
(10,000)
580,196

Page 26

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

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

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
18.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
19.
Analysis of changes in net debt
At 1 April
2025
£
Cash at bank and in hand
89,740
Bank overdrafts repayable on demand
(616)
Debt due within 1 year
(12,000)
Debt due after 1 year
(10,000)
67,124		 2026
£
(63,077)
51,477
(966)
(8,673)
55,503
34,264
2026
£
91,058
91,058
Cash flows
£
1,318
(13,732)
2,000
10,000
(414)		 2025
£
353,225
22,120
(4,066)
30,190
(6,793)
394,676
2025
£
89,740
89,740
At 31 March
2026
£
91,058
(14,348)
(10,000)
-
66,710

Page 27

Docusign Envelope ID: F4B12E59-DBED-88DF-8199-60BC402212EFDocusign Envelope ID: 10FCEB76-E264-8B6F-8168-00D7A352A84C

THEATRE503 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

20. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

The pension cost charge represents contributions payable by the Charity to the fund and amounted to £5,599 (2025: £5,202) .

Contributions of £2,678 (2025: £2,656) were payable to the fund at the balance sheet date and are included in creditors.

21. Related party transactions

The aggregate amount of donations made by trustees or connected parties without conditions during the year was £3,010 (2025 restated: £1,584) .

Eleanor Lloyd, a trustee, provided advances of £15,000 during the year 31 March 2020 to support the charity's cash flow as part of the initial move to the new operating model. Further advances of £30,000 were made during the year to 31 March 2023. £10,000 (2025: £22,000) was outstanding at the end of the year.

Jack Tilbury, a trustee, is a director of Plann Ltd appointed as project manager to lead our Capital project for the development of our new studio space. The charity paid £4,250 (2025: £51,642) in fees related to this project during the year.

There were no other material related party transactions requiring disclosure during the period (2025: None) .

Page 28