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2020-12-31-accounts

Registered number: 00759557 Charity number: 231670

REGENT'S PARK THEATRE LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

REGENT'S PARK THEATRE LIMITED

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 8
Independent Auditors' Report 9 - 12
Consolidated Statement of Financial Activities 13
Consolidated Balance Sheet 14
Company Balance Sheet 15
Consolidated Statement of Cash Flows 16
Notes to the Financial Statements 17 - 37

REGENT'S PARK THEATRE LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

Anna Fleischle-Marriott Stuart Griffiths OBE Tyrone Huntley Steve Pennington Toni Racklin James Reed (resigned 27 February 2020, appointed 27 February 2021) Sir Peter Rogers (resigned 31 May 2020) Samantha Spiro Martin Wilkinson (resigned 2 September 2020)

Company registered number

00759557

Charity registered number

231670

Registered office

Stage Door Gate Open Air Theatre Inner Circle Regent's Park London NW1 4NU

Joint chief executives

Timothy Sheader William Village (to 4 April 2021)

Independent auditors

Nyman Libson Paul LLP Chartered Accountants 124 Finchley Road London NW3 5JS

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REGENT'S PARK THEATRE LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Advisers (continued)

Bankers

Coutts & Co. 440 Strand London WC2R 0QS

Aldermore 1st Floor, Block B Western House Lynch Wood Peterborough PE2 6FZ

Scottish Widows 67 Morrison Street Edinburgh EH3 8YJ

Solicitors

Harbottle & Lewis LLP 7 Savoy Court London WC2R 0EX

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REGENT'S PARK THEATRE LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

1. Introduction

The Trustees (who are also the directors for the purposes of company law) present their annual report and the audited consolidated financial statements of the charitable company and its subsidiary undertakings for the year ended 31 December 2020. The annual report and financial statements of the company and the group comply with the current statutory requirements, the requirements of the company and the group’s governing document and the provision of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015). Since the company and the group qualifies as small under section 383, the Strategic Report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.

2. Structure, Governance and Management

2a. Trustees

The Trustees of the charitable company who served during the year and up to the date of this report are disclosed in the reference and administrative details on page 1.

2b. Governing Document

Regent’s Park Theatre Ltd is a charitable company limited by shares, incorporated on 1 May, 1963, registered in England and Wales (number 00759557) and governed by its memorandum and articles of association. The charity was registered with the Charity Commission on 13 January 1964 under charity number 231670. The shares are held exclusively by the charity Trustees and are relinquished on cessation of Trusteeship.

2c. Organisational Structure

The Board of Trustees is made up of a maximum of 10 Trustees. Trustees are recommended for appointment to the Board by any serving Trustee based on the proposed Trustee offering a specific desired skill or experience. Following vetting, the appointment of a new Trustee is then proposed and seconded at a meeting of the Trustees and passed by a majority vote. The Trustees review the composition of the Board annually to ensure it consists of a broad range of appropriate skills.

When a new Trustee is appointed, they are provided with copies of the following:

The charity had one sub-committee during the year: Finance on which Peter Rogers, Steve Pennington and Stuart Griffiths served. Each time a new sub-committee is formed, the following terms of reference are documented and stored with the charity’s Governing Document in order to give a clear indication of what is expected and to whom the group is accountable: name of the committee; membership of the committee including their office and voting rights and who will be the Chairman; brief statement of why the committee exists; delegated authority: a description of its decision-making powers; frequency of meetings; person serving the committee; committee reporting line; and quorum.

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REGENT'S PARK THEATRE LIMITED

The Board of Trustees and its sub-committees approve all strategic and financial decisions. They delegate the day-to-day running of the charity to the Artistic Director, Timothy Sheader and the Executive Director, William Village (to 4 April 2021) both of whom report to the Board sharing the chief executive function and neither of whom are directors of the company or Trustees of the charity.

2d. Senior staff remuneration

The Trustees are solely responsible for setting and reviewing the remuneration of the Joint Chief Executives in line with their contractual entitlements. The remuneration of other senior staff is reviewed annually by the Executive Director and may be increased within the overall budgets approved by the Trustees to take into account inflation and individuals’ duties and performance.

2e. Charity Commission Governance Code

The Trustees have had due regard for the code.

3. Objectives and Activities

The charity’s object is the promotion of Arts and Culture primarily in the theatrical Arts but including any other media, and the promotion of any other purpose that is exclusively charitable pursuant to the law of England and Wales from time to time.

The principal activity of the charity is presenting summer seasons of plays and the provision of bar and catering facilities at Regent's Park Open Air Theatre, together with producing plays elsewhere in the UK. Between March and July, government restrictions relating to the outbreak of Coronavirus (COVID-19) forced all theatres to close in the UK. The timing and anticipated length of the closure forced the charity to postpone all of its planned activity for 2020 to subsequent seasons. In doing so, the charity incurred significant abandonment costs in addition to its overhead, particularly relating to personnel notice payments for a large number of seasonal workers who had been engaged but had not yet started or completed their work. On the evening of Thursday 23 July 2020, the government announced that outdoor theatres could re-open for a period provided strict social distancing measures were put in place. The charity mobilised quickly to produce an adapted staged concert version of its production of Jesus Christ Superstar during August and September alongside a series of one-off stand-up comedy events.

Regent’s Park Open Air Theatre, at 1240 seats, is one of London’s largest playhouses and usually welcomes over 130,000 people to its annual productions of plays and musicals. Although famed for its productions of Shakespeare’s work, the charity has expanded the repertoire to include plays by other writers. The theatre’s outdoor setting, and the scale and ambition of its annual productions, make it unique in the London, and British, theatre landscape. It is entirely unsubsidised with the vast majority of income generated at the box office.

The charity is passionate about producing first class theatre for and in its unique setting which inspires, challenges, educates and entertains people from all walks of life. The charity measures success by analysing box office sales, attendance, critical reception and audience feedback.

4. Public Benefit

The Trustees have had regard to the Charity Commission’s guidance on public benefit.

The charity receives no public subsidy with over 90% of our income generated from ticket sales. Nevertheless, it has maintained its lowest ticket price of £25 for eight years and has continued its BREEZE membership scheme where those aged 18-25 can get tickets for £10.

Encouraging a wide and diverse audience is one of the charity’s fundamental principles and, alongside its accessible productions, the charity usually runs schemes which provide discounted and complimentary tickets to those aged 18-25, school groups, teachers, under 18s, senior citizens, local residents and university students.

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REGENT'S PARK THEATRE LIMITED

The charity is determined to: champion diversity and accessibility in everything that we do; ensure that our artists, our work, our workforce and our audience better reflect the city and country in which we live; and be an ever more inclusive organisation in which everyone feels listened to, valued, and able to be themselves.

Whilst the charity’s equitable policy is to charge for all admissions at market rates, its most expensive seats remained considerably lower than its commercial competitors in the West End.

The charity is keen to meet the needs of audiences with specific disabilities. In addition to ticket discounts for those with disabilities and their carer, wheelchair spaces are available and headsets are provided free to the hearing impaired who can also benefit from assisted performances.

All aspects of the charity’s work continue to provide professional development for the creative and performing artists, technical and support staff working at the theatre.

5. Achievement and Performance

On the evening of Thursday 23 July, the government announced that outdoor theatres could re-open provided strict social distancing measures were put in place. For us, this meant reducing our seating capacity by over two thirds from 1,256 to 390. As an unfunded theatre, financing the ambitious, award-winning, large-scale musical reinventions for which we are known under these conditions is almost impossible. Nevertheless, both for us as a venue, and the industry as a whole, we felt it was incumbent upon us to do everything possible to re-open. As such, the decision to present Jesus Christ Superstar: The Concert “was about a determination to bring back one of London’s most crucial assets, to prove that this could be done safely, to offer succour and balm and leadership” (Chicago Tribune).

“All hail theatre’s Second Coming”, proclaimed Dominic Cavendish in his Daily Telegraph five star review, just six weeks after the government’s announcement. “A captivating night at Regent's Park as live theatre makes a triumphant return,” (Evening Standard), “Artistic Director Timothy Sheader and co have seized on the sudden goahead given to outdoor performances and achieved a minor miracle... it’s the biggest live show since lockdown” (Daily Telegraph). Employing over 140 people including 70 performers and freelancers, it was “an evening that revels in the joy of people coming together and the glory of theatrical talent getting back to work” (The Guardian).

“Presiding over the resurrection of the musical theatre,” (Chicago Tribune), “on opening night the heavens did their best to delay the start then stop the show. To be frank, though, it would have taken a flood of Old Testament proportions to dampen the mood of the theatre-famished audience, sitting in socially distanced ‘bubbles’” (Daily Telegraph). “This experience felt far safer than any number of other activities officially sanctioned on either side of the Atlantic” (Chicago Tribune). Throughout the performance, actors were always two metres apart from each other, increasing to three metres when singing face-to-face. Woodwind and brass players were located in a separate area backstage where they might be sufficiently distanced. For audiences, in addition to the reduced capacity, we introduced enhanced cleaning procedures, one-way systems, mandatory face coverings, paperless and cashless systems and multiple hand sanitiser stations. “Your temperature is checked on the way in but, to be fair, it should probably be done again on the way out after this Biblical assault on the senses. Praise be — and welcome back, live theatre!” (Daily Mail), “this new, socially distanced normal is going to be just about bearable if other productions reach these heights” (The Times).

“It is infinitely more than a concert; it feels like a fully-realised staging on Tom Scutt's clever adaptation of Soutra Gilmour's set for Evita that was in place when theatres went dark. “Drew McOnie's clever choreography loses none of its expressive creativity by being concentrated on the spot rather than spreading across the stage, Lee Curran's lighting, with great white and yellow shafts and beams emerging smokily from the gathering gloom, is wonderfully evocative and the band, under the direction of Tom Deering sounds great” (WhatsOnStage).

Running until 27 September, there were a total of 58 performances (9 performances a week, across the 6.5week run), to help make the production economically viable. Therefore the roles of Jesus, Judas and Mary were double-cast, giving audiences the opportunity to see any combination of actors as they alternated performances. “In the leading roles, I saw the award-winning Tyrone Huntley as a sensationally agonised Judas, making every note count and each word resonate. Maimuna Memon brings similar directness to Mary, avoiding turning "I Don't Know How To Love Him" into a simple power ballad, she sings with a tender truth that makes it a revelation of character as well as of mood. And as a guitar strumming, baseball-cap-wearing Jesus, Declan Bennett is both convincingly intense and suitably agonised, bringing the small house down with "Gethsemane" (WhatsOnStage).

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REGENT'S PARK THEATRE LIMITED

“David Thaxton's depiction of Pilate is almost rock god in status. He delivered heavy, thundering notes with tenderness and drama; something incredibly hard to portray, and Thaxton delivered in spades” (Broadway World).

For the first time ever at Regent’s Park Open Air Theatre, to increase capacity, performances were also relayed ‘live’ via three high definition cameras: “all in all, this return to live performance – which can also be enjoyed via a big screen on the grass – produced against countless odds, feels like a triumph and a blessing” (WhatsOnStage). “For a sector that has always marched to the rallying cry of ‘the show must go on’, this prestige al fresco production is the most glorious statement of intent” (I News). “A triumphant return for live theatre” (The Guardian).

A series of one-off MOREoutdoor Mondays also played throughout the run with comedy from Rob Beckett, Russell Brand, Jimmy Carr, Kerry Godliman, Judi Love and Russell Kane. Mischief Theatre, the award-winning company behind hits such as The Play That Goes Wrong, present Mischief Movie Night, the improvised movie ‘live’ on stage, and Berk’s Nest presents Canned Laughter, an all-star comedy fundraiser for London’s food banks, featuring Sindhu Vee, Olga Koch, Phil Wang, Gabby Best, Sophie Duker and Mae Martin.

The bar and catering areas (operated by the charity’s subsidiary, Regent’s Park Enterprises Ltd) operated in a reduced capacity in line with government guidelines.

6. Financial Review

The year ended 31 December 2020 was a difficult year for the the theatre industry in general and Regent's Park Theatre Limited with government restrictions relating to the outbreak of Coronavirus (COVID-19) having forced all theatres to close in the UK for the majority of the 2020 season. As a result incoming resources have decreased to £1,847,000 (2019: £8,806,467) and total funds have decreased by £1,446,996 to £8,273,512 (2019: increased by £691,813 to £9,720,508 as restated). The results for the prior year and the funds position have been restated as a result of the review of the rate of depreciation applying to major building works as detailed in note 21 to the financial statements on page 31.

The charity's wholly owned subsidiary Regent's Park Enterprises Limited operates the bar and catering facilities. The year ended 31 December 2020 saw income reduce significantly as a result of the limited season to £132,742 (2019: £1,117,946) and a loss for the year of £65,700 (2019: profit of £175,804).

The charity's wholly owned subsidiary Regent's Park Productions Limited produces some of the productions staged at the theatre under a commissioning agreement. The year ended 31 December 2020 saw the company's proposed productions for the season being deferred to the 2021 season. As a result production expenditure reduced significantly which consequently has decreased commissioning fees receivable from Regent's Park Theatre Limited to £1,093,752 (2019: £3,171,604) and a decreased theatre tax relief to £115,091 (2019: £361,370). Commissioning fees receivable are equal to the subsidiary's costs less provision for theatre tax relief and as a result the subsidiary broke even in the years to 31 December 2020 and 2019.

The charity's wholly owned subsidiary Regent's Park Ventures Limited operates the charity's theatrical productions held externally to the theatre itself. During the year ended 31 December 2020 the company's proposed production of Evita was abandoned resulting in box office income of £Nil (2019: £1,890,881), a reduction in theatre tax relief to £24,042 (2019: £122,482) and loss before writing off financial liabilities of £171,765 (2019: profit of £120,126). Irrecoverable production funding provided by Regent's Park Theatre Limited of £171,765 has been written off (2019: £120,126 profits distributed to the charity under the deed of covenant).

7 . Fundraising Activities

The charity has a Head of Partnership and Events and a Marketing and Partnerships Assistant whose work includes raising funds primarily from corporate entities and trusts. Individuals are also able to make donations. Funds are raised towards the ongoing activities of the charity as well as for specific projects such as major building works. The charity did not engage third parties to carry out fundraising activities on its behalf during the year. No complaints were received during the year by the charity about fundraising activity.

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REGENT'S PARK THEATRE LIMITED

8 . Plans for Future Periods

It is hoped that, given confirmation of an effective vaccine, the charity will be able to return to operating normally later in 2021. Nevertheless, it has prepared prudent forecasts under a number of different scenarios which demonstrate it has adequate resources to continue in operational existence for the foreseeable future.

The charity’s current business plan runs through to the end of 2024. We will continue our endeavour to provide first class theatre for and in our unique setting which inspires, challenges, educates and entertains people from all walks of life. The Trustees intend to maintain their present policy of longer-term financial planning allowing for better investment and artistic breadth in its productions and greater risk at the box office for certain productions balanced by other safer productions. The charity's main activities will relate to the 2020 summer season at Regent’s Park, Open Air Theatre. Staff and production costs are likely to rise in line with the specific demands of the productions and inflation. The charity intends to continue its fundraising towards capital improvements in an effort to further enhance the facilities for both patrons and staff and to provide additional funds to its ongoing development. The charity continues to explore ways in which to broaden its activities beyond the summer season at Regent’s Park Open Air Theatre to increase the number of people who can benefit from its work.

9. Risk Assessment

The Trustees carried out a Risk Management Assessment in 2021. This is reviewed and updated annually and details the systems which have been established to mitigate the major risks to which the charity is exposed.

10. Reserves

The Trustees have a formal policy regarding reserves which is reviewed annually. Full details of current unrestricted, designated and restricted reserves can be found in notes 22 and 23 to the financial statements on pages 33 to 35.

11. Investment Policy

Under the memorandum and articles of association, the charitable company has the power to make any investment which the Trustees see fit.

12. Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The Trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the financial position of the charity and the group and of the financial activities of the group for the period then ended. In preparing those financial statements, the Trustees are required to:

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

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REGENT'S PARK THEATRE LIMITED

13. Going Concern

Taking into account the ongoing pandemic, the charity has prepared prudent forecasts under a number of different scenarios. After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

14a. Statement as to Disclosure of Information to Auditors

So far as each Trustee is aware, there is no relevant audit information (as defined by section 418 of the Companies Act 2006) of which the company’s auditors are unaware, and each Trustee has taken all the steps that he or she ought to have taken as a Trustee in order to make himself or herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

14b. Independent Auditors

IIn accordance with section 485 of the Companies Act 2006, a resolution proposing that Nyman Libson Paul LLP be re-appointed as auditors to the charity will be put to the Annual General Meeting.

14c. The Report

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report, incorporating the Group Strategic Report, was approved by the Trustees, in their capacity as company directors, on 4 May 2021 and signed on their behalf by:

Stuart Griffiths OBE Trustee

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REGENT'S PARK THEATRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGENT'S PARK THEATRE LIMITED

Opinion

We have audited the financial statements of Regent's Park Theatre Limited (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 December 2020 set out on pages 13 to 37. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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:

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 Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

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REGENT'S PARK THEATRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGENT'S PARK THEATRE LIMITED

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:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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REGENT'S PARK THEATRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGENT'S PARK THEATRE LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reading minutes of meetings of those charged with governance, enquiries with management and review of accounting estimates. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

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REGENT'S PARK THEATRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REGENT'S PARK THEATRE LIMITED

Use of our report

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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Taiano (Senior Statutory Auditor)

for and on behalf of

Nyman Libson Paul LLP

Chartered Accountants Registered Auditors 124 Finchley Road London NW3 5JS 6 May 2021

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REGENT'S PARK THEATRE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
3
Charitable activities
6
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
7,4
Charitable activities
9,8,10
Total expenditure
Net income / (expenditure)
before transfers
Transfers between funds
22
Net income / (expenditure)
before other recognised
gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2020
£
50,466
1,497,106
131,767
7,834
1,687,173
241,065
2,432,876
2,673,941
(986,768)
1,206,414
219,646
219,646
219,793
439,439		 Restricted
funds
2020
£
159,827
-
-
-
159,827
-
159,827
159,827
-
-
-
-
-
-		 Designated
funds
2020
£
-
-
-
-
-
-
460,228
460,228
(460,228)
(1,206,414)
(1,666,642)
(1,666,642)
9,500,715
7,834,073		 Total
funds
(As restated)
Total
funds
2020
£
2019
£
210,293
182,763
1,497,106
7,531,048
131,767
1,082,213
7,834
10,443
1,847,000
8,806,467
241,065
1,026,098
3,052,931
7,088,556
3,293,996
8,114,654
(1,446,996)
691,813
-
-
(1,446,996)
691,813
(1,446,996)
691,813
9,720,508
9,028,695
8,273,512
9,720,508		 Total
funds
(As restated)
Total
funds
2020
£
2019
£
210,293
182,763
1,497,106
7,531,048
131,767
1,082,213
7,834
10,443
1,847,000
8,806,467
241,065
1,026,098
3,052,931
7,088,556
3,293,996
8,114,654
(1,446,996)
691,813
-
-
(1,446,996)
691,813
(1,446,996)
691,813
9,720,508
9,028,695
8,273,512
9,720,508
8,806,467
1,026,098
7,088,556
8,114,654
691,813
-
691,813
691,813
9,028,695
9,720,508

A separate income and expenditure account has not been prepared as the information required by Companies Act 2006 is given in the above statement of financial activities and in the notes to the accounts.

All the above activities and amounts relate to continuing operations for both the current and prior year.

All recognised gains and losses are included in the above statement of financial activities.

The notes on pages 17 to 37 form part of these financial statements.

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REGENT'S PARK THEATRE LIMITED REGISTERED NUMBER: 00759557

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors:amounts falling due within one
year
19
Net current assets
Net assets
Charity Funds
Designated funds
22
Unrestricted funds:
Share capital
20
Unrestricted funds
22
Total unrestricted funds
Shareholders' and Charity's funds		 £
10,065
332,318
3,907,546
4,249,929
(1,250,936)
6
439,433		 2020
£
5,274,519
2,998,993
8,273,512
7,834,073
439,439
8,273,512		 (As restated)
2019
£
£
5,590,639
19,410
912,443
4,246,432
5,178,285
(1,048,416)
4,129,869
9,720,508
9,500,715
10
219,783
219,793
9,720,508		 (As restated)
2019
£
£
5,590,639
19,410
912,443
4,246,432
5,178,285
(1,048,416)
4,129,869
9,720,508
9,500,715
10
219,783
219,793
9,720,508
9,720,508
9,500,715
219,793
9,720,508

The financial statements were approved and authorised for issue by the Trustees on 4 May 2021 and signed on their behalf, by:

Stuart Griffiths OBE

The notes on pages 17 to 37 form part of these financial statements.

Page 14

REGENT'S PARK THEATRE LIMITED REGISTERED NUMBER: 00759557

COMPANY BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors:amounts falling due within one
year
19
Net current assets
Net assets
Charity Funds
Designated funds
Unrestricted funds:
Share capital
20
Unrestricted income funds
Total unrestricted funds
Shareholders' and Charity's funds		 £
3,668
409,628
3,804,981
4,218,277
(1,186,124)
6
439,429		 2020
£
5,241,352
3
5,241,355
3,032,153
8,273,508
7,834,073
439,435
8,273,508		 (As restated)
2019
£
£
5,552,499
3
5,552,502
8,646
1,345,548
3,753,350
5,107,544
(975,998)
4,131,546
9,684,048
9,500,715
10
183,323
183,333
9,684,048		 (As restated)
2019
£
£
5,552,499
3
5,552,502
8,646
1,345,548
3,753,350
5,107,544
(975,998)
4,131,546
9,684,048
9,500,715
10
183,323
183,333
9,684,048
5,552,502
4,131,546
9,684,048
9,500,715
183,333
9,684,048

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial affairs in these financial statements. The result of the charitable company for the year was net expenditure of £1,410,530 (2019: net incoming resources of £700,411 as restated).

The financial statements were approved and authorised for issue by the Trustees on 4 May 2021 and signed on their behalf, by:

Stuart Griffiths OBE

The notes on pages 17 to 37 form part of these financial statements.

Page 15

REGENT'S PARK THEATRE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
24
Cash flows from investing activities:
Interest receivable
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
25		 2020
£
(276,247)
7,834
(70,473)
(62,639)
(338,886)
4,246,432
3,907,546		 (As restated)
2019
£
744,654
10,443
(706,926)
(696,483)
48,171
4,198,261
4,246,432

The notes on pages 17 to 37 form part of these financial statements.

Page 16

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting Policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Regent's Park Theatre 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.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

1.2 Fund accounting

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

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 company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 17

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting Policies (continued)

1.3 Income

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

Box office income comprises the sale of tickets to both in house and third party productions held at Regent's Park Open Air Theatre and are recorded before deduction of credit card and other charges. Box office receipts are initially recognised as deferred income and are recognised as income once the performance to which the advanced sake relates has taken place. The charity applies the Cultural VAT Exemption on applicable income.

Catering and merchandise income comprises sales of food, drink and merchandise at the theatre and are recognised at the point of sale.

Royalties received comprise amounts due from third parties for performances of the charity company's productions at venues other than Regent's Park Open Air Theatre. Royalties are recognised once the performance to which the royalty relates has taken place.

Income arising from sponsorship, donations and grants are included in the statement of financial activities in the period in which they are applicable.

1.4 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.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Cost of raising funds represent the catering and other expenditure attributable to the trading activity of the group.

Support costs are those costs incurred directly in support of expenditure on the objects of the group and include expenditure to develop and perform productions and the administration of Regent's Park Open Air Theatre.

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

The VAT on expenditure that is irrecoverable either partially (or wholly in the case of production costs) is aggregated and shown as one figure.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Page 18

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting Policies (continued)

1.5 Going concern

The group meets its day to day working capital requirements through its own resources.

At the time of approving these financial statements, government restrictions relating to the outbreak of Coronavirus (COVID-19) have forced all theatres to close in the UK. Although both the length of disruption to the charity’s activities and the potential longer-term effect on public confidence remain unclear at this time, the charity has prepared prudent forecasts which indicate it has sufficient reserves (including its designated fund of £1.5m for the negative effects on future takings) to cover the resultant deficit in 2021, whilst retaining sufficient working capital to mount the 2022 season. As such, the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis in preparing the charitable company's financial statements.

1.6 Basis of consolidation

The financial statements consolidate the accounts of Regent's Park Theatre Limited and all of its subsidiary undertakings ('subsidiaries') as if they formed a single entity. All group companies have the same year end, apply consistent accounting policies and intercompany transactions and balances between group companies are eliminated in full.

The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account.

1.7 Tangible fixed assets and depreciation

All assets costing more than £500 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

General building improvements - 20% on cost - Major building works (in year of Over the remaining course of the lease term completion) Technical & stage equipment - 15% on cost Office furniture & fittings - 20% on cost Box office software & equipment - 20% - 33% on cost Computer equipment - 33% on cost Catering fixtures & fittings - 20% on cost

1.8 Investments

Investments are a form of basic financial instrument. Investments in subsidiaries are valued at cost less provision for impairment.

Page 19

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting Policies (continued)

1.9 Interest receivable

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

1.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.11 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.

1.12 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.

1.13 Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14 Financial instruments

The group 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.

Financial assets in the charitable company's own balance sheet include amounts due from the subsidiaries which are repayable on demand.

1.15 Pensions

The charity makes contributions to defined contribution schemes for certain staff which are administered by outside independent pension providers. Contributions payable for the year are charged to the Statement of Financial Activities.

1.16 Leasing

The annual rentals of all operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Page 20

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following are the group's key sources of estimation uncertainty:

Tangible assets

Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, theatrical production requirements and maintenance programmes are taken into account.

Impairment of debtors

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.

3. Income from donations and legacies

Voluntary income (donations &
trusts)
Government grants
Sponsorship
Total donations and legacies		 Unrestricted
funds
2020
£
50,466
-
-
50,466
172,013		 Restricted
funds
2020
£
10,001
149,826
-
159,827
10,750		 Designated
funds
2020
£
-
-
-
-
-		 Total
funds
2020
£
60,467
149,826
-
210,293
182,763		 Total
funds
2019
£
59,131
-
123,632
182,763

Page 21

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Trading activities

Charity trading income
Catering income
Fundraising trading
expenses
Catering expenditure
Net (expenditure)/income
from trading activities
5.
Investment income

Interest received
Total 2019		 Unrestricted
funds
2020
£
131,767
195,121
(63,354)
Unrestricted
funds
2020
£
7,834
10,443		 Restricted
funds
2020
£
-
-
-
Restricted
funds
2020
£
-
-		 Designated
funds
2020
£
-
-
-
Designated
funds
2020
£
-
-		 Total
funds
2020
£
131,767
195,121
(63,354)
Total
funds
2020
£
7,834
10,443		 Total
funds
2019
£
1,082,213
939,090
143,123
Total
funds
2019
£
10,443

6. Income from charitable activities

Theatre, rehearsal room and
prop hire
Programmes and
merchandise
Box office receipts
Royalties from external
productions
Friends subscriptions
Productions away from
Regent's Park

Total 2019
 Unrestricted
funds
2020
£
27,794
3,156
1,355,419
46,419
64,318
-
1,497,106
7,531,048		 Restricted
funds
2020
£
-
-
-
-
-
-
-
-		 Designated
funds
2020
£
-
-
-
-
-
-
-
-		 Total
funds
2020
£
27,794
3,156
1,355,419
46,419
64,318
-
1,497,106
7,531,048		 Total
funds
2019
£
72,053
75,583
5,386,096
47,975
58,460
1,890,881
7,531,048

Page 22

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Costs of generating funds

Contribution to
administration salaries and
overheads
Total 2019		 Unrestricted
funds
2020
£
45,944
87,008		 Restricted
funds
2020
£
-
-		 Designated
funds
2020
£
-
-		 Total
funds
2020
£
45,944
87,008		 Total
funds
2019
£
87,008

8. Direct costs

Costs of activities in furtherance of the charity's objects:

Production costs
Catering subsidiaries
Programme and merchandise costs
Marketing and press
Box office, front of house and theatre rent
Wages and salaries
National insurance
Pension cost

Total 2019
 Activities
£
507,669
33,432
7,138
120,602
257,091
1,191,137
86,532
33,341
2,236,942

5,869,128
 Total
2020
£
507,669
33,432
7,138
120,602
257,091
1,191,137
86,532
33,341
2,236,942

5,869,128		 Total
2019
£
2,287,852
58,155
40,011
420,163
338,804
2,561,477
106,122
56,544
5,869,128

Expenditure on direct costs was £2,243,552 (2019: £5,869,128) of which £2,093,724 (2019: £5,869,128) was unrestricted and £149,826 (2019: £nil) was restricted.

Page 23

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. Support costs

Overheads, management and administration
Irrecoverable VAT
Salaries and national insurance
Depreciation and maintenance
Total 2019
 Activities
£
159,074
128,102
9,937
446,243
743,356
1,143,121
 Total
2020
(As restated)
Total
2019
£
£
159,074
292,564
128,102
400,325
9,937
7,161
446,243
443,071
743,356
1,143,121
1,143,121		 Total
2020
(As restated)
Total
2019
£
£
159,074
292,564
128,102
400,325
9,937
7,161
446,243
443,071
743,356
1,143,121
1,143,121

Expenditure on support costs was £743,356 (2019: £1,143.121) of which £733,355 (2019: £1,132,371) was unrestricted and £10,001 (2019: £10,750) was restricted.

10. Governance costs

Governance costs
Unrestricted
funds
2020
£
Auditors' remuneration
25,500
Legal and professional fees
9,837
Accounting
37,296
72,633		 Restricted
funds
2020
£
-
-
-
-		 Designated
funds
2020
£
-
-
-
-		 Total
funds
2020
£
25,500
9,837
37,296
72,633		 Total
funds
2019
£
22,053
14,225
40,029
76,307

11. Net incoming resources/(resources expended)

This is stated after charging:

2020 2019
£ £
Depreciation of tangible fixed assets:
- owned by the charitable group 386,593 382,527
Auditors' remuneration - audit 25,500 22,053
Operating lease/licence (theatre and offices) 64,475 109,018

Other than as disclosed in note 28, during the year, no Trustees received any remuneration or reimbursement of expenses (2019: £nil).

Page 24

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. STAFF COSTS

STAFF COSTS
The aggregate staff costs were:
Wages and salaries
Social security costs
Pension contributions

Total		 2020
£
1,362,332
96,477
34,893

1,493,702		 2019
£
2,812,434
126,444
50,179
2,989,057

The average number of persons employed by the charitable company during the year was 41 (2019: 116). During the year, the number of employees whose total employee benefits (excluding any employer pension costs, including any royalties and performance related benefits) for the reporting period fell within the following £’000 bands was: 60-70, 2 (2019: 0) 70-80, 0 (2019: 1); 120-130, 2 (2019: 0), 230-240, 0 (2019: 2).

13. Key management personnel

Key management includes members of senior management and certain heads of department in the Group. The compensation paid or payable to key management for employee services was £536,967 (2019: £788,893).

Page 25

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Tangible fixed assets

Group
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
Group
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 General
building
improvement
£
126,573
-
126,573
98,662
9,619
108,281
18,292
27,911		 Major
building
works
£
7,076,188
58,353
7,134,541
1,613,112
335,887
1,948,999
5,185,542
5,463,076		 Technical
and stage
equipment
£
149,814
-
149,814
110,090
15,543
125,633
24,181
39,724
Computer
equipment
£
125,032
1,050
126,082
102,928
8,595
111,523
14,559
22,104		 Office
furniture &
fittings
£
55,023
-
55,023
33,759
8,011
41,770
13,253
21,264
Catering
fixtures &
fittings
£
52,246
11,070
63,316
35,686
8,938
44,624
18,692
16,560		 Box office
software &
equipment
£
3,035
-
3,035
3,035
-
3,035
-
-
Total
£
7,587,911
70,473
7,658,384
1,997,272
386,593
2,383,865
5,274,519
5,590,639

Page 26

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Tangible fixed assets (continued)

Company
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
Company
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 General
building
improvement
£
126,573
-
126,573
98,662
9,619
108,281
18,292
27,911		 Major
building
works
£
7,076,188
58,353
7,134,541
1,613,112
335,887
1,948,999
5,185,542
5,463,076		 Technical &
stage
equipment
£
149,814
-
149,814
110,090
15,543
125,633
24,181
39,724
Computer
equipment
£
86,097
1,050
87,147
76,953
5,355
82,308
4,839
9,144		 Office
furniture and
fittings
£
23,875
-
23,875
11,232
4,146
15,378
8,497
12,643
Catering
fixtures &
fittings
£
971
-
971
970
-
970
1
1		 Box office
software &
equipment
£
3,035
-
3,035
3,035
-
3,035
-
-
Total
£
7,466,553
59,403
7,525,956
1,914,054
370,550
2,284,604
5,241,352
5,552,499

Page 27

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Fixed asset investments

Company Market value

At 1 January 2020 and 31 December 2020

Shares in group undertakings £ 3

16. Principal Subsidiaries

Principal Subsidiaries
Percentage
Company name Shareholding Description
Regent's Park Enterprises Limited 100 Catering and bar services
Regent's Park Productions Limited 100 Theatre production
Regent's Park Ventures Limited 100 Touring theatre production

Regent's Park Enterprises Limited

Turnover
Cost of sales
Administrative expenses
Other operating income
Profit for the financial year

Distribution
Retained earnings brought forward

Retained earnings carried forward
Fixed assets
Current assets
Current liabilities

Capital and reserves		 2020
£
132,742
(48,102)
(150,340)
-
(65,700)

-
65,700

-
2020
£
33,167
76,333
(109,499)

1		 2019
£
1,117,946
(369,197)
(572,945)
-
175,804
(125,918)
15,814
65,700
2019
£
38,140
338,665
(311,104)
65,701

Page 28

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Regent's Park Productions Limited

Turnover
Cost of sales
Administrative expenses
Theatre tax credit
Profit for the financial year

Retained earnings brought forward

Retained earnings carried forward
Current assets
Current liabilities

Capital and reserves
Regent's Park Ventures Limited
Turnover
Cost of sales
Administrative expenses
Theatre tax credit
Amounts written off financial liabilities
Profit for the financial year

Retained earnings brought forward
Distribution

Capital and reserves
Current assets
Current liabilities

Capital and reserves		 2020
£
1,093,752
(1,197,232)
(11,611)
115,091
-

-

-
2020
£
134,440
(134,439)

1
2020
£
-
(119,362)
(76,445)
24,042
171,765
-

-
-

-
2020
£
38,149
(38,148)

1		 2019
£
3,171,604
(3,513,264)
(19,710)
361,370
-
-
-
2019
£
362,222
(362,221)
1
2019
£
1,890,881
(1,655,726)
(237,511)
122,482
-
120,126
-
(120,126)
-
2019
£
330,898
(330,897)
1

Page 29

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Stocks

Stocks
Finished goods and goods for resale Group
2020
2019
£
£
10,065
19,410		 Company
2020
2019
£
£
3,668
8,646

18. Debtors

Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2019
£
59,544
-
578,316
274,583
912,443		 Company
2020
£
14
-
236,928
95,376
332,318		 2020
£
14
217,270
96,968
95,376
409,628		 2019
£
47,544
959,987
92,803
245,214
1,345,548

19. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security (see
below)
Deferred income (see below)
Other creditors
Accruals		 Group
2019
£
110,311
33,775
625,211
6,817
272,302
1,048,416		 Company
2020
£
21,005
27,909
1,144,122
242
57,658
1,250,936		 2020
£
20,359
27,909
1,097,737
246
39,873
1,186,124		 2019
£
92,444
34,829
602,809
6,817
239,099
975,998

Other taxation and social security

Other taxation and social security
PAYE/NI control
VAT control		 Group
2019
£
23,329
10,446
33,775		 Company
2020
£
23,572
4,337
27,909		 2020
£
23,572
4,337
27,909		 2019
£
23,329
11,500
34,829

Page 30

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. Creditors: Amounts falling due within one year (continued)

Deferred income
Deferred income at 1 January 2020
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 December 2020		 Group
£
612,386
625,211
(612,386)
625,211		 Company
£
625,211
1,144,122
(625,211)
1,144,122		 £
602,809
1,097,737
(602,809)
1,097,737		 £
586,314
602,809
(586,314)
602,809

20. Share capital

Share capital
2020 2019
£ £
Allotted, called up and fully paid
6 (2019 - 10) Ordinary shares of £1 each 6 10

As stated in the Trustees' Report, shares are held exclusively by the charity trustees and are relinquished on cessation of trusteeship. Therefore, the number of allotted, called-up and fully paid ordinary shares at the year end is always the same as the number of trustees at the year end.

21. Prior year adjustment

The property and grounds from with the charity operate are subject to a 25 year lease with the Crown. Under the terms of the lease, the charity can be removed at 12 months notice and major buildings works to the fabric of the site remain the property of the Crown. The charity had assessed the useful economic life of the major building works assets as 12 months and all major building works were depreciated in full in the year of completion.

On review, the Trustees have determined that the likelihood of the notice being served by the Crown to be remote and therefore revised the policy such that the major building works are depreciated over the remaining course of the lease and the Statement of Financial Activities and Balance Sheet have been restated accordingly. The adjustments constitute a change in accounting estimate and not a change in accounting policy.

Page 31

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Prior year adjustment (continued)

Changes to the Balance Sheet

As previously
reported
2019
£
Assets and Liabilities
Tangible assets
220,541

Stocks
19,410
Debtors
912,443
Cash at bank and in hand
4,246,432
Creditors
(1,048,416)
Sub total
Charity Funds

4,350,410




Unrestricted funds
(219,793)
Designated funds
(4,130,617)
Restricted funds
-
Sub total

4,350,410






Total
-
Changes to the Statement of Financial Affairs
As previously
reported
2019
£
Income from:
Donations and legacies
182,763
Charitable activities
7,531,048
Other trading activities
1,082,213
Investments
10,443
Expenditure on:
Raising funds
(1,026,098)
Charitable activities
(7,390,931)


Total
389,438		 Adjustment
£
5,370,098
-
-
-
-
5,370,098


-
5,370,098
-
5,370,098



-
Adjustment
£
-
-
-
-
-
302,375

302,375		 (As restated)
2019
£
5,590,639
19,410
912,443
4,246,432
(1,048,416)
9,720,508
219,793
9,500,715
-
9,720,508
-
(As restated)
2019
£
182,763
7,531,048
1,082,213
10,443
(1,026,098)
(7,088,556)
691,813

Page 32

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

22. Statement of funds

Statement of funds - current year

Balance at 1
January
2020
£
Unrestricted funds
General funds
219,793
Designated funds
Depreciation on completed capital
building works
5,370,098
Potential effects of bad weather and
other negative effects on future takings
1,500,000
Repairs and renewals projects and
depreciation
200,000
Provision for at risk investment in
tours/transfers
900,000
Provision for forthcoming major building
works
1,330,617
General short-term cashflow purposes
200,000
9,500,715
Restricted funds
Major building works
-
Coronavirus job retention scheme
-
-
Total of funds
9,720,508
 Income
£
1,687,173
-
-
-
-
-
-
-
10,001
149,826
159,827
1,847,000
 Expenditure
£
(2,673,941)
(319,661)
-
-
-
(140,567)
-
(460,228)
(10,001)
(149,826)
(159,827)
(3,293,996)		 Transfers
in/out
£
1,206,414
83,636
-
-
(900,000)
(940,050)
550,000
(1,206,414)
-
-
-
-
 Balance at
31
December
2020
£
439,439
5,134,073
1,500,000
200,000
-
250,000
750,000
7,834,073
-
-
-
8,273,512

The Major Building Works restricted fund represents donations received in respect of the major building works which commenced in the year and are included in assets under construction. On completion of the works the related depreciation charge was allocated to the restricted fund.

Statement of funds - prior year

Balance at
Balance at 31
1 January Transfers December
2019 Income Expenditure in/out 2019
£ £ £ £ £
General funds 656,368 8,795,717 (7,115,011) (2,117,281) 219,793

Page 33

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

22. Statement of funds (continued)

Designated funds

Depreciation on completed capital
building works
Potential effects of bad weather and
other negative effects on future takings
Repairs and renewals projects and
depreciation
Provision for at risk investment in
tours/transfers
Provision for forthcoming major building
works
General short-term cashflow purposes
Restricted funds
Major building works
Accessibility improvements
Total of funds
 5,067,723
1,500,000
499,835
500,000
504,769
300,000
8,372,327
-
-
9,028,695
 -
-
-
-
-
-
-
5,750
5,000
8,806,467
 (314,741)
-
-
-
(674,152)
-
(988,893)
(5,750)
(5,000)
(8,114,654)		 617,116
-
(299,835)
400,000
1,500,000
(100,000)
2,117,281
-
-
-
 5,370,098
1,500,000
200,000
900,000
1,330,617
200,000
9,500,715
-
-
9,720,508

Summary of funds - current year

Balance at 1
January
2020
£
General funds
219,793
Designated funds
9,500,715
Restricted funds
-
9,720,508
 Income
Expenditure
£
£
1,687,173
(2,673,941)
-
(460,228)
159,827
(159,827)
1,847,000
(3,293,996)		 Transfers
in/out
£
1,206,414
(1,206,414)
-
-
 Balance at
31
December
2020
£
439,439
7,834,073
-
8,273,512

Page 34

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

22. Statement of funds (continued)

Summary of funds - prior year

General funds
Designated funds
Restricted funds
 Balance at
1 January
2019
£
656,368
8,372,327
-
9,028,695
 Income
Expenditure
£
£
8,795,717
(7,115,011)
-
(988,893)
10,750
(10,750)
8,806,467
(8,114,654)		 Transfers
in/out
£
(2,117,281)
2,117,281
-
-
 Balance at
31
December
2019
£
219,793
9,500,715
-
9,720,508

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2020
£
Tangible fixed assets
88,977
Current assets
1,999,398
Creditors due within one year
(1,250,936)
439,439		 Restricted
funds
2020
£
-
-
-
-		 Designated
funds
2020
£
5,185,542
2,250,531
-
7,834,073		 Total
funds
2020
£
5,274,519
4,249,929
(1,250,936)
8,273,512

Analysis of net assets between funds - prior year

Unrestricted
funds
2019
£
Tangible fixed assets
220,541
Current assets
5,178,285
Creditors due within one year
(1,048,416)
4,350,410		 Restricted
funds
2019
£
-
-
-
-		 Designated
funds
2019
£
-
-
-
-		 Total
funds
2019
£
5,590,639
5,178,287
(1,048,416)
9,720,508

Page 35

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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

Net (expenditure)/income for the year (as per Statement of Financial
Activities)
Adjustment for:
Depreciation charges
Interest receivable
Theatre tax relief recievable
Decrease/(increase) in stocks
Decrease in debtors
Increase/(decrease) in creditors
Theatre tax relief received
Net cash (used in)/provided by operating activities		 Group
2020
£
(1,446,996)
386,593
(7,834)
(139,133)
9,345
235,406
202,520
483,852
(276,247)		 2019
£
691,813
382,527
(10,443)
(483,852)
(5,555)
51,306
(198,611)
317,469
744,654

25. Analysis of cash and cash equivalents

Cash in hand
Total		 Group
2020
£
3,907,546
3,907,546		 2019
£
4,246,432
4,246,432

26. Pension commitments

Pension costs totalling £34,893 (2019: £59,872) represent amounts payable to defined contribution pension schemes. The assets of the schemes are held separately from those o f the group in an independently administered fund. Contributions totalling £nil (2019: £nil) were payable to the funds at the balance sheet date and are included in creditors.

Page 36

REGENT'S PARK THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

27. Operating lease commitments

At 31 December 2020 the total of the group’s future minimum lease payments under non-cancellable operating leases was:

Group and company
Amounts payable:
Within 1 year
Between 1 and 5 years
After more than 5 years
Total		 2020
£
64,476
257,900
617,017
939,393		 2019
£
64,476
257,900
681,492
1,003,868

28. Related party transactions

The charity has taken advantage of the 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.

Fees totalling £14,657 (2019: £25,600) were paid to a company in which one of the Trustees is also a director. At the reporting date £nil (2019: £nil) was due to the company in respect of these fees.

Fees totalling £nil (2019: £296,577) were paid to a company in which one of the Trustees holds a senior management position. At the reporting date £nil (2019: £nil) was due to the company in respect of these fees.

Fees totalling £6,864 (2019: £nil) were paid to a Trustee for their role as an actor in Jesus Christ Superstar the Concert. At the reporting date £nil (2019: £nil) was due to the Trustee in respect of these fees.

Page 37