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2022-12-31-accounts

Registered number: 00759557 Charity number: 231670

REGENT'S PARK THEATRE LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

REGENT'S PARK THEATRE LIMITED

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 12
Independent Auditors' Report 13 - 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
Company Balance Sheet 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21 - 40

REGENT'S PARK THEATRE LIMITED

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

Trustees

Charolotte Aherne (appointed 3 October 2022) Partha Bose (appointed 3 October 2022) Jaya Carrier (appointed 3 October 2022) Anna Fleischle-Marriott Stuart Griffiths OBE Tyrone Huntley Kate Millward (appointed 3 October 2022) Steve Pennington Toni Racklin James Reed Philippa Simpson (appointed 3 October 2022) Samantha Spiro Martin Wilkinson (resigned 20 March 2023)

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 James Pidgeon

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 2022

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 2022

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 2022. 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 2019). 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. The Board of Trustees is made up of a maximum of 14 Trustees. The Trustees review the composition of the Board annually to ensure it consists of a broad range of appropriate skills and lived experiences.

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 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, James Pidgeon. Both roles assume the responsibility of Joint Chief Executive and report to the Board. Neither roles are directors of the company or Trustees of the charity, though the Executive Director is a director of the charity’s trading subsidiaries.

2d. Trustee Recruitment

In June 2022, the charity began an extensive open recruitment process for five new Trustees. The focus of our first ever public call for Trustees was to identify individuals with new skills, backgrounds, perspectives and lived experiences to complement and augment those of existing Board members and to support the strategic growth of the organisation. We were particularly keen to hear from applicants with skills in any of the following areas:

as well as those of the Global Majority, those who are disabled, and those from the LGBTQ+ community – all groups that were under-represented on our Board of Trustees at the time.

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140 applications were received in total. A committee of three Trustees (including the Chair) and the two Chief Executives led a robust shortlisting and interview process over two months, resulting in the following individuals joining Regent’s Park Theatre Ltd’s Board for an initial term of three-years:

In line with Trustee recruitment procedures, all new Trustees observed September 2022’s Board Meeting ahead of being proposed, seconded and passed by a majority vote in November 2022’s Board Meeting.

2e. Trustee Administration

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

Minutes of previous Board Meetings are available on request.

Every year, all Trustees are required to complete a pack of Annual Declaration Forms, comprising of the following:

2f. Sub-Ccommittees

The charity had one Sub-Committee during the year: Finance, on which Sir Peter Rogers, Stuart Griffiths OBE and Steve Pennington served.

Towards the end of 2022, the Board’s Sub-Committees were reviewed to ensure they were fit for purpose and sufficiently aligned with the priorities detailed in the charity’s 2022-27 Strategy. Terms of reference were revised or created for three Board Sub-Committees:

Within the membership of the People & Inclusion Committee is a Trustee charged with being the Board’s Safeguarding Lead.

Terms of reference for each Sub-Committee are documented as Appendices in the charity’s Governance Policy and include: name of the committee; purpose of the committee; committee reporting line; membership of the committee (including voting rights and who will be Chair); frequency and quorum of meetings; and a description of delegated authority on behalf of the Board of Trustees.

2g. Core Staff Team

Following an 8-month review, the Chief Executives led a process of reframing the charity’s core staff team throughout autumn 2022. Decisions were guided by a number of factors:

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• An acknowledgement of the current gaps in the existing team due to areas that had been under-resourced to date and/or long-standing staff members who had decided to move on.

The Board of Trustees approved all plans in September 2022. Three roles were added to the core staff team (increasing from 16 to 19), and recruitment for seven of these roles took place between September – December 2022. The charity’s Senior Management Team grew by 2 and now includes the following roles and individuals:

2h. 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.

2i. 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 purposes 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 dining facilities at Regent’s Park Open Air Theatre, together with producing plays elsewhere in the UK. The activities for the year related to the summer season at Regent’s Park Open Air Theatre. This year’s summer season ran for a full 20 weeks (the first time this has happened since 2019 due to the Covid-19 pandemic) from Friday 13 May 2022 – Saturday 24 September 2022. 2022 also marked the 90th anniversary of our unique and internationallyrenowned theatre.

The 2022 summer season consisted of:

Established in 1932, the multi-award-winning Regent’s Park Open Air Theatre is one of the largest theatres in London (now at a capacity of 1,304). Passionate about producing first class theatre for and in our unique setting which inspires, challenges and entertains, the scale and ambition of our outdoor productions makes us unique in the capital’s cultural landscape. Every year we welcome over 140,000 people to our 20-week summer season of plays and musicals. We measure success by analysing box office sales, attendance, critical reception and audience feedback, and are proud to have become one of the most independently sustainable and financially successful producing theatres in the country over the years.

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4. Public Benefit

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

As a registered charity that receives no public subsidy, over 90% of our income is currently generated from ticket sales. Nevertheless, we have maintained our lowest ticket price of £25 for ten years and continued our BREEZE membership scheme with those aged 18-25 able to get tickets for £10. This year we had 416 BREEZE members .

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

Encouraging a wide and diverse audience is one of the charity’s fundamental principles and, alongside its accessible productions, we run schemes which provide discounted and complimentary tickets to those aged 1825, school groups, teachers, under 18s, senior citizens, local residents, university students, targeted community groups, and partners such as The London Ticket Bank.

This year, 61% of bookers for Legally Blonde , 56% of bookers for Antigone , and 54% of bookers for 101 Dalmatians were first time visitors to Regent’s Park Open Air Theatre, demonstrating the charity’s increased commitment to connecting with and developing new audiences.

This year we also saw a 30% increase in audiences from the global majority , compared to 2019.

We are keen to meet the needs of audiences with specific disabilities (this year we engaged with 2,000 access bookers ). In addition to ticket discounts, wheelchair spaces, and the provision of headsets, we also programmed 10 assisted performances throughout this year’s summer season, including captioned, BSL interpreted and audio described, alongside a low stimulus performance of 101 Dalmatians , delivered in partnership with Mousetrap Theatre Projects.

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

5. Strategy 2022-27

Following nearly 18 months of consultation with Trustees, staff, stakeholders, and creative freelancers, the Board of Trustees approved the following Strategy to the end of 2027 in their November 2022 meeting.

OUR VISION

To help people make sense of the world under a shared sky.

OUR MISSION

Celebrating our unique and experiential outdoor setting, we create popular, enriching and unexpected theatre that provides a lens into the here and now.

OUR GUIDING VALUES

We are:

Ambitious

As one of the largest producing theatres in London, we create exceptional work at scale and strive to remain curious, innovative and aspirational, both artistically and organisationally.

Open

An open air theatre that is open and accessible to all; we nurture, develop and inspire those who work for us, engage with us, and visit us.

Independent

We remain entrepreneurial and agile, with the ability to adapt to ever-changing needs and behaviours to ensure our continued relevance and impact.

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Connected

Through collaboration with both internal and external stakeholders, we forge new and heighten existing partnerships built on trust, respect, and a shared dialogue.

Joyful

Utilising the spirit of the park in which we play, we are unashamedly popular, entertaining, and far-reaching in everything we do.

OUR UNDERLYING PRINCIPLES

Equity, Diversity & Inclusion

We are committed to championing diversity and accessibility in everything we do, embracing difference and individuality with respect and equality, ensuring everyone feels valued and welcome.

Environmental Sustainability

The collision between art and environment is what makes our work unique; our relationship with the planet is front and centre. Recognising the climate crisis, we are committed to reducing our environmental impact and to finding ways to adapt and respond to ever-changing weather patterns.

History & Heritage

We are committed to building on our foundations as the oldest, professional, permanent outdoor theatre in the UK.

Civic Responsibility

We are committed to exploiting opportunities to collaborate with local authorities, schools, community groups, grassroots organisations and other charities to remain locally engaged and effective.

OUR ENABLERS

Good Governance

Led by an active and committed Board of Trustees with a broad range of skills and lived experiences.

Committed People:

Permanent Staff, Seasonal Teams & Freelancers

Who feel supported, listened to and inspired.

Engaged Stakeholders

Including individuals, groups and organisations, from funders and architects to advisors and The Royal Parks.

A Functioning Estate & Efficient Systems

That are fit-for-purpose and effectively support the growing ambition of the organisation.

Commercial Mindedness

Enabling the evolution of our independent, not-for-profit business model, and helping to mitigate identified risks.

OUR STRATEGIC PRIORITIES

1. Producing Expansion

2. Developing Audiences & People

3. Organisational Growth

Three priority areas sit within each of our Strategic Priorities.

6. Achievement and Performance

This year, we sold 149,942 tickets (up 46,384 on 2021 and 7,492 on 2019), 48,594 of which were sold for £25 or less . Our average ticket yield was £40.86 (down £6.54 on 2021).

66% of bookers lived within a 20-mile radius of the theatre, and 16.4% of bookings were made in the 48 hours leading up to a performance (compared to 8.9% in 2019).

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In 2022, we employed: 56 creatives, 70 performers, 24 musicians, 12 young performers, 2 puppies, 16 members of core staff and 244 members of seasonal staff across stage management, production, technical, visitor services and catering.

6a. Produced work

2022’s summer season opened on Friday 13 May 2022 with the first major UK revival of Legally Blonde (music and lyrics by Laurence O’Keefe and Nell Benjamin, book by Heather Hach). Directed by Lucy Moss, the production was choreographed by Ellen Kane, with musical supervision by Cat Beveridge, musical direction by Katharine Woolley, set design by Laura Hopkins, costume design by Jean Chan, lighting by Phil Gladwell, sound by Tony Gayle and casting by Natalie Gallacher CDG for Pippa Ailion Casting. The production was a hit with critics and audiences alike (one customer saw it 14 times! ), and played 57 performances through to Saturday 2 July 2022, to an overall audience of 67,538 .

“An inclusive power-house of a musical, one that embraces difference and diversity in its casting and its attitudes, while simultaneously celebrating a world that can change if people stand together.” WhatsOnStage *

“A seriously fabulous revival, and one of the most inclusive shows I’ve ever seen.” Independent *

"A whirlwind of a production that breathes positive new life into a popular story and delivers it with a mischievous twinkle and an irresistible generosity of spirit. Lauren Drew’s jaw-dropping number 'Whipped into Shape' is just one of the upbeat moments that make Lucy Moss’s new staging blaze off the stage, warming even the chilliest of English spring evenings." Financial Times

"Courtney Bowman is irrepressibly sparky and sensuous. You’ll be blown away.” The Times

101 Dalmatians , a brand new musical with music and lyrics by Douglas Hodge and book by Johnny McKnight from a stage adaptation by Zinnie Harris, was the second production in this year’s season. Directed by Timothy Sheader, the show was choreographed by Liam Steel, with musical supervision and orchestrations by Sarah Travis, musical direction by Tarek Merchant, set design by Colin Richmond, costume design by Katrina Lindsay, puppetry direction and design by Toby Olié, lighting by Howard Hudson, sound by Nick Lidster for Autograph, and casting by Jill Green CDG. The production played 52 performances from Tuesday 12 July – Sunday 28 August 2022, to an overall audience of 57,305 .

“Witty choreography, waggish puns and super puppets… It’s as bubbly as a contented puppy.” Financial Times

“You’d be barking mad to miss it. With sheer dazzle and bonkers invention, the production echoes the fizz and physical elasticity of a Road Runner cartoon.” Evening Standard

“101 Dalmatians is spot on.” The Observer

2022’s season closed with a contemporary retelling of Antigone by Inua Ellams after Sophocles, commissioned by Regent’s Park Open Air Theatre. Directed by Max Webster, with co-direction by Jo Tyabji, choreography by Carrie-Anne Ingrouille, set design by Leslie Travers, costume design by Khadija Raza, lighting by Jack Knowles, sound by Emma Laxton, and casting by Polly Jerrold. The production played 24 performances from Saturday 3 – Saturday 24 September 2022, to an overall audience of 14,970 .

“New-minted, fearsomely contemporary and blisteringly urgent.” iNews

“This is theatre that sits in direct conversation with its times, and it’s exhilarating to watch.” Time Out

“Sophisticated and stylishly staged, Inua Ellams pours a provocative gallon of petrol on the play’s eternal flame. Proof that Sophocles’s fiery drama is a scalding play for today.” Daily Telegraph

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6b. Received Work

2022’s MOREoutdoor programme featured one-off presentations from Canned Laughter (with Suzi Ruffell, Rhys James, Sukh Ojla, Tadiwa Mahlunge, Felicity Ward, Sindhu Vee, Ria Lina, Kerry Goldman and David O’Doherty, in support of the Trussell Trust), Tim Key’s Mulberry , Austentatious, BAC Beatbox Academy’s Frankenstein: How To Make A Monster , Le Gateau Chocolat’s Raw Cacao , plus four nights of Daniel Kitson with or near Gavin Osborn , and Luna Cinema screenings of Star Wars: Episode IV – A New Hope and West Side Story . Total MOREoutdoor attendance was 10,129 .

6c. Beyond Regent's Park

Our critically-acclaimed, sell-out 2016 revival of Jesus Christ Superstar continued its tour of North America, closing on Sunday 7 August 2022 at the Schuster Center in Dayton, OH.

A second North American tour of the production commenced on Tuesday 11 October 2022 at the Berglund Center in Roanoke, VA and is currently scheduled to play through to the end of April 2024.

A UK tour of the production will start on Monday 11 September 2023 at the Palace Theatre, Manchester, and is currently playing through to the middle of August 2024.

6d. Awards & Recognition

We were delighted to be nominated for 4 WhatsOnStage Awards this year:

with Courtney Bowman and Lauren Drew both winning in their categories.

Furthermore, Legally Blonde was nominated for 4 Black British Theatre Awards , as follows:

Finally, Antigone was nominated for a 2023 Visionary Arts Award in the Play/Musical of the Year category.

6e. Food & Drink

The bar and dining areas (operated by the charity’s subsidiary, Regent’s Park Enterprises Ltd.) were as popular as ever with audiences. Despite initial challenges with recruiting staff (resulting in an increased reliance on agencies), we were thrilled to see this area of the business operating at full capacity again after two years of reduced service due to the pandemic.

This year, 7,281 customers were served at The Grill, 6,621 pizzas were sold at the Pizza Oven and 2,950 Bend & Schnapps and 2,845 OMG&T cocktails were sold during Legally Blonde!

6f. Environment & Sustainability

Notable achievements this year included:

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6g. Major Capital Project

A major capital project to replace and reconfigure the technical gallery and control room alongside the erection of a single storey extension above the current production workshop progressed to RIBA Stage 4 following Board approval in March 2022. In August 2022, having assessed both the need for the project given the deteriorating health and safety position, and the strong financial performance of the 2022 season, the Board subsequently approved the costs for constructing and completing this project, led by Northcote as project managers, Reed Watts as architects, and, following a competitive tender process, MCD Group as contractors. Construction commenced in October 2022 and was completed in May 2023.

6h. Cultural Recovery Fund

At the end of 2021 we were awarded, as part of the charity’s Culture Recovery Fund Round 3 grant, a restricted grant of £440,000 towards new projects, initiatives and approaches that would start to diversify the charity’s income streams. Work on this project continued throughout the year, focusing on three key development areas: fundraising and contributed income; expanding onsite activity; and digital infrastructure and exploitation. The end of this funding period is the 31 March 2023.

7. Financial Review

After the challenges of the last two years, this year’s figures offer a much more reassuring and positive outlook as we continue to rebuild from the impact of the Covid-19 pandemic. Incoming resources increased to £7,958,565 (2021: £5,220,780) and total funds increased by £1,114,511 to £9,841,631 (2021: £8,727,120).

The charity’s wholly owned subsidiary Regent’s Park Enterprises Ltd. operates our bar and dining facilities. The year ended 31 December 2022 saw income increase to £1,093,626 (2021: £650,481) and a profit for the year of £65,514 (2021: £104,196).

The charity’s wholly owned subsidiary Regent’s Park Productions Ltd. produces some of the productions staged at the theatre under a commissioning agreement. The year ended 31 December 2022 saw an increase in commissioning fees receivable from Regent’s Park Theatre Ltd. to £3,380,432 (2021: £2,105,512) and a significant increase in theatre tax relief to £995,378 (2021: £206,635). 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 2021 and 2022.

The charity’s wholly owned subsidiary Regent’s Park Ventures Ltd. operates the charity’s theatrical productions held externally to the theatre itself. During the year ended 31 December 2022 there were no external productions, resulting in box office income of £Nil (2021: £Nil), and theatre tax relief of £Nil (2021: £Nil), and loss before writing off financial liabilities of £6,149 (2021: loss of £5,761). Irrecoverable production funding provided by Regent’s Park Theatre Ltd. of £6,149 has been written off (2021: £5,761).

8. Fundraising Activities

The charity has a Head of Partnerships & Philanthropy, a Partnerships & Philanthropy Manager, and a part-time Partnerships Assistant, all of 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.

9. Plans for Future Periods

At the time of writing, we have just opened the charity’s 2023 summer season which builds on the successes of 2022. Five productions are being produced, including a co-production with the Unicorn Theatre. Alongside our reimagined revivals, the 2023 season increases our commitment to commissioning and producing new work, with world premieres by Carl Grose and Chinonyerem Odimba, and includes productions for children and families running throughout the entirety of the season.

The Trustees intend to maintain their present policy of longer-term financial planning allowing for better investment and artistic breath in its produced and received productions, and greater risk at the box office for both commissioned and new work.

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10. Risk Assessment

The Trustees carried out a Risk Assessment in 2023. 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.

11. 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 at notes 21 and 22 on pages 36 to 38.

Due to the financial impact of the pandemic, Trustees have, for the time being, agreed to reduce the charity’s free reserves target to 8 weeks of pre-Covid turnover (as opposed to 12). Total free reserves (which includes all unrestricted funds together with selected designated funds that could be released in an emergency, subject to Trustee approval) at the year ended 31 December 2022 sit just shy of this revised free reserves target.

12. Investment Policy

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

13. 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.

14. Going Concern

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.

15a. 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.

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15b. Independent Auditors

In 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.

15c. 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 23 June 2023 and signed on their behalf by:

Stuart Griffiths OBE Trustee

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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 2022 set out on pages 17 to 40. 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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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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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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 5 July 2023

Page 16

REGENT'S PARK THEATRE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income from:
Donations and legacies
3
Charitable activities
6
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
4,7
Charitable activities
8,9,10
Total expenditure
Net income / (expenditure)
before transfers
Transfers between funds
21
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
2022
£
398,612
6,087,287
1,062,605
9,061
7,557,565
1,084,728
5,311,394
6,396,122
1,161,443
(1,382,103)
(220,660)
(220,660)
512,708
292,048		 Restricted
funds
2022
£
401,000
-
-
-
401,000
-
27,849
27,849
373,151
(29,000)
344,151
344,151
-
344,151		 Designated
funds
2022
£
-
-
-
-
-
-
420,083
420,083
(420,083)
1,411,103
991,020
991,020
8,214,412
9,205,432		 Total
funds
2022
£
799,612
6,087,287
1,062,605
9,061
7,958,565
1,084,728
5,759,326
6,844,054
1,114,511
-
1,114,511
1,114,511
8,727,120
9,841,631		 Total
funds
2021
£
1,121,341
3,457,282
638,069
4,088
5,220,780
611,653
4,155,519
4,767,172
453,608
-
453,608
453,608
8,273,512
8,727,120

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 21 to 40 form part of these financial statements.

Page 17

REGENT'S PARK THEATRE LIMITED REGISTERED NUMBER: 00759557

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022

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
21
Restricted funds
21
Unrestricted funds:
Share capital
20
Unrestricted funds
21
Total unrestricted funds
Shareholders' and Charity's funds		 £
39,007
1,264,484
4,368,059
5,671,550
(778,903)
13
292,035		 2022
£
4,948,984
4,892,647
9,841,631
9,205,432
344,151
292,048
9,841,631		 £
30,421
476,177
4,072,749
4,579,347
(754,034)
8
512,700		 2021
£
4,901,807
3,825,313
8,727,120
8,214,412
-
512,708
8,727,120

The financial statements were approved and authorised for issue by the Trustees on 23 June 2023 and signed on their behalf, by:

Stuart Griffiths OBE

The notes on pages 21 to 40 form part of these financial statements.

Page 18

REGENT'S PARK THEATRE LIMITED REGISTERED NUMBER: 00759557

COMPANY BALANCE SHEET AS AT 31 DECEMBER 2022

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
Restricted funds
Unrestricted funds:
Share capital
20
Unrestricted income funds
Total unrestricted funds
Shareholders' and Charity's funds		 £
12,003
1,345,748
4,276,545
5,634,296
(733,594)
13
411,321		 2022
£
4,935,579
3
4,935,582
4,900,702
9,836,284
9,075,799
349,151
411,334
9,836,284		 £
5,596
516,621
4,034,471
4,556,688
(721,430)
8
498,957		 2021
£
4,878,116
3
4,878,119
3,835,258
8,713,377
8,214,412
-
498,965
8,713,377

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 incoming resources of £1,122,907 (2021: £439,869).

The financial statements were approved and authorised for issue by the Trustees on 23 June 2023 and signed on their behalf, by:

Stuart Griffiths OBE

The notes on pages 21 to 40 form part of these financial statements.

Page 19

REGENT'S PARK THEATRE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Cash flows from operating activities
Net cash provided by operating activities
23
Cash flows from investing activities:
Interest receivable
Proceeds from the sale of tangible fixed assets
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
24		 2022
£
700,672
9,061
-
(414,423)
(405,362)
295,310
4,072,749
4,368,059		 2021
£
166,570
4,088
617
(6,072)
(1,367)
165,203
3,907,546
4,072,749

The notes on pages 21 to 40 form part of these financial statements.

Page 20

REGENT'S PARK THEATRE LIMITED

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

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 2019) - (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 21

REGENT'S PARK THEATRE LIMITED

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

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 is 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 sale 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 is 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.

Arts Council England grants are accounted for as unrestricted funds as the funds are awarded for general use contributing towards the charitable activities of the charitable company without a specific restriction as to the charitable purposes for which they can be spent. Arts Council England grants are recognised in line with expenditure of the project to which they are applied.

Page 22

REGENT'S PARK THEATRE LIMITED

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

1. Accounting Policies (continued)

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.

1.5 Going concern

The group meets its day to day working capital requirements through the utilisation of its own funds.

After reviewing the company's forecasts and projections the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. The Trustees therefore consider it appropriate to adopt the going concern basis in preparing the group'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.

Page 23

REGENT'S PARK THEATRE LIMITED

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

1. Accounting Policies (continued)

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) Assets under construction - Depreciated once brought into use 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.

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.

Page 24

REGENT'S PARK THEATRE LIMITED

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

1. Accounting Policies (continued)

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.

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.

Page 25

REGENT'S PARK THEATRE LIMITED

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

3. Income from donations and legacies

Unrestricted
funds
Restricted
funds
2022
£
2022
£
Voluntary income (donations &
trusts)
25,199
5,000
Arts Council England Grants
242,755
396,000
Government grants
6,000
-
Sponsorship
124,658
-
Total donations and legacies
398,612
401,000
Total 2021
1,047,043
74,298
4.
Trading activities
Unrestricted
funds
Restricted
funds
2022
£
2022
£
Charity trading income
Catering income
1,062,605
-
Fundraising trading
expenses
Catering expenditure
1,024,513
-
Net income from trading
activities
38,092
-
5.
Investment income
Unrestricted
funds
Restricted
funds
2022
£
2022
£
Interest received
9,061
-
Total 2021
4,088
-		 Restricted
funds
2022
£
5,000
396,000
-
-		 Designated
funds


2022
£
-
-
-
-
-
-
Designated
funds
2022
£
-
-
-
Designated
funds
2022
£
-
-		 Total
funds
2022
£
30,199
638,755
6,000
124,658
799,612
1,121,341
Total
funds
2022
£
1,062,605
1,024,513
38,092
Total
funds
2022
£
9,061
4,088		 Total
funds
2021
£
38,652
876,274
138,130
68,285
401,000 1,121,341
Total
funds
2021
£
638,069
74,298
563,721
74,348
Total
funds
2021
£
4,088

Page 26

REGENT'S PARK THEATRE LIMITED

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

6. Income from charitable activities

Theatre, rehearsal room and
prop hire
Programmes and
merchandise
Box office receipts
Royalties from external
productions
Friends subscriptions
Total 2021		 Unrestricted
funds
2022
£
111,074
100,893
5,390,795
428,032
56,493
6,087,287
3,457,282		 Restricted
funds
2022
£
-
-
-
-
-
-
-		 Designated
funds
2022
£
-
-
-
-
-
-
-		 Total
funds
2022
£
111,074
100,893
5,390,795
428,032
56,493
6,087,287
3,457,282		 Total
funds
2021
£
75,210
55,415
3,249,877
36,324
40,456
3,457,282

7. Costs of generating funds

Costs of generating funds
Contribution to
administration salaries and
overheads
Total 2021		 Unrestricted
funds
2022
£
60,215
47,932		 Restricted
funds
2022
£
-
-		 Designated
funds
2022
£
-
-		 Total
funds
2022
£
60,215
47,932		 Total
funds
2021
£
47,932

Page 27

REGENT'S PARK THEATRE LIMITED

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

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 2021		 Activities
£
1,218,958
28,134
52,225
293,788
402,092
2,150,849
126,300
50,466
4,322,812
3,156,059		 Total
2022
£
1,218,958
28,134
52,225
293,788
402,092
2,150,849
126,300
50,466
4,322,812
3,156,059		 Total
2021
£
842,829
12,123
20,278
209,776
372,147
1,569,514
87,852
41,540
3,156,059

Expenditure on direct costs was £4,322,812 (2021: £3,156,059) of which £4,321,913 (2021: £3,081,761) was unrestricted and £900 (2021: £74,298) was restricted. Production costs have been reduced by theatre tax relief of £995,378 (2021: £206,635).

9. Support costs

Support costs
Overheads, management and administration
Irrecoverable VAT
Salaries and national insurance
Depreciation and maintenance
Total 2021		 Activities
£
398,224
448,083
5,862
491,380
1,343,549
918,091		 Total
2022
£
398,224
448,083
5,862
491,380
1,343,549
918,091		 Total
2021
£
177,349
355,325
4,074
381,343
918,091

Expenditure on support costs was £1,343,549 (2021: £918,091) of which £1,316,599 (2021: £918,091) was unrestricted and £26,949 (2021: £nil) was restricted.

Page 28

REGENT'S PARK THEATRE LIMITED

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

10. Governance costs

Governance costs
Unrestricted
funds
2022
£
Auditors' remuneration
30,750
Legal and professional fees
3,835
Accounting
58,380
92,965		 Restricted
funds
2022
£
-
-
-
-		 Designated
funds
2022
£
-
-
-
-		 Total
funds
2022
£
30,750
3,835
58,380
92,965		 Total
funds
2021
£
26,750
670
53,949
81,369

11. Net incoming resources/(resources expended)

This is stated after charging:

2022 2021
£ £
Depreciation of tangible fixed assets:
- owned by the charitable group 367,246 378,784
Auditors' remuneration - audit 30,750 26,750
Operating lease/licence (theatre and offices) 110,627 71,993

Other than as disclosed in note 28, during the year, no Trustees received any remuneration or reimbursement of expenses (2021: £nil).

12. STAFF COSTS

The aggregate staff costs were:

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

Total		 2022
£
2,564,512
155,942
52,845

2,773,299		 2021
£
2,032,552
109,904
43,732
2,186,188

The average number of persons employed by the charitable company during the year was 101 (2021: 76). 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 were: 60-70, 1 (2021: 2); 80-90, 1 (2021: 0); 90-100, 1 (2021: 0);120-130, 1 (2021: 1).

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 £525,295 (2021: £492,687).

Page 29

REGENT'S PARK THEATRE LIMITED

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

14. Tangible fixed assets

Group
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Group
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 General
building
improvement
£
126,573
-
126,573
117,902
7,295
125,197
1,376
8,671		 Major
building
works
£
7,134,541
-
7,134,541
2,284,886
335,887
2,620,773
4,513,768
4,849,655
Box office
software &
equipment
£
3,035
2,469
5,504
3,035
-
3,035
2,469
-		 Assets under
construction
£
-
410,681
410,681
-
-
-
410,681
-
Computer
equipment
£
130,756
904
131,660
120,608
5,259
125,867
5,793
10,148		 Technical
and stage
equipment
£
149,814
-
149,814
137,410
8,186
145,596
4,218
12,404
Catering
fixtures &
fittings
£
58,089
369
58,458
43,879
5,831
49,710
8,748
14,210		 Office
furniture &
fittings
£
55,023
-
55,023
48,304
4,788
53,092
1,931
6,719
Total
£
7,657,831
414,423
8,072,254
2,756,024
367,246
3,123,270
4,948,984
4,901,807

Page 30

REGENT'S PARK THEATRE LIMITED

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

14. Tangible fixed assets (continued)

Company
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Company
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 General
building
improvement
£
126,573
-
126,573
117,902
7,295
125,197
1,376
8,671		 Major
building
works
£
7,134,541
-
7,134,541
2,284,886
335,887
2,620,773
4,513,768
4,849,655
Box office
software &
equipment
£
3,035
2,469
5,504
3,035
-
3,035
2,469
-		 Assets under
construction
£
-
410,681
410,681
-
-
-
410,681
-
Computer
equipment
£
90,431
904
91,335
87,875
1,738
89,613
1,722
2,556		 Technical &
stage
equipment
£
149,814
-
149,814
137,410
8,186
145,596
4,218
12,404
Catering
fixtures &
fittings
£
970
-
970
970
-
970
-
-		 Office
furniture and
fittings
£
23,875
-
23,875
19,045
3,485
22,530
1,345
4,830
Total
£
7,529,239
414,054
7,943,293
2,651,123
356,591
3,007,714
4,935,579
4,878,116

Page 31

REGENT'S PARK THEATRE LIMITED

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

15. Fixed asset investments

Company

Shares in group undertakings £

Market value

At 1 January 2022 and 31 December 2022

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		 2022
£
1,093,626
(386,655)
(641,457)
-
65,514

(73,896)
13,742

5,360
2020
£
13,405
78,011
(86,055)

5,361		 2021
£
650,481
(189,687)
(377,019)
20,421
104,196
(90,454)
-
13,742
2019
£
23,688
38,352
(48,297)
13,743

Page 32

REGENT'S PARK THEATRE LIMITED

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

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
Administrative expenses
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		 2022
£
3,380,432
(4,359,732)
(16,078)
995,378
-

-

-
2022
£
1,034,101
(1,034,100)

1
2022
£
(6,149)
6,149
-

-
-

-
2022
£
4,861
(4,860)

1		 2021
£
2,105,512
(2,303,473)
(8,674)
206,635
-
-
-
2021
£
226,515
(226,514)
1
2021
£
(5,761)
5,761
-
-
-
-
2021
£
9,880
(9,879)
1

Page 33

REGENT'S PARK THEATRE LIMITED

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

17. Stocks

Finished goods and goods for resale Group
Company
2022
2021
2022
2021
£
£
£
£
39,007
30,421
12,003
5,596

18. Debtors

Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2021
£
4,460
-
228,209
243,508
476,177		 2022
£
6,755
1,077,848
33,229
227,916
1,345,748		 Company
2022
£
7,282
-
1,029,286
227,916
1,264,484		 2021
£
3,057
252,088
17,968
243,508
516,621

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
2021
£
87,537
24,512
585,118
9,771
47,096
754,034		 2022
£
98,471
56,678
367,488
3,407
207,550
733,594		 Company
2022
£
101,465
56,556
383,853
3,479
233,550
778,903		 2021
£
86,583
24,512
568,482
9,769
32,084
721,430

Other taxation and social security

Other taxation and social security
PAYE/NI control
VAT control		 Group
2021
£
22,405
2,107
24,512		 2022
£
40,481
16,197
56,678		 Company
2022
£
40,481
16,075
56,556		 2021
£
22,405
2,107
24,512

Page 34

REGENT'S PARK THEATRE LIMITED

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

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

Deferred income
Deferred income at 1 January 2022
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 December 2022
Share capital
Allotted, called up and fully paid
13 (2021 - 8) Ordinary shares of £1 each		 £
585,118
383,853
(585,118)
383,853		 Group
£
1,144,122
540,118
(1,099,122)
585,118		 £
568,482
367,488
(568,482)
367,488
2022
£
13		 Company
£
1,097,737
523,482
(1,052,737)
568,482
2021
£
8

20. Share capital

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.

Page 35

REGENT'S PARK THEATRE LIMITED

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

21. Statement of funds

Statement of funds - current year

Balance at 1
January
2022
£
Unrestricted funds
General funds
512,708
Designated funds
Depreciation on completed capital
building works
4,814,412
Potential effects of bad weather and
other negative effects on future takings
1,500,000
Repairs and renewals projects and
depreciation
300,000
Provision for at risk investment in
tours/transfers
100,000
Provision for forthcoming major building
works
900,000
General short-term cashflow purposes
350,000
Provision for future artistic projects and
commissioning
250,000
8,214,412
Restricted funds
Theatre maintenance
-
Cultural Recovery Fund 3: Sustainability
grant
-
-
Total of funds
8,727,120		 Income
£
7,557,565
-
-
-
-
-
-
-
-
5,000
396,000
401,000
7,958,565		 Expenditure
£
(6,396,122)
(319,661)
-
(52,840)
-
(47,582)
-
-
(420,083)
(5,000)
(22,849)
(27,849)
(6,844,054)		 Transfers
in/out
£
(1,382,103)
410,681
100,000
52,840
400,000
547,582
(100,000)
-
1,411,103
-
(29,000)
(29,000)
-		 Balance at
31
December
2022
£
292,048
4,905,432
1,600,000
300,000
500,000
1,400,000
250,000
250,000
9,205,432
-
344,151
344,151
9,841,631

Page 36

REGENT'S PARK THEATRE LIMITED

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

21. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 January
2021
£
General funds
439,439
Designated funds
Depreciation on completed capital
building works
5,134,073
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
-
Provision for forthcoming major building
works
250,000
General short-term cashflow purposes
750,000
Provision for future artistic projects and
commissioning
-
7,834,073
Restricted funds
Coronavirus job retention scheme
-
-
Total of funds
8,273,512
Summary of funds - current year
Balance at 1
January
2022
£
General funds
512,708
Designated funds
8,214,412
Restricted funds
-
8,727,120		 Income
£
5,146,482
-
-
-
-
-
-
-
-
74,298
74,298
5,220,780
Income
£
7,557,565
-
401,000
7,958,565		 Expenditure
£
(4,314,087)
(319,661)
-
-
-
(59,126)
-
-
(378,787)
(74,298)
(74,298)
(4,767,172)
Expenditure
£
(6,396,122)
(420,083)
(27,849)
(6,844,054)		 Transfers
in/out
£
(759,126)
-
-
100,000
100,000
709,126
(400,000)
250,000
759,126
-
-
-
Transfers
in/out
£
(1,382,103)
1,411,103
(29,000)
-		 Balance at
31
December
2021
£
512,708
4,814,412
1,500,000
300,000
100,000
900,000
350,000
250,000
8,214,412
-
-
8,727,120
Balance at
31
December
2022
£
292,048
9,205,432
344,151
9,841,631

Page 37

REGENT'S PARK THEATRE LIMITED

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

21. Statement of funds (continued)

Summary of funds - prior year

General funds
Designated funds
Restricted funds		 Balance at
1 January
2021
£
439,439
7,834,073
-
8,273,512		 Income
Expenditure
£
£
5,146,482
(4,314,087)
-
(378,787)
74,298
(74,298)
5,220,780
(4,767,172)		 Transfers
in/out
£
(759,126)
759,126
-
-		 Balance at
31
December
2021
£
512,708
8,214,412
-
8,727,120

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
2022
£
43,552
1,027,399
(778,903)
292,048
Unrestricted
funds
2021
£
52,152
1,214,590
(754,034)
512,708		 Restricted
funds
2022
£
-
344,151
-
344,151
Restricted
funds
2021
£
-
-
-
-		 Designated
funds
2022
£
4,905,432
4,300,000
-
9,205,432
Designated
funds
2021
£
4,849,655
3,364,757
-
8,214,412		 Total
funds
2022
£
4,948,984
5,671,550
(778,903)
9,841,631
Total
funds
2021
£
4,901,807
4,579,347
(754,032)
8,727,120

Page 38

REGENT'S PARK THEATRE LIMITED

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

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

Net income for the year (as per Statement of Financial Activities)
Adjustment for:
Depreciation charges
Gains on disposal of fixed assets
Interest receivable
Theatre tax relief recievable
Increase in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Theatre tax relief received
Net cash provided by operating activities		 2022
£
1,114,511
367,243
-
(9,061)
(995,378)
(8,586)
436
24,872
206,635
700,672		 Group
2021
£
453,608
378,784
(617)
(4,088)
(206,635)
(20,356)
(76,357)
(496,902)
139,133
166,570

24. Analysis of cash and cash equivalents

Cash in hand
Total		 2022
£
4,368,059
4,368,059		 Group
2021
£
4,072,749
4,072,749

25. Capital commitments

At 31 December 2022 the group and company had capital commitments as follows:

Major building project Group
Company
2022
2021
2022
2021
£
£
£
£
714,863
-
714,863
-

26. Pension commitments

Pension costs totalling £52,845 (2021: £43,732) represent amounts payable to defined contribution pension schemes. The assets of the schemes are held separately from those of the group in an independently administered fund. Contributions totalling £3,408 (2021: £nil) were payable to the funds at the balance sheet date and are included in creditors.

Page 39

REGENT'S PARK THEATRE LIMITED

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

27. Operating lease commitments

At 31 December 2022 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		 2022
£
103,756
415,023
933,802
1,452,581		 2021
£
103,756
415,023
1,037,558
1,556,337

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 £22,475 (2020: £1,500) were paid to a company in which one of the Trustees is also a director. At the reporting date £nil (2021: £1,500) was due to the company in respect of these fees.

Page 40