Company no. 00860847 Charity no. 246186 The Greenwich Theatre Limited Report and Audited Financial Statements 31 March 2023
The Greenwich Theatre Limited Reference and administrative detai For the ear ended 31 Mareh 2023 Company number 00860847 Charlty number 246186 Reglstered offlce and operational address Crooms Hill Greenwich London SE10 8ES Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows. Nas Asghar Appointed 1 March 2023 Rita Beckwith Resigned 1 March 2023 Angela Clerkin Resigned 28 February 2023 Lucy Cuthbertson Nigel Fletcher Sophie Hamlet Christopher Hogben Gerald Lidstone Catherine Nolan Narmeen Rehman David Stanley Chair Appointed 4 April 2023 Appointed 4 April 2023 Appointed 4 April 2023 Company secretary James Haddrell Bankers Natwesl Greenwieh South Street Greenwich London SE10 9BQ Solicitor¥ Grant Saw Solicitors LLP Wood Vvharf Building Horseferry Place Greenwich London SE10 9BB Auditors Godfrey Imlson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD
The Greenwich Theatre Limited Report ofthe Chair For the ear 9nded 31 March 2023 The chairman presents his statement for the year. This has been an important year for the company, as it has for the industry as a whole, navigating the ongoing impact of the pandemic. However, despite the many challenges in regaining customer confidence and managing cashflow challenges (i"usl one of the legacies of continuing to operate during the pandemic), this has been a strong year both in terms of artistic output and of ambition for the future. The year saw the return of the Greenwich Children's Theatre Festival, in-house productions of Treasure Island and Mike Bartlett's An Inlervenlion, and a welcome return for the theatre's annual award-winning pantomime. Written for the first time by Anthony Spargo, this yearfs show (Robin Hoodl was nominated for a 'Besl Panlo, Offie (Off West End award). The theatre's negotiations with the local authority around the granting of a long lease moved forward, with the lease expected in Spring 2024. The theatre also made ils first major step towards financial recovery, significantly reducing a deficit generated during the Covid reslriclions. All of this is leslament lo the work and dedication of our small staff team, and the loyalty and commitment of our audiences, who have now returned in their thousands to assure us of a strong future. To know more visit our website www.greenwichthealre.org.uk or call 020 8858 4447 or our Box Office on 020 8858 7755.
The Greenwich Theatre Limited Report of the trusteos For the ear 9nded 31 March 2023 The trustees present their report along with the financial ststemenls of the charity for the year ended 31 March 2023. The annual report seNes the purposes of both a trustees, report and a directors, report under company law. The Iruslees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 Istrategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities Policies and objectives The purposes of the charity are to advance the education of the public in all aspects of dramatic art by the presentation of public performances, and this provides the fundamental vision that shapes our annual aclivilies. The charity also has the general aim of contribution to the quality of life of the people of the London Borough of Greenwich and the surrounding area by expanding their horizons through the provision of exciting, challenging and accessible professional and community drama and arts events. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies on grants and income from fees and charges lo cover ils operating costs. In setting the level of fees, the trustees give careful consideration lo the accessibility of the theatre for those low on incomes. b. Strategies for achieving objectives The strategies employed lo achieve the Charity's aims and objectives are lo.. Present a broad range of theatre performances., Offer opportunities for a broad range of people lo get involved in arts activity through attending workshops and master classes or performing in full-scale productions", Celebrate the diversity of cultures In our society by programming presentations by, and with, artists of different cultural backgrounds., Develop educational projects in collaboration with local schools, colleges and arts organisations., and Provide a platform for new work and develop projects that benefit writers, composers and directors. c. Activities undertaken to aehieve objectives Putting these strategies into action we have two main areas of activity, which are stage performances and educational programmes. Our programme of activities described below focuses very much on bringing arts to the community of our borough and surrounding area. As our strategy makes clear, we endeavour lo encourage all within our community to take part in our activities either as participant or audien member. The performance we provide is lo be enjoyed by all from those attending local schools or institutes of higher education through lo our programmes with particular appeal to our older residents. Affordability and access lo our programme are important to us and this is reflected in our pricing policy sel out in detail later in this report.
Performances
Educational connections
Our artistic values
The Greenwich Theatre Limited Report of the trusteos For the ear 9nded 31 March 2023 Achievements and performance a. Key performance indicators Box office was significantly restored in our first full year of activity since the pandemic, with box office Income totalling c.£750,000 (down from £790,000 in the last full pre Covid year 120191 but significantly up from last year's £390,000). In total we welcomed almost 60,000 people lo participate In watching theatre, participating in workshops or engaging with our work online. For paid activity, average lickel price exceeded £15 for the fi'rst lime in our history. We also continued the expansion of our in-house productions, presenting a family production in the summer to mirror the pantomime season at Christmas, alongside a revival of Mike Bartlett's An Inlervenlion. Both productions served to further enhance the company's new reputation as a producing house, and paved the way for fLJrther production in subsequent years. Given the context of the industry's slow recovery from the impact of the p8ndemic, with audience behaviour and booking patterns all changing and engagements having lo be rebuilt, the activity delivered should be seen as a major achievement and our staff deserve credit and praise for their skilful and enlhusiaslic efforts to maintain an outstanding offer lo our customers. b. Pricing policy and perfomiance Our pricing policy reflects our strategy of enabling all within our community, whatever their means, lo lake part in our activities and attend our theatre. Our participatory activities offer young people the chance to work with professional facililalors for little or no cost, and a range of pricing inilialives ensure that the productions on stage remain affordable. Full price lickels to our performances range from £5 to £32 with concessions available on most performan$ and particular performances identified for enhanced concession mtes for young people and borough residents. Family tickets are available for our annual pantomime and for children's shows through the year. Financial review a. Going eoneern After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo 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. b. Reserves policy Reserves are needed to bridge the gap beeen the spending and reIving of reSoUrS and any other unplanned expenditure. The trustees consider the ide81 level of free reserves al 31 March 2023 lo be three months expenditure, approximately £300,000. Restricted and designated funds are maintained on a project by project basis. c. Reserves The actual free reserves al 31 March 2023 were in deficit by £14,095. The trustees are mindful of the lack of the level of free reseNes and intend to improve the position in the next year. The trustees note the impact of Covid related performance cancellations and the issuing of subsequent customer account credit continues to negatively affected the reserve. This impact can be absorbed within gèneral trading within the following 12 months as cancellation credit is used or expired. Public engagement and subsequent ticket sales are predicted lo rise, also contributing to stronger business covery.
The Greenwich Theatre Limited Report of the trusteos For the ear 9nded 31 March 2023 d. Material investments policy Under the Memorandum and Artieles of Association, the charity has the power to make any investment which the Iruslees see fil. e. Principal risks and uneertainties The principal risks faced by the charity, and the charity's objectives and policies in relation to those risks are as follows.. Cash flow risk The finance department closely manages the charity's cash flow. Detailed cash flow forecasts are regularly prepared with the objective of alerting the Trustees to potential future risks. It is the charity's policy to ensure that forecast funding requirements can be mel with available committed facilities. Credit nsk Credit risk is the financial exposu generated by the potential def8uII of third parties in fulfilling their obligations. Credit risk arises for the charity if it is unable to recover sums due from clients and il is mitigated by setting maximum levels of credit tolerance for more significant clients. f. Principal funding The trustees have secured financing from the Royal Borough of Greenwich to March 2024 and have an ongoing credit facility with the bank INatWesll, which it continues lo operate within. There are no outstsnding business loans. Due to this ongoing support the trustees consider the theatre lo be a going GOnrn. g. Fundraising Our approach lo fundmising is to manage all campaigns and appeals ourselves. We do not engage with any third paty fundraising companies. This means all communication with our customers comes directly from us and our goal is for this to be a genuine conversation with our audiences. Our fundraising initiatives that are ongoing year round are.. online donations, lickel price layer donations, friènds, membership, angels, donations and individual giving. In all of these campaigns we are clear and open about any benefits that might be gained by giving and that all of the donated income goes directly to support the operation of the theatre. Donations that are layered within a ticket price are discretionary and may be reimbursed lo any customer on request. All of our fundraising confomis lo recognised standards within the theatre and live entertainment industry. In addition, we will from time lo time organise individual fundraising events here al the theatre or send materials to customers with a specific project lo support. These will always have a clear objective and all proceeds will go directly lo supporbng the core ch8rit8ble aims andlor the operation of the theatre. Any complaints regarding our fundraising methods or campaigns will receive a response within working days and upheld complaints may result in improvements lo our procedures. In order to protect our audiences and vulnerable people we will not engage in any intrusive or persistent methods or pul undue pressure on anyone lo donate. We are immensely grateful for every donation we receive and plan to encourage greater participation by giving this year. Structure, governance and management a. Constitution Greenwich Theatre Limited IThel I'the charity'l is registered as a charitable company limited by guarantee. The charity is constituted under a Memorandum of Association dated 4 February 1999 and is a registered charity, with charity number 246186. There have been no changes in the objectives since the last annual reporL
The Greenwich Theatre Limited Report of the trusteos For the ear 9nded 31 March 2023 b. Methods of appointment or election of trustees The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the trust deed. As set out in the Articles of Association the chair of the Iruslees is nominated by the other Iruslees. There shall be a board of governors Itrusteesl and the minimum number of governors shall be six and the maximum number shall be thirteen. Two of the governors shall be nominated by Greenwich Council. The governors shall have the power to appoint further governors by co-oplion. Governors shall be appointed for temis of Offi which shall not exceed four years. Oryanisational structure and decision-making policies The charity Is conslitLJted with a board of trustees who appoint senior staff lo make strategic decisions in line with the charity's objectives. These senior staff report lo the board of trustees four limes a year and al these meetings Iruslees approve items such as budget, new recruitment, borrowing and annual audited accounts. In addition, the senior staff employ managers lo control individual elements of the eharily's operation. These managers are aulhorised to make decisions in line with their job descriptions and specific instructions. A weekly operations meeting is held for all full lime staff to discuss, contribute to and decide on day to day issues. Managers have spending authority lo sel limits. Senior staff aulhorise large spending. d. Policies adopted for the induction and training of Trustees The governors are provided with a full induction pack that includes information of the charity's finances, minutes of previous board meetings and business plans. The Company Secretary will arrange for new governors lo visit the theatre and meet with the current management, key employees and other governors. e. Pay policy for Key Management Personnel The charity employs two senior staff.. Artistic Director and Executive Director. Salary levels for these positions are sel at or below comparable levels of equivalent positions in mid-scale subsidised repertory theatres in London. Any increase or additions to salary must be approved by the board of Iruslees. f. Related party relationships The charity has a very close relab"onship with the London Borough of Greenwich, which nominates trustees and provides funding to assist the charity in carrying out its charitable objectives. The theatre building is owned by London Borough of Greenwich and provided rent free to the charity on a tenancy- at-will basis, though a 24 year lease will be issued in the following year. g. Risk management Greenwich Theatre re-opened in 1999 after a period of closure. During the process of re-establishing the theatre as a touring venue, the management team carried out a series of comprehensive reviews including risk management, health & safety and premises. Whilst the charity does not currently have a reserve fund, it plans to build a reserve fund that will seek to SLJPPOrt future artistic and l or educational endeavours that meet its objectives.
The Greenwich Theatre Limited Report of the trusteos For the ear 9nded 31 March 2023 Plans for future period$ The theatre continues lo find ways lo increase earned income, principally through ticket sales and venue hire, while also minimising any subsequent increased operating costs. Combining a small mulli- skilled staff team with a continued focus on low or non-risk deals with visiting companies, the trustees have therefore implemented a robust budget for the forthcoming year. With the business planning In place, a number of profile raising producb'ons in development and a strong artistic commitrnenl and vision leading the work on stsge, the theatre expects to continue work already done in growing audiences and industry recognition over the coming year. ststement of responsibilities of the trustees The trustees (who are also directors of the charity for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards, including Financi81 Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees to prepare financi81 statements for each financial year, which give a true and fair view of the stale of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the Iruslees are required to.. Select suitable accounting policies and then apply them consislenlly., Observe the methods and principles in the Charities SORP., Make judgements and accounting estimates that are reasonable and prudent., Slate whether applicable UK accounting standards and statements of recommended practice have been followed, subject lo any material departures disclosed and explained in the financial stalemenls,. and Prepare the financial statements on the going concern basis unless il is in8ppropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Iruslees are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevents'on and detection of fraud and other Irregularities. In so far as the trustees are aware.. There is no relevant audit information of which the charitable company's auditors are unaware., and The trustees have taken all steps that they ought to have taken to make themselves aware of any rèlevant audit information and lo establish that the auditors are aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other iurisdiclions. The Iruslees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
The Greenwich Theatre Limited Report of the trusteos For the ear 9nded 31 March 2023 Auditors Godfrey Wilson Limited We appointed as auditors to the charitable company during the year. Approved by the trustees on 15 February 2024 and signed on their behalf by Nigel Fletcher Chair of trustees
Independent auditors. report To thg members of The Greenwich Theatre Limited Opinion We have audited the fin8nci81 statements of The Greenwich Theatre Limited (the 'ch8rity'l for the year ended 31 March 2023 which comprise the statement of financial aclivilies, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Material uncertainty related to going concern We draw allenlion to the fact the charity has nel liabilities of £14,095. Whilst the charity's financial position has improved since the prior year, the potential ongoing impact of the Covid pandemic and cost of living crisis indicates the existence of a material uncertainty that may cast significant doubl on the charity's ability lo conb'nue as a going concern. The figures in the audited accounts are contingent on the theatre tsx relief claim which has been accrued but not yel received, and is subject to approval by HMRC. Our opinion is not modified in respect of this matter. 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. Our responsibilities and the responsibilities of the Iruslees, with respect to going concern are dèscribed in the relevant sections of this pOrt. 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 ststemenls and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assuran conclusion thereon. 10
Independent auditors. report To thg members of The Greenwich Theatre Limited In connection with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materialty inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a material misstalemenl in the financial statements or material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the information given in the Iruslees, report for the financial year for which the financial statements are prepared is consistent with the financial st8temenls," and the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstalemenls in the trustees, report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., the financial statements are not in agreement with the accounting records and returns., certain disclosures of Iruslees, remuneration specified by law are not made", or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilities of the trustees As explained more fully in thè Iruslees, responsibilities ststement set out in the trustees, report, the Iruslees are responsible for the preparation of the financial stslements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstslement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as 8 going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Independent auditors. report To thg members of The Greenwich Theatre Limited Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financi81 statements as 8 whole are free from material misslalement, whether due lo fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guamntee that an audit conducted in accordan with ISAS IUKI will always delecl a material misstslement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are instsnces 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 prOdureS we carried out and the extent lo which they 8re capable of detecting irregularities, including fraud, are detailed below.. 111 We obtained an unders18nding of the leg81 and regu18tory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert lo possible indications of non-compliance. 121 We reviewed the charity's policies and procedures in relation to". Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance., Deterting and resF)onding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud., and Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud. 131 We inspected the minutes of Iruslee meetings. 141 We enquired about any non-routine communication with regulators and reviewed any reports made to them. 151 We reviewed the financial ststement disclosures and assessed their compliance with applicable laws and regulations. IS) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. 171 We assessed the risk of fraud through management override of controls and canied out procedures to address this risk. Our procedures included. Testing the appropriateness of journal entries., Assessing judgements and accounting eslimales for potential bias., Reviewing related party Iransaclions", and Testing transactions that are unusual or outside the normal course of business. Because of the inherent limitstions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due lo fraud can be even harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. 12
Independent auditors. report To thg members of The Greenwich Theatre Limited 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.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's members, as a body. in accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charity's members those matters we are required to stste to them in an auditor's 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 charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Dale." 15 February 2024 Alison Godfrey FCA (Senior Statutory Auditor) For and on behalf of.. GODFREY WILSON LIMITED Chartered accountsnts and statutory auditors 5th Fl(ior Mariner House 62 Prince Street Bristol BS14QD 13
The Greenwich Theatre Limited Statement of financial activities (incorporating an income and expenditure account) For tho ear ended 31 March 2023 2023 Total 2022 Total Restricted Unrestricted Note Income from.. Donations and legacies Charitable activities Other trading activities Other Income 50,000 51,765 791,497 97,911 137,500 101,765 791.497 97,911 137.500 325,701 480,727 16,387 160,101 Total income 50,000 1,078,673 1,128.673 982,916 Expenditure on.. Charitsble activities 50,000 986,087 1036,087 1,108,139 Total expenditure 50,000 986,087 1.036.087 1,108,139 Net income l {expenditurel and net movement in funds 92,586 92,586 1125,2231 Reconclllatlon of funds: Total funds brought forward 106,681 106,681 18,542 Total funds carried forward 14,095 14,095 106,681 Al of the above results are derived from continuing activities. There were no other recognised gains or losses other than those slated above. Movements in funds are disclosed in note 17 to the accounts. All income and expenditure in the prior period were unreslricled. 14
The Greenwich Theatre Limited Balancg sheot As at 31 March 2023 2023 2022 Note Fixed assets Tangible 8ssets Investments 11 12 14,916 24,734 14.918 24,736 Current assets Stock Debtors Cash at bank and in hand 13 14 4.998 331.483 12.275 8,464 190,957 64,864 348.756 264,285 Liabilities Creditors." amounts falling due within 1 year 15 377,769 395,702 Net Current Ilabllltles 29,013 131,417 Total assets less current Ilabllltles 14,095 106,681 Net liabilities 14,095 106,681 Funds Restricted funds Unrestricted funds 17 14,095 106,S81 Totsl charity funds 14.095 106,681 These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies, regime. Approved by the trustees on 15 February 2024 and signed on their behalf by Nigel Fletcher- Chair of trustees 15
The Greenwich Theatre Limited Statement of cash flows For the ear ended 31 Mareh 2023 2023 2022 Ca$h used in operating activities: Nel movement in funds 92,586 1125,2231 Adjustments for.. Depreciation charges Decrease in stock Increase in debtors (Decrease) l increase in creditors 14,403 16,662 3.466 4,756 1140,5261 159, 1501 17.933 170,778 Net cash (used in} I provided by operating activities 48.004 7,823 Cash flows from investing activities: Purchase of tangible fixed assets 4,585 Net cash used In Investlng actlvltles 4.585 (Decrease) l increase in cash and cash equivalents in the year 152.5891 7,823 Cash and cash equivalents at the beginning of the year 64.864 57,041 Cash and cash equlvalents at the end of the year 12,275 64,864 The charity has not provided an analysis of changes in nel debt as il does not have any long temi financing arrangements. 16
The Greenwich Theatre Limited Notes to the financial statements For the ear 9nded 31 March 2023 Accounting policies a) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities". Slalement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Greenwich Theatre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy note. b) Going concern basis of accounting The financial statements are prepared on the going concern basis, which assumes that the charity will continue in operational existence for the foreseeable future. on the new lease is in place the charity will receive c.£80,000 per year in rent relief from Greenwch Council in exchange for agreed social value oulpuls. This will be in plaTr via a lease agreement until 2048. In addition, the charity is due to receive subslanlial annual lax rebates via the Theat Tax Relief scheme. In 2022-20231lo be received in 20241 this will be c.£140,000. A second claim will then be made for 2023-2024 (expected 3rd quarter 23-241 in the region of £150,000. The charity has also recently run the 2023 pantomime, the first full run since before the pandemic, with an anticipated profit of c.£200,000. The confirmation of the lease also allows the charity lo plan for subsequent large-scale Christmas shows with confidence, and has allowed confirmed hire contracts lo be issued lo third paty hirers, yielding £120,000 between 2024 and 2025. The charity continually monitors its incoming resources and outgoing expenses in order to manage the charity's cash flow and has budgets and plans in place lo continue in operation supported by new individual project funding from GenWiCh Council and others. c) Income Income is recognised when the charity has entitlement lo the funds, any performance conditions attached to the item of income have been met, il is probable that the income will be received and the amount can be measured reliably. Income from the government and other grants, whether 'capital' grants or 'revenue' grants. is recognised when the charity has enlillemenl lo the funds, any performance conditions attached to the grants have been mel, il is probable that the income wll be received and the amount can be measured reliably and is not deferred. Income received in advance of provision of theatrical performances is deferred until criteria for income recognib'on are mel. d) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notification of the interest paid or payable by the bank. 17
The Greenwich Theatre Limited Notes to the financial statements For the ear 9nded 31 March 2023 Accounting policies (continued) e) Funds accounting Unreslricled funds are available lo spend on activities that further any of the purposes of the charity. Designated funds are unreslrieted funds of the charity which the Iruslees have decided at their discretion to set aside lo use for 3 specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. All funds in the prior period were unrestricted. fj Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party, it is probable that setUement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. g) Allocation of support and governance costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable aclivilies. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity's activities. These costs have been allocated in full lo charitable activities, based on the minimal time spent on raising funds. h) Tangible fixed as¥et¥ Depreciation is provided al ffttes calculated to write down the Cost of each asset to ils estimated residual value over ils expected useful life. The depreciation rates in use are as follows.. Fixtures and fittings Office equipment Other fixed assets 5 years 4 years 4 years Items of equipment are capitalised where the purchase price exceeds £500. l) Investment In subsldlarfes The charity has one wholly owned subsidiary, Greenwich Theatre Enterprises Limited (company number 24801391. The company was dormant in the current and prior year. The subsidiary undertaking is valued al cost less any cumulative impairment losses in the charity's accounts. j) Stock Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised al fair value which is the amount the charity would have been willing to pay for the items on the open market. k) Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are vslued at the amount prepaid nel of any trade discounts due. 18
The Greenwich Theatre Limited Notes to the financial statements For the ear 9nded 31 March 2023 Accounting poli¢ie$ l¢ontinued) l) Cash at bank and in hand Cash at bank and cash 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 deF)OSit or similar account. ml Creditors Creditors and provisions are recognised where the charity has a present obligab'on resulting from a past event that will probably result in the transfer of funds to a third paty 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. n) Pension costs The company operates a defined contribution pension scheme for ils employees. There are no further liabilities other than that already recognised in the SOFA. o) Accounting estimates and key judgements In the application of the charity's accounting policies, the Iruslees are required lo make judgements, eslimales and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision 8nd future periods if the revision affects both current and future periods. The key SoUrS of eslimalion uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described below. Depreciation As described in note 1lhl to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset lo its estimated residual value over its expected useful life. Theatre Tax Relief The charity has estimated the credit receivable under Theatre Tax Relief based on its eligible production expenditure incurred during the period. This amount is £137,500 and is included within other income and accrued income at the year end. As this amount is subject to review and approval by HMRC, actual results may differ. Donated facllltles The charity receives donated facilities in the form of rentsl of the Greenwich Theatre from Royal Borough of Greenwich. No amounts were payable during the current or prior year. The charity does not currently recognise a gift in kind in their accounts as they are unable to reliably estimate the value of the gift to the charity. 19
The Greenwich Theatre Limited Notes to the financial statements For the ear ended 31 March 2023 Income from donations and legacies 2023 Total Restricted Unreslricled Donations Grants 20,753 31,012 20.753 81.012 50,000 Total income from donations and legacies 50,000 51,765 101,765 Prior period comparative: 2022 Total Restricted Unreslricled Donations Grants Furlough income 17,344 294,063 14,294 17,344 294,063 14,294 Total income from donations and legacies 325,701 325,701 Income from charitable activities 2023 2022 Theatre performance 791,497 480,727 All income from charitable activities in the current and prior year was unrestricted. Income from other tradlng actlvltles 2023 2022 Ren181 income 97,911 16,387 All income from other trading activities in the current and prior year was unrestricted. Income from other Income 2023 2022 Theatre Tax Relief 137,500 160,101 All income from other income in the current and prior year was unrestricted. 20
The Greenwich Theatre Limited Notes to the financial statements For the ear ended 31 March 2023 6. Government grants The charity reTrived government grants, defined as funding from Arts Council England, Royal Borough of Greenwich and the Coronavirus Job Retention Scheme (prior year only) to fund charitable activities. The total value of such grants in the year ending 31 March 2023 was £81,012 12022.. £163,357). There are no unfulfilled conditions or contingencies attaching to these grants in the year. 7. Total expenditure Support and governance costs Charitable activities 2023 Total Staff costs Inole 91 Theatre perfoman Depreciation Publicity and marketing Repairs and maintenance Printing, postage and slalionery Telephone Miscellaneous costs Licen$ Ulililies and rates Computer expenses Travel and subsistence Bank and finance charges Toining and recruitment Audit and accountancy Legal and professional 247,634 529,674 160,835 408.469 529,674 14.403 330 10.741 3,712 5.141 19.857 3,057 21.494 7,827 422 12.138 14,403 330 10,741 3,712 5,141 19,857 3,057 21,494 7,827 422 12,138 48 15,6701 4,444 {5.6701 4.444 Sub4otal 777,308 258,779 1,036,087 AIIoc8tion of support and govemance costs 258,779 258,779 Total expenditure 1,036.087 1,036.087 Total governan costs were £13,44412022'. £46,665) 21
The Greenwich Theatre Limited Notes to the financial statements For the ear ended 31 March 2023 7. Total expenditure Prior period comparative Support and governance costs Charitsble activities 2022 Total Staff costs Inole 91 Theatre perfomian Depreciation Publicity and marketing Repairs and maintenance Printing, postage and stationery Telephone Miscellaneous costs Insufftnce Licences Utilities and rates Computer expenses Travel and subsistence Bank and finan charges Training and recruitment Audit and accountancy Legal and professional 194,323 623,250 149,358 343,681 623,250 16,662 425 8,286 1,782 874 16.673 6,575 3,530 21,610 2,804 58 14,068 1,196 43,567 3,098 16,662 425 8,286 1,782 874 16,673 6,575 3,530 21,610 2,804 58 14,068 1,196 43,567 3,098 Sub4otal 817,573 290,566 1,108,139 Allocation of support and governan costs 290,566 290,566 Totsl expenditure 1,108,139 1,108,139 22
The Greenwich Theatre Limited Notes to the financial statements For thg ear endod 31 March 2023 8. Net movement in funds This is staled after charging.. 2023 2022 Depreciation Trustees, remuneration Trustees, reimbursed expenses Auditors, remuneration". Statutory audit (excluding VATI 14A03 16,662 7,500 8,333 9. Staff costs and numbers Stsff costs were as follows.. 2023 2022 Salaries and wages Social security costs Pension costs 382.640 19,488 6,341 312,696 26,333 4,652 408,469 343,681 No employee eamed more than £60,000 during the current or prior year. The key management personnel of the charitable company comprise the Iruslees, Artistic Director and Executive Director. The total employee benefits of the key management personnel were £112,65212022.. £105,666). 2023 No. 2022 No. Office and management Theatre staff 21 16 Average head count 29 24 10. Taxation The charity is exempt from corporation tsx as all ils income is charitsble and is applied for charitable purposes. The charity makes a claim for Theatre Tax Relief based on its eligible production expenditure incurred during the period. 23
The Greenwich Theatre Limited Notes to the financial statements For thg ear endod 31 March 2023 11. Tangible fixed assets Fixtures and fittings Office equipment other fixed assets Total Cost At 1 April 2022 Additions in year 307,130 4,585 67,315 10,000 384,445 4.585 At 31 March 2023 311,715 67,315 10,000 389.030 Depreciation At 1 April 2022 Charge for the year 284,326 13,920 65,385 483 10,000 359,711 14,403 At 31 March 2023 298,246 65,868 10,000 374,114 Net book value At 31 March 2023 13,469 1,447 14.916 At 31 March 2022 22,804 1,930 24,734 12. Investments 2023 2022 Investrnenl in subsidiary company The Greenwich Theatre Limited owns 1000/0 of the share capital of Greenwich Theatre Enterprise$ Limited (company number 24801391. The company was dormant in the current and prior year. 13. Stock 2023 2022 Consumables 4,998 8,464 24
The Greenwich Theatre Limited Notes to the financial statements For thg ear endod 31 March 2023 14. Debtors 2023 2022 Trade debtors other debtors Prepayments and accrued income 21,741 2,825 306,917 19,884 9,711 161,362 331,483 190,957 15. Creditors '. amounts due within 1 year 2023 2022 Trade creditors Accruals Deferred income Other taxation and social security other creditors 155,323 9,000 123,880 8,144 81N22 119,031 12,500 104,169 12,603 147,399 377,769 395,702 16. Deferred income 2023 2022 At 1 April 2022 Deferred during the year Released during the year 104,169 123,880 104,169 108,819 104,169 108,819 At 31 March 2023 123,880 104,169 Deferred income compromises income received in the year in respect of lickeled events and theatre hire scheduled after the balan sheet dale. Movements in deferred income are analysed above. 25
The Greenwich Theatre Limited Notes to the financial statements For thg ear endod 31 March 2023 17. Movements in funds Al 1 April 2022 At 31 March 2023 Income Expenditure Restricted funds Royal Borough of Greenwich 50,000 50,000 Total restrlcted funds 50,000 50,000 Unrestricted funds General funds 106,681 1,078,673 986,087 14,095 Totsl unrestricted funds 106,681 1,078,673 986,087 14,095 Total funds 106,681 1,036,087 14.095 Purposes of restricted funds Royal Borough of Greenwich This was funding lo support the contribution to a sustained cultural landscape, cultural and creative economy and skills, and embed pla making al the heart of organisational delivery plans. All income and expenditure in the prior year related to unrestricted fvnds. All assets and liabilities held al the end of the current and prior periods were unreslricled. 18. Operating lease commitments The charity had operating leases at the year end with total future minimum lease payments as follows.. 2023 2022 Amount falling due.. Within 1 year Within 1 5 years 960 2,960 3,920 19. Related party transactions Two trustees, Nas Asghar and David Stanley, are Councillors for the Royal Borough of Greenwich. During the year the charity received gonls tolalling £50,00012022." £76,7001 from the Royal Borough of Greenwich. There were no outstanding balances beeen The Greenwich Theatre Limited and the Royal Borough of Greenwich at year end. 26