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 be￿een the spending and re￿Iving of reSoUr￿S 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 GOn￿rn.
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 prO￿dureS 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 G￿enWiCh 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 SoUr￿S 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 be￿een The Greenwich Theatre Limited and the Royal
Borough of Greenwich at year end.
26