Company no. 00860847 Charity no. 246186 The Greenwich Theatre Limited Report and Audited Financial Statements 31 March 2025 •AEFN3NNh• 1911112025 COMPANIES HOUSE
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The Greenwich Theatre Limited Reference and admlnlstralive details For the ear ended 31 March 2025 Company number 00860847 Charlty number 246186 Registered office and operatlonal address Crooms Hill Greenwich London SE10 8ES Tru$t••s Trustees. who are also directors under GOTnpany law, who served during the year and up to the date of this report were as follows,. Nas Asghar Nigel Fletcher Sophie Hamlet Christopher Hogben Gerald Lidstone Catherine Nolan Narmeen Rehman Maisie Richards Cottell Chair Company secretary James Haddrell Bankers Natwest Greenwich South Street Greenwich London SE10 9BQ Sollcltors Grant Saw Sollcitors LLP Wood Wharf Building Horseferry Place Greenwlch London SE10 9BB Audltors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD
The Greenwich Theatre Limited Report of the Chair For the ear ended 31 March 2025 The Chairman presents his statement for the year. l am proud to pres8nt the Annual Report of Greenwich Theatre Ltd. for the financial year 2024-25. Having been a trustee of the charity since 2018 and Chair of Trustees since 2022, 1 have seen the company endure major setbacks in recent years, from the unprecedented and lasting impact of the pandemic lo Ihe complete removal of grant funding by the local authority. Despite those twin shocks, the stsff team consistently rose to the challenge. ensuring that the charity has not only survived, but after just a few years is now on course to become more financially resillent whilst buildlng our reputation for delivering quality artistic work and community benefit. During the year we continued to increase our level of in-house production, creating more freelance Jobs and supporting emerging talent by providing entry-level opportunlties for creative artists. Productions included Bryony Lavery's Frozen and Jez BUtteorth'S The River stsrring Paul McGann with revisions by the playwright. A newly<ommissioned original production of Beauty and the Beast was staged in the summer, whilst Anthony Spargo's third Greenwich pantomime Dick Whittington and his Cat yielded strong media and audience reviews, and gained two national awards from the British Pantomime Association. For the first time the theatre also produced a full professional production at another London venue - a revival of Nick Payne's One Day When We W8re Young which was stsged at the Park Theatre. This diverse programme contributed to the theatre's growing reputation as a vibrant producing house. and our aspiration to develop this capacity further. The Board of Trustees also made an important Senior appointment during the year, with new Executive Director James Turner recruited to work alongside Artistlc Director James Haddrell to ensure th8 long-term stability of the company and maximise opportunities for fundraising and commercial activity to support the theatre's charitable activities and objectives. He joins a small but dedicated staff team whose hard work is hugely appreciated by the Trustees. The successes of the past year are testament to the dedication of the whole team, including my fellow Trustees who provide both challenge and support to the executive team, whilst helping to shape our developing vision and plans for the Theatre's future. Finally. I must pay tribute to the loyalty of our audiences, the Commitment of our volunteers. and the generosity of our financial donors and supporters. They keep the show on the road. and we are hugely grateful to them all. Nlgel Fletcher Chair of Trustees To find out more, visit our website vfftM.greenwichtheatre.org.uk or call 020 8858 4447 or our Box Office on 020 8858 7755.
The Greenwich Theatre Limited Report of the trustees For the ear end•d 31 March 2025 Th8 trustees present their report along with the financial stalernents of the charity for the year ended 31 March 2025. The Annual Report serrfes the purposes of both a Trustees, report and a Directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requiremenls. the requirements of the charitable companls govemin9 document and the provisions of the Statement of Recommended Practice (SORP} applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applirAble in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). 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 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. Objectlves and actlvStl•s a. Polici•s and objectivels The purposes of th8 Charity are to advance the educatlon of the publlc In all aspects of dramatlc art by the presentation of public performances. and thls provldes the fundamentsl vlsion Ihat shapes our annual activities. The Charity also has the general aim of contribution to the quality of life of the peopl8 of the Royal Borough of Greenwich and Ihe surrounding area by expanding Iheir horizons through the provision of exciting, Challenglng and accessible professional and community drama and arts events. In shaplng our objectlves for the year and planning our activities. the Irustees have considered the Charity Commlssion's guldance on publlc benefit, including the guidance on public benefit and fee charging. The theatre relies on grants and income from fees and charges to cover its 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, Strategles for achlevlng obJectlves The strategies employed to achieve the Charltys aims and oblectives are to., Present a broad range of theatre perfomiances, Offer opportunities for a broad range of people to 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 wlth, artists of different cullural backgrounds; Develop educational projects in collaboration with lo¢al schools. ¢olleg8S and arts organisations: and Provide a platform for new work and develop projects that benefit writers. composers and directors. ¢. Actlvltles undertaken to achieva 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 to encourage all within our communlty to take part in our activities either as a participant or an audience member. The performan¢e we provide is to be enjoyed by all - from those attending local schools or institutes of higher education through to our programmes with particular appeal to older residents. Affordability and access to our programme are important to us and this is reflected in our pricing policy, as set out in detail later in this report.
The Greenwich Theatre Limited Report of the trustees For the ear ended 31 March 2025 d. Maln actlvltles undertaken lo further the Charlty's purposes for the publlc beneflt Performances In 2024-25 we offered a programme which combined amateur community events. including school presentations from a number of local schools and colleges, with high quality professional touring theatre from companies such as Creation Theatre. Redcape Theatre, Cabaret Circus Enchanté, European Arts Company and Merry Opera. We also collaborated with the award-winning Theatre Movement Bazaar from L05 Angeles to bring their production of Tiny Little Town to London. and presented Iwo festivals the Greenwich Children's Thealre Festival in April and a new Pick of the Fringes festival in September featuring work from the major theatre feslivals around the UK. We hosted five productions by'students of Rose Bruford, brought together as their London season and presented for public and industry audiences, and welcomed back local amateur company The South London Players for a sell-out run in our studio theatre. In addition, we produced 4 shows in-house - Bryony Laverfs Frozen, Brad Tutt and Sidonie Welton's Beauty and the Beast, Jez 8utternorth's The River and Anthony Spargo's third Greenwich pantomime Dick Whittington and his Cat- with a further production at the Park Thealre, London of Nick Payne's One Day When We Were Young. The programme achieved a mix of theatre styles and genres to suit a range of public tastes with an emphasis on maintaining a popular programme which underpins the viability of the theatre while Incorporating elements of exploratory or Innovative programmlng whlch reach out to the dlverse sectors of the local communlty. .Educational connections We involve local schools and local higher education establishments in a range of participatory activities includin9 school Shakespeare performances and in-school drama activities. The various evenis aim to develop young people's confidence and self-expr8S5ion, fosterlng transferrable skills to support the search for employment or further training opportunities, or directly enhancing performance skills and granting opportunities for those children and young people with limited access to cultural provision. When working with schools, the activities are designed to complement the National Curriculum. We once again played host to the Shakespeare Schools Fests'val. giving pupils from up to twenty primary and secondary schools the opportunity to perform on our stage, and built a new relationship with A New Direction to give new opportunities to school children who may not otherwise have the opportunity to attend the theatre. Our artistic values We are aware that artistic tastes are not the same for everyone. Therefore a range of references are employed when programming any work, which .form the basis of the Theatre's Quality Assurance Policy. These principally include.. The artistic vision of Ihe Artistic Director with contributions from core slaff and a sub-committee of trustees; The opinion of other arts professionals from the wider industry., The opinion of audiences. The opinion of the media; The financial investment made in the production by any producing or co-producing company (i.e. the visible production values); and The financial value offered by the work to.the organisation.
The Greenwl¢h Theatre Limited Report of the trustees For the ear ended 31 March 2025 However. we .constantly strive to achieve a unique vision in the artistic programming ol the theatre and pursue that vislon through a range of partnerships with highly diverse theatre companies and artists to ensure a constantly challenging and exciting programme of work. Achievements and performance a. Key perforniaftce Indicators The companys overall turnover rose once again to c.£1.5m. primarlly as a result of increased production activity. Box office income continued an upward trajectory, with box office income totalling C.£860,000, up from £770,000 In the previous year. IR total we welcomed almost 70.000 people to participate In watchlng theatre. participatlng in workshops or engaging wlth our work online - an increase of almost 170/0 on the previous year. For paid activity. our average ticket price dropped from £17.to £1 S as we implemented a range of sales initiatives and open access policies. We also contlnued the expansion of our in-house productlons, wtth our first production at another London theatre. three award wins for Dick Whittington and his C8t from the Offi8s and the Brlllsh Pantomlme Association, and strong revievA from both critics and audiences allke, b. Prlclng poliey and perfonnanc• Our pricing policy reflects our strategy of enabling all within our community, whatever thelr means, to take part in our activities and attend our theatre. Our participatory activities offer young people the chance to work wlh professional facilitators for little or no cost, and a range of pricing initiatives ensure that the products'ons on stage remain affordable. Full price tickets to our performances range from £5 to £39 with concessions available on most perfomances and particular perfomiances Identified for enhanced concesslon rates for young people and borough residents. Family tlckets are avallable for our annual pantomlme and for chlldren's shows through the year. Flnanclal rovlew a. Golng concern Having conducled an Internal assessment, the trustees of the charity are confident in confirming the business as a going concern bolh in the short and the longer term. The major challenge facing the company. particularly at the time of writlng, is cash-flow. However, the business, current financial obligations can all be met with the receipl of the outstanding Thealre Tax Relief payment. due within 8 weeks of filing. The relief sum of £244k will satisfy outstanding creditors and leave some working Capital with which to move forward - with a similar amount projected late in 2026 to capitslise future work. To carry the company through the 8 weeks- Peter Pan. the theatre's annual pantomime, is projected to take a further £200k in licket sales (an Increase in revenue on previous years, but a realistic increase based on stronger marketing activity and record-breaking sales to date). with outstanding Pfoduclion costs at less than £170k, leaving a contribution to mainlaining relats'onships with creditors. Ancillary sales during pantornime season (bar, confectionery, merchandise) routinely cover more than the stsff and stock costs, again contributing to outstanding supplier payments.
The Greenwich Theatre Llmited Report of the trustees For the ear ended 31 March 2025 Hire income (c.£55k) due between.now and the end of January from reliable repeat hirers will be . sufficient to cover salary and utility bllls for December and January. A concerted fundraising programme, along wilh high profile evènts prograrnm8d for 2026 (including a series of fundraising events featuring Sir Derek Jacobi, Arthur Smith, Jo Brand and more), Is already yielding positive income which will support supplier costs from now until receipt of Theatre Tax Relief and offer a contingency in Gase the receipt of the relief paymenl is delayed. Nolable titles yet to go on sale for 2026, to carry the company from this to the next Theatre.'Tax Relief payment, include the European premiere of a collection of short plays by Neil Labute, a new adaptation of The Little Mermaid by pantomime writer Anthony Spargo, the launch of an annual summer Shakespeare production and next year's pantomime with the same creative team confirmed as this year. A strategy of reduced production costs has alsa been implemenled to increas8 margins on In-house shows. The company has confimed a weekly hlre of the theatre worth an addltlonal £54k per annum. Alongside all of this, the company. has recruited a new Ex6cuv8 Director. James Turner, to provide commercial leadership, financial oversight and strategic fundraising, filling a role that has been vacant for 2 years. With all of this in mind, the trustees are confident In ihe business as a going concern and congratulate th8 Staff on increasing the companls outputs at a time vthen theatres across the country are reducing production. b. R•serv88 pollcy Reserves are needed to bridge the gap belween the spending and receiving of resources and any other unplanned expenditure. The Trustees consider the ideal lev81 of free reserves at 31 March 2025 to be three months expenditure, approximately £390,000. Restricted and designated funds are mainlained on a project by project basls. c. Reservas The actual free reserves at 31 March 2025 were in deficit by £109;473. The Twstees are mindful of the lack of the level of free reserves and intend to improve the position in the next year, having made particular staffing increases in order to make that a priortty. d. Mal•rlal Inve8tm•nts pollcy Under the Memorandum and Artlcles of Association, the charlty has the power to make any investment which the trustees see fit. e. Prlnclpal rlsks and uncertalntles The principal risks faced by the charity, and the chariws objectives and policies In relation to those risks are as follows.. Cash Ilow risk The finance department closely manages the Charills cash flow. Detailed cash flow forecasts are regularly prepared with the objective of alerting the Trustees to potential future risks. It is Ihe CharitV$ policy to ensure that forecast fundlng requirements can bè met with available committed facilities. Ctsdit risk Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the Charity if it is unable to recover sums due from clients and it is mitigated by setting maximum levels. of credit tolerance for more significant clients.
The Greenwlch Theatre Llmited Report of the trustees For the ear ended 31 March 2025 f. Princlpal funding The Trustees have an ongoing credit facility with the bank {NatWest), whlch it continues to operate within. and a building improvement loan from the Royal Borough of Greenwich. There are no other oulslanding business loans. Due to this ongoing support the Trustees consider the theatre lo be a going concem. g. Fundralslng Our approach to fundraising Is to manage all campalgns and appeals ourselves. wlth a particular focus on fundraising from the new Executive Director. We do not engage with any third party 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 donation5. Ticket price layer donations. Friends, 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 withln a ticket prlce are discretlonary and may be relmbursed to any customer on request. All of our fundra151ng conforms to recognlsed standards within the theatre and. Ilve entertalnm8nt industry. In additlon, we will from time to time organis8 individual fundraising events here al the theatre or send materials to customers with a specific project to support. These will always have a clear objective and all proceeds will go directly to supporting the core charitable aims andlor the operation of the theatre. Any complaints regarding our fundraising methods or campaigns wlll receive a response within 2 working days and upheld complalnts may result in improvements to our procedures. In order to protect our audiences and vulnerable peopl8 we will nol engage in any intrusive or persistent methods or put undue pressure on anyone to donate. We are immensely grateful for every donation we receive and plan to encourage greater participation by giving this year. Struclure, gov•rnance and managem•nt a. Constltullon Greenwich Theatre Limited (The) ('Ihe chariw) is registered as a charltable company limited by guarantee. The charity is constituted under a Memorandum of A550ciation dated 4 February 1999 and is a registered charity, with charity number 246186. There have been no. changes In Ihe objectives since the lasl annual report. b. Methods of appointment or election of trustees The management of the Charity is the responsibility of the Trustees, who are elecled and COpted under the tenns of the Trust deed. As set out in the Articles of Association the Chair of Trustees is nominated by th8 other Trustees. There shall be a Board of Trustees (referred to In the original Articles as "Govemors") with the minimum number being slx and the maxirnum number being thirteen. Two of the Trustees are nominated by Greenwich Council. The Trustees have the power lo appoint further Trustees by co-option. Trustees are appointed for terms of office which shall not exceed four years, but which can be renewed.
The Greenwlch Theatre Limlted Report of the truste•$ For the ear ended 31 March 2025 c. Organisational structure and declslon-making pollcles The Charity is constituted with a Board of Trustees who appoint senior staff to make strategic decisions in line with the Charivs objectives. These s8nior staff report to the Board of Trustees four times a year and at these meetings Trustees approve items such as the budget. new recruitment. borrowing and annual audited accounts. In addition. the senior staff employ Managers to control individual elements of the Charivs operation. These Managers are authorised to make decisions in line wilh th8lr lob descriptions and specific instructlons. A weekly operations meeting Is held for all full time staff to discuss. contribute to and declde on day to day Issues. Managers have spending authorlty to Sat limits. Senior staff authorise large spending, Payrnents or purchases above £10,000 are euthorlsed. by the Board of Truslees. d. Pollcles adopted for the Inductlon and tralnlng of trustees The Trustees are provided with a full induction pack that includes Information on the Charitys finances, minutes of previous board meetings and business plans. The Company Secretary arranges for new Trustees to visit the theatre and meet with the current management,. key employees and other Truslees. •. Pay pollcy for Key Mana'gement Personnel The Charity employs two senior staff: an Artistic Director and an Executive Director. Salary levels for these positions are set al or below comparable levels of equivalent positions in mld-scale subsidised repertory theatres in London. Any increase or addllions to salary musl be approved by the Board of Trustees. f. Related party relatlonshlps The Charity has a close relationship with the Royal Borough of GenWiCh, whlch nominates trustees to the 8oard and owns the theatre building on Crooms Hill. This is leased to tho.charity on a 24 year lease, signed in February 2024. Under the terms of the lease Greenwich Theatre provides an agreed level of commQnity value to the Royal 8orough each year, equivalent to the estlmated rental value of the building, 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 reviev including risk managem8nt, health & safety and premises. Whilst the Charity does-not currently have reserve fund, it plans to build a reserve fund that will seek to support future artistic and l or educational endeavours that meet its objectives. Plans for future perlods Th8 theatra will continue to seek ways to Increase Income. through ticket sales and commercial activity and a renewed focus on fundraising from charitable giving and grants. Balancing our in-house productions with low or non-risk deals with visiting companies will allow us to implement a robust budget for the forthcoming year whilsl continuing to expand our production capacity and reputation for artistic innovation and quality. The Trustees are fully engaged with th8 challenges of the future. and over the coming year have plans to support the strengthened executive team in devising renewed strategies to guide our work Vth the airn of growing audiences and measurably improving our financial and artistic standing. We will also seek a greater public profile for our charitable and educalional activitie5 to highlight the community benefit we provide to the people of the Royal Borough of Greenwich.
The Greenwich Thftatre Llmlted Report of the trustees For the ear ended 31 March 2025 Statement of responsibilities of the trustees The twstees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance Vth applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Stand8rd applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), Company law requires the trustees to prepare financial statements for each financial year, whlch giva a true and fair view of the state of affairs of the charity and of the income and expenditure of the charily for that period. In preparing those financial statement5 the trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Char4ties SORP.. Make judgements and accountlng estimates that are reasonable and prudent: Slate whether applicable UK accounting standards and statements of recommended practlce have been followed. subject to any material departures disclosed and explained in the financial statements., and Prepare the financial statements on the going concern bas56 unless It is inappropriate to presume that the charity will continue in operation, The 'fruslee¥ are responsible for keeplng proper accounting records.which disclose with reasonable accuracy at any time the financial position ot the charity and which enable them lo ensure that the finandal statements comply with the Companies Act 2006. The trustees are also responsible for safeguardlng the assets of the charlty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There Is no relevant audit infomiation of which the charitable Companls auditors are unaware; and The trustees have taken all steps that thèy ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that inlomiation. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable companvs webslte. Leglslation in the United Kingdom governing the pparatIOn and dissemination of financial statements may differ from legislation in olher jurisdictions. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. Audltor8 Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year. Approved by the trustees on 14 November 2025 and signed on their behalf by Nigel Fletcher. Chair of trustees
Independent auditors. report To the membèrs of The Greenw(ch Theatre Limited Oplnion We have audited the financial statements of The Greenwich Theatre Limited (the 'charfW) for the year ended 31 March 2025 which comprise the statement of financial activities. balance sheet, slat8ment 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 (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitys affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure, for the year then énded., have b88n properly prepared in accordanco with Unitad Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. 8asls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {UKI) and applicable law. Our responsibilities under those standards are further described in the Audilor'.s responsibilities for the audit of the financial slatements section of our.report. We are independent of thé charity in accordance with the ethical requirements that are lelevant to our audit of the financial statements in th8 UK, including the FRC'S Ethlcal Standard, and the provisions available for small entitl85, in the circumstances sel out in note 8 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thaL the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Materlal uncertalnty related to golng con¢6rn We draw attention to the fact the charity has net liabilltles of £104,408 and net current Ilablllties of £190,577. The charitys financial posltion has worsened since 31 March 2024, as it continues lo be impacted by the cost of living crisis. This indicates the existence of a material uncertainty that may cast significant doubt on Ihe charity's ability to continue as a going concern. The figure5 in the audited accounts.are contingenl on the theatre tax relief claim which has been accrued bul not yel received, and is subj8Ct to approval by HMRC. Our opinlon Is not modlfled In respect of this matter. In audiling the financial slatements, w'é have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responslbllities and the responsibililies of the trust89s' wlth resp8Ct to going concern are described in the relevant sections of this report. other Information The trustees are responsible for the other informalion. The other infomiation comprises the information included in the annual report other than the financial statements and our auditor's report thereon.. Our opinion on the financial statemenls does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 10
Independent auditors. report To the members of The Greenwich Theatre Limited In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconslstent with the financial statements or our knowledg8 obtained in the audit or otheNise appears to be mat8rially misstated. If we identify such material ineonsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on olher 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 trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, report have been prepared in accordance with applicable legal requirements, Matters on whlch w• are requlred to report by exceptlon Sn 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 misstatements in the trustees, report. we.have nothing to report in respecl of the following matters in relation to which the Companies Act 2006. requires us to report to you if, in our opinion.. adequat& accounting records have not been kept or returns adequate for our audil have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the Infomiation and explanalions we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of th8 small companies. exemptions in preparing the trustees. report and from the requirement to prepare a strategic report. Responsibilities of the Irustees As explained more fully In the twstees, responslbilities statement set out in the truslees, report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enab'le- the preparation of financial statements that are free from material misstatement, whether due to fraud. or error. In preparing the financlal ststements, the trustees are responsible for assessing the chadty's abllity to continue as a going cOnrn. disclosing. as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees eilher intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Independent audltor$' report To the membors of The Gre8nwich Theatre Limited Our responsibllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, wh8ther due to fraud or error, and to ISSU8 an auditorfs report Ihat includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision5 Of users tsken on the basis of these financial statements. Irregularltles, Includlng fraud. are instances of non-compliance wilh laws and regulations. We design procedures In line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The procedures we carried out and the extent to which th8y are capabl8 of detecting irr8gularities, including fraud, are detailed below.. (1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audiL we remained alert to possible indications of non-compliance. (2) We reviewed the charills policies and procedures in relation to: Identifying. evaluating and complwng with laws and regulations, and whether they were aware of any instances of non-compliance-, Detecting and responding 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 rlsk of non-compllance vAth laws and regulations. Including fraud. (3) We Inspected the mlnutes of trustee meetings. (4) We enquired about any non-routine communication with regulators and reviewed any reports made to them. {5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations, {6> We performed analytical procedures to identify any unusual or unexpected transactions or balances that may Indicate a risk of material fraud or error. {71 We assessad the risk of fraud through management overrlde of controls and carrled out procedures to address this risk. Our procedures included: Testing the appropriateness of journal entries; Assessing judgements and accounting estimates for potential bias: Reviewing related party transactions: and Testing transactions that are unusual or outside the normal course of business. Because of the inherent limitations 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 to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 12
Independent auditors. report To the members of The Greenwich Theatre Llmlted 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 to the charitrfs members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charivs members those matters we are required to state to Ihem in an auditor's report and for no other purpose. To the fullest extent perniitted by law. we do not accept or assume responsibillty to anyone other than the ¢harills ii)embers as 8 body, for our audit work, for this report, or for the opinions we have formed. WIUi¢W GMY Elakg Date: 14 November 2025 Wllllam Guy Blako ACA (Senlor Slatutory Audltor) For and on behalf of: GODFREY WILSON LIMITEO Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD 13
The Greenwlch Theatre Limited Statement of flnancial actlvltles (incorporating an income and expenditure account) For the ear ended 31 March 2025 Restricted Unrestricted 2025 2024 Note Income from: Donations and legacies Charitable activities Other trading activities Other income 5,065 64,635 69,700 1,058,552 1,058.552 108,478 108,478 244,003 244.003 13.561 920,101 104.384 182.957 Total Income 5,065 1.475,668 1,480,733 1,221.003 Expondltura on: Charitable activltles 1,545 126 1545 126 1,246,923 Total axpendltur• 1.545,126 1,545,126 1,246.923 Net Income l {expendltur•) and net movement In funds 5.065 (69,458) (64,393) (25,920) Reconclllatlon of funds: Total funds brought forward 40,015 40,015 14,095 Totsl funds carrled forward 109,473 104,408 40,015 All of the above results are derived from continuing activilies. There were no other recognised gains or losses other than those slated above. Movements in funds are disclosed in note 19 to the accounts. All income and expenditure in the prior period was unreslricted. 14
The Greenwlch Theatre Limited Balance sheet As at 31 March 2025 2025 2024 Note Flxed assets Tangible assets Investments 105,840 55,617 12 105,842 55,619 Current asset8 Stock Debtors Cash at bank and in hand 13 14 5,014 384,886 5.135 4,801 261,030 53,203 395,035 319.034 Llabllltles Creditors: amounts falling due within 1 year 585,612 392,112 Net current Ilabllltles 190,577 73.078 Total assets less current liabilitles 84.735 17.459 Creditors: amounts falling due after more than 1 year 16 19.673 22.556 Net Ilabllftles 104,408 40.015 Funds Reslricted funds Unrestricted funds 19 5,065 109,473 40.015 Total charlty funds 104,408 40,015 These accounls have been prepared in accordance with the special provisions applicable to companies subject to the small companies, regime. Approved by the trustees on 14 November 2025 and signed on their behalf by Nigel Fletcher - Chair of trustees 15
The Greenwlch Theatre Limlted Statement of cash flows For the ear ended 31 March 2025 2025 2024 Cash used In operatlng activities: Net movement In funds (64,393) (25,920) Adjustments for: Oepreciation charges (Increase) I decrease in stock (Increase) I decrease in debtors Increase in crodilors 26,810 (213) 1123,856) 156,125 14.443 197 70.453 11.899 Nat cash provld•d by I lused In) oporatlng actlvlti•s 5.527 71.072 Cash flow8 from Investing actlvltle8: Purchase of tan9ible fixed assets 77,033 55.144 N•t ¢ash u$•d In Investlng actlvllle$ 77,033 55,144 Cash flows from financlng actlvltie8: Repayment of borrowing Cash inflows from new borrowing (39,622) 74,114 25,000 Net cash provldod by financlng actlvltles 25.000 Increase l (do¢rease) In cash and cash equlval•nts In the year (48,068) 40,928 Cash and cash equlvalents at the beglnnlng of the year 53,203 12,275 Cash and cash equlvalonts at the ond of the y•ar 5,135 53,203 Analysls of changes In net debt At 1 Aprll 2024 Non-cash At 31 March Cash flows movements 2025 Cash 53.203 48,068 53,203 {48,068) 5,135 Bank overdraft Loans falling due wlthln 1 year Loans falllng due after 1 year {29,734)' {6,365) 807.. (29,734) (2,076) 110,885) 19,673 (2,444) 22,556 Total 28,203 83.360 55.157 16
The Greenwich Theatre Limited Notes to the financlal statements For the ear ended 31 March 2025 A¢¢ounting policies a) General Informatlon and basls of preparatlon The Greenwich Theatre Limited is a charitable company limlted by guarantee registered In England and Wales. The registered office address is Crooms Hill, Gr88nwich, London. SE10 8ES. The financial ststements have been prepared in accordance with Accounting and Reporting by Charities.. Statement 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 102) (effective 1 January 2019) {Charities SORP (FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Greenwich Theatre Llmltad meets the definition of a publlc benefil ontity under FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unlpss otheiSe stated in the relevant accounting policy note. b) Golng concern basls of accountlng The financial ststements are prepared on the going concern basis, which assumes that the charity will continue in operational existence for the foreseeable futu. Having conducted an internal assessment, the truslees of the charity are confident in confimiing the business as a golng concem t)oth in the short and the longer term. The major challenge facing the company, particularly at th8 tlme of wrltlng (November 2025), Is cashflow. However. the business. current financial obligations can all be met with the receipt of the outstanding Theatre Tax Relief payment, due within 8 weeks of filing, The board has Considered the following factors when assessing the going concern position of the charity: Ticket sales from the theatre's annual pantomime are projected to be increased on previous years, based on stronger marketlng activity and record-br8aking sales to date. These are expected to be sufficient to cover outstanding production costs and leave a contribution to maintaining relationships with creditorg. Ancillary sales during pantomime season (bar, confectionery, merchandise) routinely cover more than the staff and stock costs, again contributing to outstanding supplier payments: The charlty has confirmed. hire Income from rellable repeat hirers in early 2026, and has confirmed a long term weekly hlre goin9 forward: A concerted fundraising programme. along with high profile events programmed for 2026, Is already yielding positive income which will support supplier c05ts', The charty has already confirmed notable titles yet to go on sale for 2026, to carry tha company from this to the next Theatre Tax Relief payment. A strategy of reduced production costs has also been implemented to increase margins on in-house show5: and Alongside all of this, the company has recruited a new Executive Director to provide commercial leadership, financial oversight and slrategic fundraising, fillin9 a role that has been vacant for 2 years. The company is also improving ils finance staff with a view to claiming Theatre Tax Relief lce in 2025-26. catching up a historic lag in claims. As 8 result, with the benefit of a double claim considered sufficient to correct a current cash-tlow imbalance. and the improvements in staffing already implemented to improve the venue's capacity both for producing theatre and for fundraising. the Tnjstees are confident in the company's going concern staius. 17
The Greenwlch Theatre Llmited Notes to the financial statements For the ear ended 31 March 2025 Accountlng policies (continued) c) Income Incom8 is recognised when the charity has entitlement to the funds, any performance condltlons attached to the ilem of income have been met. it is probable that the income will be received and the amount can be measured reliably, Income from the government and other grants. whether 'capitsl' grants or 'revenue' grants, Is recognised when the charity has entitlement to the funds, any performance conditions attached to th8 grants have been met. it is probable that the Income will be received and the amount can be measured reliably and is not deferred. Income received in advance of provision of theatrical perfomances is deferred untll criteria for income recognition are met. dl Interest recelvabl• Interest on funds held on deposlt 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. 8) Funds accountlng Unrestricted funds are available to spend on activities that further any of the purposes Of the charity. Designated funds are unrestricted funds of the charitywhich the trustees have decided at their dlscretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of th'e charity's work or for specific projects being undertaken by the charity. fj Expendlture and Irro¢ov•rabl• VAT Expendllure Is recognised once there is a legal or constructlve obligation to make a payment to third party, it is prob8ble that settlement will be requlred and the amount of the obligation can be m¢asured 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 asslst the work of the charity but do not directly undertake charitable activities. Govemance costs are the costs associated with the governance . arrangements of the charity. including the costs of complying with constitutional and statutory requlremenls and any costs associated with the strategic management of the charity's activities. These costs have been allocated in full to charitable activlties, based on the mlnimal time spent on raising funds. 18
The Greenwich Theatre Llmlted Notes to the flnanclal 8tatgments For the ear ended 31 March 2025 Accounting pollcies Icontlnued) h) Tanglble flxed assets Depreciation is provided at.rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows.. Fixtures and fittings 5 years Office equipment 4 years Other fixed assets 4 years Items of equipment are capitalised where th8 purchase price exceeds £500, l) Investment In sub8ldlarfes- The charity has one wholly owned subsidiary, Greenwich Theatre Enterprises Limited (company number 2480139}. The company was dormant in the current and prior year. The subsidiary undertaking is valued-at 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 at fair value which is the amount the charity would have been willing to pay for the items on the open markel. k) Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. l) Cash at bank and In hand Cash at bank and cash in hand includes cash and short tem highly Ilquid investments with short maturity of th'ree months or less from the date of acquisition or opening of'the deposit or similar account. m) Credltors Creditots and provisions are recognised where the charity has a present obligation resulting from a past event that wi51 probably result in the transfer of funds to a third party and the amount due to settle the obligation can. be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. n) Penslon ¢08ts The company operates a defined contribution pension scheme for Its employees. There are no lurther Ilabllltles other than that already recognised In the SOFA." o) Accountlng estimates and key ludgement8 In the application of the charity's accounling policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experfence and other factors that are considered to be relevant. Actual results may dbffer from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the p8riod in which the eslimale is revised if the revision affects only that period. or in the perlod of the revlslon and future perlods If the revlsion affects- both current and future periods. 19
The Greenwlch Theatre Llmlted Notes to the flnanclal statements For the ear ended 31 March 2025 Accounting policles (continued) oj Accounting estlmates and key Judgements (contlnued) The key sources of estimatlon uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described below.. Depreciation As described in note 1 (h} to the flnanclal statements. depreciation is provlded at rates calculated to write down Ihe cost of each asset to its estimated residual value over its expected useful life. Theatre Tax Rellef The charity has estimated the credlt receivable under Theatre Tax Relief based on its eligible production expendilure incurred during the period. This amount is £244.003 and Is Sncluded within other income and accrued income at the year end. As this amount is subject to revlew and approval by HMRC, actual results may differ. The prlor year claim is included in accrued income and was received on 1 April 2025. Donated facllltl•s The charlly receives donated faGllitles In the fomi of rental of the Greenwlch Theatre from Royal Borough of Greenwich. No amounts were payable durlng th8 current or prior year. Th8 charity does nol currently recognise a gift in kind in their accounts a8 Ihey are unable to reliably estimate the value of the gift to the charily. 20
The Greenwich Theatre Limited Notes to the financlal statements For the ear ended 31 March 2025 Income from donations and legacles 2025 Total 2024 Total Restricted Unrestricted Donations 5.065 64.635 69.700 13,561 All income from donations In the prior year was unrestricted. Income from charitable actlvltlos 2025 2024 Theatre perfomianca 1,058,552 920,101 All income from charitable activities in Ihg current and prior year was unreslricted. 4. Income from other tradlng actlvltlgs 2025 2024 Rental Income, Advertising space 108.478 103,984 400 108,478 104,384 All Income from other tradlng activitles In the current and prlor year was unrestrictéd. 5. Income from other Incom& 2025 2024 Th8atre Tax Relief 244,003 182,957 All income.from other income in the current and prior year was unrestricted. Government grants The charity did not receive any govemment grants during the curnt or prior year. 21
The Greenwich Theatre Limited Notes to the flnanclal statemènts For the ear ended 31 March 2025 7. Tolal expenditure Support and govemance costs Charitable activities 2025 Total Staff costs (note 9) Other staff cosls Theatre performance Premises costs Professional fees and licences Repairs and maintenance Depreciation Bank and finance charges Computer expenses Printing, postage and stationery Publicity and marketing Travel and subsistence 397,167 92,876 4,074 490,043 4,074 813,854 84,651 60,208 25,154 26,810 26.226 6,801 2,412 2,181 2,712 813,854 84,651 60,208 25,154 26,810 26,226 6.801 2,412 2.181 2.712 Sub-total 1,211,021 334,105 1,545,126 Allocation of support and govemance costs 334,105 334,105 Total expendlturo 1545,128 1,545,126 Total governance costs were £14,660 {2024: £12,152). Prlor perlod comparatlve Support and governance costs Charitable activities 2024 Total Staff costs (note 9) Theatre performance Premises Costs Professional fees and licences Repairs and maintenance Depreciation Bank and finance charges Computer expenses Printing, postage and stationery Publicity and marketing Travel and subsistence 217,151 690.296 141.180 358,331 690,296 84,452 51,648 17,449 14,443 13,925 6,887 4,423 2,873 2,196 84,452 51,648 17,449 14,443 13,925 6,887 4.423 2,873 2,196 sub.total 907,447 339,476 1,246,923 Allocation of support and govemance costs 339,476 339.476 Total expenditure 1,246,923 1,246.923 22
The Greenwich Theatrè Limited Notes to the financial statements For the ear ended 31 March 2025 8. Net movement in funds This is stated after charging: 2025 2024 Depreciation Operating lease payments Trustees, r8muneration Trustees, reimbursed expanses Auditors. remuneration (excluding IJAT): Statutory audit Under accrual in the prior year Other sepiices 26,810 3,235 14,443 2,857 9,500 1,961 500 9,000 4,363 2,195 In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorltles. 9. Staff costs and numbers Staff rnsts were as follows,. 2025 2024 Salaries and wages Social security costs Pension costs 459,171 27,153 3,719 332.114 18.579 7,638 490,043 358,331 No employee eathed more than £60,000 during the current or prior year. The key management personnel of..the charitable company comprise the trustees. Artistic Director and Executive Director. The total employee benefits of the key management personnel were £80,559 (2024.. £69,685). 2025 No. 2024 No. Office and management Theatre staff 25 21 Average head count 32 28 10. Taxation The charity is exempt from corporation tax as all its income is charitable 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 flnancial statements For the ear ended 31 March 2025 11. Tangible fixed assets Fixtures and fittings Office Other fixed equipment assets Total Cost At 1 April 2024 Additions In year 366,859 77,033 67,315 10,000 444,174 77.033 At 31 March 2025 443,892 67,315 10,000 521,207 Depreciation At 1 April 2024 Charg8 for the year 312.015 26.135. 66,542 675 10.000 388,557 26,810 At 31 March 2025 338.150 67,217 10.000 415,367 Net book valu• Al 31 March 2025 105,742 98 105,840 At 31 March 2024 $4.844 773 55,617 12. Invostments 2025 2024 Investment In subsidiary company The Greenwich Theatre Limited owns 100Vo of the share capital of Greenwich Theatre Enterprises Llmited <company number 2480139). The company was domiant in the currenl and prlor year. 13. Stock 2025 2024 Consumables 5,014 4,801 14. Debtors 2025 2024 Trade debtors Other debtors Prepayments and accrued income 25.543 16.221 219.266 19,583 365,303 384.886 261.030 24
The Greenwlch Theatre Limlted Notes to the flnanclal Statements For the ear ended 31 March 2025 15. Creditors . amounts due withln 1 year 2025 2024 Bank overdraft Loans Trade creditors Accruals Deferred income (note 17) Other taxation and social security Other creditors 29,734 10,885 288,745 10,350 161,916 8,257 75,725 3,244 159,766 30.043 113.899 16.252 68.908 585,612 392.112 16. Credltors . amount8 due aftor 1 year 2025 2024 Loans 19,673 22,556 In January 2024. Greenwich Theatre received a loan of £25,000 from Royal Borough of Greenwich. The loan is repayable over 10 years and bears an interest rate of 5.39%. Analysis of debt maturity Debt due after more than one year: repayable be88n one and five years repayable In five years or more 12,224 7,449 11,587 10,969 19,673 22,556 17. Doferrod Income 2025 2024 At 1 April 2024 Deferred during the year Released during the year 113,899 161,916 113.899 123,880 113,899 123,880 At 31 March 202S 161,916 113.899 Deferred income comprises income received in the year in respect of ticketed events and theatre hire scheduled after the balance sheet date. Movemenis in deferred income are analysed above. 25
The Greenwich Theatre Limited Notes to the financial statements For the ear ended 31 March 2025 18. Analys1$ of not assets between fund$ Restricted funds General funds Total funds Tangible fixed assets Investments Current assets Current liabilities Non curfenl liablllties 105.840 105,840 5,065 389,970 395,035 .(585.612) {585,612) 19,673 19,673 Not assets al 31 March 2025 109 473 104 408 Prlor perlod comparatlve Restricted funds General funds Total funds Tangible fixed assets Investments Current assets Current liabilities Non current liabilities 55,617 55,617 319.034 (392,112) 22,556 319,034 {392,112) 22.556 Net assets at 31 March 2024 40,015 40.015 19. Movements In fund8 At 1 Aprll 2024 Al 31 March 2025 Income Expenditure Restrlcted funds Accessibility Imprcivement Campaign 5,065 5,065 Total restricted funds 5,065 5,065 Unrestricled fiAnd8 General funds 4.0.015 1,545.126 109,473 Total unrestricted funds 40,015 1,545,126 109,473 Total funds 40,015 1,480,733 1,545,126 104,408 Purpose of restrlcted funds Our Accessibility Improvement Campaign is raising funds for e5senlial improvernents including new accessible toilets, aulomatic doors at our entrance, platfomi16fts so all artists can access the stage. a hearing loop for enhanced sound clarity and video tours: All income and expenditure in the prior year related to unrestricted fvnds. All assets and liabilities held at the end of the prior period year were unrestrided. 26
The Greenwlch Theatre Limlted Notes to the flnanclal Statements For the ear ended 31 March 2025 20. Operating lease commitments The charity had operating leases at the year end with total future minimum lease payments as follows: 2025 2024 Amount falling due: Within 1. year Within 1- 5 years 1,338 1,560 960 2,000 2,898 2.960 21. Related party tran•actlon8 Durlng the year, the Artistic Dlrector loaned £22,820 to the charlty. Thls was an Interest fr88 loan and al year end, £8,500 was outstanding and included in loan cr8ditors due in18ss than one year. Nas Asghar, trustee. is a Councillor for the Royal Borough of Greenwich. The charity received a loan of £25,000 from the Royal Borough of Greenwich in the prior year, as detailed in note 16. and £19,673 was outstanding at yaar end. 27