Company no. 00860847 Charity no. 246186 The Greenwich Theatre Limited Report and Audited Financial Statements 31 March 2025 •AEFN3NNh• 1911112025 COMPANIES HOUSE #134 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 BUtte￿orth'S The River stsrring Paul McGann with revisions by the playwright. A newly 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 othe￿iSe 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 cur￿nt 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