2021-03-31-accounts - Watermill Theatre Limited

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				Page
Reference and administrative			details ofthe Charity, its Trustees and advisers
Chairman's	statement			2-3
Trustees' report				4-19
Independent	auditor's	report	on the financial statements	20-23
Consolidated	statement	offinancial activities		24
Consolidated	balance sheet			25
Charity balance sheet				26
Consolidated	statement	ofcash flows		27
Notes to the	financial statements			28-48

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
	Note		6	6	F
Income from:
Donations and legacies Charitable activities		61,181	1,457,193 265,712	1,518,374 265,712	966,473 1,777.697
Other trading activities			108,340	108,340	549,188
Investments			4,120	4,120	8,173
Total income		61,181	1,835,365	1,896,546	3,301,531
Expenditure on:
Raising funds:	10
Voluntary income			180,479	180,479	207,226
Fundraising income			217,517	217,517	481,326
Charitable activities	11	134'795	1 103'897	1'238'692	3013288
Total expenditure		134,795	1,501,893	1,636,688	3,701,840
Net income I(expenditure)		(73,614)	333,472	259,858	(400,309)
Net movement in funds		(73,614)	333,472	259,858	(400,309)
Reconcglation offunds:
Total funds brought forward		2,408,430	1,945,843	4,354,273	4,754,582
Net movement in funds		(73,614)	333,472	259,858	(400,309)
Total funds carried forward		2,334,816	2,279,315	4,614,131	4,354,273

	FOR	T	HE YEAR ENDED 31 MARCH 202	1
				2021	2020
				6	6
Cash flows from operating	activities
Net cash provided byI(used in) operating			activities	483,941	(224,729)
Cash flows from investing	activities
Dividends, interests and rents from investments				4,120	8,173
Purchase oftangible fixed assets				(4,434)	(76,881)
Net cash used in investing	activities			(314)	(68,708)
Change in cash and cash	equivalents	in the year		483,627	(293,437)
Cash and cash equivalents	at the beginning		ofthe year	1,176,231	1,469,668
Cash and cash equivalents	at the end	ofthe year		1,659,858	1,176,231
The notes on pages 28 to48 form part ofthese financial statements

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		6	6	6	5
Grants			889,668	889,668	450,386
Trusts and donations		61,181	483,880	545,061	371,071
Friends ofthe Watermill			73,270	73,270	126,716
Sponsorship			10,375	10,375	17,300
Legacies					1,000
Total donations	and legacies	61,181	1,457,193	1,518,374	966,473
Total 2020		78,478	887.995	966,473

Grants
			2021 E	2020f
Arts Council		England - general grant	458,673	450,386
LA grant			14,035
Job retention		scheme grant	416,960
Total			889,668	450,386
Sponsorship
			2021	2020
			8	6
Sheepdrove		Organic Farm	6,000
Du Pre				2,750
Horsey	Lightly		1,750	4,550
Saica Pack			2,625	4,500
Heritage	Financial			5,500
Total			10,375	17,300

			Unrestricted	Total	Total
			funds	funds	funds
			2021 6	2021f	2020 8
Theatre, room and technical		hire	200	200	12,065
Restaurant,	bar and other income		108,140	108,140	537,123
Total 2021			108,340	108,340	549,188
Total 2020			549,188	549,188

Restaurant, b	ar and other income and expend	iture
		2021	2020
		6	5
Income		108,140	537,123
Cost ofsales		(210,977)	(387,998)
Gross surplus		(102,837)	149,125
Administration Net surplus	expense	(6,540) ~159377	(93,328) 55797

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
	8	6	5
Interest	4,120	4,120	8,173
Total 2020	8,173	8,173

					Unrestricted	Total	Total
					funds	funds	funds
					2021f	2021f	2020f
Theatre box	office				204,556	204,556	1,205,102
Touring productions					16,889	16,889	208,865
Outreach							38,788
Excel/Federation		ofschools					6,647
Education and youth theatre					25,233	25,233	111,350
Olher theatre	projects						7,726
Programme	receipts				3,568	3,568	23,221
Tax credit on theatre production				costs	15.466	15,466	175,998
Total 2021					265,712	265,712	1,777,697
Total 2020					1,777,697	1,777,697
Expenditure	on	voluntary	income
					Unrestricted	Total	Total
					funds	funds	funds
					2021f	2021f	2020f
Staff costs					121,255	121,255	128,950
Premises costs					5,672	5,672	6,068
Office costs					5,083	5,083	7,671
Fundraising	and	appeal costs			24,037	24,037	31,712
Publicity costs					24,432	24,432	32,825
Total 2021					180,479	180,479	207,226
Total 2020					207,226	207,226

		Activities
		undertaken	Support	Total	Total
		directly	costs	funds	funds
		2021f	2021 6	2021 8	2020 8
Production costs		459,590		459,590	2,218,451
Management	and administration	288,389		288,389	292,747
Support costs			475,299	475,299	482,975
Governance	costs		15,414	15,414	19,115
Total2021		747,979	490,713	1,238,692	3,013,288
Total 2020		2,511,198	502,090	3,013,288

			Restricted	Unrestricted	Total	Total
			funds	funds	funds	funds
			2021	2021	2021	2020
				6	6	8
Theatre productions				306,883	306,883	1,427,498
Touring productions				3,243	3,243	409,365
Outreach				51,540	51,540	78,704
Excel/Federation		ofschools				9,499
Youth theatre			39,081	21,537	60,618	195,585
Irrecoverable	VAT			32,983	32,983	67,974
Other theatre	projects			162	162	2,256
Programmes				4,161	4,161	12,938
Total 2021			39,081	420,509	459,590	2,203,819
Total 2020			80,016	2,123,803	2,203,819

				Unrestricted	Total	Total
				funds	funds	funds
				2021 6	2021f	2020
Staffcosts				181,475	181,475	237,292
Premises and	repair costs			47,857	47,857	9,567
Office costs				5,083	5,083	6,623
Insurance				1,774	1,774	2,568
Finance costs				6.785	6,785	2,020
Other management		and administration	costs	37,438	37,438	27,557
Depreciation	and loss on disposal			7,977	7,977	7,120
Total 2021				288,389	288,389	292,747
Total 2020				292,747	292,747

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2021	2021 8	2021f	2020 6
Staff costs			207,835	207,835	198,216
Premises and	repair costs		81,342	81,342	80,719
Office costs			5,237	5,237	9,520
Insurance			13,880	13,880	21,831
ITrelated costs			19,243	19,243	30,083
Other support	costs		6,844	6,844	19,015
Depreciation	and loss on disposal	95,714	45,204	140,918	138,223
Total2021		95,714	379,585	475,299	497,607
Total2020		96,014	401,593	497,607

					Unrestricted	Total	Total
					funds	funds	funds
					2021	2021	2020
					8	8	8
	Professional fees				14,219	14,219	18,515
	Trustees'	insurance			1,195	1,195	600
	Total 2021				15,414	15,414	19,115
16.	Net income/(expenditure)
	This is stated after charging:
						2021	2020
						8
	Depreciation oftangible			fixed assets:
	- owned	by the charitable		group		148,895	162,427
	Auditor's	remuneration	-	audit		7,190	6,970
	Auditor's	remuneration	-	other services		4,910	3,485
	Operating	lease rentals				5,094	4,952
	Pension	costs				24,115	44,226

Staff costs
	Group	Group	Charity	Charity
	2021	2020f	2021 6	2020 6
Wages and salaries	871,785	1,019,203	871,785	1,019,203
Social security costs	58,790	73,221	58,790	73,221
Other pension costs	24,115	29,594	24,115	29,594
	954,690	1,122,018	954,690	1,122,018

			Group	Group
			2021	2020
			No.	No.
Average	employee	number	49	53

		Long-
		term			Heating	I
	Freehold	leasehold	Theatre	Motor	cooling		Restaurant
	property f	property 6	equipment	vehicles 6	equipment	6	equipment 6	Totalf
Cost or
valuation
At 1 April 2020	4,044,681	68,596	226,455	15,097	583,443		147,678	5,085,950
AddiTions			4,434				~	4,434
Disposals							(64)	(64)
At 31 March
2021	4,044,681	68,596	230,889	15,097	583,443		147,614	5,090,320
Depreciation
At 1 April 2020	1,025,859	62,312	179,209	12,679	203,384		131,047	1,614,490
Charge for the
year	84,034	786	17,252	605	39,766		6,452	148,895
On disposals							(64)	(64)
At 31 March
2021	1,109,893	63,098	196,461	13,284	243,150		137,435	1,763,321
Net book value
At 31 March
2021	2,934,788	5,498	34,428	1,813	340,293		10,179	3,326,999
At 31 March
2020	3,018,822	6,284	47,246	2,418	380,059		16,631	3,471,460

Name			Company	Company	Holding	included	in
			number			consolidation
Watermill	Theatre Productions	Limited	09280479		100'/o Yes
The financial results ofthe subsidiary			for the year were:
						Net	assets
Watermill	Theatre Productions	Limited
Stocks
			Group	Group	Charity		Charity
			2021	2020		2021	2020
			8	8		6	E
Restaurant	and bar		5,248	7,754		5,248	7,754
Merchandise			307	686		307	686
			5,555	8,440		5,555	8,440

21.	Debtors
								Group 2021	Group 2020	Charity 2021	Charity 2020
								6	6	6	6
	Trade debtors							405	57,350	405	57,350
	Amounts owed		by group			undertakings				15,466	175,656
	Other debtors							64,920	189,116	49,453	13,459
	Prepayments	and accrued income						57,590	59,684	57,590	59,684
								122,915	306,150	122,914	306,149
22.	Creditors: Amounts				falling due		within one year
								Group	Group	Charity	Charity
								2021	2020	2021	2020
									E	6	6
	Trade creditors							43,515	76,321	43,515	76,321
	Other taxation		and social security					14,825	24,345	14,825	24,345
	Other creditors							15,834	53,043	15,834	53,043
	Accruals and	deferred			income			427,022	454,299	427,022	454,299
								501,196	608,008	501,196	608,008
										Group	Group
										2021 6	2020f
	Deferred income at			1	April 2020					338,479	335,851
	Resources deferred			during the year						204,120	338,479
	Amounts released from previous						periods			(190,588)	(335,851)
										352,011	338,479

Statement offunds	-	current year
			Balance			Balance at
			at 1 April			31 March
			2020	Income	Expenditure	2021
			6	6	6	6
Unrestricted funds
Designated funds
Major capital works			650,000			650,000
Shorffalls in BoxOffice		income	500,000			500,000
			1,150800			1,150,000
General funds
Generalfunds			795,843	1,835,365	(1,501,893)	1,129,315
Total Unrestricted	funds		1 i)45,843	1,835,365	(1,501,893)	2,279,315
Restricted funds
Save the Watermill	Appeal		1,951833		(55,949)	1,895,284
ACE Sustainable Grant- Energy Efficient			442,360		(39,766)	402,594
Greenham Community		Associate Fund	8,158	61,181	(34,229)	35,110
Andrew Lloyd Webber		Foundation	6,679		(4,851)	1,828
			2,408,430	61,181	(134,795)	2,334,816
Total offunds			4,354,273	1896,546	(1,636,688)	4,614,131

						Balance at
		Balance at			Transfers	31 March
		1 April 2019 6	Income	Expenditure 8	in/out 8	2020 f
Unrestricted funds
Designated funds
Major capital works		1,000,000			(350,000)	650,000
Shortfalls in BoxOffice	income	300,000			200,000	500,000
Developing and commissioning
work		25,000			(25,000)
Commercial enterprise		25,000			(25,000)
Development of digital	capability	5,000			(5,000)
		1,355,000			(205,000)	1,150,000
General funds
General funds		893,598	3,223,053	(3,525,808)	205,000	795,843
Total Unrestricted funds		2,248,598	3,223,053	(3,525,808)		1,945,843
Restricted funds
Save the Watermill Appeal		2,007,482		(56,249)		1,951,233
ACE Sustainable Grant- Energy
Efficient		482,126		(39,766)		442,360
Greenham Community	Associate
Fund		9,813	62,978	(64,633)		8,158
Andrew Lloyd Webber
Foundation		6,563	15,500	(15,384)		6,679
		2,505,984	78,478	(176,032)		2,408,430
Total offunds		4,754,582	3,301,531	(3,701,840)		4,354,273

Summary	offunds - current ye	ar
							Balance at
				Balance at 1			31 March
				April 2020	Income	Expenditure	2021
					6	6
Designated	funds			1,150,000			1,150,000
General funds				795,843	1,835,365	(1,501,893)	1,129,315
Restricted	funds			2,408,430	61,181	(134,795)	2,334,816
				4,354,273	1,896,546	(1,636,688)	4,614,131
Summary	offunds - prior year
							Balance at
		Balance at				Transfers	31 March
		1 April	2019	Income	Expenditure	in/out	2020
			6	5	E		6
Designated	funds	1,355,000				(205,000)	1,150,000
General funds		893,598		3223,053	(3,525,808)	205.000	795,843
Restricted	funds	2,505,984		78,478	(176,032)		2,408,430
		4,754,582		3,301,531	(3,701,840)		4,354,273

Analysis Analysis	ofnet assets between funds of net assets between funds - current year
		Restricted	Unrestricted	Total
		funds	funds	funds
		2021	2021	2021
		6		E
Tangible	fixed assets	1,978,519	1,348,480	3,326,999
Current	assets	356,297	1,432,031	1,788,328
Creditors	due within one year		(501,196)	(501,196)
Total		2,334,816	2,279,315	4,614,131
Analysis	of net assets between funds - prior year
		Restricted	Unrestricted	Total
		funds	funds	funds
		2020	2020	2020
		5	F	6
Tangible	fixed assets	2,074,234	1,397,226	3,471,460
Current	assets	334,196	1,156,625	1,490,821
Creditors	due within one year		(608,008)	(608,008)
		2,408,430	1,945,843	4,354,273

Reconciliation ofnet movement	Reconciliation ofnet movement	Reconciliation ofnet movement	in funds	in funds	to	net	cash flow	from	operating	activities
										Group	Group
										2021	2020
										5	5
Net income/expenditure for		the	year	(as		per	Statement	of	Financial
Activities)										259,858	(400,309)
Adjustments for.
Depreciation charges										148,895	162,427
Dividends, interests	and rents	from investments								(4,120)	(8,173)
Loss on the sale of	fixed assets										1,865
Decrease in stocks										2,885	154
Decrease/(increase)	in debtors									183,235	(3,911)
Increase/(decrease)	In creditors									(106,812)	23,218
Net cash provided	by/(used	in) operating			activities					483,941	(224,729)