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2024-03-31-accounts

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

Registered number: 978279 Charity number: 261430

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Chairs’ statement 2 - 3
Trustees’ report 4 - 21
Trustees’ responsibilities statement 22
Independent auditor’s report on the financial statements 23 – 26
Consolidated statement of financial activities 27 – 28
Consolidated balance sheet 29
Charity balance sheet 30
Consolidated statement of cash flows 31
Notes to the financial statements 32 - 48

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

A G McKenzie (Chair resigned 3 June 2024) M Whitlum Cooper M Lynas Chair (Chair - appointed 3 June 2024) N Humby R Jahangard K Breathwick (Vice Chair) S Bansal B Chadder S K Parsonage C Titley-Rawson T Wentworth D W Grindrod D Powell C Barber (appointed 27 July 2024) H Williamson J Bunting I M Widdowson (resigned 3 August 2023) Company registered number 978279 Charity registered number 261430 Registered office Bagnor Newbury Berkshire RG20 8AE Company secretary and Paul Hart Joint Chief Executive Officer Key management personnel Claire Murray – Joint CEO Kim Austen – Finance and Resources Director Heidi Bird – Outreach Director Emma Bright – Marketing Director Steph Dewar – Development Director Independent auditor Wenn Townsend, 30 St Giles’, Oxford OX1 3LE Bankers Handelsbanken, Oxford Square, Newbury RG14 1JQ Solicitors Harbottle & Lewis LLP, Hanover Square, London W1S 1HP

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

CHAIRS’ STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

We are pleased to be able to reflect on a positive outcome in our first year since the cut to our annual National Portfolio funding from the Arts Council. In addition to the financial results, we are also enormously proud that the organisation was recognised as Theatre of the Year in the 2024 Stage Awards. This accolade recognises the quality and ambition of the work on stage as well as the talent and commitment of the whole staff team.

The loss of £458k from the budget was eased by a successful application to ACE’s transition fund. This helped us to honour the commitments which were already in place to a range of artists in an artistic programme which was 90% confirmed at the time that we received the decision about the cut.

Our artistic ambition remains undiminished and we are reflecting on one of our strongest years, bringing 8 shows to the stage. This included a revival of Barney Norris’ tender play, Visitors; a new adaptation of the bestselling novel The Suspicions of Mr Whicher; Mansfield Park, a co-production with Two Gents, which explored colonialism and slavery within the novel and undertook a tour of local villages; and a pared back production of Macbeth which reached over 1000 children and young people in local secondary schools and colleges. The Lord of The Rings was a highlight within the year, seeing the whole team creating an immersive experience for over 17,000 people. This represented a huge investment, bringing the largest company of actors to the stage and an ambitious design for both inside the theatre and outdoors in the gardens. Acclaimed by critics and audiences alike, The Lord of The Rings also helped us to reach new audiences (47% new bookers) and raise the profile of the theatre – and our funding status – nationally and internationally.

The Lord of The Rings also provided a catalyst for further development of the commercial operation, with an expansion of our offer to include more casual options. We also expanded the programme to include additional events in both the theatre and hospitality spaces, all of which have proved successful and provide a roadmap for the future.

Claire Murray, our Executive Director, was appointed Joint Chief Executive alongside Paul Hart, further strengthening the leadership team as they and the rest of senior management developed a new 3-year business plan. This plan sets the organisation in good stead for the years ahead.

The Arts Council cut has seen the team redouble their efforts around fundraising, with remarkable results that reflect the regard in which The Watermill is held within the local and artistic community. Our plans for next year include continuing to grow fundraised income, though we also acknowledge that the extraordinary level of support we received following the funding news is unlikely to be sustained in the long term as the pressure on funders continues to rise.

Andrew McKenzie completed an extended term as Chair of the Board this year, and Trustees are extremely grateful for his work in the role, which included navigating both the global pandemic and the loss of Arts Councils England’s National Portfolio funding.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

CHAIRS’ STATEMENT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

We remain grateful to the range of trusts, foundations, donors and businesses who have been such a huge source of support to the organisation. The Watermill has faced significant challenges over the last six years and the range and quality of artistic and community programmes is testament to this support and to the team’s passion, commitment, resilience and adaptability.

Michael Lynas

Simon Parsonage

Chair of the Board of Trustees

Chair – Finance and Audit Committee

Date 27 July 2024

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the group and the charity for the year to 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity. In performance of their duties, the Trustees have had due regard to guidance published by the Charities Commission on public benefit.

REPORT OF THE EXECUTIVE, INCLUDING STRATEGIC REPORT

For the year ending March 2024

The Watermill – Mission and Ethos

The Watermill’s charitable objects are to promote, maintain, improve and advance education particularly by the production of educational plays and the encouragement of the arts.

Our mission is to make theatre that is surprising, inventive and exciting, and to make it for everyone. We nurture and celebrate talent and creativity in our company, community and in the sector, and we hold wellbeing, equity and sustainability at the heart of our culture.

Nestled on the banks of the river Lambourn, our converted Grade II listed rural watermill is home to a unique powerhouse of residential and artistic facilities which provide a crucible for creativity, innovative storytelling, and artistic excellence. Artists and creatives from the UK and beyond develop their craft with us, making work which bursts out of the building to tour across the UK, or transfer to the West End. The reach, quality and innovation of our productions is evidenced by a strong track record of co-productions with commercial and subsidised companies, resulting in 50% of our productions being optioned for transfers and tours over the last 5 years.

Our work is characterised by an enduring pursuit of artistic innovation and the weaving of actormusicianship through new writing and reinvigorated classics. We create the environment for actors and creatives to take risks, we tell stories on stage which reflect diverse lived experiences and we discover new ways to connect our annual audiences of over 50,000, with live theatre that truly resonates. Our engagement programmes reach 20,000 people each year, in the theatre, schools and other community settings. We engage with those who are underrepresented, hard to reach, or at risk and we drive long term impact for communities.

The organisation holds four values at its heart:

- Inclusivity & equity

The Watermill makes work and is a place for all our community. We are committed to making our buildings, productions and participation opportunities accessible and inclusive.

Attracting and nurturing talent – on and off stage, in both the artistic and administrative areas of the organisation – remains a fundamental commitment. In addition, artistic decisions and the delivery of the programme will be underpinned by a core belief that the stories we tell and the people who are part of telling them reflect and celebrate a diversity of lived experience. Our Outreach programme will continue to engage with those whose access to the

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

arts is limited, and will particularly attend to the needs of our local communities. We will continue to prioritise accessibility in our capital planning, ensuring improvements to benefit audiences, artists and staff members across the site and buildings.

Creativity is part of the essence of The Watermill, and we believe that taking an inventive and playful approach is part of offering a joyful experience for everyone. This belief informs the way we approach stories – both new and old; how we stage a production; the approach to a project or activity designed to reach and engage participants and audiences; our communications; and our menu. We nurture and celebrate everyone’s creativity and hold it as a key tenet of our work.

Sustainability

Uniquely located on the banks of a river, next to a nature reserve and site of special scientific interest, our relationship to the natural world is integral to the experience of living, working or paying a visit to The Watermill. The climate crisis has a real impact on our operation eg through flooding due to rising river water. As such, we consider taking positive action to reduce our environmental impact a moral obligation driven by a business rationale. Adopting sustainable practices will be central to our operations over the next three years. Underpinned by an understanding of carbon literacy in the arts, we will develop our use of the Green Book principles and effect change in areas including production; food and drink; energy use and waste management; transport; and, in the longer term, the way we tour and transfer our work. We will be considered in making programming choices that reflect our environmental values, and in adopting technology and ways of working that minimise our impact.

The workplace ethos extends to our wider community of participants and audiences with a commitment to understanding their experiences and meeting their needs and expectations to ensure that they can access and enjoy every aspect of our work.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

Achievements and Performance

A new commercial strategy has seen us increase income in this area by £63k

ARTISTIC PROGRAMME

2023-24 saw one of the most ambitious programmes of work that the Watermill has ever staged. Over the course of the year, we staged an eclectic range of urgent revivals, ambitious new writing,

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

adaptations, new musical theatre and the most epic musical we have ever staged. Our production of BLEAK EXPECTATIONS also transferred to the West End.

We started the year with a timely revival of VISITORS, a play by local author and playwright, Barney Norris. The play explores the local landscape through the perspective of a character with dementia, who faces the prospect of moving out of their family home and into care. The piece had a huge impact on audiences and it was an important part of the process for us to offer workshops for anyone effected by those issues within the piece. We were very proud to play this piece to over 2000 people during its three-week run.

★ ★ ★ ★ "Elegiac reflections on love, ageing and Thermos flasks" THE TIMES

In the Spring we premiered the world premiere of THE SUSPICIANS OF MR WHICHER which marked the first time one of Kate Summerscale books has been made into a stage piece. An all-female creative team created a show which made use of projection, movement and inventive set-design to realise this tense historical drama which is set in Wiltshire representing another local story for the theatre.

★★★★ 'Kate Summerscale’s Victorian potboiler is deftly condensed in a tense drama' THE GUARDIAN

To kick off the summer we presented Jane Austen’s classic MANSFIELD PARK, in a new version coproduced with long term collaborators, Two Gents productions. This adaptation explored the colonial aspects of the novel and retold through the perspective of those with Caribbean Heritage. As well as playing the Watermill gardens for two weeks this show also went into rural communities surrounding our West Berkshire location.

★ ★ ★ ★ "Highly original and provocative adaptation" THE SPY IN THE STALLS

This was followed by a hugely ambitious new production of THE LORD OF THE RINGS which played across our outside spaces and inside the theatre. This new version was created through the perspective of the hobbits who took on ownership of the story in a completely original way. The production went on to win a number of major awards including ‘Best Regional Production’ at the Whatsonstage awards and a transfer to Chicago Shakespeare Theatre is planned for Summer 2024.

★★★★ 'The greatest show on middle-earth’ THE GUARDIAN

The Christmas show this year was a brand-new version of THE WIZARD OF OZ adapted by Marietta Kirkbride. The show used puppetry, music and vibrant set-design to bring the piece into a modern world and was seen by over 12,000 people.

★★★★ ‘Beautifully reimagined. A perfect show this festive season’ CURTAIN CALL REVIEWS

We kicked off 2024 with a brand-new musical; SHERLOCK HOLMES AND THE POISON WOOD which was co-produced with Metta Theatre. This was a bold update of Sherlock in a contemporary world where social media and climate change are explored.

★★★★★ 'A gripping, eye opening, and funny production. A real must-see’ WHATSONSTAGE

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

The final production of the year saw our youth theatre take over the theatre for two weeks. In a new format for us they staged their most ambitious production to date in Ella Hickson’s WENDY AND PETER PAN which reframes the original story to see through the perspective of Wendy.

★★★★★ ‘I laughed, I cried, and I saw magic’ CURTAIN CALL REVIEWS

Inclusivity and Diversity

We continue to ensure that we are reflecting the diversity of the UK in our acting and creative companies, as well as in the stories we are sharing.

Of the actors we employed this year:

We undertook recruitment for 11 permanent roles in the staff team as well as in open recruitment process for new Trustees and a Chair of the Board. Widening where we advertised the roles, including a greater use of social media and LinkedIn, supported us to attract a more diverse pool of applicants.

Other work in this area included:

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

Audiences

Over the course of the 2023-24 financial year, we welcomed over 51,800 people to 347 performances and events, which reflects an average increase of attendance from 151 to 159 per event.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

OUTREACH, LEARNING AND PARTICIPATION

This year we have worked with 17,000 people through our Outreach programme. We have welcomed audiences to take part onsite at the theatre, reached out through local education settings and worked with partner organisations.

Throughout the year, we have listened and responded to the needs of our communities. We have had a focus on connecting our participants to the theatre through industry insight workshops, tailored adult courses and holiday provision, and career focused events. We have used our platform as a producing theatre to shape the breadth and depth of our work.

On our main stage, we created three large-scale performance opportunities for participants. These are essential in building a connection to the theatre, strengthening our community and sense of belonging. Through evaluating our processes and projects, we have been able to document the impact and importance of this work. Participants have learnt teamwork skills, developed their confidence, and increased their resilience.

THE TOY SHOP, an original piece written by a former youth theatre member Talitha Wing, involved 100 primary-aged children from rural schools, who came together to perform on The Watermill stage. For many of these young people, this was their first experience of theatre and collective storytelling.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

“This project has had such a positive impact on all the students. It has taught them to take responsibility, have courage, take on a challenge, have confidence to bring their own personality and extra character to their role” Class Teacher (July 2023)

THE WORLD OF IMAGINATION provided a platform performance opportunity for 150 regular participants aged 4-25 years to perform on The Watermill stage. The performance, which was devised and written by the young people themselves, was presented to an invited audience of family and friends.

Over the course of six-months, our Youth Ensemble rehearsed Ella Hickson’s production of WENDY AND PETER PAN which was performed for eight performances in the main theatre in the spring. These performances were shared by two casts, giving 50 young people aged 12 – 25 years the opportunity to take part. This process was supported by a full professional team from The Watermill Theatre, providing a deep insight into the industry. Performers discovered skills in puppetry, stage combat, movement, and music.

“It has added to their confidence, friendships, ability to accept and be accepted, as well of course as the skills learned from the whole Watermill team” Youth Ensemble Guardian (March 2024)

Our Careers in the Arts programme in partnership with The Corn Exchange has become established this year. This project gives young people an insight into the creative industry through a wide spectrum of engagement opportunities. We have presented at 6 careers fairs across West Berkshire, reaching over 3500 students. Our Young Creatives programme has worked with 30 young people aged 1418years, giving them creative insights into theatre design, costume, and sound design. This programme has been particularly successful in welcoming a new cohort of participants to the theatre. We have welcomed 8 young people to take part in Work Experience placements at the theatre, including 3 specialist placements supporting young people with additional access needs. We continued our Young Facilitators scheme this year, giving older youth theatre members the opportunity to learn the skills needed for outreach facilitation. This programme has seen 4 young people complete the scheme, with two young people from last year’s scheme going onto paid work with the theatre. These opportunities are essential in providing a springboard and clear pathways for young people interested in the creative arts industry.

To widen our reach and ensure help reduce the barrier to accessing live theatre, we toured our Schools’ production of Macbeth. This reduced version reached over 1000 young people across 8 schools. The production was supported by Q&A sessions with the cast, performance workshops and an education resource pack. The performance was well received by schools and their students, furthering their understanding of Shakespeare and live performance.

“The students thoroughly enjoyed the performance. They found the versions of the characters engaging and the plot to be enthralling, with really energetic performances” Head of English Teacher (October 2023)

Throughout our Outreach provision, we have focused on removing barriers to participation through specialist access provision, bursary provision and transport support. We implemented a pay more/pay less scheme, making our regular provision more accessible to families. We have been working closely with partner organisations to increase awareness of our access programme. We have been focusing on growing our deaf community with specific targeted projects including monthly BSL Chatty Corner events, specialist workshops with deaf artists and projects with partner theatres.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

Having identified an area of need, we increased our engagement with Early Years’ families introducing the creative arts at this essential stage of childhood development. Through our outdoor sensory Story Adventures sessions, family Wild Weekends and Fun Days, we welcomed almost 600 children and carers to the theatre.

Safeguarding

We work extensively with young people and vulnerable adults, and have clear procedures in place to safeguard our participants:

COMMERCIAL

As we reviewed our commercial opportunities and devised our three-year business plan, we introduced a series of initiatives to grow commercial income.

The restaurant offer was expanded with The Lord of the Rings providing the opportunity to develop the casual dining offer. This was well received by audiences and enabled us to achieve a 34% increase on average income per performance (compared with Whistle Down the Wind the previous year). As a result of this experience, we have expanded our pre-show bar menu.

We trailed a daytime café offer during the autumn. This proved to be popular with the audiences for the performances and events in that period but didn’t attract the level of trade on non-performance days. Our second foray into offering Sunday Lunches for Mother’s and Father’s Day proved successful and we are considering a more regular Sunday dining offer in future.

We have also introduced a new app to enable people to easily order drinks and snacks wherever they are on site. This was particularly useful during The Lord of The Rings, when audiences were dispersed across the buildings and gardens.

We saw some growth in our Christmas party bookings, which can be built upon in future years and we have also seen an increase in event hire, from birthdays and anniversaries to weddings and wakes.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

A more extensive range of merchandise was made available for The Lord of the Rings, which was enormously successful. We followed this with a range of cuddly Totos for The Wizard of Oz and again, we will continue to develop this offer where opportunities present themselves.

We also expanded our visiting company programme with a range of one-night and shorter run performances including Little Bo Peep and The King of Nothing for early years; entertainment from Mig Kimpton; a stand-up comedy night and jazz from The Hot Club of Jupiter. Music and comedy proved to be particularly popular, and we will continue to develop this programme in 2024/25.

SITE AND BUILDINGS

The site and our buildings represent important assets which need ongoing investment in their maintenance. Our Grade II listed theatre is unique and at the centre of our creative activities, with accommodation, offices and a restaurant and bar being integral to our operations.

Improvements were made to the fabric and decorative state of the accommodation this year. Feedback on the living arrangements has been positive and we plan to continue with a rolling programme of replacement of fixtures and furniture.

We experienced the highest reported water levels for more than 30 years in this financial year, and the threat of flooding was significant in the early part of 2024. We engaged structural engineers to review the state of a number of structures including the culvert and a retaining wall adjacent to the theatre. The culvert has been subject to some temporary repairs this year, which will need to be revisited once water levels subside, in 2024.

We undertook a project to reinstate an eroded section of the riverbank on our front lawn. This work used coir net to rebuild the riverbank in a way that encourages regrowth of natural plants and provides habitats for native species, while preventing further erosion.

The inadequacies of the current rehearsal space were brought to the fore during rehearsals for The Lord of The Rings. Whilst the size of the room is close to that of the stage itself, the demands of a larger cast and multiple instruments made it much more restrictive. In general, access, particularly for wheelchair users, is problematic and heating and cooling presents a problem which often has to be resolved by the hire of heaters and air conditioning units. We have taken the decision to invest in the rehearsal facilities, making a small extension and resolving the heating, cooling and access issues. This work will be undertaken in 2025.

WORKFORCE

Volunteers

The Watermill Front of House team continues to welcome and assist audiences during their visit to the theatre. The team is made up of a core of 3 paid members of staff and 60 volunteer ushers.

No monetary amount has been included in the Group’s voluntary income for the period to reflect the ‘in kind’ support provided by volunteers.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

We are enormously grateful to all our Volunteers for their continued loyal support in this difficult year and how willing they have been to come back and support the theatre through these uncertain times.

Staff

Salary

FUNDRAISING

The Development department has generated £943k income (£679k in 2022/3), of which £83k is restricted income, and £67k is legacy income.

A new Development Director started in May 23, and a new Development Officer started in October. The team have reviewed individual giving as a whole and launched a new membership scheme with a philanthropic focus to draw in engaged supporters and provide more giving options. Communication plans for members have been reviewed, ensuring that donors will receive regular, tailored communication that speaks directly to them and demonstrates the difference they are making.

The management of the Friends of the Watermill has been brought in-house – this helps to ensure that the Friends feel like a cohesive part of the wider membership programme, that the events and interaction that happens around the Friends is appropriate to their membership and is directly informed by our strategy and artistic ambitions. We are extremely grateful for all the hard work and support given by the Friends Committee over the years and to those who continue to support our events and activities.

The fundraising events programme has been reviewed, to establish a greater clarity of purpose. 2023/24 featured three events devised to generate income: a Craft Fair, Comedy Christmas Dinners and Wreath Making Workshops which raised £20k. We also held our first Gala – a stewardship event - during The Lord of the Rings which was successful in terms of generating direct income, as well as fostering relationships with new donors. This work was continued in January, when we held our first Season Launch Dinner – bringing existing and potential donors in and sharing with them news of the

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WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

next season before it was announced. This combination of events has served to generate excitement and enthusiasm for our work as well as helping to establish and strengthen our donor relationships.

As a result of the membership restructuring and this range of events, our benefactor numbers have quadrupled, and our Friends membership numbers have stabilized, and are starting to steadily grow.

Throughout the year we ran three public fundraising campaigns: THRIVE and PROPEL were designed to raise core funding, whilst the EMERALD CITY campaign was devised to support young people from low socio-economic backgrounds to see The Wizard of Oz (successfully enabling 300 children to see the show). In total, our public facing campaigns raised £34k.

We continue to benefit from a great level of support from Trusts & Foundations – many of whom have committed to multi-year funding as we transition from an ACE National Portfolio Organisation to being an independent venue. This ongoing support is invaluable, and we continue to work to strengthen relationships with our existing funders, and to build new ones.

We are extremely grateful to all of our supporters, without whom we would be unable to continue to achieve our charitable objectives – creating bold and exciting theatre, offering opportunities for new and emerging artists, and working closely with our local community to ensure that everyone can access and participate in the arts.

Ethical Policy & Due Diligence

The Watermill Theatre is committed to ensuring that its fundraising activities are carried out with the upmost integrity and takes account of the Charity Commission Code of Fundraising Practice. The Watermill Theatre is registered with the Fundraising Regulator and works to its standards of charitable fundraising to ensure honesty and transparency with our donors, and that fundraising activities are legal, respectful, open, honest, and accountable to the public. No complaints were received in 2023/24.

We ensure that all direct fundraising activity is directed to those who have elected to receive information from us or people who would be considered to have a legitimate interest in supporting the theatre. Our strategy is focused on building personal relationships with individuals, businesses, Trusts, and Foundations who are engaged with our work. Relationships are managed by members of the fundraising team and executive with clear records kept of any contact made with donors.

The Board of Trustees has overall responsibility for acting in the charity’s best interests, including reviewing fundraising agreements within the context of the ethical fundraising policy, in line with Charity Commission guidance. The day-to-day running of the business is delegated to the Joint Chief Executives and delivered by the Management Team. The responsibility to undertake all fundraising is assigned to the Development Director.

FINANCIAL REVIEW

The consolidated statement of financial activities show income from charitable activities for the year was £2.3M (2022-23: £1.9M). Total income for the year was £4.1M (2022-23: £3.5M).

Expenditure on charitable activities in the year was £3.3M (2022-23: £3.1M) and total expenditure for the year was £4.0M (2022-23: £3.6M)

The total funds at 31 March 2024 were £4.6M (2022-23 £4.5M)

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WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

This is the first year of operating without core Arts Council Funding of £458k but transition funding was received of £268k.

Restricted Funds

The Watermill restricted funds are receipts which have been provided by donors for specific purposes within the overall aim of the organisation. The restricted income in the year of £350k (2022-23: £83k) is made up of a grant supporting the Community Associate Programme from Greenham Trust of £82k along with transition funding from the Arts council of £268k.

The cumulative balance of restricted funds at the year-end are £158K (2022-23: £40K).

Capital Expenditure

Expenditure on capital items continued to be small as we developed a new business plan following the loss of the Arts Council funding, £78k spent during the year (2022-23: £62k). This included the purchase of new radio microphones for the theatre (£44k) and a new van (£27k). As part of the business plan, capital spend is expected to increase next year with a combination of major repairs needed and a revamp of our rehearsal space to enable more flexibility of types of shows for the future.

Unrestricted Funds

The Trustees report a surplus for the year on unrestricted funds of £28k (total surplus £146k less restricted surplus of £118k = £28k unrestricted surplus). This result has enabled us to retain our current level of reserves as we go into a potentially challenging few years with the loss of Arts Council Funding and the continued cost of living crisis affecting prices and audience numbers.

Watermill Theatre Productions Limited is a subsidiary of Watermill Theatre Limited (the charity) and is commissioned by the Trustees of the charity to produce and make artistic decisions about all its shows and to claim Theatre Tax Relief (TTR) on qualifying production costs. TTR provides the Watermill with a significant repayable credit each year which has enabled and continues to enable more investment in the direct cost of our productions. During 2023/24 the amount of TTR receivable has increased to £462k (2022-23: £410k). It is very positive news for us and our industry that the enhanced % recovery rate on core costs has now been extended indefinitely.

The Watermill’s charitable activities are made up of income from ticket sales, Outreach and Education activities, programme sales and TTR. In 2023/24 income from charitable activities represented 61% (2022-23: 54%) of unrestricted income.

Unrestricted expenditure for the year was £3.6M (2022-23: £3.5M).

Reserves Policy and going concern

The Trustees consider that a reserves policy is necessary to maintain sufficient resources to ensure that the following objectives are achieved:

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WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

Having assessed the potential level of risk and taking account of the theatre’s planned activities, the Trustees see the reserves being applied in the following way:

Designated reserves of £670K for:

The aspiration of the charity is to have unrestricted reserves (excluding the designated fixed asset reserve) of around six months budgeted expenditure. The reserves are currently £1.4M (unrestricted general reserves £769k plus other designated reserves £670k = £1.4M) and budgeted expenditure for 24/5 has been set at £3.5M.

In light of the 100% cut to The Watermill’s funding, the priority is making the shift to a new business model and ensuring that the charity can deliver its objectives. Trustees consider that reserves between 3 to 6 months expenditure provide adequate working capital in the short term. The ambition is to ensure that as income stabilizes over the course of the 3-year business plan, progress can be made to increase reserves by year 4 and thereafter.

The trustees have considered the level of funds and cash held, the impact of a challenging fundraising environment the future budgeted income and expenditure as well as the current economic climate and the uncertainties surrounding culture venues and have determined that the charity has sufficient liquidity to continue its charitable activities for at least twelve months. Therefore, the trustees are of the opinion that the financial statements should be prepared on a going concern basis.

Financial Resilience

The Watermill’s management and Trustees have taken steps to secure the theatre’s resilience by ensuring:

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

Investments

The Trustees, having regard to the liquidity requirements of the theatre and the reserves policy, operate a policy of keeping available funds in interest bearing deposits, and seek to achieve the best possible rate of return available without risk to the underlying funds of the charity.

Cash held at the year-end was £1.8M (2022-23: £1.8M). Currently all cash deposits are held with five financial institutions, with some one-year fixed deposits.

Structure, Governance and Management

Since the Charity and the Group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required to be submitted.

The Board collaborates with the Joint Chief Executives and the Strategic Management Team to ensure that the Watermill’s aims and objectives are fulfilled. The Board delegates to the Joint Chief Executives overall responsibility for the day-to-day management of the Watermill.

The Board meets six times a year and receives a presentation on all aspects of the running of the theatre from the Artistic and Executive Director and the Strategic Management Team. There are two further committees:

The Trustees regularly review the structure, size, and composition of the Board, with the object of having a membership of varied and diverse experience that is able to offer help and advice to the Artistic and Executive Director and the theatre’s management team.

Board members are appointed for an initial term of three years, and appointments are extended by approval at the AGM following the end of the term of office.

The existing Trustees, together with the Artistic and Executive Director, ensure that new Trustees receive proper briefing and induction on their appointment.

Risk management

The Watermill faces the following principal risks and challenges:

The charity has a risk register, which is reviewed at the meeting of the Senior Management Team and presented to the Finance and Audit Committee and the Board every six months as part of the business review and planning process. The system of internal control and risk management is designed to identify and prioritise strategic and operational risks to the achievement of the Watermill’s aims and objectives, evaluate the likelihood of those risks being realised and their potential impact, and manage these risks efficiently, effectively and economically.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

The Watermill faces the following principal risks and challenges. Main risks include:

We will address these risks by:

We undertake to comply with relevant law and regulations, in particular;

We ensure that clear policies on data protection, health and safety and safeguarding children and vulnerable adults exist and are compliant with current requirements.

The trustees are satisfied that appropriate internal control systems and risk management processes are in place.

PLANS FOR THE FUTURE

Looking ahead

Artistic

Actor musicianship will remain a cornerstone of our work and the shape of the year – with an extended run for the summer musical – will be repeated in 2024. We will continue and we will collaborate with partners to enable us to support new writing and an ambitious programme of work for audiences.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

Leadership and Governance

Audience Engagement and Development

Environmental sustainability & site development

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2024

Commercial

Fundraising

Outreach

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

STATEMENT OF TRUSTEES’ RESPONSBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees (who are also directors of the Watermill Theatre Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.

AUDITOR

The auditor, Wenn Townsend, has indicated its willingness to continue in office. The Designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. This report was approved by the Trustees, on and signed on their behalf by:

This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006

................................................

M Lynas - Chair

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WATERMILL THEATRE LIMITED

OPINION

We have audited the financial statements of Watermill Theatre Ltd (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including 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:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WATERMILL THEATRE LTD CONT’D

OTHER INFORMATION

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WATERMILL THEATRE LTD CONT’D

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement set out on page 20, the trustees (who are also the directors of the parent charitable company for the purposes of company law) 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 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WATERMILL THEATRE LTD CONT’D

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Baker FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Giles Oxford OX1 3LE 27 July 2024

Page 26

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Notes
Income from:
Donations and Legacies (Voluntary Income)
3
Charitable Activities
8
Other Trading Activities (activities for generating funds)
6
Investments (investment Income)
7
Total Income
Expenditure on:
Raising Voluntary Income
9
Fundraising Trading (Restaurant, bar and other trading)
6
Charitable Activities
10
Total expenditure
Net income / expenditure
Transfer between funds
Fixed asset additions
Net movement in funds		 Restricted
Funds
2024
£
350,412
-
-
-
350,412
27,400
19,626
185,473
232,499
117,913
-
117,913		 Designated
Fixed Asset
Fund
2024
£
-
-
-
-
-
-
-
163,260
163,260
(163,260)
(23,888)
78,273
(108,875)		 Other
Designated
Funds
2024
£
-
-
-
-
-
-
-
-
-
-
20,000
20,000		 Unrestricted
Funds
2024
£
860,499
2,268,264
574,865
40,695
3,744,323
135,816
439,007
2,977,751
3,552,574
191,749
3,888
(78,273)
117,364		 Total Funds
2024
£
1,210,911
2,268,264
574,865
40,695
4,094,735
163,216
458,633
3,326,484
3,948,333
146,402
-
-
146,402		 Total
Funds
2023
£
1,137,826
1,863,437
512,249
11,706
3,525,218
149,569
419,836
3,034,611
3,604,016
(78,798)
-
(78,798)

Page 27

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Notes
Net movement in funds (from overleaf)
Total funds brought forward
Total funds carried forward
Represented by:
Tangible fixed assets
Current assets
Creditors due within one year		 Restricted
Funds
2024
£
117,193
39,739
157,652
-
157,652
-
157,652		 Designated
Fixed Asset
Fund
2024
£
(108,875)
3,110,153
3,001,278
3,001,278
-
-
3,001,278		 Other
Designated
Funds
2024
£
20,000
650,000
670,000
-
670,000
-
670,000		 Unrestricted
Funds
2024
£
117,364
651,306
768,670
-
1,705,047
(936,377)
768,670		 Total Funds
2024
£
146,402
4,451,198
4,597,600
3,001,278
2,532,699
(936,377)
4,597,600		 Total
Funds
2023
£
(78,798)
4,529,996
4,451,198
3,110,153
2,359,360
(1,018,315)
4,451,198

The notes on pages 32 and 48 form part of these financial statements.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee) RESGISTERED NUMBER: 978279 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note 2024
£		 2023
£
Fixed assets
Tangible assets
17		 3,001,278 3,110,153
3,110,153
3,001,278
Current assets
Stocks
19		 8,166 8,813
Debtors
20		 722,575 600,332
Cash at bank and in hand 1,801,958 1,750,215
2,532,699 2,359,360
Creditors: amounts falling due within one year
21		 (936,377) (1,018,315)
Net current assets 1,596,322 1,341,045
4,451,198
4,597,600
Total net assets
Charity funds
Unrestricted funds (excluding designated) 768,670 651,306
Designated fixed asset reserve 3,001,278 3,110,153
Other designated reserves 670,000 650,000
Restricted funds 157,652 39,739
4,451,198
4,597,600
Total funds
22
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
……………………………….
M Lynas
Chair
Date: 27 July 2024
The notes on pages 32 and 48 form part of these financial statements.

Page 29

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee) RESGISTERED NUMBER: 978279 CHARITY BALANCE SHEET AS AT 31 MARCH 2024

Note 2024
£		 2023
£
Fixed assets
Tangible assets
17		 3,001,278 3,110,153
Investments
18		 1 1
3,110,154
3,001,279
Current assets
Stocks
19		 8,166 8,813
Debtors
20		 722,575 600,331
Cash at bank and in hand 1,801,958 1,750,215
2,532,699 2,359,359
Creditors: amounts falling due
within one year
21		 (936,377) (1,018,315)
Net current assets 1,596,321 1,341,044
4,451,198
4,597,600
Total net assets
Charity funds
Unrestricted funds (excluding
designated)		 768,670 651,306
Designated fixed asset reserve 3,001,278 3,110,153
Other designated reserves 670,000 650,000
Restricted funds 157,652 39,739
4,451,198
4,597,600
Total funds
22
The financial statements have been prepared in accordance
entities subject to the small companies regime.		 with the provisions applicable to
The financial statements were approved and authorised for issue by the Trustees and signed on
their behalf by:
……………………………….
M Lynas
Chair
Date: 27 July 2024
The notes on pages 32 and 48 form part of these financial statements.

Page 30

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note 2024
£		 2023
£
Cash flows from operating activities
Net cash provided by/ (used in) operating
activities
25		 89,321 (47,563)
Cash flows from investing activities
Dividends, interest and rents from
investments		 40,695 11,706
Purchase of tangible fixed assets (78,273) (61,569)
(37,578) (49,863)
Net cash used in investing activities
Change in cash and cash equivalents in
the year		 51,743 (97,426)
Cash and cash equivalents at the
beginning of the year		 1,750,215 1,847,641
1,801,958 1,750,215
Cash and cash equivalents at the end of
the year
26
The notes on pages 32 and 48 form part of theses financial statements

Page 31

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

a. Basis of preparation of financial statements

The charity is incorporated in England and Wales and the financial statements have been prepared in accordance with the Charities SORP (FRS 102) – Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Watermill Theatre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The financial statements are quoted in sterling and are rounded to the nearest £1.

b. Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

c. Going concern

The Trustees have considered the impact of global pandemic and the cost living crisis on the ability of the charity to continue trading for the foreseeable future. Based on this review and taken together with existing financing facilities the Trustees believe that the financial statements have been prepared appropriately on the going concern basis.

d. Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Where income is received in advance of performance of specified services it is deferred until the charity is entitled to that fund.

Income from charitable activities represent the amounts received from the box office and from touring activities in respect of all productions performed during the period.

Donations and legacies represent the amounts receivable from grants, sponsorship and other donations.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Grants and donations are recognised as income when entitlement is demonstrable, no conditions are attached, it is probable that the income will be received and the monetary value of the income can be measured reliably.

Income from other trading activities represents the amounts received in respect of the restaurant and bar and other related activities.

Investment income represents interest receivable on cash balances held in appropriate interest bearing deposit accounts. Interest on funds held on deposit by the charity is included when receivable.

e. Expenditure

All resources expended are recognised once there is a legal or constructive obligation to make a payment to a third party. All resources expended are classified under activity headings. Resources expended are accounted for on an accruals basis.

Resources expended on charitable activities represent the expenditure incurred in respect of productions performed during the period and includes both the direct costs and support costs relating to these activities. Expenditure incurred in respect of productions performed after the date of the balance sheet is deferred to future accounting periods.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Costs of raising funds represents the expenditure incurred in attracting donations and legacies and in respect of the restaurant and bar and other related activities.

Overhead costs are those costs which cannot be directly allocated to an activity of the charity, but nonetheless support these activities. These costs have been allocated between support, management and administration and fundraising, and then further apportioned to appropriate resources expended categories.

The value of services provided by volunteers is not incorporated into these financial statements.

All expenditure is inclusive of irrecoverable VAT.

f. Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

g. Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

h. Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the following depreciation bases:

Freehold land no depreciation Freehold property 2% on cost Building fixtures and fittings 10% on cost Theatre equipment 20%/25% on cost and 25% reducing balance Motor vehicles 25% reducing balance Heating and cooling installation 6.6% on cost Restaurant equipment 25% reducing balance

i. Investments

Investments in subsidiaries are valued at cost less provision for impairment.

j. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution.

k. Operating leases

Rentals paid under operating leases are charged to the consolidated statement of financial activities on a straight-line basis over the lease term.

l. Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

m. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n. Cash at bank and in hand

Cash at bank and in hand includes cash and short-term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

o. Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

p. Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

q. Government grants

Government grants are credited to the consolidated statement of financial activities as the related expenditure is incurred.

r. Pensions

The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year.

2. Critical accounting estimates and areas of judgement

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcome could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets – are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Page 35

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3.
Income from donations and legacies		 3.
Income from donations and legacies		 3.
Income from donations and legacies
Note Restricted
Funds 2024
£		 Unrestricted
funds 2024
£		 Total funds
2024
£
Grants 4 267,561 - 267,561 458,673
Trusts and donations 82,851 701,324 784,175 471,511
Friends of The Watermill - 48,167 48,167 55,291
Fundraising events - 20,911 20,911
Corporate members - 6,857 6,857
Sponsorship 5 - 16,000 16,000 21,500
Legacies - 67,240 67,240 106,000
350,412 860,499 1,210,911 1,137,826
82,851 1,054,975 1,137,826
4.
Grants
Arts Council England – transition funding
Arts Council England- general grant
Total
5.
Sponsorship
Sheepdrove Organic Farm
Horsey Lightly
Saica Pack
Savills UK
Total		 2024
£
267,561
-
267,561
2024
£
-
5,500
5,500
5,000
16,000

Page 36

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Restaurant, bar and other income and expenditure

ncome
Cost of sales
Gross surplus
Administration expense
Net deficit		 2024
£
574,865
(429,641)
145,224
(28,992)		 2023
£
512,249
(404,836)
107,413
(15,000)
116,232 92,413

£19,626 of the restricted Arts Council transition funding was spent on restaurant garden furniture and decoration.

7. Investment income

Interest
Total 2023		 Unrestricted
funds 2024
£		 Total funds
2024
£		 Total funds
2023
£
40,695 40,695 11,706
11,706 11,706

8. Income from charitable activities

Theatre box office
Main productions other income
Touring productions
Youth theatre, education, and outreach
Other theatre projects
Programme receipts
Tax credit on theatre production costs
Total 2024
Total 2023		 Unrestricted
funds 2024
£
1,558,795
85,400
21,698
87,642
17,162
35,730
461,837		 Total funds
2024
£
1,558,795
85,400
21,698
87,642
17,162
35,730
461,837		 Total funds
2023
£
1,299,302
-
27,618
97,827
7,036
21,947
409,707
2,268,264 2,268,264 1,863,437
1,863,437 1,863,437

Page 37

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Expenditure on voluntary income

Staff costs
Premises costs
Office costs
Fundraising and appeal costs
Total 2024
Total 2023		 Restricted
funds
2024
£
-
-
-
27,400
27,400
-		 Unrestricted
funds
2024
£
67,738
14,068
12,834
41,176
135,816
149,569		 Total
Funds
2024
£
67,738
14,068
12,834
68,576
163,216
149,569		 Total
Funds
2023
£
50,540
13,076
15,598
70,355
149,569

10. Analysis of expenditure by activities

Note Activities
undertaken
directly
2024
£		 Support
costs
2024
£		 Total
funds
2024
£		 Total
funds
2023
£
Production costs 11 2,074,216 - 2,074,216 1,764,550
Management and administration 12 317,096 - 317,096 352,077
Support costs 13 921,077 921,077 903,519
Governance costs 14,095 14,095 14,465
2,391,312 935,172 3,326,484 3,034,611
2,116,627 917,984 3,034,611

Page 38

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Production costs
Restricted
funds
2024
£		 Unrestricted
funds
2024
£		 Total
funds
2024
£		 Total
funds
2023
£
Theatre productions 116,099 1,613,916 1,730,015 1,370,191
Touring productions - 2,369 2,369 13,272
Youth theatre, education and outreach 63,660 133,177 196,837 234,205
Irrecoverable VAT 5,714 116,249 121,963 122,525
Other theatre projects - 5,616 5,616 3,312
Programmes - 17,416 17,416 21,045
Total 2024 185,473 1,888,743 2,074,216 1,764,550
Total 2023 89,914 1,674,636 1,764,550

12. Management and administration

Staff costs
Premises and repair costs
Office costs
Insurance
Other management and administration costs
Depreciation and loss on disposal
Total 2024
Total 2023		 Unrestricted
funds
2024
£
234,129
24,301
12,834
3,835
13,924
28,073		 Total
funds
2024
£
234,129
24,301
12,834
3,835
13,924
28,073		 Total
funds
2023
£
234,109
22,557
15,598
3,594
53,519
22,700
317,096 317,096 352,077
352,077 352,077

Page 39

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Support costs

Unrestricted
funds
2024
£		 Total
funds
2024
£		 Total
funds
2023
£
Staff costs 361,669 361,669 379,319
Premises and repair costs 206,556 206,556 191,737
13,223 13,223 16,070
31,216 31,216 29,162
31,019 31,019 29,543
118,316 118,316 129,057
159,078 159,078 128,631
921,077 921,077 903,519
903,519 903,519

14. Governance costs

Professional fees
Trustees’ insurance
Total 2024		 Unrestricted
Funds
2024
£
12,711
1,384		 Total
funds
2024
£
12,711
1,384		 Total
Funds
2023
£
13,081
1,384
14,095 14,095 14,465

Page 40

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Net income/(expenditure)

This is stated after charging: 2024 2023
£ £
Depreciation of tangible fixed assets: -owned by the charitable group 163,260 151,329
Auditor’s renumeration - audit 10,500 10,500
Operating lease rentals 18,119 2,975
Pension costs 32,492 32,988

During the year, one Trustee received £690 remuneration for work with the outreach team (2023: one Trustee received remuneration of £1,500 for adaptation of a play. This fee was completely unrelated to their work as a Trustee.). No other related party transactions during the year. During the year, no Trustees received any benefits in kind (2023: £Nil).

During the year, no Trustees received any reimbursement of expenses (2023: £Nil).

16. Staff costs

Group
2024
£
Group
2023
£
Wages and salaries
1,116,897
1,385,807
Social security costs
86,753
45,914
Other pension costs
32,492
32,988
1,236,143
1,464,709
The average number of persons employed by the Charitable Group during
Average full-time equivalents employed		 Charity
2024
£
Charity
2023
£
1,116,897
1,385,807
86,753
45,914
32,492
32,988
1,236,143
1,464,709
the year was as follows:
Charity
2024
No.
Charity
2023
No.
37
37		 Charity
2023
£
1,385,807
45,914
32,988
1,464,709

The number of employees whose emoluments as defined for taxation purposes excluding pension contribution amounted to £60,000 or more on an annualised basis was as follows:

Charity Charity
2024 2023
No. No.
£60,000 - £70,000 1 1
£70,000 - £80,000 1 -

The key management personnel of the parent charity and the group comprise Trustees and the Senior Management Team. The total employee costs of the key management personnel were £331,506 (6 people) (2023: £368,618 (7 people)).

Page 41

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Tangible fixed assets

Group and Charity

Freehold
property
£		 Overflow
car park
£		 Building
fixtures &
fittings
£		 Theatre
equipment
£		 Motor
Vehicles
£		 Heating/
cooling
equipment
£		 Restaurant
equipment
£		 Total
£
Cost or valuation
At 1 April 2023 3,956,127 68,596 88,554 290,515 20,995 583,443 161,336 5,169,566
Additions - - - 51,765 26,508 - - 78,273
Disposals (30,887)
3,925,240		 -
68,596		 -
88,554		 (36,123)
306,157		 -
47,503		 -
583,443		 (1,658)
159,678		 (68,668)
5,179,171
At 31 March 2024
Depreciation
At 1 April 2023 1,227,427 64,668 50,144 233,914 12,223 322,681 148,355 2,059,413
Charge for the year 78,422 684 13,125 27,039 2,193 38,160 3,637 163,260
On disposals (7,055)
1,298,764		 -
65,352		 -
63,269		 (36,123)
224,830		 -
14,416		 -
360,842		 (1,602)
150,390		 (44,780)
2,177,893
At 31 March 2024
Net book value
At 31 March 2024 2,626,446
2,728,700		 3,244
3,928		 25,285
38,410		 81,327
56,601		 33,087
8,772		 222,601
260,762		 9,288
12,981		 3,001,278
3,110,153
At 31 March 2023

Included in land and buildings is freehold land at cost of £28,000 (2023: £28,000) which is not depreciated.

Page 42

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18.
Fixed asset investments		 18.
Fixed asset investments		 18.
Fixed asset investments		 18.
Fixed asset investments
Investments
In
Subsidiary
Companies
£
Charity
Cost or valuation
At 1 April 2023 1
1
At 31 March 2024
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
Name
Company
Number
Holding		 Included in
Consolidation
Watermill Theatre Productions Limited
09280479
100%		 Yes
The financial results of the subsidiary for the year were:
Income
£
Expenditure
£		 Net assets
£
Watermill Theatre Productions Limited 1,251,861
1,251,861		 1
19.
Stocks		 Charity
2023
£
8,464
349
8,813
Restaurant and bar Group
2024
£
7,689		 Group
2023
£
8,464		 Charity
2024
£
7,689		 Charity
2023
£
8,464
Merchandise 477 349 477 349
8,166 8,813 8,166 8,813

Page 43

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Debtors

Group
2024
£		 Group
2024
£		 Group
2023
£		 Group
2023
£		 Charity
2024
£		 Charity
2023
£
Trade debtors 65,159 22,602 65,159 22,602
Amounts owed by group undertakings - - 456,183 409,705
Theatre tax relief 456,184 409,706 - -
Other debtors 83,313 10,662 83,313 10,662
Prepayments and accrued income 117,919 157,363 117,919 157,363
722,575 600,333 722,575 600,332
21.
Creditors: Amounts falling due within one year
Group
2024
£		 Group
2023
£		 Charity
2024
£		 Charity
2023
£
Trade creditors 120,886 124,446 120,886 124,446
Other taxation and social security 33,145 31,570 33,145 31,570
Other creditors 12,341 10,988 12,341 10,988
Accruals and deferred income 770,005 851,311 770,005 851,311
936,377 1,018,315 936,377 1,018,315
Group
2024
£
776,509
(726,559)
666,551		 Group
2023
£
492,167
(442,167)
726,509
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods
716,551 776,509
Deferred income represents amounts received
and grants which the donor has specified to be		 in respect of future productions and donations
used in future accounting periods.

Page 44

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Statement of funds

Balance at 1
April 2023
£		 Income
£		 Expenditure
£		 Transfers
in/out
£		 Balance at 31
March
2024
£
Unrestricted funds
Designated fixed asset fund 3,110,153 - (163,260) 54,385 3,001,278
Other Designated funds
Major capital works 650,000 - - - 650,000
Future commissions - - - 20,000 20,000
General funds 651,306
4,411,459		 3,744,323
3,744,323		 (3,552,574)
(3,715,834)		 (74,385)
-		 768,670
4,439,948
Total Unrestricted funds
Restricted funds
Greenham Community
Associate Fund		 37,638 82,853 (63,660) - 56,831
Andrew Lloyd Webber
Foundation
Arts Council transition
funding		 2,101
-
39,739		 -
267,559
350,412		 -
(168,839)
(232,499)		 -
-
-		 2,101
98,720
157,652
Total of funds 4,451,198 4,094,735 (3,948,333) - 4,597,600

Page 45

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Statement of funds (continued)

Statement of funds

Statement of funds
Balance at 1
April 2022
£		 Income
£		 Expenditure
£		 Transfers
in/out
£		 Balance at 31
March
2023
£
Unrestricted funds
Designated fixed asset fund 3,199,913 - (151,329) 61,569 3,110,153
Other Designated funds
Major capital works 650,000 - - - 650,000
General funds 633,281
4,483,194		 3,442,367
3,442,367		 (3,362,773)
(3,514,102)		 (61,569)
-		 651,306
4,411,459
Total Unrestricted funds
Restricted funds
Greenham Community Associate
Fund		 37,741 82,851 (82,954) - 37,638
Andrew Lloyd Webber Foundation 9,061
46,802		 -
82,851		 (6,960)
(89,914)		 -
-		 2,101
39,739
Total of funds 4,529,996 3,525,218 (3,604,016) - 4,451,198

23. Fund details

Designated funds

Designated Fixed Asset Fund - the accounts have been restated in 23/24 with the creation of a Designated Fixed Asset fund to represent the value of funds tied up in the fixed assets of the charity. £54k has been transferred out of general funds into designated fixed asset fund representing the movement in fixed assets in the year (2022-23: £61k).

Page 46

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Other Designated funds – the trustees have set aside funds for future capital expenditure and created a new designated fund to fund investment into future commissions. £20k has been transferred out of general funds into other designated funds for future commissions (2022-23: £0k).

Restricted funds

Greenham Community Associate – this comprises the grant from Greenham Trust

Andrew Lloyd Webber Foundation – this fund covered the production and Stage Management trainee post and finished in summer 2022.

Arts Council Transition Funding – funding received following the removal of core grant from the Arts council. This grant was to fund specific activity part of which will be spent in 2024/25

24. Summary of funds

Balance at 1
April 2023
£		 Income
£		 Expenditure
£		 Transfers
In/out
£		 Transfers
In/out
£		 Balance at
31 March
2024
£
General funds 651,306 3,744,323 (3,552,574) (74,385) 768,670
Designated fixed asset
fund		 3,110,153 - (163,260) 54,385 3,001,278
Other designated funds 650,000 - - 20,000 670,000
Restricted funds 39,739
4,451,198		 350,412
4,094,735		 (232,499)
(3,948,333)		 -
-		 157,652
4,597,600
25. Reconciliation of net movement in funds to net cash flow from operating activities Group
2023
£
(78,798)
151,329
(11,706)
-
334
(340,367)
231,645
31,235
Group
2024
£
Net income/expenditure for the year (as per Statement of
Financial Activities)		 146,402
Adjustments for:
Depreciation charges 163,260
Dividends, Interests and rents from investments (40,695)
Loss on the sale of fixed assets 23,888
Decrease/(increase) in stocks 646
Decrease/(increase) in debtors (122,242)
Increase/(decrease) in creditors (81,938)
(57,081)

Page 47

Docusign Envelope ID: 0115CE76-F079-4711-9A4F-853566852C55

WATERMILL THEATRE LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Net cash provided by/ (used in) operating activities 89,321 (47,563)
26.
Analysis of cash and cash equivalents
Group
2024
£		 Group
2023
£
Cash in hand 1,801,958 1,750,215
1,801,958 1,750,215
Total cash and cash equivalents
Analysis of changes in net debt
At 1 April
2023
£		 Cash
flows
£

At 31 March
2024
£
Cash at bank and in hand 1,750,215
1,750,215		 (51,743) 1,801,958
1,801,958
(51,743)
Total changes in net debt
27.
Operating lease commitments

Page 48