Reglstratlon No. 267134 Ctynpary ReO5rratlon No. 01151811 IEngland and Wales) SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL LEGALAND ADMINI￿RATIVE INFORMATION Trustees Dame He*her Rabbatts DBE (Chalfl Nicholas Allott OBE David Aukin Hani Farsi Fawn J3me5 Jeret)w KingOBE Catherine Mayne 5haparak Khorsandi David Reitma IApp¢intrd 22 kptember 20211 Exetirtl¥e Dlrtrtor MarkGodlrey Creatlve Dlrertor Da¥ld Lulf Secretary Rose Abderabbanl Charlty number 267234 Company number 01151823 •8ls¢er•d offlc• 21 Dean Street London WID 3NE Audltor HW Fisher LLP Acre House 11-15 William Road London NWI JER United Kingdom Bankers The Royal Oank of Scotland 28 Cavendish Square Lon*Jon WIMODB Sollcttor5 G¢)odman Derrick g) Fetter Lane London EC4A IPT Sean E8an Consultants ￿rn[ 50 Sheen Park Richmond Surre¥ TW9 IUW SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL CONTENTS Tru5tee5' report Statement of Trustees. re$r￿sibIl￿1es io Independent auditor's report 11-13 Group statement of financlal attfviiies 14-15 Group and charity balance sheets 16 Notes to thefinancièl ststemÈnts ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Introduction** The Trustees of Soho Theatre Company (the Charity), who are also directors of the company for the purposes of the Companies Act 2006, present their annual report together with the audited financial statements for the year ended 31 March 2022. These are the consolidated accounts for the Soho Theatre group, including the financial statements for Soho Theatre Bar Limited and Soho Theatre Productions Limited, together with the share of the results of the associated company, DSA West End Limited. The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Objectives and Activities** The objectives of the Charity, as defined in the governing document, are: to promote and advance education, particularly by the production of plays and the encouragement of the arts to further this objective by presenting, promoting, managing and producing plays, dramatic and artistic entertainments and performances To achieve this, the Charity reaffirms its core mission as: to produce new work to discover and nurture new writers and artists to target and develop new audiences d as part of our contribution to the Arts Council England National Portfolio, which will provide core funding to Soho Theatre until 2026. Following more than a year with no live performances due to the COVID pandemic, we were delighted to open the Soho Theatre Dean Street doors to audiences and patrons on 17 May 2021. As a company we had remained active during the period of closure , pivoting towards making and distributing digital theatre and comedy content, looking after our teams and wider networks, progressing our second venue in Walthamstow and forming new partnerships but it was lovely to see audiences return to our spaces and artists to our stages in Soho. With two of our three venues initially running, we worked to a 50% capacity model. In Soho Downstairs we presented _Open Mic_ with English Touring Theatre, utilising digital technology to reach audiences beyond the performance space, and in the Main House we presented _Herding Cats_ , featuring a cast live on stage in London and online in Los Angeles. Using equipment bought with money from our second Cultural Recovery Fund award, we filmed ten new comedy shows for Amazon in July, in front of a socially distanced audience _Shedding A Skin_ , which we also live streamed and brought back to the Main House in March 2022. In September 2021, we reopened our final space Upstairs, continuing to rebuild the Dean Street programme and heading towards the pre-COVID model with multiple shows in each space each night. We maintained a very high degree of flexibility in all planning to ensure any last-minute changes could be accommodated. December saw a rise in COVID cases just before Christmas, and with growing numbers of staff and artists unable to work, we took the decision to close for two weeks. Since January 2022, the live programme has continued to rebuild and audiences have returned in ever greater numbers. We brought back _Queens of Sheba_ originally sold out in August 2021, and which we took to New York in early 2023. We filmed a further ten new comedy shows for Amazon, again in front of a live audience, bringing the total number of Soho Theatre Live shows available on the platform to 30. We were also able to welcome participants in our flagship Soho Labs programme back to the building and attend workshops in person after a long spell online. Without the usual financial support from multiple shows and a busy bar to rely on, we were able to access some of the support available to businesses during the pandemic. As well as local and national grants, we made use of G Scheme until July 2021, and welcomed 11 trainees through the DWP Kickstart programme, ensuring we were creating career development opportunities in spite of the wider economic landscape. Seven of those trainees moved on to other paid work within the group. We continued to develop plans for the building and programme at our second venue, Soho Theatre Walthamstow, which is currently scheduled to open in late 2023. Working closely with our local authority partners, Waltham Forest Council, we have increased our community engagement activity and built new partnerships with other providers in the borough ahead of our move into the building - 1 - **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ next year. We have taken on additional staff to support the project, including strengthening our comedy programming arm and introducing the role of Artist-in-Residence to help shape the overall creative vision. We remain fully committed to our longer-term vision and growth plans: Raising the profile and quality of theatre within our programme, and increasing the new writing resource to develop and produce the brightest talents and next generation of playwrights The successful opening of our Soho Theatre Walthamstow venue - a local theatre with a national profile, for which we have a good partnership with and strong financial commitment from our partners at Waltham Forest Council Continuing to broaden our audiences nationally, internationally and digitally, and build Soho Theatre to be a brand with international recognition: - Building on our digital offer of content creation and worldwide distribution by broadening out our strategy to include short form content platforms, and exploring brand partnership opportunities - Strengthening our touring programme by presenting work to national and international audiences when possible, with a particular focus on India ## **Charity Governance Code** Following the introduction of the new Charity Governance Code in July 2017, the Board discussed and agreed to adopt the following principles as an integral part of the governance of the Charity. ## **1. Organisational purpose** The Board is clear about the Char ## **2. Leadership** ## **3. Integrity** The Board acts with inte Board . ## **4. Decision-making, risk and control** The Board makes sure that its decision-making processes are informed, rigorous and timely and that effective delegation, control and risk assessment and management systems are set up and monitored. ## **5. Board effectiveness** The Board works as an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make informed decisions. ## **6. Diversity** -making. ## **7. Openness and accountability** The Board leads the Charity in being transparent and accountable. The Charity is open in its work, unless there is good reason for it not to be. ## **Strategic Report** The Soho Theatre Group is classified as of medium size, and as such is required under the Companies Act 2006 to provide, as part of of the principal risks, as well as outlining development and performance during the financial year in question, and an assessment of the group position at the end of the financial year. ## **1. Achievements and Performance** Looking back, it is clear that 2021/22 represents a year of transition in a number of ways including:: - 2 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ - 3 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 1. To establish a reserve to protect the Charity against fluctuations in income and to enable the artistic programme and policy to embrace risk 2. To establish a maintenance reserve to fund any Street that may fall beyond annual budgeted maintenance 3. To mitigate against the risks inherent in organisational growth - Digital ia platforms - Brand Partnerships and commercial sponsorships a developing income stream where our work is distinctive or works with a particular demographic - Fundraising and philanthropy created from Walthamstow and digital content, income from donations, membership and friends schemes Touring identifying and pursuing opportunities for commercial national and international touring - 4 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ - a) - - - - b) - - - - c) - - - - d) - - - e) - - - - 5 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Soho Theatre Productions** This trading subsidiary reported losses of £4,987 in its first active year. The company signed a 3x10 series deal with Amazon Prime in 2020 to deliver filmed one-hour comedy specials for broadcast on their on-demand platform. Soho Theatre Productions delivered the second series in November 2021. Total revenue for series 2 was £400,000 with costs of £341,000 with profits for that series recognised over the life of the licence agreement (2021/22 2023/24). Series 3, which was delivered in April 2022, generated revenues of £450,000 and costs of £330,000 and the profits will be recognised over 2022/23 and 2023/24. As well filming high-quality theatre and comedy shows, the company have asocial strategy which will create and grown a social heart of comedy and theatre culture online. This will be an entertainment network that will widen the reach of the physical theatres while creating both new and synergistic opportunities for audience growth and revenue. - 6 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Structure, Governance and Management** The Trustees who served during the year were: |Dame Heather Rabbatts DBE|Chair| |---|---| |Beatrice Hollond|(resigned December 2022)| |Nicholas Allott OBE|| |David Aukin|| |Alessandro Babalola|(resigned February 2022)| |Hani Farsi|| |Fawn James|| |Victoria Jones|(resigned December 2021)| |Shaparak Khorsandi|| |Jeremy King OBE|| |Catherine Mayne|| |David Reitman|(appointed September 2021)| |Christopher Yu|(resigned June 2021)| ## **Constitution** Soho Theatre Company Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 12 November 1973, amended on 14 January 2003 and subsequently on 2 October 2013. It is a charity and registered with the Charity Commission. - 7 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Organisational Structure** The Charity has three fully owned subsidiaries: Soho Theatre Bar Limited (STB), which operates the bar and covenants its profits to the Charity Soho Theatre Productions Limited (STP), which administrates all digital activity and covenants its profits to the Charity Soho Theatre East UK C.I.C. (known as Soho Theatre Walthamstow or STW), which will operate the new venue In addition to these The Charity has an associate company, DSA West End Limited which manages theatre productions. ## **Governance** proposed and elected by the currently serving Trustees. The Articles provide for the retirement of Trustees after a four-year term, with re-appointment permitted at the same Annual Retirement Meeting. Trustees of the Charity meet as a Board quarterly each year, or more often as required. The Trustees hold ultimate responsibility for all the Charity's legal and financial affairs and to ensure that it carries out its core objectives. Relevant issues are referred to sub-committees for detailed consideration, which then report back to the Trustees for their decisions. The Trustees appoint an Executive Team comprising an Executive Director and Creative Director, who report to them and who are responsible for the appointment and management of staff. ## **Trustees** The Trustees who served during the year are listed on the legal and information page. The following resignations took place during the year: Christopher Yu resigned in June 2021, after 16 years on the board; Victoria Jones resigned in December 2021, after four In February 2022, the Board took advice and followed charity guidelines hence Alessandro Babalola employee working within the Soho Theatre Walthamstow team. The Board aims to appoint at least one new Trustee each year (to a maximum of fifteen), to aid refreshment and renewal which was achieved in 2021/22. The skillset of the Board is monitored regularly, this helping to identify prospective areas in which we appoint new Trustees. The Chair takes a lead responsibility for managing this process and, where appropriate, will make recommendations to the full Board in line with the needs of the Charity, with new appointments elected by the currently serving Trustees. The Articles provide for the retirement of Trustees after a four-year term, with re-appointment permitted at the same Annual Retirement Meeting. On appointment, Trustees are briefed on their legal obligations under charity and company law, and the decision-making processes accounts, a policy handbook and other relevant induction documents. Trustees are communicated with regularly by the Executive and are encouraged to meet staff, attending events and performances throughout the year. ## **Management** The remuneration of the Executive is set and agreed annually by the Chair, taking into consideration performance (artistic, financial) and looking at comparative rates within the industry. ## **Pension** Soho Theatre and Soho Theatre Bar offer defined contribution pension schemes to all qualifying employees, and funds are held 21/22, the expenditure for all companies totalled £46,643 (20/21: £47,207). ## **Volunteers** The Soho Theatre group did not have volunteers working regularly at the theatre or on projects during this year. ## **Related Parties** Since April 2019, Soho Theatre Company has been an investor in and part owner of DSA West End Limited. ## **Training** Trustees are experienced charity trustees and some have expertise in relevant areas, such as corporate governance and finance and being members of professional institutions who have received training from other organisations on whose boards they serve. Additional training is provided as required. - 8 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ - 9 - SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL ATEMENT OF TRU5TEES' RESPONSIBILITIE5 FOR THE YEAR ENDED 31 MARCH 2022 The Tru5tee5, who are a150 the dirertors of Soho Theatre Company ￿rr￿lted fr)r the puipose of cornpany law. are re5pon5ible for prep3rin8 the Tru5tee5' Report and the financial Statements in ac(x)Tdarbce with appliGI￿e law and United Kingdom Accountin8 Standard5 (United Kingdorn Generally Accepted Accounting Pracbcel. Company Law rèquirès the Tru5teÈ5 to PTÈPafÈ fina￿131 staternÈrbts for Èath finantial ￿ar whith J true and fair of thÈ stste of affairs of the chèrity and the group and of the incoming resourtes and op￿1¢3t1on of resources, includin8 the incorne and expenditure, of the tharitable 8roupfor thètyeèr. In preparing these financial ststements, theTrustees are required to". - selett suStèble accounting pollcSes and then apply them consSstently. - observe the methods and prinuples in the CharitiesSORP; - make judgements and estimates that are reasonable and prudent: - state whether applicable UK AccountinB Standwds been followed. subject to aThy material departures di5c105ed and e¥plained in the financial statements. and prepare the finoncial statements on the 8oin8 concern bay5 unle55 it 15 inappropriale to pre5vrne that the charity will continue in operation. The Trustees are responsible for keeping adequate a¢¢oyNtin8 records that dis¢lose %Yith reasgn4ble a¢¢uraty at any tlme the financial position of the charity and enable them to ensure that the financial statements cornply with the Companie5 21106. Thev re also responsible for safe8uardin8 the assets of the ¢hatity and the group and ￿Th¢e lor takln8 reasonable steps f¢r the preventlon and detertlon of fraud and other irre8ulaiities. 10- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SOHO THEATRE COMPANY LIMITED Oplnlon We have audited the financial statements of SohoTheatre Company knmiied Ithe'parent £hariWI and Its subsidiaries Ithe'group'l for the year ended 31 March 2022 which comprise the Eroup statemenr of finanoal activities. the Eroup and charity balan￿ sheets, the group ststement of cash flow5 and rhe notes te the financial starements. including a summary of significant accounting policies. The financial reporting framework that has been applied in iheir preparation is applicable law and United Kingdom Accounting Standards, including Financi31 Reporting Standard 102 The Finonool Reporrino Stondord opplicGble In the UK ond Republtc ol Ireland Iunited Kingdom Gener311y Accepted Accounting Pracbcel. In our opinion, the financi31 ststements.. Eive a true and fair view ef the state of the Rroup's and parent charivs affairs a5 at 31 March 2022 and of the group's incoming resources and application ol resources. including its income and expenditure. for the year then ended., hève been preperly prepared in accordantÈ with United Kingdtsm GÈnerally Attepted Attountln8 PratticÈ', and have been prepared in accordance with the requirements olthe CompaniesAct 2LK6 and the CharitiesAct 2011. Èa51s fw pplnlon We conducted our audlt in accordance with Internatknnal standards on Audltlng IUKI 1154s IUKII and appllcèble law. Our responsibilities under those standards are furth￿ described in the Auditors resportsibilifies fvr the oudir ol rhefinonciol starements sectien of Ouf report. We are independent of the 8roup in accordartce with the ethical requirements that are relevant to our audlt of the financial statements In the UK. Including the FRC'S Ethical Standard. and we hawe fulfilled our other ethical responsibilities In accordance with these requirements. We ￿lIeve that the audit vlidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Concluslons retstln8 IQ 8oln8wcern In auditin8 the financial statements, we hève concluded that the Trustees, use ol the 8oin8 concern basls of accounting in the prepèratlon ef the financial ststements isapproprSaie. Based en the work we have performed. we have identrf*d any material uncertainties relatin8 to events or conditlons that, individually er collectivel¥, may cast Si8nificani doubt on the charitys a￿litY to continue as a 8Oln8 concern for a perlod of at least twelve months from when the financSal statements are authorised for Sssue. Our re5pon51blliles and the re5pony￿"Ilt￿s of the Trustees with respect to goln8 ￿nCern are desthbed In the rel￿ant sectlens of Other Inforrnallon The other information comprises the information included in the annual re[￿ other than the financial stètements ènd our auditor's report thereon. The Trustses are responsible for the other Infomiation Contained wthin the annual report. Our opinion on the flnanclèl st*ements does not cover the othei Information and. except to the extent otherwise eiplicitly stèted in our report. we do not express any form ef assurance conclusion thereon. Ovr responsibility IS to read the other information ènd. in doing so, consider whether the other Information is materialty inconysteni wilh ihe financial statements or our knowledge obtained In the course of the audit. or otherwise appears to be materially misststed_ If we identify such material inconsistencies or apparent material missiatements. we are required to deterrnine wherher this gi¥es rise io a material mi55tatement in the financi31 ststements themselves. If. based on the work we have performed. we conclude that there 15 a matenal rnisststement of th15 Other Information, we are required to report that tsct. We have nothin8 to report in thi5 re8ard. Oplnlons on other matters pre5crlbed bythe Cornpanle5 Art2rM16 In our opinion, based on the work undertaken in ihe course of our audit-. the inforrn3tion 8Nen In the Tru5tee5' report. which indude5 the difertors. report prepared for the purp05e5 Df cotnpany law, for the financial yearfor whiih the finaniial 5taternent5 are prepared 15 COll5i5tent with the financial 5tatements,' and the director5, report induded within theTrustees' reporthas been prepared in accordancewith 3pplicable legal requirements. Matterson whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the gr¢)up and pareffl charity and their environment ebtèined In the course of the udit. we have not identified material misstatements in the directors. report included within the Trustees, report. SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF SOHO THEATRE COMPANY LIMITED We have nothing to report in respect of the following matters in relatw to which the Companie5 Act 2Tr)6 require5 U5 to report to you if, in our opinion.. adeouate accountSng records ha¥e noi been kept by the parent charity. or reiurns adequate for our audSt have not been retrived from branches not visited b¥ us." or thè parent tharity's financial thtÈmÈnts are not in agreemènt with the accountingfÈtords and ￿tUM$,. or certsin disclosures of trustees. remuneration spwfied by laware not made; or we hève not received all the informètion ènd explanations we reouire for our èudit,. or the Tru5tee5 were not entitled to prepare the financial statements in accordan￿ with the small companie5 regime and take athiantage of the small companies, exernption5 in preparin8 the Tnjstees. report and from the requirement to prepare a str3tegic repDrt. Re5ponslblllt4es of Truslees As explained more fully In the statement of Trustee5' responsibilities. the Twstees, vjho are 3150 the directors of the charity for the purpose of company law, are re5pon51ble for the preparation of the financial statements and for being satisfied that they give 3 true and fair view, and for such internal control as the Tru5tee5 determine is nece55ary to enable the preparation of financial ststements that are free from rnaterial misststement, whetherduetofraud or error. In preparlng the finoncial Statements. the Tru5tee5 are responsible lor asse￿in6 the tharity'5 ah'lity to continue a5 a 80in8 concern, disclosin8, a5 applicable, matter5 rel*ed to goin8 conttrn and u5in8 the going concern ba515 of accounting unle55 the Tru5tee5 either intend to liqvidate the grovp or parent charity oi torease operation5. or have no realistic alternative but to do $0. Audltur's r¢sponslbllltlutor the *udlt olthefln*ncl*l ¥tatefflerbts Our objettives 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 15 a hlBh level of a95urance but Is not a guarantee that arb audit conducted in accordance with ISAS IUKI will always detect a material misstatement when li exists. Missratements can arise from fraud or error and are considered rnaterial if, individually or in the as6re8ate, they could reasonably be expected to influentt the economic (leci5ions of users t3ken on the basis of these financial ststements. Irre8ulari¢ie5, includin8 fvavd. ore instances of non￿mplI￿nce with laws and regulations. We de518n procedures in Ilne with our responsibilities, outlined ab¢)ve, to detect material mi55tatements in re5pert ol irregulèrities, in¢ludin8 fraud. The extent to whl¢h our procedure5 ore capable otdelertin8 irregularities, includin8fr4ud. i5detsiled below. As part of our plannin8 process: We enquired of mana8ÈmÈrt the 5YStÈms and tontrols the company hès in ￿0¢e. thÈ areas of the finèncial ststÈment5 thbt rÈ ffl05t SU5ceptiblÈ to tho risk of irregularities and frèud. and whether there was any known, 5USPÈrted or 3lle8ed fraud. The Company did not inform us of bny known, 5U5ppttÈd or allÈ8ed fraud. We obtained an underrt3ndin8 of thÈ legal and re8ulatoryframeworks applicable to the company. WÈ determinod that the followin8 were most relevant". FRS 102. Compan￿5 Act 2CQ6, The Charities Att 2011, Heèlth and Safety Att 1974, Employment Law and Alcohol Licensing Art 2CKI3. We considered the incentwes and opportuniliesihat exist in the company, indudinqthe exient of management bias, whlch present è potential fer Srregularities ènd fraud to be perpetuètsd. ènd tailored our risk assessment acCordIn￿v. Using our knowledge ef the company, together wilh the discussions held wilh the company at the planning stage. we formed a conclusion on the risk of misststement due io irreEularr(*dS including fraud and tsilored our procedures accordlnB to this risk asSes￿￿ent. 12_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF SOHO THEATRE COMPANY LIMITED The key procedure5 we undertookto detert irregularities Indudingfra￿d duTingthe course of the audit included.. Identifyin8 and testing journal entrie5 and the overall accounting records. in particular those that were 518nificant and unusual. Reviewing the financial statement discl{￿re5 and determining whether accounting PDlicie5 have been appropriately pplied. AssÈssirig the extent of tompliantè. or latk of, with the r@￿vant laws and regulations. Assessing the vèlidity of the classification of income, expenditu￿. assets and lia￿litIeS between unrestricted, designated nd restricted funds Performing a physical verification of key assets AssessSnE the valuation olstock assets by wty of obtainingthird p¥tyconfirmationsand revlewlng post year end sales. Obtainingthird-partycenfirmatlon of material bank and loan balances. Documentineand vefifyinE all significant related party balances and transattions. ReviewinB documentaiion such as rhe charity board minutes lor discusslons ol irregularitles Indudln8frèud Testin8 all marerial consolidation adiLSStme•ts Owing te the inherent limitations of an audc there is an unawoidable risk that we may not have deterted some material rnisststements in the financial Statements even though we have properly planned 3nd pertormed our audit in accordance with auditing standards. The prim3ry responsibility for the prv4ention and detection of irregularities fraud rest5 With those charged with governance of the entity. A further description of ovr responsibilitie5 15 ovailable on the Financial Reportin8 Cwncil'5 web51te at.. http5.'Ilvww.frc.org.ukl auditorsre5pon5ibilities. This description forms part of our avditor'5 report. ofpur report This report Is made solely to the charltèble Company's members, as a body. in accordance wtth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt werk has been undertakn so ihat we might stste to the charitable company's members these matters we are required to state to them In an auditors, report and for no other purpose. To the fullest emtent permitted by law, we do not accept or ssume responsibility to anyone other than the chaiiuble cOm￿nY and the chaiirable CoM￿ny,5 members as a bod¥, for our audlt work, for thi5 report, or fer the opinion5we have formed. Carol Rudse (Anlor Ststutory Audltorl fw and beh•lf of HW Flstter LLP Chartered Accountants Statutory Auditor Acre House 11-IS William Road London NWI 3ER United Kingdom 20 Feb 2023 13- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL GROUP STATEMENT OF FINANCIAL A￿1VITIEs INCLUOING INCOME AND EXPENOITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Currentfinanclal year Totsl Total thjnds lund5 yneral delznated 2022 fund5 2022 2022 2021 It)come and endowments fwm: Donations and lesacie5 1.355.113 1.832.780 1.315.189 S3,840 136 61.370 1,416,483 1,832,780 1,315,189 53,840 136 1,603,548 85.024 342,231 29,192 185,396 892,244 Other trading attiwties A550ciated undertakin¥ Investments Other income 86.055 86,055 Total br￿¢m4 4.643.113 61.370 4,704,483 3,137,635 endlture thi.. Rai5in8funds 828.264 828,264 647,929 Operation of theatre Artist development and education 3.769.797 249.443 122.587 53.520 51.675 3,945,904 301,118 2,387,298 231,459 Tpl•l th•rltsble expendlturn 4.019.240 122,587 105.195 4,247,022 2,618,757 TO141 resourtts expende 4.847.504 122,587 105,195 5,075,286 3,266,686 Net expendhurelorthe yearl Net movemert In lufids 1204.3911 1122,5871 143.82SI 1370,8031 1129,0511 Fund balances at i April 2021 505.257 3,538,958 45.179 4,089,394 4,Z18,445 Fund ￿lanCeS0t 31 March 1012 3LK).866 3.416.371 1.354 3,718,591 4.089.394 The st*emÈnt of financial ath¥ities includes all gains and losses reco8nised in theye*. All Income and expenditure derNe from continuin8 acti￿lIes. The statement of financial activi￿e$ also complie5 With the requirements for an income and empendlture account under the Companies Act 2W6. 14_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL GROUP STATEMENT OF FINANCIAL A￿1VITIEs (CONTINUED) INCLUOING INCOME AND EXPENOITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Prfor financial year ReArftted funds Tthl lund5 general 2021 fund5 desl8nated 2021 2021 2021 It)come and endowments fwm: Donations and lesacie5 1,549,548 85.024 342,231 29,192 214,588 892,244 1,603,548 85.024 342,231 29,192 214,588 892,244 Other trading acliwties Income from associated undertaking Investments Other income Total br￿¢m4 3.083,635 Y,WD 3,137,635 endlture thi.. Rai5in8funds 647,929 647,929 Operation of theatre Artist development and education 2,236,710 214.660 122.587 28,IXII 16,799 2,387,298 231,459 Tpl•l th•rltsble expendlturn 2,451,370 122.587 44,80D 2,618,757 TO141 resourtts expende 3,099,299 I22.￿7 44,80D 3,266,686 Net expendlturelurthe yt*rl Nei mo¥ement In lunds 115,6641 1122.5871 9,21X> 1129,0511 Fund bal3ntt5 at l April 2020 520,921 3.661,545 35,979 4,218,445 Fund balan¢e$at 31 Marrh 2021 505,257 3.538,958 45,179 4,089,394 The statement of financial actiwitSes Includes all gains and los￿ recoBr•ised in theyear. All income and expenditvre deri￿ from continuing activities. The statement of financial activitie5 als0 complies with the requirements for an irbcome and exp2nditure arcount under the Companie5 Act 2￿6. 15- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL GROUP AND CHARITY BALANCE SHE￿5 ASAT31 MARCH2022 Charity zozz 2021 Note5 Flxed assets Intangible assets Tangible èssets Investments 666.442 3.699.814 89.771 3.701,243 80,6 3,681,680 89,771 3,684,219 4,366.2S7 3.791,015 3,762,374 3,773,994 Current assets Stocks Debtors Cash It bank and in hand 14,944 327.704 1,356,566 8,543 184,750 1.757,339 975,855 1,283,D39 577,021 1,646,383 1,699.214 11,611.9171 1.950,632 1733,9571 2,258,894 11,336,2791 2,223,404 1671,9411 Credltors.. amounts lalllng due wlthln yeaf 21 Net current assets 87.297 1.216.675 922,615 1,551,463 Tot•1 •ss*ts l•ss curr*nt Il•blItt￿$ 4,453.554 5.(Kl7. 4,684,989 5,325,457 Credltors.. *mouNts lalllfi8 duÈ afttr morÈth• one y￿r 1734.9631 1918.2961 1734,9631 1918,2961 Net 455ets 3.718.591 4.(￿9.391 3,950,026 4,407,161 Income fvnds Restricted funds 1,354 45,179 1,354 45,179 Unrestricted funds Designated funds General unrestrlcted funds 24 3,416,371 3(KI￿66 3.538.958 505,257 3,416,371 532,301 3,538,958 823,024 3.717.237 4.044.215 3,948,672 4,361,982 3,718.591 4.￿9.394 3,950,026 4,407,161 The charStable company's net expendSture for the year was £457,13512021= net irKome of £186.9991. 20 Feb 2023 The financial ststements were approved by the Tru5tee50n.-..--..-..-...-..-...-. Darne Heather Rabbatts DBE Trustee Company Re8lStrn￿0n No. 01151821 16- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Noies Cash flowsfrom operavni Cash 8enerètÈd fromllèbsorbÈd by) operations 29 497.687 1272,5111 InvestlnÉ att1￿1￿e$ Purchase of intangible a55ets Purchase of tangible fixed assets Investmènt income retÈNed 1701.7871 1146.8081 136 1101,5191 186.2471 185,396 Net tash used In 1rtvestl￿ •ctl¥ltles 1848.4591 12,3701 Flnanelni arti￿1￿e5 Rep3yment of borrowin85 150.CQII 984,963 Net ush (uséd lfiVi¢hÈrntedfrcMx Ilh*ntlh8 irtl¥ltles 150.CKSII 984,963 Net Idecreasellihtrease In ￿5h and cash equl¥alents 14thJ.7731 710,082 Cash and cash equlvalents at bewnnlngof yeai 1,757.339 1,047,257 Cash and r4sh equfva1e1￿￿ el￿ olye•r 1,356.566 1,757,339 17_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 MARCH 2022 Ac¢ounting poll¢ie5 Cornparry informatian Soho Theatre Compan¥ tsmited is 3 chariuble company limited b¥ Ruarantee irKorporated in England and Wales. The rewstered office 15 21 Oean Street. London. WID 3NE. 1.1 Accountlngconvwtlon The financlèl statements have been prepared In accordance wlth the Companles Att ZW6. the Charitles Act 2011 ènd "Ac£ountinE and Reporting by Charities.. Statement of Recommended Practice applicable to charlties preparing their acceunts in accordance with the Financial ReponifiR srandard applicable in the UK and Republic of Ireland IFRS 1021" leffective from I January 20191. The charity is a Public Benefit Eniity as defined by FRS 102. The financial statement5 3re prepared in steTlin& %thich is the fvnctional currency ol the charity. Monetsry 3mounts in these financial statement5 ère rounded to the nearest £. The group financial ststements rellert the results and combined financial position of Soho Theatre Company Limited, Soho Theatre Bor Limited and Soho Theotre Produdi0Th5 Lirnited. In addilion, the 8roup financial ststements include the 355ociate entity, DSA West End Lirnited using the equity method of accounting. A5 pprmitted by $408 of the Companies Act 2W6, the p#rent charitable company has not presented its own income and expeThditure acc¢xJnt and rtlated notes. The ¢haritèble ¢omp•ny's net expenditure lor the yeai was £457,13512021.' net in¢om¢ of £186,999>. The finèncial ststements have been prep¥ed un¢ler the historical cost ton¥ention. The yincipal accountin8 pollcies adopted are set out below. 1.2 Goln8 concern A5 Stated under the Goln8 Con¢ern 5erfioh in ihe Tru5tees' Report, the Trustees 4sse55ed the lon8-term irnpoct of the COVID-19 pÈndemit on the Group as well a$ 4¢kntywledwn8 the e￿nOMiC Uffi￿rt•1￿tles ol wa8es, utllltles and how the ¢ost- of-living could affect box office and bar s•les. Havin8 drawn up the Group's latest forecast the Trustees have a reasonable exportation that the Group tèn continue 85 8 80in8 concern for the foreseeable and thusthethnantial statements have been yepared on the 80in8 concern bèsis. 1.3 c￿rI￿ble lund$ Unrestrirted fvnds are avallablelor use atthe dlscretion of the TruMee5 in lurtherance of thelr charltable objectlves. Oeslgnated funds are unrestrictsd fuThJsth* hawe teen setaslde for a spttific purpose. Restrirted funds are subject to specific conditions tydonors as to how they may bo used. The purposes and uses ofthe restricted funds are set out in the notes to the financial thtements. 1.4 Incomlng resources Income from theatre admission fee5 is included in incorning resources in the period In which the relevant production15 pertormed. Income for premises hire 15 included in the period to whith it relates. and income from commerual activitie5 IS included in the period in which the company iserbtitled to receipt- Inceme from denations. sponsorship and grants. SndudingcapitalBrants. isincluded In Incomlng resour￿5 when these are re￿1¥able, except asfollows.. - When donors specify thai donationsand grantsyyen to the charity must be Used in fvture accounting periods, the income 15 deferred until those periods. - When donors imp05e conditions which have to be fulfilled before thecharity becomes entilled to Use such income, the incorne is deferred and not included in incoming resources until the pre-conditionsfor use have been met. 18- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting pulicie5 Icontinuedl When donors specify that donations or RraTrts. ￿￿￿dIng(aplts1 grantsare for particulaf restricred purp05e5. which do not amount to prtrconditions regarding entitlemerbt, thi5 income is included in incorning re50urce5 of restricted fvnds when receiv3ble. Rentsl incorne is included in the period to whith it relate5. Otherin%tstment income 15 included when recewable bythe charity. 1.5 Resources expended Costs of raising funds are those costs incurred in attrnctingand secufin8voluntsry income, and those Incurred In tradin8 and commer£ial èctivitles that rèisefund Charitable attivities include expenditure associated with the productK)n and performance of pl*s, events, workshops, literary actlwlles and educational and culiuial programmes and include both dirert costs and support costs related to these activities. Governance costs Include those incurred in the8￿rTha￿e of ihe charrtyand 115 assetsand are primarlly associated wlth constitutional and 5tarutory requirements. Support costs Include ￿ntral functions and hkn* been alk. The charity's key management personnel comprises the Board of Tru5tee5. the Executive Team and the Senior Management Teatn. Total benefrts received by the ExecutNe and SenioT Management Team ifi the yeaf amounted to £728,038 12021.. £638.8081. The Tru5tee5 received no retnuneration in theyear1202I'. nonel. -26- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Intsngible fixed assets Group Webshe Total Cost At l April 2021 Additions 442,701 701.787 32.725 475,426 701,787 At 31 Marth 2022 1.144.488 32.725 1.177,213 Amort15•tlon and lfflwlrrnent At l April 2021 Amortisation charged for the ￿ar 358,IW)3 120,043 27,652 5,073 385,655 125,116 At 31 March Z022 478,046 32,725 510,771 Ca￿1￿£ amount At 31 Mar¢h 2022 666,442 666,442 At 31 March 2021 84,698 5.073 89,771 The charity has intangible assets of £80.69012021.. £89,7711. This ¢omprises thè web51te shown in thè table above together wlth di8lt31 property of £80,69012021 .. E84,6981 with additions in the year of £43,841 ind amortisation of £47,849. 14 Tanllble flxed amets Group F￿e￿￿1 land A5sebuTr Planiand FIA1ure5, FfttSn •Trdl¥Jlhlhy eq*neM & eq￿1pme￿ C95t At l Aprll 2021 Additions 8,129.336 96.403 127,615 351.654 878,971 19,193 9.456.364 146,808 At 31 March 2022 8.129,336 224,018 351.654 898.164 9,603,172 Depreclailon and Im￿lI￿ent At l April 2021 Depreci*ion charged in theyear 4.5￿.378 121,587 33$￿41 828,￿3 19.745 5.755,122 148,236 At 31 March 2022 4.712,965 341.745 848.648 5,903,358 CarrylnE amount At 31 Ma￿h 2022 3.416.371 224,OIB 49,516 3,699,814 At 31 March ZOZI 3.538,958 96,403 IS￿14 50.C68 3,701,243 -27_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 14 Tangible fixed a55et5 Icontinuedl Tan8lble flyed a55ets Ch•r FffthDW4 L4Trd ASSets yrnler p￿￿14￿d FiMtures.Ftt¢lh8S t1￿￿t &EguIpM¢ Total Cost At l April 2021 Additions 8.129.336 96,403 127.615 351.6Y 765,182 11.792 9,342,575 139.407 At 31 Marth 2022 8,129.336 224,018 351.6S4 776,974 9,481,982 Oepretl•tlon and Impalm*ht At l April 2021 Depreciation charged in the year 4,59J,378 122.587 335￿1 732,138 13,454 5,658,357 141,945 At 31 Marth 2022 4.712,965 341.745 745,592 5,8CI),302 C*rrylm8 *rnttUnt At 31 March 2022 3.416,371 224.018 31,382 3.681,680 At 31 Marth 2021 3,538,958 %,403 IS￿14 33,044 3,684,219 Flxed asset In¥estsnents Group In¥eAments In 5socl•tes C95t or Val￿¢b At l April 2021 Income frorn 3550Ci3ted undert•*ifi8 Share of proflt receivable 53,840 153.8401 At 31 March 2022 rryln8 arnount At 31 March 2022 At 31 March 2021 Chartty 2022 2021 Investments in Subsidiaries Inve5tment5 in a550Clate5 17 -28- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 16 Subsldlarles Detai15 of the charity's subsidiarie5at 31 March 2022 are asfollow5'. Name of undert•*lng and c(wntryof Incorporation or residenry N*ture of bu￿￿￿$$ alss of thareholdlni % Held Dlrert Soho Theatre 8ar Lirnited Soho Theatre Productions Limited Soho Theatre Eèst UK C.I.C. En8land and Wale5 England afid Wales Efigland and Wèlts Bar and cabaret space Artistic creation Ordinary Ordinary Ordinary 100.rKJ 100.00 100.c(J Artis1￿ creation Soho The31￿ 8ar Is è company registefed the UK1074921311. its registered address Is 21 Oean StreeL London, WIO 3NE. The net Ilèbllltles of Soho Theatre 8ar Llmited at the end of ihe reportlngperiod are £1226,477112021.. £1317,76411. During the year. Soho Theatre Bèr Umlted mède operatSng profit priw iodistribution of £91.31712021.. loss of £317,765). Soho Theatre Productions 55 a company reglstered the UK10295C*781. Its reglstered address IS 21 Dean Street, London. WID 3NE. The net liabilitie5 of Soho Theatre Preductions Limited at the end of the reportin8 peric4 are £4,98512021.. £Nill. DurinB the year, Soho Theatre Productions Limited reco8nised a loss of É4.98712021.. ÉNIll. Soho Theatre E35t C.l.C. Is a com￿nY le￿stered in the UK1134fA)4751. It's re8i5tered address is 21 Oean Street, London, Wlo 3NE. The companywas incorporated 16June 2021 and has not traded (luring the ￿ar. 17 Ass￿l4t¢S Oetails of associates at 31 March 2022 are asfollow> N•me of undertaklft8 Re8lstered of bU￿￿e$S aass of 5h•re5 held % Held Dlrect Indlrert DSAWe5t End Limited En8land and Wale5 JPkX)rt attivities for perfNmin8 Ordinary arts 33. Stocks Group 2022 2021 Flnished 8oods and Eoods for resale 14,944 8,543 19 Lo•ns*nd 0￿rdraft$ 2022 2021 Other loans 934,963 984.963 Payable within one year Payable after one year 2C0,1￿￿> 734,963 66,667 918,296 -29- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 19 Loansand 0￿rdraft5 Icontinuedl A Coronavirus gusiness Interruption loan was obtsined in i)e¢em￿r 2020. The loan 15 5ecvred over the a55et5 of the charity and bears Interest at a fixed rate of 2.62% plus Bank of England base rate. The loan 15 rep￿atsIe in 60 consecutive monthlv instslments commencing 13 momh53fterthe borrowing d*e. 20 Debtars Group 2022 Cha￿ty 2022 2021 2021 AmouTrtsfalllni due wlthln one ￿11. Trade debtor5 Amount due from group undertaklng Other debtors Prepayments and iccrued income 86,797 26,778 707,905 63,051 1?8,121 86,777 410,125 34,272 45.847 112,923 178.121 52,038 45.91S 327,704 184,750 975,855 577,021 21 Crediiofs: amounts l•llln8 due wiihln one ye Group 2022 Ch*vlty 2022 2021 2021 Loans and overdrafts 19 2￿),(￿)) 43,648 16,372 484,952 183,437 683,508 66,667 119,540 32,034 121,146 189,194 205,376 20D,WO 43,648 66,667 119,540 Other taxation and soclal securfty Trade creditors Other credltors Atcruèls and deferred income 417,806 L79,OlQ 495,815 110,280 186,217 189,237 1.611,917 733,957 1,336,279 671,941 Totsi deferred intorne at theyeèr end amounted to £585.24912021.. £127,0231. This amount represents intomÈ for 5how5 Ènd distribution of di8ital propertythat will be recognised in futuTe ppriods. 22 Retirement bemefft sthemes Oeftned Contvfjb￿1￿ schemes The charity operates a defined Contribution pension scherne for all qualrfwn8 ern￿0Vee5. The as5et5 of the scheme are held separately from those of the charityin arb independentyadfflini5tefed furbd. The chargete the Ststement of Financial AttNitie5 in TÈ5pett of defined tontribution 5thÈtne5was £47,74112021.. £47,207). Crediiofs: amountsfallincdue afttr morethèh oneyear Group and charlty 2022 2021 Borrowings 734.963 918.296 SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 24 DeslBnated funds The income funds of the charity include the following de5i8nated fund5 which have been Set aside out of urire5tricted funds by theTru5tee5 for specific purposes.. BaL7￿Ce* BalaKeat IAw4 IOZO eYyTrded IApril 2021 Resources 8alance at eynded 31 Marth 2022 Property fund 3.661.545 1122.5871 3.538.958 1122.5871 3,416,371 3.661.545 1122.5871 3.538.958 1122.5871 3,416,371 The preperty fund represents thecarrySn8 value of ihe land and bulldln8 31 * 0 O N Ln o o 51111 1* I uz ¥7 ¥¥ a* uz SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 27 Operatln8 lease comrnltments Lessee At the reporting date the charity had outstsndiThg commitments for fvt￿￿ minimum lease payments under non*ar 166.6671 1918,2961 1133.3331 183,333 12LX),0001 1734,9631 772,376 1350,7731 421,603