Reglstratlon No. 267134 Ctynpary ReO5rratlon No. 01151821 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 2023 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 Lornette Harl Fawn James Jerery King OBE Catherine Mayne Shaparak Khorsar￿1 David Reitman IAppointed 21 September 20231 E¥ecutl¥e Dlrertor MarkGothey Serret4ry Rose Abderabboni Chrlty mumbtr 267234 Company number 01151823 Re8i#ered olnce 21 Dean Street London WID 3NE Audltor HW Fisher UP re House 11-15 William Road London NWI 3ER United Kingdom Bankers The Royal eankof Scotland 28 C&endish Square London WIMODB Soll(Iiors Goodman Derrlck Fetter Lane London EC4IA IPT Sean E8an Consultants Limtted SO Sheen Park Richmond Surrey TW9 IUW SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL CONTENTS Tru5tee5' report Statement of Trustees. re$r￿sibIl￿1es Independent auditor's report 10-12 Group statement of financlal attfviiies 13-14 Group and charity balance sheets 15 Group ststement oftash flows 16 Notes to thefinan¢ièl St*t￿nts 17-34 ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **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 2023. These are the consolidated accounts for the Soho Theatre group, including the financial statements for Soho Theatre Bar Limited, Soho Theatre Productions Limited and Soho Theatre East UK C.I.C. 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 highlights our aims and objectives. This is also outlined as part of our contribution to the Arts Council England National Portfolio, which will provide core funding to Soho Theatre until 2026 representing 9% of current turnover. Since the impact of Covid in the 20-21 and 21-22 financial years, 22-23 saw a closer return to a programming and operational model that was consistent and planned, rather than dictated by reactive and shorter-term responses to Covid. In our theatre programme, the majority of production runs were uninterrupted aside from _The Ministry of Lesbian Affairs,_ which saw us lose eight performances due to Covid. Comedy returned to a clearer cycle, including the first full Edinburgh programme since 2019. In 2019, we identified the following strategic goals for the company: - to increase and elevate the theatre/new writing resource - to successfully open and establish our new venue in Walthamstow - build our distinctive London brand towards wider national, international, and digital audiences In 2023 we revisited these goals and have expanded on them to include the following: - - **Theatre** - _-genre festival programme with diverse audiences, but also carves out the space_ - _to breathe and flourish within it._ - **Comedy** _work to ensure that we maintain an industry leading place through thoughtful curation, innovation and always being able to spot the next new talent; ensuring that artists continue to see Soho as a home for comedy and one of the places they want to perform; maintain programming integrity as we grow our audiences through Walthamstow, touring and digital._ - **Creative Engagement** - _grow our pathways for creative participation from early years to adulthood, supporting the next generation of artistic talent; support the growth of creative, connected communities around a new local theatre in Walthamstow._ - **Walthamstow** _of Council and community. Effectively manage the resultant change, organisational growth and risk._ _________________________________________________________________________________________________ - 1 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ - **Audiences** _build our distinctive London brand towards wider and inclusive audiences, with a particular focus on LGBTQ+, South Asian and Waltham Forest; international focus on India as well as Australia and the US. Continue to build digital audiences and sustainable business models._ ## **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** ## **2. Leadership** Every charity is led ## **3. Integrity** he Board is gly. ## **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, some highlights from 2022/23 as we presented a full programme of activity following the pandemic: - Audience levels returned to pre-pandemic levels, reaching 171,000 at Dean Street (up from 107,000 in the previous year). - Maintained an engaged online audience through our social media channels, with our content reaching 10 million across Facebook and Instagram. Our YouTube videos were watched 26 million times accruing 48,000 subscribers. We have also recently strengthened in this area with a clear strategy towards broadening reach and monetisation and adding new permanent staff roles. - Launched our first full new season since the pandemic, featuring a diverse festival programme of work including two productions of commissioned writers from our flagship Soho Six playwriting programme, and a host of new companies from London and around the UK making their Soho debuts. - We co-produced _The Ministry of Lesbian Affairs_ by Iman Qureshi with Damsel Productions, commissioned as part of Soho Six. An eight-person cast across a six-week run, _The Ministry of Lesbian Affairs_ featured a joyous choir of seven women, and was extremely well received, bringing in highly engaged female and LGBTQ audiences. _________________________________________________________________________________________________ - 2 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ - Premiered Verity Bargate Award shortlisted _Super High Resolution_ by Nathan Ellis, in Autumn 2022, a play about the pressures faced by staff working in the NHS. We welcomed acclaimed director Blance McIntyre to Soho Theatre, in a show that demonstrated high production values in line with our strategic aim of elevating our theatre profile. The show was a critical success, and brought consistently engaged audiences. - Our work in India picked up pace with the formalisation of a partnership with G5A Foundation for Contemporary Culture and the appointment of a full time Mumbai-based Producer working from there to support this area of work. Alongside that, we presented award-winning ventriloquist Nina Conti in Mumbai, launched a Soho Theatre India social media channel to reach a South Asian audiences and secured over 100k followers, presented British South Asian and Indian work in Dean Street, at the Edinburgh Festival Fringe, and across the UK. - Following two years away from the Edinburgh Festival Fringe we had a this summer, presenting 11 shows across six venues including _Age Is A Feeling_ , ALOK, Frankie _CAttS,_ Jinkx _Got It!,_ Patti Harrison, Thanyia Moore and Vir Das. - Following a successful run in Edinburgh, we presented _Age Is A Feeling_ by Haley McGee, directed by Associate Director Adam Brace initially with a sold out run in the Upstairs studio, before transferring to the Main House for an extended run in February 2023. - We welcomed back Kim Noble and Sh!t Theatre to Soho Theatre. We have worked with Kim for over 20 years, and his show _Lullaby For Strangers_ was produced by the radical Belgian company Campo and the production won a prestigious national award before arriving at Soho, receiving superlative reviews. Sh!t Theatre brought their performance piece _Evita Too,_ directed by Adam Brace, first ever female president. - 15 69,000 _________________________________________________________________________________________________ - 3 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Soho Theatre Productions** This trading subsidiary reported profits of £70k in its second active year. The company agreed a three series deal with Amazon Prime in 2020 to deliver filmed one-hour comedy specials for broadcast on their on-demand platform, delivering the final series in November 2021. Our as set out above, 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. that may fall beyond annual budgeted maintenance _________________________________________________________________________________________________ - 4 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ 3. To mitigate against the risks inherent in organisational growth detailed of financial performance and cashflows produced, based on budgets, business plans, risks and trading forecasts, as well as working capital assumptions The forecast includes downside scenarios, as well as the management forecast. E B are used to monitor the accuracy of T adopted a financial strategy which will see the enter 3 4 5. strategy. The loan financing agreements ensure that the necessary funds are available to deliver against the Having considered the forecasts, including downside scenarios and risks, the Trustees consider that T ## **3 4** We will continue to make progress against our five strategic aims of Theatre, Comedy, Creative Engagement, opening Walthamstow and developing our Audiences. We will continue a vibrant programme of theatre and comedy at Dean Street, and in particular look to We will continue to develop plans in Walthamstow as we look to open the new venue the following year. digital content, touring, fundraising and brand partnerships. _________________________________________________________________________________________________ - 5 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ _________________________________________________________________________________________________ - 6 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **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 Hani Farsi Lornette Harley (appointed September 2023) Fawn James Shaparak Khorsandi Jeremy King OBE Catherine Mayne David Reitman ## **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. ## **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** ed and elected by the currently serving Trustees. The Articles provide for the retirement of Trustees after a four-year term, with reappointment 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 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: The Board aims to appoint at least one new Trustee each year (to a maximum of fifteen), to aid refreshment and renewal. 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 of the Bo accounts, a policy handbook and other relevant induction documents. Outside of Board meetings, 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. _________________________________________________________________________________________________ - 7 - ## **SOHO THEATRE COMPANY LIMITED** ## **TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Pension** Soho Theatre and Soho Theatre Bar offer defined contribution pension schemes to all qualifying employees, and funds are held 22/23, the expenditure for all companies totalled £45k (21/22: £46k). ## **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. By order of the Board of Trustees Dame Heather Rabbatts DBE (Chair) Trustee Dated. _________________________________________________________________________________________________ - 8 - SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL ATEMENT OF TRU5TEES' RESPONSIBILITIE5 FOR THE YEAR ENDED 31 MARCH 2023 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. 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 2023 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 2023 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 inforrn3tioll 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. 10- 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, whetherdue tofraud 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 concern 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 rIon￿MplI￿nre 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, Alcohol Licensin8 Act 20J3 and requirements as set out by the offi￿ of the Regulator of Community Interest Companies. We consldered the incentfves and opportunilies exist in the Com￿n¥. Induding rhe exient of mèna8ement bSas, whlch present a potential for irregularities ènd fraud to be perpeiuèted. and tailored our risk assessment accordindy. Using our knowledge ef the company. together with the discussions held with the company at the planning stage. we formed a conclusion on the risk of misststement due io irreBularitses irKltsding fraud and tailored our procedures accordSnB to this risk assessment. 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 Obtainingthird-partyc¢t)firmètlon of material bank and loan balance Documentinzand vefifyinE all significant related party land consolidated) balances and transactlons. Revlewln8 documentaiion such as the charily board minutes for discusS￿n5 of irregularities includin8fraud Testlng all material consolidatlon adlustments Owing te the inherent limitations of an audiL there is an urwoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and pertormed our audit in accordance with auditing standards. The pnm3ry responsibility for the prevention and detenion of Irregulanties 3nd fraud rests with those charged with governance of the entty. A further description of our responsibilitie5 15 available on the Financial Reportin8 Cwncil'5 web51te at.. http5'.l/www.frc.org.ukl auditor5re5pon5ibilities. This description ftyms part of our auditor'5 report. Use of pyr report This report Is made solely to the charstsble((¥npanrfs members. as a bjdy. In accordatKewlth Chapter 3 of Part 16 of the Companles Ad 2006. Our audlt werk has been undertakn so ihat we mS8ht state to the charitable company's members these matters we are requlred to state to them In an auditors, rewrt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsble company and the chantable corn￿0¥,5 members as a body, for our audlt work, for thi5 rewrt, or for the opinionswe have fomied. roi%ud8e nlpr Ststutory Au(Mtorl for and thi beh•lf ol HW Flsher LLP Chartered Accountants Statutory Auditor Acre House 11-IS William Roèd London NWI 3ER United Kingdom 15 Dec 2023 12_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL GROUP STATEMENT OF FINANCIAL A￿1VITIEs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Currentfinanclal year Totsl Total thjnds lund5 yneral delznated 2023 fund5 2023 2023 2022 It)come and endowments fwm: Donations and lesacie5 J7.478 3.427.322 2.368.305 72,825 25.601 66.055 973,533 3,427,322 2,368,305 72,825 25,601 1,416,483 1.832.780 1,315,189 53,840 136 Other trading attiwties A550ciated undertakin¥ Investments Other income 86,055 Total br￿¢m4 6.801.531 66.055 6,867,586 4,704,483 endlture thi.. Rai5in8funds 1.605.615 1,605,615 828,264 Operation of theatre Artist development and education 5.125.919 134.787 122.587 26.105 12.950 5,274,611 147,737 3,945,904 301,118 Tpl•l th•rltsble expendlturn S.2￿.706 122,587 39,055 5,422,348 4,247,022 TO141 resourtts expende 6.866.321 122,587 39,055 7,027,963 5,075,286 Net lexpendlturellincome lor the￿¥1/ Net movemert In hjfids I64.7￿) 1122,5871 27.Lf#) 1160,3771 1370,8031 Fund balances at i April 2022 3,416,371 1,354 3,718,591 4,089,394 Fund ￿lanCeS0t 31 March 1013 236.076 3,293.784 28.354 3,558,214 3.718,591 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. 13- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL GROUP STATEMENT OF FINANCIAL A￿1VITIEs (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Prfor financial year ReArftted funds Tthl lund5 general 2022 fund5 desl8nated 2022 2022 2022 It)come and endowments fwm: Donations and lesacie5 1,35S,113 1.832.780 1,315,189 53,840 136 61,370 1,416,483 1.832.780 1,315,189 53,840 136 Other trading acliwties Income from associated undertaking Investments Other income 86,055 86,055 Total br￿¢m4 4,643.113 61,370 4,704,483 endlture thi.. Rai5in8funds 828,264 828,264 Operation of theatre Artist development and education 3,769,797 249.443 122.587 53,520 51,675 3,945,904 301,118 Tpl•l th•rltsble expendlturn 4,019,240 122.587 105,195 4,247,022 TO141 resourtts expende 4,847,504 I22.￿7 105,195 5,075,286 Net expendlturelurthe yt*rl Nei mo¥ement In lunds 1204,3911 1122.5871 143,8251 1370,8031 Fund bal3ntt5 at l April 2021 $05,257 3.538.958 45,179 4,089,394 Fund balan¢e$at 31 Marrh 2022 3WJ,866 3.416,371 1,354 3,718,591 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. 14_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL GROUP AND CHARITY BALANCE SHE￿5 ASAT31 MARCH2023 Charity 2013 2022 Note5 Flxed assets Intangible assets Tangible èssets Investments 372.453 3.827.839 666,442 3.699.814 27,871 3,405,412 8Q,690 3,681,680 4,2[￿$.293 4,366,257 3,433,287 3,762,374 Current assets Stocks Debtors Cash It bank and in hand 19 19.972 413.416 1,301,443 14,944 327,704 1.356,566 1,056,476 1,010,666 975,855 1,283,039 1,734,831 11,841.9471 1.699,214 11.611,9171 2,C67,142 11,319,8551 2,258,894 11,336,2?91 Credltors.. amounts lalllng due wlthln yeaf Net current assets 1107.1161 87.297 747,287 922,615 Tot•1 •ss*ts l•ss curr*nt Il•blItt￿$ 4,093.177 4.453.5Y 4,180,574 4,684,989 Credltors.. *mouNts lalllfi8 duÈ afttr morÈth• one y￿r 1534.9631 1734.9631 1534,9631 1734,9631 Net 455ets 3,558.214 3.718.591 3,645,611 3,950,026 Income fvnds Restricted funds 28,354 1,354 28,354 1,354 Unrestricted funds Designated funds General unrestrlcted funds 3,293,784 236.076 3.416,371 300,866 3,293,784 323,473 3,416,371 532,301 3.$29￿60 3.717.237 3,617,257 3,948,672 3,558.214 3.718.591 3,645,611 3,950,026 The charStable company's net expendSture for the year was £304,41512022= netexpendiiure of £457.1351. 15 t*c 2ty23 The financial ststements were approved by the Tru5tee50n.-..--..-..-...-..-...-. Darne Heather Rabbatts DBE Trustee Company Re8lStrn￿0n No. 01151821 15- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Noies Cash flowsfrom operavni Cash 8enerètÈd from opèrations 29 514.545 497,687 InvestlnÉ att1￿1￿e$ Purchase of intangible a55ets Purchase of tangible fixed assets Proteeds on disposal of tan8ible fixed assèts Investment inceme recei¥ed 177.8391 1326.2231 8,793 25.601 1701,7871 1146.8081 136 Net Ush used In Irbve5tsn8 artl¥ltles 1369.6681 1848,4591 Flnanrlns 4rtI￿lI¢S Repayment of borrowln85 12¢YJ.LXK)I 150,0011 Net ￿$h used In Ilnandni ad1￿$e5 121XI,CIXII 150,0011 Net decrease In cash 4rbd ￿$h equl¥alents 155.1231 14(KJ,7731 Ca$h and ush equivalent5 at bewnnin8of yeai 1.356.566 1,757,339 Cash ifid tash tgulvalents It end Of￿1￿ 1.301,443 1,356,566 16- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 MARCH 2023 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 posikn of Soho Theatre Company Limited, Soho Theatre Bar Limited. Soho Theatre Produrtions Limited and &)ho Thealre East UK C.l.C. In addition, the group financial ststements include the assoriate entity. DSA West End Limited using the equity method of arcountin8. A5 pprrnitted by 5408 of the Cornpanies Act 2CX)6, the parent charitable company has not Pre￿￿ted its ¢)wn incorne and expenditure accllunt antl r¢latsd notes. The ¢hirit4ble ¢ornp4ny's nèt expendilure fty the year was £304.41512022.' net expenditure of £457,135). 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 in detail under the Goin8 Con￿r￿ sertion within the Truslees, Report, the Tru51ee5 hève assessed each income and expenditure element in both the tharity and il's subsidiaries based on bud8ets, business plans, risks and tradin8 foretasts. Having chosen a finaririal strate8Y, it is reco8nised the Charity will enter a periiMI with ne8atNe unrestrirted free reserves. h¢>wever after securin8 loan finan¢in8 48rtements the Trustees are tonfident Suff￿lent funds %vill be available t¢ dellvery a8ainst thèir strètegv. Having drawn up the Group and parent's lètest forecast the Trustees hève è reasonable expettatlen that the Group ènd parent can continue as a 80in8 concem for the foreseeable future ènd thus the financièl statomonts have been prepèred on the 80in8 concern basis. 1.3 C￿rItable funds Unrestricted funds are avallable lor useatthe dSxretion of theTrustees in fvrtheraDceof thelr tharltsble objectlves. Oesignated funds are unrestricted fundsthat have been set aside for a specific purpose. Restricted funds are subject to specific condrtions by donors as to how they may ￿ used. The purposes and uses ofthe restricted funds are set out in the notes to the financial ststements. 1.4 Incoming resources Income from theatre adrnission fee5 15 induded in incoming re50vrces tn the period tn vihich the relevant prrKluction 15 perforrned. Income for premises hire 15 included in the period to which it relates, and income from commercial activitie5 IS included in the peri￿ irb which the cornpany isentitled to receipt- Income from donations. 5pon50rship and grants, indudingcapitalBrants. is included in incoming resour￿5 when these are retrivable, extrpt35follow5'. - When donors specifythat donatiQn5and grantsgiven tothe tharity must be used in future accounting periods, the income 15 deferred until those periods. - When donor5 imp05e conditionswhich have to be fuffilled before thecharity becomes entiued to Use such income, the incorne 15 deferred and not included in incomingresources until the pr&cond￿On5f0r use have been met. 17_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pulicie5 Icontinuedl When donors specify th3t donatior15 or grarbts, indudingcapitsl grantsare for particular restricted purp05e5, which do not amount to pr￿ndItionS re8artling entiVemerbL this irKome 15 included in bncomingre50urce5 of restrirted fvnds when receivable. Rerital income 15 included in the period to which it relate5. OtheTIn￿strnent income 15 included when recewable bythe tharity. 1.5 Ae50urce5 expended Costs of ralsSng funds are those costs Incurred In attractln8and securingwluntary income, and those Sncurred In tradln8 and commercial activities that raise funds. Charitable activities include expenditure associated with the production and performance of plays. event5. werkshops. literary actiwties and educational and cultural proRrammes and include both direct costs and support costs related to these activities. Go¥ernance costs include those incurred in thew•*rnance of the chantyand its a55et53nd are primarily associated with constitutional and Statutory requirements. Support costs Include central funrtion5 and have ljeen allrKated to activity c05trategories using the percentsge of direct cost5 incurred. Expenditure 1$ reeo8nised wheh a Ilability is In¢u1￿1. ih¢lusi¥e olVATwhi¢h ¢4finot be ￿e0Vered. 1.6 Irrtanglble flxed assetsother thaTr8oodwfjl Intangible èssets are reco8nised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is re¢o8nised $0 as to write off the ¢ost or valuation of assets kss their residubl Values over their useful lives on the followin8 bases.. Oigltsl property Website 25% p.a. on a 5trai8ht line bay5 15% p.a. on a strai8ht line bas15 1.7 T*n8lble flxed assets Tangible fixed a55etS 3re inltially measured at C05t and Subsequently measured at cost, net of depreclation and any impairment105ses. Depreclation Is reco8nSsed so as to wrtte off the cost of ass￿$ less iheir residual values over their useful Ilves en the fellowln8 bases". Freehold buildings Iland is not depreciètedl Plant and equipment FSxtures. FittinÉs & Equipment 2% p.è. thi straight line basis 15% p.a. on straight line ba￿5 25% p.a. on straight line basls The or1055 arisin8 on the disp0531 of an è5set is determined as the differen￿ bthveen tho sale proteèds and the (arrying value of the asset, and is reco8nised in net incomellexpèndTtuTel frJrtheyear. *tssÉts under censtrurtion will be depreciatsd over thÈ inTiial lease period of 10 years and wll commence from the d*e they become in use. 18- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pulicie5 Icontinuedl Flyed asw In¥esthents Investments in subsidiaries art ststed at tost. A subsidiary is an entity tontrolled by the tharity. Control is power to 6ovÈrn the financial and operatin8 policies of the entity $0 ès to obtsin benefits fr¢)m its attivities. Investments in assoclates in the pèrent entity's accounts are ststed at Cost ￿s5 impèirment. An 3S50ciate is an Entity, bpin8 neither a 5ub5idiary nor a joint venture, in which the charity holds b long-terrn interest and where the charity has significant influente. The charity considers that it has significant influencè where it has the power to pèrtitlpate in the financi31 and oper*in8 dÈcislMs olthe associaie. 1.9 lrnpalrment of fixed a5WtS At each reportin8 end date. the charlty revSew5 the carryln8 amounts of Sis tan8lble and Intsn8lble asset5 to determine whether there is any indication that those assets have suFfered an impairment loss. If any such Indication exists. the recoverable amount of the 35set Is estimated in Ordertodeterml￿ the extent of the impairment loss lif anvl. 1.10 Stocks Stocks are stated at the lowei of cost and net realisèble value. Costs include all direct costs Incurred in bringing the stock to the present location and condltion. Net realisèble value is based on estimated sellln8 price less any further costs expected to be Incurred te completS0n. At each reportln8 date. an assessment is made for impairment. Any emcess of the carryin8 amount of stocks over its estlmated selling price less cost5 to complete and sell is reco8Trised as ￿ impairment k)ss in wofit or loss. ￿er$ol$ of impairment losses are also recognised in profit or loss. 1.11 tssh and ￿$h equlvalents Cèsh and cash eouivalents include cash in hand, deposits held at call with banks and other short-term liquid Investments wlth orl8lnal MatUr￿leS of three morthsor less. 1.12 Flnanclal Instrumeffls The tharity has elected to èpply the I￿s1on$ of Sertion 11 Trasic Financial Instruments, and Section 12 '0ther Financlèl Instruments Issues. of FPS 102 to all of its financial instruments. 8osleflnttnelolèssets Basic financial a55et5, which include debtor5 and cash and bank bolances. are initially measured at transaction price including transaction costs and are 5ub5equently carried at amortised cost Usin8 the effertwe interest method unless the arrangement COll5titutes a fin3ncin8 tr3n5action, where the transaction is rnea5ured at the present value of the future receipt5 discounted at a market rate of intÈrÈst. Finbntial a55Ètstlas5ifiÈd as rÈceivablÈ within onÈ ytsr notamorti5Èd. 8oskflnantlolllubllhles Basic financial liabilities. including creditors and bank loans are initsally recognised at transaction price unless the arrangement constitutes a financing tran5adion, Whe￿ the debt instrument Is measured at the present value of the future payment5 discounted at a market rate of interest. Financial liabilities da55thed as payable within one year are not omorti5ed. 1.13 Employee beneffits The c05t of any unused holiday entitlement is rerngnised in the period in which the ern￿O¥ee.$ seNces are retrived. Termination benefits are recognised immediately as an expense when the tharity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.14 Retlrement beneffts Payments to defined contribution retiremeni benefit schemes¥e tharged as an expense as they fall due. 19- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pulicie5 Icontinuedl 1.15 GovernmeN 8rani Government grants, which fof 2022 intludÈ the amourts received from ihÈ Coronavifus Business Interruption Loèn Stheme that c¢)ver interest and lees payable to the lender, ère recognised at the lair value of the grant received or receivable when there is reasonable assurance that the grant cenditions will be met and the grants will be recewed. The Income Is recognlsed In other Sncome on a systematlc basls o¥er the perlods whkh the assotiated costsare Incurred. Crltl(al accountln8e#imates and lud8emeffls In the application of the charW5 accounbTrg policies. the Trustees are required to make judgement5, estimates and assumption5 about the carrying amount of assets and liabilities that are not readity apparent from other sources. The estimates and J550ciated assurnption5 are b35ed on historical experience and other factors that are £on5idered to be relevant. Actual re5vlts May differ frorn theseestimate5. The e5tlm3te5 and underlyin8¥55umptions I￿ rewv*Ed on an orwing ￿5•$. Rwwons to a¢¢ountin8 estimate5 are recognlsed in the period in which the estimate 15 revised Wh￿ the rewsion thert5 only that period, or in the period of the revislon and future periods where thÈ revision affects both current and future peri¢xls. The Trustees are sètlsfied that there •1¢ no crriital accountin8 estimates or judgments lfi the financial statements for the year ended 31 Mèrch 2023. Domtlons and legatles UThreArtrted Ilestrlcted lunds lunds seneral 2023 Tot•1 Unrestricted funds neral 2022 Restricted funds Totsl 2023 2023 1022 2022 Donation5 and gift5 Grants receivable 290.291 617.187 66.055 356.346 617.187 319,191 1.035,922 11,050 50,320 330,241 1,086,242 7,478 66.055 973.533 1,35S,113 61,370 1.416,483 -20- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Dorbations and legacie5 Icontinuedl recelvablelor core Restiitted funds Tot•1 Unrestricted funds general 2022 Restricted fund5 Totsl rbds eral 2023 2023 2023 2022 2022 Arts Counil En￿and Lara Atkln Charitèble Foundation Fidelio Charitsble Trust D'OWyCarte The Noel CowaTd Foundbtlon The 29th May 1961 Charity The Rose Foundation London Borough of Waltham Forest Cultural Recovery Fund Other 614.582 614.582 614,582 614,582 io.c 10,000 2,OfKJ 3.000 2,9rKJ 5,000 5,oryJ 20,(XJ) 20,OCKJ 397,340 26,420 397,340 24,0(KJ 2.605 2.605 2,420 617.187 617.187 1.035,922 50,320 1,086,242 Ch•rltrble art1￿#*5 Op•rathin ol Arttst Total Operntbjn of Artlsi 2023 theairn do¥elopment •Trd educat￿Tr Total 2012 2021 2022 2W2 Income frem charrtable actSvSties 3.408.844 18.478 3.427.322 1.822.765 10.015 1.832.780 lfivestmtnts Unrestricted lunds Reneral 2023 Unrestricted funds 8eneral 2022 Interest retrivable Income from associated undertaking 25,601 72,825 136 53,840 98,426 53.976 21 SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Othertradln8 acliths Unrestricted Unrestricted lunds 8ener41 2023 funds general 2022 SohoTheatre Bar ￿Mited trading income SohoThèatre Produrtions Limitèd trading income SohoTheatre East UKC.I.C SohoThe3tre Company tradlng èctivities 1.382.713 409,168 206,(K)O 370,424 881.608 94,254 339,327 other tradln8adSvSties 2,368,305 1,315,189 Other Income Total funds general 2023 2022 CJRS Ifurloughl income 86,055 -22_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Cth•rltsbleactkntJes Total OpevatioTr ol Artist 2023 theatre developfflerbt nd education Total 2022 theatre devdoprnent and ethKation 2022 2022 Staff costs Depreciation and impairrnent Production ce5ts Marketin8 Other costs Artist development Education Interest expense I.586,￿ 206,685 2.264.673 333,475 104.286 1.586.YJ6 206,685 2.264.673 333,475 104.286 83.553 42,884 1.279.827 194,867 1.159.293 228,907 340,748 128,474 1,408,301 194,867 1.159.293 228,9D7 340,748 89,203 38,528 25.508 83.553 42.884 89,203 38,528 25.508 4.4%.025 126.437 4.622.a62 3.229.150 256,205 3,485,355 Share ef support costs (see note 111 Share of 8¢)vern•n¢e ¢osts (see note 111 676,668 18.765 695.433 647.706 42,724 690,430 101,918 2.535 101.453 69,048 2,189 71,237 5.274,611 147,737 5.422.348 3.94S,904 301,118 4,247,022 Analysls bylund Unrestrlcted funds- general Unrestrlcted funds- desl8nated Restricted funds 5.125,919 122,587 26,105 134.787 5.260,706 122.587 39.055 3.769,797 122.587 53,520 249.443 4,019,240 122,587 105,195 12. 51,675 5.274,611 147.737 5.422.348 3.94S.g 301,118 4,247,022 -23- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ralslns fvnds Unrestvicted Unrestricted lunds 8Ener41 2023 funds general 2022 Dèvèlopment and fundraising Bar cost of sales and administration incurred by charity SohoTheatre Bar Limited costs Staff costs Depreciatlen and Impalrment Support CQ5ts 1,320 59,946 931,135 256,830 346,C63 10,321 2,209 38,578 363,917 326,933 78,485 18,142 1.605,615 828,264 10 Trustees None oftheT¢u$tee$ lor any ptrsonswinerted with them) re¢ei¥ed aNy￿m￿n￿•t10ft In the Current or prl¢r year. li Supporttosts 2023 Support cost5 Governance costs 2022 Staff costs Office and administrative costs 365.948 365,948 356.507 356,507 339.8C6 339,8Cfj 352.065 352,065 Audit fees Lesal and profes5ion•l Office administation ènd general costs 27.948 6.694 27,948 6,694 35,097 15,566 35,097 15,566 69.811 69,811 20,574 20,574 70S.754 104.453 810.207 708.572 71,237 779.809 Analy5ed between 10.321 695.433 10,321 799,886 18,142 .430 18,142 761,667 Charitable actiwties 1fy1.4S3 71.237 705.754 104.453 810.207 708.S72 71,237 779,809 -24_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Employees Number of employee5 The average monthly number of emplow durinRthe¥ear was= 2023 Number 2022 Number Art15tic pro8rarTirne Marketing and pres5 Theatre production and operbtion Management and administration SohoTheatre Bar Limited 20 15 li 47 io 15 47 15 103 94 All employees for the eempany Soho Theatie Bar Limited are intluded within thls Ilfie above. The ￿maInIng 88 employees 12022.. 79 employeesl ère all employees of Soho Theatre Company limited. Employment costs 2013 2022 Wa8es and sal•rle$ Social 5ecurlty costs Other pension costs 1.995.191 168,693 45,800 1,887,114 156.670 47,957 2,209,684 2,091,741 The arnounts intluded within employment Costs rÈlatin8 to Soho Theatre Company Limited afe as follows,. included within Wa8es and salariÈs is £1,756,20412022.. £1,626.5291, Includ￿ within Sotial setufity costs is £150,76012022.. E138,(QOI, included within other pension costs is £45,8(￿(2O22.. £43.1311. The number of employees whose annual remunernti¢)n was £60.IKQor morewere.. 2023 Number 2022 Number £60,0￿- £69,999 £80.QLX)- £89.999 Pension contributions in respett of higher pèid empltrffjes were £16,59512022.. £15,274>. The charity's key management personnel comprises the ￿rd of Trustses. the Execufive Team and the Senior Management Team. Total benefits received by the Executwe and Senior Management Teèm in the year amounted to £780,205 12022.. £728,038>. The Trustees recelwed no remuner*ion in the¥ear12022." none). -25- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Intsngible fixed assets Group Webshe Total Cost At l April 2022 Additions 1,144.488 s1￿39 32,725 20,(M)O 1,177,213 77,839 At 31 Marth 2023 1.202.327 52.725 1,255,052 Amort15•tlon and lfflwlrrnent At l April 2022 Amortisation charged for the ￿ar 478,046 371,828 32,725 510,771 371,828 At 31 March Z023 849￿74 32,725 882,599 Ca￿1￿£ amount At 31 Mar¢h 2023 352,453 20.wo 372,453 At 31 March 2022 666,442 666,442 The charily ha5 intan8ible assets wilh • nei book value of £27.871 12022.. £80.6901. This ¢omprises of di81ts1 property of £27,87112022 £80,69JI. 14 Tanllble flxed amets Group F￿e￿￿1 land A5sebuTr Planiand FIA1ure5, FfttSn •Trdl¥Jlhlhy eq*neM & eq￿1pme￿ C95t At l Aprll 2022 Additions Oi5P05als 8,129.336 224,018 95,405 351.654 88,896 898,164 141,922 117,2791 9.603,172 326,223 117,2791 At 31 Marth 2023 8,129,336 319,423 440.550 1.022,807 9,912,116 DepreC￿tIOn and Impainne At l April 2022 Depreciation charged in the year Ellmin8ted in respert of disposèls 4,712,965 122.587 341,745 17.502 5,903,358 189,405 18,4861 49,316 18,4861 At 31 March 2023 4.835.552 359.247 889.478 6.084.277 Carrylng amount At 31 Marth 2023 3.293,784 319,423 81.303 133.329 3,827,839 At 31 March 2022 3.416.371 224,018 49,516 3.699.814 -26- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Tangible fixed a55et5 Icontinuedl Tan8lble flyed a55ets Ch•r FffthDW4 L4Trd ASSets yNler p￿￿14￿d FiMtures.Ftt¢lh8S t1￿￿t &EguIpM¢ Total Cost At l April 2022 Additions Oisposals 8.129.336 224,018 351.654 88%96 776,974 21.513 117.2791 9,481,982 110.409 1241,2971 1224,0181 At 31 March 2023 8,129,336 440.550 781,208 9,351,094 Oepreclatkn and ImpalrmeDt At l April 2022 Depreclètion charged in the year Elirninoted in respect of di5P05o15 4,712. 122,587 341.745 17.502 745,592 13,777 18,4861 5,8CK),302 153,866 18,4861 At 31 M•r¢h 2023 4,835,552 359.247 750,883 5,945,682 C*rrylni •mtwnt At 31 Maith 2023 3,293,784 81.303 30,325 3,405,412 At 31 Mar¢h 2022 3,416,371 224,018 31,382 3,681,680 Flxed a55et In¥e5tmer Gr￿P Investments In •$50clite5 C05t or ￿l￿alb At l April 2022 Income from associ*ed undertaking Share of proflt receivable 72,825 172,8251 At 31 Marth 2023 Carrylni amount At 31 March 2023 At 31 March 2022 -27_ SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Fixed a55et inve5trnerbts Icontinuedl Charfty ZOZ3 1022 Investments in subsldSaries Investments in a550ciate5 17 16 Subsldlarles Oetails of the charity's subsidiarie5at 31 March 2023 are asfollow5.' Name of undertaklnB and wuntryof Intorporatlon ty resldenty Nature ol bu4ne55 aa55 of sh•reholdlni X Held Olrect Soho Theatre 8ar LSmSted Soho Theotre Produrtions Limited Soho Theatre East UK C.I.C. En8land and Wales Efi8l•nd and Wgle5 Én8land and Wale5 Bar and cabèrei space Art15tic creation Artimic cieation Ordlnary Ordinary Ordinary 100.00 100.co 100,Ct) Soho Theatre 6ar15 a company rw5tered In the VK1074921311. Its re8i5tered address15 21 Dean Street. London, WID 3NE. The net assets of Soho Theatre Bor limited at the end of the reportiThg peri*xl are El12022.' net liabilitie5 of £226.4771. Dvrin8 the year, Soho Theatre Bar Limited made an operatin8profit prior to distribution of E258,24112022.. £91.3171. Soho Theatre Produ¢tions is a ¢ompaty rwstered ih the UK10295C6781- Its Q8lSterel address 1$ 21 Dean Street, London, WID 3NE. The net èssets of Soho Theatre Productions Limited at the end of the reportln8 pÈriod are £65.33112022.' net lièbilities of £4,9851. During the year. Soho Theatre Produttions made an operètin8 profit prior to distribution of £70.31612022.. Operatin8 loss of £4,987). Soho Theatre East C.l.C. is a company rewstered in the UK1134604751. It's rewstered address is Zl Oean Street, London, WIO 3NE. The net Ilèbllitles of Soho Theatre East C.l.c * the end of the reportin8 perfod are £186.11912022.' £nlll. Durln8 the year, Soho Theatre East C.l.C recognised a loss of £186,11912022= f nlll. 17 Assoclates Details of 35s0ciate5 3t 31 March 2023 are a5follow5-. Narne of undertakl Re8iStered Nature of buslne5S aass of shares held % Held Dlreci Indlrett 0SAWest End Limited England and Wales Support xtivities for performing Ordinary art5 33. -28- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 LoonsaThd 9￿rdIa￿S 2013 2022 Other loans 734,963 934,963 Payable within one year Payable after one year 20D,rA)D 534.963 2rKJ,orKJ 734.963 A Coronavlrus Buslness Intetyuptlon loan was obtsined in December 2020. The loan Is secured over the èssets of the charlty and bears Interest èt a fixed rate of 2.62% plus Bank of England base rate. The loèn Is reptyèble in 60 consecutive monthlv instalments commencing 13 months after the bNrowin8 dale. Detsilsof repayment of this loan can be seen at note 31. 19 Siocks Graup 2023 2022 Flnished goods and 8oods for resale 19,972 14,944 20 Debtws Group Chirfty 2023 2023 2022 2022 Amountslalllni due wlthln one ￿•r. Trade debtors Amount due from Broup undertokin8 Other debtors Prepayments and accrued intome 52,155 46,297 714,527 107,325 188,327 26,778 707,905 63.051 178,121 91,632 269,629 112,923 178,121 413,416 327,704 1,056,476 975,855 21 Retlrement benellt sthernE5 Otftrbed torfvlbution sthemes The charity operates a defined contribution pensiorl scheme for all qualfying ern￿0￿. The assets of the scheme are held separately from those of the charity in an inllependerbtty administered fund. The charge tothe Ststement of Financial *rtNitie5 in tespectof defined contribution 5cherne5 was £45,8fKJ12022.. £47,741). -29- SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Credttors-. amoyntsfallingdue ¥thhin ye Gwup 2023 Charlty 2023 2022 2022 Loan5 and overdr3fts 18 211),( 117,139 66,182 410.78Z 2rx),(hyJ 43.648 16,372 484.952 2fX>,IKK> 117,139 I￿,0[h) 43,648 Other taxation and wcial Security Trade creditors Amounts due trj subsidiary undertakings Other creditors Accruals and deferred income 309,760 417,806 10,208 28,724 654,024 28,026 1,019,818 183,437 683,508 179,010 495,815 1,841,947 1,611,917 1,319,855 1,336,279 Totsl deferred income at the yeèr end amounted to £827.09412022.. E585,2491. This amount represents Income for shows and distribution of diwtal propertythat will be reco8nised in future periods. 13 Deslgnated funds The Income funds ef the charity Include the followSng desi8nated funds whlch hawe been set aslde out of unrestrlcted funds by theTrustees for specffic purr*Jses: Resour¢es 8•l•hCt •1 tN•èhdtd 31 M•rch 2023 IW 1021 ewhded I Wl IQ21 Property fund 3.538.958 1122.5871 3.416,371 1122,5871 3,293,784 3.538.958 1122.$871 3.416,371 1122,5871 3,293,784 The property fund represents theUrryingv¥l￿ of the land and buildin8 24 Credllors.. amount51allln8due altsr rnorethan oneyear Group and charlly 202J 2022 8orrowin8S 534,963 734,963 Detai15 of the abDve loan can bp seen at note 18. Arnounts 5etded p05tyear end have bpen discb5ed in detail at note 31. otyo rr* uz Iii- ¥i rj ¢n m 4n uz SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 27 Operatln8 lease comrnltments Lessee At the reporting date the charity had outstsndiThg commitments for fvt￿￿ minimum lease payments under non. This represents Soho Theatre Cornpany iimiteLI's 33% share of profits reco8nised by DSA West End Limited for the year ended 31 March 2023. 19 Cash iener8ted from operatlons 1023 1022 Deficit for the year 1160,3761 1370,8011 Adjustments for.. Investment income recognised in 5taternentof financial aLtivities Depreciation and impairment of tsnwble fixed assets 125,6011 561,233 273,352 Movements in workingca￿taI. IlncrÈasÈl in stock5 Ilncre35el in debtor5 Increase In creditors 15,0281 185,7121 230,030 16,4011 1142,9541 744,627 Cash ynernted from operations 514,546 497.687 SOHO THEATRE COMPANY LIMITED COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL NOTES TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Analysls of thanges in net funds AtiW1kn22 Cash flo￿ At 31 Mavih 2023 Cash 3t bank and in hand 1.356.566 155,1231 1,3Ql,443 LoansfallinE due within one year Loansfalling due aftèr more than one >*ar 12¢X).LNX)I 1734,9631 12LX),0001 1534,9631 20J,oriJ 421,603 144,877 566,480 31 Post balarbce sheet el￿nts Followlnathe reportin8 date. a loan agreement was 98n¢d with Lloyds Bank on 25 ¢)ctober 2023. The purpose of the loan Is to repay the existin8 CBILS loan with Royèl Bank of Scotland and ensure lundin8 is in place to deliver on Soho Theatre's strate8y includin8 the openln8 of Soho Theèiie Wallhamstow. The loan facility is É1.61m which is required to be drèwn down in Its entirety by 31 December 2023. The loan is iepayable monthly over ten years and interest is set ot) a variable rate currently 7.25% inclusive. The loan is ￿ured è83lnst thevalue olthe fveehold of 21 Dean Street. On 25 October 2023, £666k was drawn down Irom the Lloyds loan facility of which E633k wès used to repay the CB1￿ loan wlth Royal 8ènk of scotland (the balance at the ieportin8 date was £750kl, £6k in èccrued CBILS interest and £27k In arrangement and legal fees payaNe to Uoyds Bank and SohoTheatre Company's legal representatlves. At the tlme of si8ning these accounts. the balanceon theCBILS loan was Enil and the Lloyds leaD was £666k. A loan agreement was signed with Waltham Forest Council by Soho Theatre East UK CIC on 6 October 2023. The purpose of thls loan Is to meet the costs of the successful ¢Jpenin8 and launch of Soho Theatre Walthamstow in the flnanclal yeèr endin8 31 March 2025. The lean facility Is £631k which was drawn down in its entirety on 2 November 2023. The loan Is repayable annually over ten years with payments commencin8 on the first annNeisary of the March fellov4in8 the epeninE of goho Theatre Walthamstow. The Inteiest rate Is fixed at 5.42% with accrued interest paid annually each March. On 14 December 2023. a loan agreement was ygned berween the parent charity Soho Theatre Company Ltd and its svbsldlèry Soho Theatre East UK CIC for a facility of £1.25M. The purpose of ihis tscilrty is to fund the successful opening ènd launch of Soho Theatre Walthamstow In the financial year ending 31 March 202S. The loan Is payable on demand but repayments are forecast to commence in the financial ¥e3r ending 31 March 2028. Interest Is charged and paid annually at a rate of 2% above the Lloyds Loan rate Itotal interest currently 9.25%1- The balantt at 31 March 2023 was £521k and further salary costs have increased the loan balance to £790k at the time 015igningviith irbterestacuued.