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2021-12-31-accounts

Company registration no. 00922845 (England & Wales) Charity Registration No. 268210

SOUTH LONDON THEATRE CENTRE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

SOUTH LONDON THEATRE CENTRE LIMITED

CONTENTS

Page
Legal and administrative information 1
Report of the General Council (incorporating the Directors' Report) 2 - 5
Independent auditors' report 6 - 9
Statement of financial activities (including income and expenditure account) 10
Statement of financial position 11
Notes to the financial statements 12 - 19

SOUTH LONDON THEATRE CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

General Council Directors Simon Gleisner (Chairman)
Christopher Stooke
Caroline Beckett
Joanne Boniface (Appointed 7 September 2021)
Lorna Felix (Appointed 6 June 2022)
Barry Heselden
Guy Jones
Gareth Milton
Lisa Thomas
Company Secretary Christopher Stooke
Charity number 268210
Company number 922845
Registered office 9 Bonhill Street
London
EC2A 4DJ
Principal address 2A Norwood High Street
London
SE27 9NS
Auditors Begbies
9 Bonhill Street
London
EC2A 4DJ
Bankers HSBC Bank Plc
9 Wellesley Road
Croydon
Surrey
CR9 2AA
Solicitors Howard Kennedy LLP
1 London Bridge
London
SE1 9BG

1

SOUTH LONDON THEATRE CENTRE LIMITED

REPORT OF THE GENERAL COUNCIL (INCORPORATING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Companies Act 2006, Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”. The charity is a Public Benefit Entity as defined by FRS 102.

Principal activities

The charity is a registered company limited by guarantee governed by its Memorandum and Articles of Association. The principal activities of the company are to promote, maintain, improve and advance education for the benefit of the public by the production of educational plays and encouragement of the arts, including the arts of drama, mime, dance, singing and music.

Going concern

The Directors' report and financial statements have been prepared on a going concern basis. In particular, in response to the continuing COVID-19 pandemic, the directors have reviewed current available resources and considered relevant information including reviewing the cash flow requirements of the charity for, at least, the forthcoming twelve months. The directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

General Council

The Directors of the General Council who held office during the year and up to the date of signature of the financial statements were as follows:

Simon Gleisner (Chairman) Christopher Stooke (Financial director) Caroline Beckett Joanne Boniface (Appointed 7 September 2021) Fiona Daffern (Resigned 6 June 2022) Roisin Deady (Resigned 6 September 2021) Lorna Felix (Appointed 6 June 2022) Barry Heselden William Howells (Appointed 7 September 2021 & Resigned 23 April 2022) Guy Jones Gareth Milton Marissa Papas (Resigned 6 June 2022) Benjamin Rathe (Resigned 6 September 2021) Lee Ridgeway (Appointed 6 June 2022 & Resigned 15 August 2022) Lisa Thomas

2

SOUTH LONDON THEATRE CENTRE LIMITED

REPORT OF THE GENERAL COUNCIL (INCORPORATING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

Appointment of Directors

All Directors of the General Council are Directors of the Company and the Trustees of the Charity for the purpose of Charity law and, with the exception of the Financial Director, are appointed by the members at each Annual General Meeting. The Financial Director is appointed annually by the General Council at its first meeting following the Annual General Meeting. Directors are elected by nomination at the Annual General Meeting or appointed by the General Council in the event of a vacancy. Elected directors are required to hold office for a minimum of six months. No Director shall serve on General Council in any one or more capacity for longer than 9 consecutive years. New directors are briefed on their legal obligations under Company and Charity law and the Charity Commission guidance on public benefit.

Wider network

SLTC Members' Club, a separate entity with its own constitution and ruling body, operates for the benefit of the charity and its subsidiary company SLT Building Preservation Trust Limited.

Risk Statement

The major risks to which the charity is exposed, as identified by the Directors, have been reviewed and systems or procedures have been established to manage those risks.

The funding received through SLT Building Preservation Trust Limited, has ensured financial stability for the company as normal levels of activity are not expected to be fully achieved until the end of 2022 at the earliest.

Our volunteers

All of the current directors of the company donate their services without charge. The company often also relies on the contribution of unpaid general volunteers in carrying out its activities. The directors have considered the specific provisions regarding the valuation of donated items and services and concluded that placing a monetary value on their contribution would not be possible or appropriate.

Review of the financial position

The Statement of Financial Activities for the year to 31 December 2021 shows net income of £51,161 (2020: net income of £11,013) increasing the total reserves carried forward to £114,231 (2020: £63,070). These reserves are held for the furtherance of the Company’s charitable objects.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months' expenditure. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The reserves of the company as at 31 December 2021 are at a relatively high level due to uncertainty in the current outlook and the need to fund capital and maintenance works in its subsidiary company.

3

SOUTH LONDON THEATRE CENTRE LIMITED

REPORT OF THE GENERAL COUNCIL (INCORPORATING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

Review of activities and Future Developments

During the year, the Company staged 13 productions, livestreams and other ticketed events with a total audience attendance of 2901 from members of the public, and the three regular training classes for ages six to eighteen were attended by 117 students. The activities of he Company were significantly curtailed for most of 2021 by the restrictions caused by the COVID-19 pandemic; more normal levels of activity are expected for 2022.

Auditor

In accordance with the company's articles, a resolution proposing that Begbies be re-appointed as auditors of the company will be put to the Annual General Meeting at which the financial statements will be presented.

Statement of directors' responsibilities

The directors are responsible for preparing the Report of the General Council and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

4

SOUTH LONt>ON THEATRE CENTRE LIMITED REPORT OF THE GENERAL COUNCIL IINCORPORATING THE DIREcfoRS' REPORn FOR THE YEAR ENDED 31 DECEMBER 2021 Statement of disclosure to audttor So far 35 each person who was a dirertor at the date of approving this report is awere, there is no relevant audit information of which the compan)Ks auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as dirertors in order to make themselves aware of all relevant audit information and to establish that the companws auditor is aware of that information. This report has been prepared In accordance with the provisions appllcable to companies entitled to the small companies exemption. On behalf of the General Council on Gleisner Chalrnian 26August 2022

SOUTH LONDON THEATRE CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Opinion

We have audited the financial statements of South London Theatre Centre Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

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

Conclusions relating to going concern

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

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

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

6

SOUTH LONDON THEATRE CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the General Council.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

7

SOUTH LONDON THEATRE CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our audit was designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting misstatement resulting from fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

8

SOUTH LONDON THEATRE CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

There are inherent limitations in the audit procedures performed. The further removed instances of noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Michael Firman (Senior Statutory Auditor) For and on behalf of Begbies

Chartered Accountants Statutory Auditor

26 August 2022 9 Bonhill Street London EC2A 4DJ

9

SOUTH LONDON THEATRE CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Unrestricted
fund fund
2021 2020
Notes £ £
INCOME FROM:
Donations, legacies and grants 2 49,534 19,077
Charitable activities: 3
Theatre productions 21,203 16,352
Training classes 26,642 9,002
Other trading activities 4 18,919 19,864
Investments: Bank interest income 6 37
Total income 116,304 64,332
EXPENDITURE ON:
Raising funds 7 6,696 8,513
Charitable activities: 3
Theatre productions 21,285 33,554
Training classes 27,173 9,685
Other 8 9,989 1,567
Total resources expended 65,143 53,319
NET INCOME/(EXPENDITURE) FOR THE YEAR AND NET
MOVEMENT IN FUNDS 51,161 11,013
Total funds brought forward 63,070 52,057
Total funds carried forward 17 114,231 63,070

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

10

SOUTH LONDON THEATRE CENTRE LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021 2021 2020 Notes Flxed assets Tanglble assets 12 24,697 28.754 Current assets Debtors Cash at bank and in hand 15.051 87.090 5.089 70.103 102,141 75,192 Liabllltie5 Creditors: amounts falling due within one year 112,6071 140,8761 89.534 34,316 Net assets 114,231 63,070 The funds of the tharlty. Unrestrlcted funds 17 114.231 63,070 Totsl ¢harlty fvnds 114,231 63,070 These flnancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companie5, re8ime. Approved on behalf of the General Council and authorised for issue on 26 August 202 n Glels er Dlrertor of the General Councll Chrlstopher Stooke Dlrector of the General Coundl Company Registratlon No.: 922845 li

SOUTH LONDON THEATRE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES

Company information

South London Theatre Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 9 Bonhill Street, London EC2A 4DJ.

a) Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities Act 2011, “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”. The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

b) Going concern

At the time of approving the financial statements for issue, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The directors have prepared cash flow projections covering the period to 31 December 2023 which indicate that the company has sufficient cash resources to meet its liabilities as they fall due. In particular the directors have considered the continuing impact of the COVID-19 pandemic, both during 2022/23 and the possible immediate future effects on its trade and that of its assets.

The directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

c) Group accounts

12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

SOUTH LONDON THEATRE CENTRE LIMITED

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

e) Grants and legacies accounting

Entitlement – control over the rights or other access to the economic benefit has passed to the charity. Probable – income is recognised when there is sufficient certainty of receipt - receipt is more likely than not.

Measurement – the monetary value or amount of the income can be measured reliably.

f) Donated services and facilities

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Investment income

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

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

13

SOUTH LONDON THEATRE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

i) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 7.

j) Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery over 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets 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 asset is estimated in order to determine the extent of the impairment loss (if any).

k) Debtors

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

l) Cash at bank and in hand

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

14

SOUTH LONDON THEATRE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

o) Charitable funds

The funds of the charity are classified as general and are all unrestricted and expendable at the discretion of the directors in furtherance of the objects of the charity.

p) Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 DONATIONS, LEGACIES AND GRANTS

Donations
Grants receivable and released		 2021
2020
£
£
3,914
1,355
45,620
17,722
49,534
19,077

Grants receivable and released includes £44,954 (2020: £13,146) from SLT Building Preservation Trust Limited to cover eligible expenditure and charitable projects.

3 INCOME FROM CHARITABLE ACTIVITIES

Theatre Productions
Theatre ticket sales
Less: Production costs
Less: Associated support and governance costs (note 7)
Net expenditure from theatre productions
Training Classes
Income from student fees and performances
Less: Running costs
Less: Associated support and governance costs (note 7)
Net income/(expenditure) from training classes		 2021
2020
£
£
21,203
16,352
(5,702)
(4,453)
(15,583)
(29,101)
(82)
(17,202)
26,642
9,002
(8,678)
-
(18,495)
(9,685)
(531)
(683)

15

SOUTH LONDON THEATRE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4 INCOME FROM OTHER TRADING ACTIVITIES

INCOME FROM OTHER TRADING ACTIVITIES
Membership subscriptions
Miscellaneous income
Costume hire
Merchandise and ice cream sales
Fund-raising		 2021
2020
£
£
10,011
9,720
-
340
5,074
1,925
673
2,287
3,161
5,592
18,919
19,864

5 EMPLOYEES

The average number of persons, including directors, employed by the company during the year was 6 (2020: 5).

Employment costs
Director's remuneration
There were no employees whose annual emoluments were £60,000 or more.		 2021
2020
£
£
-
1,251

6 EXPENDITURE ON RAISING FUNDS

Publicity
Fund-raising costs
Associated support and governance costs (note 7)		 2021
2020
£
£
1,596
972
180
203
4,920
7,338
6,696
8,513

16

SOUTH LONDON THEATRE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

7 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS

The company apportions its support costs and governance costs between the key activities undertaken in the year. The table below shows the basis for apportionment and the analysis of support and governance costs.

Support costs:
General theatre costs
Rent
Depreciation
Share of overheads
Telephone and internet
Office expenses
Wages and salaries (incl. NI)
Director's remuneration
Payroll administration
Irrecoverable VAT
Sundries
Governance costs:
Audit and accountancy fees		 Theatre
production
Training
classes
Fund-
raising
2021
Total
2020
Total
Basis of
allocation
£
£
£
£
£
420
-
-
420
1,343 Specific
6,664
986
1,350
9,000
18,000 Floor area
3,003
445
609
4,057
4,024 Floor area
2,025
300
410
2,735
9,746 Floor area
-
-
-
-
200 Specific
271
-
271
542
1,432 Time spent
-
15,576
-
15,576
3,499 Specific
-
-
-
-
1,251 Time spent
-
580
-
580
830 Pro rata
-
-
1,295
1,295
411 Specific
-
208
585
793
1,238 Specific
3,200
400
400
4,000
4,150 Pro rata
15,583
18,495
4,920
38,998
46,124

8 OTHER

OTHER
Website development costs
Ice cream costs
Wardrobe costs
NET INCOME/(EXPENDITURE) FOR THE YEAR
This is stated after charging payment to auditors for:
The audit of the company's financial statements		 2021
2020
£
£
9,500
-
414
-
75
-
9,989
-
2021
2020
£
£
3,750
3,850

9 NET INCOME/(EXPENDITURE) FOR THE YEAR

10 DIRECTORS' BENEFITS AND OTHER EXPENSES

During the year, six of the directors received reimbursements, inclusive of VAT, totalling £2,418 while they were directors (2020: £1,847 to three directors) for theatre expenses, publicity, office expenses and maintenance costs incurred on behalf of the company.

None of the directors received any benefits in the year (2020: £nil).

17

SOUTH LONDON THEATRE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

11 TAXATION

The company is a registered charity and does not trade for tax purposes. It is not liable to tax on its net income for the year.

12 TANGIBLE FIXED ASSETS

Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation and impairment
At 1 January 2021
Depreciation charge
At 31 December 2021
Carrying amount
At 1 January 2021
At 31 December 2021		 Plant and
machinery
etc
£
54,496
988
55,484
26,730
4,057
30,787
27,766
24,697

13 SUBSIDIARY UNDERTAKING

SLT Building Preservation Trust Limited (BPT) is a wholly-controlled subsidiary of South London Theatre Centre Limited. It is a charitable company registered in England & Wales and limited by guarantee. The principal activities of BPT are the preservation and management of the Old Fire Station at 2A Norwood High Street, London SE27 9NS.

Net
income/
(expenditur
e) for the
Reserves year
2021 2021
£ £
SLT Building Preservation Trust Limited (204,284) 62,564

18

SOUTH LONDON THEATRE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14 DEBTORS
Amounts owed from group undertakings
VAT recoverable
Other debtors
Prepayments
15 CREDITORS
Trade creditors
Amounts due to group undertakings
Taxation and social security
Deferred income
Other creditors
Accruals		 2021
2020
£
£
11,242
-
-
2,153
402
529
3,407
2,407
15,051
5,089
2021
2020
£
£
1,172
667
-
670
3,230
-
506
35,526
337
165
7,362
3,848
12,607
40,876

16 GUARANTEE BY THE MEMBERS

The company is limited by guarantee. The members of the company have agreed to contribute an amount, not exceeding £1 each, in the event of it being wound up.

17 MOVEMENT OF UNRESTRICTED FUNDS

Balance brought forward : 1 January 2021
Net income for the year
Balance carried forward : 31 December 2021		 £
63,070
51,161
114,231

18 RELATED PARTY TRANSACTIONS

During the year BPT charged: - £9,000 (2020: £18,000) in rent, and - £3,350 (2020: £9,746) in share of overheads to the company.

SLTC received £600 from BPT in contribution towards website development costs.

19 EVENTS AFTER THE REPORTING DATE

The directors' view on the continuing impact of the COVID-19 pandemic is disclosed in the Directors' report and in the going concern accounting policy.

19