R¢glstered numbor. 01353824 Charlty number: 275934 SEVEN DIALS PLAYHOUSE LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A4JRKbI4C 2011212021 COMPANIES HOLISE
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SEVEN DIAL'S PLAYHOUSE LIMITED IA Company Limwted by Guarantee) CONTENTS Page Refer•n and fvxlmlnlstratlv• Detsll$ of the C¢)mpanyp Its Trusto9s and AdVIr$ Tru#tees' Report Independont Audltors. Report on the Flnanclal Slatsmgnts 8-11 Consolldated Statement ol Flnanclal ActivSlAes 12 Consolld*t•d Statemènt of Flnancial Positlon 13 Company Statomenl of Flnan¢lal Posltlon 14 Consolidated Statoment of Cash Flows 15 Notes to thg Flnan¢lal Statsments 16-33
SEVEN DIALS PLAYHOUSE LIMITED - (A LOmnY Umlted by Guarantee") REFERENCE AND ADMINISTRATniE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOED 31 MARCH 2021 Trustees Ell Bames-worrell RO Bell Iiesyned 27 April 20201 Fast Caslelow Julra Crampsie ISIgned 18 December 20201 Simon Harper (resigned 1 May 20201 Zena Meyer (resigned 5 April 2020) lan Nicol Andrew Subramaniam. Chair Jamie Wilkes (appointed 1 September 2019} Company reglstered number 01353824 Charlty reglstered number 275934 Registered office 1A Tower Street London WC2H 9NP Company secretary Andrew subraManM Chlef Ex•cutl¥• Amanda Davey Independent audltors Nnan Libson Paul LLP Chartered Accountants Registe Auditors 124 Finchley Roa(1 Lontjon NW3 5JS Bankers Unty Trust Bank P 9 Brindy Place Birmingh8m B1 2HB Page 1
SEVEN t4ALS PLAYHOUSE UMITED IA Company Llm6tsd by Guarants•) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 On 2 November 2021, the company changed their name by resolution from The Actors Professional Centre Lirnited to Seven Dk8ls Plathise. Founded in 1978. The Actors Centre is the Ulfs kading professional and crealNe development organisalion. supporting creative practitioners throughout their careers by faalitating opportunities in the development of their craft. We a¢YO value to the sectorlinduslry through a programme of dIVee workshops, sessions, maslerclasses and lalks with industry leading practiiioners. providing an essential space lo neork. to share. to learn, to create, to thrive. We programme an edectic mix of original. evocative. dNerse. and ehallenging work Ihal attracts a wide and varied audience. Al the core is a commilmènl to supporting arhStslCkn"ve practth"oners- working collaboratively alongside emerging and established artists whilst developing talent ppelines into Ihe sectorlinduslry. Our flagship theatre space. The Tristan Bates Theatre (TBTI pSentS high quality theatre. which consists of text based contemporary play3 and musicals. Our focus is bringing unknown. forgotten, and reimagined theatre to our Off West End stage, we do this by priorilising New Writing. EuropeanlUKILondon Premieres, Revivals and Adaplalions and Productp)ns that encourage dwersity and inclusivity onloff stage. Our progr8mme is attended by a wide range of audiences frcyn our in-house prOgrMe partpaftts through to tourists from across the globe. The John Thaw Studio promotes Work-irr0gresS and allows creatNe pracb"It0ne the opportunty to receive vital feedback on work currently in developm8nt. Creatr¥e practitioners have access to the senior management team, who act in a developmental role, and assist on the future life of the productK)n. The John Thaw Initiative offers Spa to creative praclilioners creating their ovm work - we have 4 seasons a year. tailored towards supporting a particular demgraphi¢ of crealive practitioner. or the1r of WOTk. 2020121 & COVID.19- As a physical space. The Actors Centre has been dosed since March 2020 except for a period whereby restrictions were eased. meaning we were able to pSert1 a sold-QUt h¥o•week Tun of theatre Isunnymead Courtl wth social di5tanrAng measures in pla. We have ntinUed to offer an onlwie programme of work, including workshops. masterclas5es, tslks. and panel discussions via Zoom. as well as an On Demand prfyJr8mme of theatre. Staffing- To manage finanual risk aTrJ to ensure we miiimi5ed the gap beeen and expendityre, in November 2020 we issued undancY noteS to 811 those on furfough sinc£ Mar¢h 2020 {9112}. this was necessary lo ensure the survival of the organisation going forward. The mainIng staff team13) are cuffenuy flexi furloughed for three days p. This is to decTease costs and lo protect these roles going forward. Andrew Subramani8m conts'nues lo ad the Boaryl in the role of Acbng Chair. Permanent Chair, and Trustee Recruitrnenl are scheduled for earty 2022. Chair Recrultment WoTklng Group- As The Act0 Centre begins the process of recxuitirKJ a new Champerson. we have eslablished a Working Group, whose expertise and experience are providing a guKling framework for the recruilment process. The group is composed of individuals who have experience in governance. recruitment, and the arts sector. The Working Group comprises a dIVee group of people who share our values and are excited about the lulure of the organisation. The mission of the Working Group is lo explore the optKJns available lo organisat¢on for the recruitment of a Chairperson. We have beon open. transparent, and refcte of the edlaboratNe and inclusive approath that defines the work of the organisation. Pago 2
SEVEN DIALS PLAYHOUSE UMITED (A Company Limited by Guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 The Chair of the Board will sUPPOrt and sustain the work of the organisation as well ag offer govemance leadership. business, and strategic development 5UPPOrt. The establishment of Ihe Working Group is 8 crucial step in this process as we hope that the shared expertise and 8xperien¢e of the Group, we can welcome someon? QLtsianding in their fRld and who. alongside the Ch1 Exetive is vAllirsJ to help propel the vision of the organi$alion forwwd. Financial and fvndrnising - The organisalpjn was successful in securing an extension to its loan f•ifity ¥vtth tts bank (Unity Trust). lotaling £135,000. Unity Trust remain supporlive.. h¢ywever, they are Unab to extend this faality further. There is an expectsts'on that we will start repayftg both intewt and ¢apital on this ban fa¢slity from October 2021 al the rale of £5,000 monthly. The request has been made to defer repayynent for a year to as51St with cashflow and organisali¢)n81 sustainablity. hoEver, this has been dedinod. We were successful in securing a Boun Back loan through HSBC for £50K. Repayments will comrwnce in October 2021 al an annual rate of 6% across 5-yeaTS. The Coronavirus Job Retention Scheme {CJRS) closed in September 2021, we are therefore expecting lo reinstste all stsff to F hours from this point. and in preparatbon for reopenin9. In total we will draw down £123K from the CJRS. Wa have been successful in receNing Mon from our lrtal authority. Camden Council including. Additional Restriction$1£18KI. Restsrt1£10KI arKI Retail. Hosprtalty and Leisu Grants1£22.9281. In June 2020 we were suceessfvl in secuftng Emergency Funding through Arts Council England. The organisation was also granted monies from Ihe Cultural Reo)very Fund {CRF) Round One, lolaling, £240K. We were not successfvl with Round Two funding; however. we have been awarded £120K as part of CRF Round Three lundin9. The fvnd aims lo provide emerg8ncy furhding to cutturally signfficsnt organisations that were financially sustainable before Covid-19 but are now al imminent risk of faiknre and have exhausted all other opt5 for inCreasg their resilien CRF Round One was used in part lo pay staff redundancies. 11 also enabled us to undertake a pfrriod of strategic development, rev1511ing and redeveloping the business mc•Jel of the organisation. Chair and Trustee recruitinenl, and a full rebrand. It allowed us to continue paiing contractors and SLbppliers, and salaries for those not part of the CJRS. It assisted wth the payment for artiswcreative plitnerS employed on a freelan basis lo host sessions as part of our online programme. In March 2020 we Instated a donation cavnpaign which. to dale. has raisetl £61.929, including £40K from Sir lan McKellen. The Actors Centre was one of several ¢arilies that benefited from Sir lan's Onstage tour. as part of his 80th birthday celebTatKJns. We I1Ved a £10k donali)n from th8 lale Paula Jaccts. on behaw of the Clive Swift Charitable Foundation. These lunds combined are enabling the org8ftisation lo suNNe dvring this time, we have needed lo continue pawng supplvdrs, existin9 contracts. and remaining salaries. Many of the suppliei contracts are al an increased rate due lo pawnent holirjajs tsken durng 2020. All Jdib"onal sources of fundin have been conf1md. Since Mareh 2020, we have continued lo operate with an online programme of Work lo include wor1(shops, masterclasses. talks, and panel discussions wa Zoom. and an on-d8mand programmg of theatre. In addilKJn lo this, we have been seekiThJ out ways of generating monies through corporale hires of the space. Irusls and foundations. and the Lon(lon Community Response Fund. We were also able lo tske advantage of Ihe 12-month business rate relief. We continue to seek out other wayE of bringTrng in income into the organisation. P8ge 3
SEVEN DIALS PLAYHOUSE LIMITED IA Company Limited by Guarantetl TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 A fundraising strategy is in development which fomis part of the strategic plan 2021123. The implementation of which will ensure we nnue to grow as an organis8tion. We wll diversify our income streams through a mixed model of fvnding to ensure we arg resilient finanaally and not Fv1Y ¢Jependent on any one stream. Publie B•n•rrt- The Trustees have ensured that they have comph'ed wilh Ihe duty in sedion 17 of the Charities Act 2011 wrth regards to the public nefit of the Charity during the wr. Going Concern - The organisatKJn plans to ¢¥en as a physical Spa from February 2022 %wth a redeveloped business model, strategy, vision, mission. and brand. We have and wll continue to offer an onlin8 programme of work$h¢ws. masterclasse5, talks and seminars. as well ay an on4emand programme of llatre. We are supporting several companies, induding Deffibrillalor, Carter Dixon Productions. ar Walersmeel Productions in temis of space and marketsng support throughout November- January. and in preparation fof the pEsenlationhouring ofwork at other London venues, and awss the UK. We will complete work on our revisgj strategy and bUs1rSS mc•Jel. to includè a lul rebrand of Ihe Organisalion. this wll launch in November. We have several eonfimied corporate hires of the space through November- January. All the above are assisting the organisalion in tr8nsitioning back into full operation. We understand that there is hesitancy from artists, creative praCtrtK1ne. antj audiences alike lo return lo pre COVID nom at this time hen we have taken the derision to delay reopening. We a also aware that there may be furthef complicatnS over the coming months and are alive lo this possibility. We will cKJntinue to offer an online programrne and will defer any in-house actwity should this be required. these discussionslagreements are currenlly taking place bwth artistsIalIve practitionerslcompanies. We will commence a recruitment drive in January 2022 to ensure there rs capacity lo deliver. however, we will slay srnall as a team lo ensu Ihat operab'onal costs are being monilored and minimised. In terms of contractors and 8uppliers, we continue to renegotiate to ensure Ihal expenditure is controlled. agreeing shorter lemis contracts, and switching suppliers whereh¥hen nersary. In tenns of our funtlraising pkqn, this will be developed fonowin9 the appointment of development personnel. working towards a mixed model of funding. As an unsubsidised charity, our current mfyjel is heavily weighted on earned income. 11 is necessary for the organisalion to diversify ts income slreams and we will commence this by drafting a case for support. already in development. We wll look at tuming customer51audiences into supporters as well as working lo achieve greater levels of sponsorship through external partners, including Twsls and Foundations. However, we acknovledge that these take time. There is lirnited risk attached lo this in the first year of the business plan and as such no unrealistic targets have been set for the 2022123 budget year. Rlsk Mana9•ment- The risks associated with the cjjrrent plans are fw5ed on wmTnunitieslaudiences Tetuming, and the space being able to open at full capacity. We are mitigaling against these by forecasting Sa at 50% for the first six months of the 2022r23 year. We are also induding a reserves rebuild as part of the Arts Council England Cultural Recovery Fund application which will be ulili5ed rf necessary. Page 4
SEVEN DIALS PIAYHOUSE LIMITED IA Company Limitsd by Guarantee). TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 There are risks assoctaled wth the implementation of the new bus1rS mcrtjel. these are Klontified as Ihe following- Economi¢. Compliance. Surity and Fraud. Financial. Reputslion. Operaliond. Compelitson. Continual risk idenlific8tion. analysis, planning. and evaluatir¥J at both tsam arKI 8oard level wll ensure that we are able lo mitigateleliminale as many of the risks as possible. Structurol g0voman. and man•gem¢nt- CONSTITUTION The Company and the Group is registered as a tharitab C0ThanY limited by guarantee and was set up by a Memorandum of Association on 28 June 1978. The Company and the Group is constituted under a Memorandum ofAssociation. updated 27 O¢lober 2021, and 15 a registered charity number 275934. RISK MANAGEMENT Govemlng Docum•n¢- The Company is limiteil by guarantee and is a registefed charity number 275934. It 1$ govem8d by a Memorandum and Artides ofAssoaation. The company was incorporale(1 in 1978 and registered as a Charity on 28 June 1978. FollowiThJ discussions with the Charity Cornm10n a new Memorandum of Association wa5 fi in 2007 and the Company forrId a wholly owne(I subshliary Company limited by guarantee lo conduct certain tradin9 activities for the Centre. The aclivits.es of vocational training are conduded as part of that subsidiary Company. A revised Memorandum and Artdes of Asxrialion was a¢Jopted by resolution on 27 Odober 2021. Prlncipal ObJoctSve and Airns- The Mernorandum of the Company provides that the Company is eslablished to promote and as51St the advancement of education.. the ajvancement of the art5, Curture. and heritage for the publi¢ benefrt and, in particular lo procure and increase the appreciation and understsndiThJ of the dramatic arts in all of their foms by encouraging the production of educational plays and perfomwnces and Ihe invofvement of the public in the arts through lectures, resèarch, workshops, and classes. Revl•w ol Principal Obj•ctivè and Developments for the Publlc Boneflt - The Tfuslees review the Charitys princApal aims. tibiectNes and actNilies each year lo ensure that the Charity remains focused on its stated purpose over the next 12 months. The Trustees confirm that they have referred lo the Charity Commi%sion's general guNlane£ on public benefit when reviewing Ihe Charitys objectives and aims in planning fLrture activitses. and how the planned activiltes will further the aims and objectives for the benefft of the public. Page 5
SEVEN DIALS PLAYHOUSE LIMITED IA Compuny'Llmlted by Guafant••l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 PaARCH 2021 The Charity ha5 achieved this objective by means of a range of activtties an¢J education including the theatre hosting perfOrrnan of pL4ys. prinapally new vmting. The Charity also runs var¢ous workshops. courses and masterclasses benefib'ng a number of people and démcgraphics. R•cruitsn•nt and Appoinlm•nt of the Bo•nl of Dir•ctors- The Directors who are also guarantors of the Company served during the yw are listed on page 1 of the accounls. Under the requirements of the Memorandum and Artides of AssociatKJn the members of the Board are elected to serve for a period of three ypar5 after whrch they must be reelected for a further three-year lemi. not exceeding'lhree conseculNe terms. Thè iThJuction process for any nthvty apwinled TNslee rnmprises an initial meeting wth the Chair and Chief Executive lo brief on the objectives of the Charity and the responsibilities and liabilities of the Board of Twste8S. Pre9rammes of training are available to Board TTUStees. as is the potential for one-twne mentoring SUPPOrt. Rlsk Assessment- The Trustees have assessed the major risks to which Ihe Company and the Group is exposed, those related lo the operations and finances of the Ccthpany and the Group and are satisfied those systems and procedures are in place to mits'gate its exposure to any major iisks. Rlsk Management- Risks are conside0 in temis of the wider environment in lch The Actors Centre operates. The financial climate. society and its attitudes, the natural environment and changes in the law. technology and knowledge will all affect the types and impacl of Ihe rbsks that The Actors Centre 15 exposed lo. Regular moniloring of The Actors Centre Risk Management Policy at Officer Ve1 takes place monthly to ensure that new risks are addressed as they arise. The Risk Register will presented lo Trustees annually at Board meetings or more regulady in exceptional cir¢umstsnces. The staff team will take responsibility for implementation. Communication wtih staff al all levels is key in ensuring that group and individual re5ponsibilitEs are understoerty and embedded into the culture of the organisation. Our process enre$ that- New risks a properly reported and evaluated Risk aspects of signth(xnt new projects are consbjered as part of projed appraisals Any significant failures of control systems are pioperly reported and actior5 Thefe is an adequate level of understanding ol individual responsibilities for both impmentation and monitoring of the control systems Any furthei actions required a entIfied Tru51ees consider and review the annual process Trustees a prov¥Jed wim relevant and rewrts. Page 6
SEVEN DIALS PLAYHOUSE LIMThED IA Company Limitsd by Guarants•) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Tm on Ibllltles statem The TnJstees (who are also directors of Seven Drals Playhouse Ltd for the purposes of company law) are sponsible for preparing the Trustees. report and the financial slalemenls in accordance with applicable law and Unit&J Kingdom Accounting Standards {United ngdoM Generally Accepted Accounting Practsce}. Company law requires the Trustees to prepare financial ststemenls for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of offairs of the Charitab cornpany and the group and of the incoming resourc8s and application of resources. induding the income and expen¢Jiture. of the chantable group for that period. In praparing thv3e fin8nto1 statements. the Tnjslees a wuired to.. sele¢t Suitab accounting polices and then apply them eonsistenlly.. observe the melhtxls and principles in the CharilEs SORP-, make judgments and accountr.ng estimates that are re850nable and pnJdent', prepare the finanual stslements on the going wncem basis unless it is inappropriate lo presume that the charitable group wll conlinue in operalion. The Trustees a SponsIble for keeping adequate aCUnting record5 that a SUfflent to show and explain the charitable company and the group's transactions and disdose with reasonable accuracy at any time the financial position of the Charitab group and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the tharitable company and the gTOUP and hence for taking reasonable steps for the PVentiOn and detection of fraud and other irregularities. Dlsclosurn of Infomiation to auditors TnJstees al the lime when this Tnbslees. report is approved has confimied that: so far as Ihal Trustee is aware, there is no relevant audrt infomation of %thich the charitsble group's auditors are unaware. aThJ that Trustee has taken all the slep$ that ought lo have been tsken as a Trustee in order to be aware of any r?vant audit infonnalion and to estsblish that the tharitsb group's auditor5 a aware of that information. Approved by order of the members of th6 boarE1 of Trustee$ on and sKJned on Iheir behaw by. A g.kn, Dec 16, 2021 Trust•• susftA Y4ANIIArf Page 7
SEVEN OIALS PLAYHOUSE LIMITED (A Ccffipany Umlted by GranO) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SEVEN OIALS PLAYHOUSE UMITED Opinion We have audited the financid statements of Seven Dials PlaoUSe Limited Ilhe 'parent charitsbl& companl) 8nd its Subslia11e$ Ilhe'group'l for the year ended 31 March 2021 which crmprise the Consolidated Slalement of Financol Activities, the Consdidate(I Statement of Finanaal Polion, the Company Statement Of Financial Position. the Consolidated Statement of Cash Flows and the related notes. including a summary of signiflcant accounting polic$. The financial reporting framework thal has been applied in their pparatsOn 15 applicable law and United Kingdom AccoLsnting Standards, including Finanual Reporting Standard 102 'The Financial Reporting Slandar(l applicable in the UK arKI RepU1C of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the finanual statements- give a true and fair wew of the state of the Group's and of the parent charitable companls affairs as al 31 March 2021 and of the Group's incoming resources and application of resouTl2S. including ils income and expenditure for the year then ended: have been property prepared in acc4Jrdartt Unile(l Kingd(Nn Generally Accepted Accounting Practice.. and have been pwared in ac¢ordartt with the requirements of the Companies Act 2c and the Charities Act2011. Basls for oplnlon We conducted our audit in accordance Inlemational Standard5 on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those stantlards are further described in the Auditors. re5ponsibili14es for the audit of the financial slalements section of our report. We are independent of the Group in accordance with the ethical quirements that are relevant lo our audtt of the financial statements in the United Kingdom, including the Financial Reporting Coun¢l's Elhical Standard. and we have fvifilkd our other ethical responsibilities in accordance with Ihese requirements. We beIve that the aLNJil evIdere we have obiained is Sufflent and appropriate lo provKle a basi5 for our opinion. Con¢luslon$ relatlng to going con¢om In auditing the financi81 statements. we have conclLKled lh the Trustees. use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the w(yk w8 have perfony, we have not identbfied any material unrtaIntieS relating to events or conditions thal, indNidually or collectively. may cast significanl doubl on the Group's or the PanI charitable company's ability to continue as a going concem for a peri(Kl of at least twefve months from when the financial ststemenls are aulhonsed for issue. Our responsibilities and the responsibilibes of the Twstees vth respect lo going concArn are describpd in thp. levanl sections of thi5 report. Page 8
SEVEN DIALS PLAYHOUSE LIMITED IA Comp•ny Umlted by Guarnnteo} . INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SEVEN DIALS PLAYHOUSE LIMITED ICONTINUEDI Other Infomiallon The other informalw comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other infomiatron contained within the Annual ReporL Our opinson on the financial statements does not eover the other infomation and. except lo the extent olherwse explicrtty stated in our report. we do not express any fomi ol assurance conclusion thereon. Our responsibilty is to read the other inforniation and, in doing so. COnser whether the other infomiation is materially inconsistent with the financial statements or our knOedge obtained in the course of the audit, or oiheTh¥ise appeats lo be materially misststed. If we lentsfy such material inctsnsislenaes or apparent material misslalements, we are required lo detemiine whether this gives rise to a material misslalemenl in the financial statements Ihgmselve$. If. based on the work we have perfomied, we conclude that there 18 a maleiial misstatement of this olher information, we are requirefj to report that fact. We have nolhing 10 report li thbs regard. Opinion on othef matters pr•xrib•d by the Companies Act 2006 In our OniOn, based on the work undertaken in the course of ts aLKlit. the informab'on grven in Trustee5' Report for the finanaal for which tha finanual slalemenls are prepared 1$ consistent %wlh the finanaal stslements. the Trustees. Report has been prepared in accordance wth applicab legal requirements. Mattors on whleh w• •r• r•quir•d to roport by exuptlon In the light of our nedge and understanding of the charitsble Company and its environment obtained in Ihe )ursé of the audit. we have nol identified material rnisstatements in the Trust. Report. We have nothing to port in respect of Ihe follwng rnatte in relatn to which Companies Act 2006 requires us lo report lo YDU rf, in our opinion.. the pant Charitable company has not kept adequate and suff1ent accounling records. OT retums adequate for our audit have not been received from branches not Vi5rted by us,. or the parent charitsble company financial ststements are not in 4reemenl with the arKounting records and relums.. or certain disclosures of Tru$lees' remuneration 5fied by law are r)ot made" or we have not reIved all the information and explanations we require for our audit or the Tnjstees v*re not entilled lo prepare the financial stalemgnts in accordance wth the small companies regime and lake advantage of the small companies. exemptions in preparing thg Trustees. Report and from the requirement to prepare a Strategic Report. Page 9
SEVEN DIALS PLAYHOUSE UMITED IA Company Umited by Guarnnte•l INDEPENDENT AUDJTORS. REPORT TO THE MEMBERS OF SEVEN DIALS PLAYHOUSE LIMITED ICONTINUEDI Rgsponslbllllles of try$ts¢$ As explained more fully in the Trustees, Responsibilit6 Stalernenl. the Trustees {who are also the t11clOT$ of the charitable company for the purposes of company law) are respongble for the preparation of the fmancial slalements and for being salisffied that they give a true and fair view, and lor such internal conlrol as thg Trustees determine is necessary lo enable the pparatiOn of financial staleN*nts that are free from material misstalemenl. whether due lo fraud or error. In preparing the financial statements. the Trustees are reSFon5lb for assessing the Group's and the parent charitable companys ability to continue a5 a going concem. disclosing, as applicable, matters related lo going oncern and using the going concern basis of accounting unkss the Trustee5 etther intend lo liquidate the Gro or the parent charitable company or to cease operations. or have no realistic allemative bul to do so. Auditors. rospon5ibilities for th• audlt of the Ilnancial Ststsments Our objectives are lo oblain reasonable assuranrE about whether the financial slalements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an Audrtors, Report that includes our ¢)pinion. Reasonable assurance is a hh level of assuran. but is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will alway5 detect a material misstatement when il exists. Misstatements can arise from fraud or error arKI are considered material rf. indwidually or in the aggregate. Ihey could reasonably be expectsd lo influence the economic decisions of users taken on the basis of these financial stslements. Irregularities, including fraud. are instances of rKomplIan laws and re9ulations. We deSn procedures in line with our responsibilitigs. outlined above. lo detect material rnisslatemenls in respecl of irregulorilies. including fraud. The extent lo whKh our predureS are capable of deteciing iffegularibes. including fraud 15 detsile¢Y below". We gained an understsndirvj of Ihe legal and regulaiory framework applble to the Group and the industry in whh f( operates, and nSidered Ihe risk of acts by the company that were contrary to applicable laws and regulations, includiThJ fraud. We designed audrt prcteduTes to respond to the risk. recognising that the risk of not dgteth'ng a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may invohe deliberate eoncealment by. for exarnp. forgery or intentional misrepfesentations. or through collusion. We focused on laws and wulations whh could give rise to a material rrisstatement in the financial slalemenls. Our tests included agreeing the finanal slalement disclosures to undertying SUPPOrting documentation and enquiries with management. There a inherent limrtalKJns in the audit procedures described above and. the lurther MOVed non-complianee with laws and gUlatiOnS from the events and transactions reflected in Ihe financial statements, the less likely we would become aware of it. We did not identify any key audi( matters relating lo ¥rwularrtie5. IrludIj fraud. As in all our audits, we also addressed the risk of management override ol irttemal controls. including testing joumals and evaluating whether there was evidence of bras by the TILbStees that reprvaented a risk of material misstatement due lo fraud. We also Communicat relevant identified LS and regulations and potential fraud risks lo all engagement team members and Ma1fted alert to any indicatsons of fraud or non-compliance with laws and regulations throughout Ihe audit. A further description of our responsibilities for the aLKlit of the financAal stalerrtnts is located on the Financial Reporting Council's websrte at.. W4¥W.frc.o .ukJauditorsres nsibilit. This descripkn.on foms part of our Auditofs, Report. Pe 10
SEVEN DIALS.PLAYHOUSE UMITEO .IA Company.Llmltgd by Guarante• INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SEVEN OIALS PLAYHOUSE LIMITED (CONTINUED Use of our report This report is made solely to the charitable companws members. as a body. in a[dance with Chapter 3 of Part 16 of the Compan$ Act 2CQ6. and to the charitable c¢ynpany's trustees, as a body, Part 4 01 Ihe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we moht slate to the charitsble mpanS members those matters we are required to state to them in an Auditors. Report and tor no other purpose. To the fullest extent permitted by law. we do not accept or assume Te5ponsibility to anyone other than the Charitable company aTrJ rt$ rnernbe. a5 a bc¥Jy. for our audit work. for this report. or for th8 opinions we have fomie(l. 3ap- Jennlfer Pope (Senior Statutory Audltor) for and on behall of Nyman Llbson Paul LLP Chartered kcountants Registered Auditors 124 Finehley Road London NW3 5JS Dale". 16 zoll Page 11
SEVEN DIALS PLAYHOUSE LIMITED IA Company Llmrted by Guaraniieel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2021 Restrthd Unrestricte(I funds fvnd5 2021 2021 Tolal funds 2021 Total funds 2020 Income from: Donations and legacies Charitable activities Other trading activitses 407,540 99.587 178,946 407,S40 99,S87 178,946 31,310 143,296 512.974 Tot*1 inc¢)me Expenditure on: Raising funds Charitable activrties 686,073 686,073 687.580 3.594 752.347 452.988 452.988 Totsl oxpgnditurn 452,988 452.988 755.941 233.085 233,085 {68,361) Net movement In fUlS Reconciliation of funds: Total funds brought foNJard Nel movement in funds 463.474 128.501 233.085 591,975 233,085 660.336 (68,3611 463.474 361.586 825,060 591,975 Total fund5 carried forward The notes on pages 16 to 33 fomi part of these finanaal statements. Page 12
. SFVFN nlAI.S PLAYHOUSE.LIMITED IA Company Limitcd by Guarantccl REGISTERED NUMBER: 01353824 CONSOUDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021 2021 2020 Flxed assets Tangible assets 13 1,197.175 1.228.173 1.197.175 1.228.173 Current •ss•ts 08blors Cash at bank and in hand 14 120,823 344,201 5,617 41,574 465.024 47,191 Creditors.. amounts falling due within one year 15 {68.3341 {146,7681 Net current assots I Ilabilitss 3*,690 199,5771 Totsl assets less currenl Ilabilltigs 1,593.865 1,128,596 Creditors.. amunts falling due after mo than one sear 16 (768.805) 1536,6211 N•t assets 825.060 591.975 Total net assets 825,C60 591.975 Charity funds Restricted.funds Unrestricted funds 17 17 463.474 361.586 463,474 128,501 Total fund$ 825.060 591,97S The financial statements have been Prepared in 1rdance wilh the Provisions applicable to entities subject lo the sm811 companies regime. The financial statements were approved and authorised for issue by the Tr¥Jstee5 on Dec 16, 2(W signed on their behalf by. Trust•e Chairperson fv sv$141AI4 The notes on pages 16 kn 33 fonn part of these financial statements. Page 13
SEVEN DIALS',PLAYHOUSE LIMITEr).-. . jA C¢>nipanv.Llinik¢l by.,Guaran¢¢el. yi,ai41Li4 h", . REGISTERED NUMBER...01353824: COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021 2021 2020 Note Flxed assets Tangible assets 13 1.196,040 1.226.660 1,196.040 1.226.660 Currnnl •ss8ts Debtors Cash al bank and in hand 14 86.187 344.201 30,713 20.999 51,712 Creditors:. amounts lalling due 1n one year 15 (65.8341 1162,227} Net Gurrent assets I Ilabilltes 364.554 {110.515) Total assets less current Ilabllltles 1.$60,594 1.116.145 Credilois.. amounts falling due after nwye than one year 16 (768.805) {536,6211 Total nèt ass•ts 791.789 579,524 Charity funds Restricted fijnds Unrestricted funds 17 463.474 328,315 463,474 116.050 17 Total fvnds 791,789 579,524 The companys nel movement in funds for the J*ar was £212.26512020- £166,83911. The Trust88s acknowledge their responsibilities for complying the WU1MentS of the Ad with resped lo auntIng words and preparation of financial statements. The financial statements have been prepared in aecordance with the prowsions applicable to enlitses subject lo the small crjmpanies regime. The financial statements were approved and authorised fof by the Trustees on Dec 16, 2021 arKt signed on their behalf by. Chairperson Th8 notes on pages 16 to 33 fomi part of these financAal statements. Page 14
-. SEVEN DIALS'PLAYHOUSE LIMITED-- *.Xt.:' ..IA Cornpany.Limited by,Guarariteel- CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDEO 31 MARCH 2021 2021 2020 Note Ca$h Ilows from operating activiti•$ Net cash used in operalirvJ activilEs 20 102.527 192.7721 Cash flows from flnancing •¢li¥ities Loan repayments Loan drawdown New loan (419,900) S70.000 50.000 130.9761 Net cash provlded byl(us•d in) flnanclng •ctivities 200,1ts) 130,9761 Change In cash and cash equfv•lents in the year Cash and cash equlvants al th8 Winning ol the ar 302,627 (123,748} 165.322 41,574 Cash and cash oqubvalgnts at th• end of thg year 21 344,201 41,574 The notes on pag6s 16 to 33 forn part of these financial slalements Page 15
SEVEN DIALS PLAYHOUSE LIMITED . (A Compii ny.Llmltod"by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Genoral information Seven Dials PLayhouse Limited Ifomierly The Aclors Professional Centre Limrtedl is a eharity incorporated in England & Wales. It is a company limited by guarantee with MpanY registration number 01353824 and charity registration number 275934. Its registered address is 1A Tower Street. London. WC2H 9NP. Ac¢ountlng poll¢les 11 Basis of prnparation of fincIal statements The financAal statements have been prepared in xcordance with the Charibes SORP IFRS 1021- Accounting and Reporting by Charibes.. Statement ol Recommended Practi applicable lo charities preparing their accounts in accordance wilh the Financial Repo.n9 Standard applscable in the UK and Republ of Ireland IFRS 102) (effective 1 January 20151. the Financial Reporting Standard applicable in the UK and Republt of IrelaThJ IFRS 1021 and the Companw Act 2006. Seven Dials Playhouse Limited meets the definition of a public benefrt entity under FRS 102. As5els and liabilitses are inilialty reccgnised at hisloriGal cost crf transaction v*ue LFnless otherwise staled in the relevant acU1%ng polity. The Consolidatsd Stslement of Financial AciNities ISOFAI and ConsolKl8led Slalement of Finanaal Position consolidate the finanual slalemenls of the Group and its sub5hJiary undertaking. The results of the subsijiary are consolKlaled on a li by line basis. The Group ha5 taken advantsge of the exemption allowed under section 408 of the CompanY&s Act 2(1% and has not presented its own Slatemenl of Finanryal ActivilEs in these financial stalemenls. Page 16
SEVEN DIALS PLAYHOUSE LIMITED . (A Ctynpany Llmlted by Guarantse) NOTES TQ THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 IAARCH 2021 Aecountlng poll¢les lconllnuod) 12 Golng concem The carily and ils subsKliary are reporting a surplus the year of £233.085 wRh nel current assets at the balance sheet date of £396.690. The charity met ils day lo day working capiial requirements during the year through the utilisation of ris own funds aThJ loans adVand by ils bankers and secured on the tharitys property. The UK theatro sector has been badly affected by the impact of COVID-19. with Iheres closing initially on govemment advi on 16 March 2020 and subsequentty by government in$lru¢bon for an indefinite peric*J. There was some limited repenIng in the latter part of 2020. following which the charity effectively closed its doors, with a re-opening now planned foi earty 2022. This has inevitably had an effect on the activitie5 arKI cash fk)vo of the charity as they are intrinsically linked lo the actiwlies of the wider sector. In the perFod since March 2020. the charity has been able to continue to remain solvent through additional funding from the Arts Counal and the govemmenl cultu ReVery Fund, private grants and donations. additional bank lunding and the use of the govemmenl fvrlough scheme and the truslees are anticipating a posilbve cash Ilow outcome for the year ending 31 March 2022. The trustees have Prepared a revised bu5ines$ plan and for¢$t$ and proiection5 for the year ending 31 March 2022 and for the Subsequent period based on a number of potential scenarios and Ihese indtcale that the charity has adequate $0Yr¢e$ to continue its operations. In partieular, the trustees have now received confirmation of various additional income streams since the balance Sheet dats with a rreSpOrllng positrve impact on reserves. After reviewing the chartvs forecasts and projections. at the time of approving these fmancial ststemenls, the Iruslees have a reasonable expeciation that the charity has adequate sOurceS to continue in opeiational existence for the next 12 months. The directors therefore consider il appropriat8 to continue lo adopt the going concem basis irt pparing the charitys financial statements. Page 17
SEVEN DIALS PLAYHOUSE UMITÈD IA Company Limited by Guarantee)" NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A¢¢ountlng policl•s l¢onllnuod) 2.3 Income All income is recconised oncè the C)nyany has entitlemènt lo the income. il is probable that the incx)ffE will be £Wed and the amount of incm ret£ivable can be measured liablY. For legacAes. entitment k8 taken as the earlÉer of the dale on which either. the company 1$ aware that probate has been granted. the estsle has been finalised and notification has been made by the execulorls) to the Trust that a distribution will be m&Je, or when a dislribulion is received from the eslale. Receipt of a legacy. in whole or in part. is only consh1ered probable when the amount can be measureij relrably and the company has been nolifie(J of If execulofs intention to make a distribution. Where legac5 have been noltfied to the Lxmpany. or the company is aware ol the granting of probate. and the criteria for income recognition have not been met, then ts legacy is treated as a contingent asset and disdosed rf maleri41. Income tax recoverable in relation lo donatn$ received under Gift Aid or dee(Is of covenant is recognised at the limè of the donaiion. Incorne recoverable in rdation to investment income i8 reccgnised at the time the Investment income is rwNable. Income from workshops is recognised On the workshop has taken place. Theatre incOff is Tecognised once the $h(YN has taken place. Income from room hire is recognisejj in the period in which the hire lateS to. Donations are recognised on receipt. Other incJne is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the servicE. Grants are included in the Consolidated Stalemenl of Fbnanclal Activities on a re1vable basis. The balan of irKomè recewed for speufic purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. whe income is receNed in advan of entitlement of receipt. its reeognitson is defeffed and induded in creditors as deferred inco. Where entrtlement occurs before incomè is receNed. the income i8 accrued. Page 18
,SEVEN DIALS PLAYHOUSE UMITED IA C¢¥npJny Limit by Guarantse) NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A¢Unting pollcles IntInued) 2.4 Expenditure Expendituffj i8 recognised once there is a al or construtawe ¢Jbligation lo transfer economic benefit to a third party, il is probab that a transfer of eeonomic benefits will be required in settlement and the amount of the obltgalion can be measured reliably. Expenditure is classified by acttvrty. The costs of each a¢tNity are made up of Ihe lotal of direct costs and shared cosls, induding support costs involve(l in undertaking each activty. Direct costs attributsble to 8 single activity are allocated directly to Ih8t activity. Shared costs which contribute lo MO Ihan orte 8Nity and support costs which are not attributable lo a single a¢livity are apports.oned between those activities on a basis consistent with Ihe use of resources. Central staff costs are allocated Ihe basis ol ts.me spent. and depreciabon charges allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not AlUde the costs of disseminating infom)ation in support of the charitable activities. Support costs are those costs incurred directly in supp)rt of expenditu on the objects of the company and include project management caffied out at Headquarter5. Govemance costs a those incufred in connection administration of the conyany aTrJ Compliance Mth o)nstitulional and statutory rgquiremènts. Costs of neratIng fvnds are costs inrJJffed in attracting voluntary income. and those Incurred in trading activities that raiso fvrKIs. Charitable activilEs and Govemance costs are $ts incurred on the companys operations, including support costs and costs latirt9 to th8 govemance of Ihe companyapportioned lo hariLle activities. Expendilure on raising furKls indudes all exp8ndrture incurred by the Group lo raise fvnds for its Charitab purposes and includes costs of all fvndraising xtNits events ar noraritable trading. Expendilure on charitable activities is incurred on direcvy undertaking the a¢livili8s which further the Group's objectives. as well as any aSslated supw)rt costs. 2.5 Basi5 of consolidation The financial stslements consolidate the accounts of Seven Orals Playhouse Ltd and all of ils 5ubsKliary undertakings I'sub5idiaries')- The company has tsken ajvanlage of the eXeMpln Contained wthin section 408 of the Companies Act 2006 not Io Pfesent ils own income and experKliture a¢counL Page 19
SEVEN DIALS PLAYHOUSE LIMITED "{A C(Mni)ariy Liinrted by Gulr4rttè?I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Ac¢ounting polities Icontirsu•d) 2.6 Tanglbl• fix assets and depreclallon Tangible fixed assets costing £250 or more are co&11sed and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangibk fixed assets are inibally recognised at cosl. After recognition. under the CLJSI mo¢Jel, tangible ffixed assets are measured at cost less accumulated depreciation and any accumulated impairment losse5. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Deprecialion is charged so as to allocate the cost of tangib fLxed assets less their residual value over their eslimated useful INes. Depreciation is prwded on folbwing bases.. Long-term sehold property Plant and machinery Fixtures and ffittings 2% 5travJht line 2% straight line 25% reducing baknce 2.7 Investments Fixed 8sset inveslments a a fomi of financial instrument and are initially recognised at their transaction cost and subsequenlly measured at fair value at the Balance Sheet date. unle5S the v81ue cannot be measured reliably in which case it is rneasVd al cost less impairm8nt. Invèstment gains and tosses, whether alISed or unrealised. are combined and presented as 'Gainsl{Lossesl on investments. in the Consolidaled Stalemenl of Financial Achvrties. Investr*nts in subsidiaries are inrfially and subsequenuy re¢trJnised al cosL 2.8 Interest receivable Interest on furKls heid on dep)sil Is induded when receivable and the amount can be measured reliably by the Group., this is nomialty upon notification of the interest paKI or payable by the bank. 2.9 Opernting leas Rentals paid under operating leases are charged to the Consolidated Slatement of Financial Activities on a slraight line basis over the lease term. 2.10 Debtors Trade and other debtors are reco3nised at the selllemenl amount. 2.11 Cash at bank and In hand Cash at bank and in hand includes cash and 5hort-lemi hKJhly liquid investments with a short maturity ol three months or less ffom the date of acqub5tlion or opening of the deposit or similar accounl. Page 20
. k.-. Ik." ISEVEN DIALS,PiAYTrIOUSÈ LIMITED, '.4{A Coiiii>tiny..Limlt¢d'by Guarant¢¢l': ¢41. 7t ** . %J NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 counting polici•s (continued) 2.12 Liabilitiv4 Liabilities are recognised vthen there is an oblwJalion at the Balance Sheet dale as a re5uII of a past event. il is probable that a transfer of economic benefit will be requir&J in 5etUement. and the amount of the setuement Can be estmated re1k?y. Liabilities a recegnised al the amount that the cJ)mpany anliopates il will pay lo sewe the debt or the amount il has received as advanced payments for the goc#Js or seThices il musl provide. 2.13 Financial in$tnxnents The Group only has financial assets and financial liabilities of a kind that qualfy as basic financial instruments. Bas financial instruments are initially cOgnised al transaction value and subseqvenlly measured at their setvemenl value with the exception of bank loans which are subsequently measured al amorlised Cost using the effectNe interesl m8thcJ. 2.14 Fund a¢¢ounting General funds are unrestrthd funds which are available for use al the discretion of the Trustees in furtherance of the general objeclives of the Grcwp and wthich have not been designated for other purposes. Designa funds comprise unreslricted funds that have been set asKle by the Trustees for particular purposes. The aim and use of eath designated fund is set out in the notes to the financial statements. Reslricled funds are fvnds are lo be used in accordance with specific reslriclions imp¢)sed by donors or which have teen raised by the Group for partiCUr purposes. The costs of raising an¢J administering such lunds are charged ayainst the specffic fvnd. The aim and use of each restricted fund is sel out in the notes to the financial statements. Crlll¢al accounting •stimat•s and •r•as of judgment Esbmate5 and judgmen15 are continually evalualed aThJ are based on histori1 experiencE and other factors, including expectsb.ons of future events that are b81ieved to be reasonable under the Circumstan5. Crilical accounting estimates and assunybons.. - The company makes eslimales and assumptions concETning the futu. The resulting awounting estimates and assumplions will, by definilion. seldom equal the relale¢J actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment lo the carrwrig amounts of assets and liabilities wihin the next financial ar are as follow5". Tangible asset$ a depreated over their useful Itves taking into account residual valueswhe appropriate. The actual useful lives of the assets and $t(lal values mayvary depending upon a . number of factors, indu¢Jing technological innOVatn and maintenance prourammes. Pa98 21
SEVEN DIALS PLAYHOUSE LIMITED IA Gompii ny Limited by GuarantM}'- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCtrI 2021 Income from donations and lega¢les Unrestricted fvnds 2021 Total funds 2021 Totsl funds 2020 Donations Grants (see analS bebwl 62,980 62,980 344,560 1.310 30,000 407,S40 407.540 31.310 Analysls of grants 2021 2020 Arts Counul England Coronavirus Job Relention Scheff Olher 9rants 251.000 93.560 30.000 344,560 30.000 In¢ome from ch•ritablo activities UnstriCted funds 2021 Tot81 funds 2021 Tolal funds 2020 Theatre & Events Membership income 40,661 58.926 40,661 58.926 30,626 112.67D Total 2021 99,587 99.587 143,296 Page 22
SEVEN DIALS PLAYHOVSE UMITED {A Company Llmitsd by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Incom• from trading athlti Unrestricted furKFs 2021 Totsl funds 2021 Total funds 2020 Studio hire Other inc(Jme (VAT ofundl Trading income from subsidk4ry- w0hop$ Green Room (Bar & Cafe) 147 147 79.795 126.574 126.574 50.885 1,340 347,195 85,984 1.340 Total 2021 178.946 178,946 512,974 Expenditur• on raising fvnds Fundralsing trading exp•nses utricted funds 2021 Total funds 2021 Total funds 2020 Charity fvndraising costs 3,594 Page 23
¥EVCN DIA? PLAYIIOU*¥l LIMITC.D IA LtynF)any Umltsd by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2021 Analysis of •xpendltur• on charitable a¢tivit••s Summary by fund ty Unreslri¢ted fvnds 2021 Total funds 2021 Totsl funds 2020 Room Hire Workshops Tristan Bates Theatre Marketing & Membetshlp Gefi Room Operations 16.616 30.153 26.735 25.442 93.917 260.125 16,616 30,153 26,735 25.442 93,917 260,125 36,607 232,239 60,688 35.586 70.220 317,007 452,988 452.988 752,347 Anatysls of •xwndlr8 by a¢tlvilles ACt[tieS undertaken directly 2021 Support costs 2021 Tolal funds 2021 Total funds 2020 Room Hire Workshops Tristan Bates Theatre Marketing & Membership Green Room Operations 16,556 30.153 26,735 25,442 93.917 60 16.616 30.153 26.735 25,442 93,917 260.125 36.607 232,239 60.68B 35.586 70.220 317,007 260.125 192.803 260,185 452,98B 752,347 Total 2020 316.744 435,603 752,347 Page 24
. seveN DIALS PLAYHOUSE LIMrrED IA Lirnite41 by Guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2021 10. Audltors. r•mun?ration 2021 2020 Auditors. remuneration 11,455 12.677 11. Staff cogts Group 2021 Group 2020 Company 2021 Company 2020 Wages and salanes Social se¢urity costs 193.357 10.331 321,280 17,273 170.248 10.331 175,845 10,364 203.688 338,553 180,S79 186.209 The average number of pers(Ms eryk)yed by the company duriNJ the ypar was as follows: Group 2021 No. Group 2020 No. Company 2021 No. Company 2020 No. Workshops. Membefship and Other Charitable Activities 10 16 10 16 No emploFe receNed remuneratw affKJunting to rn0 than £60.000 in eittr year. Total employment beneffts for key managerrent pew50nnel were £42,41712020: È51.8681. 12. Tru$tses' remuneratlon and •xp•ns•s During the ypar, no Trustees received any remurteran or other beneffts P020 - £NILI. Page 25
SÈVEN DIALS PLAYHOUSE LIMITÉD . IA C¢)mpany LIMIt by Guarnnt•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. Tangible fixed assets Group Long-temi leasehohJ Plant and Fixtures and propgty machin8ry ffttings Total Cost or v•lu•lion At 1 April 2020 600.0 1.160,337 184,596 1.944.933 At 31 Mah 2021 600,000 1.160.337 184,596 1,944,933 Depredation At 1 April 2020 Charge for Ihe sear 156.000 383.329 23,207 177.431 1.791 716,760 30.998 Al 31 Marth 2021 162.000 406,536 179,222 747.758 Net book value At 31 Mwch 2021 438.CLM) 753.801 5.374 1.197.175 At 31 March 2020 777.008 7.165 1,228,173 Page 26
SEVEN DIALS PLAYHOUSE LIMITED {A cwpa.ny Llmlted by Guarantee). NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. Tangibl• fix•d assets (cont1nd) Company Long-lem leasehold property Plant and Fixture5 ar¥J machinery fittings Total Cost or valuation At 1 April 2020 600.000 1,160.337 179.815 1.940,152 Al 31 March 2021 600.000 1.160,337 179,81 S 1,940,152 Depr•¢iatlon At 1 April 2020 Charge for the 156.000 6.000 383.329 23,207 174,163 1.413 713,492 30,620 Al 31 Mah 2021 162.CKJO 4C6,536 175,576 744,112 Net book value At 31 Mah 2021 438.000 753.801 4,239 1,196,040 At 31 March 2020 444,)0 777.C#)8 5,852 1.226,660 Induded in knng-term teasehold propety B leasehold land al cost of £300,OC4)12020: £300,000) which is not deprecjated. At the reporbng date. the trustees consKler the propertls market value to be far in excess of the carryng amount. 14. D•btors Group 2021 Group 2020 Company 2021 Company 2020 Ou• within one year Trade debtors Amounts owed by grcmjp undertakings Other debtors 9.737 5.617 9.737 67,139 9.311 5,617 25,098 111.086 120.823 S,617 86,187 30,713 Page 27
SEVEN DIALS PLAYHOUSE LIMITED IA C¢)mpany'Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. Creditors: Amounts falling due within on8 year Group 2021 Group 2020 Company 2021 Company 2020 Bank loans and overdrafts Trade creditors Other taxation and swal seujnty Other creditors Accruals and deferrgd income 26,7 21.493 30,976 18.326 6.341 2,294 88.831 26.667 21,493 30.976 18,326 24.300 2.294 86.331 2.720 10.8 2,720 8.390 68,334 146,768 65,834 162.227 Deferr8d irKome consists of membership. theatre tickets and workshop fees paid in advance for permxis after the year end. At the reporting dale, deferred incom8 was £11.115 (2020.. £74,981). Page 28
SEVEN DIALS PLAYHOUSE LIMITED (A C<xnpany Umlted by Guarant•o) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 MARCH 2021 16. Creditors: Amounts falling du• aft•r mor• than one year Group 2021 Group 2020 Company 2021 Company 2020 Bank loans 618.805 150,CKKI 386.621 150,OC(J 618.805 150.000 386,621 150,000 Other loans 768.805 536,621 768.805 536,621 The aggregate amount of liabilities payable or repayable wholty or in part more than five yeats after the reporting dats is.. Group 2021 Group 2020 Company 2021 Company 2020 Repayable by instalments 330.472 262.718 330,472 262.718 The loans identified above have repayment terms which do not currenlty exceed 5 years. Interest is charged at a Commerci rate. The bank and other loans a seCud by ffixed charges over the companvs leasehold property. Repayments 2021 2020 Not ter than 1 sear Later than 1 ar arml not later than 5 arS Lalei than 5 arS 645,472 30.976 123.902 262.718 645,472 417,596 Page 29
SEVEN DIALS PLAYHOUSE LIMITED IA C¢Jmpany Umited by Guarantee) . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 17. Statement of funds ststement of funds - current year Balance al 31 March 2021 Balance at 1 April 2020 Income Exp8ndilure Unrestrict•d lunds General Funds- all lunds 128.501 686.073 1452.9881 361,586 Restricted funds Reslitted Funds- al funds 463.474 463,474 Total of fund5 591,975 686.073 1452,988) 825.060 The UnrestrKAed fund is utslised mainty to finance the administration of the Charity and the charitable activiiies induding pr(*3rammes for public awane$S and benefil with special projects lo tafgel Specif gioups. community outreach programmes in the local areas for youth and Introduction lo Acling Wofkshops. 18. Summary offunds Summary of lund$ . current year Ba18nce at 31 March 2021 Balan al 1 April 2020 Income Expenditure General funds Restricted funds 128.501 463.474 686,073 1452.988) 361.586 463,474 591,975 686.073 1452,9881 825,060 Page 30
3EVEN DIALS PLAYHOUSE LIMITED {A Comp•ny Limlt•d by Guarnntg•1. . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. Analysis of net assets b•lw•en funds Analysis of net as$gts bgtween funds- current year Restricteil UnTgStricted funils funds 2021 2021 Totsl funds 2021 Tangible fixed assets Current assets Creditors due within one sEar Creditors due in more than one 463,474 733,701 1,197.175 465.024 465.024 168.3341 168,3341 1768,8051 1768.8051 Tolal 463,474 361.586 825,060 20. Reconclliatlon of net mo¥¢m¢nt in funds lo net cash flow from operating actlvitles Group 2021 Group 2020 Nel incomelexpenditurg for the sTar (as per Statement of FancIal Acts'Vits) 233,085 168,3611 Adjustments for. Depreciation charges Decrease in stocks DecwselIlnaseI in debtors Increasel{Decrease) in creditors 31.595 2,S11 18,455 (76,9721 182.520} 179,0361 Net cash Provlded byl{used In) operatlng actlvlties 102.527 (92,7721 21. Analysis of cash and cash equivalents Group 2021 Group 2020 Cash in hand 344,201 41,574 Totsl cash and ush equlvalents 344,201 41.574 Page 31
' r•f.ilEN OIALS PLAYHOUSE LlklitED. (A Company Umitcd by Guamnleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysls of Chang In net d•bl At 1 April 2020 Cash flows Al 31 March 2021 Cash at bank and in hand Bank overdrafts repayable on demand Debt due after 1 spar 41.574 130,976) 1536.6211 302.627 344,201 4.309 126,6671 (232.184) {768.8051 1526,0231 74.752 1451.2711 23. Relat•d party tr•n$*ctions During Ihe year the Cc¥npany reeewed rents. Servi and costs of £86.697 12020.. £211.119} trom ils subswjbary Undertan9 Actors. Workshops (London) Limited. 24. Post balance Sheet evwts Subsequent to the Balance Sheet dale on 2 November 2021, the company changèd ils name by resolution from The Actors Professional Cenlre Limited to Seven Dials Playhouse Ltd. with a redeveloped business rnodel. strategy. sion. arKI rebrand. This is a non adjusting event at the balance sheel date and therefore no adjuslment$ are required as al 31 arch 2021. Controlllng party The Company i% a Charitable Company limited by guarantee and has no share caprtal but under the le'm$ of its Memorandum of Association every guarantor is liable to contribute a sum not exceeding £1 in the event that the Company is wound up whilst they are a guarantor or for one year thereafter. The guarantor5 are the Directors and therefore no one person controls the Crxnpany bul the D1CtorS as a body control If+e ccpany. Page 32
SEVEN DIALS'PLAYHOUSE LIMITED . (A C¢)mpany Limited by Guaranteo) 140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 26. Subsldlary company Actors. Workshops (LOron) Umlted Subsidiary rbame Company registration nLrnb8r Basis of control Actors. Workshops {Londonl Limited 196271 1CQ% shareholder Tol81 assets as al 31 March 2021 Total liabilities as al 31 March 2021 Total equity as at 31 March 2021 £ 102.910 £ 69.640 £ 33.270 Tumover for the year ended 31 March 2021 Other income for the year ended 31 Marth 2021 Expenditu for the year ended 31 March 2021 Profit for the year ended 31 March 2021 £ 50.885 £1C(1.420 £130.472 £ 20.819 Page 33