Docuswn Envelope ID.. M47AE39-D8494D5M8EI.¢28B2C7469A3 Reglstered numbar: 01353824 Charlty numbfrr: 275934 SEVEN DIALS PLAYHOUSE LIMITED (A Company Llmlted by Guarantee TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023
Docu&gn Envelope ID.. AA47AE39.D849-405W6EI-C28B2C7469A3 SEVEN DIALS PLAYHOUSE UMITED {A Company Limited by Guarantg91 CONTENTS Page Reference and Administrative Details of the Company, its Trustwts and Advlsers Trustees, Report 2-10 Independent Auditors. Report on the Financial Statemènts Statement of Financial Activiti•s 15 Statamont of Flnancial Posillon 16-17 Notes to the Flnancial Statements 18-37
DOcSJn Envelope ID." AA47AE39-D849405048E1-C28B2C7469A3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Umlted by Guaranteo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Trustsos Elliot Barnes-worrell Iresigned 31 December 20221 Faye Ca51elow lan Nicol Andrew Subramaniam, Chair Jamie Wilkes Stuart Boxall lappoinled 11 December 2023) Reeee Mcmahon lappoinled 17 December 20231 Irfan Mughal (appointed 1 July 20241 Company registered number 01353824 Charlty reglstgred number 275934 Registered office 1A Tower Street London WC2H 9NP Company $e¢r•tsry Andrthy Subramaniam Chief Executive Amanda Davey Indepgndent audltors Nyrnan Libson Paul LLP Chartered Accounlanls Registered Auditors 124 Fin¢hley Road London NW3 5JS Bankers Unity Trust Bank PIC 9 Brindley Place Birmingham BI 2HB Page 1
Docusign EnvelDpe ID." AA47AE3D844DSO.B8E142uD2¢7469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Limitod by Guarantee} TRUSTEES, REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Seven Dials Playhouse f - Chlef Executlve Officer- Amanda Davey Inclusivity I Collaboration l Artistic Policy We Èxi511o support generations of professional artisls-crealives who sil within or who are working outside of the mainstream. We are particularfy interested in collaborating with and supporting those from the following communities.. LGBTQIA+ People from the Global Majority wth a focus on Black, Brown artisls-crealwes, or those with a dual heritage, or mixed parentage, female led lor focussedl work." and working class IOT focused) wort(. Our hyperlctal. We facililale opportunities that can help those working in lor seeking lo work inl the industry, so they can be Successful. These measures of success are self-defined,. hence communication and ¢ollaboral+on are key. The organisation is a home for bold. creative, high-quality productions from artis154realives that Dffer fresh perspectives and create evo¢ative work that allracts a diverse audience. Seven Dia15 plaOu$e is a rebrand of The Adors Centre leslablished 19781, follow¢ng a vital overhaijl of ils business model and piogiammir)g lo ensure its longèr-lerm viability, and lo better refle¢l the needs and diversity of people working in the industry today. The ethos of Seven Dials Playhouse is about opening the organisalion up lo a wider demographic of people and progiamming. Across the last two years we have worked wlh over 250 artislslcompanie5 lour beneficiaries), developing and CO-produ¢ing work. It includes a compTehen5ive package of support in kind bespoke lo each partner we work with. As part ol this brand, the membership model was disbanded. ensuring that anyone who wants lo ac¢e5S the space is more than welcome. Diverslty. Inclusivity, and A¢c•$slblllty Seven Dials Playhouse aims lo refleel the diversity of Contemporary 8ri18in, both in the work presented on stage, the grtisls and creatives WQTking lor seeking to workl in the industry, and the audiences we attract. A ¢ommilment lo diversty ensures that the organisation remains relevant, resilient, and culiurally productive. To shape the future mainstream, we musl ensure that we engage with artists from a wide range of backgrounds, and worf( lo eliminate barriers - both actual and perceived - that prevent people from engaging wth the arts. Our commitment lo diversity must be reflected throughout the organisation - not ju51 in the work, bul in the diversity of our board of ITuslees,' staff.. the artists and companies we support," the CesSibl11ty of the physical building,. and positive messaging and communications. Seven Dials Playhouse is opposed lo any form of direct or indirect discrimination and aims to ty)511ively engage with people from all backgrounds. Artistic Poll¢y We programme work that is bold in term5 of ils content and structure, unafraid lo challenge theatrical traditions and form. We want lo see work on our stage that says things diffeienlly and asks big questions. Whilst we a interested in work that reflects or rejects a particular socio-cultural, -political or -economic momenl, we are also keen lo programme work that offers moments of enlighlenmenl, joy, and escape. Our programming policy is non-prescriplive in terms of the career level of artist5 we work alongside, therefore industry slandaTd definitions ol 'emerging versus established, are not central lo our programming model, 85 these measures of success are self4lefined. Seven Dials Playhouse is, however, an unsubsidised registered ¢harty so while work will be presented on its artistic merit, il also needs lo be considered in lemis of the objects of the charity. and by being for public benefit. Page 2
Oo¢usKJn Envelope ID.. AA47E39-D8494Ds0-B8Ej-C28B2C746gA3 SEVEN DIALS PLAYHOUSE UMITED IA Company Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Collaboration is al th& hoart of what we do, and we are c¢)rnrnitted to supporting artists and creatives lo stage their work in Iho Wesl End and a crucial sleppingslone into the industry. All visiting companies receive a package of support based aiound their needs. including rehearsal space in-kind as well as access lo a production office dunng rehearsa15 and the production's run. Visf(ing companies also ieceNe in-house production, marketing, fundraising. and PR support. Diversity. incluswity, and accessibilty are Central lo our programme. Our model is artist<realIve-peopIed. but il is important that every audience member also has the opportunity lo see themselves represented on our stage. We are particularfy interested in work that 8ils outside of the receiveil theatrical canon.. seeking work that pushes the boundaries and disaplines of the artists<realives who make it, whilst Challenging and invigorating the audiences who experience it. 2- Messag8 from the Chair- Andrew Subramaniam Vvelcome to Seven Dials Playhouse .1 am honoured lo introduce Seven Dials Playhouse, a home for artists and creatives in the heart of the West End. Across the last two years, and in thinking about this new worfd, we have talked consislenlly lo people about what il is they feel they need to be successful in their careers, and how we might be able to facilitate this. Though, at the start of the ioumey, we are exeiled about the potential. and those we will work alongside lo continue impacting the industry now and into the future. Whilst on a high from reopening, there is an uncertainty about what the future holds, the impact of COVID-19 on the worfd and the wider industry, and what this will mean for small unsubsidised charrtie5, such as Seven Dials plaouSe. Finan¢ially, and again alongside many other organisalions and charities, Seven Dials Playhouse has struggled. The impact Df different ways of working, and the subsequent cost of living crisis has added significant concem lo an already fragile ecosystem, one that continues to reel from the effect5 of COVID-19, and in our specific case. the closure of the 5paee for two years. We hop& to be able lo start our fundraising journey to assi51 wrth thi5, as well as bringing the team back up lo full capacty Ilhe organisalion was forced lo make 750A ol the teams, roles redundant during COVID-191 lo be able to secure the long-term future of the organisation. Please continue to engage, to buy tickets and a drink al the bar. Every bf( of spend, no matter how small conlirubules towards lo the future survival of Sevgn Dials Playhouse.. 3- What our Beneficiaries & Audience jay 'London's best kept theatre secret. I love thi5 place. The space is so inviting, the staff so friendly, we will alay$ come back.. . Audlence member. Playfight, July 2023 'Every lime we come heTr, we have a completely amazing expenence. the space buzzes with crealtvty. Nowhere else in the heart of London wsll you see the type of work being presented heTe - go supportl. Audlen¢e memb•r, Foxes, May 2022 'If you are an artist, gel yourself here. this space is for you.. London based artist I croatlvo °This place is special. The shows, the staff, the ambnce. A real gam in the heart of the wesl end.. . Audience momber, Jock Night, October 2023 'A5 an artist, I have never felt so supported and loved by an organSsalion. They worked with me lo elevate my work, providing sound and up lo dale advice on anything from producing lo marketing, lo fundraising, lo building an audifjn¢8 for me. and my work.. . London based artlst l ¢rgatiVg Page 3
Docusun Envelope ID.. AA47AE308494OsO-88EI-c282C746gA3 SEVEN DIALS PLAYHOUSE UMITED IA Company Limlted by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2023 4- Our Purpos8, Aims & Objectlves Our Charity's Purpose {as set out in the objects contained in the company's Memorandum of Associationl- To promote, maintain. improve, and advance education, particulaily by the encouragement of the arts. and by research, lectures, discussions. and seminars, vocational training, and the provision of research facilities related lo the arts in general and inter alia the art of the Ihealre, and by the Production of educational plays. Our Misslon "To be the West Ends, home for the develOpnnI of professional Ihealre, and 8rtists. We cale opportunities to collaborate on bold. crealiv8, hwh-qualily wort(." Our Vision 'A wortd leading theatre industry Ihal is understood, needed and valued by the general public.. Seven Dials Playhouse Limited was consliluled on the 27th of October 2021. and relaunched as an OTganisalion. publicly on 10th of November 2021. We are a space for artislslcrealives lo develop and in¢ubale. We are a place in the heart of the Wesl End to inspi, congTegate, network, share stories and voices, and hone one's craft. We work with theatre produceTS and artislslcrealives lo present a year-round Pfogramme of theatre in the main space, and a programme of prgfes5ional development and work in developrnenl in the studios and 50-seal studio Ihealre. S- Our Activitie$ This period started with a fanfare that the organisation received public lollowing its redevelopment, rebrand, renaming. and reopening. The first season was well attended by audEnces. many new to the Charity with an average of 730A capacity sold across the three productions. As well as the production of'sleve. Ico-produced by Seven Dials Playhouse), the remainder of the first season included John Lahr's, 'Diary ol A Somebody., and Dexter Flanders, °Foxes' wth both productions psented 'in association, wrth Seven Dials Playhouse. Beyond the initial fanfare ft was offset against a climate that found ourselves {along wrth many olhersl working in. A lol was still Ljnknown in term5 of post COVID and audiences returning. This was also the first period of Iiading within the new model and as such the charity was prepared for ebbs and flows in successes, as we moved lo change the Charity, and in turn lake a few calculated risks with regards lo the programme. We hope that by Increasing artisVindu51rylcorporate hires of the space, by nurturing relaliDnships both new and existing, as well as increasing capacity within the team and the implemenlalion of the fundraising slTalegyljourney, we will be able lo secure the charity specrfically in the short term, and financialty. Head of Programming land part of SMT), left the organisalion in July 2023. but continued in a freelance capacity to ensure consistency of approach with artisls-croatives. and for those p¥oduction$ already programmed. In addition to the support for the programme, there has been continued positive feedback, and support for the organisation more broadly, with particular attention being paid to the newty recwiled Front of House team. The cutture ol the charity is key lo its success. The journey with us for those who engage in a myriad of ways is Page 4
Do¢uslgn Enepe ID.. AA47E3D84g4D5O-B8Ey-C28B2c7dfj9As SEVEN DIALS PLAYHOUSE LIMITED IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2023 what will make this charity special, unique, and important when considering the organisational values of Collaboration,. Openness., Transparency.. and Authenticity, value5 that we aspi to daily. The organisalion continues to be open, six days a week, 11 hours a day for those who need a safè, and creative space in the inspirational wodd-famous West End theatre district of London. The concept of collaboration is one that is particularty important to us. We wll not prescribe what it is th we think people wantlntred to be successful but facilf(ale artists-crealives in order that they are successful Iwhalever this means lo Iheml, and that they are able lo impact the industry. In terms of finance. we were sucSsful with receiving monies from the Cultural Re¢overy Fund 3 which enabled the organisation lo build on the work as part ol Cuhural Recovery Fund 1 conceming the deVelOPMent of Ihg business model, as well as supporting the organisalion with additional cashflow. Though we started off strongty wi(h an Associated Progranme, linked lo the themes of each production, capacity and finances meant that we struggled to maintain, or build upon this and out of the first season. This is something that will be developed and rolled out as a professional development programme, and in consunation with artisls<reatives responding to what il is they need from us as an organisalion. A professional development programme is a key compongnl of our charitable offer. The organisation acts as an incubalof for talent working or wanting to work successfully in the industry. Strataglc Partnorshlps - London Youth Theatre Ifomierly Muslcal Youth London) We have entered a $lrategi¢ partrsorshp with London Youth Theatre ILYTI. is a nol-for-profil youth group based in central London. They work wlh young people aged 10- 22 yeaT5 old who are interested in performing, building their confidence, orjusl meets'ng new people. They rehearse every week wlh a creative team of industry professionals, stage three shows per year, and keep fees low to make them one of the most affordable amateur youth theatre groups in London. Going forward there is a hope that funding wll enable the company lo offer all Spaces lo young people for free. From January 2023. Seven Dials Playhouse will host the home of Lyf. Led by Katie Pesskin. Stage and Screen Director, and Tom Foskett-Barnes, Composer and Sound Designer, LYT wll use the Spa formally, weekly, as well as being able to access the teamlbuildinglorganisalion more broadly. Strategic Partn•rshlps- Blacktrass UK We will continue lo work closety, and alongside, Blacktress UK, A grassroots network and support group for sew- defined blacklmixed race womxn actors of the African diaspora led by actors Cherrelle Skeele, and Shiloh Coke. Blacklres$ curate events, workshops, and prtsjec15. Because of the sensitiv9 naluro of tho work. (( is vital to have Black Women-only spaces as part ot the company's safe space fules. We are excited lo be able to be abk lo work alongside and collaborate with artistslcrealivesfyoung people from across demographics. backgrounds, and viewpoints. Both partnerships speak lo our offer of a safe space in the heart of London, in the heart of the wesl end, working with high profil& artists and creatives from across the creative industries to upskill, and support the next generation. Programmo We had a successful first season vthich included the UK premier of'sleve," a revival of a Joe Orton play, D¢ary of a somebod which garnered a 5 Broadway in earty 2023.
review in the Guardian, and 'Foxes' which is being transferred off Page 5
Docu8vJn Envebpe ID.. W7AE39-De4Os0-98El-¢28ts2C746gA3 SEVEN DIALS PLAYHOUSE UMITED {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE PERIOD ENDED 30 SEPTEMBER 2023 We then presented a mini season of work across the summer (four weekly productions of emerging writh'ngl that should have culminated in several commercial hires of the space. Unfortunately, both companies booked for corporate hires pulled out due to the lack ol funds lo spend hence, we were dark through AugusL Season Two commenced in September wrth 'Helpl We Are Slill Alive.. Unfortunately, we had lo c105e this production early due to the lack of investment reqUId by the production team lo stage the Show for the SiXThweek period. This decision was out of our hands. We are, however, starting lo have some exciting conversations with artislslcompanies about how we mwJhl collaborate, and some exciting productions in the pipeline for 2024, and beyond. Two of those we interviewed for the Head of Programming role have been approached lo continue working alongside the organisation gn9 forward either in a producer. or director capacity. We hope to be able to collaborate with a pool of producers I directors I writers, and actors. in an Aysociale capacity. 6- Structure, govemancè. and management. Constitution & Govemlng Documents- Charlty & Tradlng subsidiary The Charity is règistered as a charitable company limited by guarantee (Company Number 013538241 and was Sel up by a Memorandum of Association on 28 June 1978. The Company is consliluled under a Memorandum of Association. updated 27 October 2021, and is a registered charity number 275934. Following discussions w¢th the Charity Commission a wholly owned subsidiary c(Anpany limited by guarantee was forined °Actors Workshops (London) Limited (Company Number 061962711 and a Memorandum of Association filed on 30th March 2007. This was created lo conduct trading activities for the charity. The activities of vocational training are conducted as part of that subsidiary Company. A revised Memorandum and Articles of Association was adopted by resolution on 21 st October 2013. This corporate structure lo facility both charitable and commerckgl activities is common in the charrtable geclor. Prln¢ipal Objective and Aims The Memorandum of the Company provides that the Company is established to "promote and assist lh& advancemeftl of education.. Ihe advancement of the arts, culIu, and heritage for the public benefil and, in particular lo procts and in¢re&se the appciall0 and understanding of the dramatic arts in all of their fom?s by en¢oiiraging the pmduction of educational plays and perfomiances and the involvement of the public in the arts through lectures. seah. wort(shops, and classes". Review of Prlncipal Objoctivo and Developments for Public Beneflt The Trustees review the Charitys pfincipal aims, objectivas and actNilie5 each year lo ensure that the Charity remains focused on ils stated purpose over the next 12 months. The Tiuslees confirm that they have referred to the Charity Commission's general guidan on public benefit when reviewing the Charity's obje¢lives and aims in planning futu activrtie5, and how the planned activities will fijrther the aims and objectives for the benefit of the public. The Charity has achieved this objective by means of a range of activities and education including the theatre hosting performances of plays, principally fresh writing. The Charity also runs various workshops, courses and masterclasses benefrting a number of people and demOgraphS. Page 6
Docusign Envelope ID. A447AE39-D8494D50-B8E1-C28B2C7469A3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Limited by Guarantso) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Recrultmont and Appointment of the Board of Directo Elliot Barnes-worrell stepped down as a Trustee. The Board would like 19 formally thank Elliot for his ts'me, his kindness and support across the last few years. and as Trustee of Seven Dials Playhouse. As part of the continued development of the organisation. in 2023 we undertook a signrficanl and public Truslae recruitment process. We were successful in securing fv40 new Trustees Iwho bring a varied skillsel, and experience lo the Board). They will join for a perK)d of three years initially, as per the Articles of Association. W8 wll begin the next phase for the Tecruitrnent of Trustees, and a succession plan for the retirement of our current Chair, Andrew Subramaniam in 2025. The DireCtOrsrustee5, who are also the guarantorslmembfyrs of the Company who served during the year, are listed on page 1 of this report. Under the requirements of the Memorandum and Articles of Association the members of the Board are elected to seNe for a period of three years after which they musl be re*lected lor a lurther Ihreg-year term. not exceeding three conse¢utsve terms. The induction process for any nY appointed Trustee comprises an initial meeting with the Chair and Chief Executive to brief on the objectives of the Charity and the responsibilities and liabilrties of the Board of Tru51ees. Programmes of training are available lo Board Trustees, as is the potential for one-to-ono mentoring support. Risk Assessment The Tru51ees have assessed the major risks lo which the Company and the Group is exposed, those related lo the operations and finances of the Company and the Group and are satisfied those syslerns and procedures are in place to miligale ils exposure. Risk Managemont Risks are considered in terms of the wider envIrment in which the charity operates, the financial climate. society and its attitudes, the natural environment and ¢hanges in the law. technology. and knowledge. These will all affect Ihg types and impad of the risks that the Charity is exposed to. Regular monitoring of Risk Management Policy at Officer level lakes place monthly to ensure that new risks are addressed as they arise. The Risk Register is presented lo Tfuslees al Board meetings. The staff team will take responsibility for implementation. Communication wf(h staff at ajl levels is key in ensuring that group and indivKlual responsibilities are understts)d and embedded into the culture of the organisalion. The board seeks legal, financial and management advice as and when required lo fumy undarstand and mitigate risk. The risks associated wfth the implementation of the new business model are identffied as Econom, ctxnp11an, Security and Fraud, Financial. Reputation, Operational, Competition. Continual rssk identfficalion, analysis, planning, and evaluating at both team and Board lovel will gn$ure that we are able lo miligaleleliminale as many of the risk$ as possible. 7- Finance Review As èn organisation, we are not alone in intensively managing cashflow, this is an induslryl country-wide concem. We have worked lo generate additional income for the organi5alion through fundraisers, cabareucomedy events, corporate hiTes, and the Associated Programme. We are 8xciled about the polents'al whilst remaining realist Page 7
Docusign Envélope ID." A44yAE3D84g4DSB8E1-c2852C?469A3 SEVEN DIALS PLAYHOUSE UMITED (A Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2023 about what is required. The organisation is in ils initial stages. we remain agile lo diverse ways of bringing money into the organisation. We have been in conversation regulady with Unity Trust Bank. This is very much about organisalional 5hort-lem) cashftow, and their continued support has been Intensive during the accounting period. It should be recognlsed that these accounts represent an 18-n70nth period when compared to the previous 12-month periods, and therefore any attempt at annualisation to compare like with likg then, these accounts should be adjusted accordingty. The board a¢knowledges that the charty has extended the penod of accounts and therefore their filing at Companies House an(J al the Charity Commission has been delayed. The charity's lolal in¢ome lor the period was £430,84512022 YE £405,459). Proportionately this is lower than YE 2022. Expendrture was £1,175,477 12022 YE £696.2711 proportionately expenditure was higher than the YE 2022 figures. Overall. the charity had an operating deficit for the period of £744.60212022 deficit of £290,812), proportionately this was disappointing and reflect5 lower proportionate income specifically donations and legac$. The main lunding for the penod comprises of donations & legacies £125,359 12022 YE £231,986), charitable acliwlks £255.05412022 YE £158,191) and other trading activities £50,43212022 YE £15,282). Nel ¢urrenl a55els as al the balance sheet dale amounted lo1£1,322.226112022 £67,262), however lolal net assets amounted to £2.393,781 12022 £3,138,383). This Iruty reflects the cash poor asset rich nature of the charity but remains wlvenl as of 30th September 2023. The rnovement in unrestricted and restricted funds is detailed on page 35 of the accounts. It has been a ehallenging period for the Charity as we continue lo reshape the business model and recover from Covid. The charity faces risks and un¢ertaintie5 relevant lo the Nol-lor-Profit arts & creative sector, in particular donations & legacies and competition for scaree grant funding. We are an unsubsidised charty. The charty monitors these risks on an ongoing basis. Reserves Poll¢y The level of reseTves determines the period during which services can conlinLJe to be provided before allernalive extemal funding is in place. or a decision lo implement a full Closu programme can be Implemented. 11 is recognised that il is unlikely that all external funding will be wlhdfawn in an unplanned manner. The charity recognises the need for sufficient free reserves li.e., excluding fixed asselsl lo effectively manage risk and to be capable ol realising unforeseen opportunities that might arise. The charity seeks lo maintain general reseNes equal lo six months, operating expendilufe. This equates lo £390,000 per annum. Al the end of the period1301h September 20231 general unreslricled reserves amounted lo £1,921.97412022 YE £2.674,9091. It 15 acknowledged by the board that excluding fixed assets would create negative free reserves. The Iruslees acknowledge this. bul plans aTe advanced to complete a sale & leaseback of the principal property Icomplelgd post year endl and therefore given the nature of the Charity's financial status general reserves rather than free reserves are used lo assess sufficient minimum reserves. Including the equtty in the principal prcwerty the Trustees nsider tho Charity holds enough reserves based upon 115 minimum reserves policy. Page 8
Do¢usKJn Envebpe ID.. AA47AE39-D6494D5&8E1£28B2C7469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Llmlted by Guarnnto91 TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Going Concern Akhough not alone in the sador, the recovgry from both COVID, and the coslryof-INing crisis continue lo impact in term5 of cashflow. The Ofganisalion is also in ils second year of trading as Seven Dials Playhouse, and whilst we fvlty expect the need lo raise additional investment in this period. we have continued lo be impacted by shifts in audience behaviours. The bank continues to confim financial support by way of an overdraft fa¢ilily & k)an$ secured by charges lodged against the principal propety. The board Temains fully and firmfy committed lo taking all the steps necessary to ensure the immediate and future viability and success of the charity. This includes the sale and leaseback of the principal property lassel rich aspect} lo release sufficient funds lo readdress the negative current assets Icash poor aspect), release management time. recruit executive and board capacty and focus on growth sUPPOrted by our current and future stakeholders. The sale and leaseback of the propety, as noted under post balance sheet events, was completed on 30 September 2024. With the subsequent release of cash funds the Trustees are comfortable that suffieienl sources are available for the foreseeable futuro and on that basis believe that it remains appropriate to prepare the accounts on a going concern basis. After settlement of all outstanding liabililieg, including the bank and other loans and allowing for a ppaYment of the first year's rent on the property the char((y has positsve liquid cash reserves at the dale of approval of this report. of £1.273.676, a solid position allowing the Trustees. to move forward with their business plan. Post4alan¢e Sho8t Events Following the end of the fi'nancial period the board discloses the followlng posl-balance events, both wf(h non- financial and financial impacts upon the charty. Following the revised business model, rebranding and governance documenlalion, a local campaign from concerned members of the public raised concerns about Ih05e changes. Consequently, the charity is in dialogue wi(h the charity commission and as on the date of this report. il is ongoing. During earfy 2024 and as a consequence of a failure lo secure extemal investment. but with support from our bankers (who have security) and leading up lo the sale & leaseback of the principle property the board made a voluntary serious incident r¢port lo the charity commission detailing the circumstances, professional advice and other actions to miligale the acknowt8dged risks. On 30th September 2024, the principal propety was sdd and leased back. This action released all accrued debt Iprinapally ¢)wed to the bank who has supported the charity over many years). This event mitigated the previously reported serious incident report lo the charity commission. Throughout the post balance sheet penod the board ha5 managed the risks by seeking professional advice, compliance wlh regulations. protection of the charitys assets, delivery on the charitable objectives and acting in the best interests of the charty. 8- Tru$tegs' respon$lbilillgs statement The Trustees {who are also directors of Seven Dials Playhouse Ltd for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance wi(h applicable law and United Kingdom Accounting Standards (United Kingdom Generalty ACpIed Accounting Practice). Company law rUireS the Trustges lo prepare financial statements for each financial yoar. Under company law Page 9
Docusyn Envelope ID.. M47AE3¥D84g4D50-B8E1-C28B2C7489AJ SEVEN DIALS PLAYHOUSE LIMITED IA Company Limit by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2023 the Trustees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and the group and of Ihe incoming resources and application of resources. including the income and expenditure, of the chari(able group for that period. In preparing these financial slalemenls, the Trusl8es are required lo". select suitable 8ecounknng policies and then apply them consislenlly. obseNe the methods and principles in the Charities SORP. make judgments and accounting estimate5 that are reasonable and prudent. prepaie the financial sialements on the going concern basis unless rt Is inappropriate lo presume that the charitable group will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable Company and the gTOUP'S transactions and disclose with reasonable accuracy al any time the financial position of the charitable group and enable them to ensure that th& financial statements comply with the Companies A¢1 2006. They are also responsible for safeguarding the assets of the Charitable company and the group and hen for taking reasonable steps IDr the prevention and detection of fraud and other irregularrf(ies. Dlsclosure of informatlon to auditors Trustees at the lime when this Trustees. report is approved have confimed that.. so far as the Trustees are awa, there is relevant audit information of which the charitable group's auditors are unaware. and Trustees have taken all the steps that ought lo have been taken as Trustees in order lo be aware of any relevant audit Infonnation and lo establish that the charitable group's auditors are aware of that infom)ation. Approved by order of the members of the board of Trustees on 20 December 2024 and s+gned on their l)ehalf 5b]ni4by'. Q416ABèUO84rt431 Andrew Subramanlam Chair 20/1212024 Page 10
Do¢us¥Jn Ewelopa ID. AA47AE39-084YD50.88E1£28B2C7469A3 SEVEN DIALS PLAYHOUSE LIMITED {A Company Limlted by Guarantèè) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SEVEN DIALS PLAYHOUSE LIMITED Oplnlon We have audrted the financial statements of Seven Dials Playhouse Limited Ilhe 'charilable Companll for the period ended 30 Seplembgr 2023 which comprise the Statement of Financial Aclivilies, the Statement of Financial Position, the Slalement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial ststoments.. give a true and fair of the state of the charitable company's affairs as al 30 September 2023 and of its incoming resources and application Of resources, including its income and expendrture for the perK)d then ended; have been PToperfy prepared in accordance wth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance w((h the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auiliting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilrties for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stslemenls in the Unf(ed Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fuffilled our other ethical responsibilities in accordance with these Tequirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem 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 un¢ertainlies relating to events or conditions that, individualty or collectively. may cast significant doubl on the charitable ¢ompanls ability to continue a5 a going con¢em for a period of at least twefve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concgm arg described in the relevant soctions of this report. Page11
DtsrAn Envelope ID.. 17AE3&494D508fl.C28B2¢74ogA3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Lirnited by Guarant99) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SEVEN DIALS PLAYHOUSE LIMITED ICONTINUEDI othèr information The other infomiation comprises the information included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our sponsibl11ty is lo read the other information and, in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the ¢ourse of the audit. or otherw15e appears lo be materially mi551aled. 11 we identify such material inctsnsislencies or apparent maerial misslalemenls. we are required lo determine whether this gives rise to a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material mis51alement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audi(.. the infornialion given in the Trustees, Report for the financial period for which the financial statements are prepared is consislenl with the financial slalements. the TfUSlees' Report has been prepared in accordance wf(h applicable legal requirements. Matters on which we are requlred to report by oxception In the light of our knowledge and understanding ol the charitsble Company and ils environment obtained in the course of the audit, we have not identified material mi551atemenls in the Trustees. Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us lo rèport to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for c4Jr audit have not been received fn)m branches not visited by us,. or the financial slatemenls are not in agrment with the accounting records and returns.. or certain disclosures of Trustees, remuneration specifi'ed by law afe not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not errtilled to prepare the financial statemen15 in accordance wrth the small companies regirne and lake advantage of the small companies. exemptions in preparing the Trustees. Report and from the requirement to prepare a Strategic Report. Page 12
DOC1gn Enve¢op8 ID.. NM7AE39-D849-4D50&8E1-C2882C7469A3 SEVEN DIALS PLAYHOUSE UMITED (A Company Limit8d by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SEVEN DIALS PLAYHOUSE UMITED ICONTINUEDI Responslbllltles of trustsgs As explained more fully in the Trustees, Re¥)onsibilities Slalement, Ihe Trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the pparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In pieparing the finan¢ial stalemenls, the Trustees are responsible for assessing the ¢harilable company's abilty lo continue as a going concem, disclosing, as applicable. matters related lo going wncem and using the going concern basis of accounting unless the Trustees erther intend to liquidate the eharitsble company or lo cease operation$. or have no realistic altemative bul lo do so. Audltors. re$ponsibilitios for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material miss18lemenl. whether due lo fraud or error, and lo issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wf(h ISAS IUKI will always d61ed a material misstalemenl 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 lo influence the economic decisions ol users taken on the basis of these financial slalements. Irregularities. including fraud, are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material mis$lalemenls in respect of irregul8ri1ies. including fraud. The oxtgnt lo which our procedure5 are capable of delecling irregularities. including fraud is detailed below". We gained an understanding of the legal and regulatory framework applicable lo the Group and the industry in which it operates. and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audf( procedures to respond to the risk, recogftising that the risk of not deleth'ng a material misslalemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliber*e concealment by, for example, forgery or intentional misrepresentations, or through eollusion. We focused on laws and regulations which could give rise to a material misstalemenl in the financial statements. Our lesls included agreeing the financial slalemenl dis¢losurg$ to undertying supporting documentation and enquiries with management. There are InenI limitations in the audrt procedures described above and. the further removed non-compliance with laws and regulations is from the events and transactions reftecled in the financial slalemenls. the less likely we wc)uld become aware of it. We did not identify any key audit matters relating lo irregularities, including fraud. As in all our audi15, we also addressed the risk of management override of intemal controls, including lesling journals and evaluating whether there was ewdence of bias by the Twslees that represented a risk of material misslalement due lo fraud. We also communicated relevant identrfied laws and regulations and potentsal fraud risks to all engagement team members and remained alert lo any indl)n$ of fraud or non<ompliance with laws and reguk4ts.ons throughout the audit. A lurther description of gur responsibilities for the audit of the financial statements is located Dn the Financial Reporting Council's websf(e at.. www.frc.o .ukJauditorsres onsibililies. This description forms part of our Audrtots, Report. Page13
Docusbjn Envelope ID. *A4lAE3Ds44Ds0-B8E•-C?s82C7469AJ SEVEN DIALS PLAYHOUSE LIMITED IA Company Lirnlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SEVEN DIALS PLAYHOUSE LIMITED ICONTINUEDI Uso of our report This report is made solely lo the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our akjdil work has been undertaken so that we might state to the charrtable company's members those matters we are Tequired lo slate to them in an Audilors, Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilty lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formèd. rew foT and on behalf of Nyman Libson Paul LLP Chartered Accounlanls Registered Auditors 124 Finchley Road Londtrn NW3 5JS enior Statutory Auditorl 20 December 2024 Pagg 14
Docuswn Envelope ID.. AA47AED8494D50-BE1-c2882c7469A3 SEVEN OIALS PLAYHOUSE LIMITED IA Company Llmlted by Guaranto01 STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Reslricled unstrICted Total funds funds funds 18 months 18 months 16 months ended ended ended 30 September 30 September 30 September 2023 2023 2023 Total funds 12 months ended 31 March 2022 Note Income from.. Donations and legacies Charitable activsti'es Other trading a¢tivf(ies 5,000 120.359 255.054 50,432 125.359 255,054 50.432 231,986 158,191 15,282 Total Income 5,000 425,845 430,845 405,459 Expenditure on: Raising funds Charrtable adiwties 11,631 1.158,954 11.631 1.163,954 8.754 687,517 5,000 Total expenditure 5,000 1.170,585 1,175,S85 696,271 Net movement In funds before other recognised gainslllossesl 1744,7401 1744,7401 1290,8121 Other recognlsed gainslllossesl." Gains on revaluation of fixed assets 2,637.406 Net movemgnl in funds 1744.7401 1744.7401 2,346,594 RKonclllatbon of funds: Total funds brought forward Net movement in funds 3,13e,383 1744,7401 3,138,383 {744,7401 791,789 2,346,594 Total funds carried forward 2,393,643 2,393,643 3,138,383 Page 15
DoGusign Envelope ID.. AA47AE3&D8494DS0-B8E1-C2882C7469A3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER.. 01353824 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023 30 September 2023 31 March 2022 Note Flxed assets Tangible assets 12 3,740,034 3,813.379 3,74Q,034 3,813,379 Current assets Debtors Cash al bank and in hand 13 34.698 2.712 147,987 84,423 37,410 232,410 Credilors". amounls lalling due within one year 14 {1,359,TT41 1165.1481 Net current liabilities l assets 11,322,364) 67,262 Total assets less current Ilabllltle$ 2.417,670 3.880,641 Creditors". amounts falling due after more than one year 15 124,0271 1742.258} Total net assets 2,393,643 3,138.383 Charity funds Reslricled funds Unreslricled funds 16 16 2,393.643 3,138,383 Total funds 2,393.643 3,138,383 Page 16
Docusign Envelope ID.. AA47AE39-D8494D50-88E1-C2892C7469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Limited by Guarnnteo) REGISTERED NUMBER.. 01353824 STATEMENT OF FINANCIAL POSITION ICONTINUEDI AS AT 30 SEPTEMBER 2023 The financial statements have been prepared in accordance with the provisions applicable to enlilies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 20 Oecember 2024 and signed on their beha by.. Andiew Subramaniam Chair 20/12/2024 0416A86U68UIJ1. The notes on pages 18 to 37 fom part of these financial stalemenls. Page 17
DorAJsvJn Envelope ID.. MM7AE39.D8494D8sE1-C2sB2CT46gA3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Limit4d by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 General infomiatlon Seven Dials Playhouse Limited Iformerly The Actors Professional Centre Limiledl is a charity incorporated in England & Wales. 11 Is a company limited by guarantee wrth company registration number 01353824 and charity registration number 275934. Ils registwed address is 1A Tower Street, London, WC2H 9NP. Accounting policies 2.1 Basis of pr¢paratlon of financial statemonts The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounlirig and Reporting by Charities." Slalemenl of Recornmend Practice applicable lo charities preparing their acctsunts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151. the Financial Reporting Slantlard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Seven Dials Playhouse Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. The Charrty is part of a group with ils wholly owned subsidiary. Actors, Workshops (London) Limited. The subsidiary did not trade in the year and was dormant. Con501idated accounts have therefore not been prepared on the grounds of materiality with the level of Iransacb'on5 in the year and closing values considerèd lo be imrnalerial. No cash flow statement is rgquired as the entity meets the definition of a small charity per the Charities SORP IFRS 102}. 2.2 Going concorn Post year end the Charity sold its principal building under a sale and leaseback arrangement. realising the value of the asset. Following the subsequent receipt of funds, the Trustees believe $ufficienl funds are available to allow the ¢harty lo meet Ils debts as they fall due and lo provide sufficient funding for the foreseeable lulure and therefore rt remains appropriate to pPa the accounts on a going concern basis. Page18
Oocusyn EnlOpe ID.. AA47AE3&D8494D50-B8EI.C28B2C7469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Limlted by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Accountlng policies lcontinuedl 2.3 Income All income is recognised once the company ha5 enlillement lo the income. it is probable that the income will be received and the amount of income receivable can be measured reliab. For legacies, enlrtlement is taken as the eadier of the dale on which either.. the company is aware that probate has been granted, the eslale has been finalised and notification has been made by the executor{sl to the TTUSI that a distribution will be made, or when a distribution is received from the estate. Receipt of a lega¢y, in whole or in part. is only considered probable when the amount can be measured Teliabty and the wmpany has been notified of the executor's intention lo make a di51ribution. Where legacies h8ve been nolffied lo the company, or the company is awa of the granting of probate. and the criteria for income recognition have not been mel, then the legacy is Iie*ed as a continggnt ass81 and disclosed if material. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Income tax recoverable in relation to investrmenl income is rewgnised al the Ilme the investment income is receivable. Theatre income is rewgnisod once the show has taken place. Income from room hire is recognised in the period in which the hire relates lo. Donations are recognised on receipt. Income from governmanl gTanls is recognised when the charity has enlitlemenl to the funds, any perfomance conditions attached lo the grants have been met, il is prcthble that the income will be received and the 8mount can be measured reliably and is not deferred. other income is recognised in the period in which il is receivable and lo the exienl the goods have been provided or on completion of the service. Grants a induded in the Slalemenl of Financial Activrties on a e1Vable basis. The balance of income received for specrfic purposes but not expended during the period is shown in the relevant funds on the Statement of Financial PositK)n. Where income is received in advance of enlillemenl of Teceipt, ils recognition is deferred and included in creditors as doferred income. Where enliuemenl occurs before income is received, the income is 8c¢rued. Page 19
Dowsign En¥dope ID." AA4yAE308494D50-B8E1.c2852C?469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Accounting policies Icontinuedl 2.4 Expendlture Expenditure Is recognised once there is a legal or constructive ¢Jbligalion lo transfer econorric benefit to a third party. it is probable that a transfer of ecorK)mic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The c051s of each activity are made up of the lolal of dire¢t costs and shared costs, including 5UPPOrt costs involved in undertaking each activity. Direct costs attiibulable lo a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activty a apportioned between those activities on a basis consislenl with the use of resources. Central staff cos15 are allocated on the basis of lime spent. and depreciation chaiges allocated on the portion of the asset's use. Fundraising costs are Ih05e incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support ol expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with adminislralion of the company and compliance with constitutional and slatulory reqLJiremenls. Costs of generating funds are costs incurred in attrading voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating lo the governance of the companyapportioned lo charitable activities. Expenditure on raising funds includes all expenditure incurred by the company to raise funds lor its charitable purposes and includes costs of all fundraising activities events and non-¢h8ritable trading. Expendi(ure on charitable activities is incurred on direcliy undertaking the activities which further the companls objectives. as well as any associated sUPPOrt costs. Page 20
DocusE9n Envelope ID.. M47AE39-D8494D50.B8E1.C2882C7469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Llmited by Guarantgo) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEM8ER 2023 Accountlng policies Icontinuedl 2.5 Tanglble fixed assets and dopreciation Tangible fixed assets costing £250 or more are capilalised and recognised when lulure economic benefits are probable and the ¢ost or value of the asset can be measured reliably. Tangible fixed a$$8ls are initialty recognised at Cost. After rectrgnilion, under the revaluation model, tsngible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their lair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimenl losses. Revaluations are made with sufficient regularity lo ensure that the carrying amount dS not differ materially from that which would be determined using fair value al the erKI of the porting dale. Fair values are delemine(l from market-based evidence by appraisal that is nomally undertaken by professionally qualified valuer5. If there is no mae1-based evidence of fair value because of the specialised nature of the tangible fixed asset and il is rarely sold. except as part of a conlribuling business, a wmpany may need to estimate fair value using an income or deprlated replacement cost approach. Gains and losses on revaluation are recognised in the Stslement of Financial Activities, with a separate revaluali¢)n reseNe being shown in the Slalemenl of funds note. DeprKiation is charged so as lo allocate the cost of tsngible fixed assets less their residual value Ovor their estimated useful lives. Depreciation is provided on the following bases.. Long-term leasehold propety Leasehold improvements Fixturgs and fittin9S 2% straight line 20 straighl line 25% reducing balance 2.6 Investments Fixed as$el investments are a form of financial instrument and are inilialty recognised at their transaction cost and subsequently measured at fair value at the Ststemenl 0¢ Financial Position dale, unless the value cannot be measured reliab in which case it is measured at cost $S impaimenl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Statement of Financial Activi(ies. Investments in subsidiaries are initially and subsequently roniSed al cost. 2.7 Inter•$t receivab Interest on funds held on deposit is included when receivable and the amount can be measured Tèliabty by the company., this is normally upon nolif1¢ation of the interest paid or payable by the bank. 2.8 Opgratlng leas0$ Rentals paid under operating leases are charged lo the Statement of Financial Activities on a slraighl line basi5 over the lease lenn. Page 21
Docusign En¥dope10.' Am7AE39D8494O588E1-C2B82C7469A3 SEVEN DIALS PLAYHOUSE UMITED {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Accounting poll¢les lcontinuedl 2.9 Debtors Trade and other debtors are recognised at the settiement amounL 2.10 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly INuid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.11 Liabllities Liabilities are recognised when there is an obligation at the Stslement of Financial Posrtion date as a result of a past event, il Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can bg eslimaled reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the arnount it has received as advanced payments for the goods or services it musl provide. 2.12 Financial instruments The company only has financial assets and financial liabilitie5 of a kind that quality as basic financial inslrumenls. Basic financial instruments are inilially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measuied al amortised cost using the effective interest method. 2.13 Fund accounting General funds are unreslricled funds which are availabl& for use al the discTetion of the Trustees in furtherance of the general obj'ectives of the company and which have not been designated for other purpose5. Restricted lunds are funds whtch are lo be used in accordance with specific reslriclions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such fund5 are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statement5. Crltlcal accounting estimato$ and areas of judgment E51imales and judgments are continually evaluated and are based on hiStOral experience and other factors, including expectations of future events that are believed lo be reasonable under the CITcumslanGes. There are no estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of asse15 and liabilities within the next financial year. Page 22
Docusyn Envelope ID.. M47AE39-D849-4DS088E1£28B2C7469A3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Llmlted by Guarants8) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Income from donations and legacies Restricted Unreslricled funds funds 18 rnonlhs 18 months ended ended 30 30 September September 2023 2023 Total fund5 Total 18 months funds ended 12 months 30 ended September 31 March 2023 2022 Donations Grants {see analysis below) 5.000 120.359 125,359 6,285 225,701 s.000 120,359 125,359 231,986 Anatysl$ of grants 30 September 2023 31 March 2022 Arts Council England Coronavirus Job Retention Scheme London Borough of Camden 142,181 32,592 50,928 225,701 Page 23
DO51n Envelope ID.. A447AE3o84DSO.B8E12BB2c7469AS SEVEN DIALS PLAYHOUSE UMITED IA Company Limlted by Guarantaa) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Income from charitable actlvilios 30 September 2023 31 March 2022 Produ¢tlons Box office income Co-production income Theatre lax relief Studio Theatre other Income 115,254 1,103 41,326 20.000 74,692 15,855 11,711 143.923 136,018 Other activlties mebe[ShIp Income Hire income Bar Sales Other income 14,918 7,255 81,738 48,562 170 130,470 22,173 Total income from ¢haTilable activities 348.799 158,191 Income from trading activities Unrestricted lunds 18 months ended 30 September 2023 Total funds 18 rnonlhs ended 30 September 2023 Total ftjnds 12 months ènded 31 March 2022 Bar, programme and merchandise income 50,432 50.432 15,282 Total 2023 50.432 50,432 15,282 Page 24
Oo¢u$lgn Envelope IO.. AA47AE39-D8é4DsOE1-C2eB2C7469A3 SEVEN DIALS PLAYHOUSE UMITED (A Company Umlted by Guarnntg91 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Expenditure on raising funds Trading expenses Unreslrieted funds 18 months gnded Total funds 18 months ended 30 September September 2023 2023 Total funds 12 months ended 31 March 2022 Trading expenses 11,631 11,631 8,754 Total 2022 8,754 8,754 Page 25
Dow51gn Envdope ID". NM7AE39-D8494D5048E1-C2882C7469A3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Limited by Guaranteal NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Analysis of gxpenditure by activiti•s Aclivrties undertaken d1cl1Y 18 months ended 30 September 2023 Support costs 18 months ended 30 September 2023 Total funds 18 month5 ended 30 September 2023 Totsl funds 12 months ended 31 March 2022 Charrtable expendffure 599,011 564,943 1.163,954 687.517 Total 2022 409,592 277,925 687,517 Analysis of direct costs Total funds 18 months ended 30 September 2023 Total funds 12 months ended 31 March 2022 Staff costs ProduclK)n - design fees Producer Settlerllent Production - cast fee5 Production - costume fees ProduGlion- stage, sound and phologTaphy fees Production- technical fees Creative Team expenditu PToduclion - Sel constrLKlion General expenditure Building Maintenance Website maintenance 448.700 281 70,519 6,845 20.600 3.058 174,855 574 4,928 40,378 34,912 37,618 9,353 23.959 5.281 12,247 100,000 5,072 2,037 599,011 409,592 Page 26
Do¢ign Envelo ID.. AA47AE39-D84940s88El428B2C746gA3 SEVEN DIALS PLAYHOUSE UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Anaty$l$ of expenditur• by activities Icontinu¢dl Anatysis of support ¢ost$ Total funds 18 months ended 30 September 2023 Total funds 12 months ended 31 March 2022 Staff costs IT expenditure Marketing fees for rebranding PR fees for rebranding General rebranding gxpenditure Rale5 ElectrKity Insurance Printing, slalionery & photocopying General, subsistence & office expenditure Provision for bad debts Telephone Bank & credf( card charges Interest Payable Audit & accountancy fees Consultancy fees Legal fees Deprecialv)n 29,093 7,943 10,573 3,600 12.425 12,957 19,340 9,000 36,897 15,537 6,361 8,840 16,637 22.710 10,342 5.002 5,123 33,828 20,219 11,290 1,150 30,267 7,379 27,6 9,376 12,411 85,842 68,320 8,461 22.335 88.729 26.784 55,615 27,501 73,345 564,943 277,925 Governance costs Cornprise audit & accountancy fees, consukancy lees and legal fees and total £109,90012023.. £32,659). Page 27
Docu$vJn envelope ID.. AA47AE3D84o5Q-8SE1-C2882C7489A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Auditors. remuneratlon 18 months ended 30 September 2023 12 months ended 31 March 2022 Auditors. mUneration 15,000 15,000 10. Staff costs 18 months ended 30 September 2023 12 months ended 31 March 2022 Wages and salaries Social security costs Contribution lo deftned contribution pension schemes 448,700 25,592 3,501 174,855 11,309 1,116 477,793 187,280 The average number of persons employed by the company during the period Wd5 as follows.. 18 months ended 30 September 2023 No. 12 months ended 31 March 2022 No. Theatre production and other charitable aclivtlies 25 Page 28
Docusign Envelope ID". A447AE39.D8494D50£8E1-C28B2C7469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Limited by Guarante&l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOO ENDED 30 SEPTEMBER 2023 10. Staff Costs Icontlnuedl The number of 8mploy88s whose 8mployee benefrts lexcluding employor pgnsion costs) exceeded £60,000 was., 18 months ended 30 September 2023 12 months ended 31 March 2022 No. In the band £60,001- £70.000 Totai employment benefrts for key markagemenl personnel were £75,750 {2022'. £59,562) 11. Truste85' remuneratlon and expenses During the period, no Trustees received any Temunerats'on or other beneffts12022- £NILI. Page 29
Dow$ign EnlOpe ID.. AA47AE39-D8494D50-B8E1-C2882C7469A3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Lirnited by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 12. Tangible fixed assets Long-tem leasehold Leasehold Fixtures and property improvements fittings Total Cost or valuation At 1 April 2022 2.639,663 1,160,337 190.015 3,990,015 At 30 Soplemb8r 2023 2.639,663 1,160,337 190,015 3,990,015 Depre¢lation Al 1 April 2022 Charge for the period 176,636 3,345 176.636 73.345 46,793 23,207 AI 30 September 2023 46,793 23,207 179,981 249,981 Net book valu AI 30 September 2023 2.592.870 1,137,130 10,034 3,740.034 Al 31 March 2022 2,639,663 1,160.337 13,379 3,813,379 Page 30
Docus Envelope ID. AA47AE3o64D5tsBBEl-C28B2c7468A3 SEVEN DIALS PLAYHOUSE UMITED {A Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 12. Tangible fixed assets Icontinuedl The leasehold propety is included at fair value of £3,800,000 as at 29 September 2023 based on an extemal professional maTkot Valuation of the property on an existing use basis a5 at 19 October 2022. The company ha5 adopted 8 poli¢y of revaluation for tangible fixed a$sets. Had these assets been measured at historic cost, the carrying values would have been as lollows.. 30 September 2023 31 March 2022 Long-temi leasehold propety Leasehold Improvements FiXtuS and fittings 426,000 707,387 10,034 432.000 730,594 13,379 1,143.421 1.175,973 13. Debtors 30 September 2023 31 March 2022 Due wthin one year Trade debtors 18,508 2.170 2,626 33,426 37,243 74,692 Other debtors Prgpayments and accrued income Tax recoverable 14.020 34,698 147,987 Page 31
DowswJn Envd¢)pe ID.. NM7AE39-D849.4D50£8E1-C28B2C7469A3 SEVEN DIALS PLAYHOUSE LIMITED {A Company Limited by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 14. Creditors: Amounts falling du* within one year 30 September 2023 31 March 2022 Bank loans and overdrafts Other loan$ Trade Creditors Amounts owed lo group undertakings Other taxation and social security Other creditors Accruals and deferred income 974,735 150,000 106,598 41,520 34,939 4,653 47,329 45,610 27,623 41,520 6,871 1,123 42,401 1.359.774 165,148 Creditors.. Amounts falling due after more than one year September 2023 31 March 2022 Bank k)ans Other loans 24.027 592.258 150.000 24,027 742,258 Included within the above are amounts falling due as follows.. 30 September 2023 31 March 2022 Belween one and two years Bank loans other loans 10,000 81.220 150,000 Between two and flve years Bank loans 14,027 135.055 Over flve years Bank loans 375,983 Page 32
Docusign Envelope ID.. AA47AE39-D6494DS046E1£28B2C7469A3 SEVEN DIALS PLAYHOUSE LIMITED IA Company Limited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 The aggregate amount of liabilities payable or repayable wholty or in part more than five years afier the Teporting dale is. 30 September 2023 31 March 2022 Repayable by inslalmenls 375,983 The loans identified above have repayment tem)s which do not currently exceed 5 years. Interest is charged at a commercial rate. The bank and other loans arg secured by fixed charg8s over the company's leasehold proFerty. Page 33
DocusKJn En¥eh)pe ID." AA47AE39D8494D50.B8E142882C7469A3 SEVEN DIALS PLAYHOUSE UMITED IA Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 16. Statement of fund$ ststement of funds - current period Balance at 30 September 2023 8al8nce al 1 April 2022 Income Expenditure Unrèstrictèd fijnds General Fund5- an fund5 3,138.383 425,845 (1,170.5851 2,393.643 Restrictod funds Theatre Trust Charitable Fund 5,000 15,0001 Total of funds 3.138,383 430,845 11.175,5851 2,393.643 The unreslricled fund is ulilised mainty to finance the administration of the Charity and the charitable a¢livilies foT public awareness and benefrt with special bespoke projects laTgeling speci groupsldemographics specifically artists<realives (our benefiGiaries}. The Theatres Trust Charitable Fund was ulilised for small scale capital projects. Page 34
Docu5*n Envelopè ID. AA47AE39.D8494DS(kB8E1£28B2C7469A3 SEVEN DIALS PLAYHOUSE UMITED {A Company Lirnitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 16. Statement of funds Icontlnuedl Statement of funds - prk)r pgrlod Balance at 31 March 2022 Balance at 1 April 2021 Transfers inloul Gainyj (Losses} Income Expendlture Unrestrlcted lunds General Funds- all funds 328.316 405.459 1696,2721 463,474 2,637,406 3,138,383 Restricted funds Restricted Funds all funds 463,474 1463,4741 Total of fund$ 791,790 405,459 1696.272} 2,637,406 3,138,383 The restricted fund ielaled lo funds inilialty raised lo acquire the charivs long leasehold propety and the fund was represented by part of that asset. The terms of the restricted funding were met and the Trustees consider there is no longer a need lo maintain this fvnd as a separate restricted fund. The fund has accordingly been transferred to general unreslricled reserves. 17. Analysis of net assets betr•en funds Analy$ls of net assets between funds - current perlod Unrestricted funds 30 September 2023 Total funds 30 Seplembef 2023 Tangible fixed assets Current assets 3.740,034 3,740,034 37,410 37,410 11,359,774} 11,359,774) 124,027} {24,0271 Creditors due wf(hin one year Creditors due in more than one year Total 2,393,643 2,393,643 Page 35
Oocusign Envek)pe ID" AA47AE3De4HDsB8E7-C2s2C7469AJ SEVEN DIALS PLAYHOUSE UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 17. Analysis of net assets be¢*n funds {continuedl Analysls of net assets between funds- prior pgriod Unreslricled funds 31 March 2022 Total funds 31 March 2022 Tangible fixed assets Current assets 3.813,379 232,410 1165,1481 1742,2581 3,813,379 232.410 1165,1481 1742,2581 Creditors due within one year Creditors dtje in more than one yeaT Total 3.138,383 3,138,383 18. Related party transactions During the year the Company received rents, services and costs of £18612022.. £nill from a Trustee's personal company lan Nicol Limited. The Company also received rents of £6.844 from CHR Solutions. a company in which a Trustee, lan Nicol is contracted as a freelancer. Details of the year end position for the subsidiary are provided in Note 21. There were no transactions arising between the entities in the current and prior year. 19. Post balan¢e sheet ev8t)ts On 30th Septembei 2024, the charitys property, 1A Tower Street, London was sold and leased back to the charty at a purchase pre of £3,625.000. The sales proceeds were redeemed against the bank loan with Unity Trust Bank, and lo settle historical debts (Equity Charitable TNstl. Controlling party The Company is a Charitable Company limited by guarantee and has no share caprtal but under the terms of its MeTnorandum of Association every guarantor is liable to contribute a sum not exceeding £1 in the event that the Company is wound up whilst they a a guarantor or for one year thereafter. The guaranlofs are the Dirodors and therefore no one person conlTols the Company bul the Directors as a b¢xly control the Company. Page 36
Doujsign Envek)pe ID". APA7AE39.D8494D5(kBBE1-C28B2C7469A3 SEVEN DIALS PLAYHOUSE LIMITED {A Company Llmltsd by Guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2023 21. Subsidiary company Actors. Workshops {London) Llmltod Subsidiary name Company registration number Basis of control Actors, Workshops {Londonl Limrted 06196271 1WYD shareholder Total assets as al 30 September 2023 Total liabilities as al 30 September 2023 Total equity as al 30 September 2023 £ 41,520 £ 2,501 £ 39,657 Turnover for the year ended 30 September 2023 tnil Expenditure for the year ended 30 September 2023 £ 213 Loss for the year ended 31 March 2022 £213 Page 37