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

DOc￿S￿Jn 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 $e¢r•tsry
Andrthy Subramaniam
Chief Executive
Amanda Davey
Indepgndent audltors
Nyrnan Libson Paul LLP
Chartered Accounlanls
Registered Auditors
124 Fin¢hley Road
London
NW3 5JS
Bankers
Unity Trust Bank PIC
9 Brindley Place
Birmingham
BI 2HB
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TRUSTEES, REPORT
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Seven Dials Playhouse
f - Chlef Executlve Officer- Amanda Davey Inclusivity I Collaboration l Artistic Policy
We Èxi511o support generations of professional artisls-crealives who sil within or who are working outside of the
mainstream. We are particularfy interested in collaborating with and supporting those from the following
communities..
LGBTQIA+
People from the Global Majority wth a focus on Black, Brown artisls-crealwes, or those with a dual
heritage, or mixed parentage, female led lor focussedl work." and working class IOT focused) wort(.
Our hyperlctal.
We facililale opportunities that can help those working in lor seeking lo work inl the industry, so they can be
Successful. These measures of success are self-defined,. hence communication and ¢ollaboral+on are key.
The organisation is a home for bold. creative, high-quality productions from artis154realives that Dffer fresh
perspectives and create evo¢ative work that allracts a diverse audience.
Seven Dia15 pla￿Ou$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.
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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-peop￿Ied. 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
pla￿ouSe.
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 a￿lay$
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 amb￿nce. 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
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TRUSTEES, REPORT {CONTINUEDI
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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 develOpn￿nI of professional Ihealre, and 8rtists. We c￿ale 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 p￿sented '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
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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 suc￿Ssful 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
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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 reqUI￿d 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 g￿n9 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 app￿ciall0￿ 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. ￿sea￿h. 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 demOgraph￿S.
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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 DireCtOrs￿rustee5, 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 n￿Y 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 envIr￿ment 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
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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.
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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 p￿paYment 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 AC￿pIed Accounting Practice).
Company law r￿UireS 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

DtsrA￿￿n Envelope ID.. 1￿7AE3￿&494D50￿8fl.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 agr￿ment 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

DOC￿1gn 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 p￿paration 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 In￿e￿nI 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 ind￿l￿)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. *A4lAE3￿Ds4￿4Ds0-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.. AA47AE￿D8494D50-￿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
un￿strICted
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.D8494D￿8sE1-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 othe￿iSe 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 p￿Pa￿ the
accounts on a going concern basis.
Page18

Oocusyn En￿lOpe 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." AA4yAE3￿08494D50-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 d￿S 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 ma￿e1-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 depr￿lated 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 ro￿niSed 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.' Am7AE39D8494O5￿88E1-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 hiStOr￿al 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

DO￿51￿n Envelope ID.. A447AE3￿o84￿DSO.B8E1￿2BB2c7469AS
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
me￿be[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-D8é￿4DsO￿￿E1-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
d1￿cl1Y
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-D84940s￿88El428B2C746gA3
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.. AA47AE3￿D84￿o5Q-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 En￿lOpe 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. AA47AE3￿o64￿D5tsBBEl-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
FiXtu￿S 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" AA47AE3￿De4HDs￿B8E7-C2s￿2C7469AJ
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 pr￿e 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