2022-03-31-accounts

CONTENTS				Page
Professional Advisors
Board of Governors and		Executive Leadership	Team
Chair's Foreword
Chief Executive Officer's Foreword
Report ofthe Trustee
Financial Review				18
Statement ofTrustee's		Responsibilities		26
Independent Auditors'	Report			27
Consolidated Statement		of Financial Activities		30
Balance Sheet				31
Consolidated Statement		ofCash Flows		33
Notes to the Financial	Statements			34

Charitable	Impact in	Numbers	Numbers	Numbers
Events						3,616
Tickets Issued						484,000
%free public events						44%
Venue visitors						1.342 million
Schools	engaged					55school	groups engaged		in	person	with a
						total of 1,920 children
						162school	groups engaged		with us		through
						digital events,		with a total of 3,240 children
						8,168school groups engaged				with our digital
						resources,	with a total of 163,360children
Regional	Audiences	for	Hayward		Touring	62,000
Black, Asian and Ethnically				Diverse audiences		14%
Under 30s
Lambeth	and Southwark		bookers			12%

Type of Emissions	Activity		kWh	tcore	%ofTotal
Direct (Scope 1)	Natural Gas		11,412,072	2,098	53.7%
	Company	Fleet	0.0	0.0	0.00%
	Subtotal		11,412,072	2,098	53.7%
Indirect (Scope 2)	Electricity		8,509,669	1,807	46.3%
	Subtotal		8,509,669	1,807	46.3%
Indirect Other (Scope 3)	Grey Fleet				0%
	Subtotal				0%
	Total Energy Use (kWh)				19,921,741
	Total (location based) Gross Emissions (tCO,e)				3,905
	Renewable	Electricity (tCO,e)			1,807
	Total (market based) Gross
	Emissions	(tCO,e)			2,098
	Gross Turnover (ms)				27.3
	Tonnes of	Gross CO2e per my			143.3

cted that 7,105,000 fficiency measures.	kWh energy is going to be s	aved over th	e next 5 ye	ars through th
Type ofEmissions	Units	2021/2022	2020/2021	YOY %Change
Direct (Scope 1)	(kwh)	11,412,072	3,025,474	277.3%
	(tco,e)	2,098	556	277.3%
Indirect (Scope 2)	(kwh)	8,509,669	3,262,854	160.8%
	(tCO,e)	1,807	761	1375%
Indirect Other (Scope 3)	(kwh)		2,6150	-100%
	(tco,e)			-100%
	Total Energy Use (kWh)	19,921,741	6,290,043	216.7%
	Total Gross Emissions (tCOxe)	3,905	1,317	1965%
	Renewable Electricity (tco,e)	1,807	761	1374%
	Total Net Emissions (tCO,e)	2,098	556	2774%
	Tonnes ofGross CO2e per fm	143	36	293.8%

						Unrestricted	Funds	Restricted	Funds	Total	Funds
						Operations	Designated	Project	Capital	2022	2021
					Note	E000	E000	6'000	6'000	6'000	f.'000
INCOME FROM:
Donations and legacies						19,855		2,548	350	22,753	26,615
Charitable Activities						5,747				5,747	1,057
Other Trading Activities						14,603				14,603	8,501
Proceeds from sale	offixed assets
Investments						52				52	27
TOTAL						40,257		2,548	350	43,155	36,200
EXPENDITURE ON:
Raising funds					9	1,025	34	-	-	1,059	1,054
Charitable activities					9	29,419	5,435	2,304	-	37,158	29,789
Other					9	3,637	594	-	-	4,231	6,377
TOTAL						34,081	6,063	2,304		42,448	37,220
Net (expenditure)/income			before transfers			6,176	(6,063)	244	350	707	(1,020)
Transfers					19	(9,776)	10,126	-	(350)
Other recognised	(losses)/gains
Actuarial (loss)/gain	on	defined benefit			23		(500)			(500)	(800)
pension schemes
Gain/(Loss) on derivative			financial	instrument			1,026			1,026	429
Net Movement in funds						3,600	4,589	244		1,233	1,391
Fund balances brought		forward at		1 April		11,482	214,730	792		227,004	228,395
2021
Total funds carried	forward at 31 March 2022					7882	219319	1 036		228 237	227 004

					Group		Charity
				Notes
					2022	2021	2022	2021
					E'000	E'000	f'000	f'000
Fixed assets
Tangible assets				11	230,627	236,749	230,627	236,749
Intangible assets				12	252	433	252	433
Investments				14	16,029	12,001	12,029	12,001
Total fixed assets					246,908	249,183	242,908	249,183
Current asseR
Stocks ofconsumables		and goods held for resale			292	286	45	54
Debtors - due within	one year			15		9,296	9,703	9,279
Cash and cash equivalents					20,829	11,713	16,075	9,363
Total current assets					27,465	21,295	25,823	18,696
Liabilities
Creditors: amounts	falling due		within one year	16	(17,202)	(11,098)	(15,904)	(10,237)
Net current assets					10,263	10,197	9,919	8,459
Total assets					257,171	259,380	252,827	257,642
Creditors: amounts	falling due		after one year	18	(28,934)	(32,876)	(28,934)	(32,319)
Net assets exduding		pension	liability		228,237	226,504	223,893	225,323
Defined benefit pension asset			I (liability)	23		500		500
Total net assets					228,237	227,004	223,893	225,823

				Group		Charity
			Notes
				2022	2021	2022	2021
				6'000	6'000	F'000	F'000
Unrestricted	income funds
General reserves				7,882	11,482	3,538	10,301
Designated	funds		19	219,319	214,230	219,319	214,230
Pension reserve			23		500		500
				219,319	214,730	219,319	214,730
Total unrestricted		income funds	19	227,201	226,212	222,857	225,031
Restricted	income funds
Projects fund			19	1,036	792	1,036	792
Total restricted income funds			19	1,036	792	1,036	792
Total group	funds		19	228,237	227,004	223,893	225,823

S at 31 March 2022
				Note	2022	2021
					F'000	E'000
Net cash inflow from operating activities					17,066	1,587
Net cash generated from operating		activities			17,066	1,587
Cash flow from investing activities
Purchase oftangible fixed assets				11	(1,881)	(1,408)
Purchase of intangible fixed assets				12	(10)	(189)
Investments				14	(4,028)	(3,996)
Sale oftangible fixed assets						16
Interest received				5	52	27
Cash used in investing activities					(5,867)	(5,550)
Cash flow from financing activities
Loan received						10,911
Repayment of loan					(978)	(288)
Interest expense					(1,105)	(969)
Cash generated (used in) / from	financing		activities		(2,083)	9,654
Net (decrease) / increase in cash and cash
equivalents					9,116	5,691
Cash and cash equivalents at the	beginning		ofthe year		11,713	6,022
Cash and cash equivalents at the	end	of the	year		20,829	11,713
Net (outgoing) / incoming resources before transfers					707	(1,020)
Interest received					(52)	(27)
Interest paid				7	1,105	969
Depreciation and amortisation charge				11,12	8,108	8,318
Loss/(Gain) on FA disposal					85	16
Impairment of Intangible Fixed Assets				12
(Increase)/Decrease in stock					(6)	83
Decrease/(increase) in debtors				15	2,952	(2,870)
(Decrease)/ increase in creditors				16, 18	4,167	(3,882)
Retirement benefits movements				23
Net cash inflow from operating	activities				17,066	1,587

Donatio	n	s and Legacies
			Unrestricted	Restricted
			Funds	Funds	2022	2021
			F'000	F'000	F'000	F'000
Donations	and sponsorships		1,094	896	1,990	2,085
Arts council		grant	18,698	1,652	20,350	19,627
Funding for		asset
construction				350	350	6
Other grant		income	63		63	4,897
Total			19,855	2,898	22,753	26,615

Charitable Activities
	Unrestricted	Restricted
	Funds	Funds	2022	2021
	F'000	F'000	F'000	F'000
Artistic activities
Ticket Income	3,456		3,456	587
Artistic rentals	1,819		1,819	420
Other income	472		472	50
Total	5,747		5,747	1,057

			Unrestricted	Restricted
			Funds	Funds	2022	2021
			F'000	E'000	F'000	F'000
Other Trading		Activities
Retail sales			1,061		1,061	329
Concessions			7,238		7,238	5,778
Hall and space		rentals	2,551		2,551	594
Memberships	and
subscriptions			764		764	946
Other income			2,989		2,989	854
Total			14,603		14,603	8,501

		Unrestricted	Restricted
		Funds	Funds	2022	2021
		F'000	F'000	F'000	F'000
Interest	receivable	52		52	27
Total		52		52	27

									2022	2021
									F'000	F'000
Net incomel (expenditure)		is	stated	after charging		(crediting):
Operating lease charges									173	173
Depreciation and amortisation			charge on assets						8,108	8,318
Auditors' remuneration	for	audit services (Southbank					Centre)		60	75
Auditors' remuneration	for	audit services (Enterprises)							7	6
Losses on foreign exchange			differences						5	2
Impairment losses
Income from Creative	Tax		reliefs	included	within		income	from
charitable activities									(270)	(112)
Bad debt expense									(923)	1,062

7	Interest Expense
		Unrestricted	Restricted
		Funds	Funds	2022	2021
		F'000	F'000	F'000	F'000
	Interest expense	1,105		1,105	969
Total		1,105		1,105	969

eceived Fn	il (2021:Fnil) in reimbursem	ent oftravelling and subs	istence	expe	nses.
		Average	number	of	Average	full time
		employees			equivalent	number	of
					employees
		2022	2021		2022	2021
		No.		No.	No.		No.
Raising Funds		12		12	12		11
Charitable	Activities	97		112	88		101
Other		21		29	18		24
Support		229		307	173		209
		359		460	291		345

Total Re	sources Exp	ended
			Direct Costs	Support Costs	2022	2021
			E'000	F'000	E'000	F'000
Costs of raising funds			569	490	1,059	1,054
Expenditure	on charitable	activities	10,161	26,997	37,158	29,789
Other			1,136	3,095	4,231	6,377
			11,866	30,582	42,448	37,220

		Management	Marketing	Human	Operations	Depreciation
		&Admin	&Comms	Resources		&Disposals	2022	2021
		F.'000	F'000	F'000	F'000	F.'000	F'000	F.'000
Costs of	raising funds	208	107	44	85	46	490	580
Expenditure on
charitable	activities	3,705	1,917	670	13,449	7,256	26,997	24,457
Other		418	217	49	1,617	794	3,095	4,247
Total Support Costs		4,331	2,241	783	15,151	8,096	30,582	29,284

				2022	2021
				F'000	F'000
Internal	audit			22	6
External	audit			67	63
Governors' indemnity			insurance	14	15
Apportionment		ofstaff	costs	218	260
				321	344

1 Tangible Assets	1 Tangible Assets
Group and charity		Land &	Land &	Assets	Fixtures	Plant &
		Buildings	Buildings	under	& Fittings	Machinery	Total
		(Artistic)	(Other)	Construction		E'000	E'000
		E'000	F'000	F'000	F'000
Cost
At 1 April 2021		256,764	26,647	260	8,181	6,950	298,802
Additions		517		165	38	1,161	1,881
Transfers		28		(201)	112	61
Disposals					675	65	740
At 31 March	2022	257,309	26,647	224	7,656	8,107	299,943
Accumulated	Depreciation
At 1 April 2021		42,304	8,847		5,561	5,341	62,053
Charge for the year		6,368			512	1,037	7,917
On disposals					589	65	654
At 31 March	2022	48,672	8,847		5,484	6,313	69,316
Net Book Value
At 31 March	2022	208,637	17,800	224	2,172	1,794	230,627
At 31 March	2021	214,460	17,800	260	2,620	1,609	236,749

12 intangible	Assets
Group and charity		Software	Total
		F'000	F'000
Cost
At 1 April 2021		795	795
Additions		10	10
Transfers
Disposals
At 31 March	2022	805	805
Accumulated	Amortisation
At 1 April 2021		362	362
Charge for the year		191	191
On disposals
At 31 March	2022	553	553
Net Book Value
At 31 March	2022	252	252
At 31 March	2021	433	433

			Group		Charity
			2022	2021	2022	2021
			E'000	F'000	F'000	F'000
Bank loans and overdrafts			1,270	1,209	1,270	1,209
Trade creditors			4,198	822	3,965	773
Amounts	owing to group undertakings
Advanced	ticket sales		2,897	1,547	2,897	1,547
Accruals	and deferred	income	8,837	7,520	7,772	6,708
			17,202	11,098	15,904	10,237

			Group		Charity
			2022	2021	2022	2021
			E'000	F'000	F'000	F'000
Deferred	income brought	forward	2,933	3,124	1,767	2,099
Deferred	in the year		2,080	2,451	1,697	1,767
Released	in the year		2,220	2,642	1,611	2,099
Deferred	income carried	forward	2,793	2,933	1,853	1,767

9 Group and Charity	Reserves
	Balances as					Balances
	at beginning			Other		as at end
	ofthe year			Gains &	Transfers	ofthe year
	F'000	Income	Expenditure	Losses	(out) I in	F.'000
		E'000	E.'000	F'000	E'000
Unrestricted Income Funds
General Reserves
General Fund	2,400	40,257	(34,081)		(694)	7,882
CRF Repayable
Finance Fund	9082				9082
Total General Reserves	11,482	40,257	(34,081)		(9,776)	7,882
Designated Funds
Capital & Revaluation
Reserve	207,874		(6,063)	1,026	11,979	214,816
2021/22 Restart Fund	4,156				(4,156)
Strategic Investment
Fund	2,200				2,303	4,503
Pension Plan Reserve
(note 23)	500			500
Total Unrestricted
Funds	226,212	40,257	40,144	526	350	227,201
Restricted Funds
Capital Reserve		350			(350)
Projects Funds	792	2,548	2,304			1,036
Total Restricted Funds	792	2,898	2,304		350	1,036
Total Funds (2022)	227,004	43,155	42,448	526		228,237
Total Funds (2021)	228,395	36,200	37,220	371		227,004

he following ta	ble discl	oses the reserve	s for the p	rior year as req	uired by the	Charities S	ORP.
		Balances as					Balances
		at beginning			Other		as at end
		ofthe year			Gains &	Transfers	ofthe year
		F'000	Income	Expenditure	Losses	(out) l in	F'000
			F.'000	E.'000	F'000	F.'000
Unrestricted Income Funds
General Reserves
General Fund		4,687	34,384	(29,728)		(6,943)	2,400
CRF Repayable
Finance Fund						9082	9082
Total General Reserves		4,687	34,384	(29,728)		2,139	11,482
Designated Funds
Capital & Revaluation
Reserve		222,020		(6,080)	429	(8,495)	207,874
2021/22 Restart	Fund					4,156	4,156
Strategic Investment
Fund						2,200	2,200
Pension Plan Reserve
(note 23)		1,300			800		500
Total Unrestricted
Funds		228,007	34,384	35,808	371		226,212
Restricted Funds
Capital Reserve			3	(3)
Projects Funds		388	1,813	1,409			792
Total Restricted	Funds	388	1,816	1,412			792
Total Funds (2021)		228,395	36,200	37,220	371		227,004

Charity Reserves	Charity Reserves
The difference between		the Group and			Charity	reserves	is solely due	to the Gift Aided donation from
Southbank	Centre Enterprises		Ltd	to Southbank		Centre.	This donation	ofF4.3m (2021:E1.2m) will be
made after year end and		credited to the			Southbank Centre reserves at			the date of receipt.
Analysis	ofnet assets	between		funds
					Restricted		Unrestricted	2022	2021
						E'000	E'000	E'000	F'000
Tangible	and intangible	fixed	assets				246,908	246,908	249,183
Current assets						1,036	26,429	27,465	21,295
Current	liabilities						(17,202)	(17,202)	(11,098)
Creditors	falling due after one		year				(28,934)	(28,934)	(32,876)
Pension	plan asset								500
						1,036	227,201	228,237	227,004

Group and	Charity	2022	2021
		F'000	F'000
Authorised	and contracted		604

		2022	2021
		F'000	F'000
Payments	due
Not later than one year		173	173

	2022	2021
	E'000	F'000
Receipts due	28,987	35,767
Not later than one year	3,818	4,013
Later than one year and not later than five years	14,636	16,063
Later than five year	10533	15691

he amount recognised in the SOFA is as follows:
	2022	2021
	E'000	F'000
Defined benefit scheme
Current service costs		145
Past service costs
Defined contribution scheme	534	648
Total charge in net expenditure	645	793
Defined benefit scheme
Net interest (income) / expense	172	177
	473	616

ave been made	based on the following	key assumptions:
			2022	2021
Expected rate	of salary increase		3.3%	2 7%
Expected rate	of increase of pensions	in payment	2.1%	2.2%
Discount rate			2.7%	2 0%
Rate of inflation	(RPI)		3.8%	34%
Rate of inflation	(CPI)		3.3%	2 7%

							2022	2021
							ears	ears
Longevity at age		65for current pensioners
	Men						22.7	22.3
	Women						25.1	24.3
Longevity at age		65for future pensioners
	Men						24.0	23.6
	Women						26.5	25.8
Reconciliation of plan assets and liabilities:
						Assets	Liabilities	Total
						E'000	F'000	F'000
At 1 April 2021						69,784	(61,239)	8,545
Benefits	paid					(1,515)	1,515
Employer contributions						145		145
Member's contributions						5	(5)
Current	service cost						(111)	(111)
Interest	income/ (expense)					1,382	(1,210)	172
Remeasurement		(losses) / gains
	Actuarial	gains				124	2,127	2,251
	Return on		plan assets excluding		interest income
As at 31 March 2022						69,925	58,923	11,002
Total cost recognised as an expense:
							2022	2021
							F'000	F'000
Current	service costs						111	145
Interest	cost						1,210	1,318
							1,321	1,463
No amounts (2021:			Enil) were included	in the cost ofassets.
The fair value ofthe			plan assets was:
							2022	2021
							E'000	F'000
Equities								13,803
Liability	driven equities						46,896	19,795
Diversified growth			fund				15,523	28,057
Cash							770	537
London	Eye asset						6,736	7,592
							69,925	69,784

he retur	n on the plan assets was:
		2022	2021
		E'000	F'000
Interest	income	1,382	1,495
Return	on plan assets less interest income	124	6,902
		1,506	8,397

he amo	unt r	ecognised as an expense for the define	d contribution scheme was:
			2022	2021
			E'000	F'000
Current	year	contributions	534	648
			534	648

esults are	shown below	:
				2022	2021
				E'000	E'000
Turnover				8,438	2,478
Cost ofsales				(2,417)	(620)
Administrative expenses				1 684	679
Operating	profit			4,337	1,179
Interest receivable				7	2
Net profit				4,344	1,181
Profit and	loss brought	forward		1,181	6,846
Gift aid paid to Southbank			Centre Limited	1,181	6,846
Retained	in the subsidiary			4,344	1,181

abilities, share capi	tal and reserves was:
		2022	2021
		F'000	E'000
Current assets		10,183	3,614
Creditors: amount	falling due within one year	5,839	1,876
Net current assets		4,344	1,738
Creditors: amounts	falling due after one year		(557)
Total net assets		4,344	1,181
Represented by:
Profit and loss account		4,344	1,181

					Unrestricted	Funds	Restricted	Funds	Total
									Funds
					Operations	Designated	Project	Capital	2021
				Note	E000	E000	L"000	L"000	L'000
INCOME FROM:
Donations and legacies				2	24,799		1,813	3	26,615
Charitable Activities				3	1,057				1,057
Other Trading Activities				4	8,501				8,501
Proceeds from sale	offixed assets
Investments					27				27
TOTAL					34,384		1,813	3	36,200
EXPENDITURE ON:
Raising funds				9	1,019	35	-	-	1,054
Charitable activities				9	27,781	596	1,409	3	29,789
Other				9	928	5,449	-	-	6,377
TOTAL					29,728	6,080	1,409	3	37,220
Net (expenditure)/income		before transfers			4,656	(6,080)	404	-	(1,020)
Transfers					2,139	(2,139)
Other recognised	(losses)/gains
Actuarial (loss)/gain	on defined benefit			23		(800)			(800)
pension schemes
Gain/(Loss) on derivative		financial	instrument			429			429
Net Movement in funds					6,795	8,590	404		1,391

	Unrestricted	funds	Restricted	funds	Total funds
	Operations	Designated	Projects	Capital	2021
	F'000	F'000	F'000	F'000	F'000
Net movement in funds	6,795	(8,590)	404		(1,391)
Fund balances brought
forward as at 1 April 2020	4,687	223,320	388		228,395
Total funds carried forward as
at 31 March 2021	11,482	214,730	792		227,004