Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31558586164417625311850613543625394211850655858false2024-03-312023-04-01No description of principal activity87 05694721 2023-04-01 2024-03-31 05694721 2022-04-01 2023-03-31 05694721 2024-03-31 05694721 2023-03-31 05694721 2023-04-01 05694721 2022-04-01 05694721 c:CompanySecretary1 2023-04-01 2024-03-31 05694721 c:RegisteredOffice 2023-04-01 2024-03-31 05694721 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 05694721 d:Buildings d:LongLeaseholdAssets 2024-03-31 05694721 d:Buildings d:LongLeaseholdAssets 2023-03-31 05694721 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05694721 d:OtherPropertyPlantEquipment 2024-03-31 05694721 d:OtherPropertyPlantEquipment 2023-03-31 05694721 d:CurrentFinancialInstruments 2024-03-31 05694721 d:CurrentFinancialInstruments 2023-03-31 05694721 d:CurrentFinancialInstruments 1 2024-03-31 05694721 d:CurrentFinancialInstruments 1 2023-03-31 05694721 d:Non-currentFinancialInstruments 2024-03-31 05694721 d:Non-currentFinancialInstruments 2023-03-31 05694721 d:Non-currentFinancialInstruments 1 2024-03-31 05694721 d:Non-currentFinancialInstruments 1 2023-03-31 05694721 c:FRS102 2023-04-01 2024-03-31 05694721 c:IndependentExaminationCharity 2023-04-01 2024-03-31 05694721 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05694721 b:Trustee1 2023-04-01 2024-03-31 05694721 b:Trustee2 2023-04-01 2024-03-31 05694721 b:Trustee3 2023-04-01 2024-03-31 05694721 b:Trustee4 2023-04-01 2024-03-31 05694721 b:Trustee6 2023-04-01 2024-03-31 05694721 b:Trustee7 2023-04-01 2024-03-31 05694721 b:Trustee8 2023-04-01 2024-03-31 05694721 b:Trustee9 2023-04-01 2024-03-31 05694721 b:Trustee10 2023-04-01 2024-03-31 05694721 b:Trustee11 2023-04-01 2024-03-31 05694721 b:Trustee12 2023-04-01 2024-03-31 05694721 b:Trustee13 2023-04-01 2024-03-31 05694721 b:Trustee14 2023-04-01 2024-03-31 05694721 b:Trustee15 2023-04-01 2024-03-31 05694721 b:Trustee16 2023-04-01 2024-03-31 05694721 b:Trustee17 2023-04-01 2024-03-31 05694721 b:UnrestrictedFundsGeneral 2023-04-01 2024-03-31 05694721 b:RestrictedIncomeFunds 2023-04-01 2024-03-31 05694721 b:TotalEndowmentFunds 2023-04-01 2024-03-31 05694721 b:RestrictedIncomeFunds 2024-03-31 05694721 b:RestrictedIncomeFunds 2023-03-31 05694721 b:TotalEndowmentFunds 2024-03-31 05694721 b:TotalEndowmentFunds 2023-03-31 05694721 c:ChiefExecutive 2023-04-01 2024-03-31 05694721 b:Activity2 2023-04-01 2024-03-31 05694721 b:Activity2 2022-04-01 2023-03-31 05694721 b:Activity2 b:TotalRestrictedIncomeFunds 2023-04-01 2024-03-31 05694721 b:Activity2 b:TotalRestrictedIncomeFunds 2022-04-01 2023-03-31 05694721 b:Activity2 b:TotalEndowmentFunds 2023-04-01 2024-03-31 05694721 b:Activity2 b:TotalEndowmentFunds 2022-04-01 2023-03-31 05694721 b:Activity3 2023-04-01 2024-03-31 05694721 b:Activity3 2022-04-01 2023-03-31 05694721 b:Activity3 b:TotalRestrictedIncomeFunds 2023-04-01 2024-03-31 05694721 b:Activity3 b:TotalRestrictedIncomeFunds 2022-04-01 2023-03-31 05694721 b:Activity3 b:TotalEndowmentFunds 2023-04-01 2024-03-31 05694721 b:Activity3 b:TotalEndowmentFunds 2022-04-01 2023-03-31 05694721 b:Activity5 2023-04-01 2024-03-31 05694721 b:Activity5 2022-04-01 2023-03-31 05694721 b:Activity5 b:TotalRestrictedIncomeFunds 2023-04-01 2024-03-31 05694721 b:Activity5 b:TotalRestrictedIncomeFunds 2022-04-01 2023-03-31 05694721 b:Activity5 b:TotalEndowmentFunds 2023-04-01 2024-03-31 05694721 b:Activity5 b:TotalEndowmentFunds 2022-04-01 2023-03-31 05694721 b:TotalRestrictedIncomeFunds 2023-04-01 2024-03-31 05694721 b:TotalRestrictedIncomeFunds 2022-04-01 2023-03-31 05694721 b:TotalEndowmentFunds 2022-04-01 2023-03-31 05694721 b:TotalUnrestrictedFunds 2024-03-31 05694721 b:TotalUnrestrictedFunds 2023-03-31 05694721 b:TotalRestrictedIncomeFunds 2024-03-31 05694721 b:TotalRestrictedIncomeFunds 2023-03-31 05694721 c:FullAccounts 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 05694721
Charity number: 1115555











THEATRE503 LIMITED
(A company limited by guarantee)








UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Charity, its Trustees and advisers
1
Trustees' report
2 - 8
Independent examiner's report
9
Statement of financial activities
10
Balance sheet
11 - 12
Notes to the financial statements
13 - 26

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024


Trustees
Erica Whyman OBE, Chair
Royce Bell, Vice Chair
Joshua Jin Li Chua (appointed 2 October 2023)
Celine Gagnon (temporarily stood down 11 October 2023)
Eleanor Lloyd
Ollie Raggett
Emma Rees, Vice Chair
Luke Shires (resigned 30 June 2023)
Jack Tilbury
Zena Tuitt
Roy Williams OBE
Lisa Spirling Coleman
Naomi Kerbel (appointed 13 March 2024)
Cerian Walsh (appointed 13 March 2024)
Pippa Hill (appointed 13 March 2024)
Tian Brown-Sampson, Associate Trustee (appointed 13 March 2024)

Company registered number
05694721

Charity registered number
1115555

Registered and principal operating office
503 Battersea Park Road
London
SW11 3BW

Executive Director
Emily Carewe

Artistic Director
Lisa Spirling

Independent Examiners
MHA
Chartered Accountants
2 London Wall Place
London
EC2Y 5AU

Page 1

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the financial statements of the Theatre503 Limited for the year ended  31 March 2024.
The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
 

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

In shaping the theatre's objectives for the year and planning its activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies on grants and the income from fees and charges to cover its operating costs. 
 

In setting the level of fees, charges and concessions, the Trustees give careful consideration to the accessibility of the theatre for those on low incomes. 
Affordability and access to the programme is important to Theatre503 and the work it produces is intended to be enjoyed by all ages, both locally, London and UK wide.
 

b. Strategies for achieving objectives
 

The strategies employed to achieve the charity's aims and objectives are to:
• develop, produce, present, and support a wide variety of theatre productions for the enjoyment and  
 education of a diverse audience demographic;
• identify and support the very best debut and emerging writers to stage their first productions, performed to   the highest professional standard;
• break down all barriers to writing, staging, participating in and seeing work; 
• be the best practice model for early career playwrights and new writing practice through The          503Studio;
• become a sustainable, dynamic, and flexible business able to adapt to an ever-changing future     landscape.
Putting these strategies into action the theatre has three major areas of activity which are:
• Stage productions; and
• Literary development programmes (The Writers Programme); and 
• Participation and accessibility in the local community.
 

Page 2

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 
Objectives and activities (continued)

c. Activities for achieving objectives
 

This year saw great success in our artistic activity with the announcement of Roxy Cook as the winner of the 2023 International Playwriting Award, and the sell-out production of her winning script A Woman Walks Into A Bank which saw Theatre503’s first successful extension of a production due to audience demand. Alongside this, productions of various scale brought in over 6000 audience members across the year, with sustained affordable ticket pricing. 
Our Online Writers Programme has gone from strength to strength. We saw increased attendance throughout the year, including piloting in person sessions, and the continuation of our subsidised bursary places ensuring this training opportunity is available to all. 
This year we felt the impact of a shift in success rates for Arts Council England Project Funding from pre-pandemic to the current climate across the sector, which led to a number of productions needing to be cancelled or postponed. Ultimately, of the 7 3-week productions programmed within the year, only 4 went on to face audiences in their original allocated programme slot. This posed challenges financially, as well as additional pressure on the team’s capacity as alternative productions, short runs or projects were developed to ensure our connections with participants, audiences and key stakeholders was not affected. 
Changes in leadership continued this year with Interim Executive Director Juliette Oakshett stepping away from the organisation in September 2023, following the successful appointment of Emily Carewe as Executive Director, who joined the organisation in October 2023. Recruitment also took place in the Board of Trustees, with the appointment of 4 Trustees and 1 Associate Trustee, a trainee governance role encouraging opportunities in leadership progression. 
Our progress towards opening the 503Studio continued, with the completion of RIBA Stage 4 by architects t-sa and project managers Plann. We crossed the 50% mark of our fundraising campaign with key support pledged from the Backstage Trust, Foyle Foundation and the Cockayne Foundation. We were handed the keys to the shell of the 503Studio, went to tender and began a phased approach to the build. We will complete Phase 1 of the fit-out in December 2025 (Mechanical Engineering and Plumbing) which will allow building regulation certification to take place for the building to be used publicly as one large space for events, rehearsals and more in its current state until further funding has been secured to complete Phase 2 of the fit-out.
 

Page 3

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 
Achievements and performance
 

a. Key performance indicators
 

1162 early career writers participated in the Online Writers Programme this year
• 57 early career writers had their worked staged across the year
• 6,015 audiences watched our work in person
 

b. Stage performances
 

This year saw 4 full-length 3-week productions on our stage, as well as a series of shorter runs (1 night to 2-week) featuring Faun by Vinnie Heaven (co-produced with Cardboard Citizens), The Lesson by Emma Anderson, Matryoshka by Joe Strickland, and I just like you | a gay myth by Zachary Wilcox. 
For full length productions, we began the year with Helen by Maureen Lemon. A stunning piece of work artistically and a wonderful company. A tender two hander, female led play that centres around grief through a lifetime. Whilst attendance was not as high as hoped, the audiences who did attend most often gave the show standing ovations.
Agatha written by Florence Howard was a dynamic, powerful production and our first experience of supporting a writer through the process when they are also performing in their own work. Designer Carly Brownbridge was nominated for a Stage Debut Award. 
These Demons by Rachel Bellman with producer Tanya Truman ran with strong reviews from The Stage and The Guardian, both celebrating the talent of the writer and the ambition of the production. With the conflict in Israel and Palestine escalating during this production, our responsibility as a company to respond to and protect the Jewish company in a moment of collective pain was key. We engaged increased security for the remaining run and are grateful to the full 503 team for their holding of the company. 
The final 3-week run of this year was 
A Woman Walks Into A Bank by Roxy Cook - winner of the 2023 International Playwriting Award. The production had unprecedented ticket sales, leading to an additional week being added to performances. Roxy Cook went on to be a finalist for the Susan Smith Blackburn Award for this play. 
The spring season of 2024 highlighted the increasing impact of dramatically decreased success rates for Arts Council Project funds, and the financial vulnerability of emerging artists. Two 3-week productions of this period were forced to postpone or cancel their performances due to lack of funding. In response, we programmed an additional season of shorter runs to allow us to continue to welcome audiences into the theatre.
 

Page 4

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 
Achievements and performance (continued)

c. Education, community, literary and artist development
 

The Writers Programme continues to sell brilliantly and reach aspiring voices around the world, with an average of 75% of places sold across the year (1061 participants) and over 60 subsidised bursary spaces offered.
We received over 400 applications for the new 503Five cohort, and successfully recruited 5 brilliant writers Joe Kerridge, Melis Aker, Asa Hayes, Shona Babayemi and Rachel Mae Brady who are currently under commission with the theatre and engaging in a series of professional development workshops with writers including debbie tucker green. 
Rapid Write Response continued to progress from stride to stride, held brilliantly by our Carne Associate Director Kalungi Ssebandeke. It has continued to open up a pathway to future collaborations and opportunities with early career artists, platforming 6 writers’ responses to every 3-week run we programme. Across the year we platformed 30 new plays and received over 150 submissions. 
We delivered 503’s first Literary Takeover project, in preparation for capacity building and increased artist support as we move into the 503Studio. The Literary Takeover supported 18 readings of plays being held and developed within the literary department and included:
• 1 x Reader/Producer supported play
• 2 x Rapid Write Response Director (Literary supported)
• 2 x Extended Rapid Write Response pieces
• 8 x RWR Alumni/503 Five interviewed/Literary supported writers
• 4 x Playwriting Award 2023 Shortlisted plays
• 2 x 503Five Commissions
 

d. Factors relevant to achieve objectives
 

Artistic values
• Diversity begins with who is telling the stories and informs how we run our venue throughout the year.
• Theatre503 is aware that artistic tastes are not the same for everyone. The theatre therefore tries to make  clear the themes and issues that the work contains on its website and in marketing materials.  
• Theatre503 takes the views of audiences very seriously and without compromising the integrity of the    programme, seeks to respect the diverse ethnicity, faith, sexual orientation, and lifestyles of the     community and audience.
Pricing policy
• The theatre's pricing policy reflects its strategy of enabling all within its community, whatever their means,   to take part in its activities and to attend the theatre. We increased top price tickets to £20.
• Theatre503 continues to be on a par with, or cheaper than, other London theatres of similar size. 
• A concession ticket of £14 is available to students, senior citizens, members of Equity and BECTU.  
• The same discount is available to those with access requirements, with a free ticket for a companion. 
• There are also 6 x £6 available for all evening shows after Press Nights.
Accessibility
• Our Share the Drama Scheme means we subsidise around 50% of our tickets.
• Theatre503’s customers are given the opportunity to "Pay what you Can" for performances on one   i Saturday Matinee and one Evening performance, ensuring work is accessible to all, regardless of income. 
• Parent & Baby Matinees and Relaxed performances continue to build an audience.
• Trustees recognise the restrictions the current premises pose to some visitors and continue to seek to    improve accessibility in areas where the opportunity exists.
 

Financial review
 

Page 5

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 
a. Reserves policy
 

We aim for our reserves to be equivalent of 3 months running costs, currently valued at £44,000 and   broken down as to Salaries of £36,000 and £8,000 of operational costs.
Due to the ongoing impact of COVID-19, wider impacts on funding, and drastically increased inflation    levels, we have not been able to meet this target (which increased in 2022) and have seen a negative    impact on our reserves between 2023 and 2024, but continue to implement a rigorous plan to do so    incrementally over the next 4 years. This plan responds to the need to meet our policy, without impacting   our ability to deliver our charitable mission.
The growing success and momentum of the Slate funding model strengthens the Board’s confidence in the continued delivery of the Charity, and increased capacity to grow reserves and financial sustainability over the next 4 years.
 

b. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, in the understanding of the increased risk posed as a result of the pandemic. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
 

c. Reserves and overall review
 

Total reserves at the end of the financial year were £126,971 (2023: £58,751) of which £59,253 (2023: £27,929) were restricted, £65,348 (2023: Nil) were unrestricted designated capital funds and £2,370 (2023: £30,822) were unrestricted general funds.
Our production of A Woman Walks into a Bank did not receive project funding (equating to £30,000) from the Arts Council. With support from the Board, in September 2023 it was deemed critical that we committed to the production of this Theatre503 International Playwriting Award winning play in spite of this, so as to deliver our charitable, artistic objectives. It was known that this decision would put strain on our resources, however, we could not predict that in the following quarter of the financial year we would see unprecedented losses in productions, with an entire season of work being postponed and/or cancelled due to lack of public/Arts Council  funding, further impacting both our ticket income and TTR.
We entered into 2023-24 with projected substantial growth in turnover, in preparation for the opening of the 503Studio. By September 2023, as we faced challenges in programming and associated income streams, decisions were made which led to significant cuts in expenditure throughout the latter half of the year. In spite of these cuts, ongoing income challenges, associated with loss of productions, led to us ending the year with a deficit budget. 
Despite this deficit, the Board acknowledges that there was a significant increase in fundraising activity throughout the second half of this financial year, the positive impact of which is being felt in 2024-25. 
 

d. Principal funding
 

The majority of the charity's income has continued to derive from box office income, tax credit claims from HMRC, Arts Council England grants, The Carne Trust, Wandsworth Borough Council, Concord Theatrical, The Orseis Trust, The De Lazslo Foundation, GrOW Annenberg Foundation, Old Possums Practical Trust and individual donors.
 

e. Capital project
 

We have accounted for previously deferred, and newly received, income for 503Studio Capital Project as restricted funds as the fit-out process has begun. 
 

Page 6

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 
Structure, governance and management
 

a. Constitution
 

Theatre503 Limited was incorporated on 1 February 2006 under the Companies Act 1985 as a private company limited by guarantee, having no share capital, and its objects and regulations are governed by its Memorandum and Articles of Association. 
Charitable status was granted on 24 July 2006 under registered number 1115555. The principal objects of the Charity are to promote, maintain, improve and advance education particularly by the promotion of educational plays and the encouragement of the Arts including the arts of Drama, Music, Singing and Movement. 
There have been no changes in the objectives since the last annual report. 
 

b. Methods of appointment or election of Trustees
 

As per the Memorandum and Articles of Association of the Charity, new Trustees are appointed by ordinary resolution. 
Not less than fourteen nor more than thirty five days before the date of the meeting, the Charity is given a notice that is signed by a member entitled to vote at the meeting; which states the member's intention to propose the appointment of a person as a Trustee; which contains the details that, if the person were to be appointed, the Charity would have to file at Companies House and which is signed by the person who is to be proposed to show his or her willingness to be appointed.
 

c. Risk management
 

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 
Theatre503 operates a Risk Register covering Finance, Premises, Audiences, Product, Staffing and Capacity which is reviewed regularly by Trustees. The Artistic Director and Executive Director review operating risk during operations meetings and the Trustees interrogate changes in risk as they occur.
 

Members' liability
 

The Members of the Charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. 
 

Page 7

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
 
Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.


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


 

The Trustees' Annual Report has been prepared in accordance with the provisions applicable to entities subject to the small companies' regime, was approved by order of the members of the board of Trustees and signed on their behalf by:



Royce Bell
Vice Chair (Trustee)

Date: 14 November 2024

Page 8

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Independent examiner's report to the Trustees of Theatre503 Limited ('the Charity')

 
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.

Responsibilities and basis of report


As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').


Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement


Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

2.
the accounts do not accord with those records; or

3.
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

4.
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].


I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.


Signed:      Dated: 18 November 2024

 
John Coverdale     FCA (ICAEW)

 
MHA (the trading name of MacIntyre Hudson LLP)
Chartered Acountants
2 London Wall Place, London, EC2Y 5AU
Page 9

 
THEATRE503 LIMITED
 
(A company limited by guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024


Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £
        £

Income from:







Charitable activities

3

158,062

293,142

451,204

409,650
 
Investments

5

-

2,300

2,300

68
 
Total income
158,062
295,442
453,504
409,718
Expenditure on:







Charitable activities

6

60,778

324,506

385,284

409,532
 
Total expenditure
60,778
324,506
385,284
409,532

Net income/(expenditure)

  

97,284

(29,064)

68,220

186
 
Transfers between funds

 15 

(65,960)

65,960

-

-
 
Net movement in funds
  
31,324
36,896
68,220
186

Reconciliation of funds:

  





Total funds brought forward

  

27,929

30,822

58,751

58,565
 
Net movement in funds

  

31,324

36,896

68,220

186
 
Total funds carried forward
  
59,253
67,718
126,971
58,751

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

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 05694721

 
 
BALANCE SHEET
AS AT 31 MARCH 2024


2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
76,973
14,132

  
76,973
14,132

Current assets
  

Debtors
 12 
72,466
162,699

Cash at bank and in hand
  
113,711
64,353

  
186,177
227,052

Creditors: amounts falling due within one year
 13 
(114,179)
(136,433)

Net current assets 
  
 
 
148,971
 
 
104,751

Total assets less current liabilities
  
148,971
104,751

Creditors: amounts falling due after more than one year
 14 
(22,000)
(46,000)

Total net assets 
  
126,971
58,751


Charity funds
  

Restricted funds
 15 
59,253
27,929

Unrestricted funds
 15 
67,718
30,822

Total funds
  
126,971
58,751

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.


 

Page 11

 
THEATRE503 LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 05694721

 
 
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:




Royce Bell
Vice Chair (Trustee)

Date: 14 November 2024


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Charity is a company limited by guarantee, incorporated in England & Wales, company number
05694721, having its registered office at 503 Battersea Park Road, London, SW11 3BW.
The members of the company are the Trustees named on page 1. In the event of the Charity being
wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.
Charitable status was granted on 24 July 2006 by the Charity Commission of England & Wales,
registered number 1115555.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Theatre503 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 otherwise stated in the relevant accounting policy.

  
2.2

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, in the understanding of the increased risk posed as a result of the pandemic. For this reason they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Creative industry tax relief claims are recognised to the extent that claims are expected to made and accepted in relation to qualifying expenditre incurred in the year.

Page 13

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

  
2.5

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

 
2.6

Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Long-term leasehold property
-
Other fixed assets
-
over ten years on cost

  
2.7

Debtors

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

  
2.8

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 14

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

  
2.10

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.11

Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

  
2.12

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 15

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.

Income from charitable activities




Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £




Productions

49,062

172,456

221,518

Education, Community & Development

16,000

120,686

136,686

Capital project

93,000

-

93,000

Total 2024


158,062
293,142
451,204




Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £




Productions

106,012

131,057

237,069

Education, Community & Development

40,140

102,441

142,581

Capital project

30,000

-

30,000

Total 2023


176,152
233,498
409,650




4.


Government grants

2024
2023
£
£



Arts Council England
17,354
16,011

Wandsworth Council
-
10,782

Gift Aid claims
13,381
5,669

Theatre tax relief claims
37,722
62,257

Employment Allowance
5,000
5,000

73,457
99,719

There were no unfulfilled commitments or other contingencies associated with the above grants at the end of the financial year.

Page 16

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.

Investment income




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Bank interest received

2,300

2,300

68
 
Total 2023


68
68



6.

Analysis of expenditure on charitable activities


Summary by fund type




Restricted funds
2024
Unrestricted funds
2024
Total
2024
        £
        £
        £




Productions

22,503

188,693

211,196

Education, Community & Development

38,275

135,813

174,088

Total 2024


60,778
324,506
385,284




Restricted funds
2023
Unrestricted funds
2023
Total
2023
        £
        £
        £




Productions

115,895

115,587

231,482

Education, Community & Development

31,456

111,006

142,462

Capital project

13,480

22,108

35,588

Total 2023


160,831
248,701
409,532

Page 17

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.

Analysis of expenditure by activities




Activities undertaken directly
2024
Support costs
2024
Total
funds
2024
        £
        £
        £




Productions

86,952

124,244

211,196

Education, Community & Development

19,672

154,416

174,088

Total 2024


106,624
278,660
385,284





Activities undertaken directly (restated)
2023
Support costs (restated)
2023
Total
funds
2023
        £
        £
        £




Productions

80,690

150,792

231,482

Education, Community & Development

57,489

84,973

142,462

Capital project

35,588

-

35,588

Total 2023


173,767
235,765
409,532




Page 18

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.Analysis of expenditure by activities (continued)

Analysis of support costs



Total
funds
2024
As restated
Total
funds
2023
        £
        £



Staff costs

197,706

161,935
 
Depreciation

2,508

820
 
Theatre and building

20,416

12,839
 
Nine Elms running costs

5,144

-
 
Fees

16,376

30,819
 
Interest

901

1,342
 
Marketing, administration and finance

35,609

39,704
 
Historic VAT adjustment

-

(11,694)
 
Total 2024


278,660
235,765

Expenditure on Projects and Productions of £31,459 allocated as Support costs in the financial statements for the year to 31 March 2023 has been reviewed and recategorised under Activities undertaken directly.


8.

Independent examiner's remuneration

2024
2023
£
£

Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts
4,000
4,000

Fees payable to the Charity's independent examiner in respect of:

All other services not included above
3,850
3,700

Page 19

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.



Staff costs


2024
2023
£
£


Wages and salaries
183,303
150,152

Social security costs
10,399
7,599

Contributions to defined contribution pension schemes
4,004
4,184

197,706
161,935

The average number of persons employed by the Charity during the year was as follows:


2024
2023

No.
No.


Operations
3
2

Creatives
5
5

8
7

No employee received remuneration amounting to more than £60,000 in either year.

The Trustees of the Charity considers that its Key Management Personnel comprise:
• Trustees
• Artistic Director
• Executive Director
The total of employee benefits for Key Management Personnel was £66,002 
(2023 - £54,041)



10.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 20

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Tangible fixed assets




Long-term leasehold property
Other fixed assets
Total

£
£
£


Cost or valuation

At 1 April 2023
-
24,349
24,349

Additions
65,348
-
65,348


At 31 March 2024

65,348
24,349
89,697


Depreciation

At 1 April 2023
-
10,217
10,217

Charge for the year
-
2,507
2,507


At 31 March 2024

-
12,724
12,724


Net book value


At 31 March 2024
65,348
11,625
76,973


At 31 March 2023
-
14,132
14,132

The Nine Elms project is currently in the course of construction.


12.



Debtors


2024
2023
£
£


Due within one year

Trade debtors
47,203
18,973

Other debtors
4
7,571

Tax recoverable
25,259
136,155

72,466
162,699

Page 21

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.



Creditors: Amounts falling due within one year


2024
2023
£
£


Bank overdrafts
-
2,069

Other loans
12,000
-

Trade creditors
16,063
64,665

Other taxation and social security
8,377
14,925

Other creditors
7,739
4,774

Accruals and deferred income
70,000
50,000

114,179
136,433

2024
2023
£
£


Deferred income at 1 April 2023
50,000
-

Resources deferred during the year
70,000
50,000

Amounts released from previous periods
(50,000)
-

70,000
50,000

The Cockayne grant of £50,000 designated for RIBA Stage 4 of our Nine Elms development was deferred during the year to 31 March 2023 pending the formal start of the phase which began in October 2023. Contributions totalling £70,000 received from Concord, Eilene Davidson and Dynamis Ltd during the year to 31 March 2024 have been deferred to later phases due to commence in the years to 31 March 2025 and 31 March 2026.


14.



Creditors: Amounts falling due after more than one year


2024
2023
£
£


Other loans
22,000
45,000

Deferred capital grant
-
1,000

22,000
46,000

The deferred capital grant is being amortised to income at the rate of £1,000 per year to mirror depreciation charged on the fixed assets to which it relates.

Page 22

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.

Statement of funds


Statement of funds - current year

Balance at 1 April 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at 31 March 2024
£

Unrestricted funds






Designated funds







Nine Elms capital spend

-

-

-

65,348

65,348
 

General funds







General Fund

30,822

295,442

(324,506)

612

2,370
 
Total Unrestricted funds




30,822

295,442

(324,506)

65,960

67,718



Balance at 1 April 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at 31 March 2024
£






Restricted funds







Arts Council England

-

1,779

(1,779)

-

-
 
Wandsworth Council

2,059

-

-

(612)

1,447
 
Amortisation

-

1,000

(1,000)

-

-
 
Carne Associate Director

-

13,000

(13,000)

-

-
 
Production contributions

-

33,283

(33,283)

-

-
 
Concorde Theatrical

6,000

-

(6,000)

-

-
 
503Five

3,350

16,000

(5,716)

-

13,634
 
Capital project

16,520

93,000

-

(65,348)

44,172
 



27,929
158,062
(60,778)
(65,960)
59,253

Total of funds


58,751
453,504
(385,284)
-
126,971

Page 23

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 April 2022
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at
31 March 2023
£

Unrestricted funds






General Fund

10,164

233,566

(248,701)

35,793

30,822
 


Restricted funds







Wandsworth Council

-

9,640

(7,581)

-

2,059
 
Trusts, foundations and private donations

12,608

29,500

(32,758)

-

9,350
 
Amortisation

-

1,000

(1,000)

-

-
 
Production contributions

-

106,012

(106,012)

-

-
 
Capital project

35,793

30,000

(13,480)

(35,793)

16,520
 



48,401
176,152
(160,831)
(35,793)
27,929


Total of funds


58,565
409,718
(409,532)
-
58,751

Further explanation of the funds is provided within the Trustees' Report.
The transfers from Restricted funds represent:
Bursary places provided to the value of £612 out of the Wandsworth Writes funding provided by Wandsworth Council.
Expenditure of £65,348 raised for the Nine Elms Project, included as fixed assets and transferred to the Designated fund.

Page 24

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted funds - income
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £



Tangible fixed assets

-

76,973

76,973

Current assets

129,253

56,924

186,177

Creditors due within one year

(70,000)

(32,179)

(102,179)

Creditors due in more than one year

-

(34,000)

(34,000)

Total 


59,253
67,718
126,971



Analysis of net assets between funds - prior period

Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

-

14,132

14,132

Current assets

27,929

199,123

227,052

Creditors due within one year

-

(136,433)

(136,433)

Creditors due in more than one year

-

(46,000)

(46,000)

Total 

27,929
30,822
58,751


17.


Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
The pension cost charge represents contributions payable by the Charity to the fund and amounted to £4,004 
(2023: £4,184).
Contributions of £5,762 
(2023: £4,774) were payable to the fund at the balance sheet date and are included in creditors.

Page 25

 
THEATRE503 LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


18.


Related party transactions

The aggregate amount of donations made by trustees or connected parties without conditions during the year was £5,000 (2023: £20,000).
Eleanor Lloyd, a trustee, provided advances to support the charity's cash flow as part of the initial move to the new operating model. £34,000 
(2023: £45,000) was outstanding at the end of the year.
Jack Tilbury, a trustee, is a director of Plann Ltd appointed as project manager to lead our Capital project for the development of our new studio space.  The charity paid £11,920 
(2023: £Nil) in fees related to this project during the year. 
Celine Gagnon, a trustee during the year, charged the charity £8,000 for capital fundraising consultancy services during the year to 31 March 2024 
(2023: £3,200).
There were  no other material related party transactions requiring disclosure during the period 
(2023:
None)
.

Page 26