The trustees present their annual report and financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Charitable Objects
To advance education for the public benefit by promotion of the arts in particular but not exclusively the art of drama.
Main Activities
Established in 1993, Southwark Playhouse has become London’s leading fringe theatre presenting work by the best new and emerging theatre practitioners based in, or visiting, the capital. We curate and produce a diverse programme of productions throughout the year, telling entertaining and thought-provoking stories from an array of voices.
In tandem with our theatre work, we run an extensive year-round participation programme, available completely free to participants. Through it, we develop and provide theatre-making activities for the very youngest, to those more senior offering the opportunities for our local community to explore their creativity and build confidence. Access, diversity and inclusion are a priority for us. We pride ourselves on being a theatre of opportunity for all.
With two venues in Elephant & Castle (Southwark Playhouse Borough and Southwark Playhouse Elephant), everything we do as an organisation is driven by our belief that theatre exists to inspire, to empower, to challenge and to entertain.
Public Benefit
This report clearly sets out the activities which the charity undertakes for the public benefit. The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
THE YEAR IN SUMMARY
Once again, 2025 proved to be an exceptionally busy and successful year across the organisation, with record numbers of audiences and participants engaging with our work. The box office broke records for the third consecutive year, with more than 120,000 attendances. As in previous years, the majority of the programme was made up of new work, either receiving its world premiere or being presented in London for the first time.
As always, we hosted an extraordinarily varied programme of plays and musicals throughout the year by an array of talented theatre artists. Highlights included:
Kenrex, by Jack Holden and Ed Stamboullian, transferred directly from its initial Sheffield run into our Large space for its London premiere. Bringing the energy and intrigue of a true-crime podcast to the stage, the production featured an extraordinary multi-role performance from Jack Holden, accompanied by an evocative live soundtrack performed by John Patrick Elliott. The show received considerable acclaim and went on to enjoy a further London run before transferring to New York.
At the same time, our Little space welcomed Ireland’s leading new-writing company, Fishamble, to the Playhouse for the first time with the London premiere of Heaven. This beautifully crafted two-hander followed a middle-aged couple returning to their hometown after many years away, exploring relationships, memory and lives reconsidered.
In July, the Little hosted the premiere of Brixton Calling, a lively and energetic production inspired by Simon Parkes’ bestselling memoir about the early years of Brixton Academy — a venue with strong local resonance. The production was created by ambitious emerging company Kick It Anywhere.
We were delighted to welcome back Synergy Theatre Project, whose work bridges theatre and the criminal justice system, with their powerful and thought-provoking production of Lifers, starring Peter Wight. The production offered a sobering exploration of ageing and care within the prison system.
Towards the end of the year, we enjoyed another successful Sheffield transfer with the uplifting musical Gwenda’s Garage. Produced by Out of the Archive Theatre, a company dedicated to bringing archival material about LGBTQ+ lives to the stage, the production told the true story of a Sheffield garage in the 1980s run by three newly qualified female mechanics.
For our Christmas season, we presented what went on to become the most popular production in the Playhouse’s history: Ride the Cyclone. The UK premiere of the cult Canadian musical follows a group of schoolchildren killed in a freak accident who must each make the case for their return to life. Its distinctive combination of dark humour, music and theatrical invention proved hugely popular with audiences.
Alongside our professional theatre programme, the Participation department continued to deliver an extensive programme of long-term activity, particularly through our Young and Elders companies, as well as a wide range of other community initiatives. Significant additions this year included the new Young Ensemble and our latest Shakespeare for Schools production. Further detail on this work can be found in the Participation section below.
May saw the culmination of the first year of our Forge artist development programme with the Forge Festival. Four exciting emerging theatre companies presented the work they had developed through the scheme, providing an opportunity to share their projects with audiences and industry professionals. More information can be found in the Artist Development section below.
We also made a number of organisational changes during the year to strengthen our front-of-house and ticketing operations. Deputy Front of House Manager roles were introduced at each of our two venues to provide additional support to the respective Front of House Managers. We also created a new Deputy Box Office Manager position, increasing capacity within an increasingly busy department.
During the year, we said goodbye to several valued colleagues and supporters. Charlotte Spencer, our Sales and Ticketing Manager, left the organisation after more than eight years of dedicated service. Charlotte was an exceptionally reliable, diligent and much-valued member of the team, and we were delighted to see her move on to an exciting new role at the Almeida Theatre.
We also said farewell to Fergus Carver, our Deputy Technical Manager, who left to pursue a freelance career, and to Helen Whitehouse, who stepped down as a trustee after five and a half years of generous service. We are extremely grateful to Helen for the experience, insight and support she brought to the organisation during her time on the Board.
A number of significant capital improvements were also undertaken during the year. The first involved relocating our offices to the opposite side of the top floor at Borough in order to create a second rehearsal space, which has been affectionately named The Dinky. The works included the installation of a new dividing wall and door, together with associated electrical alterations.
Initially, The Dinky will provide additional development space for artists taking part in Forge. In the longer term, it will also give us a useful and flexible additional asset that can be made available to artists and companies either in-kind or on a rental basis, depending on the nature of the project.
Our second major capital project focused on improving air conditioning at Elephant. While much of the internal air-conditioning infrastructure had previously been installed, a lack of funding meant that the external condenser units had never been completed. During 2025, we were able to appoint contractors to install the necessary units and construct a soundproof enclosure around them.
This was a substantial piece of work, requiring the equipment to be craned onto the roof and involving significant consultation and approval from the landlord. Rather than completing the full system immediately, we deliberately adopted a phased approach so that we could assess any potential noise or disruption and ensure that the installation did not adversely affect our neighbours.
We were pleased that the completed installation passed all required acoustic testing. We are now considering a second phase of the project, which would complete the system and provide air conditioning throughout the remaining areas of the Elephant building.
Taken together, these achievements reflect another year of substantial activity and development for the Playhouse: welcoming record audiences, championing new work and emerging artists, expanding our participation activity, investing in our staff structure and continuing to improve the buildings from which we operate.
Below we outline in detail the activities of the organisation during 2025.
THEATRE PROGRAMME
This year we presented 36 productions of which: 2 of which were in-house productions; 2 were co-productions; and the rest were productions by visiting companies.
Southwark Playhouse Borough: The Large
Canned Goods — by Erik Kahn
Presented by Canned Goods Productions
Category: New writing / historical drama / thriller
★★★★★ — “...a momentous piece of theatre.” — The Guardian
Kenrex — by Jack Holden and Ed Stambollouian; music by John Patrick Elliott
Presented by Aria Entertainment and Sheffield Theatres
Category: New writing / true-crime play with live music
★★★★ — “Holden’s performance is only one of the highlights of Stambollouian’s excellent production.” — The Guardian
Wilko: Love and Death and Rock ’n’ Roll — by Jonathan Maitland
Presented by Canvey Rock Productions Ltd in association with Cahoots Theatre Company Ltd; the Queen’s Theatre Hornchurch production
Category: Biographical play with live music
★★★★★ — “A rock solid show.” — Curtain Call Reviews
Cockfosters — by Tom Woffenden and Hamish Clayton — 30 April–17 May engagement
Presented by Slow Mojo Collective
Category: New writing / comedy
★★★★★ — “Screamingly funny.” — The Prickle
The Frogs — by Aristophanes; adapted by Burt Shevelove and Nathan Lane; music and lyrics by Stephen Sondheim
Presented by Samsational Entertainment, The Grey Area, Benson Drive Productions, Melissa & Bradford Coolidge, Thomas Hopkins Productions, Nelson & Tao, and Folk Productions
Category: Musical comedy / classical adaptation
★★★★★ — “...a thoroughly enjoyable night at the theatre.” — Everything Theatre
The White Chip — by Sean Daniels
Presented by Danielle Tarento, Annaleigh Ashford, John Beyer and Creative Partners Productions
Category: Contemporary play / addiction and recovery / comedy-drama
★★★★★ — “Thoughtful, sharp and beautifully performed.” — Theatre & Tonic
Nostos: After The Odyssey — by Georgia Bruce
Presented in association with the Oxford School of Drama; directed by Scott Le Crass
Category: New writing / classical reimagining
Gwenda’s Garage — script by Nicky Hallett; music by Val Regan; lyrics by Val Regan with Nicky Hallett
Presented by Out of the Archive, in association with Sheffield Theatres
Category: New musical / verbatim-inspired historical theatre
★★★★★ — “Full of northern wit, grit and cheek...” — Lou Reviews
Cockfosters — by Tom Woffenden and Hamish Clayton — 4 December 2025–3 January 2026 return
Presented by Slow Mojo Collective
Category: New writing / comedy
★★★★★ — “A stroke of genius.” — All That Dazzles
Southwark Playhouse Borough: The Little
The Devil May Care — written and directed by Mark Giesser, after George Bernard Shaw’s The Devil’s Disciple
Presented by Alces Productions
Category: New writing / adaptation / historical drama
★★★★ — “...a thought-provoking production...” — A Youngish Perspective
Heaven — by Eugene O’Brien
Presented by Fishamble: The New Play Company
Category: New writing / Irish drama / comedy-drama
★★★★ — “Funny, bittersweet, and exquisitely written…unshowy, emotionally true production… consummately done” — The Guardian
Son of a Bitch — written and performed by Anna Morris
Presented by The Thelmas and Side Quest Productions
Category: New writing / solo show / dark comedy
★★★★ — “A pin-sharp debut” — The Stage
Double Act — by Nick Hyde
Presented by Robbie Nestor
Category: New writing / dark comedy / physical theatre
★★★★★ — “A remarkable play… the two performers are a wondrous double act… an undeniably powerful and moving piece” — Adventures In Theatreland
Supersonic Man — by Chris Burgess
Presented by LAMBCO Productions
Category: New musical / LGBTQ+ theatre / biographical inspiration
★★★★★ — “Immediate and vital. Timeless and needed.” — West End Best Friend
Radiant Boy: A Haunting — by Nancy Netherwood
Presented by Cloudburst Productions in association with Southwark Playhouse
Category: New writing / play with music / supernatural drama
★★★★★ — “An experience that lingers long after the lights come up” — WhatsOnStage
Who is Claude Cahun? — by D. R. Hill
Presented by DRH Arts in association with Exchange Theatre
Category: New writing / biographical historical drama
★★★★ — “incredibly important and scarily relevant” — Stage to Page
Mona Loser — by Kit Buchan and Jim Barne
Presented by Tim Johanson Productions with Birmingham Hippodrome, developed through its New Musical Theatre programme
Category: New musical / workshop presentation
Brixton Calling — by Alex Urwin, inspired by Simon Parkes’ memoir Live at the Brixton Academy
Presented by Kick It Anywhere in association with Southwark Playhouse Borough
Category: New writing / biographical drama with live music
★★★★ — “Superbly presented story of how an unlikely gamble became a defining chapter in British music history.” — Everything Theatre
The Animator — by Akimbo Theatre / devised around the life of Lotte Reiniger
Presented by Akimbo Theatre
Category: New writing / physical theatre / biographical drama
★★★★ — “a truly fascinating story that shines a light on yet another forgotten visionary” — Theatre and Tonic
The Chaos That Has Been and Will No Doubt Return — by Sam Edmunds
Presented by Chalk Line Theatre
Category: New writing / contemporary drama
★★★★ — “Brims with boisterousness” — The Guardian
The Soon Life — by Phoebe McIntosh
Presented by Rua Arts and Phoebe McIntosh
Category: New writing / contemporary comedy-drama
★★★★★ — “A punchy, delightfully funny two-hander that delivers tension, tenderness…” — All That Dazzles
Wyld Woman: The Legend of Shy Girl — written and performed by Isabel Renner
Presented by Catherine Schreiber
Category: New writing / solo comedy
★★★★★ — “Hilarious, brilliant, from the heart… Unmissable!” — Everything Theatre
Drifting — by Andrew Muir in collaboration with the ARDENT8 Ensemble
Presented by Ardent Theatre Company
Category: New writing / ensemble drama
★★★★ — “an accomplished, provoking and often infuriating play.” — Lou Reviews
The Grim — by Edmund Morris
Presented by RBM
Category: New writing / comic thriller / horror comedy
★★★★★ — “Laugh-out-loud funny, wildly inventive, and genuinely gripping.” — Theatre Audience Podcast
Little Miss Christmas — by Patti Boo Rae; additional writing credited to Coggin Galbreath
Presented by Patti Boo Productions and Alphabetti Theatre
Category: Musical cabaret / drag / comedy
★★★★★ — “The only way it can be described is sensational.” — GURL Global
Southwark Playhouse Elephant: Main House
Scissorhandz — by Bradley Bredeweg; music and lyrics drawn from existing pop songs
Presented by Michelle Visage, Lance Bass, Brian Pendleton, Kelley Parker and Bradley Bredeweg
Category: Jukebox musical / parody
★★★★★ — “Extraordinary transformation of a cult classic film into a queer musical that is brimming with invention and affirmation.” — Everything Theatre
Midnight Cowboy — based on the book by James Leo Herlihy
Presented by ADAMA Entertainment
Category: New musical / literary adaptation
★★★★★ — “ heartfelt performances, thoughtful direction, and emotionally resonant storytelling” — North West End UK
This Is My Family — by Tim Firth
Presented by Anthology Theatre
Category: Musical / family comedy-drama
★★★★ — “...there’s something universal to recognise in its charms, its squabbles, its in-jokes and its occasionally buried love.” — Musical Theatre Review
Maiden Voyage — book and lyrics by Mindi Dickstein; music by Carmel Dean
Developed by New Works Provincetown; associated with producer Mark Cortale
Category: New musical / biographical historical drama
★★★★ — “Uplifting, ambitious new musical...” — The Stage
The Glamification of Loki — by Eden Tredwell
Presented by British Youth Music Theatre
Category: New musical / youth theatre / mythological comedy
★★★★ — “Norse mythology meets Lush in this dazzling showcase of emerging musical theatre talent.” — Everything Theatre
The Code — by Michael McKeever
Presented as a new Southwark Playhouse Elephant production; directed by Christopher Renshaw
Category: Drama / LGBTQ+ historical fiction
★★★★ — “Written crisply and performed with flair...” — The Reviews Hub
Hot Mess — by Jack Godfrey and Ellie Coote
Presented by Birmingham Hippodrome in association with Vicky Graham Productions
Category: New musical / musical comedy / climate theatre
★★★★★ — “Brilliant one-liners, dazzling music and two formidable performers.” — The Guardian
Ride the Cyclone — by Jacob Richmond and Brooke Maxwell
Presented by Kevin McCollum, Morris Berchard and Jack Maple
Category: Musical / dark comedy
★★★★★ — “Every number is a winner.” — WhatsOnStage
Participation Space
Edinburgh Comedy WIPs — Ayoade Bamgboye, Ian Smith, Celya AB, Desiree Burch and Joseph Morpurgo
Presented by Berk’s Nest
Category: Stand-up comedy / works in progress
★★★★★ — “A rich, multilayered comedy experience.” — Time Out, on Joseph Morpurgo
ARTIST DEVELOPMENT & SUPPORT
As always, Southwark Playhouse continued to offer some of the most competitive rates for hiring theatre and rehearsal spaces in London. Wherever possible, we also sought to add value and reduce financial risk for producers and companies presenting work in the capital.
Alongside this, we continued to support the development of artists and the creation of new work through a range of initiatives, partnerships and in-kind opportunities.
IN-KIND SPACE FOR ARTISTS
Throughout the year, we provided more than 600 hours of in-kind space to artists and theatre companies. This supported a wide range of activity, including rehearsals for fully developed productions, the devising and development of new work, and work-in-progress sharings.
With the addition of our new rehearsal space, The Dinky, we hope to increase the amount of in-kind space we are able to offer in future years and to provide even greater support to artists at different stages of the creative process.
THE DIRECTORS CLUB
We continued to provide free and subsidised space to The Directors Club for its regular networking and professional development sessions. The group also presents a quarterly showcase in one of our theatre spaces, offering directors the opportunity to share work, build connections and develop their practice.
DIVERSE ACTORS BREAKING BARRIERS – GENERAL AUDITIONS
We provided free space for Diverse Actors Breaking Barriers’ General Auditions, an industry showcase designed to create opportunities for actors from Black, BESEA, MENA, Central and South American, Polynesian and Pacific Islander, and Asian backgrounds.
The auditions provide a relaxed and supportive environment in which actors can perform a monologue or song in front of a panel of industry professionals, including casting directors, agents, directors, producers and theatre representatives. Participants receive live feedback in the room, with the opportunity to discuss this further with members of the panel.
BLACK WRITERS’ COLLECTIVE
The Black Writers’ Collective, led by Nadine Gray, continued to grow throughout the year. The group met fortnightly during term time, both in person and online, and now has a mailing list of more than 450 people.
Sessions provide opportunities for writers to network, share work and receive feedback, take part in writing exercises and hear from invited industry guests. This year’s speakers included Pauline Walker, Producer of the Alfred Fagon Award.
Alongside the regular sessions, three opportunities were offered for writers to receive one-to-one feedback on their work from Nadine. We were also able to provide free rehearsal and meeting space to members of the Collective, helping them to develop projects in a practical and supportive environment.
In May, we also hosted a scratch night featuring work by eight members of the Collective. Each writer presented a ten-minute extract to a public audience, who were invited to offer feedback to support the further development of the work. At least one of the pieces presented has since developed into a full-length production, which is due to be staged at the Royal Exchange in Manchester in 2026.
ALT ACTOR TRAINING
Led by director Toby Clarke, we continued to host ALT, an ongoing programme of six-week actor-training courses for young people who may otherwise face financial barriers to accessing professional training.
The programme provides participants with a supportive and affordable route into developing performance skills, building confidence and gaining experience of structured actor training.
FORGE ARTIST DEVELOPMENT SCHEME
In March, we announced the first participants in Forge, our new artist development programme. The scheme attracted more than 100 applications, from which 12 companies were shortlisted before a final four were selected.
Applicants were invited to put forward either a new project idea or an existing project that would benefit from dedicated development support. The four selected companies and projects were Director’s Cut by Shepard Tone, UP(BEAT) by Speakbeat Collective, Sail the House Home by November Theatre, and Positive by Visual Sauce.
Each company was given four weeks of development space, alongside access to a dedicated mentor and a series of workshops led by industry professionals. They were also offered the opportunity to present their work as part of a week-long Forge Festival in May.
All four companies took part in the festival, each performing their work four times over the course of the week. Together, the companies showcased their work to more than 1,000 people, including a number of influential industry figures, and achieved sales of 70% of all available tickets. Following the festival, three of the four companies were offered further performance opportunities at other significant venues, providing valuable next steps for the projects and artists involved.
The first year of Forge proved hugely rewarding, while also generating important learning for the future development of the programme. Participants expressed a desire for a closer and more sustained relationship with their mentors, while the timing of fundraising activity created a bottleneck, with all four companies seeking financial support at broadly the same time. In response, it was agreed that in future the Playhouse should take a more central role in coordinating fundraising activity, helping to strengthen applications, improve the likelihood of success, and ensure funding can be distributed as equitably as possible.
Overall, Forge was a highly successful inaugural programme, providing artists with the time, space, expertise and platform needed to develop ambitious new work. As one participant reflected: “The festival has restored our faith in being theatremakers.”
PARTICIPATION PROGRAMME
YOUNG COMPANY
8–10 Company
Led by Carlos Ossa, Jade Dowsett-Roberts, Valentine Olukoga and Lilly Butcher, the 8–10 Young Company remained highly popular in 2025, with many participants continuing from the original 2024 cohort and a substantial waiting list. Most members attend local schools, making this our most hyper-local group.
Each term focused on a different area of performance. In Spring, the group created a magical circus story combining character work with individual skills. Summer saw them devise an immersive murder mystery set in the fictional town of I Don’t Know. In Autumn, the focus shifted to ensemble skills, culminating in the young people leading a workshop for their parents.
11–13 Company
Nichole Cook and Frewyn Thursfield led the group, assisted by Joe Clark. Following several members moving up, the Company welcomed many new participants, almost all from Southwark.
Spring focused on confidence, communication, trust and ensemble-building, alongside workshops including puppetry and devising. In Summer, the group created A Peculiar Day, about a boy fearing he will be forgotten after moving away. They later performed an extract at Mountview Theatre School as part of the Southwark Theatre Education Partnership Youth Theatre Festival.
In Autumn, new members joined and explored character tropes, status and audience interaction, culminating in a Peter Pan-inspired pantomime for parents and carers.
14–18 Company
Lydia Luke, Nic Harvey and Valentine Olukoga led the original group, with a second group launched in September under Valentine and Ella Zgorska due to significant demand and a growing waiting list.
In Spring, Group A collaborated with the Elders Company on scenes from Caryl Churchill’s Love and Information. Summer saw the group perform Werewolf, originally devised by the young people and developed into a full play by playwright Tariro Kadare through our Black Writers Collective.
Autumn focused on professional development, including sessions in text, movement and audition preparation, ahead of auditions for the 2026 NT Connections production. Group B concentrated on developing a new ensemble.
A major highlight was Industry Day, where eight creative professionals, including actors Bella Ramsey and Emeka Sesay, casting director Ceri Bedingfield and writer-performer Aminita Francis, shared career insights with participants.
ELDERS COMPANY
2025 marked the tenth anniversary of the Elders Company programme.
Southwark Players
Led by Michael Spencer, Fiona Drummond, Rosie Harris and Rebecca Thorn, the Southwark Players collaborated with the 14–18 Young Company on Love and Information.
Much of the year focused on the 10th Anniversary Gala in September, which recreated scenes from productions across the Company’s history. Members also recorded video interviews reflecting on the programme’s impact, and founding facilitator Estelle Buckridge returned for the celebration.
The year concluded with a live radio-style adaptation of A Christmas Carol, including live foley sound effects.
The Improvisers
Led by Michael Spencer, Rosie Harris and Catherine Eaglestone, the Improvisers continued to develop comedic and dramatic work through short- and long-form improvisation.
The group was saddened by the death of long-standing member Linda Long, and dedicated its next sharing event to her memory.
They also performed as part of the 10th Anniversary celebrations to a packed audience and ended the year with a sharing for friends and family.
Outreach
Through funding from the Mercers Company Charity, workshops for older adults continued in community settings including Age UK Bermondsey, the Coplestone Centre in Peckham and Camberwell Lodge Care Home.
Members of the Southwark Players also established a travelling group performing themed poems and songs in care homes and community venues. We continue to support them with free rehearsal space.
Mind the Gap
For the fifth time, we partnered with London South Bank University and New York Theatre Workshop on Mind the Gap, an intergenerational project bringing performing arts students and Elders members together to devise a new piece of theatre.
Eleven Elders members took part in 2025, culminating in a performance at Southwark Playhouse Borough.
Re-Stage
Re-Stage, a music and singing group for older adults, operated for much of the year. Although numbers were not sufficient for the group to remain sustainable, members performed during the 10th Anniversary celebrations and some subsequently joined the Elders Company.
SHAKESPEARE FOR SCHOOLS
Our Shakespeare production for young audiences returned in 2025 and moved into the Large theatre for the first time.
Following more than 120 applications, Toby Hulse was appointed to direct A Midsummer Night’s Dream. Set in the Edwardian era, the production used a framing device in which six children stage the play, allowing the cast to perform multiple roles.
Twenty Southwark schools attended in September, with more than 1,400 young people seeing the production free of charge.
Public performances were also very well received, earning eight five-star and nine four-star reviews.
YOUNG ENSEMBLE
Our former 19–25 Young Company was relaunched as the Young Ensemble, giving emerging performers the opportunity to work with a professional creative team.
Twelve performers spent four months rehearsing Dawn King’s The Trials, directed by Vicky Moran. The climate-focused play gave participants strong opportunities for both character and ensemble work, with adult roles pre-recorded by Hywel Simons, Kacey Ainsworth and Nancy Crane. Four performances in the Large theatre attracted 466 audience members, almost 60% of whom were first-time visitors.
Subject to funding, we hope to recruit a new cohort in 2026 while continuing training opportunities for the 2025 cast.
ORCHARD HILL
Our partnership with Orchard Hill College entered its fourth academic year.
Up to 15 young adults with a range of special and additional needs attend weekly drama workshops designed to develop communication, cooperation and creativity.
Led by Ella Zgorska, Fiona Drummond, Liam Shea and Joseph Clark, Spring and Summer explored Pandora’s Box through immersive storytelling and emotional expression. In Autumn, a largely new cohort began developing their own short stories into performances while continuing to explore physical and vocal expression.
NATIONAL THEATRE CONNECTIONS FESTIVAL
2025 marked the 30th anniversary of the National Theatre’s Connections programme and our third year as a Partner Theatre.
Across one week in May, we hosted eight visiting groups from London and further afield, giving young performers the opportunity to restage their work in a professional theatre.
OTHER PROJECTS
Additional activity included practitioner training workshops led by Yolanda Mercy; a three-month Applied Theatre student placement from Guildford School of Acting; a performance of Lose Your Path, Find Your Way by Cracking Slate Theatre; and support for organisations including LatinX Youth Theatre, Synergy Theatre Project, PSYCHEdelight and ALT Actor Training through use of our Participation Space.
PARTICIPATION FUNDING
We are grateful for support from:
The Topinambour Trust, The Mercers Company, The Sylvia Waddilove Foundation, The Chalk Cliff Trust, The Garfield Weston Foundation, The Christina Smith Foundation, The Boris Karloff Foundation, The Bagheera Trust, North Southwark Environment Trust, The Noel Coward Foundation, Inspiring Elephant Fund, Team London Bridge, The Joseph Rowntree Foundation and Unity Theatre Trust. Also Dave Workman himself, who ran two sponsored half marathons!
FINANCIAL REVIEW
STATEMENT OF FINANCIAL ACTIVITIES
The Statement of Financial Activities (SOFA) shows the extent of, and movement in, all charitable funds differentiating between restricted funds (monies provided for specific purposes) and unrestricted funds (monies which can be applied to any charitable objectives within the organisation's objectives). Unrestricted funds include funds designated by the trustees for specific future investment in the organisation. At the year end the unrestricted fund balance totalled £2,171,912 (2024: £2,212,794) and the restricted funds totalled £1,735,742 (2024: £1,750,609) therefore resulting in total funds as of 31 December 2025 of £3,907,654 (2024: £3,963,403); of these £3,363,388 are represented by fixed assets such as buildings and equipment (2024: £3,354,113).
Total incoming resources for the year were £1,820,787 (2024: £1,744,174). Total expenditure for the year was £1,876,536 (2024: £1,843,339) resulting in net expenditure of £55,749 (2024: £99,165).
There was a marginal increase in turnover this year owing to a small increase in the weekly theatre rental rate. Bar turnover is down on 2024 owing to fewer productions with an interval. Earned income breaks down as follows: theatre rental £925,801 (2024: £829,017), bar/café income £445,375 (2024: £476,775) and managed production income £192,483 (2024: £239,185).
The year's accounts show a deficit of £55,749 (2024: £99,165 deficit). This figure includes depreciation of £55,383, ; excluding that charge the deficit is £366.
RESTRICTED FUNDS
Restricted Fund movements throughout the year largely represent grants and donations towards our Participation projects.
UNRESTRICTED FUNDS
These represent the operational income of the charity (e.g., ticket sales, bar sales, venue hire), as well as general grants, donations, and other income towards the activities of the charity.
RESERVES POLICY
The reserves policy is reviewed annually by the Trustees as part of the preparation and approval process of the annual report and accounts for both Southwark Playhouse Theatre Company Ltd and Southwark Playhouse Trading Ltd.
The Trustees have examined the requirement for free reserves i.e., those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. The Trustees consider that, given the nature of the charity’s work, the level of free reserves should be approximately equivalent to 3 month’s annual expenditure on unrestricted funds at any one time, plus provisions for staff redundancy and similar costs.
At 31 December 2025, the Group held unrestricted funds of £2,171,912 (2024: £2,212,794). After deducting unrestricted funds represented by tangible fixed assets of £774,355 (2024: £765,080), the remaining unrestricted net current assets amounted to £1,397,557 (2024: £1,447,714).
The Trustees consider the level of reserves held in the context of the Group's operational requirements, future financial commitments and the potential risks associated with its charitable activities.
FUTURE PLANS
We will continue to invest in the development and resilience of the staff team. As the organisation has grown, it has become increasingly clear that greater capacity is needed across a number of areas. This will not only enable staff to continue delivering their existing responsibilities successfully, but will also create the time and space needed to develop their departments, improve working practices and plan more strategically for the future. In particular, we recognise the need to strengthen the senior management team. Increasing capacity at this level will allow individual roles to become more focused and manageable, while providing greater organisational resilience and enabling senior staff to devote more attention to longer-term development.
Colechurch House has the potential to become a significant and exciting addition to London’s theatre ecology. However, it is important to recognise that the project remains highly speculative. We will therefore continue to explore other opportunities and possibilities for future premises alongside our involvement in the development.
A number of significant capital works are also anticipated across our existing buildings in order to maintain them effectively and ensure their continued safe and reliable use. At Borough, priorities include sealing or over-cladding the theatre’s roof and gutters, reconditioning the central heating system and introducing technology that will allow temperature control to be managed more effectively in individual areas of the building. The toilet facilities are also in need of refurbishment, while fire doors will require inspection and, where necessary, reconditioning.
At Elephant, following the successful installation of air-conditioning in a number of areas of the building, we intend to extend this provision to the remaining spaces. We are also planning to consult a structural engineer to explore whether it may be possible to remove the supporting pillars beneath the auditorium balcony. Together, these projects form part of our ongoing commitment to improving the quality, comfort and long-term sustainability of our venues for artists, audiences and staff.
The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The maximum liability of members in the event of winding up is £1. On 31 December 2025 there were 6 members who are all Directors of the company.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Governance
The activities of the charity are supervised by the Trustees, who meet as a board four times each year, or more often if necessary. The trustees delegate the day-to-day management of the charity to its paid staff, particularly to the Chief Executive. The high quality and professional experience of the Board continue to provide strong support and direction for the Theatre’s team and staff.
Trustees Recruitment
The Trustees are drawn from people who have shown a keen interest in the Theatre, giving due consideration to the required skills, experience, and diversity of the Board body. New Trustees are recommended by Trustees and the Chief Executive and are approved by the Board. Their appointment is then confirmed at the Annual General Meeting. When they are first appointed, Trustees receive an induction pack and are briefed by the Chairman and Chief Executive, as well as having the chance to meet other staff. The board's performance is reviewed annually by the Chair.
Risk Management
The Trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces, and external help sought. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, visiting companies and practitioners, participants and audiences to the organisation’s two theatres
Key Management
The key management personnel of the charitable company are the Board of Trustees, the Chief Executive who is also the Artistic Director, the General Manager, the Head of Participation. All members of the board give their time freely and no board members received remuneration in the year. Details of expenses reimbursed to trustees are disclosed in note 11. There was a related party transactions mentioned in note 11.
Remuneration for the key management is reviewed annually and set by the Board of Trustees.
The activities of the charity are supervised by the Trustees, who meet as a board four times each year, or more often if necessary. The trustees delegate the day-to-day management of the charity to its paid staff, particularly to the Chief Executive. The high quality and professional experience of the Board continue to provide strong support and direction for the Theatre’s team and staff.
In accordance with the company's articles, a resolution proposing that PJT & Co Limited be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of Southwark Playhouse Theatre Company for the purpose 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that 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.
Opinion
We have audited the financial statements of Southwark Playhouse Theatre Company (the parent charitable company) and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Group statement of financial activities, the Group and Parent Charitable Company Balance Sheet, the Group and Parent Cash Flow Statement and notes to the financial statements. including 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 Practice).
In our opinion, the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trustees' use of the going concern 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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 stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a strategic report.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We included the following procedures in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations
Enquiring of management of whether they are aware of any non- compliance with laws and regulations.
Gaining an understanding of legal and regulatory framework through discussions with the other members and staff and from our knowledge and experience of company in the industry in which it operates.
Reviewed available minutes.
Discussions with the engagement team on how and where fraud might occur in the financial statements.
Obtaining understanding and considering specific laws and regulations which could give rise and have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring with those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the Health and Safety executive, and the company’s legal advisors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Donations, grants and legacies
Investment income
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 22 to 35 form part of these financial statements.
Southwark Playhouse Theatre Company is a private company limited by guarantee incorporated in England and Wales. The registered office is 77-85 Newington Causeway, London, SE1 6BD.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Basis of Consolidation.
These financial statements consolidate the results of the Charity and its wholly owned subsidiary, Southwark Playhouse Trading Limited, on a line by line basis in accordance with FRS - Section 9 and the SORP (FRS 102) - section 24.
Details of the Southwark Playhouse Trading Limited are given in the note 25 of the financial statements.
A separate statement of the financial activities for the charitable Company has not been presented because the Charitable company has taken advantage of the exemption afforded by section 408 of the companies act 2006.
The trustees have assessed the Group's ability to continue as a going concern and have concluded that the going concern basis of accounting remains appropriate for the preparation of these financial statements. In reaching this conclusion, the trustees have considered the Group's financial position at the reporting date, its available reserves, anticipated income and expenditure, expected future cash flows, existing financial commitments and its ability to meet loan repayment obligations as they fall due. Although the Group reported a deficit of £55,749 for the year ended 31 December 2025, it continued to maintain positive net current assets and cash balances at the reporting date. The trustees have also considered the expected financial requirements of the Group's ongoing charitable activities and planned capital expenditure. Having regard to the above factors and the Group's expected financial resources, the trustees have a reasonable expectation that the Group will have adequate resources to continue its operational activities and meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the trustees consider it appropriate to prepare the financial statements on a going concern basis.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income from theatre rental is recognised over the period in which theatre facilities are made available to hirers. Income from managed productions is recognised as the related services are provided. Income received in advance is deferred until the relevant services have been performed.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Income from trading activities, comprising principally bar and catering sales undertaken by the trading subsidiary, is recognised at the point of sale when goods are supplied to customers and the significant risks and rewards of ownership have transferred, provided that the income can be measured reliably and receipt is probable.
Income from services is recognised in the period in which the services are provided. Income received in advance of the supply of goods or services is deferred until the relevant recognition criteria have been satisfied.
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 are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.The charity's property held to further its charitable purposes by providing services to its beneficiaries is classified as tangible fixed assets in accordance with paragraph 21.15 of the Charities SORP (FRS 102) 2019.
Amounts included in the assets now includes the newly constructed Elephant Theatre at Newington Butts. The entity has started depreciating this asset.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Contributions to defined contribution pension schemes are recognised as expenditure in the period in which the related employee services are received.
Cost of Sales
Cost of sales represents the direct costs of goods purchased for resale in the ordinary course of the trading activities. Cost of sales is recognised in the period in which the related sales are recognised and is calculated by reference to opening inventory, purchases during the year and closing inventory. Purchases are recorded net of trade discounts and rebates where applicable. Appropriate adjustments are made for inventory losses, wastage and other identified discrepancies where applicable.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Useful economic lives of tangible assets
The annual depreciation charge for the tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and the residual values are re- assessed annually. they are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
There are no assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.
Unrestricted Funds
Restricted Funds
Unrestricted Funds
Restricted Funds
Theatre Rental
Managed Production
Income from trading activities
The amount represent all trading activities from the subsidiary in the period.
Other Income
Trading Activities and Raising Funds events
Managed Production
New Venue Costs
Youth and Community
None of the trustees (or any persons connected with them) received any remuneration or benefits or expenses reimbursed from the charity during the year.
The average monthly number of employees during the year was:
Employee time has been allocated either:
1) To direct costs on percentage of the time spent by an employee on an activity.
2) To support costs allocated on a percentage basis over all the costs.
The remuneration of key management personnel was as follows:
The aggregate employee benefits of the Group's key management personnel, including salaries, employer's National Insurance contributions, employer's pension contributions and other employee benefits, amounted to £167,325 (2024: £156,130.80).
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The long-term loans are secured by fixed charges over lease of 80 Newington Butts, London, SE11 4SL.
A loan of £950,000 was taken out during 2020 at interest rate of 2.9% per annum over Unity Trust bank's base rate. The loan is repayable over 234 months.
The restricted funds of the Group comprise unexpended balances of donations and grants received subject to specific restrictions imposed by donors or grantors as to their use. These funds may only be applied towards the purposes specified by the respective donors or grantors and are accounted for separately from unrestricted funds.
The unrestricted funds of the Group comprise accumulated income and other resources which are available for use at the discretion of the trustees in furtherance of the charity's charitable objectives and are not subject to specific restrictions imposed by donors or grantors. Unrestricted funds include general funds and, where applicable, designated funds which have been set aside by the trustees for specific purposes. Designated funds remain unrestricted funds, as the trustees retain the discretion to amend or remove such designations.
Short term lease on the current theatre include a provision for upward rent reviews according to prevailing market conditions. The lease has been extended upto 23.06.2026 at an annual rental of £155,000 commencing 8 April 2023.
The long term lease at Southwark Playhouse Elephant, SE11 4SL is for 125 years at rent of £2,500 per annum from 7 February 2018.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year, the charity received a donation of £12,500 from The Topinambour Trust towards the Shakespeare for Schools Project. Glenn Wellman, a trustee of the charity, is connected with The Topinambour Trust. The donation was received to support the charity's charitable activities. No amounts were outstanding at the year end. The donation has been recognised as income in the Statement of Financial Activities in accordance with the charity's accounting policy for donations and grants.
There were no related party transactions during the previous financial year ended 31 December 2024.
The charitable company holds 100% of the issued ordinary share capital of Southwark Playhouse Trading Limited, a private limited company incorporated in England and Wales on 15 October 2014, with company registration number 09264350. The principal activity of the subsidiary is the operation of bar and catering facilities at Southwark Playhouse.
The investment in the subsidiary is stated at cost in the charitable company's individual financial statements. The results and financial position of the subsidiary are consolidated on a line-by-line basis in the Group financial statements, with intra-group balances and transactions eliminated on consolidation.
Summarised financial performance
For the year ended 31 December 2025, the subsidiary reported turnover of £445,376 (2024: £476,774), cost of sales of £438,873 (2024: £432,830) and a gross profit of £6,503 (2024: £43,944). Administrative expenses amounted to £14,242 (2024: £12,004), resulting in a loss before taxation of £7,739 (2024: profit of £31,940). No corporation tax charge arose during either year. The loss after taxation for 2025 was £7,739 (2024: profit of £31,940).
Summarised financial position
At 31 December 2025, the subsidiary held tangible fixed assets of £1,773 (2024: £nil) and current assets of £17,886 (2024: £25,742), resulting in total assets of £19,659 (2024: £25,742). Creditors falling due within one year amounted to £27,298 (2024: £25,642). Accordingly, the subsidiary reported net liabilities of £7,639 at 31 December 2025 (2024: net assets of £100).
Other information
No Gift Aid distribution was made to the parent charity during 2025 (2024: £31,940). At 31 December 2025, the subsidiary owed £13,359 to the parent charity (2024: £nil). The parent charity was not seeking repayment of this amount at the reporting date.
Details of the charity's subsidiaries at 31 December 2025 are as follows: