West End's Seven Dials Playhouse to be investigated over financial concerns
The Charity Commission has launched a statutory inquiry into the charity organisation which provides facilities for the arts, including discussions, seminars and vocational training, as well as theatre productions.
The inquiry will allow the commission, an independent Government department that regulates charities in England and Wales, to determine the extent of any misconduct or mismanagement and any risk to the charity.
Last year, the creative hub decided to sell its central London property which prompted concerns around its finances and management.
The commission has been engaging with the organisation since then and assessed its financial concerns as part of a regulatory compliance case.
The regulator said it raised concerns about significant risks to the charity's funds after several revised drafts of a business plan failed to give reassurance about the theatre's long-term financial viability.
The new inquiry will investigate whether the trustees have complied with their legal duties in the administration, governance and management of the charity.
The scope of the inquiry may be extended if additional regulatory issues emerge during the commission's investigation, according to the regulator.
A statement from Seven Dials Playhouse said: 'We are disappointed by the decision to open a statutory inquiry into Seven Dials Playhouse, particularly at such a pivotal time for the organisation. However, we fully intend to co-operate and support the Charity Commission in every way possible as they carry out their investigation.
"Seven Dials Playhouse has sold the long-term lease on its home, enabling the organisation to enter an exciting period of development, and to continue providing opportunities for people to collaborate on bold, creative, high-quality work."1/2https://t.co/ihlRuSBN52 pic.twitter.com/yRFZOhPj4J
— Seven Dials Playhouse (@7DialsPlayhouse) December 9, 2024
'We must also acknowledge that the existence of the inquiry itself, especially the public nature of its announcement, has the potential to cause reputational harm. Nonetheless, we will continue to do everything possible to provide transparency, clarity and co-operation throughout this process.'
It added that the organisation completed the sale of its building in September 2024 to 'generate new revenue streams and build a sustainable future, following the collapse of the old membership and training model'.
In December 2024 the charity organisation said in a website post that it had 'struggled' since it reopened in February 2022, 'due to the ongoing ramifications of Covid-19'.
It added: 'Selling the lease means that the organisation can clear substantial debt associated with purchasing the lease in 1994 and other historical debt accrued as The Actors Centre (its former name).'
The creative hub launched a new business plan in April.
The site at 1A Tower Street is set to launch its new Pride season in June in both the venue's spaces, The House and The Pen.
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