2024-03-31-accounts

Company Registration No. 02060996 (England and Wales) Registered Charity No. 1062085 Hackney Empire Limited Trustees, report and financial statements for the year ended 31 March 2024

Hacliney Empire Limited Contents Page Legal and administrative information Vision, Mission & Values Trustees, report 4-17 Independent auditors, report 18-21 Statement of financial activities 22 Balance sheet 23 Cash flow statement 24 Notes to the flnancial statements 25-44

Hackney Empire Limited Legal and administrative information Constitution Hackney Empire Limited is a company limited by guarantee, not having a share capital. The company is a registered Charity governed by its Memorandum and Articles of Association. Objects The company's main objects, as set out in the Articles, are to advance public education and appreciation of the arts and to provide the theatre facility for recreation and leisure time occupation in the interests of social welfare with the object of improving the conditions of life, particularly of the inhabitants of the London Borough of Hackney. Organisation The board of directors of the company and the sub-committees have overall responsibility for the running of the company. Through regular board meetings and sub-committee meetings the directors, who are the Trustees for the Charity, advise the management of the company, in particular on strategy, The Board appoints a Chief Executive who is responsible for policy and day to day management of the Charity. Hackney Empire Limited has a wholly own subsidiary company, Hackney Empire Trading Limited. This company was formed to generate commercial income at Hackney Empire for the benefit of the parent company to which it gift aids any profits made. Board of directors William Atkinson Roger Woolfe Karin Gartzke Sean Gascoine Matthew Roeser David Adams Richard Etienne Josette Bushell-mingo Soheb Panja J3smyn Fisher Ryner Rebecca Jane Preston Chair (appointed on 12 September 20231 All directors are appointed in accordance with the Articles of Association. Except where indicated, the directors listed served throughout the year and up to the date of this report. Page I

Hackney Empire Limited Legal and administrative information (continued) Finance Committee David Adams Roger Woolfe Matthew Roeser William Atkinson Executive Director / Company Secretary Creative Director Jo Hemmant Keith Khan Other principal officers Technical Manager Head of Programme Otliman Reid Jane Walsh /Becca Thomason Company number 02060996 Charity number 1062085 Registered off ice Hackney Empire 291 Mare Street London E8 IEJ Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Banl(ers Barclays Bank PLC 27 Soho Square London WID 3QR Accountants EPIC Investment Partners Audrey House 16-20 Ely Place London ECIN 6SN Connected charities Hackney Empire Limited is connected with the Hackney Empire Preservation Trust, which owns the theatre building. Hackney Empire Limited benefits from the continued occupation of this property at a peppercorn rental Pxge 2

Hackney Empire Limited Vision, Mission & Values VISION, MISSION & VALUES VISION We believe access clyanges lives, so we will build bridges for everybody to be able to experience and create art & culture. MISSION Hackney Empire is not just a theatre; it is a home, a safe space, and a centre for sharing and storytelling of all kinds. We know that identity, privilege, and background should not affect anyone's opportunity to engage, because great Stories exist everywhere and in everyone. VALUES We believe that extraordinary art & culture can be created by all people, anywhere. We want ignored voices to be heard, isolated communities to be engaged, and overlooked ideas to be recognised. We wlll face difficult truths, confront prejudice, and share experience. We must safeguard and nurture young people from all background5, who will always have a home at Hacl<ney Empire. Together we can deepen our understanding of ourselves, our society, and our environment. Page 3

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 The Trustees present their report and financial statements for the year ended 31 March 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Statement of Recommended Practice incorporating the Financial Reporting Standard 102- SORP (FRS 102). Organisation, objectives, achievement5 & artivities Hacl<ney Empire Hackney Empire is a renowned, Grade li* listed, Edwardian music hall, now a modern variety theatre and a dedicated developmental, participatory and education space for thousands of young people each year. The theatre was fully restored in 2003 and is referred to as "a jewel in the crown of London's historic East End" and "one of the most beautiful theatres in the country". The auditorium can accommodate upwards of 1,200 seated audience, and over 1,600 standing, making it one of the Capital's largest and most significant theatre venues outside of the West End. Hackney Empire Limited (HEL) For over a century we have shared and celebrated variety in all its forms. artistically, culturally, politica Ily, and socially, Hackney Empire has provided the megaphone for the voices of those who are less represented and easily ignored. Today our programme presents a rich mix of art of all kinds including Opera, Theatre, Music, Pantomime and Comedy offering local communities the chance to experience local, national and international culture on their doorstep. Haclfney Empire Trading Limited {HETL) A wholly owned trading 5ub5idiary, Hackney Empire Trading Limited IHETL} is in operation to generate commercial income for the benefit of the parent Charity (HEL). The company has four distinct areas of activity: Exploitation of commercial opportunities such as photo shoots and film work, Service Agreement of the theatre bars for the theatre, Service contracts with third party suppliers to run the theatre cafe and catering operation, Production company producing commissioned pieces of theatre, In 2023/24 HETL was commissioned to produce the pantomime Aladdin and will be claiming Theatre Tax Relief in respect of thi5 production. All of HETL'S profits are gift-aided back to the parent Charity under a deed of covenant. Page 4

Haclcney Empire Limited Trustees, Report For the year ended 31 March 2024 Need Hacl<ney is a rapidly changing borough with a growing and youthful population. As an area of increasing economic opportunity resulting from the focus on East London as an area of development, this growth co- exists with significa nt deprivation. Hackney was the 22nd most deprived local authority overall in England in the 2019 Index of Multiple Deprivation. A significant proportion of local people continue to face persistent inequalities and are disproportionately affected by child poverty, unemployment and welfare dependency. The geographic location of Hackney Empire and the demographics it is able to serve, must not be neglected. We strive to serve our fundamentally diverse customer base through our wide artistic output to reach, and where possible develop, audiences that are historically - or perceived as disengaged andlor underserved. Variety is the vehicle that allows Hackney Empire to explore storytellinE in all its forms and from all creators. We are comrnitted to using art and creativity to drive social changp throughout everything. we do, with particular focus on young people from disadvantaged and under-represented backgrounds. Review of activities for period endinE March 2024 Achievements and Highlights Hacl<ney Empire continued to pursue its long-term artistic ambition to present a variety programme that produces, presents and platforms stories, performances, events and opportunities, sharlng excellence, amplifying representation and driving accessibility. During theyearwe provided an exciting, welcoming, and much-needed space for audiences and participants from across our communities to experience and enjoy the arts, continuing strategic programming to widen access and inclusion. The past 12 months have us seen strengthening relationships with promoters, a growing music programme and ever-increasing numbers of first-time bookers. We were especially happy to be nominated for Excellence in Art5 Education at the UK Theatre Awards. Particular highlights included hosting the Launch of legendary Rolling Stones, Hackney Diamonds album in autumn 2023,. welcoming Ballet Black back to Hackney Empire after 15 years, to premiere their sold-out show HEROES; and The Levellers Collective recording their live album in the auditorium. The wider Artistic Programme included a very strong comedy line-up- Judi Love, Jon Richarson, Matteo Lane and Alan Carr and BBC Radio Ixtra's Comedy Gala's celebrated household names and new voice5 on the black comedy circuit selling at 92Yo capacity. Key music events included Mac Demarco, Andy Shauf and a collaboration with the BBC Symphony Orchestra on the family programme. We were also able to support Rush Theatre Company'5: A Joyous Jamaican Journey for the Windrush Anniversary. An amuzing venue in the heart of Lorldon, an amazing performance...musical conceptfrom the BBC symphony Orchestrofor KS2 children. Our children absolutely loved the live mus1.cal experience. Thank you for making itfree (Jnd accessible. Would definitely come again I English Touring Opera staged Puccini's Manon Lescaut in autumn 2023, followed by The Rake's Progress by Igor Stravinsky a5 part of their 2024 Spring opera season, averaging 70% attendance. Page 5

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 Vox Holloway community choirs performed The Sun Does Shine, a powerful new musical by Harvey Brough, inspired by Anthony Ray HintOll'5 autobiography, telling of the most shockingly cynical miscarriages of j ustice in US history and Hinton's long fight to prove his innocence. After a run of sold out shows up and down the UK, Hollie McNish brought her brand-new book, Lobster and other things I'm learning to love to Hackney Empire. A Sunday Times bestselling writer whose live reading5 are gin-wrapped in gorEeou51y crafted poetry achieved 94% capacity. Throughout the.year Hackney Empire continued to provide a platform for local communities and schools including performances by Boroughs United, Dance 2 Beat, Hackney Music Service Gala, and the Festival of Voices. Hackney Empire's partnership with For Black Boys Who Have Considered Suicide when the Hue Gets to Heavy enabled ticket prices to remain accessible for the show's continuing groundbreaking West-End run. The year was brought to a rousing finale with the Empire's legendary Panto directed by and Starring Clive Rowe a5 Widow Twankey in Aladdin. Young people from the Creative Futures pfoEramme took on roles in the ensemble becoming members of the professional cast. Called the 'must-see panto of the year, by Theatre Weekly, the reviews speak for themselve5: *,,Glows with timeless glee" Time Out "Joyous, big-hearted panto" The Stage 'Precisely what festive family entertainment should be" The i 'Clive Rowe is the doyenne of dames.. This is a pantomime with real heart and a winning innocence" Whatsonstage ,Yhe mu5t-see panto of the year" Theatre Weekly "Fun, Festive, Frivolity" RatedReviewed "Another magnificent panto" The Spy In The Stalls ***.A building so rich in panto history that all of those years of gags, slosh and transformation Scenes seem to have soaked into the fabrid, West End Best Friend Artist Development and Commissioning Hackney Empire's commitment to nurturing the next generation of artists was demonstrated in the R&D support and Seed funding given to emerging works, such as. Levile & Chill,. Levile 15 a platform for gifted creatives to Eain genuine opportunitie5 in the arts and entertainment industry through their Three C's: Creative Agency, Casting and Community. Honeyfish Collective Bold Acts is a developmental, interactive experience between the audience and creatives to receive feedback and develop new ideas to amplify tomorrow's voices today. Page 6

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 Led by Playwell Productions and Brixton House, we are pleased to have been able to support the development of Black Power Desk, a new Black British musical by Urielle Klein Mekongo set against the backdrop of state opposition to the British Black Power movement of the '60s and '70s. The show blends the best of contemporary UK sounds to tell a story of belonging, love, and identity. Seed Fund Programme The Cocoa Butter Club is an award-winning performance company, showcasing and celebrating performers of colour, founded in 2016 by cabaret star Sadie Sinner, this is a creative clap back to cultural appropriation, lac1< of representation and imitation. Beuu Brummel Musical- Bourgeoi5 & Maurice are a cabaret act based in London, described by Time Out as 'neo cabaret,. The duo, formed in 2007, consists of Liv Morris and George Heyworth. BOXED - SK Shlomo is an international non-binary beatbox star, disability & mental health ambassador, former world looping champion, 3 x TED Speaker and multi-award-winning theatre maker. Ruth Belville and The Time King- Angela Clerkln explores what happens when we look closer at our history and how we have been sold a story that doesn't serve many of us. Oxford Girls- Neetu Singh is a member of the MercuryTheatre's directing programme led by Ryan McBryde and was shortlisted tofor a WIP perFormance leading a team of working-class South Asian women. Creative Futures Programme Hackney Empire also serves as a dedicated developmental, participatory and education space for young people. Creative Futures is recognised a5 one of the most significant, transformative and powerful programmes in the Capital. These activities provide 4,000 young people each year with the tools, skills, and pathways they need to develop as individuals and as leaders. Young Producers "As a Young Producer, we hud to source new tolent and sounds, scouring Instagram and TikTokfor the best creatives on the come up. On the Friday, Alter Ego 2023 winners Skodeuces, founded by Khalif-shukeil Edwards, Huckney Empire Creative Futures Alumni, started the weekend with a bang, wowing our audience withflips galore and the coldest choreography. One audience member said, '1 wish I couldflip Jike that when I was 14.'Same. "River Stage 2023 was truly one for the books1 We ull Jearnt so much about what makes a good festival weekend, how to run events, look after social media & liaise with ortists ond managers. We hope the Nutional Theutre bring us back to paint Central london with the greatness of the Cityll Our Young Producers were invited to return to the National Theatre's River Stage to programme a whole weekend, giving a platform to some of the most exciting young creatives in London. The last two years have seen the likes of Girls of Grime, Tracks on Tap, Kali Claire, BAC Beatbox Academy, Creative Futures alumni and many more take to the stage on the Southbank, with two weekends packed full of pure energy. Page 7

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 Artist Development Programme (ADP) 2023 UNmuted.. A revolutlon has never sounded so good "In a world not so differentfrom our own, a new law has been pt7ssed making music illegal, By chance, a group of young peoplefind a safe space, 0 secret spa￿, where music can exist again, und begin pluns to fight the power." In August 2023, we brought together over 50 young creatives to stage a brand-new musical on our main staEe in just 10 daysl UNmuted explored the power of a group of young people standing up for what they believe in, playing to a packed auditorium. Limitless A collaboration between Hackney Empire and Hackney Shed, Limitless brought together an inclusive group of 40 young people aged 14 to 25-years on a five-day intensive creative arts programme during the summer. Limitless focusses on young people with Special Educational Needs and/or neurodiversities but is open to anyone who is passionate about collaborating with others. The programme creates a safe and supportive atmosphere where participants work with creative practitioners to explore issues that matter to them and turn that into a new piece of performance, The performance often includes singing, movement and BSL and is shared with an invited audience of 100 parents, carers and friends. Reudings From A Resistance.. Let us show you how we, the resistant, have found hope in a worldfull of disparity and injustice. When we believe in something better, we pove the way towards it. When we share ideas, the possibilities are endless. When we stand together, we rjre powerful." Audiences were invited to join a celebration of the collaboration and centring on young artist5 from across London, weaving together poetry, music and drama, led by Yamin Choudury and Jemilea Wi5dom-Baako, Yomi Sode In poems exploring family, survival, generational trauma and the complexities of belonging, MGnorism is an examination of the lives of Black British men and boys. Join us for the launch of Yomi Sode's paperback edition of Monorism. A curated evening of performances, talks, and readings, which celebrated and centred on the voice of the community. EntryforAII.. First Five with Yomi 5ode, Rt7pman and Special Guests Designed to support young people from Hackney and wider London to access live performance and art and culture, tickets to Entry For All shows are completely free for anyone 25 and under. In Jan 2024, poet Yomi Sode spoke to acclaimed filmmaker, rapper and director Rapman, delving into what inspired him on his journey to create Shlro s Story, Blue story and the upcoming Netflix series Supocell. Featuring live performances and special guest act Prinz, this Entry for All event was not to be missedl This collaboration brought us together with Lit in Colour, who provided free books and merchandise on the night. The Lit in Colour campaign wa5 launched by Penguin Random House and The Runnymede Trust in October 2020, with the aim to ensure English Literature better reflect5 contemporary culture, Page 8

Hacl<ney Empire Lin)ited Trustees, Report For the year ended 31 March 2024 Alter Ego In February 2024 East London's biggest talent showcase Alter Ego was back in Hackney. Taking to the stage were over 90 young performers alongside headliners Suli Breaks, Mnelia, M24 and Ivorian Doll, and we were thrilled to crown, as our winner, Rain, poet and spoken word artist, performing a piece about war, politics and genocide. With over 1,300 younE people in the audience and 50 young people working behind the scenes in event planning, production management and marketing, and a massive social media presence, Alter Ego 2024 was a huge celebration of the aspirations and creative talents of young people in lackney. Schools Outreach Over the past 12 months, Hackney Empire has worked in 10 of our London Borough of Hackney's secondary schools to provide focused support for over 500 students for the curriculum and young people's needs beyond it. Audiences and Partlcipants Our audiences continue to grow year on year, with 148,837 tickets sold, an increase of 14% on 2022/23. 78%151Yo in 20221231 of bookers came through our doors for the first time. 889 of these were NHS staff or keyworkers. The mostfrequent postcodes of bookers were Hackney, Upper Clapton, Lower Clapton, Leyton, Stoke Newington, Homerton, Islington and Walthamstow. A new website was designed and implemented during the year, realising the aim of engaging more customers and improving their booking journey. Proactive data analysis is enhancing our strategy to encourage customer retention and repeat bookers. This website attracted 695,000 visits achieving 982,000 sessions, 56Yo of which were engaged session. The top referral was an organic search for Hackney Empire with highest page traffic for Steve-o Bucket List Tour and Aladdin. 11.9% of bookers added a donation to their ticl<et purchase, totaling £18,954. HACKNEY EMPIRE 2023-24 148,837 376 40 4000 Q; Ilcket8 801d Performances Incluslve partlcipants Creative Futures Partlcipanls 15 2074 Artists, R&D supported Over 500 young peoplé.. In 10 Hacknèy. school8.,. Increase on First tlme 2022123 customers Acce88 Cu8tomer8 Page 9

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 Staffing We continued to support the career development and progression of our staff, strengthening the Learning and Participation team with the roles of Learning and Participation Producer and Learning and Participation A551Stant, The A551Stant joins the team as an alumni of Hackney Empire's Compulsory Subjects programme. Previous Creative Futures, participants have progressed to become Assistant Director, Musical Director and Choreographer of the Artist Development Programme. Equality, Dlversityj Justice, and Inclusion Hackney Empire has long been one of the cultural sector's leading organisations in terms of diversity and representation at all levels. During 23124 we have continued our commitment to increasing representation withln all areas of our organisation and the sector at large. We have established, dynamic practice5 to combat systemic racism creating clear, actionable inclusion and anti-racism, anti-disablist and anti- discriminatory policies whilst identifying and breaking down barriers to access for artists and audiences. We are one of the sectorfs leading organisations in term5 of diversity and representation, 52% of our staff team, 50% of senior management, 45% of the board, and more than 78Yo of the contractual and freelance team identify as coming from the Global Majority. Over 49% of Hackney Empire's artistic programme is created by, and with, Black, Asian, and ethnica51y diverse practitioners. Our award-winning self-produced Pantomime famously has strong representation from both the leading roles and the technical crew. During the new website development, we prioritised updating and expanding Access information and have built up over 2000 customer5 who signed up to receive targeted access support. Accessible performances during the year including 6 BSL signed, 4 captioned, a Relaxed pantomime and a Dementia Frlendly pantomime. Of our two associate artists I companies, one is disabled-led and the other LGBTQl+. Hackney Empire 15 also now a Dementia Friendly venue. Leadership With the departure of Artistic Director Yamin Choudury, we will be welcoming Keith Khan as our new Creative Director in September 2024. Keith has a long and distinguished record across a number of art forms, including designing a range of theatre shows and festivals from Trinidad to Notting Hill. l<eith was Head of Culture for the London Olympics and Paralympic Games. In addition to deepening our well established and highly productive links with the local community, Keith's international reach will bring opportunities for new and diverse collaborations and partnerships. Page 10

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 We were delighted to welcome Rebecca Preston, Director of Development and Alumni Relations at the Royal College ot Art as a new member of our Board of Tru5tee5. Sustainability We continue to make good progre55 on our commitment to reducing our carbon footprint as a grade 2 listed building. Following on from our heat pump and solar panel installation, we have established a strategy of graded Capital works to achieve our goal. The energy generated by the installation of 76 solar panels on roof will cover approximately a quarter of our annual electrical consumption. Hackney Empire's electrical consumption is equivalent to that of approximately 20 houses. The solar panels will save the equivalent of burning 12 tonnes of fossil fuel a year. Hackney Empire 15 also now a signatory to the London Borough of Hackney's Responsible Business Charter pledging to continue to work towards being a model of good for environmental practice as a grade li* listed arts venue that serves and represents its communities. We successfully applied to the VCSE'S Energy Efficiency Scheme for an independent Energy Assessment to Identify where further carbon efficiency.could be maximised. We will continue to seek funding to contribute to our own and Hackney Council's mission to reach carbon net zero by 2030. Fundraising Charitable contributions represent a vital source of funding for Hackney Empire, Every donation from generous donor5 SUPPOrts the essential work we do with young people and our community, while caring for our landmark building. While Hackney Empire had a very successful operational year, the sole area of funding that declined was donations. In total, £117,898 was raised from donations, trusts and foundations, gifts, and legacies decline of 60% from £292,483 in 2022/23. Hacl<ney Empire's ambitions to expand our youth programme and modernise our illustrious theatre over the next five years will require greater charitable contributions. The needs of our underprivileged communities continue to grow, and we intend to fulfill our duty to support them, Accordingly, Hackney Empire has recently transformed its fundraising team, recruited a new Trustee with distinctive fundraising credentials and reconstituted its Development Committee. Hackney Empire's fundraising focuses on building strong, long-term phila nthropic pa rtnerships with trusts, foundations, major donors and Patrons and seeking corporate support. We look forward to sharinE our fundraising plans in the coming year. We remain a key. provider of London Borough of Hacl<ney, with the shared aim of giving a voice to all local communities and lifting our young people up. Durirbg the year Entry for All was made possible by the Hacl<ney Community Fund, with ongoing support for Alter Ego through Discover Young Hackney. We are enormou51y grateful for the continued support from the Forest School, demonstrating their commitment to young people's all-round development and progression. Page 11

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 We were delighted to receive a new grant from the Esmee Fairbairn Foundation, to support our mission to create a cultural workforce that is more reflective of UK society by allowing young people to build their own creative lives and to use arts and creativity to influence the world around them. In addition, we are grateful forfunding from the Atkin Charitable Foundation, the Roy Bard Charitable Trust, Garfield Weston Foundation, BBC Children in Need, the D'oyly Carte Charitable Trust, the Noel Coward Foundation, the Steel Charitable Trust and the Portal Trust. We are indebted to all the individuals who have supported the Hackney Empire through their'donations this year. We express our heartfelt thanks to all those who have given regularly, dedicated seats and left lasting legacy gifts to support Hackney Empire's mission on stage, with young artists and with local communities. The Trustees are aware of their responsibilities under the Charities (Protection and Social Investment) Act 2016 and have considered the implications for their fundraising activities. HEL remains a member of the Fundraising Regulator and operates within the code of fundraising practice as set out by the independent regulator of charitable fundraising in England. No complaints have been received in relatlon to fund raislng activities to date. We are committed to being fully compliant with the laws and guidance underpinning charitable fundraising, We will not accept gifts or sponsorship from organisations or individuals whose Support of our activities we deem to be inconsistent with our mission, vision, and values. Our Vulnerable Adults and Safeguarding policies form the framework for protection of these groups. Financial review The group financial statements to March 2024 show an operating surplus on unrestricted funds of £491,897 tal(ing the accumulated surplus on unrestricted funds to £2,849,572 lout of which there are designated funds of £60,317 for the "Romeo and Juliet project, set for 20251- We have maintained our rigorous attention to managing cash flow, risk analysis, and continuous assessment of the financia l im plications of our operational decisions. We continue to receive financial support from the London BorouEh of Hackney, in recognition of the value of our work and are pleased to report tliat we have maintained our p051tion in the Arts Council England National Portfolio Funding12023 - 2027). A key line in the financial statements for this year is Box Office income, reflecting a large increase in theatregoers returning to see shows after the pandemic. Page 12

Hackney Empire Limited Trustees, Report For the year endod 31 March 2024 Net Operating Surplus/Deficit £400,000 £300,000 £244.066 £20D.QOO £150,895 £ioo,000 -£ioo,000 -£200,000 -£124,160 -£164,687 -£300,￿0 -£317,974 -£400,(MXI -£500,QLKI FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Net Operating SurpluslDeflclt £150,895 £244,066 -£317,974 -£124,160 -E164,687 Annual Income and Movement loo% BO% 60% 20% I I I I -20% -40% -60% -80% FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 [- FY 2023-24 £433,503 £387,033 £3,352,502 £3,739.535 . CJ Movoment -£1.344,931 £1,901.694 £1,017,305 £2,918,999 • rotal Annual Income E3,246,625 Total Annual Income Movement Page 13

Hacl<ney Empire Limited Trustees, Report For the year ended 31 March 2024 Reserves policy Hackney Empire Limited intends to keep money aside as reseNes to protect the charity by strengthening resilience against reduced income, and to allow us to take advantage of new opportunities that are aligned to our aims. The level of unrestricted reserves will be approximate to 12 weeks of turnover, This reserve will be reviewed annually as part of the AGM of the board of Trustees. Hackney Empire Limited will during 2024125 designate funds from an underspend of £60,317 on Artistic Project Development during the year 2023/24 to the co-production of Romeo and Juliet with Belgrade Theatre Coventry. The Trustees, previous aim to increase the building maintenance restricted reseNe to £1501< in 2024, has been achieved. The building reserve can be used for emergency repairs to the building where other operational funds are insuff icient to cover the costs, This will be reviewed annually as part of the AGM of the board of Tru5tee5. £300,000 of free reserves has been set aside for building maintenance, and £900,000 for operational purposes. These free reserves are not designated for specific expenditure but are intended to protect the charity's f inancial health, ensuring resilience against unforeseen challenges and supporting long-term sustainability. Plans for Future Periods We w511 continue to build a robust, commercial programme for 2024-25, prioritising performances for all of our communities. The live music programme made a strong start with contemporary Irish foll( group Lankum, whose latest album was named as The Guardian's top album for 2023, closely followed by The Pogues 40th anniversary show for their debut album, Red Roses For Me. With the aim of growing our family audience, composer Emily Presto will invite children to write a brand-new piece of music for the BBC Symphony Orchestra and then join her for the performance. Governance Statement of Trustees, responsibilities The Trustees {who are also directors of Hackney Empire Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accorda nce with applicable law and United l<ingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustee5 to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the group for that period. In preparing these financial statements, the Trustees are required to- Select suitable accounting policies and then apply them consistently, Page 14

Haclcney Empire Limited Trustees, Report For the year ended 31 March 2024 obseive the methods and principles in the Charities SORP, IFRS 102), make judgements and estimates that are reasonable and prudent, state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement5, prepare the financial statements on the going concern basis unle55 it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each Trustee is aware: there Is no relevant audlt information of which the charitable company's auditor is unaware,. and the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor5 are aware of that information. The Trustees confirm that in planning the activities of the Charity they have had due regard to the Charlty Com m is5ion's Eu idance on public benefit, health and safety, due d iligence in relation to holding, receiving, and moving funds safely, and in particular, the guidance for fee charging charities. Trustee induction The Board and its Nominations Committee meet throughout the year as required. They proactively review the skill set of the membership as well as keeping an overview of representation. The nominator of any prospective trustee provides the sub-committee with a biography or CV of the nominee and the reason for the nomination, for consideration. The prospective member then meets members of the committee and other trustees and attends a board meeting as an observer. If appropriate, formal invitation 15 made as part of board meeting proceedings and recorded in the minutes. The new trustee is then sent an induction pack including recent Board papers, financial information, current strategic planning documents and a history of the theatre and introductory meetings are set as appropriate with staff as well a5 attending events. Page 15

Hackney Empire Limited Trustees, Report For the year ended 31 March 2024 Remuneration of key management personnel The pay of all staff is reviewed no less than annually by the Executive team with reference to UK industrv norms. Thi5 is reviewed by the Finance Committee as part of annual budgeting and presented to the board of trustees. The remuneration of the Chief Executive 15 reviewed by the trustees. Risk management The Directors have examined the major strategic, business, and operational risks that the company faces and confirm that systems have been established so that the necessary steps can be taken to mitigate these risl(s. The Boa rd conducts at least annually a review of the risk register which details the risks the Charitv may face. The Board reviews the systems and procedures in place to mitigate those risks, advises on improvements and provides monitoring on a regular basis. The Board then ensures there is proper Implementation of the procedures with the objective of minimising any potential Impact on the Charity should those risks materialise. The key rlsks as identified, and their mitigating factor5 were: Risk Mltlgation Forward planning to ensure best possible programme. Plan marketing cycle to optimise income. Ensure secondary spend offer competitive. Monitor cash flow. External forces Irecession/public spending etcl impact on business plan Succession planning. Documentation of systems plans and project5. Training programmes. Notice period5 and handovers. Recruitment process. Ensure maintenance and operations manuals are sufficient and up to date. Implement appropriate maintenance strategy. Make suitable financial provisions where possible to ensure effective maintenance. Loss of key staff Build ing related difficulties Lack of capacity & inadequate use of resources Inadequate supervision of projects Staff over-stretched & low morale Page 16

Hackney Empire Limited Tru5tees' Report For the year ended 31 March 2024 Auditors A resolution proposing the re-appointment of Saffery LLP as auditors will be put to the Annual General Meeting. Statement by the Chair of the Board. Sir William Atkinson Chair's Statement Hackney Ernplre, despite facing strong head winds, has enjoyed a successful year, due in no small measure to the dynamic and intelligent leadership of ourjoint CEOS Jo Hemmant and Yamin Choudury. Jo and Yamin have led a highly efficient team of dedicated colleagues who have worked tirelessly towards achieving the positive outcomes that drive and motivate everyone associated with Hackney Empire. Our 5ucce55 is evident in our extensive worl( with your)g people, the quality and range of our incl usive programming, expertly curated by Yamin, the size and make up of our audiences across the year and the quality of the relationships within and between our teams. Throughout the year the Trustee Board has continued to work closely with the Executive Team to ensure th?t Hackney Empire not only remains a 'going concern,, but also a dynamic and relevant centre of opportunity, enjoyment and learning for our rich and diverse community. To this end the generosity of our supporters and funders continues to play an invaluable part. Withouttheir support our impact and reach would be significantly reduced. At Hacl<ney Empire our mindset is to use current success as a foundation ft)r future achievement and, consequently we look forward to the many complex challenges facing the sector with determination and optimism. The Trustees wish to place on record our thanks to Yamin Choudury, outgolng Artistic Director, for his nary leadership and outsta ding contribution to the success of Hackney Empire, Sirw Chair Date L{ Page 17

Hackney Empire Limited Independent Auditor's Report to the Members for the year ended 31 March 2024 Opinion We have audited the financial statements of Hackney Empire Limited (the 'parent charitable company,) and its subsidiaries (the 'group'l for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets. the Consolidated Cash flow statement and the 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 Practicel- In our opinion the financial statements: give a true and fair view of the State of the affairs of the group and the parent charitable company as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirement5 of the Companies Act 2006, Basis for opinion We conducted our audit in accordance with Internationa5 Standards on Auditing (UK} IISAS (UKII 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 group and parent charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulf illed our other ethical responsibilitles 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. Conclu51ons relating to going concern In auditing the financial statement5, 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 group or the parent charitable company'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. Ou r respo nsibilities and the responsibilities of the Trustee5 With respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. 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. Page 18

Hackney Empire Limited Independent Auditor's Report to the Members for the year ended 31 March 2024 (contlnued) Our responsibility is to read the other information and, in doing so, consider whetherthe 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 mi5Statements, 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. other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report which includesthe Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the fi nancial statements,. and the Trustees, Report which includes the Directors, Report, and the Strategic Report has been prepared in accordance with applicable legal requirements, Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements In the Trustees, Report and Strategic Report. We have nothlng to report in respect of the following malters where the Companies Act 2006 require us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of Trustees, retnuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities, the Trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the prepa ration of the financial statements and for being Satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of the financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group and the parent charitable company's ability to continue as a Boing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate Page 19

Hackney Empire Limited Independent Auditols Report to the Members for the year ended 31 March 2024 (continued) the group or the parent charitable company or to cease operations or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulation5 made under that Act. Our objectives are to obtain reasonable assurance about whetherthe group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assura nce but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assesslng risks related to irregularities: We assessed the susceptibility of the group and parent charitable company's financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meetin& updating our record of internal controls and ensuring these controls operated as intended. We evaluated p055ible incentives and opportunities for fraudulent manipulatio n of the financial statements. We identified laws and regulations that are of slgnifica nce in the context of the group and parent charitable company by discussions with Trustees and updating our understanding of the sectors in which the group and parent charitable company operate. Laws and regulations of direct significance in the context of the group and parent charitable company Include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales. Aud it response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related f inancial Statement items including a review of financial statement disclosures. We reviewed the parent charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authoritie5 to identify potential material m isstatements a rising. We discussed the parent charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting With the audit team, the engagement partner drew attention to the l<ey areas which might involve non-compliance with laws and regulations or fraud, We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of busine55. We assessed whether judgements made in making accounting estimate5 gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their worl( with Page 20

Hacliney Empire Limited Independent Auditor's Report to the Members for the year ended 31 March 2024 (continued) appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and f raud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions retlected in the financial Statements, the le55 likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.or .uk a uditorsres onsibilitie5. Thi5 description forms part of our auditorfs report. Use of our report Thls report is made solely to the parent 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 parent charitable companws members those matters we are required to state to them in an auditorfs 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 parent charitable company and the parent charitable company's members as a body, for our audit work, for this report, or for the opinlons we have formed. Cara Tu rtington Isenior Sta utory Auditor) for and on behalf of Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date: Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Page 21

Hackney Empire Limited Consolidated statement of f inancial activities (Including income and expenditure account) For the year ended 31 March 2024 Notes Unrestricted Funds Restricted funds 2024 Total 2023 Total Income from: Donations. gifts, and legacies Grants receivable 117,898 375,295 117,898 559,003 292,483 555,037 183,708 .Investment income 38.539 38,539 911 Income from trading activities Incomefrom charitable octivities Income from runn5ng theatre 872,081 872,081 707,485 2,152,013 2,152.013 1,796,586 Total Income 3,555,826 183,708 3,739,534 3,352,502 Expendlture on: Cost of ra151ngfunds Fundrai51ng costs Cost of tradlng activitSes Choritable activity Cost of operation of the theatre 28,539 439,442 28,539 439,442 45,320 401,765 2,797,312 853,292 3,650,604 3,215,847 Total expendlture 3,265,293 853,292 4,118,585 3,662,932 Net Income/lexpenditure) for the year 290,534 1669,584) {379,0501 1310,430) Transfer between funds 20 113,000) 13,000 Corporatlon tax 12 214,363 214,363 186,270 Net movement in funds 491.897 1656,5841 1164,6871 1124,1601 Opening fund balances 21 2.357,675 6,336,108 8,693,783 8,817,943 Closing fund balances 22 2,849,572 5,679.524 8,529,096 8,693,783 There were no recognised gains and losses otherthan the movements in funds shown above. All operations are continuing. The notes on pages 25 to 43 form part of the financial 5tatement5. Page 22

Hackney Empire Limited Balance sheets As at 31 March 2024 Notes Group Charity 2024 2023 2024 2023 Fixed assets Tangible assets Investment5 13 14 6,190,000 6,764,328 6,190,000 6,764,328 Social Investments 15 25,0(M) so,000 25,000 50,000 6,215,O¢KJ 6,814,328 6,215,001 6,814,329 Current assets Debtor5 Inventory Cash at bank and in hand Current Investment 17 334.811 11,362 2,547,111 600,000 359,713 7,693 2,320,069 901,425 710,743 1,954,806 600,000 1,922,289 16 3,493,284 2,687,475 3,456,231 2,633,032 Creditors: Amounts falling due wlthin one year 18 11,179,188} (808,020) 11,142,135) 1753,5781 Net current assets 2,314,096 1.879,455 2,314,096 1,879,454 Net Asset5 8,529,096 8,693,783 8,529,096 8,693,783 Represented by: Restrlcted funds 20 5,679,524 6,336,108 5,679,524 6,336,108 Unrestrlcted funds.. Deslgnated Funds General funds 60,317 2,789,255 60,317 2,789,255 21 2,357,675 2,357,675 Total 8,529,096 8,693,783 8,529,096 8,693,783 The total income of the Charity as an individual entity for the year was £3,530,319 {2023 - £3,202,441) and its net loss was £164,68712023- net loss of £124,159) after depreciation of £704,258 (2023 - £678,686). A statement of fina ncial activities for the Charity as an individual entity is not included using the exemption given in section 408 of the Companie5 Act 2006. oved b th oard of dir rson12No 2024 and signed on its behalf. hair Company number 02060 The notes on pages 25 to 43 form part of the financial statements. Page 23

Hackney Empire Limited Consolidated cash flow statement For the year ended 31 March 2024 2024 2023 Reconciliation of net income to cash inflow from operating activities Net (expend iturel Depreciation Interest received (Increase) / decrease in Inventory Decrease / l increase) in debtors Increase / Idecreasel in creditors excluding cash loans and overdrafts {164,6871 704,258 (38,5391 (3,6691 24,902 (124,160) 678,683 {911) 382 {193,516) 371,168 {133,282) Net cash inflow from operating activities 893,433 227,196 Cash flows from investing activlties Ban1< I nterest received Return on Investment at cost Interest received on Investment Purchase of Investments Deposit into a fixed treasury account Payments to acquire tangible fixed assets 29,687 50,000 8,852 (25,000) 1600,000} {129,9301 911 {50,000) {215,5521 1666,3911 1264,6411 Change in cash and cash equivalents 227,042 137,445} Cash at l April 2023 2,320,069 2,357,514 Cash at 31 March 2024 2,547,111 2,320,069 Analysis of changes in net debt At start of year {2023) Cash-flows At end of year {2024) Cash 2,320,069 227,042 2,547,111 Total 2,320,069 227,042 2,547,111 The notes on pages 25 to 43 form part of the financial statements. Page 24

Hackney Empire Limited Notes to the accounts For the year ended 31 March 2024 l Accounting policies Accounting convention The financial statements have been prepared under the historical cost convention. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdon and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The Charity constitutes a public benefit entity as defined by FRS 102. The financia I statements are prepared in sterling, which is the functional currency of the Charitv. Monetary amounts in these financial statements are rounded to the nearest E. Going concern. At the time of approving the financial statements, the trustees have a reasonable expectatlon that the Charity has adequate resources to continue in operational existence forthe foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statement5. Income Income from donations and grants, including capital grants, is included in incoming resources when there is entitlement, probability of receipt and the amount can be measured with sufficient reliability, unless the donor has specified that the donation or grant relates to a futu re period or that certain pre-conditions Inu5t be fulfilled before use. In these cases, amounts received are recognised in the relevant period or when the pre-conditions have been met and until then treated as deferred income. Donations and grants for particular purposes are included in incoming resource5 as restricted fund5. Production Income is included in incoming resources in the period in which the relevant performance takes place. Income related to productions in a subsequent perlod is treated as deferred income. All other inco me is recognised on an accruals basis once the charity is legally entitled to receipt. All incoming resources are recorded net of VAT. Expendlture Expenditure is included in the Statement of Financial Activities on an accrual basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised when a liability is incurred. Costs of raising fund5 are those costs incurred in attracting voluntary income and those incurred in the operation of trading activities which raise funds. Page 25

Hackney Empire Limited Note5 to the accounts (continued) For the year ended 31 March 2024 Charitable activitie5 include expenditure associated with the operation of the theatre and such directly associated activities as educational programmes. Cost of charitable activities includes both the direct cost of activities and related support costs. Support costs include central functions and have been allocated to activity costs on a basis consistent with the use of resources. This is frequently on the basis of staff time spent in each area but other bases such as u5aEe are also employed. Support costs also include Governance costs. Governance costs include those incurred in the Eovernance of the Charity and its assets and are primarily associated with constitutional and statutory requirements. Where performances of a production straddle the balance sheet date, production costs are apportioned in relation to the number of performances falling within each period and the amount relating to performances afterthe balance sheet date are treated as debtors. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over it5 expected useful life, once brought into use, as follows: Freehold la nd Freehold build ings Theatre improvements Fixtures, fittings and equipment 2¥0 Straight line over 30 to 10 years straight line from IO% to 33Yo straight line I nd ivid ual fixed assets consisting of more than £1,000 are capitalised at cost. Leased assets and obligatlons Where assets are financed by leasing agreements that give rights approximating to ownership Ifinance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the least term. The corresponding leasing commitments are shown as obligations to the lessor. Finance lease payments are treated as consisting of capital and interest elements, and the interest is charged to the statement of financial activities in proportion to the remaining balance outstanding. All other leases re operating leases and the annual rentals are charged to the statement of financial activities on a 5traight-line basis over the lease term. Investments The Statement of Recommended Practice requires investments to be stated at market value. The investments of Hackney Empire Limited consist of one wholly owned subsidiary, Hackney Empire Trading Limited. The company is not quoted, and the directors consider it appropriate to include the investment at cost. PaEe 26

Hackney Empire Limited Notes to the accounts (continued) For the year ended 31 March 2024 The charity invests in theatrical productions that they consider having social value that contributes to the charity's own objects and these are classed as mixed motive investments. They are accounted for atfairvalue based on the charity's Share of underlying net assets when information is ava ilable. When information is not available, they will be accounted for at cost less a provision for impairment. Any movement in fair value is accounted for as an unrealised investment gain or loss in the statement of financial activities. The Charity has recently placed funds in Treasury Deposits. The placement of these funds is assessed against cash flow by the Finance Committee at each meeting. Fund placement IS reviewed when reaching term for each deposit. Current asset investments represent cash deposits and are held at cost. Any income is recognised as it is earned. Stock Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equal to net realisable value. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated Selling price less costs to complete and sell is recogniied as an impairment loss In the statement of financial activities. Penslons The Charity operates a defined contribution scheme for the benefit of its employees. Contributions payables are charged to the Statement of Financial Activities in the year they are payable, i.io Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated i nto sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities. 1.11 Consolidation ' The consolidated financial statements present information about the company and its wholly owned subsidiary Hackney Empire Trading Limited. The consolidation has been performed on a line-by-l ine basis. 1.12 Fund accounting Funds received for a purpose specified by the donor are credited to restricted funds. Expenditure incurred on these purposes is then charged to the funds as it is incurred (see note 191. All other income is treated as unrestricted funds. The Trustees have chosen to designate certain fund5 for specific future expenditure as explained in the Trustees, Report. Page 27

Hackney Empire Limited Notes to the accounts (continued} For the year ended 31 March 2024 1.13 Financial instruments The Charitable 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. The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Fir)ancial Instruments Issues, of FRS 102 to all of its financial instruments. Im airment of financial assets Financial assets, other than those held at fair value through the statement of fina ncial activities, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impaimient Ios5 is recognised in the statement of financial activities. Dereco nition of fina ncial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Dereco nition of financial liabilities Flnancial Ilabllities are derecognised when, and only when, the Charity obligations are discha rged, cancelled, or they expire. Crltical accounting Judgements and key sources of estimation uncertainty In the application of the company's accounting policies, the directors are required to make judgements, estimate5 and assumptions about the carrying amount of assets and liabilitie5 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 ba515. Revision5 to accounting estimates are recognised in the period in which the estimate is revised where the revislon affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Status of company The company is a registered Charity, limited by guarantee. As at 31 March 2024, the company has tnembers, who are also director5. The liability of each member on a winding up is limited to a maximum of £1. Page 28

Hacl<ney Empire Limited Notes to the accounts {continued) For the year ended 31 March 2024 Grants receivable Forthe year ended 31 March 2024 Unrestricted Funds Restricted Funds Tot21 2024 Core fundin Arts Council England Arts Council England-culture Recovery Fund 375,295 375,295 40,000 40,000 Pro oct Fundin Alter Ego Esmée Fairbairn Foundation London Borough of Hackney Hackney Community Fund for Panto 2023-Aladdin The Steel Charitable Trust The Portal Trust Roy Bard Charitable Foundation BBC Chlldren In Need 20,000 40,000 40,000 2,410 10,000 16,298 5,000 10,000 183,708 20,000 40,000 40,000 2,410 10,000 16,298 5,000 10,000 5J9,003 375,295 For the year ended 31 March 2023 UnrestrScted Fund5 Restrlcted Funds Total 2023 Core fundln Arts Council England 375,295 375.295 Pro ect Fundin Arts Council England - Capital Works Alter Ego Backstage Trust Children In Need Esmée Falrbairn Foundation Gold5rniths Company Charity Austin & Hope Theatre Trust London Borough of Hacknev Foyle Foundation The D'oyly Carte Charltable Trust 1,992 2,750 35,000 10,000 23,000 3,000 5,000 5,000 40,000 50,000 4,000 179,742 1,992 2,750 35,000 10,000 23,000 3,000 5,000 5,000 40,000 50.000 4,000 555,037 375,295 Included in Note 4 above are government grants of £40,00012023 - £40,000) from London Borough of Hackney. Page 29

Hackney Empire Limited Notes to the accounts (continued) For the year ended 31 March 2024 Income from trading activities 2024 2023 Bars and catering income Location and filming income other income 514,491 246,570 111,020 314,406 306,294 86,785 872,081 707,485 Income from theatre operation 2024 2023 Box office Theatre hlre Merchandise Booking fees Theatre recharges other income 1,098,267 674,138 7,272 102,198 267,321 2,817 966,739 442,787 55,322 75,114 250,311 6,313 2,152,013 1,796,586 Fundraising costs 2024 2023 Staff costs Fundraising expenses 18,609 9,930 40,077 5,243 28,539 45,320 Page 30

Hackney Empire Limited Notes to the accounts (continued) For the year ended 31 March 2024 Cost of trad ing activities Unrestricted Funds Restricted Funds Total Funds 2023 Staff and staff-related costs Marketing Legal and Professional Premises and general running costs Overheadladministration costs Governa nce costs 247.686 129,099 5,252 11,018 38,360 8,027 439,442 247,686 129,099 5,252 11,018 38,360 8,027 439,442 Unrestrlcted Funds Restricted Funds Total Funds 2023 Staff and staff-related costs Marl<eting Legal and Professional Premises and general running costs Overhead/administration costs Governance costs 199,536 132,196 7,875 8,791 46,409 6,958 401,765 199,536 132,196 7,875 8,791 46,409 6,958 401,765 Costs of operation of the theatre Unrestricted Fund5 Restricted Funds Total Funds 2024 Staff and staff-related costs Depreciation Promoters/production costs Education Publ icity Premises and general running costs Overheadladministrative costs Governance cost5 951,173 51,674 834,228 120,298 652,584 67,410 1,071,471 704,258 901,638 154,871 698,964 8,836 97,567 154,871 711,964 8,836 97,567 13,000 2,797,312 853,292 3,650,604 Page 31

Hackney Empire Limited Notes to the accounts (continued) For the year ended 31 March 2024 Costs of operation of the theatre (continued) Unrestricted Funds Restricted Funds Total Funds 2023 Staff and staff-related costs Depreciation Promoters/production costs Education Publicity Premises and general running costs Overhead/administrative costs Governance costs 1.012,594 26,856 612,909 4,918 164,663 540,771 6,006 80,958 51,000 651,830 34,702 5,000 1,063,594 678,686 647,611 9,918 164,663 554,411 16,006 80,958 13,640 10,000 2,449,675 766,172 3,215,847 10 Net income/(expenditure) Net income/(expenditurel is stated after charging: 2024 2024 Amounts payable to audltors for audit services- current year Amounts payable to auditors- other service Depreciation Operating lease payments 21,600 2,550 704,258 91,888 13,090 678,682 101,264 li People cost 2024 2023 Aggregate staff costs are made up as follows: Salaries and wages Social security costs Pension costs Other staff costs 1,086,827 89,052 20,535 8,312 1,065,457 85,862 19,345 8,553 Subtotal Professional Fees 1,204,726 133,040 1,337,766 1,179,217 123,990 1,303,207 Total Page 32

Hackney Empire Limited Notes to the accounts (continued) For the year ended 31 March 2024 li People cost {continued) 2024 2023 Fu nd raising staff costs (note 7) Staff and staff-related costs of operation of the theatre {note 9) 18,609 1,319,157 40,077 1,063,594 1,337,766 1,103,671 The number of staff in receipt of total remuneration over £60,000 was: 2024 2023 £60,000 - £69,999 £70,000 - £79,999 The average number of employees in the year were 17 permanent staff and 41 casuals, compared to 15 permanent and 77 casuals in 2023. Key management personnel are considered to be the Executive Director and the Artistic Director. The total amount paid to key management personnel in the year was £130,28812023: £128,006). *professional Fees includes the freelancer and contractor Cost for the out50urcing of the finance, marl(eting and development function, which substitutes the staff costs in these areas for the Charity. Transactions with Trustees No payments are made to Trustees for their services as Trustees, nor were any expenses reirnbursed to them during the current or preceding period. No donations were received from the Trustees during the period {2023: £800). 12 Taxation No charge to corporation tax is expected to arise due to the companws charitable status. The trading subsid iary benefits from a theatrical tax credit received on its production activities. Page 33

Hackney Empire Limited Notes to the accounts (continued) For the year ended 31 March 2024 13 Tangible fixed assets Restricted Freehold land and buildings Unrestricted Theatre improve- ments Restricted Theatre improve- ments Unrestricted Fixtures fittings and equipment Total Group and Charity Cost At l April 2023 Additions 222,758 162,543 73,293 18,631,141 13,000 707,058 43,637 19,723,500 129,930 At 31 March 2024 222,758 235,836 18,644,141 750,696 19,853,431 Depreciation At l April 2023 Charge for the year 116,971 4,455 6,196 20,591 12,227,820 648,128 608,186 31,083 12,959,172 704,257 At 31 March 2024 121,427 26,787 12,875,948 639,269 13,663,430 Net bool< value At 31 March 2024 101,331 209,050 5,768,193 111,427 6,190,000 At 31 March 2023 105,787 156,347 6,403,321 98,873 6,764,328 All assets are in use for charitable purposes. Legal charges exist over the freehold properties to secure the interests of the public bodies, bankers and other lenders funding their purchase and the cost of theatre improvements. Pago 34

Hackney Empire Limited Note5 to the accounts (continued) For the year ended 31 March 2024 14 Investment in subsidiary 2024 2023 Investment i n subsidiary undertaking The Charity holds 100% of the issued ordinary share capital of the following company: . Subsidiarv Country of registration Hackney Empire Trading Limited England Class Ordinary Shares held loo% The principal activities of the Subsidiary are to Eenerate commercial income for Hackney Empire Limited and to produce theatrical work on commission. The subsidiary started trading in February 2011. A summary of the results of the subsidiary is set out below, 2024 2023 Income Cost of sales Administrative expenses 1,907,251 11,326,663) {440,1491 1,672,674 (1,139,758) 1401,0891 Profit / ILossl on ordinary activities before taxation Corporation tax 140,439 214,363 131,827 186,270 Profit / (Loss) on ordinary activities after taxation 354,802 318,097 Amount gifted to Hackney Empire Limited 1354,802) (318,0971 Retalned profit l {Ioss) Turnover comprised: Catering operations Pantomime production Location and filming fees 514,492 1,031,026 361,733 348,693 918,464 405,517 1,907,251 1,672,674 Hackney Empire Limited and the subsidiary have a group VAT registration. Any profit made by the subsidiary is paid under gift aid to Hackney Empire Limited. Page 35

Hackney Empire Limited Note5 to the accounts (continued) For the year ended 31 March 2024 15 Investment in subsidiary (continued) The assets a nd liabilities of the subsidiary were: 2D24 2023 Fixed Asset Cu rrent assets Inventory Creditors: amounts falling due within one year 834,767 11,362 (846,128) 660,631 7,693 1668,3231 Net assets Shareholderfs funds 15 Soclal Investments: 2024 2023 Balance b/f 50,000 150,0001 25,000 25,000 Return of investment at cost Addition5 in investment Balance c/f 50,000 50,000 Profit share from Royal Theatre Court 8,852 8,852 16 Current Inve5tment5: 2024 2023 Investment in Treasury deposit maturing after 6 months 600,000 Page 36

Hackney Empire Limited Notes to the accounts (continued) For the year ended 31 March 2024 17 Debtors Group Charity 2024 2023 2024 2023 Trade debtors Prepayrnents and accrued income Amounts owed by subsidiary undertaking Corporation tax 49,281 51,591 25,564 45,066 70,887 55,047 66,788 51,793 809,073 613,884 214,643 253,075 334,811 359,713 901,425 710,743 Amounts owed by subsidiary undertaking are unsecured, interest free and repayable on demand. 18 Credltors: Amounts falling due within one year Group Charity 2024 2023 2024 2023 Trade creditors Box off ice advance seats Other taxes and social security Other creditors and accruals 265,288 459,668 154,068 300,164 84,811 370,547 89,713 262,949 232,255 459,668 151,940 298,272 79,031 370,547 89,038 214,962 1,179,188 808,020 1,142,135 753,578 19 Future financial commitments The group is committed to the total future lease payments: 2024 2023 Land and buildings: Within one year Between two and five years Over 5 years 88,000 132,000 88,000 220,000 220,000 308,000 This represents a 15-year lease over 117 Wilton Way Page 37

Hackney Empire Limited Note5 to the accounts {continued} For the year ended 31 March 2024 19 Future financial commitments (continued} 2024 2023 Office equipment- Within one year Between two and five years 3,240 7,560 13,706 10,800 13,706 20 Restricted Funds As at 31 March 2024 Charity and Group Balance l April 2023 Incoming resources Resources used Transfers Between funds Balance 31 March 2024 Capltal Freehold property Capltal projects ACE Capital Works 105,787 6,203,321 {4,4551 {648,1281 101,332 5,568,193 13,000 Revenue Arts Counci l England- Culture Recovery Fund Alter Ego BBC CIN Children In Need Cockayne grant Esmée Fairbairn Foundation Hackney Community Fund for Panto 2023- Aladdin London Borough of Hacknev The Steel Charitable Trust The Doyly Carte Charitable Trust The Portal Trust Grant Roy Bard Charitable Foundation 40,000 (40,0001 20,000 10,000 {20,000) 10,000 10,000 13,000 (10,000) 113,0001 140,000) 40,000 2,410 (2,410) 40,000 (40,000) 10,000 (10,0001 4,000 14,0001 16,298 5,000 (16,298) (5,000) Total restricted funds 6,336,108 183,708 {853,291) 13,000 5,679,525 Page 38

Hackney Empire Limited Notes to the accounts {continuedl For the year ended 31 March 2024 20 Restricted Funds (continued) Freehold property These funds represent resources held in the form of building. Arts Council England-culture Recovery Fund Funding towards the costs outlined in the application submitted to culture recovery fund- grants proEramme. Alter Ego Fundlng for creative work featurlng young artists that have performed over the ten years. BBC CIN Funding towards Limitless 2024. To be utilized In July- September 2024. Chlldren In Need £IO,000- This is for Lirnitles5 for August 2023- expenditure from June- Sept 2023, £4,000- Onllne workshops with Young People during COVID. Cockayne grant Hacl<ney Ernpire Post Covid-19 Capital Improvement Programme. Esmée Fairbalrn Foundation Fundlng towards the costs of staffing and art15tlc development of new models whlch aim to increase artSstlc ambitlon and artist and audlence diversitv. Hackney Communlty Fund for Panto 2023-Aladdin Funding towards Panto 2023. LBH- Service agreement London Borough of Hackney supported our'connecting Young Hackney, and other youth involvement programmes. Steel Charitable Trust Funding towards the costs of stafling and arllstlc development of new models whlch aim to increase artistic ambition and artlst and audience dlversity. The Doyly Carte Charitable Trust Support towards Yovng PrOdU￿rS at Hackney Emplre. The Portal Trust Grant Support toward5 Young Producers at Hackney Emplre. Roy Bard Charltable Foundatlon Funding towards Writerfs Room- project culminated 7th February. PagÈ 39

Hackney Empire Limited Note5 to the accounts (continued) For the year ended 31 March 2024 20 Restricted Funds (continued) As at 31 March 2023 Charity and Group Balance l April 2022 Incoming resources Resources used Transfer5 Between funds Balance 31 March 2023 Capital Freehold property Capital projects ACE Capital Works 110,242 6,835,040 14,4551 1647,3751 105,787 6,203,321 15,656 11,992) 1,992 Revenue Alter Ego Austln & Hope Backstage Trust Chlldren In Need Cockayne grant Esmée Fairbairn Foundatlon 2,750 5,000 35,000 10,000 (2,750} (5,000} 135,000) 4,000 23,000 (4,0001 18,640} (23,0001 10,000 13,000 (1,3601 23,000 Foyle Foundatlon Goldsmiths Company Charity Hackney Emplre YOF Grant Hello Again Impact Funds London Borough of Hackney Theatre Trust The Chu rchlll Fellowshlp The Doyly Carte Charitable Trust 50,000 3,000 150,0001 (3,000) 5,000 (5,000) 8,750 38,640 18.7501 138,6401 40,000 140,000) 5.000 9,202 {9,202) 4,000 4,000 Total restricted funds 7,033,874 179,.742 1766,1721 {111,3361 6,336,108 Page 40

Hackney Empire Llmlted Note5 to the accounts (continued) For the year ended 31 March 2024 21 Unrestricted funds As at 31 March 2024 Charity and Group Balance l April 2023 Incoming resources and Tax Resources used Transfers between funds Balance 31 March 2024 General funds Designated Funds Investment in creative project 2,357,675 3,770,189 {3,265,293) (73,3171 2,789,255 60,317 60,317 Total unrestrlcted funds 2,357,675 3,770,189 13,265,293) 113,000) 2,849,572 As at 31 March 2023 Charity and Group Balance l April 2022 Incoming resources and Tax Resources used Transfers between funds Balance 31 March 2023 General funds 1,784,069 3,359,030 12,896,760) 111,336 2,357,675 Total unrestricted funds 1,784,069 3,359,030 12,896,760) 111,336 2,357,675 Hackney Empire has allocated £60,317 of designated fund5 for the "Romeo and Juliet" project, set for 2025, Page 41

Hackney Empire Limited Notes to the accounts {continued) For the year ended 31 March 2024 22 Analysis of net assets between fund5 As at 31 March 2024 Tangible Fixed assets Net current Total Investments assets Group and Charity Restricted funds Designated funds Unrestricted funds 5,869,525 (190,000) 60,317 2,443,779 5,679,525 60,317 2,789,254 320,475 25,000 6,190,000 25,000 2,314,096 8,529,096 As at 31 March 2023 Tangible Fixed assets Net current assets Total Investments Group and Charity Restricted funds Designated funds Unrestricted funds 6,509,108 1173,0001 6,336,108 255,220 50,000 2,052,455 2,357,675 6,764,328 50,000 1,879,455 8,693,783 23 Related party transactions The Charity has a wholly owned Subsidiary company (Hackney Empire Trading Limited (HETL)) of which more details can be found in note 14. A summary of the transactions between the entities is as follows: 2024 2023 Fee charged by HETL for producinE pantomime Recharge of costs by Charitv Profits paid to the charity by gift aid 1,031,026 635,541 354,151 918,464 544,246 318,097 At the year-end HETL owed the Charity £809,073. There were no other related party transactions not disclosed elsewhere in these accounts, Page 42

Hackney Empire Limited Notes to the account5 (continued) For the year ended 31 March 2024 24 Comparative consolidated statement of financial activities Unrestricted Funds Restricted Funds 2023 Total Income from: Donations, gifts and legacies Grants receivable 292,483 375,295 292,483 555,037 179,742 Investment income 911 911 I ncome from trading activities 707,485 707,485 Incomefrom charitable artivities Income from running theatre 1,796,586 1,796,586 Total Sncome 3,172,760 179,742 3,352,502 Expendlture on: Cost of roisingfunds Fundraising costs Cost of trading activities Charitable activity Cost of operation of the theatre 45,320 401,765 45,320 401,765 2,449,675 766,172 3,215,847 Total expenditure 2,896,760 766,172 3,662,932 Net income l (expenditure) for the year 276,000 1586,4301 1310,4301 Transfers between fund5 Corporation tax Net movement in funds 111,336 186,270 1111,3361 186,270 573.606 1697,7661 1124,1601 Opening fund balances as at l April 2022 1,784,069 7,033,874 8,817,943 Closing fund balances as at 31 March 2023 2,357,675 6,336,108 8,693,783 Page 43