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.
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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.
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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.
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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,
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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.
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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.
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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.
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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
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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