OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Hackney Empire Limited

2025-03-31-accounts

==> picture [445 x 371] intentionally omitted <==

----- Start of picture text -----
RON! ; \ Ww ANS. GaultNey i \:\ | {|i IAhit ! SP.ptais Wy hfe)ep enx /
‘ =< RE Saas r } mi hy eS YS 3S ian -
wii Vs ~~ = [ee] | Wo 2
4 >, See vB ES 5 5 SEER IC ne —— * t
r
. a — .
: ‘it =
|oeVase Py,: iniatal= ie1
i © le Cae oy eea
BNE eS ESS
ey seme ye B | ON Ze Sie
é @ ; . .. 222} eA LS : es &
----- End of picture text -----

HACKNEY EMPIRE LIMITED

Trustees’ report and financial statements for the year ended 31 March 2025

Company Registration No. 02060996 (England and Wales) Registered Charity No. 1062085

Hackney Empire Limited

Contents

eeee eee

Page
Our Role 1-2
Vision, Mission and Values 3
Trustees’ Report
Review ofActivities and Programming 4-5
Creative Futures 5-7
Our Landmark Building 7-8
Fundraising 8-9
Leadership 9
Equality, Diversity, Justice, and Inclusion 9-10
Sustainability 10
Chair’s Statement 11
Financial Review 12
Structure, Governance and Management 12-16
Independent auditors’ report 17 - 20
Statement of financial activities 21
Balance sheet 22
Cash flow statement 23
Notestothefinancialstatements 24-42

The Trustees present their report and financial statements for the year ended 31% March 2025. 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).

ee

Hackney Empire Limited

Our Role DS

eel

OUR ROLE

Hackney Empire is one of the UK’s most iconic and cherished theatres at the heart of East London’s communities. A stunning masterpiece by legendary architect Frank Matcham, this Grade Il* listed Edwardian music hall has been reimagined as a bold, modern variety theatre.

Hackney Empire serves as a cultural beacon and a launch pad for young people. We believe access changes lives, so we build bridges for everyone to be able to experience and create art and culture.

For almost 125 years, Hackney Empire has been a much-loved home for the people of Hackney, East London and beyond to come together in our theatre. Generations have enjoyed their first experience of live arts and culture in our unique auditorium. Variety is the vehicle that allows Hackney Empire to explore storytelling in all its forms and from all creators. Today, we proudly present and champion the best in local, national, and international arts and culture.

Our inspirational and transformative artistic programming entertains, educates and inspires hundreds of thousands each year. Our rich legacy as a cultural hub features legendary performances from Charlie Chaplin, Houdini, Julie Andrews, Louis Armstrong and the Rolling Stones. For decades Hackney Empire has been regarded as a vital and exceptional platform for Black, Asian and global majority creatives, artists and audiences, and has a proud record of supporting marginalised and isolated voices.

Hackney Empire’s pioneering work with young people and its communities is at the heart of our mission. Our leading Creative Futures programme provides free projects that use arts and culture to break down barriers, build confidence and provide creative, professional and personal development for young people regardless of their background, education, income or experience. Each year we engage thousands of young people, who may not otherwise enjoy the benefits of participation in the arts. Over the past 20 years, Hackney Empire has lifted the lives of over 25,000 young people through our Creative Futures programme. We are a role model for how arts organisations can achieve access and inclusion.

Aconsiderable proportion of our local Hackney community continues to face persistent inequalities. As local services for young people have diminished, Hackney Empire has stepped up to bridge the gap, expanding our support to focus on young people’s wellbeing.

We are committed to using art and creativity to drive social progress throughout everything we do. Each ticket you buy, every drink you enjoy, and all the support we receive from our incredible partners directly powers the meaningful, life-changing work we do with young people.

eee Page 1

— Ske, yo Sa

%

Hackney ut 4 * o-. one Empire was the most im a i ef ; Peoplexciting[audience] . | have ever played!fay ee a pL |ret) _— =. hanging over the balconies. ia ¢ *, Y vy rossed every age and gender and & * ; \ ace barrier.” Jonathan Kent CBE, / eatre and opera Director pace N f aon 3 an 1-4 8-2 = 4 . 4 ; . “s & —y = J e ’ ee £ ’

4 ; . “s & —y = J e ’ ee £ . “a> i . ia 2 tw = we 5 j | ar Yih Le < wae LO Se sO 7 — < ‘ ~ ye ary ey es vi ‘ Q =) es Sai © ge he eal he eal eal seat o ae ‘ Ss = re ; a & —/ a # _—[—— = a____

ge he eal he eal eal seat o ae ‘ SS ae Ss = re ; , & a & —/ a # _—[—— = a____ Pn. GS oa : ees “The impact that Hackney Empire has had on my life is : . ; exponential. I’ve achieved things that | never thought | Be + could achieve, musically and in my career path, because of = I the support and mentorship from Hackney Empire. +o eee La\, las fe a la Sa) - Hackney Empire still feels like home to me: it is not just a %“agesSoa .i mee § =A, : by ‘:we.wT} ¢ SSee theatre; it: is. a place of opportunity.”. “w Creative. Futures

==> picture [366 x 102] intentionally omitted <==

----- Start of picture text -----
(“ct fo. <0--oaan-
tT es Y ANAS mf i Sah te : al
----- End of picture text -----

==> picture [32 x 25] intentionally omitted <==

----- Start of picture text -----
a
----- End of picture text -----

Hackney Empire Limited

Vision, Mission & Values

==> picture [367 x 135] intentionally omitted <==

----- Start of picture text -----
sy
¥ -
Fp, , p >. - ny
ig a he
VISION, MISSION & VALUES
| VISION
----- End of picture text -----

We’re here to ignite change, champion community and empower young people.

| MISSION

We will run a transformative creative programme for young people, from primary school to job placement.

We will lead the way in variety entertainment, offering high quality shows and events that are popular and relevant to our communities.

We will be a theatre where everyone feels welcome and leaves knowing that there is something for them at Hackney Empire.

| VALUES

BRAVERY: We believe that great stories come from anywhere and anyone, and we will always be brave and give a platform to variety.

OPPORTUNITY: Young people from our communities deserve opportunity and we will always make space for them to find theirs.

RESPECT: We respect that everyone who walks through our doors is on their own journey and we’re grateful to be a part of that.

Page 3

Hackney Empire Limited

Trustee’s Report

TRUSTEE’S REPORT

Review of Activities and Programming

==> picture [447 x 221] intentionally omitted <==

----- Start of picture text -----
420,017 | 4
. : First Time 45
© Tickets Sold | Bookers | Performances ==
ase
SS tay Access | School Children }@
» NHS Staff meee Bookers | > " attending | :
oe resi 1 Ps | Te performances | be s
----- End of picture text -----

In 2024 we welcomed over 132,000 people through our doors to enjoy everything art and culture has to offer. This year we have welcomed international touring companies and artists including English Touring Opera, Ballet Black, James Acaster, Maggie Rogers, Mac DeMarco, and The Pogues. We were delighted that Clive Rowe once again directed and starred in the Empire’s legendary, sold-out Pantomime, Dick Whittington and his Cat, bringing our largest family intergenerational audience into the building.

In 2024 we achieved the highest number of overall bookers in our history (34,024 bookers) and the highest number of first-time bookers (26,527). Our digital engagement continues to rise, with our Instagram content alone achieving over 110,000 views and doubling to 12,000 followers. Our relationship with Accessible by Design ensures that our digital content and experiences are accessible to everyone.

Hackney Empire is a vital and exceptional platform for lesser represented creatives and artists, with a proud legacy of supporting marginalised voices. This continues to be core to the organisation’s manifesto: extraordinary art and culture can be created by all people, anywhere. Our community programming aims to safeguard the venue’s legacy as a cultural beacon and safe space which welcomes an audience that fully reflects London’s incredible diversity and vibrancy.

During 2024/25 we hosted numerous shows for specific community groups, including Women’s Orthodox Jewish performances, Hindi comedy, Jamaican plays, a Qawwali event, and Gujarati improvisation comedy with The Lavari Show. Hackney Empire also gave away over 1,000 free tickets last year to local community groups via Tickets for Good.

e e —— e

Page 4

Hackney Empire Limited

Trustee’s Report

We were also delighted to host some of[the][UK's][rising][star][ comedians][ to][our][ stage,][including][Tatty][Macleod] and Morgan Rees, alongside internationally acclaimed names such as Jimmy Carr, Nish Kumar and James Acaster. Live Podcasts, a relatively new area of development for us, has furthermore become a key part of our programming, and continues to bring in new and varied audiences with each show. During 2024/25 we were pleased to welcome Lily Allen and Miquita Oliver’s podcast Miss Me? Live, as well as Tolly T and Just Call Me Audrey’s The Receipts Podcast Live and Gary Stevenson’s The Trading Game.

A highlight of the 2024/25 season was the development of Hackney Empire’s co-production of Romeo and Juliet with the Belgrade Theatre Coventry and Bristol Old Vic. In collaboration with It’s a Rap, this production blended Shakespeare’s poetry and perfect pentameters with rap rhythms, soul and R&B. Ina demonstration of Hackney Empire’s commitment to developing young creatives’ professional careers, three of our Creative Futures musicians were chosen to join the professional band for the national! tour. After taking part in the Artist Development Programme and wider Creative Futures projects, these young artists gained their first paid and supported professional opportunity. They speak about their experiences here https://f.io/GMuG2syF.

"This co-production is a really special collaboration for us at Hackney Empire as it brings together so many important elements of our work. From training and career pathways for young musicians to professional mentoring, school engagement, free performances, and community choir performances - we are proud to be celebrating so many local creatives and young people through this production" Lorna McGinty, Head of Learning and Participation.

Creative Futures

Creative Futures is one of the largest and most transformative programmes in the Capital. For over 20 years, Hackney Empire’s Creative Futures has created a safe, inclusive space for young people from across East London. Our ambitious programme has multiple entry points, and we pride ourselves on being able to journey with participants from initial engagement projects in school, through to professional performance Opportunities and leadership roles.

Through Creative Futures young people experience:

“Coming to Hackney Empire changed my life. | came here dreaming of doing this kind of work because | didn’t have access to it growing up. Through Take the Lead and Compulsory Subjects | not only gained the confidence and tools to be able to start holding spaces and devising projects - but also the belief in myself to stand on my own two feet. Now that I’m working in the Learning & Participation department, I’m learning everyday what it means to foster community and getting to be a part of impact that | didn’t even know was possible.” Nadia Musah, Learning and Participation Assistant. This year we ran 19 pioneering programmes engaging over 4,000 young people with the arts to break down barriers, build confidence and provide creative, professional personal pathways for young people. Participants worked with 15 external organisations and artists, including the BBC, Rich Mix, Rising Tide and Free Books Festival.

Page 5

Hackney Empire Limited

Trustee’s Report

Artist Development Programme

==> picture [442 x 221] intentionally omitted <==

----- Start of picture text -----
i Over len 76 | 18 ke
4000
4. 7 | Inclusive= . ,‘| Workforce;
Participants Participants development :
gti in-person BR ScihCaitseins MA ee Ny . 88
=~ sessions across | « | Fe] a
> 19 | Se 20 "= past Creative §=
| alieicnt iors East London | iovatles
| programmes | as | participants |
----- End of picture text -----

Our flagship summer activity the Artist Development Programme (ADP) has developed a whole generation of young artists. Over 1,000 young people have gone through this life-changing programme. Young people work with professional directors, choreographers, musicians and facilitators from the international arts scene to shape their ideas into a performance Hackney Empire’s main-stage.

Young people, regardless of ability and experience, participate in workshops before auditioning. ADP works towards empowering a young, diverse community of creatives and artists with the tools, knowledge and information to create their own projects in the future. The programme provides employment for young and emerging freelance artists and creatives as well as providing vital industry experience for young trainee mentors and facilitators.

A Long Goodbye was performed in August 2024 under which, 48 artists aged 14-19 joined ADP to create, stage and perform their original musical theatre piece on Hackney Empire’s main stage. Once again, we were able to offer paid Assistant roles for 19 young artists, over half of whom gained their first professional experience, having previously been Creative Futures’ participants.

Our inclusive programme, Limitless, followed in August 2024, which, this year, was delivered in partnership with Hackney Shed. We brought a creative team, led by artists with disabilities, together with 35 disabled, neurodiverse and neurotypical young people to create a piece around the theme ‘When we were young’.

Schools Outreach

Hackney Empire offers music, dance, drama and media to every secondary school and college in Hackney for free. We provide focused support for the curriculum itself and young people’s needs beyond it. Our

Page 6

Hackney Empire Limited

Trustee’s Report

schools outreach programme builds trust with young people by going to them, creating new outcomes for those who have no prior experience or knowledge of the performing arts. This year we worked with primary, secondary, FE and HE settings through our Outreach strand of work and welcomed 15,552 schoolchildren to performances.

Young Producers mentored 25 young people aged 14-19 to create, manage and curate their own events programme using Hackney Empire’s infrastructure, performances space and technical support. Over 40 weekly after school sessions, young people worked with specialist facilitators and leading figures from across the creative industries. The programme exposes young people to career opportunities across the creative sector, building their confidence and skills as well providing professional performance platforms to local young artists.

Alter Ego

Founded in 2012 Alter Ego was specifically designed to bring together 1,500 young people with high levels of disengagement under one roof at Hackney Empire. With over 1,300 young people in the audience and 50 young people working behind the scenes in event planning, production management and marketing. Alter Ego featured over 90 young performers on stage, providing a massive social media presence and celebrating the aspirations and creative talents of young people in Hackney.

Over 150 young artists audition each year in order to make it to the Alter Ego finals; any participants that do not make it past the audition phase of the process are then signposted towards any opportunities that might further assist them in their development. Finalists are supported by the creative team and specialguest mentors working intensively with directors, choreographers and musicians in the lead-up to the performance. Headline artists are chosen by our Young Producers, in order to ensure that young people from the borough have the opportunity to see the most current and exciting artists at an affordable price, in a safe and accessible environment.

The Writers’ Room

This year The Writers’ Room was extended to 9 weeks to accommodate additional activities designed to develop writers and provide practical, tangible routes into the profession. The aim was to support aspiring writers who are seeking to learn how to pitch and be taken seriously by the industry. From October 2024 to January 2025, participants worked with professional writers to adapt their ideas and writing into different forms. These included theatre, TV, film and audio dramas. They received step by step breakdowns of how to make contacts and pitch their work to agents and producers.

“| loved being part of the Writers Room, it truly demystified what a career as a writer/creative would look like for me. If|could do it again, | would just make it longer. It was great to hear from the industry guest and their insights were extremely valuable.” Participant

Young Board

Young People’s voices are integrated into project design and delivery through our Young Producers, Associate Artists and Trainee programmes. Being deeply connected to our local community and creating space for participants to tell us what they need from Hackney Empire is central to how we work. Ina further development this year, we have welcomed young people to explore creating a Young Board, empowering participants to understand the responsibilities and rigour required in running an organisation. Training has so far been delivered by an external governance expert Chloe Osbourne, and Chief Executive Jo Hemmant.

Our Landmark Building

The preservation of our unique heritage continues to be a priority. Investment in the building is vital to protect its legacy whilst adapting to provide customers with the best experience of amodern theatre. We must secure essential funding to ensure our historic theatre remains commercially competitive and continues to inspire audiences and attract promoters.

Page 7

Hackney Empire Limited

Trustee’s Report

The freehold of Hackney Empire is owned by the Hackney Empire Preservation Trust, who have leased the venue to Hackney Empire Limited for 99 years, on a peppercorn basis. As custodians of the heritage, Hackney Empire Limited has demonstrated a long-standing commitment to maintaining and safeguarding the building. Regular condition surveys inform our robust Planned Preventative Maintenance (PPM) schedule. Annual maintenance budgets of £150,000 and a Capital reserve of £300,000 have been carefully managed to keep the building wind and watertight, accessible, and safe for the public.

In early 2025 we have worked with heritage experts, Tim Ronalds Architects, who led the restoration and refurbishment in the early 2000s, to produce a comprehensive and fully costed Condition Report to ensure our ongoing stewardship of the heritage alongside identifying environmental and technical upgrades to be fit for the future.

We have identified three areas of work which prioritise the heritage beyond routine maintenance:

Hackney Empire is a rare example of a heritage site that remains in daily use, empowering people of all backgrounds to engage with the arts, develop skills, and feel pride in where they live. With support, we can ensure the theatre continues to serve future generations by stewarding a welcoming modern and sustainable venue well beyond our 125" Anniversary.

“With so much regeneration in London and construction of glass buildings with no character it’s so important to recognise the history and ongoing connection to the past of buildings like Hackney Empire. | love to think that I’m sitting in the same spot as a woman 100 years ago on afun night out with friends and family.” Audience member.

Fundraising

Charitable contributions continue to be a vital source of support for Hackney Empire. Every donation supports the essential work we do with young people and our community, whilst caring for our landmark building. We are deeply grateful to all our generous supporters whose belief in our mission keeps our stage alive and our impact growing.

As we look ahead to Hackney Empire’s 125th Anniversary in 2026, we are fundraising to support our Creative Futures programme, deepen our work within the community, and carry out vital conservation and upgrades to our iconic building. We are aiming to research and celebrate the contribution our trailblazing artists and participants have made to the creative sector over the past 125 years. Alongside this, we will restore original listed features that define Frank Matcham’s unique architectural vision, and install environmental and technical upgrades to outmoded infrastructure. We continue to be an Arts Council National Portfolio Organization, aligning and delivering against their key Investment Principles. The current agreement has been extended for an additional year until 315* March 2028 with a 1.61% increase for 2025/26.

We are proud of our dynamic relationship with the London Borough of Hackney, working closely with their Culture, Education, Regeneration and Children’s Services teams. The Council’s Culture Team remains a key partner supporting our delivery of Alter Ego through Discover Young Hackney.

Page &

Hackney Empire Limited

Trustee’s Report

We are now in the second year of a transformative three-year grant from the Esmée Fairbairn Foundation, which supports our mission to help build a cultural workforce that truly reflects the diversity of UK society. With their backing, we empower young people to shape their own creative journeys and to use the arts to impact the world around them.

We are also sincerely thankful for funding from a number of charitable partners: the Atkin Charitable Foundation, Roy Bard Charitable Trust, Rix Thompson Rothenberg Foundation, Baily Thomas Charitable Fund, Garrick Charitable Trust, Hackney Green Energy Fund (supported by the Mayor of London and the UK Shared Prosperity Fund), and the Theatres’ Trust Small Grants Programme, supported by The Linbury Trust.

We were thrilled to receive funding via the Windrush Day Grant Scheme, administered by Near Neighbours and supported by the Ministry of Housing, Communities and Local Government, for our 2025 production of The Blessing, a powerful tribute to community and heritage.

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. Hackney Empire Limited remains a member of the Fundraising Regulator and operates within its the code of fundraising practice set out by the independent regulator of charitable fundraising in England, and no complaints were received in relation to fundraising activities to date. We are committed to being fully compliant with the laws and guidance underpinning charitable fundraising. Donations and sponsorship are accepted in line with our Donations and Sponsorship Acceptance Policy. Our Vulnerable Adults and Safeguarding policies form the framework for protection of these groups.

Leadership

Jo Hemmant has successfully led the team for the past 12 years. She leaves Hackney Empire in December 2025 in a much-improved sustainable and resilient position financially and artistically. AEM International have worked with us to complete an Executive Search as we look towards Hackney Empire’s 125" Anniversary in 2026. We have successfully appointed Christopher Sudworth, as the new CEO from January 2025, allowing for an extensive handover before Jo leaves at the end of the year. Creative Director Keith Khan joined Hackney Empire in September 2024 and has stepped down due to a change in personal circumstances. We are grateful for his contributions and wish him the very best. With the CEO stepping down at the end of the year, we will take time to review and assess the organisational structure alongside the appointment of the new CEO.

Equality, Diversity, 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. Across 24/25 we have redoubled our commitment to increasing representation within all areas of our organisation and the sector at large.

We have developed practices to combat systemic racism creating clear, actionable inclusion and antiracism, anti-disablist and anti-discriminatory policies whilst identifying and breaking down barriers to access for artists and audiences.

Page 9

Hackney Empire Limited

Trustee’s Report

We are one of the sector’s leading organisations in terms of diversity and representation at all levels. 47% of our permanent team, 50% of executive management, 54% of the board, and over 76% 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 ethnically diverse practitioners. Our award-winning self-produced Pantomime famously has strong representation from global majority communities in leading roles to technical crew. Hackney Empire is also now a Dementia Friendly venue.

Sustainability

Hackney Empire remains a committed signatory to the London Borough of Hackney’s Responsible Business Charter, pledging to continue to work towards being a model of good environmental practice as a grade II* listed arts venue that serves and represents its communities. Since installing 76 photovoltaic solar panels in 2023, we have been able to monitor our self-generated energy and CO2 reductions. In that time, we have generated over 57,000 kWh of electricity through PV, and we are continuing to monitor the system’s output to evaluate whether it is being used to its full potential and to identify any opportunities for more effective utilisation of the energy generated.

Solar Panel Usage 24-25

Across the financial year 24-25 our solar panels produced 28,704.05 kWh of energy, equating to 34.63% of our energy consumption

This translates to:

==> picture [339 x 52] intentionally omitted <==

----- Start of picture text -----
336 equivalent 11,251.99 kg
trees planted of CO2 emission
saved
----- End of picture text -----

We are now seeking additional investment to complete key environmental works, including modernising our Building Management System, which currently relies on outdated and inefficient infrastructure. Targeted upgrades would significantly lower our carbon footprint, reduce utility costs and increase sustainability.

Page 10

Hackney Empire Limited

Trustee’s Report

CHAIR’S STATEMENT

The Trustees’ report tells a very positive story about the significant work undertaken over the last twelve months.

| would like to take this opportunity to acknowledge and thank our staff at all levels of the Organisation for their outstanding contribution across a wide range of activities. Their contribution goes far beyond mere hard work, which is taken as a given, and is to be seen in the pride, passion and care which characterises so much of the day-to-day pursuits.

The considerable achievements evidenced in this Report are made possible by the careful and judicious utilisation of the resources at our disposal. To this end great credit is due to Jo Hemmant who has creatively and expertly ensured that we are not only able to deliver on our mission but also remain a ‘Going Concern’ during a period of heightened challenges to the sector.

Whilst our work with young people is rightly celebrated in the Report for its level of engagement, inclusion, quality and range, we are constantly seeking ways of increasing its relevance and impact.

Looking forward, we are very keen to maintain and strengthen our distinctive programme model whilst increasing, where possible, collaborations and partnerships.

As previously announced our CEO Jo Hemmant will be stepping down in January 2026 following twelve years of outstanding service.

Jo’s contribution to Hackney Empire has been immense and without parallel in the modern era. Her energy, commitment, passion and above all intelligent leadership has been a key factor in securing our current position of strength. We are also aware of the significant and inspirational leadership of our previous joint CEO, Yamin Choudury who, together with Jo formed a formidable and most effective team.

We will forever be indebted to Jo and wish her great success in her future endeavours.

Finally, | would like to thank the Trustee body for their sterling work during the course of the year. Their strategic oversight, diligence, hard work and willingness to take on additional responsibility has been a marked feature of the year.

At this moment of significant change, we are looking forward with optimism and excitement to the next phase in our history.

Sir William Atkinson

Chair

Page 11

Hackney Empire Limited

Trustee’s Report ——

FINANCIAL REVIEW

Financial Operating Model

Hackney Empire’s financial operating model focuses on hosting and producing strong programming and thoughtfully serving our audiences. We generate income from the following sources:

We constantly aim to be among the most self-reliant charities among our peers. Our model continues to emphasize that the costs of our charitable activities are predominantly covered by commercial income.

Like other essential charities with iconic buildings, our future operational results will not cover the large non-operational costs to maintain our listed building and its contents over the next 10 years. Funding for core projects will need to be fundraised from donors.

We are in the early stages of reviewing our longer-term financial strategy, which may include establishing a campaign to develop a substantial endowment fund or refurbishment campaign to help safeguard the future of our building and our other charitable activities.

Financial Results

Key financial highlights for the last three years are shown in the table below:

==> picture [421 x 63] intentionally omitted <==

----- Start of picture text -----
Total Visitors across activities 254,278 300,626 264,037
Net income after tax and before Depreciation £554,522 £539,571 £189,118
----- End of picture text -----

Balance Sheet and Reserves Policy

Our total cash and money held on short term deposits is £3,426,588.

We have increased our building maintenance reserve to our current target level of £300,000. This building reserve can be used for emergency repairs to the building and will be reviewed annually as part of the AGM of the board of Trustees.

Our level of free reserves is £2,323,028, which represents approximately 26 weeks of turnover. These funds are a prudent measure to accommodate planned cash flows, commercial risks, and to allow the charity to a

Page 12

Hackney Empire Limited

Trustee’s Report

take advantage of new opportunities that align with our aims. This reserve will be reviewed annually as part of the AGM of[the][board][of][ Trustees.]

STRUCTURE, GOVERNANCE AND MANAGEMENT

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Hackney Empire Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, 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:

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:

The Trustees confirm that in planning the activities of the Charity they have had due regard to the Charity Commission’s guidance on public benefit, health and safety, due diligence 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 board 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, the chair and other trustees and attends a board meeting as an observer. If appropriate, formal invitation is made as part of board meeting proceedings and recorded in the minutes.

Page 13

Hackney Empire Limited

Trustee’s Report

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 as attending events.

Remuneration of key management personnel

The pay of all staff is reviewed no less than annually by the Executive team with reference to UK industry norms. This is reviewed by the Finance Committee as part of annual budgeting and presented to the Board of trustees. The remuneration of the Chief Executive is 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 risks. The Board conducts at least annually a review of the risk register which details the risks the Charity 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 any of those risks materialise.

The key risks as identified, and their mitigating factors were:

e Succession planning
e Documentation ofsystems plans and projects
Loss of key staff e Training programmes
e Notice periods and handovers
e Recruitment process
e Ensure maintenance and operations manuals are sufficient
and up to date
Building related difficulties e Implement appropriate maintenance strategy
e Make suitable financial provisions where possible to ensure
effective maintenance and upgrading
e Regular HODS meetings to consider operational
Lack ofcapacity & inadequate use requirements
of resources e StaffAppraisals
e ~=Review training requirements
.
.
External forces (recession/public
;
.
.
spending etc) impact on business
ian
P		 °
e
e
e		 Forward
planning
to ensure best
possible
7
.
6
a
P
Plan marketing cycleto optimise income
we
Ensure secondaryspend offercompetitive
Monitor cash flow		 programme
mice
Sir William Atkinson , o
Chair f/f
yv (lof hi Y
Date [

Page 14

Hackney Empire Limited

Trustee’s Report

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 gifts aids any profits made.

~ Board of directors

William Atkinson Chair Roger Woolfe Karin Gartzke Sean Gascoine (Resigned 7* July 2025) Matthew Roeser David Adams Richard Etienne Josette Bushell-Mingo Soheb Panja Jasmyn Fisher Ryner Rebecca Preston

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 dateofthis report.

Finance Committee

David Adams Chair Roger Woolfe Matthew Roeser William Atkinson

Page 15

Hackney Empire Limited

Trustee’s Report

Executive Director/Company SecretaryJoHemmant
Creative Director Keith Khan (until May 2025)
Other principal officers
Technical Manager Othman Reid
Head ofProgramme Jane Walsh / Becca Thomason
Head of Development Kathy Everett
Company number 02060996
Charity number 1062085
Registered office Hackney Empire
291 Mare Street
London
E8 1EJ
Auditors Saffery LLP
71 Queen Victoria Street
London EC4V 4BE
Bankers Barclays Bank PLC
27 Soho Square
London
W1D 3QR
Accountants EPIC Administration Ltd
Audrey House
16-20 Ely Place
London
ECIN6SN

Connected charities Hackney Empire Limited is connected to the Hackney Empire Preservation Trust, which owns the theatre building. Hackney Empire Limited benefits from the continued occupation ofthis property at a peppercorn rental.

Hackney Empire Trading Limited (HETL)

A wholly owned trading subsidiary, Hackney Empire Trading Limited (HETL) 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,

In 2024/25 HETL was commissioned to produce the pantomime Dick Whittington and His Cat and will be claiming Theatre Tax Relief in respect of this production. All of HETL’s profits are gift-aided back to the parent Charity under a deed of covenant.

Page 16

Hackney Empire Limited

Independent Auditor’s Report to the Members for the year ended 31 March 2025

Opinion

We have audited the financial statements of Hackney Empire Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 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 Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The 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 auditor’s 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 17

Hackney Empire Limited

Independent Auditor’s Report to the Members for the year ended 31 March 2025 (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

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 preparation 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 financial 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 going 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 18

Hackney Empire Limited

Independent Auditor’s Report to the Members for the year ended 31 March 2025 (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 regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the 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 assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the ageregate, 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 assessing 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 meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance 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.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial 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 authorities to identify potential material misstatements arising. 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 key 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 business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with

Page 19

Hackney Empire Limited

Independent Auditor’s Report to the Members for the year ended 31 March 2025 (continued)

appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less 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.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This 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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

==> picture [188 x 57] intentionally omitted <==

----- Start of picture text -----
-
.
: MG;
Cara Turtington (Senior Sgatutory Auditor)
for and on behalf of Saffery LLP
----- End of picture text -----

Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Date: Vl Novem ber 2095

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 20

Hackney Empire Limited

Consolidated statement of financial activities (Including income and expenditure account) For the year ended 31 March 2025

==> picture [488 x 554] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Notes|Unrestricted|Restricted|2025|2024| |Funds|funds|Total|Total| |£|£|£|£| |Income|from:| |Income from|charitable| |activities| |Income|from|running|theatre|4|1,970,036|.|1,970,036|2,152,013| |Income|from|trading|activities|5|848,589|-|848,589|872,081| |Income from|grants| |Arts|council|England|6|375,295|-|375,295|375,295| |Other grants|6|29,000|100,833|129,833|183,708| |Donations,|gifts,|and|legacies|38,486|-|38,486|117,898| |Investment|income|52,501|-|52,501|38,539| |Total|income|3,313,907|100,833|3,414,740|3,739,534| |Expenditure|on:| |Charitable|activity| |Cost|of operation|of the| |theatre|7|2,912,909|754,802|3,667,711|3,650,604| |Cost|of trading|activities|8|388,871|-|388,871|439,442| |Cost|of raising funds| |Fundraising|costs|9|71,160|-|71,160|28,539| |Total|expenditure|10|3,372,940|754,802|4,127,742|4,118,585| |Net|income/(expenditure)|(59,033)|(653,969)|(713,002)|(379,050)| |for|the|year| |Transfer|between|funds|20|8,500|(8,500)|-|-| |Corporation|tax|12|187,601|-|187,601|214,363| |Net|movement|in|funds|137,067|(662,469)|(525,402)|(164,687)| |Opening|fund|balances|21|2,849,572|5,679,525|8,529,097|8,693,783| |Closing fund|balances|22|2,986,639|5,017,056|8,003,695|8,529,096|

----- End of picture text -----

There were no recognised gains and losses other than the movements in funds shown above. All operations are continuing.

The notes on pages 24 to 42 form part of the financial statements.

Page 21

Hackney Empire Limited

Consolidated and Charity Balance Sheet For the year ended 31 March 2025

Notes Group Charity
2025 2024 2025 2024
£ £ £ £
Fixed assets
Tangible assets 13 5,519,350 6,190,000 5,519,350 6,190,000
Investments 14 : - 1 1
Social Investments 15 . 25,000 - 25,000
5,519,350 6,215,000 5,519,351 6,215,001
Current assets
Debtors 16 717,855 334,811 907,130 901,425
Inventory 15,447 11,362 - -
Cash at bank and in hand 2,526,588 2,547,111 2,252,902 1,954,806
Current Investment 17 900,000 600,000 900,000 600,000
4,159,890 3,493,284 4,060,032 3,456,231
Creditors: Amounts falling
due within one year 18 (1,675,545) (1,179,188) (1,575,688) (1,142,135)
Net current assets 2,484,345 2,314,096 2,484,344 2,314,096
Net Assets 8,003,695 8,529,096 8,003,695 8,529,096
Represented by:
Restricted funds 20 5,017,055 5,679,524 5,017,055 5,679,524
Unrestricted funds:
Designated Funds 21 360,317 60,317 360,317 60,317
General funds 21 2,626,323 2,789,255 2,626,323 2,789,255
Total 22 8,003,695 8,529,096 8,003,695 8,529,096

The total income of the Charity as an individual entity for the year was £3,201,810 (2024 - £3,530,319) and its net loss was £525,402 (2024 — net loss of £164,687) after depreciation of £714,520 (2024 - £704,256). A statement of financial activities for the Charity as an individual entity is not included using the exemption given in section 408 of the Companies Act 2006.

Approved by the Board of directors and signed on its behalf. Sir William Atkinson Chair

Company number 0206099

==> picture [200 x 58] intentionally omitted <==

----- Start of picture text -----
4
Ra /4
Page 22
----- End of picture text -----

Hackney Empire Limited

Consolidated cash flow statement For the year ended 31 March 2025

2025 2024
£ £ £ £
Reconciliation of net income
to cash inflow from operating activities
Net (expenditure) (525,402) (164,687)
Depreciation 714,520 704,258
Interest received (49,501) (38,539)
(Increase) / decrease in Inventory (4,085) (3,669)
Decrease / (increase) in debtors (383,044) 24,902
Increase / (decrease) in creditors 496,359 371,168
Net cash inflow from operating activities 248,846 893,433
Cash flows from investing activities
Bank Interest received 49,501 29,687
Return on Investment at cost 25,000 50,000
Interest received on Investment - 8,852
Purchase of Investments - (25,000)
Deposit into a fixed treasury account (300,000) (600,000)
Payments to acquire tangible fixed assets (43,870) (129,930)
(269,369) (666,391)
Change in cash and cash equivalents (20,523) 227,042
Cash at 1 April 2024 2,547,111 2,320,069
Cash at 31 March 2025 2,526,588 2,547,111
Analysis ofchanges in net debt
At start ofyear (2024) Cash-flows Atend ofyear year (2025)
£ £ £
Cash
2,547,111		 (20,523) 2,526,588
Total
2,547,111		 (20,523) 2,526,588

Analysis of changes in net debt

The notes on pages 24 to 42 form part of the financial statements.

Page 23

Notes to the accounts

Hackney Empire Limited

For the year ended 31 March 2025

1 Accounting policies

1.1 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 Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdon and Republic of Ireland (FRS 102) second edition issued in 2019 and the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest f.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 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 future period or that certain pre-conditions must 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 resources as restricted funds.

Production Income is included in incoming resources in the period in which the relevant performance takes place. Income related to productions in a subsequent period is treated as deferred income.

All other income is recognised on an accruals basis once the charity is legally entitled to receipt.

All incoming resources are recorded net of VAT.

1.4 Expenditure

Expenditure is included in the Statement of Financial Activities on an accrual basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised whena liability is incurred.

Page 24

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

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 after the balance sheet date are treated as debtors.

1.5 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 its expected useful life, once brought into use, as follows:

Freehold land Nil Freehold buildings 2% straight line Theatre improvements over 30 to 10 years straight line Fixtures, fittings and equipment from 10% to 33% straight line

Individual fixed assets consisting of more than £1,000 are capitalised at cost.

1.6 Leased assets and obligations

Where assets are financed by leasing agreements that give rights approximating to ownership (finance 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 offinancial activities on a straight-line basis over the lease term.

1.7 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.

Page 25

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

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 at fair value based on the charity's share of underlying net assets when information is available. 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.

1.8 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 recognized as an impairment loss in the statement of financial activities.

1.9 Pensions

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.

1.10 Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into 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-line 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 20). All other income is treated as unrestricted funds. The Trustees have chosen to designate certain funds for specific future expenditure as explained in the Trustees' Report.

Page 26

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

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 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Impairment of financial assets

Financial assets, other than those held at fair value through the statement of financial 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 impairment loss is recognised in the statement of financial activities.

Derecognition of financial 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Charity obligations are discharged, cancelled, or they expire.

2

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Status of company

The company is a registered Charity, limited by guarantee.

As at 31 March 2025, the company has members, who are also directors. The liability of each member on a winding up is limited to a maximum of£1.

Page 27

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

4 Income from theatre operation

2025 2024
£ £
Box office 976,920 1,098,267
Theatre hire 525,119 674,138
Merchandise 6,533 7,272
Booking fees 88,995 102,198
Theatre recharges 361,359 267,321
Other income 11,110 2,817
1,970,036 2,152,013
5 Income from trading activities
2025 2024
£ £
Bars and catering income 541,606 514,491
Location and filming income 137,263 246,570
Other income 169,720 111,020
848,589 872,081
6 Grants receivable
Forthe yearended 31 March 2025 Unrestricted Restricted Total
Funds Funds 2025
£ £ £
Core funding
Arts Council England 375,295 . 375,295
Project Funding
Atkin Charitable Trust 25,000 - 25,000
Esmée Fairbairn Foundation - 40,000 40,000
London Borough of Hackney - 23,333 23,333
The Garrick Charitable Trust - 3,000 3,000
The Hackney Green Energy Fund : 3,500 3,500
The John Thaw Foundation - 1,000 1,000
LBH - DiscoverYoung Hackney 2025 - 20,000 20,000
The RixThompson Rothenberg Foundation 4,000 - 4,000
Roy Bard Charitable Foundation - 5,000 5,000
The Theatres Trust Charitable Fund : 5,000 5,000
404,295 100,833 505,128

Page 28

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

4 Grants receivable (continued)

Forthe yearended 31 March 2024 Unrestricted Restricted Total
Funds Funds 2024
£ £ £
Core funding
Arts Council England 375,295 - 375,295
Arts Council England-Culture Recovery Fund - 40,000 40,000
Project Funding
Alter Ego - 20,000 20,000
Esmée Fairbairn Foundation . 40,000 40,000
London Borough of Hackney - 40,000 40,000
Hackney Community Fund for Panto 2023 — - 2,410 2,410
Aladdin
The Steel Charitable Trust - 10,000 10,000
The Portal Trust - 16,298 16,298
Roy Bard Charitable Foundation - 5,000 5,000
BBC Children in Need - 10,000 10,000
___
375,295		 183,708 559,003

Included in Note 4 above are government grants of £23,333 (2024 - £40,000) from London Borough of Hackney.

7 Costs of operation of the theatre

Unrestricted Restricted Total
Funds Funds Funds
2025
£ £ £
Staffand staff-related costs 1,026,737 101,333 1,128,070
Depreciation 61,051 653,469 714,520
Promoters/production costs 711,473 - 711,473
Education 1,575 - 1,575
Publicity 152,790 - 152,790
Premises and general running costs 826,000 - 826,000
Overhead/administrative costs 34,960 - 34,960
Governance costs 98,324 - 98,324
2,912,909 754,802 3,667,711

Page 29

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

7 Costs of operation of the theatre (continued)

==> picture [445 x 617] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2024| |£|£|£| |Staff and|staff-related|costs|951,173|120,298|1,071,471| |Depreciation|51,674|652,584|704,258| |Promoters/production|costs|834,228|67,410|901,638| |Education|-|-|-| |Publicity|154,871|-|154,871| |Premises|and|general|running|costs|698,964|13,000|711,964| |Overhead/administrative|costs|8,836|-|8,836| |Governance|costs|97,567|-|97,567| |2,797,313.|853,292 _|3,650,604| |of trading trading|activities| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2025| |£|£|£| |Staff|and|staff-related|costs|210,903|-|210,903| |Marketing|140,288|140,288| |Legal|and|Professional|—|5,720|-|5,720| |Premises|and|general|running|costs|15,354|-|15,354| |Overhead/administration|costs|3,456|-|3,456| |Governance|costs|13,150|13,150| |388,871|-|388,871| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2024| |£|£|£| |Staff|and|staff-related|costs|247,686|-|247,686| |Marketing|129,099|129,099| |Legal|and|Professional|5,252|-|5,252| |Premises|and|general|running|costs|11,018|-|11,018| |Overhead/administration|costs|38,360|-|38,360| |Governance|costs|8,027|8,027| |439,442|-|439,442|

----- End of picture text -----

8 Cost of trading trading activities

Page 30

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

9 Fundraising costs
2025 2024
£ £
Staff costs 67,643 18,609
Fundraising expenses 3,517 9,930
71,160 28,539
10 Net income/(expenditure)
Net income/(expenditure) is stated after charging:
2025 2024
£ £
Amounts payable to auditors for audit services- current year 22,250 21,600
Amounts payable to auditors - other service 3,500 2,550
Depreciation 714,520 704,258
Operating lease payments 91,240 91,888
11 People cost
2025 2024
£ £
Aggregate staffcosts are made up as follows:
Salaries and wages 1,087,122 1,086,827
Social security costs 94,526 89,052
Pension costs 21,754 20,535
Other staff costs 9,828 8,312
Subtotal 1,213,230 1,204,726
Professional Fees* 193,387 133,040
Total 1,406,617 1,337,766
2025 2024
£ £
Fundraising staffcosts (note 9) 67,643 18,609
Staffand staff-related costs ofoperation ofthe theatre (note7&8) 1,338,974 1,319,157
1,406,617 1,337,766

Page 31

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

11 People cost (continued)

The number ofstaff in receipt oftotal remuneration over £60,000 was:
2025 2024
No. No.
£60,000 - £69,999 - =
£70,000 - £79,999 - 1
£80,000-£89,000 1 -

The average number of employees in the year were 15 permanent staff and 44 casuals, compared to 17 permanent and 41 casuals in 2024.

Key management personnel are considered to be the Executive Director, the Artistic Director and the Creative Director. The total amount paid to key management personnel in the year was £159,091 (2024: £130,288), which reflects a shift from part-time Artistic Director to a full-time role for the Creative Director

*Professional Fees includes the freelancer and contractor cost for the outsourcing ofthe finance, marketing 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 reimbursed to them during the current or preceding period.

No donations were received from the Trustees during the period (2024: Nil).

12 Taxation

No charge to corporation tax is expected to arise due to the company’s charitable status. The trading subsidiary benefits from a theatrical tax credit received on its production activities.

Page 32

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

13 Tangible fixed assets

==> picture [516 x 321] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Restricted|Unrestricted|Restricted|Unrestricted| |Freehold|Theatre|Theatre|Fixtures|Total| |land|and|improve-|improve-|fittings|and| |buildings|ments|ments|equipment| |Group|and|Charity|£|£|£|£|£| |Cost| |At|1|April|2024|222,758|235,836|18,644,141|750,696|19,853,431| |Additions|-|35,370|8,500|-|43,870| |At|31|March|2025|222,758|271,206|18,652,641|750,696|19,897,301| |Depreciation| |At|1|April|2024|121,427|26,787|12,875,948|639,269|13,663,431| |Charge|for the|year|4,455|26,192|649,014|34,859|714,520| |At 31|March|2025|125,882|52,979|13,524,962|674,128|14,377,951| |Net|book|value| |At|31|March|2025|96,876|226,727|5,119,179|76,568|5,519,350| |At|31|March|2024|101,331|209,050|5,768,193|111,427|6,190,000|

----- End of picture text -----

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.

14 Investment in subsidiary

==> picture [431 x 51] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Investment|in|subsidiary|undertaking|1|i|

----- End of picture text -----

The Charity holds 100% of the issued ordinary share capital of the following company:

==> picture [421 x 25] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Subsidiary|Country of|registration|Class|Shares|held| |Hackney|Empire Trading|Limited|England|Ordinary|100%|

----- End of picture text -----

The principal activities of the subsidiary are to generate commercial income for Hackney Empire Limited and to produce theatrical work on commission. The subsidiary started trading in February 2011. Asummary of the results of the subsidiary is set out below.

Page 33

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

14 Investment in subsidiary (continued)

2025 2024
£ £
Income 1,775,819 1,907,251
Cost ofsales (1,196,690) (1,326,663)
Administrative expenses (422,955) (440,149)
Profit/(Loss) on ordinary activities before taxation 156,174 140,439
Corporation tax 187,601 214,363
Profit/ (Loss) on ordinary activities aftertaxation 343,775 354,802
Amount gifted to Hackney Empire Limited (343,775) (354,802)
Retained profit / (loss) - .
Turnover comprised:
Catering operations 541,606 514,492
Pantomime production 937,793 1,031,026
Location and filming fees 296,420 361,733
1,775,819 1,907,251

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.

investment in subsidiary (continued)

The assets and liabilities of the subsidiary were:

The assets and liabilities of thethe subsidiary were:
2025 2024
£ £
Fixed Asset - -
Current assets 862,538 834,767
Inventory 15,447 11,362
Creditors: amounts falling due within oneyear (877,984) (846,128)
Net assets ill 1
Shareholder’sfunds 1 1

Page 34

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

15 Social Investments
2025 2024
£ £
Balance b/f 25,000 50,000
ij
Return
of investment atcost		 (25000) (50,000)
Additions in investment - 25,000
Balance c/f - 25,000
Profit share from Royal Theatre Court 3,000 8,852
3,000 8,852
16 Debtors
Group Charity
2025 2024 2025 2024
£ £ £ £
Trade debtors 123,539 49,281 27,304 25,564
Prepayments and accrued
income 192,072 70,887 101,698 66,788
Amounts owed by subsidiary
undertaking - - 778,128 809,073
Corporation tax 402,244 214,643 - -
717,855 334,811 907,130 901,425

Amounts owed by subsidiary undertaking are unsecured, interest free and repayable on demand.

17 Current Investments

==> picture [438 x 46] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £
Investment in Treasury deposit
900,000 600,000
----- End of picture text -----

Page 35

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

18 Creditors: Amounts falling due within one year

Group Charity
2025 2024 2025 2024
£ £ £ £
Trade creditors 324,354 265,288 302,302 232,255
Box office advance seats 843,029 459,668 843,029 459,668
Other taxes and social security 133,646 154,068 131,119 151,940
Other creditors and accruals 374,518 300,164 299,239 298,272
1,675,547 1,179,188 1,575,689 1,142,135

19 Future financial commitments

The group is committed to the total future lease payments:

2025 2024
£ £
Land and buildings:
Within one year 88,000 88,000
Between two and five years 44,000 132,000
Over 5 years zs s
132,000 220,000

This represents a 15-year lease over 117 Wilton Way.

2025 2024
£ £
Office equipment:
Within one year 3,240 3,240
Between two and five years 4,320 7,560
7,560 10,800

Page 36

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

20 Restricted Funds

As at 31 March 2025
Charity and Group Balance Incoming Resources Transfers Balance
1 April resources used Between 31 March
2024 funds 2025
£ £ £ £ £
Capital
Freehold property 101,332 - (4,455) . 96,877
Capital projects 5,568,193 (649,014) . 4,919,179
ACE Capital Works - - - - -
Revenue
BBCCIN 10,000 - (10,000) : .
Esmée Fairbairn - 40,000 (40,000) - -
Foundation
LBH - DiscoverYoung - 20,000 (20,000) - -
Hackney 2025
London Borough of - 23,333 (23,333) - -
Hackney
The Garrick Charitable - 3,000 (3,000) - -
Trust
The Hackney Green - 3,500 - (3,500) -
Energy Fund
The John Thaw - 1,000 - - 1,000
Foundation
The Theatres Trust - 5,000 . (5,000) -
Charitable Fund
Roy Bard Charitable - 5,000 (5,000) - -
Foundation
Totalrestrictedfunds 5,679,525 100,833 (754,802) (8,500) 5,017,055

Page 37

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

20 Restricted Funds (continued)

Freehold property These funds represent resources held in the form of building. BBC CIN Funding towards Limitless 2024. Esmée Fairbairn Foundation Funding towards the costs of staffing and artistic development of new models which aim to increase artistic ambition and artist and audience diversity. LBH - Discover Young Hackney 2025 Funding towards Alter Ego 2025. London Borough of Hackney London Borough of Hackney supported our ‘Connecting Young Hackney’ and other youth involvement programmes.

The Garrick Charitable Trust Funding towards Artistic Development Programme 2024. The Hackney Green Energy Fund Funding towards the windows works at Hackney Empire. The John Thaw Foundation Funding towards Artistic Development Programme 2025. To be utilised by September 2025. The Roy Bard Charitable Trust Funding towards writer's room 2025. The Theatres Trust Charitable Fund Funding towards the roof works at Hackney Empire.

Page 38

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

20 Restricted Funds (continued)

As at 31 March 2024

Charity and Group Balance Incoming Resources Transfers Balance
1 April resources used Between 31 March
2023 funds 2024
£ £ £ £ £
Capital
Freehold property 105,787 - (4,455) - 101,332
Capital projects 6,203,321 - (648,128) 13,000 5,568,193
ACE Capital Works - - - -
Revenue
Arts Council England - 40,000 (40,000) - -
Alter Ego - 20,000 (20,000) - -
BBC CIN - 10,000 - = 10,000
Children In Need 10,000 - (10,000) - -
Cockayne grant 13,000 (13,000) - -
Esmée Fairbairn . 40,000 (40,000) - -
Foundation
HackneyCommunity - 2,410 (2,410) - -
Fund for Panto 2023-
Aladdin
London Borough of - 40,000 (40,000) - -
Hackney
The Steel Charitable - 10,000 (10,000) - -
Trust
The Déyly Carte 4,000 - (4,000) - -
Charitable Trust
The Portal Trust Grant - 16,298 (16,298) - -
Roy Bard Charitable - 5,000 (5,000) - .
Trust
Totalrestrictedfunds 6,336,108 183,708 (853,291) 13,000 5,679,525

Page 39

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

21 Unrestricted funds

As at 31 March 2025
Charityand Group Balance Incoming Resources Transfers Balance
1 April resources used between 31 March
2024 and Tax funds 2025
£ £ £ £ £
General funds 2,789,255 3,501,507 (3,372,940) (291,500) 2,626,323
Designated Funds
Investment in creative project 60,317 - - - 60,317
Building Reserve - - - 300,000 300,000
Total unrestricted funds 2,849,572 3,501,507 (3,372,940) 8,500 2,986,640
As at 31 March 2024
Charityand Group Balance Incoming Resources Transfers Balance
1 April resources used between 31 March
2023 and Tax funds 2024
£ £ £ £ £
General funds 2,357,675 3,770,189 (3,265,293) (73,317) 2,789,255
Designated Funds
Investment in creative project - - - 60,317 60,317
Totalunrestrictedfunds 2,357,675 3,770,189 (3,265,293) (13,000) 2,849,572

Hackney Empire has allocated £60,317 of designated funds for the "Romeo and Juliet" project, set for April 2025.

Additionally, £300,000 of free reserves has been set aside for building maintenance.

Page 40

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

22 Analysis of net assets between funds

As at 31 March 2025
Tangible Netcurrent Total
Fixed assets Investments assets
£ £ £ £
Group and Charity
Restricted funds 5,216,055 - (199,000) 5,017,055
Designated funds - - 360,317 360,317
Unrestricted funds 303,295 - 2,323,028 2,626,323
5,519,350 - 2,484,345 8,003,695
As at 31 March 2024
Tangible Net current Total
Fixed assets Investments assets
£ £ £ £
Group and Charity
Restricted funds 5,869,525 - (190,000) 5,679,524
Designated funds - - 60,317 60,317
Unrestricted funds 320,475 25,000 2,443,779 2,789,254
6,190,000 25,000 2,314,096 8,529,095
Related party transactions
The Charity has a wholly owned subsidiarycompany company (Hackney Empire Trading Limited (HETL)) of
which more details can be found in note 14. Asummary ofthe transactions between the entities
is as follows:
2025 2024
£ £
Fee charged by HETL for producing pantomime 937,793 1,031,026
Recharge of costs by Charity 549,317 635,541
Profitspaidtothecharity by giftaid 343,775 354,151

23 Related party transactions

At the year-end HETL owed the Charity £778,128. There were no other related party transactions not disclosed elsewhere in these accounts.

Page 41

Hackney Empire Limited

Notes to the accounts (continued) For the year ended 31 March 2025

24 Comparative consolidated statement of financial activities

Unrestricted Restricted 2024
Funds Funds Total
£ £ £
Income from:
Donations, gifts and legacies 117,898 " 117,898
Grants receivable 375,295 183,708 559,003
Investment income 38,539 - 38,539
Income from trading activities 872,081 - 872,081
Incomefrom charitable activities
Income from running theatre 2,152,013 - 2,152,013
Total income 3,555,826 183,708 3,739,534
Expenditure on:
Cost of raisingfunds 28,539 - 28,539
Fundraising costs 439,442 - 439,442
Cost of trading activities
Charitable activity
Cost of operation ofthe theatre 2,797,312 853,292 3,650,604
Total expenditure 3,265,293 853,292 4,118,585
Net income/ (expenditure)
forthe year 290,534 (669,584) (379,050)
Transfers between funds (13,000) 13,000 -
Corporation tax 214,363 - 214,363
Net movement in funds 491,897 (656,584) (164,687)
Opening fund balances as at 1 April 2023 2,357,675 6,336,108 8,693,783
Closingfundbalancesasat31March2024 2,849,572 5,679,524 8,529,096

Page 42