THE ALBANY 2001 COMPANY Registered charity no. 1112521 Registered company no. 04333098 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page 1 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Contents Trusts8s' Report.................................................................. Independent Auditor's Report......................................................20 Statement of Financial Actlvltles.............. .25 Balanco Sheet...... ..26 Statement of Cash Flows..............................................................27 Notes to the Flnanclal Ststements................................................28 Page 2 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 The Trustees present their report and the audited financial statements for the year ended 31 March 2024. Reference and Admlnlstratlve Detslls Charity Number.. Company Registration Number: Operating Address and Reglstered Office 1112521 04333098 The Albany Douglas Way London SE8 4AG Ahmet Ahmel*A Aleksa Asme Sarah Bedl Dawn Atkinson Davld Bedi, Shereener 8rowne Ono Dafedjaye Dilesh Desai'+ Addison Devlin+ Kurban Haji Kerry Haxby-Dean Kaylah Jackson-clayton Michelle Matherson*+A Llsa Maad Janice White Ruth Wye 'Denotes member of Finance, HR & Operatlons Sub-committee +Denot8s member of th8 Building Dev81opment Board ADenotes member of the Fundralslng commlttee Trus Appointed 17.5.23 Appointed 17.5.23 Resigned 11.3.24 Appointed 11.4,24 Appointed 11.3.24 Appointed 11.3.24 Appolnted 18.3.24 Chair Appolnted 13.6.23 Appolnted 11.3.24 Princi al Staff Gavin Barlow - Chief Executlve Senay Gaul - Managing Director Vicki Amedume - Creative Director Mary Nri - Flnance Director Bankers CAF Bank Ltd Kings Hill West Malling Kent M19 4TA HSBC Bank plc 85-87 Lewisham High Street Lewlsham London SE13 6BE Auditors Moore Kingston Smith LLP Chartered Accountants Orbital House 20 Eastern Rd Romford RM13PJ Solicitors Rosenblatt Solicitors 9-13 St Andrew Street London EC4A 3AF Page 3 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 The Albany 2001 Company is a charitable company limited by guarantee, which was established to become the sole corporal& Trustee of the D8ptford Fund. The Albany 2001 Company was incorporated on 3 December 2001; It was reglstered as a charity on 15 December 2005 and recognised as the sole corporate Trustee of the Deplford Fund on 10 August 2006. The Deplford Fund is an unincorporat8d trust established in 1897 and was registered as a charity on 8 March 1968. Under a uniting order of Ihe Charlty Commlsslon dated 11 August 2006, the Depttord Fund was removed from the register of charities and became the subsidiary charity ofThe Albany 2001 Company. These consolldated accounts r￿lect the activities, assets and liabilities of the combined entity, which operates under the tradlng name of The Albany. Objectlves and Actlvltle8 Alban Missio The Albany aims to provlde: An artistic and comrnunity resource where diversity and creativity flourish. A Spa￿ where new talent is nurtured and exposed to ideas from across the world. High quality creative experiences relating to the communities we serve. A creative centre for learning within the community, contributing to the cultural. social and economic benefit of South East London. Alban The Albany's objectives are to operate a community arts centre and other facilities, including without limitation for the particular benefit of those living in. working in, or resorting to the London Boroughs of Greenwich, Lewisham and Southwark to,. Promote the arts. Promote education. Relieve need and disadvantage. Promole equality and diversity. Provide facilities in the interests of social welfare for recreation or other leisure lime occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability. financial hardship or social circumstances with the object of improving their conditions of life, Promote any other purpose, which is charitable pursuant to the law of England and Wales from time to time. Our work was guided by the Strate To put local engagement at the centre of the strategy, further establishing the Albany as a world-class community-based arts centre. To inspire the crealive potential of our communities and act as a catalyst for change and collaboration. To democratise artists and local people. To be bold and brave as an anti-r8ClSt organisation. having a clear voice of Black and People of Colour at every tier in the organisation. using this to shape our policies and work. ic Ob'ectives below: Page 4 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 To fulfil the Albany's potential as a leading UK arts centre, with a programme of relevant and high-quality work that creates an impact locally, regionally, and nationally. To define our messages and tell our story more clearly, allowing us to reach more people, extend our influence and achieve more for the people we serve. To ensure the Albany has a sustainable future, strengthening its business and organisational model and diversifying its range of partnerships. To ensure the Albany's building development plans reflect the needs of our audiences. as well as our longer term social, financial, cultural and environmental objectives. Alban Values The Albany Is: l. Open and welcomlng- we foster an inclusive space, both physically and culturally, where anyone can feel welcome and heard. 2. A home for Sdeas, creatlvlty and actlon - everyone has the potential to be creative. We believe that creativity can make real change for individuals and on urgent issues around social justice and the climate crisis. 3. A connector ol people- we put our communities at the heart of any process. We share our knowledge to shape change and create somethin8 better for everyone. 4. Responslve and flexible-we're co-operative, willing to listen and adjust our approach according to the task in hand. We love seein8 amorphous ideas become reality. 5. Committed to representlng the extraordlnary creatlvlty and dlverslty of Deptford and Lewlsham we're deeply rooted in Lewisham and South East London. We advocate for its residents, representing the diversity of our borough and the voices of Black and Global Majority people. 6. Adventurous and ambltlous - we believe that a sense of adventure is essential to achieving our vision. While we are rigorous in our approach and celebrate our successes, we're not afraid to try something new. Alban Actlvities The Albany undertook the following activities during the year.. Provided a programme of events across its four performance spaces. including theatre, dance, spoken word, film and comedy. Provided participatory and educational ar1s projects including training programmes, Provided support and space to artists and companies to develop new work. Provided serviced accommodation for a number of independent arts and community projects whose objectives fall within the broad aims of the Albany. Provided facilities and spaces for use by resident independent projects and local groups and individuals for social events, meetings, workshops, rehearsals, Ferformances. events and conferences. Managed D8Ptford Lounge. on behalf of Lewisham Council, providing cultural and community facilities and projects. The Trustees confirm that they have cornplied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on publK benefit. including its guidance 'Public Benefit: Running a Charity {PB2)' and are confident that the objectives and activitles undertaken by the Albany provide a significant benefit lo the public and are in accordance with its charitable objeclives. Page 5 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Achlevements and Performance The year was very much one of transltlon and change for the Albany, building on the legacy of our year as lead prodU￿r for We Are Lewisham, Ihe Mayor of London's Borough of Culture 2022. Alongside the benefits of a huge range of new relationships and opportunities, we had to focus our energies on the necessary shift to a sllmmed down scale of operation after delivering tha £4m programme. At the beglnnlng of the year we supported the successful transition of Future Arts Centres and the Family Arts Campaign into independent organisations and new members of Arts Council England's Natlonal Portfolio. Both had previously been partnerships with Ihe Albany as a lead partner and accountable body. and their success is teslament to the Albany's ability to incubate and develop new ideas and inltiatives. We remain connected to both new organisations, as well as continuing as a lead partner and accountable body for the Fun Palaces national campaign. We took up our new role as Lewisham's Anchor Cultural Organisation, and were instrumental In establlshlng and leading the new Lewisham Cultural Partnership, tasked with delivering the legacy of We Are Lewlsham. As with all arts venues (and many other organisatlons) we are navigating a very challenging overall environmenl, with continued reductions in funding, the cost of livlng crisis, and the recovery from Covid, at a tlm8 when the needs of the communlties we serve are similarly challenging. Core funding has decreased by 60 % In real terms for the Albany over the last ten years and, in 202314, accounted for Sess than 10 % of turnover. During the year we were able to refocus our work and restructure our tearns. establlshlng a new Creative Strategy thal aligned our work wlth an evolving business model, bullding on our strengths with a focus on maximislng the poslllve Impacl we can achleve. This work has been underpinned by multi-year fundlng from the Paul Hamlyn Foundation as well as the contlnued support of core funders Arts Councll England and Lewisham Councll. A new vision statèment for the Albany was establlshed during the year, whlch wlll help gulde the development of our work.. ' The Albany is the engine mom for people to r8aGh their creative potential, t811 their storigs and define their own culture. Together we will inspira new possibilities for posltive Ghange., The Albany was recognlsed by a nomination for the major European award, the Arts Europa Académie des 88aux Arts award (Ihe only UK nominee in our category), which celebrates new forms of cultural participation and engagement. Our work with Lewlsham Council on We Are Lewisham was further recognised during the year with the Campaign of the Year award from Ihe Chartered Institute of Marketing Global Excellence Awards. Page 6 of 39 THE ALBANY 2001 COMPANY Trustees, Raport for the year ended 31 March 2024 Dame Joan Ruddock stepped down as Chair of the Board after seven years in June 2023 and. after an extensive search, the Board appointed Michelle Matherson as the new Chair of the Albany. The Board was also recognlsed wlth a natlonal award as Community Initiatives Board of the Year by the Diversifying Group, During the year we continued wilh our wide range of cr8atlv8 programmes, ranging from public performances across artforms to extensive projects for young people. We reached audiences and participants of 35,970 across Albany led programmes, as well as an estimated 21,000 for exhlbitions, working at the Albany and Deptford Lounge as well as community venues across the borough. Publlc Programme The Albany presented 277 perfomiances and events Includlng 6 commissions and co-productions, reachlng an audience of 27,111 people. 930/0 of audiences rated their overall exp8rience good or very good and 920A agreed or strongly agreed that Ihe Albany 'is a welcoming place for all the Gommunty,. We were pleased that programming was recognlsed by a nomination for Best Ticketed Event award by th8 Associalion of Cuttural Enterprises. Highlights included,. The War Inslde - an immersive co-production about auto-lmmune dlsease created by Associate Artist Camille Dawson in autumn 2023, which received 5-star reviews. Out of Harm's Way - a week-long youth takeover produced In collaboration with Sounds Like Chaos in summer 2023, with a mlx of performances, Installatlon and online work on themes of safely. The week included the premiere of Rofeda Bongaya's The Body Remembers, about women's safety in public space, which returned for a run at the Albany in 2024. Babylon - a new dance-theatre-gig co-production from Assoclate Artist Quang Kien Van. Black Sheep - an award-winning poetryltheatre piece from Livia Kojo Alour Talklng about the Flre- an R&D series of performances and workshops from Chris Thorpe, exploring nuclear weapons. the weapons trade and dlsarrnament, ahead of a full production at the Royal Court Theatre. The production will return to the Albany In 2025. Showdown - preview performances of a new circus theatre production commlssioned by the Albany, ah8ad of its 5-month run at the Chameleon Theatre in Berlin, The production will return to the Albany in 2025. Camp Phoenlx- a production from Zest Theatre, which focussed on th8 questlon: 'what advice do teenagers wish they'd had when they were still kids?. and developed through conversations with 650 young people In Llncoln, Slockton, Canterbury, Barnsley and Deptford. 16 local young people performed as part of the production at the Albany. Highlights of the music programme Included: Muslc Is Soclal... continulng Ihe regular series curated by Associate Artist Charles Hayward Coby S8y- a gig from a local rising star Lemon Lounge - a sold out club nlght from a south London not-for-profit sound system collective, continuing a successful relationship forged during London Borough of Culture 2022's Lewisham Sound System Trail Page 7 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 45% of our audiences were based in Lewisham, 20% were from neighEouring boroughs and the remainder travelled to us from across wider tnndon and beyond. 33% of our audiences were from Audience Agency segments that have lower engagement with the arts, which is much higher than the average for London venues. Chlldren and Famllles The programme for families and chlldren had 85 performances reaching an audlence of 12.948. Highlights included: The Llght Prlncess - a production for Christmas from local company LASTheatre, commissioned by the Albany and ARC, Stockton The Museum of Marvellous Thlngs - a sold out run of shows for half-term, wlth giant puppets, magical effects, interactive storytelling and live original muslc, based on the plcture book by Kristina Stephenson Boxod In - a co-productlon from Half Moon Theatre and disabled-led Daryl & Co too08 - a gentle sensory adventure for under 2s Wonderland - a new show about the changlng seasons for babies and toddlers developed by City of London Sinfonia and performed in the children's library at Depttord Lounge As part of our new Most Significant Chang8 Storytelling evaluatlon, a parent made the following comments.. "The shows have been high quality, the chance of these shows being in Depttord is fabl The Albany feels like part of what we can do and part of our Ille here in Deptford. The klds love being here, knowing there is a theatre where we can watch Shov￿ but also Ihe garden, a safe green space next to the cafe, The variety of shows seems to be carefully curated to speak to aspects of people's lives... think every one of the shows has given us somelhing to think about... It's had an impact, opened our eyes in different ways." Deptford Loungg The Albany continued its management and programming of Deprford Lounge, which Includes a library and evenl spaces, on behalf of Lewisham Council. We developed a new website during the year, and programmed regular and one-off evenls, film screenings, exhibltlons and workshops, as well as supporting community-led and library events. The lotal fooffall for the bullding was 210.781 In 202314, which steadily Increased during the year Indlcating a continuing post pandemic recovery. We presented 106 events with attendance of 11,764, 32 exhibitions with attendances of 21,000 and CO•creat&d projects with 14 community groups and 20 artists. Page 8 of 39 THE ALBANY 2001 COMPANY Trustees, Report for tha year anded 31 March 2024 Regular events Includad the new monthly Roller Disco, the poetry night Off the Chest, and Comfortable Classlcal, demenlia friendly performances for all ages from the City of London Sinfonia. We also produced a Wlnter Festlval and hosted the Deptford Llterature Festival and the New Cross and Deptford Free Fllm Festlval. Family évenls included the Falry Tale Musical Mash Up and the regular Famlly Fllm Club. Exhibitions ranged from Urban Transltlons created by A-maze Arts Collectiv8 With local residents, to Trader Tales celebrating the historic Deptford Market, and the Garden of Hope Inslallation crealed from waste materials, which included 18 workshops for 400 local school chlldren. We contlnued to host the Vletnamese Moon Fostlval and the Vletnamese Lunar New Year Fesllval, whlch attracted 5,400 visitors, an Increase of more than 50 % from the previous year, making it the largest Vietnarnese communty-led evenl in the UK. The growth of this event Is testament to a 20-year relationship with a local community group. the Vietnamese Family Partnershlp, whose founder Quynh took part in our new Most Slgnificant Change slorytelling evaluation, and her comments help to demonstrate the impact of long term embedded relationships: 'Our community feels welcome and at home here and can celebrate our existence. though it's for everyone, it's a great space for integration, to bring the positive out of everyday life, and bring communlty spirit. The best thlng about the Albany is the staff team have a sense of community, and the experience to work with us. They are flexlble always to meet the needs of the community and wllling to explore and discuss, to work with us and this is difficult lo find...The support we have received has given us the space and confldence to develop ideas.., It is not about bricks and mortar for us, but the relationship Ihat creates memorles, builds loyalty and has an impacl on people. We feel that it is a house for the community, a permanent and recognizable space, to gather. to be together. A som81imes-invisible communlty becomes visible and celebrated twice a year, and we have amazing plans with Depfford Lounge and the Albany over the comlng years lo build and grow our work with the Vietnamese community in Deptford." Artlst Development The Albany co-produced two new productions during the year wlth Associate Artists Camlll8 Dawson and Quang Kien Van. In addition we held seven resldency projects with Associates Including Excellent Togethér, a queerldisability projecl wilh dance duo Thick and Tight, and a sound proje with Adam Kammerling. Page 9 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 The Albany's approach to artist development was reviewed during the year as part of the new Creative Strategy and. with a new team and support from Paul Hamlyn Foundation in place, we will launch a new Associate Artist and Artist of Change programme in 2024. Two new communlty commissions (through Plzza and Pilches) were produced during th8 y8ar, including Rhythm Tap Tales, an event exploring the Black pioneers of tap dance, and More than a Hoodle, a photography exhibition project. Funded by the British Councll, we produced a collaboration between young artists from the Ukraine and UK, led by artist Josie Dale-Jones. The project culminated in r u there? we r here? a production at the Albany and an exhlbition at Depfford Lounge, with six young creatlves responding lo the questions 'whal can we do for each othe￿, and 'what does it mean to be free?,. Engagement Engagement is central to the Albany's work throughout the organisation and a key focus for our new Creative Slralegy, During the year the Albany provided support to 176 different organisations, and co- produced 68 community-led crealive productions, ranging from the Thames Pride Festival launch with Bijou Slories to Refugee Week performances with the Refugee Council, and IRIE! Dance's Groundnatlon event. See the separate sections on the youth programme, Meet Me..., Depttord Lounge and the Cultural Anchor role, but our engagemant approach also includ8d: Plua and Pltches - we contlnued our community commissionlng process. with Ihr8e Pizza and Pitches events, allowing members of the public to choose work to be produced. Three commissions were chosen from 42 original Ideas proposed by local people and artists. CaffA - the community café is a meeting and worklng space, and home to a range of regular formal and informal events. fiom Me8t Me at the Albanyfor older people lo Heart n Soul's Allsorts for the learning disabled. Thanks to funding from Lewisham Councll,11 became a designated 'wami space, in winler providing activities and support to those who needed it. 11 became the place for everyone locally lo watch the FIFA Women s Worfd Cup 2023, as featured on Channel 4 News. A new 'pay-it-forward' scheme provided food and drink for free, and a new partnership with the Refugee Café provided employmenl and trainlng as well as food for customers from around Ihe world. Albany Community Gardenlng - the project held weekly sesslons for leaming disabled students from Lewisham College, regular adult Come 'n' Grow sessions, hollday sessions for children combing arts and gardening, as well as projects with Tidemill School, Meet Me..., and the Metro LGBTQ+ charity. With funding from the Mayor of London's Grow Back Greener scheme we planted fruit trees across the garden in partn8rship with The Orchard Project. In total there were 934 attendances for sessions, but the result of their work was enjoyed by many thousands more people who use the garden as a space for reflection, play, relaxalion and often workshops and rehearsals. Page 10 of39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Creatlve Communltles - we launched the new Creative Communities membership scheme, which off8rs benefits to local creatives including: access lo low-cost c￿wOrkIng space and rehearsal space, artists. surgeries. a resource hub and a peer-to-peer support network. Durlng the year we trlalled the use of Most Significant Change, a particlpatory, qualitative evaluation approach, which uses 'stories of change, as data, collected with and analysed by project stakeholders. This has now been adopted for use across the organisation. It is used lo complement other data, including quantitative data, providing a valuable addition for learning, respondlng to the challenges of 'survey fatigue, and the complexities of evaluating personal, relalional vrfork. Albany Youth Programm8 During the year, there were 5,401 attendances at 827 sesslons. We worked wlth 1,300 dlfferent young people - of whom 780/0 were Black and Global Majority, and 520/0 were Tesident In social houslng. 900/0 of young people reported increased skllls, social connections and confidence. We supported 126 young creatives in Ihe development of thelr work, employed156 professional artists and provided 2,271 hours of paid work for young people, Hlghllghts included: Love2Dance - street dance Sesslons for 8-18 year olds across the borough dellvered In collaboration with social homes provider Lewlsham Homes. The annual showcase event at the Albany was a sold-out event, and one of the groups made It to the flnals of the UK Street Dance Gompetition. During the year we trlalled an extension of tha programme supported by Clarion Housing Association. Peoplè, Places and Poetry ~ a youth-led peer research proiect, conducted by Aleksa Asme and Kaylah Jackson, about young p8opI8, the spaces they use when not at home or school, and the impact on their mental health. A report was publlshed in July 2023, In collaboration with Sounds Like Chaos, based on conversations wilh over 200 young people. A Blg Conversatlon - this creative. campaign and research project about young people and mental health, was produced in collaboration with Lewisham Music, Lewisham Youth Theatre, Heart n Soul and Sounds Like Chaos. It culminated in an event in May 2023 with funders, politicians and commissioners, a publicatlon I'm Not OK, But..., and a series of podcasts. More than10,000 people engaged wlth Ihe content on soclal media. Come as You Are - a new initiative, developed as a response to the work on young people and mental health, CAYA is a weekly bullding takeover provlding space to hangout, free recordlng sessions, workshops, op8n mics and space for young people to develop their own ideas. Hollday Prograrnmes- free programmes during Ihe summer and half-term for chlldren aged 6-13. Sounds Llke Chaos - as well as working with thls residenl company on a number of projects, we supported them to use a new container space in the garden to create a free meeting and work space for young people. We Move- eight soclal action projects created by young peopl8, funded by Children In Need, including Greative care packs for young trans people. and a short sci fi film set on a local housing estate. 8ackstag8 Tech Training- including open sessions and training courses, leadlng to young people working as part of the Albany's technical team. Rezon8- the Albany's youth led record label using music and lyricism to support young people's mental health. Page 11 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year anded 31 March 2024 As part of Ihe Most Significant Change slorytelling evaluation. one 18-year-old commented: "The Albany has had a real impact on my life. Everything I've learned from here carried over to other pla￿$... It has really helped to kick start my career. I've been given a lot of opportunities to grow and explore what I want to do... It's been great to work with people with more life experience... it's awesome to have access to people who aren't teachers or parents - they're older but there's no power dynamic there. It's really inclusive. We all just want the same outcom8, nol working for each other but with each other.. Meet Me at the Albany The Meet Me programme for people over 65, produced In partnership with Entelechy Arts, continued through the year with weekly Tuesday building 'takeovers', choir sessions, and creative 'cluster calls,, Over the year there were 2,524 attendances, with sessions supported by 63 paid artists and 74 volunleers. In autumn 2023, we held the 10th Annlversary Colebratlons for the project, which included an exhibition al Deptford Lounge. Other projects included a collaborative storytelling project with Caravan Arts creating an installation for the Deptford X festival, a herltage proJ8Ct creating the The Slaughterhouse Glrls Club exhibition with artist Deborah Aslell, and Meet Mo on the Dancefloor, a series of dance classes and events. The project was awarded £320k from the National Lottery Communlly Fund (through Entelechy Arts) during the year, helping to secure Its contlnuation for the next five years. Lewisham's Anchor Cultural Instltutlon The Albany was appointed as Lewisham's Anchor Cultural Institution in 2022 and, after London Borough of Culture 2022, it has helped set up and lead the new L8wisham Cultural Partnership, which has been tasked with delivering the year's legacy. During the year we also set up and supported nelworklng events for the sector in the Borough, and began to offer one-to-one fundraislng support sessions as well as advice and support to local creatives and organisations. The Albany's CEO Gavin Barlow, was appointed as Strategic Cultural Advisor to Lewisham Council at the end of the London Borough of Culture year, and was instrumenlal in the development of a rbew Cultural Strategy for the borough whlch was adopted by Mayor and Cabinet in July 2023. During the year we have been supporting the programme and business developmant for the neKdy re- opened Council-owned Broadway Thealre in Cafford. Page 12 of39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Strateglc Partnershlps The Albany has been an aclive part of the development of the n6w Lewisham Strategic Partnership, and sits on fts steering group. We are one of the nlne anchor organisatlons who have been part of driving forward Ihe Goldsmiths Civic University Agreement, We remain an active part of the Lewisham Educalion Arts Network and Shapes, the North Lewisham Creative Enterprise Zone, as well as contlnuing to be the lead partner of the Fun Palaces national campaign for putting community al the heart of culture. Nationally we remain aclive in the leadershlp of Future Arts Centres and, through them, the Trans Europe Halles (TEH) European network of independent cultural centres. We are an aclive member of the TEH Cultural Transformalion Movement, and its EU funded programme to support dlversity and Incluslon across Europe. In 2023 we were happy to see Artists of Change, based on the model developed at the Albany, being adopted at cultural centres in Vienna. Sicily, Belgium, and a Ukralnian centre in exile. Futuro Plans Llke all arts venues we have been evolving our business model to make sense of rapidly changing and highly challenglng circumstances. In 2023-24 we were working to a deficit budget but achleved a better outcome than planned. A new Business Plan {2024-7) has been adopted and we plan to retum to breakeven (or better) by 2026. The tran9tion during the year also includes the end of additional responsibilities and income through: London Borough of Culture, Future Arts Cenlres, Famlly Arts Campaign and the Canada Water Theatre (which the Albany managed on behalf of Southwark Council until March 2023). Stralegically our focus has shifted back to the work we can do in our home borough of Lewisham, and uslng this to have a w'Klei impact and influence. Financially this means a deliberate reduction In thè overall size and Income of the organisation, from the £3.6million lumover established over Ihe last few years, to turnover in the £2-2.5million range. The longer term sustainabllity of the organisalion depends upon the capital development of the current Albany building which was opened in 1981, and which urgently needs upgrading to make it fit for purpose for the next gen8ration. During the year we have been worklng wlth architects Witherford Watson Mann on developing and refining the site Masterplan, and with partners Lewisham Council on the viablllty of a scheme which would includa a partnership with housing developers, We have been working with support from the expertlse represented on the Building Development Board and advisors Slories Partners. We expect to announce fuller plans in the coming year. Page 13 of39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Resldent Organlsatlons 22 Resident projects and organisations were based at the Albany during 2023124 and included 9 Arts Council England National Portfolio Organisations: Apples & Snakes Day 600 Ltd Entelechy Arts Fairbeats Heart & Soul Independent Theatre Council Kali Theatre Company LBL Street Trading Lewisham Education Arts Network (LEAN) Lewisham Family Self-Help Associatlon New Earth Theatre Company Poetry Translatlon Centre Recruit a Chef Refug8 Community Oulreach Projecl Refugee Council Lewlsham Spare Tyre Theatre Company Spread the Word Street Traders Lewisharn Studio Raw Three Boroughs Theatre Centre Three Boroughs Together UK In addition. we launched and piloted a new slidlng-scale Co-worklng model called Creative Communitles thal has attracled over 145 membership sign-ups, resulted in 300 desk- and 67 ad-hoc space booklngs In year 1. Future Plans The Albany has begun its work as Lewisham Council's Anchor Cultural Organisation, which will Involve facllllating networking and offering fundraising support to the arts and culture sector In the borough, We have recently launched a new Creative Communities Scheme and Co￿WorkIng hub which will enable us to continue to support local artists and creative practitloners and open up access to work and rehearsal space In our buildings. CEO Gavin Barlow has worked with Lewisham Council to develop a new Cultural Strategy for the borough. which was adopted in July 2003. He will chair the new Lewisham Cultural Partnership Board, which will be responsible for the delivery of much of the stralegy and the legacy of the year as Borough of Culture. Creative Director Vicki Dela Amedume is leading on a contract to support the managemenl and programmirKJ of the Broadway Theatre in Catford, including proposlng an outline buslness plan for its future operation. A n8w Chair of the Board, Michelle Matherson, was appointed to take over in June 2023, with Dame Joan Ruddock slaying on as chair of the Building Development Board. We continue to work wlth partners Stories, Lewisham Council, and archit8Cts Witherford Watson Mann, on our building development plans, and are currently engaging with teams at the Greater London Authority on new proposals. Structure, Govemance and Management vemin Do ument The Memorandum and Articles of Association of The Albany 2001 Company. as amended at Ihe 2005 and 2018 General Meetings. Page 14 of 39 THE ALBANY 2001 COMPANY Trust8es' Report for the year ended 31 March 2024 The Alban 2001 Com an The direclors who senied during the year are listed on page three. The directors form a Board of Trustees, which meets every three months, or more frequently If requlred, to consider reports from the Senior Management Team, monitor financial progress and consider issues of strategic importan￿, The Board has created three sub-committees (Finance, HR and Operations; Building Development. Board Search) . These meet regularly and as required to consider itemslinformation in more detail than the Board. They have d&legated authority with decision making remaining with the Board and their proceedings are reported to the Board. The day to day operational management of the centre remains managed by the paid slaff team, led by the Chief Executive. To facilitale effectlve operallons, the Chief Executive has delegated aulhority. wlthin t8rms of delegation approved by the Trustees, for operational matters includlng finance, employment and artistic performance related activities. ointment of Board of Trustees The Board consists of a maximum of eight Nomlnated Trustees (selected by the dlrectors for relevant skills and experlence, which will benefit the company) and slx Elected Trustees (elected by the membership in the Annual General Meetlng). One place on the Council is held for a representative from Lewisham Councll, and one for a representative of the Albany's resident organisations. Trustees (both Elecled and Nominated) serve for terms of three years subject to the rule for annual retirement, whlch applles to one third of those Elected Trustees havlng been longest in office. Trustee Induction and Trainin All new Board members undergo an Inductlon process, have Role Descriptions and are made aware of all their legal responsibilitles. Tralnlng sessions and 'Away Days, are offered and policies and procedures relating to Board members inductlon and training are reviewed and updated. Remuneration Polic When setting remuneration for its staff, the Albany takes account of living wage, market rales, sector benchmarklng and other relevant data relating to charities of a slmllar slze, operational activity and work place location. The Albany is commltted to pay at least London Living Wage, revlewed annually. R8muneratlon of the CEO is the responsibilily of the Trustees and is set in the light of the skllls and compelencies required for the partlcular roles and wilhin the constraints of affordability. Related Organ18atlons Lewisham Council The Albany is the principal independent arts and community resource in the London Borough of Lewlsham and has been supported by grant aid from Lewlsham Council for many years. The Council is represented on the Board of Ihe Albany. The Albany has been appointed as the Anchor Cultural Institution for the borough from 2022-2025,, Page15of39 THE ALBANY 2001 COMPANY Trustses, Report for the year 8nd8d 31 March 2024 Review f Risks The charity has a robust approach to risk monltoring. Trustees support this with a wide range of skills relevant to risk Identiflcation and effeclive monitorlng by quarterly reviewing the programme of activity, the management accounts and cash-flow forecasts, Operalionally, th&re are regular reviews by the relevant Sub-committee of the organisatlon's perfomiance and policies In relation to Health & Safety, Safeguarding, Equal Opportunities, Employment and Flnance. The Risk Register Is updated at least quarterly and scrutinised and reviewed at Senior Management, Executive level and Trustee Meetings. The organisalion is covered by appropriate insurance and has a clear set of Finance Regulations to minimise the rlsk of fraud. Inlernal financial controls are periodically reviewed lo ensure that Ihey still meet the needs of the charily. The charity undergoes an exlernal appraisal by the London Borough of Lewisham and Arts Council England annually. The local council has a truslee seat on the Albany Board and the Arts Councll representative is invited to board meetings and board papers, includlng risk reviews are made accessible lo them. The Arts Council performs a quarterly risk assessment and rating on the organisation's main risks. The Truslees are mindful of the need to protect the organlsation's good reputation with a wlde range of stakeholders and the general public. The Trustees also ensure that the organisation is responslve to users through various feedback mechanisms and has effectlve monitoring and evaluation procedures of its V8ri0us activities. Busln8ss objectives and targets are set annually, monitored monthly through performance reports and managernent accounts and reviewed regularly. Thls includes maintaining the afor8 menlloned Risk Register and strategies to mltlgate those risks. The main challenges for 2023124 included Ihe followlng.. review and alignment of the business model wlth internal and external demands; diverslfication and increase of eamed income; meeling of fundraising targets and development of new opportunltles for granls and donations; business crltlcal IT and cybersecurity improvements; mitigation of inflation on running costs, salaries and staff wellbeing; meeting of diversity targels; d8V8lopmenl of new creative strategy. Page 16 of39 THE ALBANY 2001 COMPANY Trustees, Report for the yaar ended 31 March 2024 Flnanclal Revlew The Albany ended the year with n8t outgoing resources of £482,617 (2022123: net outgoing resources of £744.768). The unrestricted General fund was a deflclt of £186,313 for the year. (2022123: surplus of £75,129}. Alongside the General fund result above, the year's final outcome consisted of drawdownsla net release against the following funds:_ £148,704 from brought forward restricted project funds. £40,278 from d8signated Income funds and £107,322 from restricled and deslgnated capital funds for budgeled depreciation. Incomlng & outgolng resources for the year The Albany's prior year (2022123) participation as lead Partner for London Borough of Lewisham in the London Borough Of Culture (L8oC) resulted in significantly enhanced acllvlly, increasing both incoming and outgolng resources on Restricted project funds. This skews the variances and will make it harder to review sorne 2023124 comparisons against th8 prlor year. Total Incomlng resources were £2,181,563 {2022123'. £3,604,157) a reduction of 390/0. Incomlng resources from Restricted project funds fell by £1,152,112, this accounted for 81% of the overall decreas8 in total incoming resources. Earned Incorne fell by 34Q/o to £1,280,525 (2022123: £1,951,247). Nonetheless, earned income makes up an increased amount, 59Yo (2022123 540/0) of total Incomlng resources. Total Resource5 expended were £2,664,180, a 39Vo decrease on 2022123: £4,348,924. Outgolng resources expended on Restricted projecl funds fell by £1 ,666.383, this accounted for 990/0 of the overall decrease in 2023124 total resources expended. Total funds of the organlsatlon as at 31 March 2024 were £5.598,400 (2022123.. £6,081,017), Ihis includes Ihe £2,900,000 unrealised Capltal Revaluation Rèserve, The remaining funds lotal £2,698,400 and comprlse Unr8Stricted funds of £451,581, Designated funds of £751,078, (£538,507 relating to depreciatlon on capltal assets) and Reslricled funds totalling £1,495,741 {£609,921 In Restrlcted project balances and £885,820 relating to depreclatlon on capltal assets). Restricted fund project balances are carrled forNard contractually to deliver the projects in future years. Income Funds Rostrlcted - Income: during the year income for specific purposes totalling £622,527 (2022123: £1,774,639) was received through revenue grants and donalions for naw and continuing projects (see note 12). A total of £609,921 (2022123: £758,625) is carried fonNard to fund future aclivity. Unrestrlcted General: these reserves are avallable to spend as the Trustees see fit. in accordance with the organisation's charitable aims and objectives. The result for the year net of transfers between funds was a deficit of £186,313 (2022123.. £75,129 surplus), The General Fund balance stands at a surplus of £451,581 (2023: £637,894). Revaluatlon Reserve: this is Ihe valuation as at 1 April 2014 of the land owned by the Albany. The proceeds of the land, If sold, would form part of the Albanls Free Reserves. The Revaluation Reserve balance slands at a surplus of £2.900.000 (2023: £2,900,000). Deslgnated Buslness Development eslabllshed to fund transactions relating to the future development of the Albany; This includes the redevelopment of the buildlng and the resourGes to proceed with the research and development fof the build. The balance of the fund is £72,571 at 31 March 2024 (2023: £100,000). Page 17 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Deslgnated - Creatlv8 Development reserve established to fund transactions relating to the strategic artistic developmant at the Albany. The balance of the fund is £100,000 at 31 March 2024 (2023: £100,000). Deslgnated - Malntenance established to reflect posslble contractual maintenance responsibllities at the Albany and managed sites. The balance of the fund after transfer to the General fund of £20,000 as at 31 March 2024 is £40,000. (2023: £60,000). Ca ital Funds RestrlGted - Capltal: capital grants are credlted to thls fund when received and deprecialion relating to assets acquired with such grants is charged to the fund. The balance of the fund at 31 March 2024 is £885,820 (2023: £926,098). Doslgnated . Capltal: represents the n8t book value of Unrestrlcted Capltal Flxed Assets. Depreciation is charged annually to the fund In respect of these unrestricted assets and any irnprovements undertaken. The balance of the fund at 31 March 2024 is £538,507 (2023: £598,400). Reseryes Poli The Albany Board has tak8n a rlsk-based approach to establishing a Reserves Policy, In Ilne wllh the operational guidance No 43 (Charity Income Reserves) issued by the Charity Commission. which conslders the risks affecting the organisation, and how reserves can be used to help in effectively managing thern, whilst also being used to invest in the future health of the organisation as a fast-growlng social enterprlse. The key risks for the organisatlon over the next three years are loss of public funding, loss of the major local aulhority contracl, changes requlred lo redefine and implement the organisations strategic priorilies post restructure. Normal business rlsks are managed through normal budget planning and financial management processes which are reviewed quarterly by the Board. At the same 1Sme as malntaining General Fund Resenies to manage revenue rlsk In Ihls way, the Board are of the opinion that it is advisable to establish Designated funds to further mitigate unforeseen expenditure risk, as well as to invest in future development. The Trustees have consequently establlshed the followlng objectives: 1. To establlsh the Unreslricled General Fund Free Reserves target range between £298,700 and £451,347 averaging at £375,000 for Ihe year. This equates lo three months average core expenditure at the upper end and risk assessed Income losses at th8 lower end. This range Is estimated as SLrffident to maintain short-term financial stability in the event of withdrawal or reduction in key revenue funding or unexpect8d operating expenditure. 2. To mainlain a Designated Business Development fund of £100,000 to meet preliminary costs of the building development project and allow investment in new business opportunlties. 3. To maintain the Designated Capital fund, which significantly equates to th8 net book value of Freehold and Property improvements made In the 1970s. 4. To maintain the Designated Artistlc developrnent fund of £100,000 to fund strategic opportunitias In the Artlstic programm8 and Imp18ment the new business plan priorilies. At 31 March 2024, the General fund free reserves (see target range in 1 above) at £336,947 (2023.. £515.664) is above the risk assessed lower end of the target range of £298,700. Of the Designated funds, the Business Development fund is £72,571. the Maintenance fund is £40,000, the Artistic Development fund is £100,000 and the Capltal fund is £538,507. Page 18 of39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Fundralslng Pollcy As for many charities, raising voluntary funds frorn trusts, foundations and individuals is a vltal source of Income for Ihe Albany. enabling us to fulfil our charitable objectives as effectively as possible. We are very grateful for the support given by all our donors. The Albany believes that fundraising should be an open, honest and respectful process. We aim to build and malntaln solld partnerships with our supporters and donors, based on mutual understanding and shared values. We are registered with the Fundraising R8gulator demonstrating our commitment lo good fundraising practice. We are committed lo following Ihe Code of Fundraising Praclice and the Fundraising Promlse. The Albany operates wlth a small Internal fundraislng team and does not normally engage 8Xternal professional fundraisers or commercial participators to carry out fundraising activity. we do not engage in face-to-face or telephone fundralsing. We have not recelved any complaints about our fundraising practices or activities, either during the financlal year or subsequenlly. The Privacy Pollcy Is malntaln8d In Ilne wlth th8 G8neral Data Protectlon Regulatlons and published on the Albany's websile. It clearly states what personal data is held in relation to supporters and how this data will be used. It also sets out how individuals can raise concerns or complaints. Trustees. Re8ponslbllltle8 The Truslees (who are also directors of the Albany for Ihe purposes of company law) are responsible for preparing the Annual Report and the flnanclal statements In accordance with appllcable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), includlng FRS 102, the Financial Reporting Standards applicable in the UK and the Republlc of Ireland. Company law requlres the Truste8S to prepare flnandal statements for each financlal year that give true and fair view of the state of affairs of the company and of the incoming resources and applicatlon of resources, Including the income and expendlture, of the company for that period. In preparing these financial statements, the Trustees are required to: select sultable accountlng pollcles and th8n apply them conslstenlly; observe the methods and prlnciples in the charity Statement of Recommended Practice (SORP); make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards including FRS 102 have been followed, subject to any materlal departures dlsdosed and explained In the flnanclal statements; prepare the financial ststements on the going concern basis unless it is inappropriate to pr8sume that the company wlll conllnue in operatlon. The Trustaes are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities. Page 19 of 39 THE ALBANY 2001 COMPANY Trustees, Report for the year ended 31 March 2024 Statement of disclosure to Audltors So far as the directors are aware: a) there Is no relevant audit informalion of which the companls auditors are unaware, and b) they have taken all the steps that they ought to have laken as directors in order to make themselves aware of any relevant audit Infomiatlon and to establish that the cornpanls audltors are aware of that information. Audltors Moore Kingston Smith LLP have Indlcated their willingness to continue in office and In accordance with the provisions of the Companies Act 2006 they are deemed re-appointed auditors for the ensuing year. Signed by Michelle Malherson for and on behalf of The Albany 2001 Company on 23 September 2024. Mlchelle Matherson Page 20 of 39 THE ALBANY 2001 COMPANY Independent Audltor's Report to the Members of The Albany 2001 Company Limited Oplnlon We have audited the financial statements of The Albany 2001 Company Limited ('the company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including FRS 102 'The FinanGial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its 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 bean pr8par8d in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audlt In accordance wlth International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our r8sponsibililies under those standards are further described in the Auditor's Responslbllitles for the audit of the flnancial statements section of our report. We are independent of the charitable company in accordance wilh the 8lhlcal 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 wlth Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded thal the trustees, use of the going concern basis of accounting in the preparation of the financlal statements is appropriate. Based on the work w8 have performed, we have not Identlfled any material uncertainties relatlng to events or condltions that, individually or collectively, may cast slgnificant doubt on the charitable companys ability to conlinue as a going concern for a period of at least twelve months from when the financial statem&nts are authorised for issue. Our r8sponslbilities and the responsibilities of the trustees wlth respect lo going concem are described in the relevant sections of this report. other Inforniatlon The other information comprises the infonnation included In the annual report, olher than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responslbilily is to read the other information and, in doing so, consider whether the other information is materially inconslstent with the financial slatements or our knowledge obtained in the course of the audit or otherwise appears to be materlally mlsstated. If we identify such mat8rial Page 21 of 39 THE ALBANY 2001 COMPANY Independent Audltor's Report to tha Members of The Albany 2001 Company Llmlted Inconsist8ncies or apparent material misstatements. we are required to determlne whether there is a material misstatement in the financial statements themselves. If, based on Ihe work we have performed, we conclude that there is a material misstatement of this olher information. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work und6rtaken in the course of th8 audil: Ihe information given in the trustees, annual report for the financial year for which the financial stat8ments are prepared is consistent with the financial statem8nts' and the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of Ihe knowledge and understanding of Ihe company and its environment obtained in Ihe course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report In respect of the following matters vthere the Cornpanies Act 2006 requires us to report to you if, in our opinion: adequale accountlng records have not been kepl, or returns adequata for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,, or certain disclosures of trustees, remuneration specified by law are not mada; or we have not received all the Informallon and explanatlons we require for our audlt; or the trustees were not entltled to prepare the financial statements in accordance ￿th the small companies regime and take advantage of the small companies exemption in preparing the trustees, annual report and from preparing a strategic report. Responslbllltles of tru8tee8 As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for th8 preparation of Ihe financial statements and for being satisfied Ihat they give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are rosponsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using Ihe going concern basls of accounting unless the trustees either intend to liquldate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's Re8pon8lbilities for tho audit of the financial statements Our objectives are to obtsin reasonable assurance about whelher the financlal statements as a whole are free from material mlsstatemenl, whether due to fraud or error, and to issue an auditorfs report thal Includes our oplnion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducled In accordance wlth ISAS (UK) will always detect a material mSsstatem8nt when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in Page 22 of 39 THE ALBANY 2001 COMPANY Independent Audltor's Report to the Members of The Albany 2001 Company Llmited aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audlt In accordance with ISAS (UK) we exercise professional judgement and mainlain professional scepticisrn throughoul the audit. We also: Identify and assess the risks of material misstatemenl of the financial statements, whether due to fraud or erior, design and perform audit procedures responsive to those risks, and obtain audit evidence that Is sufficlent and appropriate to provide a basis for our opinion. The risk of not detecting a malerial misstatement r8sultlng from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omlsslons, mlsrepresentations. or the override of internal control. Obtain an understanding of Intemal control relevant to the audlt In order to deslgn audit procedures that are appropriate in the circumstances, but not for the purposes of expresslng an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the approprialeness of the trustees, use of the going concern basis of accounting and, based on the audit evldence obtalned, whether a material uncertainty exists related to evenls or conditions that may cast significanl doubl on the charitable company's ability to continue as a golng concern. If we conclude that a material uncertalnty exlsls, we are requlred to draw attention in our auditor's report to the related disclosures in Ihe financlal stalements or, if such disclosures are inadequate, to modlfy our oplnlon. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future events or condltlons may cause the charitable company to cease to continue as a going concern. Evaluate the overall presenlation, structure and content of the flnanclal statements, including the dlsclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentatlon. We communicate with Ihose charged with governance regarding, among other matters, the planned scope and timlng of the audlt and signiflcant audit flndlngs, Including any significant deficiencies in internal control that we identlfy durlng our audit. Explanatlon as lo what extent the audlt was consldorod capable of detectlng Irregularltles, Includlng fraud Irregularities, including fraud. are instances of non-compllance with laws and regulations. We deslgn procedures in line with our responsibilities, outlined above, to detect material mlsstatements in respect of Ir￿g￿larities, Includlng fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audlt In respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficienl appropriate audit eviden regarding the assessed risks of material misstatement due to fraud, through designing and Implementlng appropriate rasponses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audlt. Ho¥vever, the primary responslbility for the preventlon and delection of fraud rests with both management and those charged with governance of the charitable company. Our approath was as follows: Page 23 of 39 THE ALBANY 2001 COMPANY Independent Auditor's Report to the Members of The Albany 2001 Company Limited We obtained an undeistsnding of the legal and regulatory requirements applicable lo the charitable company and considered that the most significant are the Companies Act 2006. the Charilies Act 2011, the Charty SORP, and UK fsnancial reporting standards as issued by the Financial Reporting Council We oblained an understanding of how the charitable company complles wilh these requiremenls by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it mlght occur, by holding discussions ￿th management and those charged with governance, We inquired of management and those charged with govemanc8 as to any known instances of non-compliance or suspected non-compliance wilh laws and regulatlons. Based on this understandlng, we designed specific appropriate audit procedures lo Identlfy instances of non-compliance with lavrd and regulations. This induded making enqulrles of management and thosa charged with governance and obtainlng additional corroborative evidence as requlred. There are inherent limllations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations Ihat are not closely relaled to events and transactions reflected in Ihe financial statements. Also, the rlsk of not detecting a materlal misstatement due to fraud is hlgher than the rlsk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentatlons, or through colluslon. Use of our report Thls report Is made solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been und8rtaken so that we might state to the 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 responslblllty to any paty other than the charltable company and charitable company's members as a body, for our audlt work, for this report, or for the opinions we have formed. Date: 23 September 2024 Ka￿n Wardell (Senlor Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statulory Audltor Orbital House 20 Eastem Rd Romford RM13PJ Page 24 of 39 4Y •) wttu THE ALBANY 2001 COMPANY Balance Sheet as at 31 March 2024 Note 2024 2023 Flxed assets 4,438,962 4,546,729 Curront assets Stock Debtors Cash al bank and in hand 4,740 175,684 1.730.193 6,049 229,864 2,110,676 Total current a88•ts 1,910.617 2,346,590 Credltors: amounts falling due wllhin one year 10 713762 Net current as8et8 1196855 1,594 136 Credllor8: amounts falling due 8ft&f one year 10a 137,417) (59,847) Not a8S•tg 13 5 598 400 6,081017 Fund8 Unrestricted General Rev8lu8tion Reserve Designated Capital Funds Designated Income Funds Restricted Capital Funds Restricted Income Funds 11 451.581 2,900.000 538,507 212.571 885.820 609.921 637.894 2,900,000 598,400 260,000 926,098 758,625 12 12 5,598,400 6.081,017 These financlal statements have been prepared in accordance with the special provlslons for small companies under Part 15 of the Companies Act 2016. Approved by Michelle Matherson on behalf of the board of directors on 23 September 2024 /ir/• Michelle Matherson The notes on pages 27-38 form part of these financial statemenls. Page 26 of 39 THE ALBANY 2001 COMPANY Statement of Cash Flows for the year ended 31 March 2024 2024 2023 Cagh Flow from operatlng a¢llvS11•s Net movement in funds (482,617) 115,232 2,891 1,309 54,180 (744,766) 124,176 3,743 (1,414) 261,961 Depreciatlon charges Interest paid Decreasel{increase) in 8tod( Decrease in debtors (Decr8aseylncrease in current liabilities N•t cash pr¢vid•d byl(us•d In) operallng actlvltles 38,035 318.265 Cash Flow from flnanclng actlvltle8 Capltal repayment N•t ¢a8h u$•d In flnanGlng acllvltles 22.431 21.549 Cash Flow from Investlng a¢tlvltle$ Interest paid Purchasa of fixed assats {2,891} (3.743) 7,053 Net cash used In Inv•stlng actlvlt109 10.796 Chang• In cagh and cash oqulvalent• In tho r•portlng perlod Cash and cash equlval•nt8 at beglnnlng of reportlng period Cash and cash •qulvalent8 at Ihe end of r•portlng perlod (380,483) 2,110,676 {350,610) 2,461.286 1,730,193 2110676 Page 27 of 39 THE ALBANY 2001 COMPANY Notes to the flnancial statements for the year ended 31 March 2024 1. Accounting Policies (a) Basls of Preparation: The financial statements have b88n prepared in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland (FRS 102). The Charitable Company is a publlc benefit company for the purposes of FRS 102 and therefore the Charlty also prepared its financial statements in accordance wSth the Slalement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financlal Reportlng Standard applicable in the UK and Republic of Ireland (The FRS 102 Charitles SORP), publlshed 16 July 2014, Ihe Companies Acl 2006 and the Charitles Act 2011. The flnanclal statements are prepared in slerling, which is the functional currency of the Charity. Monetary amounts in these flnanclal statements are rounded to the nearest pound. (b) Golng concern: The Irustees have assessed whether the use of the going concern basis is appropriate and have considered the risks and other possible events or condltlons that might cast significant doubt on the abllity of the Charfty to continue as a going concern. The trustees have made this assessment for a period of one year from the date of approval of the financial statements. In particular Ihe trustees have considered the Charity's lorecasts and projectlons and have taken account of pressures on grants and conlracted income. After making enquiries the Irustees have concluded that there is a reasonable expectation that the Charlly has adequate resources to continue in operational exlstence for the foreseeable future and for a period of not less than ￿e1ve months from Ihe date of approval of these financlal statements. The Charity therefore continues to adopt the going concern basls In preparing its financial statements. (c) Crltlcal accountlng estlmates and areas of Judgement: In preparlng flnanclal statements11 Is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in Ihe financial statements. The following judgements and estimates are considered by the tiustees to have most significant effect on amounts recognised in the financial statements. The most signrficant estlmates and assumptions which affect the Carrying amount of assets and liabilities in the accounts relate to: The annual depr8cialion charge for tanglble fixed assets Is sensltlve to change In the estimated useful economlc lives and residual value of assets. These are reassessed annually and amended where necessary to reflect current circumstances and to take amounts of any impairment In value. Th8 FRS 102 transition restatement of the land element of fixed assets. As detailed in the revaluation reserve note on page 33, the deemed cost carrled for¥vard is the estimated falr value (market valuatlon) at the date of transitlon, based on a professional valuation undertaken as at that date. For the year In questlon and the prior period, there were no other key sources of estimates or uncertainty. Page 28 of 39 THE ALBANY 2001 COMPANY Notes to the financial statements for the year ended 31 March 2024 (d) Depreclatlon is provlded at rates calculaled to write down the cost of each asset to its estimated residual value over its expected useful life. Capllallsation level of single item purchases is £500 and of rnulliple item purchases is £1000. Deprecialion rates used are as follows: Freehold property: no depreciatlon is charged on freehold land Freehold buildings: 20/0 per annum on cost Compuler equipment: 33.30/0 par annum on cost Equipment, flxlures & fittings 200/0 per annum on cost An impairment review Is undertaken annually and value adjusted where necessary (e)All grants recelvable for the period are treated as income when there is evidence of entillemenl, receipt is probable and the amount can be measur8 reliably, Performance related and donor imposed conditions are laken Into account when detennining when entitlement to income is within Ihe control of the charity. All the related expenditure is written off in the period in which It Is Incurred. Expenditure on major capital projects is capltallsed and any associated grants recelved are Ireated as income for the period and dealt with through the Statement of Financlal Activities as Restricted Capltal Funds. (fj Resources expended dlrectly in relation to an area of activity ar8 allocated to that activSty. Indlrect, or support costs consist of central salari8s, premises. depreciation and administralion cosls. These are allocated on a reasonable and conslstent basis - influenced by the amount of staff time devoted to, and floor area occupied by, each such activity - as follows: alarfe Preml80$ D• rnclatlon minlstratlon Cost of fundraising Artistic programmes Centre operations Ext8rnal contracts Dependenl on rol8 57.5% 700 55% 42.5% 30% 17% 25% 1000h 100Yo 100% (g) Fund Accountlng: Funds held by the charity are either: Unrestricted General Funds - these are funds which can be used In accordance with the charitable objects at the discretlon of the Trustees; or Designated Funds - these are funds set aslde by the trustees out of Unreslrlcted Gen8ral Funds for specrfic future purposes or projects; or Restricted Funds - these are funds that can only be used for particular restrlcted purposes wlthin the objects of the Charity as specified by the donor; or Revaluation Reserve - these are the funds recognised on the transitlonal restatement under FRS 102 of th8 land element of fixed assets, ulilising the market value at that date as deemed cost. (h) Stocks of consumables in Ihe café, the theatre bar and box office are included at the Iow8r of cost and net realisable value. (l) Rentals appllcable to operatlng leases where subslantially all of the benefits and rlsks of ownership iemain with the lessor are charged againsl the Ststement of Financial Activities as incurred. Page 29 of 39 THE ALBANY 2001 COMPANY Notes to tha flnanclal statements for the year ended 31 March 2024 U) Flnanclal Instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial Instruments. Financial instruments are recognised in the companls balance sheel when the company becomes party to the contractual provisions of the instrument, Financial assets and liabilities are offset, wtth the net amounls presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assel and settle the liability simultaneously. With Ihe exceptions of prepayments and deferred income, all other debtor and credltor balances are considered to be basic flnancial inslrumenls under FRS 102. Cash and cash equivalents - Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less. Debtors and credltors - Debtors and creditors receivable or payable within one year of the reporting date are carried at thelr transaction price and subsequently at settlement value. (k) Pen81ons The Albany operates a defined contribution pension arrangement, of which Ihe contrlbutlons are charged to the statement of financlal actlvities as they become payable. (l) Employee cost8 and termlnatlon payments The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Temination benefits are recognised as an expense when Ihe charily is demonstrably commltted to terminate the employment of an employ88 or to provide t8rmination benefit. 2. Donatlon8 and grants Unrestrlcied General Funds Unréstrlcted Deslgnated Funds Ro8trlcl&d Income Funds R•strl¢ted Capltal Funds Total 2024 Arts Council England - Cora London Borough of Lewisham Sundry donations and grants Total 2024 179.256 179,256 150.000 150,000 2,293 4,796 7,089 331.549 4.796 336,345 Unr•$lrlct•d Goneral Funds Unrestrlctod Daslgnated Funds Re8trlcted Income Funds Restrlcted Capltal Funds Total 2023 Arts Council England - Core London Borough of Lewisham Sundry donations and grants Total 2023 179,252 179,252 150,000 150,000 26.781 19,353 46,134 356,033 19.353 375,386 Page 30 of 39 THE ALBANY 2001 COMPANY Notes to tha flnanclal ststements for the year ended 31 March 2024 3. Income to further the charlty's objectlves Unrostrlcted General Funds Unrostrlcted Oeslgnated Funds Re8trlcled Income Fund8 Reslrlcted Capital Funds Total 2024 Artlstlc programm•s Gr8nts Box office, hires and fees Recharged co8ls Theatre bar Youth contract Other income 553,518 (3,595) 757 42 54,167 8.914 613.803 553.518 109.584 70,388 15,349 54,167 113,179 69,631 15,307 198117 811.920 Centr• operatlons Grants Service charg8S Communlty hiras Community cafélbar Other income 11,170 235,172 47.921 81.433 161,627 537,323 11,170 235,172 47,921 81,433 1 $1,627 537.323 External contracts Grants Contract income 492 047 492,047 1227.487 Unreslrlcted G•noral Funds 3,928 3,928 617,731 R•$trlcted Income Funds 495,975 495.975 1,845,218 Total 2024 Unrestrlcted D•$lgnat•d Fund8 R•strlct•d Capltal Funds Total 2023 Artlstlc programma8 Grants Box office, hires and fe8S Recharged costs Theatre bar Youth contract Other income 1,248.786 206,680 113,461 1.248,786 312,979 197,171 16,789 65,000 121.359 1962,084 106.299 83,710 16,789 65.000 121359 1,755,286 206 798 Centro operatlons Grants Service charges Community hires Community cafélbar Other income 27,727 235,327 36,701 106,118 112,364 518,237 27,727 235,327 36,701 106,118 112,364 518,237 Extemal contracts Grants Contract income 1,011 1.011 747.438 748,449 3.228.770 748.449 1.473.484 Total 2023 1,755,286 Page 31 of 39 THE ALBANY 2001 COMPANY Notes to the fSnanclal statements for the year ended 31 March 2024 4. Expéndlture by natural classlficatlon Ralslng funds Artlstlc programmes Communlty External contr• contracts Total 2024 Dlr?ct costs Artists, fees Technical Mawketing Salaries and fees Stock for resale Other project costs 52.524 11,103 30,581 698,575 9,369 226 177 1,028.329 170 52.694 11,110 34.102 1.009,S92 39,873 472 614 1.620 085 430 60,985 30,469 12,250 104 134 3,091 250,132 35 234,187 487,622 support costs Salaries and fees Pr8mis8S Depreciation Administration Govemanca 79,216 327.103 80,958 80,662 72.715 200,959 59,838 34,570 22,476 33.708 640.986 140.796 115,232 132,209 14,872 1044 095 3.966 33,052 98.054 561438 317,843 66,760 Tolal 2024 98.054 1,589 767 421,977 554,382 2664.180 Ralslng funds Artl$tl¢ programma8 Communlty External centre contracts Total 2023 Dlr8ct cos1• Artists, fees Technical Marketlng Salaries and fees Stock for resale Other project costs 255,089 39,443 101.593 1,501.303 12,106 741,764 2 651298 21.116 276,205 1,788 41.231 5,552 107,927 306.998 1.875,276 57 46,130 374.112 1,138,485 709 623 3 485,254 782 66,975 33,967 22,609 124,333 Support cost8 Salaries and fees Premises Depreciation Administration Governance 52.382 256,228 51,683 85,678 58,756 185,275 38,200 37,838 18,161 32,024 525,909 89,883 124,176 106,829 16,872 863 669 680 26.707 3,205 72,459 452 345 279,474 59.391 Totsl 2023 72,459 3,103,643 403.807 769,015 4,348,924 Net Incomo for the year 2024 2023 This is stated after charging for. Auditor's remuneiation.. audil fees for current year Depreciation: - assets owned dlrectly by the company Page 32 of 39 14.872 16.872 115.232 124,176 THE ALBANY 2001 COMPANY Notes to the flnanclal statements for the year ended 31 March 2024 Staff costs and numb•r$ 2024 2023 Th8 Cost of fees and salari8s disburs8d during th8 y8ar were: Gross salaries and v￿g@s Social security costs Pension contributions Redundancies 1,401,471 124,826 28,769 3.011 1,558,077 347 803 1,905.880 1,727,059 155,085 32,343 1.914.487 725,328 2,639.815 Fees and other remuneratlon Key management personnel comprise the Trustees, Chi8f Executlve officer, Chief Operating Officer, Finance Director and A￿'StIC Director from 2023. The lotal cost "(see balow) Including all employee beneflts of the key management personnel are., The average numb8r {full tSm& aquiv81ent) of employees during the year was: 194 976 252 180 2024 No. 2023 Artistic programmes Canada Water Theatre The D8Ptford Lounge Centre operations Support staff 10 17 11 15 13 55 40 l employee earned between £70,0(Kl and £80,000 in the year 2024. l employee earned between £IOO,000 and £IIO,I))O in 2023. *The employee received additional earnings from work carried out on arb external contract, Pension contributions in respeGI of this ernployee were £1,321 (2023.. £1.321) 7. Tru$tee8' remunerntlon and r•lat•d party tran8actlon• Vlcki Amedume, Artistic Director ol the Albany and a Direclor of Upswing Ild. Upswing Itd was paid £4,800 (2023 - £nil) for services provided to the Albany. No remuneration or expenses (2023 - £nil) were pald lo any other Trustees during the year. Page 33 of 39 THE ALBANY 2001 COMPANY Notes to the flnanclal statements for the year ended 31 March 2024 Tanglble Flxad Assèts Oth•r Equlpmen( Freehold Theatre Computer Flxtures Property Equipment Equlpment & Flttlngs Total Cost or valuatlon: At 1 April 2023 Additions Disposals Al 31 March 2024 7,404,782 96,443 1,666 7,464 138,041 7.640.932 7,464 16.166 131372 7,632,230 9,497 86,946 7 404 782 9.130 Deproclatlon: At 1 April 2023 Provision for the year Disposals At 31 March 2024 2,960,338 88,561 66.098 11,501 9,497 68,102 555 3,043 67,211 3.094.202 12.127 115.232 16,166 72 669 3 193 268 3 048,899 3,598 N•t 8ook valu• At 31 March 2024 4.355.883 5,532 58,703 4 438 962 Al 31 March 2023 4,444.444 1.111 70,830 4,546.730 The net book value represents fixed assets wholly used for direct charltable purposes. Includad in the figure of Gost of freehold property is freehold land of £2.976,721. whlch Is not depreclated. Thare is a charge on the Freahold land pledged as security lor the bank loan (see note1 Ob). D•blor8 2024 2023 Trade debtors Less bad debt provision Other debtors Prepayments and accrued income 120,964 (3,480) 2,847 55,353 175684 209,603 (3,480) 3,235 20,506 10. Creditors.. Amount$ falllng duo wllhln on• year 2024 2023 Trade credltors Taxes and soclal securlly costs Bank Loan Deferred income (note 1 Oa) Other creditors Accruals 119,792 33,755 22,436 229,091 247.280 236,215 46.134 21.549 126,291 232,707 713 762 752,454 1 Oa Movement sn Deferred Income At 1 Aprll 2023 Net movemenl In year At 31 March 2024 Grants in advance Room Hire and box office in advance 20,000 106.291 126.291 148,040 168,040 61,051 229,091 102,800 Page 34 of 39 THE ALBANY 2001 COMPANY Notes to the financlal statements for the year ended 31 March 2024 10b Credltor8: Amounts falllng du• aftor ono year 2024 2023 Bank Loan 37.417 59.847 The Albany had a loan facility of £130,000 from HSBC bank in 2020. The loan is repayab18 over 6 years until October 2026. The interest rat8 on th8 loan is 3.95Vo+BEBR. The loan was used to fund a boiler replacement and ess8ntial electrical rewiring. 11 Al 1 Aprll 2023 Summarl8ed movomonts of funds Incomlng Rèsour¢•s resources expended Transfer• between funds 31 March 2024 Unrestricted - General Unrestricted - Revaluation Reserve D8signatad - Capital Designated - Businass Developmènt Deslgnated - Creative Development Designated - Maintenance Restricted Capital Restricled - Income 637,894 1,559,036 11,765,304) 2,900,000 598,400 100,000 100,000 60,000 926,098 (40,278) 758,625 622,527 771,276) 6,081.017 2,181,563 (2,664,180) 19,955 451,581 2.900.000 538,507 72,571 100,000 40,000 885,820 609,921 5.598,400 (59,893) (27,429) (20.000) 45 At l Aprll 2022 562,765 1,829.518 (1750,077) 2,900.000 664.181 50.000 At 31 March 2023 837,894 2,900.000 598,400 100,000 100.000 60,000 Sufflmarlsed movements of funds Incomlng R•$ourco8 r•source8 •xp•ndad Transfer$ bgtween lund$ (4,310) Unrestricted - General UnrestrScted - Revaluation Reserve Designated- C8Pltal Designated- Business Oevelopment Designated- CreatlV8 Dev81opment Desi9nat8d- Maintenance Deslgnated- COVID Fund Restrlcted - C8Pital Restricted - Income (65,781) (54.310) 104,310 100,000 60,000 200,000 967,194 (41.096) 1.421,645 1.774.639 2.437.659 6,825,785 3,604,157 14,348,923) (200.000) 926,098 758,625 6,081,017 Unre8trlct•d - Goneral The fund ropresents the Unrestricted Ras8rves of the Charity. Unrestrlcted Revaluation Reserv• The fund r8pr8S8nts th8 revaluation on the land element of the property under Iransition to FRS 102. Deslgnated- Cap5tal The fund r8pres8nts the nel book value of non-restrictod fixed assets Classified as buildings. De8lgnatod ~ Busln•88 D•valopm•nt Preliminary costs and incoma ralating to the building development project and exceptional buslne8S d8V81opment cosls are charged and credited to thls fund. Page 35 of 39 THE ALBANY 2001 COMPANY Notes to the financlal statements for the year ended 31 March 2024 Deslgnated - Creatlve Development Exceptional costs relating to the development of the new artislic programme are charged and cr8dit8d to this fund. Deslgnatèd - Mainttrnan¢e The fund was created from underspends in Ihe maintenance budget. The fund level is to ensure we can fully meel any contracted legal obligations. Restrfcted - Capltal Capital grants are credited to this fund when recelved and depreciation relatlng to assets acquired with such grants are charged to the fund. R•8trlctod - In¢oma Thes8 funds summarise revenue income received for specific aclivities and relaled expenditure. Explanations for the use of some of the Restricted Project Funds is sei out in detail in the Trustees, report section 'Achievements and Performance. starting on page 6. 12 R•strfcted Fund8 At 1 Aprfl Incomong Rosourcos 2023 r•8our¢•8 exp•nd•d At 31 March 2024 Transf8rs Income Funds Future Arts Esmae Fairbairn Foundation Family Arts Fun Palaces Garden Projecl Meet Me at the Albany (MMATA) Young Londoners fund Young Peoples Programm8 Borough of Culture The Home Jack Petchey Contracls 8BC CIN & Natsonal Lottery Cornmunity Fund #iwill Fund Grant Paul Hamlyn Cockayne - Grants for the Arts & London Community Foundation Are You There Associate Artisls Building the Fulure UK CRF Propel Warni Welcome Fund 5,877 7.972 (47,295) (303.884) (39.923) (29.713) (6.990) (132.554) {82,594) (5,041 > (708) (37,741) (49.552) {3,000) (9,569) (10.190) (1,709) (547) (7,009) (5,760) (5,469 (771.276) 13.849 47,295 327,007 14,362 4.065 305.442 34,132 29,726 19,659 140,321 5,726 328,565 8,571 4.078 12.669 149.392 141,625 76,868 9,225 4,791 33,737 4,184 6,443 2,360 3,928 76 4,685 44,867 19,375 (146} 16,375 10.000 285 29.897 38,109 9.950 7,009 19,707 36,400 9,403 5.760 5.500 622,527 31 45 758,625 609.921 Capftal Funds Restricted - Capital Funds 926.098 926.098 (40,278 40.278) 885.820 885.820 Total R•$trlcted Funds 1.684,723 622,527 811.554) 45 1,495.741 Page 36 of 39 THE ALBANY 2001 COMPANY Notes to the financial statements for the year ended 31 March 2024 12 Restrlcted Funds At 1 Aprll Incomlng Resources 2022 resour¢¢$ expended Transfers At 31 March 2023 Incom• Funds Esmée Fairbairn Foundation (FAC) Family Arts Fun Palac8S Garden Project Meet Me at the Albany (MMATA) Young Londoners ftsnd Young Peoples Programm8 Borough of Culture The Home Jack Petchay Contracts BBC CIN & National Lottery Community Fund #iwill Fund Grant W&slon Culture Fund Cockayne- Grants for the Arts & London Communlty Foundation Are You There Associate Artists Building the Future UK CRF 15.987 79,349 373.506 11,838 19,333 13.117 156.234 515.256 15.218 8,891 145,879 (15,995) 139,041 (171,095) 309,208 (355.707) 26,471 (23.947) 21,008 {36,276) 77,419 (90.662) 146.713 {161,188) 954,102 (1,392.490) 13.455 (19,448) {4,100) 47,295 327,007 14,362 4,06S 126 (134) 141,625 76.868 9,225 4.791 33,737 (112,142) (300) (6,219) 4,985 4,685 6,219 10.000 10.000 23,900 28,750 9,950 (1,782) 45,000 36,209 1,421,645 1,759,428 (2.422,447) 5,997 10,129 29,897 38,109 9,950 7,009 758,625 (7701 Capltal Fund8 Restrlcted - Capital Funds 967,194 967.194 41.096) 41,096 926,098 926,098 Total Restrlctod Fund* 2,388,839 1.759,428 2,463,543 1.684.723 Page 37 of 39 THE ALBANY 2001 COMPANY Notes to the financial statements for the year ended 31 March 2024 13. Analysls of net assets betw••n funds Unrestricted Unre8trlctsd General Dosignated Funds Funds Restricted Reslrlcted Income Capital Funds Funds Revaluatlon Resarve Total 2024 Tangible fixed assèts Stocks Debtors Cash at bank, in hand Current liabilities Long term liabiliti8S at 31 March 2024 114,635 4,740 175,684 907,701 (713,762) (37,417) 451,581 538,507 2,900,000 885,820 4,438,962 4,740 175,684 1.730.193 (713,762) {37.417) 885,820 5,598,400 212.571 609.921 751,078 2,900,000 609.921 Analysls of not assets betweon funds Unre8trlct•d Unr•strlcted Gan•ral D•slgnaied Fund8 Funds R•valuatlon Reserve R•$trict•d Reslrlcted Income Capltal Funds Fund8 Total 2023 Tangible fixed assels Stocks Debtors Cash at bank. In hand Current liabilities Long t8rm liabiliti88 at 31 March 2023 131.365 6.049 229,864 1,092,051 (752,454) (59,847) 647,028 589,267 2.900,000 926.098 4,546,730 6,049 229.864 1 2.110.676 {752,454) {59,847) 926,099 6.081,017 260,000 758,624 849.267 2,900,000 758,624 14. Grants and donallon$ r•c•lvable durlng the year 2024 2023 Unrestrlcted grants and donatlons London Borough of Lewlsham annual revenu8 SUPPOrt Arts Councll England annual revenue support Arts Councll England- CRF grant SuTrJry donatlons 150,000 150.000 179.256 179,252 2.293 331,549 26,781 356.033 Restrlcted Income grants and donatlons Arts Councll England- Famlly Arts Arts Councll England- Pmject grant,. Natlonal Lottery 25th Annlversary Arts Councll England- Other Anonymous Trust 1 Anonymous Trust 2 132.392 1.685 3,333 10,000 10,000 Page 38 of 39 THE ALBANY 2001 COMPANY Notes to the financial statements for the year ended 31 March 2024 14. Grants and donallons recolvable durlng the year (contlnu•d) 2024 2023 ARC grant The Baring Foundation BBC CIN & National Lottery Communlty Fund #iwill Fund Grant Brltish Council city Bridge Trust Clarion Futures Cockayne- Grants for the Arts & London Comrnunity Foundation Entelechy Arts The Fenton Arts TNst Goldsmllhs. Universlty of London Greater London Authority Jack Petchey Foundatlon Kickstart Grants The Leche Trust Th8 Lee Charity of William Hatcliffa London 8orough of Lew15ham Borough of Culture Leeds Universily L&wisham Local London Youth Mayor of London National Lottery Community Fund Natlonal Theatre Paul Hamlyn Foundation Royal Free NHS Foundation Trust The Royal Vlcloria Hall Foundation Scottlsh Libraries (SLIC) Sports England Grant The Gaff ick Charltable Trust The Home The8lre du Pelican Youth First Youth Music Private donations - Every Child project Private donations - Family Arts project Private donations - Maet m8 at Iha Albany Private donations - Garden project Private donations - Borough of Cullure Private donations- Young Creatives Private donations- Young Londonars 5.877 7.375 29.500 44,867 4,985 5,997 16,541 30,420 2,500 10,000 21,126 4,943 5,129 3,925 141,460 5,900 46,580 4,000 3,226 24.710 25.680 2.360 482,620 3,771 5,500 18,123 11,000 308,460 19.900 11.000 300,000 19,375 14,772 1,500 7,572 5,780 5.000 13,455 6,880 2,992 16 8,569 4,199 6,569 673 587 16 3.520 569,484 901,033 1,296,876 1,652,909 Total grants and donatlons Page 39 of 39