THE ALBANY 2001 COMPANY
Registered charity no. 1112521 Registered company no. 04333098
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Contents
| 1. | Trustees’ Report | 3 |
|---|---|---|
| 2. | Independent Auditor’s Report | 17 |
| 3. | Statement of Financial Activities | 21 |
| 4. | Balance Sheet… | 22 |
| 5. | Statement of Cash Flows | 23 |
| 6. | Notes to the Financial Statements | 24 |
The Trustees present their report and the audited financial statements for the year ended 31 March 2025.
| Reference and Administrative Details | Reference and Administrative Details | |
|---|---|---|
| Charity Number: | 1112521 | |
| Company Registration Number: 04333098 |
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| Operating Address | The Albany | |
| and Registered Office Douglas Way |
||
| London SE8 4AG | ||
| Trustees | ||
| Ahmet Ahmet* ^ | Resigned 09.07.25 | |
| Aleksa Asme | Resigned 06.04.25 | |
| Dawn Atkinson | Appointed 11.4.24, Resigned 11.08.25 | |
| David Bedi*^ | ||
| Shereener Browne^ | Resigned 20.06.25 | |
| Ono Dafedjaye^ | ||
| Dilesh Desai*+ | Resigned 05.12.24 | |
| Addison Devlin+ | ||
| Kurban Haji | Resigned 10.03.25 | |
| Kerry Haxby-Dean | ||
| Kaylah Jackson-Clayton | Resigned 19.08.25 | |
| Michelle Matherson*+^ | ||
| Lisa Mead | ||
| Janice White | ||
| Ruth Wye | Resigned 10.03.25 | |
| Amy Adams | Appointed 10.03.25 | |
| Ron Savill | Appointed 10.03.25 | |
| *Denotes member of Finance, HR & Operations Sub-committee | *Denotes member of Finance, HR & Operations Sub-committee | |
| +Denotes member of the Building Development Board | ||
| ^Denotes member of the Fundraising committee | ||
| Principal Staff Gavin Barlow - Chief Executive, Resigned 31.03.25 |
||
| Senay Gaul – Managing Director, Resigned 30.09.24 | ||
| Mel Wilds – Interim Executive Director, Started 23.09.24, Resigned 24.06.25 | ||
| Mary Nri - Finance Director, Resigned 31.03.25 | ||
| Vicki Amedume - Creative Director/ Appointed Co-CEO 01.04.25 | ||
| Mimi Findlay – Executive Director/Co-CEO, Appointed 21.07.25 | ||
| Hayley Murphy – Development Director/ Appointed Deputy CEO 01.04.2025 | ||
| Bankers | CAF Bank Ltd | HSBC Bank plc |
| Kings Hill | 85-87 Lewisham High Street | |
| West Malling | Lewisham | |
| Kent M19 4TA | London SE13 6BE | |
| Auditors | Moore Kingston Smith | Romford RM1 3PJ |
| LLP Chartered | ||
| Accountants Orbital | ||
| House | ||
| 20 Eastern Rd |
| Solicitors | Rosenblatt Solicitors |
|---|---|
| 9-13 St Andrew Street London | |
| EC4A |
Status
The Albany 2001 Company is a charitable company limited by guarantee, which was established to become the sole corporate Trustee of the Deptford Fund.
The Albany 2001 Company was incorporated on 3 December 2001; it was registered as a charity on 15 December 2005 and recognised as the sole corporate Trustee of the Deptford Fund on 10 August 2006. The Deptford Fund is an unincorporated trust established in 1897 and was registered as a charity on 8 March 1968.
Under a uniting order of the Charity Commission dated 11 August 2006, the Deptford Fund was removed from the register of charities and became the subsidiary charity of The Albany 2001 Company. These consolidated accounts reflect the activities, assets and liabilities of the combined entity, which operates under the trading name of The Albany.
Structure, Governance and Management
Governing Document
The Memorandum and Articles of Association of The Albany 2001 Company, as amended at the 2005 and 2018 General Meetings.
The Albany 2001 Company
The directors who served during the year are listed on page 3. The directors form a Board of Trustees, which meets every three months, or more frequently if required, to consider reports from the Senior Management Team, monitor financial progress and consider issues of strategic importance.
The Board has created two sub-committees (Finance, HR and Operations; Building Development). These meet regularly and as required to consider items/information in more detail than the Board. They have delegated 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 staff team, led by the Chief Executive. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance employment and artistic performance related activities.
Appointment of Board of Trustees
The Board consists of a maximum of eight Nominated Trustees (selected by the directors for relevant skills and experience, which will benefit the company) and six Elected Trustees (elected by the membership in the Annual General Meeting). One place on the Council is held for a representative from Lewisham Council, and one for a representative of the Albany's resident organisations.
Trustees (both Elected and Nominated) serve for terms of three years subject to the rule for annual retirement, which applies to one third of those Elected Trustees having been longest in office.
Trustee Induction and Training
All new Board members undergo an induction process, have Role Descriptions and are made aware of all their legal responsibilities. Training sessions and 'Away Days' are offered and policies and procedures relating to Board members induction and training are reviewed and updated.
Remuneration Policy
When setting remuneration for its staff, the Albany takes account of living wage, market rates, sector benchmarking and other relevant data relating to charities of a similar size, operational activity and workplace location. The Albany is committed to pay at least London Living Wage, reviewed annually Remuneration of the CEO is the responsibility of the Trustees and is set in the light of the skills and competencies required for the particular roles and within the constraints of affordability.
Related Organisations
Lewisham Council
The Albany is the principal independent arts and community resource in the London Borough of Lewisham and has been supported by grant aid from Lewisham Council for many years. The Council is represented on the Board of the Albany. The Albany has been appointed as the Anchor Cultural Institution for the borough from 2022-2025.
Objectives and Activities
Albany Mission
The Albany aims to provide:
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An artistic and community resource where diversity and creativity flourish.
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A space where new talent is nurtured and exposed to ideas from across the world High quality creative experiences relating to the communities we serve.
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A creative centre for learning within the community, contributing to the cultural, social and economic benefit of South East London.
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:
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Promote the arts.
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Promote education.
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Relieve need and disadvantage.
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Promote equality and diversity.
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Provide recreation or other leisure time occupation facilities in the interest of social welfare for individuals who have needs of such facilities by reasons such as their youth, age, infirmity, disability, financial hardship or social circumstances with the objective of improving their lives.
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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 strategic objectives below:
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To put local engagement at the centre of the strategy, further establishing the Albany as a world-class community-based arts centre.
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To inspire the creative potential of our communities and act as a catalyst for change and collaboration.
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To democratize artists and local people
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To be bold and brave as an anti-racist organisation, having a clear voice of Black People and People of Colour at every tier in the organisation, using this to shape our policies and work.
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- 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.
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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.
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To ensure the Albany has a sustainable future, strengthening its business and organisational model and diversifying its range of partnerships.
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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.
Albany Values
The Albany is:
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Open and welcoming - we foster an inclusive space, both physically and culturally, where anyone can feel welcome and heard.
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A home for ideas, creativity and action - 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.
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A connector of people - we put our communities at the heart of any process. We share our knowledge to shape change and create something better for everyone.
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Responsive and flexible - we're co-operative, willing to listen and adjust our approach according to the task in hand. We love seeing amorphous ideas become reality.
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Committed to representing the extraordinary creativity and diversity of Deptford and Lewisham. 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.
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Adventurous and ambitious - we believe that a sense of adventure is essential to achieving our vision. White we are rigorous in our approach and celebrate our successes, we're not afraid to try something new.
Albany Activities
The Albany undertook the following activities during the year:
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Provided a programme of events across its four performance spaces, including theatre, dance, spoken word, film and comedy.
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Provided participatory and educational arts projects including training programmes.
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Provided support and space to artists to develop new work
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Provided serviced accommodation to a number of independent community projects whose objectives fall within the broad aims of the Albany.
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Provided facilities and spaces for use by resident independent projects and local groups and
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individuals for social events, meetings, workshops, rehearsals, performances, events and conferences.
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Managed Deptford Lounge, on behalf of Lewisham Council, providing cultural and community facilities and projects.
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, including its guidance 'Public Benefit: Running a Charity (PB2)' and are confident that the objectives and activities undertaken by the Albany provide a significant benefit to the public and are in accordance with its charitable objectives.
Achievements and Performance in 2025
The 2024/25 financial year marked a period of consolidation and renewal for the Albany. Building on our role as Lewisham’s Anchor Cultural Institution, we continued to lead the Lewisham Cultural
Partnership, collaborating with local organisations to strengthen cultural infrastructure and support community-led initiatives.
The operational landscape remains challenging. Fundraising is increasingly competitive, costs continue to rise, and core funding for the Albany, like many arts centres has declined in real terms due to increased costs. In response, we restructured our teams and implemented a new Creative Strategy, aligning our programmes with an evolving business model that maximises both community benefit and artistic ambition. This strategy is supported by multi-year funding from the Paul Hamlyn Foundation, alongside continued investment from Arts Council England and Lewisham Council.
In September 2024, Managing Director Shenay Gaul stepped down after 18 years with the organisation and in April 2024 Chief Executive Gavin Barlow stepped down after 22 years of leadership which has been instrumental in transforming the Albany into a flourishing creative hub that has innovated and influenced the sector across South East London and beyond.
Following their departure, the Albany introduced a new joint CEO structure. Creative Director Vicki Amedume stepped into the role of co-CEO, and recruitment for an Executive Director and co-CEO was successfully completed, confirming Mimi Findlay to step into the role in July 2025. This leadership transition is part of our ongoing commitment to adapt and evolve in response to the changing cultural landscape.
Public Programme
In 2024/25, the Albany delivered 242 performances and events, including five new commissions and co-productions, engaging an audience of 27,980 people. Feedback from audiences remained consistently strong, with 91% rating their overall experience as good or very good and 96% agreeing that the Albany is a welcoming place for all members of the community. The family and children’s programme alone featured 70 performances, reaching 6,584 people.
The year’s programme continued to grow in breadth and ambition, reaching diverse audiences and supporting artistic development across theatre, music, literature, and family work. Our Christmas production, Well Done Mummy Penguin, was a particular artistic highlight, attracting overwhelmingly positive responses from audiences and industry peers. Alongside the run, we hosted a Venue Programmers Network event that generated strong interest in both the production and the company’s wider work. As the company noted, “This commission has been a total game changer for us”. Building on this momentum, we are contracting our 2025 Christmas production with Icon Theatre.
The music programme grew, anchored by our popular Jazz Saturdays in the CaffA, which continue to build a loyal audience. Highlights included a collaboration with Love Music Hate Racism headlined by Dave Okumu, as well as new partnerships with local organisers Tiara Nights and the Triangle LGBTQ+ Cultural Centre. A major moment was the Creekside Festival, produced in partnership with local radio station AAJA Music, which—following the success of the Borough of Culture Sound System Day—welcomed more than 1,000 visitors in a single day. The programme also expanded into new strands, including BPM, a showcase for emerging electronic music producers led by Associate Artist Kwake Bass, and Lemon Lounge, a sound system club night.
The family programme had a strong season, with sold-out performances of Rainbow Butterfly, Soft or Spiky (for early years audiences), and a half-term show at Deptford Lounge. In addition to performances, we piloted foyer-based craft workshops alongside Jazz Saturdays and created a new Wild Play Area in the Albany Garden, funded by the Bupa Foundation to host outdoor, nature-based workshops for children and families as well as provide opportunities for community hire.
In theatre, we co-commissioned the UK premiere of Upswing’s Showdown, directed by our Creative Director, Vicki Amedume. Following acclaim in Berlin, the production opened at the Albany in May with additional audience development activity, including workshops with CAYA and Meet Me at the
Albany, and a post-show discussion. After the Act by Breach Theatre, exploring the legacy of Section 28, also had a successful run, including two sold-out previews following a week of in-kind production space. This project formed part of our wider strategy to develop queer-led work and grow queer audiences.
We also continued to champion literature through the Deptford Literature Festival (27–30 March), which brought writers and communities together, including a launch event showcasing Lewisham Lyricists.
Finally, to frame and communicate our programming vision, we published a new Artistic Policy statement, reinforcing our commitment to accessibility, representation, and community-led creativity.
Albany Youth Programme
During the year, there were 6271 attendances at 745 sessions. We worked with 1356 young people - of whom 76% were Black and Global Majority, and 50% were resident in social housing. 90% of young people reported increased skills, social connections and confidence. We supported 350 young creatives in the development of their work, employed 59 professional artists and provided 633 hours of paid work for young people. Highlights included:
This year has been a period of significant growth and innovation for the Albany’s Youth Programme, as we continue to build an offer that supports young people’s mental health, wellbeing, creativity, and career pathways. Working in close partnership with the youth sector, the arts sector, schools and health services, we are proud to have deepened our impact and visibility within the borough and beyond.
We were honoured to be highlighted at Southbank Centre’s Creative Health Solutions for Young People Symposium , where Sarah Brown, NHS England Lead for Children and Young People’s Mental Health, spoke about the Albany’s role in her address. This recognition reflects our increasing profile as a creative health partner.
A cornerstone of this work has been “Should I Really Be Here?” , a Lewisham-funded response to the BLACHIR report into health inequalities, which identified the urgent need for better access to mental health support for young Black African and Caribbean men. We are co-creating communitybased services with young men in Honor Oak alongside LiteWaves, a Black-led therapeutic community organisation.
Our flagship weekly youth-led takeover, Come As You Are (CAYA) , continues to thrive. Every Tuesday, the Albany becomes a hub for young people to connect, take part in music, theatre, visual arts, and social action projects, or simply use the space with friends. CAYA has grown rapidly, with many young people now bringing peers along. It is also providing vital visibility for the programme within the building and across the community.
Creative pathways and careers support have expanded significantly. We consolidated our backstage and technical training offer through partnerships with Southbank Centre’s Technical Academy, Lewisham Music, and industry partners. Opportunities now include skills training in lighting, sound and stage management, leading to placements at both the Albany and Glastonbury Festival. We are also building pathways into the digital and tech sector through the Creative Coding Collective , which completed its second advanced coding course this year.
Performance remains a vital strand of our programme. Our Albany Young Company , delivered with Sounds Like Chaos, staged Holding On to Letting Go in November – an extraordinary production created and performed by 20 local teenagers, led by alumni Amaarah Roze and Chiquita Delisser.
Meanwhile, our Love 2 Dance programme celebrated ten years of street dance with a showcase, although the programme’s long-term future is uncertain as it has reached the end of funding from Lewisham Homes.
The REZON8 studio programme continues to support young artists through one-to-one sessions, bootcamps and peer networks supported by the Elizabeth Legacy Fund. One powerful example saw a 16-year-old recently returned from Kenya, with no GCSEs, supported to apply successfully to Big Creative College on the strength of music developed at REZON8.
Alongside our year-round offer, we have delivered holiday programmes for children and young people, including a summer Arts and Gardening Club in collaboration with holiday activities and food programme (HAF), providing creative activity and healthy meals for children on free school meals, and new holiday arts provision in partnership with Montage Theatre.
This breadth of work was recognised when the Albany achieved the London Youth Bronze Quality Mark – a significant endorsement of our youth provision.
We are proud of the scope and impact of this year’s youth programme and will continue to adapt to a financially turbulent environment, seeking to protect core projects while developing new partnerships and funding models.
Meet Me at the Albany: Creative Ageing Programme
Our award-winning Meet Me programme , produced in partnership with Entelechy Arts, continues to be a vital space for creativity, connection, and wellbeing for people over 65. Each week, older members of our community take part in creative sessions, from choir and printmaking to dance and storytelling, as well as joining together for our much-loved Tuesday building “takeovers.” Over the year there were 2232 attendances, with sessions supported by 40 paid artists and 33 volunteers.
This year, 15 new members joined Meet Me , expanding our growing and diverse community. Projects included lino printing and animation workshops, alongside joyful gatherings such as the Meet Me Summer Party and the final sessions of Meet Me on the Dancefloor funded by Sport England . One participant reflected:
“It had a big impact on my physical body and mental health. I feel well exercised, happy, plenty of energy. Love the dancing and singing.”
The programme has continued to evolve with ambitious new projects and collaborations. Highlights include:
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The 21st Century Tea Dance – The Deep Blue , an immersive installation exploring our oceans and the impacts of climate change, created from recycled materials (October 2024).
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Natural Behaviour , an intergenerational exchange with dance company Thick & Tight.
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12 Choirs of Christmas at the Old Vic , culminating in a performance on the Old Vic stage in December 2024.
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The Winter Party (December 2024), co-created by members and artists, including a new Making & Selling strand, trialling member-made products in the Albany café alongside a Meet Me craft stall.
In addition, Meet Me on the Phone continues to reach members unable to join in person, with a focus on music, sensory experiences, and doorstep deliveries to strengthen connections. The Meet Me Choir has expanded into songwriting, creating original works alongside weekly singing sessions.
We are also proud to be part of international knowledge-sharing. In March 2025, Meet Me will welcome delegates from Taiwan as part of a UK study visit led by Silver Linings and Pintung County Government, learning from and sharing our creative ageing practice.
Alongside creative activity, the programme contributes to wider learning about health and wellbeing, including participation in the TOUS social prescribing research project , with findings due to be published later this year.
Meet Me continues to grow as a space where older people are not only participants but co-creators and leaders, shaping a vibrant and visible culture of creative ageing in Lewisham.
Deptford Lounge
Throughout the year, there have been a total of 514 events at Deptford Lounge, such as cyanotype workshops and exhibition, authors nights, poetry and spoken word nights, roller disco, chess club, Vietnamese Mid-Autumn and Lunar New Year, film club, Sing Out for International Make Music Day, Imagined Worlds – a series of sci fi and fantasy workshops, authors talks and exhibition, plus many many more. Albany led 40 events and supported an additional 34 , while 166 were jointly organised with libraries and 274 were hosted exclusively by libraries. Additionally, 81 exhibitions enriched the program. These collective efforts attracted a remarkable total of 25,081 attendees, with an average of 49 participants per event. The scale of these events varied significantly, ranging from intimate workshops with a capacity of 15, to performances accommodating 70 attendees, and large-scale festivals welcoming up to 4,789 visitors in a single day.
Highlights of the year included the first LDH queer mart in June 2024 then again with a festive Queermas Market in December 2025 attracting over 4,500 (2,515 & 2,119 respectfully) visitors over the 2 events . We continued to support the Vietnamese Community in partnership with Vietnamese Family Partnerships by hosting their Mid-Autumn in September 2024 and Lunar New Year in January 2025, celebrations which brought in just over 9,300 visitors over the 2 events (4,789 & 4,555 respectfully).
Deptford Scratch was another first at the Lounge with the first event taking place in July 2024. It was a great success not only selling out but also introducing new artists to each other where they were able to gain opportunities and experience for writers, directors and actors, it is now a regular event at the Lounge three times a year.
Artist Development
The Albany has recruited six new Associate Artists and our Artist of Change from 115 applicants. Hidden Keileon, who will be officially announced in the coming weeks. The new Associates are Kwake Bass (music), Onos Ovueraye (music), Maz Koshika (Albany Garden), Sue Mayo and Chuck Blue Lowry (Meet Me), Marie Klimis (Deptford Lounge), and Crescendorious (children and families).
Engagement
The Albany recruited nine and engaged members to its first Community Council, the group will work collaboratively with staff and trustees to shape the future of our programme and activities.
Our Pizza & Pitches programme continued to support community-led creative ideas. Two projects were selected from 73 submissions by members of the public: Islands of the South , a Latin American workshop and installation, and Gay School , a playful, queer-inspired learning space where people of all identities explore feminist and queer theory, creativity, and community through interactive sessions and performances.
During the year the Albany provided support to 150 different organisations and co-produced 40 community-led creative events. Highlights included Queer Diary, Bijou Stories Songbook, and Black Heroes Soul Food Café, alongside a wide range of other projects celebrating the creativity and diversity of local communities.
Albany’s Community Gardening programme, supported by City Bridge Foundation continued to thrive in 2024/25, with weekly sessions for Lewisham College students with learning disabilities, adults, and children, alongside projects with Tidemill School, the Meet Me programme, and Metro LGBTQ+ charity. We have found that mental health and wellbeing is a priority for those who use our Garden, and so are being as responsive as possible to reach those who may benefit. We collaborated with Lewisham Wellbeing Hub, which provides support for those struggling with mental health issues in Lewisham, inviting attendees to our Thursday Come ‘N’ Grow sessions, as well as running 4 individual afternoon sessions; plus, a gardening session for 5 clients of KeyRing, a charity focusing on social support. While the garden itself remained a valued community resource for thousands more, offering opportunities for reflection, play, workshops, and gatherings.
Community-driven creativity also flourished through projects such as Trees and Tower Blocks , a photography initiative led by two artists from the Pepys Estate working with local young people to create a permanent display.
Café update
In 2024/25 the Albany once again operated as a Warm Space in the winter months, supported by the Warm Welcomes Fund administered by Lewisham Local, providing a welcoming environment for those most in need. We extended our food offer with a new daytime café service and expanded catering facilities, which also connected with our community gardening programme by incorporating home-grown produce. This not only strengthened our social impact but also supported financial resilience through increased ancillary income. Highlights of the year included a bespoke catering offer for the Fun Palaces exhibition launch and hosting Lewisham Council’s Refugee Week event in June 2024 across our café and garden spaces.
Creative Communities
At the start of the financial year, the Albany relocated to a new space, supported by funding from the UK Shared Prosperity Fund (UKSPF). This investment has enabled us to fit out high-quality facilities, including a rehearsal room, music studio, coworking areas, and fixed desk provision, designed to better serve artists, community groups, and creative enterprises. These developments strengthen our role as a hub for creativity and collaboration, ensuring our spaces remain responsive to local needs and sustainable for the future.
Lewisham's Anchor Cultural Institution
The Albany continues in its role as Lewisham’s Anchor Cultural Institution, supporting the Council through chairing of the Lewisham Cultural Partnership, the development of strategic funding bids, and providing support to grassroots arts organisations across the borough. We have maintained sector networking events and offered one-to-one fundraising support for local creatives, helping to strengthen the cultural infrastructure and opportunities throughout Lewisham.
Strategic Partnerships
The Albany has continued its active participation in the Goldsmiths Civic University Partnership and the Lewisham Strategic Partnership, contributing to consultations on the next phase of Shapes, the North Lewisham Creative Enterprise Zone. We were also invited to join the creative industries roundtable for the new London Growth Plan.
The CEO, appointed Chair of the Lewisham Cultural Partnership, has strengthened collaboration across the borough. The Albany is co-leading a new Creative Health working group, bringing together representatives from public health and the South East London Integrated Care Board of the NHS. We also continue to support the South Lewisham Cultural Partnership with Arts Council Place Partnerships bids.
Awards and nominations
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Shortlisted for the Arts Council Digital Culture Network awards in the Digital Marketing Category for our Festival Early Bird Campaign
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Shortlisted for the Charity Awards 2025, which celebrate excellence in the charity sector
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Deptford Lounge’s Deptford Scratch initiative featured in the Ettie Awards 2025 shortlist.
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- Nominated for an award from Attitude is Everything for Innovation in Creative Access.
Resident Organisations
24 Resident projects and organisations were based at the Albany during 2024/25 and included 9 Art Council England National Portfolio Organisations
| Apples & Snakes Day 600 Ltd Entelechy Arts Fun Palaces Heart & Soul Independent Theatre Council Kali Theatre Company LBL Street Trading Lewisham Education Arts Network (LEAN) Poetry Translation Centre Recruit a Chef Refuge Community Outreach Project Refugee Council Lewisham |
Robert Ferreira (counsellor) South London Arts Therapy Spare Tyre Theatre Company Spread the Word Street Traders Lewisham Studio Raw Three Boroughs Three Boroughs Lewisham Family Self-Help Association New Earth Theatre Company (until 16 July 2024) Together UK Healthwatch Lewisham |
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In 23/24 the Albany launched a sliding-scale Co-working model called Creative Communities and in 24/25 it attracted 132 new members, 314 ad hoc booking for rehearsal space and 292 coworking desks.
Financial Review
The Albany ended the year with net outgoing resources of £393,410 (2023/24: net outgoing resources of £482,617). The unrestricted General fund was a deficit of £71,155 for the year, (2023/24: deficit of £186,313).
Alongside the General fund result above, the year’s final outcome consisted of drawdowns/a net release against the following funds: -
£173,831 from brought forward restricted project funds, £48,253 from designated income funds and £100,171 from restricted and designated capital funds for budgeted depreciation.
Incoming & outgoing resources for the year
The Albany’s prior year (2022/23) participation as lead Partner for London Borough of Lewisham in the London Borough of Culture (LBoC) resulted in significantly enhanced activity, increasing both incoming and outgoing resources on Restricted project funds. This skews the variances and will make it harder to review some 2023/24 comparisons against the prior year.
Total incoming resources were £2,456,074 (2023/24: £2,181,563) an increase of 13%.
Earned income rose by 15% to £1,495,994 (2023/24: £1,280,525). Earned income makes up an increased amount, 61% (2023/24 59%) of total incoming resources.
Total Resources expended were £2,849,484, a 7% increase on 2023/24: £2,664,180.
Total funds of the organisation as at 31 March 2025 were £5,204,990 (2023/24: £5,598,400), this includes the £2,900,000 unrealised Capital Revaluation Reserve. The remaining funds total
£2,3047,990 and comprise Unrestricted funds of £380,426, Designated funds of £642,932, (£478,614 relating to depreciation on capital assets) and Restricted funds totalling £1,281,632 (£436,092 in Restricted project balances and £845,452 relating to depreciation on capital assets). Restricted fund project balances are carried forward contractually to deliver the projects in future years.
Income Funds
Restricted - Income : during the year income for specific purposes totalling £647,486 (2023/24: £622,527) was received through revenue grants and donations for new and continuing projects (see note 12). A total of £436,090 (2023/24: £609,921) is carried forward to fund future activity.
Unrestricted General : these reserves are available 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 £71,155 (2023/24: 186,313 deficit). The General Fund balance stands at a surplus of £380,426 (2024: £451,581).
Revaluation Reserve : this is the 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 Albany's Free Reserves. The Revaluation Reserve balance stands at a surplus of £2,900,000 (2024: £2,900,000).
Designated - Business Development established to fund transactions relating to the future development of the Albany; This includes the redevelopment of the building and the resources to proceed with the research and development for the build. The balance of the fund is £24,318 at 31 March 2025 (2024: £72,571).
Designated – Creative Development reserve established to fund transactions relating to the strategic artistic development at the Albany. The balance of the fund is £100,000 at 31 March 2025 (2024:
£100,000).
Designated - Maintenance established to reflect possible contractual maintenance responsibilities at the Albany and managed sites. The balance of the fund as at 31 March 2025 is £40,000. (2024: £40,000).
Capital Funds
Restricted - Capital : capital grants are credited to this fund when received and depreciation relating to assets acquired with such grants is charged to the fund. The balance of the fund at 31 March 2025 is £845,542 (2024: £885,820).
Designated - Capital : represents the net book value of Unrestricted Capital Fixed Assets. Depreciation is charged annually to the fund in respect of these unrestricted assets and any improvements undertaken. The balance of the fund at 31 March 2025 is £478,614 (2024: £538,507).
Reserves Policy
The Albany Board has taken a risk-based approach to establishing a Reserves Policy, in line with the operational guidance No 43 (Charity Income Reserves) issued by the Charity Commission, which considers the risks affecting the organisation, and how reserves can be used to help in effectively managing them, whilst also being used to invest in the future health of the organisation as a fast-growing social enterprise. The key risks for the organisation over the next three years are loss of public funding, loss of the major local authority contract, changes required to redefine and implement the organisations strategic priorities post restructure. Normal business risks are managed through normal budget planning and financial management processes which are reviewed quarterly by the Board.
At the same time as maintaining General Fund Reserves to manage revenue risk in this 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 established the following objectives:
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To establish the Unrestricted General Fund Free Reserves target range between £298,700 and £451,347 averaging at £375,000 for the year. This equates to three months average core expenditure at the upper end and risk assessed income losses at the lower end. This range is estimated as sufficient to maintain short-term financial stability in the event of withdrawal or reduction in key revenue funding or unexpected operating expenditure.
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To maintain a Designated Business Development fund of £100,000 to meet preliminary costs of the building development project and allow investment in new business opportunities.
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To maintain the Designated Capital fund, which significantly equates to the net book value of Freehold and Property improvements made in the 1970s.
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To maintain the Designated Artistic development fund of £100,000 to fund strategic opportunities in the Artistic programme and implement the new business plan priorities.
At 31 March 2025, the General fund free reserves (see target range in 1 above) at £249,427 (2024: £336,947) are below the risk assessed lower end of the target range of £298,700. This has been acknowledged by the board and a comprehensive 3-year strategy has been put in place to maintain the business and return the reserves to within an agreed banding. Of the Designated funds, the Business Development fund is £24,319, the Maintenance fund is £40,000, the Artistic Development fund is
£100,000 and the Capital fund is £478,614.
Fundraising Policy
As for many charities, raising voluntary funds from trusts, foundations and individuals is a vital source of income for the 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 maintain solid partnerships with our supporters and donors, based on mutual understanding and shared values. We are registered with the Fundraising Regulator demonstrating our commitment to good fundraising practice. We are committed to following the Code of Fundraising Practice and the Fundraising Promise.
The Albany operates with a small internal fundraising team and does not normally engage external professional fundraisers or commercial participators to carry out fundraising activity, we do not engage in face-to-face or telephone fundraising. We have not received any complaints about our fundraising practices or activities, either during the financial year or subsequently.
The Privacy Policy is maintained in line with the General Data Protection Regulations and published on the Albany’s website. 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' Responsibilities
The Trustees (who are also directors of the Albany for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102, the Financial Reporting Standards applicable in the UK and the Republic of Ireland.
Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles 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 material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to Auditors
So far as the directors are aware:
-
a) there is no relevant audit information of which the company's auditors are unaware, and
-
b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Auditors
Moore Kingston Smith LLP have indicated 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 Matherson for and on behalf of The Albany 2001 Company on 22 September 2025.
Michelle Matherson
Opinion
We have audited the financial statements of The Albany 2001 Company Limited (‘the company’) for the year ended 31 March 2025 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 Kingdom Accounting Standards, including FRS 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:
-
give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 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 been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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 other information comprises the information included in the annual report, other 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 form of assurance conclusion thereon.
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 there is 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees’ annual report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the 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 where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ annual report and from preparing a strategic report.
Responsibilities of trustees
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 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 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 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 the 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
Our objectives are to obtain reasonable assurance about whether the 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
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 audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council
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We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
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We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
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Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.
Use of our report
This 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 undertaken 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 responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Date: 29 September 2025
Karen Wardell (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
Orbital House
20 Eastern Rd
Romford RM1 3PJ
THE ALBANY 2001 COMPANY
Statement of Financial Activities for the year ending 31 March 2025
| Notes Income Donations and Grants 2 Charitable activities: 3 Artistic programmes Centre operations External Contracts Total income Expenditure 4 Raising funds Charitable activities: Artistic programmes Centre operations External contracts Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Balance brought forward Balance carried forward 11 |
Unrestricted General Funds Unrestricted Designated Funds Unrestricted Revaluation Reserve Restricted Income Funds Restricted Capital Funds 2025 £ £ £ £ £ £ 335,510 - - 11,605 - 347,115 322,968 - - 635,879 - 958,849 643,949 - - - - 643,949 506,162 - - - - 506,162 1,808,589 - - 647,484 - 2,456,075 116,942 - - - - 116,942 796,209 75,702 - 821,315 28,195 1,721,421 410,325 32,444 - - 12,083 454,852 556,270 - - - - 556,270 1,879,744 108,146 - 821,315 40,278 2,849,485 (71,155) (108,146) - (173,831) (40,278) (393,410) - - - - - - (71,155) (108,146) 0 (173,831) (40,278) (393,410) 451,581 751,078 2,900,000 609,921 885,820 5,598,400 380.426 642,932 2,900,000 436,090 845,542 5,204,990 |
Unrestricted General Funds Unrestricted Designated Funds Unrestricted Revaluation Reserve Restricted Income Funds Restricted Capital Funds 2024 £ £ £ £ £ £ 331,549 - - 4,796 - 336,345 198,117 - - 613,803 - 811,920 537,323 - - - - 537,323 492,047 - - 3,928 - 495,975 |
|---|---|---|
| 1,559,036 - - 622,527 - 2,181,563 |
||
| 98,054 - - - - 98,054 766,915 61,125 - 733,532 28,195 1,589,767 383,697 26,197 - - 12,083 421,977 516,638 - - 37,744 - 554,382 |
||
| 1,765,304 87,322 - 771,276 40,278 2,664,180 |
||
| (206,268) (87,322) - (148,749) (40,278) (482,617) 19,955 (20,000) - 45 - - |
||
| (186,313) (107,322) - (148,704) (40,278) (482,617) 637,894 858,400 2,900,000 758,625 926,098 6,081,017 |
||
| 451,581 751,078 2,900,000 609,921 885,820 5,598,400 |
All the above results derive from continuing activities. There were no other recognised gains or losses other than those stated above. Movement in funds are disclosed in note 11 to these financial statements.
| Note | 2025 | 2024 | 2024 | ||||
|---|---|---|---|---|---|---|---|
| As restated | |||||||
| £ | £ | £ | £ | £ | |||
| Fixed assets | 8 | 4,355,155 | 4,438,962 | ||||
| Current assets | |||||||
| Stock | 4,210 | 4,740 | |||||
| Debtors | 9 | 171,312 | 175,684 | ||||
| Investments | 9a | 559,333 | 686,638 | ||||
| Cash at bank and in hand | 715,030 | 1,043,555 | |||||
| Total current assets | 1,449,885 | 1,910,617 | |||||
| Creditors:amounts falling due | |||||||
| within one year | 10 | (585,973) | (713,762) | ||||
| Net current assets | 863,912 | 1,196,855 | |||||
| Creditors:amounts falling due | |||||||
| after one year | 10b | (14,077) | (37,417) | ||||
| Net assets | 13 | 5,204,990 | 5,598,400 | ||||
| Funds | 11 | ||||||
| Unrestricted General | 380,426 | 451,581 | |||||
| Revaluation Reserve | 2,900,000 | 2,900,000 | |||||
| Designated Capital Funds | 478,614 | 538,507 | |||||
| Designated Income Funds | 164,318 | 212,571 | |||||
| Restricted Capital Funds | 12 | 845,542 | 885,820 | ||||
| Restricted Income Funds | 12 | 436,090 | 609,921 | ||||
| 5,204,990 | 5,598,400 |
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2016.
Approved by Michelle Matherson on behalf of the board of directors on 26.09.2025
Michelle Matherson
The notes on pages 26-36 form part of these financial statements.
| 2025 | 2024 | |
|---|---|---|
| As restated | ||
| £ | £ | |
| Cash Flow from operating activities | ||
| Net movement in funds | (393,406) | (482,617) |
| Depreciation charges | 117,659 | 115,232 |
| Interest paid | 2,005 | 2,891 |
| Decrease/(increase) in stock | 530 | 1,309 |
| Decrease in debtors | 4,371 | 54,180 |
| (Decrease)/Increase in current liabilities | (127,787) | (38,692) |
| Net cash provided by/(used in) operating activities | (396,628) | (347,697) |
| Cash Flow from financing activities | ||
| Capital repayment | (23,344) | (22,431) |
| Net cash used in financing activities | (23,344) | (22,431) |
| Cash Flow from investing activities | ||
| Investment Disposals | 686,638 | - |
| Investment Additions | (559,333) | (686,638) |
| Interest paid | (2,005) | (2,891) |
| Purchase of fixed assets | (33,853) | (7,464) |
| Net cash used in investing activities | 91,447 | (696,993) |
| Change in cash and cash equivalents in the reporting period | (328,525) | (1,067,121) |
| Cash and cash equivalents at beginning of reporting period | 1,043,555 | 2,110,676 |
| Cash and cash equivalents at the end of reporting period | 715,030 | 1,043,555 |
Page 23 of 36
1. Accounting Policies
(a) Basis of Preparation:
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit company for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), published 16 July 2014, the Companies Act 2006 and the Charities Act 2011.
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 pound.
(b) Going concern:
The trustees have assessed whether the use of the going concern basis is appropriate and have considered the risks and other possible events or conditions that might cast significant doubt on the ability of the Charity 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 the trustees have considered the Charity’s forecasts and projections and have taken account of pressures on grants and contracted income. After making enquiries the trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than twelve months from the date of approval of these financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.
(c) Critical accounting estimates and areas of judgement:
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements. The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:
-
The annual depreciation charge for tangible fixed assets is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended where necessary to reflect current circumstances and to take account of any impairment in value.
-
The FRS 102 transition restatement of the land element of fixed assets. As detailed in the revaluation reserve note on page 33, the deemed cost carried forward is the estimated fair value (market valuation) at the date of transition, based on a professional valuation undertaken as at that date.
-
For the year in question and the prior period, there were no other key estimates or areas of judgement.
Page 24 of 36
- (d) Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Capitalisation level of single item purchases is £500 and of multiple item purchases is £1000. Depreciation rates used are as follows:
Freehold property: no depreciation is charged on freehold land Freehold buildings: 2% per annum on cost Computer equipment: 33.3% per annum on cost Equipment, fixtures & fittings 20% per annum on cost An impairment review is undertaken annually and value adjusted where necessary
-
(e) All grants receivable for the period are treated as income when there is evidence of entitlement, receipt is probable and the amount can be measure reliably. Performance related and donor imposed conditions are taken into account when determining when entitlement to income is within the 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 capitalised and any associated grants received are treated as income for the period and dealt with through the Statement of Financial Activities as Restricted Capital Funds.
-
(f) Resources expended directly in relation to an area of activity are allocated to that activity. Indirect, or support costs consist of central salaries, premises, depreciation and administration costs. These are allocated on a reasonable and consistent basis - influenced by the amount of staff time devoted to, and floor area occupied by, each such activity - as follows:
| Salaries | Premises | Depreciation | Administration | |
|---|---|---|---|---|
| Cost of fundraising | - | - | 3% | |
| Artistic programmes | Dependent | 57.5% | 70% | 55% |
| Centre operations | on role | 42.5% | 30% | 17% |
| External contracts | - | - | 25% | |
| 100% | 100% | 100% |
(g) Fund Accounting: 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 discretion of the Trustees; or
-
Designated Funds - these are funds set aside by the trustees out of Unrestricted General Funds for specific future purposes or projects; or
-
Restricted Funds - these are funds that can only be used for particular restricted purposes within the objects of the Charity as specified by the donor; or
-
Revaluation Reserve – these are the funds recognised on the transitional restatement under FRS 102 of the land element of fixed assets, utilising the market value at that date as deemed cost.
-
(h) Stocks of consumables in the café, the theatre bar and box office are included at the lower of cost and net realisable value.
-
(i) Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against the Statement of Financial Activities as incurred.
(j) Financial Instruments
-
The company 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. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts 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 asset and settle the liability simultaneously. With the exceptions of prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments 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 creditors - Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price and subsequently at settlement value.
-
(k) Pensions The Albany operates a defined contribution pension arrangement, of which the contributions are charged to the statement of financial activities as they become payable.
-
(l) Employee costs and termination 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 services are received. Termination benefits are recognised as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefit.
-
(m) Short Term Investments Short term investments are basic financial assets and include shortterm liquid investments with original maturities of greater than three months.
2. Donations and grants
| 2. Donations and grants | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Unrestricted | Unrestricted | Restricted | Restricted | Restricted | ||
| General | Designated | Income | Capital | Total | |||
| Funds | Funds | Funds | Funds | 2025 | |||
| £ | £ | £ | £ | £ | |||
| Arts Council England - Core | 179,254 | - | - | - | 179,254 | ||
| London Borough of Lewisham |
150,000 | - | - | - | 150,000 | ||
| Sundry donations and grants |
6,256 - |
11,605 | - | 17,861 | |||
| Total 2025 | 335,510 | - | 11,605 | - | 347,115 | ||
| Unrestricted | Unrestricted | Unrestricted | Restricted | Restricted | Restricted | ||
| General | Designated | Income | Capital | Total | |||
| Funds | Funds | Funds | Funds | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Arts Council England - Core | 179,256 | - | - | - | 179,256 | ||
| London Borough of Lewisham |
150,000 | - | - | - | 150,000 | ||
| Sundry donations and grants |
2,293 | - | 4,796 | - | 7,089 | ||
| Total 2024 | 331,549 | - | 4,796 | - | 336,345 |
3. Income to further the charity’s objectives
| Unrestricted | Unrestricted | Unrestricted | Restricted | Restricted | Restricted | ||
|---|---|---|---|---|---|---|---|
| General | Designated | Income | Capital | Total | |||
| Funds | Funds | Funds | Funds | 2025 | |||
| £ | £ | £ | £ | £ | |||
| Artistic programmes | |||||||
| Grants | - | - | 600,636 | - | 600,636 | ||
| Box office, hires and fees | 210,477 | - | 3,533 | - | 214,010 | ||
| Recharged costs | 79,105 | - | - | - | 79,105 | ||
| Theatre bar | 31,797 | - | - | - | 31,798 | ||
| Youth contract | - | - | 30,510 | - | 30,512 | ||
| Other income | 1,589 | - | 1,202 | - | 2,791 | ||
| 322,968 | - | 635,881 | - | 958,849 | |||
| Centre operations | |||||||
| Grants | 12,330 | - | - | - | 12,330 | ||
| Service charges | 269,685 | - | - | - | 269,685 | ||
| Community hires | 66,620 | - | - | - | 66,620 | ||
| Community café/bar | 95,403 | - | - | - | 95,403 | ||
| Other income | 198,374 | - | - | - | 198,374 | ||
| 643,949 | - | - | - | 643,949 | |||
| External contracts | |||||||
| Grants | - | - | - | - | - | ||
| Contract income | 506,162 | - | - | - | 506,162 | ||
| 506,162 | - | - | - | 506,162 | |||
| Total 2025 | 1,473,080 | - | 635,883 | - | 2,108,963 | ||
| Unrestricted | Unrestricted | Unrestricted | Restricted | Restricted | Restricted | ||
| General | Designated | Income | Capital | Total | |||
| Funds | Funds | Funds | Funds | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Artistic programmes | |||||||
| Grants | - | - | 553,518 | - | 553,518 | ||
| Box office, hires and fees | 113,179 | - | (3,595) | - | 109,584 | ||
| Recharged costs | 69,631 | - | 757 | - | 70,388 | ||
| Theatre bar | 15,307 | - | 42 | - | 15,349 | ||
| Youth contract | - | - | 54,167 | - | 54,167 | ||
| Other income | - | - | 8,914 | - | 8,914 | ||
| 198,117 | - | 613,803 | - | 811,920 | |||
| Centre operations | |||||||
| Grants | 11,170 | - | - | - | 11,170 | ||
| Service charges | 235,172 | - | - | - | 235,172 | ||
| Community hires | 47,921 | - | - | - | 47,921 | ||
| Community café/bar | 81,433 | - | - | - | 81,433 | ||
| Other income | 161,627 | - | - | - | 161,627 | ||
| 537,323 | - | - | - | 537,323 | |||
| External contracts | |||||||
| Grants | - | - | - | - | - | ||
| Contract income | 492,047 | - | 3,928 | - | 495,975 | ||
| 492,047 | - | 3,928 | - | 495,975 | |||
| Total 2024 | 1,227,487 | - | 617,731 | - | 1,845,218 |
4. Expenditure by natural classification
| Raising | Artistic | Community | External | Total | |
|---|---|---|---|---|---|
| funds | programmes | centre | contracts | 2025 | |
| Direct costs | £ | £ | £ | £ | £ |
| Artists' fees | - | 87,280 | - | - | 87,280 |
| Technical | - | 9,220 | - | - | 9,220 |
| Marketing | - | 49,783 | 103 | 3,594 | 53,480 |
| Salaries and fees | - | 770,254 | 76,232 | 275,275 | 1,121,762 |
| Stock for resale | - | 18,226 | 34,010 | 2 | 52,237 |
| Other project costs | - | 195,490 | 19,344 | 203,094 | 417,933 |
| - | 1,130,258 | 129,689 | 481,965 | 1,741,912 | |
| Support costs | |||||
| Salaries and fees | 96,473 | 344,582 | 205,054 | 34,132 | 680,241 |
| Premises | - | 76,672 | 56,670 | - | 133,342 |
| Depreciation | - | 81,537 | 36,120 | - | 117,657 |
| Administration | 4,821 | 88,372 | 27,319 | 40,173 | 160,684 |
| Governance | 15,648 | - | - | - | 15,648 |
| 116,942 | 591,163 | 325,163 | 74,305 | 1,107,572 | |
| Total 2025 | 116,942 | 1,721,421 | 454,852 | 556,270 | 2,849,485 |
| Raising | Artistic | Community | External | Total | |
| funds | programmes | centre | contracts | 2024 | |
| Direct costs | £ | £ | £ | £ | £ |
| Artists' fees | - | 52,524 | - | 170 | 52,694 |
| Technical | - | 11,103 | - | 7 | 11,110 |
| Marketing | - | 30,581 | 430 | 3,091 | 34,102 |
| Salaries and fees | - | 698,575 | 60,985 | 250,132 | 1,009,692 |
| Stock for resale | - | 9,369 | 30,469 | 35 | 39,873 |
| Other project costs | - | 226,177 | 12,250 | 234,187 | 472,614 |
| - | 1,028,329 | 104,134 | 487,622 | 1,620,085 | |
| Support costs | |||||
| Salaries and fees | 79,216 | 327,103 | 200,959 | 33,708 | 640,986 |
| Premises | - | 80,958 | 59,838 | - | 140,796 |
| Depreciation | - | 80,662 | 34,570 | - | 115,232 |
| Administration | 3,966 | 72,715 | 22,476 | 33,052 | 132,209 |
| Governance | 14,872 | - | - | - | 14,872 |
| 98,054 | 561,438 | 317,843 | 66,760 | 1,044,095 | |
| Total 2024 | 98,054 | 1,589,767 | 421,977 | 554,382 | 2,664,180 |
| 5. Net income for the year |
Net income for the year | 2025 | 2024 | ||
| £ | £ | ||||
| This is stated after charging for: | |||||
| Auditor’s remuneration: | |||||
| - audit fees for current year | 15,648 | 14,872 | |||
| Depreciation: | |||||
| - assets owned directly by the company | 117,659 | 115,232 |
| 6. | Staff costs and numbers | 2025 | 2025 | 2024 |
|---|---|---|---|---|
| £ | £ | |||
| The cost of fees and salaries disbursed during the year were: | ||||
| Gross salaries and wages | 1,458,181 | 1,401,471 | ||
| Social security costs | 133,176 | 124,826 | ||
| Pension contributions | 30,410 | 28,769 | ||
| Redundancies | - | 3,011 | ||
| 1,621,766 | 1,558,077 | |||
| Fees and other remuneration | 295,336 | 347,803 | ||
| 1,917,102 | 1,905,880 | |||
| Key management personnel comprise the Trustees, Chief | ||||
| Executive Officer, Chief Operating Officer, Finance Director, | ||||
| Artistic Director and Executive Director. | £ | £ | ||
| The total cost *(see below) including all employee benefits of | ||||
| the key management personnel are: | 200,766 | 194,976 | ||
| The average number (full time equivalent) of employees during | ||||
| the year was: | ||||
| 2025 | 2025 | 2024 | ||
| No. | No. | |||
| Artistic programmes | 10 | 10 | ||
| Canada Water Theatre | - | - | ||
| The Deptford Lounge | 8 | 8 | ||
| Centre operations | 10 | 11 | ||
| Support staff | 11 | 11 | ||
| 39 | 40 |
1 employee earned between £80,000 and £90,000 in the year 2025*. 1 employee earned between £70,000 and £80,000 in 2024.
*The employee received additional earnings from work carried out on an external contract.
Pension contributions in respect of this employee were £1,321 (2024: £1,321)
7. Trustees’ remuneration and related party transactions
Vicki Amedume, Artistic Director of the Albany and a Director of Upswing ltd. Upswing ltd was paid £3,000 (2024 - £4,800) for services provided to the Albany.
No remuneration or expenses (2023 - £nil) were paid to any other Trustees during the year.
£2,580 of freelance shifts were paid to Jack Fox who is the partner of the Head of Operations. HOO was not responsible for booking the shifts or supervising the work.
8. Tangible Fixed Assets
| Tangible Fixed Assets | |||||
|---|---|---|---|---|---|
| Tangible Fixed Assets | Other | ||||
| Equipment | |||||
| Freehold | Theatre | Computer | , | ||
| Property | Equipmen | Equipment | Fixtures | Total | |
| t | & | ||||
| Fittings | |||||
| £ | £ | £ | £ | £ | |
| Cost or valuation: | |||||
| At 1 April 2024 | 7,404,782 | 86,946 | 9,130 | 131,372 | 7,632,230 |
| Additions | - | 25,675 | 2,298 | 5,880 | 33,853 |
| Disposals | - | - | - | - | - |
| At 31 March 2025 | 7,404,782 | 112,621 | 11,428 | 137,252 | 7,666,083 |
| Depreciation: | |||||
| At 1 April 2024 | 3,048,899 | 68,102 | 3,598 | 72,669 | 3,193,268 |
| Provision for the year | 88,561 | 14,556 | 3,043 | 11,499 | 117,659 |
| Disposals | - | - | - | - | - |
| At 31 March 2025 | 3,137,460 | 82,658 | 6,641 | 84,168 | 3,310,927 |
| Net Book value | |||||
| At 31 March 2025 | 4,267,322 | 29,962 | 4,786 | 53,085 | 4,355,155 |
| At 31 March 2024 | 4,355,883 | 18,844 | 5,532 | 58,703 | 4,438,962 |
The net book value represents fixed assets wholly used for direct charitable purposes. Included in the figure of cost of freehold property is freehold land of £2,976,721, which is not depreciated. There is a charge on the Freehold land pledged as security for the bank loan (see note10b).
The Albany also has a Capital Commitment of £21k for Website Development to be completed in 25/26.
| 9. | Debtors | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors | 127,251 | 120,964 | ||
| Less bad debt provision | (3,480) | (3,480) | ||
| Other debtors | 895 | 2,847 | ||
| Prepayments and accrued income | 46,646 | 55,353 | ||
| 171,312 | 175,684 | 175,684 | ||
| 9a. | Short Term Investments | 2025 | 2024 | |
| As | ||||
| restate | ||||
| d | d | |||
| £ | £ | |||
| Short Term Investments | 559,333 | 686,638 |
Short term investments represent cash invested with a maturity date greater than 3 months. In the Financial Statements reported for 31[st ] March 2024, these balances were included in “Cash at bank and in hand”.
The restatement of £686,638 reflects the nature of the funds which were held in fixed-term deposit accounts with maturities exceeding three months at the balance sheet date. As a result, the comparative figures for the period ended 31[st ] March 2024 have been restated. This restatement has no impact on the total net assets, net movement in funds or the analysis of net assets between funds for the period ended 31[st ] March 2024.
THE ALBANY 2001 COMPANY Notes to the financial statements for the year ended 31 March 2025 Page 30 of 36
| 10. | Creditors: Amounts falling due within one year | Creditors: Amounts falling due within one year | 2025 | 2024 |
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors | 193,793 | 119,792 | ||
| Taxes and social security costs | 54,278 | 33,755 | ||
| Bank Loan | 23,344 | 22,436 | ||
| Deferred income (note 10a) | ||||
| 124,771 | 229,091 | |||
| Other creditors | ||||
| 150,540 | 247,280 | |||
| Accruals | 39,247 | 61,408 | ||
| 585,973 | 713,762 | |||
| 10a. Movement in Deferred Income | 10a. Movement in Deferred Income | At | Net | At |
| 1 April | movement | 31 March | ||
| 2024 | in year | 2025 | ||
| £ | £ | £ | ||
| Grants in advance | 168,040 | (107,747) | 60,293 | |
| Room Hire and box office in advance 61,051 |
3,427 | 64,478 | ||
| 229,091 | (104,320) | 124,771 | ||
| 10b. Creditors: Amounts falling due after one year | 2025 | 2024 | ||
| £ | £ | |||
| Bank Loan | 14,078 | 37,417 | ||
| 14,078 | 37,417 |
The Albany had a loan facility of £130,000 from HSBC bank in 2020. The loan is repayable over 6 years until October 2026. The interest rate on the loan is 3.95%+BEBR. The loan was used to fund a boiler replacement and essential electrical rewiring. For the duration of this loan HSBC hold a security on the land.
11
| Summarised movements of funds | At 1 April 2024 |
Incoming resources |
Resources expended |
Transfers between funds |
At 31 March 2025 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Unrestricted – General | 451,581 | 1,808,589 | (1,879,744) | - | 380,426 |
| Unrestricted – Revaluation Reserve | 2,900,000 | - | - | - | 2,900,000 |
| Designated – Capital | 538,507 | - | (59,893) | 478,614 | |
| Designated – Business Development | 72,571 | - | (48,253) | - | 24,318 |
| Designated – Creative Development | 100,000 | - | - | - | 100,000 |
| Designated – Maintenance | 40,000 | - | - | - | 40,000 |
| Restricted – Capital | 885,820 | - | (40,278) | - | 845,542 |
| Restricted – Income | 609,921 | 647,484 | (821,315) | - | 436,090 |
| 5,598,400 | 2,456,073 | (2,849,483) | - | 5,204,990 |
| Summarised movements of funds | At 1 April 2023 |
Incoming resources |
Resources expended |
Transfers between funds |
At 31 March 2024 |
|---|---|---|---|---|---|
| Unrestricted – General | 637,894 | 1,559,036 | (1,765,304) | 19,955 | 451,581 |
| Unrestricted – Revaluation Reserve | 2,900,000 | - | - | - | 2,900,000 |
| Designated – Capital | 598,400 | - | (59,893) | 538,507 | |
| Designated – Business Development | 100,000 | - | (27,429) | - | 72,571 |
| Designated – Creative Development | 100,000 | - | - | - | 100,000 |
| Designated – Maintenance | 60,000 | - | - | (20,000) | 40,000 |
| Restricted – Capital | 926,098 | - | (40,278) | - | 885,820 |
| Restricted – Income | 758,625 | 622,527 | (771,276) | 45 | 609,921 |
| 6,081,017 | 2,181,563 | (2,664,180) | - | 5,598,400 |
Unrestricted – General
The fund represents the Unrestricted Reserves of the Charity.
Unrestricted Revaluation Reserve
The fund represents the revaluation on the land element of the property under transition to FRS 102.
Designated – Capital
The fund represents the net book value of non-restricted fixed assets classified as buildings.
Designated – Business Development
Preliminary costs and income relating to the building development project and exceptional business development costs are charged and credited to this fund.
Designated – Creative Development
Exceptional costs relating to the development of the new artistic programme are charged and credited to this fund.
Designated – Maintenance
The fund was created from underspends in the maintenance budget. The fund level is to ensure we can fully meet any contracted legal obligations.
Restricted – Capital
Capital grants are credited to this fund when received and depreciation relating to assets acquired with such grants are charged to the fund.
Restricted – Income
These funds summarise revenue income received for specific activities and related expenditure. Explanations for the use of some of the Restricted Project Funds is set out in detail in the Trustees’ report section ‘Achievements and Performance’ starting on page 6.
| 12 Restricted Funds | 12 Restricted Funds | At 1 April 2024 |
Incoming resources |
Resources expended |
Transfers | At 31 March 2025 |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Income Funds | ||||||
| Future Arts Esmée Fairbairn Foundation | 13,849 | - | (13,849) | - | - | |
| Fun Palaces | 328,565 | 93,356 | (265,241) | - | 156,680 | |
| Garden Project | 8,571 | 15,246 | (21,431) | - | 2,386 | |
| Meet Me at the Albany (MMATA) | 4,078 | 44,899 | (45,446) | - | 3,531 | |
| Young Londoners fund | 12,669 | 37,425 | (46,299) | - | 3,795 | |
| Young Peoples Programme | 149,392 | 124,685 | (191,392) | - | 82,685 | |
| The Home | 4,184 | - | (4,184) | - | - | |
| Jack Petchey | 6,443 | 900 | (792) | - | 6,551 | |
| UKSPF | - | 55,000 | (54,946) | 54 | ||
| BBC CiN & National Lottery Community Fund #iwill Fund Grant |
- | 21,187 | (3,083) | - | 18,104 | |
| Paul Hamlyn | 16,375 | 79,792 | (46,199) | - | 49,968 | |
| Cockayne – Grants for the Arts & London Community Foundation |
285 | 16,785 | (15,370) | - | 1,700 | |
| Are You There | 19,707 | - | - | - | 19,707 | |
| Associate Artists | 36,400 | - | (4,000) | - | 32,400 | |
| Building the Future | 9,403 | 1,500 | (538) | - | 10,365 | |
| Artistic Programme Staff Costs | - | - | 9,340 | 9,340 | ||
| Propel | - | 151,779 | (112,955) | - | 38,824 | |
| Warm Welcome Fund | - | 4,930 | (4,930) | - | - | |
| 609,921 | 647,484 | (821,315) | - | 436,090 | ||
| Capital Funds | ||||||
| Restricted - Capital Funds | 885,820 | - | (40,278) | - | 845,542 | |
| 885,820 | - | (40,278) | - | 845,542 | ||
| Total Restricted Funds | 1,495,741 | 647,484 | (861,593) | - | 1,281,633 |
| 12 Restricted Funds | 12 Restricted Funds | At 1 April 2023 |
Incoming resources |
Resources expended |
Transfers | At 31 March 2024 |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Income Funds | ||||||
| Future Arts Esmée Fairbairn Foundation | - | 5,877 | 7,972 | - | 13,849 | |
| Family Arts | 47,295 | - | (47,295) | - | - | |
| Fun Palaces | 327,007 | 305,442 | (303,884) | - | 328,565 | |
| Garden Project | 14,362 | 34,132 | (39,923) | - | 8,571 | |
| Meet Me at the Albany (MMATA) | 4,065 | 29,726 | (29,713) | - | 4,078 | |
| Young Londoners fund | - | 19,659 | (6,990) | - | 12,669 | |
| Young Peoples Programme | 141,625 | 140,321 | (132,554) | - | 149,392 | |
| Borough of Culture | 76,868 | 5,726 | (82,594) | - | - | |
| The Home | 9,225 | - | (5,041) | - | 4,184 | |
| Jack Petchey | 4,791 | 2,360 | (708) | - | 6,443 | |
| Contracts | 33,737 | 3,928 | (37,741) | 76 | - | |
| BBC CiN & National Lottery Community Fund #iwill Fund Grant |
4,685 | 44,867 | (49,552) | - | - | |
| Paul Hamlyn | - | 19,375 | (3,000) | - | 16,375 | |
| Cockayne – Grants for the Arts & London Community Foundation |
10,000 | (146) | (9,569) | - | 285 | |
| Are You There | 29,897 | - | (10,190) | - | 19,707 | |
| Associate Artists | 38,109 | - | (1,709) | - | 36,400 | |
| Building the Future | 9,950 | - | (547) | - | 9,403 | |
| UK CRF | 7,009 | - | (7,009) | - | - | |
| Propel | - | 5,760 | (5,760) | - | - | |
| Warm Welcome Fund | - | 5,500 | (5,469) | (31) | - | |
| 758,625 | 622,527 | (771,276) | 45 | 609,921 | ||
| Capital Funds | ||||||
| Restricted - Capital Funds | 926,098 | - | (40,278) | - | 885,820 | |
| 926,098 | - | (40,278) | - | 885,820 |
13. Analysis of net assets between funds
| Unrestricted General Funds |
Unrestricted Designated Funds |
Revaluation Reserve |
Restricted Income Funds |
Restricted Capital Funds |
Total | |
|---|---|---|---|---|---|---|
| 2025 | ||||||
| £ | £ | £ | £ | £ | ||
| Tangible fixed assets | 130,999 | 478,614 | 2,900,000 | - | 845,542 | 4,355,155 |
| Stocks | 4,211 | - | - | - | - | 4,211 |
| Debtors | 171,312 | - | - | - | - | 171,312 |
| Cash at bank, in hand | 673,952 | 164,319 | - | 436,092 | - | 1,274,363 |
| Current liabilities | (585,973) | - | - | - | - | (585,973) |
| Long term liabilities | (14,078) | - | - | - | - | (14,078) |
| at 31 March 2024 | 380,424 | 642,933 | 2,900,000 | 436,092 | 845,542 | 5,204,990 |
Analysis of net assets between funds
| Unrestricted General Funds |
Unrestricted Unrestricted Designated Funds |
Unrestricted Revaluation Reserve |
Restricted Income Funds |
Restricted Restricted Capital Funds |
Restricted Restricted Capital Funds |
Restricted Total |
|
|---|---|---|---|---|---|---|---|
| 2024 | |||||||
| £ | £ | £ | £ | £ | |||
| Tangible fixed assets 114,635 |
114,635 538,507 |
538,507 2,900,000 |
- | - 885,820 |
885,820 4,438,962 |
||
| Stocks | 4,740 | 4,740 - |
- - |
- | - | - | - 4,740 |
| Debtors | 175,684 | 175,684 - |
- - |
- | - | - | - 175,684 |
| Cash at bank, in hand 907,701 |
907,701 212,571 |
212,571 - |
609,921 | 609,921 | - | - 1,730,193 |
|
| Current liabilities (713,762) |
(713,762) - |
- - |
- | - | - | - (713,762) |
|
| Long term liabilities (37,417) |
- | - - |
- | - | - | - (37,417) |
|
| at 31 March 2023 451,581 |
581 751,078 |
078 2,900,000 |
609,921 | 921 885,820 |
820 5,598,400 |
||
| 14. | Grants and donations receivable during the year | Grants and donations receivable during the year | 2025 | 2024 | |||
| £ | £ | ||||||
| Unrestricted grants and donations | |||||||
| London Borough of Lewisham | |||||||
| - annual revenue support | 150,000 | 150,000 | |||||
| Arts Council England | |||||||
| - annual revenue support | 179,254 | 179,256 | |||||
| Arts Council England - CRF grant | - | - | |||||
| Sundry donations | 6,256 | 2,293 | |||||
| 335,510 | 331,549 | ||||||
| Restricted income grants and donations | Restricted income grants and donations | Restricted income grants and donations | |||||
| Arts Council England - Family Arts | - | - | |||||
| Arts Council England – Project grant; National Lottery | |||||||
| 25th Anniversary | - | - | |||||
| Arts Council England - Other | 16,785 | - | |||||
| Anonymous Trust 1 | - | - | |||||
| Anonymous Trust 2 | 10,000 | 10,000 |
| 14. | Grants and donations receivable during the year (continued) |
2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| ARC grant | - | 5,877 | |
| The Baring Foundation | 22,125 | 7,375 | |
| BBC CiN & National Lottery Community Fund #iwill Fund Grant |
21,187 | 44,867 | |
| British Council | - | - | |
| City Bridge Trust | 14,625 | 30,420 | |
| Clarion Futures | - | 2,500 | |
| Cockayne – Grants for the Arts & London Community | |||
| Foundation | - | - | |
| Elizabeth Legacy Fund | 34,827 | - | |
| Entelechy Arts | 36,216 | 21,126 | |
| The Fenton Arts Trust | - | - | |
| Goldsmiths, University of London | - | 24,710 | |
| Greater London Authority | 151,779 | 25,680 | |
| Jack Petchey Foundation | 900 | 2,360 | |
| Kickstart Grants | - | - | |
| The Leche Trust | - | - | |
| The Lee Charity of William Hatcliffe | - | - | |
| London Borough of Lewisham | |||
| - Other Grants | 61,830 | - | |
| Leeds University | 8,356 | 3,771 | |
| Lewisham Local | 4,930 | 5,500 | |
| London Youth | 29,425 | 18,123 | |
| Maudsley Charitable Trust | 13,963 | - | |
| Mayor of London | 1,767 | 11,000 | |
| Merchant Taylor | 3,000 | - | |
| National Lottery Community Fund | 85,000 | 308,460 | |
| National Theatre | - | - | |
| Paul Hamlyn Foundation | 79,792 | 19,375 | |
| Royal Free NHS Foundation Trust | - | 14,772 | |
| The Royal Victoria Hall Foundation | - | - | |
| Scottish Libraries (SLIC) | - | - | |
| Showponies | 11,458 | - | |
| Sports England Grant | - | 5,780 | |
| The Garrick Charitable Trust | - | - | |
| The Home | - | - | |
| Theatre du Pelican | - | - | |
| United Living | 5,000 | - | |
| Youth First | - | - | |
| Youth Music | - | 2,992 | |
| Private donations - Every Child project | - | - | |
| Private donations - Family Arts project | - | - | |
| Private donations - Meet me at the Albany | 2,317 | 673 | |
| Private donations - Garden project | 2,208 | 587 | |
| Private donations – Borough of Culture | - | - | |
| Private donations – Young Creatives | 7,080 | 16 | |
| Private donations – Young Londoners | - | 3,520 | |
| 624,569 | 569,484 | ||
| Total grants and donations | 960,079 | 901,033 |