Sadler's Wells Foundation Limited
Sadler's Wells Foundation Limited
Company Number 08338605
Registered Charity Number 1150844
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023

Sadler's Wells Foundation Limited
Index
Page
Trustees. Officers and Administratwe Informalron
TTu5tees' Report
7-10
Indepen<Jent Audttors. Retx)rt
11
ststement of FinaNchg1 Activ￿88
12
Balance Sheet
13
Ststement of Cash Flows
14_24
Notes to the Financial Statements

Sadlerfs Wells Foundation Limited
Trustees
Rab Bennetts OBE Ichaimianl
Nigel Higgins IDeputy chalmianl
Daniel Daw
Kathryn Firth
Robert Glick
Andrew Lerpini8r8
Roger Spen
Paul Williams
Jennifer Beningfield
Se¢retary
Ajistsir Sp£lding CBE
Registered Office
Sadlerfs Wells Theatre
Rosebery Avenue
London
EC1R4TN
Bankers
Coutts & Co.
440 Strand
London
WC2R OQS
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Solicitors
Cltrtord Chance LLP
10 Upper Bank Street
London
E145JJ

Sadler's Wells Foundation Limited
Trustees, Report
The Trustees, who are also the Directors of the company under the Companles Act 2006, submit their
report and the financial staternents of Sadlerfs Wells Foundation Limited for the year ended 31 March
2023 which have been prepared in cornpliance wth current statutory requlrements, The Charities SORP
{FRS1021. and wryth the charity$ goveming document. its Memoranrlum and Articles of Association. The
Company Vds in¢¢yporated on Ihe 20th De￿rnber 2012 and r8gistere£J with the Charity Comrnisslon on
15 February 2013. The compariy was fom)ed to take over the activities of the unincorporated charity of
the sarne name. Under 8 Charity Commission scherne dated 26 June 2013, all assets of the
unincorporated charity w8re transferred to the charitsble ¢offlpany wryth the exception of thè freehokl of
the main theatre building and 179 Rosebery Avenue (land registry references NGL700054, LN19345
and 3670891. These are considered tts be permanent endowment assets and therefore remained in the
Unin￿rpOrated charity whieh became a linked charity to the new charitable company by virtue of the
charitable company becoming the SO￿ corpordte trustee of the unincorporated Charity. The finanaal
ststemènts are presented as rf both charities were a single entity and the permanent endowment
propety is included in fixed assets at a norninal value of £100 in accordance with the accounting policy
in note 1lgl.
Objeetives, Principal Activities and Future Development
The object of the cornp8ny is to apply the income of the company in or iowards defraying the expenses
of providing perforrnances at Sadlerf$ Wells Theatres for recreation and education.
The principal activib.es of the Foundation are safeguarding of the as*ts, supsy)iting the charitsble
objectives of Sadlerfs Wells Trust and acting 88 guardian to the origin81 values and purpose of Sadler's
Wells Theatres as envisaged by Lilian Bawls. This includes essential repairs and ￿furbiShrnents to
Sadler's Wells Theatres to serve theat￿ 8Ctivty while reducing environmentsl impa¢t whenever
Possible. In May 2018 the charity entered into 8n agreement for lease with the London Legacy
Development Corporation. This agreement provides for the Foundation to enter into a 200 year lease for
Sadleffs WelL8 East, a new theatre and studios in the Queen ElYzab8th olymp￿ Park as part of the East
Bank project.
Opening in 2024. Sadlerfs Wells East Mryll support artist development and training, and the ere8tion of
new work. It is a resource for the whole of tt)e UK, offering a d88tination venue for dance companies
around Btttain to tour to th8 capital, and hosting the best work from international choreographers.
Perfom)an￿S dèveloped on the Stratrord stage will tourthe UK and the TrJ¥orld, ￿aChing new audienees.
Public Betr)efit
Sadler's Wells Foundabon Limited recognlses an¢J welcomes the need to cary out its charitable
activities for the benefit of Ihe gener81 publi& To that end, and wlh regard to the guidan￿ of th8 charty
commission inciuding the Charrty Commission's guidance on public benefit I'public benefit.. running a
Charrty IP821'1. the Trustee5 consider that the folbmfjng activities demonstrate the way in which the
Foundation achleves its aims..
Rep8irs and refurbishments undertaken ensure that Sadlers Wells continues to operdte with
appropriate systems and equipment to support theatre operations and enhance audience exp8rienee
Investment in project consurnancy and leg81 advice has been made to ensure that the new venue can
deliver fore¢a5t benefits locally, nation811y and intemationally
Revièw of Flnanclal Activtties
The Foundation renteLI the theatre to Sadlers Wells Trust. with a rentsl Ineome of £300k received during
the period 12021122.. £565kl. 2021122 included an extra year of rent, previously forgwen during the
pandemic and subsequently paid. No fundraising for FF&E refurbishrnent was undertsken in the current
year 12021122 income.. £620.6191. £125.698 was spent during the year on essentsal repairs 8nd
maintenance of the Sadlerfs W8118 theatre in Islington, cApitalis8d and depreciated in line Lwth
accounting policies. EWenditU￿ of £50,820 was re¢orded under other resources rnainly against costs
connected with the new theatre currently bein9 built as part of East Bank. The delivery of the new
Sadler's Wells theatre will requi￿ fixtures, fittings and equipment to be purchased by the FtsuThJation
during the nextfinancial year.

Sadler's Wells Foundation Limited
Trustees. Report {continued)
Reserves Policy
The charitys reserve poliey is to accurnulate sufficient unrestricted reserves to enable it to provide for a
planned asset replacemen( renewal and repair policy overthe medium to long temi. This is to be athieved by
renting out its main asset. the theatre complex, seeking Arts Council grants and fundraising. £1.238,603 of
unrestricted funcjs We￿ held at yèar end. This fund is hdd as directed by the Trustees to be expended line
wth the SWF Permanent En￿O￿ent ReseNe. or any other expenditure which is charged against unrestricted
incorne. Funds have been raised for fixtures. ffttings and equipment at the the81￿ In Stratford. As at the year
end these funds were £714k vAth a further £1m ryised after the year end. The expectstion is that the majority of
these funds wll be expended during the year to March 24.
Fundraising
Sadlerfs Wells operates an intemal fundraising team and is a member of the Fundraising Regulator. Our
approaeh tskes ac¢ount of the Code of Fundraising Pr8¢tits and we have complied wpth the standards of the
Regulator. We continue to complywth the General Data Protection Regulations and ojr priva¢y policy is
avai18ble at ￿*￿v.SadlerSwelI$.corn1about-uslpnVaCY-poIjcy. No fundraising complaints were ￿te1Ved during the
year.
Going Concern
There 8re no material uncértaintie8 to be reported would affèct the ehaiitys ability to continu8 as a going
Rlsk Management
The risk register has been updated during th8 period. Responsibilty for monitoting and mltigabng risks is
delegated to the appropriate Trustees or man8gers. The key risks id8ntified are building compli8n¢e failure, fire
and lack of funds for netsssary capital works. Additional risks have been identified for Sadlevs Well$ East in
particular insuffiu8nt handovw arKI training peiiod, Impact of construction delays on costs and r8putstion and
insufficient mobilisation budget.
Trustees
The Trustees who served during the period under revEw were as follows..
R8b Bennetts OBE {Chaim)anl
Nigel Higgins (Deputy thwrrn8nl
Daniel Daw
Kathryn Firth
Robert Glick
Andrew Lerpiniere
Roger Spen¢e
Paul Willi8ms
Jennifer Beningfield
Appdnted 2 Marth 2023
The Trust8es are appointed by the members who are also the Trustees.
A skills audit of the Trustees is conducted annually in order to better infom7 de(isions regarding the
appointrnent of new Trustees. The Foundation provides an induction for neuAy appointed Trustees which
informs them of their dutiÈs and responsibilities 88 directors of the company, and encourages Trustees to keep
abreast of emerging future developments through attendance at rejevant sector events as well as wth charity
cornmission guidance updates.
The Trustees delegate the day to day runnlng of the Foundation to the Chief Execullve 8nd Artisti¢ D1￿Ctor,
Alistair Spakling CBE, 8nd Executive Dire¢tor, Britannia Morton. The Trustees approve the annual budget, and
delegate responsibility forthe dayto day management of the operating budgets to appropriat8 senior staff.

Sadler's Wells Foundation Limited
Trustees, Report (continued)
Statemant of Trustees. Responsibilitiès
The Trustees (who are also directors of Sadlerfs Wells Foundation Limited forthe purposes of comp8ny18wI
are responsible for preparing the Trustees. Report and the finan¢ial statements in accordance wth
applicable law and United Kingdom A￿Unting Standards (United ￿ngdorn G8nerallyA¢cepted Accounting
Company law requires the trust8es to prepare financi81 statements for each financial year which give a true
and fair view of the state of the affairs of the tharitable company and of the incoming resources and
application of resources, including the income and expendrture of the charitable company for that period. In
preparing these finanual ststements. the trustees are required to=
select suitable accounting policies and then apply them consistentty.
observe the methods and prinCip￿S in the Charities SORP.,
make judg8rnents and accounting Èstimates that are reasonable and prudent.,
state whether applicable UK A¢￿unting Standards have been followed, subiect to any material departures
disclosed and expkined in the financial statements.. and
prepare the financial stalernents on the goino cOn￿M basis unless it is inapproprrate to presume that the.
comp8nywll continue in business.
The trustees are responsible for keeping adequate accounting records that ¢isclose with reastsn8ble
a¢cur8¢y at any time the financial position of the charitsble company and enable them to ernsU￿ that the
finanoal ststements eomply wth the Comp8nies Aei 2006. They are also responsible for safeguarding the
8ssets of the company and hence for taking reasonabl* steps for the prevention and detection of fraud and
Other irregularities.
Disclosure C*f infom￿tIOn to Audttors
So f3r as the trustees are aware, there is no relevant audit infomiation of which the compan￿$ auditors are
unaware. The trustees have taken 811 the steps th8t they ought to have taken as trustees in order to make
themselves aware of any relevant audlt infom)ation and to establish that the cornpanvs auditors a￿ aware
of that informatK)n.
Connected Charities
Ssdlerfs Wells Foundation Lirnited is connected to other charities, detaits of which are given in note 20 to th8
finanual statements. For 8 fuller understanding of tt)e operation and perf0rrnan￿ of the Sadle￿$ Wells
group of charities, Copies of the accounts of Sad18rf$ Wells Trust can be obtained from Sa(fleffs Wells.
RoseberyAvenue, London EC1 R 4TN.
Auditor
The auditors, Moore ￿'ngston Smith LLP. are deemed to be rÈapsy)intsd under section 487 121 of the
Companies Act 2006.
This report has been prepared in accordance urith the spècial provis￿n$ relating to small companies ￿thin
P8rt 15 ofthe Companies Act 2006.
Approved by the members ofthe board on tsbilioi4
and signed on their behalf by.
Rab 8ennetts OBE
Chairman

Sadler's Wells Foundation Limited
Independent Auditor's Report to the Members of Sadlerfs Wells
Foundation Limited
Opinion
We have audited the financial ststements of Sadlerfs Wdls Foundation (the 'company') for the
year erK1ed 31 March 2023 which compr6e the Ststement of Income and Retrdined Eamings, the
Balance Sheet and notes to the financial siatements, induding a summary of significant accounts'ng
policies.
The firAncial repcfbng frdmework that has been applied in their preparation is applicable law and
United ￿ngdOM Accounbng Standards, including FPS 102 The ￿nancIal Reporting Stsndard applicable
in thg. IIK and Rp.niJhlir nf 1rp.land fljnitpd Kinodcjm CryFnp.r2lk Acr.?.ntg.d ArrniJnhno Prarhrp.).
In our opinion the finanaal statements-.
give a true and fair Iqew of the state of the charitable companys a1fdirs as at 31 March 2023 and
of its incorning rdsources and application of resources, including its income and expenditsjre for the
vear then ended..
have been'propèrfy prepar& in accordance with United Kingdom Generally Acceptsd Accounting
have been p￿pared in accordan￿ with the reqvirements of the Companies Att 2006.
Basis for opioion
We conducted our audit in accordance with International Stsndards on Auditing (u￿ (ISAS (UK)} and
applicable law. Our responsibility"& under those standards are further d&cribed in the Auditorfs
responsibilities for the audit of the financial ststsments section of our report. We are independent of
the company in accordan￿ with the ethical requirernents that are relevant to our audit of the financial
ststements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our ott)er ethical
responsibilib.es in accordan￿ wth these requirements. We believe that the audit ewdence we have
obtsined is sufficient and appropriate ts provide a basis for our opinion.
Conclusions relating to going concern
In aud￿ng the financial statements, we have concluded that the trust&s' use of the going concern
bags of ￿cOUnting in the preparation of the financrdl statements is appropriate.
Based on the work we have perfomed, we have not identified any material urtertainues relating to
events or conditiors that, individually or collectively, may cast significant doubt on companvs
ability to continue as a going concem for a period of at least tsvelve ￿￿th5 from when the finanoal
statements are authorised for isgue.
Our responsibilities and the res￿nsibl11￿eS of the dirertors with r£%pett to going concem are
described in the releydnt sectiors of this ￿pOr￿
Other inforniation
The other information CL￿priseS the information included in the annual report, other than the financial
statements and our auditorfs rep)rt thereon. directors are responsible for the other information
contsined ￿thin the annual report. Our opinion on the financial staterrents does not cover the other
information and, except to the extsnt otherwrse expliC￿Y stated in our Teport, we do not express any
fomi of assurance condusion thereon.
Our r￿ponsIbIlity is to read the other information and, in doiNJ 50, con&der whether the other
information is materially rnconsistent with the flnancial statsments or our knowledge obtsined in the
cour* of the audit or Other￿Se appears to be matsrially missiated. If we idenbfy such rnaterial
inconsistenaes or apparent material rnisstatements, we are required to report that fart.
We have nothing tr) report in this regard.

Sadler's Wells Foundation Limited
Independent Auditorfs Report to the Members of Sadlerfs Wells Foundation
Limited
Opinlons on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undetsken in the ccyjrse of the audit..
the information given in the TnJste&' Report for the finanaal year for which the finanaal ststements
are prepared ￿ consistent ￿th the financial statements- and
the Trustets, Report has been prepared in accordantr applioble ￿al requirements.
Matters on whlch we are required to rep)rt by exception
In the light of the knovledge and under*dnding of the company and its enwronment obtsined in the
course of the audit, we have not identified material mlsstatements in the Trustees, ReporL
We have nothino to report in reswt of the
adequate accounting records have not been kept, or retums adequate for our audit kve not been
received from branches not Msited by us. or
the financial ststements are not in agreement with the accounb'ng r￿rdS and retrJrns,' or
certain disclosur& of trustees, rernuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit. or
the dirertors We￿ not entitl& to p￿pare the financial statements in acctyilance with the srnall
COm￿nieS regime and tske advantsge of the small companies, exemption in prep￿ring the Dirertors,
Report and tske advantsge of the srnall companies exempts'on from the requirement to prepare a 5trate9iC
Report.
Responsibilities of Trustees
As explained more fully in the Trust*s' Responsibilities StatemenL the tsuskts are responsible for the
p￿paration of the financial ststements and for being satisfied that they give a true and fair wew, and for
ch interr￿1 control as the trustees deterrnine is necessary to enable the preparation of financial
ststs'rnents th* are free from Material misstrdtement, whether due to fraud or error.
Auditor's responsibillties for the audit of tht financial ststements
Our objettlves are to obtsin reasonable assuran￿ atx)ut whether the financial statemer)ts as a whole a
free from material misstaternent, whether due to tsud or error, and to issue an auditor's report that
indudes our opinion. Rea9)nab￿ assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ￿AS {UKI Mll ahNays detect a material misststernent when it exsts.
Misstatements can arise from fraud or error and are considered mèterial if, individualty or in the aggregate,
tw could reasonably expected to influence the ¥onomic declsions of users tsken on the ba4$ of these
financial ststements.

Sadler's Wells Foundation Limited
Independent Auditorfs Report to the Members of Sadlerfs Wells
Foundation Limited (continued)
Audrtorfs responsibilities for the audit of the financial ststements (continued)
As part of an audit in accordan￿ wth ISA5 (UK) we exercise PrOfe￿Onal judgemert and maintsin
professional sceptycism throughout the audit. We also:
ldenb.fy and assoss the risks of material misststement of the finanaal statements, whether due to
frdud or error, design and perform audrf( prLKedure5 responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to prO￿l￿e a basis for our opinion. The risk of not
detecting a material misstatsrnent r&ulting.from fraud is higher than for one resukn.ng from error, as
frAiJd invn￿? mlliI.vinn. f()ropnJ. intgntiMAI nrni<%lnn<. mivp.nr@r￿.n￿￿dn£. nr tsvprridg nf
Obtsin an understsnding of intemal control relevant to the audfc in order to design audit
prtxedures that are appmpriate in the circumstances, but not for the purposes of exprwing an
opinion on the effectiven&s of the company's internal control.
Evaluate the appropriateness of accountiw policies used and the reasonableness of accounting
estimates and relatsd disclosures made by the directors.
Condude on the appropriateness of the dIr￿torS. use of the going contrm basis of accounting
and, based on the audit e¥Adence obtsined, whether a material uncetsinty exists related to events or
conditions that may cast significant doubt on the companfs abilty to continLE as a going concem. If
we conclude that a material Un￿rts1nty ￿$ts, we are required to draw attention in our auditorfs
report to the related disdosures in the financial ststements or, rf such disclosura£ are inadequate, to
rnodify our opinion. Our conclusions are based on the audit e￿iden￿ obtained up to the date of our
auditorfs report. However, fubjre events or conditions may cause the company to to continue
as a going concern.
Evaluate the overall pre*ntstion, sthjcture and content of the financ￿1 ststernents, including the
disdosures, and whether the financial ststements represent the underfwng transathorns and events
in a manner that achieves fair pro*ntstion.
We cornrnunicate with those charged wth govemance regarding, arrrt)ng other matters, the planneij
scope and timing of the audit and signnlcant audit findingss i￿luding any signlficant defici￿cleS in
Intsrnal control that we identifv durino our audit.
Explanation as to what extent the audit was considered capable of detectlng irregularities,
including fraud
Irregularities, including fraud, are instsn￿ of non-complian￿ wth laws and regulations. We design
procedures In line with our r4)onsibilits"£%, outlined above, to det* material misstatements in
respert of irregularities, includlng fraud. The extsnt to whith our prO￿d￿reS are capable of detecbng
Irregularities, including fraud is detsiled below.
The objectives of audlt in respect of fraud, are. to identify and assess the risks of material
misstatement of the financial *atements due to fraud,. to obtain sufficient appropriate audit ewdence
regarding the as￿ed risks of material missraternent due to fraud, through designing and
implementing appropriate responses to those assessed risks,. and to respond appropriately to
instances of fraud or suspected fraud identifid during the audfc. However, the primary responsibility
for the prevention and detection of fraud rests with both management and those charyed with
onvprnHnrp nfth• ￿M*￿thi

Sadler's Wells Foundation Limited
Independent Auditor's Report to the Members of Sadler's Wells Foundation
Limited (continued)
Explanation as to what extent the audlt was ¢onsidered capable of detectin9 trregularitie$. Including
fraud Icontinuedl
Our appr08ch was as follows-.
We obtsined an understsnding of the legal and regulatory requirements applicable to th8 company and
considered that the most significant are the Companies Act 2006 and UK financial reporting standards as
issued by the Financlal Repo￿ng Council.
We obtained an understsnding of how the company complies wth these requ1￿mernts by discussion$ wth
managernent and those ch8rged wth govemance.
We assessed the risk of material misstaterfient of thè finanoal statements, including the risk of mateThal
misstatement du8 to fraud and how it migm occur, by holding discussions with management and those
eh8rged wth govemance.
•We inquired of rnanagernent and those charged wth govemance as to any known instsnces of non-
compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate 8udit procedures to ident￿Y instan￿5 of
non-¢ompliance with laws and regulabons. This induded making enquiries of rnan8gement and those
¢harged wth govem8nce and obtaining add￿Onal ￿rrOborative evidènce as required.
There are Inhe￿nt lirnitations in the audit procedu￿$ described above. We are ￿s8 likely to become awa
of instsnces of non-cornplian¢e with laws and regulations that are not closely related to events 8nd
transactions reflected in the financi81 ststements. ALSO, the risk of not d8te¢b"ng a rn8teri81 m￿stateMent due
tts fraud is higher than the risk of not detecting one resU￿ng from error, 8$ fraud may invofve delib8r*e
concealrnent by, for example, forgery or intentional misrepresentations. or through collusion.
Use ot our Report
This report is rnade soldy to the companls mernbers, as a bcMYy. in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the
attention of the companvs members those matters we are required to indude in 8n auditorfs report
addressed to thern. To the fullest extent Permitted by law. we do not accept or assume ￿sPonsIbl11ty to any
paty other than the company and the ¢ompany's members as a body. for our wcyk, forthis report, or for the
opinions we have formed.
K, L(J
6 December 2023
James cr￿ (senior Statutory Auditor)
for and on behaff of Moc*e ￿'ngstOn Smith LLP,
Chartered Accountsnts
Ststutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
10

Sadler's Wells Foundation Limited
Statement of Financial Activities for the year ended
31 March 2023
Unrestrieted Restricted
Total
Totsl
Funds
Fund$
Funds
Funds
forthe Year fc+r the Y￿r for the Year for the Year
ended
ènded
ended
ended
31 March
31 March
31 Mar¢h
31 March
2023
2023
2023
2022
Income
Income frorn
Oonalions and legacies
Sponsorship and donations
Rent ￿CeIvable
Investment income
Oth8r in¢orne
Note
620.619
565,696
55
663
300,000
4,353
28,402
300,000
4,353
30,172
1,770
Total Income
332,755
1,770
334,525
1,187,033
Expenditure
Raising funds
7,999
7,999
88,502
Charitable activities
Depreaation
Other
Totsl Expenditure
138,567
62.607
201,174
9.114
1.751
18,864
147,681
64.358
220,038
227,264
55,189
370,955
3&4
Net In¢omellExpenditurel
131,581
117,0941
114,487
816,078
Net Funds at 1 April 2022
1,107,022
934,591
2,041,613
1,225,536
Net Funds at 31 Marth 2023
15
1,238.603
917,497
2,156,100
2.041.613
None of the Compan￿5 actiwties were acquired or discontinued during the above finantsal periods.
The ¢ornpany has no recognised gains and bsses other than those dealt wth in the above Statement of
Financial Activities.

Sadlerfs Wells Foundation Limited
Balan￿ Sheet as at
31 March 2023
2023
2023
2022
2022
Note
Fixed Assets
Tangible assets
Investment property
461,364
150,000
611.364
483,347
150,000
633,347
Current Assets
Debtors
Cash at bank and in hand
317.973
1,260.743
1.578,716
636,848
876,640
1.513,488
creditors: Amounts Falling Due
Within One Year
10
33,980
1105,2221
Net Current Assets
1,544,736
1,408,266
Total Assets Less Current Li8bilFties
2.156,100
2,041,613
Fund¥
Restrict8d
Unrestricl¢d
15
15
917,497
1,238,603
2.156,100
934.591
1.107,022
2,041,613
These financial ststements have been preparèd in accordance wth the prowsions applicable to eompanies
subject to the small companies r￿lMe.
The financial statements were approved by the board of trustees and authorised for issue on 181 I 112013
and, are signed on its behaw by.
Rab Bennetts OBE (Chairman)
Cornpany nurnber 08338605
12

Sadler's Wells Foundation Limited
Statement of Cash Flow for the year ended
31 March 2023
Yearended
31 March 2023
Year end8d
31 Ma￿h 2022
Note
Net eash ffows provided by oper?ts"ng 8CtiMtles
12
509.801
507.260
Cash flows from investing activities
13
1125.6981
1166,9061
Net change in cash and cash equlvalents in the period
384.103
340.354
Reconciliation of Net Cash Flow to movement in Net Cash
Change in cash and cash equivalents in the period
384.103
340.354
Movement in net cash in the pèriod
Net ¢ash and rAsh equSvalents at 1 April 2022
Net cash and cash equlvaleffls at 31 March 2023
384,103
876,640
1.260,743
340.354
536,286
876.640
14
13

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023
1. Accountin9 Policies
lal Basis of accounting
The financial stslements have been preparèd in accordance with the Financial Reporting
Standard applScablè in the UK and Republic of Ireland IFRS 1021. The Charrtable Company is
blic benefit entity for the purposes ¢)f FRS 102 and threfore the Charity also prepared its
financial statement5 in accordance with the Statement of Recornmended practi￿ applicable to
chariti8s preparing their accounts in accordance wth the Financial Reporting Standard applicablè
in the UK and Republic of Ireland (The FRS 102 Charitw SORPI. the Companies Act 2006 and
The Charities Act 2011.
Th8 finanoal statements are prepared in sterfing, which is the functional currency of the charity.
Monetary amounts in th8 financial statements are rounded to the ne8￿$t pound.
The fillanrial statements have been prepared under the historical cost convention, mcrfJiff8d to
in¢lude investment propaite$ at fair value. The principal accounting policies adopted 8re set out
below.
Ibl Going concern
The financial statements are prepared on a going concem basis which assumes that the
charrtable ¢ompany will conbnue in operational existence for the foreseeable future.There are no
matsrial uncertainties to be reported which would affect the charitab18 ¢ompanYs abilty to
continue as 8 going ￿ncern.
Recognition of income
lil Donations are credited to the Ststement of Financlal Activities when receivable wthout
¢onditions.
lill Inte￿$[ irEcome is credited to tt)e Statement of Finanual Activities when recelvabla.
liiil Restri¢ted fuThds are used for the speofic purpose laid down by the donor.
livl Rent is credited to the Staternent of Fin8n¢ial ActiMties when reC￿vable.
Iv) The income reC￿nitIon principles of FRS102 are adopted..
Evidence of errtidement to income.
Receipt is probable and the amount can be measured reliably.
dl Expenditure
All direct charitsble expenditure is accounted for on an accruals basis. Support costs are
allocatèd based on the use of reserves where appropriate.
(el Tangible fixed assets
Fixed assets are stated at cosL
Depreciation is provided on a straight line basis to write down tt)e book value over the estimated
useful live$ of the assets as lollow5-.
Freehold properties
Leasehold propèrbes
Fixturas, filtings and equipment
Speckalist Equipment
Construction and Buildings work
Assets in the course of con$buction
50 years
Over the p8ri0d of the1è8se- 125 years
Ovér 3 years
Over 3 years
Over 3 years
Not depreciated until brought into practical use
14

Sadlerfs Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 (continued)
l. Ac¢ounting Poli¢ie$ Iconll
A remew of dep￿cIation rates, useful lives of assèts. resldual value and Impairrnent tskes pla
on an annual basis.
lfj Investment properties
Investment property, which is propety held to eam rentals andlor for capitsl appre¢iath)n. is
initially recognis8d at cost, thi¢h includes the purchase cost and any diredy attributabl8
expenditure. SubsequenUy it is measured at fair valu8 at the reporting end date. The surplus or
deficr( on revaluation is recognised in the incorne and expenditure a¢count.
191 Freehold and leasehold land and buildings
The Foundation owns the freehold and leasehold interests in land and buildings comprising the
sad￿rf5 Wells Theatre redevelopment site. These are leased to Sadlerfs Wells Theatre Trust
Lirnited which operates the tt)eatre in fulfilment of the Foundation's principal objeetive to support
the theatre activities and are therefore recognised as functional properties at ¢ost less
accurnulated depreciation. The freehold of the original land is held on ￿rrnanent en¢JowTnent
tnjsts as described at the start of the Trustees, Report at a nominal value of £100. The
Foundation also owns the freehold interest in 1 Arfington Way which is leased to Sadler's WelL
Limited, a related party, at a peppercorn rent. Sadlers Wells Limited has now granted a
sublease to a commercial tenant and accordingty the freehold Inte￿$t has row been ￿COgnised
at fair value as an investment property.
Ihl Critieal accounting areas and us• of judgements
In preparing the finaricial statements it is ne¢essary to rnake certain iudgernents, estimates and
assumption5 that affect the arnounts recognised in the finanaal statements.. induding estimates
of useful lives of assets and depreciation and impaimient polici8S.
Key sources of estimation uncertainty
The estim8tes 8nd assumptions which havè a Significant risk of causing a material adjustsnent to
the c2rrying amount of assets and liabilibes are ouuined befow.
Fair value of Investment property
The companls investment property is included in the finanoal staternents at valuation as
desrJibed in note 8 to the financial statements. This is conSide￿d to be s eritiC81 accounting
estimat8 in iriew of the amounts invofved and the judgements applied in their valuation. An
independent valuation was conducted in 2020 and the trustees have Since ￿vieWed the position
and consider that the valuations ￿p￿Sents the best estimate of fair value at the balance sheet
15

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 (continued)
1. Accounting Poli¢i*s {conYI
lil Financial Instruments
The charity has elected to apply the provlsions of section two 'basic financial instruments. of
FRS102 to all of its financial instruments. They are recognised in the charitys statement of
financial position when the charity becornes paty to the contractual provisions of th8
instrument.
a. Cash and ¢ash equivalents
Cash and cash eouivalenis include cash 8t banks and in hand and short term deposits with
maturity date ol three months or less at the balan￿ sheet dat8, aniy investrnents capable of
irnmediate ea$h realisation.
b. Debtors and ¢redrtors
Debtors and creditors receivable or payab￿ within one year of the ￿pOrting date are carried at
tt)8ir transaction pric8 and subsequently at setuement value. Debtors and creditors that are
receivable or payable in more than one y88r and noi subject to a market rate of interest are
measuth at the present value of the expected future receipt5 or payment discounted at a
market rate of interest.
2. Taxation
The company is a registe￿￿ charity and as such, 15 entitfed to exernption from taxation underthe
Corporation Tax Ad 2010.
3. Expenditure
Year End•d Year Ended
31 March
31 Mar¢h
2023
2022
General Revenue Costs
Future capital project costs
Support costs (note 41
50,820
13,538
50.689
Support Costs
Year Ended Year Ended
31 March
31 Mareh
2023
2022
Bank and credit card charges
Governance costs
432
13,106
4.500
Auditor remuneration of £8,485 for current yearféès12022.' £4,5001. £1.771 for prior yearfees
12022.. £nill, ￿,000 for current year non-audit fees12022.. £nill and £850 for prior year non-audit
fees12022.. £nill is included in governance costs for the Current year.
5. Employees
The company arnployed no staff during the year. Administrat've support is provide<J by Sadler's
Wells Trust Limited. The Tmstees recewed no remuneration for the services they provided to the
company. and no expenses were reimbursed. The company has an Insuran￿ poliey in respe¢t of
G￿lmS ag8inst the Trusteés of the company.
16

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 (continued)
6 Intangible Fixed Assèts
Restricted
Re$tricted
Intsngible
assets
Total
Co$t
As at 1 April 2022 and 31 March 2023
218,376
216,376
AJnortisation
216,376
216,376
Net Book Value
Totsl Net Intan9tble Fixed Assets
7 Tangible Fixed Assets
Restricted
Restricted
Freehold
Land and
Buildings
Restricted
Fixtures,
Fittings &
Equipment
Total
Cost
As at 1 April 2022
Addrtsons
Diswsals
As at 31 March 2023
2,742,181
3,836.516
6.578.697
48,1551
3.788.361
48,1551
6.530,542
2,742,181
Depreciation
As at 1 April 2022
Charge for the year
Disposals
As at 31 March 2023
2,495,986
9.114
3,836,516
6,332.502
9,114
48,1551
6.293.461
48.1551
3,788.361
2,505,100
Net Book Value
At 31 March 2023
At 31 March 2022
237,081
246,195
237,081
246.195
17

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 (continued)
7 Tangible Fixed Assets {continuedl
Unrestricted
un￿strICted Designated Unrestricted
Leasehold
Fixtures
Fixtures
Land and
Fitting$ &
Fittang$ &
Buiklings
Equipment
Equipment
Tolal
Cost
at 7 April 2022
Additions
Disposals
As at 31 Mar¢h 2023
85,750
459,977
860,121
125,698
111.9591
973,860
1,405,848
125,698
{11,9591
1,519,587
85,750
459,977
Depreciatlon
As 8t 1 April 2022
Charge for the year
Disposals
As at 31 March 2023
47,676
692
459,977
661,043
137.875
11,9591
786,959
1.168,696
138.567
111,9591
1.295.304
48.368
459,977
Net Book Value
At 31 Marth 2023
At 31 March 2022
37,382
38.074
186,901
199.078
224,283
237.152
Total Net Tangible Fixed Assets
461,364
Restriued freehold land and buildings cornprises.. the bo)k value of thè site of the theatre cornplex, 28
Arfington Way an¢J 181 Rosebery Avenue.
Unrestricted lèasehold land and buildings comprises.. 15 parking spaces at 177 Rosebery Avènue.
8 Investment property
Invèstment pmperty comprises the freehokl interest of the Shakespeares Head F￿blIC House at 1
Arfington Way, London. Th8 f8ir value of the investrnent propety has been anived at on the basis of a
valuation Carried out as at 31 March 2020 by Fkurets Limited Chartered Surveyors, who are not
eonnected with the Company. The valuation w8s made on an open market value basis by referen￿ to
market eviden￿ of transaction pricés for simil2r properties. The valuation was reviewed in the year
internally and the trustees consider that this is the best estim8te of the fairv8lue at the balance sheet
date.
2023
2022
Fatrvalue
As at 1 April 2022 and 31st hlarch 2023
150,000
150,000
18

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 (continued)
9 Debtors
31 March
2023
31 March
2022
Trade debtors
Taxation and social security
P￿phyMentS and accrued income
3,226
22.564
292,183
317,973
340,778
296.070
636,848
10 Creditor5
31 March
2023
31 March
2022
Trade creditors
Taxation and social security
Accruals
495
10,912
66,810
27.500
105.222
33.485
33,980
19

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 {continued)
11 Analysrs of Net Assets between Funds
Tanglble
Ftxeil
Assets
Investment
properties
Net Current
Assets
al Current year
Total
Restricted funds
Arlington Way Redevelopment Fund
Reslrieted Fixed Assets
Theatre Redevelopment Fund
FF&E Refurbishment
10.979
25,437
200,665
10,979
(25.4371
200.665
705.853
917.497
705,853
680,416
237.081
Unrestricted funds
SWF Pemianent Endowment Reserve
INO. 1150844-11
224,283
224,283
150.000
150.000
884,320
864,320
1238 603
1,238.603
Net Funds
461,364
150.000
1,544,73
2,156.100
T8ngibl8
Fixed
Assets
Investment
properties
Net Current
Assets
bl Prior year
Total
Restricted funds
Arfington Way R￿evelOprnent Fund
Capitsl Project Reserv8
Theat￿ Redevelopment Fund
FF&E RefurbiShM￿t
11,418
25,437
209.341
11,418
125,4371
209.341
713.832
934,591
713.832
688,395
246,196
Unrestricted funds
SWF Permanent Endowrnent Reserve
(No. 1150844-11
237,151
237.151
150.000
150.000
719,871
719,871
1107,0
1,107.022
Net Funils
483,347
150,000
1.408,266
2,041,613
20

Sadlerfs Wells Foundation Limited
Notes to the financial ststements for the year ended
31 March 2023 (continued)
12 Reeoncillation of Net Income from Oparating ACtI￿tieS to Net Cash Flows
Year
ended
31 Mar¢h
2023
Year
ended
31 March
2022
N8t income for the reporbno period
Depr8¢i8tion
De¢reaselllncreasel in debtors
(Decreaselllncrease in creditors
114.487
147,681
318,875
171.2421
816,078
227,264
1635.5841
99,502
Net cash InfkY￿ from opeTrdng a¢twities
509,801
507.260
13 Analysis of Cash Hows for Hèadings rn Cash Flow Statement
Year
ended
2023
Ye8r
ended
2022
Cash flows from invèsting activities..
Purchase of property, plant and equipment
125,6981 1166,9061
125,6981
166,9(￿)
14 Analysis of Net cash
31 March
2022
Cash
Flow
31 Mar¢h
2023
Cash * bank and in hand
876,640
384.103 1,260,743
21

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 (continued)
15 Movement on Funds
al eurrent year
At 1 April
2022
Income
Expenditure Transfersl At 31 March
Gains
2023
Unreslrieted funds
SWF Perm8nent Endowment
Fund (No. 1750844_11
1,107.022
332,755
1201,1741
1.238,603
1,107022
332 755
201 174
Restricted funds
Arlington Way
Redevelopment Fund
Theatre Redeveloprnent
Fund
FF&E Refurbishment
1,238.603
11,418
(4391
10.979
209,341
18,6761
9,749
200,665
713,832
934 591
1,770
705,853
917497
Total Funds
2041 613
334 525
220 038
2 156 1(N)
b} prioryear
At 1 April
2021
Transfersl At 31 March
Gains
2022
In¢ome
Expenditure
Unrestrlcted fun¢Js
SWF Permanent Endowment
Fund (No. 1150&14-11
813,946
566,414
1273,3381
1,107.022
566 414
273 338
Rèst17ct￿ funds
Arfington Way
Redevelopment Fun¢J
Theatre Redevelopment
Fund
FF&E Refurtjishment
1 107022
11,857
14391
11,418
218,017
18,6761
88,502
209,341
181,715
411 589
620.619
620 619
713.832
934 591
Total Fund$
1 225535 1 187033
2041 613
The Arfington Way Redevelopment Fund and the Th88tre Redevelopment Fund represent the net
book value of ￿rtaiTr fixed assets purchased using monies donated to Sadler's Wells Foundation
specifically for those purchase5. Expenditure on tt)ose funds represent the depre￿atIOn charge on
those assets.
The FF&E Refurbishment Fund represents funds ￿CeiVed and expended towards the current opitsl
project. In addition it represents the net book value of assets purchased using monies don8tsd
tOW8rds the current C8Pital project. The Trustees have also designated an unrestricted fund. The SWF
Permanent Endowment Reserve INO. 1150844.11 represents funds transferred from Sadlers Wells
Found£tion. These funds are held in trnst by Sadler's Wells Foundation Limited and are to be applied
in meeting the costs of administering the charity, managing its assets and furthering the objects of the
charity.
22

Sadlerfs Wells Foundation Limited
Notes to the financial ststements for the year ended
31 March 2023 (continued)
16. Comparative Fund and Statement of Financial ACt[￿tieS
Unrestricted Designated
Restricted
Total
Funds
Funds
Funds
Funds
for the Year for the Year forthe Year for the Year
ended
ended
eniled
ended
31 March
31 March
31 March
31 Mar¢h
2022
2022
2022
2022
Note
Income
IrTrcome from
Donations and legaci88
Sponsorship and donations
Rent receivab
Investment income
Other income
620.619
620,619
565,696
565,696
55
663
663
Total Ineome
566,414
620,619
1.187.033
Expenditure
Raising funds
88,502
88,502
Charitable 8¢tivities
Depreciation
Other
Total Expenditure
218,149
55,189
273,338
9,115
227,264
55,189
370,955
97.617
Net Ineorne
293,076
523.002
816,078
Net Funds at 1 April 2021
813,946
411,589
1.225,535
Transfers bemeen funds
Net Funds at 31 March 2022
1.107.
22
934,591
2.041,61
23

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2023 (continued)
17. Contln9ent Llability
The assets of the company are subject to a fixed and floating d)arge by the Arts Council of England. As
at 31 March 2023 th8 liabiifoe8 in respect of these ba18nces amounted to £46,917,380 12022..
£46,917,380) The liabilities would fall due rf Ihg theatre complex no longer used for its primary
purpose.
18. Liabrlity of Members
The company 18 lirnrfted by guarantee and the liability of members is limited to £1 each. At 31 Mar¢h
2023 there were g members12022.. 81.
19. Capital Commitments
At 31 March 2023 S8dlerf8 We115 Foundation Limitèd had £235,418 12022.. £200,000) capitsl
commitments not yet contracted for, and £nil12022.. £nill wntracted capital commitments.
20. Conne¢ted Charities
During the year Sadlerfs Wells Foundation Limited received rentsl income of £300,00012022.. £565,696)
from Sadlerfs Wells TnJst Limited, of which £150.000 was unpaid at year*nd. In addition the F￿ndstIOn
recharged to the Trust credit Card transacbon charges totalling £nil 12022". £1,609). Sadler's Wells
Foundation Limited was owed £29 by Sadlevs Wells Trust Limited 12022.. £340,77818t the 31 M8rch
2023. Sadle￿s Wells Foundation Limited is 8 member of Sadler's Wells Trust.
21. Related party transa¢tions
Nigel Higgins is also a trustee and ¢hairrnan of Sadlerfs Wells Trust Lirnited. There were no Trustee
related party transactions to disdose in the reporting period.
22. Amounts receivable under operatlng leases
At the rep)rting date the company had contracted Mrith tenants for the following minimum lease
pa￿TrentS.
31 Mareh
2023
31 March
2022
within 1 year
2-5 years
over 5 years
Totsl
312,000
1,377,893
1,611.939
3,301,832
24