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 2024

Sadler's Wells Foundation Limited
Index
Page
Trustees, Officers and Administrative Inform*ion
Trustèes, Report
7-10
Independent Auditors. Report
statement of Financial Activities
12
Balance Sheet
13
stat￿ent of Cash Flows
14-24
Notes lo the Financial Slalemenls

Sadler's Wells Foundation Limited
Trustees
Paul Williams (Chairman)
Nigel Higgins (Deputy chairman)
Kathryn Firth
Robert Glick
Andrew Lerpiniere
Roger Spen
Rab Bennetts OBE
Jennifer Beningfield
Secretary
isl8ir Spalding CBE
Registered Ofllce
Sadlerfs Wells Thealie
Rosebery Avenue
London
EC1R 4TN
Bankers
Coutts & Co.
440 Strand
London
WC2R OQS
AudStor
Moore Kingston Smith LLP
6th Floor
9 Appdd Street
London
EC2A 2AP
Sollcltors
CliN¢rd chall￿ LLP
10 Upper Bank Street
London
E14 5JJ

Sadler's Wells Foundation Limited
Trustees, Report
The Trustees. who are also the Directors of the company under the Cornponies Act 2006, subrnil their
report and the financial statements of Sadlers Wells Foundation Limited for the year ended 31 March
2024 which have bègn propared in compliance wth current statutory requirements, The Ch$iilies SORP
{FRS1021, and with the charity's governing document, ils Memorandum and Ariicles of Association. The
company was inc(>rpoiated on th8 20th December 2012 and registered ￿th the Charity Commission on
15 February 2013. The company wa3 formed to take over the activities ol the Ljnincorporaled charity of
the same name. Under a Charity Commission schem8 dated 26 June 2013, all assets of the
unincorporated charity were transferred lo the charitable company with the ex￿ptIOn of the ffeehold of
the main theatre building and 179 Rosebery Avenue (land registry Telerences NGL700054, LN19345 and
3670891. These are considered lo be permanent endowment assets and therefore remained In the
kJnineorporal8d ¢h8rily whith became a linked charity to the new charitable ¢omp8ny by virtue of the
charktable company becoming the solè wrporale trustee of the unincorporated charity. The finandal
stslerll8nts are presented as if both charities were a single entity and the permanent endowment property
is induded in fixed assets at a nominal value of £100 in accordance with the accounting polw in note
1{91.
ObJactlv8s, Prlnclpal Aetlvitiès and Future Development
The object of the company is to apply the income of the company in or towards d&fraying the 6xpense¥ of
providing performances al Sadlerfs Wells Theatres for recreation and education.
The princ4pal activities of the Foundation are saleguardin9 of the a$sel$, supporting the charitable
objectives of Sadle¢s Wells Trust and acting as guardian lo the original values and purpose of Sadlerfs
Wells Theatrès as &nvi8aged by Lilian Baylis. This includes essential rep8irs and refurbishrnenls lo
Sadlerfs Wells Theatres to serve theatre actimly while reducing environmental impact whenever possible.
In May 2018 the eharity 8nt8r8d into an agreement for lease with the London Legacy Development
Corporation. This agreement provides for the Foundation to Ontèr into 8 200 ye8r lease for Sadler's Wells
East, a new theatre and studios in the Queèn Elizabeth Olympic Park as part of Ihe Easl Bank projèct.
Opening in February 2025, Sadlerfs Wells East will support artist davÈlopmenl and training, and the
creation ol new work. It is a resource lor the whole of the UK, offering a destination venue for dance
comp8nies around Britain lo lour lo the caiital, and hostin9 the best work from international
choreographers. Performances developed on the Slratford stage w￿1 lour the UK and the world, reathing
new audiences.
Publlc Beneflt
Sadlerfs Wells Foundalion Limited recogniges and wel¢ome8 the need lo carry out ils charitable activtties
for the benefit of the general public. To that end, and with regard to the guidanee of th8 charity
eomrnission including the Charity Commission's guidance on publie benefit fpublic benefit. running a
chorily IPB21'1, the Trustees consider that th6 following activities dernonstrate the way in which Ihè
Foundation achieves its aims..
Repairs and refurt)ishm6nts undèrtaken ensure that Sadlerfs Wells continues to operate with
appropriate systems and equipment lo support thoatrè opèrations and ellhance audience experien
Investmant in project consultancy and legal advice has been madè lo ensure that the new venue can
deliver fOr￿a$1 benefits locally, nationally and Inlarn8tion8lly
Revlew of Flnanclal Actlvltlès
The Foundation rented the theatre to Sadlef s Wells Trust, with a rental income of £452k received duiing
the period12022123.. £300kl. The current year included an addition81 £140k of rental income in relation to
specific planned capital works al Sadlees Wtrlls Th8atre. £233,740 was spent durit¥J the year on èssential
repairs and maintenance of the Sadle¢$ Wells theatre in Islington. capitalised and deproaaled in line with
aecounling policies.
£1,000,000 lor FF&E refurbishment at Slrafford East was fundraised in the current year12022r23 income..
£nill'. Ihis capital project rèprèsanls the sole current use of the FF&E refurbishment fund. Expenditure of
£25,160 was rewrded under other resources maSnly against costs connected with the new theatre
CUTf8nlty being built as part of East Bank. The delivery ol the new Sadler's Wells th68tr6 will require
fixtures, fittings and equipm￿1 lo be purchased by the Foundation during the next financial year.

Sadler's Wells Foundation Limited
Trustees, Report (continued)
Reserves Policy
The charity's reserve policy 1$ to accumulate sufficient unreslrid$d reserves lo enable il lo provide for a
planned asset replacement, renewal and repair policy over the medium to long term. This is lo be achieved
by renting out Sadler's Wells, seeking Arts Council grants and fundraising. £1,531,270 of unreslricled funds
were held at year end. This fund is held as directed by the Trustees to b& expended in line wlh the SWF
Pemianent Endowment Reserve, tsr any other expenditure which is charged against unieslricled income.
Funds have been raised ftsr fixtures, fillings and equipment al Sadler's Wells Ea$l. As al the year end these
funds were £1,703k. The expectation is that the majority of these funds will be expended during the year lo
March 2025.
Fundraising
Sadlerfs Wells operates an internal fundraising team and is a member of the Fundraising Regulator. Our
approach tskey account of the Code of Fundraising Pra¢lice and we have complied wlh the standards of the
Regulator. We continue lo comply with the General Data Protection Regulations and our privacy pr>licy is
available at www.sadlerswells.¢omlabout-uslprivacy-policy. No fundraising complaints were received during
the year.
Going Concern
There are no material uncertainties lo be reported which ￿QUId affect the charity's ability lo continue as
going concern.
Rlsk Management
The risk register has been updated during the period. Responsibility for monitoring and mitigating risks is
delegated to the appropriate Trustees or managers. The key risks identified are buildin9 compliance failu￿,
fire and lack of funds for necessary capital works. Additional risks have been identified for Sadler's Wells East
in particular insufficient handover and training period, imp8¢1 of construction delays on costs and reputation
and in8ufficienl mobilisalion budget.
Trustees
The Trustees who served during the period under review were as follows..
Paul Williams
Nigel Higgins
Rab Bennells OBE
Daniel Daw
Kathryn Firth
Robert Glick
Andrew Lerpiniere
Roger Spence
Jennifer Beningfield
(Chairman from 12 June 20241
(Deputy Chairman)
{Chairman lo 12 June 20241
Resigned 28 November 2023
The Tru$lees are appointed by the members who are also the Trustees.
A skills audll of the Trustees is conducted annually in order lo better inform decisions regarding the
appolnlmenl of new Trustees. The Foundation provides an induction for ne￿Y appointed Trustees which
informs them of their duties and responsibilities as directors of the company, and encourages Trustees lo
keep abreast of emerging future developments through attendance al relevant sector events a8 well as wlh
Charity Commission guidance updates.
The Trustees delegate the day lo day running ol the Foundallon to the Artistic Director and Coknchief
Executive. Alislair Spalding CBE, and Executive Director and C&Chief Executive, Britannia Morton. Th&
Trustees approve the annual budget. and delegate responsibility for the day lo day management of the
operating budgets lo appropiiate senior staff.

Sadler's Wells Foundation Limited
Trustees, Report (continued)
Statement of Trustees, Respon$lbllities
The Trustees (who are also dir8¢tors of Sadlerfs Wells Foundation Limited for the purposes of company lawl
are r6sponsible for pieparing the Trusteès, Report and the financial statemenly in accordance with
applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted A¢¢ounling
Pra¢lice.}
Company law requlres the Ifuslees lo prepare financial slalemenls for each financial year which give a Irue
and fair view of the slate of the affairs of the charitable ¢ompany and of the incoming resources and
application of resources, including tho income and expendilure of Ihg charflable Company for that pertod. In
preparing th&sa finan¢i81 slalements, the trLJs16es are required lo..
select suitable accounting poll¢ie8 and then apply them consislenlly.,
obsgrve the methods and principles in the Charitie5 SORP.,
make judgements and accounting eslimales that are re8son8ble and prudent.,
stalè v4helhtrr applicable UK Accounling Standards have been followed, subject lo any material departures
disclosed and explained in the financial slalements.. and
prepare thè fin8n¢ial slalemenls on tha going ¢oncern basis unless it is in3ppropri8le lo presume that tha
Company will continue in business.
The Iruslees are responsiblè for kÈeping adequate accounllng records that disclose with ￿asonable
accuracy at any lime the financial position of the chaiilable company and enable Ihtsm lo ensure that Ihe
financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the
assèts of the company and hence for taking reasonable steps for thè prevtrnlion and detection of fraud and
other irregularities.
Dl•¢lo$ure of information to Audltors
So far as the Iruslees are aware, the￿ 13 no relevant audit informots'on of which the company's auditors are
unaware. The trustees have taken all the steps that they ought lo have taken as Iruslees in order lo make
themselves aware of any relevant audit information and to Èstablish that the company's auditors ale aware
of that information.
Conn&ct8d Charities
Sadlels Wells Foundation Limited is connected lo other charities, details of which are given in note 20 to the
financial statements. For 8 fuller understanding of the operation and performanc6 of th8 Sadler's Wells
group ol charities, copies of the a¢¢ounls of Sadlerfs Wells Trust can be obtained from Sadler's Well5,
Rosebery Avenue, London EC1R 4TN.
Audltor
The auditor, Moore Kingston Smith LLP, are deemed lo be raapwinted under section 487 121 of the
Companies Act 2006.
Thi5 report has been prepared in a¢¢ordance wilh the special provisions relating lo small companies within
Part 15 of the Companies Act 2006.
roved b
nd signed
the members of the board on
n their behalf by..
fl %¥Lf
Paul
Chair
illiams

Sadler's Wells Foundation Limited
Independent Auditor's Report to the Members of Sadler's Wells
Foundation Limited
Opinion
We have audlted the flnancial ststements of Sadler's Wells Foundation Limited {the 'company'> for the
year ended 31 March 2024 whlch comprise the Statement of Income and Retained Earnings, the
Balance Sheet and notes to the financial statements, Including a summary of signlflcant accounting
pollcles.
The financial reportlng framework that has been applled In thelr preparation is applicable law and
United Klngdom Accounting Stsndards, Includlng FRS 102 The Financial Reportlng Standard applicable
In the UK and Republic of Ireland {Unlted Klngdom Generalty Accepted AcCO￿tIng Prartlce).
In our oplnlon the financial statements..
glve a true and fair Mew of the state of the charitable company's affalrs a5 at 31 March 2024 and of
its incomlng resources and appli¢aUon of resour￿5, Includlng Its Income and expenditure for the year
then ended,.
have been propedy prepared In accordance wlth Unlted Klngdom Generally AC￿pted Accountlng
have LEen prepar8J In accordance wlth the ￿quIrements of the Companie5 Act 2006.
Basis for opinlon
We conducted our a￿lIt In accordan￿ with Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and
appllcable law. Our responslbilitles under those standards are futher descrlW in the Auditor's
responslblllties for the audit of the financial statements sethon of our report. We are independent of
the company in accordance with the ethical requlrements thèt are relevant to our audit of the financlal
ststements in the UK, IncludirvJ the FRC'S Ethlcal standard, and we have fulfllled our other ethical
re5ponsibilitles in accordance wlth these requirements. We belleve that the audit eviden￿ we have
obtsined is sufflclent and appropriate to provide a basls for OLJr opinion.
Conduslons relatlng to going concern
In a￿lIti￿ the flnanclal ststements, we have conduded that the trustees, use of the going con￿rn
basls of accountlng In the preparation of the financlal ststements is appropriate.
Based on the work we have perfomied, we Iwve not identified any materlal uncertalnties rdating to
events or condltlons that, Indlvldually or collectlvely, may cast 51gniflcant doubt on the company's
abllity to contlnue as a going COn￿M for a perlod of at least twelve months from wl*n the finanrial
statements are authorised for issue.
Our responslbllltles and the respongbllities of the dlrertors wlth respect to going COr￿ern are described
n the relevant 5ettions of this report.
Other Informatlon
The other Informatlon comprises the information Included in the annual report, other than the financial
statements and our auditor's report thereon. The dirertor5 are respOns￿bIe for the other Infonllatlon
contained within the annual report. Our oplnion on the flnanC￿a1 statements doe5 not cover the other
nformatlon and, ex￿pt to the extent otherwlse explicldy stated in our report, we do not express any
form of assuran￿ conclusion thereon.
Our responslbillty is to read the other Information and, in doir¥J so, conslder whether the other
Infomiatlon Is materially inconsistent wlth the financial statements or our knowledge obtalned In the
course of the audlt or othe￿ise appears to be materially mlsstated. If we Identlfy such material
Inconslstencles or apparent material misstatements, we are requlred to report that fact.
We have nothlrvJ to report In thls regard.

Sadler's Wells Foundation Limited
Independent Auditor's Report to the Members of Sadlerfs Wells Foundation
Limited
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the a￿lIt.
the information given in the Trustees, Report for the flnandal year for whlch the flnandal statements are
prepared Is consistent wlth the financlal statements,. and
• the Trustees, Report has been prepared in accordance wlth appllcable legal requirements.
Matters on which we are requlred to report by exceptlon
In the Ilght of the knowledge and understandlng of the company and its environment obtalned in the course
of the audit, we have not identlfled material misststements in the Trustees, ReporL
We have nothing to report In respect of the following matters where the Companies Att 2006 requlres us to
report to you If, In our oplnlon:
adeqLJate accounting records have not been kept, or retums adequate for our audit have not been
received from branches not VlSited by us; or
the flnandal statements are not in agreement wlth the accountlng records aThJ returns; or
rtain disclosures of trustees, remuneration speclfled by law are not made. or
we have not recelved all the Informatlon and explanations we requlre for our audit. or
the dlrectors were not entitled to prepare the financial statements In accordance with the small
companies regime and take advantage of the small companles, exemptlon in preparing the Dlrectors, Report
and take advantage of the small companles exemption from the requirement to prepare a Strategic Report.
Responslbilities of Trustees
As explalned more fully In the Trust￿, Responsibilities Statement, trustees are responslble for the
preparation of the flnancial ststements and for being satisfied that they give a tr￿ and falr vlew, and for
such internal control as the trustees determine Is necessary to enable the preparatlon of flnanclal
statements that are f￿e from material mlsstatement, whether due to fraud or error.
Auditor'$ responsibilities for the aydit of the finanaal statements
Our objectlves are to obtaln reasonable assuran￿ about whether the financlal statements as a whole are
free from materlal mlsstatement, whether due to fra￿ or error, and to issue an audltorfs report that
includes gur opinion, Reasonable assurance 15 a high level of assurance, but Ss not a guarantee that an audlt
conductej in accordan￿ wlth ISAS (UK) will always detect a materfal mlsststement when It exlsts.
Misststements can arise from fraud or error and are considered materlal If, IrKllvldually or In the aggregate,
they could rea￿nablY be expected to Influen￿ the economlc dedslons of users tsken on the basis of these
finandal statemats.

Sadler's Wells Foundation Limited
Independent Auditor's Report to the Members of Sadler's Wells
Foundation Limited (continued)
Auditor's responsibilities for the audit of the financial statements {continued)
A5 part of an audit in accordance wlth ISA5 (UK) we exercise professlonal Judgement and malntaln
professlonal ￿ptI¢l$M throughout the audlt. We also..
Identify and assess the rlsks of material mi5Statement of the flnanclal ststements, whether due to
fraud or error, design and perform audlt procedures responsive to those risks, and obtain aud6t
evldence that Is sufficlent and appropriate to PrO￿de a basls ft>r ow oFH'nion. The risk of not detethng
a material mlsstatement resultlng from fraud is higher than for one resulting from error, as fraud may
nvolve collusion, forgery, intentional omlsslons, mlsrepresentations, or the override of Internal control.
Obtaln an understanding of internal contr(A relevant to the audit in order to deslgn audfit
procedure5 that are approprlate In the circUmstan￿s, but not for the purposes of expressiThJ an
opinlon on the effertiveness of the company's Internal control.
Evaluate the approprlateness of accountlng policie5 used and the reasonableness of ac(J)unting
estimates related dlsclosures made by the directors.
Condude on the approprlateness of the dlrettors, use of the goiThJ concern basls of accounvng and,
based on the audr( evldence obtained, whether a materlal uncertainty exists related to events or
conditions that may cast signlffcant doubt on the company's ablllty to c￿tInUe as a golng concern. If
we conclude that a materlal urKertalnty exlsts, we are requlred to draw attention in our auditor's
report to the related disclosures In the financial statements or, If such dlsclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit eVIden￿ obtalned up to the date of our
audltor's report, However, future events or condltlons may cause the compary to ￿ase to contlnue as
a golng COn￿rn.
Evaluate the overall presentation, structure and content of the flnancial statements, Indudlng the
di5cIosures, and whether the flnanclal Statements represent the underfylng transactions and events In
a manner that achieves fair presentation.
We communlcate with those charged wlth govemance ￿ard1Thj, among other matters, the planned
scope and timlng of the audlt and significant audlt findlngs, including any significant deficlencles In
internal control that we identify durlng our audlL
Explanation as to what extent the audit was considergd capable of detectlng irregularitlos,
including fraud
IrregUlarl￿eS, including fraud, are instsnces of non-compliance with laws and regulatlons. We design
prO￿dureS in Ilne wlth our responsibllities, outllned above, to detect materlal mlsstatements In
respert of Irregularitles, Indudlno fraud. The extent to which our prO￿d￿reS are cèpable of detecting
Irregularftles, IKludlng fraud Is detailed below.
The objectlves of our audlt In ￿￿ct of fraud, are,. to Identify and assess the risks of material
misstatement of the flnanclal ststements due to fraud; to obtain suffiaent appropriate audlt evldence
regarding the assessed risks of materlal mlsstatement due to fraud, through designing and
Implementlng approprfate responses to those assessed rlsks. and to respond approprlately to
nstances of fraud or suspected fraud Identlfied during the audit. However, the pAmary responsibility
for the prevention and detecbon of fraud rests wlth both management an(1 those charged wlth
governance of the company.

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 wa$ consldered capable of detectlng Irregularities, includlng
fraud {continued}
Our approach was as follows..
We obtained an understanding of the legal and regulatory requirements applicable to the company and
considered that the most significant are the Companies Act 2006 and UK financial reporting Standards as
issued by the Financial Reporting Council.
• We obtained an understanding of how the company CLxnplies with these requirements by discussions wlh
managemgnl and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of m81erial
misslatemenl due lo fraud and how it might occur, by holding discussions with mana9emenl and those
Charged with govemance.
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.
Based on this understanding, we designed specific appropriate audit procedures lo identify instances of non-
Compliance with laws and regulations. This included making enquiries of management and those charged with
governance and obtaining addillonal corrobDralive evKlence as required.
There are inherent limitations in tho audit procedures described above. We are less likely lo become aware of
instances of non-compliance wlh laws and regulations that are not closely related lo events and transactions
reflected in the financial statements. Also, the risk of not deleeling a material misslalemenl due lo fraud is
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by,
for example, forgery or inl8nlional misrepresentations, or through ¢dlusion.
Use of our Report
This report is made solely lo the 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 for no purpose other than lo draw to the
attention of the company's members those mallers we are required lo include in an auditor's report addressed
lo them. To the fUl￿st extent perrnilled by law, we do not accept or assume responsibility to any party other
than the company and the company's members as a body, for our work, for this report, or for the opinions we
have formed.
K, LCP
16 December 2024
James Cross (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smlth LLP,
Chartered Accountants
Statutory 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 2024
Unrestrlcted R&strleted
Total
Totsl
Funds
Funds
Funds
Funds
for the Yèar lor thè Year for the Year for the Year
ended
ènded
ended
ondgd
31 March
31 Mar¢h
31 March
31 March
2024
2024
2024
2023
Incom•
Income from
Donations and legacies
Sponsorship and donations
Rtrnl ieceivable
Inveslrnenl income
Other income
Not•
I,OOLI,000
1,000,000
452,000
49,367
452,000
49,367
300,000
4,353
30,172
Total In¢ome
501,367
1,000.000
1.501,367
334.525
Expenditure
Raising funds
7,999
Charilable activities
Depreaalion
Other
Totsl Expenditure
137,984
30,716
168,700
9,113
2,519
11,632
147,097
33.235
180,332
147,681
64,358
220,038
3&4
Net Incomè b•f¢r• Investment10sses
332.867
988,368
1,321,035
114,487
Unrèalisad loss on investment property
140,000)
140,0001
Net Income
292.667
988,368
1.281.035
114,487
Net Funds at 1 Aprll 2023
1.238.603
917,497
2,156,100
2,041,613
N&t Funds at 31 March 2024
15
1.531,270
1,905 865
3,437,135
2.156,1(10
None of the company's aolimlles were acquired or discontinued during thtr above finanaal peiiods.
The company has no recognised gains and losses other than those dealt with in the above Statement of Financial
Acliwlies.

Sadler's Wells Foundation Limited
Balance Sheet as at
31 March 2024
2024
2024
2023
2023
Notg
Flxed Assets
Tangible assets
Investment property
548.007
110,000
658,007
461,364
150,000
611,364
Curront Assets
Debtors
Cash al knk and in hand
591,583
2,269,336
2,860,919
317,973
1,260,743
1,578,716
Creditors.. Amounts Falling Due
Wlthln One Year
81,791
33,980
Net Current Assets
2,779,128
1.544,736
Total Assets Less Current Liabilities
3,437,135
2,156,100
Funds
Restricted
Unreslricled
15
1,905,865
1.531.270
3,437,135
917,497
1,238,603
2,156,100
These financial ststements have been prepared in accordance with the provisions applicable lo companies
subject lo the small companies regime.
The
nci
are sig
I slalements were approved by the board of trustees and authorised for issue on
od on its behalf by:
Paul
illiams {Chairmanl
Company number 08338605
12

Sadler's Wells Foundation Limited
Statement of Cash Flow for the year ended
31 March 2024
Year ended
31 March 2024
Year ended
31 March 2023
Irestatedl
Noto
Nel cash flows provided by operating activities
12
1,192,966
505,448
Cash flows from investing activities
13
1184,373}
{121,3451
Net change In cash and cash equlvalents in the period
1.008,593
384,103
Rgconclllatlon of Net Cash Flow to movement in Net C)$h
Change in Cash and cash equivalents in the period
1,008,593
384.103
Movement in nel cash In the period
Net eash and cash equivalonts at 1 Aprll 2023
Net cayh and Cash equivalents at 31 March 2024
1.008.593
384,103
1,260,743
2,269,336
876,640
1,260,743
14
13

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024
1. Accounting Policies
{a) Basis of accounting
The financial slalemenls have been prepared in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021. The Charitable Company is a public
benefit entity for the purposes of FRS 102 and threfore the Charity also prepared ils financial
statements in accordance with the Slalemenl of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (The FRS 102 Charities SORPI, the Companies Act 2006 and The
Charities Act 2011.
The financial statements are prepared in slerlitYJ, which is the functional currency of the charity.
Monetary amounts in the financial statements are rounded to the nearest pound.
The financial statements havo been prepared under the historical cost convention, modified to
includ8 investment properties at fair value. The piincipal accounting policies adopted are sel out
below.
Ibl Golng concèrn
The financial slatem@nls are prepared on a going con￿rn basis which assumes that the charitable
company will continue in operational existence for the foreseeable fulure.There are no material
uncertainties lo be reported which would affect the charitable company's ability lo continue as a
going concern.
(¢1 R￿QgnItIOn of Income
(il Donations are creililed lo the Statement of Financial Activities when receivable wilhoul
conditions.
lill Interest incom& is credited to the Slalemenl of Financial Aclivf(ies when receivable.
liiil Reslricled funds are used for the spe¢ifi'c purpose laid down by the donor.
livl Rent is Ciedited to the Statement of Financial ￿tIVitIeS when receivable.
Iv) The income recognition principles of FRS102 are adopted.,
Evidence of enlillemenl lo income.
Receipt is probable and the amount can be measured reliably.
Id) Expenditure
All direct charitable expenditure 1$ accounted for on an accru8ls basis. Support costs are allocated
based on the use of reserves where appropriate.
le) Tanglblè flxed assets
Fixed assets are slated al cost.
Depreciation 18 provided on a straight line basis lo write d¢)wn the book value over the estimated
useful lives of the assets as follows..
Freehold properties
Leasehold properties
Fixtures, fittings and equipment
Specialist Equipment
Construction and Building8 work
Assets in the course of construction
50 year8
Over the period of the lease- 125 years
Over 3 years
Over 3 years
Over 3 years
Not depreciated until brought into praelical uso
14

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
1. Accounting Policies {con't}
A review of depreciation rates. useful lives of assets, residual value and impaim)ent lakes place
on an annual basis.
{fj Investment proportles
Investment propety, which is propety held lo earn rentals andlor for capital appreciation, 18
initially recognised at cost, which includes the purchase cost and any directly allribulable
expenlliture. Subsequently i( is measured al fair value al the reporting end date. The surplus or
delicil on revaluation is recognised as nel gainslllossesl on investments in the 8tatemenl of
financial aclivilies.
Ig} Froehold and leasehold land and building$
The Foundation owns the freehold and leasehold interests in land and buildings comprising the
Sadler's Wells Theatre redevelopment sile. These are leased to Sadler's Wells Theatre Trust
Limited which operates the theatre in fulfilmenl of the Foundation's principal objective lo support
the theatre aclivilie8 and ale therefore recognised as functional properties al cost less
accumulated depreciation. The freehold of the original land is held on permanent endowment
trusts as described at the start of the Trustees, Report at a nominal value of £100. The Foundation
also owns the freehold interest in 1 Arlington Way which is leased lo Sadler's Wells ￿mIted, a
related party. al a peppercorn rent. Sadlerfs Wells Limited has now granted a sublease lo a
commercial tenant and accordingly the freehold interest has now been recognised at fair value as
an investment property.
Ihl Flnanclal Instruments
The charity has elected lo apply the provisions of section 'basic financial instruments. of
FRS102 to all of ils financial inslrumenls. They are recognised in the charity's stalement of
financial position when the charity becomes paty to the conlraclual provisions of the inslrumenl.
a. Cash and cash equlvalents
Cash and Cash equivalents include cash at banks and in hand and short term deposits wf(h
original maturities of three months or less. and investments capable of immediate cash
realisalion.
b. Debtors and creditors
Debtors and creditors receivable or payable within ono yoar of the reporting dale are carried al
their transaction price and subsequently al selllemenl value. Debtors and credbtors that are
receivable or payable in more than one year and not subject lo a market rale of interest are
measured al the present value of the expected future receipts or payment discounted al a market
rale of interest.
15

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
1. Accountlng Pollcle8 Icon'¢l
111 Crltlcal a¢countlng ar8a5 and use ofludgements
In p￿parIng financial 51atern8n18 It is ne¢e$sary to mako ¢8rtain judgements, 8Stimatss and
assumptions that affect the amounts recognised in the financial ststements." InGluding ests'rnale5
of useful lives of assets and deprecialqon and Impaiimenl p￿ley&s.
$our¢o$ of ostlmatlon uncertalnty
The estimates and a55umptions which have a $ignrfi¢anl risk of causing a Materi￿ adju8tmenl to
the ¢arrying wnounl of asset$ and liabilities ar8 Outllned below..
Fair value of Investment property
Thg company's inv8Stmenl prop8rty is Included in the fin8ncial statements at valuation as
de$¢ribed in note 8 to the financial slalemenls. Thls 1$ ¢onsid8r8d to b8 8 critical accounting
e8timate in view of the amounls involved and the judgements applied in their valuation. An
independent valuation wa5 cenducl8d In 2024 and the trust895 have since reviewed the po$iUon
and consider that the valuations ￿preSentS the ￿st estimate of fair value at the balance shael
date.
2. Taxatio
The company is a registered charity and 88 such, B entltled to &xenwllon fr¢)m taxation under the
Cotporalion Tax Act 2010.
3. Expendlture
Year Ended Year Ended
31 March
31 March
2024
2023
¢harltablè a¢tlvltl¢s
Depreciation
other
Future capltal prole¢l costs
. Support ￿sts Inole 41
147,097
147,681
25.160
8.075
50,820
13,538
4. Support Cost$
Year Ended Year En(led
31 March
31 March
2024
2023
Bank and Ctsdil card charges
Governance costs
560
7.515
432
13.106
Auditor remuneration of £9,500 for CL•rr8nl year fees 12023.. £8.4851, £15 for prior year fees12023.'
£1,771), £nil for current year non-audlt fees12023.. £2,000) and-É2.000 released overaccrual for prior
year non-audil fee$12023". £8501 is included in governance costs for the current year.
5. Employe05
Th8 company ernployèd no stsff durin9 tho y8ar12023.' none). Admini$trallv* 8UPPOrt is prowded by
Sadlers Wells Trust Limited. The Tr￿leeS received no remuneration for the services they prowd8d to
the ¢ompany12023'. none), and no 8xponse$ were reimbutsed 12023.. nonè). Th$ company ha5 an
insurance policy in respect of claims against the Trustees of the company.
16

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 {continued)
6 Intangible Flxed Assets
Rg¥trl¢tod
Restricted
Intangiblg
assets
Total
Cost
As at 1 April 2023 and al 31 MaTeh 2024
216,376
216,376
Amortisation
As al 1 April 2023 and at 31 March 2024
216,376
216.376
Net Book Value at 1 Aprll 2023 and 31 March 2024
Total Net Intangiblg Flxed Assets
7 Tanglble Flxed Assets
Restricted
Restrlcted
Fr9&hold
Land and
Bulldings
R8strlcted
Flxtures,
Fittings &
Equipment
Total
Cost
As at 1 April 2023
Add((ions
Disposals
As at 31 March 2024
2,742,181
3.788,361
6,530,542
2,742,181
3,788.361
6,530,542
Depreclatlon
As al 1 April 2023
Charge for the year
Disposals
As at 31 March 2024
2.505,100
9,113
3,788,361
6,293,461
9,113
2.514,213
3,788,361
6,302,574
Net Book Value
Al 31 March 2024
Al 31 March 2023
227.968
237.081
227,968
237.081
17

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
7 Tanglble Flxed Assets Icontinuadl
Unrestrictod
Unr9$trlcted Deslgnated Unrestricted
Leasehold
Fixtures
Fixtures
Land and
Flttlngs &
Fittings &
Bullding$
Equipment
Equipment
Total
Cost
As at 1 April 2023
Additions
Disposals
As al 31 March 2024
8S,750
459,977
973,880
233,740
1.519,587
233,740
85,750
459,977
1.207.600
1,753,327
Depreciation
As al 1 April 2023
Charge for the year
Disposals
As at 31 March 2024
48,368
693
459,977
786,959
137,291
1.295,304
137,984
49.061
459.977
924,250
1,433,288
Net Book Value
Al 31 Malch 2024
Al 31 March 2023
36,689
37,382
283.350
186,901
320,039
224,283
Total Not Tanglblg Flxgd Assets
548,007
Restricted freehold land and buildings comprises.. the book value of the sile of the theatre complex. 28
Arlington Way and 181 Rosebery Avenue.
Unrestricted leasehold land and buildings comprfses.. 1 S parking spaces al 177 Rosebery Avenue.
8 Investment property
Investment property comprises the freehold interest of the Shakespeare's Head Public House at 1
Artinglon Way, London. The fair value of the investment property has been arrived al on the basis of a
valuation carried out as al 31 March 2024 by Fleurols Limited Chartered Sutveyors, who are not
connected with the company. The valuation was made on an open market value basis by reference lo
market evidence of transaction prices for similar properties.
2024
2023
Fair value
As al 1 April 2023
Revaluation loss
As at 31 March 2024
150,000
40,000
110,000
150,000
150,000
18

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
9 Debtor$
31 March
2024
31 March
2023
Trade debtors
Taxation and social security
Prepayments and acerued income
93,350
3,226
22,564
292.183
317,973
498,233
591,583
10 Credltors
31 March
2024
31 March
2023
Trade creditors
Taxation and Social security
Accruals
57,856
14,435
9,50LI
81,791
495
33,485
33,980
19

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
11 Analysls of Net Assets between Funds
Tanglblg
Investment
Fixed Assets propertles
Nat Current
Assets
al Current year
Total
Restrlcled funds
Arlington Way Redevelopment Fund
Restricted Fixed Assets
Thealre Redevelopment Fund
FF&E Refurbishment
10,540
25,437
191,991
10.540
125,437}
191,991
1,703,334
1,905,865
1.703,334
1,677.897
227,968
Unrostrl¢ted funds
SWF Permanent Endowment Reserve
INO. 11 $0844-1)
320,039
320 039
110,000
110,000
1.101,231
1.101 231
1,531.270
1,531,270
Net Funds
548,007
110,000
2,779,128
3,437,135
Tangible
Investment
Fix9d Assets propertle5
Net Current
Assets
b) Prlor year
Total
Restricted funds
Arlington Way Redevelopment Fund
Capital Project Reserve
Theatre Redevolopment Fund
FF&E Refurbishment
10.979
25,437
200,665
10.979
125,4371
200,665
705,853
917,497
705,853
680,416
237 081
Unrestrictgd funds
SWF Permanent Endowment Reserve
(No. 1150844-11
224,283
224.283
150,000
150,000
864,320
864,320
1,238,603
1.238,603
Net Funds
461,364
150.000
1,544,736
2,156,100
20

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
12 Reconclllatlon of Net Income from Operating Activities to Net Cash Flows
Year
ended
31 March
2024
Year
ended
31 March
2023
Irgstated)
Net income for the reporting period
Losses on inveslm$nls
Dividends, interest and rents from investments
Depreciation
Decreaselllncreasel in debtors
IDecreasellln¢rea8e in creditors
1,281,035
40.000
149,3671
147,097
1273.610}
47,811
114.487
14,3531
147,681
318,875
171,2421
Net cash inflow fiom operating activities
1.192,966
505,448
13 Analy$l$ of Cash Flows for Heading$ In Cash Flow Statement
Year
ended
2024
Year
ended
2023
(restated)
Cash flows from Investlng activities..
Dividends, intere51 and rent from investments
Purchase of property, plant and equipment
49,367
233,740
184,373
4,353
125,698
127,345
14 Analy$i$ of Net Cash
31 March
2023
Cash
Flow
31 March
2024
Cash at bank and in hand
1,260,743
1,008,593 2,269,336
21

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
15 Movement on Funds
At 1 Aprll
2023
Incomo
Expendlture Transfersl At 31 Ma￿h
Gains
2024
al current year
Unrestrlcted funds
SWF Permanent Endowment
Fund (No. 1150844-11
1,238,603
501,367
1168.7001 140.000)
1,531,270
1,238,603
501,367
168,700
40,000
1.531,270
Restricted funds
Arlington Way
Redevelopment Fund
Theatre Redevelopm8nl
Fund
FF&E Refurbishment
10.979
1439}
10,540
200.665
(8,6741
191,991
705.853 1,000,000
917 497 1000 000
2,519
1,703,334
1905 865
Total Funds
2 156100 1501367
180 332
3437 135
bl prior year
At 1 Aprll
2022
Income
Transfersl At 31 Ma￿h
Gains
2023
Expenditure
Unrestricted funds
SWF Perman@nl Endowment
Fund INO. 1150844-1)
1,107,022
332,755
{201.1741
1,238,603
1 107022
332 755
201 174
1.238,603
Regtrlcted funds
Arlington Way
Redeveloprnenl Fund
Theatre Redevelopment
Fund
FF&E Refurbishment
11,418
1439)
10,979
209,341
18.6761
200,665
713.832
934 591
1,770
9,749
705,853
917 497
Total Funds
2041613
334 525
220 038
2 156 100
The Arlington Way Redevelopment Fund and the Theatre Redevelopment Fund represent the net book
value of certain fixed assets purchased using monies donated lo Sadler's Wells Foundation specifically
for those purchases. Expenditure on those funds ropresenl the dep￿ciall0n charge on those assets.
The FF&E Refurbishment Fund represents funds received and expended towards Ihg current capital
project. being the new theatre opening in Strattord in February 2025. In addition il represents the nel
book value of assets purchased using monies donated towards the current capital project.
The Trustees have also designated an unrestricted fund. The SWF Pemanenl Endowment Resetve
(No. 1150844-11 represents funds transferred from Sadler's Wells Foundation. These funds are held in
trust by Sadler's Wells Foundation Limited and are lo be applied in meeting the costs of administering
the charity. managing ils assets and furtherfng the objects of the charity.
22

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
16. Comparatlve Fund and Statement of FSnanclal Actlvlties
Unrestricted Rgstrlcted
Total
Funds
Funds
Funds
for the Yoar for the Year for the Year
ended
ended
ended
31 March
31 March
31 March
2023
2023
2023
Note
Income
Income from
Donations and legacies
Sponsorship and donations
Rent receivablè
Investment income
Other income
300.000
4,353
28,402
300,000
4,353
30,172
1,770
Total Income
332,755
1,770
334,525
Exponditure
Raising funds
7,999
7,999
Charitsbl6 activities
Depreciation
other
Total Expendlture
138,567
62,607
201,174
9,114
1,751
18,864
147,681
64,358
220,038
Net Income
131.581
117,094}
114.487
Net Fund$ at 1 Aprll 2022
1,107,022
934,591
2,041,613
Transfers between funds
Net Funds at 31 March 2023
1,238,603
917,497
2,156,100
23

Sadler's Wells Foundation Limited
Notes to the financial statements for the year ended
31 March 2024 (continued)
17. Contingent Liabilty
The assets of the company are subject lo a fixed and floaling charge by the Arts Council of England. As
al 31 March 2024 the liabilities in respect of these balances amounted lo £46,917,380 12023..
£46,917.380} The liabilities would fall due if the theatre complex was no longer usèd for ils primary
purpose.
18. Liability of Membors
The company is limited by guarantee and the liability of members is limited to £1 each. At 31 March 2024
there were 8 members {2023.' 9}.
19. Capital Commitments
At 31 March 2024 Sadler's Wells Foundalh)n Limited had £nil 12023.. £nill contracted capital
ommilments.
20. Connected Charltles
During the year Sadlerfs Wells Foundation Limited received ￿ntaI income of £452,00012023'. £300.000)
from Sadler's Wells Trust Limited, of which £218,000 was unpaid al year-end 12023.. £150,000 deblorl.
Sadlerfs Wells Foundation Limited was owed £29 by Sadler's Wells Trust Limited 12023.. £29) at the 31
March 2024. Sadler's Wells Foundation Limited is a member of S8dleVs Wells Trust.
21. Relatod party transactlons
Nigel Higgins is also a trustee and chaimian of Sadler's Wells TrLtsl Limited. There were no Trustee
related party transactions lo disclose in the reporting period.
22. Amounts rg¢9ivable under operating loasgs
At the reporting dale the company had conlraded wlh tenants for the following minimum lease payments.
31 March
2024
31 March
2023
Within 1 year
2-5 years
over 5 years
Total
320,374
1,369,826
1,126 934
2,817,134
312.000
1,377,693
1,611,939
3,301,832
24