Registered number.. 00539332 Charity number: 231242 THE ENGLISH STAGE COMPANY LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) CONTENTS Page Reference and Admlnlstratlve Detalls of the Charlty, Its Trustees and Advlsers Chairfs Statement Trustees. Report 5-14 Independent Auditors. Report on the Financial Ststemgnts 15-18 Consolidated Statement of Financial Activities 19 Consolidated Balance Sheet 20 Charlty Balance Sheet 21 Consolidated Statement of Cash Flows 22 Notes to the Financial Ststements 23-52
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Anthony Burton CBE, Chair Jeanette Arnold Nomawushe Dumezweni (appointed 15 May 20251 Neal Gandhi Pamela Jikiemi Jodi Myers lappoinled 18 September 20251 Mark Ravenhill AndW Rodger Anita Scoll Lord Stewart Wood Mahdi Yahya Iresigned 19 May 20251 Company registered number 00539332 Charity registered number 231242 Registered office Royal Court Theatre Sloane Square London SW1W 8AS Company secretary Helen Perryer Executive Artistic Director and CEO - David Byrne Executive Producer- Will Young Finance Director- Helen Perryer Independent auditors Nym8n Libson P8uI LLP Chartered Accountants Slatulory Auditors 124 Finchley Road London NW3 5JS Bankers Barelays Bank PLC United Kingdom House 7th Floor 180 Oxford Street London W1D 1EA Solicitors Simons Muirhe8d & Burton 8-9 Frith Street Soho London W1D3JB Page 1
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Other Principal Advisors Wrightsure Services Limited, Ua Performers Wrighlsure House 799 London Road Wesl Thurrock Essex RM20 3LH Page 2
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The chair presents their statement for the year. This has been a year of great renewal at the Royal Court. The first full year of our new leadership team has seen a bold artistic vision coupled with strong financial stewardship,. attracting new levels of support, audience attendance and fundraising success. This much needed achievement has seen us end the year with a planned for financial surplus, required lo replenish our essential reserves and secure initial designated funds towards future capital investment. While there are significant risks and challenges ahead, including the need to establish new long-term funding models beyond a specifi'c period of leadership transition, we have now laid the foundations lo secure our future and to continue lo take the artistic risks that define the Court. The arrival of Artistic Director David Byrne and Executive Director Will Young in early 2024 marked the beginning of this new era. Together with the Board, staff and the Court's supporters, they have steered the organisation through immediate challenges to deliver an extraordinary year of success. Our strategy has been rooted in renewal.. revilalising audiences and supporters by placing the most exciting writers and ideas al the heart of our work. Artistically, the impact has been remarkable. David's first season comprised nine world premieres, each by a playwright making their Royal Court debut. This ambitious programme blended internationally renowned artists with insurgent new voices. Highlights included Bluets directed by Katie Mitchell and stsrring Ben Whishaw, Emma D'Arcy and Kayla Meikle, and Giant by first-time playwright Mark Rosenblatt, directed by Nicholas Hytner and starring John Lilhgow. The season set new box offi'ce records here al the Court, with Giant selling out its entire Royal Court run in advance and audiences across the season exceeding 90,000 - with both our theatres operating al close to 90Q/o capacity. Membership and supporter numbers almost doubled following the first season launch, eviden of the appetite for our bold new direction. Critical recognition matched public response. This whole year of progamming al the Court has been nominated for a Sky Arts Award, while Giant was recognised as one of the most important new plays of recent years, winning Best New Play al the Olivier Awards alongside acting Olivers for John Lithgow and Elliot Levey. Eadier it had been celebrated at the Critics, Circle Theatre Awards, with Rosenblatt named Most Promising Playwright and Giant Best New Play. The play's success led directly to a major Wesl End transfer, ensuring that a new work developed al the Court reached an even wider audience. Other productions also gamered nominations and awards, with Bluets being nominated for Best Supporting Actor for Ben Whishaw al the Oliviers, while international co-productions such as Nassim Soleimanpour's ECHO demonstrated our global reach and influence. Central lo this year has been the expansion of partnerships. From regional collaborations with Live Theatre and Prime Cut Productions lo inlemational allianS with theatres across Europe, North America, Iraq, Palestine and South Africa, the Court has embraced an increasingly collaborative approach lo developing and presenting new writing. Partnerships with Sonia Friedman Productions and the Royal Shakespeare Company signal bold new models for the future, while long-stsnding relationships with trusts and foundations, such as Jerwood, and donors have continued to provide vitsl support. At the heart of our renewed mission has been a commitment to writers. September 2024 saw the launch of the Writers, Card - a free membership programme that has already attracted over 5,000 playwrights, making it one of the largest communities of writers anywhere in the world. Writers now use the Court daily as their creative home, accessing free workspa, events, coaching, and a vibrant network of peers. Alongside this, new inilialives such as the Writers, Lollery, the Young Playwrights Award, and the forthcoming Open Submissions Festival have opened the door wider than ever for new voices. The surge in unsolicited script submissions the highest in years is proof of the Court's continued magnetism for playwrights. Page 3
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) CHAIR'S STATEMENT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 This progress has only been possible through the sleadfasl support of our funders and donors. Arts Council England has continued to provide both financial backing and invaluable guidance, expressing confidence in our new direction - seeing our ACE risk rating fall to an all-lime low by the end of the year. New philanthropic gifts, including the Davidson PlayGC Bursary, have directly enabled productions like BRACE BRACE, to premiere lo sold-out audiences. A lead gift from Charles Holloway OBE supported the Royal Court run and West End transfer of Giant, ensuring the play could thrive beyond our stage. The continued generosity of Irusls, foundations and private supporters has underpinned every success this year. The response lo our new leadership has been deeply encouraging. Audiences, critics, artists and stakeholders alike have recognised the energy and ambition of this new era. The Royal Court has reclaimed its place al the centre of cultural conversation, championing brave new writing that excites and provokes. Following these remarkable achievements, the organisation is now focused on a new set of challenges, now needing to convert financial renewal into a sustainable long-lerm model while securing much-needed year-on- year growth in tumover and urgent investment in our physical building and infrastructure. Nonetheless, with these challenges ahead, we end the year in a great position secure in our financial reseNes, artistically vibrant, and strategically at our most ambitious. Above all, we remain sleadfasl in our mission.. lo champion playwrights, lo take the risks that shape the future of theatre, and to share extraordinary new stories with audiences here and around the world. Myself and the whole board would like to extend their thanks and congratulations lo the entire staff team al the Royal Court and the many freelancers who have all contributed to our success, on and off stsge., flourishing under this first year of new leadership lo secure some truly remarkable achievements. Signer ID.. PMNV67HVDP... Anthony Burton ICBEI (Chair of Trustees) Dale.. 15-12.2025 PST Page 4
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their Annual Report tether with the audited financial statements of the Charity for the year 1 April 2024 10 31 March 2025. The Annual Report serves the purposes of both a Trustees, Report and a Directors, Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current slatulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their awounts In accordance with the Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS1021 leffective 1 January 20191. Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Page 5
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) The following sections represent the Trustees, report for the year ended 31 March 2025. structure, Governance and Management Objective$ and Activities of the Charity Financial Report, Risks & Reserves Structure Governance and Mana ement The registered charity, which is a company limited by guarantee incorporated on 16 October 1954, is governed by ils memorandum and articles of association. As of 31 March 2025, there were 10 guarantors whose liability in the event of a winding up is limited lo £10 each. These accounts are prepared in accordance with SORP 2015 and the Companies Act 2006. There Is a Council of between five and 15 Trustees. For the purpose of company law, the Trustees are the Directors of the company and are non-executive and unpaid. During the finsncial period under review, the Trustees met three limes. There is one sub-committee for Finance and General Purposes and other sub-committees are set up on an ad hoc basis around recruilmenl, sustainability elc. The FinanTr and General Purposes Sub-committee is made up of Directors and other professionals. 11 operates under specific terms of reference with certain functions delegated by the Trustees, with its decisions discussed by the full Council. The trading subsidiary for the catering operation also has a Board, the ESCC which meets quartedy made up of Directors, the Executive team, and other professionals. The Chief Executive and Artistic Director Inol a director as defined by the Companies Act 20061 is appointed by the Trustees to manage the programming. operations and staff of the company working with the Executive Director. Together with the Finance Director, these three form the Executive Team. Trustees are elected by members of the company at the Annual General Meeting. The English Stage Company Ltd IESCI Council opts to appoint its Trustees for an unlimited period bul regards that appointment as being a three-year appointment, renewable for further terms of three years. The Council meets to review and agree all new appointments in order to secure the best industy and professional expertise. The Council has adopted a policy on governance that incorporates training and Iruslees, responsibilities. The Council meets to review the activity of the company and to advise the Executives responsible for carrying out the day-l04ay activity of the company. Trustee ITnduction and troiniTn New trustees undergo an orientation to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and inform them of their content of the Memorandum and Articles of Association, the committee and decision-making prOSSeS, the business plan and rent financial performance of the charity. During the induction they meet key employees and other trustees. Trustees are encouraged to allend appropriate external training events where these will facilitate the undertaking of their role. Pa olic for seniorstaff The Chief Executive and Executive Director review the pay of the employees annually in line with peer organisations of a similar size and consider responsibility levels, London Living Wage and inflation as well as affordability. The recommended pay increases are included in the annual Page 6
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) budget that is taken to the Finance and General Purposes Committee for approval where salaries are discussed in more detail. The Finan and General Purposes Committee reviews the pay of the Executive and other senior staff periodically. Risk mana ment Building issues are cited as a major risk on our register. The fabric of the building, now over 25 years on from the rebuild and a decade since any significant capital injection, constandy throws up Challenges. We require investrnent lo keep il a wodd-leading space both to create the work in and for the audien experience. A major risk for the charity is still the unpredictable nature of fundraising income, with a changing landscape for investment portfolios, and trusts and foundations continuing lo focus on areas outside London. We embrace and rely on a business model that, by necessity, supports the right lo artistically fail. With increases in pay and fees- both from wider, external agreements and the desire in-house lo pay and support the artists on our stages more lo make their careers sustainable- we need to onlinue lo explore innovab'on in our models and income streams to remain viable and to take artistic risks. As an organisalion, The Royal Court exists lo ask difficult questions and present challenging work, meaning we will continue to be in potential conflict with wider views and public lasle. We risk assess each ple of work as we programme and look for strategies lo miligale any potential reputational damage or harm lo individual artists and staff though training, wellbeing support, social media policies and expert guidan around complex issues. Strategies are in place al the highest level to support and offset risks, including proactive stakeholder liaison, long-temi contingency planning, and a flexible producing model that allows us to respond to extemal impacts. The trustees have a risk management strategy that comprises.. an annual review of the principal risks and uncertainties that the charity and its subsidiaries face as laid out in the risk register the establishment of policies, systems and procedures to mitigate those risks as laid out in the risk register the implementation of procedLJres designed lo minimise or manage any potential impact on the charity should those risks materialise. Ob'ectives and Activities of the Chari Our ob ectives and stra The Royal Court Theatre is the writers, theatre. It is the leading force in world theatre for finding writers and producing new plays that are original, contemporary and provocative. The Royal Court's mission is lo be meaningfully engaged with civic, political, domestic and international life., giving writers a home in which to tackle big ideas and tell extraordinary stories, and to share their work with the widest possible audien. This mission has been in place since 1956. Page 7
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) The purposes of the charity are.. lo advan the education of the public in all aspects of world class contemporary playwriting., lo cullivale, train and develop new playwriting talent, diversifying pathways lo writing for the stsge., the development of public appreciation of art by the provision of Ihe8tre and the presentation of public performances," and lo further the social and cultural welfare of the communities in which we work throughout London. The vision that shapes our annual activities has been consistent for 68 years. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidan on public benefit. The theatre relies on Arts Council England funding, fundraising income, and the revenue from tickets and trading to cover its operating costs. Affordability and a$S are central priorities to us in setting pricing. We endeavour to represent and encourage all those within London's communities to attend or tske part. We work with local and Greater London schools and many higher education institutions across the UK. The strategies employed to achieve the charity's aims and objectives in the year ended 31 March 2025 were to.. Present ambitious and unique new plays by the UK'S leading and emerging playwrights across both theatre spaces. Extend our work internationally both with home-grown work and ongoing commitments to writers in the countries we are working with, building on the inlemalional writer relationships developed over many years. Offer opportunities for a broad range of people to gel involved in arts 8clivilies as audience members andlor participants through Open Court. Read thousands of new plays for consideration on our stages, through open submissions and directly commissioned writers. Continue an unrivalled pipeline of writer development and talent development through groups, workshops, bursaries and wider artist support initiatives. Continue to work in collaboration with the UK theatre sector to develop and disseminate skills and good practice Offer accessible price points for tickets to all our plays and actively seek new audiences for the diversity of the work while maximising ticket income Actively promote and celebrate the diversity of cultures and people in our society by working with artists of different backgrounds. Page 8
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) Ke works roduced and resented on sta e In 2024-25: Announced in March, 2024 tnaiked David Byine's first season as Artistic Director- seeing nine playwiighls make their Royal Court debuts to public and critical acclaim. DUGSI DAYZ by Sabrina Ali I directed by Poppy Clifford & IAfrdrd8 Mohamed (1-18 May 2024, Jenvood Theatre Llpstairs) * 'Hilarious.. culturally specific and universal all al on, Financial Times 'Vivid and relatable, The Times BLUETS by Margaret Perry, based on the poems by Maggie Nelson I directed by Katie Mitchell {17 M8y-29 June 2024, JeThvood Theatre Downstairs) * 'Spellbinding portrait of obsession, Metro 'VVhishaw, D'Arcy and Meikle. together with the technical crew, deliver the play with immense skill, deft precision and mesmerising grace, Financial Times LIE LOW by Clara Elizabeth Smith I directed by Oisln Kearney 122 May-8 June 2024, Jerwood Theatre Upstairs) * "a startling and brilliant new play Whatsonstage 'Breathlakingly intense, The Arts Oesk THE BOUNDS by Stewart Pringle I directed by Jack McNamara (13 Jun&73 July 2024, Jenvood Theatre Upstaits) Twisty, clever delight" The Stage Engrossing.. laughu1-1od riot" Whatsonstage ECHO (EVERY COLD-HEARTED OXYGEN) by Nassim Soleimanpour I directed by Omar Elerian (13-27 July 2024, Jenvood Theatre Downstairs) 'Magically uplifting and soulful, The Telegraph 'A remarkable act of live magic, The Times G by Tife Kusoro I directed by Monique Touko {22 August-21 September 2024. Jerw(x)d Theatre Upstairs) 'A complicated, ambitious and thrilling ride of a play, The Guardian 'Tife Kusoro's new play thrills In all the right ways, VVhatsOnStagg GIANT by Mark Rosenblatt I directed by Nicolas Hytner (20 Septemb&r-16 November 2024, Jerwood Theatrg Downslairsj * 'Are we likely to see a more enthralling play in the Wesl End this yeafft I very much doubt It. In fact, we'll be lucky lo encounter a more thought-provoking piece in the next decade., The Times 'There's no more urgent play in London right now, The Evening Standard BRACE BRACE by Oli Forsyth I directed by Daniel Raggett (3 October-9 November 2024, Jenvood Theatre Upstairs) 'A short, sharp shock ofa play, The Stage 'A play not for the fainl-hearted.. vivid and often shocking, Whatsonstage EXPENDABLE by Emte8z Hussein I directed by Esther Richardson (21 November-21 Dember 2024, Jenvood Theatre LIpstai) 'Polenl drama giving a voice to British-Pakistani women caught up in a scandal, The Stage *** 'Valuable contribution to the theatrical landscape Theatre Tonlce Page 9
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) THE LEGENDS OF THEM by Sulara Gayle I directed by Jo Mclnnes (>21 Decembgr 2024, Jenvood Theatre Downstai} * electrifying, with a consislenl emotional intensity.. awfully sad and outrageously funny The Stage 'A hypnotic performance., Financial Times A GOOD HOUSE by Amy Jepta I directed by Nancy Medina (If January-8 February 2025, Jernvood Theatre Downstairs) 'Morally nuanced, exhilar8ting and deeply humane work, The Telegraph 'Mischievous and unpredictable, The Times MORE LIFE by Lauren Mooney and James Yealman I directed by James Yealman {6 February-8 March 2025, JeThvood Theatre Upstairs) 'A wonderfully precise ensemble cast make this sci-fi vision of resurrection and immortality stab directly at the heart, The Guardian 'riveting, and all-loo-human, sci-fi drama which excitingly subverts expectation, London Theatre A KNOCK ON THE ROOF by Khawla Ibraheem I directed by Oliver Butler (21 Febwary-8 March 2025, Jernvood Theatre Downstairs) "this devaslaling show is absolutely essential viewing" The Guardian "a poignant, pertinent portrayal of life in Gaza" The Independent MANHUNT by Robert Icke I directed by Robert Icke (28 March-3 May 2025, J8nvood Theatre Downstai} "Tr8nsfixing.. does what theatre does best... a powerhouse performance from Samuel Edward-cook. The Observer **'visra1IY gripping... A superb testosterone-saturated central performan, Daily Telegraph Financial Re ort Risks & Reserves Our business model continues to depend on multiple factors, each with different implications and risks, all underpinned by well<onlrolled expenditure and prudent forecasting. We are currently in reTripl of Arts Council England NPO funding for 2023 -2027. This is combined with an ongoing need for fLJndraising both towards our core operations and the delivery of specific programmes of work, diverse partnerships including with corpoote and commercial organisalions, and trading income including box office tsrgets. Theatre Tax Relief ITTRI is also a critical part of our model, though the nature of this income - which in cash terms is received significantly in arrears of the year during which il is accrued - presents ongoing challenges lo managing cash flow. We continue to work to complete accounts and corporation tax returns as early as possible, while recognising the greater need for other cash balances and reserves to be in plaTr in order to miligale the impact of delays in reIving ThR payments. Over this past year, with new leadership, we have successfully begun to establish new and growing income streams, providing short-term recovery of reserves and providing an initial basis for much-needed future growth in lumover and investment. Page 10
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) Fundralsln The Royal Court's fundraising activities include seeking and securing financial contributions from individuals, corporations and trusts, foundations and granl-making bodies towards the Royal Court's work. We run an Individual Giving scheme which offers various levels of split memberships which incorporate a benefits package and a charitable donation. This membership scheme ranges from £250 to £10,000 and donations made above this amount are considered Major Gifts. Our Annual Fund encourages low-level one-off donations from audience members outside of our regular giving schemes and these are often made In addition lo ticket purchases. We claim Gift Aid on donations made by individuals who are eligible. We welcome lega gifts and encourage supporters and audience members lo remember the Royal Court in their will. We run 8 Cotpomte Membership scheme that offers companies different tiers of support ranging from £5,000415,000 plus VAT. In addition, we work with companies with whom we share values lo create larger partnerships and offer sponsorship opportunities. Partnerships with companies can offer both financial and in4(ind support. We seek funds from charitable Trusts and Foundations and apply for both general core support and funds restricted lo specific projects and purposes. Occasionally, we programme special fundraising events lo generate addition81 income throughout the year, which includes our annual Production Circle, which gives special access to a particular production in return for an unreslricled donation. All fundraising is managed internally and delated to the Director of Development who is accountable to the Trustees via the Executive. As well as being guided by our own internal ethical fundraising policy, the Royal Court is member of the UK Fundraising RulatOr lo ensure our fundraising activity adheres lo their code of conduct and follows best practi. No complaints were received during the year In relation to our fundraising. Future Develo ments Future programming on our stages looks set to match the success enjoyed in 2024125 - with upcoming productions such as 4.48 Psychosis by Sarah Kane and The Unbelievers by Nick Payne likely to sell out their entire performance runs ahead of opening. 2025126 will see the first winners of our inaugural Young Playwright's Award, a London-focused prize which we hope lo roll out nationally in future years. During the next year we are also anticipating announcing a major new investment into a renewed development scheme for theatre directors. The upcoming transfer of Giant into the Wesl End is already performing ahead of box office expectation and we are hoping that a Broadway transfer may follow in 2026127. From a financial, fundraising and business strategy perspective, the coming year will see a focus move beyond reserves recovery, towards securing a wide range of longer-lerm income streams, supporters and funders- redressing a previous fall in real-terms turnover and resourcing growing charitable artistic ambitions, while supporting vital capital investment. A key focus is repairing and renewing our iconic theatre building as we reach the quarter of a century point since the major redevelopment, for which we have already begun establishing a modest capital reserve. This will help prepsre us for the rumOud DCMS capital programme due to be launched, for which we are now ready to make a strong application - as well as a wider case for support. 2026 will mark the English Stage Company's 70th Anniversary Year with plans already undetway for a celebratory year to lebrate the past and look to the future. Page11
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) Reserves Al the yearend dale, ESC had total reserves of £3,896,240. There is an endowment fund of £137,455 established lo support exploitation of the Charity's work. Other funds restricted to use on particular projects and programmes (including capilall amount lo £219,568. The remaining funds of £3,539,217 include Ex)Ih designated funds and free general reserves. Following a review by the trustees and new executive team, the designation and management of unrestricted fvjnds were simplified in 2024 to support risk management. They now comprise111 a Capital ReplaTrment Fund IAsselsl equivalent lo the nel book value of assets held121 a Dilapidation & Capital Replacement Fund lo be strategically used in relation lo key areas of risk management for our physical infrastructure, including towards upcoming capital investments., 131 a designated Creative & Operational Risk Fund, lo be set at a minimum target of 3 months, salary and overheads costs Igrown from a lower previous benchmark of 2 monlhsl, providing mitigation for key financial risks (particularly income) in relation lo our business model and commitment lo SUPF)Ort artists, right to artistically fail,. and141 maintaining free undesignaled reserves al a minimum target of at least 2 months, salary and overhead costs, with an intent to operate significantly above this minimum standard, providing the vital liquidity to secure the organisalion's long-temi viability, strategic ambitions, and capacity to manage short-term lurt)ulence. As of 31$1 March 2025, these funds were as follows.. 1. Capital Replament Fund {Assetsl.' £202,800 2. Dilapidation & Capital Investment Fund.. £850,000 3. Creative & Operational Risk Fund.. £911,357 4. Free reserves. £1,386,417 Reserves positions and targets are regularly reviewed and adjusted in relation to both forward- looking risks and needs, and the organisalion's wider financial position. On a day-to-day basis, in addition to reserves, ESC monitors ils financial position in terms of the availability of cash and cash flow in the business. Vigilant management of the finances and regular financial information provided lo trustees ESC seeks lo hold sufficient cash lo ensure it can fulfil its short- and medium-lerm strategic objectives. Page 12
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) STATEMENT OF COUNCIL MEMBERS, RESPONSIBILITIES The Council Members are responsible for preparing the Report of the Council and the financial slalemenls in accordance with applicable law and regulations. Company law requires the Council Members lo prepare financial statements for each financial year. Under that law the Council Members have elected lo prepare the fi'nancial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The financial statements are required by law to give a true and fair view of the stale of the affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing these financial statements the Council Members are required to.. Select suitable accounting policies and apply them consistently Observe methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concem basis unless it is inappropriate to assume that the charitsble company will continue in operation The Council Members a also responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the fi'nancial position of the charitable company and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Council Members are responsible for the Maintenan and integrity of the corporate and financial information included in the charitable company's website. Legislation in England and Wales governing the preparation and dissemination of financial statements and other information included in trustees, reports may differ from legislation in other jurisdictions. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. AUDITORS The auditors will be proposed for re-appointment al the forthcoming Annual General Meeting. Page 13
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Approved by order of the members of the board of Trustees on and signed on their behalf by.. 15-12-2025 PST ID-. P ony Ichair of Trustees) V67 VDP Page 14
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED Oplnlon We have audited the financial statements of The English Stage Company Limited Ilhe 'parent charitable company'l and ils subsidiaries Ilhe 'group'l for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the stsle of the group's and of the parent charitable company's affairs as at 31 March 2025 and of the group's incoming resources and application of reSoUrs, including its income and expenditure for the year then ended., have been properly prepared in accordan 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 conrn basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the group's or the parent charitable company's ability lo continue as a going concern for a period of at least e1ve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 15
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED ICONTINUEDI Other Informatlon The other informats'on comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contsined within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicidy ststed in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial ststemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financi81 year for which the financial statements are prepared is consistent with the financial ststements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us to report to you if, in our opinion". the parent Charitable company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not been received from branches not visited by us, or the parent charitable company 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 we have not received all the information and explanations we require for our audit. Page 16
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED ICONTINUEDI Responslbllltles of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitsble company for the purposes of company lawl 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 lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltors. responslbllltles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misststemenl, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detsiled below.. We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary lo applicable laws and regulations, including fraud. We designed audit procedures lo respond to the risk, recognising that the risk of not delecling 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. We focussed on laws and regulations which could give rise to a material misslalement in the financial statements, including, but not limited lo, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to undedying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating lo irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due lo fraud. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or noncompliance with laws and regulations throughout he audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.o .uklaudilorsres onsibilities. This description forms part of our Auditors, Report. Page 17
THE ENGLISH STAGE COMPANY LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ENGLISH STAGE COMPANY LIMITED (CONTINUED)
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 charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Thomas (Senior Statutory Auditor) for and on behalf of Nyman Libson Paul LLP Chartered Accountants Statutory Auditors 124 Finchley Road London NW3 5JS
Date: 16 December 2025
Page 18
Document ID: af404 7ec89de8705f7b10326361 e60ace82aflb35e83e822c021738e0883593d
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Endowment funds 2025 Restricted funds 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income and endowments from: Donations and legacies Charitsble activities Other trading activities Investments other income 910,532 3,839,415 1,972,612 994,161 102,294 806,170 4,749,947 1,972,612 994,161 102,294 806,170 3,848,312 1,130,845 1,064,091 29,881 941,699 Total income and endowments 910,532 7,714,652 8,625,184 7,014,828 Expenditure on: Raising funds Charitable activities 1,224,806 4,379,394 1,224,806 5,365,717 1,101,691 5,470,740 10 986,323 Total expenditure 986,323 5,604,200 6,590,523 6,572,431 Net movement in funds 175,7911 2,110,452 2,034,661 442,397 Reconciliation of funds: Totsl funds brought forward 137,455 295,359 1,428,765 1,861,579 1,419,182 Net movement in funds 175,7911 2,110,452 2,034,661 442,397 Total funds carried forward 137,455 219,568 3,539,217 3,896,240 1,861,579 The Consolidated Statement of Financial Activities includes 811 gains and losses recognised in the year. The notes on pages 23 to 52 form part of these financial statements. Page 19
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER: 00539332 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets 15 188,643 142,464 188,643 142,464 Current assets stocks Debtors 17 18 16,121 2,623,996 2,343,277 9,639 2,291,792 1,602,727 Cash al bank and in hand 4,983,394 3,904,158 Creditors.. amounts falling due within one year 19 11,275,7971 12,185,043) Net current assets 3,707,597 1,719,115 Total assets less current liabilities 3,896,240 1,861,579 Total net assets 3,896,240 1,861,579 Charity funds Endowment funds 20 137,455 219,568 3,539,217 137,455 295,359 1,428,765 Reslricled funds Unrestricted funds 20 20 Total funds 3,896,240 1,861,579 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on 15-12-2025 PST and signed on their behalf by.. gner ID". PMNV67HVDP... Anthony Burton CBE (Chair of Trustees) The notes on pages 23 to 52 form part of these financial statements. Page 20
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER: 00539332 CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible fixed assets Investments 188,643 101 133,825 101 16 188,744 133,926 Current assets Debtors 18 2,714,490 2,255,477 2,327,239 1,559,073 Cash al bank and in hand 4,969,967 3,886,312 Creditors.. amounts falling due within one year 19 11,231,4821 12,158,659) Net current assets 3,738,485 1,727,653 Total assets less current liabilities 3,927,229 1,861,579 Total net assets 3,927,229 1,861,579 Charity funds Endowment funds 20 137,455 219,568 3,570,206 137,455 295,359 1,428,765 Reslricled funds Unrestricted funds 20 20 Total funds 3,927,229 1,861,579 The charity's net movement in funds for the year was £2,065,65012024- £388,592}. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by.. 15-12-2025 PST ID.. P V67 VDP A'AiffionyWulon CBE (Chair of Trustees) The notes on pages 23 to 52 form part of these financial statements. Page 21
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Nel cash used in operating activities 739,550 1,105,667 Cash flovts from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets 102,294 1101,2941 29,881 Net cash provided by investing activities 1,000 29,881 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 740,550 1,135,548 1,602,727 467,179 Cash and cash equivalents at the end of the year 2,343,277 1,602,727 The notes on pages 23 to 52 form part of these financial statements Page 22
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Informatlon The English Stage Company is a charitable company limited by guarantee registered in England and Wales. The registered office and principal pla of business is Royal Court Theatre, Sloane Square, London, SW1W 8AS. The liability of each member in the event of winding-up is limited to £10. The main activities of the Charity, as set out in the Trustees. Report on page 5, are lo find, develop and produce new plays, creating the conditions for writers, nationally and internationally, to flourish. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The English Stage Company Limited meets the delinilion of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial slalements of the charity and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial stalemenls. The financial slalemenls are prepared in Sterling, the functional currency of the charity and the group. Monetsry amounts in these financial statements are rounded lo the nearest £. Page 23
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 2.2 Going concern After making appropriate enquiries, the Trustees are satisfied that the Charity will continue as a going concern for the foreseeable future. In making this decision, the Trustees assessed whether the Charity will have sufficient resources lo meet ils liabilities as they fall due. The Finance and General Purposes Committee met with the Executive team to look at the future budgets for both the Charity and the catering subsidiary using key information such as cash flow and management accounts. The Charity was sucSsful with their application to Arts Council England for an extension year of NPO funding for 2026-27 with a further extension year being confirmed. The Bar and Kitchen provides an important space for the community of Royal Court writers and artists. After expanding the food offer over the summer period we have now consolidated efforts lo provide a quick and efficient seNice for our extensive aUdienS. Work has begun to build the business in a methodical and sustainable way and manage risk. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements. 2.3 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial ststemenls. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 2.4 Forelgn currencles Monetary assets and liabilities denominated in foreign currencies are translated into sleding at rates of exchange ruling al the reporting date. Transactions in foreign currencies are translated into sterling at the rale ruling on the date of the transacts'on. Exchange gains and losses are recognised in the Consolidated Statement of Financial Aclivilies. Page 24
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 2.5 Income All income is recognised once the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of reIpt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exists when the charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that il will be received and the fair value of the amount re1Vable, which will generally be the expected cash amount lo be distributed to the charity, can be reliably measured. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of reipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is reived, the income is accrued. Sponsorship and donations are included in the Consolidated Statement of Financial Activities in the year in which they are receivable, or, alternatively, if sponsorship or donations are given for a specific play or project then they are included in the year in which that play or project tskes place. Box office income comprises ticket sales for performances and events in the Jerwood Theatre Downstairs and the Jetwood Theatre Upstairs, theatre levies and income from co-productions. For productions occurring wholly within one financial year, revenue is recognised as ticket sales are made and all associated costs are written off in that financial year. Where productions span the year-end, costs and income are recognised in the year in which the press night of the related production lakes place. Trading income is staled exclusive of value added lax. Gifts in kind are recognised as incoming resources when received, at a no cost lo the donor, where the amount is material and quantifiable. On receipt, donated professional ServIS and facilities are recognised on the basis of the value of the gift to the Charity which is the amount il would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift M'd or deeds of covenant is recognised at the lime of the donation. Income tax recoverable in relation to investment income is recognised at the lime the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the servi. Page 25
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group,. this is normally upon notificats'on of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefi'ts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the group lo raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Redundancy and termination costs are recognised in full on the date the redundancy or temiination is confi'rmed. 2.8 Government grants Government grants relating lo tsngible fixed assets are treated as deferred income and released lo the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred. 2.9 Taxatlon The charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitsble company for UK corporation tax purposes. Accordingly, the charity is potentially exempt fmm laxalion in respect of income or capital gains reiVed within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. The Charity and its subsidiaries are standard-rated for VAT. Page 26
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 2.10 Tangible fixed assets and depreciation Tangible fixed assets costing £300 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Al each reporting dale the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined lo be the higher of ils fair value less costs to sell and ils value in use. An impairment loss is recognised where the carrying amount eXedS the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Long-lerm leasehold property Plant, machinery, fixtures and fittings Office and computer equipment 3-10 years Lifetime of the lease, 3-10 years 3-10 years 2.11 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.12 Stocks Stocks in the consolidated accounts represent food, liquor, disposable items, books, play lexls, programmes, and merchandise held for resale. Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. If stock is impaired, the carrying amount is reduced to ils selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Financial Activities. 2.13 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Advance expenditure on productions incurred in respect of productions in the future period is carried forward on the balance sheet until they are expensed in the period that the related production has its press night. Page 27
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 2.14 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.15 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has reiVed as advanced payments for the goods or setvices it musl provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activits'es as a finance cost. Income received in the year is deferred where the event lo which the income relates is happening in a future period or where the performance conditions attached to the funding have not been mel. 2.16 Flnanclal Instruments The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.17 Operatlng leases Rentsls paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term. 2.18 Penslons The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year. Page 28
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Crltlcal accountlng estlmates and areas of judgment In the application of the accounting policies, the Trustees are required lo make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. Revisions lo accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The eslimales and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are.. Income recongilion - the Charity may receive income from performance grants. These agreements may include various quanlitstive and qualitative milestones and performance conditions lo be mel in order for the Charity to have entitlement to the funds. The Charity makes various assumptions in determining the stage of completion of these performan grants. Income from donatlons and legacles Reslricled Unrestricted funds funds 2025 2025 Totsl funds 2025 Donations 255,000 1,136,142 1,391,142 Legacies Trusts and foundations Public funding Corporates 216,000 2,770 436,757 447,200 2,236,073 20,000 663,200 2,238,843 456,757 910,532 3,839,415 4,749,947 Page 29
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donatlons and legacles Icontlnuedl Reslricled Unrestricted funds funds 2024 2024 Totsl funds 2024 Donations 120,000 2,200 227,000 2,833 25,000 411,506 531,506 2,200 783,200 2,238,906 292,500 Legacies Trusts and foundations Public funding Corporates 556,200 2,236,073 267,500 377,033 3,471,279 3,848,312 Income from Charltable actlvltles Unrestricted funds 2025 Totsl funds 2025 Box office 1,972,612 1,972,612 Unrestricted funds 2024 Totsl funds 2024 Box office 1,130,845 1,130,845 Page 30
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from other tradlng actlvltles Income from non charltable tradlng actlvltles Unrestricted funds 2025 Totsl funds 2025 Trading income - subsidiaries Royalties, hires, and other trading income 884,554 109,607 884,554 109,607 994,161 994,161 Unrestricted funds 2024 Total funds 2024 Trading income - subsidiaries Royalties, hires, and other trading income 806,939 257,152 806,939 257,152 1,064,091 1,064,091 Investment income Unrestricted funds 2025 Total funds 2025 Interest receivable 102,294 102,294 Unrestricted funds 2024 Total funds 2024 Interest re1vable 29,881 29,881 Page 31
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Other Incomlng resources Unrestricted funds 2025 Totsl funds 2025 Theatre tax relief Sundry income 799,752 6,418 799,752 6,418 806,170 806,170 Unrestricted funds 2024 Total funds 2024 Theatre tax relief Sundry income 898,364 43,335 898,364 43,335 941,699 941,699 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2025 Total funds 2025 Marketing - other costs Marketing - staff costs Development- other costs Development- staff costs 57,809 245,556 26,606 161,659 57,809 245,556 26,606 161,659 491,630 491,630 Page 32
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on ralslng funds Icontlnued) Costs of ralslng voluntary Income Icontlnuedl Unrestricted funds 2024 Totsl funds 2024 Marketing - other costs Marketing - staff costs Development- other costs Development- stsff costs 87,265 218,351 21,559 202,630 87,265 218,351 21,559 202,630 529,805 529,805 Other tradlng expenses Unrestricted funds 2025 Totsl funds 2025 Trading expenses- subsidiaries Trading expenses - staff costs from subsdiaries 374,960 358,216 374,960 358,216 733,176 733,176 Page 33
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on ralslng funds Icontlnued) Other tradlng expenses {contlnued} Unrestricted funds 2024 Totsl funds 2024 Trading expenses- subsidiaries Trading expenses - staff c051s from subsdiaries 298,166 273,720 298,166 273,720 571,886 571,886 10. Anatysis of expenditure on charitsble activities Summary by fund type Reslricled Unrestricted funds funds 2025 2025 Total 2025 Performance Play development General activity Participation 710,090 87,167 118,126 70,940 3,641,653 314,660 334,931 88,150 4,351,743 401,827 453,057 159,090 986,323 4,379,394 5,365,717 Reslricled Unrestricted funds funds 2024 2024 Tot81 2024 Performance Play development General activity Partieipalion 80,000 137,986 179,374 59,000 3,955,472 535,597 244,358 278,953 4,035,472 673,583 423,732 337,953 456,360 5,014,380 5,470,740 Page 34
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysls of expendlture by actlvltles Activities undertaken directly 2025 Support costs 2025 Totsl funds 2025 Performance 3,045,024 324,081 161,510 107,373 1,306,719 77,746 291,547 51,717 4,351,743 401,827 453,057 159,090 Play development General activity Participation 3,637,988 1,727,729 5,365,717 Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Performance 3,002,310 494.064 55,984 248,194 1,033,162 179,519 367,748 89,759 4,035,472 673,583 423,732 337,953 Play development General activity Participation 3,800,552 1,670,188 5,470,740 Analysis of support costs Play Performance development 2025 2025 General activity Participation 2025 2025 Total funds 2025 Staff costs 406,434 43,349 856,936 25,011 93,792 15,632 3,126 32,959 540,869 46,475 1,140,385 Depreciation Other support costs 52,735 197,755 1,306,719 77,746 291,547 51,717 1,727,729 Page 35
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysls of expendlture by actlvltles Icontlnuedl Analysls of support costs Icontlnuedl Play Performan development 2024 2024 General activity Participation 2024 2024 Total funds 2024 Staff costs 274,651 27,856 730,655 49,045 83,758 134,374 169,616 24,522 411,976 162,230 1,095,982 Depreciation other support costs 130,474 65,237 1,033,162 179,519 7,748 89,759 1,670,188 12. Auditors. remuneration 2025 2024 Fees payable to the company's auditor for the audit of the Charity and the Group 24,500 22,500 13. Stsff costs Group 2025 Group 2024 Charity 2025 Charity 2024 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 3,234,202 235,705 3,462,084 248,085 2,903,294 214,222 3,143,570 233,824 85,401 3,555,308 95,846 3,806,015 79,576 3,197,092 91,175 3,468,569 Included within wages and salaries costs above is an amount of £618,60312024". £709,378> in respect of freelancers and contfftelors. During the year, redundancy and termination payments totalling £2,40812024". £69,189> were made. Page 36
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Staff costs {contlnued} The average number of persons employed by the charity during the year was as follows.. Group 2025 No. Group 2024 No. Charity 2025 No. Charity 2024 No. Performances Play development Gener81 activity Education ESC Catering Ltd 65 56 10 13 65 10 13 15 15 12 99 93 87 84 The number of employees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Group 2024 No. In the band £60,001- £70,000 In the band £70,001 £80.000 In the band £90,001 - £100,000 In the band £100,001- £110,000 During the year, the Charity incurred remuneration costs, including employer's national insurance and employer pension contributions, in respect of key management personnel of £271,14512024'. £351,934). The Charity has revised the number of staff they consider to be part of key management to 3 12024.. 41 hen the comparative slated above is not entirely comparable. 14. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefils12024 - £NILI. During the year ended 31 March 2025, no Trustee expenses have been incurred12024 - £NILI. Page 37
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Tanglble flxed assets Group Long-temi leasehold propety Plant and Fixtures and machinery fittings Total Cost or valuation At 1 April 2024 Additions Disposals 2,546,394 469,780 93,437 126,9161 201,792 7,857 16,4371 3,217,966 101,294 156,0001 122,6471 At 31 March 2025 2,523,747 536,301 203,212 3,263,260 Depreciation At 1 April 2024 Charge for the year On disposals 2,474,441 17,287 122,6471 420,368 20,071 126,9161 180,693 17,757 16,4371 3,075,502 55,115 156,0001 At 31 March 2025 2,489,081 413,523 192,013 3,074,617 Net book value At 31 March 2025 54,666 122,778 11,199 188,643 At 31 March 2024 71,953 49,412 21.099 142,464 Page 38
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Tanglble flxed assets Icontlnuedl Group Icontlnuedl Charlty Long-term leasehold propety Plant and Fixtures and machinery fittings Total Cost or valuation At 1 April 2024 Additions Disposals 2,546,394 469,780 93,437 126,9161 186,366 7,857 16,4371 3,202,540 101,294 156,0001 122,6471 At 31 March 2025 2,523,747 536,301 187,786 3,247,834 Depreciation At 1 April 2024 Charge for the year On disposals 2,474,441 17,287 122,6471 420,368 20,071 126,9161 173,906 9,118 16,4371 3,068,715 46,476 156,0001 At 31 March 2025 2,469,081 413,523 176,587 3,059,191 Net book value At 31 March 2025 54,666 122,778 11,199 188,643 At 31 March 2024 71,953 49,412 12,460 133,825 Page 39
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Flxed asset Investments Investments in subsidiary companies charlty Cost or valuation At 1 April 2024 101 At 31 March 2025 101 Net book value At 31 March 2025 101 At 31 March 2024 101 Principal subsidiaries The following were subsidiary undertakings of the charity.. Names Company number Registered office or principal Class of place of business shares ESC Catering Limited 05710832 Royal Court Theatre, Sloane Square, London, SW1W 8AS Royal Court Theatre, Sloane Square, London, SW1W 8AS Ordinary Royal Court Theatre Productions Limited 01759772 Ordinary Holding Included in consolidation Page 40
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Flxed asset Investments Icontlnuedl The financial results of the subsidiaries for the year were.. Names Income Expenditure ProfiUILossll Surplusl (Deficit) for the year ESC Catering Limited Royal Court Theatre Productions Limited 748,277 103,581 1779,2261 133,2621 130,9891 70,319 Net assets 130,9881 100 Page 41
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Stocks Group 2025 Group 2024 Catering stock 16,121 9,639 18. Debtors Group 2025 Group 2024 Charity 2025 Charity 2024 Due within one yoar Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 416,732 419,287 382,310 126,880 53,532 2,151,768 401,635 79,732 3,797 1,842,075 55,496 2,151,768 5,629 1,866,876 2,623,996 2,291,792 2,714,490 2,327,239 19. Creditors: Amounts falling due within one year Group 2025 Group 2024 Charity 2025 Charity 2024 Trade creditors 351,131 123,939 29,219 6,923 764,585 431,938 161,561 12,901 35,258 1,543,385 339,341 107,604 27,612 6,923 750,002 423,364 153,440 12,259 35,252 1,534,344 Other taxation and social security Pension fund loan payable other creditors Accruals and deferred income 1,275,797 2, 185,043 1,231,482 2,158,659 Page 42
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Group 2025 Group 2024 Charity 2025 Charity 2024 Deferred Income at 1 April 2024 ReSoUrS deferred during the year Amounts released from previous periods 1,354,550 563,103 11,354,5501 93,973 1,354,550 1,354,550 536,103 193,9731 11,354,550) 93,973 1,354,550 193,9731 563,103 1,354,550 536,103 1,354,550 Deferred income above relates to production sponsorship and other income in advance of the upcoming year. Page 43
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Statement of funds Statement of funds - current year Balan at 31 March 2025 Balan at 1 April 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Capitsl Replacement Dilapidation and Capital Investment Creative and Operational Risk 130,695 132,8611 104,966 202,800 200,000 533,000 650,000 378,357 850,000 911,357 863,695 132,8611 1,133,323 1,964, 157 General funds General Funds 565,070 7,714,652 15,571,339) 11,133,323) 1,575,060 Total Unrestrlcted funds 1,428,765 7,714,652 15,604,200) 3,539,217 Endowment funds Endowment Fund 137,455 137,455 Page 44
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Statement of funds (contlnuedl Restrlcted funds Neville Blond Fund Clare Mclntyre Participation Fund International Play Development Capitsl Matches Funding Writer Development Legacy Fund New Playwrights and performance Core Activity 16,082 18,450 14,276 16,082 15,455 117,3941 13,0001 170.9401 39,270 6,207 16,775 67,640 35,929 6,207 13,649 107,640 25,929 13,1261 184,1671 110.0001 124,167 120,000 820,090 127,000 1710,0901 1105,0001 30,000 22,000 295,359 910,532 1986,3231 219,568 Total of funds 1,861,579 8,825,184 16,590,523) 3,896,240 Page 45
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Statement of funds (contlnuedl Desi nated Funds Designated funds were restructured in the year as disclosed in the Trustees, Report. Capital Replacement Fund - used to service the depreciation charge purchases not funded elsewhere and matches net book value of the relevant group of tangible assets. Theatre Writing Fund - used to cover commission payments, liabilities arising through timing of script delivery and expenditure on shows and play development. Future Development Fund - held for future work and activity. This fund is considered by the Trustees when looking at the reserves policy. Dilapidation and Capital Investment Fund - to be used strategically in relation to key areas of risk management for our physical infrastructure. Creative and Operational Risk Fund - set at a minimum target of tsvo months overhead, salary and admin expenditure. Restricted Funds Neville Blond Fund- this fund was set up in 1987 to commemorate Neville Blond and is used to provide bursaries for young writers. Clare Mclntyre Fund- set up in 2010 to support writers, attachments to the theatre. Participation Fund- this fund is dedicated lo developing and nurturing playwriting talent outside the UK. Capital Matched Fund - this fund was set up to provide a matched contribution as part of the capital project. Writer Development Fund- this fund supports the play development work of the Royal Court Theatre. Legacy Fund- relates to donations in memory of a member of staff that is lo be put towards a project in the next year or funds donated through will giving. New Playwrights Initiative- this fund supports the production of plays at the Royal Court Theatre. Page 46
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Statement of funds (contlnuedl Statement of funds - prlor year Balan at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds Capitsl Replacement Theatre Writing Future Developments Dilapidation and Capital Investment Creative and Operational Risk 229,573 233,878 262,706 117,1571 181,7211 1233,8781 1262,7061 130,695 200,000 533,000 200,000 533,000 726,157 117,1571 154,695 863,695 General funds General Funds 180,884 6,635,994 16,097,113) 1154,6951 565,070 Total Unrestricted funds 907,041 6,835,994 16,114,270) 1,428,765 Endowment funds Endowment Fund 137,455 137,455 Restricted funds Neville Blond Fund Clare Mclntyre ACE Capital Project Fund Participation Fund International Play Development Capital Matches Funding Writer Development Legacy Fund New Playwrights and performance Core Activity 16,082 17,048 93,072 14,276 16,082 18,450 1,402 193,0721 159,0001 59,000 14,276 67,177 58,077 71,823 37,131 2,833 163,8031 141,3021 172,1831 12,0001 6,207 16,775 67,640 35,929 68,000 798 200,000 45,000 180,0001 145,0001 120,000 Page 47
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Statement of funds (contlnuedl Statement of funds - prlor year Icontlnuedl Balan at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure 374,686 377,033 1456,3601 295,359 Total of funds 1,419,182 7,013,027 16,570,630) 1,861,579 21. Summary offunds Summary offunds - current year Balan at 31 March 2025 Balan at 1 April 2024 Transfers inloul Income Expenditure Designated funds General funds Endowment funds Reslricled funds 863,695 565,070 137,455 295,359 132,8611 1,133,323 15,571,339) 11,133,323) 1,964,157 1,575,060 137,455 219,568 7,714,652 910,532 1986,3231 1,861,579 8,625,184 16,590,523) 3,896,240 Summary offunds - prior year Balan at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Designated funds General funds Endowment funds 726,157 180,884 137,455 374,686 117,1571 16,097,113) 154,695 1154,6951 863,695 565,070 137,455 295,359 6,635,994 Reslricled funds 377,033 1456,3601 1,419,182 7,013,027 16,570,630) 1,861,579 Page 48
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Analysls of net assets between funds Analysls of net assets between funds - current year Endowment funds 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year 188,643 188,643 239,568 4,606,371 4,983,394 120,0001 11,255,797) 11,275,797) 137,455 Totsl 137,455 219,568 3,539,217 3,896,240 Anatysis of net assets between funds - prior year Endowment funds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 142,464 142,464 3,471,304 3,904, 158 12,185,043) 12,185,043) 137,495 295,359 Totsl 137,495 295,359 1,428,725 1,861,579 Page 49
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2025 Group 2024 Nel income for the year las per Stslemenl of Financial Acliviliesl 2,034,661 442,397 Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on the sale of fixed assets Decreasellincreasel in stocks Inease in debtors Increaselldecreasel in creditors 55,115 1102,2941 16S,315 129,8811 16,021 16,4821 1,382 1332,2041 1684,1591 1909,2461 1,194,592 Net cash provided by operating activities 739,550 1,105,667 24. Anatysls ofcash and cash equlvalents Group 2025 Group 2024 Cash in hand 2,343,277 1,602,727 Total cash and cash equivalents 2,343,277 1,602,727 25. Anatysis ofchanges in net debt At 1 April 2024 Al 31 March 2025 Cash flows Cash at bank and in hand Debt due within 1 year 1,602,727 112,9011 740,550 116,3181 2,343,277 129,2191 1,589,826 724,232 2,314,058 Page 50
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Penslon commltments During the year, the group incurred pension costs totalling £85,40112024'. £95,846). At the reporting dale, the charity owed the various pension providers £29,219 12024.. £12,901> which have been included in short-term creditors. 27. Operatlng lease commltments At 31 March 2025 the group and the charity had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2025 Group 2024 Charity 2025 Charity 2024 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 129,750 520,688 699,375 124,125 519,000 830,813 129,750 520,688 699,375 124,125 519,000 830,813 1,349,813 1,473,938 1,349,813 1,473,938 English Stage Company agreed a new 15 year lease with Cadogan Estates in November 2020 and this was signed on 14 July 2022. Page 51
THE ENGLISH STAGE COMPANY LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 28. Related party transactlons The following transactions took place during the year befvleen the Charity and Council Members.. Anthony Burton, trustees, is a member of the law firm Simons, Muirhead & Burton which receives fees for ad hoc legal work provided to the Charity. These services are separate from the work carried out by Antony Burton in his capacity as a Council member for which he reiVeS no remuneration. During the year, Simons, Muirhead & Burton received remuneration for their ServIS of £1,63812024'. £5001. During the year, Trustees made donations of £73,250 in aggregale12024'. £65,035). No reslriclions were attached lo these donations. The following transactions took place during the year befvleen the Charity and its trading subsidiaries.. ESC Caterin Limited During the year, the Charity recognised income of £Nil 12024.. £38,413) from ESC Catering Limited in respect of distribution of profits for the year. During the year, the Charity made recharges to ESC Catering Limited of £136,044 12024.. £146,239) and was charyed £22,880 12024.. £35,713) by ESC Catering Limited. Al the balance sheet date, an amount of £56,561 12024.. £77,223) was owed by the subsidiary lo the Charity. Ro al Court Theatre Productions Limited During the year, the Charity recognised income of £70,319 12024.. £56,393) from Royal Court Theatre Productions Limited in respect of distribution of profi'ts for the year. Al the balance sheet date, an amount of £70,31912024'. £2,509) was owed by the subsidiary to the Charity. Page 52