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
And￿W 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
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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 allian￿S 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.
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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 t￿ether 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.
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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 prO￿SSeS,
the business plan and re￿nt 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
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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.
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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.
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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.. laugh￿u1-1o￿d 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 De￿mber 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
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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
****'vis￿ra1IY 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 re￿Iving 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.
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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 del￿ated 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 R￿ulatOr 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 rumOu￿d 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.
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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 Repla￿ment 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.
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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
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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 Practi￿1.
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 reSoUr￿s, 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 con￿rn 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 suc￿Ssful 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 aUdien￿S. 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
re￿Ipt 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 re￿1Vable, 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 re￿ipt,
its recognition is deferred and included in creditors as deferred income. Where entitlement occurs
before income is re￿ived, 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 ServI￿S 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 be￿een 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
re￿iVed 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
eX￿edS 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 re￿iVed 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 re￿1vable
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 re￿iVed 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
ReSoUr￿S 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
Ine￿ase 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 re￿iVeS no remuneration. During the
year, Simons, Muirhead & Burton received remuneration for their ServI￿S 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