Registered Company number.. 1221968 Charlty number: 270080 ALTERNATIVE THEATRE COMPANY LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee} CONTENTS Page Company Information Trustees. report Including the strategic report 3-11 statement of Trustees, responsibilities 12 Independent auditor's report 13-15 Consolidated statement of financial activltles 16 Consolidated balance sheet 17 Charity balance sheet 18 Consolidated statement of cashflows 19 Notes to the financlal statements 20-40
ALTERNATSVE THEATRE COMPANY LIMITED IA company limited by guarantee} COMPANY INFORMATION DIRECTORS & TRUSTEES Uzma Hasan. Chair Kim Evans Keerthi Kollimada ' Lynette Linlon Anthony Marraccino Jarlles Marshall ' Rajiv Nalhwani Stephen Pidcock. Catherine Score Mercy Umeh Appointed 18 May 2023 Appointed 18 May 2023 Finance and Audit Committee member COMPANY SECRETARY Lauren Clancy- Resigned 18 May 2023 Mimi Findlay ' Appointed 18 May 2023 KEY MANAGEMENT Mimi Findlay- Executive Director Lynette Linton - Artistic Director REGISTERED OFFICE 7 Uxbridge Road Shepherd's Bush London W128LJ PRINCIPAL OFFICE Bush Theatre 7 Uxbridge Road London W12 8LJ INDEPENDENT AUDITOR Saffery LLP Chartered Accountants Statutory Auditor 71 Queen Victoria Streel London EC4V 4BE Page 1
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guaranteel COMPANY INFORMATION Icontinuedl PRINCIPAL BANKERS National Weslminster Bank Pl¢ 25 Shepherd's Bush Green London W12 8PR LEGAL ADVISERS Harbottle & Lewis Hanover House 14 Hanover Square London W1S 1HP COMPANY NUMBER Registered in England and Wales - 1221968 REGISTERED CHARITY NUMBER Registered in England and Wales- 270080 Page ?
ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors of the charity for the purposes of the Companies Acll present their annual report together with the consolidated financial statements of the Alternative Theatre Company Limited, trading as the Bush Theatre Ithe"Company"I, Bush Theatre Trading Limited and Bush Theatre Productions Limited Ilhe "Group }. for the year ended 31 March 2024. The Trustees confirm that the annual report and financial statements of the group comply with the Charities Act 2011, the Companies Act 2006. the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES The Company's core objectives {as per the governing documentl are.. Developing, promoting and producing the best new theatre writing. Providing professional development. education and training both for those within the industry and those learning about the industry. Increasing audience access lo new writing both in London and further afield. Encouraging cultural diversity. All the company's activities are aimed al achieving these core objectives and many of the activities are complementary, helping lo achieve more than one objective. The specific results that evidence the performance of the Charity against ils objectives, with comparison to our Arts Council England l ACE.) action plan are.. Producing a lull programme of work during the year. There were 6 theatre productions and 3 studio pioduclions in the year. The number of physical performances was 367 performances (action plan 346 performances). Reading and reporting on 702 unsolicited scripts {aclion plan 960} in the year. Commissioning 5 new plays (action plan 61 in the year. Increasing audience access to new writing was achieved through active engagement with target audiences, although no digital productions (action plan 11 were possible the year, primarily due lo cost constraints and the nature of the productions produced. Archive recordings of previous Bush productions continue lo be made available through the Community depailment to support young company members, own learning and development aims. Continuing lo engage with the local community. We delivered over 2,730 community engagements (action plan 2,5501, including the sessions with the 34 young people (action plan 401 who formed our new young companies. The maximum numbers in both groups have been reduced to.. 15 for the 14 - 17s and 18 for the 18 25s. This is lo increase the quality of the delivery of the project and provide a more bespoke experience lor each member. Maintaining diversity throughout the organisation. CLJrrenl board demographics show a 600/0 of the board identify as female and 550kn are from Black. Asian or ethnically diverse backgrounds. In the year 70,10 of creative team members on our productions laclion plan 400/01 were from Black. Asian or ethnically diverse backgrounds. Additional information on the performance of the charity against ils objectives is contained in the Strategic Report. The Bush Theatre is an equal opporlunilies employer and encourages contributions from all sectors of the community. Page 3
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The company is governed by ils Memorandum and Articles of Association. The governing body is the Board of Trustees, led by the Chair. The Board will normally meet al least four limes a year with the Senior Executive Team also present. The Board is involved in all major decisions and has responsibility for the organisation's conduct and financial sustainability. In the year ended 31 March 2024 the Board mel five times. The company has two wholly owned subsidiaries., Bush Theatre Trading Limited - a trading company for the bar and events acliviiy. Bush Theatre Productions ~ dormant over this period and the prior period. The Trustees have extensive senior experience in a range of sectors that include theatre and the performing arts, marketing, philanthropy, entrepreneurship, finance, legal. and business management. The Board tenure is a four-year renewable term. By targeting individuals with appropriate experience, the Trustees aim to broaden the Board's skill base through ongoing recruitment. The Trustees receive no remuneration. The Trustees during the year and as at the date of this report are listed on page 1 of this report and accounts. New trustees receive a briefing pack including key statutory documents, information about the company and a copy of the Memorandum and Articles of Association. They also have an informal induction meeting with the Executive Director and a meeting with the Arlisli¢ Director. The Board establishe5 Commillees from time lo time lo oversee certain aspects of the Bush Theatre's activities. These are main Board Commillees with delegated authority in respect of certain fLJnctions and activities. Each Board Committee has wrillen Terms of Reference approved by the Board and reports to the Board at each Board meeting. The Board Committee which operated during the year was,. Finance and Audit Commillee.. reviews management reporting and financial performance against budget and recommends lo the Board the annual budget, as well as reviewing audit and financial reporting, internal financial controls, risk management and compliance. The Committee met four limes during the year and held an additional three extraordinary meetings,. two meetings lo review the Fy 22123 slatulory accounts and one meeting lo review the planning and budget for the Bloomberg Philanthropies- Digital Accelerator Programme project. The Board appoints the Senior Executive Team, comprising the Artistic Director and the Executive Director and monitors their performance. The Board has delegated responsibility for the management of the company on a day-lo-day basis to the Senior Executive Team. The Artistic Director is responsible for the artistic direction of the ¢ompany, ils management and programming. The Executive Director works closely with the Artistic Director on the strategic leadership of the group and is responsible for all other operational aspects of the company, inclLJding finance. The responsibility for the appointment of all other staff is delegated by the Board lo the Senior Executive team. The Senior Executive Team is supported by departments covering administration, development. finance, literary, marketing, production and operations. Page 4
ALTERNATIVE THEATRE COMPANY LIMITED {A company limlted by guaranteg) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued} The Senior Executive Team regularly reports lo the Trustees, who are responsible for.. Establishing clear strategic direction and Cultural identity of the group. Monitoring the performance of the group and establishing appropriate operating policies. Ensuring legal and regulatory compliance. Acting as guardians of the group's assets. Maintaining the high standards of governance. The pay and benefits of the Senior Executive Team is reviewed by the Trustees annually. The pay and benefits are determined based on the skills and experience of the individuals and with reference lo the relevant salary and benefit rates in the industry. Related parties are identified though the annual completion of Trustee declaration of interest forms. Any transaction with a related party requires ratification by the other members of the Board. The company maintains indemnity insurance for the directors of the company. Public Benefll In setting ils objectives and carrying Out ils activities the Trustees confirm that they have given due consideration lo the Charity Commission's guidance on Public Benefit. STRATEGIC REPORT Introduction We continued lo live our mission of producing great plays, developing lalenl, and driving forward our work in community engagement. A summary ol our key achievements compared to the largels contained in the business plan submitted lo Arts Council England l ACE l is set out in the Objectives and Activities section above and discussed ftjrther below. This report focuses on our activities in the year. Artistic excellence- Producing the best new theatre wrltlng In the year we concentrated on delivering a full year of a full programme of great art and talent development with a continued priority to find opportunities to employ the freelancers who make up 70Vo of the theatre industry and lo support their development. Our productions continued to exemplify the cultural diversity of London.. in the year 70D/o of creative team members on our productions (action plan 400/0) were from Black. Asian or ethnically diverse backgrounds. Our work continued to demonslrale major cultural significance beyond our building, including a US transfer of the Bush production of Invisible lo New York in June 2023, and a West End transfer of R&d Pitch to @sohoplace in March 2024. Page 5
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Icontlnuedl Talqnt development- Developing and promoting the best new theatre writing We are proud lo have run our lalenl development programme in full during the year and to have maintained continued accessibility through online interventions. We met or exceeded all of our largels in providing online and offline resources lo encourage a new generation of people to engage with the craft of playwriting. In January we closed our open script submissions window having received 702 scripts12023'. 992 scripts). In the Holloway Theatre, our main space, we presented Sir Lenny Henry's commission, August in England to audiences in May, AJ Yi's A Playlist for the Revolution in June, remounted two Bush productions across September- November. Red Pitch by Tyrell Williams and Elephant by Anoushka Lucas, and presented Benedict Lombe's second commission Shift8rs in February. Our 18-24 Young Company presented Kil Wilhinglon's As We Face The Sun in August. In the Studio we presented Dreaming and Drowning, written and directed by Kwame Owusu, one of our past Emerging Writers Group membeis. A lolal of 5 {2023.. 61 full commissions were made during the year. These included commissions for Coral Wylie, Jasmin Mandi ahd Kit Wilhinglon, past members of our Emerging Writers, Group. Talent development- Providing professional development, education and training We continued lo focus on developing a diverse administrative workforce in line with our equality action plan, which recognises the need lo improve and maintain the presence of Black, Asian and ethnically diverse staff in senior positions al the Bush and in the wider industry. We continued our specific training on a range ol topics, including diversity and engaged with inilialives lo provide direct support to freelancers and other creatives lo enable them to develop their careers. Page 6
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Icontinued Communlty- Increaslng audience access to new wrltlng Continuing our work of deepening our engagement model for young people, we worked with our 34 Young Company members on a weekly lerm-lime basis and rnore intensively over July and August. Both Young Companies performed original shows lo the public, Pass It On - a devised show. and As W8 Face the Sun, a Bush commission developed by Kil Wilhinglon, during the period, providing an opportunity lo fully èngage in the creative work of the theatre. Across both Pass 11 On and As We Face the Sun we welcomed 1,166 people in lolal lo experience our Young Company's work and we drove a total of £3.475 in box office from these shows. We re-developed our Neighbourhood Company, now known as the Local Partnership Scheme, engaging with 15 local unpaid adult carèrs lo develop their theatre making skills and devise a performance together, The Illusion, which was presented as a closed sharing in March 2024. We continued with our Schools Projèct, offering 312 local students free tickets across 4 dates for the productions A Playlist for the Revolution, Elephant and Shifters, followed by a Q&A with the cast. writer and director on each date. In addition, we delivered 6 pre-show workshops exploring the themes of the productions. We engaged 156 young people between Year 10 and Year 11, through a total number of 6 workshops. We continued our partnership work by delivering workshops alongside the QPR Community Trust, Inlouniversily and Action on Disability, as well as a ranoe of schools and other charities, delivering 25 one-off workshops Inol including Schools Project workshops) as well as offering 981 free lickels to our productions. In total, we delivered 2,993 engagements with 845 individual community participants. Fundraising We continued lo build long term relationships with companies, trusts and individuals who understand and support our values and wish to support our work. Policies and procedures developed in-house guide our principles and ensure we are compliant with data protection law. We are registered with the Fundraising Regulator to further support good fundraising practice and to show our commitment lo the Code of Fundraising Practice. No external third party professional fundraisers or commercial fundraisers are used by the Charity lo contact existing donors or potential donors. There were no breaches of the Code in the year. The reslriclion of our activities as discussed above means that we do not contact vulnerable people as part of any fLJndraising aclivily. No person within the charity or any other person acting on behalf of the charity was subject to an undertaking to be bound by a voluntary scheme for regulating fund raising or any voluntary stsndard of fundraising. We have received no complaints about activities by the charity for the purposes of fundraising. Page 7
ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT {contlnued) Fundraislng Icontlnued} We were successful in raising £591,10212023.' £332,447) of development income in the year. an outstanding achievement given the additional the continued dilli¢ull economic conditions and increased pressure lo Trusts and Foundations to support the arts sector in a posl-pandemi¢ environment. Arts Council England I"ACE°I funding of £691,19512023.' £804,723) was received in the year of which £3,011 was a capital grant to fund the building suslainabilily project12023.' £198.4891, £31,950 12023.. £niS1 was for production support and £656,23412023'. £606,234) represented the annual core funding which supports the full range of artistic activity and talent development. During the year the London Borough of Hammersmilh & Fulham granted £nil12023'. £79,949) to the Charity for roof replacement work. In addition to the continued support from ACE we received funding from the following trusts and foundations lo fund our a¢livilies during the year.. Esmée Fairbairn Foundation, Backstage Trust, The Thistle Trust, Marlin Bowley Charitable Trust, Garfield Weston. The Ashendene Trust, Foyle Foundation, The Daisy Trust and the Jerwood Foundation. We also received very welcome funding fiom the following corporate donors during the year., Wychwood Media Biznography, Nick Hern Books, Breathe HR and Casting Pictures. The Trustees wish lo thank all the trusts, foundations and individuals who made our programme possible. Financlal review The company's key financial objective is lo ensure financial sustainability so that the charity can pursue ils aims and objectives. In support of this key objective are policies relating lo reserves. financial risk, trading activities and fundraising which are addressed in more detail within this report. The company'5 key financial performance indicators are total income, total expenditure, the nel surpluslldelicill in the year and the level of funds available lo support the future activities of the charity. The company has prepared accounts in compliance with SORP in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. The statement of financial activities ISOFA), balance sheets, slalemenl of cash flows and notes are set out from page 15 onwards. Income Total income for the year was £2,474,936 12023.. £2,07g,2611. Of the total income, £1,285,057 {2023 £1,213,237> was from grants and donations used lo support the artistic aclivily. community investment and talent dèvelopment activities of the Ihealre, £930,56612023.' £605,235) was from charitable activities. £250,592 {2023'. £258,912) was other trading income and £8,721 12023.. £1,877) was investment income. The variances in income from the prior year primarily reflect the change in the source of grants and donations and the higher income generated from the programme of productions during the year. ACE funding wa5 £691,195 12023." £804.7231 of which £3,011 was a capital grant lo fund the building suslainabilily project12023'. £198,489). £31,95012023'. £nil) was for production support and £656.23412023.' £606,234) repiesenled the annual core funding which supports the full range of artistic activity and lalenl development. We received £nil12023-. £79,329) from the London Borough of Hammersmilh & Fulham lo support the roof replacement. Page 8
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT (continued) Financial review Icontinued} Expenditure Total expenditure for the year was £2,556,16612023.. £2,460,874). The variances in expenditure from the prior year rellecl the expenditure on specific maintenance projects, the increase in salary costs as a result of the increase in the London Living Wage and other salary rises, the increase in costs arising from higher utility cost and the increase in expenditure due lo general inflationary increases. Net deficit and operating surplus The Group reported a net deficit of £81,230,12023'. £381,613) for the year. After adding back the charge for depreciation the Group operating surplus was £204,62712023'. deficit £100,654). The deficit on restricted funds, before reserve transfers, was £323.77712023.. deficit £11,040). The operating surplus on unrestricted fLJnds, before reserve transfers, was £242,54712023.. deficit £370,573). The surpluses and deficits reflect the nel impact of the income and expenditure discussed above. The deficit on the reslricled funds primarily represents the depreciation on the fixed assets that were constructed with capital grant funding, where the depreciation charge is taken lo the capital 9ranl reserves. The surplus on unrestricted funds primarily reflects the higher income generated from the program of prodLJCtions during the year. Funds Total funds at the year-end were £3,898, 16512023.. £3.979,395) of which £3,415,94912023'. £3,739,726} was restricted and £482,21612023.. £239,669) was unrestricted. Of the reslricled funds, £3,380,199 12023.. £3,653,886) represents capSlal grant funding. The remaining restricted funds represent the balance on the capital revenue funding and the funds that have been restricted in se by the requirements of the funder. The unrestricted funds at the year-end were £482,21612023.' £239,669). Of the lolal unrestricted funds, £nil 12023 £nill was designated funds. As al the year end the free resetves, being the general reserves less the net book value of fixed assets not funded through capital reserves, were £481,00612023.. £229,299}. Reserves policy The Trustees review the charity's reserves policy as an integral part of their review of the charity's future plans. Under its reserve policy the charity maintains a general reserve lo protect the charity against reasonable fluclualions in trading income and donations in the lulure. The Trustees recognise the inherent risks and uncer18inties involved in presenting theatrical productions and aim to maintain a minimum level in the general reserve of £340,000 lo cover contracted production expenditure and administration, building and staff Costs for three months. The policy is lo maintain the general reserve level over the medium term through the implementation of balanced budgets or budgets with surpluses at a level consislenl with the charitable status of the company. The general reserve balance of £482,216 as al the year end was above the Minimum level of £340.000. The need to maintain the general resetve level above the minimum level has been reflected in the budget for the Fy 24-25 year. Page 9
ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT {continuedl PRINCIPAL RISKS AND UNCERTAINTIES The major risks lo which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established lo mitigate those risks. The ACE core funding for the charity is Confirmed until March 2026. The Trustees will continue to regularly review the programme of aclivily, cashllow forecasts and private income sources of the charity lo identify and mitigate the risks generated by ils activities. The internal financial controls are periodically reviewed lo ensLJre that they still are appropiiate for and sufficient for the charity. A comprehensive risk register was created as part of the five-year business plan and is reviewed by the board on an ongoing basis and updated. The most significant risks at the end of the year were.. Change in government funding focus or change in funding environment resulting in a reduction of or risk lo ACE National Portfolio Organisation l°NPO"} funding. Processes lo manage this risk include monitoring of changes in focus, involvement in local and national lobbying, stakeholder engagement and considering business models with a reduced cost base. Failure lo reach new and relain existing audiences lo support the financial model. Processes to manage this risk include strategies for the slate of plays Ljnder development, managing the mix of own production, co-production and visits, assessing the investment in marketing focusing on price entry points, enhancing the media strategy to increase our profile and structuring the process for the literary department lo lind new voices. Loss of key staff. Processes lo manage this risk include the annual review of pay and benefits, annual appraisals to identify opportunities for individual development and working to generate wider opportunities for staff lo enhance their career potential through mentoring and secondments. Shortfalls against individual and Corporate fundraising targets. Processes lo manage this risk include longer term planning for this fundraising. developing deeper and longer relationships with key supporters and maintaining a strong case for support for the funding of our community and talent development programmes. GOING CONCERN The Board and management of the Charity have carefully considered the Bush's financial projections and cash flows. This process has incorporated an assessment of the availability of funding from ACE and from other Trusts and Foundations as well as the level of income that can be anticipated from productions and from the trading activities of the Charity. The financial status of the Charity is kept under continuous review to enable emerging financial risks that may impact the going concern status of the Charity to be identified and miligaling actions taken. The Trustees have reviewed the going concern status of the Charity with reference lo the strategy contained in the Business Plan submitted lo ACE, the actual results for the year ended 31 March 2024 the detailed budget and cashflow for the year ending 31 March 2025 and the high level budget projection prepared for the financial year ended 31 March 2026. Based on this review the Trustees believe that the accounts can be prepared on a going concern basis. Page 10
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Icontinuedl LOOKING FORWARD Future plans Our future plans for the theatre are lo fLJlly implement the core objectives set out in this report. Our action plan for the year ahead is to present 386 performances of g productions across our two performance spaces. 2 of these shows are expected to be Bush commissions and 3 from previous members of our Emerging". Writers, Group. In line with our continued aim lo have a programme that represents the diversity of London in terms of gender. disability and cultural background, our specific largels for the year ahead recognise our continued need to improve representation from Asian and disabled voices. We will use the Theatre and Studio lo support emerging new writing, including work wrillen by the members of our Emerging Writers Group. We continue our focus on British and Irish writers. We can see Bush commissions coming lo fruition from writers who see the world from many different vantage points and we are particularly interested in telling stories about the Black British and British Asian experiences. The financial status of the Charity is kept under continuous review lo enable emerging financial risks that may impact the going conrn slalus of the Charity lo be identified and mitigating actions taken. The specific objectives for the forthcoming year are.. To realise the Artistic Direclorfs fourth season. To commission 6 new plays. To reach over 35,500 audience members To achieve 2,000 participant engagements in the Community programme, of which 500 will be workshop engagements al either the Bush Theatre or in the community and 1,500 will be special project engagements. To continue to encourage cultLJral diversity within our walls and in the wider industry. The Trustees would like lo record their thanks to the Bush Theatre staff and management for their hard work and achievements throughout the year and their continued dedication to the Charity and the wider artistic community in the face of continued external challenges. Page11
ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees {who are also directors of AlleTn81ive Theatre Company Limited for the purposes of ¢ompany law) are rèsponsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards Iuniled Klngdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial slalements for each financial year whlch give a true and fair view of the slate of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expendiluro, of the charitable group for that period. In preparing these financlal statements, the Trustees are r8quired to.. S01ect suitable accounting pollcies and then apply them conslslenlly., observe Ihe methods and principles in the Chari118s SORP., make Judgments and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial sialements., prepare the financial 51alemenls on the going concern basis unless il Is inappropriate lo presume that the charitable company and group will continue in operation. The Trustees are responsible for keeping adequate 8¢COLJnlino records that disclose with reasonable accuracy al any time the financial position of the ¢haritable company and group and enable them to ensure that the rinancial slalemenls complywilh the Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable company and group and hen¢& for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provislon of Informatlon to auditor Each of the persons who are Trustees at the lime when this Trustees, report is approved has conlirm¢d that.. so far as that Trustee is aware, there is no relevant audit inforrnalion of which tho group's auditor Is unawaTe, and that Trustee has taken all the stsps that ought lo have been taken as a Trustee In order lo be awar8 of any information needed by the group's auditor in connection with preparing ils report and to establish that the group's auditor is aware of that information. Audltor A resolution lo reappoint Saffery LLP as audilor for the ensuing year will be proposed at the forthcoming annual general meeting. This report was approved by the Trustees and was slgned on their behalf, by.. Uzma Hasan Truste8 Dale.. 25 June 2024 Page 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED Opinion We have audited the financial slalemenls of Alternative Theatre Company Limited Ilhe 'parent charitable company'l and ils subsidiaries Ilhe 'group'l for the year ended 31 March 2024 which comprise the Consolidated Slalemenl of Financial Aclivilies, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the notes lo the financial slalemenls, including 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 Standard 102, the Financial.Reporling Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and fair view of the slate of affairs of the group and the parent charitable company as al 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going coneern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of awounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncerlainlies relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability lo Continue as a going concern for a period of al least twelve months from when the financial slalemenls 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. other information The trustees are responsible for the other information. The other information comprises the information included in the Trustees. Report and Consolidated Financial Statements other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form ol assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such Material inconsistencies or apparent material misslalemenls, we are required to determine whether this gives rise to a material misslatemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,. we are required lo report that fact. We have nothing lo report in this regard. Page 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the Course of the audit., the information given in the Trustees, Report which includes the Directors, Report and the Strategic Report for the financial year for which the financial slalemenls are prepared is consistent with the financial slalements., and the Trustees, Report which includes the Directors, Report and the Strategic Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misslatemenls in the Trustees, Report and Strategic Report. We have nothing lo report in respect of the following mallers where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns 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 trLJslees' remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Slalement of Trustees, responsibilities sel out on page 12, the Iruslees (who are also the directors of the charitable Company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or parent charitable company or lo cease operations, or have no realistic alternative bul lo do so. Audltor's responslbilities for the audit of the flnancial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are lo obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's 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 delecl a material misstatement when it 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 taken on the basis of these financial slalements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misslalemenls in respect of irregularities, including fraud. The specific procedures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related lo irregularities.. We assessed the susceptibility of the group and parent charitable company's financial statements lo material misstatement and how fraud might occur, including through discussions with the Iruslees. discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opporlunilies for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate. Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies A¢1 2006 and guidance issued by the Charity Commission lor England and Wales. Page 14
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED Audit response to risks identitled We considered the exlenl ol compliance with these laws and regulations as part ol our audit procedures on the related linan¢ial statement items includlng a review ol financial slalemenl disclosures. We reviewed the parent charitable company's records ol breaches ol laws and regulations, minutes ol meelings and correspondence with relevant authorities lo identify potential material misslalemenls arising. We discussed the parent charitable company's policies and procedures lor cornpliance wilh laws and regulations with members ol manao8menl responsible lor cornplian¢6. During the planning meeting wllh the audit team, the engagement partner drew all8nlion lo the k8y areas which might involve non-compliance with laws and regulations or fraud. We enquired ol management whether they were aware ol any instances ol non-compliance with laws and regulations or knowledge ol any actual. suspe¢led or alleged fraud. We addressed the risk ol fraud through management override ol controls by lesling the approprlateness ol journal enlrles and idenlilying any signilioanl Iransaclions that were Ljnusual or outside the normal course ol business. We assessed whether judgements made in making accounting estimates gave rise lo a possible indication ol management bias. At the complelion stage ol the audit, the engagement partner's review included ensuring thal the team had approached their work with appropriate professional sceplicistn and thus the capacity lo identify non-compliance with laws and regulations and fraud. There are inherent limllalions in the audit procedures d&scribed above and the further removed non-compliance with laws and regulations is Irom the events and transactions reflected in the financial stalemenls, the less likely we would become aware ol it. Also, the risk ol not delecling a material misslalemenl due lo fraud is higher than the risk ol not dalecling one resulting from error, as fraud may involve deliberate concealment by, lor example. forgery or inlentlonal misrepresenlalions, or through collusion. A further description ol our responsibilities is available on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibilities. This descrlplion forms parl of our audiloy's report. Use ol our report This report is made solely lo the parent charitable company's members. as a body, in accordance with Chapter 3 01 Part 16 01 th& Companies Act 2006. Our audit work has been undertaken so that we might slate lo the parent charitable company's members those mallers we are required lo slate to them in an auditor's report and lor no other purpose. To the lullesl exlenl permilled by law, w& do not accept or assume responsibility lo anyon& other than the parent chari18ble company and the parent charitable company's members as a body, lor our audit work, lor this report, or lor the opinions we have formed. QtQLFeaiLL3 Clair6 Wills (Senior Slalulory Audilorl lor and on behalf ol Sallery LLP Chartered Accountants Slalulory Auditors 71 Queen Victoria Street London EC4V 4BE Dale 26 June 2024 Sallery LLP is &ligible lo act as an auditor in terms ol section 1212 01 the Companies Act 2006. Page 15
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee} CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating Income and Expenditure Account FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total Reslricled Unrestricted fLJnds funds funds 2024 2023 2023 Total funds 2023 Note INCOME AND ENDOWMENTS FROM: Grants and donations Charitable activities Other tradin9 activities Investments 99,211 1,185,846 1,285,057 930,566 930,566 250,592 250,592 8,721 8,721 408,438 804,799 1,213,237 605,235 605,235 258,912 258,912 1,877 1.877 TOTAL INCOME 99,211 2.375,725 2.474,936 408,438 1,670,823 2,079,261 EXPENDITURE ON: Raising funds Charitable activities other trading activities 115,772 115.772 1,808,523 2.231,511 208,883 208,883 107,462 107.462 1,716,726 2,136,204 217.208 217,208 422,988 419.478 TOTAL EXPENDITURE 422.g88 2.133,178 2,556,166 419,478 2.041,396 2,460.87A other gainslllossesl NET EXPENDITURE 1323.7771 242,547 181,230} 111.0401 1370,573) 1381,6131 Transfers between funds .16 NET MOVEMENT IN FUNDS 10 1323,7771 242,547 181,2301 111,0401 1370,5731 1381.6131 Total funds at 1 April 3,739,726 239,669 3,979.395 3,750,766 610,242 4,361,008 TOTAL FUNDS AT 31 MARCH 3,415.949 482.216 3,898,165 3,739,726 239.669 3,979,395 The notes on pages 20 to 40 form part of these financial statements. Page 16
ALTERNATIVE THEATRE COMPANY LIMITED IA Company Ilmlt¢d by guaranleo) . CONSOLIDATED BALANCE SHÉET AS AT 31 MARCH 2024 REGISTERED NUMBER." 1221968 2024 2023 Note FIXED ASSETS Tangibl8 assets 12 3,353,849 3,627,321 CURRENT ASSETS Stocks 6,000 6,000 Debtors 14 23U.014 186,799 Cash at b8nk TotAI eurrent A5s•ts goo.594 6gg,992 CREDITORS: amounts falllng du• wlthin on• y¢ar 15 35 NET CURRENT A88ETS 31 352,074 NET ASSETS FUNDS Restsfjcted fund8 3.415.949 3,739,726 Unrestrided funds 16 482216 TOTAL FUNDS 3,898,165 3 979.395 The nanclal statorn?nts warè roved by the Tiu$tees and 6wJned on th¢*lr behalf by.. ames Marshal ruste• Date: 25 June 2024 The notes on pages 2D to 40 form part of these flnanGlal stalemenls. Paue 17
ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmltsd by guarant•g1 CHARITY BALANCE SHEET AS AT 31 MARCH 2024 REGISTERED NUMBER: 1221968 2024 2023 Noi FIXED ASSETS Tangible assets 12 3.353.849 3.627.321 Investments 13 200 3,354,049 3,827.521 CURRENT ASS8 Stocks 1,000 1,oorJ D8btor8 260.940 217.725 Cash al bank T<tal ourrent ssets 928,0 725.858 CREDITORS: amounts falllng due wtthln one year 15 NET CURRENT ASSETS 569 982 NET A8SET8 FUNDS Reslricled hjnds 16 3.415,949 3,739,726 Unrestricted funds 10 26 TOTAL FUNDS The Charity's def11 lor the year was £81,23012023'. deftGil £381.613}. A separate Slalement ol FinanGlal Activities for the charity Itself is not presented bocau¥8 the ChBrity has taken 8dvantage of Ihty exemption afford$d by seclSon 408 of lh8 Companlos Act 2006. The fingrigiul 61alemonts were approvad by iha Truglees 8nd signed on ih6ir behalf by: James Marshall Trust t)ale: 25 Juno 2024 The notes on pages 20 to 40 foim part of the¥g financlal stalemgnts. Page 18
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDING 31 MARCH 2024 2024 2023 OPERATING ACTIVITIES Net expenditure for the financial year Adjuslmenls for.. Depreciation of tangible assets Interest received Increase in stocks Ilncreaselldecrease in debtors Increase in creditors {81,2301 1381.6131 285,857 18,7211 280.959 11.877) {43,2151 8,360 4,938 176.193 NET CASH FROM OPERATING ACTIVITIES 161,051 78,600 INVESTING ACTIVITIES Interest received Payments lo acquire tangible fixed assets 8,721 112,3851 1,877 1232,5021 NET CASH USED IN INVESTING ACTIVITIES 13,664} 1230,6251 INCREASEIIDECREASEI IN CASH AND CASH EQUIVALENTS 157.387 1152,0251 CASH AND CASH EQUIVALENTS AT 1 APRIL 507,193 659,218 CASH AND CASH EQUIVALENTS AT 31 MARCH 664,580 507,193 Brought Forward Carried Forward Cash flow Analysis of changes in cash and net debt Cash and net debt 507,193 157,387 664,580 507,193 157,387 664,580 The group holds all cash in accounts with immediate access. No cash is held a5 deposits. The group does not have an overdraft facility. Page19
ALTERNATIVE THEATRE COMPANY LIMITED IA company limlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES The principal accounting policies adapted, judgements and key sources of estimation uncertainly in the preparation of the financial statements are as follows.. 1.1 Basis of preparation of financial statements The financial statements have been prepared Ljnder the historical cost convention, and in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019 - (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021 and the Companies Act 2006. The financial statements are prepared in sterling which is the fun¢lional currency of the company and rounded to the nearest £1. Alternative Theatre Company Limited meets the defiDltion of a public benefit entity under FRS 102. 1.2 Basis of Consolldation The financial slalements consolidate the results of the charity and ils wholly owned subsidiaries, A separate Slalemenl of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. 1.3 Golng concern The consideration of the going concern status of the Charity is contained in the Strategic Report. The Trustees have prepared budgets and cash flow forecasts covering a period of at least 12 months from the date of approval of the financial. On this basis, the Trustees are satisfied that the group is a going concern. The risks mentioned in the Trustees, report have been taken into account when preparing these budgets and forecasts and measures have been pul in place to miligale these risks.. Based on this review the Trustees believe that the accounts Can be prepared on a going concern basis, 1.4 Company status The charity is a private company limited by guarantee incorporated in England and Wales. The members of the company are the Trustees named on page 1 (who are also directors for the purposes of company lawl. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 1.5 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds Comprise monies where a reslri¢lion has been placed on their use by a donor (for a purpose which falls within bul is narrower than the general charitable objeclivesl. Restricted funds are distributed in accordance with the terms of the applicable reslriclion. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The nature and purpose of each designated fund is sel out in the notes. Page 20
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.6 Income Income is included in the Statement of Financial Activities when the charity is1egally entitled lo the income, receipt is considered lo be probable and the amoLJnl can be quantified with reasonable accuracy. For legacies, enlillement is. the earlier of the charity being notified of an impending distribution or the legacy being received. Gifts in kind donated for distribution are included al valuation and recognised as income when they are Teceived. Gifts donated for Tesale are recognised in accordance with this policy with the subsequent sale being included as income when the gifts are sold. Donated services or facilities, which comprise donated services. are included in income al a valuation which is an estimate of the financial cost that would be incurred by the Charity lo acquire an equivalent asset. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income lax recoverable in relation to investment income is recognised al the lime the investment income is receivable. The receivable for Theatre Tax Relief credits is recognised in the year that the eligible expenditure is incurred. Grant income is included in the Slalemenl of Financial Activities when the grant giver has confirmed their agreement to grant the Charity the funds and any pre-conditions relating lo the receipt of the income have been satisfied so that the grant is un-conditional, 1.7 Expenditure All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to aclivilies. Where costs cannot be directly allributed to particular activities they have been allocated on a basis consistent with the use of the resources. Page21
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.8 Allocation of support cost5 Ibasis of apportionmenti Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs which are apportioned on the same basis as support costs are those incurrèd in connection with adminislralion of the company and compliance with constitutional and slatulory requirements. 1.9 Production costs and related Income or grants Costs incurred in respect of a theatre production which meet the definition of a prepayment are carried forward al the balance sheet date. Income or grants relating to a production that is lo commence after the year end are carried forward al the balance sheet dale. 1.10 Tangible fixed assets and depreciation Office equipment items and leasehold improvement items costing more than £1,000 are capilalised. All other assets costing more than £500 are capilalised. Tangible fixed assets are slated at cost less depreciation. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their eslimaled residual value, over their expected usèful lives on the following bases.. Leasehold land Leasehold building Leasehold improvements Production equipment Fixtures and litlings Catering equipment Office and IT equipment Straight line over length of the lease SITaighl line over SO years Straight line over 15 10 50 years Straight line over 5 years Straight line over 5 years Straight line over 4 years straight line over 3 years 1.11 Investments Fixed asset investments are slated al cost less provision for diminution in value. 1.12 Operating leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. 1.13 Stocks Stocks are valued al the lower of cost and net realisable value and consist ol lexls for resale and bar stocks. 1.14 Pensions The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the Slalemènl of Financial Activities in the year they are payable. Page 22
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.15 Flnancial instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al IheiT settlement value. 1.16 Crltical accounting estimates and areas of judgement 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. The Trustees consider that the following are the critical estimates and judgements in the year.. Fixed asset net realisable value and useful lives Recoverability of prepaid production costs Recoverability of receivables and related provisioning Page 23
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL PERFORMANCE OF THE CHARITY The consolidated Statement of Financial Activities includes the results of the Charity's wholly owned subsidiaries Bush Theatre Trading Limited and Bush Theatre Productions Ltd. The summary financial performance of the Charity excluding the subsidiary is as follows.. 2024 2023 Income Expenditure Other losses Nel expenditLJre- movement in total funds 2,224,344 1,857,352 12,305.5741 12,238,965) 1381,613} 181.2301 Total funds brought forward 4,005.261 4,386,874 Total funds carried forward 3,924,031 4,005,261 Represented by.. Restricted funds Unrestricted funds 3,415,949 508,082 3,739,726 265,535 3,924.031 4,005,261 A charitable donation of £nil12023.' £nill was received from Bush Theatre Trading Limited in the year under a deed of covenant. INCOME FROM GRANTS, DONATIONS AND LEGACIES - GROUP Reslricled Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Grants - Arts Council England Grants - Local Authority and other slalutory Grants - Other Grants- Trusts and Foundations Corporate donations Donations Gift aid Donations- Supporters programme Donations - Other 3,011 688,184 691,195 804,723 70,949 5,118 203,000 27,750 13,588 43,305 44.804 2,760 160,000 14,276 20,641 94,155 205,830 2,760 256.200 14.276 20,641 94,155 205,830 96,200 Total 99,211 1,185,846 1,285,057 1.213,237 Page 24
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES- GROUP 2024 2023 Theatre productions 930,566 606,235 Split of income from Theatre ProdLJCtions is as follows.. 2024 2023 Box office Co-productions and exploitation Playlexl and merchandise sales Equipment sales Tax credit income other income 811,897 6,734 12,554 436,872 40,446 8,222 80 114,667 4,948 92,880 6,501 930,566 605,235 INCOME FROM OTHER TRADING ACTIVITIES- GROUP 2024 2023 Bar income Events and room hire income 186,365 64,227 198,634 60,278 250,592 258,912 INVESTMENT INCOME- GROUP 2024 2023 Bank interest 8.721 1,877 Page 25
ALTERNATIVE THEATRE COMPANY LIMITED (A company limited by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON RAISING FUNDS- GROUP Total funds 2024 Total funds 2023 Development costs Salary cost 11,627 104,145 9,299 98,163 115,772 107,462 EXPENDITURE ON CHARITABLE ACTIVITIES- GROUP Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Theatre production.. Adminislralion and building Production Literary Capital projects Marketing and sales Depreciation staff costs Community engagement Playlexl costs and other expenditure 332,130 631,645 332,130 631,645 64,447 35,274 90,992 285,857 737,59.3 45,253 8,320 289,864 604,189 73,404 64,447 35,274 90,992 9,159 720,232 16,045 8,320 97,403 280,959 739,844 41,403 9,138 276,698 17,361 29,208 422,988 1,808,523 2,231,511 2,136,204 The above expenses include the following support costs,. 2024 2023 Staff costs Adminislralion & finance Staff costs - Premises IT expenses General adminislralion expenses Governance costs External audit fee Legal and professional Board expenses and training Senior management lime 119,469 52,187 14,158 43,721 115,571 33,797 8.063 35,486 23,860 12,795 582 1 5,207 21,300 18,638 14.804 281,979 247,659 Page 26
ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OTHER GAINSIILOSSES} Total funds 2024 Total funds 2023 None 10. NET MOVEMENT IN FUNDS- GROUP This is ststed after charging.. 2024 2023 Depreciation of tangible fixed assets.. owned by the charity Auditor's remuneration: Audit fees Other services Operating lease rentals.. equipment 285,857 280,959 16,450 7.410 1,902 16,250 5,050 543 11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2024 2023 Wages and salaries Social security costs Pension contributions 868.653 66,270 20,210 872.375 66.990 21,317 955,133 960,682 The average monthly number of employees during the year was as follows.. 2024 No. 2023 No. FOHl8ar staff Theatrical production 25 23 33 25 Administration 52 62 The group employed 29 12023.. 321 ftjll time equivalent staff. No employee received remLJneration of greater than £60,000 during the year12023- one employee.. £60,674). One Iruslee received expenses during the year of £58212023.. £nill. Page 27
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL The Group and Charity considers its key management personnel lo comprise the Artistic Director, the Executive Director and the Charity Trustees. The lolal employment benefits, including national insurance and employer pension contributions, of the key management personnel were £115,51512023.. £113.3471. Further details of the remuneration of the Artistic Director, who is also a Trustee, are given in Note 21. 12. TANGIBLE FIXED ASSETS- Group and charity Long leasehold land and buildings Leasehold Fixtures, fittings improvements & equipment Total Cost At 1 April 2023 Additions Disposals 1,700,000 3,934,420 12,385 688,582 6,323,002 12,385 At 31 March 2024 1,700,000 3,946.805 688,582 6,335,387 Depreciatlon At 1 April 2023 Charge for the year Disposals 290,398 25,252 1,727,071 251,445 678,212 9,160 2,695,681 285,857 At 31 March 2024 315,650 1,978,516 687,372 2,981,538 Net book value At 31 March 2024 1,384,350 1,968,289 1,210 3,353,849 Al 31 March 2023 1.409,602 2,207,349 10,370 3,627,321 In connection with past capital funding ACE holds a fixed charge over the leasehold land and buildings. 13. FIXED ASSET INVESTMENTS- Charity Cost at 1 April 2023 and 31 March 2024 £200 The subsidiaries are as follows.. Company name Country Percentage of shares owned Activity Bush Theatre Trading Limited Company no 02899516 Bush Theatre Productions Limited Company no 09343516 England 100° Management of Cafe/Bar and Events England Dormant Page 28
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVESTMENTS- Charity {continued} The summary financial performance for the year ending 31 March 2024 and the financial position as al 31 March 2024 of the subsidiaries is as follows.. Bush Theatre Trading Limited 'Bush Theatre Productions Limited Profit and loss account: 2024 2023 Turnover Cost of sales 250,592 258,912 1212,9081 {221,909} Gross profit 37.684 37,003 Administrative expenses 137,684) 137,003} Resulvprofit for the year Balance sheet: 2024 2023 2024 2023 Current assets 5,160 5,160 100 100 Current liabilities 130,9261 130.9261 Nel Iliabilitiesllassets 125,7661 125,766} 100 100 CAPITAL AND RESERVES.. Galled up share capital 100 100 100 100 Profit and loss account 125,8661 (25,8661 . SHAREHOLDERS, (DEFICITIIFUNDS {25,766) 125,7661 100 100 Bush Theatre Trading Limited and Bush Theatre Productions Limited are exempl from audit by virtue of S479A of Companies Act 2006.. The regisler¢d office of the above companies is 7 Uxbridge Road, Shepherds Bush, London, W12 8LJ Page 29
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. DEBTORS Group Charity 2024 2023 2024 2023 Trade debtors Amounts receivable from group undertakings VAT receivable Other debtors Prepayments and accrued income 38,738 16,697 38,738 30.926 13,391 95,619 82,266 16,697 30,926 13,391 95,619 82,266 138,264 31,838 138,264 31.838 230,014 186,799 260,940 217,725 15. CREDITORS: Amounts falling due withln one year Group Charity 2024 2023 2024 2023 Trade creditors Amounts owed lo group undertakings Social security and other taxes VAT liability Other creditors Accruals and deferred income 93,247 81,637 93,247 200 17,650 81,637 200 18,751 9,543 34,171 203,816 17,650 18,751 9,543 34,171 203.816 18,916 226,465 18,916 226,465 356,278 347,918 356,478 348,118 Group Charity 2024 2023 2024 2023 Deferred income.. Deferred income brought forward Amounts released from previous year Income deferred during the year 139.469 1139,4691 177,342 8,270 {8,2701 139,469 139,469 1139,4691 177,342 8,270 18,2701 139,469 Deferred income carried forward 177,342 139,469 177,342 139,469 Deferred income represents box office income received in advance of performances and other income relating lo future financial periods. Page 30
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16, STATEMENT OF FUNDS Brought rorward Carried Forward Group Income Expenditure Transfers Unrestricted funds Dosignated funds Other funds General funds General funds 239,669 2,375,725 12,133,178> 482.216 Group Total 239,669 2,375,725 12,133.1781 482,216 Group and Charlty Restricted funds Library Development- Fixed assets Leasehold Properly - Fixed assets Major Capital Projecl-Fixed assets Building Sustainability- Fixed assets Major Capital Project 2013 Suslainabilily Project reserve Digital Acceleration Project reserve Talent Development Programme Artistic Programme Community Engagement Programme 72,312 1,412,934 1.899,202 269,438 13,256 145,2181 125,2521 {201,3301 14,8981 111.6501 118,1501 15,4741 (81,8081 27,094 1,387,682 1,697.872 267,551 1,606 118.150) 15,474} 56.643 3,011 44,751 94,700 11,0001 27,833 1,500 129,2081 1.000 1,125 Total restricted funds 3,739,726 99,211 1422,9881 3,415.949 Group and Charity Total 3.979,3g5 2,474,936 12,556,166) 3,898,165 Page 31
ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. STATEMENT OF FUNDS Icontinugdl Brought Forward Carried Forward Income Expenditure Transfers Charity Deslgnated funds Other Ggneral funds General funds 265,535 2,162,817 11,920,270) 508,082 Total unrestricted funds 266,535 2,162,817 11,920.2701 508,082 Total restricted funds 3.739,726 99,211 1422,9881 3,415,949 Charlty Total 4,005.261 2,262,028 12,343,258) 3.924,031 Designated funds other There were no designated funds during the year. Restricted funds Library Development- Fixed assets Relates to the funding for the first phase of the Old Shepherd's Bush Library Development. The closing balance represents the net book value of the library development fixed assets. Leasehold PToperly- Fixed assets Relates lo the gift of Ihe125-year lease of the Old Shepherd's Bush Library by Hammersmilh and Fulham Council. The closing balance represents the closing nel book value of the leasehold property. Major Capital Project - Fixed Assets Relates to the funding of the second phase of capital development of the Old Shepherd's Bush Library, including completing the refurbishment of the building, improving publi¢ access and facilities for artists. The closing fund balance represents the nel book value of the relevant fixed assets. Building Suslainabilily- Fixed Assets Relates lo the funding for the replacement of the roof and improvements lo the building lo reduce its environmental impact on a sustainable basis. Page 32
ALTERNATIVE THEATRE COMPANY LIMITED (A company Ilmited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. STATEMENT OF FUNDS Icontinuedl Restricted funds leontinuedl Major Capital Project 2013 Relates to the funding for the implementation of the second phase of the Capital development of the Old Shepherd's Bush Library, improving public access and facilities for artists. Building Sustsinability Project Reserve Rèlates lo the funding for the consultancy expenditure and other expenditure on improving the environmental sustainability of the building. Digital Acceleration Project Reserve Relates lo the funding received from Bloomberg for the digital Iransformalion project to implement a new Iransaclional website and other digital transaction improvements. Talent Development Programme Relates to funding for the development of writers, directors, producers, other creatives and theatre- makers. Artistic Programme Relates to funding lo enhance the theatre's artistic programme including the research, development and production of new plays and the programming of the spaces within the Old Library building. Community Engagement Programme Relates to the funding for the Bush's community engagement and education programme. Pa9e 33
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Charity 2024 2023 2024 2023 Tangible fixed assets - unrestricted Tangible fixed assets - restricted Fixed asset investments - unreslricled Cash - unrestricted Cash - reslricled Other nel current Iliabililiesllassets unreslricled 1,210 3,352,639 10.370 3,616,951 1.210 3,352,639 200 601,210 63.310 10,370 3,616.951 200 355,258 151,875 601,270 63,310 355,318 151.875 1120,2641 1155,1191 194,5381 {129,3931 3,898,165 3,979.395 3,924,031 4,005,261 18. CAPITAL COMMITMENTS At 31 March the charity and group had capitsl commitments as follows.. Building Development 2024 2023 Roof replacement 8,876 19. OPERATING LEASE COMMITMENTS Al 31 March the charity and group had minimum lease payments under non-cancellable operating leases as follows.. Plant and machinery 2024 2023 Within 1 year Between 2 and 5 years Over 5 years 502 125 502 627 627 1,129 Page 34
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee} NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. RETIREMENT BENEFITS Defined contribution 2024 2023 Contributions payable by the group for the year Contributions payable lo the fund al the year end and included in creditors 20,210 5,326 21,317 4,646 .All contributions relate lo unrestricted aclivilies. 21. RELATED PARTY TRANSACTIONS All related party transactions were entered inlo in the ordinary course of business consistent with the Group's policy on potential conflicts of interest. During the year the Group entered into the folbowing transactions with the following related parties.. Lynette Linton was a Trustee of the charity during the year. She received remuneration of £ 47,56212023.. £45,942), National Insurance of £5,30812023.' £5,353) and pension contributions of £1.42712023 £1,378) in her capacity as employee in the year. These payments were made under her contract of employment as Artistic Director. Uzma Hasan was a Trustee of the Charity during the year. She had a £360 membership as a Rising Star supporter in the year. Travel expenses relating lo supporter cullivalion of £582 were reimbursed to her in the year. Anthony Marraccino was a Trustee of the Charity during the year. He made donations of £5,000 in the year12023.' £nill. Jame5 Marshall was a Trustee of the Charity during the year. He had a £5,040 membership as a Lone star supporter in the year12023.. £nill. stephen Pidcock was a Trustee of th& Charity during the year. He had a £360 membership as a Rising star supporter in the year12023.. £3601. Catherine Score was a Trustee ol the Charity during the year. She made donations of £10,500 in the year12023., £10,000). Mercy Umeh was a Trustee of the Charity during the year. She sils on the Council of the London Borough of Hammersmilh & Fulham. During the year the London Borough of Hammersmilh & Fulham granted £nil 12023.. £79,949> lo the Charity for roof replacement work. The transactions between the Charity, Bush Theatre Productions Limited and the Bush Theatre Trading Limited and the balances outstanding between the companies are set out in notes 13, 14 and 15. Other than as disclosed above there were no balances outstanding with Trustees or their connected entities as al the end of the year or the end of the prior year. Page 35
ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. POST BALANCE SHEET EVENTS There are no post balance sheet events. 23. PRIOR YEAR INFORMATION EXPENDITURE ON CHARITABLE ACTIVITIES - GROUP Restricted Unrestricted funds fLJnds 2023 2023 Total funds 2023 Total funds 2022 Theatre production.. Adminislralion and building Production Literary Capital project Marketing and sales Depreoialion staff costs Community engagement Playlexl costs and other expenditure 22,324 16,000 43,395 267,540 588,189 30,009 289,864 604.189 73.404 276,961 384,313 78,210 97,403 9.159 715,288 97,403 280,959 739,844 41,403 9,138 80,839 344,508 841,413 47,282 8,488 271.800 24,556 41,403 9,138 419,478 1,716,726 2,136,204 2,062,014 The above expenses include the following SUPPOrt costs.. 2023 2022 Staff costs - Adminislralion & finance staff costs - Premises IT expenses General administration expenses Governance costs External audit fee Legal and professional Board expenses and training Senior management lime 115,571 33.797 8.063 35.486 142,313 34,698 9,706 52,880 21,300 18,638 13,375 18.588 14,804 13.917 247,659 285,477 Page 36
ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmlted by guarantee NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Brought Fotward Carried Forward Group Income Expenditure Transfers Unrestrlcted funds Designated funds Roof repairs and replacement 250,000 1250,0001 250,000 1250,0001 General funds General funds 360,242 1.670,823 12,041,396) 250,000 239,669 Group Total 610,242 1,670,823 12,041,396) 239,669 Group and Charity Restricted funds Library Development- Fixed assets Leasehold Property - Fixed assets Major Capital Project-Fixed assets 117,530 1,438,186 2,100,532 145,2181 125,2521 1201,3301 72,312 1,412,934 1,899,202 269,438 269,438 Major Capital Project 2013 47,580 {34,3241. 13,256 Bush Theatre Unlocked Talent Development Programme Artistic Programme Community Engagement Programme 20.146 16.000 10.792 68,000 {43,3951 116,0001 153,9591 44,751 71.000 27,833 Total restrlcted funds 3,750.766 408,438 1419,4781 3,739,726 Group and Charlty Total 4,361,008 2.079,261 {2,460,8741 3,979,395 Page 37
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Icontinuedl Brought Forward Carried Forward Income Expenditure Transfers Charity Designated funds Roof repair and replacement 250.000 1250.0001 250,000 1250,0001 General funds General funds 386,108 1,448.914 11,819,487} 250,000 265,535 Total unrestricted funds 636,108 1.448,914 11,819,487) 265,535 Total restricted funds 3,750,766 408,438 1419,4781 3,739,726 Charity Total 4,386,874 1.857,352 12,238,965) 4,005.261 Designated funds Roof repairs and replacement Relates lo expenditure lo repair and replace the roof of the theatre. Restrlcted funds Library Development- Fixed assets Relates to the funding for the first phase of the Old Shepherd's Bush Library Development. The closing balance represents the net book value of the library development fixed assets. Leasehold Property- Fixed assets Relates to the gift of Ihe125-year lease of the Old Shepherd's Bush Library by Hammersmilh and Fulham Council. The closing balance represents the closing net book value of the leasehold property. Major Capital Project- Fixed Assets Relates to the funding of the second phase of capital development of the Old Shepherd's Bush Library, including completing the refurbishment of the building, improving public access and facilities for artists. The closing fund balance represents the nel book value of the relevant fixed assets. Page 38
ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Icontinuedl Restricted funds Icontinuedl Old Library Capital Project 2013- Fixed assets Relates lo the funding received lor the capilaS infrastructure upgrades of the Old Shepherd's Bush Library. The closing fund balance represents the nel book value of the relevant fixed assets. Major Capital Project 2013 Relates lo the funding for the implemenlalion of the second phase of the capital development of the Old Shepherd's Bush Library, improving public access and facilities for artists. Bush Theatre Unlocked Relates lo funding lo enable the facilities of the building to be made available lo the local Community. The release in the year relates lo the eslimaled community benefit provided during the year with no charge, including the provision of the library space and other facilities. Talent Development Programme Relates lo funding for the development of writers, directors, producers and Ihealre-makers. Artistic Programme Relates to funding lo enhance the Ihealre's artistic programme including the research, development and production of new plays and the programming of the spaces within the Old Library building. Community Engagement Programme Relates to the funding for the Bush's community engagement and education programme. Page 39
ALTERNATIVE THEATRE COMPANY LIMITEL) IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. PRIOR YEAR INFORMATION ICONTINUEDI ANALYSIS OF NET ASSETS BETWEEN FUNDS Group 2023 Charity 2023 2022 2022 Tangible fixed assets - unreslricled Tangible fixed assets - reslricled Fixed asset investments - unreslricled Cash - Ljnieslricled Cash - reslrjcled Other net current ILiabililiesllassels - unreslricled 10,370 3,616,951 19,530 3,656,248 10,370 3.616,951 200 355,258 151,875 19.530 3,656.248 200 564.641 94,518 355,318 151,875 564,700 94,518 1155,,1191 26,012 1129,3931 51,737 3,979,395 4,361,008 4.005,261 4,386,874 Page 40