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 con￿rn 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 ASS￿8
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 def￿11 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