2025-03-31-accounts

Registered Company number- 1221968 Charity number- 270080 ALTERNATIVE THEATRE COMPANY LIMITED (A company limited by guarantee) TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee) CONTENTS Page Company information Trustees, report includlng the strategic report 3-11 ststement of Trustees, responsibilities 12 Independent auditor's report 13-15 Consolidated statement of financial activities 16 Consolidated balance sheet 17 Charity balance sheet 18 Consolidated statement of cashflows 19 Notes to the financial statements 20-40

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee} COMPANY INFORMATION DIRECTORS & TRUSTEES Uzma Hasan ' Chair Kim Evans Mark Dakin- Appointed 21 May 2024 Mimi Findlay- Appointed 18 February 2025 Keerthi Kollimada ' Taio Lawson- Appointed 1 June 2025 Lynette Linton Resigned 28 March 2025 Anthony Marraccino James Marshall ' Rajiv Nalhwani Kwame Owusu-Appointed 21 May 2024 Stephen Pidcock ' Catherine Score Mercy Umeh- Resigned 22 Oclober 2024 Finance and Audit Committee member COMPANY SECRETARY Mimi Findlay KEY MANAGEMENT Mimi Findlay- Executive Oireclor and CO-CEO Taio Lawson- Artistic Director and Co-CEO- Appointed 1 June 2025 Lynette Linton - Artistic Director- Resigned 28 March 2025 REGISTERED OFFICE Bush Theatre 7 Uxbridge Road Shepherd's Bush London W12 8LJ PRINCIPAL OFFICE Bush Theatre 7 Uxbridge Road Shepherd's Bush London W128LJ INDEPENDENT AUDITOR Saffery LLP statutory Auditor 71 Queen Victoria Streel London EC4V 4BE Page 1

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) COMPANY INFORMATION Icontinuedl PRINCIPAL BANKERS National Westminsler Bank PIC King Street Hammersmith London W6 9HW 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 2

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees Iwho 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 Allernalive Theatre Company Limited, trading as the Bush Theatre Ilhe'company I, Bush Theatre Trading Limited and Bush Theatre Productions Limited (the "Group"), for the year ended 31 March 2025. 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 to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES The company's core objectives {as per the governing documenll 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 thè company's activities are aimed at 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, Wlth comparison lo our Arts Council England {°ACE"l action plan are.. Producing a full programme of work during the year. There were 5 theatre productions and 3 studio produ¢lions in the year. The number of physical performances was 342 performances laclivity plan 346 performancesl. Reading and reporting on 950 unsolicited scripts laclivity plan 8811 in the year. Commissioning 5 new plays lactivily plan 51 in the year. Increasing audience access to new writing was achieved through active engagement with target audiences, and one digital project in additional to the theatre programme was delivered this year (Protest Series). Archive recordings of previous Bush productions continue to be made available through the Community department lo support young company members, own learning and development aims. Continuing lo engage with the local community. We delivered over 2,367 community engagements laclivily plan 2,550}. including the sessions with the 38 young people {aclivity plan 40} who formed our Bush Young Companies. Maintaining diversity throughout the organisalion. Current board demographics show a 45Qkn of the board identify as female and 550/0 are from Black, Asian or ethnically diverse backgrounds. In the year over 50./0 ol creative team members on our productions (action plan 400/tsl 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 15 an equal opportunities 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 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The company is governed by its Memorandum and Articles of Association. The governing body is the Board of Trustees, led by the Chair. The Board will normally meet at least four times a year with the Senior Executive Team also present. The Board is involved in all major decisions and has responsibility for the organisalion's conduct and financial sustainability. In the year ended 31 March 2025 the Board Met six times. The company has two wholly owned subsidiaries., Bush Theatre Trading Limited - a trading company for the bar and events aclivily. Bush Theatre Productions - dormant over this period and the prior period. The Trustees have extensive senior experience in a range of sectors that inclijde theatre and the performing arts, marketing, philanthropy, entrepreneurship, finance. legal, and business management. The Board tenure is a four-year renewable term. The Board regularly reviews the skills and experience of Board members lo identify if there are additional requirements and appoints members lo the Board with the required characteristics. Potential Board members are identified by a wide variety of means, including advertising, industry contacts and personal contacts. By recruiting members with appropriate experiènce, the Trustees aim lo maintain a board skill base in the Board. The Trustees receive no remuneration. The Trustees during the year and as al the dale of this report are listed on page 1 of this report and accounts. New Iruslees receive a briefing pack including key slatulory 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 DirectorlCo-CEO and the Artistic DirectorlCo-CEO. The Board establishes Committees from lime lo lime to oversee certain aspects of the Bush The21re's activities. These are main Board Committees with delegated authority in respect of certain functions and activities. Each Board Committee has wrillen Terms of Reference approved by the Board and reports lo the Board at each Board meeting. The 8oard Committee which operated during the year was,. Finance and Audit Committee.. reviews management reporting and financial performance against budget and recommends to the Board the annual budget, as well as reviewing audit and financial reporting, internal financial controls, risk management and compliance. The Committee mel five limes during the year and held an additional four extraordinary meetings,. one meeting lo review the salary proposals, one meeting lo review the slalulory a¢counts for the year ended 31 March 2024, one meeting to review the Bloomberg Philanthropies - Digital A¢ceSeralor Programme project, and one meeting lo review the Bar and Sustainability Project proposals. The Board appoints the Senior Executive Team, comprising the Artistic DirectorlCo-CEO and the Executive DireclorlCo-CEO 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 DireclorlCo-CEO is responsible for the artistic direction of the company, ils management and programming. The Executive DireclorlCo-CEO works closely with the Artistic Director on the strategic leadership of the group and is responsible for all other operational aspects of the company, including 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 adminislralion, development, finance, literary, marketing. production and operations. Page 4

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl The Senior Executive Team regularly reports to 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 lega1 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 to the relevant salary and benefit rates in the industry. Related parties are identified though the annual completion of Trustee declaration of interest forms. Any related party interests are disclosed al the beginning of each Board meeting. Any transaction with a related party requires ralificalion by the other members of the Board. The company maintains indemnity insurance for the directors of the company. Publlc Benefit In selling ils objectives and carrying out its activities the Trustees confirm that they have given due Consideration to the Charity Commission's guidance on Public Benefit. STRATEGIC REPORT Introduction We continued our mission of producing great plays, developing lalenl, and engaging with our community. A summary of our key achievements compared to the targets contained in the business plan submitted lo Arts Council England I'ACE") is set out in the Objectives and Activities section above and discussed further below. This report focuses on our activities in the year. Artistic excellence- Producing the best new theatre writing In the year we Con￿ntrated 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 contribute so much to the theatre industry and lo support their development. Our work continued lo demonstrate major cultural significance beyond our building. including a Wesl End transfer of Shifters lo The Duke of York's in August 2024, a new production of Sleepov2 confirmed to premiere at the Olney Theater Cenler in Maryland in March 2025, and a Swedish-language iteration of Shifters planned for 2026 by Rikslealern Page 5

ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT {continuedl Talent development- Developlng and promoting the best new theatre writing We are proud to have run our lalenl development programme in full during the year and lo have maintained continued accessibility through online interventions. We mel or exceeded all of our targets to encourage a new generation of people lo engage with the craft of playwriting. In January we closed our open script submissions window having received 950 scripls12024'. 702 scriptsl. We are currently reviewing the nature of the open script submissions process that we would like to use in future years to better balance support for writers with our resources. In the Holloway Theatre, our main space. we presented, The Cord by Bijan Sheibani, My Father's Fable by Faith Omole, The Real Ones by Waleed Akhlar. Wolves On Road by Beru Tessema and Lavender, Hyacinth. Vio181, Yew by Coral Wylie, a past member of our Emerging Writers Group. Our 18 25 Young Companies devised Comrnunion and presented The End. a Bush commission written by Jasmin Mandi-Ghomi. Both productions were staged in the Holloway Theatre. In the Studio we presented Lady Dealer by Martha Watson Allpress. Statues by Azan Ahmed and Tender by Eleanor Tindall. Full commissions were made during the year to Kil Wilhinglon. Coral Wylie, Tania Nwachukwu, Waleed Akhtar, Faith Omole, Danny James King, Jasmin Mandi-Ghomi, Femi Keeling and Moh8med-Zain Dada. Talent development- Providing professional development, education and training We continued to 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 of topics. including diversity and engaged with initiatives 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 2025 STRATEGIC REPORT leontlnuedl Community - Increasing audience access to new wrlting Continuing ourwork of deepening our engagement model for young people, we worked with our Young Company members on a weekly lerm-time basis and more intensively over July and August. Both Young Companies performed original shows to the public, COMMUNION - a devised show from our 18 - 25s and The End, a Bush commission wrillen by Jasmin Mandi-Ghomi, providing them with an opportunity lo fully engage the creative work of the Ihealre. Across both productions we welcomed 1,170 people in total to experience our Young Company's work and we earned a total of £3,235 gross in box office sales across 9 lolal performances. We also re-recruited participants lo our 14-17 years, group between Seplember-December and relaunched with a full group of 18 in January 2025. We continued our Local Partnership Scheme and our parlner-organisalion this year was Imperial Health Charity. We engaged with 8 local people who had experienced a stroke or a brain injury lo develop their theatre making skills and devise a performance together. WE SHOULD START AGAIN, which was presented as a closed sharing in March 2025. We continued with our Schools Projects, offering 265 local students free lickels across 5 dates forthe productions My Fathers Fable, Wolves on Road and Lavender, Hyacinth, Violet, Yew followed by a Q&A with the cast. writer and director on selected dales. In addition, we delivered 7 pre-show workshops exploring the themes of the productions with 184 students between Year 9 and Year 12. We also ran a successful pilot project of our Work Experience Week in July 2024 welcoming 17 local students aged 14 - 18, several of whom then joined our Young Company in the new cohort. We continued our partnership work by delivering bespoke workshops alongside our longstanding partners al QPR Community Trust, Action on Disability and Intouniversily as well as a range of schools and other charities, delivering 27 one-off workshops Inol including Schools Project workshops}. We delivered two terms each of our Shared Reading Group and Expressive Writers Groups. Overall we offered 687 free lickels lo our productions. In lolal, we delivered 2,367 engagements with 859 individual community participants. Fundraising We continued to build long temi relationships with companies, trusts and individuals who understand and support our values and wish lo support our work. Policies and procedures developed in-house guide our principles and ensure we are compliant with dats protection law. We are registered with the Fundraising Regulator lo further support good fundraising practice and lo show our commitment lo the Code of Fundraising Practice. No external third party professional fundraisers or commercial fundraisers are used by the charity to contact existing donors or potential donors. There were no breaches of the Code in the year. The restriction of our activities as discussed above rneans that we do not contact vulnerable people as part of any fundraising activity. No person within the charity or any other person acting on behalf of the charity was subject to an undertaking lo be bound by a volunlaiy scheme for regulating fund raising or any voluntary standard of fundraising. We have received no complaints about activities by the charity for the purposes of fundraising. Page 7

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Icontinuedl Fundraising {continued} We were successful in raising £561,115 12024.. £591,102) of development income in the year. a strong performance given the continued difficult economic conditions and the increased pressuTe on Trusts and Foundations. Arts Council England l ACE'I funding of £659,784 12024.. £691.1951 was received in the year of which £3,550 12024.. £31,950) was for production support and £656,23412024'. £656,234> 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 £24,20012024.. £nill lo the Charity for work on the suslainabilily of the building and Bloomberg Philanthropies granted £150,00012024.' £nill for the digital transformation project, including the development and implemenlalion of a new website. We received funding from the following trusts and foundations to fund our activities during the year.. Buffini Chao Foundation, Christina Smith Foundation, Golsoncoll Foundation, Hammersmilh United Charities, Idlewild Trust, John Lyons, Martin Bowley Charitable Trust. Noel Coward Foundation, Royal Victoria Foundation. The Headley Trust, The Thistle Trust and the Weinstock Foundation. We also received very welcome funding from the following coiporate donors during the year," ATG Enlertainmenl, 8realhe HR, Eleanor Lloyd Theatrical Production. The Trustees wish to thank all the trusts, foundations and individuals who made our programme possible. Financial review The company's key financial objective is to ensure financial sustainability so that the charity can pursue its aims and objectives. In support of this key objective are policies relating to reserves, financial risk, trading activities and fundraising which are addressed in more detail within this report. The company's key financial performance indicators are lolal income, total expenditure, the net surpluslldeficit) in the year and the level of funds available to 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 leffe¢live 1 January 20191. The statement of financial activities ISOFAI, balance sheets, statement of cash flows and notes are sel out from page 15 onwards. Income Total income for the year was £2,300,41912024'. £2,474,936). Of the total income, £1,395,099 (2024 1,285,057) was from grants and donations used to support the artistic aclivily, community investment and talent development activities ol the theatre, £674,02312024.. £930,566> was from charitable aclivilies, £220.44412024'. £250,592) was other trading income and £10.853 {2024.. £8,721) was investment income. The variances in income from the prior year primarily rellecl the change in the source of grants and donations and the redu¢ed income generated from the programme of productions during the year due lo their nature and audience. ACE funding was £659.78412024". £691,195) of which, £3,55012024'. £31.9501 was for production support and £656,23412024'. £656.2341 represented the annual COTe funding which supports the lull range of artistic activity and talent development. A grant of £3,011 was also received from ACE in 202410 fund the building suslainabilily project. We received £24,20012024'. £nill from the London Borough of Hammersmilh & Fulham to support the building suslainabilily project. Page 8

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT {continuedl Financial revlew Icontinuedl Expenditure Total expenditure for the year was £2,639,634 {2024'. £2,556,166). The variances in expenditure from the prior year primarily reflect increased salary costs as a result of the increase in the London Living Wage and other salary rises, the increase in costs arising from higher ulilily cost and the increase in expenditure due lo general inllalionary increases. C05t increases were mitigated by cost savings where possible. Net deficit and operating deflcit The Group reported a nel deficit of £339,215 12024.. £81,230) for the year. After adding back the charge for depreciation the Group operating deficit was £61,30712024.' surplus £204,627). The deficit on restricted funds, before reserve transfers, was £234,59712024'. deficit £323,777). The deficit on unreslricled funds, before reserve transfèrs, was £131,14812024.' surplus £242.5471. The deficits and surpluses reflect the net impact of the income and expenditure discussed above. The deficit on reslricled funds primarily represents the depreciation on the fixed assets that were constructed with capital grant funding. where the depreciation charge is taken to the capital grant reserves. The delicil on unrestricted funds primarily reflects the lower income generated from the program of productions during the year. Funds Total funds at the year-end were £3.558,950 {2024. £3,898,165) of which £3,284,801 12024.. £3,415,949) was reslricled and £274,14912024'. £482,2161 was Ljnreslricled. Of the reslricled funds, £3,143,284 12024.. £3,380,199) represents capital grant funding. The remaining restricted funds represent the funds that have been reslricled in use by the requirements of the funder. The unreslricled funds at the year-end were £274,14912024.' £482.2161, Of the total unrestricted funds. £nil 12024 £nill was designated ftjnds. As al the year end the free reserves, being the general reserves less the net book value of fixed assets not funded through capital reserves, were £225,30912024.. £481,0061- Reserves policy The Trustees review the charity's reserves poSicy as an integral part of their review of the charity's future plans. Under its reserve policy the charity maintains a general resetve to protect the charity against reasonable fluctuations in tradin9 income and donations in the future, The Trustees recognise the inherent risks and uncertainties involved in presenting Ihealrical productions and aim lo maintain a minimum level in the general reserve of £340,000. increasing lo £360,000 for the year ended 31 March 2026, to cover contracted production expenditure and adminislralion, building and staff costs for three months. The policy is lo maintain the general reserve level over the medium term through the implemenlalion of balanced budgets or budgets with surpluses al a level consislenl with the charitable status of the company. The general reserve balance of £274,149 as at the year end was below the minimum level of £340,000. The Trustees recognise the need to increase the general reserve level above the minimum level, which will increase 10 £360,000 in the year ending 31 March 2026, and have incorporated actions lo achieve this in the budget for the year ending 31 March 2026 and will consider additional actions over the medium term. Page 9

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Icontinuedl 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 2027. The Trustees will continue to regularly review the programme of activity, cashllow forecasts and private income sources of the charity lo identify and miligale the risks generated by its aclivilies. The internal financial controls are periodically reviewed to ensure that they still are appropriate for and sufficient for the charity. A comprehensive risk register is maintained and is reviewed by the board on an ongoing basis and updated. The most significant risks al the end of the year were.. Change in government funding focus or change in funding environment resulting in a reduction of or risk to ACE National Portfolio Organisalion I'NPO'I funding. Processes to manage this risk include monitoring of changes in focus, invoSvement in local and national lobbying, stakeholder engagement and considering business models with a reduced cost base. Failure lo reach new and relain existing audiences to suppoil the financial model. Processes lo manage this risk include strategies for the slate of plays under development, managing the mix of own production, co-production and visits, assessing the investment in marketing focusing on price points, enhancing the media strategy lo increase our profile and structuring the process for the literary department to find new voices. Loss of key staff. Processes lo manage this risk include the annual review of pay and benefits, annual appraisals lo identify opportunities for individual development and working lo generate wider opporlunilies for staff lo enhance their career potential through mentoring and secondmenls. Shortfalls against individual and corporate fundraising targets. Processes to 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 lalenl 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 slalus of the Charity is kept under continuous review lo enable emerging financial risks that may impact the going concern slatLJS of the Charity lo be identified and mitigating actions taken. The Trustees have reviewed the going concern status of the Charity with reference lo the strategy contained in the Business Plan submitted to ACE, the actual results for the year ended 31 March 2025 the detailed budget and cashflow for the year ending 31 March 2026 and the high level budget projection prepared for the financial year ended 31 March 2027. Based on this review the Trustees believe that the accounts can be prepared on a going con￿rn basis. Page 10

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Icontinuedl LOOKING FORWARD Future plans Our future plans for the theatre are to fully implement the core objectives set out in this report. Our action plan for the year ahead is to present 394 performances of g productions across our two performance spaces. In line with our continued aim to 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 lo improve representation from Asian and disabled voices. We will use the Theatre and Studio to support emerging new writing. including work written by the members of otjr Emerging Wiiters Group. We Continue our focus on British and Irish writers. We can see Bush commissions coming to 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 concern status of the Charity lo be identifi'ed and mitigating actions taken. The specific objective5 for the forthcoming year are.. To realise the outgoing Artistic Director's final season and develop the incoming Artistic Director's first 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 cultural diversity within our walls and in the wider industry. The Trustees WOLJld like to record their thanks lo the Bush Theatre staff and management for their hard work and achievements throughout the year and their Continued dedication lo the Charity and the wider artistic Community in the face of continued external challenges. Page11

ALTERNATIVE THEATRE COMPANY LIMITED IA ¢omp*ny limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 8TATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of Alternative Theatre Company Limited for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial statements for each financlal year which give a truo and fairview of the stale ofaffairs of the charitable company and group and oflhe incoming resources and application of resources, including the income and expenditure, of the chaTitable group for that period. In prepering these financial slalements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently- obse¥ve the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., slate whelhor applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company and group will continue in operation. The Trustees are responsible for keoping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them lo ensuie that the financial statements complywith the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable slepg for the prevention and detection of fraud and other irregularities. Provlslon ol informatlon to auditor Each of the persons who are Trustees at the lime when this Trustees, report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the group's audilor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the group's auditor in connection with preparing its report and lo establish that the group's auditor is awaro of that infomialion. Auditor A resolution to reappoint Saffery LLP as auditor for the ensuing year will b@ proposed at the forthcomlng annual general meeting. This report was approved by the Trustees and was signed on Ihelr behalf. by.. Trustee Date.. £4 2025 Page 12

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED Opinlon We have audited the ftnancial statements of Alternative Theatre Company Limited (the 'parent charitable company'l and its subsidiaries Ilhe'group'l for the year ended 31 March 2025 which comprise the Consolidated Slalement of Financial Aclivilies, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the notes lo the financial slalements, 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 Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalemenls.. give a true and fair view of the slate of affairs of the group and the parent charitable company as al 31 March 2025 and of the group's incoming resources and application of resources, including ils 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 statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to OLJr audit of the financial statements 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 obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. other information The Iruslees 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 statemen15 and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo 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 lo a material misstatement in the financial slalements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information,. we are required to report that fact. We have nothing to report in this regard. 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 thè Trustees, Report which includes the Directors, Report and the Strategic Rewrt for the financial year for which the financial statements are prepared is consistent with the financial statements., 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 exception In the light of the knowledge and understanding of the groLJP and the parent charitable Company and their environment obtained in the COLJrse of the audit. we have not identified material misslalemenls in the TrLJStees' 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 lo report lo you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for OLJr 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 rtain disclosures of trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, responsibilities sel out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial stalemenls. the Iruslees are responsible for assessing the group's and parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting Ljnless the trustees either intend lo liquidate the group or parent charitable company or lo cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordan￿ with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran¢e is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslatemenls in respect of irregularities, including fraud. The specific procedures for this engagement and the extent lo which these are capable of delecling irregularities. including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the group and parent charitable company's financial statements lo material misstalemenl 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 opportunities for fiaudulenl 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 Iruslees 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 Act 2006 and guidance issued by the Charity Commission for England and Wales. Page 14

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED Audit response to risks identified We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial slalemenl disclosures.. We reviewed the parent charitable company's records of breaches of laws and regulations. minutes of meetings and correspondence with relevant authorities to identify potential material misslalemenls arising. We discussed the parent charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention lo the key areas which might involve non-compliance with law5 and regulations or fraud. We enquired ol management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override ol controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise lo a possible indication of management bias. Al the completion stage of the audit, the engagement partner's review included ensuring that the team had approacheis their work with appropriate professional scepticism and thus the capacity lo identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further rernoved non-compliance with laws and regulations is from the events and transactions reflected in the financial stalemenls, the less likely we would become aware of it. Also. the risk of not delecling a material misstatement due to fiaud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our auditors report. Use of our report This report is made solely lo the parent charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the parent charitable company's members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibi5ily lo anyone other than the parent charitable company and the parent charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. Helen Wilkie (Senior Statutory Auditor) for and on behalf of Saffery LLP statutory Auditors 71 Queen Victoria Street London EC4V4BE Date Dl Saffery LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006. Page 15

ALTERNATIVE THEATRE COMPANY LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total Reslricled Unrestricted funds funds funds 2025 2024 2024 Total funds 2024 Note INCOME AND ENDOWMENTS FROM: Grants and donations Charitable activities Other trading activities Investments 332,400 1,062,699 1,395,099 674,023 674,023 220,444 220,444 10,853 10,853 99,211 1,185.846 1,285.057 930.566 930.566 250,592 250,592 8,721 8,721 TOTAL INCOME 332,400 1,968,019 2,300,419 99,211 2,375,725 2,474,936 EXPENDITURE ON: Raising funds Charitable activities Other trading activities 101.911 101,911 1,917.024 2,354.042 183.681 183.681 115,772 115,772 1,808,523 2,231,511 208,883 208,883 437.018 422,988 TOTAL EXPENDITURE 437,018 2,202.616 2,639,634 422,988 2.133,178 2.556,166 Other gainslllossesl NET IEXPENDITURE)IINCOME {104,6181 1234,5971 1339,2151 {323.7771 242.547 181,2301 Transfers between funds 16 (26,5301 26,530 NET MOVEMENT IN FUNDS 10 1131,1481 1208,0671 1339.2151 {323,7771 242.547 (81,2301 Total funds at 1 April 3,415,949 482,216 3,898,165 3,739,726 239.669 3,979,395 TOTAL FUNDS AT 31 MARCH 3.284,801 274,149 3,558,950 3,415,949 482,216 3,898,165 The notes on pages 20 to 40 form parl of these financial stalemenls. Page 16

ALTERNATIVE THEATRE COMPANY LIMITED {A coMp4ny1Smited by guarantse) CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2026 REGISTERED NUMBER.. 1221968 2025 2024 Note FIXED ASSETS Tangible assets 1218) 3.131.064 3.353,849 Intangible asset 12(bl 33.500 3,184,564 3,353.849 CURRENT ASSETS Stocks 6,000 8,000 Debtors 14 301,635 230,014 Cash al bank 39 664 580 Totsl current assets 700,596 900.594 CREDITORS.. amounts falllng due within on¢ year 21 NET CURRENT ASSETS 394 386 NET ASSETS FUND8 Restrict￿1 funds 3,284,801 3,415.949 Unrestricted funds 16 274 149 TOTAL FUNDS 3,898 165 The financial 81at6ments re approved by the Trustees and signed on th81T behalf by.. James Marshall Tru5t•è 24 2025 The notès on pages 20 10 40 foTm part ofthese financial slalements. Page17

ALTERNATIVE THEATRE COMPANY LIMITED (A compary Ilmited by guaraDtee CHARITY BALANCE SHEET AS AT 31 MARCH 2026 REGISTERED NUMBER: 1221968 2025 2024 Note FIXED ASSETS Tangible assets 121a} 3,131,064 3,353.849 Inlangibse assets 121bl 33.500 Investments 13 200 2(KJ 3,164,764 3,354.049 CURRENT ASSETS Stocks 1,(frJO 1,000 Debtors 14 332,561 260,940 Cash at bank Total ourr?nt a55ets 726,482 926,460 CREDITORS: amounts fallino due wlthln one year 15 308410 NET CURRENT A88ETS 05 NET ASSETS FUNDS ReslrKted fund8 16 3,284,801 3,415,949 Unrestricted funds 16 TOTAL FUNDS The Charity's deficit for the year wms £339,21512024', dèficlt £81,230). A separat8 St8lem8nt of Financial ACINI￿.e8 for the charity itself is not presented because the Charity has tak8n 8dvant8ge ofth8 8x8mplion 8ffoTded by 8eclion 408 oflhe Companies Act 2008. The fjnancial statements were approved by the Trustees and signed on thèir bèhalf by.. J8me8 Marshall Trustee Datè.. ££ 2025 The notes on pages 20 10 40 form part ofthese finanaal stat8m&nts. Page 18

ALTERNATIVE THEATRE COMPANY LIMITED {A company Ilmited by guarantee} CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDING 31 MARCH 2025 2025 2024 OPERATING ACTIVITIES Nel expenditure for the financial year Adjuslmenls for.. Depreciation of tangible assets Interest received Increase in stocks Ilncreasel in debtors (Decreaselllncrease in creditors {339,2151 {81,2301 277.908 110,8531 285,857 18,7211 {71,6211 {50,0681 143,2151 8,360 NET CASH FROM OPERATING ACTIVITIES 1193,8491 161,051 INVESTING ACTIVITIES Interest received Payments to acquire tangible and intangible fixed assets 10,853 188,6231 8.721 112,385} NET CASH USED IN INVESTING ACTIVITIES 177,7701 13,66411 IDECREASEIIINCREASE IN CASH AND CASH EQUIVALENTS 1271,6191 157,387 CASH AND CASH EQUIVALENTS AT 1 APRIL 664,580 507,193 CASH AND CASH EQUIVALENTS AT 31 MARCH 392,961 664,580 Brought Forward Carried Fotward Cash flow Analysis of changes in cash and net debt Cash and net debt 664,580 1271,619) 392,961 664,580 1271,6191 392,961 The group holds all cash in accounts which allow immediate access. The group does not have an overdraft Page 19

ALTERNATIVE THEATRE COMPANY LIMITED IA Company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 Charity is incorporated under the Companies Act 2a06. The registered office is 7 Uxbridge Road, Shepherd's Bush, London, W12 8LJ. The financial statements have been prepared under 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 leffeclive fj January 2019 - (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial slalemenls are prepared in sterling which is the functional currency of the company and rounded lo the nearest £1. Allernalive Theatre Company Limited meets the definition of a public benefit entity under FRS 102. 1.2 Basls of Consolidation The financial ststements consolidate the results of the charity and its wholly owned subsidiaries. A sepaTate Statement 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 Going concern The consideration of the going concern status of the Charity is contained in the Slmtegic Report. The Trustees have prepared budgets and cash flow forecasts covering a period of al least 12 months from the dale of approval of the financial. On this basis, the Trustees are satisfied that the group is a going concern. The T15ks mentioned in the Trustees, report have been taken into account when preparing these budgets and forecasts and measures have been pul in place lo mitigate 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 lo £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 restriction has been placed on their use by a donor (for a purpose which falls within bul is narrower than the general charitable objeclivesl. Reslricled funds are distributed in accordance with the terms of the applicable restriction. Designated funds comprise unrestricted funds that have been sel 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 guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.6 Income Income is included in the Statement of Financial Activities when the charity is legally enlilled to the income, receipt is considered to be probable and the amount can be quantified with reasonable accuracy. For legacies, enlitlemenl is the eailier 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 received. Girts donated for resale are recognised in accordance with this policy with the subsequent sale being inc5uded as income when the gifts are sold. Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost that would be incurred by the Charity to acquire an equivalent asset. Income lax recovemble in relation lo 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 at the time 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 Statement 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 activities. Where costs cannot be directly atlribuled to particular activities they have been allocated on a basis consistent with the use of the resources. 1.8 Allocation of support costs (basis 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 aTe those incurred in connection with adminislralion of the company and compliance with conslilulional and statutory requirements. Page 21

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.9 Production costs and related income or grants Costs incurred in respect of a theatre production that is to commence after the year end are carried forward al the balance sheet dale. Income or grants relating lo a production that is to commence after the year end are deferred at 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 capitalised. Tangible fixed assets are slated al cost less depreciation. Depreciation is provided al rates calculated lo write off the cost ol fixed assets, less their eslimaled residual value, over their expected useful lives on the following bases.. Leasehold land Leasehold building Leasehold improvements Production equipment Fixtures and fillings Catering equipment Office and IT equipment Slraighl line over length of the lease Straight line over 50 years Straight line over 15 10 50 years Straight line over 5 years straight line over 5 years Slraighl line over 4 years Slraighl line over 3 years 1.11 Intangible assets and depreciation Intangible fixed assets represent website development costs and are recorded at cost. Depreciation is provided at the rale of 250/0 per annum on cost lo write off the asset over ils estimated Ljseful life. 1.12 Investments Fixed asset investments are slated al cost less provision for diminution in value. 1.13 Operating leases Rentals under operating leases are charged lo the Statement of Financial Activities on a slraighl line basis over the lease term. 1.14 Stocks stooks are valued al the lower of cost and net realisable value and consist of lexls for resale and bar stocks. 1.15 Pensions The ¢ompany operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged lo the Slalemenl of Financial Activities in the year they are payable. Page 22

ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.15 Financial instruments The company only has financial assets and financial liabilities of a kind that qualify as b2SIC financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value. 1.16 Critical 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 lo be reasonable under the circumstances. The Trustees consider that the following are the critical estimates and judgements in the year.. Fixed asset and intangible asset nel realisable value and useful lives Recoverability of receivables and related provisioning Page 23

ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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.. 2025 2024 Income Expenditure Olher10sses Net expenditure- movement in total funds 2,079,975 2,224.344 12,419,190) 12,305,574) 1339,215} (81,2301 Total funds brought fotward 3.924,031 4,005,261 Total funds carried forward 3,584.816 3,924,031 Represented by.. Restricted funds Unreslri¢led funds 3,284,801 300,015 3,415,949 508,082 3,584,816 3.924,031 A charitable donation of £nil12024.' £nill was received from Bush Theatre Trading Limited in the year under a deed of covenant. INCOME FROM GRANTS AND DONATIONS- GROUP Reslricled Unreslricled funds funds 2025 2025 Total funds 2025 Total funds 2024 Grants- Arts Council England Grants- Local Authority and other stalulory Grants ~ Other Grants- Trusts and Foundations Corporate donations Donations - Gift aid Donations- Supporters programme Donations - Other 3.550 24,200 150,000 116,150 656,234 659,784 24,200 150,000 118.650 13.253 43,345 105,625 280,242 691,195 2.760 256,200 14,276 20,641 94,155 205,830 2,500 13,253 43,345 105,625 241,742 38.500 Total 332,400 1,062,699 1.395,099 1,285,057 Page 24

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARITABLE ACTIVITIES- GROUP 2025 2024 Productions 674.023 930,566 Split of income from productions is as follows.. 2025 2024 Box office Co-productions and exploitation Playlexl and merchandise sales Equipment sales Tax credit income Other income 428,864 40,404 11,766 811,897 6,734 12,554 189.207 3,782 92,880 6,501 674,023 930.566 INCOME FROM OTHER TRADING ACTIVITIES- GROUP 2025 2024 Bar income Events and room hire income 138.116 82,328 186,365 64,227 220,444 250,592 INVESTMENT INCOME- GROUP 2025 2024 Bank interest 10.853 8,721 Page 25

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 EXPENDITURE ON RAISING FUNDS- GROUP Total funds 2025 Total funds 2024 Development cost5 Salary cost 17,651 84,260 11,627 104,145 101,911 115,772 EXPENDITURE ON CHARITABLE ACTIVITIES- GROUP Reslricled Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Theatre production.. Administration and building Production Literary Capital projects Marketing and sales Depreciation Staff Costs Community engagement Playlext costs and other expenditure 5.545 4.550 75,287 14,891 324,422 631,315 329,967 635,865 75.287 15.188 106,898 277,908 849,839 50,594 12,496 332,130 631,645 64,447 35,274 90,992 285,857 737,593 45.253 8.320 297 106,898 1,210 821,817 18,569 12,496 276,698 28,022 32,025 437,018 1,917,024 2,354,042 2,231,511 The above expenses include the following support costs.. 2025 2024 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 115,863 41,098 7,876 43,144 119,469 52,187 14,158 43,721 19.912 9,200 1,280 13,984 23,860 12,795 582 15,207 252,357 281,979 Page 26

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 OTHER GAINS Total funds 2025 Total funds 2024 None 10. NET MOVEMENT IN FUNDS- GROUP This is slated after charging.. 2025 2024 Depreciation of tangible fixed assets.. owned by the Charity Auditor's remuneration.. Audit fees other services Operating lease rentals.. equipment 277,908 285,857 19,912 16,450 7,410 1,902 11. ANALYSIS OF STAFF COSTS. TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2025 2024 Wages and salaries Social security costs Pension contributions 947,503 71,698 23,011 868.653 66.270 20,210 1,042,212 955,133 The average monthly number of employees during the year was as follows.. 2025 2024 No. FOHIBar staff Theatrical production 27 25 25 23 Adminislralion 56 52 The group employed 31 12024.. 291 fLJII lime equivalent staff. One employee received remuneration of greater than £60.000 during the year12024". none). One trustee received expenses during the year of £1,28012024'. £5821. Page 27

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL The Group and Charity considers its key management personnel to comprise the Artistic DirectorlCo- CEO, the Executive DirectorlCo-CEO and the Charity Trustees. The lolal employment benefits, including national insurance and employer pension conlribulions, of the key management personnel were £106,379 {2024'. £115,515}. Further details of the remuneration of the Executive DireclorlCo-CEO and Artistic DireclorlCo-CEO, who are Trustees, are given in Note 21. 121al. TANGIBLE FIXED ASSETS- Group and charity Long leasehold land and buildings Leasehold Fixtures, fittings improvements & eqLJipmenl Total Cost At 1 April 2D24 Additions Disposals 1,700,000 3,946,805 48,840 688,582 6,283 6,335,387 55,123 Al 31 March 2025 1,700,000 3,995,645 694,865 6,390,510 Depreciation Al 1 April 2024 Charge for the year Disposals 315,650 25,252 1.978,516 251,445 687.372 1.213 2,981,538 277,908 Al 31 March 2025 340,902 2,229,961 688,583 3,259.446 Net book value At 31 March 2025 1,359,098 1,765,684 6,282 3,131,064 At 31 March 2024 1.384,350 1,968.289 1,210 3,353,849 In connection with past capital funding ACE holds a fixed charge over the leasehold land and buildings. 121b} INTANGIBLE FIXED ASSETS- Group and charity Intangible fixed assets represent website development costs. DLJring the year there were £33,500 of additions. No depreciation wa5 charged in the year as the website was not operational until the end of March 2025 13. FIXED ASSET INVESTMENTS- Charity Cost at 1 April 2024 and 31 March 2025 £200 Page 28

ALTERNATIVE THEATRE COMPANY LSMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. FIXED ASSET INVESTMENTS- Charity {continuedl The Charity holds 100'/o of the shares in Bush Theatre Productions Limited (Company number 093435161 and Bush Theatre Trading Limited (Company number 028995161. Both companies are incorporated in England. Bush Theatre Productions Limited was dormant in the current and prior year. Bush Theatre Trading Ltd manages CafélBar and Events aclivilies. The summary financial performance for the year ending 31 March 2025 and the financial position as at 31 March 2025 of the subsidiaries is as follows.. Bush Theatre Trading Limited Bush Theatre Productions Limited Profit and loss account: 2025 2024 Turnover Cost of sales 220.444 250,592 1188,8701 {212,9081 Gross profil 31,574 37,684 Adminislralive expenses 131,5741 137,6841 Resulvprofit for the year Balance sheet: 2025 2024 2025 2024 Current assets 5,160 5,160 100 100 Current liabilities 130,9261 130,926} Net Iliabilitiesllassels 125.7661 125,7661 fjoo 100 CAPITAL AND RESERVES.. Called up share capitsl 100 100 100 100 Profit and loss account 125,8661 125,866) SHAREHOLDERS, IDEFICITIIFUNDS 125,7661 {25,7661 100 100 A management charge of £31.57412024.. £37,684) was charged by the Charity to Bush Theatre Trading Ltd during the year representing the portion of salary, administration and building expenditure allributable lo the trading operations. Bush Theatre Trading Limited and Bush Theatre Productions Limited are exempt from audit by virtue of S479A of Companies Act 2006. The registered offi¢e 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 2025 14. DEBTORS Group Charity 2025 2024 2025 2024 Trade debtors Amounts receivable from group undertakings VAT receivable Other debtors Prepayments and accrued income 9,494 38,738 9,494 30,926 897 211.466 79,778 38.738 30,926 13,391 95,619 82,266 897 211,466 79,778 13,391 95,619 82,266 301,635 230,014 332,561 260,940 15. CREDITORS.. Amounts falling due within one year Group Charity 2025 2024 2025 2024 Trade creditors Amounts owed lo group undertakings Social security and other taxes VAT liability other creditors Accruals and deferred income 147.899 93,247 147,899 200 18,777 93.247 200 17,650 18,777 17,650 16,877 122,657 18,916 226,465 16,877 122,657 18,916 226,465 306,210 356,278 306,410 356,478 Group Charity 2025 2024 2025 2024 Deferred income.. Deferred income brought forward Amounts released from previous year Income deferred during the year 177,342 1177,3421 72,713 139,469 {139,4691 177,342 177,342 139,469 1177.3421 1139,4691 72.713 177,342 Deferred income carried forward 72,713 177.342 72,713 177,342 Deferred income represents box office income ieceived 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 2025 16. STATEMENT OF FUNDS Brought Forward Carried Forward Group Income Expenditure Transfers Unrestricted funds Designated funds other fvnds General funds General funds 482,216 1,968,019 12,202,616) 26,530 274,149 Group Total 482,216 1.968,019 12,202,616) 26,530 274,149 Group and Charity Restrlcted funds Library Development- Fixed assets Leasehold Property - Fixed assets Major Capital Project -Fixed assets Building Suslainabilily- Fixed assets Bloomberg Digital- Intangible asset Major Capital Project 2013 Building Sustainability Project reserve Digital Acceleration Project resetve Talent Development Programme Artistic Programme Community Engagement Programme 27,094 1.387,682 1,697.872 267.551 (27,0941 125,2521 1219,4541 14,8981 1,362,430 1.478,418 262,653 39,783 39,783 1,606 {18.150) 15.474} 56,643 11.6061 114,1221 118,4881 {26,5301 189,5291 14,550) 132,0251 24,200 110,217 88,450 29,550 40,200 18,0721 59,725 55,564 25.000 9,300 1.125 Total restricted funds 3,415,949 332,400 1437,0181 126,5301 3,284,801 Group and Charity Total 3,898,165 2,300,419 {2,639,6341 3,558.950 Page 31

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. STATEMENT OF FUNDS Icontinuedl Brought Forward Carried Forward Income Expenditure Transfers Charity Designated funds Other General funds General funds 508,082 1,779,149 {2,013,7461 26,530 300,01 S Total unrestricted funds 508,082 1.779,149 12.013,7461 26,530 300,015 Total restricted funds 3,415,949 332.400 1437,0181 126,530) 3.284,801 Charity Total 3,924,031 2,111,549 12,450.7641 3,584,816 Deslgnated funds There were no designated funds during the year. Restricted funds A negative balance on a restricted reserve represents expenditure incurred in the year that will be funded by grants lo be received after the balance sheet date. Library Development- Fixed assets Relates lo the funding for the first phase of the Old Shepherd's Bush Library Development. The closing balance represents the nel book value of the library development fixed assets. Leasehold Property- Fixed assets Relates to the gift of the125-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 net book value of the relevant fixed assets. Building Sustainability- Fixed Assets Relates to the funding for the replacement of the roof and improvements to the building lo reduce its environmental impaGI on a sustainable basis. Page 32

ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. STATEMENT OF FUNDS Icontinuedl Restrlcted funds {continued} Bloomberg Digital - Intangible asset Relates lo the portion of the Bloomberg Digit81 Transformation grant relating lo the funding of intangible assets. Major Capital Project 2013 Relates lo 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 Sustainability Project Reserve Relates 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 expenditure relating lo the digital transformation project. Talent Development Programme Relates to funding for the development of writers, directors. producers, other creatives and theatre- makers. Artistic Programme Relates lo funding lo enhance the Ihealre's artistic programme including the research, development and production of new plays and the programming ol the spaces within the Old Library building. Community Engagement Programme Relates to the funding for the Bush's community engagement and education programme. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Charity 2025 2024 2025 2024 Tangible fixed assets - unrestricted Tangible fixed assets - reslricled Fixed asset investments- unreslricled Cash unreslricled Cash restricted Other nel current assetsllliabilities} - unTeslricled 48,840 3,115.724 1,210 3,352,639 48,840 3,115,724 200 223,824 169,077 1,210 3,352,639 200 601,210 63,310 223,884 169,077 601,270 63.310 1.425 1120,264} 27,151 194,5381 3,558,950 3,898,165 3,584,816 3,924,031 Page 33

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. CAPITAL COMMITMENTS At 31 March the charity and group had capital commitments as follows-. Building Development 2025 2024 Sustainability works 48,840 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 2025 2024 Within 1 year Between 2 and 5 years Over 5 years 125 502 125 125 627 20. RETIREMENT BENEFITS Defined contribution 2025 2024 Contributions payable by the group for the year Contributions payable to the fund at the year end and included in creditors 23,011 5,038 20.210 5.326 All contributions relate lo unrestricted aclivilies. Page 34

ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. RELATED PARTY TRANSACTIONS All related party transactions were entered into in the ordinary course of business consislenl with the Group's policy on potential conflicts of interest. During the year the Group entered into the following transactions with the following related parties.. Lynelle Linton was a Trustee of the charity during the year. She received remuneration of £40,69812024'. £47,562), National Insurance of £4,36012024.. £5,308) and pension contributions of £1,22112024". £1,427) in the year for her services as an employee and Trustee. Mimi Findlay was a Trustee of the charity during the year. She received remuneration of £52,53012024'. £47,731), National Insurance of£5,99412024.' £5,436) and pension contributions of£1,57612024.. £1,148) for her services as an employee and Trustee. She had a £360 membership as a Rising Star supporter in the year12024.' £1801. She is a Director of the London Theatre Consortium. During the year the Charity paid subscription fees of £1,500 to the London Theatre Consortium12024.' £1,407). Uzma Hasan was a Trustee of the Charity during the year. She had a £360 membership as a Rising Star supporter in the year. She made donations of £150 in the year12024.. £nill. Travel expenses relating to supporter cullivalion of £1,280 were reimbursed to her in the year12024.' £5821. Anthony Marraccino was a Trustee of the Charity during the year. He made donations of £9,500 in the year12024.. £5,000). James Marshall was a Trustee of the Charity during the year. He had a £5,040 membeTship as a Lone star supporter in the year12024'. £5.0401. He made donations of £10.000 in the year12024'. £nill. Stephen Pidcock was a Trustee of the Charity during the year. He had a £360 membership as a Rising Star supporter in the year12024." £3601. He made a donation of £100 in the year. Catherine Score was a Trustee of the Charity during the year. She made donations of £15,000 in the year 12024.. £10,500>. Her partner is a Trustee ol the National Theatre. During the year the National Theatre paid royalties of £496 to the Charily12024'. £8541. Mercy Umeh was a Trustee of the Charity during the year. She sits on the Council of the London Borough of Hammersmilh & Fulham. During the year the London Borough of Hammersmilh & Fulham made grants of £24,20012024.. £nill lo the Charity. The transactions between the Charity, Bush Theatre Productions Limited and the Bush Theatre Trading Limited and the balances outstanding between the companies are sel out in notes 13, 14 and 15. Other than as disclosed above there were no balances outstanding with Trustees or their connected enlilies as al the end ol the year or the end of the prior year. Page 35

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. POST BALANCE SHEET EVENTS There are no post balance sheet events that require disclosure in these financial stalemenls. 23. PRIOR YEAR INFORMATION EXPENDITURE ON CHARITABLE ACTIVITIES- GROUP Restricted Unreslricled funds funds 2024 2024 Total funds 2024 Total funds 2023 Theatre production.. Administration and building Production Literary Capital projects Marketing and sales Depreciation staff costs Community engagement Playlext costs and other expenditure 332, 130 631,645 332,130 631.645 64,447 35,274 90,992 285,857 737.593 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 administration 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 15,207 21,300 18.638 14,804 281.979 247,659 Page 36

ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Brought Forward Carried Forward Group Income Expenditure Tfftnsfers Unrestricted funds DesiTgnated funds Other funds General funds General funds 239,669 2,375.725 12,133,178) 482,216 Group Total 239,669 2.375,725 12,133,178) 482,216 Group and Charity Restricted funds Library Development~ Fixed assets Leasehold Property- Fixed assets Major Capital Projecl-Fixed assets Building Suslainabilily- Fixed assets Major Capital Project 2013 Sustainability Project reserve Digital Acceleration Project reserve Talent Development Programme Artistic Piogramme Community Engagement Programme 72,312 1,412,934 1,899,202 269.438 13.256 145,2181 125,2521 1201,3301 14,8981 (11,6501 {18,1501 15.4741 181,8081 27,094 1,387,682 1,697,872 267,551 1,606 118,1501 15,4741 56.643 3,011 44,751 94,700 11,0001 27,833 1,500 129,2081 1,000 1,125 Total restrlcted funds 3,739,726 99,211 1422,9881 3,415,949 Group and Charlly Total 3,979,395 2,474.936 (2,556,166) 3,898,165 Page 37

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Icontlnuedl Brought Forward Carried Forward Income Expenditure Transfers Charity Designated funds Other funds General funds General funds 265,535 2,162,817 11,920,270) 508,082 Total unrestricted funds 265.535 2,162,817 11.920,2701 508,082 Total restricted funds 3,739.726 99,211 1422,9881 3,415,949 Charity Total 4,005,261 2,262,028 12.343,2581 3,924,031 Designated funds Other There were no designated funds during the year. Restricted funds A negative balance on a re51ricled reserve represents expenditure incurred in the year that will be funded by grants lo be received after the balance sheet dale. 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 nel book value of the library development fixed assets. Leasehold Property- Fixed assets Relates lo the gift of Ihe125-year lease of the Old Shepherd's Bush Library by Hammersmith and Fulham Council. The closing balance represents the closing nel book value of the leasehold properly. Major Capital Project - Fixed Assets Relates lo 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 ¢losing 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 2025 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Icontinuedl Restricted funds (continued} Building Sustainability- Fixed Assets Relates lo the funding lor the replacement of the roof and improvements lo the building lo reduce ils environmental impact on a sustainable basis. 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. Building Sustainability Project Reserve Relates lo the funding for the consultancy expenditure and other expenditure on improving the environmentsl sustsinability of the building. Digital Acceleration Project Reserve Relates to the funding received from Bloomberg for the digital Iransfomialion 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 to 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. Page 39

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. PRIOR YEAR INFORMATION ICONTINUEDI ANALYSIS OF NET ASSETS BETWEEN FUNDS Group 2024 Charity 2024 2023 2023 Tangible fixed assets - unreslricled Tangible fixed assets - reslri¢led Fixed a55el investments - unreslricled Cash - uniestricled Cash - restricted Other net current (liabilitiesllassets - 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 (120,264) 1155.1191 194.5381 {129,3931 3,898,165 3,979,395 3,924,031 4,005,261 Page 40