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