2026-03-31-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 2026

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) CONTENTS Page Company information Trustees. report including the strategic report 3-11 Statement of Trustees, responsibilities 12 Independent auditorfs report 13-15 Consolidated statement of financial activities 16 Consolidated balance sheet Charity balance sheet 18 Consolidated statement of cashflows 19 Notes lo the financial statements 20-40

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) COMPANY INFORMATION DIRECTORS & TRUSTEES Uzma Hasan ' Chair- Resigned 26 May 2026 Krish Majumdar. Chair-Appointed 26 May 2026 stala Anloniades- Appointed 2 December 2025 Kim Evans Daisy Heath ' Appointed 2 December 2025 Mark L)akin - Kesigned 13 August 2025 Mimi Findlay- Resigned 11 July 2025 Keerthi Kollimada ' Taio Lawson - Appointed 7 July 2025 Anthony Marraccino James Marsha11 ' Rajiv Nalhwani Kwame Owusu Stephen Pidcock ' Catherine Score Angela Wachner- Appointed 7 July 2025 Finance and Audit Committee member KEY MANAGEMENT Angela Wachner- Acting Executive Director and Co-CEO-Appointed 7 July 2025 Taio Lawson - Artistic Director and CO-CEO - Appointed 7 July 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 W12 8LJ INDEPENDENT AUDITOR Saffery LLP statutory Auditor 71 Queen Victoria Street London EC4V 48E Page 1

ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee} COMPANY INFORMATION Icontinuedl PRINCIPAL BANKERS National Westminster Bank PIC King Street Hammersrllith 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 2026 The Trustees (who are also directors of the charity for the purposes of the Companies Acll present theii annLJal report together with the Consolidated financial statements of the Allernalive Theatre Company Limited, trading as the Bush Theatre Ithe'company'l, Bush Theatre Trading Limited and Bush Theatre Productions Limited (the Group"), for the year ended 31 March 2026. 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 ompany's governing document and the provisions of the Slalemenl of Recommended Practice ISORPI 8pplicable to charitie3 preparing thcir acoounto in a¢¢ordancc with the Finan¢ial Rcporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. The Company Information on pages 1- 2 forms part of this report. OBJECTIVES AND ACTIVITIES The company's Core objectives las 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 the company'5 activities are aimed al achieving these core objectives and many of the activities are complementary, helping to achieve more than one objective. The specific results that evidence the performance of the Charity against its objectives. with comparison to our Arts Council England I'ACE'I action plan are.. Producing a full programme of work during the year. There were 5 theatre productions and 3 studio productions in the year. The number of physical performances was 378 performances laotivity plan 394 performances). Commissioning 5 new plays laclivily plan 51 in the year. Increasing audience access to new writing was achieved through active engagement with target audiences. Archive recordings of previous Bush productions continue to be made available throLJgh the Community department to support young company members, own learning and development aims. Continuing to engage with the local community. We delivered 3,J39 Gommunity engagements la¢tivity plan 2,5501, including the sessions with the 55 young people (activity plan 331 who formed our Bush Young Companies. Maintaining diversity throughout the organisalion. Current board demographics show a 46Yo of the board identify as female and 43'1a are from Black, Asian or ethnically diverse backgrounds. In the year. based on the forms that were returned lo us, 32 /0 of the creative team members on our productions were from Black. Asian or ethnically diverse backorounds. Additional information on the performance of the charity against ils objective5 is contained in the Strategic Report. The Bush Theatre is an equal opportunities employer and encourages contributions from all sectors of the community. Page 3

ALTERNATIVE THEATRE COMPANY LIMITEEI IA company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 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 al least four times a yaar with the Senior Executive Team al￿0 Pre￿ent. Thc Board 147 involved in 911 m8jor deci3ion8 and has responsibility for the organisalion's conduct and financial sustainability. In the year ended 31 March 2026 the Board met fi've 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 include 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 to the Board with the required chara¢lerislics. Potential Board members are identified by a wide variety of means. including advertising, industry contacts and personal contacts. By recruiting members with appropriate experience, the Trustees sim 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 trustees receive a briefing pack including key statutory documents, information about the company and a copy of the Memorandum and Articles of Association. They also have an informal induction meeting with the Executive DireclorlCo-CEO and the Artistic DireclorlCo-CEO. The Board establishes Committees from lime lo lime lo oversee certain aspects of the Bush Theatre's aclivilies. These are main Board Committees with delegated authority in respect of certain functions and aclivilies. Each Board Committoo has written Tèrms of Reference approved by tho Board and roports to tho Board at each Board meeting. The Board Committee which operated during the year was., Finance and Audit Commillee.. reviews management reporting and financial performance against budget and recommends to the Board the annual budget, as well as reviewing audit and financial reporting, internal financial controls, risk management and Compliance. The Committee met six times during the year. 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 Tesponsibilily for the management of the company on a day-lo~day basis lo 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 guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl The Senior Executive Team regularly reports lo the Trustees. who are responsible for., Establishing clear strategic direction and cultural identity of the group. Monitoring thc pcrformancc of thc group and c- -hing approprialc opcraling policic- Ensuring legal and regulatory compliance. Acting as guardians of the group's assets. Maintaining the high standards of governance. The pay and benefits of the Senior Executive Team is reviewed by the Trustees annually. The pay and benefits are determined based on the skills and experience of the individuals and with reference 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 ratification by the other members of the Board. The company maintains indemnity insurance for the directors of the company. Public Benefit In selling ils objectives and carrying out ils activities the Trustees confirm that they have given due consideration lo the Charity Commission's guidance on Public Benefit. STRATEGIC REPORT Introduction There were significant changes in the senior management team during the year, with Taio Lawson appointed as Artistic Director following the resignation ol Lynette Linlon and Angela Wachner appointed as Interim Executive Diractor following the re8ignation of Mimi Findlay. The TruÉtees recogniÈe the enormou8 contribution of Lynette Lynlon lo the development of the Bush Theatre and the engaged and careful stewardship shown by Mimi Findlay as Executive Director. More information on Taio. Angela and Krish can be found on our website. Post year end we announced the appointment of Krish Majumdar as the new chair of the Trustees, following the resignation of Uzma Hasan. We continued our mission of producing great plays, developing talent, and engaging with our community. A summary of our key achievements compared lo the largels contained in the business plan submilled to Arts Council England I'ACE") is sel 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 In the year we concentrated on delivering a full year of a full programme of great art and lalenl development with a continued priority lo lind opportunities lo employ the freelancers who contribute so much to the theatre industry 2nd lo support their development. Page 5

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) FOR THE YEAR ENDED 31 MARCH 2026 STRATEGIC REPORT Icontinuedl Artistic excellence- Produclng the best new theatre {continuedl Our work continued to demonslrale major cultural Significan￿ beyond our building, including a new production of Sleepova at the Olney Theater Center in Maryland and a Swedish-language iteration of Shifters by Rikslealern. Talent development- Developing and promoting the best new theatre writing We are proud lo have run our talent development programme in full during the year and lo have maintained contintjed accessibility through online interventions. Vve continue to encourage a new generation of people to engage wllh Ihe craft of playwrltlng. We are currently reviewing the nature of the open script submissions process that we would like lo use in future years lo beller balance support for writers with our resources. In the Holloway Theatre, our main space, we presented. Speed by Mohamed-Z8in Dada, Miss Myrtle s Garden by Danny James King, Not Your Supenvoman by Emma Dennis-Edwards, After Sunday by Sophia Griffin and Sweetmeats by Karim Kahn, a co-production with Tara Theatre. Our 18- 25 Young Companies devised Pause/Rewind and presented Make Me Feel, a Bush commission wrillen by Will Jackson. Both productions were staged in the Holloway Theatre. In the Studio we presented Insane Asylum seeke￿ by Lailh Elzubaid, The Horse of Jenin by Alaa Shehadaand Maggots by Farah Najib. Full commissions were made during the year lo Emma Dennis-Edwards, Will Jackson, Femi Keeling. Jonny Kahn and Bola Agbaje. Talent development- Provlding 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 to improve and maintain the presence of Black, Asian and ethnically diverse staff in senior positions at the Bush and in the wider industry. We continued our specific ITaining on a range of topics, including diversity and engaged with initiatives lo provide direct support lo freelancers and other creatives to enable them lo develop their careers. Page 6

ALTERNATIVE THEATRE COMPANY LIMITED IA Gompany limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 STRATEGIC REPORT Icontinuedl Community- Increasing audience access to new writing Continuing our work ofdeepening our engagement model for young people, we worked with ouryoung Company members on a weekly term-lime basis and more intensively over July and ALJgusl. Both Young Companies performed original shows lo the public, PauselRewind, a devlsed show and Make Me Feel, a Bush cotnmission wrillen by Will Jackson, providing them with an opportunity to fully engage in the creative work of the Ihealre. Across both productions we welcomed 1,816 people lo experience our Young Company's work across 12 performances. We continued our Loc81 Partnership Scheme and our partner-organisation this year was Pursuing Independent P2lhq Wp. p.ng2ggd with Q laeAI pèoplè who had limited opportLJnilies to engage with creative or performing arts lo enable them lo develop their theatre making skills and devise a performance together which was presented as a closed sharing in March 2026. We continued with our Schools Projects and 274 local students used our free tickets to see the Miss Myrtle's Garden, After Sunday and Sweelmeats, productions, with a Q&A with the cast. writer and director on selected dales. We delivered 8 pre-show workshops exploring the themes of the productions with 179 students. We also ran a successful Work Experience Week in July 2025 welcoming 15 local students aged 14 - 18. We continued our partnership work by delivering bespoke workshops alongside our longstanding partners al QPR Community Trust, Action on Disability and IntoUniver511y as well as a range of schools and other charities, delivering one-off workshops lin addition lo our Schools Project workshops). We continued to hold Shared Reading Group and Expressive Writers Groups sessions during the year, Overall we offered 685 free tickets to our productions. In lolal. we delivered 3,339 engagements with community participants. Fundraising We continued to build long term relationships with companies, trusts and individuals who understand and support our values and wish to support our work. Policies and procedures developed in-house guide our principles and ensure we are compliant with data protection law. We are registered with the Fundraising Regulator 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 lo contact existing donors or potential donors. There were no breaches of the Code in the year. The restriction of our activities as discussed above means 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 voluntary 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 2026 STRATEGIC REPORT Icontinuedl Fundraising Icontlnuedl We were successful in raising £601,983 12025.. £561,115) of development income in the year, a strong performance given the continued difficult economic conditions and the increased pressure on Trusts and Foundations. Arts Council England l ACE") funding of £735,299 12025.. £659,784) was re￿iVed in the year. of which £nil 12025.. £3.5501 was for production support, £65,50012025.' £nill was for building sustainability work and £666,799 12025". £656,234) was the annual core funding which supports the full range of artistic activity and talent development. During the year the London Borough of Hammersmith & Fulham granted £43,30012025.. £24,200) to th¢ Charity for work on the ÉuÉtainability of th• building. The Bloomberg Philanthropies grant nf F1.4r) nnfl th2t was received in 2025 continued to fund the ongoing digital Iransformalion project, inclLJding the development and implemenlalion of a new website and other improvements. We received funding from the following trusts and foundations to fund our activities during the year,. Backstage Trust. Buffini Chao Foundation, Daisy Trust, Garfield Weston Foundation, Garrick Charitable Trust, Hammersmilh United Charities, John Lyons Charity, John Thaw Foundation. Martin Bowley Charitable Trust, Noel Coward Foundation and Thistle Trust. We also received very welcome funding from The Big Give Trust and 8realhHR and S&P Global, corporate donors, during the year. We continued to receive invaluable and immensely generous support from a number of individual donors, either as part of our membership schemes or as direct donation5. The Trustees wish lo thank all the trusts, foundations and individuals who made our work possible. Financial review The company's key financial objective is to ensure financial sustainability so that the charity can pursue ils aims and objectives. In support of this key obje¢live are policies relating lo ie5erves, financial risk. tiading 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 nel surpluslldeficitl in the year and the level of funds available to support the future activities of the charity. The company ha8 prep8red &ccounto in Compliance with SORP in accordanco with the Financi21 Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The slalement of financial activities ISOFAI, balance sheets, statement of cash flows and notes are sel out from page 16 onwards. Income Total income for the year was £2,672,543 12025.. £2,300,419). Of the total income, £1,391,731 12025 £1.395.0991 was from grants and donations used to support the artistic activity, community investment and lalenl development activities of the theatre, £1,047,194 12025.. £674,023) was from charitable aclivilies, £224,617 12025.. £220,444) was other trading income and £9,001 12025.. £10,853) was investment income. The variances in income from the prior year primarily reflect the change in the source of grants and donations and the increased income generated from the programme of productions during the year due lo their nature and audience. ACE funding was £735.29912025'. £659,784). We received £43,30012025.' £24,200) from the London Borough of Hammersmilh & Fulham lo support the building sustainability project. Page 8

ALTERNATIVE THEATRE COMPANY LIMITED IA company1Smlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 STRATEGIC REPORT Icontinuedl Financial review Icontlnuedl Expenditure Total expenditure for the year was £2,776,53312025. £2,639,634). The variances In expenditure trom the pnor year primarily reflect increased production expenditure due to changes in production budgèts, increased salary costs as a result of the increase in the London Living Wage and other salary rises and the increase in expenditure due lo general inflationary increases. Cost increases were mitigated by cost savings where possible. Net deficit and operating deficit The Group reported a nel deficit of £103,99012025.' £339,215) for the year. After adding back the charge for depreciation the Group operating surplus was £194,37412025.. deficit £61,307). The delicil on reslricled funds, before reserve transfers, was £209,04312025'. deficit £104.6181. The Surplus on unreslricled funds, before reserve transfers, was £105,05312025.' deficit £234.5971. 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 lo thè capital grant reserves. The surplus on Ljnrestricled funds primarily reflects the higher income generated from the program of productions during the year. Funds Total funds at the year-end were £3.454,96012025.. £3.558,9501 of which £3,075.758 {2025.' £3,284,801) was reslricled and £379.20212025.. £274,149) was unreslricled. Of the restricted funds, £2,968,840 12025.. £3.143,2841 represents capital grant funding. The remaining reSt￿Cted funds represent the funds that have been reslricled in use by the requirements of the funder. The unrestricted funds at the year-end were £379,20212025.' £274,149). Of the total unreslricled funds, £nil {2U2b Enill was designated funds. As al the year end the free reserves, being the general reserves less the nel book value of fixed assets not funded through capital reserves. were £379,20212025'. £225,309). Reserves policy The Trustees review the charity's reserves policy as an integral part of their review of the charity's future plans. Under ils reserve policy Ihe charity maintains a general reserve lo protect the charity against reasonable fluclualions in trading 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 £360,000, to cover conliacled production expenditure and administration, building and staff costs for IhTee months. The policy is lo maintain the general reserve level over the medium term through the mplemenlalion ol balanced budgets or budgets with surpluses al a level consislenl with the charitable slalus of the company. The general reserve balance of £379,202 as al the year end was above the minimum level of £360,000. The Trustees recognise the need lo maintain the general reserve level above the minimum level. Page 9

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 STRATEGIC REPORT (continued} 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 anu the application fui Ii¥xl VeliULJ vf ACE core funding will be Submitted in accordance with thc IKCE submission limelable. The Trustees will continue lo regularly review the programme of activity, cashflow forecasts and private income sources of the charity lo identify and mitigate the risks generated by ils activities. The internal financial controls are periodically reviewed lo 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 resLJlting in a reduction of or risk to ACE National Porlfolio Organisation l NPO") funding. Processes lo manage this risk include monitoring of changes in focus, involvement in local and national lobbying, stakeholder engagement and considering business models with a reduced cost base. Failure lo reach new and relain existing audiences to support the financial model. Processes to 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 to manage this risk include the annual review of pay and benefits, annual appraisals lo identify opporlunilies for individLJal development and working lo generate wider opportunities for staff lo enhance their career Potential through mentoring and secondments. Shortfalls against trust and foundation, individual and corporate fundraising largels. Processes lo manage this risk inclLJde longer term planning for this fundraising, developing deeper and longer relationships with key supporters and maintaining a strong case for support for the funding of our community and talent development programmes. GOING CONCERN The Board and management of the Charity have carefully considered the Bush's financial projections and cash flows. This process has incorporated an assessment of the availability of funding from ACE and from other Trusts and Foundations as well as the level of income that can be anticipated from productions and from the trading activities of the Charity. The financial status of thè Charity is kept under continuou5 review to enable emeroing financial risks that may impact the qoinq concern status of the Charity to be identified and mitigating actions taken. The Trustees have reviewed the going concern status of the Charity with reference to the strategy contained in the Business Plan submilled to ACE, the actual results for the year ended 31 March 2026 the detailed budget and cashflow for the year ending 31 March 2027 and the high level budget projection prepared for the financial year ended 31 March 2028. Based on this review the Trustees believe that it is reasonable to conclude that the Charity will be able lo meet ils liabilities as they fall due for the foreseeable future. Accordingly, the accounts are prepared on a going concern basis. Page 10

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 STRATEGIC REPORT Icontinuedl LOOKING FORWARD Future plans Our future plans for the theatre are lo fully implement the core objectives sel out in this report. Our budget for the year ahead is to present 435 perforrnances of 11 productions across our two performance Spaces. In line with our continued aim lo have a programme that represents the diversity of London in terms of gender, dI￿abilitY and cultural background, our -pccific tar9Ct- for the year ahead recognise our continued need lo improve representation from unrepresenled voices including disabled voices. We will use the Theatre and Studio lo support emerging new writing. including work wrillen by the members of our Bush Writer5 Group. We will focus Bush commissions on writers who see the world from many different vantage points and we are particularly interested in presenting storie5 about the Black British and British Asian experiences. The financial status of the Charity 15 kept under continuous review to enable emerging financial risks that may impact the going concern status of the Charity to be identified and miligaling actions taken. The specific budget objectives for the forthcoming year are.. To realise the incoming Artistic Direclols first season. To commission 6 new plays. To reach over 46,229 audience members To achieve 2,000 parlicipanl 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 would like lo record their thanks to the Bush Theatre staff and management for their hard work and achievements throughout the year and their continued dedication to the Charily and the wider artistic community in the face of continued external challenges. Page11

ALTERNATIVE THEATRE COMPANY LIMITED {A company Ilmltsd by guarantso) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors ofAllernalive 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 Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial yearwhich give a true and fairview of the stale of affairs of the charitsble company and group and of the incoming resources and application of resources, ineludin9 the inoomc end exp¢nditure, of tlie il)(Iiiiable group for inat period. In preparing these financial statements. the Trustees are required lo.. select suitable accounting pollcies and then apply them consistently., obseNe the methods and principles in the Charitie5 SORP., make judgments and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any malertal departures disilvbEd and explalneu in the financial statements., prepare Ihe financial slalemenls on the going concern basis unless ft is inappropriate lo presume that the charitable Company and group will continue in operation. The Trustse8 are responsible for keeping adequate accounting records that dis¢10se with reasonable accuracy al any lime the financial position of the charitable company and group and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They ale also responsible for safeguarding the agsets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provlsion of Information to audltor Each of the persons who are Trustees at the time when this Twslees, report 18 approved has confirmed that-. 80 far as that Twstee Is aware, there rs no relevant audit information of which the group's auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any information needed by the group's auditor in connection with preparing ils report and to establish that the group's auditor is aware of that information. Auditor A resolution lo reappoint Saffery LLP as auditor for the ensuing year will be proposed at the forthcoming annual general meeting. This ort was approved by the Trustees antl was slgned on their behalf, by.. James Marshall Trustee Date.. 25 June 2026 Page 12

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED Opinion We have audited the financial slalemenls of Alternative Theatre Company Limited (the 'parenl charitable Company'l and its subsidiaries Ilhe 'group'l for the year ended 31 March 2026 which comprise the Consolidated statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the notes to the financial statements, includinq siqnificant 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 (United 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 Marcli 202G and of the group'5 inGomin9 re8our¢e8 and application of rcooufcc4lb including Jtts income and expenditure, for the year then ended., have been propèrly prepared in accordance with United Kingdom Generally Accepted Accountin Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the ALJdilor's responsibilities for the audit of the financial statements section of our report. We arè independent ol the group and parent charitable company in accordance with the ethical requirements that are relevant to our 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 woik 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 lo continue as a going concern for a period of al lea51 twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. othpr information The Iruslees are responsible for the other information. The other information comprises the information included in the Trustees, Report and Consolidated Financial Slalemenls other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated 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 lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information.. we are required lo 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 the Trustees, Reporlwhich includes the DirecloTS' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial tatèmenls., 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 group and the parent charitable Company and their environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees, Report and Strategic Report. We h2ve nothing lo report in respect of the following matters 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 our audit have not been received from branches not visited by us.. or the parent charitable company financial slalements are not in agreement with the accounting records and reiurns., or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustèes As explained more fully in the Statement of Trustees, responsibilities set 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 as the Iruslees determine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Irusleès either intend to liquidate the groLJP or parent charitable company or lo cease operations, or have no realisti¢ alternative but to do so. Auditor's responsibilitles for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are lo obtain reasonable assurance about whether the group and parent financial slalemenls as a whole are free from material misslatemenl, whethèr due lo fraud or error, and to issue an auditor's report Ilii#l iiiLlud¥¥ our opiiiion. Rea50nable assurance is a high level of a38urance, but is not a guarant¢¢ that an audit conducted in accordance with ISAS IUKI will always delecl a material misslatetnent when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud. are instances of non-compliance with laws and regulation5. We design piocedures in line with our respon5ibilitie3, outlined above, to detect matcrial mi- -latcment- -pe¢t of irregularities, including fraud. The specific procedures for this engagement and the exlenl to which these are capable of delecling irregularities, including fraud are detailed below. Identifying and assessing risks related lo irregularities.. We assessed the susceptibility of the group and parent charitable company's financial statements to material misslalement and how fraud might occur, including through discussions with the Iruslees, discussions within our audit team planning meeting, updating our re¢ord of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial slalemenls. We identified laws and regulations that are of significance in the context ol the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate. Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies 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 slalement disclosures. We reviewed the parent charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities lo 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 laws and regulations or fraud. We enquired of management whether they were aware of any instances ol non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness ol journal entries and idenlilying any significant transactions that were unusual or outside the normal course of business. We assessed whelherjudgemenls made in making accounting eslimales gave rise lo a possible indication of management bias. Al the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional sceplicism and thus the capacity to identify non-compliance with laws and regulations and fraud. I here are Inherent Iimilalions In the audit procedures described aL)ove and Ihe further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slalemenls, the less likely we would become aware of it. Also. the risk of not delecling a material misslalement due lo fraud is higher than the risk of not delecling 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 at.. www.lrc.or .uklaudilorsres onsibililies. This description forms part of our auditor's 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 Parl 16 of the Corllpanies Act 2006. Our audit work has been undertaken so that we might slate lo the parent charitable company's members those mallers we arè rèquired to stale lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not aGcept or assume responsibility 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 Isenior Slalutory Auditor) for and on behalf Df Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Dale 1 July 2026 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Page 15

ALTERNATIVE THEATRE COMPANY LIMITED IA company limlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2026 Restricted Lsnreslricted funds funds 2026 2026 Total Reslricled Unreslricled funds funds funds 2026 2025 2025 Total funds 2025 Note INCOME AND ENDOWMENTS FROM.. Grants and donations Charitable activities Other trading activities Investments 261,484 1,130.247 1.391.731 1,047,194 1,047,194 224,617 224,617 9,001 9,001 332,400 1,062.699 1,395,099 674,023 674,023 220,444 220,444 10,853 10,853 TOTAL INCOME 261.484 2.411,059 2,672,543 332,400 1,968,019 2,300,419 EXPENDITURE ON: Raising funds Charitable activities Other trading activities 87,192 87.192 2,035,830 2.506,357 182,984 182,984 101.911 101,911 1,917,024 2,354,042 183,681 183,681 470,527 437,018 TOTAL EXPENDITURE 470.527 2,306,006 2,776,533 437,018 2,202,616 2,639,634 other gainslllossesl NET IEXPENDITUREIIINCOME {209,043) 105,053 1103,9901 1104,6181 {234,5971 {339,2151 Transfers between funds 16 126,530) 26.530 NET MOVEMENT IN FUNDS 10 1209,0431 105,053 1103,9901 1131,1481 {208,0671 1339,2151 Total funds at 1 April 3,284,801 274,149 3,558,950 3.415,949 482,216 3,898,165 TOTAL FUNDS AT 31 MARCH 3,075,758 379.202 3,454,960 3,284,801 274.149 3,558,950 The notes on pages 20 10 40 form part of these financial slatemenls. Page 16

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarant￿> CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2026 REGISTERED NUMBER: 1221968 2026 2025 Note FIXED ASSETS Tangible assets 121al 2.893.655 3,131,064 ltr)t&n9iblts assets 121b) 47,625 33,500 2,941.280 3.164,564 CURRENT ASSETS Stocks 6.000 6,000 Debtors 14 286,212 301,635 Cash al bank 618 58 392 961 Total currant assets 910,770 700.596 CREDITORS: amounts falllng du& withln ong yèar 397 090 306 210 NET CURRENT ASSETS 513 680 394.386 NET ASSETS FUNDS Restricted funds 3,075,758 3,284,801 Unrestricted funds 16 379 202 274 149 TOTAL FUNDS .2 454.980 3,558,950 The financial stale were approved b the Tru S and signed on their behalf by.. James Mars Trustee Date.. 25 June 2026 The notes on pages 20 to 40 form part of these financial slalemenls. Page 17

ALTERNATIVE THEATRE COMPANY LIMITED IA company limitad by guarant•el CHARITY BALANCE SHEET AS AT 31 MARCH 2026 REGISTERED NUMBER: 1221968 2026 2025 Note FIXED ASSETS Tangible assets 121al 2.893,655 3.131,064 Intangible assets 121bl 47,625 33,500 Investments 13 200 200 2.941.480 3,164.764 CURRENT ASSETS Stocks 1,000 1,000 Debtors 14 291,072 332,561 Cash at bank 618498 392 901 Total current a8s0ts 910,570 726,462 CREDITORS: amounts falllng duo wlthin one y•ar 15 397 090 306410 NET CURRENT ASSETS 513480 420 052 NET ASSETS FUNDS Restricted funds 16 3,075,758 3,284,801 Unreslricled fvnds 16 379 202 300 015 TOTAL FUNDS The Charity's deficit for the year was £129,85612025.- deficit £339.2151. A sepafate Statement of Financial Activities for the charity itself is not presented because the Charity has taken 8dvanlage of the exemption afforded by spr.tion 408 of th• Cornpariie- A¢t 2006. The financial sl*me were approved by the T slee8 and signed on their behalf by.. James Marshall Trustse Date". 25 June 2026 The notes on pages 20 to 40 fomi part of these financial statements. Page 18

ALTERNATIVE THEATRE COMPANY LIMITED {A company Ilmlted by guarantee} CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDING 31 MARCH 2026 2026 2025 OPERATING ACTIVITIES Nel expenditure for the financial year Adjustmenlg for.. Deprecialionlamortisalion of tangiblelinlangible assets Interest received Increase in stocks Decreasellincreasel in debtors Increase/ldecrease} in creditors {103,990) 1339.2151 298,364 19,0011 277,908 {10,8531 15,423 90,880 {71.6211 150.0681 NET GASH frROM OPERATING AGTIVITIES 291,676 1193.8491 INVESTING ACTIVITIES Interest received Payments to acquire tsngible and intangible fixed assets 9,001 175,0801 10,853 188,6231 NET CASH USED IN INVESTING ACTIVITIES 166,079} 177.7701 INCREASEIIDECREASEI IN CASH AND CASH EQUIVALENTS 225,597 1271,6191 CASH AND CASH EQUIVALENTS AT 1 APRIL 392,961 664,580 CASH AND CASH EQUIVALENTS AT 31 MARCH 618.558 392,961 Brought Fotward Carricd Forward Cash flow Analysis of changes In cash and net debt Cash and net debt 392,961 225,597 618,558 392,961 225,597 618,558 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 Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 1. ACCOUNTING POLICIES The principal accounting policies adapted, judgements and key SoUr￿S of es1im2lion uncertainty in the preparation of the financial slalemenls are as follows.. 1.1 Basis of preparation of financial statements The Charity is incorporated under the Companies Act 2006. 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.. Statement of Recommended Practice 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 J(IIIU¢lly 2019- Icliciiilies SORP IFR8 10211, the FinanGial Reporting otandard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial statements are prepared in sterling which is the functional currency of the company and rounded lo the nearest £1. Alternative Theatre Company Limited meets the definition of a public benefit entity under FRS 102. 1.2 Basis of Consolidation The financial statements consolidate the results of the charity and ils wholly owned subsidiaries. A separate Slalemenl of Financial Activities for the charity itself is not presented because the charity has tsken advantage of the exemption afforded by section 408 of the Companies Act 2006. 1.3 Golng concern The consideration of the going concem status of the Charity is contained in the Strategic 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 risks mentioned in the Trustees, report have been taken into account when preparing these budgets and forecasts and measures have been pul in place to mitigate these risks. Based on this review the Trustees believe that the accounts can be prepared on 8 going concern basis. 1.4 Company status The charity Is a piivate company limited by guarantee ineorporaled 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 tho ev8nt of tha charity b&ing wound up, the liability in rgspect of the guarantee is limited lo £1 per member of the charity. 1.5 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance ol the general objectives of the charity and which have not been designated for other purF)oses. Reslricled 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 reslriclion. Designated funds comprise unreslricled 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 2026 1.6 Income Income is included in the Statement of Financial Activities when the charity is legally entitled lo the income, receipt is considered lo be probable and the amount can be quanlilied with reasonable accuiacy. For legacies. entitlement Is the earller of the chailty being notified ul ¢lll iiiiyeiiLJiiiy distribution or the legacy being received. Gifts in kind donated for distribution are included at valuation and recognised as income when they are received. Gifts donated for resale are recognised in accordance with this policy with the subsequent sale being included as income when the gifts are sold. Donated services or facilities, which comprise donated services, are included in income al a valuation which is an estimate of the financial cost that would be incurred by the Charity to acquire an equivalent asset. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised 21 the lime of the donation. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. The receivable for Theatre Tax Relief credits is reC(￿niSed 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 lo grant the Charity the funds and any pre-conditions relating lo the receipt of the income have been satisfied so that the grant is Ljn-conditional. 1.7 Expenditure All expenditure is aecounled for on an accruals basis and has been included under expense Gategories that aggregate all ¢08ts for allocation to 8Ctivit1Co. Whorc co- - cannot be direotly attributed to particular activities they have been allocated on a basis consislenl with the use of the reSoUr￿s. 1.8 Allocation of support costs (basis of apportionment) Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs which are apportioned on the same basis as support costs are those incurred in connection with adminislralion of the company and compliance with conslilulional and statutory requirements. Page 21

ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 1.9 Production costs and related income or grants Costs incurred in respect of a theatre producb'on that is lo commence after the year end are carried forward at the balance sheet dale. Income or grants relating to a production that is to commence after the year end are deferred al the balance sheet dale. 1.10 Tangible fixed assets and depreciation All individual fixed asset items costing more than £1,500 are capilalised. Tangible fixed assets are staled al cost less depreciation. Depreciation is provided at rates calculated In writp. nff thp. nf fixgd assets. less their estimated residual value. over their expected useful lives on the following bases.. Leasehold land Leasehold building Leasehold improvements Production equipment Fixtures and fittings Catering equipment Office and IT equipment Straight line over length of the lease Straight line over 50 years Stiaight line over 15 10 50 years Straight line over 5 years Slraighl line over 5 years Slraighl line over 4 yeais 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 25'/o per annum on cost to write off the asset over ils estimated useful life. 1.12 Investments Fixed asset investments are slated at cost less provision for diminution in value. 1.13 Operatlng leases Rentals under operating leases are charged to the Slalemenl of Financial Activities on a straight line basis over the lease term. 1.14 stocks Stocks are valued at the lower of cost and nel realisable value and consist of texts for resale and bar stocks. 1.15 Pensions The company operates a defined Contribution scheme for the benefit of ils employees. Contiibutions payable are charged lo the Statement of Financial Activities in the year they are payable. Page 22

ALTERNATIVE THEATRE COMPANY LIMITED IA company lirnited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 1.15 Financial instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllement value. 1.16 Critical accounting estimates and areas of judgement Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of fLJlure 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 IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 FINANCIAL PERFORMANCE OF THE CHARITY The consolidated Slalernenl of Financial Activities includes the fesulls of the Charity's wholly owned subsidiaries Bush Theatre Trading Limited and Bush Theatre Productions Limited. The summary financial performance of the Charity excluding the subsidiary is as follows.. 2026 2025 Income Expenditure 2,447,926 2,079,975 12,577.7821 12,419,190) Nel expenditure- movement in total tun(Js 1129,851)) {339,2151 Total funds brought fotward 3,584.816 3.924,031 Total funds carried forward 3,454,960 3,584,816 Represented by.. Reslricled funds Unrestricted funds 3,075,758 379,202 3,284,801 300,015 3,454,960 3,584,816 A charitable donation of £nil {2025.. £nil} was received from Bush Theatre Trading Limited in the year nder a deed of covenant. INCOME FROM GRANTS AND DONATIONS- GROUP Reslricled Unrestricted funds funds 2026 2026 Total funds 2026 Total funds 2025 Grants - Arts Council England Gidiili - Lvknal Aulliority and other Statutory Grants- Other Grants - Trusts and Foundations Corporate donations Donations- Gift aid Donations- Supporters programme Donations - Other 68,500 43.500 11,149 128,500 666,799 735,299 43,300 11,149 211,000 7,680 43,469 67,685 272,149 659,784 24.200 150,000 118,650 13,253 43,345 105,625 280,242 82,500 7,680 43,469 67,685 262,114 10,035 Total 261,484 1,130,247 1.391.731 1,395,099 Page 24

ALTERNATIVE THEATRE COMPANY LIMITED {A company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 INCOME FROM CHARITABLE ACTIVITIES- GROUP 2026 2025 Productions 1,047,194 674,023 Split of income from productions is as follows.. 2026 2025 Box office Co-productions and exploitation Playlexl and merchandise sales Tax credit income Other income 825,319 52,638 22,920 138,588 7.729 428,864 40,404 11,766 189,207 3,782 1.047,194 674,023 INCOME FROM OTHER TRADING ACTIVITIES- GROUP 2026 2025 Bar income Events and loom hire income 164,850 59,767 138,116 82,328 224,617 220,444 INVESTMENT INCOME- GROUP 2026 2025 Bank interest 9,001 10,853 Page 25

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 EXPENDITURE ON RAISING FUNDS- GROUP Total funds 2026 Total funds 2025 Development costs Salary cost 7,420 79.772 17,651 84,260 87,192 101,911 EXPENDITURE ON CHARITABLE ACTIVITIES- GROUP Restricted Unreslricled funds funds 2026 2026 Total funds 2026 Total funds 2025 Theatre production.. Adminislralion and building ProdLJCtion Literary Capital projects Marketing and sales Depreciation staff costs Community engagement Playlexl costs and other expenditure 5.729 25.000 43,959 16,554 326,577 715,319 332,306 740,319 43,959 16,554 119,656 298.364 893,298 48,657 13,244 329,967 635,865 75,287 15,188 106,898 277,908 849,839 50.594 12,496 119,656 298,364 32,264 48,657 861,034 13,244 470,J27 2,03J.QJO 2,506,J57 2,354,042 The above expenses include the following support costs: 2026 2025 Staff costs- Adminislralion & finance staff costs- Premises IT expenses General administration expenses Governance c051s External audit fee Legal and professional Board expenses and training Senior management time 100,958 29,695 7,418 41.541 115.863 41,098 7,876 43,144 24,853 1,150 299 15,473 19,912 9,200 1,280 13,984 221,387 252.357 Page 26

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 OTHER GAINS Total funds 2026 Total funds 2025 None 10. NET MOVEMENT IN FUNDS - GROUP This is stated after charging: 2026 2025 Depreciation of tangible fixed assets= owned by the charity Auditor's remuneration.. Audit fees other services Operating lease rentals.. equipment 298,364 277,908 17,400 2,750 1,103 16,900 11. ANALYSIS OF STAFF COSTS. TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2026 2025 Wages and salaries Social secuiity costs Pension contributions 905,707 82,245 20,692 947,503 71,698 23.011 1,008,644 1,042,212 The average monthly number of employees during the year was as follows.. 2026 2026 No. FOHIBar staff Theatrical production 26 23 27 25 Administration 53 56 The group employed 3012025.. 311 full lime equivalent staff. No employee received remuneration greater than £60,000 during the year12025.' one employee with remuneration between £60,000 - £69.9991. Two trustees received expenses lolalling £83012025.. one Iruslee received expenses lotalling £1,280). Page 27

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL The Group and Charity considers ils key management petsonnel lo comprise the Artistic DirectorlCo- CEO, the Executive DireclorlCo-CEO and the Charity Trustees. The total employment benefits. including national Insurance and employer pension coniribulions, of the key managemeni personnel were £119,008 {2025'. £106,379}. Further details of the remuneration of the Executive DirectorlCo-CEO and Artistic DireclorlCo-CEO, who are Trustees, are given in Note 21. 121a}- TANGIBLE FIXED ASSETS- Group and charity Long leasehold land and buildings Leasehold Fixtures, fi'llings improvements & equipment Total Cost Al 1 April 2025 Additions Disposals 1,700,000 3,995,645 49,265 694,865 6,390,510 49.265 Al 31 March 2026 1,700,000 4,044,910 694,865 6,439,775 Depreciation At 1 April 2025 Charge for the year Disposals 340,902 25.252 2,229,961 260.165 688.583 1.257 3,259,446 286,674 At 31 March 2026 366,154 2.490,126 689,840 3,546,120 Net book value At 31 March 2026 1,333,848 1,554,784 2,893,GJo At 31 March 2025 1,359.098 1,765,684 6,282 3,131,064 In connection with past capital funding ACE holds a fixed charge over the leasehold land and buildings. 121bl INTANGIBLE FIXED ASSETS- Group and charity Intangible fixed assets represent website development costs. During the year there were £25,815 £2025.. £33.5001 of additions. Depreciation of £11,69012025.. £nill was charged in the year. The lolal cost as al the year end was £59,31512025'. £33,500) and the total accumulated depreciation was £11,69012025'. £nill. 13. FIXED ASSET INVESTMENTS- Charity Cost at 1 April 2026 and 31 March 2025 £200 Page 28

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 13. FIXED ASSET INVESTMENTS- Charity (continued) The Charity holds 100D/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 LaiÈiuar and Evenis activities. The summary financial performance for the year ending 31 March 2026 and the financial position as al 31 March 2026 of the subsidiaries is as follows.. Bush Theatre Trading Limited Bush Theatre Productions Limited Profit and loss account.. 2026 2025 Turnover Expenditure 224,617 220,444 1198,751} 1220,4441 Result for the year 25.866 Balance sheet: 2026 2025 2026 2025 Current assets 5,160 5,160 100 100 Current liabilities (5,0601 130.9261 Net asselsllliabilitiesl 100 125,7661 100 100 CAPITAL AND RESERVES: Called up share capital 100 100 100 100 Profit and loss account 125.8661 SHAREHOLDERS. FUNDSIIDEFICITI 100 125,7661 100 100 A management charge of £9,61012025.' £31,574> was charged by the Charity to Bush Theatre Trading Ltd during the year representing the portion of salary, administration and building expenditure allributed to the tradin9 operations Bush Theatre Trading Limited and Bush Theatre Productions Limited are exempt from audit by virtue of S479A of Companies Act 2006. The registered office of the above companies is 7 Uxbridge Road, Shepherds Bush, London. W12 8LJ. Page 29

ALTERNATIVE THEATRE COMPANY LIMITED IA company limlted by guaranteel NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 14. DEBTORS Group Charity 2026 2025 2026 2025 Trade debtors Amounts receivable from group undertakings VAT receivable other debtors Prepayments and accrued income 2,074 9,494 2,074 4,860 9.494 30,926 897 211,466 79,778 897 211,466 79,778 173,797 110,341 173,797 110,341 286.212 301,635 291,072 332,561 15. CREDITORS: Amounts falling due within one year Group Charity 2026 2025 2026 2025 Trade creditors Amounts owed to group undertakings Social security and other taxes VAT liability Other creditors Accruals and deferred income 135,278 147.899 135.278 147,899 200 18.777 17,565 12,619 56,942 174,686 18,777 17,565 12,619 56,942 174,686 16,877 122,657 16,877 122,657 397,090 306,21U Jyi,uyu JUb,41 U Group Charity 2026 2025 2026 2025 Deferred income.. Deferred income brought forward Amounts released from previous year Income deferred during the year 72,713 172,7131 43,252 177,342 1177,3421 72,713 72,713 177,342 172.7131 1177,3421 43,252 72,713 Deferred income carried forward 43,252 72,713 43,252 72,713 Deferred income represents box office income received in advance of performances and other income relatin9 to future financial periods. Page 30

ALTERNATIVE THEATRE COMPANY LIMITED A ¢ompany limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 16. STATEMENT OF FUNDS Brought Forward Carried Forward Group Income Expenditure Transfers Unrestricted funds Designated funds other funds General funds General funds 274,149 2,411,059 12,306,006) 379,202 Group Total 274.149 2.411,059 12,306,006) 379,202 Group and Charity Restricted funds Leasehold Property - Fixed assets Major Capital Projecl-Fixed assets Building su5tainabilily- Fixed assets Bloomberg Digital- Intangible asset Bloomberg Digitsl - Equipment Building Sustainability Project reserve Digital Acceleration Project resetve Talent Development Programme Artistic Programme C.nmmiJnity Engagement Programme 1,362,430 1,478,418 262.653 39.783 125,252} 1255,2671 14,898} 111,6901 11,2571 1.337,178 1,223,151 355,860 47,625 5,026 5,623 8,627 3,501 98.105 19.532 6,283 198,105} {25,2831 125,815) {58.5631 (25.0001 163.3171 18,0721 59,725 55,564 25,000 9.300 111,800 6,500 143.184 89,167 Total restrlcted funds 3,284,801 261,484 1470,527} 3,075.758 Group and Charity Total 3,558,950 2,672,543 12,776,533) 3,454,960 Page 31

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 16. STATEMENT OF FUNDS Icontinuedl Brought Forward Carried Forward Income Expenditure Transfers Charity Designated funds Other General funds General funds 300,015 2,196,052 {2,116,8651 379,202 Total unrestricted funds 300,015 2,196,052 12,116,865) 379,202 Total restricted funds 3,284,801 261.484 {470.5271 3,075,758 Charity Total 3,584,816 2,457,536 {2,587,3921 3,454,960 Transfers represent the reclassilicalion of reslricled funds lo capital reserves to reflect the fixed asset additions that were funded by restricted grants. Designated funds There w¥ie IlL> debiyiidlvd funds during the year. Restricted funds A negative balance on a reslricled reserve represents expenditure incurred in the year that will be funded by grants lo be received after the balance sheet dale. Leasehold Properly - Fixed assets Relales lo the gift of the125-year lease of the Old Shepherd's Bush Library by Hammersmilh and Fulham Council. The closing balance represents the closing nel book value of the leasehold propety. 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 refuibishmenl of the building, improving public access and facilities for artists. The closing fund balance represents the nel book value of the relevant fixed assets. Building Sustainability- Fixed Assets Relates lo the funding for the replacement of the roof and improvements to the building lo reduce its environmental impact on a sustainable basis. Page 32

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 16. STATEMENT OF FUNDS Icontinuedl Restricted funds Icontinuedl Bloomberg Digital- Intangible asset Relates lo the portion of the Bloomberg DigilaS Transformation grant relating to the funding of intangible sasets. Bloomberg Digital- Equipment Relates to the portion of the Bloomberg Digital Transformation grant relating lo the funding of digital equipment. Building Sustainability Project Reserve Relates to the funding for the consultancy expenditure an(J other expendiiure on improvlng the environmental sustainability of the building. Bloomberg Digital Reserve Relates to the funding received from Bloomberg for the expenditure relating lo the digital transformation project. Talent Development Programme Relates lo funding for the development of writers, directors, producers, other creatives and theatre- makers. Artistic Programme Relates to funding to enhance the Ihealre's artistic programme including the research, development and production of new plays and the programming of the spaces within the Old Library building. Community Engagement Programme Relates lo the funding for the Bush's community engagement and education piogramme. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Charity 2026 2025 2026 2025 Tangible fixed assets- unrestricted Tangible fixed assets - reslricled Flxe(J asset Investtnents - urii¥sliiLtvd Cash - unrestricted Cash reslricled Other nel current assetsllliabililiesl - unrestricted 48.840 3,11 S,724 48.840 3,115,724 200 223,824 169,077 2,941,280 2,941,280 200 484,020 134,478 484,080 134.478 223,884 169,077 {104,8781 1,425 1105,0181 27,151 3,454,960 3,558,950 3,454,960 3,584.816 Page 33

ALTERNATIVE THEATRE COMPANY LIMITED (A company limited by guarantee} NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 18. CAPITAL COMMITMENTS At 31 March the charity and group had capital commitments as follows.. Building Development 2026 2025 Sustainability works 6,423 48,840 19. npERATING LEASE COMMITMENTS At 31 March the Charity and group had minimum lease payments under non-cancellable operating leases as follows.. Plant and machinery 2026 2025 Within 1 year Between 2 and 5 years Over 5 years 125 125 20. RETIREMENT BENEFITS Deflned contribution 2026 2025 Contributions payable by the group for the year Contributions payable lo the fund al the year end and included in creditors 20,692 4,990 23,011 5,038 All contributions relate to unrestricted actlvltles. Page 34

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 21. RELATED PARTY TRANSACTIONS All related paty transactions were entered into in the ordinary course ol business consistent 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.. Taio Lawson was a Trustee of the charity during the year. He received salary and benefits of £50,226 12025.. £nill during the year for his services as an employee and Trustee. He received freelance fees of £5,341 during the year and expenses of £531 during the year. Mimi Findlay was a Trustee of the charity during the year. She received salary and benefits of £17,437 (2025.. £60,100) during the year for her services as an employee and Trustee. She had a £360 membership as a Rising Star supporter in the year {2D2S.' £dbUI. bhe Is a Director of Ihe Lonclon Theatre Consortium. During the year the Charity paid subscription fees of £1.250 to the London Theatre Consortium (2025. £1.500}. Angela Wachner was a Trustee ofthe charity during the year. She received salary and benefits of £51,344 {2025.. £nill during the year for her services as an employee and Trustee. Uzma Hasan was a Trustee of the Charity during the year. She had a £360 membership as a Rising Star supporter in the year12025". £360 membership). She made donations ol £nil in the year12025.. £1501. Travel expenses relating to supporter cultivation of £nil were reimbursed lo her in the year12025'. £1,280). Keerthi Kollimada was a Trustee of the Charity during the year. She had expenses of £299 during the year12025'. £nill Anthony Marraccino was a Trustee of the Charity during the year. He made donations of £10,000 in the year {2025. £9,5001. James Marshall was a Trustee of the Charity during the year. He had a £5,040 membership as a Lone Star supporter in the year12025', £5,040 membership). He made donations of £nil In the year12025.' £10,000). stephen Pidcock was a Trustee of the Charity during the year. He had a £360 membership as a Rising star supporter in the year12025'. £360 membership). He made a donation of £nil12025'. £1001 in the year. Catherine Score was a Trustee of the Charity during the year. She made donations of £20.000 in the year12025.' £"1 5,0001. Hei P¢lltriei Ib £1 Tlublee of the National Theatre. During the year the National Theatre paid royalties of £774 to the Charily12025'. £4981. Slala Anloniades and Mercy Umeh were Trustees of the Charity during the year. They sal on the Council of the London Borough of Hammersmilh & Fulham. During the year the London Borough of Hammersmith & Fulham made grants of £43,20012025.' £24,200) to the Charity. The transactions belween the Charity, Bush Theatre Productions Limited and the Bush Theatre Trading Limited and the balances oulslanding 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 entities as at the end of 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 2026 22. POST BALANCE SHEET EVENTS There are no post balance sheet events that require disclosure in these financial statements. 23. PRIOR YEAR INFORMATION EXPENDITURE ON CHARITABLE ACTIVITIES - GROUP Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Theatre production.. Adminislralion and building Production Literary Capital projects Marketing and sales Depreciation Staff costs Community engagement Playlexl 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 G05ts - Administration & 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 23,860 12,795 582 15,207 13,984 252,357 281,979 Page 36

ALTERNATIVE THEATRE COMPANY LIMITED IA company limited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Brought Fonmard Carried Forward Group Income Expenditure Transfers Unrestricted funds Designated funds Other funds General funds General funds 482,216 1.968.019 12,202,616} 26,530 274,149 Group Total 482,216 1,968,019 12,202.6161 26,530 274,149 Group and Charity Restricted funds Library Development- Fixed assets Leasehold Properly - Fixed assets Major Capital Project-Fixed assets Building Sustainability- Fixed assets Bloornberg Digital- Intangible asset Major Capital Project 20fj3 Building siistain3hility Prnjpr.t rpserve Digital Acceleration Project reseNe Talent Development Programme Artistic Programme Community Engagement Programme 27,094 1.387,682 1,697,872 267.551 {27,0941 125.2521 1219,4541 (4,8981 1,362,430 1.478,418 262,653 39,783 39,783 1,606 118.1501 (5,4741 56,643 11,6061 114.1221 118,4881 126,5301 189,5291 14,5501 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 12,639,634) 3,558,950 Page 37

ALTERNATIVE THEATRE COMPANY LIMITED IA company Ilmited by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS {continuedl Brought Forward Cairied Forward Incoma Expondilure Transfers Charity Designated funds other funds General funds General funds 508,082 1,779,149 12,013,746) 26.530 300,015 Total unrestricted funds 508,082 1,779,149 12,013,746) 26,530 300,015 Total restricted funds 3.415,949 332,400 1437,0181 126.530) 3,284,801 Charlty Total 3,924,031 2,111,549 12.450,7641 3,584,816 Designated funds Other Thcrc wcrc no de￿I9￿￿ted funds during tho ygar. Restricted funds A negative balance on a reslricled Te5erve 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 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 Ihe125-year lease of the Old Shepherd's Bush Library by Hammersmilh and Fulham Council. The closing balance represent5 the Closing nel book value of the leasehold property. Major Capital Project - Fixed Assets Relates to the funding of the second phase of capital development of the Old Shepherd's Bush Library, including completing the refLJrbishmenl of the building, improving public ac￿SS and facilities for artists. The closing fund balance represents the net 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 2026 23. PRIOR YEAR INFORMATION ICONTINUEDI STATEMENT OF FUNDS Icontinuedl Restricted funds Icontinuedl Ouildin9 vUStainability- fixed A3sel8 Relates to the funding for 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 a￿esS and facilities for artists. Building Suslainabilily Project Reserve Relates lo the funding for the consultancy expenditure and other expenditure on impToving the environmental suslainabilily of the building. Bloomberg Digital Reserve Relates to the funding re￿IVed from Bloomberg for the digital transformation project to implement a new transactional website and other digital transaction improvements. Talent Development Programme Relates lo funding for the development of writers, directors, producers. other creatives and theatre- makers. Artistic Programme Relates to funding to enhan￿ the Ihealre's artistic programme including the research, development and production of new plays and the programming of the spaces within the Old Library building. Community Engagement Programme Relates lo 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 2026 23. PRIOR YEAR INFORMATION ICONTINUEDI ANALYSIS OF NET ASSETS BETWEEN FUNDS Group 2025 Charity 2025 2024 2024 Tangible fixed assets - unrestricted Tangible fixed assets - restricted Fixed asset investments - unrestricted Cash - unreslricled Cash - reslricled Other nel Current {liabilitiesllassets unrestricted 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 {120.2641 27,151 194,538) 3,558,950 3,898.165 3,584.816 3,924,031 Page 40