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