Sadler's Wells Trust Limited (Limited by Guarantee) Registered Company Number 01488786 Registered Charity Number 279884 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Sadler's Wells Trust Limited {Limited by Guarantee) Trustees, Off icers and Administrative Information Trustees Nigel Higgins (Chairman) Maria Albonico Nicholas Basden Humphrey Battcock Melissa Belhell Clare Connor Suhair Khan Nina Patel Matthew Slolover Melanie Smith Bnda Leff Paul Mulholland Yana Peel Nicholas Gra¢e Secretary SirAlistair Spalding CBE Reglstered Offlce Sadler's Wells Theatre R05ebery Avenue London EC1R 4TN Bankers Coulls & Co. 440 Strand London WC2R OQS Auditor Moore Kingston Smrth LLP 6th Floor 9 Appold Street London EC2A 2AP Solicitors Clifford Chance LLP 10 Upper Bank Strfjet E145JJ
Sadler's Wells Trust Limited (Limited by Guarantee) Page Index Chair's Foreword 2-12 Trustees, Report 14-17 IndependentAuditorfs Report 18 Consolidated Slalement of Financial Activi(ies Balance Sheets 20 Statement of Cash Fh)ws 21-35 Notes to the Financial Statements
Sadler's Wells Trust Limited (Limited by Guarantee) Chair's Foreword Comin to ether lookin ahead On behalf of the Board of Sadler's Wells Trust Limited, l am delighted lo present this annual report tether with the consolidated financial accounts for the year ended 31 March 2024. These have been prepared in compliance with current stalulory requirements. the Charities SORP IFRS 1021 and wrth the charity's governing document, its Memorandum and Articles ofAssocialion. 11 has been rewarding year for the team al Sadler's Wells. The organisation has showcased an extraordinary breadth of dance, from world-cla5s hip-hop acts lo exceptional ballet companies, kalhak dancer5 to performances of panlsula, lighlrope walkers lo immersive works for young dancers. We have welcomed artists from all over the world including Argentina, Taw8n, the Unf(ed Slates, India, and Ukraine, and we have taken tsvo of our productions on global lour, boosting touring income by 504/0. There have been musings on nationhood, dance histories, and desire, stories of humanity and hope, and reffleclions on the importance of coming together lo share a space. These themes have Clear resonaed with our audiences. and we continue lo see ever increasing appelile for dance. An increase of a third in audiences across our sites in London bodes well as we plan for the fvlure, expanding our operation with a fourth physical stage opening next year. This will form part of the East Bank culture and education district in the Queen Elizabeth Olympic Park, a unique collaboration be¢en cultural organisations, world-leading universities and the people of the Olympic boroughs. The opening of Sadlerfs Wells East will mark the culmination of over len year5 of meticulous planning and partnership work, an exceptional feat pulled off al the same lime as the ongoing renewal of the wider organisation as il navigates the ongoing ripples of Change in the aftermath of Covid-19. The Board extends ils thank$ lo every member of the Sadler'$ Wells team for these extraordinary achievements. We are very much looking forward lo seeing what heights Sadler's Wells will scale in the coming year. r4t* Nigel Higgins, Chair
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report OBJECTIVES AND ACTIVITIES Mission vision values Sadler's Wells, mission is to make and share dance that inspires us all. Our vision is to create. through dan, a depth of connection beyond borders, cultures and languages, so we see ourselves in each other. Our values actThiely underpin the decisions we make and how we wo. They are= Excellence.. wodd-class experiences Collaboration.. stronger together Inclusion.. everyone matters,. and Innovation.. improve and pioneer. Strate ic oals We have five strategic goals which provide a focus for our work. Together, our Strateg goaL8 delNer our mission and vision. Our goals are to". Engage the audience., Nurture artistic talent., Change the wodd-, Develop our organisation and people.. and Scale the business of dance. Wrthin each of the goals, we have bY$nlified a Clear set of priorf(ies, and we evaluate our progress using a monrtoring and evaluation framework that measures the outputs and outcomes of our work against a body of SucsS factors overthe long-term. We also contribute to the monitoring and evaluation strategy in place for East Bank. which will deliver a range of SOCK)-economic benefits to East London and the UK. Again, these impacts are being measured over the long term, with tsrgets set to 2036. benefrt In shaping the goals and the activi(ies that sit within them. Trustees have considered the Charity Commission's general guidance on public benefit and fee charging, including ils guidance 'Public Benefit." Running a Charity IP621'. We believe everyone should have aceess lo dance and we have taken many steps to ensu our venues and experiences a more accèssible lo more people. We ensure that the organisation's pricjng policy reffleets our commitment to enabling audiences whalevef their means-, our Gel into Dance programme maximises affordable tickets for new audiences, people from low-income households, young people and people with disabilities. We work with education providers, communty groups and partners to build inmting gateways to our programmes. We offer assisted perfomiances and an Access forAII Scheme to support disabled aUdienS. Finally. we use the Sadler's Wells Digital Stage to offer worfd<lass dan in a range of formats.
Sadler's Wells Trust Limited {Limited by Guarantee) Trustees, Report GOVERNANCE AND STRUCTURE Sadler's Wells Trust Limited is a registered charity which runs Sadler's Wells. It is governed by its Memorandum and Articles of Association and ils objects are to advance education, particularly by encouraging the understanding and appreciation of the dramatic arts. The charity ensures that Sadler's Wells operates in alignment with these objectives, and in pursu(t of the mission and vision sel out above. Board of Tru51ees The Board of Trustees is the nonexecutive and unpaid governing body of Sadler's Wells, led by Chair Nigel Hugins. Trustees seNing any period from 1 April 2023 to the date of signing these accounts were.. Nigel Higgins Chair Maria Albonico Nicholas Basden Humphrey Battcock Melissa Bethell Sue Butcher Clare Connor Nick Grace Suhair Khan David Lan Brenda Leff Paul Mulholland Nina Patel Yana Peel Melanie Smi(h Matthew Slotover Deputy C¢>Chair resigned 23 June 2023 appointed 23 April 2024 resigned 6 December 2023 appointed 4 October 2023 Deputy Co-chair oinlmenl and induction of Trustees As set out in the Articles ofAssocialion, the Chair ol the Trustees is elected by fellow Tru51ees. Trustees are appointed for a tem ol three years, which is often extended lo a second or third land oceasionally fourth) term. A skills audr( of the Board is undertaken annual lo inform the re¢ruilmenl and selection of new Trustees. The charity provides an induction of incoming Trustees which apprises them of their legal obligations as directors of the company and familiarises them with the operation of the theatre$. Trustees are encouraged to keep fully up to dale with the lalesl Charity Commission d1CtIveS and with guidance associated with Sadler's Wells slalus as a National Portfolio Organisalion, including in relation lo Arts Council England's investment principles. Regular presentations are made lo the Board on key issues of current and ongoing importance in relation lo their legal obligations as Trustees. Governance structure The Board ol Trustee5 of Sadler's Wells Trust Limited has ultimate responsibility for the running of Sadler's Wells. 11 retains ultimate control of the overall slralegic direction of the Ihealre, 8ppoinlmenls lo and remuneration of the organisalion's leadership. However, day-to-day business is delegated lo the Co-chief Executives, Britannia Morton and Sir Alislair Spalding, who in turn recruit and sel the rernuneralion of key management personnel. The Board also approves the annual budget but delegates responsibility for the selection of the artistic programrne lo the Artistic Director and Co-chief Executive SirAlislair Spalding.
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report The Board met fNe times during 202314 and there were regular meetings between the Chair of the Board and the Co-chief Executives. The Board as a whole spends ha a day each year debating and reviewing long-term strategy with senior members of staff. To provide effective oversight and to enable particular focus on key areas of the cperalion, a number of Board sub-committees exist lo support the work of the Board. These include the Finan, Audit and Risk Committee, the Development Council, the Leaming Committee and the Governance Committee. The committees are appointed by and include members of the Board. while also including ctropled members. In addition, a number of honorary Trustee Placements provide an opportunity for younger people to gain experien of govemance as well as the board gaining insight from their perspective. Current TrLtstee Placements are held by Arran Green, Bar Groisman and Kade Stroude. The Board of Trustees of Sadler's Wells Trust Lirnited operates alongside Sadler's Wells Limited, wholly owned trading subsidiary of the Trust. Sadler's Wells Limited opeTates the commercial elements of the theatre (namely catering, event hires and sponsorship), gifting its profrts to the Trust. Sadler'$ Wells Limf(ed is consolidated within these financial statements. EXECUTIVE LEADERSHIPAND MANAGEMENT Sadler's Wells is led by Co-chief Execulwes Execulwe Director Britannia Morton and Artistic Dir&tor Sir Alislair Spalding. They are supported by a Senior Management Team made up of Directors from differentfunctional areas of the business. Thetearn meets on a weekly ba51s and atyear end Comprised.. SirAlistair Spalding Britannia Morton Artistic Director and Cchief Executive Executive Director and Co-chief Executive Isobel Chester Howard Clark Oliver Clark Zuzana Galikova Joce Giles Robert Jones Matt Kirby Michelle Norton Bia Oliveira Lesley Owusu Christoper Travers Suzanne Wdlker Hamble Wallo¢e DIrtOr of Finance and Business Perfomiance Director ofvislcor Experience Technical Diredor Director of Catering and Events Director of Leaming and Engagement Associate Artistic Director Director of Data and Systems Diwlor of Breakin, Convention Director of Digital Stage Director of People and Inclusion Director of Marketing and Cornmunieations Executive PrOdur Director of Development Heakh and Saf The heah and safety of ernployees, contractors, artists and visiloTS is a high priority. A Heatth and Safety Committee drawn from across the organisation meets regularly. Health and safety protocols a communicated throughout the organisation and all new employees are required lo undertake a health and safety indu¢lion. The organisalion engages a professional Health and Safety Assessor who meets regularty wlch the Director of Visrtor Experience Ilhe senior responsible officer for health and safety) to update on good and better practi and to audit the organisalion's procedures and progress each year. Risk assessments are reviewed regularfy and updated as required. Training is provided throughout the
Sadler's Weus Trust Limited (Limited by Guarantee) Trustees, Report year for new stsff and refresher courses are regularly delivered by ex1emal provider5 as well as internal incident practice sessions beeen different staff teams. Work is underway lo ensure that Sadler's Vvells East will operate compliantly and that all the Sadler's Wells bu11ng$, visf(ors and occupants are protKled against potential acts of terrorism. and Em lo ment Sadler's Wells re¢ognises its legal and ethical obligations under the Equality Act. Sadler's Wells does not discriminate on the basis of age, gender, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, ra (including nationality and ethnic or national origin51, religion or belief, sex or sexual orientation. In addition, Sadler's Wells does not discriminate because of working patterns, trade unDn membership lor non-membershipl, family or caring responsibilities, socio- economic barriers or spent convictions. Our Equty, Equality, Diversfcy. Inclusion and Belonging IEEDIB} joumey is supported by our Executive Sponsors and our Steering Group. We have an EEDIB action plan in place that seeks lo develop and represent our audience, our workforce and artists We monitor the Gender pay gap on an annual basi5. Sadler's Wells is committed to moving beyond compliance. We are actively building a Cultural diverse workforce and encouraging applicants from different backgrounds and lived experiences. As users of the Disability Confident scheme, Sadler's Wells guarantees to interview all disabled applicants who meet the minimum criteria for our vacancies. In the period of this report, we had a particular focus on building career pathway5 and offering employment opportunities lo East Londoners. We maintained a lo¢u$ on fostering belonging, particularly with regards to ethnic identity. Our Management Committee also recently revisrted inclusion training on bias. discrimination and lived experiences in life and al work. Finally. Sadler's Wells is MmItted lo devèloping and training all colleagues, not only lo enable them lo do their own jobs, bul also lo assist them in their careers. Al least annually, colleagues are encouraged lo consider what they ean do for their own personal and profe$siona1 development and lo use every opportunity lo discuss options, suggestions, and feedback with their line manager. Remuneration Sadler's Wells aims lo be an employer of choice and is committed to paying a fair salary for jobs undertaken by our employees. We are committed tc* paying the London LNing Wage as a minimum. A Remuneration Policy ensures that the organisalion remains competitive within the labour market and employee benefits are published on the Sadler's Wells website. Benchmarking procedures are used to inform the pay rates of new and placement roles. All roles are subject lo an annual pay review, which involve consullalion wrth employee representatives and trade unions. These general pay awards aim lo reflect changes in the wider labour market and levels of inflation and are balaneed against affordability for the organisation.
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report STRATEGIC REPORT Sadler's Wells enjoyed one of its most $u¢cessful years in 202314 with the following key achievements. organised by strategic goal. e the audienee Overall, Sadler's Wells reached ¢)ver a million people in 202314 through presentations in London (to audiences of 512,0001, touring work nationwide133.0001 and internationally1142,000) 2nd through the Sadr,$ Wells digital stage 1300,000 views). In-venue London attendance was up 33¥0 and touring output in the UK and abroad increased by 500A. Occupancy improved on similar levels of marketing spend. The percentage of seals sold was also sharply up year on year-from 680A to 830/ts at Sadler's Wells Theatre., 560A to 75% al the Peacoek- and 580A to 700k in the Lilian Baylis Studio latthough there were fewer perfomancesl Behind these impressive numbers, is a body of careful work, undertaken over the last few years, related to focused audience development, marketing, improved vis(torexperienee and opportunities lo increase audience byalty. An audience development plan was developed to cover all Sadler's Wells theatres and the Digital Stage, and this was informed by the segmentslion of existing and target audiences, aided by new systems and tools described below. In particular, careful planning underpinned the ambTtion to ensure that Sadler's Wells East, opening in 2025, will reach and engage a more diverse range of aUdienS. Research identified the projected catchment area of the potential audien as well as the boundaries of a hyper-local audience,. this revealed audien$ not drawn to Sws othervenues, and which typically have a lower engagernentwith the arts., 649h of households are deprived in more than one dimension. Two of our home-grown prLyJuctions enjoyed great success out on the road in the UK and abroad, Iravelling to 30 cities across 12 countries. Message In A Bottle, a Sadler's Wells and Unniersal Music UK co-production, toUd the country before visiting The Netherlands, and completing a 10-stop lour of North America. playing at prestigious theatres including New York City Cenler and the HollN¢))d Pantage5 Theater in Los Angeles. The Rrte of Spring/common ground[sJ, a Pina Bausch Foundation. Ecole des Sables and Sadler's Wells production. enjoyed sold-oul runs in Europe and the Uni(ed States. with perforniances at the iconic ParkAvenue Armory and the Playhouse Theatre in Edinburgh as part of the Edinburgh Inlemalional Festival. Our Digital Stage programme went from strength to strength following a relaunch to position six key strands of programming. from new call-out wmmissions to documentaries about Sadler's Wells projects. The aim of the relaunch was to support the ambition lo become an internationally recognised platform, a go-lo destination for audiences looking for dance-relaled digital content as well as artists lo)king lo use digital in their practice. Highlights of Digital Stage in 2023124 included pairing top choreographers with filmmakers for Motion Picture, which saw Botis Seva collaborate with Douglas Bernardt and Aesandra Seutin team up with Ben Williams. Festival programming allowed the team lo curate content. such as the Elixir Festival, which included four new commissions. New audio content was developed, including podcast Kiss My Black Side and an upcoming podcast series associated with the Rose Choreographic School. A new programme of Digital Stage in-person screening and events induded the Choreographer Conversations series. Our work on our Dig((al Stage reiVed almost 300,000 views, wi(h peop tuning in from 144 different unlries. 27Yo of users camefrom outside the UK and Digital Stage gained 2,400 YouTube subscribers, increasing from the previous year by 4Vo. There was emerging evidence of Digital Stsge content encouraging in-person tid<et sales.
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees. Report Our Leaming and Engagement work inVoed over 29,000 participants and we delivered over 1,400 sessions, including learning sessions with our 14 Associatè Schools. We launched a brand-new choreographic programme. Making Moves, which reached nearfy 800 young people, some of whom shCOsed their own creations on Sadler's Wells Theatre stage at the national showcase in July 2024. Finally, we prepared for a future with an additional Ihealre, undertaking a brand refresh prior to the opening of Sadler's Wells East. The rebrand introduces a set of five coloured logos with bold one word descriptors lo describe the different platforms for our work Isadler's, Peaccck, East, Baylis and Digilall and a new slrapline'Gel Dance From Every Angle, reflecting the huge diversity of our offer. Nurture artistic talent Overall, we psented 525 perfomances, compared with 648 in 2022123. Showcasing a broad range of choreographic styles the programme supported work from 134 choreographers," 330k from the global majority, 280A female, 2 /0 non-binary and 2 % identified as disabled. In 23124 we commissioned 17 works on our physical stages., 14 large scale and 3 small scale. 47QA of the commissioned works came from global majorty artists and 25¢/¢ of artists commissioned were female. We also commissioned 4 new works on Sadler's Wells Digital Stage. We introduced a new artist development programme which aimed to provide all dance artists with opportunities lo experiment, exchange and develop their practice, the programme also looked al targeting areas of the dance ecology that have been historicalty underrepresented, In ils first cycle il contained six distinct open programmes designed lo have a broad reach connecting with artls15 who may not have thought Sadlers Wells was for them and also lo support a range of choreographic Styles. They include.. a bi-month programme of Artisl-Led Session5," a Disabled Artists, Programme., a South Asian Dance Development Programme,. a Mentorship Programme.. fime & Space Commissions and Open Sessions. Registration for these programmes started in the Summer of 2024 and we received over 400 applications for the programmes, 83% of which were from artists who had never had relationship wi(h Sadler's Wells before. named seven new Associate Artists Jules Cunningham, Dan Daw, Oona Doherty. Michelle Dorrance, Seeta Patel, Alesandra Seulin, and Botis Seva who joined our existing Associates and refiected the extraordinary range of work that we present on our stages. Our cohort ofyoung Associates presented their first live performances in the Lilian Baylis Studio across sold out performances and coILaboraled wf(h filmmaker Camilla Greenwell to make a series of short films for our Digitsl Stage. The National Youth Dance Company lebrated ils tenth birthday and has now reached 8,000 young people. The company toured the country with a new work, Novacene, choreographed by ourAssociate Artist Sir Wayne McGregor. A new nationwide sch(xsls programme was introduced. delivering 100 free workshops in secondary schools and FE colleges across England. Breakin, Convention marked 20 years wrth ils biggest cdebrations to date taking over Ihewhole building once again showcasing e*(raordinary hip hop cutture in all ils forms. Artistic DirectorJonzi D was presented wtth a New York citation in honour of his decades-long contribution lo the art form from American hip hop pioneers. The Legendary Twins. Some of our plans for developing talent through Sadler's Wells East started to come lo fruition. We recruited the inaugural cohort for the Rose Choreographic School, an experimental research and pedagogy project which will support a cohort of 13 artists over two years lo explore their choreographic enquiries and lo collectively imagine a school through which knowledge and practi can be developed and shared.
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report We finalised the offer forAcademy 8reakin' Convention, the ABC of hip hop theatre, which will provide the UK'S first free full-time Level 3 Extended Diploma in Perfomance and Production Arts specific lo Hip Hop Theatre for 1&19-year-olds. We launched a programme of ¢¥en days and taster events lo welcome potential students, panIS and carers lo experience parts of the course and get a feel for what studying 8tABC may be like. We put in place the academi partnerships needed to support both programmes, working in partnership with Goldsmiths, Univer511y of London lo support a fully-funded CHASE collaborative doctoral award within the Rose Choreographic School and working with UAL lo design and secure accreditation forthe ABC Diploma. Finally. we launched a brand-new biennial prize for orrginal dance creations in any style from across the globe. the Rose Intemational Dan Prize. Alongside the Rose PrrLe, the Bloom Prize will lebrate artists with up to ten years choreogfftphic experien working in any dance style. Shortlisting of the first potential winners took place in 202314, with the winners being announced ear in 2025. Ch e the workl Construction works lo Sadler's Wells East neared completion during this year and the team worked closely with MACE. LLDC and Alkins to ensure that any issues related lo frt out were identified quickly, recorded and reclrfied. Likewise. close collaboration ¢ontinued to ensure that risks related lo client handover and training in the use of the new theatre are being managed closely. Plans for the launch were also progressed. Sadler's Wells ¢ontinued to work wi(h other East Bank partners on the collaborative activf(ies intended lo yield the various socio-economic benefits of the wider project. In 22123, these included Great Get Together in summer 2023, 8 fe community event at which Sadler's Wells presented an extract of The Head Wrap Diaries and a variety of hip hop acts hosted by Breakin, Convention's Jonzi D. Sadler's Wells also ran a series of workshops later in the summer as part of the East Summer School. Work continued on our Nel Zero Pathway in 2023124 (which aims to take us to net zero by 20501. Two audits of energy consumption were undertaken lo establish a baseline and inform a programme of measures to begin reducing energy costs. This was given added irnpetus by the cost of energy. which rose significantly in 23124, requiring all systems to be monitored c105ely lo reduce use and optimise efficiency. This implementation of immediate 'Quick Wins, was supplemented wrfth planning for some longer-temi measures. Sadler's Wells joined the first cohort of len leading arts organisations on the Julie's Bicycle C8pital Investment Ready, Transfom7ing Energy Programme. This year-long programme is geara at organisations already making signrficant progress in energy reductions. It aims to support them in assessing the potential of current and future technology for their organisations and in making the case for further capitsl investment. Through the programme, the team has been working with external specialists to assess the viabilty of a number of recommendations that emerged from the audit proce55. while assembling a body of dats on potential Capital work should a future grant opportunity become available. Sadler's Wells also participated in the Mayor of London's Business Climate Challenge for 2023. As participant, the team received support for energy audf(ing, energy data and consumption anatysis. There were also learning and training opportunities on energy management.
Sadler's Wells Trust Llmited (Limited by Guarantee) Trustees, Report Develo our or ani5ation and eo Following the retirement of a number of Trustees, we made new appointments lo the Board. Brrtannrd Morton became our Co-chief Executive and Executive Director of Sadler's Wells, strengthening our leadership. Recrurtment to support Sadler's Wells East started in earnest, with key appointments including Martin Hargreaves. Head of the Rose choreograph School and Niquelle LaTouche, Head of Academy Breakin, Convention. The average monthly headeounl for the year wa$ 325. Work continued lo build the cure of an expanded Sadler's Wells. A programme of focused discussk?ns and seminars look place al Senior Management Team, followed by all colleague engagement and the delivery of awareness sessions on issues such as long-lerm conditions and the menopause. Sadler's Wells. Mental Health First Aid neOrk was expanded. and a Parents, and Carers, Forum was established. Sadler's Wells continued lo build ils careers, lalenl development and employment prcoramme. We employed three STEP programme participants, and three apprentices. Our commitment lo local employment as part of the East Bank partnership means that we have actively been welcoming applications from candidates based in East London. We opened a sign-up list for East London residents lo be the first lo hear ofjob opportunf(ies, and ofthe new appointments we made In 23124, seven out of fourteen were local residents. Finally, October 2023 saw us celebrate 25 years in our 'new Ihealre, on the historic Angel site. A eommunty day was held lo ¢elebr8te this historic event- Morris dancing al the Lilian Baylis tree in Spa Green Gardens was followed by wine and cake in the foyer, with performances by Darcey Bussell and colleagues from the Royal Ballet. singers from the ENO and a special Rambert performance. Building maintenance continued to be managed through the Sadler's Wells Foundation, whose Board meets five limes per year. This group is also taking the lead in steering the development of a case for investment for sustainability improvements. as outlined above. Scale the business of dance The organisation continued to improve tts systems and processes, both lo support the overall management and evaluation of activity and to improve day-ttrday efficiency. In 2022, Sadler's Wells secured funding from Bloomberg Philanthropies as part of the second cohort of the Digital Accelerator for Culture programme. Sadler's Wells, proposal was the development ol a syslemalic approach lo KPIS. data collection and monitoring through training and improved HR, CRM, Segmenlalion and Business Intelligence tools. Through 2023124, four main areas of activity we progressed.. Improved Human Resources management via a new HR and payroll system, the first phase of whh went live in July 2024 Improved CRM, and data training. Training was given to Senior Management Team around KPIS, Targets and Outputs, and users ol our CRM system received training for the new version of our CRM system which was also launched in July 2024 Enhanced audience segmentation with a new segmentation model. This has enabled our Marketing team to have greater understsnding of our audiences and their purchasing behaviour, allowing the team lo send marketing emails at a time when someone is more likely to consider purchasing. Introducing Business Inlelli9ence tix)Is with a quarterly reporting dashboard lo track and reportACE KPl$. Thi5 has been used intemally to track which KPIS are oulslanding and used for quarterly reporting lo the board.
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report FINANCIAL REVIEW Total income for the year ending 31 March 2024 was £41.8m, compared to £31.2m in 2022123. This increase was driven by attendance al theatre productions and associated spend alongside increased fundraising. Our ticket income was £22.Om (compared with £15.6m in 20221231. The principal Sour of funding for the charity is income generated from Iket sales and other show related income. such as catering, drinks and merchandise. This is underpinned by annual funding from Arts Council England, whose unrestricted funding repSentS 6.30A {2023-. 9.3Yo} of the total unreslrieted income of the charty. In 2023124, a total of £4.6m {2023'. £4.2ml was received from the Arts Council, of which £2.376k 12023.. £2.501kl was unrestricted, NPO annual ftjnding. The other major sources of income are voluntary donations from individuals. Trusts & Foundations, and corporate bodies together w(th trading income derived from hiring out the spaces in the theatres. £3.7m 12023.. £3.8ml was wesved in voluntary donations from a range of individuals, Trusts and Foundations and corporate bodies. There was growth across our donated income streams, with generous gifts, grants and partnerships supporting our arbslic and learning programmes and our expansion into Sadler's Wells East. Sadler's Wells operates an inleinal fundraising team and is a member of the Fundraising Regulator. Our approach tskes account ofthe Code of Fundraising Practice and we have complied with the standards of the Regulator. We continue to comply with the General Data Protection Regulations and our privacy policy is available at www.sadlerswells.comlaboul- usl oli¢ No fundraising complaints were ceiVed during the year. Expenditure in the perh was predominantly on the charty's main chari(able objective, wi(h 90.10 12023." 89.2%) of unrestricted expenditure on prodUctn$ and the running of the theatre. The remaining 9.9Yo12023: lo.80) was spent on fvndraising activities and trading costs. The total nel movement in funds for the year was £2.2m 12023.. £0.5ml, made up of an unrestricted funds surplus of£2.5m 12023." £0.7ml. a surplus on designated funds of £33k12023.' deficit of £0.6ml and a deficit on restricted funds of £0.3m12023.' surplus £0.4ml. As a Tesull we ended the year with total reserves of £6.9m 12023.. £4.7ml. of which£4.7rn was unrestricted (2023.. £2.3m), £0.4m designated12023= £0.4ml and £1.7rn restrieted12023.. £2ml. These results incorporate the trading of the subsidiary. Sadlerfs Wells Limited. This company operates the catering at the theatre, promotes commercial events hire, raises sponsorship income and prc4uces commissions from Sadler's Wells Trust Ltd. The company gifted a profil of £1,851 k for 202312412023: £1,349kl to Sadler's Wells Trust. Investment Powers and Poli Under the Memorandum and Articles of Association, the charty has the power to invest funds not immediately required for ils purposes in such investrnents as may be considered appropriate by the Trustees. Monies are only invested in funds that are regulated by the FCA. Goin Coneem These financial statements are prepared on a going concern basis which assumes that the charitable group will continue in operational existen for the foreseeable future. The risk to the overall Sadler's Wells business M¢e1 by the opening of a fourth theatre means that the Board is continuously engaged in an assessment of whether the use of the going ¢on¢ern basis is appropriate. Trustees continue to consider possible events or conditions that might (3St signrficant doubt on the abilty of the charttable group to continue as a going concern, and to manage these risks as is set out below. As at the balaTr sheet date, the group had considerable cash balanws in part as a result of the 20- year cUUral Recovery Fund loan taken out in 2021, repayment of which will begin in 2025. The Board made an assessment of going conrn for a period of at least one year from the date of the approval of 10
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report the financial stalemenls. Trustees concluded that the charitable group has adequate resources lo continue in operational existence for the foreseeable future and therefore the charitable group continues lo adopt the going cOnM basis in preparing these financial statements. Reserves Polic The aim of the charity's general reserves is to provide a cushion against adverse events. such as swnificant reductions in income due to external factors. The tsrget reserves position is based upon a review of the level of overhead that the charity is committed to, together wl(h an analysis of the level of reseNes needed to trade through an external shock to the charity's income. General reserves as at 31 March 2024 were £4.7m (2023 £2.3ml. The freo rgserves, being general reserves excluding fixed assets. were £3.7m12023 £1.1 ml. The Trustees had previously sel a reserves target of £3.5m for unrestricted free reserves, being the reserves backed by current assets. This target was mel by the end of 2024 as the result of the phenomenas trading year, as sel out above. Nthilhstanding this success, the Board continues to lake a c8uIKJus posi(ion as it navigates a number of risks associated with the expansion of the organisats'on. PLANS FOR FUTURE PERIODS Our organizalional priorities for 25-26 are to.. Strengthen a respectful and mutually supportive culture of collaboration that nurtures and recognises success Refine our expanded organisation and programme wf(h an agile mindset using testing, refflection and learning lo ilerale and improve. DelNer local. national and international art151ic programmes and tell their impact story Encourage participation and deepen engagernenl, build loyalty and reach, diversify audiences, and champion the value of dance Drive income generation, reduce our environmental impact and sustain a heatthy organisalion. The opening ol Sadler's Well8 East in Slrafford will be a key Iu$ for the organisation in 2025 alongside on90ing art15tic activty at our current locations at Angel and Holborn. National aclivrties will deliver impact especially for young people through NYDC and Making Moves while international touring will continue lo deliver global reach. PRINCIPAL RISKS AND UNCERTAINTIES The Board maintains a risk register which is updated monthly. During the year, key risks that were managed included.. Succession planning for members of the Board and leadership team, which were milwaled by slrenglhening both wf(h a number of appointments Risks inherent in provocative Programming across international boundaries, managed by careful planning and positioning Competition for audiences and changing audience behaviour. manged by careful work to monrtor and segment audiences and largel our marketing and visitor experience lo build loyalty and attract new audiences in focused areas The failure of our technical infrastructure, managed by regular review, maintenance and replacement The risk of a terrori51 incident or viruslransomware attack leading lo injury, loss of life or disruption lo our business. managed through our health and safely and securty Pfocedures
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report Rising energy and otherfixed costs that are of proportion to our ability to increase income while still advancing the artforni. a live risk that we continue to manage through a programme of efficiency and long-term sustainabilty planning Risks lo the stability of the overall Sadler's Wells business model by the opening of Sadler's Wells East, a risk which is being actively managed in discussion with funders following the requirement for ongoing operational subsidy for SWE having been first confirmed by Treasury in March 2015 Ambrtious fundraising targets in a dtfficull clirnate, which continue to be mitigated by best practice in stewardship and donor care, as well as Board support for fundraising The demands of managing the implementation of Sadler's Wells Eastalongside existing operations, mf(igaled by careful resource planning and thejudl0us scaling of the team Safeguarding risks are mitigated by robust policies and training Weaknesses in our monf(oring and evaluation. addressed by the four strands of activity funded by the Bloomberg Digital Accelerator programme, as outlined above. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees Iwho are also Directors of Sadler's Wells Trust Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting practi). Company law requires the Trustees to prepare ff nancial statements for each finaneial yearwhich give a true and fair view of the state of affairs of the charitable group and company and of the incoming reSoUrS and application of resources, including the income and expenditure, of the charttable Company for that period. In preparing these financial statements, the Trustees are requir to.. select suitable accounting policies and then apply them consistently: observe thè methods and principles in the Char(ties SORP., make judgements and eslimales that are reasonable and prudent., stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless f( is inappropriate to presume that the charitablg company will Continue in business. The Trustees are responsible for keeping proper accounting records that disclose w(th reasonable araCY at any lime the financial position of the Charitab group and Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charrtable group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial infonnation included on the charitsble company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in othef jUrisdtiOns. In so far as the Trustees are aware.. there is no relevant audi( information of which the charitable company's auditor is unaware., and the Trustees have taken all steps that they ought to have tsken to make themselves aware of any relevant audit infornialion and lo establish that the auditor is aware of that infomalion. 12
Sadler's Wells Trust Limited (Limited by Guarantee) Trustees, Report The auditor. Moore Kingston Smith LLP, is deemed lo be reappointed under section 487121 of the Companies Act 2006. This Strategic Report, which forms part of the Trustees. Report, is approved by the Trustees in their capacity as Dir members of the Board on I I I I ors of the company. The Trustees, Report was approved by the 2024 and signed on their behalf by.. Nigel Higgins Chaiman Charity registration number 279884 Company Tegislration number 1488786 13
Sadler's Wells Trust Limited Independent Auditor's Report to the Members of SadLer's Wells Trust Limited (Limited by Guarantee) Opinion We have audf(ed the financial slalements of Sadlerfs wel Trust Limf(ed for the year ended 31 March 2024 which comprise the consolidated Slalement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the consolidated Cash Flow Ststemenl and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom GenerallYAcpted Accounting Prath"ce) including FRS 102'The Financial Reporting Standard Applicable in the UK and Ireland,. In our opinion the financial statements= give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of the group's incoming resources and application of resoUrs. induding its income and expendrf(ure, for the year then ended., have been properfy prepared in aceordance with Unf(ed Kingdom Generally Accepted Accounting Practi., and have been prepared in accordance wf(h the requirements of the Compantes Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAslUK)l and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audf( of financial statements section of our report. We are independent of the charitable company in aecordance wi(h the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we havè fulfilled our other ethical responsibilities in a¢cordan¢e with these requirements. We believe that the audi( evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded thatthe trustees, use ofthe going concem basis of accounting in the pparatIOn of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material unrtaIntieS relating to events or conditions that, individually or collectNely, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of al least twelve months from when the financial stslements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The other lrrf0rrTt10n comprises the infornialion included in the annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomialion and, except to the exient otherwise explicf(ly stated in our retK)¢ we do not express any fomi of assurance conclusion thern. 14
Sadler's Wells Trust Limited Independent Auditor's Report to the Members of Sadler's Wells Trust Limited (Limited by Guarantee) Other Inforniation Icont.) Our responsibility is lo read the other inforniation and, in doing so, consider whether the other information is materially inconsistent wrth the finaneial stslemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misslalemenl in the financial statements or a material misslalemenl of the other information. If, based on the work we have perfomed, we conclude that there Is a material misststemenl of this other information, we are qUired to report th81 fact. We have nothing lo report in this regard. Opinions on other rnatters prescrfbed by the Companles Act 2006 In our opinion, based on the work undertaken in the coutse of the audrt.. the information gwen in the trustees, annual port for the financial year for which the financial slalements are prepared is consislenl with the financial slatement5,' and the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by gXCQPtion In the light of the knowledge and understanding of the group and parent charitable company and ils environment obtained in the course of the audit, we have not identified material misslatemenls in the trustees, annual report. We have nothing lo report in SpeCt of the following matters where the Companies Act 2006 requires us to report to you rf, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visrted by us.. or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specrfied by law are not made.. or we have not received all the inlom81ion and explanations we require for our audit. R&sponsibilities of Trustees As explained more fully in the trustees, responsibilrties statement $el out on page 12, the Iruslees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial slalemenls that are free from material misstatement. whether due lo fraud or error. In preparing the finaneial slalements, the trustees are r$sponsible for assessing the group and parent charfcable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic altèrnative but to do so. 15
Sadler's Wells Trust Limited Independent Auditor's Report to the Members of Sadler's Wells Trust Limited (Limited by Guarantee) Audilorfs responslbllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial $18lernent5 as a whole are free from material misslalement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance w(£h ISAS IUKI will aVayS detect a materi81 rnisstatemenl when il exists. Misstatements ¢an arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the e¢onomic decisions of users taken on the basis of these financial statements. As part of an audr( in a¢¢ordance with ISAS {UKI we ex¢1$$ profgssional judgement and maintain professional sceptirysm throughout the audit. We also.. Identrfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perforni audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions. misrepresent*ions, or the override of inlemal control. Obtain an understanding of internal control relevant to the audit in order to design aud ProdureS that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charrtable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of aonting estimates and related disclosure5 made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast signrficanl doubt on the group and parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosuS in the fnancial statements or, rf such disclosures are inadequate, to modfy our opinion. Our conclusions are based on the audi( evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or parent charit8ble company to cease to corrtinue a5 a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the 110sUre5, and whelherthe financial statements represent the underfying transactions and events in a rnanner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entf(ies or business activities wf(hin the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and perfornian of the group audi(. We remain solely responsible for our audit report. We communicate with those charged with governan regarding, among other matters, the planned scope and timing of the audit and signrficant audit findings, including any signrficant deficiencies in internal control that we identify during our audf(. Explanation as to what extent the audtt was considered capable of detecting irregularities. including fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilrties, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregular((ies. including fraud is detailed below. 16
Sadler's Wells Trust Limited Independent Auditor's Report to the Members of Sadler's Wells Trust Limited {Limited by Guarantee) Explanatlon as to what extent the audit was considerod capable of detecting irregularities, including fraud Icont.) The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstalemenl of the financial statements due lo fraud,. to obtain sufficient appropriate audit eVence regarding the assessed risks of material misslalement due to fraud, through designing and irylemenling appropriate responses lo those assessed risks,. and lo respond appropriately lo instances of fraud or suspected fraud identified during the audr(. However, the primary responsibilty for the prevention and detection of fraud rests with both rnanagemenl and those charged wfth governance of the Charitable company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable lo the charitable company and considered that the most significant are the Companies Act 20C6, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies wf(h these requirements by discussions wi(h management and those charged with 9overnance. We assessed the risk of material misstatement of the financial statements, including the risk of material misslatemenl due lo fraud and how it might occur, by holding discussions with management and those charged wrth governance. We inquired of management and those charged with governance as lo any known Instan of non-COTHp1ian¢e or suspected non.complian¢e with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliarice with laws and regulations. This included making enquiries of management and those charged with governance and obtaining addrtional corroborative evidence as required. There are inherent limitation5 in the audi( procedures described above. We are less likely to becorne aware of instsnces of non-eompliance with laws and regulations that are not ¢losety related to events and transactions reflected in the financial statements. Also, the risk ol not detecting a material misslalemenl due to fraud is higher than the risk of not detecting one resutting from error, as fraud may involve deliberate Concealment by, for example, forgery or intentional misrepresenlalions, or through collusion. Use of our Report This report is made solely lo the charitable company's member5, as a body, in accordance wlfh Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has been undertaken $0 that we might state lo the charitable company's members those matters which we are required lo stale to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. K, ruL LCP Jamès Cross Isenior tatutory Audltorl fu and on behalf of Moore Kingston Smith, LLP Slalulory Auditor 6th Floor 9Appold Street London EC2A 2AP Date". 16 December 2024 17
Sadler's Wells Trust Limited (Limited by Guarantee) Statement of FinancialActivities For the year ended 31 March 2024 Unrestrieted Fund$ Yearended 31 March 2024 Designated Funds Year ended 31 March 2024 Restricted Funds Year ended 31 March 2024 Total Funds Year ended 31 March 2024 Total FurK15 Year ended 31 Mah 2023 Irestatèdl £'ooo £'ooo rooo £'ooo rooo Incom• Donations and legacies.. Sponsorship & donations Arts Council ftjnding Charitable activ*S". Theatre prasèntstions A¢tyvitEs for raising funds.. Trading income other income Investrnent income Total In¢ome 2.297 2,376 1,401 2.241 3.898 4.817 3,808 4.210 28,478 125 28,603 19.527 3,332 851 535 37,869 3,332 935 572 41,757 2,928 538 189 31,200 37 3.88e Expenditura Charitable actiwties.. Expenditure on prèssntations Theatre overheads Activities for raising funds.. Fundraising cx)sts Trading Total Exp8nditur8 27.731 4,583 2.503 1,662 30,234 6,245 21.629 6,189 900 2,864 35.878 80 74 4.319 671 2,371 30,860 2,738 40,197 Nat Ineomè before Investment Low4e¥ 1,991 14311 1,560 340 Unrealised Loss on InY•stm•nt PrortI•$ 1601 1251 1851 Other Reco9nised Gain$ and Theatre Tax Relief 553 189 742 199 Net Income 2,484 1251 12421 2,217 539 Gr0$5 transfers betsveen Funds 1571 Not mov•m•nt in Funds 2,483 12991 2,217 539 Net Funds at 1 April 2023 2,251 402 2,000 4,653 4.114 Net Funds at 31 March 2024 4,734 435 1,701 6,870 4.653 None of the charitsble group's activities were acquired OT discontinued during the above financial periods. The charitable group has no recognised gains and los$e$ other than those deak w(th in the above Statement of Financial Activities. Restricted funds have been applied onty for the purposes for which the in¢ome was received. 18
Sadler's Wells Trust Llmited (Limited by Guarantee) Balance sheet as at 31 March 2024 2024 Congolidated £'ooo 2024 Chartty £'ooo 2023 Consolidated £'ooo 2023 Charlty £'ooo Note Fix•d A$gets Tangible a$$ets Investrnent Property 57 1.s65 1.622 55 1.6SO 1.705 55 1.200 1,255 71bl 1.140 1,183 Current Assets Stock loi sale Debtors Current asset investment Cash at bank and in hand 90 6.135 1,500 14,276 22,001 27 6.621 1.500 12,558 20,7C6 71 3.153 16 5,542 13,168 16,392 10,2S9 15,827 Credltors= Amounts Falling Due Within One Year 112.3851 110.6511 19,0241 18.0091 Net Current As8et$ 9.616 10,055 7,368 7.818 Long temi Liabiliti&s 10 14.3681 14.3681 14.4201 14,4201 Total Assets Le$$ Li¥bilitie$ 6,870 6.870 4,653 4.653 Funds ReStrted Unrestricted- Designated Unrestricted 17 17 17 1,701 435 4,734 6,870 1,701 435 4,734 6,870 2.000 402 2.251 4,653 2,000 402 2,251 4,653 As permitted by S408 CompaniesAct 20Cf , the charity has not psented rts own Statement of Financial Activities and related notes. The Charity surplus for the year was £2,215,22812023.' £537,677). Approved for issue by the members of the board on by.. ,112(YF and soned on their behalf Nigel Higgins Chairman Company nurnber 01488786 19
Sadler's Wells Trust Limited (Limited by Guarantee) Consolidated Statement of Cash Flows forthe year ended 31 March 2024 Year ended 31 March 2024 Year end•d 31 March 2023 Irestatedl £'ooo £'ooo Notè £'ooo Net eash flows from operalin9 activities 12 2,054 636 Cash fltsw¥ from invesn9 actovities Cash receipts frorn interest and diwdencls received Movement in current 8SSgt investrnents Purchase of propety, plant aThJ ttquiprnent Nèt ea¥h provided by lused Inl Investing aetivitiès 572 11.5001 1181 19461 189 189 Net change in eash and sh equNalents in the perlod 1.108 825 Movement in net cash in the period 1.108 825 Net cash and eash equival8nts at 1 April 2023 13,168 12,343 Net cash and cash equlvalents at 31 Mareh 2024 13 14,276 13.168 20
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 1. Accounting Policios a. Basis of ac¢ountlny Sadler's Wells Trust Limited is a company limrted by guarantee and has no share ¢apilal. The entity is registered in England & Wales {company number 1488786, charty number 2798841 with registered address of Rosebery Avenue, London. EC1 R 4TN. The financial slalemenls have been prepared under the histOral cost convention, subject to the revaluation of ¢ertain investments, and in accordance with the accounting poliryes set out in the notes lo the accounts. The accounts have been prepared ln accordance with the charty's governing document, the Charities Act 2011, and Statement of Recommended Practice 'A¢¢ounting and Reporting by Charities. ISORP 20191 and applicable accounting standards in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Charity is a Public Benefit Entity as defined by FRS102. The financial statements are prepared in sterling which is the functional currency ol the company. Monetary amounts in these financial slalements are rounded lo the nearest thousand pounds. b. Going concern The financial slalements are prepared on a going concern basis which assumes that the charitable group will continue in operational existence forthe foreseeable future. The Trustees have assessed whether the use of Ihe going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charf(able group lo continue as a going concern as referred lo in the Trustees report. The Trustees have made this assessment for a period of * least one year from the dale of approval of the financial statements. As al the balance sheet dale the group has conskderable cash balances in part from the 20 year CRF loan taken out in 2021, repayment of which will begin in 2025. Therefore. the Trustees have concluded that there 1$ a reasonable expectation that the charitable group has adequate resources lo continue in operslion81 existence fpr the foreseeable future and therefore Continues to adopt the going concern b8515 in pparIng ils financial slalemenls. c. Consolidation The Group Financial Slalements consolidate those of Sadler's Wells Trust Limf(ed and its trading subsidiary, Sadlerfs Wells Limited. The results for the trading subsidiary are consolidated on a line by line basis. No separate SOFA has been presented for the charity alone as permitted by section 408 of the Companies Act 2006. d. Incom& from prosentations and performances Income from presentations and performances, which is matched lo relevant performances, represents amounts receivable, excluding ValueAdded Tax, for goods and services provided in the ordinary course of business. Advance box office income is deferrecs until the presentation opens. Donations and sponsorship for specffic productions are credited to presentation ineome as the performances lake place. e. Grants. donations and sponsorshlp a. Revenue grants are credited lo the Statement of Financial Activities in the period in which they fall due unless they relate to specified future or prior periods, in which case they are deferred or accrued respectively. b. Donations are Irealed on 8 cash receipts basis. Corporate spk)nsorship is recognised on an a¢cruals basis in the period in which the sponsor consumes the relevant benef(ts. d. Legacies are recognised when probate on the legacy has been mpleted, and it is probable that income will be re¢eived and is quantifiable. e. Investment and other income is recognised when the enl(tlemenl can be demonslraled, il is probable that il will be received, and it can be reliably measured. 21
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 Accounting Policies IconLI f. Cost allocation All expenditure is accounted for on an acciuals basis. To the extent that VAT is not recovered, it is included in the cost category lo which it relates. Costs relating lo the mounting of productions and running of the theatre are classed as charitable activities. Those costs relating to generating voluntary income, and to trading activ(£ies to raise funds for the charity, are classiffed as costs of raising funds. Govemanee costs comprise those costs that allow Sadler'5 Wells Trust lo operate as a charrty and lo general8 the information required for public accounlabilty and are part ofsupport costs. Support costs have been allocated between areas of activities on the basis of staff numbers in each area. In previous years, bank interest was included in support costs. In 2024, bank interest is now included in investsnent income and the comparatives have been restated accordingly. g. Tangible fixed assets Tangible fixed assets are slated at cost less accumulated depreciation. There is a capitalisation thshOld policy of £10,000. Depreclation is provided on all tangible fLxed assets, excluding land, al rates calculated to write each asset down lo its estimated residual value evenly over ils expected useful lrfe. Purchased assets have been depreciated al the following straight line rate.. Fixtures & fittings 33.30/. Leasehold improvements 50 Computer equipment 20DA The Trustees review the tangible fixed assets annually forany evidence of impairment. Where there is objective evidence of impairment. the charity recognises the loss in the Statement of Financial Aclimties immediatety. h. Investmènt properties Investment properties are reviewed annual and held al fair value. based on the market value for the propety which the Trustees consider lo be reasonable. Changes in fair value and any gains or losses arising on disposal are recognised as nel gainslllosses) on investments in the Statement of Financial Activities. Cash and cash equiva19nts Cash and cash equivalents include cash al banks and in hand and short-temi deposits with an original maturity date of three months or less and investments capable of immediate cash realisalion. Current asset investment Fixed lem $h deposits with a fixed tem of three months or more are included in current asset investments. Debtors and creditors Debtors and credi(ors receivable or payable within one year of the reporting date are carried at their transaction pre. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured al the present value of the expected future receipts or payment discounted at a market rate of interest. Show prepayments represent costs incurred at the reporting date for shows which have not yet matured or. for al-risk shows, where the production has not reached a nel profi(. Stock stock represents gocKls for resale and is staled at the lower of cost and nel realisable value. m. Employee benefits The ¢osts of short-temi employee beneffts are registered as a liabilty and expense. Terniination benerrts are recognised immediately as an expense when the company ts commrtted to provide temiination benefits. Costs not paid at the year end are recognised as a liability. 22
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 Accounting Policies Icont.I n. Pension cost$ The charity operates an auto enrolmenl penSn scheme. Payments into this scheme, and in respect of employees. private pension schemes. are charged to the Statement of Finan¢ialActivi(ies as incurred. o. Foreign currencles Foreign currency balances al the year end have been translated into sterling al the rale ruling al that dale. Transactions during the course of the peri(Yl have been translated into slerfing al the r*e ruling al the transaction date. p. Government grants here the charity is awarded government grants, rt recognises these a5 income only where there is reasonable assurance that the charity will comply with the conditions attaching to them, and the funds will be received. This includes grants received from Arts Council England as they are an executive non-departmenlal public body. The £4,250k loan from Arts Council England under the Cultural Recovery Fund is considered to be a public benefit entity concessionary loan as the interest rale is below the prevailing markel rate. The loan is valued at amortised cost usiro the effective interest method. Interest is accrued annually at 20A and is repayable over 20 years, with a repayment holiday for the first four years. The interest is accrued and added lo the initial £4,250k loan. As al 31 March 2024. the loan remained fully drawn down. q. Accounting for reseeS There are both restricted and unrestricted funds. Unrestricted funds are divided into general and designated funds. General funds are available for use at the discretion of the Trustees in furtherance of the general charitable objective5. Designated funds are amounts that have been sel aside al the discretion of the Trustees. Reslricled funds are grants or donations with conditions attached by the donor. They may speafy that the funds are used in a specific way or for a specrfic purpose. Operating leases Rentals payable under operating leases are charged against income on a slraighl line basis over the lease tem. $. Taxation The company is a registered charty and as such is enlilled lo exemption from laxalion on ils charitable activities under the Corporation TaxAcl 2010. Theatre tax relief Theatre tax relief credits payable lo the company in relation lo eligible expend(£u on theatrical productions are recognised as a credit within the lax charge. Accounting estimates and areas of ludgement In preparing financial statements it is necessary lo make certsin judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Trustees lo have the most significant effect on amounts recognised in the financial slalemenls.. Measurement of the fair value of the investment properties as undertaken by the Trustees. based on appropriate professional advice Eslimalion of likely future recoupment of pruction costs and CommissnIng fees carr1 fomard in the balance sheet at each period end. 23
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements Forthe year ended 31 March 2024 2. Arts Council and other Govemment Funding During 2024, the charity has received funding from the Arts Council for. 2024 £'ooo 2,376 2023 £'ooo 2,501 NPO core funding Restricted.. . NYDC Stratford Breakin, Out Message in a Bottle . Whays Next 450 1,332 282 164 13 4,617 474 1,232 4,210 3. Expenditure on support costs 2023 Irestatedl Total £'ooo 911 1,294 388 2.593 Theatre Overhaad Fundraislng £'ooo £'ooo 67 59 191 167 33 28 291 254 2024 Total £'ooo 1,021 2,868 488 4,377 Presentation £'ooo 786 2,204 375 3,365 Trading £'ooo 109 306 52 467 Executive Office Finance People Support costs have been allocated on the basis of staff numbers in eaeh area. 4. Governance costs Governance costs include the following payments to auditors- 2024 £'ooo 41 2023 £'ooo Audit- current year prior year Taxation- current year prior year Non-audit services 43 69 24
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements Forthe year ended 31 March 2024 S. Staff costs Consolldatgd and charlty 2024 £'ooo 8,849 2023 £'ooo 7,278 754 25S 8.287 Wages and salaries Social security costs Pension Costs Inole 161 282 9,978 Redundancy and lemiination payment costs included in the above lolalled £4,053 {2023.' £14.5531. Employee remuneration for employees earning more than £60.000 fell in the fdlowing bands.. 2024 2023 £200,001- £210.000 £180.001- £190,000 £160,001- £170,000 £140,001 £150,000 £100,001- £110,000 £90,001- £100,000 £80,001 £90,000 £70,001 £80,000 £60,001 - £70,000 During the year the company paid pension contributions of £68,786 {2023." £80,099) on behalf of these staff. The average monthly head wunt was 325 staff 12023.. 3041 and the average number of full-lime equivalent stsff employed lincludin9 part-time slaffj.. 2024 2023 Theatre and Front of House 88 11 21 71 Box offi Marketing Technical Adminislralion Development Events 18 53 23 13 21 10 Catering 24 19 237 208 The Trustees received no remuneration for the services they provided to the company. No expenses were reimbursed12023.. £nill. The Trustees donal8d £937.76012023.. £1,485,887) lo the charity during the year. The charty eonsiders its key managernenl personnel to be the Senior Management Team, made up of 15 12023." 141 members. The remuneration of the Artistic Director and Co-chief Executive and Executive Director and Co-chief Executive is decided by the Board," the Artistic Director and Chief Executive and Executive Director and Co-chief Executive decide the remuneration of other members of the Senior Management Team. Total employment costs for this group, including employer NICS and pension conlribulions, was £1,528,06212023.. £1,350,682). 25
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements Forthe year ended 31 March 2024 6. Tangible fixed assets Consolidated Leasehold Improvements £'ooo Computer Equipment £'ooo Fixture5 & Fittings £'ooo 2024 Totsl £'ooo Cost As al 1 April 2023 Addrtions Disposals As at 31 March 2024 110 351 18 62 307 154 615 18 62 571 110 154 Depreciation As at 1 April 2023 Charge for the period Disposals As al 31 March 2024 75 331 11 62 280 154 560 16 62 514 80 154 Net book value As at 31 March 2024 As at 31 March 2023 30 35 27 20 57 55 Charity Leasehold Improvements £'ooo Computer Equipment £'ooo Fixtures & Fittings £'ooo 2024 Total £'ooo Cost As at 1 April 2023 Addf(ions As * 31 March 2024 110 289 46 445 110 289 4S 445 Depreciation As at 1 April 2023 Charge for the period As at 31 March 2024 75 269 390 12 402 80 276 Net book value As at 31 March 2024 As at 31 March 2023 30 35 13 20 43 55 26
Sadler's Wells Trust Limited {Limited by Guarantee) Notes to the Financial Statements Forthe year ended 31 March 2024 a) Investment In trading subsldlary The wholly owned trading subsidiary Sadlerfs Wells Limf(ed Iwmpany nUmlr 029071161, which is incorporated in England and Wales, is consolidated w(thin these financial slalements. The company dislribules all its profits lo the charty under Gift Aid. Sadler's Wells Limited promotes commercial Th)n theatre hires and provides catering al the Sadlerfs Wells and Peacock Ihealres, receives sponsorship income and produces productions commissioned by Sadlerfs Wells Trust Ltd. The charity owns the entire issued share capital of 2 ordinary shares of £1 each. A summary of the trading results is shown below. Sadler's Wells and f(s trading subsidiary have entered into a deed of covenant which is a legally binding agreement to pay up all profits a subsidiary can legally distribute. Year ended 31 March 2024 £'ooo Year ended 31 March 2023 £'ooo Profit and Loss A¢¢ount Turnover Cost of sales Production expenses Gross Profit 9,795 18791 16,0391 2,877 5,939 18081 12,7511 2,380 Administralitsn expenses Bank interest Taxation Other recognised gains and losses Result for the financial year (1,7641 21 742 1251 1.8S1 11.240) 10 199 1,349 Retained earnings brought forward Charitable distribution to parent charity Retsined earnings carried fotward 11,8511 11,3491 31 March 2024 £'ooo 440 3,150 13,5901 31 March 2023 £'ooo 450 3,773 14,2231 The assets and liabilities of the subsidiary were". Fixed assets Current assets Creditors. amounts falling due within one year Total net current assets Aggregate share caprtal and reserves 27
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financialstatements For the year ended 31 March 2024 b} Investment property The investment property held by the charity comprises a house which was donated ty the Dame Hilda Bracket Trust and is valued by the Trustees at £200,000 and an office building held at 369 St John Street valued at £940,000. Independent valuations of these properties have been undertaken.. for the house in April 2018 by Robert Cooney, Chartered Surveyors and for the office building in March 2024 by Glenny LLP. The investment property held by the trading subsidiary comprises the leasehold interest of the Shakespeare's Head Public House on Arlington Wdy, London. The fair value ofthe investment property of £425,000 has been arrived al on the basis of a valuation carried out as at 31 March 2024 by Fleurets Limited Chartered Surveyors, who are not connected with the mpany. Consolidated 2024 £'ooo 1,650 185) 1,565 Charity Consolidated 2024 2023 £'ooo £'ooo 1,200 1,650 1601 1,140 Charity 2023 £'ooo 1,200 Falr value At 1 April 2023 Revaluation loss As at 31 March 2024 1,650 1,200 8. Debtors Consolidated Charity 2024 £'ooo 1,440 1,858 449 Consolldated Ire$tstedl 2023 £'ooo 1.300 23 327 592 911 3,153 Charity Irestatedl 2023 £'ooo 1,102 3,230 305 2024 £'ooo 1,985 Trade debtors Amounts owed by related undertakings Other debtors Corporation Tax Receivable Accrued income and ppaYments 741 2,923 905 5,542 6,621 9. Creditors: amounts due within one year Consolidated Charity Consolidated 2024 2024 2023 £'ooo £'ooo £'ooo 137 137 750 710 609 579 1.011 1,011 699 699 10,487 8,793 7.716 6,731 12,385 10,651 9.024 8.009 Analysis of deferred incomg, comprising income from future perfomances, venue hire and grft vouchers.. Charity 2023 £'ooo Loan Trade creditors Social security and other taxes Accruals and deferred income Consolidated 2024 £'ooo 5,741 IS,4001 6,580 6,921 Charity Consolidated 2024 2023 £'ooo £'ooo 4,80S 3,751 14,4651 12,9671 4,920 4,957 5,260 5,741 Charity 2023 £'ooo 3,464 {2,681} 4,022 4.805 Balances brought forward at 1 April Released in year InGome deferred in year Balancè carried forward 28
Sadler's Wells Trust Limited {Limited by Guarantee) Notes to the Financial Statements Forthe year ended 31 March 2024 10. Creditors: Amounts duè after morg than one year Consolldated 2024 £'ooo 4,368 Charity Consolidated 2024 2023 £'ooo £'ooo 4.368 Charity 2023 £'ooo 4,420 Loan 11. Borrowings Consolidated & Charity 2024 £'ooo 137 1,092 3,276 4,505 Consolidated & Charity 2023 £'ooo Payab within 1 year Payable 2-5 years Payable over 5 years 536 3,884 4,420 In the year ended 31 March 2021. Sadlerfs Wells Trust Limf(ed was granted a facility for a 20 year loan by Arts Council England under the Cultural Recovery Fund. The loan was drawn down to £4,250,000 on 17 March 2021. The loan incurs an annual Inte$1 charge of 2Q/o. which has beèn aecrued and added lo the lolal amount payable. The loan is repayable over 20 years, with a repayment holiday for the first four years. Repayments of the loan commence March 2025. 12. RQncl11at10n of Net Incomlng Resources from Operating Activities to Net Cash flov Consolidated & Charity Irestatedl 2023 £'ooo 539 11891 12 Consolidated & Charity 2024 £'ooo 2,217 15721 16 85 85 119} 12,982} 3,224 2,054 Consolldated Nel income for the reporting period Dividends, interest and rents from investments Depreciation Impairment Finance costs Ilncreasel in stock (Increase) in debtors Increase in creditors Nel cash inflow from operating aclivi(ies 85 15) 19901 1.184 636 29
Sadler's Wells Trust Limited
(Limited by Guarantee)
Notes to the Financial Statements
Forthe yearended 31 March 2024
13. Anatysis of changes in net debt
At 1 April
2023
Non
Sadler's Wells Trust Limlted (Limited by Guarantee) Notes to the Financi8L Statements For the year ended 31 March 2024 17. Net movement in funds At 1 April Income Expendlture 2023 Transfersl GainslLosses At 31 March 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Restricted Funds: National Youth Dance Fund Dame Hilda Bracket Fund What Next? Fund Stratford DOPODO Breakin, Out Development Learning and Engagement Funds Programming. Producing & Touring Funds Rose Choreographic Prize Data Accelerator Project Other restricted funds 124 126 36 600 17061 121 11321 11.3291 1321 14181 1231 15791 17941 164 182 124 33 129 1.337 181 (51 1321 18 402 42 768 1151 14} 12 461 276 301 545 52 992 89 2S 37 25 {2261 160) 1181 14,3191 803 10 2,000 3,888 132 1.701 Unrestricted Funds.. Designated Funds Peacock Theatre Fund The Shakespeare's Head Fund 58 1251 33 58 377 435 402 402 General Fund 2,251 4,653 37,869 41,757 135,878) {40,197) 492 657 4.734 6.870 Restricted Funds The National Youth Dance Fund represents funds received and expended on the National Youth Dance Company. The Dame Hilda Bracket Fund Is a donation to support music, in particular grand and light opera. The Mfftat Next? Fund represents a donation for the What Next? campaign, hosted by Sadler's Wells. The Stratford Fund is an Arts Council grant provided to fund preparation Costs associated with Ihe new vanue in Stralford. The DOPODO fund is a European grant provided to support the Dance on, Pass on. Dream Dn project. The deficit relate5 to expenses incurred forwhich funds are pending", furtherfunds are expected in FY25. The Breakin, Out fund is an Arts Council grant provided for Breakin, C(x)vention dance and engagement activity. The Development restricted funds represent gr8nls lo be spènt against future activity. The L&E Fund represents amounts received from funders in support oflearning and engagement acb"Mty. The Programming, Producing and Touring fLJnd represents amounts received in support of the programme hosted at and toured by Sadlerfs Wells. The Rose Choreographic Prize represents amounts received to establish and fund thè Rosè International Dance Prize and Choreographic School. The Data Accelerator Project represents funds in support of strategic improvements to technology infrastructure. Other restricied funds represent gran15 to be spent against future activity. 31
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements For the yearended 31 March 2024 Net movement in funds {contl Designated Funds The Trustees have designaed funds. The Shakespeare'$ Head Fund will provide for any future impairment on the leasehokl of the Shakespeare's Head public house, held by Sadler's Wells Limited. The Peacock Theatre Fund will provide for any fijture improvements required on Sadlerfs Wells activity at the Peacock Theatre. Transfe between funds The transfers of funds from restricted lo unrestricted fund$ for named funds rel*e to internal overhead costs to be recovered from reslricled funding. The transfers from other restricted funds in aggregate relate to the release of restricted funding as a donation to support core or other costs. The transfer from the unrestricted funds to designated funds relates to the creation of a fund for maintenance associated wrth Sadlerfs Wells activty al the Pea¢o¢k Theatre. 18. Analysis of Net Assets between funds Fixed assets Cash Other net Ilablllties £'ooo 17,8261 Net total assets £'ooo 4,734 435 1,701 6,870 £'ooo 1,020 402 200 1,622 £'ooo 11,540 33 2,703 14.276 Unrestricted funds Designated funds Restricted funds Total Funds 1.202 9.028 19. Connected charities and related party transactions Sadler's Wells Limf(ed is a wholly owned subsidiary which trades on behalf of the charty. Agift of £1,851,169 {2023'. £1,349,233} was CeIVable from Sadler's Wells Limited forthe year, and £1,857.088 was due from {2023'. £3,126,212) that company at the year end. Sadlerfs Wells Trust Limff(ed bo a number of administrative costs on behaw of Sadler's Wells Limited that have been recharged subsequently, the largest being payroll costs of £1,111,97112023.. £938,805) and VAT of £821,62912023.. £579,786). Sadler's Wells Trust is a corporate trustee of the Dame Hilda Bracket Trust, along with Sadlels Wells Development Trust. The fund is held in a restricted fund by Sadlerfs Wells Trust. During the year Sadlerfs Wells Trust Ltd incurred a rent charge of £452,000 (2023.. £300,000) frc Sadler's Wells Foundation Ltd, of which £218,000 had not been paid 12023." £150,000) to the Foundation al the year end. An addilK)nal £29 was due from Trust to Foundation al year-end. No development costs 12023.. £6801 were paid by Sadlerfs Wells Trust Limi(ed on behalf of the Foundation. Sadler's Wells Foundation Ltd is a member of Sadlerfs Wells Trust Ltd. 20. Capital Commitments Al 31 March 2024 Sadlerfs Wells Trust had no capital commitments committed but not yet contracted for {2023: None). 32
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 21. Comparative net movomant in funds year end9d 31 March 2023 At1 Aprll 2022 £'ooo Income Expendlture Transfers1 Gains At31 March 2023 É'ooo £'ooo £'ooo £'ooo Restricted Funds: National Youth Dance Fund Dame Hilda Bracket Fund at Nextr Fund Slratford Mobilisalion DOPODO Breakin. Out Development Learning and Engagement Funds Programming, Producing and Touring Funds Rose Choreographic Pryze Kwame Asafo Adjei Fund Data Accelerator Project Other restricted funds 504 {6351 15} {1251 11.2531 1651 11851 13291 15321 71 124 131 53 126 108 1,231 22 69 200 18 595 19 11 795 12691 16} 276 324 380 1,000 88 125 38 4,284 13561 {81 1861 1361 {331 13,6481 1471 301 992 121 89 25 2,000 17 {2141 1,578 Unre$tri¢ted Funds: Designated Funds Peacock Theatre Fund The Shakespeare's Head Fund Contingency reserve 50 402 soo 150) 402 15001 15001 952 1501 402 General Fund 1,584 4,114 26,850 31.134 127.0961 130,7941 913 2,251 4,653 199 22. Comparatlve analysls of net assets between funds year ended 31 March 2023 Flxed assets Cash Other net Net total assets £'ooo 2,251 402 2,000 4,653 £'ooo 1,103 402 200 1.705 £'ooo 11,293 £'ooo 110,1451 Unreslricled funds Designated funds Reslricled fund$ Total Funds 1.875 13,168 75 10,220 33
Sadler's Wells Trust Limited (Limited by Guarantee) Notes to the FinanciaL Statements For the year ended 31 March 2024 23. Comparative fund and statement of financial activltleg balances year ended 31 March 2023 (restated) Unrestricted Designatgd Restricted Funds Funds Funds Total Year ended Year ended Year ended Funds 31 March 31 March 31 Mah Year ended 31 March 2023 £'ooo 2023 £'ooo 2023 2023 £'ooo £'ooo Incomo Donations and legacies.. Sponsorship & donations Arts Couneil funding Charrtable actDiilies'. Theatre presentations Activities for raising funds.. Trading income Other income Investment income Totsl Income 1.342 2,501 2,466 1,709 3,808 4,210 19,418 109 19.527 2.928 538 189 26,916 2,928 538 189 31,200 4,284 Expenditure Charttable activities.. Expenditure on presentations Theatre overheads Activities for raising funds.. Fundraising wsts Trading Total Expenditure 19,747 4,475 1,883 1,663 21,630 6,188 50 625 2,315 27,162 46 671 2,371 30,860 50 3,648 Net Income before Investment Losses 12461 150) 636 Other Recognisgd Galns and Theatre Tax Relief 97 102 199 Net Income 11491 {50) 738 539 Gross transfers between Funds 816 15001 {3161 Net movement In Funds 667 15501 422 539 Net Funds at 1 April 2023 1,584 952 1.578 4,114 Net Funds at 31 March 2024 2,251 402 2.000 4.653 34
Sadler's Wells Trust Limited (Limited by Guarantee) Notes tothe Financial Statements For the year ended 31 March 2024 24. Comparative support Costs year ended 31 March 2023 Irestated} Theatre Overhead Fundraising £'ooo £'ooo 73 49 103 69 31 21 207 139 2023 Total £'ooo 911 1,294 388 2,593 Prosontation £'ooo 696 991 297 1,984 Trading £'ooo 93 131 39 263 Executive l)ffice Finance People 35