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
B￿nda 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
t￿ether 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 Suc￿sS 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 aUdien￿S. 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 d1￿CtIveS 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.

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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 C￿chief 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
DIr￿tOr 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 PrOdu￿r
Director of Development
Heakh and Saf
The hea￿h 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
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Trustees, Report
year for new stsff and refresher courses are regularly delivered by ex1emal provider5 as well as internal
incident practice sessions be￿een different staff teams. Work is underway lo ensure that Sadler's Vvells
East will operate compliantly and that all the Sadler's Wells bu1￿1ng$, visf(ors and occupants are
protKled against potential acts of terrorism.
and Em
lo
ment
Sadler's Wells re¢ognises its legal and ethical obligations under the Equality Act. Sadler's Wells does
not discriminate on the basis of age, gender, disability, gender reassignment, marriage and civil
partnership, pregnancy and maternity, ra￿ (including nationality and ethnic or national origin51, religion
or belief, sex or sexual orientation. In addition, Sadler's Wells does not discriminate because of working
patterns, trade unDn membership lor non-membershipl, family or caring responsibilities, socio-
economic barriers or spent convictions. Our Equty, Equality, Diversfcy. Inclusion and Belonging IEEDIB}
joumey is supported by our Executive Sponsors and our Steering Group. We have an EEDIB action
plan in place that seeks lo develop and represent our audience, our workforce and artists We monitor
the Gender pay gap on an annual basi5.
Sadler's Wells is committed to moving beyond compliance. We are actively building a Cultural￿ diverse
workforce and encouraging applicants from different backgrounds and lived experiences. As users of
the Disability Confident scheme, Sadler's Wells guarantees to interview all disabled applicants who
meet the minimum criteria for our vacancies. In the period of this report, we had a particular focus on
building career pathway5 and offering employment opportunities lo East Londoners. We maintained a
lo¢u$ 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.

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STRATEGIC REPORT
Sadler's Wells enjoyed one of its most $u¢cessful years in 202314 with the following key achievements.
organised by strategic goal.
e the audienee
Overall, Sadler's Wells reached ¢)ver a million people in 202314 through presentations in London (to
audiences of 512,0001, touring work nationwide133.0001 and internationally1142,000) 2nd through the
Sad￿r,$ 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 aUdien￿S. 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, toU￿d 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 re￿iVed 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.

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Trustees. Report
Our Leaming and Engagement work inVo￿ed 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
sh￿COsed 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 p￿sented 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.

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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, pa￿nIS 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 f￿e 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.

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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 c￿￿ure 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 ne￿Ork 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
wh￿h 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
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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 I￿ket 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 rep￿SentS 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 prodUct￿n$ 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 cU￿Ural Recovery Fund loan taken out in 2021, repayment of which will begin in 2025. The Board
made an assessment of going con￿rn 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 cOn￿M 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 I￿u$ 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 thejud￿l0us 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 reSoUr￿S 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
a￿￿raCY 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
jUrisd￿tiOns.
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 GenerallYAc￿pted 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 resoUr￿s.
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 p￿paratIOn of the financial statements is appropriate.
Based on the work we have perfornied, we have not identified any material un￿rtaIntieS 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 lrrf0rrT￿t10n 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 ther￿n.
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 a￿VayS 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
Pro￿dureS 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
a￿o￿nting 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 disclosu￿S 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 ￿1￿10sUre5, 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 eV￿ence
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 Ma￿h
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 Pro￿rtI•$
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
ReStr￿ted
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 p￿sented 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 inves￿n9 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 histOr￿al 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 p￿parIng 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
th￿shOld 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 pr￿e. 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 penS￿n 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 rese￿eS
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 pr￿uction costs and Commiss￿nIng fees carr￿1
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 nUml￿r 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 p￿paYments
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. R￿Qncl11at10n 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<ash
Flow
Cash
Flow
At 31 March
2024
Cash at bank and in hand
Borrowings
DCMS loan
Net debt
13,168
1.108
14,276
4.420
8,748
85
85
4,505
9,771
1,108
14. Liability of Members
The company is limited by guarantee and the liabilty of members is limited to £10 ea¢h. At 31
March 2024 there were 13 members12023.. 14 membersl-
15. Operating Lease Commitments
The charity has an annual rent commrf(ment of £300,¢X)0 {2023.' £300.0001 in respect of the
lease of Sadlerfs Wells Theatre, from Sadler's Wells Foundation. The total payable to the end
ofthe lease is £2,989,83212023.' £3,301,832). The charity also has an annual rent commitment
of £175,000 in respect of the Peacock Theatre to the London School of Economics, expiring 20
years from 2019. The total payable to the end of the lease is £3,210,50012023.. £4,052,393}.
The charty has an annual lease commitment of £20,67512023.' £20,675) in respect of the lease
of printing equipment. The total payable to the end of the lease is £46,56512023." £67,240>.
16. Pension Commitments
Sadlerfs Wells Trust makes contributions to employees. private pension plans, the costs of
which amounted to £281,518 during the year lo 31 March 202412023.. £255,177). The pension
redilor at the year end was £55,38712023.- £43,510).
30

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 Ma￿h 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