2023-03-31-accounts

ALMEIDA 3IIIV3HI ALMEIDA THEATRE COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Charlty Number.. 282167 Company Number.. 1546033

ALMEIDA THEATRE COMPANY LIMITED CONTENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Lagal and Admlnlstrativè Details Twst985' Report Independent Auditor's Report 21 Consolldated Statoment of Financial Acllvltles 26 Balance Sheets 26 Consolidated Statemgnt of Ca#h Flows 27 Notes to th& Flnanclal Stal*ments 28

ALMEIDA THEATRE COMPANY LIMITED LEGALAND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023 Dlreclors and Trusteès Luke Johnson (Chair) Rachel Parr (Treasuierl John Arrnah Kamini Banga Jonathan Chureh Manisha Ferdinand Sian Hansen Dorothy Henderson Saiisha Kumar Artistic Dirèctor & Chief Exocutivo Rupert Goold Executivo Diroctor Denise Wood Sèeretary and règlstèrèd offlea Tania Clark Almeida Theatre Almeida st￿et London, N1 1TA Charity number 282167 Company number 1546033 Audltor Buzzacoll LLP 130 Wood Strèèt London EC2V6DL Bankers Naltonal Weslminsler Bank plc Isl Floor 440 Strand London, WC2R OQS

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 PJJARCH 2023 Thp Tfustees, who are also Directors ol the company for the PLwposes of the Companies A¢1, prèsènt their Annual Report together with the audited financial $lalemenls for Ihe year ended 31 Mafch 2023. The financial stalemenls have been prepared in accordance with the accounlifig policies sel out on pages 28 10 31 of the attached financial stalèmenls and comply wilh the charity's Memorandum and Articles of Association. the Companles A¢t 2006, the Charilies Act 2011 and Accounting and Reporiing by Charities.. Slalemenl of Recommended Practice applicable to charities pieparing Ihelr sceounls in Sceordance with thè Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution and Structure The charity is consliluled a8 a company lÉmited by guarantee and is therefore goveined by a Memorandum and Articles of Association. The maximum liability of membeis in the event ol a winding up is £1. At 31 Mai¢h 2023 there were len members who are all Direclors of the chaiilable company. The charity has active, wholly owned trading sub8idisrie8, Almelda Theatre Catering Lld and Almeida Productions Lld. Any profits go lo support the ¢harily. Governance Th8 aelivilies of th8 charity sr8 supervised by Ihe Trustees, who meet as a Board quarterly each year, or mofe often as necessary. The Trustees delegate the day-Ii>day management of the charity lo ils paid staff, particularly thè Artistic and Executive Direclors. The Artistic Director is the Chief Execullve Officer ol the company. Sub-commillees.. Finance Committee Nominations Ctsmmillee Iwhen recruiting Trusleesl Equality, Diversity. and Inclusion Commillee The professlonal experience of the Boaid continues lo provide slrong support and advice to the Execullve team and staff Ihrough specialist and individual meolirigs. In addition. a Developmént Council supports the Executive and the fundraising team lo identify and secure new supportgls and sponsors, for which we continue lo be grateful.

ALIVIEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT {conlinuedl FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Iconllnuedl Directors and Trustees Thè Directors, who arè also the Trustèes Of thè charity during Ihe yeaT, were.. Luke Johnson (Chaii) Rachel Parr {Tieasurerl John Armah Kamini Banga Jonathan Church Manisha FerdinarKI Sian Hansen Dorothy Henderson Sarisha Kumar Tanya Seghatchian {Retired 9 June 20231 Executlve Team Artistic Direclor and Chief Executivè- Rupert Goold Executive Dire¢loi- Denise Wood Senlor Management Asso¢iale Dire¢lor Direclor of Development Director of Maikeling and Communications Director of Participation and woik with Yourb9 People General Manager Head of Finance Head of Production Literary Manager ProduceT Key managèmènt pèrsonnèl The key managemenl of Ihe charily responsible for directsng. conlrolling. running and o￿Ta￿ng the charity on a day- to-day basis comprise the Trustees. the ArtislK Director and Chief Executive and the Executive Oireclor. Rfymunoratlon pollGy Stafl salaries (including senior managemenll are Teviewed annually as part of the budgeting process. Consideration is given to the rale ol inflation and benchmarking across the se¢ltsr. The charity has been a London Living Wage employer $inc¢ April 2016. The Artistic Director and Executive Direclor salaries are reviewed by the 8oaid annualty. A salary increase was applied January 2023 to rellecl Ihe rtsing cost of living. The next increase will b? April 2024.

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 08JECTIVES AND ACTIVITIES Publlc Beneflt The TTUStegs and Sonioi Mav7agemenl ol the charity are commilled lo providing a public benelil and have considered the Charity Commission's guidance in this area. We beli8vÈ that producing high quality. eha116nging, engagin9 work that would not be provided in a commercial environment enhances the qualily of life of our audiences as well as fostering an appreciation of the arts in genèral and theatre in particular. By ¢ommi3sloning new work, we are creating a store of work that other theatres will be able lo iovisil and developing willers of the lulure. Our ambilion Is lof our work lo be seen by as wide an audlgnce as possible.. Our objectives include.. building and diversifying the audiencè in linè with Ihe 6volvin9 art*slic programme. and undertakin9 activity that ensures Ihat our audience b&tler reflects Ihe population offering opportunities lo engage audiences beyond lickel buyers, an(i Cuial? a cultural ¢onversalion unlimited by our geographical location building a new audience for Ihe future, in particular young people, and first-lime Ihealie goer8 offering 8ccess to audiences from a wide socio-economic range The Almeida remains commi118d lo a lickeling policy which balances income targets wilh the ambilion lo ensure our work 15 ac¢e55ible. We commit to concessionary prices to key groups of our audience, including.. reduced pricing lor preview performances concessionary ratès to gfOUPS Wlth potentially challenging socio-economic circumstances.. audiences with disabilities, over 65s, students, under 30s and partner schools wotkin9 in areas ol high deprivation £5 lioket scheme for 25s and under Oijr work with young people and the community allows them lo have access lo some ol the most exciting artists working in the industry, as participants as audiences. want young poople lo ask qug51ions about plays. abo[41 Iheal¥È, and abtsul thè world they live in so that they can become artists in their own right and become audiences with 8 critical voice and high &xpeclalions. We want lo give children, young people, and community groups a voice, particularly those who aren'l normally heard. The highly skilled Participation team Is dedicated to Wofking with young peDple In participatory projects, both individually and through their schools. The £5 lickels for those aged 25 and nder continues as an important aspect ol our l¢ckel policy. Covld Covid protocols and reslriclions were reviewed from lime lo lime and as appropriate during 22123 in line with government recommendalions. During the year 19 perfoimances lout of 2751 wèr8 cancèllèd duè lo Covid bèing present in the acting companies.

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT {conlinuedl FOR THE YEAR ENDED 31 MARCH 2023 MISSION AND STRATEGIC OBJECTIVES The Almeida brings together lh6 most exciting artists to lakè iisk$," lo provoke, inspire and surprise our audiences,. to inlerrogale the present, dig up the past and imagine the futu￿. Whether new work or roinvigoralod GlasslC5. whether in our Ihealre, on lour, online, or in schools we make live art lo excite, enliven and entertain. We believe in the argument for Ih¢atre as an ￿sentIal counterbalanc& lo an incTeaslngly fragmented sociely. Key Obje¢tiV¢5 for 22123 ACE Investment Principles The Almeida is commilled to the Inveslmenl Principles as sel out in ihe Arts CouncAI's strategy Lét's Creatè and rollocled throughout 51$ key slr#le9y in 22123. The Trustees are committed to the Inveslment P¥inciples being embeddèd as preparation for the nèw funding period 2023- 2026. Action8 for Chanue Actions for Change is Ihe Almelda's slrale9y for tsquallly, Incluslon, ahd dlversity 2021-2024. The action plan covers four sliategic areas with clear objectives and robust targets for the next thrèe yèars lor artisti¢ programme. audience dèvelopment, young people and communily, and people & culture. Our focus for 22123 was lo build on the positive change and achievement$ of the flrsl year 1¢> increase Black, Asian, and elhnicalty diverse representation Ihroughout the organisation and lo embed our Anli-Racist policy and pledges. Artl$tl¢ Programm& Th8 artistic programm6 r8lurned to full capacity in 22122 and was ¢ommillèd lo programming pioduclions which had been postponed due to Covid shul down in 20121 as the first pioductions ol the financial year. Audlanc6 Dav61opmont During 22123 we continued to embed the Actions for Change Audience Development slrategy while also striving lo maximisè box o￿leè in¢omÈ. We worked lo maintain exisling customer relationships and to rebuild audience confidencè following the impael of the pandemie alongside growlng oui audienGe reach through new channels anif digital technologies, building on our re￿nI success ol our live streams and wider digital pi0gramm&. Young People and Communlty Almeida Participation continued to deliver a broad programma of work prioritising support for young people and emerging ar1151s who have suffered during the pandemtc, in addition to building new and sustainable partnerships with Ioc81 eommunlly uroups. Organlsational Sustalnabllily KÈY objèctives were to continue to stabiltgè thé economy ol thè Charity givÈn the impact of the pandemicwhile driving forward with the artistic objectivès, to support renèwèd fundraislng inlliallve$, and lo embed Actions for Change across the organisation.

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 PIJARCH 2023 MISSION AND STRATEGIC OBJECTIVES onlFnued DELIVERING THE STRATEGIC OBJECTIVES 2022123 ARTISTIC PROGRAMME The programmè opéned wSlh two productions postponèd Irom 2020- "Daddy" A Melodrama and The House of Shades "Daddy"A Melodrama by Jeremy O. Harris, directed by Oanya Tamor. The European premiere ofJeremy O, Harris's second play. a melodrama set in Bel Air about a young 81ack artist and his relalionshlp with an older wealthy white art colleclor Ihat engages with the relationship belweet) intimacy and art. The ¢asl featured Terlque Jarretl, Claes Bang. and Sharlene IM)yle *"Nolhing short of a masterpiece" Independenl The House of Shades by Beth Steel, direcled by 81anGhe Mclntyre and starring Anne-marie Duff. A world premiere of Beth Steel's new play Ihal spans five decades in Ihe lives and deaths of the Webster family sèt against the changing induslrial landscape of working-class Brilain. This play was shortlisled lor the Susan Smilh Blackburn Prize. 'A riveting watch from an incredibly exciling playwright- an explosive family portrait ol secrels. grief, despalr and dlvislon.. Th8 Stage Patriots by Peter Morgan, dirÉcled by Rupert Goold, starcing Tom Hollander and Wll Keen. A wortd premlère of Peter Morgan's play aboul Russian billionaire 8oris Berezovsky's rise and fall in the world of politics and his position in placing Pulin as president. The play was nominated for Bes1 New Play and Best Actor (Tom Hollander) at the Olivier Awards and Will Keen won the Olivier Award lor Besl Actor in a Supporting Role. The play Iransferied lo Ihg Nool Ciiward Thealre (Wesl Endl in May 2023 'A cracking, exEiling piece of theatre. Evtsiiing Slaiidard Tlje Clinic by Dipo Baruwa-Etli. directed by Monique Touko. A world premlore about activlsm and care In th& Black community, about the hunger lor change and how to rise from th& ashes of a broken world. The "frequenlly funny, thrilling, (Tinie Oul), 'well worlh catching" (Telegraph) play. was Wfillen while Dipo Baruwa- Elli was on residency al the Almeida as part of lh8 Channèl 4 Playwrights Seh8m. Tammy Faye, a new musical with Music by Elton John. Lyrics by Jake Shears, Book by James Graham, direded by Rupert Goold. A world premiere of a new musical, following the rise and fa110l televangelist couple Tammy Faye and Jim Bakker, a5 they revolutionised religion. A Irue story ol failh. resilience and the lemplalions of suGce55. Nominated for 8est New Musical at Ihe Olivier Awards. Kalie Brayben won the Olivier Award for Best AGlre8$ in a Musical and Zubin Varla won Ihe Olivier Award for 8esl Acior in a Supporting Role in a Musical * "Praisè the lord, it's a religious riot" Everring Staff￿ard

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 DELIVERING THE STRATEGIC OBJECTIVES 2022123 Iconllnuedl ARTISTIG PROGRAMME (continued) A Sfreelcar Named Desire, by Tennessee Wlli8m$. directed by Rebecca Frecknall. starring Palsy Ferran, Paul Mescal and Anjana Vasan. A heart slopping. (The T81egraph) revival ol Tennessee Williarns masterpiece, which eained multiple five-slar rgviews. three Olivier Awards (Best Revival. Best AGlor, Best A¢tres8 in a Supporb'ng Rolel. and transferred to tho Phoonix Thealro (West Endl in March 2023 *'Outstanding° Th8 Tim&s Wom6n, Beware the Devll by Lulu Raczka directed by Rupert Goold. with Lydia Leonard, Leo Bill and rising slar Alison OliveT leading the cast. A world premiere, sel during the English Clvil War and Insplred by the ex¢e85es ol Jacobean Ihealre, Lulu Ra¢zka's play explores how whether change comes from oulside OT from within Ihe establishment. ** "Wickedly funny...Infernally good stuff.. Time Oul Productions for 23124 include- Th8 Secret Life of Bees, a musical. with Book by Lynn Nollage, Music by Duncan Sheik, Lyrics by Susan Birkenhead, directed by Whilnoy Vvhile. The Eufopoan prewniere of the musical based on Ihe best-selling novel by Sue Monk Kidd about a group of women ignited by reb8llion and longing for acceptance in Civil Righls era Amefi¢a. Romeo & Jullet by William Shakespeare, directed by Rebecca Frettknall. Following her Olivier Award winning revival of A Stretslcar Named Oesire. Almeida Associate Director Rebecca Fiecknall directs a fresh and thrilling take on this classic lexl. with rising stars 18is Hainsworth anif Toheeb Jimoh leading Ihg company. 24 (Dayj.. The Measure of My Dreams by Annie Jonkins. direct¢d by Jack Nurse. The creative loam of The Delivery Drivers Play.. The Keyworkers Cycle, are reunited to create the first of Ihiee play5 in The Islinglon Trilogy. a large-scale community PTojecl over Ihree yeaTS. 24 (Day) st8r8 a company of ov6r 80 community performer8. In p8rtnershlp with All Change, Arsenal in the Community and Cardboard Citizens. A Mlrrorby Sam Holcroft. directed by Jeremy Herrin. A world prèmieie of an elusivè and Èxplosivè play about censorship. authorship and free speech, slairing Jonny Lee Miller, Tanya Reyntslds and Mi¢heal Ward. Portla Coughlan by Marina Cair. directed by Carrip CraGknell. Returning after Women. Beware the Devil. Alison Olivèr stars in 8 rèvival of this m(KJ8rn classic of Irish thealie. Cold War. based on the critically 8cclaimed film by Pawel Pawlikowski, adapted for stage by Conor McPhèrson, wilh nèw songs by Elvis CoslellD. directed by Rupert Goold. A world premiere, sel in Cold WaT-eTa Poland, about a couple brought logelher by music and torn apart by political cir¢umslance. King Lear, by William Shakespeare. directed by Yadl Farber, starring Danny Sapani in the title role. Following the success ol The Tragedy of Macbelh in 2021, Yaèl Farber relurns lo the Almelda lo dlre¢t Danny Sapani {Hymn, Almeida 20211. in Shakespeare's classic tragedy.

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 MARCH 2023 DELIVERING THE STRATEGIC OBJECTIVES 2022123 Iconlinuédl AUDIENCE DEVELOPMENT AND REACH Our focus in 22123 has been lo hil our box office large18 a8 well as conlinuts to progross our A¢lSons for Change audience development strategy. Our objectives included.. building and diversifying the audience in line with the evolving artistic programme and undertaking aclivily that ensures that our audience better rellecl8 the community gff>und us. tsffertng opportunilles lo engage audlences beyond ticket bLryers, and curate a culluial conversation unlimited by our geographical location. building a new audiEnre for the futuie. in particular young people. and firsl-lime theatre goers offering access to audiences Irom a wide soc10-e￿noMic range We remain commilled lo a lickeling policy whieh balan￿9 incomè targets with the ambition to ensure our work is acce88ible we commit to ￿nceSSIonary prices to key groups of our audience. including.. reduced PTicing for pfevièw pèrformaneès. a pool of audience development lickels targeted al specific groups. concessionary ral85 lo groups with polent1811y challenging socio-economic circumstances., audiences with di$abililiÈs, over 659. students. under 30s and partner schools working in areas of high deprivation. Almeida for Free evenls alongside every ptoducllon, whèrè a wholè p8iform8neè and additional workshops and panel events were given to those 25 and under for free. £5 tickels for those 25 and LthdÈr. Across 22123 we engaged over 104,000 people with Our work eithèr in-pÈrson at (h8 Almèida or vi8 digital platforms. This included.. 103.436 people allended performances al the Almeida, oqualing lo 93% of all licke18 avgilable. An estimated 915 people who walehed the limited video-on-demand recording ol The Tragedy of Macbeth 2989 young people who allended events specifically for Iliosg aged 25 and under. 85,825 people watched Almeida productions either on tour, in Ihe Wesl End or in New York. Looking in detail al the demographl¢s of our audlences, in particular those audiences with whom we engage through our work dlrèclly ticketèd by the Almeida. we can see that we are reaching a significant new audience. We continue to hil our largel for new audiences al the Almeida - 380kn of our audiences in 2022123 We￿ fir$1 lime-booker$. Our video-on-demand slroam ofThe Tragedy of Maebelh helped us to reach new alidiences and provide greatèr acce88. 50Yo of bookers had never been to the Almeida before and 15% identified as Deal or disabled. significantly h￿her than our 8°h averagg for iri-person performan¢e5. The ethnic diver8ily of our audience stayed consistent to 2021122 with 14% identifying as ethnically diverse.

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT {conlinuèd} FOR THE YEAR ENDED 31 MARCH 2023 DELIVERING THE STRATEGIC OBJECTIVES 2022123 Iconlinupdl AUDIENCE DEVELOPMENT AND REACH Iconlinuedl The proportion of younger audiences attendlng our productions at 9.6% more than mel oui Actions foT Change target. Our soclal media followers have increastrd. Fa¢8book'. 28,600 {+4% on 211221,. Twitter.. 133,000 1+0.8% on 211221.. Instagram.. 62.0001+24Dh on 21122}; TikTok: 22.500 (+2P% on 21122). WORKING WITH YOUNG PEOPLE AND THE COMMUNITY During 202212023 wo worked with over 5.000 people from the agès of 7 10 97 through projects across our three aTea$ of work.. Young Artists. Schools and Cotllmunity. We made a refreshed commitment to being a local Ihealfe snd have increased our work wilh youn9 peopl? and residenls from our community. We'vè also a(tracled people from lar and wide to our 8ccl8imèd Alm&ida For Free Feslwals, where young people Can see performances for free and lake part in maslerclasses and workshopy. All our participallon work is free and we are committed lo reachlng as many people as possible. Young Artlsts The Almeida Young Company 8ims lo give emerging artists critical experience in acling, wrillng and d8vising. To broaden our reciuilmenl, we ran 1 J outreach workshops in local schools, including 90-mÉnute open audition workshops which engaged 134 yotjng people. 8eiween October 2022 and January 2023. 53 young peopl aged bÈlwèèn 14-25 participated in Ihe devising of 2 new plays= Th6 Village. devised by the group with Participation Associate Abi Falase, and Assistant Director Talenda Shamiso- and Rush. devised with playwright Rafaella Marcus and Abi Falase.1040 people allended 3 performances. Young Designers 8nd TechnirAans programme. Th1$ was a new sch¢me for young people aged 14-18 inl&rested in exploring the design, le¢hnical and stage management roses that mak8 theatre happen. 15 participants look part in lour8 and bespoke workshops and the group look lèehnical roles for our Young Compahy productions. IN8 held seven Almelda For Free leslivals lor each production, giving away 2167 Itekels during this year lo young people, and running mast&rclasses and workshops for 1141 young people across 29 events,: Daddy. The House ofshades. Patriols, Tho) CIAnic, Tammy Faye. A Slreelcar Nam8d Dosiio and Wom&n, Bgw8re lh& Devil. Thirteen Young Pioducers programmed a Young Arti$ls' festival 8longsid6 A SlreelcarNanped Desi￿. creating elevèn events for young art1818, including a Queer cabaret, an after-show party. and curaling visual and installalion art pieces the loy¢r. We ran 6 Open S6ssion drop-in workshops for 102 parti¢ip8nls. The sessions included adapting and 81aglng cla88i¢ plays, physical theatre and monologue surgeries. Black Joy.'{produced by Participation Assistant Monlel Douglas) a scralch night programmed alongside Dipo Baruwa-Elti's The CliniG, brought together fourteen artists lo celebrate and plallorm art from emerging Black artists. Perfotmance5 ineluded liv6 music, poetry. spoken-woid, and Ihealre. 318 people attended the evenl. io

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 DELIVERING THE STRATEGIC OBJECTIVES 2022123 Iconlinuedl WORKING WITH YOUNG PEOPLE AND THE COMMUNITY {ci)nlinuedl Youth Advlsory Board A new Youth Advisory Board of ten young people was recruited September 2022. Thè YAB focused on Ihr8è arè8S ol work.. data collection and how we tell 8101ies about our patticipation progfamme. access work and youlh leadershiplyouth voice. They continue to monitor our Actions For Change work and feed into Ihs Board EDI Commiltee. Schools We ¢onllnued our schools. partnerships, working wilh ten partner schools, giving away 527 lickels lo productions across the year and ran workshops for ovèr 260 school childien We have been working in-deplh wilh Samuel Rhodes. a local SEND School, lo yupport students wilh spècial educational needs and disabilities acfOS8 weekly workshops with a variety of Almeid8 departments and attended 8 re18xed performance We worked with 215 young peopfe through careers days. work oxperience and prolecls. 135 children across fotir primary schools. running weekly youth theatre hubs 84 children aged 7-13 on summer school and October hall leTm projects Ihal we Tecruiled for through our schools prograrnme. We ran 3 maslerclasses for 25 teachers. and created 3 new video resources, and made our vldeo recording of Macbeth free lo view for schools. Community After the success of Ihe KeywoTkers Cycle In summer 2022 whÈrÈ eighty membèrs of thè local community aged between 16 and 96 performed in g plays, we began work on a three year project, The Islinglon Trilogy. Across the next 3-years, Trilogy will bring together PTofe5sional creatives, local artists and tommunily pèrfoimèrs of all agès and backgrounds, lo explore what il mean5 10 live. work. love. pray. celebrate and mtsurn in Islinglon through a day, a lifètimè, snd eoLtntlèss millennia. Year One - 24 (Day) by Annie Jenkins- is a road-tfip around North London over the coursè of 24 hours lo be performed in Augusl'23 Vve arè continuing lo woik wilh local community organisalion. All Change, and have formed iwo new partnerships wilh Cardboard Citizens and Arsenal in the Community. Through a 8erles of workshops In Ihtr autumn, we gathered material and stories from cornmunily groups Iow8rd$ thè content of thè play. Oulf88ch and taster workshops were held January- April.

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 3q MARCH 2023 DELIVERING THE STRATEGIC OBJECTIVES 2022123 Iconlinuedl DEVELOPING AND NURTURING TALENT The Almeida develops diverse young lalehl through Assistant Director opportunities, through our work with youny people and through our writers, PTogramme. We supportèd sèven Assistant Directors across the seven main shows during 22123.. Murnba Dodwell {Daddyl. Emily Ling Williams {House of ShadÉ>sl, Sophie Diake IP&lriol.81. NkÈchinyèrè Nwob3ni-Akanwo (The Clinic). Sara Aniqah Malik {Tammy Faye), Talenda Shaml$o IA Stro&t¢ar Named D6sire) and Dubheasa Lanipekun (Women, Beware The Devifj. These positions were salaried posts paid in line with the prevail(ng UK Theatre l Equity rates. We continued to support the writers under commission as part oflhe Gonesls New Wrilers Programme, which aims to nurture emerginglmid-career writers, particularly those from under-repFesenled ba¢kground8, through a programme of masterclasses, research and development. and dramalurgical support for the development ol Ihelr plays. The second cohort---Ava Pickell, Josh Ellioll, Uma Nada-Rajah, Michael John O'Neill, Sid Sagar, Eno Mlon, and Molly Taylor-._compleled the masterclass portion of the programme wilh masleTclasses by Jenny Worton, Beth Steel. Jeremy O'Neill, Will Arberry, Lyndsey Turner, N8d Bennett and Rupert Goold. Vvlth dramaturgical support from the Literary Department, they have begun lo deliver their fir8t drarts and have had menltsrship from Mike Bryhgr and Lynn Nottage. The wrilers Irom the first cohort have workshopped Iheii plays with directors and som8 have wtsrk th8118 boing considered for future Programming. Ger)esis has agreed lo support a third cohort of writers and lo extend the programme for ea¢h cohort lo cover two years of support. Recruitrnenl for the Ihird cohort has been completed and was announced In September 2023. We have received legacy funding from lh& Roger Michell Eslate. whi¢h allows us lo ¢￿￿MiSsion one new writer a y88r. The first recipient of the Roger Michell Commisslon Is Waleed Akhlar. Vve saw great $uc¢èss for our tslent development programmes this year as, Dipo Baruwa-Elli who was attached lo the Almeida Thealre as resident playwright under the Channel 4 Playwrighling Scheme in 20121. was programmed on the mainstage with The ClffniG, which w85 writlen dufino this residency. Wo delivered nine development workshops foT freelance writers and directors to furthèr dèv8lop their cr88tivè praclS¢0 and workshop material for fulL*re programming. Our programme ofwork wilh young people is key to delivering the company's overall objectives and our commilmenl to the development ol divèrsè talent plays a central role in supporting the artistic programme. 818ck Joy.. a Scfalch nlght programmed alongside Dipo Baruwa-Etli's The Clinic, celebrated and plallormed work from emerging 818Gk artisls. Performances included live music. poetry. spoken-word, and IhÈatrè. 12

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT lconlinued} FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE Governance The Board of Trustees meets quarterly. or more frequently as requiied. and lakes an active role in supporting the Executive, in developing r¢laliDnships with key stakeholders and polenlial donors. and advocatin9 foi the Alrneida in the wider industry. Board sub-commÉllees'. ThÈ Finance Committee meèts quarteray lo rÈviÈw the monthly management a￿r)Unts. audited accounts. annual budget reviews and reports lo Ihe full Board The Equality, Diverslly. and Incluslon IEDII Commillee loimed in 2020 works wilh the Executive and Senior management to oversee and guide the company's renewed plans for Equality, Diversity. and Inclusion- Actions for Chaiige. Two TrLtslees co-chair the Developmenl Council of independent supporters which helps drive fundraising and one Trustee is a member of the company'8 GTe8n Team driving Ihe slralegy lor environmental su51ainabilily. Woikforca The senior management team represents the key strategic areas of responsibility across the organisalion- operations & gèneral m8nagemenl, finance, producli¢>n. maikeling & ¢omm$. participalion, fundraising, produclng and artistic planning. 11 meèts with thé Artistic and Executive Directors weekty and underpins thè stratègic dècision-msklng. Representatives ol the $6nlor manauemènt and thè Almèida Youth Board join a118rn818 EDI Committee meetings. During the yeaT an Access group was formed lo drive the Access Action Plan and a wider company initiative led by the senior management loam began lo drive ¢hange across tho ¢ullufe ol the company. Key policies are reviewed every two yèars, and weTÈ upd8led in the summér 012023. All staff have a comprehensive induction including GDPR, Health and Safely & key ptslicies including Conduct and Respect, Anli-R8cism, Whis118blowing, and the Staff Handbook. During the year Ihe company has benefited from one paid internship wilhin the participalion team and offers Èntry level roles in General Management, Participation and Marketing, all ol which are paid London Living Wage. We are proud that as in the past, slaN from these rolès havè progressed lo morè gènior roles in the wider industry. Training for the staff team has included Anli-raci8m, First Aid, Health & Safety, and Fire Warden Iraining. Fundraising Total fundralslng incomfy lor the year 22123 was £1.704.838 agalnst a budgel of £1,612.200. Thè sueeè8s ol fundraising in 2022123 was driven primarily by thè qu81ily of the 8rtistic programme- with mernbership remaining buoyant at c.4,500 membérs eqLJating to £1.16m1700%) ol thè fundTaising budgèt. )nhile Membership has dr¢vÈn fL4ndr8ising in 2022123, othèr financial successes includè sècuring 8 pledgè of £1 Ook over 4 yèars towards Ihe Participation programme from an individual donor, alongside an unexpected legacy gift of £100k. Further majoT donations towards our work include £54k secured from a major US Foundation.

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE l¢onlinuedl Fundralsing Iconlinutrdl The arrival of the Development Diredor In June 2022, and a sub88quent cycle of recruitment. has rejuvenated the team whlrh is now opeialin9 al the pie-pandemic departmental staffing level of six, recruiling skilled staff in both Trust & Foundations, and woiking with a corpoiale consultant lo rebuild prospect pipelines in both ar63s. A rècently appointed Head of Individual Giving will replace the long.slanding Individual Giving hnanagÈr role. All of which will onlribule toward a renewed refocus of the Development te8m. anrl fundraising str8tègy. We continued lo rebuild and expand our corporate prospects w)d neiwork. Corporate Membership now provides off- th&-shelf packages 8t £7.5k, £15k, 8nd £25k, with a variety of access-focussed benefits which continue lo drive ¢onversalion5 with Prospects. In-kind continues to have a value to the company of over £100k. The Trust & Foundation pipeline is being re￿11( lo pre-pandomic leve15. with a focu8 on securing mulli-year gifts lo enable the focus to look lurther ahead. We will leverage the first Tnlogy production in July 2023 as a key cultivation opportunily. with the aim lo wnvert into funding partnerships in 2024 onwards. Funding focusses for T&Fs continuès lo be Participation, Acc8ss and Artist Development led programme8. with one Foundation pled9ing £30k1$39kl for our forthcominu production A Miiror. The Development Director reports lo the Executive Director and is a member of thè Senior Management team and the Development team 15 responslble for fundraising with appropriate oversight and guidance from the Tru8tee8. The team keeps abreast of. and complies with, all current fundraising and data protection leglslalion and will ensure all future requirements ale adopted and adhered lo. No instances ol non-compliance have been identifièd during the year. The Almeida 15 registered with the Fundraising Regulalor and adheres to ils Code of Fundr4i8ing Practice and Fundraising Promise. No complaints have been received in relation lo fundraising aclivily this year. Should any complaints be received, we will respond individually and in a lim¢ly manner. We will use feedback and complaints lo inform and influence our approach lo fundraising. We aim lo conduclourfundraising activities wilh integrity, openness. and accounlabilily, and lo adhere lo the Almeida's wider organisalional aims. Our ethical fundraising policy provide$ detailed guidance for thè Dèvèlopmgnt tèam and othèr ¢olleaguÈ$ engaged with our fundraising. The Alwneida doe8 nol use professional third pariies or commercial participators lo fundrais& on our bèhalf. Thè fundraising foGus 15 on developin9 relalionships wilh companies, charitable Iru81s and individuals who are interested in our work. The Almeida encourages donations from those visiting the theatre and eng8ging with our work online. We do not run telephone campaigns and are sensitive in our app¥oach to legacies. We are conscious of minimising the costs of fundraising and we benchwnaTk our diffeTent fundrai8ing channels to ensure they are compelilive. Vve work hard lo ensure we deliver value for money in all our charitablè activities. 14

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE Iconlinuedl Flnanclal resiliencg Looking to the fulure. the on-going sustaina1￿lify of our fundraising programme will be reliant on Ihe fully operational 2nd skilled tèam to rèsum& cultivation ol multi-year and major gifts and taking advantage of opportunities to further generate Ifusl & foundation and corpofato income, iefocussing ieliance away from membership driven fundraising and lo ensure otjr financial sustainability through lo 26127. This is in addition lo the continued strong and commilled artislic programming, alongside projeelg and progr8mrnes for emerging artists and young people which provide a hook for funding opporluni118S. During the last twe5ve monlh8 tho charity performed well generating a trading surplus of £193,991 (excluding rèslricted funds) against a budgeted deficit of £84,068. The consolidated accounts show a surplus of £25,214. The reslricled fund8 used in the year wefe £168,777., restricted funds are held for artist development (balancé £209,638 at year endl ancl restricted Capital fixed asse18 (balance £2,251,392). The charity's accounting proeedurès have continued to enable rigorous and buoyant accountability. Strict controls are in place lo ensure heads ol departments meol iheir budgets. make savings (where possible) and minimise losses in Ihe year. Thé budget and acco¢Ants were updated and moniloreil quarterly al Finance Coinmillee ar¥d Board mepllngs. Theatre Tax Relief ITTRI continues lo bè claimÉd via the subsidiary Almeida Productions adding a valuable income stream to the Iheatre's economy. In October 2021, the rale af TTR incTèased from 200A to 45%, the company produced seven main house pToduclions and three participation shows resulling in TTR of £1, 171,644 {21122 £544,612). Film Tax Religf1£16,9491 was claimed via the Almeida Produclions ￿MpanY for Ihe fiisl limè in 2022123 on Ihe cost ol producing the film of Spiing Awakenlng. Total Tax credit in Ihe year was £1,188,593. We continue lo develop 81ralegios lo generate additional income from inlwnal revenue SOUT¢e8. Nel revenije gene¥ated from property rèntal was £77k.' a 5urp5us of £109k wa8 generated by ancillary sales in catering and front ol house121122.. £51kl. The results for 22123 demonslrale that the financlal modéls, cost conlrols and monitoring are continuing lo have a positive effect on managing finances. Expendilure was well managed, w51h oveihoads and departmental budgets jusl 1% over budget. The Catering Company had a succe851ul year. All shows had intervals and an increased audience capacity for A Slreelcar NaniBd Desire helped the Company ger￿rate a surplus of £67k. Sales ol programmes and merchandise genÈratÈd a surplus of £42k. Box office inco¥ne was £2.7m. A two play repertcire of Hamlet and Oresleia was PTesenled al thè Park Avenue Armory New York and The Doclor toured lo Brighton, Balh and Richmond Culmlnaling in a run in Ihe West End. Production incoft)e from commercial exploilalion lolalled £78k. The 23124 budget presented lo thè Boaid reflècts a full year's programme of six woduclion8. The box olfice laigel has been budgeted al an average 86% capacity i.e. £2.9m. Budgeted expenditure shows an increase of around 2% Compared to 22123. 15

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT - ORGANISATIONAL RESILIENCE {conlinuedl Sustainability Sustainability rémains coré lo thé organi$8lion's opèrational délivèry and futurè planning. The Alméida was awardèd five stars by Julie's Bicycle's Creative Green seheme and the Company was nominated for the Highest Achievement for Commitment Award in 2020. A new policy12022 to 20261 with supporting Action plan oulllnes our strategy an¢Y activity for the next four years. Sustainabilily continues lo be a standing agenda item al fortniyhlly Operations meetings, discussions take place al departmental team meeting8 and update8 are presented to 8enioi management arKI the Board of TFuslees as appropriate. The Green team wnlinue lo meel bimonthly. Both $ile$ ¢onlinuÈ lo operate on 100% grèeh Èle¢lri¢ily tariffs dÈmonslrating an ongoing ¢ommllment to sustainable energy. During the year we switched from gas central heating to heat pumps at our rehearsal room and offices. We are investigating the ir)stallation of solar panels and new ioofs with improved insulation and dOUble-g￿3Zed windows were installed in June 2023. A stialegy for repairs and ienewal8 with Environmental 8UStainabilily al the heart ol our decision making is in place to complÈté the upgradg of 108 Upper Street and ensuro Ihe The8lr& remains in good condition. The Almeida cate￿￿9 Company is commSlled lo using local suppliers wherever posslble and has $wilched lo new suppliers whose ethos is to focus on Environmenially sustainable practices. We keep our menu compact to avoid food wastage with Iwo-lhirds of the menu being plar)l-based. During the year we have focussed on best praotice for Ihe productions based on recommendations of the Theatre Green book. All materials used foi sels. coslum8s, plops are recorded listing source, and whether they are reused, recycl8d or retained following closure of tho production. 21122 was a benchmark yoar lo infoim strategies and ES targets for Ihe future. Represenlatives from the Almeida have had carbon literacy trainin9 and regularly allend evenl$ th peer organisations {eg. NT Theatre Green Book best practice and the Theatre's Trust conference). Premi80¥ Work continues with the programme of maintenance and repair for both 108 Upper Street and the Almeida Theatre. Key maintenance during the year has includod slreot levgl handrails lo Ihe circl@ steps al the theatre, replacement IliX)r for the café b8r and air handling units added to the rehearsal room and offices. The Conditions Surveys for 108 and 109 Upper Slreel and the Almeida Theatre have informed a revised wooramme of maintenance and repaii going Iotward. Events since the year end There have been no other signifi¢anl events to report betweèn the balaA¢È sheèt dale and the dale of this report. 16

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT- FINANCIAL REVIEW Flnanclal P8rformancg The Consolidated Statement of Financial Activities (SOFA) shows thè Èxtent of and movemènt in. all eharitabl& funds, diffeienllaling beiween restricted funds (monies provided for specilio purposes) and unreslficied funds Imcinies which can be applied to any charitable purposes within the organisalion's ob]'eclivesl. Unrestrl￿ed funds include funds designated by the Trustees for specific future inve8lmenl in the OTgani5alion. Thg lolal fund5 al 31 March 2023 are £6,070.250, Inèt assÈtsl12022". £6,045,036) of which £3,723,494 is represenled by fixed assets such as buildings and equipment, (2022.. £3,804.2021. Total grotjp income for the year was £8.649,92S12022.' £6.395,0651. OUT main souices of income included lickel sa5es and other income from productions which was £4,423,047 {2022-. £1,777,213). the Arts Council revenue grant of £689,294.12022'. £686.5521 and private fundraising and sponsorshlp of £1,704,838,12022.' £1,960.1601. Expenditure in the yearwas £8.624,711 {2022'. £6,643.2531. Expenditure on Charitable a¢llvilie8 Included produ¢lions £3,868.326, galariÈs and ovèrheads £4.064,712, and Ihe cost of faising funds was £691,673. Restricted expenditure of £350.547 related to £84.276 deprecialion, £18,065 capilal expenditure and £250,208 loy yourtg 3rtisls' and participation projects. The group made a surplus of £25,21412022'. delicil of £248,188). In real leims tho gioup made a 8urplus of £193.991 a$ re8tricled fund8 (held in reseryesl were used Ir) support artistic programme activities Subsldlarles Almeida Thealre Catering Ltd. ig a wholly owned subsidiary ol the charity. Its primary aclivity is the sale of food and drink al the Iheatre lo the audience and other cuslomers. The company's turnover in the year was £473.64212022'. £247,584) made a profil in the year of £66,79912022.' £3,886). Almeida Productions Ltd is a subsidiary of Almeida Theatre Catering Ltd, During the ye8r the company was commissloned by the Charity to produce its productions. Ils turnover was £3,109,954 and after theatre lax relief recelvable of £1,188,593 il made no profit or loss for the year. Further details ol the sub¥idiaries are given in note 13 to the financial statements. Investment Policy As funds arè primarily held lor expenditure in the foreseeable fL¢luie, rather than as investments Isee Reserves Policy), they are held in cash deposits with UK high slreel banks. These deposits are held in interest bearing accounts. Rgsgrvgs Policy Objectives.. To ensure we are properly feserved on an appropriate basis for an organisalion with our iisk, business and creative profile. 11 is the policy of the Tfustees for the charily.. Tg hold a malnlenance and repair reserve for unforeseen theatre building, plant and equipment repairs. To hold a property reserve for investment in prole88ional fe85 fot work lo redevelop the l oe1109 Upper Slreel sile. To hold a reserve lor Artistic activity lo respond lo artistic and ciealive opportunities that aiise duiing th@ year. To hold free reserves (the operating rèsérvÈl of £1,030,000 lo cover the main business inleriuplion risks to revenuès as idenlified in the Risk Register (updated 2023). The TIu81ees conducted a delailed review of Ihelr reserves policy durino the year. 17

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT leonllnuedl FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT . FINANCIAL REVIEW Iconlinuedl Financial Posltlon Al the balance sheet dale, the group had lolal functs of £6,070,250 comprising restricted funds of £2,461.030 and unreslflcled rfjs6rves Ilnduding non-¢harilable tiading funds) of £3.609,220. Restrlcted Funds Reslrided Funds iepresenl grant3 and donations received towards specific productions or other aclivilies. £181.770 restricted funding was received in the yèar. Expenditurè comprises production expenditure as well as depreciation on the refurbished Ihealre and Arts Council funded equipment. Amore detailed 8n8lysis is given in note 17 to the financial Slalements. Unrestrlcted Funds These represenl Ihe operational income of the charity {e.g. lidoel sales. lourlng income, andllary sales), as well as grants and donation5 towards the activitie8 01 the charily. Unreslricled funds include langtble fixed assets of £1.472.102 which aTQ not available lo meet expen(151ure and nel current asset8 of £2,137,118 which include the following designated reserves.. Maintenance reserve Property reserve Artistic Activities resetve £160,000 £400,000 £155,000 The group held free reserves al the year-end of £1.422,118. Although, this is greater Ihan the amount recommend8d by th8 rèsenjès policy, the TruslÉÈs feèl il ig 8ppropTiale due lo the challenging economic environment. Therefore. the Trustees are satisfied Ihal sufficienl res@rv6s werè held at Ihe yèar ènd lo mèèt tho charity's réquirÈmÈnls for the lÉme being. and with future support of Ihe charity's grant aiding bodies and private donors, aims to preserve the reserves lo meel any unexpe¢led calls on funds that may arise in the future including Ihose associated with the risks and uncertainties oullined below. In assesslng whether the going concem assumplton is appropriate, the Trustees have taken accounl of.. the CUTrent funding agreement with Arts Council England up to March 2026,. and the Current level of unresliicted ieseNes and cash balances. TherefoTe, the Trustees of the charity have concluded Ihal there are no matèrial uncèrt8inli8s félaled to events or conditions that may cast significant doubl on the ability ol the charily lo continue as a going con¢ern. Th? Tiustees are of the opinlon that tho charity will have sufficient resources lo meet its liabilities as they fall due. 18

ALMEIOA THEATRE COMPANY LIMITED TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 PRINCIPAL RISKS AND UNCERTAINTIES The Risk Register is ieviewed by the Senior Management Team and updated once a year land more frequ¢nlly as necessaryl. Th¢ Current risk ¥egisler will be reviewed by the Finance Committe8 and Board in the coursè of Ihe year. Princlpal rlsks and uncèrtainties for thp Charlty are oullln8d as follow8: Property The long-teim condilion of the Upper Slleel sile and the limited workspacÈ lor IhÈ dèvèlopment of the artisti¢ programme and work for young people. Phase one of a programme of building works has been completed (Spring 2023) lo replace roofs, some windows and carry out brickwork repairs lo the Upper Street sile 812 e081 of £314.000. Plans are underway for Phase 2 to upgrade the reheawsal Toom, accessibility and suslainabilily of the building. There is an active programme ol maintenance and repalr alonuslde this. Financial Reliance on achieving fundiaising and SPDnsor3hlp tsrgets year on year. Dijring 2022123, the Development Cour)cil was iedirecled in its continued support lo fundraising efft)rts, making inlroduclions lo individuals snd prospèctive companies wilh potential to support the Ihealre. Supporters in our ck)8e network continue lo acl informally as advocates for our work. The boai(f and the widei company are kept up lo dale on OUT fundraising activity and progress against fundraising largols. wllh the board and executive supporting the t)evek)pmenl team in I￿lf 8pproach&s to prospecbve funders. The Director ol Devèlopment reports lo the Finance Committee and lo the Board on a quarterly basis where largels and achievements are addressed. Art8 Council Nalion81 Portfolio funding has been secured for the period 2023- 2026. Several financial operating iisk8 were identiffied during the review ol the reserves policy in 2023.. Haalth and Safety Risks lo the Health and Saféty of staff, company and audiences are managed by the senior management team and 8pe¢lfically by the General Manager. The General Manager reports lo the Execulive Direclor and Artistic Direclorlchief Execulive on all Health and Safety matlers. Risk assessments aré carrièd out lor 811 productions, aclivilies, and special events. Separate fire risk assessmenls havè bèèn und8rt8ken lor bolh sites. Regular Health and Safely committee meetings are held to review accidents, incidents. monitor policy and review proeèdurès. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Tiusloes (who are also direclors ol Almeida Thealre C¢)mpany Llmlléd for thè purptsség of company 18wI are responsible lor prepaiing the Trustees. Report and financial slalemenls in accordance with applicable law and Uniled Kingdom Accounting Standards (Vniled Kingdom Generalty Accepted Accounting Praolicel. Company law requires the Tiuslees lo prepare financial statements for each finanoial year which give a true and fair view ol the slate ol affa￿r5 of the charitable company and Ihe group and of the income and expenditure of thè group for that period. 19

ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT {conlinued) FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES Iconlinuedl In weparing Ihgse financial slalemenls. the Tiustees are required to.. select suilabte ac¢ounliny policies and then apply ih&m consislenlly- observe the methods and PTinciple8 in Accounting and Raporling by Chariliès.. Stalemenl of Recommended Practice applicable lo chaiilies preparing Iheir accounts in accordance with the Financial Reporting Slandaid applicable in thè UK and Republic of Ireland {FRS 102)., make judgements and eslimale$ that are re8sonable and prudent., stale whether applicable Unitèd Kingdom A¢¢tsunling Standards have been followed, subieci to any material departures disclosed and explained in the financial st818mentS,' and prèpare the financial slalemenls on a going concern basis unle8s il is inappropriate to presume Ihatlhe chaTltabl8 company will continue in operation. The Truslees ar& responsible for keeping adequate accounling Tecords Ihat disclose with reasonable accuracy al any lime the financial position of thè charitable company and enable them to ensure that the financial statemen18 comply with the Companies Acl 2006. They are also responsible for safeguardlng the 8s$o1s of the charitable company and the group and h8nce for taking raasonablo gleps lor th@ pr8v8ntion and d8teGlion ol fraud and other irregulaTilies. The Trustees are responsible for the malntenance and integrity of th& corporate and financial information included on the charitable company's wot)sile. Legislalion in the United Kingdom governing the preparation and di$seminalion of rinanci81 statèments may differ from legislation in other juri8drclions. Each of the TTuslee8 confirms Ihal.. so far as the trustee is aware, IhÈr8 is no relévant audit information ol which the charitable company'8 auditor is unawafe- and the trustee has taken all Ihe stèps that th&y ought lo have taken as a Irustee in order lo make themselves aware of any relevant audit information and to establish Ihal the charitable company's auditor is aware of that information. This confirmation is given and should be inteTPTeled in accordance wSth the provlslons of $418 of the Companles Act 2006. Approved by the Board ofTruslees on129 SC4f 2ulS i and signed on ils behalf by.. Trijslee Luke Johnson 20

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED Opinion Vve have audiled the financial slatemenls of Almeida Theatre Company Limited Ilhe 'charil8ble paienl company) and its subsidiaries {the 'group'l for the year ended 31 Maich 2023 which Comprise Ihe consolidated statement of financial aetivilies, the group and charilable parent company balanca shèèts, consolidated statement ol cash Ilows and the notes lo the financial statèments including the pn'ncipal accounting policies. The financial Feporting fi4mework that ha8 begn applled in their preparation is applicable law and United Kingdom Aeeounling Stand8rds, including Financial Reporting Slandard 102 'The Finartttial Réporting Standard 8pplic3ble in the UK and Republic of Ireland, (United Kingdom Generalty A¢cepl&d Ac¢ounling Pfaolice). In our opinion. Ihe financial s18lemenls'. + gNe a true and fair view of the slate of thè group's and ol the eharitable parenl company's affairs as al 31 March 2023 and of the group's income and expenditure lor the year Ihen ended.. • have been property prepared in accordance wtlh United Kingdom Genefally Accepted Accounting Practice; atKI • have been prepared in accordance with IhÈ rèquirèments of the Companies Act 2006. Basls for oplnlon We conducted our audit in 8eeord3nc8 wilh International Standards on Auditing {UIQ IISAS IUKII and applicablo law. Our responsibililies under those standards are furthei desciibed in th8 Audllorfs rèsponsibilllies for Ihè audit of the rinancial statements section of our report. We are independent of the group in accordance with the ethical requirement8 that ale relevant lo our audll of tho flnancial statements in the UK. induding the FRC'S Ethical Slandaid. and we have fulfillod our other ethical responsibililies in accordance with these requirèmènts. Wè belièvè that thè audit &vid6nee we havé obtained is sufficienl and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements. we have ¢oncluded Ihal the tfUStees' use ol the going concem basis ol accounting in the preparation of the fin8nci81 stalements is appropriale. Based on Ihe woik we havo performed, we have not identified any material urKertainlies relating lo events or condilitsns th81, Individually or collect￿Vely, may cast significant doubt on the groijp and charitable parent company's ability lo continue as a g)ing concern lor a period ol al least twelve Months from when the financial slalemenls are aulhcffised lor issue. Our responsibililies and the respon8ibllilie8 of the Irustees with rèspect to going conoern are described in the relevant sections of thi8 report. Other Informatio The trusteès srè ièsponsible for the other infoimalion. The other information compTISgS Ihe information included in the annual report and financial stalemenls. other Ihan the financial statements and our auditor's report thereon. Ouropinion on the financial slalemenls does not eovèr the othe¥ information and. except lo the exlenl othe￿iSe explicitly staled in our report, we do not express any lorm of assuran￿ conclusion Ihereon. 21

NDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED Iconlinued} Othèr InformatÉon {continuedl In connection wilh our audit of the financial statements, our responsibility ig lo read the other information and, in doing so, ¢onslder whether the other infc>Tmalion is maleTially inconsislenl wlh the financial statements or our knowledge oblained in the audit or otherwise appears to be materialty misstaled. If wè Idèntify such material Inconsislenaes or apparent materi81 mi$stsl&m¢nls, w8 are reqijired lo determine whether there 1$ J material misstalemenl in the financial slalemenls or a material misslalemenl of the other information. If. based on the work we havè performed, w& concludè that there is a material Misslate￿nI of this other informalron. we are required lo report Ihal fact. We have nothing lo ieport in this regard. Opinions on other matters p￿sCribed by the Companias Act 2006 In our opinion. based on the woik undertaken in the course of the audit.. the information given in the Iruslees, report. which is also the directors. report for the purposes of company law and includes the slialegic report, forlhe financial year foTwhich the financial slalemenls are prepared is consislenl with thè finan¢i81 $18lèmÉnts', and the Iruslees. ieport. which 18 a180 the directors. Feport for the PLFrposes of company law and includes Ihe strategi report, ha8 beèn wÈpared in accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exceptlon In Ihè light of thè knowlèdgÈ and understanding ol the group and thè ¢harilablÈ parenl company and Iheir environment obtained in the course of Ihe audil, we have n¢1 i(Jenlified materlal mlssta¢emenls in th$ tru8lees' report ineludinu the slralegic report. We have nothing to report in respect of the following matters in relation lo which the Companlos Act 2006 requiies us to repori to you if. in our opinion.. adequalo accounling records have not been kept by the charilablo parent wmpany, or return8 adequate for our audit have not been received from branches not visiled by us.. or the charitable parent wmpany financial statements are not in a9reemenl with the accounting recoid8 and returns., or certain dis¢lts$ure$ of tru8tees' remuneralion $p¢¢If1￿ by law are not ma(Je', or we have not received all the information and oxplanalions we require for our audit. Responslbiliti8s of trustees As explained more fully ill Ihe slatem8nl of ITu8lee8' wesponsibililies. the Iruslees (who are also the directors of the h8ri18ble company forlhe purposes of company law) are responsible for Ihe preparallon of the financial 8talemenls and for being satisfied that they give a true and fair view. and for such internal control as the trustees determin& is necessary to enable the preparation ol financial slalemenls that ale free from material misslalemenl, whether due lo fraud or error. In preparing Ihe financial slalemenls, Ihe Iruslees are responsible for assessing the group's and Ihe charitable parent company's ability lo continue as a going concetn, dOs¢losing, as applicable, matters relaled lo going con￿r￿ and LFsing Ihè going concern b88is of 8ecountiny unlèss the trustees &ilher intend to liquidatè the group or thè ¢haritable parent company or lo cease operalions, or have no realistic alleinative bul lo do so. 22

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED (conlinuedl Audltor's responsibllltl8s for thè audlt of the flnanclal statements Our objeclives are to oblain reasonable assurance about whethér thè financial statemènts 88 a whole aré free from material misslalemenl, whether duo lo fraud or orror, and lo issue an auditor's report that includes our opinion. Reasonab18 assuranco is a high level of assurance. bul is not a guarantee that an audil conducted in accordance with ISAS {UKI will aKvays delecl a material misslalemenl when it exists. Mi3stalemenls can arise from fiaud or e¥ror and aTe considered maleiial if. individually or in the aggregate, they could reasonably be expected lo influence the economic declgions of users takèn on thè basis ol thÈs& financial slalemenls. If￿gUlaTi110￿, inGlu(Sing fraud, are Inslances ol non-compliance wilh laws and regulations. We design procedures in line with our responsibilities. outlined abDve. to detect material misstatements in respect of irregularilie5, inGluding fiaud. Our approach lo Identifying and assessing thè risks ol material misslalemenl in respect of irregularities. induding fraud and non-com[￿1ance with laws and regulations. was as follows.. The eng8gèmÉnt partner ènsured thal the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with aptAicable laws and regulations,. We identified the laws and regulations appI￿able lo the charity IhroiJ9h discussions wilh man89emenl and from our knowledge and experierice of the chaiily sector,. and We focused on specific laws and regulations which we considered may have a direct m31erlal effe¢l on Ihe finanelal slalèmènls or the activitiès ol the charity. These included bul were not limited lo the Companies Act 2008.. the CharitiÈs Act 2011,. and Accounllng and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accoidance with the Finandal Réporting Standard applicablè lo thè United Kingdom and Republic of Ireland IFRS 1021. We assessed the extent ol compliance with18ws snd ragulations identified above my making enquiries of management and rewesenlalivgs ol the Irustoes and review of the minutes of Iruslees, meetings. We assessed thè sugceplibility of the charily's financial 51atements lo material misstatement, including how fraud might occur by.. Making &nquiries of managemenl and represenlalives ol the Iruslees as to where they considered there was susceplibilily to fcaud, their knowledge of actual, susp8cled and allegéd fraud,. arKJ Considering the internal controls in place lo miligale risks of fraud and n(m-compl1an￿ wlh laws and iegulalions. To addrèss the risk ol fraud through management bias and override of controls. we.. Perlomied analytical procedures lo identify any unusual or unÈxpeclÈd financial rèlationships; Tested and ieviewed journal entries lo identify unusual Ifan$aclions- Tested the aulhorlsalion of expenditure- Tèstèd th6 implemenlalion of financial controls.. 23

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALIIAEIDA THEATRE COMPANY LIMITED Iconllnuedl Auditor's responsibilities for the audlt of the financial statements (continued} Assessed whetrer judgements and assumplions made in determining the aceounling e$limales were indicative of potential bia¥.' and Investigated the rationale behind significant or unusual finat￿l31 transactions. In response lo the risk of irregularilies and non-compliancè with laws regulations, we designed procedures which included, but were not limited lo.. A9reeing financi81 statemènt disclostjrès to underfying supporting documenialion.. Rèading thè minulÈs of meelinyg of Iruslees- and Enquiring of managemenl and iepresenlatnies of the trustees as lo actual and potentl81 litigation 8nd dsim8. There are inherent limilalions in our audit procedures dèscribèd above. The more removed Ihal laws and iegulations are from financial Iransaclions, the less likely il is that we would become aware of non-eomplian¢e. Auditing stal￿ardS also limit thè audit proeèdurÈs required lo identify non-compliance with laws and reguFalions to enquhy of the Irust¢8s and manag?menl and the inspection ol regul810ry and legal Correspondence, if any. Material misstatemènts that 8ri8è duè lo fraud ¢an be harder lo delect than those that arise from wror as they may involve dellberale con￿almen[ or ¢ollusion. A further dÈscriplion ol our responsibililie5 fo¥ Ihe audit of the financial slatements is located on the Financial Reporting Council's website al www.fr&or9.uklaudilorsre8ponsibililies. This description foims part ol our auditorfs rewrt. Uxè of our rèport This report Is made solely lo tho ch8ri1able ￿MpanY'S membe¥s, as a l￿dy, in accordan￿ wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken 90 Ihal we might stsle lo the charitable company's members those matters we are required to stale lo them in an audilofs repNi and for no othèr purpose. To Ihe fullest exlenl poimitted by law, we do not a￿ePt or assume iesponsiblity to anyone other Ihan the charitable company and Ihe ¢harilable company's mèmbèrs ag 2 body, for our audit work, for this report. or for the opinions we have formed. Catherine Biscoe (Senior Slalulory Audilorl FOT and on behalf of Buzzawll LLP, Slalulory Audiloi 130 Wood Streel London EC2V6DL Date.. 10 October 2023 24

ALMEIDA THEATRE COMPANY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 VnTe5tricted Restrlttèd Funds Funds Unrestricted Restricted Funds Fund5 Total 2023 Total 2022 INCOME AND EXPENDITURE Incom8 from Note Llonalions and Grants Charitable Aolivities Other Trading Activities Investments 2,183,570 181.770 2,365,340 5,611.646 5.611,646 e66,755 666,755 6,184 6,184 3.082,960 252,297 3.335.257 2,321,825 2,321.825 737,743 737,743 240 240 Total Incoma 8.468.155 181,770 8,649,925 6,142,768 252,297 6.395.065 Expenditurg on Raising Funds Charitable Activities 691.673 691,673 7.582.491 350,547 7.933,038 519,386 519,386 5.586,567 537,300 6.123.867 Total Expendlture 8.274,164 350,547 8,624,711 6.105,953 537,300 8,643,253 Net IncomellExpendlturel For thé Y•ar 193,991 1168,7771 25,214 36.815 1285.0031 {248,1881 Fund Balances Brought Forward 3,415,229 2,629,807 6.045,036 3,378,414 2,914,810 6.293,224 Fund Balances Carried Forward 3,609,220 2,461,030 6,070,250 3,415,229 2,629,807 6.045,036 All aci¢vities were continuing. All reeognised gains and losses are included in the above stalemenl ol financial activllies. 25

ALMEIDA THEATRE COMPANY LIMITED Company Numbor.. 1546033 BALANCE SHEETS AS AT 31 MARCH 2023 Group Charity Note 2023 2022 2023 2022 FIXED ASSETS Tangible assets Investments 3,723.494 3.804,202 3.715.105 100 3,796,993 100 12 3,723A94 3,804,202 3.715.206 3.797.093 CURRENT ASSETS stocks 10.398 2,239,688 1,754,049 7,062 1.505,901 2,243.771 Debtors Cash al bank and in hand 14 2.239,682 1,670,888 1,490,760 2.232.332 4.004.135 3,756,734 3,910,570 3,723.092 CREDITORS: amounts falling wlthln one year 15 11,657.3791 (1,515,900} {1,594,305} 11,486.1031 NET CURRENT ASSETS 2,346.756 2.240.834 2.316,265 2,236,989 NET ASSETS 6,070,250 6.045.036 6,031,470 6,034.082 THE FUNDS OF THE CHARITY I GROUP 21 Restricted fund8 17 2,461,030 2.629,807 2,461,030 2,629,807 Unrestrlcted funds Tangible fixed a88et fund Oesignaled funds Gènèral and non-cha¥ilable trading funds 1,472,102 715.000 1,466,532 742,659 1,463,713 715.000 1,461,423 742,659 19 20 1A22.118 1,204,038 1,391,627 1.200,193 3,609,220 3,415,229 3.570.440 3,404.275 6,070,250 6.045,036 6.031,470 6,034,082 The finanoial slalemenls were approved by the Board of Truslees on 29 sepE 201.3and were signed on ils behalf by.. L.L• Truslee Company no.. 1546033 Luke Johnson 26

ALldJEIDA THEATRE COMPANY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Nota Cash flow from op•ratlng 8Ctlvltles: Nel cash used in operating acliv4ties 1392,1251 1295.410) Cash flow from invèsting activities: Interest frorn investments Purchase ol tangible fixed as8Èts 6,184 1103,7811 240 1100,318) Nel ca8h used in investing aclivilies 197,5971 1100,078) Change in cash and cash ¢qulval&nts In tho y&ar 1489,7221 1395,4881 Cash and cash equlvalents at l Aprll 2022 2,243.771 2.63g,259 Cash and Ga5h equtval&nts at 31 March 2023 1,754.049 2.243,771 NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2023 Reconclllatlon of net income1gxp&nditLErel to net cash flow from operatlng actlvltles 2023 2022 Net Income lexpendlturg) las per the statement of financial activities) Adjustments for.. Depiecialion chaige Interest from investments Increase in 81ocks Increase in debtors Increase in creditors 25.214 (248,1881 184,489 16,1841 13,3361 1733.7871 141,479 280.733 12401 18071 {831,3761 524,468 Nat ca$h usèd In operatlng actlvllles 1392,125) {295,4101 Analysis of ¢ash ¥nd c&sh equlvalents 2023 2022 Cash al bank and in hand 1,754,049 2.243,771 Total net funds and cash and cash equlval&nts 1,754.049 2,243,771 No separate reconciliation of nel debt has been prepared as there is no Ififference between the net cash (debll of the charity and the above cash and Cash equivalonls. 27

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key souices of estimation uncortainty in th preparation of thè fin8ncial statèments are laid otjt b81ow. Basi5 of prepar8tion These financial statements have been prepared for the year lo 31 Maroh 2023 wilh comparative information presented for the year lo 31 March 2022. The financial statemènts havè been prepared under the historical cosl convention with ilems reco9nised at cost or transaction value unless otherwise slated in the relevant accounting poltcies below or the notes to these financial stalemenls. Tha financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statemenl of Reoommended Practice applicable lo charities prepaTing their accounls in accordance with the Financlal Reporting Standard 8pplicable in the LIK and Republio of Ireland IFRS 1021 {CharitiÈs SORP), th8 Finan¢lal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2008. The ¢harily ¢ort$tilulès a public bÈnefit entity as defined by FRS 102. The financial slatemenis are piesenled in $1orfing and are rounded lo Ihg nèarest pound. Basis of consolidation The consolidated linar*cial Slalements incorporate the financial slalemenls of the Almeida Theatre Company Limited and its $ubgidiaries, Almeida Theatre Catering Limited and Almoida Produolions Limited for th8 year ended 31 March 2023 on a line by line basis. Further details are given in nole 13 lo the financial siatemenls. As permilled by S408 of the Companie8 Act 2006, no separate profil and Ioss account 18 presented for the charity. Crltlcal aceountlng 8Stlmatas and areas of judgemont Preparation of the financial statements requbres Ihe Trustees and management lo make significant judgemènts and eslimales. The items in the financial slalements where those ju¢Agemen18 and e81imales havo been made includ8'. the ¢1888ificalton of a prop$rty temporarily let and not used for the charity's pyrposes as a tangible fixed asset. Assessment ol going con¢&rn The Tiusleos have assessed whèther Ihè usè of the going conc8rn assumption is appropriatè in prèparing Ihe8è financial Slalgmenls. Thg Tru3lees have made this assessmenl in respect lo a period of at least one year from the date of approval of these financial 8tatements. In a$s888ing whèther thè going concern assumption is appropriate. the Ifustees have taken account of= the current funding agreement with Arts Council England up lo March 2026,. and th& ourrent level of unreslflcted reservès and cash balances. Therefoie. the TTuslees of the ¢harily have Goneluded that there are no material uncert8inlie$ felaled lo events or condilions Ihal may cast significarst doubl on the ability of Ihe charity lo continue as a going concern. The Trustees are ol Ihe opinion that the chaiily will have sufficient ro&ouT¢es lo meo1 ils liabilities as Ihey fall due. 28

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 MARCH 2023 1. ACCOUNTING POLICIES Iconlinuedl Incomg Income is recOgnis￿ in the period ir¢ which the charity has enlillement lo the inwme an¢J the amount can be measured reliably and il is probable that incomè will be received. Income is deferrecl Dnly when the charity has to fulfil conditions before becoming enlilled lo il or where the doTror or fundeF has specified that the Itwme is lo be expended in a future accounting perlod. Ino)me comprises of grants and donations, theatre operaling income, incom8 from trading 8Ctivities 8nd investment income. Grants from government and other agencies have been Included as Income Irom oharilable aclivilies where these amount to a contract for services, bul as donations whére the money has greater freedom of use. for example monies lor core funding. Donations are received from members and th& general publk and are accounted for as they are ieceived. unless ther& is probable assurance of enlillemenl and receipt, in which caso they are Tecogni5ed on an accruals basis. Any donations wilh donor specified reslrictsons on usagg are held within restricted lunds. Inwme from individual membership schemes eligible for Gift Atd 1$ rÈcoyni$Èd in full on rèeÈipt- Income is only deferred when it specifically ielales lo fuluie acGounUng periods. Thealre operating income represent8 the lolal value ol box office in¢ome. royalties ffom Ifangfers and tours and other ancillary incomè received by the group from customers during the year, excluding value added lax. Income and any expenditure associated with producing a show is deferred il the press night performance takes place in the next accounting peTlOd. Income from l¥ading activities includes fundiaising events, 8pon8o¥ship, bar Income frorll thè Irading subsidiary, rental income and other trading income from show nights. Fundraising event income is recognised on the day of the evenl in case of unfor989en cancellation ol Ihe evenl by the charity., Sponsorship iTr¢ome is iècognised over the period for which the benefits are received according lo the sponsorship agreement with a parlner.. Bar and other trading Income of merchandise sales is recognised on receipt on show nighls and,. Rental income is recognised over the peiiod of the agreement. Interest on funds held on deposit is included when receivable and the amount can be measLtred reliably by the chaiily., this18 normally upon notilication of the interest paid or payable by the bank. Goods and servic08 received in kind, where material. are induded within 'Donations' and under the approprlate exp6ndilure headin9, depending on Ihe nature of goods and services provided. These arè fècogniséd al an astimated value lo ihe charity al the lime ol receipt. In accordance wllh the Charitses SORP volunteer lime is riot recognised. 29

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (conlinuedl FOR THE YEAR ENDED 31 MARCH 2023 1. ACCOUNTING POLICIES (continued) Expèndituro All expenditure is accounled for on an acGruals basis and has been classified under headings that aggregate all costs related lo the category. The majority of costs afe directly atlribui8ble to specific activities. Where costs cannot be directly attributed lo particular headings they have been allocated lo activities on a basis con51slenl with use of the resourcès and èstimated amounts attributable lo that a¢tivlly In the year. The cla$sifi¢ation between activities is as folk)ws= Expenditure on raisino funds includes 811 expandilurè on fijndr8lsI￿ gvènls, corporal& a¢livilios, bar expenses and an allocalion of support costs. Expenditure on charitable activities includes the production and adminislralive costs of the operation of the theat￿ and the production of plays. including depre¢Salion on related assets. Pre-production Costs incurred in respect of a theatre produciion are altribuled lo the financial year in which the show's press night Q¢CUfS. Allocation of support and governance costs Th6 majoftty of costs are dirèelly altributablè to specific 8ctiviliÈ8. Offvce coslg #nd property-relaled costs are apportioned by the ratio of expenditure in a particular expense category. Govèrn8n¢è ¢0818 are those incurred in connection with compliance with conslilulional and slalulory requirements. Unrestrlctsd funds Unrestricted funds are funds which are available for use al the discretion of the Trustees in furtherance of Ihe genèral obje¢live$ ol the charity and which have not been designaled for other purposes. DesSgnated funds Designated funds are amounts which have been set aside al the discretion of the TTilStees for a specific. but not legally binding purpose. Tangible fixed asset fund The tangible fixed asset fund comprise8 unreslricled funds represented by lang￿￿ 19 fixed as8e15 and ate Iherefoie nol readily available for expendtlure. Rèsirlctèd Incomè funds Where funds are received lo be applied lor specific purposes imposed by Ihe donor or implled by the teims of any appeal under which they were raised, other Ihar) endowmenls, Ihese are shown as reslricled income in the slalemenl of financial activities ISOFAI. Subseouenl expenditure forlhe purposes specified including depreciation of 8ny fixed assets acqtJir&d, is charged to restricted funds in the SOFA. Unaxpended balanc0$ at the year end, including the nel book value of funded assets. are shown in the balance shfret as restricted funds. Tangible fixed a88ets and dgprgciation Fixed assets are included at cost and capitalised on the balance sheet. There a￿ no un-¢apllalised fixed assets. DèprÈcialion is providèd on 811 tangiblè fixed assets except freehold18nd 81 ratas calculatéd towrite off the excess of eosl ovw thè estimated residual values over their expected useful economic lives at the followlno rale3= Freehold buildings 2•A on ¢osl per annum Building renovations - 2.5% to 25Q/ts on cost per annum Fixlures, fillings and equipment - 25% OF 20°h on cost per annum. 30

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued} FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES Icontinuedl Invèstmènts Investments in subsidiaries are staled al cost less provision lor diminulion in VAIue. Stocks stocks are valued al Iho kiwei of ¢oJl and net lealisable value. Unsold donated ilems are nol included. D8btors Debtors are re¢ognisÈd at their sèlt18menl amount, less any provision for n0n-rec0verat￿1lty. Prepayments are valued al the amount prepaid. They have been discounted lo the present Value of the lulure cash r¢c¢ipt where such discounting is material. Cash at bank and In hand C8sh at bank and in hand represents 8u¢h a¢eounls and instruments that are availablè on demand or have a maturity of 100 days from the dale of acquisit¢on. Credltors and provisions Credilois and provision5 are recognised when there is an obligation al the balance sheel dalé as a result of a past event, il is probable that a transler of economic benofil will be required in selllemenl, and the amount of the selllemenl can be eslimaled reliably. Creditors and provisions are recognised al the amount Ihe chaiily anlicipales it will pay lo s&llle the debt. They have been discounted lo the prgsenl value of the fulufe cash payment where such discounting 1$ material. Pènslon costs Cor)Iribulions in respect of various defined conlribulion schemes are charged lo the slalemenl of financial

cliviliès in the year in which they are payable.

Financial Instrumènis The charity only has financial assets and liabilities of a kind that qualify as bas1¢ financial Instruments. Basi finanThal instruments are inill8lly rèeognised al Iransaction value and subsequently measured al their selllemenl value. 31

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {conlinuBdl FOR THE YEAR ENDED 31 MARCH 2023 INCOME FROM DONATIONS AND GRANTS Unr¥strlctod Funds Re5triGted Funds Unreslricled Reslricled Funds Funds 2023 2022 Art8 Council grants DCMS CRF Grant Innovate UK Grant Small Business Grant Furlough Grants Donalior*s 689.294 689,294 686,552 574,000 412,878 30,OOfl 144,320 1,235,210 686,552 574,OOD 412,678 30.000 144.320 252.297 1.487.507 1,494,276 181,770 1.676.046 Total funds 2,183.570 181,770 2,365.340 3,082,960 252,297 3.335.257 Glft8 In klnd and donated YeTvi¢es The following support, in Ihe form of gift8 in kind and donated services. was received by the charity during fhÉ year.. provision of alcohol and Catering al Qvènts, discounts and complimentary coffee and wine, hotel accownmodalion, legal advice, venue hire, refreshmenls for meèlings. Thè value of Ihl$ 8UPPOrt is estimated lo be £119,672 {2022.. £128,672). In line with the accoLFnting Policy, this invaluable suppgrt has not begn recorded within the Stalement of Financial Activities 8$ the d()nalion8 are nol considered lo be material. INCOME FROM CHARITABLE ACTIVITIES UnrgStricted Funds 2023 2022 Thealre operal'ny income Theatre and Film tax relief 4.423,047 1.188,599 1,777,213 544,612 Total funds 5.611.646 2,321,825 INCOME FROM OTHER TRADING ACTIVITIES Unrestrlcted Fund¥ 2023 2022 Corpocale activities Bar rgvenue Other theatre trading Rental income 28.792 4Y3,642 86.948 77.373 357.375 247.584 68.167 64.617 Total funds 666,755 737,743 32

ALMEIDA THEATRE COPIPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuodl FOR THE YEAR ENDED 31 MARCH 2023 INCOME FROM INVESTMENTS Unrègtrlctéd Funds 2023 2022 Bank intere51 6,184 240 Total funds 6.184 240 EXPENDITURE ON RAISING FUNDS Direct Expenditur Support Costs Direct Expenditure Support Cosls Activity 2023 2022 Donatlons Fundraising events Corporate activities Bar expenses Other theatre Iiading 198,768 4.618 201.276 88,928 36.859 65,290 295,248 20,896 3,060 91,988 1,141 38,000 1.888 67,178 6,076 301,324 20,896 65,391 371,624 44,619 2,126 6.637 67,517 378,261 44,619 Total fLJnd$ 678,392 13.281 691,673 507,221 12,165 519,386 7. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Unreslrieted Restficled Funds Funds 2023 2022 Direcl costs of operating Theatre Support 7.436,809 343,812 7,780,621 5.455,720 524.716 5.980.436 146,682 6,73S 152,417 130.847 12.584 143,431 Total lunds 7,582.491 350.547 7,933,038 5.586.567 537.300 6.123.867 33

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (conlinuedl FOR THE YEAR ENDED 31 MARCH 2023 NET INCOME {EXPENDITUREI Group 2023 2022 Nel income lexpendilure) for Ihè yèar is 8laled after ch8rying'. Depreciation of tangible fixed asse18 Auditor's remuneration audit fees audil lees relating ID Grant Claims lax other sery1￿S 184,484 280.733 24,850 19,150 6,200 3.190 400 3,760 ALLOCATION OF SUPPORT COSTS INCLUDING GOVERNANCE COSTS Total Finance Department cosls of£165,69812022'. £155,596) are apportioned bÈtweÈn Èxpèndtture on raising funds and expenditure on charitable aclivilies In the ¥alio ol expenditure in each area. Governance costs of £28.61012022'. £28.940) are included wilhin Finance Department cosls. 10. STAFF COSTS AND DIRECTORS. REMUNERATION 2023 2023 2023 2022 Theatre Opèrations Acting Company Total emoluments: Wages and salarlfrs National Insurance Pension ¢onlribulions 2,276,730 214,754 57.026 1,435.810 3,712,540 214,754 S7,026 2,707,504 187,420 52,869 2,548,510 1,435,810 3,984,320 2,947,593 Average number of employees Ihead¢ountl: 2023 Numbor 2022 Number Charity Catéring 195 21 127 216 144 34

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 10. STAFF COSTS AND DIRECTORS, REMUNERATION IconlinuE¢JI 2023 Number 2022 Numbèr Average number of employees (full lime equivalenlsl.. Thealre Artists (Actors, supemumeiarios, exlcasl Théaliè Operation Development & Marketing Education & Access Adminislrallon & Fin3nce Catering Company 19 20 12 17 20 10 69 66 The number ol employees whose emoluments Ilncluding taxablè benefits but èxcluding employer's pension and national insuiaiice conlribulions) exc¢eded £60.000 were.. 2023 Numbèr 2Q22 Number £60.000- £69.999 £80,000- £89,999 £90.000- £99,999 £120.000- £129,999 £130,000- £139.999 Pension conlriknullons of £12,92712022.' £8,259) were paid lo delined conlfibulion pension schemes in respect of Ihe5e employees. The key management personnel of the charily in charge ol dire¢ling, controlling, running and opÈrallng th8 charity on a day to day basis comprise the TTuslees, Ihe Execulive DireGlor and the Artislic Oifeclor. The lolal remuneration (including taxable bènefits, employer's pension conlribtjtions and employer's national insurance onlribulionsl of thè kèy management personnel lor Ihe year was £261,151 12022.. £245,818). No directors (who are also tho Trustees of the charity) received any rernuneralion during the year. No expenses were incurred by the direc1018 in Ihe ypar12022.. £nil), Dlrectors and oifieers (Trustee indemnilyl insurance was paid durlng the year of £2,89112022.. £2.3131. 35

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 11. TANGIBLE FIXED ASSETS Freghold land nd buildings Building rgnovations Flxtures, fEttlngs and equipment Total Group Cost N 31 March 2022 Additions 2,133,229 3,S94,106 2,741,409 103,781 8,468,744 103,781 At 31 March 2023 2,133,229 3.594,106 2,845,190 8,572.525 Accumulated depreciatlon Al 31 March 2022 Charge lor the year 408,976 27,476 1,731,645 88,638 2,523,921 68,375 4,664,542 184.489 Al 31 March 2023 436,452 1,820,283 2,592,296 4,849,031 Net Book Value Al 31 March 2023 1,696.777 1.773,823 252,894 3,723.494 At 31 hAarch 2022 1,724.253 1.862,461 217,488 3,804.202 Freehold land aiid bulldlngs Bulldlng renovations Fixtures. fittings and oqulpm9nt Total Charity Cost At 31 March 2022 Additions 2.133.229 3.594,106 2.709.167 99,582 8,436,502 99,582 At 31 March 2023 2,133.229 3.594,106 2.808,749 8,536.084 Accumulated depre¢iatlon Al 31 March 2022 Charge for the year 408,976 27.478 1,731,645 88,638 2,498,888 65,356 4,639,509 181.470 Al 31 March 2023 436.452 1.820,283 2.564,244 4,820.979 Nèt Book V8lu& At 31 March 2023 1.696,777 1,773,823 244,505 3.715,105 Al 31 March 2022 1,724,253 1,862,461 210,279 3,796.993

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 11. TANGIBLE FIXED ASSETS {conlinued} The retention of the Theatre is intrinsic lo the charily continuing lo meet its ehariisble aims. Accordingly. the Trustees have no inlenllon lo dispose ol the Theatre. Cèrtain fundiny Itotalling £1 m} received in respect of the redevelopment of the Ihealre, which 18 secured by Charges over Ihe company's property, would be required to be repaid lo donors in the unlikely evenl that the Ihealie is sold or a court order is issued tr) wind Ltp the company. 12. INVESTMENTS Subsidiary undgrtaking5 Group Charity Cost and net book value Al 31 March 2023 and 31 March 2022 loo The charity owns 100% of the share capital of Almeida Theatre Catering Limiled, which is registered in England. The subsidiary is used for non-primary puipose trading activities. namely operating the theatre bar. All activities have been consolidated on a line by linE ba3is in the SOFA. Almeida Theatre Catering Limited owns 100% of the share capital ol Almeida Produclions Limited. which is Tegisleied in England, and commèncad trading in September 2014. Its Principal activity is the production of Ihealre shows. All aclivities have been consolidated on 2 linÈ by linè basis in th6 SOFA. 13. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARIES The charity has ultimate control ovèr Iwo companies. The registered address of bolh companies is the same as for thè charity. Almeida Thealre Catering Limited (Company No. 015345851 has a principal activity of calerir49, primarily the iLinning of Ihe Almeida Café 8af. A summary of ils trading results loi the year ended 31 March 2023 is shown below. 2023 2022 Turnovèr Cost of sales 473,642 1391,7121 247,584 1290,6461 Gross Proflt Ilossl 81.930 {43,0621 Adminislralive expenses Inel of management fees) Olh8r operaling income 115.1311 112,4851 59,433 Profit for the year 66,799 3,886 The assets and liabililies of th18 8ub8idlary were.. Fixed asset8 Current asseis Cieditors.. amounts lalling due withln one year 8,396 93,587 163.0751 7,209 18,503 {53,6031 Total nel assets Iliabililiesl 39,908 {27,8911 Aggregale share capital and reserves 38,908 {27,8911 37

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinued} FOR THE YEAR ENDED 31 MARCH 2023 13. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARIES (continL￿d) Almeida Produclions Limited (Company No. 018273511 principal activity is Ihe production of Ihealre Shows. A summary ol its results and financial posillon is Shown below.. 2023 2022 Turnover Cost of sal8S 3,109,954 14.298,5471 2,885,895 (3.430,507) Gross Ios8 11.188,5931 (544.612} Taxation for the year 1,188,593) 544,612 Loss for thè year The assets and liabilities of Ihis subsidiary We￿.. Current assels Credilors.. amounts falling within on8 year 1.168,693 11,188.5871 544.612 1544.6061 Total nel assets Aggregate share capital and reserves 14. DEBTORS Gyoup Charlty 2023 2022 2023 2022 Due within one year Trade debtors Amountg owed by subsidiaiy undertakin98 Other debtors Pioduclion cos15 in advance Prepayments 8nd accru￿ in¢om8 290,501 68,481 290,501 4,270,188 3S,976 477,478 165,540 68.481 550.546 14,795 304.907 552,031 1,306.169 477,478 165.540 580,482 304,907 552.031 2,239,688 1,505,901 2.239.682 1.490.780 15, CREDITORS: amounts falling due withln one year Group Charity 2023 2022 2023 2022 Trad8 crèdilors Other laxalion and social security Other crediloTS Box oflice receipts In a(Ivan¢e Accruals and deferred income 221,S71 165,757 243,457 414,393 612,201 215,269 116,057 178.823 312.396 693,355 219,512 129.741 218,458 414,393 612.201 207,078 100,872 172,402 312.396 693,355 1,657,379 1,515,900 1.594,305 1,486,103 38

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 6. MOVEMENT ON DEFERRED INCOME Deferred income relates lo grant, sponsorship, donation and membership Income received during the year bul whioh wlll be spent in subsequent years. 2023 2022 Group and charity Deferred income brouyht lo￿ard Released in Ihe year Deferred in the year 363,162 {363,1621 39,673 91,207 122,7531 294,707 Deferred IncorTF9 carried fonvard 39,573 363,161 17. RESTRICTED FUNDS 1 April 2022 31 March 2023 Incom& Expondlture Group and Charlty Productions fund Capilal fund 294.139 2,335,668 181,770 1266,2711 184,2761 209,638 2,251,392 Reslricled fL(nds 2,629.807 181,770 {350,5471 2.461,030 1 April 2021 31 March 2022 In¢9me Expendilule Group and Charily Produ¢lions fund Capital fund 415,253 2,499,557 252,297 {373,4111 {163,8891 294.139 2,335,888 Re8lri¢led funds 2,914,810 252,297 1537,3001 2,629,807 Restrlcled funds represent monies received by the charitable company for a 8peciffi¢ purpose. Details of the restiicted funds held as at 31 March 2023 are given below.. Productlons fund This fund consisted ol monies rècèived from various donors lo conlribule lo the running of the Almeida's educational projeds, funding accessible performartees, capital projects and our YoLtng Artists progratnme. Capital fund Thls fund consisted ol Tunding previously roceived in respect to the redevelopment of the Theatre and ACE funds towards improvement8. 39

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 18. TANGIBLE FIXED ASSET FUND 1 April 2022 Movement in year 31 March 2023 Tangible fixed asset fund.. Charity Subsidiaries 1,461,423 7,109 2,290 1,280 1.463,713 8,389 Group 1,468,532 3.570 1,472,102 l April 2021 Movemenl in year 31 March 2022 Tangiblè fixèd assèt fvnd.. Charily Subsidiaries 1,457,156 7,904 4.267 1795} 1,461,423 7,109 Group 1.465.080 3.472 1.468,532 Thss lund represent$ unreslricled langlble fixed assets and Iherefore is not readily available to meet expenditure. 19. DESIGNATED FUNDS 1 Aprll 2022 utlllsedl Released 31 March 2023 Group and Gharity Property redevelopment fund Mainlenan¢e itsserve.. Repairs anct renewals EqLtipmenl r¢plaremenl reserve Crea14"velSpecial Silualion reserve 400,000 400.000 125.000 35.000 IB2,659 125.000 35,000 155,OOD 127.6591 742,659 {27.6591 715.000 40

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 19. DESIGNATED FUNDS Icontinued} 1 April 2021 Ulilisedl Released 31 March 2022 Group and tharily Property redevelopment fund Maintenance r&serv8'. Repairs and renewals Equipment replacement reservè CTealivelSpéctal Situation reserve 400.000 400,000 125.000 35,000 450,000 125.000 35,000 182.659 1267.341} 1,010.000 {267,341) 742,659 The Properly redevelopment fund Is reseNed for investment towaids radevelopmenl of Ihe 10819 Uppet Street sil8 ahèad of a major fundrai8ing inilialive. If required these reserves would bè used as a bridging reserve lo be repaid Ihrough fundraising from Irusls. foundations and major donors. During the year. £27,659 of Ihe Creallvelspecial Situation reserv8 was used lo fund aciivilies. Thè Maintenance reserve is split into repairs and renewals for buildings and eqLJipment. It is for emeigency repairs as well as lo deal with unforeseen and unin8uied developments more generally. 11 is anti￿pated Ihal these ie$ervès will be ulilised in the next Ihreg years. 20. GENERAL FUNDS The policy of the charity is lo hold free reserves of al least £1,030.000 within the general fund. This has been identified as a result ol a review ol the risks lo the charity. The Iruslees idenlilied the main revenue slieams 8t risk leg. Development income, Box officè inctsmel and the likelihood ol risk occurfing. They also looked al working capital requirements and have included an amouhl in the rèseNes to allow lor this. General and non- charilable trading funds at 31 March 2023 are £1,422,118 for Ihe group and £1,391,627 for the Chaiily. 41

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglble fixed assets Net current assets 2023 Total Group Unrestrlcted fund$ Tangible lixed asset fund DesignAtÈd funds General and non-ehafitable trading funds 1.472,102 1.472,102 715,000 1,422,118 715,000 1,422,118 1.472,102 2.137.118 3.609,220 Restricted funds 2,251,392 209.638 2,481,030 3,723,494 2,346,756 6.070,250 Flxed a88èts Net currènt assets 2023 Total Charlty Unrg3tricted funds Tangible fixed assol fund Designated funds GÈn*al funds 1,463.713 1.463.713 715,000 1.391.727 715.000 1,391,627 100 1,463,813 2,106.627 3.S70,440 Restrictgd lullds 2,251,392 209,638 2.461,030 3.71 S,205 2.316,265 6,031,470 42

ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS leontinuedl FOR THE YEAR ENDED 31 MARCH 2023 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Iconlinugdl Tangible rLKèd assets Nel current assets 2022 Total Gioup Unrestricted fund5 Tangible fixed asset lund Designated lunds General and non-eharitab]e trading funds 1.468.532 1.468,532 742,659 1.204,038 742,659 1,204,038 1.468,532 1.946,697 3.415.229 Restricted fund8 2.335,670 294.137 2,629.807 3.804,202 2.240.834 6,045,036 Fixed assets el curient 2022 Total Charity Unrestricted funds Tangible fixed aysel lund Designated funds General fund8 1,461.423 1.461,423 742,659 1.200.193 742,659 1,200,193 1,461,423 1,942,852 3,404.275 Restricted funds 2,335,670 294,137 2,629.807 3,797,093 2,238.989 6,034,082 22. RELATED PARTY TRANSACTIONS Total donations lo the charity by trustees in Ihe yeai were £29,37512022.' £3,550). Except as dl$closed In nole 10 to the tinancial statements, there have been no olher relaled party Iransaclions in the pèriod which require disclosufe12022.' none). 43