ALMEIDA 3IIIV3HI ALMEIDA THEATRE COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity NuTVbber.' 282167 Company Number.. 1546033
ALMEIDA THEATRE COMPANY LIMITED CONTENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Legal and Admlnlstratlve Detalls Trustees, Report Independent Audltor's Report 23 Consolldated Statemont of Flnanclal Actlvltles 27 Balance Sheets 28 Consolidated Statement of Cash Flows 29 Notes to th8 Flnanclal Statemgnts 30
ALMEIDA THEATRE COMPANY LIMITED LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Dlrectors and Trust8 Luke Johnson (Chairl Rachel Parr ITreasur&rl John Armah Kamirbi Banga Jonathan Church Manisha Feidinand Sian Hansen Dorolhy Hendeison Sarisha Kutnar Artistic Director & Chlef Executiv8 Rupert Goold Executlve Dlrector Denise Wood Secretary and reglstered officè Tania Clark Almeida Theatie Almeida St¥eel London, N11TA Charlty number 282167 Company number 1546033 Auditor Buzzacoll LLP 130 Wood Street London EC2V 6DL Bankers National Wèslminsler Bank plc 1st Floor 440 Strand London, WC2R OQS
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also Directors of the company for the purposes of the Companies Act, present Iheir Annual Report together with the audited financial slalemenls for Ihe year ended 31 March 2024. Tli¥ li1idiibi5 sl<aleiTieiilb Iidve bEeii Plepdred iii dLLVfddllLe willi Ilie aGrounlin9 policies sgt out on pages 30 10 33 of the allached financial slalemenls and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Chariligs.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. STRUCTURE, GOVERNANCE AND MANAGEMENT Constllution and Structure The charity is consliluled as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association. The maximum liability of members in the event of a winding up is £1. Al 31 March 2024 there were nine members who are all Directors of the charitable company. The charity has two active, wholly owned trading subsidiaries, Almeida Thoalre Catering Ltd and Almeida Productions Ltd. Any profits go lo suppoil the charity. Governance The activities of the charity are supervised by the Trustees, who meet as a Board quarterly ea¢h year, or more often as necessary. The Trustees delegate the day-lo-day management of the charity lo ils paid staff. particularly the Artistic and Executive Directors. The Artistic Director is the Chief Executive OffIr of the company. Sub-commillees.. Finance Committee Nominations Committee {when recruiting Trusleesl Equalily, Diversily, and Inclusion Committee The professional experience of the Board continues lo provide strong support and advice to the Executive team and Staff Ihiough specialist and individual meetings. In addition. a Development Council supporls the Executive and the fundraising team to iderblify and secure new supporters and Sponsors, for which we continue lo be 9raleful.
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Iconlinuedl Directors and Trust8es The Directors, who are also the Trustèes of the charity during the year, were.. Luke Johnson (Chairl Rachel Parr ITrea8ur6rl John Armah Kamini Banga Jonathan Church Manisha Ferdinand Sian Hansen Dorothy Henderson Salisha Kumar Tanya Seghalchian (Retired 9 June 20231 Executlve Team Artistic Director and Chief Executive- Ruperl Goold Execulwe Director- Denise Wood Senlor Management Associate Director Director of Oevelopmeril Director of MaTkeling and Communications Director of Parlicip81ion and work wilh Young People Director of Finance and Opetalions Head of Production Head of Programming and Literary Producer Key management personn81 Tha key management of the charily responsible for directing, controlling, running and opeTaling the charity on a day- to-day basis comprise the Trustees, the Artislic Director and Chief Executive and the Execultve Direclor. Remuneration pollcy Slaff salaries are reviewed arinually as part of the budgeting process. Consideralion is given lo the rale of inflation and benchmarking across the sector. The charity has been a London Living Vvage employer Since April 2016. The Artistic Direclor and Executive Direclor salaries are reviewed by the Board annually. A salary increase was applied April 2024. The next increase will be April 2025.
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT {conlinuedl FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Public Benefit Th8 Trusleeo and enior Management of the charity are commilled to providing a public bcncfil and havc Conldered the Charity Commission's guidance in this area. We believe that producing high qualily, challenging, engaging work that would not be provided in a commercial environment enhances the quality of life of our audiences as well as fostering an appre¢ialion of the arts in general and theatre in parlicular. By commissioning new work, we are creating a store of work that other Ihealres will be able to revisit and developing writers of the future. Our ambition is for our work lo be seen by as wide an audience as possible= Our objectives include-. building and diversifying the audience in line with the evofving artistic progiamme. and undellaking aclivily that ensures Ihal our audience beller reflects the population offering opporlunilies lo engage audiences beyond lickel buyers. and cuiale a culluial convers81ion unlimited by our geographical location building a new audience for the future, in particular young people, and firsl-lime theatre grS offering access lo audiences from a wide socio-economic lange The Almeida remains commilled lo a lickeling policy which balances income largels with the ambition lo ensure our work is accessible. Vve commit lo concessionary piices to key groups of our audience, including.. reduced pricing for preview performances concessionary rates lo groups with potentially challenging sttio-economic circumstances,. audiences with disabilities, over 65s, students, under 30s and partner schools working in aieas ol high deprivation £5 lickel scheme for 25s and under Our work with young people and the community allows them lo have access lo some of Ihe most exciting artists working in the industry, as participants and as audiences. We want young people lo ask questions about plays. about Ihealre. and about the world they live in so Ihal they can become arlisls in their own right and become audiences with a critical voice and high expeclalions. We want lo give ¢hildren, young people, and community groups a voice, parlicularty those who aren't normally heard. The hi9hly skilled Parlicipalion team is dedicated lo working with young people in parlicipalory projects, l)olh individually and through Iheir schools. The £5 lickels for those aged 25 and under continues as an impoilanl aspect of our ticket policy.
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT Iconlinugd} FOR THE YEAR ENDED 31 MARCH 2024 MISSION AND STRATEGIC OBJECTIVES The Almeida brings logelher the most exciting artisls lo lake risks., lo provoke. inspire and surprise our audiences.. lo interrogate Ihe prèsent, dig up Ihe p8sI and imagine the fulure. Whether new work or reinvigorated classics, whether in oui Ihealre, on tour, online, OT in schools we make live art lo excite. enliven and entertain. We believe in the argument for theatre as an 68senlial Counterbalan lo an incTeasingly fragmented sociely. Kay Objectlves for 23124 ACE Investment Prlnclples The Almeida is commilled lo the Investment Principles as set out in the Arts Council's slralegy L81's CTr8le and reflected Ihroughout ils key strategy in 23124. The Trustees are commilled lo the lllveslmenl PrirFciples being embedded foi funding period 2023- 2027. Actlon5 for Chang8 Actions for Change is the Almeida's slfalegy for equality. diversity and inclusion. The action plan covers four slralegic areas with clear objectives and robust targets for the nexl three years for artistic piogramme, audierice development, young people and community. and peoplè & culture. The strategy for 2024-2026 continues. Artlstic Programme The artistic programme presented six productions al th8 Almeida Theatre. Four productions were prèsented commercially- A SlreelcarN&med Desire. Patriots and A Mirror in the west end and The Hunl al Sl Ann's Warehouse, New York. Audience Development During 23124 we continued to embed tho Actions for Chang8 Audience Development strategy while also striving to maximisè box office income. We worked lo maintain existing customer relationships and to rebuild atjdience confidence following the impacl of the pandemic alongside growing our audience reach through new channels and digital lechnologies, building on our recent success of our live streams and wider digital progiamm8. Young People and Communlty Almeida Participation conlinued to deliver a broad programme of work priorilising 8UPPOrt for youn9 people and emerging arlisls who have suffered during the pandemic, in addition lo building new and sustainable partnerships with local community groups. Oryanlsatlonal Sustalnablllty K8y objectives for the year included financial slabilily and 8rlislic success logelher wllh continulng renewed fundraising inilialives, and maintaining our commitment lo Actions for Change.
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 MISSION AND STRATEGIC OBJECTIVES continued DELIVERING THE STFLqTEGIC OBJECTIVES 2023124 ARTISTIC PROGRAMME The programme included two new musicals, three classic revivals, a new play and a large-8cale community play.. The Secret Life of Bees, a musical with Book by Lynn Nollage. Music by Duncan Sheik. Lyrics by Susan Birkenhead, directed by Whitney While. The European premiere of the musical based on the besl-selling novel by Sue Monk Kidd about a group ol women ignited by rebellion and longing lor 8c¢eplan¢e in Civil Rights era America.
"A vibrant newmusKal" Thel Romeo & Juliet by William Shakespeare, directed by Rebecca Frecknall. Following her Olivier Award winning revival of A Slreelcar Named Desire, Almeida Associate Director Rebecca Frecknall directed a fresh and thrilling lake on this classic lexl. Rising stars Isis Hainsworth and Toheeb Jimoh led the Company.
"The unmissable hil of Ihe summer. The Telograph 24 {DayJ.' rhe Measure of My Dreams by Annie Jenkins, directed by Jack Nurse. The creative team of The Delivery Drivers Play.. The Keywothers Cycle. reunited to create the first ol three plays in The Islinglon Trilogy. a18rge-scale communily project over three years. 24 (Day) slaired a company of over 80 community performers. in partnership with All Change, Arsenal in the Community and CaTdbDard Citizens.
'Cominunity Ihealre as il should be don8. The Observer A Mlrror by Sam Holcrofl, directed by Jeremy Herfin. A world premiere of an elusive and explosive play about censorship, authorship and free speech. It starred Jonny Lee Miller, Tanya Reynolds and Micheal Ward. A Mirror transferred lo The Trafalgar Theatre, Wesl End with Jonny Lee Miller, Tanya Reynolds and Samuel Adewunmi and Geoffrey Slealfeild. The play transferred lo the Trafalgar Theatre (Wesl Endl in January 2024.
"Ingenious andplayful drama. Financial Tin7es Portla Coughlan by Marina Carr, directed by Carrie Cracknell. Returning aflei Women. Beware the Devil, Alison Oliver starred in a revival of this modern classic of Irish Ihealre.
"Superb. dreamlike revival. Time Oul
ALMEIDA THEATRE COMPANY LIiVIITED TRUSTEES, REPORT (conlinued) FOR THE YEAR ENDED 31 MARCH 2024 DELIVERING THE STRATEGIC OBJECTIVES 2023124 lconlinued) ARTISTIC PROGRAMME Iconlinuedl Cold War, based on the critically acclaimed film by Pawel Pawlikowski. adapted for slage by Conor McPherson, with new songs by Elvis Costello, directed by Rupert Goold. A world premiere, s81 in Cold War-era Poland, about a couple brought together by music and lorn apart by political Circumstance.
"One olthe besl plays of 2023" Thei The Hunt {US Iransferl. The Almeida's production of David Farr's adaptation of the Danish film by Tobias Lindholm and Thomas Vinlerberg, directed by Rupert Goold. was revived for Sl Ann's Warehouse in New York and presènted by a UK Company of aclors including Tobias Menzies who relurned lo lead the company.
"Gripping" Time Out King Lear. by Wlliam Shakespeare, directed by Yaél Farber. starring Danny S8pani (Hymn, Almoida 2021) in the lille role. Following the success of The Tragedy of Macbeth in 2021, Yaèl Farber relurned lo the Almeida lo direct Shakespeare's classic tragedy.
"One ollhe besl Shakesp88res ltre segn" The Tim88 A Slree(car Named Deslre. by Tennessee Nlllams. directed by Rebecca Frecknall, siarring Palsy Ferran, Paul Mescal and Anjana Vasan. A'hearl slopping" (The T8legraph) revival of Tennessee Williams masterpiece, which earned multiple five-slai reviews, three Olivier Awards {Besl Revival, Best Actor, Best Acliess in a Supporting Rolel, and transferred to the Phoenix Theatre Iwesl End) in March 2023 *'Oulslanding" The Times Patriols by Peter Morgan, directed by Rupert Goold, starring Tom Hollander arKI Wll Keen. A world premiere of Pelei Morgan's play about Russian billiortaire Boris B8rezovsky's rise and fall in the world of politics and his position in placing Pulin as president. The play was nominaled for Best New Play and Besl Actor (Tom Hollander) al the Olivter Awards and Will Keen won Ihe Olivier Award for Best Aclor in a Supporting Role. The play Icansferred lo Ihe N1 Coward Theatre (Wesl Endl in May 2023 ** 'A cracking. exciling ple of theatre, EvenFng Sland8rd
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 MARCH 2024 DELIVERING THE STRATEGIC OBJECTIVES 2023124 Iconlinuedl 1. ARTISTIC PROGRAMME lconlinuedl Productions for 24125 include.. The Comeuppance. The UK premiere of a biling funny new play by Branden Jacobs-Jenkins, directed by Eric Ting. A group of friends gathering for a high-school reunion are haunted by the speclre of mortality and the choices they have made. The small ensemble company included Tamara Lawrance, Anthony Welsh and Yolanda Kellle (Patriolsj. Alma Mater. The UK premiere of Kendall Feaverfs explosive new play aboul the fallout of a sexual assault on campus and the ideological divide between different generations of leminisls. Directed by Polly Findlay, Ihe company was initially led by Lia Williams (0stea, Mary Sluartl and Phoebe Campboll. Unfortunately, Lia Williams had lo withdraw from the production al the end of previews. due lo ill health. and was replaced by Jusline Mitchell (Mr Bums, ShIpWCk). The Year5. The UK premiere of the stage adaplalion of The Years by Annie Ernaux, directed and adaplod by Eline Arbo. in an English version by Stephanie Bain. Deborah Findley. Romola Garai (Tho Wriler). Gina McKee, Anjili Mohindra, Harmony Rose-BTown bling one woman's personal and political story lo lile, sel amid the backdrop of a rapidly changing post-war Europe. Angry and Young Season. The Almeida's first ever ¥eperlory season features two celebrated 20th century British plays - Look Back Anger and Roots, which changed British theatre forever. Billy Howle and Morfydd Clark lead a company playing in rep across the both productions. Look Back In Anger. Twenly-live years on from the last London production, Alri 8anerjoe directs a revival of John Osborne's ground-breaking, furious play with Billy Howle as Jimmy Porter. Roots. Diyan Zora directs a fevival ofArnold Wesker's lyrical, impassioned play about a young woman's journey lo self-discovery, with MorfydLf Clark as Bealie Bryant. Cat on a Hot Tin Roof. Following her Successes with Summer and Smoke120181 and A SlreelcarNamed Desire120231. Rebecca Frecknall returns lo Tennessee Williams. directing stage and screon star, Daisy Edgar-Jones (Albion). in this sensual American classic.
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 MARCH 2024 DELIVERING THE STRATEGIC OBJECTIVES 2023124 Iconlinued} AUDIENCE DEVELOPMENT AND REACH Our focus in 23124 was to achieve our box office targels as well as continue lo progress our Actions for Change audience development strategy. Our objectives included.. building and diversifying the audisnco in line with the @volving artistic programme and undertaking aGtivily that ensL*ies Ihal our audience beller reflects the community around us. offering oppoilunilies lo engage audiences beyond lickel buyers, and curate a cultural conversalion unlimited by our geographical location. building a new audience for the future. In partIclar young people, and first-lime theatre goers offering access 10 8udiences from a wide socio-economic range We remain committed lo a lickeling policy which balances income targels with the ambilion lo ensLtre our work is accessible and we commit lo concessitsnary prices lo key groups of our audience. including: reduced pricing for preview performances. pool of audiènee development lickels largeled al specifi¢ groups. a range of offers for people aged 25 and under.. 500 £5 lickels on every production., and Almeida for Free èvents alongside every production. where 8 whole performance and additional workshops and panel ever)Is were given to thos6 25 and under for free. concessionary rates lo groups wilh polenlially challenging sctio-economic circumslances., audiences with disabilities. over 65s, under 30s and partner schools working in areas of high deprivation. Across 23124 we engaged over 104.000 people with our work either in-person al the Almeida or via digilal platfoms. This included.. 101,783 peopl8 attended performances at the Almeida. equaling to 91 % of all li¢kels available. 1,969 young people who attended performances specifically for those aged 25 and undeT. In addition our wesl end audiences weie-. 0 75,781 Palriols 0 57,117 A Streetcar Named Desire 0 50.273 A Mirror and 13,100 The Huntat StAnn'5 Warehouse in Newyork. Looking in detail al the demographics of our audiences. in partiular lhotse 8uditsnces with whom we engage through our work directly lickeled by the Almeida, we can see Ihal we are reaching a signilicanl new audien. We continuè lo hil our largel for new audIenS al the Almeida - 36% of our audiences in 2023124 were first lime-bookers. 1 OYO of our audionce was 25 or under. a small jump from 9.50h in 2022123. We saw a small rise in the percentage of our audience identifying as being from Black, Asian. orelhnically diverse backgrounds by 2025- 160A, up Irom 14% in 2022123. We saw a significant rise in the number of bookers idenlifying as having a disability- 15%. up from 8% in 22123. Our social media fdlowgrs have increased. Facebook.. 32,8001+O.SOA on 221231.. Twillei.. 133.4(Y)1+0.3% Dn 221231.. In8lagram'. 70,7001+16% on 221231., TikTok'. 23,200 {+3.5% on 22r231. 10
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 DELIVERING THE STRATEGIC OBJECTIVES 2023124 {conlinued} WORKING WITH YOUNG PEOPLE AND THE COMMUNITY During 202312024 the free Almeida Participation programme worked with over 7.000 young people. Through our three areas of work.. Young Artists. Schools and Community, we aim lo be a crealive home for the local Islinglon community, bul also reach artists lar and wide. supporting the next generation who will be a key part of Almeida's future. Young Artlsts The Almelda Young Company is a cornerstone opportunity within our Young Ailisls, progiamme. Across four monlhs. we work with bNo groups of young people, aged 14-18 and 18-25 10 inspire artistic ambitions and ignite creative careers. In 2023, we opened up the opporlunily lo musicians, composers and performers inleiesled in musical theatre. Across March- May, the Young Company participated in weekly skills and devising sessions led by Almeida artists and the Secret Life of Bees creative team. The project led to a perfomance on the Almeida stage ol four new 10 minute musicals. We worked with 53 participants aged 14- 25.. 71% identified as Global Majority, 61 OA were new lo the Almeida and 1000/0 reported improved skills and would like lo join fulure projects. The second young company project explo¥ed the themes in King Lear. And the groups brought Iwo new plays lo the Almeida's stage in March 2024. 40 young people worked for 4 months lo devise productions.. Lessons, and Lear is Not Okay. The 8 performances reached 1.016 audien¢e members. Young Designers and Technicians programme. This is in ils second year and addressed the need for diversity and entry level oppoilunilies in increasingly crucial roles in today's thealre industry.. sel, sound, lighting and costume design. stage management and technical roles. We ran an intensive learning week in October for 14 young people aged 14-18 to learn and upskill in design and technical roles. Five of the group also gained work experience on the young company shows as Assislanl Stage Managers and Costume assistants Six Alm8ida For Free feslivals ran for each production in Ihe course of the season, giving away 1,969 lickels during lo young people, and running maslerclasses and workshops for 1,465 young people across 37 events. The SeGret Life ofBges. Rom80 and Juliel. A MinDr. Portia Coughlan, Cold War, lQng Lear. We ian two groups of Young Producers for those with an interest in producing and planning creative projects. 28 Young producers aged 16-25 curated between them 25 events. Roineo and Juliet ForFree attracted 489 young people and Cold War For Iree allracled 494 young people. We held six Open Session diop-in woikshops foi 100 participants. Tho sessions included adapting and staging ¢lassi¢ plays. physical theatre and tnonologue surgeries. Youth Advlsory Board The Youth Advisory 808rd exists lo provoke, inspire and create positive change al the Almeida by including the voice and insights ol young people in decision making and strategy. 11 also aims lo develop the next generation of arls leaders by giving them access lo the Almeida's staff and leadership. We recruited seven new members in December 2023. We have incieased the membership lo 14- who lead on key strategic proje¢ls including audience development and data colleclion, cultural leadership and youth advocacy and shaping our access and diversity slralegies. 11
ALMEIDA THEATRE COMPANY LIiVIITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 DELIVERING THE STRATEGIC OBJECTIVES 2023124 {Gonlinued) WORKING WI H YOUNG PEOPLEAND THE COMMUNITY Iconlinuedl Schools W8 worked with over 20 local secondary schools, giving away 850 lickels to produclions across the year and ran workshops for over 450 school children 131 school sludonls performed on the Almeida stage in our Almoida Unlocked project where artists worked with students to create new plays inspir8d by Almeida productions. We have been wort(ing in4eplh with Samuel Rhodes, a local SEND School. to support nine students with special educational needs and disabilities across weekly workshops wilh a variety ofAlmelda departmenls and they allended a relaxed environment Performance. We worked with.. Over 100 students on work experignce and meftloring ptoieGIs. 88 children across four primary schools, running weekly youth theatre hubs 53 children aged 7-13 on summer school and half term projects that we recruited for through our schools programme. We ran two free llaining courses in 2023-2024.. a 6 week training programme for anyone interested in gaining facililalion skills. focusing on working wilh young people- and a professional development course In partnership with Coram Shakespeare Schools Foundation We also created 10 behind the scenes vÈdeos about our shows Ihal were accessed and viewe¢J 70k limes. Communlty After the success of the Keyworkers Cycle in 2022 where eighty members of the local community aged beeen 16 and 96 perfoimed in 9 plays, we began work on a three year project, The Islinglon Tnlogy. Year One Working in partnership with th8 local communily organisalion, All Change, and with Cardboard Citizens and Arsenal in Ihe Community across eight months. we engaged over 100 artists and local participants lo create a n8w play.. 24 (Dayj by Annie Jenkins - a road-lrip around North London over the course of 24 hours Ihal was performed in August 2023. The central role was taken by Jean Vvoolard who appeared in her first PTofessional acting role iri 50 years. Over the fin81 Ihre& months, we ran 97 creative sessions, workshops and rehearsals and reached 1,104 audience members across four performances. 64% of the communily cast and parli¢ipanls identified as ethnically diverse, 23% identified as disabled and 520h of the audience were first lime allendees al the Almeida. In addition. we ran six'creativily for Joy" workshops from Feb-April 2024 reaching 49 parlicipants. 12
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT {conlinLFedl FOR THE YEAR ENDED 31 MARCH 2024 DELIVERING THE STRATEGIC OBJECTIVES 2023124 Iconlinuedl DEVELOPING AND NURTURING TALENT The Almeida develops diverse young lalenl through Assistant Director opportuniligs, through oui Wofk with young people and through our writers, programme. We supported seven Assistant Directors across the seven main productions during 23124.. Mumba Dodwell (The Secret Life of Bees), Juslina Kehinde (Romeo and Juliell. 24 Day.. The Measure of My Dreams IFfeyja Winlerson), Molly StaY {A Mirrofj, Hana Pascal Keegan (Portia Coug171anl, Duljheasa Lanipekun (Cold Wafj, Sophie Drake (Th8 Hunt. Sl Ann's Warehouse), Danielle Kassaralé (King Lgar). These positions were salaried posts paid in line with the prevailing UK Theatre l Equity rates. We continued lo support the writers under commission as part of the Genesis New Writers Programme, which aims lo nurture emerginglmid-career writers, particularly those from under-represenled backgrounds. through a programme of maslerclasses. research and development, and dramalurgical support for the development of their plays. We have workshopped the following plays by writers on the Genesis New Wrilers Programme.. 1536 by Ava Pickett, Cannibal Tom by Josh Ellioll, RememberRemembor by Sid Sagar, Mulan by Amy Ng. Bnck.Shil.House by Sami Ibrahim, The Strange by Sam Steiner and these plays are being Considered for programming in 25126. Alma Maler by Genesis writer Kendall Feaver is programmed in the 24125 season. In September 2023 we announced the third cohort of Genesis Almeida writers.. Martha Loader, Kirsly Rider, Nikhil Parmar, Georgia Bruce, Shahid Iqbal Khan. Eoghan Quinn. They have participated in maslerclasses by Mike Bartlell. Ella Hickson, Dipo Baruwa-Elli. Beth Steel, Ola Animashawun. Theii first drafts are due in November 2024. We saw great success for our lalenl development programmes this year. Alma Malerby Genesis writer Kendall Feaver is progiammed in the 24125 season. 1536 by Ava Pickell. which she has wrillen on commission for the Almeida as parl of the Genesis programme, won the Susan Smith Blackburn Prize, garnering induslry-wide allenlion. We plan lo produce this as parl of our 25126 season. We delivered nine development workshops for freelance wrileis and directors lo further develop their creative practice and workshop material for future programming. Our programme of work with young people is key lo delivering the company's overall objectives and our commitment lo the development of diverse lalenl plays a central role in supporting the artistic programme. Young Artists involved in the Secret Life of Bees have been commissioned as dramalurgs and Hana Pascal Keegan, assistant director on Porlia Coughlan, has been commissioned lo create and direct the next Young Company production.
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued} FOR THE YEAR ENDED 31 fvIARCH 2024 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE Governance The Board of TTuslees meets quarterly, or more ffequenlly as required. and lakes an active role in supporting the Executive, in developing relationships wilh key slakeholders and potential donors, and advocating for the Almeida in Ihe wider industry. Board sub-commilleos.. The Finance Commille& meets quarterly lo revtew the monthly mallagemenl accounts, audited accounts. annual budget reviews and reports lo the full Board The Equality, Diveisily, and Inclusion {EDII Committee formed in 2020 works with the Executiv@ and senior management lo oversee and guide the company's plans for Equality. Diversity, and Inclusion Aclions for Change. One Trustee chairs the Development Council of independent suppoTteTS which helps drive lundraising and one Trustee is a member of the company's Green Team driving Ihe strategy for environmental suslainabilily. The Nominalions Committee is working to replace fouT Trustees including the Chair whos8 term of office comes lo an end in December 2024. Workforce The senior management team represenls the key 8lral6gic areas of responsibility across the organisalion - finance and operations, produclion, maTkeling & comms, participation, fundraising, producing and aTlislic planning. It meets with the Artistic and EXul1Ve Directors weekly and undtrrpins the strategic decision-fflaking. Representatives of Ihe senior management and Ihe Almeida Youth Board join allernale EDI C¢)mmillee meetings. During the year an Access group wag formed lo drivo tho Acce88 Action Plan and a wider company initiative led by the senlor managèment team began lo drive change across the culture of the company. Key policies arts reviewed every iwo years and were Ltpdaled in the summer of 2023. All staff have a comprehensive induction including GDPR. Health and Safety & key policies including Conduct and Respecl. Anli- Racism, Vvhislleblowing, and the Staff Handbook. During the year the company has benefiled from one paid inlernshlp within Ihe participation team and offers entry level roles in Participation, Development and M8rk81ing, all ofwhich are paid London Living Wage. We are proud that as in the past. staff from these ioles have progressed lo MO senior roles in the wider industry. Training for the staff team has included Anli-racism. Neurodiversity awareness, Disability Awareness, First Aid. Health & Safely, and Fire Warden training. 14
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT {conlinuedl FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE {conlinued} Fundralslng Total fundraised income for the year 23124 was £1,676,716 against a budget of £1.704.838 Ireforecasl 10 £1,576,295 in Seplemberl. Vvhile a reforecasl was necessary due lo ongoing staffing changes within the team, and a legacy gift expected in this year moved lo the next financial year due lo ongoing probate, the success in the year 2023124 remains driven by gifts and memberships from individuals and in relation lo the quality of the arlislic programme. Memb8rship has remained buoyant throughout the financial year Ic. 3.500} and in line wilh our wider fundraising strategy. Individual giving continues lo drive lolal fundraised income, with gifts and membership lolalling £1,307,935, equating lo 78% of lolal fundraised income in 2023124. There has been significant growth in philanthropic support towards productions and core costs, and a new membership line was introduced lo act as a mechanism for uplift in support al the point of renewals. and with a view lo Iranslaling these into further gbfls in the future. Success has also been seen in other areas of fundraising, with an almost 50% growth in income raised from Trvsls & Foundations this year. and £78,000 secured from those who have not previous5y given lo the Almeida. This includes a £25,000 donation towards our production Cold War. Other success from Trusts & Foundations includes a £57.ODO donation from a major US Foundation. We continue lo focus on securing mulli-year gifts lo ease pressure on in-year fundraising, and leverage Participation activities as key cullivalion opporlunilies, alongside our mainstage work, which has been a huge area of growth for Trust & Foundalion support, in addilion lo Pailicipalion. Access and Arlisl DevelDpmenl led programmes. Vvhile there has been a 12-monlh cycle of recruilmenl in the fundraising leam, the team was fully operation by Q3 of this financial yeai, with all conlribuling toward the renewed fundraising strategy. A new £10k level of supporl was introduced (Commissioning Circle), lo encourage philanthropic support of our work and lo act as a mechanism for uplift al point of renewal and where membership has slagnaled with little growth in upgrades for c.5 years. Three donations secured in 23124 al this level. Corporate membership continues lo drive conversations with prospects and has resulted in securing new business from three companies, two al £15k membership. one al £25k premier level. We continue lo seek a full lime member ol staff lo offer further focus on corporate income and partnerships and build our prospects in this aFea. In-kind continues to have a value lo the company of over £100k. The Development Director feports lo the Executive Director and is a member of the Senior hllanagemenl team. The wider Oevelopmenl team is responsible for fundraising with appropriate oversight from the Trustees, with the Oevelopmenl Director attending all Board meetings for appropriate updales. The team keeps abreast of. and complies with, all current fundraising and data protection legislation and will ensure all future requirements are adopted and adhered lo. No instances of non-¢ompliance have been identified during the year and we are governed by an ethical fundraising policy, as approved by the Board. Our ethical fundraising policy provides detailed guidance for the Development leam and other colleagues engaged with our fundraising. The Almeida is registered with Ihe Fundraising Regulator and adheres lo ils Code of Fundraising Practice and Fundraising Promise. No complaints have been received in relation lo fundraising aclivily this year. Should any complaints be received, we will respond individua15y and in a timely manner. We will use feedback and complaints 10 inform and influence our approach lo fundfaising. We aim lo conduct our fundraising activities with integrity, openness, and accounlabilily. and lo adheie to the Almeida's wider organisalional aims.
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE {conlinuÈd) Fundralslng conllnued The Almeida does not use professional third parties or commercial parlicipalors lo fundraise on our behalf. The fundraising fo¢us is on developing relationships with companies. charitable trusts and individuals who are inleresled in our work. The Almeida encourages donations from those visiting the Ihealro and engaging with our work online. We do not run telephone campaigns and are sensitive in our approach lo legacies. We are conscious of minimising the costs of fundraising and we benchmark our different fundraising channels to ensure they are compelilive. We work hard lo ensure we deliver value for money in all our chaiilable activities. 16
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 MARCH 2024 STFIATEGIC REPORT- ORGANISATIONAL RESILIENCE Iconlinued) Financial resilience Looking to the future, the on-going suslainabilily of our fundraising progfamme will be reliant on the skilled team lo resume cullivalion of mulli-year and major gifts and taking advantage ol opporlunilies lo further generate trust & foundation and Cofporale income. refocussing reliance away from membership driven fundraising and lo ensuie our financial suslainabilily through lo 26127. This is in addition lo the continued strong and commilled artistic programming, alongside projects and programmes for emerging artists and young people which provide a hook for funding opportunities. During the last twelve months the charity performed well generating a Iiading surplus of £251,772 (excluding reslricled funds) against a budgeted deficit of £137,520. The consolidated accounts show a surplus of £38.595. The reslricled funds used in the year were £213,177., reslricled funds are held for arlisl development (balance £101.819 al year end) and resliicled Capital fixed assets (balance £2,146,034). The charity's accounting procedures have continued lo enable rigorous and buoyant accounlabilily. Strict controls are in place lo ensure heads of departments meet their budgets, make savings {where possible) and minimise losses in the year. The budget and accounts were updated and monilored quarterly al Finance Commillee and Board meetings. Theatre Tax Relief ITTRI continues lo be claimed via the subsidiary Almeida Productions adding a valuable income stream lo the Ihealre's economy. The TTR rale remained al 45Yo, and Ihe company produced seven main house productions, and three participation shows resulting in TTR of £1,372,974122123 £1.171.6441. Film Tax Relief 1£7,5441 was Claimed via the Almeida Procsuclions company for the remainder of the costs of producing the film of Spring Awakening. Total Tax Relief in the year was £1,380,518122123 £1,188,593). We continue lo develop strategies lo generate additional in¢ome from inlornal revenue sources. Nel revenue generated From properly rental was £77k,' a surplus of £43k was generated by ancillary sales in catering and ffonl of house122123.' £109k}. The results for 23124 demonslrale that the financial models, cost controls and monitoring ale continuing lo have a positive effect on managing finances. Expenditure was well managed. with overheads and departmental budgets just 1.kn over budget. Budgeted expenditure shows an increase of around 7% compared lo 23124. The Catering Company had a moderate year. One third of the productions were presented wilhoul intervals, which impacted the prolilabilily. however the Company generated a small surplus of £6k. Sales of programmes and merchandise generated a surplus of £36k. Box office income was £3.2m (22123- £2.7ml. A Slreelcar named Desir8, paIrlS and A Mirror Iransferred lo the Wesl End generating a return of £246k The Hunt had played a five week run al Sl Ann's Warehouse in New York, generaling a nel result of £104k The 24125 budget presented lo Ihe Board reflects 8 full yearfs programme of seven productions. The box office largel has been budgeted al an aveiage 87°h capacity i.e. £3m. 17
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 MARCH 2024 STFIATEGIC REPORT - ORGANISATIONAL RESILIENCE Iconlinuedl Suslalnability Suslainabilily remains core to the organisallon's opwallonal delivery and future planning. The Almeida was awarded five stars by Julie's Bicycle's Creative Green schome and the Company was nominated for the Highest Achievement for Commitment Award in 2020. A new policy12022 10 20261 wilh supporting Aclion plan outlines our strategy and activity for the nexl four years. Sustainability conlinues lo be a slandlng agenda Item at forlnightly Operalions meetings, discussions take place al deparlmenlal team meetings and updates are presented to Senior management and the Board of Trustees as appropriate. The Green team continue to mèet bimonthly. Bolh siles continue to operate on 100% green eleclitcily larilfs demonslraling an ongoing commilmenl lo sustainable energy. In 2023 a change was made from gas central healing lo heal pumps al our rehearsal room and offices, which has resulted in a significant saving on CO2e. We have sourced quotes for the inslallalion of solar panels which could generate approximalely 50.fi of our electricity lal Ihe office and rehearsal rooms). New roofs with improved insulation and double-glazed windows were installed in June 2023, since when there have be6n savings of IOQh Kw Hrs. A strategy for repairs and renewals with environmental sustainability al the heart of our decision making is in place lo omplele the upgrade of 108 Upper Street and ensure the Theatre remains in good condition. The Almeida Catering Company is commilled lo using local suppliers wherever possible and has changed lo new suppliers whose ethos is lo focus on environm&nlally sustainable practices. The menu is compact to avoid food wastsge and two-thirds of the menu is plant-based. During Ihe yearthere has been a foclts on b251 practice for the productions based on recommendations ofthe Theatre Green book. All materials used for sets, costumes, props are recorded, listing sourGe. and whether they are reused, recycled or ¥elained follciwing closure ol the production. 21122 was a benchmark year lo inform strategies and ES largels for the fulure. Representatives from th& Almeid8 have participated in carbon literacy training and regularly attend events with peer organi5alions (e.g. NT Theatre Green Book best practice and the Theatre's Trust conference). Premlses Work continues wilh the programme of mainlen8nce an(S repair for both 108 Upper Street and th8 Almeid8 Theatre. Key proje¢ls have included complete re-roofing of 108 Upper Street, new fire doors al 108, replacement floor for the café bar and air handling units added to the caf8 kitchen. The Conditions Surveys for 108 and 109 Upper Street and Ihe Almeida Theatre have informed a r6vi¥ed progralnme of maintenance and repair going forward. An applicalion was made lo ACE for a project lo upgrade access facilities al 108 Uppei Street and refurbishment of Ihe rehearsal room. The application was successful, and work will begin in 2025. Events since the year end There have been no olh&r significant events lo report b@een the batance sheet date and the dale of this repoFI. 18
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 STFL4TEGIC REPORT- FINANCIAL REVIEW Financial Performance The Consolidated Slalemenl of Financial Activities {SOFAI shows the exlenl of and movement in, all charitable funds, differenlialing between reslricled funds (monies providod for specific purposes) and unrestricted funds Imonie5 which can be applied lo any charitable purposes within the organisalion's objectives). Unreslricled funds include funds designated by the Trustees for specific future investment in the organisalion. The lolal funds al 31 March 2024 are £6,108.845, {nel asselsl 12023.. £6.070,2501 of which £3,860,536 is represented by fixed assets such as buildings and equipmenl,12023- £3,723,494). Tol81 group income for the year was £8,619.355 12023.. £8,649,925). Our main sources of income included lickel sales and other audience income which was £4,366,533 12023.. £4,423,053). the Arts Council revenue giant of £587,928.12023.' £689.2941 and private fundraising and sponsorship of £1.676,717 12023: £1,704,838). Expenditure in the year was £8,580,760 12023.. £8.624.7111. Expenditure on charitable activities included productions £3,855,462, salaries and overheads £3.611.013. and the cost of raising funds was £809,749. Reslricled expenditure of £404,536 related to £105,358 depiecialion, £58,935 olhei expendiluie and £240,243 lor young artists, and participation projects. The group made a surplus of £38.595 {2023'. £25.214). In real terms the group made a surplus of £251.772 as ieslricled funds (held in reserves) were used lo support artistic programme activities Subsldlarles Almeida Theatre Catering Ltd. is a wholly owned subsidiary of the charily. Ils primary activity is the sale of food and drink 81 the theatre lo the audience and other customers. The company's turnover in the year was £430,36312023'. £473,642) and the profil in the year was £6,270 {2023.. £66,799). Almeida Productions Ltd is a subsidiary ol Almeida Theatre Catering Ltd. During Ihe year the company was commissioned by the Charity to produce ils productions. Ils turnover was £3,0,741 and after theatre lax relief receivable of £1.380.518 il made no profil or loss lor the year. Further details of the subsidiaries are given in note 13 to the financial slalemenls. Investment Policy As funds are primarily held forexpendilure in the foreseeable future. rather than as inveslmenls Isee Reserves Policy), Ihey are held in cash deposi18 with UK high street banks. These deposits are held in interest beaiing accounts. Reserves Policy Objectives.. To ensure we are properly resetved on an appropriate basis for an organisalion with our risk, business and creative profile. 11 is the policy of the Trustees for the charily.. To hold a maintenance and repair reserve for unforeseen theatre building. plant and equipment repairs. To hold a property reserve for investment in professional fees for work lo redevelop the 1081109 Upper Street sile. To hold a reserve for Arlislic activity lo respond lo artistic and creative opportunities that arise during the year. To hold free reserves Ilhe operating reserve) of £1.432.100 to cove¥ the main business interruption risks to revenues as identified in the Risk Register lupdaled August 20241. The Trustees conducted a detailed review of their reserves policy during the year. 19
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES. REPORT Iconlinued) FOR THE YEAR ENDED 31 IVJARCH 2024 STRATEGIC REPORT- FINANCIAL REVIEW Iconlinued) Flnanclal Position At the balance she&t dale, the group had lolal funds of £6,108,845 comprising reslricl8d funds of £2,247,853 and unreslricled reserves {including non.chaiitable trading funds) 01 £3.860,992. Re$trlcted Funds Reslricled Funds represent grants and donations received towards specific productions or other activities. £191,359 reslricled funding was received in the year. Expenditure comprises PToduclion expenditure as well as depreciation on the refurbished theatre and Arts Council funded equipment. A mDre detsiled arialysis is given in note 17 to the financial slalemenls. Unrèstricted Funds These represent the operational income of the charily le.g. lickel sales, touring income, ancillary sales), as well as grants and donations towards the activities of the charity. unreStrted funds include tangible fixed a8sels of £1.714,502 which are not available to meet expendilure 8nd nel cijrrent assets of £ 2,146,490 which include the following designated reserves.. Maintenance reseNe Property reserve Artistic Activities r8seTve £160,000 £144,500 £155,000 The group held free reserves al the year-end of £1,686,990. Although. this is greater than the amount Tecommended by the reserves policy, the Trustees feel il is appropriate due lo the Ghallenging economic enviionm&nl. Therefore, the Trustees are satisfied that suflTcient reserves were held al the year end lo meet the chaiily8 requirements for the lime being, and with future svpport of the charity's grant aKling bodies and privale donors. aims lo preserve the reserves lo meet any unexpected calls on funds that may arlse In the future Including those associaled with Ihe risks and uncerlainlies oullined below. In assessing whether the going concern assumplion is appropriate. the Tfustees have taken account of.. the current lunding agreement with Arts Council England up lo March 2027,. and the cufrenl level of unreslrioled rese$ and cash balances. Therefore, the Trustees of the Charity hava concludad Ihal there ara no material uncertainties related lo events or conditions that may cast stgnificanl doubl on the ability ol the charity lo continue as a going concern. The Trustees are of the opinion that the charity will have sullicient resources to meet ils liabilities as they fall due. 20
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 PRINCIPAL RISKS AND UNCERTAINTIES The Risk Register is reviewed by the Senior Management Team and updated al least once a yeaf and as required lo comply with ACE NPO funding agreement. The current risk regislor is reviewed by the Finan Committee and BnarA in Ihp. r.niirqp. nf thp. yp.Ar. Principal risks and uncertainties for the Charlty are outllned as follows.. Property There is a phased refurbishment and repairslmaintenance progTamme for the Upper Street site. Phase one of a progiamme of building works has been completed {Spring 20231 lo replace roofs, some windows and carry out brickwork repairs lo the Upper Street sile al a cosl of £314,000. Plans are undetway for Phase 2 to upgrade the rehearsal room. accessibility and suslainabilily of the building. There is an active programme of Maintenan and repair alongside this. Financial Reliance on achieving fundraising and sponsorship largels year on year. The Development Diceclor reports lo the Finance Commillee and lo the Board on a quarterly basis where largels and achievements are addressed as necessary. A Development Council formed of 11 volunteers support fundraising ellorls, making introductions lo individuals and prospective companies with potential lo support the Ihealre. Supporters in our Close neOrk continue lo act informally as advocates lor our work. During 23124 we welcomed two new members lo the committee lo drive forward inlroduclions. The Board. senior management and the wid8r company are kepl up lo dale on our fundraising aclivily and progress against fundraisirbg largels, with the Board and Executive supporting the Development team in their approaches lo prospective fundels. Arts Council National Portfolio funding has been secured for the period 2023- 2027. Financial operating risks identified during the review of the ieserves policy in 2024 were the risk of not achieving fundraising largels and the increased risk of Cancelled performances due lo actor illness., since 2020 the percentage of performances being cancelled increased from 10/0 10 5%12 peilormances p.a. compared lo 13 p.a. 2022-241. Health and Safety Risks lo the Heallh and Safely ol stall, company and audiences are managed by the senior management team. the internal Health & Safety Commillee and the Executive Diieclor who reports lo the Artistic Direclorlchief Executive. Risk assessments are carried out for all productions, all aclivilies, and special events. Separate fire risk assessments have been undertaken for both siles. Regular Health and Safety commillee meelings are held to review accidents. incidents. monitor policy and review procedures. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees Iwho are also directors of Almeida Theatre Company Limited for the purposes of company law) are responsible for preparing the Trustees, Report and financial slalemenls in accordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pracl¢ce). Company law requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charitable company and the group and of the income and expenditure of the group for Ihal peiiod. 21
ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES Iconlinued} In prepaiing these financial sialemenls. the Trustees are required lo.. select suitable accounting policies and then apply Ihom consistently. observe the methods and principles in Accounting and ReF)orting by Charities.. Slalemenl of Recommended Praclice applicable to charities preparing their accounts in accoTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021., make judgements and estimates that are reasonable and prudent. stale whether applrcable United Kingdom Accounting Standards have been followed, sublect to any material eparlules disclosed and explained in the financial slalemenls., and prepare the financial 51atemenls on a going concern basis unless il 18 inappropriate lo presume that the charitable company will continue in operalion. The Tfuslees are responsible for keeping adequate accounting records that disc105e with reasonable accuracy al any lime th6 financial position of Ihe charitable company and enable Ihem lo ensure that the financial slalemenis comply with the Companies Act 2006. They are also sponSible for safeguarding the assets ol the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. The TFuslees are iesponsible for the maintenance and integrity of the Corporate and financial information includèd on the charitable company's website. Legislation in tho Uniled Kingdom goveining Ihe preparation and disseminalion of financial 51alemenls may differ from legislation in other julisdiclions. Each of the Trustees confirms that: so far as the Iruslee is aware. Ihere is no relevant audit information of which the charitabl& company's auditor is unaware; and the ITUStee has taken all the steps that they ought lo have taken as a trustee in order to make thèmsélves aware of any relevant audit information and lo establish that the charitable company's auditor is aware of that infomialion. Thls conf1rmaln 18 glven and should be inlerpreled in accordance wilh the provisions of s418 of the Companies Act 2006. Approved by the Board of Truslees on 19 September 2024 and signed on ils behalf by Luke Johnson, Truste8 22
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED Opinion We have audited the financial slalemenls of Almeida Theatre Company Limited Ilhe 'charilable parent company'l and ils subsidiaries {Ihe 'group'l for the year ended 31 March 2024 which comprise the eonsolid8led slalemenl of financial aclivilies. the group and charilable parent company balance sheets, the consolidated slalemenl ol cash flows and the notes lo the financial statements including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United IKingdom Accouniing Siandaids, inGludiny FiridllLldl Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalements.. • give a true and fair view of the slate of the group's and of the charilable parent company's affai¥s as al 31 March 2024 and of the group's income and expenditure for the year then ended.. • have been properly prepared in accordance wilh Uniled Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ol Ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlernalion81 Standards on Audit¢ng IUKI IISAS {UKI} and applicable law. Our responsibilities under those slandaids are further described in the Audilorfs Tesponsibililies for the audil of Ihe financial slalemenls section of our report. We are independent of the group in accordance with the ethical requiremenls that are relevant lo our audit of the financial slalemonls in the UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate lo provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial slalemenls, we have concluded that the Iruslees, use of the going ¢oncem basis of accounting in the preparation of the finan¢ial statements is appropriate. Based on the work we have performed, we have not identified any malerial uncertainties relating lo events or conditions that, individu81ty or colleclively, may cast significant doubl on the group and charitable parent company's ability lo continue as a going concern for a period of at leasl months from when the financial statements are aulhorised lor issue. Oui responsibilities and Ihe responsibilities of Ihe Iruslees with respect to going concern are descfibed in the relevant sections of Ihis report. Other Informatlon The Iruslees are responsible for the olher information. The other information comprises the information included in the annual report and financial stalemenls, other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial s(alemenls does not cover Ihe other infomalion and, except lo the exlenl otheiS8 explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. 23
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED {conlinued> Other Information leonlinuedl In connection wilh our aud41 of the financial slaletmenls, our responsibility is to read the other information and, in doing so, consider whether the other infoimalion is materially inconsislenl wilh the financial slaleinenls OT our knoedge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalements. we are required lo determine whether there is a malorial misslatemenl in Ihe linanGial stalemenls or a material misstalemenl ol the other information. If, based on Ihe work we have performed, we conclude that there is a material misslatemenl of this other informalion, we are required lo report that facl. We have nothing to report in thi8 regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the WOTk undertaken in the course of the audit.. the information given in th& Iruslees, report. which FS also the directors, report for the purposes ol company law and includes the strategic Tepgrt, for the financial year forwhich the financial statements are Prepared is consistent with the financial stslements.. and the trLislees' report, which is also the directors. report for the purposes ol company law and includes the slrategic report, has been prepared in accordance wilh applicable legal requirements. Matters on whlch we are requlred to report by 8xceptlon In the light of the knowledge and undeislandSng of the group and the charitable parenl company and their environment oblained in the couise of the audit, we have not identified material misstalemenls in the tfuslees. report including Ihe strategic report. We have nolhirbg lo report in Tespect of the following mallers in relation lo whtch the Companies kt 2006 requires us lo retyjrt lo you il. in our opinion.. adequate accounting Tecords have not been kepl by the rharilable parent company, or returns adequats for our authl have not en received from branches not visited by us,. or the charilable parent company financlal slalem&nts are not in agreement with the accounting records arKI returns., or certain disclosures of Iru8tees' Temuneralion specified by law are not made., or we have not received all Ihe Information and èxplanalions we require for our audit. Responsibllltles of trustees As explained more fully in the slalemenl of tfuslee5' responsibilities. the trustees (w] are also the directors of the charitable company for the purposes of company lawl are responsible lor the preparation of Ihe financial slalements and for being salislied Ihal they give a true and fair view. and for such inlernal control as the IrLislees deteimine is necessary lo enable the preparation of financial slalemenls that are free from material misslalement, whether due lo fraud or error. In preparing the financial slalemenls, the Irusle&s are responsible for assessing Ihe group's and the charitable parent company's ability lo ¢onlinue as a going concern, discloslng, as applicable, malleTS related lo going concern and using the going concein basis of accourbling unless the trustees eilher intend to liquidate the group or the chaiilable parent company or lo cease 0ratiOnS. or have no realistic allerrTralive bul lo do so. 24
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED Iconlinuedl Audltor's responslbllitiès for the audit of the financial Statements Our objectives are lo obtain feasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due to fraud or erior. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted ir) accordance with ISAS {UKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are Considered fflaleiial ii. individually or iri IIIE £iyyieydle. Ili¥y Lvuld l¥i#bVllcibly b¥ vxp¥bl¥(I l(? ililluvllue Ili¥ viOllvlillL decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. oullined above, lo delecl material misslalemenls in respect of irregularities, including fraud. Our approach lo identifying and assessing the risks of material misslalemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. The engagement partner ensuied that the engagement team collectively had the appiopriale competence, capabilities and skills to identify or recognise non-¢ompliance with applicable laws and iegulalions., We identified the laws and regulations applicable lo the charily through discussions with management and from our knowledge and experience of the charity sector.. and We focused on specific laws and regulations which we considered may have a direct material effect on the financial slalemenls or the activities of the Charily. These included bul were nol limited lo the Companies Act 2006,. the Charities Act 2011,. and Accounting and Reporting by Charities.. Slalemenl of Recommended Praclre applicable io charities preparing their accounts in accordance with the Financial Reporting Standaid applicable to the United Kingdom and Republic of Ireland IFRS 1021. We assessed the exlenl of compliance with laws and regulations identified atrjove my making enquiries of management and representatives of the Iruslees and review ol the minutes of trustees. meetings. We assessed the susceptibility of the charity's financial slalemenls lo material misslalemenl, including how fraud miohl occur by.. Making enquiries of management and represenlalives of the Irijslees as lo where they considered there was suSpIlbll1lY lo fraud, their knowledge of actual. suspected and alleged fraud., and Considering the internal controls in place lo miligale risks of ffaud and non<ompliance with laws and regulations. To address the risk of ffaud through management bias and override of controls. we.. Performed anatylical procedures lo identify any unusLTral or unexpecled financial relationships,. Tested and reviewed journal enlfies lo identify unusual transa¢lion8'. Tested the aulhorisalion of expenditure.. Tested the implemenlalion of financial conlfols., 25
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED (conlinuedl Auditor's responslbllilles for the audit of the financial statements Iconlinuedl Assessed whether judgements and assumptions made in determining Ihe accounting eslimales were indicative of potential bias.. and Investigated Ihe ralion81e behind gignificanl or unusual financial Iransodions. In response lo the risk of irregula¥ilies and non-complian with laws and regulations, we designed procedures which included, bul were not limited lo- Agreeing financ131 statement disclosures to undeilying supporting documentation., Reading Ihe minutes of meelirwJ8 of trustees.. and Enquiring of management and representatives of the Iruslees as lo actual and potential liligatn and cLgims. There are inherent limitalions in our audit piocedures described above. The more removed Ihal Iws and regulallons are fr¢Jm financial Iransaclions. the less likely it is that we woukl becorne aware of non-compliance. Auditing standards also limit the audit procedures required lo id6ntify non-compliance wilh18ws and regulations to enquiry of the tiuslees and management and the inspection of regulatory and legal corr8spondence, il any. Material misslalemenb that arise due lo fraud can be harder lo detect than those that arise ffown erro[ as they may invOe deliberate concealment or collusion. A further de8ciiplion of our respongibililie> for the audit of the financial slalemenls is located on the Financial Reporting Council's website at ww.frc.org.uklauditorsr6sponsibililies. This descrwjlion forms part of OUT auditor's rewrt. Use ofour report This report is mado solely to the charitable company's members, as a borty, In accordance wilh Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the chaiilable company's members those matters we are required lo slate lo them in an audilor's report and for no other purpose. To the fullest extenl pmItted by law. we do not a¢p1 or assume responsiblily to anyone other than the chariiable company and Ihe Gharilable company's members as a body, for our audit work, for Ihis report. or for the opinions we have formed. Catherine Biscoe (Senior Stalulory Audilorl For and on behalf of Buzzacoll LLP, Slatulory Auditor 130 Wood Slreel London EC2V 6DL 23 September 2024 26
ALMEIDA THEATRE COWIPANY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrastrlcted Restrlcted Funds Funds Unre8trlcted Reslrlct8d Funds Funds Total 2024 Total 2023 INCOME AND EXPENDITURE Income from Note Oonalions and Grants Charitable Activities Other Trading Activities Investments 1,981,327 191,359 2,172,686 5,747,051 5,747.051 677,802 677,802 21,816 21.816 2,183.570 181,770 2,365,340 5,611.646 5,611,646 666,755 666,755 6.184 6,184 Total Income 8,427,996 191,359 8.619,355 8,468,155 181,770 8.649,925 Expenditure on Raising Funds Chaiilable Aclivilies 809,749 809.749 7.366.475 404,536 7,771,011 691,673 691,673 7,582,491 350,547 7,933,038 Total Expendlture 8,176,224 404,536 8,580,760 8,274,164 350,547 8,624,711 Net IncomellExpendlturel For the Year 251,772 {213,1771 38,595 193,991 1168.7771 25,214 Fund Balances Brought Forward 3.609.220 2,461,030 6,070,250 3.415,229 2,629.807 6.045,036 Fund Balances Carrled Forward 3,860.992 2.247,853 8,108.845 3,609,220 2,461,030 6.070,250 All aclivilies were continuing. All recognised gains and losses are in¢luded in the above slalemenl of financial aclivilies. 27
ALMEIDA THEATRE COMPANY LIMITED Company Number.. 1546033 BALANCE SHEETS AS AT 31 MARCH 2024 Group Charlty Note 2024 2023 2024 2023 FIXED ASSETS Tangib18 assets Inveslm8nls 3,860,53fj 3.723,494 3.853.711 100 3,715.105 100 12 3.860,536 3,723.494 3,853,811 3,715,205 CURRENT ASSETS Stocks 14,629 1,954,304 1.622,783 10.398 2,239,688 1,754,049 Deblors Cash al bank and in hand 14 1.985.966 1.576.093 2,239,682 1.670,888 3,591,716 4.004.135 3.562.059 3,910,570 CREDITORS: amounts falling due withln one year 15 11,343,407) 11,657,379) 11.320,5411 (1,594,305} NET CURRENT ASSETS 2,248,309 2.346,756 2.241.518 2,316,265 NET ASSETS 6,108,845 6.070.250 6,095,329 6,031,470 THE FUNDS OF THE CHARITY I GROUP 21 Restrlcted funds 17 2.247.853 2,461.030 2.247,853 2,461,030 Unrestricted funds Tangiblè fixed asset fund Designaled funds General and non-charilable Irading funds 18 19 1.714.502 459.500 1.472,102 715,000 1,707,677 459.500 1,463,713 715,000 20 1.686.990 1.422,118 1,680,299 1,391,727 3,860,992 3.609,220 3,847,476 3.570,440 6.108.845 6,070,250 6,095.329 6,031,470 The linancial statements were approved by the Board of Trustees on 19 September 2024 and were signed on ils behalf by: Luke Johnson. Trustee Company no.. 1546033 28
ALMEIDA THEATRE COMPANY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flow from operating activilies: Nel cash generated by (used inl operating aclivilies 189.771 1392.125) Cash flow from Investing activities: Interest from investments Purchase of tangible fixed assets 21,816 1342,8531 6.184 1103.781) Net cash used in investing activities 1321.0371 197,597} Change In cash and cash equivalents in the year 1131,2661 1489.722} Cash and cash equlvalents at 1 April 2023 1.754,049 2,243.771 Cash and cash equivalents at 31 March 2024 1,622,783 1,754,049 NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2024 Reconciliation of net income {expendlture) to net cash flow from operating activities 2024 2023 Net income {as per the statement of flnancial activities) Adjustments for.. Depreciation charge Interest from inveslmerbls Increase in stocks Decrease Ilncreasel in debtors Increase IDe¢reasel in credilois 38,595 25,214 205.811 121,8161 14,231 2BS,384 1313.9721 184,489 16.1841 13,3361 {733,7871 141,479 Net cash generated by (used inl operatlng actlvltles 189,771 {392,1251 Analysis of cash and cash equlvalants 2024 2023 Cash al bank and in hand 1,622.783 1.754.049 Total net funds and cash and cash equivalents 1,622.783 1,754,049 No separate reconciliation of nel dobl has been prepared as there is no difference between Ihe net cash Idebll of the Charity and (he above cash and cash equivalents. 29
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES The principal accounting poIleS adopted. judgements and key souices of eslimalion ur)certainly in the preparation of the financial slalemenls are laid out below. Basls of preparatlon These financial slalemenls have been prepaied for the year lo 31 March 2024 with comparative inft)mialion presented for the year lo 31 March 2023. The financial statements have been prepared under the historical cost convention with items recognised al cost or transaction valtje unless otherwise slal8d in the relevanl accounting policies below or the notes lo these rinancial stalemenls. The financial statements have been prepared in accordance wilh Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to chaiilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (ChaTilies SORP), the Financial Reporting Standard applicable in th8 UK and Republic of Ireland {FRS 102} and the Companies Act 2006. The charity conslilules a public benefit enlity as defined by FRS 102. The financial statements are presented in sterling and are rounded lo the nearest pound. Basis of consolidatlon The consolidated financial slalemenls incorporate the financial slalemenls of the Almeida Thealre Company Limited and ils subsidiaries. Almeida Theatre Catering Limited and Almeida Productions Limited for the year ended 31 March 2024 on a line by line basis. Further details are given in note 13 to the financial slalemenls. As permitted by S408 of the Companies Act 2006, no separate profil and loss account is presented for the charity. Gross irteome of £8,214,51012023 £8,176,283) and net income of £57,84112023 nel expenditure £41,585> has been dealt wilh in Ihe financial slalemenls of the charity. Crltlcal accountlng estlmates and areas of judgement Preparation of the financial slalements requires the Trustees and management ID make significant judgements and estimates. The iloms in the financial slalemenls where these judgemenis and 8slimal@s hav& been made include.. the Classification of a properly temporarily let and not used for the charity's purposes as a tangible fixed asset. Assessment of golng concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these firiancial slatemenls. The Trustees have made this assessment in respect to a period of at least one year from the dale of approval of these financial slatemenls. In assessing whether th@ going concern assumption is appropriate, Ihej Iruslees have taken account of.. the current funding agreement with Arts Council England up lo March 2027., and the Gurrenl level of unreslricled reserves and cash balances. Therefore. Ihe Trustees of the charily have concluded that there are no material nCertainlieS related lo events or conditions Ihal may cast significant doubt on the ability of the charity lo conliniie as a going concern. The Trustees are of the opinion that the charity will have sufficienl resources lo me&t ils liabilities as they fall due. 30
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued} Income Income is recognised in the peiiod in which the chafity has enlillemenl In the inrnme and the. amniiril r.4n bA measured reliably and il is probable that income will be received. Income is deferred only whèn th& charity has lo fulfil conditions before becoming enlilled to il or where Ihe donor or lunder has specified that the income is lo be expended in a future accounling period. Income comprisos of grants and donations, thealfe operating income, income from trading activities and investment income. Gfants from government and other agencies have been included as income from charitable activities where these amount lo a contract for services. bul as donations where the money has greater freedom of use. for example monies for core funding. Donations are received from members and the general public and are accounted for as they are received, unless there is probable assurance of enlillemenl and receipt, in which case they are recognised on an accruals basis. Any donations wilh donor specified reslficlions on usage are held within restricted funds. Income from individual membership schemes eligible for Gift Aid is recognised in full on receipt. Income is only deferred when il specifically relates lo future accounting periods. Theatre operating income represents the 10181 value of box office income, royalties from transfers and tours and other ancillary income received by the group from customers during the year, excluding valuo added lax. Income and any expenditure associated with producing a show is deferred il the press night performance lakes place in the next accounting period. Income from trading aclivilies includes fundraising events. sponsorship, bar income from the trading subsidiary. rental income and olher trading income from show nights. Fundraising event income is iecognised on the day of the event in case of an unforeseen cancellation of the evenl by the charity., Sponsorship income is recognised over the period for which the benefits are received according lo the sponsorship agreement with a partner.. Bar and other trading income of merchandise sales is recognised on receipt on show nights and,. Rental income is recognised over the period of the agieemenl. Interest on funds held on deposit is included when receivable and the amoLTrnl can be measured reliably by the chaiity. this is normally upon nolilicalion of the interest paid or payable by the bank. Goods and services received in kind, where material, are included within 'Donalions' and under the appropriale expenditure heading, depending on the nature of goods and services provided. These are recognised al an eslimaled value lo the charity al the lime of receipl. In accordance with the Charities SORP volunteer lime is not recognised. 31
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES Iconlinuedl Expendlture All expenditure is accounted for on an accruals basis and has been classilied under headings that agyregale all costs related lo the calegory. The majority of costs are diieclly atlribulable to specrfic aclivilies. Wheie costs cannot be directly allribuled lo particular headings they have been allocated to activities on a basis consislenl with use of tho resources and estimated amounts allribulable lo that activity in the year. The classification between activities is as follows.. Expenditure on raising funds include5 all expenditure on fundraising events, corporate tiVitIeS. bar expenses and an allocation of support costs. Expenditure on charitable activities includes the production and adminislralive costs of the operation of tho Ihealie and the production of plays. including depreciatn on related assets. Pre-produGlion costs incurred in respect of a Ihealfe production are allribuled lo the financial year in which the show's press night occurs. Allocation of support and governance costs The majority of costs are direclly allribulable lo specific act¢vilies. Oflice costs and properiy-refaled costs are apportioned by the Talio of expenditure in a particular expense category. Governan costs are those incurred in conneclion with compliance with conslilulional and slalulory requiiements. Unrestricted funds Unreslricled lunds are funds which are available for use at the discretion of the Trustees in furtherance of th& general objectives of the charity and which have not been designaled for other purposes. Deslgnated funds DesignaleLI funds are amounts which have been sel aside at the discrelion of the Trvslees for a specific, bul not legally binding purpose. Tanglble flxed asset fund The tangible fixed asset fund comprises unreslricled funds represented by tangible fixed assets and are therefore not readily available for expenditure. Restricted income funds Where funds are received lo be applied for specific puiposes imposed by the donor or implied by th8 leTms of any appeal under which they were raised, olher than endowments, these are shown as leslricled income in the slalemenl of financial activities ISOFAI. SubsequentexpendiluFe for the purposes specified including deprecialion of any fixed assets acquired, is charged lo reslricled funds in the SOFA. Unexpended balances al the year end, including the nel book value of funded assets, are shown in the balance sheet as reslricled funds. Tanglble flxed ass8ts and depreclation Fixed assets are included al cost and capitalised on the balance sheet. There are no un-capilalised fixed assets. Oepreciatson is provided on all tangibl8 fixed ass8ls except freehold land at rales calculal8d lo write off the excess of cost over the eslimaled residual values over Ihtsir expected useful economic lives al the following rates.. Freehold buildings Building renovations Fixtures, fillings and equipment 2QA on cost PBr annum - 2.5% to 25°/o on cost perannum 250 or 20Qkn on cost per annum. 32
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES Iconlinuedl Investments Investments in subsidiaries are slated al cost less provision for diminulion in value. Stocks Stocks are valued at the lower of cost and net realisable value. Unsold donated items are not included. Debtors Debtors are recognised al their selllemenl amount. less any provision for non-recoverabilily. Prepayments are valued al the amount prepaid. Cash at bank and In hand Cash al bank and in hand represents such accounts and instruments Ihal are available on demand or have a malurily of 100 days from the dale of acquisilion. Cr8dltors and provisions Creditors and provisions are recognised whgn there is an obligation al the balance sheel dale as a result of a past event, il is probable Ihal a transfer ol economic benefit will be required in selllemenl, and the amount of the selllemenl can be eslimaled reliably. Credilois and provisions are recognised al the amount the charily anlicipales il will pay lo sellle the debt. Pension costs Contributions in respect of various defined contribution schemes are charged lo tho slalemenl of financial aclivilies in the yeaf in which they are payable. Flnanclal Instruments The charity only has financial assets and liabilities of a kind that qualify as basic linancial inslrumenls. Basic financial inslrumenls are initially recognised al transaction value and subsequently measured al their selllement value. 33
ALIJiEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS AND GRANTS Unrestricted Funds Restricted Funds Unrestricted Restricted Funds Funds 2024 2023 Arts Council 9ranls Oon81ions 587.928 1,393,399 5B7,928 1,584.758 689,294 1.494,276 689,294 181,770 1,676.046 191,359 Total fund8 1.981.327 191,359 2,172,686 2.183.570 181,770 2,365,340 Gifts in kind and donated service5 The following support. in the form of gifts in kind and donated services, was received by the charity duiing the year.. provision of alcohol and catering al events, discounts and complimentary coffee and wing, hotel accommodation, legal advice, venue hire. reffeshmenls for meetings. The value of this support is eslimaled lo be £59,52512023.. £119,672). In line with the accounting policy, this invaluable support has not been recorded within the Slalemenl of Financial Aclivi118s as lh& donations are nol considered lo be mal8rial. INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Funds 2024 2023 Thealre operallng income Thealre and Film lax relief 4,366,533 1.380.518 4,423,053 1.188,593 Total funds 5,747,051 5,611,646 INCOME FROM OTHER TRADING ACTIVITIES Unrestrlcted Funds 2024 2023 Corporate aclivilie8 Bar revenue Other theatre trading Rental income 91,959 430,363 73.696 81.784 28,792 473,642 86,948 77,373 Total funds 677.802 668,755 34
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinued} FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM INVESTMENTS Unrestrlcted Funds 2024 2023 Bank interest 21,816 6,184 Total funds 21,816 6,184 EXPENDITURE ON RAISING FUNDS Direct Expenditure Support Costs Direct Expenditure Support Costs Activity 2024 2023 Donations Corporate activities Bar expenses Olher theatre trading 271,303 64,059 421.180 37,028 5,504 2,590 8,085 276.807 66.649 429,265 37.028 196,758 65,391 371,624 44,619 4.518 201,276 2,126 67,517 6.637 378,261 44,619 Total funds 793.570 16,179 809,749 678,392 13.281 691.673 7. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Unresliicled Reslricled Funds Funds 2024 2023 Direct costs of opeialing Theatre Support costs 7,219.207 396.449 7.615.656 7,436,809 343,812 7,780,621 147.268 8.087 155.355 145,682 6,735 152.417 Total funds 7,366,475 404,536 7,771.011 7.582,491 350,547 7.933,038 35
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS l¢onlinuedl FOR THE YEAR ENDED 31 MARCH 2024 NET INCOME Group 2024 2023 Net income for the year is slated after charging.. Depreciation of tangible fixed assets Auditor's remuneration audit fees lax - other services 205,811 184,484 2B.260 9.400 100 24,850 3,760 ALLOCATION OF SUPPORT COSTS INCLUDING GOVERNANCE COSTS Total Finance Department cosls of £171.534 (2023.. £165.6981 are apportioned between expendilure on raising funds and expenditure on charilable aclivilies in the ralio of expenditure in each afea. Governance costs of £37.75012023: £28,610) are included within Finance Departmenl costs. 10. STAFF COSTS AND DIRECTORS. REMUNERATION 2024 2024 2024 2023 Thealre Operations Acling Company Total emolument$- Wages and salaTies National Insurance Pension conlribulions 2.416.837 221,459 75.735 1.250,464 3,667,301 221.459 75,735 3,712.540 214.754 57.026 2.714.031 1.250.464 3,964,495 3.984,320 Average number of employees Iheadcoynt).. 2024 Numbér 2023 Number Charity Calerfng 154 20 195 21 174 216 36
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {conlinuedl FOR THE YEAR ENDED 31 MARCH 2024 10. STAFF COSTS AND DIRECTORS, REMUNERATION Iconlinuedl 2024 Number 2023 Number Average number of employees (full lime equivalenlsl.. Theatre Arlisls (Actors. supernumeraries. exlrasl Theatre Operation Development & Marketing Education & Access Adminislfalion & Finance Catering Company 22 24 12 19 26 12 75 75 The number ol employees whose emoluments (including taxable benefits bul excltjding employer's pension and national insurance conlribulions} exceeded £60,000 were.. 2024 Number 2023 Number £60,000- £69.999 £90,000- £99,999 £130,000 - £139,999 £140,000 - £149,999 Pension contributions of £15,86912023.' £12,927) were paid to defined contribution pension schemes in respect of these employees. The key management personnel of the charity in charge of directing, controlling, running and operating the chaiily on a day lo day basis comprise the Trustees, the Executive Direcloi and the Artistic Director. The lolal iemuneralion (including taxable benefits, employer's pension contributions and employer's national insurance conlribulionsl ol the key management personnel for the year was £270,619 {2023'. £261,151). No directors (who are also the Trustees of Ihe charity} received any remuneration during the yeai. No expenses were incurred by the direclois in the year {2023.' £nill. Directors and Officers (Trustee indemnity) insurance was paid during the year of £2,839 {2023'. £2.891}. 37
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (conlinuedl FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS Freehold land and bulldift08 Bulldlng rènovalions Fixtures. flttlngs and equlpment Total Group Cost At 31 March 2023 Additions 2.133,229 3.594,106 2,845,190 342,853 8.572.525 342.853 At 31 March 2024 2,133,229 3,594,106 3,188,043 8,915.378 Accumulated deproclatlon At 31 March 2023 Charge for the year 436,452 27,476 1,820,283 88,638 2,592,296 89,697 4.849.031 205,811 Al 31 March 2024 463.928 1,908,921 2,681,993 5.054.842 Net Book Value Al 31 March 2024 1,669.301 1.685,185 506,050 3.880,536 Al 31 March 2023 1,696.777 1.773,823 252,894 3.723.494 Freehold land and bulldlngs Fixture5, fittings and equlpment Bulldlng renovatlons Total Charlty Cost Al 31 March 2023 Addilions 2.133,229 3.594,106 2.808.749 341,419 8,536.084 341,419 At 31 March 2024 2,133,229 3,594.106 3,150.168 8,877.503 Accumulated depreclatlon Al 31 March 2023 Charge for the yeaf 436.452 27,476 1,820.283 88,638 2,564.244 86,699 4,820,979 202.813 At 31 March 2024 463,928 1,908,921 2,650,943 5,023,792 Net Book Value At 31 March 2024 1,669.301 1,685.185 499.225 3,853.711 At 31 March 2023 1,696,777 1,773,823 244.505 3,715,105 38
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS Iconlinued) The retention of the Theatre is intrinsi¢ lo the charity continuing lo meet ils charitable aims. Accordingly, the Trustees have no inTenlion lo dispose of ihe Thealie. Certain funding Ilolalling £1 ml received in iespecl of the redevelopment of the Ihealro, which is secured by charges over the company's property. would bè required to be repaid lo donors in the unlikely event that the Ihealre is sold or a court order is issued lo wind up the company. 12. INVESTMENTS Subsldlary undertaklngs Group Charlty Cost and net book value Al 31 March 2024 and 31 March 2023 100 The charity owns 100% oflhe share capital ofAlmeida Theatre Catering Limited. which is registered in England. The subsidiary is used for non-primary puipose trading aclivilies. namely operating the theatre bar. All activities have been consolidated on a line by line basis in the SOFA. Almeida Theatre Catering Limited owns 100% of the share capital of Almeida Productions Limited, which is registered in England, and commenced trading in September 2014. Its principal activity is the production of theatre shows. All activities have been consolidated on a lino by line basis in the SOFA. 13. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARIES The chaiily has ultimate control over two companies. The registered address of both companies is the $8me as for the charity. Almeida Theatre Catering Limited {Company No. 015345851 has a principal activity ol catering. primaiily the running of the Almeida Calè Bar. A summary of ils trading results for Ihe year ended 31 March 2024 is shown below. 2024 2023 Turnover Cost of sales 430,361 1403.8761 473,642 1391,7121 Gross Profit 26.485 81,930 Adminislialive expenses (net of management fees) 120.21 SI 115,1311 Profil for the year 6,270 66,799 Donation lo ultimate Parent Company 25,516 The assets and liabilities of this subsidiary were.. Fixed assets Curfenl assets Creditors.. amounts falling due within one year 6.825 61,319 148,4821 8,396 93,587 163,075) Total nel assels 19,662 38.908 Ag9regale share capital and reserves 19,662 38,908 39
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 13. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARIES {conlinuad) Almeida Ploduclions Limited (Company No. 018273511 principal activity is Ihe producliDn of theatre shows. A summary of ils results and financial posilion is shown below- 2024 2023 Turnover Cost of sales 3.560.741 3.109,954 {4,941,259) 14,298,547) Gross loss {1,380,518) 11,188,593) Taxation for Ihe year {1,380,518} 11,188,593) Loss for the year The ass&ls and liabili1S of this subsidiary were: Current assets Credilois.. amounts falling due within one yea¥ 1.397.467 (1,397,461} 1.188.593 11.188,5871 Totsl nel assets Aggregate share capital and reseNes 14. DEBTORS Group Charity 2024 2023 2024 2023 Due within one year Trade debtors Amount8 owed by subsldiary undertakings Other debtors Production costs in advance Prepayments and accruecl income 68.649 290.501 68,649 1,412,186 33,174 274,053 197,904 290,501 1.270.188 35,975 477,478 165,540 1.413.698 274,053 197.904 1.306.169 477,478 165.540 1.954.304 2.239.688 1.985,966 2.239,682 15. CREDITORS.. amounts falllng dug wilhin one year Group Charity 2024 2023 2024 2023 Trade creditors Olher laxalion and social securily Olher creditors Box office receipts in advance A¢¢Tuals and deleired income 147,180 171,969 197,201 314,123 512,934 221,571 165,757 243,457 414.393 612,201 139,368 156,915 197,201 314,123 512,934 219,512 129,741 218,458 414,393 612,201 1.343,407 1,657,379 1,320,541 1,594,305 40
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT ON DEFERRED INCOME Deferred income relates lo granl, sponsorship. donal¢on and membership income received during the year bul which will be spent in subsequent years. 2024 2023 Group and charlty Deferred income brought forward Released in the year Deferred in the year 39,573 139,5731 35,000 363, 162 (363,1621 39.573 Deferred income carried forward 35,000 39,573 17. RESTRICTED FUNDS 1 April 2023 31 March 2024 Incom? Expenditure Group and Charlty Productions fund Capital fund 209,638 2,251.392 191,359 (299,1781 (105,3581 101.819 2.146,034 Reslricled funds 2,461,030 191,3S9 {404,5361 2,247,853 1 April 2022 31 March 2023 Income Expenditure Group and Charity Productions fund Capital fund 294,139 2,335,668 181,770 {266,2711 184.2761 209,638 2,251,392 Reslricled funds 2,629,807 181,770 {3SO.5471 2,461,030 Reslricled funds represent monies received by the chaiilable company for a specific purpose. Details of the reslricled funds held as at 31 March 2024 are given below.. Productions fund This fund consisted of monies received from various donors to conlribule lo the running of the Almeida's educational projects, funding accessible performances, capital projects and our Young Artists programme. Capltal fund This fund consisted of funding previously received in respecl to the redevelopment of the Theal¥e and ACE funds towards improvements. 41
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 18. TANGIBLE FIXED ASSET FUND l Aprll 2023 Movement Sn year 31 March 2024 Tangible fixed asset fund- Charity Subsidiaries 1,463.713 8,389 243.964 {1,564} 1,707,677 6,825 Group 1,472,102 242,400 1,714,502 1 April 2022 Movement in yea¥ 31 March 2023 Tangible fixed asset fund.. Charity Subsidiartes 1,461,423 7,109 2.290 1,280 1.463.713 8,389 Group 1.468.532 3.570 1.472,102 This fund represents unreslricled tangible fixed as5els and therefore is rbot readily available to meet expenditure. 19. DESIGNATED FUNDS 1 Aprll 2023 Utlllsedl Roleasod 31 March 2024 Group and charlly Property redevelopment fund Maintenance reserve.. Repairs and renewals Equipment replacement resevve Crealivelspecial SilualiDn reserv6 400,000 1255,500} 144.600 125.000 35.000 155,000 125,000 35.000 155,000 715,000 1255,500) 459,500 42
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 19. DESIGNATED FUNDS Iconlinuedl 1 April 2022 Ulilibedl Released 31 MdlLII 2023 Group and Charity Property redevelopment fund Maintenance reserve.. Repairs and renewals Equipment replacement feseNe Crealivelspecial Situation reserve 400.000 400,000 125.000 35.000 182.659 125.000 35,000 155,000 127,659} 742.659 127,659} 715,000 The Property redevelopment fund is reseived for investment towards redevelopment of the 10819 Upper Slfeel sile. During the year, £255k was ulilised lo fund the replacement of the roofs, essential repairs lo brickwork. and replacement ol windows and skylights. The Maintenance reserve is split into repairs and renewals for buildings and equipment. 11 is for emergency repairs as well as lo deal with unforeseen and uninsured developments more generally. 11 is 8nli¢ipaled Ihal these reserves will be ulilised in the next three years. The Crealivelspecial situation TeseNe is a designated fund to support the woik ol the theatre., productions and participation projects. These funds can be called upon il we experience a drop in fundraising or fail lo meet box office laigets, they may also be used for specific artistic projects as requested. 20. GENERAL FUNDS The policy of the charity is lo hold free reserves ol al least £1,432.100 within the general fund. This has been identified as a resull of a review of the risks lo the charity, The Iruslees identified (he main revenue streams al risk leg. Development income, Box office income) and the likelihood of risk occurring. They also looked al working Capital requirements and have included an amount in the reserves lo allow foi this. Geneial and non- charitable trading funds al 31 March 2024 are £1,686,990 for the group and £1,680,299 for the Charity. 43
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangibl8 rixed assets Net currant assets 2024 Total Group Unrestrlcted funds Tangible fixed a5sel fund Designated funds General and non<harilable trading funds 1,714,502 1,714.502 459,500 1.686.990 459,500 1,686.990 1,714,502 2,146,490 3,860,992 Rgslricted funds 2,146,034 101,819 2.247,853 3,860,536 2,248,309 6,108,845 Flxed 4ssot8 Net current assets 2024 Total Charity Unrgstrlcted funds Tangible fixed asset fund Designated funds Gen6ral funds 1,707,677 1,707,677 459,500 1.680,299 459,500 1,680,199 100 1,707,777 2,139,699 3,847,476 Restrlcted funds 2,146,034 101,819 2,247.853 3,853,811 2,241,S18 6.095.329 44
ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2024 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets Net currenl assets 2023 Total Group Unreslricled funds Tangible fixed asset fund Designated funds General and non-charilable 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 Reslricled funds 2,251,392 209.638 2,461.030 3,723,494 2.346.756 6,070.250 Fixed assets Nel current assets 2023 Total Charity Unreslricled funds Tangible fixed asset fund Designated funds General funds 1,463.713 1,463,713 715.000 1,391.727 715.000 1,391,627 100 1,463,813 2,106.627 3,570.440 Reslricled funds 2,251,392 209.638 2.461.030 3.715,205 2.316.265 6,031.470 22. RELATED PARTY TRANSACTIONS Total donations lo the charity by tiuslees in the year were £4,375 {2023.' £29,375). Except as disclosed in note 10 to the financial slalemenls. there have been no other related party transactions in Ihe period whi¢h require dis¢losure12023.' none). 45