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¥ li1idiibi￿5 sl 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 kno￿edge 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 0￿ratiOnS. 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 suS￿pIlbll1lY lo fraud, their knowledge of actual. suspected and alleged fraud., and Considering the internal controls in place lo miligale risks of ffaud and non 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 p￿mItted 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 poI￿leS 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 depreciat￿n 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 liabili1￿S 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