ALMEIDA 3IIIV3H ALMEIDA THEATRE COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity Numbor: 282167 Company Number: 1546033 ALMEIDA THEATRE COMPANY LIMITED CONTENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Legal and Administrative Details Trustees, Report Independent Auditor's Report 24 Consolidated Statement of Financlal Actlvltles 28 Balance Sheets 29 Consolidated Statement of Cash Flows 30 Notes to the Financial Statements 31 ALMEIDA THEATRE COMPANY LIMITED LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 Dlrectors and Trustees Tamara Ingram (Chairl Rachel Parr (Treasurer) John Armah Kamini Banga Jonathan Church Manisha Ferdinand Sian Hansen Dorothy Henderson Sarisha Kumar Artistic Director & Chief Executive Rupert Goold Executlve Dlrector Denise Wood Secretary and registered offlce Tania Clark Almeida Theatre Almeida Street London, N1 ITA Charity number 282167 Company number 1546033 Auditor Buzzacoll Audit LLP 130 Wood Street London EC2V 60L Bankers National Westminster Bank plc 1 st Floor 440 Strand London, WC2R OQS ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees. who are also Directors of the Company for the purposes of the Companies Act, present their Annual Report together with the audited financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 3110 34 of the allached financial slalemenls and comply wilh Ihe charity's Memorandum and Articles of Association. the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicablo in the UK and Republic of Ireland IFRS 102}. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitutlon and Structure The charity is constiluled 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 2025 there were nine members who are all Directors of the charitable company. The charity has two active, wholly owned trading subsidiaries, Almeida Theatre Calerlng Ltd and Almeida Produ¢lions Ltd. Any profits go to supporl the charity. Governance The activities of the Charity are supetvised by the Tru5tee5, who meet as a Board quarterly each year, or more often as necessary. The Trustees delegate the day-lo-day managementof the charity lo ils paid staff. parlicularty the Artistic and Executive Directors. The Artistic DirecloT Is the Chief Executive Officer of the company. Sub-committees- Finall￿ Committee Nominations Committee {when recnjiling Trusleesl Equality, Diversity, and Inclusion Committee The professional experience of the Board continues to provide strong support and advice to the Executive team and staff through specialist and individual meetings. In addition, a Development Council supports the Executive and the fundraising team to identify and secure new suppofleis and sponsors, for which we continue lo be grateful. ALNEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT {¢onlinued) Directors and Trustees The Direclors, who are also the Trustees of the charity during the year, were.. Luke Johnson (Chair retired September 20241 Tamara Ingram (Chair from October 2024} Rachel Parr (Treasurer) John Armah Kamini Banga Jonathan Church Manisha Ferdinand Sian Hansen Dorothy Henderson Sarisha Kumar Executlve Team Artistic Director and Chief Executive- Rupert Goold Executive Director- Denise Wood Senior Management Associate Director Director of Development Director of Finance and Operations Director of MaTketing and Communications Director of Pailicipalion and woik with Young People & Community Head of Production Head of Programming and Literary Senior Producer Key management personnel The key managemenl of the chaTlty responsible for directing, controlling, running and operating the charity on a day- to4ay basis comprise the Truslees, the Artistic Director & Chief Executive and the Executive Director. Remuneration pollcy Staff salaries are reviewed annually as parl of the budgeting process. Consideration ￿S given lo the rale of inflation and benchmarking across the sector. The charily has been a London Living Wage employer since April 2016. The Ailislic Director 8nd Executive Director salaries are reviewed by the Board annually. A salary increase was applied ApFiI 2025. The next increase will be April 2026. ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Public Benefit The TIu5tee5 and SenioT Managernenl ol the charity are commilleé to providing a public benefit and have considered the Charity Commission's guidance in this area. We believe Ihal produciiig high quality, challenging, engaging work Ihal would iiot be provided in a commercial enviionment enhances the qijalily of life of our audiences as well a5 fosleiing an appreciation of the arts in geneTal and theatre in particular. By commissioning new work, we are crealing a store ol work Ihal other Ihealres will be able to revisit and developing writers ol the fulure. 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 evolving aTlislic programme, and undertaking activity that ensures that our audience better reftecls the population offering opportunities to engagÈ audiences beyond ticket buyers, and curate a cultural convèrsation unlimiled by our geographical location building a new aLKlience for the future, in particular young people. and lirsl-time theatre goers olfering access lo audiences from a wide socio-economic range The Almeida remains committed lo a lickeling policy which balances income largels with the ambition lo ensure our work is accessible. We commit to con￿$S1o￿ary prices to key gfOUPS ol our audien￿. including.. reduced pricing for preview performances concessionary rates lo groups with potentially challenging socio-economic circumstances., audiences with disabilities, over 655, students, under 30s and partner schools working in areas of high cSepTivalion £5 lickel scheme foi 25s and under Our work with young people and the community creates and encourages access lo some of the most exciting 2Tlisls working in the industry, as pailicipanls and as audiences. We want yourEg people to ask questions about plays, aboul Ihealre, and about the world they live in so that they can become arlisls in theii own Tighl and become audiences with a critical voice and high expeclalions. We want to give children, young people, and community groups a voice, particularly Ihose who aren't normally heard. The highly skilled Participation team is dedicated lo working with young people in pailicipalory projects, both individually and through their schools. The £5 lickels for those aged 26 and under continues as an imporlanl aspect of our lickel policy. ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT (conlinuedl FOR THE YEAR ENDED 31 MARCH 2025 MISSION AND STRATEGIC OBJECTIVES The Almeida brings together Ihe most exciting artists to lake risks,. to provoke, inspire and surprise our audiences,. to inleirogale the present, dig up the past and imagine the future. Vlthether new work or reinvigorated classics, whether in our theatre, on tour, online, or in schools we make Ibve art to excite, enliven and enlerlain. We believe in the aTgument for theatre as an essential counterbalance to an increasingly fragmented Society. Key Objectives for 24125 ACE Investment Principle$ The Almeida is commilled to the Inveslmenl Principles as sel out in the Arts Council's strategy Let's Greate and reflected throughout its key strategy in 24125. The Trustees are committed to the Inveslmenl Principles being embedded for funding period 2023- 2027. Actions for Change Actions for Change is the Almeida's strategy for equality, diversity and inclusion. The action plan covers four strategic areas with clear objectives and fobusl laTgets for the arlislic programme, audience development, young people and community, and people & cu51ure. The sliategy for 2024-2026 continues. Artisti¢ Programme The arlislic programme presented seven productions dtjiing 24125. The Yeers Iiansferred to the West End and Patriols, A Streetcar Named Desft￿ and Tanpmy Faye played seasons in New York. Audlence Development During 24125 we ￿ntInued to priorilise our Actions for Chang8 Audience Devek)pmenl strategy whil8 also striving lo maximise box office income. Wo worked lo maintain existing customer relationships alongside growing our audience reach Ihrough rkew channels, targeted outreach and accessible pricing. Young People and Community Almeida Participation continued to deliver a broad programme of work priorilising support for young people and emerging artists, in addition to building new and sustainable partnerships with ￿¢al communily groups through the three year Trilogy project. Organlsational Sustainabillty Key objectives for the year included maintaining financial slabllily and arlistl¢ success t￿ether with conlinulng renewed fundraising initiatives, and maintaining our commitment lo Acllons for Change. Additionally conlinuing the company's commitment lo refurbishing and maintaining ils buildings. ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRATEGIC OBJECTIVES 2024125 Iconlinuedl 1. ARTISTIC PROGRAMME The artistic programme 24125 included three new original plays, new stage adaplalions, and three revivals of classic plays and the Almeida's first ever repertory season. Thé Conieuppance. The UK preniiere of a biling and luniiy iiew play by Brandeii .lacobs-.lenkins. direct@.d l)y Eric Ting. A group of friends gathering for a high-school reunion are haunted by the specler of mortality and the choices they have made. The small ensemble company included Tamara Lawrance, Anthony Welsh and Yolanda Kellle (Patriots). **** "clever, funny and compelling" Financlal Times Alma Mater. The UK premiere of Kendall Feaver's explosive new play about the falloul of a sexual assault on campus and the ideological divide between different generations ol feminists. Directed by Polly Findlay. the company was initially led by Lia Wllliams (Or8St8ia. Mary Stuartl and Phoebe Campbell. Unlorlunately. Lia Williams had to withdraw from the production at the end of previews. due lo ill health. and was replaced by Jusline Mitchell (fvlr Burns, ShIpW￿Ck). ***** 'Brave and electrifying" The Sunday Times The Years. The UK premiere ol the stage adaplalion of The Years by Annie Ernaux, directed and adapted by Eline Arbo, in an English version by Stephanie Bain. Debolah Findley, Romola Garai (The Writer). Gina McKee, Anjili Mohindra, Harmony Rose-Brown bToughl one woman's personal and political story to life, sel amid the backdrop ol a rapidly changing post-war Europe. The production received multiple five-slar reviews and transferred lo the Harold Pinter Theatre, where il ran January-April 2025. Eline Arbo won the 2025 Olivier Award for Best Director and Romola Garai won the 2025 Olivier Award for Best Actress in a Supporting Role. The production Teceived two other Olivier Award nominations for Best New Play and Best Actress in a Supporting Role (Gina McKeel. ***** "Maslerpie¢e" The Guardian Angry and Young Season. The Almeida's first ever repertory season featured two celebrated 201h century Brilish plays - Look Back in Anger and Roots, which changed British theatre forever. Billy Howle and Morfydd Clark lead a company playing in rep across bolh productions. Look Back in Anger. Twenly-five years on from the last London production. Atri Banerjee directed a revival of John Osborne's ground-breakir¢g, furtous play with Billy Howle as Jimmy Porter. **** A crackling pl￿e of drama" Evening Standard Roots. Diyan Zora directed a revival of Arnold Wesker's lyrical, impassioned play about a young woman's journey lo self-discovery. with Morfydd Clark as Bealie Bryant. **** 'An exlraordinary pieGe of woth.. intimate and visionarf, The Obse￿er ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued} FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRA TEGIC OBJECTIVES 2024125 Iconlinuedl ARTISTIC PROGRAMME (Continued) Cat on a Hot Tin Roof. Following her successes with Summer and Smoke12018) and A Slre8tC8r Named Desire12023), Rebecca FTe¢knall Teturns lo Tennessee Williams. directing stage and screen star, Daisy Edgar-Jones (Albion), in this sensual American classic. ***** Powerful" Time Out Othor18nd. The world premiere of the timely, thought-provoking and enlightening play by Chris Bush INins Lessons and Carols) directed by Ann Yee and starring Fizz Sinclaif and Jade Anouka. ***** '8illersweeL uplifting and profoundly enlightening" The Slage In addition. the Almeida production of A Streetcar Named Desire was revived for a second lime in the Wesl End ahead of transferring lo BAM, New York for a sold-oul run. The Almeida productions of Patriots transferred lo The Ethel Barrymore Thealre, Broadway and Tammy Faye Iransferred lo the Palace Theatre, Broadway.. Patriots by Peter Morgan, directed by Ruperl Goold, starring Michael Sluhlbarg and Will Keen. Peter Morgan's play about Russian billionaire Boris Berezovsky's rise and fall in the world of politics and his position in placing Pulin as president. "One of the most absorbing accounts of political Intrigue I've ever seen on Broadway." The New York Sun A StreetC8r Named Deslra. Rebecca Frecknall's mulll-Olivler-Award-winning revival of Tennessee Williams play about a woman's iealily crLJmbling in the heal of a New Orleans, summor starred oscar nominee Paul Mescal IGladialor11, Aftersunl alongside P21gy Ferran (Living, Gods Own Country) and Anjana Vasan {Killing Eve, Black Mirror). 'brilliantly conGeived" New York Times rafnmy Faye. Wlh music by Elton John, tyrics by Scissor Sisters, Jake Shears. book by Olivier Award- winning playwright James Graham, and directed by Almeida Artistic Director Rupert Goold. the original musical about the life of iconic lelevangelisl Tammy Fay Bakker, starred iwo-lime Olivier Award winner Katie Brayben alongside two-lime Tony Award winner Christian Borle and ￿0-tIMe Tony Award winner Michael Cerveris. 'Kalie Brayben, a marvel in tho tille role, rhg Villag8 Voice ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRATEGIC OBJECTIVES 2024125 Iconlinued) ARTISTIC PROGRAMME FUTURE PLANS 2025-26 The artistic programme for 25126 includes three world premieres of new plays, Iwo classic revivals, a stage adaptation of an award-winning novel and a revival ol a groundbieaktng musical.. Rlpliioceros. The world premie¥e of a new version ol Eugene lonesco's ab5Lirdis1 satire ahoLII re5151ing conformity and holding onto our humanity, adapted and directed by Omar Elerian, following the success of his production of The Chairs al the Almeida in 2022. Stairing Sopè Dlrlsu, Anoushka Lucas and Joshua McGuire. **** "Terrific" Evening Standard 1536. The world premiere of the Susan Smith Blackburn Award-winning debut play by Ava Pickett. The play, which was wrillen as parl of the Genesis Almeida Writers Programme, was commended by the George Devine Award for 'ils spaikling dialogue and savage undercuifenl., Lyndsey Turner (Chimerical directs a company that included Siena Kelly, Tanya Reynolds (A Mirror) and Liv Hill (Alma Maler). **** 'Razor-sharp, darkly comic and blisterinoly Trlevanl" Ind8pBndent A Moon for the Misbegotten. Almeida Associate Director and mulli-olivier award-winner Rebecca Frecknall continues her exploration of 20th century American classic plays with Eugene O'Neill's masterpiece about two lost souls finding a brief moment of human Connection. Staiiing Ruth WAlson (The Affair, Liilher) and Michael Shannon {Boardwalk Empire). ***** "The finest acting you'll see all yearf, Th8 T81egraph Romans.. A Novel. The world premieie of a new play by Alice Birch {Anatomy ofA Suicide. Normal Peoplel, which offers a kaleidoscopic portrait ol masculinity from the nineleenth century lo the present. Directed by foTmer Royal Court Associate Director Sam Prilchard with an acting company led by Kyle Soller {fhe InherilanGe. Ando4. The Llne of Beauty. Jack Holden (Cruise, Kenrexl adapts Alan Hollinghursl's Booker Prize-winning nove1 capturing Thatcher's Britain al ils most decadent and divided. This new adaptation of this poignant novel is directed by Tony Award winner MiGhael Giandage. Chrlstmas Day. James Macdonald Ilnfinile Lif8, The Childr8nl directs the darkly comic world premiere about a North London Jewish family confronting their identity by Olivièr Award-winning playwright Sam Gr2biner (Boys on the Verge of Tears) American Psy¢ho. In his final production as Almeida Artistic Director. Rupert Goold diiects this musical adaplalion of the iconic 8rel Easton Ellis novel, which casts Paliick Bateman as lale-stage capitalism's anti-hero. With Book by Roberto Aguirre-sacasa and Music and Lyrics by Duncan Sheik (Spring Awakening). ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT {conlinuedl FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRATEGIC OBJECTIVES 2024125 Iconlinuedl 2. AUDIENCE DEVELOPMENT AND REACH The focus in 24125 was to achieve our box office targets as well as to continue to progress our Actions for Change audience development strategy. Our objectives included.. building and diversifying the audienee in line with IhÈ evolving artistic programme and undertaking aotivity that ensures that our audience better relle¢ls the community around us. offering opporlunilies lo engage audiences beyond ticket buyers. and curate a culluraS conversation unlimited by our ggographical location. building a new audience for the future, in particular young people, and firsl-time theatre goers offering access to audiences from a wide socio-economic r8nge We remain commilled lo a tickeling policy which balances income targets with the ambition lo ensure our work is ac¢es$ible and we ¢ommil to concessionary prices lo key groups of our audience, including.. reduced pricing for preview performance5. a pool of audience development tickets targeted al specific groups. a range of offer5 for people aged 25 and under.. 500 £5 tickets on every production,. and Almeida for Free events alongside every production, where a whole performance and additional workshops and panel events were given to those 25 and under for free. concessionary rates lo groups with potenlialty Challenging socio-economic ¢ir¢umgtan¢es' audiences with disabilities, over 65s, under 30s and partner schools working in areas of high deprivation. Across 24125 we engaged more than 90,000 people with our work in-person at the Almeida. This included.. 90.560 people who attended performances at the Almeida. equating to 91 Yo of all lickels available o Of these 2.008 young people allended Almeida for Free performances specifically for those aged 25 and under. and 6,427 young people aged 30 and under bought concession tickets. Cancelled performances in the year.. 9 performances of Alma Mater and 3 performances of Look Back in Anger were cancelled due lo leading actor ill heallh12,700 lickelsl In addition lo those allending the theatre in Islington, our wesl end audiences achieved- 0 22,364 A Streetcar Nam8d D8sire (3 week revival) 74,552 The Years Our Broadway aUdIen￿S achieved.. 0 62,352 Patriots 38,897 Tammy Faye 34,991 A SfrieetC8r Nem8d Desire 10 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT (continued} FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRATEGIC OBJECTIVES 2024125 {conllnLFedl AUDIENCE DEVELOPMENT AND REACH continued Audience demographic 24125.. 28 /0 first Ilmè-bookers. 69/0 under 25 22°h under 35 13.50/0 identified as being from Black. Asian. or ethnically diverse backgrounds 16Q/o idenlilied as having a disabilily. Overall our social media followers have increased- Facebook.. 33.111 1+10/0 on 23124)., X.. 125,0001-60/0 on 231241., Inslagram. 87,000 {+230/ts on 231241., TikTok'. 23,900 {+3°/o on 231241 3. WORKING WITH YOUNG PEOPLE AND THE COMMUNITY The P211iclpation Programme this year has been even more ambitious than previous years. All three strands. Schools, Young Artists and Community have been full of rich and rewarding work. Some of the highlights of the year have been our inspiring Primary Playwrights project, where g year olds wrote plays perlormed by a¢lors from the professional programme.. our ambitious Angry and Young project with 23 events curated by Young Producers including a national digital project., and our successful Young Company production, Beyond H&r Y8ars. Our work in schools has increased. building new p8rlnerships and working lo create more opporlunilies lor Islington. We have reached 5,222 participants. and 1,562 audience members through the programme. Young Artists The Young Arlisls programme offers free opporlunilies to young people to develop their skills through Young Company, Young Designers and Technicians, Young Producers, our well-known Almeida For Free progiamme and the Youth Advisory Board. The Young Company production 8eyond Her Years performed lo an audience of 853 over 4 performances in August 2024.11 was devised using extracts from Henrik Ibsen's Hedda Gabler and The Lady frt)m the Sèa, Clare Barron's Dance Nation, and Ifeyinwa Frederick's The Hoes, with director Hana Paseal Keegan {previously Assistant Director for Portia Coughlanl. 20 Young people worked f()r four months on the process and performed at the Almeida Theatre. 550k of these young people idèntified as global majority, and 25Q/¢ identified as disabled. The production was also stage managed by two 18 year old alumnl membèrs of Ihe Young Designers and Technlcians programme, and the costume designer, Bolu Dalro was 2n early career designer. We ran a successful Young Designérs and Tèchnlclans programme with 12 young people 46QA of whom identified as Global Majority and 67°h engaging with the Almeida for the first lime. They look parl in free workshops in sound, costume. lighting and stage management and tours al the Almeida, the National Theatre, and the London Screen Academy. 11 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRATEGIC OBJECTIVES 2024125 Icontinuedl WORKING WITH YOUNG PEOPLE AND THE COMMUNITY Continued Seven Almeida For F￿e festivals took place during the year, giving away free lickels lo seven productions and running workshops and masterclasses 81ongside. The Almeida gave 2,008 free lickels and ran 26 evenlslworkshops with 765 allendees. 30°h of audiences were new to the Almeida. 33V¢J were from the global majoiily and 20Vo were disabled or neurodiveTgent. Accompanying our fiTSt Repertory Season of Look Back in Angerand Rools. a group of 14 Young Producers worked across six months to co-curale a super-sized festival of events, ANGR Y & YOUNG. They created three main projects.. Home Stages - a national digital project., Unearthed - performances of pieces from the 1950,5 from archives,. and Saturday Stages, a series of multi-disciplinary performances in the foyer. 45 young working class artisls were platlormed, and the projects engaged with 1,471 audiences and participants. The Youth Advlsory Board of thirteen members met monthly with the Almeida team to lead and evaluate key slralegic projects such as audience development, access, inclusion and youth engagement. The group worked wilh the RSC and Chichester Festival Theatre to launch the National Youth Advisory Board ￿e￿Ork in 2024. This ne￿Ork brings together Youth Board$ from arts organisalions across the UK lo share resources, opportunities, challenges and learnings. Schools In the last year, our fully subsidised Schools programme expanded- reaching 500 more students, giving away over 1,000 free lickels for the lirst lime, and marking the lirst-ever collaboration between the Almeida's artistic team and local piimary schools. In 2024. a creative writing project for 9-10 year olds was launched.. Primary Playwrights. A¢ross 6 sessions, 16 students learned about slorylelling and self-expression. The sessions resulted in the students writing their own short scenes, which were performed by professional actors on the Almeida stage for the debut playwrights and their families. For some students. it was Iheii first time inside a thealre. In the last year, our Prlmary Hubs programme expanded- now Working with seven local primary schools with 327 children through 89 weekly drama woikshops lo insplre crealivlly, confldence and learning. We also ran a free 4-day Summer Club. We gave away 1069 free lickels lo students aged 12-18 from seventeen local schools and colleges. This represents a 251J/o increase from last year with the ambition lo reach every 14-18 year-old in Islington over the next 3 years. Vve reached 630 students across 14 5choo15 through our Why DT8m8? Woikshops, promoting the benefits of GCSE Drama amongst Years 7-9, striving lo counter the 400k decline in uptake since 2010. The workshops which lake place during school hours, are high-energy, practical and games-focused, highlighting the Iransferrable skills gained through drama. 5 schools, including one SEND school, and 82 students (aged 13-161 participated in our flagship Unlocked project. The groups allended performances of Alina Malerand Cat on a Hol Tin Roof to inspire creating and devising new 10-minule plays. These were showcased al the Almeida Theatre in front of the students, peers, teachers, families and the Almeida Team, 12 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRATEGIC OBJECTIVES 2024125 Icontinuedl WORKING WITH YOUNG PEOPLE AND THE COMMUNITY Continued For the first liine. we piloled our 14-18 Youiig Coiiipany within a local school. Across 4 months, 30 students 211ended weekly creative workshops, resulting in a performance on the Alimeida stage. 89 students participated in a work experience project. 14 students from SEND school Samuel Rhodes participated in 8 career sessions ranging from designitbg production ariwork to learning negotiation techniques by role-playing as agents. 75 students from BRIT school aged 16-17 pailicipaled in an intensive two day areers programme learning about participation work. In 2024, we partnered with 3 non-mainstream education settings lo introduce 23 local young people inlor with experience ol social care lo theatre lor the first lime. The Workshops included sensory slorylelling1870/0 01 participants identified a5 disabled} and locused on a variety of skills and experiences.. from buying theatre tickets, reading and writing scripts, lighting, sound and coslulne workshops. Since the project, two parlicipanls have joined the Young Arlis15 projects and we are continuing to build relationships with the provisions and social workers. Community The new Cotnmunity production will take place in August 2025 - the second instalmenl of the Islinglon Trilogy. Co- ciealed over the past year by playwright Rhianna Ilube, the Almeida Thealre in collaboration with professional artists and Cardboard Citizens, All Change and the local Islington community, 81 (Life) will be an epic and heartfelt investigation into what il means to live a life in Islington. Across 2024125, we nurtured relationships wllh new and conlintjing pallicipants from our creative partners and local charities All Change and Cardboard Citizens. The increased length ol the R&D period enhanced the quality ol experience for the participants. giving them the opportunity to shape the creative process. and build new skills and confidence long-teim. The collaborative approach lo workshops and rehearsals in our second year- brings parlicipanls from our partner groups together lo forge connections and inlergeneralional relationships. We've worked consistently with 40 paillcipants, including All Change's Well Versed lover 65sl, Young Parents and Sanctuary Refugee Group, and Cardboard Citizen's mernbers aged 16+ and we mel 74 local people in March through open auditions and creative workshops 28 of which will join the other two groups. 13 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 DELIVERING THE STRATEGIC OBJECTIVES 2024125 Iconlinued} DEVELOPING AND NURTURING TALENT The Almeida develops diverse young lalenl Ihrough Assistant Director opporlunili8s. through our work with young people and through our writers, programme. We supported seven Assistant Directors across the seven main PToduclions during 24125.. Dubheasa Lanipekun (The Comeuppancel, Connie Treves (Alma Mater), Yasmin Hafesji (The Years), Tian Brown-sampson {Roofsl, Chloe Christian (Look Back in Anger). Juslina Kehinde (Cal on a Hot Tin Rooo and Grace Duggan (Otherland). These positions were salaried posts paid in line with the prevailing UK Thealie l Equity rates. Three of these directors were also employed lo direct semi-slaged reading of Serjeant Musgrave's Danco by John Arden (Connie Trevesl, Th8 Lion in Love by Shelagh Delaney (Chloe Christian) and Skyvers by Barry Reckofd ITian Brown- Sampson) as part ol the Angry and Young Season. We continued to support the writers under commission as part of the Gènesis New Writers Piogramme, which aims lo nurture emerginglmid-career writers. particularly those from under-represented backgrounds, through a programme of masterclasses, research and development, and dramaturgical support for the development of their plays. Dramaturgical support has also been given to the following plays by writers on the Genesis New WrileFS Programme,. Return to the Convent of Pleasure by Georgia Bruce, The Calculalor by Kirsly RideT, Whal Jinnah Said by Shahid Iqbal Khan, Heimlich by Nikhil Parmar, Unlilled by Eoghan Quinn. We have workshopped Ihe following playslmusicals by writers on the Genesis New Writers Programme-. The Town by Martha Loader, Home Fir8 by Iman Qureshi and also workshopped the first Roger Michel Commission play A Patent Lie by Sarah Gordon. These plays are all being considered for programming by the incoming Artistic Director. There has been greal success for our lalenl development programmes thls year. 1536 by Ava Pickell, which was wrillen on commission for the Almeida as part of the Genesis programme has opened our 26126 progiamme. It opened to critical acclaim, sell-out box office and we are planning for an expected West End transfer. Carmen Nasr, who first came lo us through our Parlicipalion Programme as a writer of the Young Company production The Maladies in 2022, will bring her stage adaplalion of the Persian language film Under Ihe Shadow as parl of the 2026 artistic programme. Ebenezer Bamgboye. who was an Assistant Dire¢lor on RebeGca Frecknall's production of Thr88 Sisters in 2019 and who we supported via the Genesis Almeida Kickslarler scheme lo develop a production of Desire Under The Elms by Eugene O'Neill will direct Ihal production as parl of the 2026 artistic programme. 14 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE The Board of Trustees meets quarterly, or more fiequen11y as required, and takes an active role in supportlng the Executive. in dp.ve.loping rp.lalinn8hips with key stakeholders 8nd potential donors, and advocating for the Almelda in the wider indLFsIry. Board sub-cotnmillee5.' The Finance Committee meets quarterly lo review the monthly management accounts, audited accounts, annual budget reviews and reports lo the full Board. The Equality, Diversity, and Inclusion {EDII Committee fofmed in 2020 works with the Executive and senior management lo oversee and guide the company's plans for Equality, Diveisity, and Inclusbon Actions lor Change. One Trustee is a member of the company's Green Team focusing on and supporting the Strategy for environmental sustainability. The Nominations Commillee will replace three Trustees during 2025126. The Development Council ol independent supporters suppoils the drive for fundraising. The Executive Team Transltlon The current Atlistic Director and Executive Director will resign from the Company in early 2025. Followlng a recruilmenl process Dominic Cooke has been appointed as Artistic Director & Chiel Execulivo taking up his post In early 2026. Recruitment for a new Executive Director is undetway. Workforce The senior management team represents the strategic areas of responsibility across the organisalion - finance and operations, production, marketing & communications, participation, fundraising, producing and artistic planning. 11 meets with the Artistic and Executsve Directors weekly and underpins the strategic deGision-making. Representatives ol the senioi management fepoTI on the progress of the company's Actions for Change slrale9y to the EDI Committee. As parl of this strategy there is an Access Action Plan underpinned by an Access working group who drive the strategy. Key sxbli¢ies aTe Teviewed every two years and will be updated during 2025. All staff have a eomprehensive induction inclijding GDPR, Health and Safely & key policies including Conduct and Respect, Anli-Racism, Whislleblowing, and the Staff Hat)dbook. During the year the company had entry level rotes in Parlicipalion. Development, Operatiorks and Marketing, all of which are paid London Living Wage. We are proud that as in the past, staff from these roles have progressed lo more senior roles in the wider industry. Ttaining for the staff team has included Safeguarding, Emergency First Ald at w￿k, Disability Awareness, File Marshall, Deaf Awareness, and Trans Awareness training. 15 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT {conlinuedl FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE Icontinuedl Fundralslng Total fundraised income for the year 24125 was £1,848,240 against a budget of £1,689,250 The success in 24125 remains driven by gifts and memberships from individuals and in relation to the quality of Ihe 2rlisli¢ programme and more recently an increased focus on participatory aclivily, in particular in schools. Individual giving continues lo drive total fundraised income, with gifts and membership lotalling £1,380,660. equating to 750k of total fundraised income. Membership has remained buoyant throughout the financial year (c. 3,5001. There has been significant growth in philanthropic support. The new £1 Ok level of support was introduced {Commissionlng Circle). in March 2024. 24125 was the pilot year and this proved a populaT offer, welcoming 11 new members, lolallin9 14 members lolal al the end of March 2025. These donations are philanthropically molivaled. and the aim is to inspire membèrs to give even more impaclful gifts and production support. Through engaging them in early-slage readings and workshops before productions are programmed, we thereby provide a strategic pathway to grow Major Donor income. The theatre also hosted events in New York lo capilalise on the transfer of Tammy Faye th8 Musical to Broadway, resulting in incieased income from US supporters. Income from Trusts and Foundations also continued to grow in 24125 raising £344,600 a 75QA increase on the previous year. This is due lo stability in the Head ol Trusts & Foundations role allowing for longer-lerm planning and T&F strategy, including creating and leveraging fundable programmes that speak lo the Almeida's charitable mission larlisl development, education and community engagement). More than half T&F income is raised lo underpin Almeida Parb'cipalion activity. our community outreach pr￿[amme. An additional priority for T&Fs in 24125 was capital fundraising, with c.£450k raised tor essential building works. £385k represents a suwessful bid to the Arts Council Capital Investmet)I Programme. While there has been a 12-monlh cycle of recruilmenl in the fundraising team, the team was fully operational by Q3 of this financial year, wilh all conlribuling toward the renewed fundraising strategy. Corporate membeiship was identified as an area of potential growlh, and the introduction of a new Corporate Partnerships Manager role has driven conversations with prospects and renewed supporters. Corporate membership has remained sleady. There is in¢ie?sed ambition lo grow high value partnerships. Sn-kind continues to have a value to the company of over £79k. The Development Director reports to the Executive Director and is a member of the Senior Management team. The wider Development team is responsible for fundraising with appropriate oversight from the Trustees. with the Development Director allending Board and Finance Commillee meetings for appropriate updates. 16 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT {conlinuedl FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE Icontinuedl Fundraislng Contlnued The leatn keeps abrpa51 of, and complies wilh, current fundraising and data protection legislation and will ensure all fLItUTe reqLiiremen15 are adopted and adhered lo. No instances ol non-c.ompliance have heen idenlilipd during the yeai, and we are governed by an ethical fundraising policy, as approved by the Board. The ethical fundraising policy provides detailed guidance for the Development team and other colleagues engaged with Our fundraising. The Almeida is registered with the Fundraising Regulator and adheres lo its Code of Fundraising Practi￿ and Fundraising Promise and a180 the Charity Commission guidelines. The Almeida does not use professional third parties or commercial parliclpalors to fundraise on our behalf. The fundraising focus is on developing relationships with companies, charitable trusts and individuals who are interested in our work. The Almeida encourages donations from those visiling the theatre 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 lo ensure they are competitive. We work hard lo ensure we deliver value for money ill all our chafilable aclivilies. Flnancial resilience The continuing suslainabilily of the fundraising slfalegy will be reliant on the team lo resume cullivalion of mulli-year and major gifts and taking advantage of opporlunilies lo further generate trust & foundation and corporate income, refocussing reliance away from membership driven fundraising and lo ensure our financial suslainabilily through to 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 opporlunilies. A new Development Director and Head of Trusts & Foundations will be appointed in summer 2025. Durillg the last twelve monlhs the charily had a trading delicil of £39,596 (excluding reslricted funds) against a budgeled deficit of £126,645. The consolidated accounls show a de1￿1t of £123,954. The restricted funds used in the year were £388,341.. reslricled funds ale held for artist development (balance £122,874 al year endl and reslricled Capital fixed assets Ibalance £2,042,967). The charity's accounting procedures have continued lo enable rigorous and buoyant a¢counlabilily. 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 up(laled and monilored quarterly al Finance Commiltee and Board meetings. Theatre Tax Relief (TTR} continues to be claimed via the subsidiary Almeida Productions adding a valuable income stream lo the Ihealre's economy. The ftR rate remained at 45 /0 and the Company produced seven main house productions, and five participation shows resulting in ThR of £1,066,372123124 £1,380.518). 17 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT (¢onlinued) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE (continued) Financial Resilience Icontinuedl We continue to develop slralegies lo generate additional income from inteTnal revenue sources. Net revenue generated from property rental was £77k' income from bank interest was £42k. Expenditure was well managed, with overheads and depailmenlal budgets 1V/o under budget. overhead expenditure in the year was equal to that of 23-24. The results for 24125 demonslrale that the financial models, cost controls and monitoring are ¢onlinuing to have a posilive effect on managing finances. The Calering Company had a cha51enging year. 500A of the productions were presenled without Intervals, one production had a numbeT of cancelled performances which also affected sales and impa¢led the profitability. The Company generated a loss of £27k. Sales of programmes and merchandise generated a surplus of £25k. Box office income was £2,855,115 {23124.' £3.2m}. Su5tainabilily Sustainability remains core lo the organisation's operational delivery and future planning. The Almeida was awarded live stars by Julie's BicyGle's Creative Gween scheme. and the Company was nominated for the Highest Achievement for Commitment AwaTd in 2020. The Sustainability policy12022 10 20261 with a supporting action plan outlines our strategy and activity for four years. Sustainability continues to be a standing agenda ilom al forlnightly Operaltons meetings. discussions lake pla¢e at deparlmenlal leam meetings and updates are presented at Company and senior management meelings and reported lo the Board of Trustees as part of the quarterly update. The Green team cor>linue lo meel bimonthly. Both siles continue to operate on 100Trfi green electricity lariffs demonslraling an ongoing commitment lo sustainable energy. In 2023 a change was made from gas central healing lo heal pumps in the rehearsal room and offices. which has resulted in a significant saving on CO2e and means that the building is now ¢arbon neulrallnet zero. An Energy Audit was Ljndertaken in February 2025 which ha5 informed the strategy to further reduce energy al both the thealre and 108 Upper Street. Quoles have been sourced for the inslallalion of solar panels which could genèrate approximately 500/0 of our electricity (at the office and rehearsal rooms). Following the inslallalion of new roofs al 108 Upper Street in 2024 (In¢luding improved insulation), we have recently replaced all the windows in the building with double-glazed uni18 and we shall closely monilor energy consumption lo monitor any savings in C02 The Almeida Catèring Company is ¢ommilled to using local suppliers wherever possible whose ethos is to focus on. environtnenlally sustainable practices. The menu 18 compaot lo avoid food wastage. 18 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinued} FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT- ORGANISATIONAL RESILIENCE (continued) Su5tainabllily (contlnuedl During the year there has been a focus on best practice for the productions based on recommendations of the Theatre Green book. All materials used for sets, cosl*Jmes, props are recorded, listing source, and whether they are reused, re¢y¢led or retained following closure of the production. Represenlalives from the Almeida hav parlicipaled in carhon literacy training and regulaily allend events wilh peer organisalions le.g. NT Theatre Green Book best practice and the Theatre's Trusl ¢onleiencel- Premises Following a successful applieation lo the ACE Capital Programme the company received £385k towards a significant relurbishmenl of Ihe rehearsal room and offices at 108 Upper Sl. Total cosl of the project is £500k with the balance raised through fundraising from Trusts & Foundations and the use of some designated reserves. The purpose of the proje¢l was to upgrade the rehearsal room (address damp issues. refurbishment, upgrade sound system and lighling}', lo replace all 43 windows with double glazed versions.. remodel street entrance lo meet access requirements, lo level the entiance corridor and irnprove accessibility for wheelchair users. In addition. the company Continues with its maintenance and repair programme for all Almeida premises. Work carried oul ill 2024125 includes.. Thealie.. New Front of Houselbackslage paging system and show relay New music and baibell system Additional air handling units at the theatre 108 Upper Street Refurbishment of Access toilet facilities at 108 Replacement of 20 obsolete computers Events slnce the year end There have been no other sigr¢ificanl events lo reporl between the balance sheet date and the date of this report. 19 ALiVtEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT- FINANCIAL REVIEW Financial Performance The Consolidated Slalemenl of Financial Aclivilies ISOFAI shows the exlenl ofand movement in, all charitable funds, differenlialing belween reslricled funds Imonies piovided for specific purposes) and unrestricted funds (monies which can be applied lo any charitable purposes within the organisalion's objectives). Unrestricted funds include f4Jnds designated by the Trustees for specific future investment in the organisalion. The lolal funds at 31 March 2025 are £5,964,891{net assets}12024.. £6,108,845) ofwhich £3,749,856 is represented by fixed assets such as buildings and equipment, (2024.. £3,860,536). Total group income for the year was £7,127,816 {2024.' £8,619,355). Our main sources of incomè included lickel sales and olhei audience income which was £3,066,533 12024.. £4,366.5331, the Arts Council revenue grant of £587,928 (2024.. £587,928) and privale fundraising and sponsorship of £1,848,24012024'. £1,676,717}. Expenditure in the yeaT was £7,251,77012024'. £8,580,760). Expenditure on charitable activilies Included productions £3,855,462, salaries and overheads £2.236,070, and the cost of iaising funds was £770,309. Reslricled expenditure 01 £388,341 related lo £103,067 depreciation, and £285,274 for young artists, and paili¢ipation prolects. The group made a deficit of £123,95412024= surplus of £38,595). Suljsidiaries Almeida Theatre Catering Ltd. is a wholly owned subsidiary of the charity. Its Pfimary activity is the sale of food and drink al the theatre lo the audience and olher customers. The company's lurnovei in the year was £373,118 {2024'. £430,361) and the1055 In the year was £27,36412024'. profil of £6,270). Almeida Productions Ltd is a subsidiary of Almeida Theatre Catering Ltd. During the year the company was commissioned by the Charity lo produce its pioductions. Its lurnover wa5 £2,564,089 and after Ihealre tax relief receivable of £1,066,372 il made no profil or loss for the year. Further details of the subsidiaiies are given in note 13 to the financial statements. Investment Policy As funds are primaiily held for expenditure in the foTeseeable future, rather than as investments Isee Reserves Policy), they ale held in Gash deposits with UK high street banks. These deposits are held in interest bearing accounts. Roserves Policy Objectives.. To ensure we are properly feseTved on an appropriate basis for an organisalion with oyr risk, buslness and creative profile. It is the policy of Ihe Trustees for Ihe charity- To hold a maintenance and repair ioserve for unforeseen theatre building, plant and equipment repairs. To hold a properly reserve for investment in professional fees lor work lo redevelop the 1081109 Upper Slreel site. To hold a reserve for Artistic activity lo respond lo allistic and creative opporlunilies that arise during the year. To hold free reserves (the operating reserve) of £1.500.000 lo cover the main business interruption risks lo revenues as identif￿d in the Risk Register (updated August 2025) The Trustees conducted a detailed review of their reserves policy during the year. 20 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT- FINANCIAL REVIEW Iconlinuedl Financial Posltlon Al the balance sheet date, the group had total funds of £5,984,891 comprising restricled funds of £2,165,841 and Linreslricled reseNes linclLiding non-r.harilable. trading funds) of £3,819,050. Restrlcted Funds Reslricled Funds represent grants and donaliDn5 re￿)Ved towards specific pi'oduclioiis or oll)ei' aclivilies. £306,329 restricted funding was received in the year. Expenditure comprises production expendilure as well as depreciation on the refurbished theatre and Arts Council funded equipment. A detailed analysis is given in note 17 to the financial slalements. Unrestricted Funds These represent the operational income of the charity {e.o. lickel sales. touring income, ancillary sale5), as well as grants and donations towards the aclivilie5 01 the charily. Unfestricled funds include tangible fixed assets of £1.706,889 which are not available lo meet expenditure and net current assets of £2.112,161 which include the following designated reserves.. Maintenance reserve Properly reserve Artistic Activities reserve £160,000 £144,500 £155,000 The group held free ￿selVeS al the year-end of £1.652,661. Although. this is greater than the amount reGommended by the reserves policy, the Tru8l&es feel il is appropriate due lo the challenging economic environment. Therefore, the Trustees are satisfied that sufficient reserves were held al the year end to meet the charity's requirements for the lime being. and with future support of the charity's grant aiding bodies and private donors, aims lo preserve the reserves to meet any unexpected calls on funds that may arise in the future including those associated wilh the iisks and uncerlainlies outlined below. In assessing whether the going concern assumption is appiopiiate, the Trustees have taken account of.. the current funding agreemenl with Arts Council England up lo March 2027., and the current level of unrestricted reserves and cash balances. Therefore, the Trustees of the charily have concluded that there are no material uncerlainlies related lo events or conditions that may cast significant doubt on the ability of the charity lo continue as a going concern. The Tiustees are of the opinion that the charily will have sufficient fesources to meel ils liabilities as they fall due. 21 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT IcontSnued) FOR THE YEAR ENDED 31 MARCH 2025 PRINCIPAL RISKS AND UNCERTAINTIES The Risk Register is reviewed by the Senior Management Team and updated al least once a year and as required to comply with ACE NPO funding agreement. The current risk register is feviewed by the Finance Commillee and Board in the course of the year. Principal risks and uncertalntles for the Charlty are outlined as follows.. Transition perlod between outgoing and incoming Executive tpams The new Artistic Director lakes up post early in 2026 although work has begun lo integrate him into the company. The Executive Director role is currently being recruited with the ambition for the post holder lo lake up the role eaily in 2026. w￿1]e this is clearly a period of change and transition, the artistic programme is confirmed through to January 2026 and the budgets for 25126 and 26127 have been approved by the Board. Property Phase 2 of the company's refufbishment programme lor 108 Upper St has been completed {as desciibed on page 191. Flnanclal Turnover in the development team in Spring 2025 relies on the interim structure that has been put in place where the role of Development Diwe¢lor is shared between Iwo senior members of the team, reporting directly lo the Execijtive Director. There Is significant support from the Almeida Chair and Chaif of Ihe Development council.to provide additional continuity. Given th81 the artistic programme is secured through lo the end of 2026 it provides stability for the inteiim le2m to continue lo meet the largels. The interim roles conliiiue lo report lo the Finance Committee and lo the Board on a quarterly basis where largels and achievements are addressed as necessary. A Development Council of 11 volunteers support fundraising eflorls, making introductions to individuals and prospective companies with potential lo support the Ihealre. Supporters in our close network continue lo act informally as advocates for our work. The Board, senior management and the wider company are kept up lo date on all fundraising activity and progress against fundraising largels, with the Board and Executive supporting the Development team in their approaches lo prospective funders. Arts Council National Portfolio funding has been secured for the period 2023- 2027. Financial operating risks identified during the review of the risk register in 2025 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 1 D/0 to 50k12 performances p.a. comparèd to 13 p.a. 2022~241. Health and Safety Risks lo the Health and Safely of staff, company and audiences are managed by the senior management team, the internal Health & Safety Committee and the Execulive Dire¢lor who chairs the Health & Safety Committee and reporls to the Artistic Direclorlchiel Executive and ultimately lo the Boaid. Risk assessments are carfied out for all productions. all aclivilies, and special events. Separate fire risk assessments have been ￿ndertaken for both siles. Regular Health and Safely committee meetings are held to review accidents, incidents, monitor pollGy and Teview procedures. 22 ALMEIDA THEATRE COMPANY LIMITED TRUSTEES, REPORT {continuedl FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of Altneida Theatre Company Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Pracli¢el. Company law requires the Trustees lo prepare financial slatements for each financial year which give a Ifue and fair view of Ihe stale of affairs of the charitable company and the group and of the income and expenditure of the group for that period. In preparing these financial stalemenls, the Truslees are iequired lo.. select suitable ac¢ounling policies and then apply them consislenlly., observe the methods and principles in Accounting and Reporting by Charities.. 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 IFRS 102)., make judgements and estimates that are reasonable and piudent.. stale whether applicable United Kingdoni AccountTrng Standards have been followed, subject lo any maleTial departures disclosed and explained in the financial slatemenls.. and prepare the financial slatements on a going concern basis unless it is inappropriate to presume that the chaTilable company will continue in operation. The Tiustees are responsible ft)r keeping adequate accounling records that disclose with reasonable a¢curacy al any lime the financial position of the charitable company and enable them lo ensurè thal the financial stalemer)Is comply with the Companie8 Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. The Trustees are responsible for the mainlerkance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of linancial slatemenls may differ from legislation irl olher juiisdiclions. Each of the Trustees confirms that.. so far as the Iruslee is aware. there is no relevant audit informalton of which the Gharilable company's auditor is unaware., and the Iiuslee has taken all the steps that they ought to have taken as a Iruslee in order lo make themselves aware of any relevant audit information and to establish that the charitable ¢ompany's audilor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companiès Act 2006. Approved by the Board of Trustees on 26 September 2025 and signed on ils behalf by Tamara Ingram, Trustee 23 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED OpTnion We have atjdiled the financial statements of Almeida Theatre Company Limited (the 'charitable parent company'l arbd lis subsidiaries {Ihe 'group'} for the year ended 31 March 2025 which comprise the consolidated statement of financial activilies, the group and charilabla parent company balance sheets. the consolidated statement of cash flows and the notes lo the financial slalemenls including the principal accounting policies. The financial reporting Iramework that has been applied in their preparalior¢ is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Praclicel. In our opinion. the financial statements.. glve a true and fair view of the slate of the group's and of the charitable parent company's affairs as al 31 March 2025 and of the group's income and expenditure for the year then ended., + have been properly prepared in accordance with United Kingdom Generally AGcepted AcGounling Practice., and • hav& beèn prep2red aecordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial ststemenls in the UK. including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilitie5 in ac¢ordance with these requirements. We believe that the audit evidence we have obtained is suffÈcient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In audiling the financial statements, we have concluded that the trustees, use of the going Concern basis of 2¢counling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to evenls or conditions ihat, individually or collectively, may cast significant doubl on the group and charitable paienl company's ability lo continue as a going concein for a period of al least Iwelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with resp8Ct to going con￿rn are described in the relevant sections ol this report. Other Information The ttuslees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other Ihan the financial statements and our audilorfs report Ihereon. Our opinion on the financial statements does not cover the other informalion and, except to the exlenl othetwise expli¢illy staled in our reporL we do nol express any form of assurance conclusion Ihereon. 24 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED Icontinuedl Other information Iconlinuedl In connection with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in Ihe audit or olhewise appears to be materially misslalÉd. If we identify such material inconsistencies or apparent malerlal misslatemenls, we are required to delermlne whether the￿ a material mSs8talemenl in the financial statemen& or a material misstatement of the olhei information. If, based on the woik we have performed, we conclude that there 15 a material misslalemenl of Ihis other infoimalion, we are required lo report that fact. We have nothing lo report in this regard, Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit,. the information given in the Iruslees, report, which is also the directors, report for the purposes of company law and includes the strategic report, foi the financial yeai for which the financial slalemenls are prepared is consistent with the financial slalements., and the trustees, report. which is also the directors, report for the PLFrposes of company law and includes the slralegi¢ report, has been prepared in accordance with applicable legal requiremeftls. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding ol the group and the charitable parent company and their environment obtained in the course ol the audit, we have not identified material misslalemenls in the tnjslees, report including Ihe slrategtc report. We have nothing lo report in respect of the following mallers in relation tg whrGh the Companies AGI 2008 requires us lo report lo you il. in our opinton.. adequate accounting records have not been kepl by the charitable parent company. or returns adequate for our audit have not been received fiom blanches not visiled by us., or the charitable parent company financial stalemenls are not in agreement with the accounlirkg records and returns.. or certain disclosures of Iru8lees' remuneralion Specified by law 8re not made- or we have not received all the information and explanal¢ons we require for our audit. Responsibilitie5 of trustees As explained more fully ill the statement of trustees, responsibllilles. the Iruslees (who are also the directors of the charitable company for the purposes olcompany lawl are responsible for the preparation of the fi'nancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparalion of financial statements that are free from mater¢al misslatemenl. whether due lo ftaud or error. In preparing the financial slalemenls, the trustees are responsible for assessing the group's and the charitable parent company's ability lo continue as a going concern, disclosing, as applicable, mallers relaled to going concern and using the going concern basis of accounting unless the Irijslees ellher intend lo liquidate the group or the Charitable parent company 01 to cease operations, or have no realistic alternative but lo do so. 25 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED {conlinuedl Auditor's responsibilities for Ihe audit of the financial statements Our objectives are to obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an auditor's report Ihal includes our opinion. Reasonable as5urallce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misslalemenls can arise from fraud or error and ale considered material if. individualty or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to delect material misslalements in respect ol irregularities. including fraud. Our approach lo identifying and assessing the iisks of material misslatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows.. + The engagemenl partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills lo identify or recognise non-complian￿ with applicable laws and regulations., We identified the laws and regulations applicable to the charity through discussions with management and from our knowledge and experience of the chatity secloi,. We focused on specific laws and regulations which we considered may have a direct material effect on the financial stalemenls or the activities of Ihe charity. These included bul were not limited to the Companies Act 2006., the Charities Act 2011.. and Accounting and Reporting by CharS1ies'. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland (FRS 102)., and We assessed the exlent of compliance with laws and regulations identified above my making enquiries of management and represenlalives of the trustees and review of the minutes of trustees, meetings. We assessed the sus￿p11bI7lty of the chaiity's financial slalements to material misslalement, including how fraud might OCCLtr by.. Making enquir¢es of management and representatives of the trustees as lo where they consideTed there was susceplibilily lo fraud. their knOw￿￿ge of actual. suspected and alleged fraud., and Considering the internal controls in place to mitigate risks of Iraud and non-compliance with laws and regulation5. To address the risk of fraud through management bias and override of controls, we.. PeTformed analytical procedures lo identify any unusual or unexpect￿1 financial relationships., Tested and reviewed journal enlries to identify unusual Iransactions., Tested the aulhorisalion of expenditure,. + Tested the implemenlalion of financial controls., 26 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LIMITED {conlinuedl Auditor's responsibilities for the audit of the financial statemBnts Icontinuedl Assessed whether judgements and assumptions made in determining the awounling estimates were indicalive of potential bias., and Investigated the rationale behind significant or unusLFal financial transactions. In response lo the risk of irregularities and non-comptiance with laws and regulations, we designed procedures which included, but were not liiniled lo.. Agreeing financial slalemenl disc105ures lo ￿r￿e[lying supporting documentalion., Reading the minules of meetings of trustees: and Enquiring of management and represenlalives of the trustees as lo actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely it is that we woulcl become aware of non-compliance. Auditing standards also limit the audit procedures required to identify n￿-cOMpliance with laws and regulations lo enquiry of the trustees and management and the inspection of regulatory and legal correspondence, if any. Malerrdl fflisslalements that aiise due lo fraud can be harder lo delect than those that arise from error as they may involve deliberate concealment or collusion, A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websile al www.frc.org.uklaudilorsresponsibililies. This description forms part of our audilols report. Use of our Yeport This feport is made solely lo the charitable cornpany's members, as a body, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit WOTk has been undertaken so that we might slate to the charitable company's members those malleis we are required lo slate to them in an audilorfs report and for no other purpose. To the fullest exlenl pemiilled by law, we do not accept or assume responsibility lo anyone other than the charilable company and the charitable company's members as a bcKSy, for our audit work, for this report. or for the opinions we have brmed. Catherine Biscoe {Senior Stalulory Auditor) For and on behalf of Buzzacoll Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL ,_{*/ 2-025 27 ALMEIOA THEATRE COMPANY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Restrlcted Funds Funds Unrestricted Restrlcted Funds Funds Total 2025 Total 2024 INCOME AND EXPENDITURE Income from Note Donations and Grants Charitable Activities Other Trading Activities Investments 2,050,797 306,329 4,132,904 595,874 41,912 2,357,126 4,132,904 595,874 41,912 1.981,327 5.747,051 677,802 21,816 191.359 2,172,686 5,747,051 677,802 21,816 Total Incomo 6,821,487 306,329 7,127.816 8,427,9￿} 191,359 8.619.355 Expenditure on Raising Funds Charitable Activities 770,309 6,093,120 770,309 6,481.461 809.749 7.366.475 404,536 809,749 7,771,011 388,341 Total Expenditure 6,863,429 388,341 7,251.770 8.176,224 404,536 8,580,760 Net {Expendlturelllncome For the Year {41,942) {82,0121 (123,9541 251,772 {213,177} 38,695 Fund Balances Brought FoTwaTd 3.860,992 2,247,853 6,108,845 3,609,220 2,461,030 6,070,250 Fund Balances Carrled Forward 3,819,050 2,165,841 5,984,891 3,860,992 2,247,853 6,108.845 All aclivilie6 were continuing. All recognised gains and losses are included in the above statement of financial aclivilies. 28 ALMEIDA THEATRE COMPANY LIMITED Company Number: 1546033 BALANCE SHEETS AS AT 31 MARCH 2025 Group Charity Note 2025 2024 2025 2024 FIXED ASSETS Tangible assets Inveslmenls 11 12 3,749,856 3,860,536 3,745,236 100 3,853,711 100 3,749,856 3,860,fJ36 3,745,336 3,8Jf3,811 CURRENT ASSETS stocks 13,564 1,634,778 2,511,874 14,629 1,954,304 1,622,783 Debtors Cash at bank 2nd in hand 14 1,632,680 2,490,772 1,985,966 1,576,093 4,160,216 3,591,716 4,123,452 3,562,059 CREDITORS.. amounts falling due within one year 15 (1,925,181) {1,343,4071 11,895,068) {1,320,5411 NET CURRENT ASSETS 2,235,035 2.248,309 2,228,384 2,241,518 NET ASSETS 5,984,891 6.108,845 5,973,720 6,095,329 THE FUNDS OF THE CHARITY I GROUP 21 Restrlcted funds 17 2,165,841 2.247.853 2,165,841 2.247.853 Unrestricted funds Tangible fixed asset fund Designated funds General and non-charilable trading funds 18 19 1,706,889 459,500 1,714,502 459,500 1,702,269 459,500 1,707,677 459,500 20 1,652,661 1,686,990 1,646,110 1,680,299 3,819.050 3,860,992 3.807,879 3,847,476 5,984,891 6,108.845 5,973,720 6.095,329 The financial statements were approved by the 8oard of Trustees on 25 September 2025 and were signed on its behalf by.. Tamara Ingram. Trustee Company no.. 1546033 29 ALMEII)A THEATRE COMPANY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flow from operatlng actlvltles". Net cash generated by operating aclivilies 942,293 189,771 Cash flow from Investlng actlvllles: Interest from investments Purchase of langible fixed 8SSets 41,912 195,1141 21,816 1342,8531 Net cash used in ir)vesting activities 153,202 1321,0371 Change In cash and cash eqvlvalgnts In tho year 889,091 1131,2661 Cash and cash equivalents at 1 April 2024 1,622,783 1,754,049 Cash and cash equivalents at 31 March 2025 2,511,874 1,622,783 NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2025 Reconciliation of net lexpenditure)lincome to net Cash flow from op¢ratlng a¢tivities 2025 2024 Net lexpenditurelllncomè {as pèr the stat¢ment of finan¢ial a¢tlvitie$) Adjustments for,. Deprecialion charge Inleie81 from investments Decrease Iln¢reasel in stocks Deciease Ilncreasel in debtors In¢rease {De¢reasel in creditors 1123,954) 38,595 205,794 141,912) 1,065 319,526 581,774 205,811 {21,816} (4,231 } 285,384 (313.9721 Net cash generated by operating activities 942,293 189,771 Analysis of cash and cash equivalents 2025 2024 Cash al bank and in hand 2,511,874 1,622,783 Total net funds and cash and cash equivalents 2,511,874 1,622,783 No separate reconciliation of net debt has been prepared as there is no difference belween the nel cash Idebll of the charity and the above cash and cash equivalents. 30 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEiVIENTS FOR THE YEAR ENDED 31 IVIARCH 2025 I. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of eslimalion uncertainty in the preparation of the financial statements are laid out below. Basis of preparation These financial slalemenls have been prepared for the year lo 31 March 2025 with ¢omparalive inlormalian presented for the year to 31 March 20?4. The finarncial stalements have been prepared under the historical cost convention with items recognised al cost or transaction value unless olherwise slated in the re5evanl accounting policies below or the notes to these financial slatemenls. The financial slalemenls have been prepared in accordance with Accounting and Reportin9 by Charities.. statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORPI, the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The charity conslilules a public benefit enlily as defined by FRS 102. The financial statements are presented in sterling and are rounded lo the nearest pound. Basis of consolidation The consolidaled financial statements incorporate the financial slatements of the Almeida Thealre Company Limited and its subsidiaries, Almeida Theatre Catering Limited and Almeida Productions Limited for thè year ended 31 March 2025 on a line by line basis. Further details are given in note 13 to the financial slalements. As permilled by S408 of the Companies Act 2006, no separate profrt and loss aGwunl is presented for the charity. Gross income of £6,754,698 12024 £8,214,510) and net expenditure of £121,60912024 net income £57.8411 has been dealt with in the financial slalemenls of the ¢harity. Crltlcal accountlng estimates and area5 of judgement Preparation of the financial statements requires the TrusleÈs and management to make significant judgements and eslimales. The items in the financial statements where these judgements and eslimales have been made include.. the classification of a properly temporarily let and rhot used for the charity's puip05ps as a tangible lixed asset. Assessment ofgoing concern The Trustees have assessed whether the use of the going concein assumption 15 appropriate in preparing these financial statements. The Trustees have made this assessment in respect lo a period of al least one year from the dale of approval of these lir)ancial slalemenls. In assessing whether the going concern assumplton 15 appropriate, the trustees have taken account of,. the current funding agreement wilh Arts Council England up lo March 2027- and the current level of unreslricled res8rves and cash balances. Therefore, the Trustees ol the charity have concluded that there are no material uncerlainlies related to events or conditions that may cast significant doubl on the ability of the charity lo conlittue as a going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet ils liabilitie5 as they lall due. 31 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES Iconlinued) Income Income is recognised in the period in which the charity has enlillemenl lo the income and the amount can be measured reliably and il is probable that income will be received. Income is deferred only when the charity has lo fulfil conditions before becoming enlilled lo it or where the donor or funder has specified that the income is to be expended in a future accounting period. Income comprises of grants and cfonalions. theatre operating income. income from trading activities and investment income. Grants from government and other agencies have been included as income from charitable activities where these amount to a contract for services, bul as donations where the money has greater freedom of use, for example monies for Gore funding. Donations are received from members and the general publiG and are accoLJnled for as they are received, unless there is prob3ble assurance of enlillèmenl and receipt, in which ¢ase they ale recognised on an accruals basis. Any donations with donor specified reslriclions on usage are held within resliittted funds. Income from individual membership schemes eligible for Gift Aid 15 recogni5ed in full on receipL Income is only deferred when il specificalty relates to future accounling periods. Theatre operating income represents the total value ol box office income, royalties from l¥ansfeTS and tours and other ancillary income received by the group from customers during the year, excluding value added tax. Income and any expenditure associated with producing a show is deferred if the press night performance takes place in the next accounting period. Income from trading activilies includes fundraising evenls, sponsorship, bar income from the trading subsidiary, rental income and other trading income from show nights. Fundraising event income is recognised on Ihe day of the event in case of an unforeseen cancellation of the event by the chaiity., Stx)nsorship income is recognised over the period for which the benefits are received 8ccording lo the sponsorship agreement with a partner., Bar and other trading income of melchandise sales is recognised on receipt on show nights and., Rental income is recognised over the period of the agreement. Inteiesl on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification ol the inteiesl paid or payable by the bank. Goods and services received in kind, where material, are included within 'Donalions' and under the appTopriate expenditure heading, depending on the nature of goods and serviGes PTovided. These ale recognised at an estimated value to the charity at the lime ol receipt. In accordance with the Charities SORP volunteer lime is not recognised. 32 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES {conlinuedl Expenditure All expenditure is accounted for on an accruals basis and has been classified ullder headings that aggregate all cn81.8 re.IAlp.d In Ihp. r.alp.gnry. Thp. majority of ro81.8 arp directly allribulable lo specific activities. Vvhere costs cannot be directly allributed lo particular headings they have been allocated lo aclivities on a basi5 consislenl with use of the resources arid estimated amounts 811ribulable to Ihal aGlivily in the year. The classification betweon activities is as follows.. Expenditure on raising funds includes all expenditure on fundraising events, corporate activities, bar expenses and an allocation of SLJpporl costs. Expenditure on charitable activities includes the producllon and 2dministralive cosls of the operation of the theatre and the production of plays, including depreciation on related assets. Pre-production costs ineufred in respect of a Ihealre procluction are allribuled to the financial year in which the show's press night occurs. Alloeatlon of support and governance cosls The majority of costs are directly allribulable lo specific aclivilies. Office costs and properly-relaled costs are apportioned by the ratio of expenditure in a parliculaf expense category. Governance costs are those incurfed in connection with compliance with conslitulional and statutory requirements. Unrestricted fund5 Unrestricted fund5 are funds which are available for use al the discretion ol the Trlfslees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds Designated funds are amounls which have been set aside al the discretion of the Trustees for a specific, but not legally binding purpose. Tanglble fixed asset fund The tangible fixed asset fund comprises unrestricted funds represented by tangible fixed assets and are therefore not readily available for expenditure. Restricted income funds Vvhere funds are received lo be applied for specllic purpose8 Imposed by the donor or implied by the terms ol any appeal under which they were raised. other than endowments, these are shown as reslTlCted income in the statement of financial activities {SOFAI. Subsequent expenditure for the purposes specified including depreciation of any fixed assets acquired, is charged to restricted funds in the SOFA. Unexpended balances at the year end, including the nel book value of funded assets, are Shown in the balance sheet as feslricted funds. Tangible fixed assets and dopreclatlon Fixed assets arg included al cost and ¢apilalised ork Ihe balance sheet. There are no un.capitalised fixed assets. Depreciation is provided on all tangible fixed assets except freehold land al rates calculated lo write off the exce5S of cosl over the estimated residual values over their expected useful econoTnic lives al the following rales.. Freehold buildings Building renovations Fixtures, fittings 2nd equipment - 2¥0 on cost pei annum 2.50% to 25010 on cost per annum 250/0 or 20014 on cost per annum. 33 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {¢ontinuedl FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES {conlinuedl Investments Investments in 8ubsidiarle8 are slated al cost less PTovision for diminution in value. Stocks Stocks are valued at the lower of ¢osl and nel realisable value. Unsold donated items are not included. Debtors Debtors are recognised al theiT settlement amount. less any provision for non-re¢overabilily. Prepaymenls are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that afe available on demand or have a maturity of 100 days fiom the date of acquisition. Creditors and provisions Creditors and provisions are recognised when there is an obligation 81 the balance sheet date as a result of a past event, it is probable Ihal a transfer of economic benefit will be required in selllemenl. and the amount of the selllemenl can be estimated reliably. Creditors and provisions are recognised al the amount Ihe chaTity anticipates it will pay to sellle the debt. Penslon costs Contributions in respect of vartous defined contribution schemes are charged lo the stalement of financial activities in the year in which they are payable. Financial instruments The charily only has financial assets and liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllemenl value. ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM DONATIONS AND GRANTS Unrestricted Funds R8strlctgd Funds Unreslricled Reslricled Funds Funds 2025 2024 Arls Council giants Donations 587.92B 1,462,869 587,928 1.769.198 087,9?.8 1,393,399 d87,928 191.359 1,584,758 306,329 Total funds 2,OSO,797 306,329 2,357,126 1,981,327 197,359 2,172,686 Glfts in klnd and donated sarvices The following support. in the form of gifts in kind and donated services, was received by the charity during the year.. provision of alcohol and catering at events. discounts and Gomplimenlary coffee and wine, hotel accommodation. legal advice, venue hire, reffeshmenls for meetings. The value of this support is eslimaled to be £ 78,67212024-. £59,525). In line with the accounting policy, this invaluable support has not been recoTded within the Slalemenl ol Financial Activities as the donats'ons are not considered lo be material. INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Funds 2025 2024 Theatre operating income Theatre tsx relief 3,066,533 1,066,371 4,366.533 1,380.518 Total funds 4,132.904 5,747.051 INCOME FROM OTHER TRADING ACTIVITIES Unrestrlcted Funds 2025 2024 Corporate activities Bar revenue Olher theatre trading Rental income 79,042 373.11B 66.222 77,492 91,959 430,363 73.696 81,784 Tolal funds 595.874 677.802 35 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {conlinuedl FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM INVESTMENTS Unrestricted Funds 2025 2024 Bank interest 41,912 21,816 Tolal funds 41,912 21,816 EXPENDITURE ON RAISING FUNDS Dlrect Expendlture Support Costs Direct Expenditure Support Costs Activity 2025 2024 DonatlOn5 Corporate aclivilies Bar expenses Other theatre trading 295,373 44,679 370,958 40,376 6,437 3,029 9,457 301,810 47,708 380,415 40,376 271,303 64,059 421,180 37,028 5.504 2,590 8,085 276,807 66,649 429,265 37,028 Total funds 751,386 18,923 770,309 793,570 16,179 809,749 7. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Unrestri¢ted Restricted Funds Funds 2025 2024 Direct costs of operating Theatre Support costs 5,942.931 378,769 6,321,700 7,219,207 396,449 7,615,656 150,189 9,572 159,761 147.268 8.087 155,355 Total funds 6,093.120 388.341 6.481.461 7,366,475 404,536 7,771,011 36 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2025 NET {EXPENDITUREI INCOME Group 2025 2024 Nel lexpendilure) income for Ihg year is slated after charging.. Depreciation of tangible fixed assets Auditor's remuneration audit lees -tax other services 205,794 205.811 26,600 6,100 28,250 6,100 100 ALLOCATION OF SUPPORT COSTS INCLUDING GOVERNANCE COSTS Total Finance Department costs of £178,68412024'. £171,534) are apportioned between expenditure on raising funds and expenditure on charitable activities in the ratio of expenditure in each area. Governance costs of £ £32,70012024-. £37,750) are included within Finance Depailment costs. 10. STAFF COSTS AND DIRECTORS, REMUNERATION 2025 2025 2025 2024 Thealfe Operations Acting Company Total emoluments: Wages and salaries National Insurance Pension contributions 2,457,687 229,307 65,541 810,931 3,268.618 229,307 65,541 3,667,301 221,459 75,735 2,752.535 810,931 3,563.466 3,964,495 Average number of employees Iheadcounll.. 2025 Number 2024 Number Charity Catering 141 20 154 20 161 174 37 ALMEIDA THEATRE CONIPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 10. STAFF COSTS AND DIRECTORS. REMUNERATION {conlinued) 2025 Number 2024 Number Average number of employees (full lime equivalentsl.. Theatre Artisls (Actors, supernumeraries, extras) Theatre Operation Development & Maiketing Education & Access Adminislralion & Finance Catering Company 11 28 12 22 24 12 70 75 The number of employees whose emoluments (including taxable benefits but excluding employer's pension and national insurance contributions) exceeded £60,000 were.. 2025 Number 2024 Number £60,000 - £69.999 £90,000 - £99,999 £140,000- £149,999 Pension contributions of£17,775 (2024.. £15,869) were paid to defined Gonlribulion pension s¢hemes in respeGt of these employees. The key management personnel of Ihe charily in chaige of directing, conlrolling, iunning and operating the charity on a day lo day basis comprise the Trustees. the Executive Direotor and the Art￿stiC Director. The total remuneration (including taxable benelib. employer's pension contributions and employer's national insurance contribulionsl of Ihe key management personnel for the year was £ 281,545 {2024.' £270,619). No directors {who are also the Trustees of the charity} received any remuneration during the year. No expenses were incurred by Ihe directors in the year12024- £nill. Directors and Officers ITIustee indemnity} insurance was paid durino the year of £3.343 {2024.' £2,839). 38 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS FTeehold land and buildings Building renovations Fixtures, filting5 and equipment Total Group Cost Al 31 March 2024 Additions 2,133,229 3,594,106 3,188,043 95.114 8,915,378 95,114 Al 31 March 2025 2,133,229 3,594,106 3,283.157 9.010.492 Accumulated depreclation Al 31 March 2024 Charge for the year 463,928 27,476 1.908,921 88,638 2,681,993 89,680 5,054,842 205,794 Al 31 March 2025 491,404 1,997,559 2,771.673 5.260.636 Net Book Value Al 31 March 2025 1,641,825 1,596,547 511,484 3,749,856 At 31 March 2024 1.669,301 1,685,185 506,050 3,860,536 Freehold lond and bulldlngs Bulldlng renovatlons Fixtures, fittings and equipment Total Charity Cost Al 31 March 2024 Additions 2.133,229 3,594,106 3,150.168 94.314 8.877.503 94.314 Al 31 March 2025 2.133,229 3,594,106 3,244.482 8.971.817 Accumulated depreelallon At 31 March 2024 Charge lor the year 463,928 27,476 1,908,921 88,638 2,650.943 86.675 5,023,792 202.789 At 31 Mareh 2025 491,404 1,997,559 2,737,618 5,226,581 Net Book Value At 31 March 2025 1.641,825 1,596,547 506,864 3,745,236 At 31 March 2024 1,669,301 1,685,185 499,225 3,853,711 39 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinued} FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS Iconlinuedl The retention of the Theatre is intrinsic lo the charity continuing lo meet its charitable aim5. Accordingly. the Trustees have no intenlion lo dispose of Ihe Theatre. Cerlain funding Ilolalling £1 m} received in respect of the redevelopment of the thealie, which is seciJTed by charges over the company's properly, would be required to be Tepaid lo donors Ihe unlikely event thal the theatre is sold or a court order is issued to wind up the company. 12. INVESTMENTS Subsidiary undertakings Group Charity Cosl and net book value At 31 Maich 2025 and 31 March 2024 100 The chafily owns 100'h of the Share capital of Almeida Theatre Catering Limited, which is registered in England. The subgidiary is used for non-piimary purpose trading activities, name5y operating the theatre bar. All activities have been consolidated on a line by line basis in the SOFA. Alrneida Theatre Catering Limited own$ 100 /0 of the share Capital of Almeida Productions Limited, which is registered in England, and commenced trading in September 2014. Ils principal activity is the production of theatre shows. All activities have been consolKlaled on a line by line basis in the SOFA. 13. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARIES The charity has ultimate control over companies. The registered address of both companies is the same as for the charity. Almeida Theatre Catering Limited {Company No. 015345851 has a principal aclivily of catering, primarily the running of the Almeida Café Bar. A summary of its trading results for the year ended 31 March 2025 is shown below. 2025 2024 Turnover Cost of sales 373.118 {380,4161 430.361 (403.876} Gross Ilossl Profit 17,2981 26,485 Administrative expenses (net of management fees} {20,0661 120.215} Profil (Lossl for the year {27,3641 6,270 Donation to ultimate Paient Company 7,841 25,516 The assets and liabilities of this subsidiary were.. Fixed assets Current assets Credilors.- amounts falling due within one year 4,530 35,248 (55,3211 6.825 61.319 {48,4821 Total nel assets 115,5431 19,662 Aggregale share capital and reserves 115,5431 19,662 40 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 MARCH 2025 13. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARIES Iconlinuedl Almeida Productions Limiled (Company No. 018273511 principal activity is the production of Ihealre shows. A summary of ils results 2nd financial position is shown below,. 2025 2024 Turnover Cost of sales 2,564,089 13,630,461) 3,560,741 {4,941,2591 Gross loss 11.066.372) {1,380,5181 Taxation for the year 11.066.372) {1,380,5181 Loss for the year The assets and liabilities of this subsidiary were.. Current assets Creditors.. amounts falling due within one year 1,083.326 11,083,320) 1,397,467 11,397,461) Total nel assets Aggregate share capital and reserves 14. DEBTORS Group Charity 2025 2024 2025 2024 Due within one year Trade debtors Amounts owed by subsldiary underlakings other debtors Produelion costs In advance Prepayments and accrued income 38,370 68,649 37.789 1,086.815 16.761 335,822 155,493 68.649 1,412.186 33.174 274.053 197.904 1,105,093 335,822 155,493 1,413,698 274.053 197.904 1,634,778 1,954,304 1,632,680 1.985,966 15. CREDITORS- amounts falling due wlthin one year Group Charity 2025 2024 2025 2024 Tiade creditors Other taxation and social security Other creditors Box office receipts in advance Accruals and deferred income 176,534 164,801 195,064 979,457 409,325 147.180 171,969 197,201 314,123 512.934 167,930 159,600 178,756 979,457 409.325 139,368 156,915 197,201 314,123 512,934 1,925,181 1,343,407 1,895,068 1,320,541 41 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {¢onlinuedl FOR THE YEAR ENDED 31 MARCH 2025 16. MOVEMENT ON DEFERRED INCOME Deferred income relates lo grant. sponsorship. donation and membership income received during the year bul which will be spent in subsequent years. 2025 2024 Group and charity Deferred income broughl forward Released in the year Deferred in the year 35,000 115,0001 81,000 39,573 139,5731 35,000 Deferred Income ¢arrl¢d forward 101.000 35.000 17. RESTRICTED FUNDS 1 April 2024 31 March 2025 Income Expendlture Group and Charity Productions fund Capital fund 101,819 2,146,034 306,329 1285,274) 1103,067) 122,874 2,042,967 Restiicled funds 2,247,853 306,329 1388,341) 2,165,841 1 Apfil 2023 31 March 2024 Inco¥ne Expenditure Group and Chattty Productions furEd Capital lund 209,638 2,251,392 191,359 1299,178) 1105,358) 101,819 2,146,034 Restricted lunds 2,461,030 191,359 1404,536) 2,247,853 Reslricted funds represent monies receive(f by the charitable company for a specific purpose. Details of the restricted funds held as al 31 March 2025 are given below.. Productlons fund This fund consisted of monies received from various donors lo contribute to the running of the Almeida's educalior)al projects. funding accessible performances, capital projects and our Young Artists programme. Capital fund This fund consisted of funding previously re￿iVed in respecl to the redevelopment of the Theatre and ACE funds towards improvements. 42 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {conlinuedl FOR THE YEAR ENDED 31 MARCH 2025 18. TANGIBLE FIXED ASSET FUND 1 April 2024 Movement in year 31 March 2025 Taiigible lixod asset fund- Charity Subsidiaries 1,707,677 6,825 15,4081 12,205 1,702,269 4,620 Group 1,714,502 17,6131 1,706,889 l April 2023 Movement in year 31 March 2024 Tangible fixed asset fund= Charity Subsidiaries 1,463.713 8.389 243.964 {1,5641 1.707,677 6,825 Group 1,472,102 242.400 1,714,502 This fund represents unreslricled tangible fixed assets and therefore is not readily available to meet expenditUFe. 19. DESIGNATED FUNDS 1 Aprll 2024 utlllsedl Released 31 March 2025 Group and charlty Property redevelopment fund Maintenance reseTVe'. Repairs and renewals Equipment replacement reserve Crealivelspecial Situation reserve 144,600 144,500 125.000 35,000 155,000 25,000 35,000 155,000 459,500 459,500 43 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconllnued) FOR THE YEAR ENDED 31 MARCH 2025 19. DESIGNATED FUNDS Iconlinued} 1 April 2023 Utilisedl Released 31 March 2024 Group and charity Property redevelopment fund Maintenance reserve.. Repairs and renew21s Equipment replacement resetve CrealivelSpe¢ial Situation reserve 400,000 (255,500) 144,500 125,000 35,000 155,000 125,000 35,000 155,000 715,000 1255,5QOI 469,500 The Property redevelopment fund is reseNed for inveslmenl towards redevelopment of the 10819 Upper Street sile. In 2023124 £255k was ulilised lo fund the replacement of the roofs, essential repaiis to brickwork, and replacement of windows and skylights. £40,000 was used during the 2025126 works lo complete the window replacement, access improvements lo thè entrance and iefuibishment of the rehearsal room The Maintenance reseN& is split into iepairs and renewals for buildings and equipment. It is for emergency repaiis as well as to deal with unforeseen 2nd uninsuied developments more generally.11 is anlicipaled that these reserves will be ulilised in the next three years. The Crealivelspecial situation reserve 1$ a designated fund to support Ihe woik of the Ihealre., productions and participation projects. These funds Can be called upon if we experience a drop in fundraising or fail to meel box Offi￿ largels, they may also be used for speGifiG artistic projects as requested. 20. GENERAL FUNDS The policy of the charity is to hold free reserves of at least £1,500.000 within the general fund. This has been identified as a result of a review of the risks lo the charity. The trustees identified the main revenue streams at risk leg. Development income. Box office income) and the likelihood of risk occurring. They also looked at working capital requirements and have included an amount in the reserves to allow for Ihis. General and non~ charitab18 trading funds al 31 March 2025 are £1,652,661 for the group and £1.646,110 for the Charity. 44 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {conlinuedl FOR THE YEAR ENDED 31 MARCH 2025 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets Net current assets 2025 Total Group Unre5tricled funds TLingible fixed asset ftind Designated funds General and non-charilable trading funds 1,706,889 1,706,889 459,500 1,652,661 4S9,500 1,652,661 1,706,889 2,112,161 3,819,050 Restricted funds 2,042,967 122,874 2,165,841 3,749,856 2,235,035 5,984,891 Fixed assgts Not current asspts 2025 Total harity Unrestrlcted funds Tangible fixed asset fund Designated funds General funds 1,702,269 1,702,269 459,500 1,646,110 4S9,600 1,646,010 400 1,702,369 2,105,510 3,807,879 Restricted funds 2,042,967 122,874 2,165,841 3,745,336 2,228,384 5,973,720 45 ALMEIDA THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets Nel Gurrent assets 2024 Total Group Unreslricled funds Tangible fixed asset fund Designated funds General and non-charilable tiading 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 Reslricled funds 2.146.034 101,819 2,247,853 3,860,536 2,248,309 6.108,845 Fixed assets Net cutrent assets 2024 Total Charity Unreslricled funds Tangible fixed asset fund Designated funds General 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 Restricted ftjnds 2,146,034 101,819 2,247.853 3.853,811 2,241,518 6,095.329 22. RELATED PARTY TRANSACTIONS Total donations lo the charily by trustees in the year were £15,35012024.' £4,375). Except as disclosed in note 10 to the financial stalemenls. there have been no other relaled party Iiansaclions in the period which require disclosure12024.' none}. 46