2022-03-31-accounts

13ATTERSEA' AIITS CENTIIE Battersea Arts Centre Annual Report and Financial Statements 31 March 2022 Cornpany Liwile(I by Guaraniee Reglslralion Number 01569115 (England and Wales) Ch8rlly Reglslralion Number 282857 ARTS COUNCIL ENGLAND W￿$￿)rth

Contents Reports Reference and administrative information Chair's review of 202001 Artistic Director.. Looking ahead Trustees, report Independent auditorfs report on the financial statements 21 Flnanclal statements Consolidated statement of finan¢i81 activities 26 Comparative consolidated statement of financial aclivitres 27 Balance sheet 28 Consolidated slalemenl of Cash flows 29 Principal accounting policies 30 Notes to the financial statements 34 Ballersea Arts Centre

Reference and administrative information Trustees Damd Bryan (Chair BAC Board of Managemenll Christopher Cabot Cllr. Kim Caddy Rachel Coldicull Marsha De Cordova Liz Fosbury (Chair Finance Group) Patrick Harrison (Chair Enterprises Board) Henrietta Imoreh Sunila Pandya Justin Shinebourne Bru¢0 Thompson Susie Thornberry Chief Executlve Officer Tarek Iskander Company secretary Amy Vaughan Charity registration number 282857 Company registratlon number 01569115 Reglstered address Batlersea Arts Centre Lavender Hill London SW11 STN Auditor Buzzacoll LLP 130 Wood Street London EC2V6DL Bankers Lloyds Bank 25 Gresham Street, London EC2V 7HN Ballersea Arts Centre 1

Reference and administrative information Solicitors Osborne Clarke One London Wall BaTbican London EC2Y SEB Ballersea Arts Centre 2

Chalr's and Artistic Director & CEO'S review of 21122 Chair's Review 2021122 was a unique year as we moved forward from the severe impact of Covid-19 to look al how lo bring back a live programme and setve our Communities. The year began with the building open as a Covid-19 NHS vaccine cenlre, and ended with piemiering international work for a full capacity in-person audience. 11 was a huge year of transition and challenges, bul also great suc¢esses, including.. Delivery of artistic work in Iwe, digital and hybrid forms. This included two full seasons at Ballersea Arts Centre with performall￿S from Lucy McCormi¢k, James Cousins Company, Rimini Prolokoll and Hofesh S¢hechler. Live Comedy continued throughout the year in a variety of spaces, and BAC'S Beatbox A¢ademy resumed a National lour of award-winning show Frankenslein.. How To nlake A Monster. BAC'S Pay What YOLJ Can lickeling model premiered allowing the socio*¢onomic barrier lo access lo art lo be tackled. This had incredible success parti¢ularly with the pantomime Sleeping Beauty & The Beast where the scheme enabled local families lo engage with a festive event despile the financial diff￿Ll[lIeS many face. Financial resilience through BAC Enterprises. This organisalion faciSitated increased security as a precarious lime with film hires and TV recordings conlribuling significant in¢ome which has been a new income generator for the organisalion alongside weddings and hires. Continued wort( lo support the local community and, in particular. young people in the community. The Beatbox Academy returned lo the building and a new BAC Dance Academy has brought a new group of young people into the building each week. Commissions with local artists and alumni of the Agency project continued, and l(Kal volunteers continue lo contribute lo the Communty Garden. A¢ross the UK, BAC continued lo deliver sector-leading work such as.. • Horizon - Together with a consortium made up of Fierce, GIFT, MAYK, Transform, and Dan¢e4, BAC led on the new Horizon Showcase, England's first national showcase al the Edinburgh festival. 2021 was a digital showcase and featured artists such as Mandla Rae, Brownlon Abbey, Chinese Arts Now, Bolis Seva and Seela Patel. The Agency - BAC and Contact Theatre's programme lo support the development of young people's entrepreneurial ideas. 21122 was the first of five years of ¢onfirmed funding from National Lollery Community Fund enabling ils conlinualion in London and Manchester, as well as facililaling an expansion lo new localions across the UK. + Movlng Roots (funded by Esmée Fairbairn Foundation and Garfield Weston Foundalionl working with partners across the UK lo produce co-crealed theatre prorluclions, with the first production Rent Party touring to locations across the country. Co.creatlng Change Network (funded by Calousle Gulbenkian Foundalv)n. Paul Hamlyn Foundation and Arts Council England) which also puls co-crealion al ils ¢entre Ballersea Arts Centre 3

Chalr's and Artistic Director & CEO'S revlew of 21122 Chair's Review Iconlinuedl by partnering with creative praclilioners lo try lo sO￿e communities, most challenging problems, from debt lo sustainable fashion. This project culminated in a five-day Conference in BAC'S Grand Hall. Despite the challenges of the pandemic, 8AC closes 2021r22 in a financially stable position. There are still great challenges ahead and much lo achieve Continuing lo ensure our workforce and programme is truly represenlalive of the community that we're here lo serve". and focussing on the climate emergency and how our Grade11 listed building can be invested in for a sustainable future. I would like lo express my sincere thanks to all the trustees and staff of Ballersea Arts Centre for their hard work and commitment over the last 12 months. Renewed thanks go lo all OLJr funders and supports. with particular thanks lo Arts Council England for their ongoing support of us as a National Portfolio Organisalion and lo the Department for Digital, Culture, Media & Sport for their support via the Culture Recovery Fund. David Bryan, Chair Battersea Arts Centre 4

Chalr's and Artlstlc Director & CEO'S review of 21122 Artlstlc Director & CEO'S Review l am delighted lo report that BAC has been navigating the stormy waters of the pandemic in relatively well. These accounts tell a story of a year that was incredibly difficult for the organisalion, bul though which the team continued lo deliver effectively across all fronts. To have emerged from this period in robust financial health is a leslamenl lo the colledive efforts that made this happen. In 2021122 BAC'S story is of delivery in the most demanding of environments. Artistically we began the year with ambitious digital seasons of work that supported artists, and then reopened our building with a massive immersive dance piece We Are As Gods that drew large audiences lo our spaces. Our programme continued lo show diversity. variety and ambition, and we continued lo bring international work lo our stages (like Germany's Rimini Prolokolll despite the logisli¢al ¢hallenges. And slicking to its deep-held values of inclusion and radical thinking, we became the largest venue in the UK lo run an almosl-universal Pay What You Can scheme for all our work. The work in our Communities was also undelerred. We launched a new Hip Hop Dance Academy, to complement our world-louring Beatbox Academy. And our much lauded land copied} young person's creative entrepreneurial programme welcomed new Cohorts to ils ranks. and we hosted the successful Homegrown and Outrageous Behaviour festivals for young people. Moreover, our community garden opened lo residènts, creating a safe and wel¢oming space for people lo come together and engage in ¢olle¢live activities. Nationally we progressed the significant Co-crealing Change Network lo its natural conclusion. and maintained momentum with Moving Roots, a national collaboration lo lest models for touring co-crealed worf(. As in previous years, BAC'S impact has far oulslripped both ils walls and ils relative morsesl budget. No doubt there are choppy waters ahead, bul BAC'S deeply ingrained strengths in risk-laking and innovative approaches, and close partner relationships, means we can look to the future with confidence. T8rek Iskander, Artistic Director & CEO Ballersea Arts Centre S

Trustees. report 31 March 2022 The Trustees, who are also referred lo as the Board of Management and are the directors for the purposes of company law. presènt their report together wfch the financial slalements of Ballersea Arts Centre for the year ended 31 March 2022. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and conslilules a directors, report for the purpose of company legislation. The financial slalemenls have been prepared in accordance with the accounting policies sel out on pages 30 10 33 01 the allached financial slalemenls and comply with the charilable company's memorandum and articles of association, applicable laws, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended praCt￿e applicable lo Charities preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. OBJECTIVES AND ACTIVITIES About Battersea Arts Centre Ballersea Arts Centre is a home for radical artistic hleas. We believe in the power of performance and collective imagination lo spaik positive change. We host welcoming and inclusive spaces where communities, artists and audien¢es Can connect and be Creative. and we give people the resources lo develop artistic ideas that are bold and unconventional. All shows al Ballerse8 Arts Centre have been available on a Pay What You Can basis in 2022, as part of our ongoing commilmenl lo finding new ways lo break down barriers lo engagement. We thank all our fund8rs and supporters. Special note of thanks goes lo Arts Council England. who support us as a National Portlolio Organisalion and who have provided additional support in 2021 via the Culture Recovery Fund, which dislribuled funds from the Department of Digital, CLJllure, Media and Sport. A special note of thanks also goes lo our landlord W8ndsworth Borough Council. Battersea Arts Centre's Purpose Vlsion: BAC is a home for radical artistic ideas. We believe in the power of performance and collective imagination lo spark positive change.. Not for you, not for me, but for us. Mission • We host welcoming and inclusive spaces where communities, artists and audiences can connect, collaborate, and be ¢￿aliVe. • We give people the resources lo develop artistic ideas and creative practices that are bold and unconventional. • We share and amplify ground-breaking performance and programmes. locally, nationally and inlernalionally. Battersea Arts Centre 6

Trustees. report 31 March 2D22 OBJECTIVES AND ACTIVITIES Iconlinuedl Prlnclples + We sel standards for how we interact with people, so that everyone is treated with care and respect. • We actively work lo break down barriers lo access and inclusion in the performing arts. We are consistent and organised in the way we do things, so that creativity can thrive. • We consider deeply the s(Kial and environmental impact of our actions. We make lime lo reflect and learn from everything we do. Our main aims in achieving this purpose are listed below, along with the strategies that were adopted lo achieve them.. Developing andstaging innovative and engaging theatre Supporting live theatre that is boundary-breaking and ¢reales new hybrids. To develop work where the relationship between artist and audience is aulhenlic, open and honosl, allowing people lo lind space for themselves and their imaginations. That is an agent for change and asks questions of our world and space. Giving artists a platform lo develop work. Cullivaling and supporting the ciealive relationship belween producers and artists, promoting Ihe role of the artist in society I￿ally, nationally. internationally and virtually. and creating an international and visionary family of Ihealre-makers resident al Ballersea Arts Cenlre. Supporting people's creatlvlty, confidence and developing the skills and capability to make their ideas a reality Working with k)c81 young people in programmes facililaling their development of ideas and giving platforms to share and showcase their skills and capability. Inlegraling our participation and artist development programmes lo ensure that artistic capability is shared and a new generation of artists creatèd. • Encouraging allendance by new participants, audlences and artists from a diverse range of backgrounds through proactive outreach. partnership working and maintaining a varied programme. Ballersea Arts Centre 7

Trustees. report 31 March 2022 OBJECTIVES AND ACTIVITIES lconlinuedl Prlnclples Iconlinuedl Extending the reach and impact of our work to varied audlences and beneficiaries + Touring our productions to a wide range of national and international audiences and sharing work online. + Delivering projects in Collaboration with national partners lo explore creative ways of working with their local community and sharing our models of working through co- operation with national organisalions and collaborative programmes of mentoring, skills shaiing and support. • Delivering ground-breaking artisti¢ work digitally and television lo reach people across the UK and Ihe globe. Create a welcoming environment in which the local community and diverse visltors can come together • Celebrating the local heritage represented by our Grade Il. listed old town hall. + Improving access lo our building and programming accessible performances and events that are signed, captioned or relaxed and building on our commitments as a Relaxed Venue. STRATEGIC REVIEW OF THE YEAR Battersea Arts Centre's Cultural and Creative Pro ramme Whilst some of the challenges presented by the Coronavirus pandemic remained, Ballersea Arts Centre IBACI had a significant year in relation lo ils charitable objective lo advance and promote education of the arts and heritage for the benefit of the public locally, nationally and internationally. Opportunities for live programming began to grow following a severely limited year in 20121 217 performance were delivered,. artists and freelancers continued lo be supported-, and activities with our local community continued to lake pla¢0. Batlersea Arts Centre

Trustees. report 31 March 2022 STRATEGIC REVIEW OF THE YEAR Iconlinuedl Llve Programme With social distancing reslriclions eased, the live programme look place in a hybrid form across the year with both in live and digital formats, this included.. The Wild Times Spring 2021 season - which 18unched BAC'S new Pay What You Can lickeling scheme designed lo allow as many people as possible lo engage with our live programme through aiming lo remove socio-economic barriers lo allendance. This season included live performances such as Lucy Mccormick's Life.'LIVEI In the Grand Hall alongside programming a¢¢laimed stage works being adapted for screen for audiences such as Selina Thompson's sall.. dispersed and Hofesh Schechler's POLITICAL MOTHER.. The Final Cul. This season also saw local community members involved in the Agency project present Free Up Fesl," an outdoor festival ￿lebrating crealivily in the local area. Live Comedy ¢onlinued as part of the programme both in the oulsKJe Courtyard Theatre and as social distancing rules were relaxed in the Council Chamber and Members Bar spaces. This saw names such as Ivo Graham, Shaparak Khorsandi and Jordan Brookes lesl new work~in-progress material for BAC'S audiences. The Ovgrcome Autumn 2021 season which saw us reopen our building to full capacity. Care was taken lo still offer a number socially distanced performances for audiences as the effects of the pandemic were still present. This season saw a number of exciting commissions in the building including a full building takeover by James Cousins company for We Are As Gods where a company of 9 dancers were joined by 73 young performers and local ￿sIdentS lo create an immersive show across the building. We also presented Lillle Wimmin by Figz N Wi9s. Polilical Mother Unplugged by Hofesh Sche¢hler, The Body R&membets by Heather Agyepong & FUEL, and Endurance by Jennifer Jackson & Simon Carroll Jones. The Overcome season also saw the return offeslive programming for our audiences. This included Sleeping Beauty & The Beastby Sleeping Trees, Jonny Woo's All Star Christmas Caba￿tr, and An Extra Pl8le with Mark Thomas. We saw enormously rewarding results from offering a pantomime suitable for young children 14+1 with the Pay What You Can Scheme in place,. this allowed us lo slay financially accessible lo families and parents despite the economic challenges posed by the pandemic. The Spring 2022 season opened with the UK premiere of Uncanny Valley by Rimini Prolokoll Company. This was an exciting moment demonslraling the ability for international work lo return lo BAC after the restrictions of the pandemic. Baltersea Arts Centre 9

Truste&s' report 31 March 2022 STRATEGIC REVIEW OF THE YEAR Icontinuedl Llve Programme fconlinued) After being on pause due to the pandemic, BAC'S Beatbox A¢ademy's produ¢lion of Frankenstein". How To Make A Monster restarted il's National lour opening lo a sold out performance al Hackney Empire befofe continuing lo perform across the UK over Summer 2022. Our commitment lo be a Relaxed Venue remained a critical part of the organisalion's aim lo ensure the building and perfomances are as accessible as possible. Community Programmes BAC also continued delivering activities with the local community- hearing the needs of the community as the Pandemic continued and as the building was able lo reopen. These in¢luded'. Hosting Wandsworth's Vaccination Hub from February 2021 loAugusl 2021 through which over 75,000 jabs were given to local residents. BAC ¢realed artist video ¢ommissions lo be shown in the building during vaccination centre opening limes, which were released online and on our social media and included artists such as Inua Ellams, Rosie Jones and S¢olee. + BAC'S Community Garden - with the garden opened up for the community through a series of gardening workshops with partners Permablitz - this offered safe outdoor social activities for local people during the pandemic, and now is maintained with the help of local volunteers. • The BAC Beatbox Academy returned from being online in the pandemic lo taking pla￿ in the building. Participants also joined for the development of new shows Pied Piper & Th8 Silenl City and The Lasl Man. + BAC launched il's new Dance Academy for local residents aged 11 19. The launch of this new scheme was successful and il has now formed part ofour community offer rnoving forwards. Continuing lo deliver BAC'S co-working space, the Scratch Hub for bcal entrepreneurs. National Programmes BAC also Continued lo be a seclor-leader by delivering nation81 project8 with partners across the UK. These included.. + Horizon - Together with a consortium made up of Fierce, GIFT. MAYK, Transform. and Dance4, BAC led on the new Horizon Showcase. Engl8nd's fiisl national showcase al the Edinburgh festival. 2021 fealuied artists such as Mandla Rae, Brownlon Abbey, Chinese Arts Now, Botis Seva and Seela Patel. Due to the restrictions of the pandemic, the Ballersea Arts Centre 10

Trustees. report 31 March 2022 STRATEGIC REVIEW OF THE YEAR l¢onlinued) National Programmes(continued) showcase was entirely digital in 2021 however il laid the groundwork for the live Showcases which has been a great success in 2022. The Agency - a partnership with Contact Theatre Manchester, The Agency supports young people aged 15-25 from Socal housing eslales lo create their own social enterprises that benefit their communities. This was the first year of new funding secured from National Lottery Community Fund which has fa¢ililaled delivery of the project forlhe next five years. + Co£reating Change Network - BAC has its final year leading on the Co-crealing Change Network. The overall aim of the network is to work together to advocate for a beller understanding and appreciation of co-crealed practi￿, both in the arts sector and beyond. Six Growth and replication commissions for the programme were awarded lo organisalions in 20121, including Theatre Royal Plymouth. Rising Arts Agency Bristol, Resloke in Sloke-on-Trenl and Arts & Homelessness Inlemational. These organisalions worked with the Young Foundation lo capture the methodology of their practice and explore ways il could be applied in new sellings. The project culminated with hybrid in person and digital Conference lo discuss co-crealed practice held in BAC'S Grand Hall. + Moving Roots-moving Roots is a programme which pioneers takin9 co-crealed projects on tour lo areas where there is limiled existing Cultural infraslruclure. In 2021122 the proje¢l developed and toured co-created show Rent Party with artist Darren Prilchard which perfomed in BAC'S Grand Hall as part of the lour. Risk Management Ballersea Arts Centre's Risk Register is one of the key documents in our organisalional business plan. Thls 18 an essential tool for the senior management team- made up of BAC'8 Team Heads and Shapers, who meet lortnighlly lo slralegically manage the organisalion, oversee organisalional finances, assess risks and measure progress against our objectives. This Risk Register captures the biggest risks facing the organisalion across a variety of areas. On the basis that all the risks captured in this Risk Register are business critical, il then uses a Iraflic-light system of Red, Amber, Green lo assess the likelihood of each risk becoming realised. Each risk has a series of mf(igaling actions, and a senior person within the team allocated lo il who is responsible for carrying out these actions and monitoring that risk. This risk register goes to Batlersea Arts Centre's Board of Management al quarterfy Board meetings. In addition. Trustees oversee the risk management strategy that comprises.. Review of the risks whrh the Charity may face., Establishment of systems and procedures to mitigate risks identified,. and Implementation of procedures designed lo minimise any potential impad on the Charity should those risks malerialise. Ballersea Arts Centre 11

Trustees, report 31 March 2022 STRATEGIC REVIEW OF THE YEAR Icontinuedl Risk Management Iconlinvedl Lower impact, project specific risks are monilored by Project Managers and Shapers through their Project Objectives and Risks document, which is reviewed and updated quarterly. The main risks being managed concern the ongoing fi'nancial health of the organisalion and programme risks, the key areas are.. • Financial Climate and Impact on Fundraising - 11 is anlicipaled Ihal there will be potential signifi¢ant impact in Individual and Corporate giving due to inllalion, energy prices, Brexit and the Russia-ukraine war. There will likely be higher compelilion for funding with less funding available in London. National Portfolio Organisalions have reapplied for funding and London based NPOS may see a reduction in funds in 2023-26. • Income generation from commerclal actlvltles - Income from the events and catering business remains essential lo the organisalion's long-lerm financial slabilily. Again, the financial climate may lead ID a reduction in business. However, aclivily since the P2ndemic has shown a t￿)￿n￿-back in interest in our spaces with significant growth in filming aclivilies. Sustainability and Building Maintenance - BAC is commilled lo ambitious targets lo address the climate emergency. BAC is a Grade 11 listed building which renders some measure5 challenging. Maintaining and upgrading the infr8slruGlure of the building is a key priority as the building is a key asset for the organisalion. Fundraising forfulure Capital works and scoping the works lo incorporate suslainabilily will be essential activity moving forwards. Volatile energy prices pul further pressure on the importance of maintaining the building to the highest level lo reduce unnecessary exposure to increased prices. FINANCIAL REVIEW The Charity's total net oxpendilure, including the results of ils trading subsidiary, BAC Enterprises Limited, for the year ended 31 March 2022 amounted lo £0.44m 12021 net expenditure of £1.1 m). With the continuation of Covid-19 restriction having an impact on both the Irading and ¢harilable activities the Board of Trustees continued lo maintain a revised and agile governance arrangement lo ensure a responsive and focussed strategy lo the conlinuingly challenging Circumstan￿$, including navigating the reopening of the building in short periods and then in full lo the public. In 2021122 the Charity implemented new processes and systems in order lo have real lime analysis lo manage cash flow, risk analysis and financial management, and produces all reporting for review monthly lo present lo the Finance and Governancè Commrtlee, and the Board of Trustees, who of course continue lo discharge Iheir slalulory respDnsibililies as ultimate decision makers. Ballersea Arts Centre 12

Trustees, report 31 March 2022 FINANCIAL REVIEW Iconlinuedl All Financial Policies were reviewed and signed off by the Finance and Governance Committee in year including Banking, Investment, Controls and Due Diligence. In 2020121 Covid-19 Support enabled the charity lo reinflale the unreslricled reserves and the Board agreed levels of £750k unreslri¢led and £2C>O of designated capilal reserves. Throughout the 2021122 financial year al no point did the charity hold below the reserves largel aulhorised by the Board of Trustees. The 2021122 financial year presented significant challenges lo the Charity across all areas of ils trading and delivery, bul robust financial controls and quality of financial information have enabled the Charity lo mitigate risk and continue lo achieve against financial targets and relain a strong level of reserves appropriate lo operate as a going concern. Income Total income for the Charity amounted lo £5.79m 12021 £5.79m) which was a £4,872 decrease from 2020121. The Charity's core activities goneraled income of £5.72m in 2021122 12021 - £5.01ml. Grants and donations Grants and donations represented 680/¢12021- 76%) of the Charity's total income in 2021122. Of the total of £3.93 million12021- £4.37 million) generated in the year, funding received from ACE NPO grant of £706.66512021 - £706,665) remains Ballersea Arts Cenlre's single main source of non-emergency voluntary income- 18Vo12021- 12'kn1 of lolal non-capital voluntary income. Wandsworth Borough Council continues lo provide Batlersea's Old Town Hall as a home on a peppercorn rent until 2028. worth an additional £150,000 of support in kind. We have also been Suc￿sSful in raising funds from many other sources lo fund the Charity's charitable activities and theatre projects. Eamgd income from theatre and arts centre activities Box Ollicè and fee income increased signifi¢anlly due lo the building being opened after Covid reslridions had been lifted. Total earned income amounted lo £539.97412021 - £94,000) of which £118,119 was generated through admission fees. Also important is our Service Level Agreement with Wandsworth Borough Council worth £60.00012021 £60,000) which funds specific aspects of our work in the local community. The Wandsworth Borough Council SLA ended on 31 March 2022, with replacement Project based funds being developed which BAC will have eligibility lo apply for. Ballersea Arts Centre 13

Trustees, report 31 March 2022 FINANCIAL REVIEW Iconlinuedl Earned income from other actlvities 8AC Enterprises Limited, Ballersea Arts Cenlre's trading subsidiary generated a Iijrnover of £1,190,36712021 £548,543). An overall profil of £212,270 12021 profil of £83.6171 was achieved which reflects the organisations agility and iesponsiveness, with 27 /0 of turnover compared with 2020121 the company achieved 49Yo of prior year nel conlribulion. Insurance in¢ome We sel up a designated capital fund in 2014115 to manage the income and expenditure which resulted from the fire damage on 13 March 2015. The Charity recognises the income from insurers within this fund on a receivables basis, No further insurance monies have been received since 2020121 and no further monies are expe¢led or oulslanding. Expenditure The Charity's lolal expenditure was £5.75 million12021- £4.68 million) which was an increase of £1.07 million on 2020121. £0.9 million of the lolal ¢osls arose from expenditure within the Charity's designated and reslricled capital funds, being depreciation and other building development costs. £5.05 million of total expenditure related lo the Charity's core activilies12021- £4.26 million}. Total charitable expenditure on the operation of the theatre and arts centte was £5.05 million 12021 £4.26 million) reflecting savings made within the organisalion. Within Ihe costs of charitable aclivilies, support ¢osls increased to £3.27 million 12021 £3.48 million).. £1.06 million related lo the depreciation charge in 2021122. Balance sheet position at 31 March 2022 The Charity increased ils balance on unreslricled general funds lo £1.211.590 12021 £815.0001 and reduced ils designated capitsl funds lo £19,500,790 12021 £20,261,554) Ihroijgh depreciation of the building assets. The laller was designated specifically for spend on restoring our building and operations after the fire, now represented by the carrying value of fixed assets and a building reserve fund of £372,132 as al 31 March 2022. Reslricled funds increased lo £1,644.163 {2021- £1,235,668). Cash holdings increased lo £3.337.94712021 £2,595,195) refl￿tIng the increase lo reseryes. Reserves policy Ballersea Arts Centre's reserves policy reflects the organisation's ongoing wish to strike a balance betW￿ll three financial objectives. Firstly, the need for financial slabilily, secondly, fulfilling the contracted agreement lo invest income from revenue funders in achieving the charitable aims of the organisation, and thirdly. lo lake advantage of opportunities lo invest in Batlersea Arts Cenlre's creative mission that may arise bul which are unlikely lo be able lo be mel solely out of operating income. Ballersea Arts Centre 14

Trustees, report 31 March 2022 FINANCIAL REVIEW Iconlinuedl Reserves poll¢y Iconlinued} rhe Trustees reviewed the policy in May 2020 in line with the operational guidance CC19 (Charities and Reserves) issued by the Charity Commission, and confirmed the following objectives.. To establish a General Fund reserve to maintain financial stability on an on-going basis in the event of a shortfall in income or unexpected operating expenditure., To establish a designaleol Programme Fund lo support the investment of Battersea Arts Centre sponsored productions., and To establish a Building and Equipment Fund to ensure that sufficient money is sel aS￿e so that Ballersea Arts Centre is able lo meet any major maintenance costs not likely to be able lo be mel out of income if and when they arise. The Trustee's aim was to build up and maintain a minimal level of unreslri¢ted general funds following Ballersea Arts Cenlre's capital redevelopment period and the period of recovery after the lire, on consullalion the aim is lo hold a balance of 8 weeks, income 1£750,0001 as unreslri¢led general reserves, with an additional £200,000 in designated Capital reserves for unforeseen post capital work expenditure as warranties become end of life. The balance of these funds al 31 March 2022 was £1,211,00012021- £815,000>. PLANS FOR THE FUTURE Coming out of the pandemic allowed 2021122 to become a vital year as BAC built up lo operating at full ¢apa¢ily without reslriclions once again. • Community Activity.. In 2022123 and beyond BAC'S Beatbox Academy and Dance Academy continue lo grow. Our Young Pioducers Scherne and Homegrown Festival returns which nurtures local lalenl lo produce new work. A week-long residency for Emerging Music Leaders from the local community has taken place in the building, and we look lo continue lo invest in projects created by alumni ol the Agency project. • Programme: The ambition of BAC'S programme continues lo grow.. with reslri¢tions from the pandemi¢ easing, international artists have b&n able to return lo perform in the building with shows such as The Shadow Whose Prey The Hunter Becom8s by Back To Back Theatre and Tanz by Florenlina Holzinger. • Pay What You Can.. The Pay What You Can scheme continues lo great success and allowing greater access to the arts. Reviewing lickeling models moving forwards having Pay What You Can performances available for audiences is of key importance. Ballersea Arts Centre 15

Trustees. report 31 March 2022 PLANS FOR THE FUTURE (continued} • Enterprises: This business remains vital lo BAC'S resilience and has been a source of financial strength throughout the pandemic. Investment in this side of the business continues with the expectation that across the next few years il can be grown lo improve turnover beyond pre-pandemic figures. • Fundraising.. 2022123 sees the organisalion apply for another three years of funding as a National Portfolio Organisalion. We expect statutory fundraised income lo decrease in 2022123 and we are aiming to diversify our fundraised income, exploring new opportunities through individual and Corporate giving, in order lo offset this. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution Ballersea Arts Centre IBACI Is a company limilecs by guarantee and a registered Charity. 11 is governed by ils Memorandum and Articles ol Association dated 19 June 1981, amended by special resolutions dated 30 November 1981, 19 July 1982 and revised 28 May 2004 to allow the Chaiily lo engage with wider art forms, lo permit ils activities to benefit the public beyond the UK, and lo allow for ¢urrenl governance arrangements.. and 25 February 2009 to permit the Directors lo deal with conflicts of interest, lo modernise communi¢alions methods and ID increase the maximum number of Trustees from 15 10 20 in recognition of the additional expertise required lo fulfil the Charity's new lease responsibilities. New Articl8s of Association were approved by the Board on 12 July 2018 which updated the Articles lo reflect the organisalion's development as a civic space. The terms of office for Trustees was also altered from five years lo three years. The members of the Company ar8 the members of the Board of Management and also the Trustees of the Charity. Each agrees lo contribute £1 in the event ol the Charity winding up. Organlsation The business of the Charity is supeNised by the Board of Trustees, which meets four limes each year, or more frequently if required. Ballersea Arts Cenlre's Board has four formal sub- committees, each with clear terms of reforence.. Finance and Governance Committee (chaired by Liz Fosbury) • Enterprises Board Ichalred by Patrick Harrison) Capital Group (chaired by Bruce Thompsonl- currently dormant • Development Committee (Chaired by Christopher Caboll The Creative Partners Sounding Board continued as an informal sub-comrnillee of the main Board. This consists of a focus group of ten artists Sppoinled through application lo represent the wider artists. community and sUPPOrt the producing team and Artistic Director with issues relating lo the organisation's relationship with artists. Baltersea Arts Centre 16

Trustees, report 31 March 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Oryanisation l¢onlinuedl The Trustees review and approve the Charity's main policies and strategic objectives, and delegate the day-lo-day management and operation of the Charity lo ils salaried staff. Decisions on remuneration for key management personnel are lakell by the Finance Group, based on advice from the Executive Board and taking sector norms into accounl. The Artistic Director & Chief Executive, Tarek Iskander, is a salaried member of staff appointed by the Trustees. The organisalion is man8ged by the Directors which consist of the Artisti¢ Director & CEO. Executive Director & Deputy CEO {Rebecca Holll. Dire¢lor of Creativity & Social Change (Liz Moretonl and Director of Finance (Dave Jenkins). Recruitment and appointment of new Trustees As set out in the Articles of Association, the Chair of the Board of Management is elected by ils members and presides as Chair at General Meetings of the Charity. Under the new articles of association there are a maximum of 16 Trustees elected lo the Board of Management al any time. with an ambition lo hold this number 21 around 12. Trustees appointed in this way are elected as members of the Company al the subsequent annual general meeting. Trustees are obliged lo resign every three years but are eligible for re-election if willing, up lo a maximum of three terms, bul ideally no more than two. Represenlalives of Arts Council England receive copies of Board papers and allend one meeting annually bul do not serve as Trustees. When considering appointing new Trustees. the Board has regard both lo the organisalion's need for any specialist skills and to the diversity of the Board's membership. Inductlon and tralning of new Trustees New Trustees are invited lo a welcome briefing by key membeTS of staff. An infomialion pack is sent to 811 new Tiuslees, including the Charity's Memorandum and Articles of Association, recent audited and management accounts, the business plan, minutes of recent Board meetings, a full list of the membeis of the Board and ils subcommillees, and the Charity Commission's information on Responsibilities of Trustees. FUNDRAISING PRACTICES The Charity aims lo achieve best practice in the way in which il ¢ommunicales with supporters. 11 lakes care with both the lone of ils communications and the accuracy of ils data lo minimise the pressures on supporters. The Charity is registered with the Fundraising Regulator and adheres to the Code of Fundraising Pra¢li¢e. 118pplies best practi￿ lo protect supporters. data, il never sells or swaps data with other organisalions. and ensures that ils communication preferences can be changed al any lime. The Charity manages its own fundraising activities and also employs the services ol professional fundraisers from time to lime. The Charity undertakes lo react lo and investigate any complaints regarding ils fundraising aclivf(ies and lo learn from them and improve its service. During 2021122, the Charity received no complaints 8boul ils fundraising aclivilies. Batlersea Arts Centre 17

Trustees, report 31 March 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES The TrLJslees (who are also the Directors of the charitable company for the purposes of company lawl are ￿sponsible for preparing the Report of the Trustees and the financial slalemenls in accordance with applicable law and United Kingdom Generally Ac¢epted Accounting Practice. Company law requires the Trustees lo prepare financial slalements for ea¢h financial year, which give a true and fair wew ol the slate of affairs ol the chaiilable company and group and of the income and expenditure of the group for that period. In preparing those financial slalemenls, the Trustees are required lo,. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS make judgements and eslimales that are reasonable and prudent., slate whether appli¢able under United Kingdom Accounting Standards have been followed. subject to any material departures and explained in the financial slalemenls., and • prepare the financial 51alemenls on the going concern basis unless il is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records which dlsclose with reasonable accuracy al any lime the financial position of the charitable company and group and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and deledion of fraud and other irregularities. Each of the Trustees confirms Ihal.. sofar as the Trustee is aware, there is no relevant audit information ofwhich the charitable company's auditor is unaware., and the Trustee has taken all the slep5 that helshe ought to have taken as a Iruslee in order to make himselflherself aware of any relevant audit information and lo establish that the chari18ble company's auditor is aware of that information. This ¢onfirmalion is given and should be inlerpreled in accordance with the provisions of s418 of the Companies Act 2006. Ballersea Arts cent￿ 18

Trustees, report 31 March 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES Iconlinuedl The Trustees are responsible for the maintenance 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 financial slalemenls may differ from legislation in olherjurisdiclions. This report was approved by the Trustees and signed on their behalf by.. D Bryan Chaii of Trust es Dale.. Iql OIIL Ballersea Arts Centre 19

Acknowledgements 31 March 2022 THANKS Thank you lo all the following trusts and foundations. slalutory and corporate funders and individuals for supporting a¢livily in 2021122. In particular we would like lo thank the Treasury, the Culture Secretary, the Department fDr Cullure, Media & Sport and Arts Council England for their significant support through the Culture Recovery Fund that enabled us lo continue our mission in a year of such challenging circumstances. Our supporters • Andor Charitable Trust • Arts Council England • Ballersea Power Slalion Foundation • Ballersea United Charities • Bloomberg Philanthropies + Biilish Council • Calousle Gulbenkian Foundation + D'OYSY Carte Charitable Tiusl • Department for Digital, Culture, Media & Sport • Esmée Fairbairn Foundation + Foyle Foundation • Freedom Brewery + Garfield Weston Foundation Greater London Authority (London Borough of Cullurel • International Musi¢ and Art Foundation Kirsten Scoll Memorial Trust • Kristian Gerhard Jebsen Foundation London Community Response Fund + Mayor of London + Maclaggart Third Fund Morrisons Foundation + Paul Hamlyn Foundation + PRS Foundation National Lollery Community Fund + National Lollery Heritage Fund St Thomas's Foundation Wandsworth Borough Council Wimbledon Foundation Wolfson Foundation Youth Music Thank you to all our hugely generous individual supporters, Hive Members and Friends who support us every yeaT Ballersea Arts Centre 20

Independent auditor's report Year lo 31 March 2022 Independent auditor's report to the members of Battersea Arts Centre Opinion We have audited the financial statements of Battersea Arts Centre (the 'charilable parent company'l and ils subsidiary company Ilhe 'group'l for the year ended 31 March 2022 which the comprise the group slalemeril of financial aclivilies. the group and charitable parent company balance sheets. the group statement of cash flows. the principal accounting policies and the notes lo the financial stalem&nls. The financial reporting framewoik that has been applied in their preparation 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 Generally Accepted Accounting Pra¢li¢el. In our opinion, the financial slatemenls.. + give a true and fair view of the slate of the group's and of the charitable parent Company's affairs as al 31 March 2022 and of the group's income and expendiluie for the year then ended., have been properly prepared in accordance with United Kingdom Generally AC￿pIed Accounting Practice., and have been prepared in accordance with the Tequiremenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the group in accordance with the ethical requirements that are rolevanl lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the 8udil evidence we have obtained is sufficient and appropriate lo provido a basis for our opinion. Conclusions relating to going concern In auditing the financial ststemenls, we have concluded that the trustees, use of the going concern basis of acwunling in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the group and charitable parent company's abi5ily to continue as a going concern for a period of al least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Ballersea Arts Centre 21

Independent auditor's report Year lo 31 March 2022 Other information The Irusl&es are responsible for the other information. The other information comprises the information included in the annual report. other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial slalemenls does not wver the other information and, except lo the exlenl olhenNise explicitly slated in our report, we do not express any form of assurance ¢onclusion Ihereon. In connection with our audit of the financial slalements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. 11 we identify such materi81 inconsistencies or apparent material misstalemenls, we are required lo cselerming whether there is a material misslalemenl in the financial slalemenls or a material misslal&menl ol the other inforrnalion. If. based on the work we have performed, we Conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this reg8rd. Opinions on other mattèrs prescribed by the Companies Act 2006 In our opinion, based on the work undertakeri in the course of the audit.. • the information given in the trustees. report. which is also the directors, report for the purposes of company law and includes the strategic report. for the financial year lor which the financial statements are prepared is consislenl with the financial slalemenls,. and 4 the trustees, report, which is also the directors, report for the purposes of company law and includes the strategic report, has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the charitable parent company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Iruslees, report including the strategic report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us to report lo you if, in our opinion.. adeqvale accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been receDied from branches not visited by us,. or + the charitable parent company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit, Ballersea Arts Centre 22

Independent auditor's report Year to 31 March 2022 Responsibilities of trustees As explained more fully in the Iruslees, responsibilities statement, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation ol the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees deletmine is ne￿$sary lo enable the preparation of financial slalemenls that are free from material misslalemenl. whether due lo fraud or error. In preparing the financial slalemenls. the Iruslees are responsible for assessing the group's and the charitable parent company s ability to continue as a goino concern, disclosing. as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the group or the charitable parent company or lo cease operations. or have no realistic allernalive but lo do so. Auditor's responsibilitie5 for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit ¢onducled in accordance with ISAS IUKI will always delect a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions of useis taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delecl material miss18lemenls in respect of irregularilEs, including fraud. The exlenl lo which our procedures are capable ol delecling irregularities, including fraud is detailed below.. + the engagement partner ensured that the engagement team collectively had tho appropriate competence, capabilities and skills lo identify or recognise non-compliance with appli¢able laws and regulations., we identified the laws and regulations applicable lo the group through discussions with management, and from our kriowledge of the charity sector., • the identified laws and regulatrons were communicated within the audit team regularly and the team remained alert to instances of non<omplian¢e throughout the audit., we considered the legal and regulatory frameworks that are applicable lo the group and determined that the most significant are the Companies Act 2006, and the Charities SORP FRS102', + we understood how the group is Complying with those legal and regulatory frameworks by making inquiries lo management and those responsible for legal. Complian￿ and governance procedures. We corroborated our inquiries through our review of the minutes of Iruslees, meetings and the subsidiary company directors, meelin9s and papers provided lo the trustees and directors. Ballersea Arts Centre 23

Independent auditor's report Year lo 31 March 2022 Auditor's responsibilities for the audit of the financial statements Iconlinuedl We assessed the sus¢eplibilily of the group's financial sialemenls lo material misslalement, including obtaining an understanding of how fraud might o¢¢ur, by.. making enquiries of managemènt and those charged with governance as lo where they considered there was susceplibilily lo fraud, their knowledge of a¢lual, suspeded and alleged fraud., and considering the inlemal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations, To address the risk of fraud through management bias and override of controls. we.. • performed analytical prccedures lo ￿entIfy any unusual or unexpected relationships., • lesled journal entries lo identify unusual Iransadions., • lesled the aulhorisalion of expendi￿re as part of our subslanlive testing Ihereon.. assessed whether judgements and assumptions made in determining the a¢counling estimates sel out in the accounting policies were indicative of potential bias,. and ijsed data analylics to idenlfy any significant or unusual transactions and identify the rationale for them. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to.. agreeing financial statement disclosures lo underlying supporting documenlalion., reviewng the minutes of trust￿s, meetings., and enquiring of management and those charged with governance as to actual and potential liligalion and Claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-complian￿ with laws and regulations lo enquiry of the trustees and other management and the inspe¢lion of regulatory and legal correspondence. if any. Material misslalemenls that arise due lo fraud can be harder lo delecl 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 I￿ated on the Financial Reporting Council's websi(e al www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. 8allersea Arts Centre 24

Independent auditor's report Year lo 31 March 2022 Use of our report This report is made solely lo the charitable company's members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those mallers we are required lo slate lo them in an auditor's report and for no other puiposè. To the fullest exlenl permilled by law, we do not a￿ept or assume responsibility to anyone other than the charitable company and the charitable companls members as a body, for our audit work, forthis report, or for the opinions we have formed. 22 December 2022 Kalharine Patel (Senior Slalulory Audilorl For and on behalf of Buzzacoll LLP, Statutory Auditor 130 Wood Street London EC2V6DL Ballersea Arts Centre 25

Consolidated statement of financial activities (including income and expenditure account) Year lo 31 March 2022 Un- restrlctod Dgslgnated general Restrlcted rev•nu8 Total 2022 Tolal 2021 Notes Income Irom: Granls and donations Charilatle HctiMlies- Theatre gn(I arts centre operations and pK4ecls OIIEr Ir3ding activities Inv8slm8rts 2,109,501 1.822,022 3,931.523 4.376,653 539,974 1,19D,367 474 3.840,316 75,471 3.915,787 60.000 599.974 1.190.367 474 5,722.338 75,471 5,797,809 154,245 548.543 288 5,079,729 713,208 5,7W2,937 1,BB2,022 Coronavirus Job Retenllthi Scheme Total Income 1,882,022 Expendhure on.. Raising funds Ralslng granis and donations 11B,573 588,455 118,573 SB6,4S5 81,392 342,773 Thealre and arts centre operation5 and projects Total expendltur• 2,642,384 3,347,412 932,898 932,898 1,473,627 ,473,527 S,048,B07 5,753,B35 4.260,776 4.684,941 Nèt Incom8llexpendltur•l 568,375 1932,8961 408,496 43.974 1,107,9g6 Trsnslers between fund8 Not movement In funds 1172,1321 396,243 172.132 1760.7641 408,495 dJ.974 1.107.996 Balanr￿ brought fotwdrd al 815,360 20,261,654 1,235.668 22,312.572 21,204.576 Balartctrs tarrled forward at 31 March 2022 1,211,593 19.500.790 1.644.163 22.356.546 22.312.572 All of the Charity's activities derived from ¢onlinuing activities during the above financial year. The slalemenl of financial activities includes all gains and losses recognised during the year. Ballersea Arts Centre 26

Comparative consolidated statement of financial activities including income and expenditure account) Year lo 31 fifiarch 2021 ieslTicleJ Designated g&n8ral Reslricled r8venue Total 2021 Notes Income from.. Grants and donalions Charilable actNiliÈs- The81re and arts tsnlre operalions and projeols Other Irading activilie5 Inveslmenls 2.471.815 1.904.838 4,376,653 94.245 548.543 288 3.114.891 713,208 3,828,099 eo.000 154,245 54B,543 28B 5,079,729 713.208 5,792,937 1.964.838 Coronavlrus Job Relenlion Scheme Total Incomo 1,964.838 Expendlturo on: R8i5ing fuDd5 Raising grants arKJ donallons ol￿r Ir8din9 8cilvllles 81,392 342,773 81,392 342.773 Theatre and arts Cent￿ operaliorE and proieds P051-fire recovery activities Total oxpendlturo 2.608.748 $38,491 7fj3,537 4.260.776 3.032.913 938,491 713.S37 4.684,941 Nel Incomo lèxptndllurèl 795.186 1938,4911 1251.301 1,107,998 Trsnsfers between funds Not movement In funds 18 1206,5581 588.628 222,191 1716,3001 115.6331 1235.668 1.107.996 Balances brovJht fotward al l AprS12020 Balances carrled forward at 31 March 2021 226,722 20.977,854 815,350 20.261,554 21,204.578 22,312,572 20 1.235.668 All of the Charity's activities derived from continuing activities during the above linanck?l year. The slalemenl of financial activities in¢ludes all gains and losses recognised during the year. Ballersea Arts Centre 27

Balance sheet 31 March 2022 Group 2022 Charlty 2022 Group 2021 Charity 2021 Notes Fixed asset5 Tangible fixed assets Investments 12 19,043,719 19,043.Y19 20,063,644 20,(b3,644 13 19,043,719 19,043.721 20.063.644 20,063,646 Current a55ets Stock 14 4,662 375,040 3,337,947 3,717,649 4,797 570,332 2.595,195 3,170.324 Debto Cash at bank and in hand 15 1.316,329 2.019.835 3,336.164 623,130 2,292,227 2,915,357 Llabilit185 Creditors.. amounts falling dug within one year Net currènt assèts 16 1404,8221 1228,2261 I￿1,396) 1750,0491 3,312,827 3,107,938 2,248,928 2,165,308 Total net assets 20 22.356,546 22.151.659 22,312,572 22,228,954 Th8 funds of the Charlty.. Restricted funds Designated capital fund Unrestricted general funds Total funds 17 1,644,163 1,644,163 1,235.668 1,235,668 19 19.500.790 19.500.790 20.261,554 20,261,554 18 1,211,593 1,006.709 815.350 731,732 22,356,546 22,151,662 22.312,572 22,228,954 The financial slalemenls were approved by the board oflhe Ballersea Arts Cenlre, Company Registration No. 01569115 (England and Wales) and signed on its behalf by.. Chair of Trust D Bryan Dale". es 10 111111 Batlersea Arts Centre 28

Consolidated statement of cash flows Year to 31 March 2022 2022 2021 Notes Cash Ilows from operating aetlvltles.. Net cash provided by operating activitiès 765,857 1,926.288 Cash flows from Invèstlng activitle5'. Investment income IPurchasesllDisposals of property, plant and equipment Net cash (used Inllprovided by investing a¢tlvltl88 474 123,5791 123,1051 288 6.705 6,993 Change In ¢a8h and cash equival6t)Is in tho ygar 742,752 1,933,281 Recon¢lliation of net cash flow to movement In net funds: Cash and cash equNalenls al 1 April 2021 Cash and cash equlvalents at 31 Mar¢h 2022 2.695,195 B 3,337,947 661,914 2,595,195 Notes lo the slalement of cash flows for the year to 31 March 2022 A Reconcillatlon of net income to net cash provided by operatlng activities 2022 2021 Net In¢ome for the reporting perlod las per the statement of financial actlvitiesl Adjustments for: Depreciation charges Inote 121 Investment income De￿a$e in Stocks e¢r8ase in debtors D8crease in ￿edItOrS Net cash provided by opgratlng acllvlties 43,974 1,107,995 1.043.504 1,066.669 14741 12881 131 3,252 195,296 231,206 1516,5741 1482.5461 765,857 1,926.288 B Analysis of cash and cash equivalents 2022 2021 Cash at bank and in hand Total cash and cash equlvalènts 3,337,947 3,337,947 2,595.195 2,595,195 C Analysis of ¢hanges in net debt: 31 Mareh 2022 2021 Cash flows Cash at bank and in hand Total 2,595,195 2,595,195 742,752 742,752 3.337,947 3,337,947 No separate reconciliation ol n8t debt has been prepared as there is no differer}￿ be￿e&n the n8t cash Id&btl ol the Charity and the cash and cash equivalents. Ballersea Arts Centre 29

Prlncipal Accounting Policies Year lo 31 March 2022 The principal accounting policies adopted, judgements and key sources ol estimation uncertainty in the preparation of the financial slalements are laid out below. Basis of preparation These financial slalemenls have been prepared for the year lo 31 March 2022. These financial slalemenls have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in the relevant accounting policies below or the notes lo these financial slalemenls. The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities." Statement ol Recommended Practice applicable lo charities preparing their financial slalemenls in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities A¢12011. The Charity conslilules a public bonefit entity as defined by FRS 102. The financial statements are presented in sleiling and are rounded to the nearest pound. These financial slalemenls consolidate the results of the Charity and ils wholly owned subsidiary BAC Enterprises Ltd on a line-by-line basis. Crltical accounting estimates and areas of judgement Preparation of the financial statements requires the Trustees and management lo make significant judgements and estimates. The items in the financial slalements where Ihesojudgemenls and eslimales have been made include.. • the allocation of support costs., eslimaling th$ useful economic life of tangible fixed assets.. and eslimaling the value of donated seN1￿$ and facilities. Ballersea Arts Centre 30

Principal Accounting Policies Year to 31 March 2022 Assessment of golng concern The Trustees have considered the effect of the ongoing disruption from the pandemic on the going ¢on¢ern position. They believe the Charity will continue to operate lor a period of al least 12 months from the dale of signing these accounts, due lo the strong level of funding already secured, togelhei with grants from a number of major trLJSts and foundations. While BAC was closed in 2020121, the cost base was ￿dUCed and BAC was successful in obtaining emergency and other funding, as detailed &lsewhere. Al the balance sheet dale, the Charity held significant cash balances. The Charity also has a significant level of reserves. enough of which are unreslricled and available lo absorb short-lerm deficits, if required duiing the transition to more normal operating p8llerns. As detailed earlier. Arts Council England has confirmed NPO funding through until 31 March 2023. BAC proactively manages cash flow.. for much of BAC'S income il is paid in advance or on the day. MLJch of our operating cost is spread evenly across the year apart from payment forcapilal projects. The Trustees have considered the charitable company's business planning in the ¢onlexl of known rosources and have reviewed the operating basis of the group's operations. A formal business plan for the peiiod lo March 2023 has been prepared and Draft budgets approved lo March 2023, which demonstrate the Charity retaining Unrestricted reserves lo target levels al March 2023. These detailed f1nancial forecasts assume that BAC remains open with activity levels increasing as the year progresses and reslriclions ease. They have been considered by the Trustees who Continue lo be satisfied that the Charitable company remains a going Goncern. Income recognltion Voluntary in¢ome comprises all incoming resources from sponsorships, donations and grants. Income from donations and grants, including capitsl 9ranls, is included in incoming resources when these are receivable, except as follows.. + Vlhen donors specify that donations and grants given to the Chaiily musl be used in future ￿CountIng periods, the income is deferred until those periods. • When donors impose conditions that must be mel before the Charity has unconditional entitlement, the income is deferred and not included in incoming resources until the pre- conditions for use have been met. • When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount lo pre-conditions regardin9 enlitlemenl, this income is included in incoming resourcos when receivable. When donors have uncondilionally pledged funds upfront, bul amounts are collected on an inslalmenl basis, In￿Me is accrued in the year of the pledge. Income from commercial trading activities is recognised on a recewable basis. Investment income comprises interest receivable on cash balances held on deposft. Batlersea Arts Centre 31

Prlncipal Accounting Poli¢Ses Year lo 31 March 2022 Income recognition l¢onlinuedl Income from charitable a¢livilies comprises admission fees. fees earned from hire of theatre spaces for perfomiances and rehearsals, in¢ome received under Public Authority service agreements in support of performance and participatory activities and Commissioning contributions from co-production partners. Income is included in the period in which the relevant activity lakes place. Intangible income, which comprises donated servI￿s, is in¢luded in income al a valuation which is an estimate of the financial cost borne by the donor where such cost is quantifiable and measurable. No income is recognised where Iheie is no fin8ncial cost borne by a third party. Expenditure recognition Expenditure is accounted lor on an accruals basis and is recognlsed when there is a legal or ¢onslruclive obligation lo pay. Costs of raising funds are those costs incurred in attracting voluntary income, and those incuired in trading activities that raise funds. Expenditure on charitable activities includes expenditure associated with developing and commissioning new work. staging productions, supporting artists and creative produ¢ers and participatory activities for young people and adulls.11 also includes the costs of the programme lo d&velop the building as a 21st Century arts facility within a Victorian town hall. Costs include both direct costs and support costs relating lo these activf(ies. Sijpport costs include Central functions and governance costs and have been allocated lo activity cost categories on a basis consistent with the uso of resources as sel out in Note g. Governance costs comprise those incurred in the governance of the Charity and ils assets and are primarily associated with ¢onslilulional and slalutory requirements. Operating leases Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease. Tangible flxed assets Individual fixed assets are capilalised al cost. Tangible fixed assets are depreciated so as lo write off the cost. less eslimaled residual values, of the assets over their expected useful lives al the following rates.. Long leasehold property 4°h lo 150A • Fixtures and fittings 150￿ lo 25% Plant and equipment 1 SOA lo 33.30 Assets within work in progress are not depreciated until they are brought into use. Ballersea Arts Centre 32

Prlncipal Accounting Pollcles Year to 31 March 2022 Stock This is stated al the lower of Cost and net realisable value. Debtors Debtors are recognised al their settlement amount, less any provision for non-recoverabilily. Prepayments are valued al the amount prepaid. They have been discounted lo the present value of the future cash receipt where such discounting is material. Creditors Credilors are recognised when the Chaiily has a present legal or conslruclive obligation resulting from a past evonl lo make payment lo a third party, It is probable that settlement will be required and the amount due to settle the obli9alion can be measured or eslimaled reliably. Fund structure Funds held by the Charity are either.. Unrestricted General funds these are funds which can be used in accordance with the ¢harilable objects al the discretion of the Trustees. • Designated Designated funds- these are funds sel aside by the Trustees out of unrestri¢led funds for specific future purposes or projects. Restricted Funds These are funds that can only be used for particular restricted purposes within the objects of the Charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in Notes 17 10 19. Pension contributions Contributions in respect of the Charity's defined contribution pension scheme are Charged lo the statement of financial activities when they are payable lo the scheme. The Charity's contributions are reslTicled lo the contributions disclosed in the staff ¢osts note. The Charity has no liability beyond making ils contributions and paying across the deductions for the employees, conlribulions. Flnancial instruments The Charity only has fi'nancial assets and liabilities of a kind that qualify as basic financial instruments. These are inf(18lly recognised at transaction value and subsequently valued at their selllemenl value. Batlersea Arts Centre 33

Notes to the Financial Statement5 Year lo 31 March 2022 1 Legal status of the Charity The Charity is a company limited by guarantee and has no share capital. The liability of each rllember in the event of winding up is limited lo £1. 2 Grant5 and donations Spon¥or- shlps & Grant8 donations Spollsor- ships & Grants donations Total 2022 Tot Unre8tri¢ted general.. Aris Council England_ NPO Arts Coun(xl En ￿and- Recovery Grant WaniSswoHh gorough Council renl and ch8rgtS kind Isee bolowl Geneial acliwty 706.665 70fy,663 708,865 7fK.665 612,835 612,435 1,490.381 1.490,381 150.000 150,000 640,001 150,000 2,109,5DI 2.197,046 150,000 ISO.000 124,789 150.000 2.471,815 640,rK11 640,001 124.769 124.769 1.319,500 R•stricled.' prol¢¢t income Oiher 1,822.022 1.622,022 1,822,022 1.W4,838 1,U22,022 1.904.838 1,904,838 1,904,83ll Toial 3,141,$22 640,001 50.000 3,931,523 4.101.884 124,769 1SO,000 4.378.653 The Chaiily is provided with rent free premises by VV8ndsworth Borough Council. The value pla￿￿ on this contribution by the Trustees is £150,000 per annum. An equivalent charge is included within premises costs. Batlersea Arts Centre 34

Notes to the Financial Statements Year to 31 March 2022 3 Income from charitable actlvlties- Theatre and arts centre 2022 2021 Unrestrlcted Admission fees and programmes Other income 188,119 351,855 539,974 34,245 60,000 94,245 Restrlcted Wandsworth Borough Council- ServKe Level Agreement 60,000 60,0(MJ Total 599,974 154,245 4 Other trading activities Thewholly-owned trading subsidiary, BAC Enterprises Ltd, which is incorporated in the United Kingdom, pays all ils profits lo the Charity by GiftAid. BAC Enterprises Ltd operates the venue hire business, as well as the café-bar and all Commercial trading operations carried on al Batlersea Arts Cenlre. The Charity owns the entire issued share capital of 2 shares of £1 each. A Summary of the trading results are shown below. 2022 2021 Summary of proflt and loss a¢¢ount Turnover Cost ol sales and administrative expenses Net profit Amount gifted to Charity Retaln8d In the $ub5idiary 1,190,367 548,543 1919,0971 1463,7731 271,270 84,770 1150,0001 1230,0021 121,270 1145.2321 CUr￿nt assets Creditors". amounts falling due within one year Total net assats 1,393,468 350.262 11,186,562> 1266,6451 204,886 83,617 Aggregate share capltal and rèserves 204,886 83.617 5 Investment income 2022 2021 Total: CCLA Inveslrnent Management Ltd (interest bearing deposit aceountl 474 288 Ballersea Arts Centre 35

Notes to the Financial Statements Year lo 31 March 2022 Costs of raising funds 2022 2021 staff costs Support ¢osts Total 82,344 36,229 118,673 63.481 17,911 81,392 7 Expenditure on charitable activities Supporting theatre creators Developing & staging theatre Totsl 2022 P8rtictpatlon Produdng costs Marketing 8nd press Production and technical Governance (note 81 Support eosts (note 81 Totsl 617,276 19,608 8,296 47,858 1,023,556 1,716,594 762,517 24.221 10,249 59,119 1,264,393 2,120,499 438,725 13.841 S,858 33,782 722,510 1,211,714 1,815,518 57,670 24,401 140,759 3,010,459 5,048,807 Developing & Supporting staging theatre theatre cr8ators Total 2021 Participatlon Producing costs Marketing and press Production and technical Governants Ino18 81 Support costs (note 81 Total 255,761 9,723 4,516 43,455 1,122.643 1,436,098 325.514 12,374 5,748 55.306 1,371,752 1,770,694 193,758 7,3e6 3,421 32,920 816,520 1,053.985 775.033 29,463 13,685 131,681 3,310.915 4.280,776 Support and gove{nan￿ costs are analysed further in note 8. B8llersea Arts Centre 36

Notes to th& Financlal Statements Year lo 31 March 2022 B Analysis of supportcosts Charitable actlvhtieg Fundraislng Govemance Total 2022 Support costs Support staff cost5 Offlce and equipment Legal and professional Prgrni5es costs Depreciation Total 1,349.878 267.059 82,344 16.291 45,671 9,035 74,g94 11,059 1.477,893 292,385 74,994 357,8SO 1,066,669 3,269,791 326,853 I,(￿6.669 3.010.459 19,938 118,573 140,759 Charitable activities Total 2021 Fundraising Governan Support costs Support staff costs Office &nd equipment L8gal and profe5s10nal Premises costs Depiecistion Total 1,715,413 224,340 63,481 8,302 $0.034 6,543 67,531 7,573 1.828.928 239,185 67,531 276.837 1,066.669 3,479,150 259,655 1,066,669 3,266.077 9,609 81.392 131,681 Support costs are a51ocaled between activities on the basis of the ratso of direct expendf(ure in each area. 9 Staff costs and Tru5tees' remuneration Group 2022 Charlty 2022 Group 2021 Charity 2021 Wages and salaries ScKial secxjiity ￿St8 Pensbn costs Freelan￿rg 1,706,824 143,488 28,792 30,234 1.909,338 1.340,122 115,184 22,587 30,234 1,508,127 1,896,216 131.209 29.992 21.512 2.078,929 1.686,962 115,754 26,211 21.512 1.850.439 No employee earned more than £60,000 per annum12021 none). The Trustees were not paid or reimbursed for their expenses during the current year or Previous year. Ballersea Arts Centre 37

Notes to th& Financial Statements Year lo 31 March 2D22 9 Staff costs Iconlinuedl The average number of full-lime equivalent employees (including casual and part-lime slaf during the ye8r was as follows.. 2022 2021 Producing Th8alre managèment and Front ol House Manag8ment and adtninislrats.on Calé-bar and Halls bars Produ¢lion and technical Venue hire Communications Development Total 11 13 11 17 14 14 S9 63 The average monthly number of employees, cal¢ulaled on an average headcount basis, during the yearwas 137 (2021- 1641. The average was affected by the furlough scheme and its effe¢l on casual staff payments. Redundancy No redundancy was issued in 2021122 following a signrficanl restructure in 2020121. Key managementpersonnel Key management personnel are those persons having aulhorily and responsibility for planning. directing and controlling the a¢livily of the enlily, directly or indirectly, including any Director (whether executive or otherwise) of that enlily. The key management personnel of BAC are the Artisti¢ Director & CEO, the Executive Director & Deputy CEO and the Head of Finance. Aggregate compensation paid lo key management personnel in the year amounted 10 £171,224 12021 £165.449), These amounts include employerfs NIC and employer's pension conlribulions. Pension commltments The Charity operates a defined contribution work place pensk)n scheme through NEST, with contributions being made by both the employer and employees at variable rates. The asse15 oflhe scheme are held sep8ralely from those oflhe Charity. Pension costs charged represent contributions payable by the Charity lo the scheme. Total pension Costs in the Current year amounted lo £28,792 {2021- £29,992). Al the year- end £4,798 was payable lo the scheme12021- £5,861). 10 Taxatlon The company is a registered Charity, and no provision is considered necessary for payment of lax. The trading subsidiary, 8AC Enterprises Limited, passes profits on which lax would be payable lo tho Charity under Gift Ald. Ballersea Arts Centre 38

Notes to thg Financial Statements Year to 31 March 2022 11 Auditor's remuneration The auditor's remuneration of £21.500 12021 £14,000) related solely to the audit and includes an amount of £2,915 {2021 £2,500) relaling lo BAC Enterprises Ltd. 12 Tangible fixed assets Lono leasehold Fixtures and property Plant and equipm8nt Total Cost At 1 April 2021 Addltions Disposals Al 31 March 2022 24,551.762 26,850 14331 24,578,179 372,242 826,807 11,941 12951 838.453 25,750.811 38,791 115,2121 25,774,390 114,4841 357,758 Depre¢iation At 1 April 2021 Charge lor th8 ysar Al 31 March 2022 4.697,262 933.866 5,631,126 227,464 62,370 289,834 762,441 47,268 809.709 5,687,167 1,043,$04 6.730.671 N8t book value At 31 March 2022 At 31 March 2021 18,947,051 19,854,500 67,924 144,778 28,744 64,366 19,043.719 20,063,644 13 Investments- Charity 2022 2021 Investmenl in subsidiary undertaking. at cost 14 Stock Group 2022 Charlty 2022 Group 2021 Chaiity 2021 stock of purchased goods.. bar catering 4,662 4,797 15 Debtors Group 2022 Charity 2022 Group 2021 Charity 2021 Acciued income Other debtors Pr8Paytnents VAT ￿CoVerable Amounts due from group undertakings 12.066 305,854 3,443 53,677 12,066 235,157 3,443 304.404 761,259 1,316,329 40,711 510,218 40 19,363 40,711 467,718 40 68,457 46.204 623,130 375,040 570,332 Ballersea Arts Centre 39

Notes to the Financial Statements Year lo 31 March 2022 16 Creditors- amounts falling due within one year Group 2022 Charoty 2022 Group 2021 Charity 2021 Trade Creditors Taxes 8nd social securty Other creditois Accruals Defèri8d income Isee b8lowl 89,448 84,720 22,580 57,009 171,065 404,822 55,672 4,720 22,579 48.192 17,063 228,226 309,680 110,240 16,909 14,930 469,637 921.3 303,821 110,240 15.409 7,906 312,673 750,049 Deferred Income.. Balanc8 brought forward Futu￿ Box Office and grant income ceived in year Released to iev8nue during th6 year Balance carried fOn￿ard 469,637 312,673 730,224 574,468 426.907 1725,4791 171.065 317,683 1613,2931 17,063 334,647 279,552 1595,2341 1541,3171 469.637 312,673 17 Restricted funds The income funds of the Charity include restricted funds Comprising the following unexpended balances of donations and grants to be applied for specific purposes.. Balance at 1 Aprll 2021 Balance at 31 March 2022 Income Expenditure Transfers Project funds 1,23S,66B 1,882,022 11,473,527 1,235,668 1.882,022 11,473.5271 1,644.163 1,644,163 Balan Balan at 31 Msrch 2021 2020 Incorne Expenditure Transfers Project funds 1.964.838 1,964,838 1713.5371 1713,5371 115,6331 1,235.668 115,5331 1,235,668 Buildlng improvement grants related lo capital grants received to carry out improvements lo Batlersea Old Town Hall. Expenditure comprises revenue expenditure and depreciation on capital funded assets. Following the completion of the redevelopment works, the balance was transferred from restricted capital funds to the designated fund. Project funds are specifically used to support individual elements of the artistic and participatory programmes. Project funds are spread across 14 projects with the notable balances being Moving Roots (£359,000 - Garfiekl Weston l Esmee Fairburnl, Horizon Showcase1£235,000- Arts Council England), and Co-crealing Chang&1£230,000- NLCFI. Ballersea Arts Centre 40

Notes to the Financial Statements YeaT lo 31 March 2022 18 Unrestricted general funds The income funds of the Charity include unreslricled general funds Comprising the following.. Balance at 1 April 2021 Balancè at 31 March 2022 Income Expendlture Tiansfers General fund 815,350 3,915,787 13,347,412) 1172,1321 1,211,593 Balan 8t 1 April 2020 Balan at 31 March 2021 Incorne Expenditure Transfers General lund 226,722 3,828,099 13.032.913) 1206.5581 815,350 19 Designated funds The income funds of the Charity include the following designated funds which have been sel aside out of unrestricted funds by the Trustees for specific purpos8S'. Balance at 1 April 2021 Balanc8 at 31 March 2022 Incorne Expendlture Transfers Designated capital fund Designated building reserve 20,061,554 200,000 20,261,554 1932,8961 172,132 19,300,790 200,000 172.132 19,500,790 1932.9861 Balan at 1 April 2020 Balance al 31 M8rch 2021 Ineome Exp8tKlitur8 Transfers Designated capital lutKI Designated building reserve 20,777,854 200,000 20,977.854 938,491 222,191 20,061,554 200.OCK) 222,191 20,261.554 938,491 The Designated Capital Fund is a designated fund set aside lo represent the carrying value of tangible fixed assets. The Designated Buildlng Reserve has been sel aside by the Board to assist with the future costs of maintenance of the Charity's bLJilding. Ballersea Arts Centre 41

Notes to the Financial Statements Year lo 31 March 2022 20 Analysis of net assets between funds 2022 Totsl funds Genoral Restricted Designated fund$ funds funds Tangib18 fixed as58tS Net cu￿nt assets 19,043,719 19,043,719 1.644.163 457,071 3,312,827 1,644,163 19.500,790 22,356,S46 1,211,593 1,211,593 2021 Total funds General funds Reslri¢led Designated funds funds Tangits￿ fixed assets Net current asseis 2,0 813.260 815,350 20,061.554 20.063,644 1,235,668 2￿,000 2,248,928 1,235,668 20,261,554 22,312,572 21 Operating lease commitment$ Al 31 March 2022, the Chaiily's future minimum lease payments under non-cancellable Opgraling leases were as follows.. offi(￿ 8quipmenl 2022 2021 Amounts due.. Within on8 y8ar 3,414 3,414 3,414 3,414 22 Relatèd party transactions Subsidiary The Charity's wholly owned subsidiary, BAC Enterprises Ltd, was established lo carry out commercial activities including hire of spaces al Ballersea Arts Centre for community and business purposes and the operation of ancillary trading in Ballersea Arts Cenlre's café-bar (see note 41. OtherRelated Parties Ballersea Arts Centre has a mulli-faceled relationship with Wandsworth Borough Council which is the landlord of the Old Town Hall building, contracts Ballersea Arts Centre through a Service Level Agreement, and grants Ballersea Arts Centre's public entertainment licence. During the year, Councillor Paul Ellis was a Trustee of Battersea Arts Centre whilst sitting in the Cabinet of Wandsworth Borough Council. 2022 2021 Wandsworth Borough Councll.. Service Level Agreement Rent in-kind (note 31 60,000 150,000 210,000 60,000 150,000 210,000 Amounts outstanding as at 31 M8reh Ballersea Arts Centre 42

Notes to the Financial Statements Year to 31 March 2022 22 Related party transactions Iconlinuedl BAC has a relationship wlh Arts at the Mill CIC TIA The Old Courts as a partner on the Moving Rcx)Is project, Managing Director of Arts at the Mill CIC (David Jenkins) is the Director of Finance al BAC, a lolal of £20,000 in 202112212020121- £20,000> was paid lo Arts al the Mill CIC as partner fees in line with the partner agreement. Batlersea Arts Centre 43