Donmar Warehouse Projects Ltmlted
Tru*. Rem and Fjnantial Statements
Yeaf Ended
31 March 2021
CwnpaTryNunthr 01611861
Cwty Nthhber284262

Donmar Warehouse Projects Llmlted
Contents
Pale:
Trustee5' report
15
Tiu￿¢e$, resptywblliies thtement
16
Indepe￿ent *Klit￿5 report
20
Consdidated statUnLlfttof finaKia ¥tibYiies
21
conS￿ldated and charity bJknce sheet
22
Con501idated statementof cash fl¢Msand netdebt
Noles to the a¢ciyJnts
S Boxer
S Br￿￿er lapp¢th¢ed 7Awl X1201
S Dln4emans
W E£cWare
A KerMrl8hr ICh*l lappoknted 3 DE(￿b￿r2020)
T Lee (appointed 7￿)11 20201
G LemDS lappolntEd 7April 2020)
M ior%hurst
The Laty Lowy VAichell
T Ro55 Ikantleburyl lappcinted 7
A Romeo lamolnted 16Awll 20201
J Sa￿)r￿a(¥￿￿nt¢d 7Aprf 2010)
J Sm6th
L MS￿all
The Lord Browne ol Madir*ley (retired 03 Orfember 20201
Honoraryule Presldert:A
Re8lst•redofflce
3 Dryden Street. Londffi. WC2E 911A
CDmpany mimber
01611861
Ch¥ny Thjmbv
284262
Banke
Coutts & Co. 440 Strand. Lonthn.WC2R IXIS
Audltor
8tY) LLP, 55 Baker street. Lorth. WIU 7EU
Senlormanagement
Mitha21 Loryhurst. Artistic Dlrertw
Henrietta Finch. Execuli￿ Dirett

Donmar Warehouse Projerts Llmited
The Dlrectors Iwlwj are *xTr the Trustees of thetharityl we5ent their repwt arKI finanoal stsiements for the yearended 31
March 2021.
The company 15 a re8lstered tharity. Ire£iAered llUM￿r 2842621 aThl ccqnpany limtted by guarantee IreEistered number
016118611. Th* company b lrforpJr3ted under CompartiE5 Acl 2(￿ and 15 governed by its Article5 and Memorandum
0fAssoclo￿n dated 05 February 1982 as a￿Ended 4 Juty 2016.
Prfncl￿l artmtles
The objects OF the thèrity xè tts womrte. nMintiin, Thprrye and advarte ￿UCatIOn p*tic￿arlY by the encoura8￿ent of
the Arts indudinB the arts of drana. bale¢ sirWr￿ literatsxe. Xulp￿re and paintlnE. The ttsmpany meets these
through continuing to woduce and wtsènt theatrical wothKtK>ns atthe Oonmar WarehouseTheatre.
Donrnar WarphouspProJettsLixited ha5 three wh￿vDw￿ed 5yb5idi¥ies Ilurtherdetai15 areEp￿Tr in Ilotè Isof thefinancial
statements). The results of Dcffim¥ Productions knnNted ￿e corw&dated Into the* fmanckil statements. The results of
Donmar in the West End Lirr4ted and Donmar Fthns Lwnited have not beefi consolldated on the8rounds that their rèsults ore
not matewlal to the grLWP. Dornnar ProductKms Limited receS¥es Income from Comr￿rda1 irading contracts and its taxable
surplu5 15 pald by 81ft aid to t*JThnar wareh¢￿Se Projects Lwnf£ed. Donmar Warehouse ProAects tirnited is the rithts holder
for the woducllons Commis￿0￿ its tI￿trIcal Ixeces to Donw P(￿J￿￿onS ￿miTed. *•ttith a5 3 produrtKJn
compw.
Strate8k re￿rt
The sections beltsw con5Ytute the Strdtegic Rewt krthe wrposes of the CrynpaniesAtt 21K
2020121 at the Domiar
Our mission
Our5trateBiC go￿5
Flnancial vIa￿lity
Reser¥es policy Risk rnanagen￿t
Public Benefit
Future Plans
2020Izi attt* th)nmar
2020121 was a year of profound uthav4 for the DoM)ar.The Cw0n￿1rus par￿e￿i( kepl the U*atre dosed to the public
for thè malority of the financial year. asde frun 8 thjriry Juty aNI Av8USt 2020 when we made 'stage histtxv (New
York fmesl by bÈeomiry the first theatre in Lorth to reopen ow do(*s with our socialy d￿tanCed sowid ln5tslla￿0n
81indness. This was attLKnpanied other Creati￿ work thlrvered Onl￿e. and a renewed comrThtment to our work wlth
schools and comnwJnities ata time when tho reeded our5UPPXt nK)Te than ever. In September 2020, we bE8an workon
rnalorc¥tal refurbi5hrnerbt ￿thetheatreWhth 15 thitto be corn￿eted inAugu5t 2021. Alongside thi5. we restsuctured our
bu51nes5 Model, tethnating a k>ngstanthn8 servTrce agreement *ith thbassadur Theatre Group for the operatoon of the
theatre in Sememter 2020. refreshed ow tye*Tve and bu5irTre55 5rrate8y foi the IDnger-term. While our results for the
2020121 year Show a net inc(wne of £17m. £2.4m ofthi5Wa5 to Dne off Capital works fundraising. [￿e to the impart of
Co¥fjd, Prt¥Juction income was down 85%, fundr￿*[￿ irnime lexcluding th? ca￿tal woths fundraisin81 was down 34% and
tradln8 Income down 41X Thi5 was offset by a le(k￿l0￿ in costs of S(PA on prior year. malnty due to limited Production
Costs, 3 reductknn In thff costs due to redunda￿1es aThJ delayed new starters and other cost sawryas. As we move into
2021122, there rtrnain 4nifKant challenge5 ahead fw wrselves and the *ts sector rn0￿ widEly.' we anticlpate on80ing
lety among a￿￿lenCeS. our sectorfs freelance WDrkf(Yce have been depleted by the crisis, and we know there will be
increased p￿$S￿reOn funders both puwk and prtvaitGv4en theor¥oiryurKert•lnty. future plan5 kn thls report may change
during year.

Donrnar Wareh(￿se Projects Limited
for d￿v￿eThI¢d 31Mxth 2021
OurM155ton
The Dowwnar is the h￿e of le8erxl*y wf1m￿l￿e, expewieKed up do
In our converted Covent Garden wareh¢)use. a sie of aston1th1￿ artist￿ aCcrffjp￿shment, nèver rnore th￿ four rthvs away
from an actor. werdiher toexperi￿ce wtwld athts •KI rfgr*stars. crezling thrillffe. unmissable theatre.
We rehearse life, imagine the future and èxalt in the capacity fLY Stories lo effect change. We celebrate the power ollfve
performance and visicywy artistry to thaletwe, entertain. in5pre
We knowthat theatre enrkhes ￿jr500ety. through empailry, imaEinaiionarKI cornmuThty. WE share ourV￿rkfal andwide
to achleve this and mamnise the impatt ol our ¥tisis' idea5.
At the tlonm•r.
We Invlte leading art15ts to make that help5 U5 Erapple wlth ble Idea5 proce55 blg emDtlons. WÈ use
theatre to understand how the w￿d is. and Im41￿ how it m¥ht be. work Is ambitiOU5. relev3nt and diber5e:
a bkned rnix of ne4¥ plays mu5Kas * reTha8lned dassits, tc4d wth theatrKal nair and an open heart. We
harne55 ihe p¢)w*r of star xtors leaL*ng dYector5 long￿de the best upcoming talent to creale work at the
forefront of whal tI￿atre 15. leading the ¢￿tur￿ tomw5atm Unique. irtktsive aThJ un1or8etta1￿e exwtence5.'
We fflake the Stuff ofle8end, todty.
2. We gww dfver5e talent a￿1 sk115 for0ursel￿ aNI thp sectt¥. In tvjth creatr4e and prartjcal role&
We bulld a younger, rTh)re diverseaudiEnttalorylde c￿r10y01 ¢ustryner base. and foster a life-l￿g£Onfie£t1on to
the arts in oui local community
Ourslrnte¢k¢oablor 2021.25 are a5folows:
Make indusive, relevan( worhl-c1055 wcffk that tknlts aLwJiences
Creaie a new skills develc¢¥nent wogtsmmè. based on ow beliel that t*nt isn't born, but nurtured and
empowered through oppNtunity, Iiwèstment and exp)SLre
Broaden arKI diversify athllences and Workf￿
Play an active rolp in our c(*nmunity, because t￿1&eme1rtW1th tI￿tre enrKhe5 alle and our society
Commit to SU5tainaNe pr￿￿e5
Malntaln financial stability

D{￿mar Warehouse Projects Llmited
forthe yonded 31 M*1 ￿21 (C￿11￿￿￿1
In 202￿11, we delI￿red these eoalsin the way5:
L Make Indu4¥e. rdevan( *•)rtMa55TAwthth*thrMls a￿lIent*S
Desimtt the huge ongLThre challerees kr4ndern￿, we have dEIv4ered syirfitant and knpactful work for 3udience5 that
ha5 also allowed us to continue ernploy￿S themalwlty (Al t￿r learn and a pod of frtelarKers.
Mldn*ht YourTSm•
In Immeiliate response io the dosurè of the*e in M¥th 2020 we created Mid￿ht Your rtme, an onllne play by Adam
Bra￿ starriw Diana Quick whkh used the ftrm of Mdeo ¢allirE to tell the 510ry of a woman's estranged ￿latIonshIp with
herdau8hter, plawngon the hugegrwth in useof ￿atform5 such aszoum. The ￿e￿WaS created to be directly in response
io the ?xperien¢e ot many audien￿ during tIMs time. aswell as beirva51rrwle and cost effertNe experhment in the creatlon
of online tI￿tre. It recei¥ed30.(W view&
Ilndntts
In summer 2020 we proth(ed Blinthes% a sou• th￿nCe￿ S￿nd 1n5tsl1atw￿ t*knkh used binaural sound technL4oBY to
present an adaptauon ofkne s¥￿ag0's dwopian no¥pl *￿ul a pandemic of t4indne5& NAapted by Sirnon Stephens and
perforrr*d byjulleisievenson. it fealureddirettion bywaker Meierjohann,design byLillie Clachan, l¢ht¥ig byJe5sica Hun8
Yun and x>und des18n by Ben aTh4 Max Ringham. We also worked Professor Hannah Thompson w create a pod¢ast
named Reclaiming Blindness, Y•hKh distussed and chalkwd of the poterrtSally Fxoblernatic elements of the source
maierial, and created captioned and described ￿r&On5 of the play which could be expÈriEnced at hL*ne for those
unable or unwllin8 to travel into central as we4 asmakiry these features ovail3ble at every perli>rmance. Itwa5 an
audience and critic* Succ￿. with its initial sokf-out run e￿efi￿ed by hvo week5 and the New York fimes statlng thai ihe
Donmar'rnade 5ta8e histryf as the fir￿ theatre to re0￿ tr* in person audiences after lockdown. In addition. the Donmar
forged ￿￿grOUnd in creaDn8 pfthrKds to wekome audierw and artisis. with m￿VIsItt¥S ttjMmEnti￿ cffi howsèfe and
cDntrrAled they felt the expwience to be. F(Alowing the initi¥ run there was huge d￿nand In touring the PrOd￿tIon and
durlrq the 2020-21 year prOd￿tiOnS3ppe¥ed In Arn￿erdaM. NEW York and Mtx*o. with flther kvoduetions in 2021-22 in
Toronto, Washln8ton. Au[*￿. Kong and G*way. as wel as a UK twvlslii￿ 7 *nues natIon%￿de.
Adult Chlldren
Ihe Donmar the opportunityoflockdown to extEnd its di4itsl theatre maklng capabllitte& Workifig vlith iethndogists
ScanLab and Associate Sacha Warès. and In co-woduciion with ETr£￿5h Twring Theatre. we created a short Dnline ￿ece
desl8ned to be on smartphonesltablÈts and via headsets. Thp ￿0Y. by Ella HSckson, examlned the P￿ChologICal
Impacts of lockdown and isolation two v•omen. The i¥ece has been attepted a5 part ol the BFI London Flm Festival in
Ortober 2021.
Chrfstmas CowKert
In collaboratlon with 5t Paul's Churth Covent Garden we wesented a chrI￿rna5 ConcerL (￿bInIng traditional and new
piecès of work in a festi¥e celebration whKh was perf￿￿d IF￿ fty a select 8roup of 5UPPNter5 Jnd streamed online for
free. gaining 26.000 view5.
Assemblv
For our first Donmaf Lttal yoduttth. ¥￿ cLYnmlssicrnl playwTight I￿n? Segal èrd dlrettor Jop Hancock to treate a plpc?
of w(rk featuring 17 lotal non-professional *tor& Originaly intended to be perfLvmed on the Donrnarstage il wè5 adapted
to become a I￿e online production perfom)ed arcwnd the Donmarfs rehe¥sal aNJ office ￿lIding. and ex￿ored the thrèat
of the dinate erw8encyand the p0S￿bIlty of actKffl frun cilitensand ¢mmunlt*5. It receNed 85DJ blew&
Monuments
An ensemble of ten Rlobal majority VLMmg petydè from the Donmarfs IKJrne borDughs of Camden and Westminster W0￿ed
with leadinB directors. writers fimmakers io w0dL￿e a short film exploiiry the legacy of tl* Emplre visibk in Lo￿loTr
and how we ￿¢13￿￿ hi5toryfr(¥n ￿t￿lieS cl wlitèllwaslwg. It I￿dIStri1￿J1ed (¥dine for and watched 75C#) limes.

Donmar Warehouse Projects Limlted
In(￿$1¥0ty kn on su
We continued to Irive51 in artiKK leaderslip. Joan lyiola and Zoè S¥endsen to jThn our team of Assotiaiès
alon8side Prasanna Puwan¥aiah. Tijm kntt and SKha Wa￿140% glubal majority. 60%1emale4dentifwngl, ad¥cuiifiefor
artistk excdlerteand sgnalling pry4•erhrf role models for o41irirv4 artlst&
We comrnissloned 8 writer5 to and (Onlin￿ to (%¥er&fy ihe comm•sslonln8 slate: Chri5 Bush. Ela Hlckson,
Danny Leewynter, Nessah Muthy. thana NnekaAtuona.Jth Sibblies Drnry, &nw)n Sttthns. AthenaStevens. We wrrentty
have 14 COMMts￿Oned Wriier5 lan in¢rea5e of *nost ￿ 191201. partwsh4) with Theatre Royal HayThwket
speclfically supports two writerswth Fvoteded ch¥arteristic
During the yearwe cleated a n￿Arres5 d￿tibled artists to en￿￿ th# support people to work with us in line
with bes¢ prattl￿. We V*lll also host a 5howca5e fty thsabW act(xs - fdlowed by a ￿t￿OrkIng event and reception to
telebrate the work, ctrh05ted by Daniel Monks We wdl con5uIi ￿th leathnB Disabled Artists Disabled.led Art5
organisations to Ilsten io the Specific needs aThl amtilions of those artists and how bESt to Use the 0￿Mar platform and
resourw to serve them.
Open Ooor.. we are comrnitted to w¢ykslwlQ&A 5es5hxs l*ther onlne or in per50n. when 8uldelinE5 pewrwMtI for the
Graduate Eroup (those lea¥w¥ sthoc41. and thE Ekvate la smallw group d graduates from k)w-wKome
backgrounds).
Acknowledgi￿ there 15 currently a lack ol rewE5entatTron of Trans actwsai the Oonmar, we ccffisulted wlth Mllk Presents I
Gendered Inielllgence l The Queer H￿Jse and 0￿boy Thpatre about specific and meanirwful way5 to listen to artlsts and
engage with how tobestser¥e the needs of TTrnsacluswthin the theatre cixnmunityand Wa￿t0 uSett￿ Donrnar ￿at[Omi
to strwjwcose Tran5 artorf work io the *ider1nd￿5*ry.
We fan ourfirn dtgital skills developrwit prry4ran*ne. Futtre ted by Artistk Assotiatè SaEha Vlare&a 9.Y•eek digital
tr74ThnB programme for 16 erner8wv8 write
In summer 2021 we ￿111 lawKh EMERGE. è nLIW F>OSiti* ¥lion Irnbnee scheme adtkessinu under-representatlon within the
Donmar. Wewill recruit 3 fixed term trineeships ￿thin the offKe te￿ Iln p￿l￿pat￿)n. operatior6 and marketlrll and 11
tralnee placements in utative teams by matchine th¥Erse ￿￿n8 •nerging ueatfves with Donmar artists durinE the pre
prothjction. fehe¥sal. tech and piéwiew pwiodk The creattve trai￿5 will aSS￿E and be rnentcffed by treatives and
offl￿-based trai￿e$ will be mentwed by appY4xiatt senior colleagues both duri￿ thwr lime us and beyond. to
support ￿tentIOn in the inthjstry. Wewill workw1thcollea8￿S otherLOndonTheatrec￿SortIUrn theatre5 to ensure there
are opportunltles for traineesto under5tsndlexperieTrce oiher or8ani5ations. We continue to pay all trainees who work
ai the Donmar a minimum of the London W4e. and durirva tlws ￿ar *ill undertake Eenchmarktn8 ￿th LTC theatre5
to look ai industry-wide parAak&
In assoclatlon with thative Attess 7*wdl p*tkip3te In the8o¥*rrMenVs ￿kstart￿herne. Illhen thttheatrè reopen5we
wlll recruit at least 4 new C￿lOn￿r Ser¥ice Assistants thrLKyh thls rrw*. wlw) will be trained in all customer facing role5
wlthln the venue.

Donmar Warehouse Projects Llmited
forthe vended 31 M￿th 20211(fy*lM￿J
Bro•den and dl¥er51fyawlleffesandwwkf
AuLVencos
Due to the closure of the theatre we hèd to refocus ow work to r&ich audience5 wedryninandy onllne. With fflothst
rnarket1￿ budgets Mlable we utili5ed our existsne CO￿ thannek aNI develo￿d paTIners1￿ps with organ15atlons as
the National Theatre and YouTube to t￿03den ow ￿a¢h our care audienos.
The s*nificant Èncrease in 'digital fir5f content yodtted duri￿ this period Js demcffistrdted ty the high ￿eW0n8 r￿ureS
¥hieved. butourwebslte traffic reduced 51gnificant￿ with Mly a smal nurnber of tickets to sell for Windne5
Our ￿b$ll2 traffic rEduced Idue tOred￿ed actl¥ilies in tlws periodl from4522% usersto 124343 users.
Our soclal media accolmts stayed 51eady at 27.121 fdkywers on FaCebC￿ 107,th1 on Twitttf and 26.935 on
Inswrar
We achieved 193.037 ifjewslkien5 In 2020ni ourry*m thannds, *lth ￿ ad&rtional 595JJ83 views lor
Coriolanus via Nabonal ThÈatre at kne
Whilst the Donmar has been closÈd for In￿ of 2020121, work aroundAcce55and Indu51on has contlnued. Across
IhE Ye￿We have ensu￿ all dwtal PrOd￿t￿$ ar¥J contert have had audiD de5UiPtion5laudlo Introductions and
has been captioned. BLINDNESS had an Actess at Home offer. with 253 watching the captioned version and 369
utlllsin6 ihe aud*) described offer- The *￿e$S at Home offer ha$accomp￿￿ed the tour. with the offerofthe
raptlonedyer￿0n readllyavailable.and 63 utilI￿a destribed.
We carrfed out two researth projects in tINs wiod Ifor Vidneht fimE and Bllndnessl with Mwris Hargreaves
Maclntyre.lotryto uThJerstaThYwhowas enga￿ng￿thoUrworkdurine the pandÈmx. The results ofthls research were that
audiencesfelt both projects had the same hlgh Qu￿lty￿0[￿ThIvalue5 and intimacyolour regular pr￿raMmInS, and that
crtjrloyal core audiencp5 were willing to take a rlsk on new nhjdds because of the strength of the Donmar brand.
We are working on impr[Ni￿ our data Captu￿ wttesses as * retum toa res￿ar progmnme of 5huw5 in the theatre, so
we cart better under5tsnd audierte< needs a5 we reopen and imwo¥e our Understandi￿ of the demo8raphics of our
audlènces.
Worklortè
We enterèd into an Inc Arts aly partnership and worked (IL￿ with them on traininL recruitment strnteEies
and in de4eloi*Ng a renewed Inclusi￿ty3nd Releva)ce Han.
Due to the theatre'scl0su￿1Or the majority0ft￿ year. paused mostrecnritmEnl. rnaling use of the government's aRS
to retaincoreslaff Whe￿ possiwe. Duri￿ 202ty22. we*ryl tring0yrte￿ back tofull nurni￿, and wll continue toimprove
ourworkforce diversitywith the am of 15%globa Ma￿JrityWWkf￿e byApril 2022. Ha￿n8 taken over the operarlon
ol the theaire from ATG. we ha%E the apportur*ty to reuuit 19 new roles. We will work wlth Inc Arts to rewrite our
recruitment poly. an Increased ftKus on findi￿ new ways to ad%prt15e rdes, expandinB our method5 of xcepting
applications and corniithngto intervievlngmofe people inordertovriden the tslent iypelines inlo the DLvThar. In additlon
in 2021122 we wll create 3 posili¥e xtiun trali￿ShIpS foralmin roles and 11 crèatNe tr￿￿eshIp% wlich wll prowde DEW
rwies Into the worklorfe for8kJbal maioritycandidate
We will pr￿de traini￿ to 51aff ¥rt*n We return to In PErS￿ vKrkiwx aThJ will e¥alu•te whith of our fonner retentlon
strateg￿5 lincluthng Staff benefrts) hwe the 8reatest knpact on ￿lIbe1r( and retentiorL We have devèk4)ed nèw intwnal
comrnitteesto facilltatethe ernbeddI￿ of ourworkforce'5vQi￿s ￿ deoslon m•k*w/enttKwaging greater diversityolvoices
in deasm maklng.
Havlng s4)p(rted an industry FreeknTaskforre in 21no we hrn laurKhed ow own freelance countil made up of4-
S people from various bactr4rourbts a￿t disci￿lnes. This group wil meet quarterfy and feed in on or8anSsatlonal thAture.
prOgran￿lfi£, specific projects. Mtrnbers will be pad a small fee forthdrtirTr

Donmar Warehouse Projects LSmited
fartheye7r￿ded 31 Marth 2021 (c￿¢1￿￿ed)
Play ￿ xtlve MIE In ourcommub
We maintsined aurcomrnitinenr toyLwng pecwe. sthoD15 and our localcoi)munitytlMs)o•r by.
Gathering YOU￿ people tcfether in thèfirsi stage of the p￿deMiC tocreate15O￿TE ENSEMBLE- a dl8ltal devising
projecL A group of 17 youn8 people wc*ked ￿th Dor¥nar Resident Assistant Dir￿torS to create a short film.
focusslnu on the impact ofthe pandthc ornyourwx people SupP￿ti￿rnental vRllbeing. The final film ha5 been
viewed by over 3￿c(l peo&4e
presenti￿ MONVMENTS.. A short fikn t￿￿ed h(w theI￿ac¥ of the Empire impacts young people of ihe
lobal maiorityin ourlocal community. Written by Nessah Muthy anddwected bySaraAniqah Malil MOMJMEKt5
ftatured 12 youn8 people and has been watched byover 7SQ) people
Developlng the delayed pr(*luction of ASSEMBLY inio Jeathng thgitsl prcrfluctlon. pre*nted live from 17 lorations.
Wrilten by Nlna *al directed byJ05eph HancocK A￿m8LYefigagId 112 lotal tomrnunltymembers, with 17
beinK in the fina w¢)ducticth. Presented INe to 4,637 ¥iewer5. the digital prod￿tIOn was watthÈd by 8.812 ￿tIverS
over the weeks it wa5 onlire.
wr￿￿108 Bl Y￿n8 people from 6 schools ￿5% 5 Ix¥ou8hs ft¥ a digital TAKE THE STAGE resP￿d1Th8 to our
sound in5¢al1atlc￿, BUNDNE55. The ywng ppcplewuked ￿th 10 artists to creaiÈ nèw diwtal works presented on
ftdc1c￿. Youtube MozSla HubsVR ￿at[￿.With 1179 ￿ewS atyoss all the work.
We wekomed *ti51x AsscKlate Zoé 5¥endS￿ to thè teznl An acalernK and ueali￿ practitionerworking in su5talnablWty,
she 5tartEd her role by hold1￿ sesgon with the 5enNw Mawen*ntTeam looknre at climate dramalur8y aNI wil C￿tinUe
these dlscusslon5 In mc*e depth dwing 2021n2.
Our Environmentsl Artlon Intemal wor*ing group Met ￿ Mwrf. di5CU5sireways to contin￿ io chanpion sustainabillty as we
come batk to our builthny e.8. PPE recyclln& green cLTrmf(ments ar￿nd utility bils and detams suth as btodegradable
teaba85 and make-up lace*ipes t¢r prod￿tiOns. The tearn is akn looking ahead to howio plan owannual Green Wèèkand
what a5FEcts to focuson. aThJ hopes to invite Zoè S¥end5en to tslkmore in depth with the worbnE Eroup In due course.
& Malntan lknarKlal thIITty
Rnanclal Revlew
The Donmarfs £6.(h revenue1201912tr. £&4ml i5 prlncipally drnwn from furtdraisi￿ E4.3m12019120.. £3.Iml, produrtion
Income £0.3m IZ019120= £2.1ffl1. 5UPF4Xt af the Arts C(wncil. £O.Sm 12019120.. £0.5ml. use of Cultural Grants £0.3m
12019120.. £NIII, we ol the C￿Orta¥￿￿S ￿ Retention 5d￿ffle EO.4m12019120: Enil) and in¢ome. £0.2m12D19120:
£03rn1.
Totsl income 15 dovm on the ￿Or year due to theCThld pa￿mIC and its impact tD ProductiCffi5 and Development inc¢)me.
ProdLKtfjon income was down185%1.with ontyone produ￿ In theye¥. Fun(kaisi￿ was up 38% ￿w￿erthlswaS mainty
e to one off Capltsl work dcmaliDns of £2.4m thrs Capilal income, Development irthme woukl be down 34%).
Membershlp, GIft￿d and Ptyit Forward were ai onthe kY¥X year ￿ People wtmember5hip5 and donauons on I￿ld.
The Dorynar recei%td Government $I4)P￿t in year through the Qdtlnl Recovery FuThJ I£0.3ml and the CoronavirusJob
Retentlon Scheme I£0.4mk
Whlle the Donmar iamains comrritted to in¥Éstir¥ os much ot its as possible in the work it prtsduce5 on the stale
wh115t offedng accessitsillty value for its SUFPXtsr5 arnl for the public mcmey we receNe, thi5 year thi5 COff￿lIMent
oved more difficuliwlth limited opportun0￿ avalable fc* st4e productions. b￿lIe the DowwnarbrarKhed out into some
digitsl worK thi5 did not drY4e anynew Inc(¥ne streams and was suppr￿ed bythe Cultural Recovery Fund.
Durlng the 2020ft1 financial ye¥. the main focu5 on expeNliture h35 been to reduce Costs to try and malth our lower
inc¢The Stre￿5. Direct woducuon expendlDNewas El.Ihn12019120.. £3.9ml. accounting for 30%oltotal expenditure and.
exceeded bo¥ olf1￿ revenue by ￿er £0.9m. lJur sthidy acc¢)unied for 9% of tot* inconK relatively low amongst

Donmar ware1￿Use Prokcts Llmlted
Flnanclal r￿rfeW (cont1Th￿dI
The otherkeyewdlture¥ea is staff andper5c￿nel Ipwm*ent5¢aff heaLtount:38. 2019121>. 411 whKh i5EI.6m12019120:
E2.Iml, equating to 46%ofour total general expenthtwe11912Tr. 32%).
While the Impart of Cobid has reduced our•nccthÈ strna￿ thrO￿h costs sawng and other gJppM we are showirrf a net
profitof£o.3m IE2.6m with Ca￿131 Donationsl12019nTr. EO.4rn k55$1. Thls profft will help bolsterowcur￿nIfese1￿e positlon
Ipage 10 and 111. a￿1 help the M￿agement team to mit¥ate inw Lrf the Covxl pandpmic and help the
Drffimar to continue to WO￿ low￿1$ a sustainable modeL
FundrablnB
Totsl fundralslng irtcomE was £4.3m172X of tetsl wKomÈl1201912Tr. £3.Iml, which w35 wincipaly Income from indlviduals.
£1.2m12019120: El.Oml. ¢orThnercial tradin£ operations ltt¥pJrate sponsorship), £￿sMI2019/2o.' £0.8ml and £0.2m In
revenue frorn aNI Foufvlations1201912tr. £0.4ml. It also indwles £Z*1m In donatiuns toward Capltal Work5
12019120.. £0.2ml.
Coyid presented a huge thallen8e to fyndMin& and Indlvlduals and Truts Foundations wÈrÈ alde to
continue Lreven Ir￿￿aSe thelrsupwrt the MaJ￿ity of ctyp)ntes ltsw-level rnembers paused orstopped thelrsUpp￿t.
Additionally, with a relaty￿1¥ new eyecutvle tearn s(wne rdatyonships had notyet becon*establtshed prior to d0511re.
However. DeVelop￿nt team fLru55ed on ContIn￿rI to engage SUpp￿￿rS atyoss all IEve15 With pwsonal calls arnl a
Slrong digital offerin& thls rewlted in a end-ofrarfesult than anticipated.
l)verall. retenuon r*$ dropped ￿ ats0￿ 15% and arourKI 20% of those members who did renew. downgroded. elther for
personal ￿50￿$ or due to the la& of benefits on offer while the thtatrÈ was shut. While the larger and longer-standing
COfporatE partner5 continued thelf supywxt aspereyistingccffltracts. a few of thèm requested an extension Iwhich will affect
revenue in future FY51 and one dropped atogether due to suffering Iwly frcxn the pandemlL This wa5 mitigated
by somesuctr55ful Iw8pra5ks includirtrdfrom rth¥ •istinBsuppNtsrswho wanted to make sure the Donmar
cO￿d See the pandErnK I1￿0￿.
Durin8tlMs lime. the D￿elOpMen1D1rectorfCyrned a new D￿enttOMffiottee. wlth the theatre reopen1￿ in 5vdhi. ablè
to Intrtxluce new High Net Worth Inowdual networks to thE Donm¥. with a focus on those Ctypwate and IndNfjdua15 who
wlll be aliwed wlth Michael Longhursvs newvlslon lorthe Donmar.
Flnauy, in spiieof the th4len8lni landsc4Je. we£￿tin￿l to s¥uessfLIty IurKlralse for the Capltal proJECt ra151ng £2.4m
It is Ikely that Cowd-19 VAII continue to have kne.lartir* effects on our ablity to fundraise from all sources f(* the
for*seea￿e future and tsr8ets have been adjusted KC(¥dIThg￿. A nthv appeal wa5 Iwnched to 5UPPJrt recovery and
rategyisin place tocon￿n￿ed1verSrfwng 50wcesof 1￿MeM￿sn8V$ morèrÈsilientaNI le$5vulrEraE4e toexlern31 fact￿5.

Danmar Warehouse Projects Ltmited
loriheywended 31 Pknh 2021(r￿[pUerfJ
Fundratslng d15thsures
The Donmar fundraising tèam rai5esfund5 ￿M￿lI ytlwhoffering a range ot ￿mberShIP package5 whlch are supported
by benefits and specialistevents. stcuringdonatlonswhich are typxaly linkedtoa specrft attivbtyle.g. production 5UPPOrtI,
grants from I￿st and foundations. and thr￿¥h corp￿ate sponsorship agreerneTrts. The Donmar does not engage any
profe55ional third-partyfundraisets to make approaches to Individuals on our behalf or involve commercial participators.
All direct marketlnels undert*en ￿thefUndralsl￿ L*p*imenttoert5we Ihat itis notunreasonably intru5iveor persimeni.
Aside from current membèrs who reteive regular updates via W and em3il to ensure that they can rnake the most of
membership benefits, contxt is made thrts￿ drect m¥keting at the twn? of our prOR1￿MIn6 annountemenis. Usually
twice per year. All marketinE material contawts ¢le•r in$trn￿)onSi￿ how a PEf50Thcan beremoved from mailing lists.
The Oc￿M¥ is GDPR cunp4ant 3Th4 ow fundraigry teaTh seniur 5toff ￿ val￿￿er5 adhere to the Fundraising Codes of
Conduct and Standards of Research as laid the FuThlrals(ne RegulotLY. We ha¥e an Erhlcs Polky In pla￿. Trms cover5
ethical fundraising practKe and prnCe￿ It iseThJorstd by ourboard. otsetseen by the Ethics and Reputatic￿ Committee.
There have been nocomplalnts abwt 0wfwthlsi￿ *ivity thi5 YW.
Th•atre E55entlal Wa￿$ Projxt
The Theatre SUC￿$fullY deN¥ered its essentia wuk5 wokct adMe•ing Prac￿1 CtynplEtkn on 23 July 2021. The works
initialty focused on the ienewals ol essential mÈchanKa and electrfjcal system5 pa51 the end ot their ecorwik Ilfe Incl￿￿￿
wholesale replzcernent of the heatin8 and venidation plarbtr. and Accessibillty ￿prO￿rnents indLKliThB a Street level access
and romp and a newevacuatiL￿ liftwth *ider doL¥ acce￿ With CONlinued wtces5 In fundralsln& Sweased certaintyover
the ￿peThn8 progr￿rne and a willing and con5trLKtive Ixilderon siie, Board apwoved an additional package ￿workS
arch 2021 that habt a si£nif*ani impact on audiences ar￿1 Wtists for our planned reopenin8 In September 2021.
Th15 induded rearwging and reflttlng the exrstmy VIC and a ful ￿u￿shMent of the front of house IncIL￿1
rationali51n8 Internal layouts tolurther fv<ce551frI1ity.
During Aygu5t2021 we ddfvered a prLvxramrneof rrt out indwjlre new bars, boxoff*e. tarpet and pantln& wo￿$ to
thp stage. technicalgrid. and bKkof house to address the lack of rnantenarKe work tr4er the last tèn ￿aT$. replxement of
ATG 355ets including Cav. the entire IT systwn imluthne y￿FI AP& and all white gr￿1$ and systemsfrom the front of hcu
bars and offica
As with the 0ri8inal scope. heat1￿ ¥erttsl*ion. electrical aNI fwe ii5k imwiprnnents refle¢ts a $￿IfiCant partolthe overall
prolert C05tof £3.5m but *rfll enabl*eXten￿ lrfètimeofthe bLMI(lin8 as aw

Donmar Warehouse Projects Llmited
lorthe yearended 31 M•th 2fll (cortknyedl
Flnandal VSablllty
The flnanclal Niability d the Donmar Is o¥vseen ty thè Au(%t. Flnance Operations IAF&OI CThmr4ttee. The comrnillee
o¥ersees aNI evaluates monthly financial r￿uTeS lor tht treant5ation. led by the Executive Direclor IEDI and the Head
Of Finance IHOFI. The AF&0 reports to the B¢wd aNI the Board hasfinal s￿n off on the annual budget. The Board ￿p￿Ints
exlernal auditors. commissions and considers repwts as r￿sSary. analysirvd risks rased thrn￿h these Pro￿sses.
The key fiThanclal rlsk within the ￿xt two years((￿tinUeS w be the impatt of the Covid pandemic on the Donmals income
streams. Covid has had a vlknnging irnp￿ on the CKffim¥. regJtSng in thedosure of the theatre. ca￿ellatIOn ol planned
performanrE5 and Ihe ce55atlon ol all pr￿U￿10n xti¥ityes whith cOnth¢￿t5 on average. 40% Of￿ overal incorne lur i
Donmar (including Theatre Tax RelleQ. It has th had an wnpact on De¥tlok¥nent intomè with rnemberships belng Wt on
hold and reducEd frC￿ Cwporates and TruA ar￿ Fwndation& WhI5t the Donmar is onè of Art5 Council En8land's
National Portfolio Organlsatlons, mEaning it 15 in recei>t cl re8ular annual grants. at orca. YA of the annual Income thi5 IS
notsufficient tosUppOrtt￿ Donrnaron its o¥nL The Do￿¥ has. durlrethecwrentyew, mad? use o[￿th the Corona*irus
Job Reientlon Scheme and theculiwal RKo•ery Fund in wderto *wkand operational costs.
The manaBernent team has￿￿kedI0￿dUC•cOSts.ac¢e$sWaII•￿e$O￿￿rnM￿¢ fundinBznd ha5 ryeated perfom)ancesthat
fall wSthin the Covid 8￿delineS.- these perfomaKes (kivè Production Revenue a5 well as erqage Indi￿dUal and corp￿ate
rnember5 and Donors make up orca. of ow ovu￿1 rLwertue. Thè rTranagement te￿ and the AF&0 continue io
review. adapt and respond to the th*¥inB C￿d guhldines and fUr￿lTh8 opport￿ltieS as theyar15e.
The planned capital prw ha5 bpen iKre45ed El.&m to E3.4m. ih15 was c•)Iylncrea*d 05 addit￿nal funds
have been r•sed and ￿11 matwialtybe funded lry tIRse raised resrfKted luThJ&
The keyrtsks tothetkntre'50peratirymodd rwnakn itsdewMkn&oninthv*lu*.material inflows.. notsbtyihe NPO8rant
from the Ans Qiuncil Eryland I£O.Sml and The0t￿ra¥ Relief I£0.03ml. The NPO grant issecured until 2023 Ithou8h the
annual aMOuntre￿iled is T¥JtguaaThteedl. We we awwe of any oJrrent discussion5 warding change5to the taxrelief.
51b)uld these 1nfl0wscha￿e materialy orslopi th￿ would &kelynewsitote achar¥Èto ouroperating Model and impKtthe
quality of the work we PrOd￿e and our public bEnefit To help mitieaie thk I￿k the Donrnar has diversified its income
streams by￿nting out officeathj fflatswand byen8¥iTr4wrythCommerual partner5. This helpstolessen the deFerbdence
on fundrai%n& and W￿re possible thè Oonmar tontinues ta lfyjk for strurtwal ways to redu￿ the In-year risk ass¢xiated
wTrth fundraising income. and cardul andtost mana8ement to bulld resiliencelorfuture ye￿. We have set a
reserves pc4ity to hdd a SuffK1enl￿QUnt in the risk reser¥e to supptrt the or8anlsatlon to tran%tion to a new opeMln8
model in the event thèse i￿l￿e stre3ms we *tect
Expenthtwe 15 rnanaged xross tt* thr(w8h Stn￿kn￿ meetw between bu*et hc*ler5 and the Flnat)ce
department on a montNy bays. The feviewed fiEffts are then tmsiderèd by the Head of Finance IHUFI and rewted
monthty to the ExECUtive Director and the AniMic t*retttr. a￿ets have tr￿11t.1n conth)8encie5 and there is an overall
organlsational contingenry exh financial year. managed by the Executive Director. Ckganlsatlonally, the budgets are
overseen bythe£xecutl¥* Dlrectorandmanaged bythefrknFand 5eniix manwentteam with the Director ofDevelopment
leadlng on the maprity of income Benwation aryl ihe 5enlor Producer leading on the malorlty of eXper￿ltUre on the
prodvction5.
GO1￿(0n¢effl
The Trustees have reviewed the Charitvs finanrial Iryabifity as part of their normal revlew pr￿e$s. A detaded 12-month
budget. updated m¢Mthly. a￿1 4-yearplw updated qu¥tth. Support thispwFOrn￿￿e3$Sert1tin. Key risks. a5 identified on
paEe 9, are monitorèd and rrntigatitin Steps put in pl￿. The IquSthty provKled by reserve is set to prowde suificlent
5UPPOrt where mitigating Meps cannot eliminate risks and the cwrent lekel is consKkned apwopriate to support a 8olng
concern Status.

Donmar Warehouse Projects Limited
lortheytsrorKlpd 31 M¥th 21121lurtb￿J
Goln8 toncem l¢ortFnuedl
Thls year. as last year, the Trustee5 also given partiuLar consfjderat￿n to the elfett of Covid-19. rewewng the impact
of the pandernic on the oryanisation's ongoinE forttasts arnl woiections to ensure that the orgaThsation remaiThs financially
viable. When revwed Inseptember 2021. itwa5 notedthatsotial di5*in8and the threat offutweclosuresoftheTheatre
aryl potential cessation of wodLKtiort activities ha5 hal 4 7*lde-rarei￿ Thpact acrw al reven￿ streams. Whle Productl
Intomè and DeVelo￿ent inc(xne are kn*er than tl* ￿r. we expett that these w511 Increase again once the Theatres
re.open and SLYial thstancing measure5 a￿ red￿ed. so farthere ha¥e l*en ertour4in8 $18ns ol this in Dur 21122 Season
on.sale. The management team has a150 C￿lInUed toenc(wrdBe member and tt*poratè enga8ement while reduanB Costs
so 35 to mitleate any r*d￿t￿￿n in income vrferthe short io medlwn ierm on Fundrasing intomtr.
Since March 2020. the managemeni tean have implwnented a n￿berOF(0St 5avine inltiaii¥ès designed to ￿duce costs in
the short lem and It￿g temi in order to achieve fwther sustsirnatxlity. The Donmar ha¥e also taken alvanta8e of the
Gavunment, and any other available, scheme5 or grants in ryder to reth￿e costs. We contwiue to muimlse ow use of
these xhemes where apwopriats to5￿￿ the DDnmar its r￿en￿e is impacted.
Durlngthe 2020121￿an¢￿1 year, the Ch¥itys mwagernert te*n ha5alsOspentti￿ prod￿lry% Covid 5pecificwork. which.
while not being on the 5caeofful prod￿10￿$. ha5 lYou8htkn ￿1111￿￿ donat*￿5 Imidnehtyourfrme. Christmasconcertl
and a 5rnallLond0nt￿kètInt0rne strewn (Blir￿nesSland fwthererKouragesMemberandCorporateengagtment. 8llndness
continue5 to tour in the UKand internationauy and this 1￿c￿estre3￿*￿l heFpsupportthe Donfflarthro￿h this r&opÈnir
vear.
At the end ofthqu5t 2021, the Dormar warehO￿e cash of E4.5m. fixed a55ets of £IO.Im and cash rvArves of E3.7m
I£O.Im restrictedl. Cashflow forecasts show ¢ash droppi1¥ down to its lowest point of £2.3m li￿lUdIng resirxted reserves
of£O.2ml overthe next 12 month& Ho*Eyer. e¥en 8l*n this use of funds, the knl of reserve5 that remaln available to the
Donmar. itsc05tsawn8iNtlatives. currerbtle¥el of ￿C(Meand managemenY5 (trive t0contirn￿¢odeI1Werq(*aIltypfoductlon5,
the Board remaln satlsfied that Donmw Wzrelw *ill c¢)ntiNÈ to be a going concern for tIR 12 months from date of
Sign1￿ and the a¢¢¢unts haye been prepared in tl* know*e that rk)nrnar Warehtxtse Pruiects Lwnited 15 a financlally
vlable or£arisai#?n.
RueNos Pdltyand ftlsk Mantyernent
The Trustees con5id?r the ri5k5 to the charity at e&h quarterty Board meeting and ensure that systern5 and Pro￿dureS are
establlshed to mlbgate the rth identified. At each meeiiw¥ the Board al￿ fL¥riews the latest Iusk Re8tster prepared by the
Executtve which outllnes the production related risks inthdirg health and safety as TA￿1 as finandal, reputational and
strate8k ri
The Trustee5 con51der the Co¥id-19 pandemiG planned ttr*atre maintenarKe arxl the reliantè on fundralslng as the Ma￿)r
short to medium tem? risks to thed￿rIty. Tr Co¥4d-19 p￿deMiC cuntinue5 tolmpact allartas of the bLtsiness from health
and safetyof staff. freelancers, actors and irysitors to the theatye to ltwen￿ targets wlich are impactèd by soclal dlstanclne
and customers mixed vlews on returntn8 to the Theatre. P1alw￿￿ Thea￿ maintenance 15 C￿￿de￿d an on-going risk due
to potential overrunslothecwreni m*ntenanCeWrvar￿Trrne andanYunfore5eenmaintenan￿coSts. The Donmarfs reliance
on fundralsing income remains an 0n.gty￿ riskdue to potenttsl Ilonorfatigue. 1955 olmajor cormie SPDnsor5 3NI decline
In memberships. These risks are refflected In InVestr￿[rt in the Opwaiional Risk RE5erye and the Covid Recovery F￿d,
both of whlch are discussed below.
Tan8lble Flxed Asset Fund5
Covid Recovery Fund
B￿ldin& Malntenance Fund
Creative Investrnent Fund
OpLYational Risk Reserve
10

Donmar Warehouse Projects Limited
R￿er¥e$ Polky and Rlsk Man•¢ement Icontknuedl
The tsn8lblefixed asset fund represents thÈvaluè of the Donm*sfixed as5ets.' the lease olthe Oonmar Theat￿ at Earlham
5trept. the lease and opitalised costs olthe office at rhyd￿ Stree¢ ￿ capitali5ed c95ts of the redeveloprnent wolecL and
the book value of Ilxtwes arnl fitting5.
The Donmw h(Ad5 ilYeede5jnated ￿er￿tt.
Covkl ReCO￿Y Fur￿.. The fuTrJ wasset upto suppryttheTheatretlwough the Covid pande￿￿¢ to support any
Operati￿allO$Se$ and to alowfor work toconiinue that may be loss leadin8 but woukl allow the Donmai to
continue to deliver its anlstic visio
Bulldtn8 MaIntenanceFw￿. The Donmw retain5 a reas￿ble Within the theatre malntenante fund to cover
ynbUd8e￿d andlor unirwred repalrs ar*d mainttrwce. Thi5 fund has been built in le￿nt years to reflect the age
of some uf theatre infrastruthffie. We expect ttus be spent parti• e￿hyear and reflsed from 5urpluse5
a51s po55ible.
Creatl¥e knie5trnent Fund.. TIM5 furyl allows the Oorrnarto be able to invest respond qulcklyto c￿all4*
opportunlties that may arisE. outside of pknned thty. which would enable us to extend our reach, malntain our
So￿$ for inno¥atlon and ensure sU5tainal¥lity. We ￿ik1Pate this will be 5pentover ihe next year cffi a 5ultable
creaiive initiative.
The owational risk resene ￿e￿5 risk and r15k re8iSterof the D(￿￿. It is set at a level that shouhj allow the
0￿Mar to cts)tinue to operate in ihe event of a Short fai in fundralsln& tradir¥ income, bo¥ oifice income or Arts Coundl
core grant. The Oitylsto hold at least 22% (*f(Yecastincome I￿the forthcomin8year or a mir￿muM olEI.25m, whithever
is hi8her. A5 at the 31 Marth 2021 the operathMal riskreserve was Q.Im12019- EO.9ml this 3tM a￿Ve the tai8eted 22%.
Restrktod fthmls
The DThimar holds a number of restricted fund5 whith det•kd at ptye 4045. Th? total Val￿ of restricted funds at 31
March 2021 was E789.20B12021Tr. £44Sy6).
Whlle It Is exptcted that the Co¥KI pawwjernic will thaw th)wn ￿ the Donmarf5 reserves the Trustees are Saiisfied that
s￿￿1Clea1 reser¥e5 are currenity being held to let the i)orunar through th￿ perlod. Wlth steps taken mana8ement to
duce the impart of Cthld, the future SUPPDrt of the aiding bodie5 and wfvate donors. we intpnd to sustaln
our risk reserve at a minimurnof 22% anrnial revenue.
Publk 8￿efit
De5Plte the yearf5 c105ure. the DoNnar has continL*d tolrweauthertes. 8rry*5kills aThl nurture young people by.
Maklne indugve. relevart wryhJ-cla55 *ukthat tlYi115 *nces in ¢yJr 251 seat theatre and onllne
EmF4owng talented and di¥efse creatThE teamsand ￿ti￿con￿anIes
Investing in sknlls d￿0[￿r￿nt tranh)8 to yow a diverse ￿ hBhly skI￿d wcthe for t￿t￿treSectt￿
Widenlryd audiences using digital tech￿108¥
Maintaining access tly0￿h£aPIlOne￿, Lknlbedand tauth towperformances
Broadenln8 and diversilwng our audiences and worlftyce
Play￿ an active role In ow cty¥Mnunity. s￿￿$ and loca You￿ people frThm disadvant¥td
bxkgrwnd
LOokIr￿ outs1￿ our coMp￿V and Con￿der1[¥ the ol our busi￿$* with the alm of achiewng a 8reener
understsnding of howa sU51ainaFk effKient theatre ￿ operate and aldvalue tD oufcDrnrnunity
Maintain finartial stability value forrrwfcrowfunders. whd5t keeping ticket prices low
In planning the artivitie5 of the tharity the Trustee5 given due reRard to the Charity Commi55h)n's 8uidance on publl
benefit and, in particutar. the 5peofi¢ suld￿ fLYfee thawng charities. Asrnentioned abovÈ iheTwstees belleve thatthE
actl¥ities ofthe charity in theyearconfimi Its amityto wovKle turrent and orwnE benefit to the publK.
11

Donmar Warehouse Projects Limlted
lorth*￿ended 31 PA￿ 20ZI (aurth￿l
Future Plan5
2020m
Thè huge challen8es presented by GNryd have made rlarw for 2021 onwards extrenply diffKult and we have
gonè ihrough 5e¥eral Steration5 of kwible progrrniirq. We were prowl to be one of the fwst theatre companles
bock pruducing to INe audiences wlih Constellotio￿. a revTrRI of the hit Rt4al Court prts9￿lOn dIr￿ted by
Mlchael Longhur5t which feature5 4 COU￿ 5hwir* 12 performante5 per week- a finandal model whith yjpports
>cially thstsnced a￿JIenceS while *0 provi(lin8 adth￿nal safeguard ZBain5t actr￿$ havin£ to self.isolate. In
additlon it wves audiences the chance to Seethe saff* sulpt perforn￿d by4 %Ery different ￿$ts, wlich mirrors
Iht play's wtlect matterofstring theory the'nwltiverse.. The cast of5￿113 Atwn. Ivanno Jeremiah, Peter
Capaldi. Zoe Wanamaker. Omari Douglas, RusselIT￿. Anna MaThell m￿1n and Chris O'Dowd will
Iheatregoers a wide thD1￿ and encOu￿e5C￿e to return more than 0￿e. We are creating a SLYies of£rea￿t
assistaTht Positions shadowir4% member5 of creati¥p team toueate >JdIt￿nal pathways into the industry. In
addition we are Creat1￿ sueen capluresof eath cast whKh wll extend the Donmarf5 rexh 8eographKally, allow
the produttlon to be seen in xhods flrfree. brirg eXpErie￿e to those aw%ences notyet able or wlllln8 to
travel into central London and devdop the DonrTh*5 digital capabilitles.
We wll reopen thettr￿atre a season which celetyaiesthe beA ofthe Oonmar al￿ British theatre talent. Inua
Ellarns wlll perfomi hls one man ￿lEbratIL￿ olpjelry. knch Party, for one week to launch the venue. LLwe ond
Oth£rActs of v￿lenCe bycordelia Lynn w41 be ohe fw5t ￿3YcoMrnt&5Vj￿d ty Michaèl Loryhurstto bt produced
on our stage, directed btrT £la￿e15M3l1. li wil te followed by Forcemoieure. which we had originally wo8rammed
in 2020 and whlch will star ￿n￿ear3Th1 be<lirKled by Artlstlc tlirector MiehaEI Lo￿h￿rSL 202V22 wlll end
wilh Henry V, stzrrln8 Klt Harireton and threrted by l)onmar Associate Dlrettor Max Wèbster. LODk1￿ ahead to
2022. we wll present the Brbtish dMory55vacole by P￿itter wlming playwrightjackbe Sibtdies
Drury, direrted by Nadla Lauf.
The Executhie and A•ff
The Executivè comprise5 the Artistic Direcw and Executive thre¢tty. The Executive Is suppxÉed by a tearn of 38 full time
and part time Èfflployees indLKrl￿ a Senky mana@am￿l Ttam wh> C￿ertIVelY reallse the mlssion and aims of the
tvganisatlon.
The Donmar is commltted to payiii8 its emplo￿ a fair Sal￿ that 15 ￿M￿ve %wtl*n ils industry and for the c(%nplexity
the role. In deternilnln8the r*ht levd of payt￿ Donrnarha5 a r￿UneratIOn and bor*tspolKy. detai￿d appraisal process
and regularly re%iews and bendwnarks the pay. bEneffits 10t￿ CLryensaliorL
The Gty4emaKe. NOMIna￿On5 Remuwalx>n cunnmtlee is re5pyfjth for revlewing bÈnchmarkln8 the pay of the
Execubve te￿ and the Exe£utlb* Is reswmsiblefor and bencl¥narkinBthe payof the ￿rtIor Management team.
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fortheyerthd 31M¥(h 2021
Bo*d of OlrertOfS
The Board of Directrys rfet f￿r times in 2020ni for S￿￿uled meevn85. The DirettL¥5 of the company arè also Trustees
for the purpose of charity law. The board sw)Èr¥i5es the adi4Tib25 of the tharity with dty to day activity dele8èied to the
Executl¥e and 5enlc* Mana8emenL
Donmar Wafehou5e Proietts Lirnited isa ￿n￿ny￿mIted by8u￿tee and not ha¥inB share capiial.
The followlng Dife¢iw5 have held offfte swKe l Awil 202tr.
The Lord 8rowne of Madir*ley Ichaiwman. re￿ffed 03 Decerrthr 20201
Adam Kenw4Ttght Ichalr, aPp￿￿ted 35 Trusteel(h* Elttt fmm 23 N(Yrtrnber2020and a5Chair frum 03 December 20201
vie BresslÈr lappotnted 7 April 20201
Susan Boster
mon Dingemans
William Ecclesh
Tiina Lee lappointed 7 April 2020)
Gerard Lemos CMG lapp)inted 7 Wil 20201
Micha?1 Lor8hurst
The L&ly Lowy Mitchell
Antonia Romeo lappoiThted 16 Aprll 2020}
Te55a Ross CBE rressa ScaThUeburyl (appointed 7April 20201
Sarpon8 08E lappointed 7 Awil 20201
Jonathan Smith
Luclan Msarnati (appointed 21July20211
Honorary Ufe p￿idEnL. ROKervfi￿ate
In additiun tothe Board.there Is a stnKtwe LrfGr(xys frus¥￿£￿1 key areasof tl* ty8WMSatS17n. which feed dYectly into the
Board in an ad¥i50ry capautr.
AudiL Hnance & Owaiions
Develgprnent
Ethics & Reputati
Governan￿, Nominations & R•nuneratK
Pfoperty
The membership OF these Groups bs a Nux of Board memtffj Execuli¥e. SMT. arxl external MeM￿TS who wo¥lde expert
knowledge on the r￿up.5 ￿miL The Groups and Board are admonistrred by Planning & HR Manager. SUPPDrtln8 both
the Executive and theTrustee
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Donmar Warehouse Projects Limited
Re¢Nltrnent and AppoIntmontofTn￿ee5
In May 2020, Lord Brcwne knf(mied the B￿d rA Ns plans to not lake up a second twm in office {bey￿d January 20211.
resultln8 in a Chalr recruitment process bÈir¥ undertaken A￿U$1-￿e¢eMbEr 2020. led by an external ￿adhunter.
A worki￿Broup ol trustees led a which also induded inwt fr(￿ Ms Coundl EnglaNI.
Adam Kenwright. ? long-term Donmarsupwter, was identified as an exceptlonal candidate, bdnging a wèalth of theatr
specilk expertise: upl￿ rerommendation to the Wkler PA)ard. A￿￿ w05 fomially appointed as TruAee and Chair Elect Sn
Novèmbpr 2D20, prior to fLYmal handow from Lryd or￿ In Decefflber 202Q The Board includp5 three 8lobal majority
trusttes123%1 of a total of 13. with a 7.. 6. female: male gender WIL
Trustee ￿nd￿tIon and twalntr
New Trustèes re£￿Ve all ￿ceSSary d(KwoeNtsllon so as to Underst¥￿ legal 01￿￿50ns urnler charity and company
law. the conteni of the Memorald￿n and Articbe5 rf A$sodati￿. the worklngs of the 8oad OF Man4ement and the
decisioTrmaking Pfocess.
New trustees are pr(wlded wilh an Ind￿li0n booklet. a handbook ￿ arè briefed ExecutiVE Dn the Donmarfs
athvltles.Theytannectwithmember5 ofthe Seryor ￿￿t Tezrnkne necessary $0 asto understand relEvant areas.
5ubsfdlary
Donmar PILNI￿10ns Limitedls a wholty sul>4dlary resp￿51&￿e fw wodLteiNd the Oonmarfs productions as
WEII J5 Other commertial artibities. The Donmarf5 bo¥d appolnt the director5 of Dofimar Prodltctions Llmlted which
cornwise board mamber* Thefè5uIts ￿e Cor￿lidaled *ithin t1￿ accounts as w Th)te IS.
Donmar In TheWestEnd Lirnsted and Donmar FilmsLirnltedare owned subslliaiies that did ￿tIrade during the￿ar
118119 no trndel. The Donm*s buard appointthe thrertrysof both entities whKh COr￿rOMIse board members. The rE5uIts
are not consLlldated underthe y0vi51￿ d5eciion 24.12of 50RP FRS 102 as tl*ir results are not considered materlal tothE
group15ee note 151.
Audltor
800 LLP have expressÈd their wlliwnes5 to Conti￿￿ in Offi￿ and a resolthion to re-appoint thèm a5 audltor5 will be
prop95ed at the next annual general meetin&
Related partl•s
Oetails olrelated parties awe included In note 25.
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tyonmar Warehouse Projects Llmlted
lorthtyearended 31 Marth 20U
Tru5tee< re5ponsSbllhles
The Trustees are responslble for Pfeparing the Strate8K RepDr( the Tru5tees' Report and the financial statements in
CCOrdan￿ with applicable lawand regulation
Company law requlre5 the Trustees to wepare Aatttnents l(* txh finarKlal year in accordance with Unlt•d
Kingdom Gener311y kcepted Accounti￿ PrattKe (United ￿n8dL￿ Pttountin8 Standards and ak¥)licable lawl. Under
company law the Trustees mum not apprcwe ihe finarti￿ ststerr*nts unless they are satisfied that they 8l¥e a tr￿ fair
ewof the 5t3te ol affairs of ihe 8roup and charily ¥KI of irKc¥ningresoUrc￿3nd application of fesourtts. includin8 the
Income and exptnditure. of the 8roup lor that
ITh preparing these finaKlal statement4 the Tnffjtee5 awe required to:
5elert 5Uitable xcoufvtire pth%cie53nd then applythem conwtenllr
m*kej￿MÈfitsa￿d accountky estlmates that ￿sOnable wudent;
state whether appllcable UK Accounting have been folowed. subiert to any material departures d15cIosed
and explained In the financial statements: aThJ
Prepa￿ the financial Statements ¢IEEolnE cor*ern basis unle55 It is inapprwiate to th* the charity wll
continue in buslness.
The Trnstees a￿ res￿￿5￿ble lty kety4n8 *lewate ￿onI5 that ¥e sufficiÈnt to show and explaln the charl￿5
transartionsand dixlosewith reasonable accuracyat￿Vtinetherinawal positionof iht tharityand enable them toen5ure
that the financial 5taternents ccrfnpty the Compan*sNrt 2(Th. Thryare also responsible for safeguardln8 the assets of
the tharity and hence for taknE rea50nabl? 5tep5 for the ￿entIOn and detection of fraud and otheriiregularilies.
Flnanclal stat•nents arè pub115hed an the tharivs MEb5ite in xcryd4￿e t*ith *islation in the United Kingdom governing
the preparatlon and (lissemination of finanoal statementy which may Vary from le8lslatKin ifi Lxher jurisdictions. The
maintenance and inte8rlty of the tharit¢s MEb￿te is ￿ respL￿Si￿11ty ol the trustees. The trusiees. responsiÈ41ity also
extend5 to the ongoing inteBrfty ofthe fuurtral staiernentscontined t￿elTr.
In $0 far3$ theTru5tee5 are awa￿..
there 15 no relevart auditinfonnation of ￿thIch the tharl￿ble ccffipanvs a￿11t0r1S unaw¥e: and
the Tru51ees have taken all steps that thèy wht to taken to rnake thernselve5 aware cl any relevant audit
information and to estabfith that tre authtoris aware dthat knfomiatlon.
This Tru51ee< Report, whkh Incorp￿ateS the Stratyc ReM on paees 110 14. was appro¥ed behalfofthe bDard by
AKe
solil laoal
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Donmar Warehouse Projects Lfjmited
Oplnlon on the flnandal 5tstements
In our Lwinion. thè financial 5tatements'.
8ivE a true aNI falrylew ol the state of theGroup's and ofthÈParent C￿table Comp*rfs affai15 35 at31 March 2021
and ofthe Grourf5 Incom1￿ resources aNI of res(wrcesforthe yEar then ended,.
have t*en Proper￿ wepared in accorda￿e*1th Urmted Genwalty *￿ePted knountiThg Pra¢b￿. and
have been prepared In accordance with th? reqlxrernents of theC4thpaTheskt 2LM
We have aty*ted thefinancial stat￿￿nts of DrK*marwarnh￿se PrLyectsUfflited I"thE PrntCharit?ble Companfl and its
sub￿diary(.the Group-l fortheyearended31 M¥ch 202I7*kn￿hCOMpriSethec0n5oIld?led Ststement of FinanclalActl¥itles
linctyporatlne an Income and exppnditurp accountl. the ts)sdidated aNI Parent Charitable Company 8alance Sheet. the
Con501id3ted Statement of Cash Flow and notes to the fifwKial statemèrbts. Inth&1￿ a summary of SiBnificant accounti
pollcies. The financial reportin8 fr￿eW￿k ihat has been awlied ￿ their prep¥aiion is applicable law and Unlted Kingdom
Arcourktln£ Standwd5, 1K1￿lIng Financial ReportI￿sta￿l3rd 102 The Fu￿nClu1 RepOrtift95tondordopp￿Cob1ek￿ the UKtsnd
Republicof Irelond (United ￿nE￿Orn Generaltykcepied Praciicel.
Ba*foroplnlon
WÈ condurted our audlt In accordance with Iniernaticfflal Standards on Audilirvd IUKI IIS4s IUKII and applicable law. Our
rEsponsiblitie5 under I1￿$e stsndards are fwther described in the Auditc<s rèsponsibiiff£ies for the audit of the financial
statements seciion of our reFrfrt. We belle¥e thai the autht E¥idEnEe we have obtaned is sulftiènt and apwoprlate to
provide a basis for opinion.
Independence
We remaln Fndepertdent ofthE Grwp and Parent Chariutrle Companyin arcordJKe with the eilmcal requirernents that are
relevant to our audit of ￿ finanoal staternents in the U( indudire the FRCS Ethlcol Standard, and we have fulfiled our
other ethical re5ponslbllitles in %tr*dance these retylrerrents.
Concluslons related to 80kn8 concern
In auditing the financial 5tatement8 we ha* Cond￿ that the Trustee< use of goi￿ concem b%is ol attOUntin$ In
preparation ofthe financial 5tatEments 15 apprw*.
Based on the wryk have perfcKmed. we have Mt identsfied any materral urKertain1*5 rdatln8 to events or condltion5
that, indNidually or collectively, rnay Ca￿ si8rifitant doubl on the Group and the Parent Charitable Companvs ability to
continue as a going concern for a period ol ai least months frorn when the financial stsiements are aulhorlsed foi
Issue.
Our respJnslbiltie5 aNI the re5ponsibllties of th? Tru51ee5 with respect to eoine conorn are dexrlbed In the relewdnt
secbLNS of thi5 repLrt
Other Infomwtlon
The Trustees are responsible for the other infomiation. The other inlormation cornprises the InfLYmation ￿cluded in the
Tru5tee5' Repcrt. other than the f*)anoal statements and our Wdit￿$ report thoreon. The other informatlon comprises:
theTruS1￿￿ ReporL Ouropknlon on the financial staternents dops notcover the othef information and. exwtto the extent
oihenwi5e expliciyy st*ed in our repryL we do not exwes5 any form otassuraKe conthsion thÈreon. Our responslbillty is
to read the other information and. in doirq so. Conslder t*trether the other inforrnztion is materlally intonsistent wth the
financSal statementsor uurknowAedge ¢*lained ln the course of the audlt. orothemse apFears to be maierially rnis5tated.
If we Identlfy wch materia inconsistencies ry apwent mèterl* mlsstatemert￿ we are required todetermine wheiherthis
give5 rise to a materfal mtsstatement in thp financial staterT*nts th￿selVeS. If. based on the work we have perfomled. we
con¢lude that there lsa matww rnfj55ta￿ment ol tlM5 other•Thfryrnatson. We￿ req￿red to rtport that fact
We have noIN￿ to reptyi In thls re8anL
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Donmar Warehouse Projects LlmSted
Other Companles Act Z006 repDrtk¥
In our (ylnlon. based the wtyk undert*en in ihEcourseofthe a￿lit.
the inlornwtion given In the Tr￿lee< Aepxt. whKh indth the Rewrt arrtl the Stwategic rep(rt prepared
for the pwposes ol Company izw. fLY the finamal year for whith the fin•)tial statements are prepared15 COn51stenl
with the financial statements.. and
the Strateglc ￿pOrt and thé D￿ett￿. Rewt, Tffljhxh are indwled In the Truste￿ re[￿. have bea) prepared .
accordance with applicable le8￿ requirernents.
In the 118ht ol the kThy*Ae(*e al￿ Underst￿￿8 of thÈ &oup and the P¥ent Charitable Cr*npw and Its environment
obtained in the course of the audit. have not Klentified mate¥ral rni55tatement in Strategic rerKxt or the TrusieÈ'5
repDfL
We have nothing to report in respett ol the rnatters in relatlon to which the CoMp￿leS 2QJ6 require5 U5 to
report to you rf. in our oplnion-
adèquate accountin8 records have not teen kept by tr* Parent Ch*itztAe Company, orrelurn5 ￿lequate fw our a￿lft
have not been recel*d from Lvanthes nDtviyted ￿ ￿." (Y
the Parent Charitalde Company finar*clal ststements aenot in aye•ment with the xcounting recryd5 and fewms: or
certain di5cloAres oIDirectorf rtsnumration specikd tylaw a￿ nDt made: or
we have not recei?￿d al the InfNmatlon and eXplanat￿S￿reqU*e lor ow audiL
Responslbllllles of Trnstee5
A5 explalned more in thèTrU￿ee< Twry￿lfl￿ stswnent. thÈTrustees Iwho are alsothe director5 91 the charltable
coryany for the purposes of company lawl are responsit4e for the weparation of the financlal statements and lor beln8
Satisfied that they give a true and faw view. and far s￿h internal contrd astht Trltstees detemiires ts necessary to enable
the preparation of ff TharKial staten￿ts that arefree frL¥n materia misstatement. whethÈrdueto fraud or error.
In preparln8 the finanaal statements. the Trurtees we ￿Ponsible for asse5sin£ tl* Group's and thè Parent Charltsile
CompaThVs abilty to continue as a golnR CLNKem. d15c1051￿ a5 applicable. matters rtlated to g￿ng COn￿M and u%ne the
going concem basls of xcounting unless the TruSt￿*ther intend to liqurfla* the &ouporth? Parent Charitable Company
orto cease Operat#￿5. or ￿ve no realist* alternat1¥* to (k)
Audltorfs r•5ponslbllltles forthe audit ol thelln¥Kl41 ststen*n
We have been appolnted as undÈr ihe QThpanies kt 2(KI6 and reF￿t in xcordaTr￿ bthth th Act and rèlevant
regulauons made orhaving Èffert thereurxler.
Our obpttive5 are toobta¢n reaSona￿e assurarte atxwJtwlthrthefHwKial 5tstementsas awhole are free frl￿ rnaterlal
misstaternerbt. whether due to fraud ￿ error. arnj to i5we an audIt(￿S repL¥t that includes our Onlon. Reasonable
assurance isa h4¥h level of asSura￿e. bur is nota gu¥anteethat an authtcondurted in accordarKe with ISAslUKlwlll always
detect a materlal misstatement when it ewsts. Misstaiwnents can aiise from fvaud or error ènd we consi￿red material If.
Indi￿d￿allY or In the aggregate, t￿ COLdd rea50nabl¥ be expected to Infl￿*￿ the econornlc deCis￿n5 of u5er5 tskpn on
the basisof thesefinancial ststement&
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tklnmar Warehouse Projects Llmlted
Extentto theoutht wuscopfjbleoldetettvwirreguknitie%
I￿L￿ularitIes. Includlnefraud. are in#ance5 of n(￿-({￿n￿lar￿P wrrith law5 and wulath)ns. We deslgn procedures In Ilnewith
our responsibilities, outllned abcNÈ. to detett rnaterial mtssiatements in respect of Irre8ulafities. including frau¢L The e￿eft1
to which Dur prccedure5we cap•lle of detecti￿ irregularities. 1nrkHli￿ fraud isdrfailed bdow:
We havefflade enquiries ofmanaqement •)d tht board. indudi
how they have identif￿d evaluated v￿cOM￿￿￿1th Ly￿ ￿guI*l0n5a￿d %thether they were aware
ofany instsnces d ￿Jn￿ornplIar￿e.
o their prcKes5 deteetin8 and re5F￿￿nI tothe rtsks offi3ud and whetlw they have know￿¢ of anv
actual. 5U5pected or *le8ed aThJ
o whirh intemal contrds ha¥e been esta1￿15hed to mibgate risks relaied to fraud or non.compllance with
laws and ie8ulation&
We obtained an unders￿￿r¥ d the legal and regulatory fral￿w￿5 that arè applicable to the Cliarity. These
include. but are not Iwnited to. compliarKe with Cryarrie5 kt 21J)6. UK GAAP. Charitbes SORP, fundrais1
regdations and tax le8tslation.
In addition, the Charity is subiect to mary othw law5 aNI re8ulatwts whwe thè Conseq￿￿￿ of ￿n-¢c￿￿k2nce
could have a Material effect ￿ amounts or dtsch)yJrES in the finarKia statements. for instsnce throu8h the
IMp￿tIon of fines ur lit¥ation. We ident¢ied the folkMin8 *eas as I￿Se most likely to have suth an effectr.
employrnenl law and dats protection. Auditing 5randards limit the required audtt piocedures to ideThtify non-
cornpliancè with these lavo and re8ulation5 to eTh4uryofThose Charged with Governw aryl other management
and inspettlon ol regulatoryand legal corresrThKkn ifary.
We consldered manaEemEnVs Incenti￿*0PponYoItieSfotfr￿thlentrnan5pYlaIloft ofthe financial staternent5
lincludin8 revenue recO8niU￿ ar¥J the risk ol o¥erride d coniro151. arKI determined that the piirKipal risk5 were
relatèd to Posting Inappropriate p)L*nal entrie5 to mon¥ulate financial resulis and management bias ITh accountlng
estimates.
The 5enlcY Ststutury Auditor has a55e55ed and CO￿1￿ that the engaEement team tollettNely had the
appro￿at* competen£e and capablities toidentify or reccfnise nonvcompliance with laws and regulations.
We revlewedtt*finarKia15tatwnenl di5d09Jresandtekedkn￿pp0rti￿d￿tstlOrtI0assÈsS ccwnpliawKewih
relevant law5 and re8uIat¥j￿ di5CU55ed ab￿*.
We made inqur4e5 of 8o¥d and mana8&menL
We read minutes d rneetinK5 and those charRed wrih BovernarKe.
In ad(kes5ing the risk offra￿1 thrO￿h rnanagement ryerride of Contr￿S. we testpd the apwoprlateness ofhjwnal
entriès and tsther adjustments,. assessed whet￿r the iydKen*Dts made in making accounting estimates a
indicative of a poiential tmas; Consider￿ completenes5 of related party tra[￿Cti￿ and evaluated the busi￿55
rationale of any ggnlficant trnnsxtions th￿ art inapprow3te or I￿U$￿al w, and
We thallen8ed assumptlDn5made by mana8err￿nt in their 5iBnifiGnl Kcountingestimates in particular in relatton
to the assumpiions rtlated to thè alocation of supwtcosty depreciation. theatre tax relefand going co￿er￿.
Our audit pr(Kedu￿5 were deslEned to res￿￿ io risks of material mi55tataMent in the financial statements. re(08nisin8
that the rlsk of notdetEEting a materia rnisstatement to fraud is higher than the rtsk of not detectinB one resulting from
erw, as frnud mayinvdvedeliberate C(M￿lIMent by. example,for8ery. rn1tyepresentatlc￿S or through collusion. There
are inherent limitations in the a￿lt wocedures performed and t￿ further rernoved nrffi-compliance with laws and
regdations 15frryn the ￿nts arKI transactk>nsrelkned in the finarKial statements. the less likèly we are to become aware
ofiL
A further description of respLwiblilie5 fw the awSt ￿ the fina￿la1 Statements 15 lorated at the FlnancSal Reportlng
Council's I-FRCS-I webslte at-
-frc.
audii
. This knu¥¥thJn lo￿$ wr d owauditorfs le￿rL
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Donmar Warehouse Projects Ilmlted
Use of OUT report
Thls rewjrt Is made solety io the Charitable Compan*s M￿nbEr% a5 a body. in accorthce Mth Chapter 3 of Part 16 of the
Companie5 Art 2006. Our audit %￿rk has been undertaken w that WE Might state to the Charltable Comparfs member5
those fflatters we are required to stale to ih•n in an a¥Jiiorfs rem arnl for no other purpo% To the fullest extent
pemltted by law.wedo not3ccept0r￿tsme resp￿51b11ityIoanyon￿OtherthaThthechaYl￿b1eCornPanY the Charitable
CompanV5 member5 as a body, for ourauditwork. for this report or for the opinions have fornied.
7308818FEgAC4C9..
Jni Hallord15enlorSlatutory Aurfitor}
For and on bEhalf 018DO LLP. srètuioryaudltor
London
Date 03 December 2021
DO LLP is a l*xiied lialility p¥therthlp re8tstered Sn EnBland aNI Wa￿5 l*ith r￿stered ￿mber(￿ls127l.
19

Donmar Warehouse Projects Limited
{InM￿>￿t￿l an kn(omeand expthdlture acfount)
lortheyur*rMld 31 Mwth 21)21
2021
Total
Z020
Totsl
funds
Income frorn:
Donatlony.
Development Income
Other8rants donaiions
L673,774
3W355
4334371
I￿28.826
939.858
11.39S
Charltable aal¥l
PrOd￿tIon irKome
32L1151
2.142.113
Yrndlngactl¥ttles
1.491,620
In¥estrnents
11,354
Total kncome
3M916
oJ(e
5.979.115
6.413.771
Expendlture
Ralsknifix
67
I67￿9
533,435
Charkable acll¥ltle5
Production èxpen5e5
L786M7
024,947
6.069.248
Tolal expenthwrn
io
&786￿7
3391786
6.602.6B3
Net lncomel1exp￿d1iurej In the ￿1r
before transfers and tsx
1606039
1188,9121
Transfers between fvrwjs
Net Incort￿(e¥¢ndt¢￿*b In the lear
before tax
343.622
686.439
1188.9121
Tax payable
1173.1881
Net In IWKIS
1342J17
1684439
1362.ltoi
Rewndllathn of irDuplund5:
Opening fund balaKes at l Awll 2020
11.228.622
Closlng fund balarw at 31 M￿h
2021
11761753
10,866,522
All amounts reyjlts are derived fr(¥n continLrin£ attivi￿e%
The company has no othw recogni*d gains and1055E5 Other than those ststed abth￿.
The note5 paBe5 23 to49 fomi part of these fina￿al ststement

l)onmar Warehouse Projects Limlted
at JI Marth ani
O￿l￿V
Charfty
2020
Intan81b￿ a55ets
T3nglble assets
Invesknents
13
14
15
66
96,377
6.￿.2[
641140
96,377
6,969.2
?.(￿5.579
7.(*S.SSO
Debtor5
Qsh at bankand irnhand
16
22
LOG&974
4352333
4JOL776
4JIO.759
3.806.494
1861.781
5.424.2S7
9.011Sa5
6.666.275
Credltor5."amouAtslaMlry the wlthkn
onÈye¥
17
11596,9141
31)
11866,IJ481
N•1 ruThent assets
5AV7.158
3A27343
5,124004
3.802.227
Total assets1•55 ¢UVMrtllabllllR5
10.892.922
lo.867￿0?
p￿￿$￿￿Tr lor Ilablltles
19
126.4CQI
126,41XI
21
10.86&522
11583A08
10.841,t107
445.586
375
44S.$86
General unrestrkted fuThJs
Designa￿ funds
Flxed ass￿ funds
1181552
915.359
1450.(XX+
7￿5.5￿
880.244
2.450.DJO
7.065.577
&W201
Totsl unrtstwktsd
20
753
10.420,936
Ja
10,395,821
Totsl
10,841.407
A5 perniftred by $408 Con¥anles Act 2¢XJQ ihe charlty we$￿ted *$ ¢rwn wofit and aECOWt and related notes. The
chath'SsLr￿￿s for ihe yearwas £174140112010-defkbtofE367.7641.
The flnantlal ststements We￿ apprty4*d ￿ tre Bo¥d ol DYectry5afMlartlhyWfof15sueon 30111.13011
A Kenwrftht
Dlrettor
The nole5 rn page5 23 to49
orm p￿Of
21

Donmar Warehouse Projects Llmited
lortheytsreTrded 31 MoFrh 2021
Net incorne I lexpenditurel fw the repontn8wiod
Deweciaiioft
Amortisation
Investmènt Incom
Tax
Decreaseifincrtasel In stocks
Decrease in debtor5
De¢￿a5* in credit￿5
Increase ln P￿￿$10M$
l686,A39
128.014
30.337
(lJ20)
I362,1￿>
130,670
30.336
111,3541
173,188
11.7101
614.220
157,8[￿>
26.4100
14
16
17
19
Iz33.576)
Netcash prorfded by opw*lbVd attF•ltles
U17A79
541
Cash IIow5 from Invertk¥ artmtles
Inve5trnenl inrorne recelved
Purchase of fixed assets
L320
11.574.975)
Jl.354
1131.9591
14
Nrtash {used Inl 3th￿e5
IL5n.6
1120,6051
Change In cash ar¥1 rash eqthlents knthe r•pthytar
LZ443Z4
421,239
Cth ind ¢a5h •9￿aIentsatthe olthe
4,352J33
3,931.094
Cash and rn5h equl¥alents Itthe •thofth•
5.YJ6.657
4,352,333
staten￿tofnel d
At l 2020
At 31 Mxth 2021
Short-term deposits held
Trarder
4351,998
335
1.244324
5.5%.322
335
1244.324
594657
The note5 on p3ge5 23 to 49 fm part Lrf these statement&

Donmar Warehouse Projects Umited
Nrte5 t• thea¢tovnts
forthewrended 31 Marth 2021
1 5taiu5 of axnpjny
The c(•npany is a rewstered chthty.1knsied by guarantee.
The compaty hasthlrteen memba5. whoarea150 thrects￿ Theliailty ofeach mernbEron a windkn8 upls ￿￿ted io
a Ma￿muM of£l.
2 Accountlry poll¢ks
The financial #atemencs have been prepared on a uinE (t￿Cern basis under the histLYical cost conventi¢)n. The
occounts Ifinancial statementsl have beert Wep￿ed In accordance with Il* Statement of Recommended Practice:
"Accountln8 and Reporting by Charities weparing theiraccolrnts in accorda￿e with the Financlal RepDrtin$ Standard
aKlicable in the UK and Republic of IrelzNI- (The Chariiies SORP 2r4 Editirffil and the Financial Reportln8 51andard
aP￿Icable in the United RepuWK of Irdand IFRS 1021 and the CompanSes Act 2(M)6 and the Charltles Act
2011.
Thè Charity constliutes a benefii entity a5defir￿d by FRS 101
The fm•ncial staternents are kyepared ￿ ￿ellI￿ isthe funrtional currerry rf the Ch¥lty. mO￿trry amounts
in these finantlal statements are fO￿ded ￿the nearest £.
The prepara￿On of ffinarrial statements In cLMnFAiarKe FRS 102 rewtres the use of certain uitlcal attountinB
e5tirnates. It a150 requlres mana8Èmentto exudse j￿ement inapp1￿￿ the lknup's attounting pollcles Isee note 31.
The fOll￿￿nSPI0n￿Pal attO￿ti￿ potKies l)a¥e been appwed co￿l51ent￿r.
The Compamf hastaken ad¥ant4e of t￿lo11￿￿dtsd0sureexernp0￿'
from preparw¥ 3 Statement of cash Ilows on the basts that it is a qualifying entity and thÈ group cash flow
statemenr Inthdèd witlin these str￿Ments, i1￿1th the ccthpanls cath flows: and
the financial instrLxnents disd05ure5. required uThJer FRS 102 p¥a 11.40 to 11.48A and para 12.26 to 12.29.
a5 the information is pro•idèd in tht Group fina￿131 disdowre5.
Thè consc*daled fin￿la1 stateM￿ts present inftwmaiion atr#)ut ihe ¢¢Thpany (ts wlKlly owned 5ubsldlary
Donmar ProductiLW Limite
The results of the wholly uwned 5ub5idiarw Drywnar In The West End ￿mited a￿1 ljonmar Films Lwnited have not
been ttsn5didated undertheproW5i(￿ of 5edion 24.12 019)RP FRS 102 as iheir results a￿ not considered materlal to
the group Isèt note ISI.

Donmar Warehouse Projects Llmited
fortheyearended 31 M￿1 20211a￿t￿M￿d1
2 Ac¢ounth8 polkles fcontlnuedj
The T￿￿tee5 hkn* feviewed the ChariVs financial bryabmity as part of thek nomial review proce5& A detalled 12-
m(m¢h budKet, upda*d monthty. and &year *n, uwlated quarterly. 5W>FWt thls perfomiance 355ertion. Key risks,
as fjdentified on 9. are monitored and mitigation steps kyjt 4) place. The liqutdity provided by the reserve 15 set
io prTrthide sufhcient support where mitigatinE Aeps camot elimiThate risk5 currEnt I￿e1 15 con%dered
appropriate to 5UPWt a 8OMI8 concewn stat
Thls year, a51* ￿ar. the Trustees have aso pven partKular ¢(￿￿0Th to effert of Covld-lg, re¥lewlng the
impact of the paThknic on the LYBanisation's LM£01￿ forecasts and proiErtM>n5 to er6ure that the organisation
remains finanCi￿lY vlable. When reviewrnl ITh Septernber 2021. li was noted that social di5tancinE and the threat of
future doswes of the Theatre and potential ￿55allOn ot wc¢luction aU1vi￿e5 has had a wide-ranging Impact acr055
all revenue stream& Whik Production in(￿and De￿I0￿￿ntIn¢orne are lowerthan thÈ prioryear, we expectthal
these ￿11 iMrease agan onte the Tr*atres and social di5tanciryq measures are red￿ed. so fx there have
been encouraginR 4n5 d thi5 in our 21122 Se050n [M-Sa￿ The management le￿ has also continued to Èncoura8e
member and corporale engagement T*knle redxyycosts soas to rrii*ate arry red￿t￿n in wKomeoverthe short ts)
medium term on Fundrai5itvx income.
sin￿ March 2020, the rnanaeemert tean have im￿emented a nurnberofc05t 50vry￿ I￿tiatIVeS deslgned io rèduce
Costs In the sl¥)rttenn znd longterm inonlerioxhieve fwther Su5takna￿lfy.The DoThmar have a159taken advanta8e
of theGovernment. ￿d3nyother availaile, xhemesorgrnnts in rydertoreduce co5￿ Wemryll continue toma¥iThase
our use of these sthÈme5 where approwiate tosupportthe th)nm¥whle its revetwe Isirnpxtsd.
Dumg the 2020Di finarKialstar, thechariivs ft￿n￿ernent team ha$a1￿ spenttime producingcovid specSlkworK
which. while not beir¥ on the sc* of full pioductionl has brought in addltional donation5 (Mrdnight Yow fime,
Christmas Concert} and a small London ticket I￿orne stream (Blindnessl and further encoura8es Member and
Corporate enga8emenL Blndness ¢￿tInUest0 in the UK and inthmaiionaly and thi5 Inc(¥ne stream wll help
5UPPOrt the Donmar throu8h thls re-openire ￿.
At the end of ALWSt 2021. the Dorwnar h#1 cash of £45rn. fixed assets of £IO.lrn and cash re5Erve5 of
£3.7m I£O.lrn re5tr1rtedl. Ca5hflow ￿￿eCaSt5 slbx cash dropping to its lowest point of £2.3m Ilncludir¥
restrKted reser¥e5 of £t12ml ￿ler tre t￿t 12 months. Hwver. e¥tn Ei4en this use of fvhds. the level of reserves
that remain available to the Ch)nmar. Its cost wiiliative5. current level of incthme and mana8ÈmÈnVs drive to
Contin￿ to deliver quaty Prod￿110￿5. 11* 8oard ￿m￿n Satisf￿ that Donmar Warehouse will conbnue to be a
going concern for the 12 months fr(*M dale of sgr•nE the accounts ha¥e been wepared in the knO￿e that
Donmar Warehtyjse Projects limited 15 a finanully viable o￿an15a1*￿.
24

Donmar Warehouse Projects Limited
lorthejwrended 31 Marth 20211conthh￿J
l Acioyntlnl pollde5 IContu￿edJ
Incomefrthn donation5 and 8o¥emmentgr3nty Indudl￿wit?1 and I￿lts￿h gr￿, Is i￿lurfed in incOme￿eDtherQ
Is entitlemen1* wobai¥lityof rK•pt and the •ntyJnQ can be rneasured with sufficient reliability, unless the doThJr
specified that the donati￿ or grant re1*5 to a f￿￿e or that certain we-conditions must be fulfilled before
use. In theseca5e5 amwnts retewed xe recognised in ￿thnt period or when the pre-tonditions have been met
and until thEn treated as delu￿ Don4￿￿ and 8rants for partic￿ar purposes are intludtd in income as
restritted funds.
Productions tncome 15 induded kn Into￿ in the period in wlich the relevanlperfomiance tskes pke. Incorne related
to pro(kKtiL￿5 in a subsequeniperlodis treated as deferred Sncome.
Goods and servkes recervedinkind.wlRre ma*rial.are Inckmkd wlhin ilonation5'aThd under theappropriate income
headin& dependin8 on the nature of good5 and seT¥ices These are recogni5ed at an estimated value to the
Charity at the tkne offeceipt.
All other irKNne is retognised cffi an ba5t5 thecharity ￿ leBallyentltled to rec￿pl
ExpendItU￿ Is Inckthd In the Ststement of fina￿1￿1 Acli¥ilie5 on an accn¢* Inclusive llf ￿vAT wthlch cann
be recovere(L
EXpe￿IllUre i5 fEco8nised when a Ilablltyis yrturred.
Cos15 of raisin8 funds are those cos¢s incuffed in attrxtlryw￿ntsry 1￿C￿e and those Imirred In the operation
of i1￿11r¥ arti￿tieS which raise fund&
Charitable actiwtieslnc1￿￿e$èxF*fidl￿￿e asS￿￿7ted *ith ￿￿oPerati￿ ofthetheatrèandsuch directlyassoclated
tivities as educational proer•nwnesarKlthe Directrys wo8ramm& Cost of than￿bleaCtI1￿tIes inthdps both the
dlrectcost of aclbvil*s and relaied $￿POrt costs.
Slrpport Costs Indude central functions and ha¥e been allocated to acliwty cosrs on a baslstonsistentwith the use
of resources. This bs frequentlyon the basi5 of staff time spent in each area but other bases such as usage are also
eM￿0ved. Support Costs a150 Go¥trnartetoM>
GO¥eMan￿ costs include those incwred in the go*rnJKe of the chwlty and its assèts and are prlmarity
associated with constitutional and ststul¢¥y req￿￿ment
Trading expendityre forns part of the Grourfs trnjing <tivitses aThl commertial exploltatlons are SeP￿ale
dlstlosed a5 trading artMtie&
The costs and materialsfor ￿0d￿lOnsand associaied rfe*ive tewn feesarecanled fowward on the balance
sheet unknl theyarèèxK*nséd on the date (* the wtomwxe. Intern￿ kbour aNI rel*arsal costs are expensed a5
Incuffed.
Fund5 recelved for a purpose specified by the drffltx we c￿lIted to restrict￿ fund& Expendltvre incwred on these
purposes 15 then char8ed tothefvnds as rt lsinEL￿ed {see r#)te 201.
All other Income r5 treated as Lmfeslrided fvnd& The Tnjstees have dhjsen to designate ￿rtain fuNls for specl
future expenditure as explained in the Tnthes. Aepryt- In addition, theTrustees consider the value of the long lease
to be a desi8naled funda5 Iti5 rn)t afearf1￿M￿l￿ble a55eL

Donmar Warehouse Projects LSmtted
forthei*arewwJed31 m￿ch 2021 I￿1￿*d1
2 Accountl￿ poH&s Icontuwedl
At each rwting date the (￿panY asse55es thue is any1nd￿atiCffl of impaint. W such Indication exists,
the recoverable of the asset is ￿e1Th1ned wlmch L5 the hteher of itsfair valuè less costs to sell and Its value Sn
Use. An impairnent b55 is rewsed wlvethe tarying amwnt exceeds ￿ fec(7derab￿ amounL
l Int￿RIble assets are CO￿&¥ed to have a fir•te u5ehl Ife. If a rnfiable estimate of thE usefvl life cannot be made,
the useful life shall not exceed ten year&
Tangible fued assets are stated at cost less depreciaii¢)rL t*weci*x¥n is w0￿ded at raies calculated to write off the
cost le55estirnated regdyal value of exh asset trleritsexpeded usefvl Sfe. On￿ brwht Into use, asfollows..
Leasehold land and bud(lin85
Leasehold Improvemen
IT Equipment
xtures. fitti[￿ and
C*¥er the Wofthe lease
Between S and 50year5 on a strriBht line bas1S
Over 4 yewson a straight hne ba515
Bel¥R￿ 4 and IS ￿ar$ on a stratht linE basi5
Assets ￿der CIN￿￿1￿1•jn awe ￿t deprer•Jted We ￿ Into use.
Indlvldual flxed assets consisiing rnore than £4.Liil are caritslL*d •t COSL
The tarrwng Val￿ cliaThxiWe fixed a55ets ￿ re¥iewed for wnpalm￿t1A￿￿e￿4nts￿ chanEes In drcurnstances
INllcate the ￿rryIng value may be rEcD¥erable.
The irNestfflenls held ¢hwlty relate to In¥eshnents in subsidiary company and these a￿ held at CDSL The
investments of Dcfflmar Warehouse Projects consist of subgdiaries. Donmar in the West End LSmlled, Donmar
ProductSons Limited aThJ Donmar Film5 iirnited. ￿ three com￿e$ ¥e not quoted and thÈ director5 consider It
appropriate tv include the Investments at cosL
Stocks held by ihe group relate to fofyj and think. Stoc*s a￿ ¥al￿d at the hwer of costs and estwnzted sel&ng price
less costs to sell. Cost 15 based an the lalest purthase wKe.

Donmar Warehouse Projects ￿mfted
lortheywended 31 M￿h 20211cththM￿dj
2 Accwnthlq pokles IcDnfjN￿dJ
Cosh
Cash Is rÈpre5ented byca5h in hand and deFWts wilh financial institudonsrepayable without PEnalty on notice of not
more than 24 htyJts. Cash È4uivalents are IMeNy ￿¢WIll irNestmLmts th* mature in no more than three months from
the date of acqulsltlon and that art rearlity com*rtale to kn¢y•ffj amounts of tash with Mistgnificant rlsk of chan8e In
vduE.
Provisions are made when a present obligalloTr exists at the balance sheet djte in accordance with the requirèmènts
of FRS 102 para 2L4.
The charlty has fin*cial assets and finawKial liaL¥lit￿5 of a kirbd that qualify as ba&c financial instnThents. 8as
finan£lallnstrum•its arelnitiallyrwni5ed at tran5Klionrdlue and sub5equentlymeasured attheirsettlement value.
The charity has tkrttd toawlythe wovisionsof5eclkn 11 Basic Financial InslrumEnts' ar*J Sertion 12 ￿ther Financial
inslwments15gJ& of FRS 102 to alof its fw*rKial instnwt
Flnancial assety oil*r than those held at fairv*e thro￿ the ststement of fina￿141 adiviiies. are assessed for
indI￿ta￿(￿lmpakMent at exh rep￿11% end d*
Flnanclal assets areimpared *therethere isobiecli¥evAderKethaL asaresultolonèorrnLYe events thatoccurred
after the Inltial reco8nitiffi of the finanaal a55eL the e51imaled future cash flows have been affected. The
impairmènt loss Is reco8nlsed In the statementof finantial artivilip5.
Financial a55ets aredere￿niSed o)ly*then thecontradu*rightstoi￿ca$h flrywsfrL•M the assetexpire, orwhèn
it transfersthe finantial asset and sub5tanUa￿ all the rtsks and rewards of oww5hip lo another entity.
Financial liabilities are ￿e￿c08ft￿ed when. and only Tkn. the Charlty obfi8atlon5 ¥e thscharged, tarKelled.
they expire.
Rent payable 15 recogni5ed ￿ a stroiBhtllne b•%ls o%*r ￿ lease tern
Thechadtyoperates adefinedcontr*ulionsthEmeforthebenefitolits empbwee& contrfou￿o￿P?¥ab1e ère ckk3rged
the Ststementof Fn¥Klal Sn theyear tlw¥epayabl

Donmar Warehouse Projects Llmited
fwth?year ermled 31 Marth 20211c&7tthyedJ
2 ArcountlnB ￿[￿5{(0nt￿￿tdJ
Monetary assets al￿ liabillties debwminate41 in awrencie5 we tyanslated lrto sterlwig at the rates of exchange
ruling at the balance sheet date. Transacttorns in fLvei8fi CWTencie5 are recorded ai the rate ruling at the date of the
transxtim All differEnce5 are laken to Ststem•ttof FinaKil A￿tle
GfftA
The chafity ownsthe whc4èdthe 15sued ordln•ry share caimtal of Dorrnar Productlons Lknlted.
D￿rnar ProdUctiC￿5 ￿rnited c*thnwily pays year to thè tharity. urxler tl* wo¥ision5 related ID Gilt ￿d. a sum
based on the taxaAe wofits of Ccynpany. The pawment ol Gift Avj Is SUts￿t to the ￿5￿ve$ pdicy Df th? grftlr
entlty. and apwowdl of thE charity.
6iftAid 15 recoBnlsed on attruals basts in line*ith dc(Nen•nL
Donmar Waehouse Projects Umlted is a exempt (￿lan15311Cffj under ￿hedu￿ 9 of the VAT Att 1994 and
dvrln8 the year VAT rèturns hale been subnNtted on a tdturally exempt basi5. Irreco¥erable VAT ts chargèd agalnst
the cortofcharitsblè attibiti&. where it ks knKurred. tr1ew4£rnb￿VATOn capital expenditwe ha5 been capiialisèd and
will ￿ written off tyerthe lile of the asset*
As a registered charlty. DonfflarW*etroJse Propcts Limited is not liable toiKome ta¥ and c￿￿ation taxon income
and 8alns dwived frcm its chaitsble arti¥itre5 as itfals *ithln exemptions available to registeredcharitie5.
DonrnarProdurti(Th timlted Iswable to cwailon
Tax is fECL¥nised in the Statwnent of F*￿n(la P£tr4Tr1ies except that a attributawe lo an item rrf income and
expense reco8nised a5 Other coThyrehenyve I￿>￿e or to an itam reco8Thsed dyectly in equity is also reco8ni5ed in
Oft￿r COmp￿henslVe IncLyne or dirth in re5pertl¥￿Y.
The current incometaxthaoe is caknAated c•the ba450f tsx rates and law5th3thave been enacted ¢Y substantivèlv
enacted bythe reporting datè in the ¢wntrieswlwe the C(wnyowates *d genwate5 incom&
Crftkal accowrtkyfvdymortsand souMsofeSthnath￿ urKerta&rtv
In the appltatlon of the Gr(￿P.5 xcwntirva p￿￿e5, the ￿￿e¢t￿$ awe requKed to rnake judgements. e5tlmates and
a55vmptions aboui che carrwng Jnount of assets arKI liabilr(ie5 that are not readily apparent frorn other Sources. The
estirnate5 aThJ assotiated ayumptKffiS ¥e based on trmswric￿ experiencè and other factor5 that are consldered to be
relevant. AcbJal results fflaydiffer fr(Kn these estimate&
The e5tlmates and underfying assumpti(￿5 are r￿eWed (K) an On8￿re basls. Revlslons to attounling e5tlmates are
recognised in per*)d in which the estirnate 15 revised t*there the revision atfects only that period. or in the period
of the T￿551(4) andfuture puiodswhere thp reMsTh affects Currentandf￿urQ pwlc
The followlngcrltk* accountlng lud8Ontt)i has been identified below.
Cost allotraiion: The CO￿ aiLKation methodol￿V rwN#res jwl8ement as towhat are the most appropriate basls to use
to appordon support COSt& Support Costs are alkK3ted betsveen ¥tNlt*s on base ol staff numbws employed on
activities th¢in¢ the year.
The Directors do not bele¥eihat thtreisa swilkantriskof a [l￿ter￿lI adlustment belrq madetothe carryng amounts
of assets and Ilabilities I￿l￿ded in these finandal sthtaments With1nt￿ ￿xt fmanEial ￿r.

Donmar Warehouse pr0￿cts Llmlted
lortheyeaionded 31 Marth 20U [conth
2021
Membership
Gtft ald
Other indi￿d￿al5
Corporate
Trusts & Foundations
Pay11 Forward
Capltsl
.In
229.010
5L395
19,167
7S7.In
229.040
51.395
40,(KID
177.SOQ
23,S81
2.375,667
20￿33
1755LK)
23.581
1.760,667
615.(
Total 2011
3fi54.355
ftestrKted
2020
Membershi¥
Glft aid
Corporate
Trusts & Foundations
P3y11 FoThYard
Capttal
35.357
209.452
.n9
1,035,357
209.4S2
15.729
213,21)0
158.642
156,446
213,2(M)
158.642
196.446
Total 2010
LZ60538
1*28,826
Thè folknwng suppwl, in fomi of pfts ￿ ktnd aThl don*ed was rec•ved by the charlty durltw the VEar.
prDWsiL￿ of alcoh￿ ar¥J caerknE ai evens legal ad41￿. venue h1￿, refreshments fLY mee)n85. The value of this
support IS Èsknmated to be £31,13312020.. £47,67Sl. In fjnewth the accountjng polity, t￿5 invaluable support has not
been recorded V4ithin the 5tstement of FinarThl ActM1￿ as the donations ￿ not considered to be material.

Donmar Warehouse Projects LlmSted
Nlrtestothe ac¢ounts
fortheyended31 Marth 2021 I￿￿tIN￿￿)
Other¥r￿and dI￿all￿5
20Zi
2020
GovernrnentgFUrts
UK Art5 EowKiI inc¢yrne
Cultural recovery grant
Grants for1￿￿&hed ern￿0vee$
513.904
262,241
513.904
262,241
385.947
504.619
Other donalions
160
172,279
43S.239
Tot312021
11,395
1.334J71
939,858
Total 2020
9391
939,858
Prothcllon I￿ame
Z021
rKket revenue
Production 5UPPQrt
In¢we from partnershlps
I17￿59
147.559
13B,333
35,159
138333
35J59
Total 2021
32LOSI
Unre5tr1rted
Restricted
2020
cket revenue
Produrtion sUPPOrt
Income from Partne￿hIpS
I.￿￿.613
1,909,613
187,50)
45.1KQ
1875rx)
45J)00
Totsl 2020
1.954,613
187,SLh)
2,142,113

Donmar Warehouse Projects Llmited
Not*slothe ar(ThMrts
lurtheyewerKled 31 M•rth 2o111cort￿J
Income fromtradlDiactl¥ttks
2020
or￿MIr Beyond
Royalties ind Sundry Income
Rentsl inccffle
61J64
59298
6l964
59298
32A30
41.773
74.olz
Ctyporate SP(￿50rshlpandrnernbe
Theatre Tax Relief
Catering income
Othertralliry inc(The
454064
30.870
14.9501
32.452
4156,064
30
14J50)
32.452
843,056
395,807
47,888
Tthl 2021
1.491.620
Total 2020
1.491,620
I,491￿20
rdi incorne from tradlw xt1¥i￿eSin the cwrpntznd W1(Y￿r$ was unrestricted.
Incknled in the above I￿rnE frcrfn the 5ubskllwi Is tP*atretax rel￿. Thi5arnount is recefvable byt￿ tompany as
resultofTheatre Tax Relief re¢(*nised fty year.
Investmont IrKom?
)21
Interest ￿£￿Vable
11,354
All Income in¥estsnentstr tr*cwreni and vecethngy￿Was unreslrkted.
Netexp¢rvJlturE th￿￿¥they￿15 slaledafterdwrts
2D21
2020
Deprecia￿on of *ible a55ets
Amortlsation of Iniangit4e assets
Forei￿ eXcha￿e £alns reccenlsed
OpprJtin8 lease renta15
Auditors, rernuwation:
- audit fee5 for current ￿ra￿jIt
- Tax fees
- other services
128.014
30.3J7
130.670
30,336
134,2181
90.978
95,748
43.000
13.705
4,550
46.057
10,440
4,4(h)
31

Donmar Warehouse Projects Limited
f0rtheYe•re￿d 31 Marth 202Ila¥rtl￿)
10 Totsl eMpffidltUTe
Otherdlr•tt
costs
Supwt
rutal
2021
FundraSsln8
Chtrrhableorthftks."
Theaifirdl prodltctions
705.580
259,133
267.839
43330
519,598
I024.947
Total 2021
I548A56
965,S99
m.731
&29l786
Supporttosts
Cosl uf thorltsble
Raslnl lund5
Total
2021
Oflke overheads
259J33
466A38
53.160
725.571
53.160
Totsl 2021
SI9￿$
77&731
Tot31 expenditwe for the ¥e¥ was £3292.786 12020 - £6.602.6831. of whkh £1.786,687 was restritted12020 .
£518.4331 and £l,%JQ099 was unrestricted12020- £6.0842501.
The staff c05ts that rdate iostsff on yothxiions is1K1￿ wthin otherdirert costs.
(ttherdkett
Support
Total
2020
Funthaislng
287,682
r4.363
In.390
533.435
Theatrical produrtions
1,854125
3.78L453
432.970
6.t69.248
Total 2020
2.142￿7
3WA16
605,360
6.602.683
SwortC0515
Costof
raislnE
lunds
c￿￿tab
actlvltle5
Total
2020
OffKe overhead5
Governance coAs
172.3x1
362,020
70.950
534,410
70,950
Total 2020
1713
432,970
605360

Donmar WarelM)use Projects LlmSted
Dkectors. eft￿￿JmQn
4ypointing Chlef Execuiibt andNrtistit Dire¢ttyto Board of Trustee5 ￿ 5PEcificalty p￿mItted by ihe Cornpanws
ardde
One or rn￿e Director5 ha5 been pakl femlwratth tr ha5 reC￿d (*her IEnefits from an W￿(ryment Wtth the
Donmar. The Executive ProdLxer ArbXK C*recwr recervt remunerat1￿ In ￿pECt of servKes they provlde
undèrtaking the roles ol Executive Prc*j￿er and Arti#Trc CArertLY respettively under their contracts of emploympnt,
and not in respect ol th* role as Dwectors.
The value of Directerf remuneration aNI otsl>enrfrtSTPAS as fdlow
2021
2020
JosSe Ro￿￿e. PrÉ¥lousArtlslkf*edor
Remunèration
Pension
Mlthael Lon¢hutst. Curmi PJtts¥¢ ￿reZ￿¥
RÈrnuner3tion
Penslon
7,488
449
81,6(M)
4￿96
Rernunerallon
Pension
80.0(X)
4,4C(I
Total
175,Z54
I78￿33
Ourln8theyear. the Artistic Executr¥Y D￿ectLy both re￿%￿d beneffts in kind to thevalue ol £141912020:
El.9371.
Duringtheyear therewere TroTrustee5 were reMw￿rated w reinLxv5ed forexpense&
Indernnbty inwrance was purch%ed ir•the y•n respett Trustees and Cffters ofthE CDrnpary
Expenses are reMnbw5ed ￿the EXttUtV￿ ProdUcer￿dArtistiC t*rECtDf5perifKally in relatlon toth*r roleswithin the
charityand Th)t in relation tothelrpositionzstrust￿ ￿1 staff expense5 are governedbyaclEar reimbursement poliEV.
The amcwnts reimtK*sèd dwing the y of 2020121 fv tfwet and ￿ditIonal meelirvd and event costs relatlng sdely
to artivSties lor the companywere:
2020
Mlthael L￿hU￿rt. CwreTrt Artstr Dirett(
Henrietta FiTh¢h, Current ExetutlNE Crfrector
934
535

Donmar Warehouse Projects Limited
lortheyearended 31 20211(urtlnuedJ
11 EmpknE5
The avenge monthlyn￿ber ofeTrWryffts thwir¥thèywwas:
2021
2020
Pemianent siaff
41
In athltion total 5tsff ￿￿kIng on wkxlLKtions
114
The nature of staff working on productions rne3n5 that it Is wssibbe to give a meaningft4 full tlme equivalènt or
a¥era8e headttyjnl as each pr￿lU￿10n has iwoke requrements. The number shijwn is therefrye the iotal number
of pro(hKtion ￿aff arnl performers that ha￿ bpen invoKEd duriry the ￿ar.
Z021
2020
Waees and salaries
Social security costs
Other pe￿On costs
L349,949
I￿?,382
148,701
86.424
69.161
1142,507
Pewmanent#)ff tstsl
Wages and salaries
lal security costs
oik*r pengon costs
45J80
342,469
4.254
7,702
Produrtlon55taff totsl
45.665
354.425
1594,
2,496.932
The nLYnber ofemployeesvtho have rffeived r￿unera￿ amtrthtl￿ tomore than £60.iJYJ In either yearw¥:
2021
NU￿ther
2020
Numl)er
£60,Lb)J. £70.LKQ
£80,Cth. ￿.(￿￿]
Totsl reM￿eratIOn of key manwknt irKlwkn8wnployer5
portslon irt the wasa5 follows:
175,254
I78￿33
In the year there wtre redurKlawy bpnEfits of £29.02112020'. £30.4111 attrued in the year to 6 Indlvlduals12020.. 1
iThJividuoll. These ￿nefIts related to pawnent kn Ueu of Th)ti¢e of ENil12D20: £9,603) and ex Eratia severan¢e pav
£29,021 IlndudinE statytry arnountl12020: £20.￿81.

Donmar Warehouse Projects Llmlted
Nrtestothe arcrAmts
forth*￿ended 31 M¥th 20211r￿t￿￿dJ
Intsnglble flxed xsets
Group and tharlty
Webslte
and boxofflce
Cost
Al l *•rll 2020
193,629
At 31 2021
1629
At l April 2020
Charge I￿the year
97.252
30,337
31 Ma¢¢h 2021
127,589
Net book y?￿e
At 31 March 2021
At 31 March 2020
96377

Donmar Warehouse Projects Umited
lorthey•arended 31 2021 (a￿lI￿j
14 T4￿b]e Ilx•d assets
FI%￿r
Asset
and Ilitkqs
under
and Strnot eq￿n￿t equljment <onstrudlon
Tolal
Group and d)ar*¥
Ai i Aprfl 2020
Additions
18SOJXK+
3.978,747
127.849
.819
730.107
l.S73,736
8.295.5Z2
1574J75
At 31 Afjarth 2021
1850JKKI 3J78.747 129JI8B 61N819 2303W3
9A70.497
DeP￿tIon
At l April 2020
Charge for the year
242,319
23.974
440.243
117.586
4.854
526.174
18518
1.326.322
128A114
At 31 2021
5Jl.9U
544692
1454335
Net book value
At 31 Marth 2021
2.513.707
3057￿36
64,127 1303.843
.416,L61
At 31 March 2020
2,￿1￿1
3538.%)4
10263
81645
730,107
6,969,2(KJ
All fixed a55ets ¥e used furch￿l￿￿￿ep￿po

Donmar Warehouse Prokcts Llmited
lortheyarended 31 Mxth 2O21{a¥rth￿j
L5 Hmed assrt In¥estm•ts
Shares In
sub51dlary
undertakh
Group
Cost ondnrtiwk va
At l April 2020 and 31 Marth X121
Charlty
Cost and net b¢wkvulue
At l April 2020 and 31 March 2021
The follow1￿ are subsl(liariesofthe company:
Cornpany
co￿try01
Prlnclpal artlvlty
Donmar in the West End Lknited
Icompany number: 03976CQ81
Dofimar Productions iirnited
(Company number.. 067308101 E￿land and wae5
Donmar Films knmited ICoThyanv
number: 071521561
Eryland and Wales Or&
Theatre produciioTh
Theatre productlon
Ordknary
Fllm production
Ordinary
The o88re8ateamtyJTht oftarital and resÈr¥es and the re5dt5 dthese urnlertakngs lof ye¥wert as follows:
Capllal and
Profft
forthe year
2021
X121
Donmar In the West End LiThMted
Donmar ￿lmS iirnlted
Donmar Produrtions knmited
15,6931
Fdm wodudion
Theatre prLNnOti
520,402
Oonmar Produdions ￿rnited was the wbslthwy to trale in the current or wipr fmwKial year: the resutts, which
have been c￿$0￿dIted Iniothè resulisdthÈ Gr(￿p. ¥Meas folkn•s:
2021
Turnover (lnclw￿I￿1ther opwat5￿ irrterest irKomel
Cost of Sales
Administratvie expenses
Theatre tax relief
Corp¢Yatlon tax
996.675
144Y.4751
15ZJ601
4,123.031
13,616,3571
1215,9021
343,115
1173,188
Profitforthe fina￿la1year
sis,no
AmDunted glfted to the charlty
525.710
4EQ.699
Th2 above amounts Ind￿le commisslon InCrynefrcth￿P?￿nttharIty0IESO4.)79￿2o2o_ £3.139.2011. Management
char8esfrom thèparentthJity of E131.28412020- É687,0971 and sundryexpense$ rerharges from the went charbty
of £27,08712020- EIII.3541.
37

Donmar Warehouse Projects Limited
lortheyeareThled 31 Mwth 21)211ct>nt&N*dl
16 Oebto
Group
20ZD
Charlty
2021
Charfty
2020
Tr￿je debtor5
¢￿erdebt(VS
Amounts owed by sub511lary ur4knakw*s
Othertaxe5 and YKial %curlty
Prepayments and accrued irKryne
378J
72.S64
9.426
12.564
9.095
3.53S,696
XKI.711
200.711
3,654.849
276X)
276J54
249.139
863m LI￿,974
4￿01.716
3.806.494
Amounts owed by subsidiary I￿kin¥5 are Interest free ar•1 repayable on demand.
17 Credltors: lalkngthe wlthkn oney•r
Charlry
Charky
Trade credltors
AmouThts owed to subSldaryut￿k1j
TaKation and security
Corporation lax
Other creditors
Attruak and dEfefred iKorne
162.719
225,413
16L576
75L776
108.643
1.898.998
77.090
173,
617.IryJ
504.123
368.on
54L9rJ
617.092
164.225
L363338 1596.914
3W.531
2,856,048
Amounts ow￿d w subslthary undenakires are un•secured. interest free and repayable on demand.

Donmar Warehouse Projects Limited
Ilrtts tothE a￿o￿nts
forthe ￿ended 31Mvch Zl)21 IcoTrthM*dl
18 Deferred trKome
Charfty
Chawlty
202
Deferred intome bfouBht fryward
Released in the ￿rIOd
Additional InC￿e deferred
374.117
P74.117)
243.677
959.OB4
1959.0841
374.117
85.442
5.442}
2BJ60
551.979
1551.9791
85.442
374,117
85.442
Oeferred income Is tobèreoyi5edwithin pwM>Js:
Less than oneyear
243ATI
374.117
I8￿60
85,442
Deferrèd intomt forboth theGrwpa￿I Ch¥ttyrelate5 tofundr3iswy income lore￿Its In the next finantial year and
in the prior ￿al irtluded li¢ket inC￿e1￿ ￿j￿that vw.
19 Pro¥5slon forllabllkle5
Charlty
2021
Prrision5 brought fmvard
Probided for In the period
Released io the 5tstementoffmz￿￿I
acti?￿tIeS
Z4400
26.4￿7
26.4
26,41X)
26.400
The Ffovilon relate5 to the potenlSal penalty to be intswred by the Charity in rekition to tr* payynerti of ald
declaration&

D(￿Mar Warehouse Projects Ilmited
lorthel￿on￿Ed 31 Mxth 20211(0nt*u￿j
20 GEneral aNI r•strktsd
Group
Balance
31 Marth
2021
IAprfl
fvnd5
Taxatlon
Flxed assrtlunds:
Dryden Street
Theatre lease fund
Theatre redèvelopment
assets
Fixed a55etfund
3538504
2.607.681
730,107 L573.736
I￿,668)
123.9741
3,457036
2.583.707
2.503y3
189.285
153,7091
136.815
Total ffmed a55etsfiwM15
yo65￿1 L574J75
.4BIZDL
Deslsnated fund&.
Theatre redevelopment fund
COVID recovery fund
Builthng rna1ntenan￿ lund
creati￿ investment fund
2.ICQ.(
I2.1(￿•.[1]DI
1.650.￿0
1,650,QOO
250.000
z(w).000
i¢JJ.(
y￿al d*at•d funds
2,450,1Th)
1350
2,100,OOD
Opethal rlsk rE5er¥e
*JSJ59 1273J41 IL347.7481
118L552
Totsl unrestrkted lunds
IONI0￿ 1844916 IL506,0991
11763.753
Dtrpctor5 p￿VraMme
ResSdeni Associate Diretltr
Productiw support
Ilesident Design A55iStant
Pay it forward fund5
Capltsl project
T&F tralnlng
Pathways {Clsco¥erl
Donmar L
Donmar Discovèr ProerdmrnÈ
Writtrs Group
NHS tickets
8,916
183161
18.916
I21.0￿)
175,8331
I?￿26
135.(
72.500
138333
123A76
23,581
17291
215.994 I.?￿.667 11S78.730}
io.oy)
146328
397.931
16,8331
19.2751
189.1971
IS.￿1)
31,39S
125,CO)
22,120
35,803
20W33
20.833
Total restrkted
I￿0￿09 11784687)
789,208
Total fund5
13.552.961

Donmar Warehouse Projects Llmited
fortheyeartThled31Mwth 2021
20 General and rnstrkted lund5 (contin1￿j
Charlty
galan
31 March
2021
l Aprl
2020
funds
FSMed asset fund
Dryden Slreet
Theatre lease fund
Theatre redevelopment assets
Flxed asset fitnd
3.531504
2.￿7.681
730.107
189.285
180,6681
123,9741
3,457A36
1583,707
2JO3.8a3
136.815
1573.736
1.239
153,7091
Totsl fi￿￿ assots funds
i574.975
1158J511
8A82201
Deslgnated fund*.
Theatre redevelopment fund
COVID rÈto¥ery fwKI
Bullding maintenance fund
CreatNe investment fund
12.1c￿,(*y)l
1.650,CI)D
I￿50.(rfjo
250.000
200.000
its].(4))
ICn.(#)D
Totsl de51gnated
{35IIJXII
Oper*lonal rlsk reseNe
880244 U64JJZZ (1464034)
35OAW 1233.232
Totsl unrestrkted lunds
I1.619￿5)
IL815.433
Re5trlrted furKI5:
D1￿Clor5 pfceTamm*
Resident As%Jciate Directt
PrOdLKt1￿ support
Resldent Design Assistant
Pay It forward funds
Caplial proje
T&F trainlng
Pathways IDlscoverl
Donmar Local
Donm¥ Discover Prograrnme
Writer5GrtyJp
8.916
18,9161
8,916
I21.0￿¥
167SLKII
7.826
135.0(
12,5(Kl
146328
397,931
io.or
72.5LTr)
5.5tKI
23,581
I.760￿67
123,476
215.994
lo￿
17291
11578.7301
IS￿33
19,275
189,1971
15,(D)I
31395
125.0
120
35W03
Total re5trftted funds
4155B6 2JOL143
11,778?541
768,375
Total fvnds
07 &1ffj.
13.397.739)
14583,808
Where fund5 are restrithed to tapital th¥ekprwit and eKpenditwe ha5 been caOtafised a transfer is m*e from
restrxted tode5igr*ted fundsal tt* wintthe eN41eftse is inturtt
41

Donmar Warehouse Projects Llmlted
lortheywended 31 m￿Ch 20U {(Urth￿l
20 General and vestrlrted fi￿d$ fcontinuedj
T￿lIble ffxed assetfund5
The Wen *reet luTh( Theatre Lease fund, Theatre Rets￿l0￿￿nt Assei l￿d, and Fixed A55et fund are t(yther
equal to the value olthe Eroup's fixed a55ets.
Streetl￿4 £￿rn: The net FA>ok Val￿ ofthe long fea5e of3 W Street, the charity's office8 and the
capitslised net book wdlue ol thec(Wbvergon (4 the tKilthng to make it fitts purpxe.
Theatre Lease fwrtl, £2Am: Tr* nethook v31ue ofthe theatre fease.
Theatre R•de4•1opmentA%setfurML £13ThL. ThevalueofcaF*tal wtyk$c￿led outln redeveloping the theatreand
boxoffice sVStem.
Flxod Assot fits￿, £Qlrn: The net t￿[ value ofIT￿*￿￿Trt al￿ hxtwes ffttirw and equSprnenL
De51gn•ted funds
The TfU5tees have deggnated fund5 asfdkxs:
TheatreAedeVelopmertfuThl:Thiswasthe￿developThent fund thatt￿00nrnèr ha55et aside, 8pnerated throueh
ron8 revenue perfombantr and ￿eful costrnanaEement. to support the redevelopment of the theatre and the
05ts of the Off.￿te year dumg the capital The furKI ha5 bEeTh reduced to zero. it 15 C￿￿dered that the
currenl xope of bUld1￿ ￿ede￿ment tan entirely be fwthd ttwough fundraisin8 ofwhKh £0.8m has already
been ralsed.
COVIO recovery fuDd Ihe fvnd wa5 UP to swtrt thE Theatre I1￿1￿h tr* Covid p3ndernic to SUPPWt any
operatlonal losses and to alknv f(Y wrrt th Cominue that mty be1055 leath￿ but would alkw the Oonrnar to
ontIn￿ todeliv￿ ils *tistr¥￿I0n.
BulldkngMakntenancefund.'This f￿dcO¥￿5 COstsinrelatTr￿ tothemaintenan￿o[the theatre and the rehearsal,
office and education S￿e$ in ￿en StyeeL tt is ftr emtrgerry repalrs and for dealing with unforeseen
developments. P*ts uf ihe theatre infra51nKth are 25 years dd and. ahead of rede4Elopment, this furwj
has been tsJlltio cu4er irtr*a5ing oc£ufferKeof required work&
Cr•atl¥t lrt¥estment fund: The ueati¥e wivestmeiit is d•￿Rnated to enable a quick re5pon5e to investrnent
opportunitie5 outslde of planned ￿1￿7￿. ained at extend¥w the Ch*itVs reath as well as rnaint•nln81ts 8oals
for innuvation and sustslnabllity.
Oper¥tlon•l RlskResTr¥o
The tharlty operates a wllcy of rewwring 22% 01 bwed Income to bè held in the 8eneral fund, wlth a
minimum of £1.25rTh Th1s¥alue 15 setto ￿e¢lthe potenlial¥olatility in tharit￿$ kylnCt￿e SE￿arn$. fundraising. box
office and public sertor fundng Countil NPOgwt WKI Theatre Tax Flelien.

Donmar Warehouse Projects L6mlted
Iwthe yearended 31 Marth 2021 {cMtthuedl
20 General and r*Strkt￿ I￿￿151(￿1￿M￿dj
R•strlrted l￿d5
Director5 Programme furd rwesents a thwhalion whlth rnayonlybeustd Incor￿e￿on wlth the costs as%xiaied
wlth paying the Donmarfs Resideni Assistant (irect￿. This fund has been renamed Ae5identAssoclate D1￿ctor and
the remaining fundstran4wred from the Dirertors Prryramme to tl* FWKI.
prod￿11￿n Support fvnds are sponsorship5re£eh¥ed only be used in connect•on vAth costs on produttion5
specified in the terms olthe [￿thA￿
Resldent Design A55i5tant IRDAI fund repr￿￿nts (kyotions recev4edwhith are to be used solely in conne¢¢ion with
the RDA pogtion for th)nrnw productio
Pay It Forward funds are donadons rtteNed ID be used lrythe Pay It Frnrd xhemt where dOna￿on5 a￿ used to
covtr tickètcosts for Oonmar Productions f0ranyo￿ up tothe age of 2S.
Ca￿tal Proiectfund ao d￿#t￿)n5 receNed to gjppxt the theatre redeVd0￿eTht wJlecL
r&FTr￿ThnS l￿d is for a donation reCeI￿d tovrnrds tran1￿ for￿ Deveknwnentteam.
Other educatlon and attess fur￿$ lindudin8 Supwtft¥Pathways IDixmErl. Oonrnar ￿al and Donmar ￿SCOver
Progwmel are donations received in reLiiion to S￿¢lE ed￿￿tiona eknents ofproduc11￿ and may only be used
in corbnertion with costs ¥isinE on these.
Wrlters Gmupfund is funds raised toward comm￿$1￿￿¢ fr¢ffi

Donmar Warehouse Projects Umlted
N¢rte5to the
20 Genernl ab)d r•strktod I￿￿1${Continued)
Group
Transfe
Balan
31 Morth
2020
iAprfl
2019 In(ome
lunds
Taxatlon
Flxed asset fund&"
Dryden Street
Theatre lease fvnd
Thèatre redevelopment
ssets
Fixed assetfund
4.564.216
L686.611
764.743
180.6691
123,975)
{945.0431
945,045
134.6361
3,S38.504
1607.681
730,107
79.(fA
1563621
166,593
189285
7m4.624
13L959
7,1)65,577
De$knat￿ fundr.
Theatre redevelopment fund
Bulldlng malntsnante lund
Creative inv¢5trnent fund
2.ICb),Cth)
250.(
100,(¥)D
250,ofK+
ioo.o
Totol dukna¢ed fund5
2.450.1
Operath)n•l rfsk resen
W5.767 5.657J83 15.gZJ2441
(Ui,9S9)
1173,1881
905.359
Totsl ￿lestrItted lunds
IL020￿ 14084.2501
IL73,1881 ￿.420.936
Reslrl(ted lunds:
Dirertors prngramme
Junlor U8hiln8 Tech Salary
Prodwtion support
Re5ideTht Design A￿l$trnt
Workingfide
Pay it forward funds
Capltal prolect
T&F tralThkn8
Paihway51015cmrl
Donmar Local
Donmar fliscover *oyammÈ
Acces5
Other Prothrtlon 5UPPWt
21AMM)
132.0831
16.6671
120s,1￿
8,916
2.667
500
7,000
14.825
.801
142.939
10.0
114.825
148,96n
11233911
158.642
123A76
I￿.994
7.700
13.LWI
Iw.Oc￿)
ii.co)I
I3.5￿)
Tot•1 rostrkted I￿￿15
208231 ￿5.￿1
1544J31
445yO
Total fvnd5
IIJ24622 6A13.771 16,6016831
1173.1881 lo￿1521

Donmar Warelmwse Projects Limlted
ZO General and rertrfded funds (contum￿)
TmslEws
B•lanc•
31 March
2020
IAP
20
Income Ewpenthure
funds
Axed 355et fund
Dryden Street
Theatre lease fund
Theatre redevelopment assets
Fixed a55et I(￿d
4.$64216
1.686,611
764.743
79J)S4
I￿,6691
1233751
1945J)431
945,045
134,6361
166,S93
3,$38,S04
2.607,681
730.107
189.285
1563621
Totalllx•d •ss•ts fthxls
7J194A4
IJL959
7.￿,$77
De51gnated
Theatre redeveloprnentfund
8ulldin8 malntenance fund
Creatl¥e In¥esbi)entfund
lic0,￿0
iioo.iJ)o
250,000
1450JXKI
Operatlonal rlsk resoTht
SW 15J916101
113L9591
080224
Total wwestrlrted
IlmJJ40 SJ48N97 16,153,616)
lOJ95￿11
D￿eCtOrS pro8ramme
Junior Light1￿ Tech Salary
Production support
Resideni Oesign A5sislant
Woiking fille
Pay it forward fund5
Capital projert
T&F tr￿ning
Pathways (Di5COVErl
Donmar Local
Donmar 0Ssco%*r Programme
Access
Other Productlon suP￿rt
21JKIJ
132,0831
16.6671
1205,fKqJI
916
1667
277.5(NJ
7.000
I4￿5
I3￿1
14U39
iomi
114A251
148,%71
1123J91
158.642
196.446
123,476
215.99a
10.000
180,1))J}
i1,c￿}
I3,5Q￿l}
Total rnstrf¢ted fvnd5
1SIW3)
445.586
Total bjnds
11209.171
6304285
14FII049)
10,841.407

Donmar Warehouse Projects Llmlted
f•rtheyearended 31 Marth 20211contkn￿1
21 Analy515 of Mt a55etststtwo￿ fimds
Group
fuNIs
2021
Flxed a55ets
Cufrentassets
Current Ilablllifjes
Provisions
8,482201
2.IC(I.C(ID
8A82.Z03
6N60A96
1¥3633381
126AOOI
3571.288
IlJ63.3381
12&4LKII
789208
13.552,961
Charttv
funds
2021
Flxed assets
Cyrrent assets
Current labMI￿eS
Pra￿s1OnS
8.482.201
2,IODIQO
482204
9.012535
11884.5311
I26.4￿)
6.144.160
13,8843311
I26.4￿1)
764375
233232
10582.201
768375
583,808
Gm
Rtstrkted
frjnds
2020
Fjxed assets
Current assets
Current liabllUe5
pl￿4s5On$
7￿5,577
1450J
7,065,579
5.424.257
11.596,9141
126.4CQI
2,528,671
11.596.9141
126,4ty)}
445386
.359
9.515.777
445.586
10,866,522
Ch
Genwal I￿SIgnalert Ind
lunds Ilxed asset funds
Restrfrted
fvnd5
Fixed assets
Current a55ets
Current fiablitie5
Provislons
7.1%5577
2.450.1
7,065.580
6,668.275
12,866.0481
126.4001
3,772,689
1186QWI
I26￿￿?
44S.$86
880.244
9.515.577
445,586
10,841.407

Donmar Warehouse Projects Limited
for1￿ ywwmled 31 M¥th 20ZI laprtknj
12 Analyslsof cash and t•h •il¥•leTrts
Group
Grn
Compgny
2021
Compary
2020
Short-term depoyts held
Cash balances
5596322
335
4351.998
335
10242
1861,446
335
5596.657
4352.333
4510.759
2,861,781
All r05h * b￿kIshek1 In dePo￿t￿¢￿jntsartd is inmediatetykqui(L The Charityhold$ no Ni¥estmentsoth¢rthan the
Shareholdi￿Of its sub51dl￿e
The Group operates a defined contribution PEnsbJn sclwE The assets of the scheme arn hekl separately fmrn ihose
of the group in an I￿lePenden1fy admbnistrred fund held by Friends Pr(bvh*nt. The pension cost represLmts
contribution5 payBble ￿ the group io thefurKI.
2021
Contribution5 payable f(Y pvmanent Aaff
Contrlbutlons payable fw staff wc*kir¥ ￿ Wad￿li￿S
69,164
86.424
7,702
Total contributlons payable by the youp f￿thÈ
69.449
94.126
47

Donmar Warehouse Projects Llmlted
frytheyearended 31 Marth 2021 IcMtlN￿j
24 Related party dlsdosures
At the yearend, the cornpanyw•s £5.kn12020- £5.2981 by In the Wesi End LThited.
Ourfng the year thec(¥ryany recdved £Nil12020- £3875641 fr(￿ ￿ Afflef￿ Friends of Tht Donmar Theatre Inc. a
company rEBiStered in the United *te& TN5 was to the Donmar ch0051W to app￿ fur a doThation dltring the
previfJJS ye¥. the ¥rantin8 of whKh was subiert lo tr* thscretlon of Thè kneriEan Fripnds ofThe DonmarTheatre Inc's
dIreCt￿S. At the year end The American Fwiends ofThe Donm¥Theatye Inc ow*d the company £Nil12020- £NIII. Lwd
Browne of Madin8Jeywas PAlam KeI￿rIght 55 3 ￿rec￿rOf both c(¥npar4es.
ringthe yEarthecompanyrechar8ed ￿sts c*f809,45112020- £8C8.4511 to Dor￿ar ProductSons Umited l°tKIL"l and
paid DPL £SOI,11112020- É3,139,2011 to WodU￿ certain Shry￿. DPL also 8tft aided profits of £460.69912020- Nill to
the company. Atthe end 01t￿YearthE CL￿panY￿￿e￿ £2￿56.253 to ltst*4holtyowned yjbsidiary Oonmar Projuctions
Llmited12020.£1.89&998} aThJ Was0*￿ £3.606,4031ry its7*h{￿￿￿#ned5ub%ll¥ary Donmar Productions Lirnited12020
- £353S,6961.
All of the ab(Ne transactions ((X￿￿￿ted and pe￿isSion is granted thern In the companvs
memofandum and artitle
The charity rtceived an 3wegale a￿￿t of £310,CO) in thytètions from trustees the year12020- £123,870).
Induded in this amount arE restricted donations of £310,C((J12020 - E86,1201 towards Produrt1ry15 £50.(Kty)12020-
E40.0001 and Capltsl £260JXXI12020-£45.(iKII.
There were noothw rdated party trafiSactk￿.

Donmar Warehouse Prolects Limlted
25 Operatlng lea5E
At 31 March 2021 theCIxnp￿ had annual CL•nmitmwstswthr 0￿<￿IlaLI¢0per1t1r￿ leases as follow5..
20Zi
Z020
Land and
Expiry date.,
rthin one year
Between one and five years
Oue alter fS¥e years
48WO
133,891
7W.630
157.770
7,093,630
7251ANI
7.3LIJ.280
Equlprnent
Expiry date..
Within onèyear
Between and five years
Due after fwe years
21,439
8.138
29,577
736L356
7,329A57
26 Transartlons as an awit
Dwing the year the ¢ompany S￿d tlckets on behalF clThE Theatre. As a 31 March 2021 £Nil 12020.. £41,679)
of tdets had sold, £Nil12020: £45￿12) toen paid ortrto The G￿K￿d Theatre. In totsl £Nil12020.. £4.6041
11 be rtsned as booking fee income.
The cc¥npany also sold t￿kets on bthalf of Dewont lAa(ktht￿. As at 31 Ma￿h 2021 £Nil1202tr. £8,950) of titkets had
been sold, none1202tr. £8￿70) of wli¢h has already been p*J w to Mfont Macknnt05h. £NS112020: EI.7031 was
retained as bookir¢fee intrkne.
There are no Wances at Iheyew end in relatltyl to the alMhTetran5aclirffi
49