2022-03-31-accounts

Donmar Warehouse Projects LTrnlted Tru5tees' Report and Flnanclal Statements Year Ended 31 March 2022 Company Number 01611861 Charity Number 284262

Donmar Warehouse Projects Limlted Content5 and ¢ompany Infom74tlon forthe yearended 31 March 2022 Contents Pa¥e'. Trustees, report 16 Independent audltor's report 20 Consolldated Statement of financlal actlvltles 21 Consolldated and charlty balance sheet 22 Con501idated statement of cash flows and net debt 23 Notes to the accounts Trustees S Boster W Eccleshare A Kenwrl8ht (Chalrl TLee G Lemos M Longhurst T Ross15cantleburyl A Rorneo J 5arpong J 5mlth Lmsamatl N BlalT S Car50n J Kanagasgorlam HThompsan Honorary Lffe Presldent.. R Wlng3te Compènysecretsry.. R Trson Reglstered offlce 3 Dryden Street, London, WC2E 9NA Company number 01611861 Charlty numbor 284262 Bonker5 Coutts & Co.. 440 Stiand, London, WCZROQS Audknr BDO LLP, 55 Baker Street, London, WIU 7EU Senlor Management Michael Longhurst, Art15tl¢ Dlrertor Henrletta Finch, Executlve Director

Donmar Warehouse Projects Limited Trustees. report fortheyear ended 31 March 2022 The Dlrectors (who are atso the TNstees of the chaTItyI present thelr report and ftnandal Statements for the year ended 31 March 2022. The cornpany Is a reglstered charlty, Ireglstered number 2842621 and company Ilmited by guarantee Ireglstered number 016118511. The company is Incorporated under the Companies Act 2006 and Is governed by Its Artlcles and Memorandum of Assoclatlon dated 05 February 1982 as amended 4 ju￿ 2016. Prlnclpal artlvltle5 The object5 of the charlty are to promote, rnalntaln, Improve and advance educatlon partlcularly bythe encouragernentof the Arts Including the art5 of drama, ballet, muslc, singin& literature, sculpture and palnting. The company meets these through contlnulngto produce and present theatrlcal producttons at the Donrnar Warehouse Theatre. Donmar Warehouse Projects Umlted has four wholly owned 5ubsldlarles Ifurther detalls are glven In Note 15 of the financlal statement51. The results of Donmar ProductlOa5 Llmlted are consolidated I￿t0 these financlal statements. The results of Donmar in the Wesr End Umlted, Donmar F11rn5 Llrnited and Donmar Theatre Caterlng Llmlted have not been consolidated on the grounds that thelr re5uIt5 are not materlal to the group. Donmar Produttlons Llmlted recelves incorne from Commerclal tradlnocont¥acts and Itstaxablesurplu51s pald byglft ald to Donmar Warehouse Projects Llmlted. Donmarwarehouse ProlertS Umited Is the right5 holder for the productions but commi551on5 Its theatrlcal pleces to Donm3r Produetlons Llmlted, which acts 35 a producrlon companv. Strate£k report Thesectlon5 below constltute the Strateglc Report for the purposes of the Cornpanle5 Act 2006. 2021122 at the Donrn3r Our mlsslon Our 5trateglc goals Financial Viabllity Re5eives pollw and Rlsk management Publ1¢ Beneflt Future Plans 2021A2 at the Donmar 2021122 was a year of recovery and renewal for the Domrnar. We reopened the theatre In October after 18 month5 of c105ure duetothe Coronavlru5pandeml¢, havlng taken the opportunltytocomplete our long-overdue theatre refurblshment. Th15 will ensure the theatre remalns ac￿sSible, functlonal and sustalnable for year5 to come, and we are dellghted that wlth the help of our rnany supporters we were able to reallse th15 workwhlle unable to funLtlon as normal due to Covid restrictions. At the same tlrne a5 dellverlnB the theatre refurbishment, we contlnued to serve audlence5 In London and further afleld, tourinB 20121's Bllndness to audience5 of 40,000 around the UK and internatlonally, Includlng a run off Broadway at the Daryl Roth Theatre. We moved operation5 to the West End's Vaudevllle Theatre, rev5vlne Mlchael LonghuTsVs hit produetlon of Consrellutlons wlth four entirely new and contrastlng actlng companles and wlnnlng two 2022 OIDiler Awards Includlng Best Revlval. We contlnued to serve our Communlty through work wlth communlty group5, young people, and schools, includlng tourlng Teenoge Dlck Into local secondary5chool5, In October 2021 we reopened the doors tothe Donmar wlth Inua Ellams, Search Purtyand Cordella Lynn's new play Love und OtherActsoA VIolen￿, followed by Force Mojeure and Henry V. Alongslde the theatre refurb15hment, we restructured our bu5ine5s model, taklng front of house and theatre operatlons Into our dlrect control for the flrst ilme, and bulldlng a new tearn to support our continued Independence and growth. We SVStematically explolted ourcreatlve and physlcal asset5. Erowlngthe Income we earn from premlses rental exponentially, and worklng wlth partner5 both 5ub51dlsed and commerclal to drlve greater reach and Income from our productlons.

Donmar Warehouse Projects Llmlted Trustees, report forthe yearended 31 Marth 2022lcontlnuedJ 2021ft2 at ihe Donmar Icontlnu•dl De5Plte a successful year by any measure, Covld contlnue5 to present 5erlous challenges to the Donmar golng forward. Our return season wa5 d151UPted SIgn￿l¢antly, wlth performances Cancelled due to Illnessand a higherthan normal rateof audlen cancellatlons forthe 5arne reason. Govemment5UPPOrt vla the Culture Recovery Fund, a reduction In VATon tlcket sale5, and an Inue35e In Theatre Tax Rellef, bfought essentlal stablllty- but we have no Indlcation these wlll be extendedl repeated and the outlook ahead rem31nschallengln& due not only tothe onEolng effects of the pandemlc but also to thecosr of Ilvlng cri51s, hl£h Inflatlon and a potentlal recesslon on the hor120n. Neverthele55 we remaln committed to our m15s1on below and to dellverlng value to all our stakeholders- as we demonstrated In 21122- as we look to the future. Ourmlsston The Donmarwarehouse isa 251-5eat produclngtheatre In CoventGarden, and a fundamental part ofthe UK'stheatre ecologv. Our shows and art15t5 have worldwlde reputations our sustain3bllity a￿d accesslbllity work leads the way for the 5eEtor, and we're cornmltted to audlences beyond our home. Thi5 15 enabled by a dynamic bu51ness model that U5e5 modest subsldy to leverage prlvate glvln& arnpl￿Ylns our work and creatlng exceptSonal value and Impact. Artlstlc DireLtor Mlchael Longhur5tand Executlve Dlrertor Henny Finch have led the organ15atlon slnce 2019 brlnging avlbrant and inclusive new creatlve strategy, foregroundln8 participatlon. esrabllshlng paitner5hlps and tourlng the UK and Internatoonally. Our m1551on 15 to.. Make thrSlllngi unm1553blé theatre that helps u5 understand how the world Is and Imaglne how It mlEht be. Our work Is ambltlOU5, relevant and dlverse: a balance of new plays, mu5ica15 and lelmagined cla551cs, told wlth theatrlcal flalr and an open heart. Inv•$t In talent and sk1115 among under-represented groups. for ourselve5 and the sector. Artlstsiralned by Donmar go on to run malorvenues and make workaround the world. Fostera 1lfe.long wnnectlon to lh• arts In our local communlty. We've Increased Investment In communlty. particlpatory anil schools work by 77% 51nee 18119, worklng closely wlth local authority partners communlty groups and schools. Central to our vlslon are large scale partlclpatory proletts In whlch communlty members perfoTrn along51de profe5slonal art15ts. Dr5ve sector thange as an Incubatorof Ideas, leadlng the sertorfs creatfve approach to envlronmental sustaln3blllty vla our Cllmate Dramaturgy project. Welcome a broad range of peoplethrough our doors and take our workfar and wlde through a£￿ssIbIlIty programmes and taking our stage and comrnunlty work around the UK. All Durworkls underplnned by a deep commltment to •qualStVi dlverslty & In¢luslon. Thlsyear, we have dellvered a£alnst these oblectlves In thefollowlng ways.. Make thrlllln& unmlssabletheatre Mlchael's artlstlc vlslon Is courageous and Incluslve, platfoimlng plecesthatta£kle the conce¥ns of ourcommunltles-disability, race, Immigration and cllmate lustlce, created by dlverse artists. Thls new progr3rnrne wa5 only lust underway when Covld closed thetheatre, but hlghllghts Include ourmulti<ast Constellorlons Iollvier Award Best Revlval 20221,'a short, sharp, smart hlt of flrst-da55 drama IEvenlng Standard), playlnE to 60,orK) people. Quallty Is assured by rlEorous audlence* peer and self-assessmeTht, sup￿rted by our Assodate Aftlst5, Freelance Councll and People's Panel.

Donmar Warehouse Projects Llmited Trust￿. report fortheyearended 31 March 20221ctsntlnuedJ Theyear's projects were- Con$iellatlons In co-productlon with Eleanor Uoyd Productlon5 and Wessex Grove, we presented a re￿Val of Mlch3el Longhursvs acclalrned production of Constelltstlon5 by Nlck Payne, at the Vaudeville Theatre thewest End. Thi5 rnodeFn classlc play.ls a two-hander about love through the multlverse, and the 2022 productlon featured four hlgh profile casts aLT0$5 the run.. Shella Atlm & IvanTho Jeremlah, Peter Capaldl & Zoé Wanamaker, Omarl Dougla5 & Russell Tovey and Anna Maxwell Martln & Chr15 0'Dowd. The productlon was a critlcal and financlal succe55, and re￿IVed two Ollvler Awards, for Shella Atirn a5 Best Actress and the award for Best Revlval. Search Party Followlng closure for bulldlng refurblshment, the Donmar theatre reopened reopened wlth a week long run of Inua Enamg Search Purty. Perforrned by Ellams, this ?udience-led poetry show changed every nlght based on PTOrnPts provlded by those attendlng.The show was energetlc and vlbrant, bringing newand dlverse aud￿en￿s1￿tOthe spa￿and flllingthe newly refltted bars and front of house space5. Love and oiherArts ofvloltrnce This play w85 the flrst of Michael Longhurst's commls51ons to be presented at the Donrnar. Wrltten by Cordelia Lynn and dlretted by Elayce Ismall, the plece follows a younE couple, a poet a physlclst, whose relatlonshlp struggles to survlve the rI51ng fasdst reglme and a cycle of Inherlted trauma. The play iepresented the Dollmarfs ongolng commltment to new wrltlng and plattormlng bold, thallenElng WOTk that refieL%S the world we Ilve In today. Force Maleure TIM Prlce's adoptation of Ruben Ostlund's darkly comlc scfeenplay was dlrected by Mlchael Longhur5t over Chrlstmas 2021. With a cast led by Rory Klnnear and Lynd5ey Marshal, the Donmar st8Be was turned into a funrtlonlng skl slope, a5 audIen￿S were tr3n5POTted to the Frenth Alp& Sales were st¥on& and desplte a productlon period h[￿dered by breakthrough COVID cases, posltlve not1￿$ and word of mouth meant that Force Mojeure was a hotfe5tlve tlcket and a huge hit wlth aUdIen￿S. Henryv Donrnar A5soclate Dlrector Maxwebster dlre¢ted Klt Harlngton In a tlmely and audaciou5 newverslon of Shakespeard5 Henry V. The productlon focused on Henry as a populist and chaii5matlc leader, speaking dlrecrly to the political climate of modern Europe and our relatlonshlp with the contlnent. The technltal rehearsal and prevlew pellod was unfortunately beset wlth further COVID case5, but wlth stron8 leadership from Max and ￿t, the productlon came together spectacular fashion and recelved crltlcal acclalm, achlemng 94% of flnanclal capaclty for the run. The show was also broadcast as part of the NT Llve prograrnme In Aprtl 2022, reaching audlen¢es around theworld and fulfllllng our ambltion to share our work beyond London. 2. Invest In taltrnt and skllls We invest In talentand skllls deVeloprr￿ntto support the sector to rebulld post Covld.The pllotyearof ourflagshlp pro8ramme CATALYST supported 12 people from underrepresented background5 to entei the arts workforce via pald tralnlng and secondments. CATALYST gove emerglng ortlsts Ilke me occess to o world where doors used to be shut. I cun't express how grotefvll om'Jamle Lu, Henryvtralnee The CATALYST prograrnme supported 9 creatfve a5slstarts on Constello￿On$, FO￿ Mojeure and Henry V, who were mentored by Industry leadlng creatlves and a Talent Development Manager. a new role for the or8anisatlon. 3 admlnlstrative tralnees commenced 12 month contracts worklng wlth the Developmen¢ Partlclpatlon ard Operations teams, wlth the pro8Ta¥nme delivered In partnershlp wlth Creatlve Access. We've doubl& ourrenowned ResldentA5515tant Dlrector stheme whlchtralnsArtlstlc Dlrector5'. alumnl Include Rolsln McBrlnn IAD, Clean Break), Lynette Unton IAD, 8ushl, Rupert Goold IAD, Alrneldal. Our Partlclpatlon tearn dellvered our work experlence programme, Pathways, wlth 31 young people from across London. A5 the Donmar commlts to commissionlng more new wrlters, our talent development work expands to our prograrnme5 wlth voung people, wlth LOCAL Young Writers belng Introduced to 5UPPOrt 17 young people, aged 16-19, receive tralnlng and mentorshlpfrom leadlng wrlters.

Donmar Warehouse Projects Llmited Trustee5' report forthe yearended 31 March 2022 fcontlnuedj Fo$ier a15felong(onneEtlon to the arts In our local communlty In response to local need, we've made work wlth schools and cornmunltles central to ourv1510n'. Westmlnster & Camden have hlghly dlverse populatlons and wealth Inequallty wlth area5 of affluence alonE51de slgnlficant deprlvatlon. 43% of all chlldren In Carnden and 42% of all chlldren In Westmlnster Ilve In poverty once housing costs are accounted for. ICamdenlWestmln5ter counclls 20221. We prlorltlse worklng with schools wlth hlgher than London avera£e free school meal ratlo & EALstudent5. A slgnificant decllneln engagement wlth arts subletts at secondary school level. Chlldren lfvlng In poverty are le55 Ilkely to experlence the arts outslde school. .Falllng Investment In young people.. Westmin5t& has reduced youth seNlces budgets by 97% and Camden by 18% sfjn￿ 11112. We work wlth Camden CounciV5 Culiural Learnlng Partnershlp to support young people who experien￿ physlcal, soclal and economlc barrlers to taklng part. Partlclpatlon In our project5 SUPPOrts personal development and wellbeln& develops confidence, develops sk1115 and embeds intere5r In careers In the sector. Durlng cO￿d we worked wlth our local communlty to platform storfes they feltwere ImportanL reachlng over 20k people wlth projects about yovn8 people'g mental health. climate and raaal inlu5tl¢e. We opened our slte to Holborn Communlty A$s￿latIon and toured TeenogeDlckto IOOOyoung people in localschools. As a result of l¢cal authorlty partner5hlpsdeepened durlng the pandemlfj we doubled the proportlon of our schoo15 work dellvered locallyv5 In wlder London. Wlth our cornmltment to platform local young peoplés volces we have expanded our Donmar LOCAL strand, wlth the announ￿mentand developmentof ourflrst large-scale LOCAL production, TheTrlals, we delivered a pro£ramme of workshops in cornrnunltles and schools to recrult young people to lead the production. We also Introduced LOCAL Resldencle5, worklng wlth local community organlsatlons to co-create work wlthyouThg people In our home boroughs. Proletts thls year were.. Teenage Dlck ￿001sT0￿r toured to 7 schools, engaglThg 957 young people In 5choolswho had a hlstorlcal lack of engagement wlth the Donmar and Its partlclpatory programme Take the Stage, ou¥ flagshlp devising pro£ramme for young people, was dellvered wlth 9 schoo15 and 165 young people partlclpatlng Schools Performance Programme alongside Love und OtherAtts of Vlolence, For￿ Mujeure and Henry V, engaged 1306 young people from $2 schoo15 The Trials engagement and recruitrnent pha￿ engaged 1327 young people frorn across London, ahead of the produulon belng PTe5ented In August 2022. 4. Drlve sector thange asan Incubaforof Idea5 202922 Saw us begln an 18 month research project deslEned to lead the sector's creatlve apwoach to envlronrnentsl SU5tainablllty.' Cllmate Conversations. Curated by our A5s0clate Artist Zoe Svendsen Idlrector and academlc In Drzrna and Performance atthe Unlverslty of Cambridgel, Cllmate Conversation5 alms to bulld on the Industry's exlsting loglstlcs-focussed SU5talnablllty resource5 by asklng a new que5tlon-. how can we change the artlstic mindset7 We belleve this Is a key, mlsslng plece of the puzzle. We are researthlng the most effective changes any theatre can make to support a lonE-term shift in the creative pr¢xess and artistlc mlndset5. Alongside publlc engagement actI￿ty, we have been runnlng 'lmaginlng otherwls workshops wlth freelan￿ artlsts and In-house staff, and trialllng new'cllmate DrarnatUr￿ Interventions In our production5, to see what interventlons have the rn05t Impactful outcome5. Thls research Is contlnuln8 Into the first half of 202¥23. Thereafterwe wlll evaluate and share our recommendatlons wlth LTC peersand the wlder industry, offerlng a case studyto be Included Inthe Theatre G￿en Book.

Donmar Warehouse Projects Llmited Trustees, report forthe year ended 31 March 2022 {contlnuedJ 5. Wèlcome a broad r4n8e of people through our doors Followln£ a successful run of Constellatlon5 In the Vaudevllle theatre, wlth audience5 of 60,000 In one of the first shows to reopen In the West End, we were delighted to finally open the Donrnar'5 door5 a@aln In September 2021. Tlcket sales have been challenglng for all theatres post-pandemlc, and at the Donmar we have seen a definlte change In aUdIen￿ booklng behavlour with a reductlon In advan￿ bookings at the polnt of on-sale. Audiences are booklng later, whlch mean5 we have had to adlu5t our marketlng campaign5 balanclng the need for awareness drlvlng and conver51on throughout the run, whlch h1stor1￿lIY has not been the pattern forthe Donmar. We have seen an Increase In new audIen￿$ booklng 3t the Donmarthls yearhowever- In partlcular. 49% of booker5 for Henry V were new to the Donmar, which dÈmon5trates the Impact of rnarketlng actlvltles 3nd beneflts of strong castlnglprograrnmlng. We have also conslstently achleved natlonal medla coverage wlth artors appearlng across hlgh woflle br03dca5t and prlnt medla. Our soclal medla accounts have grown In follower5 wlth 28,WO followe¥s on Facebool 109,40D on Twltter and 39,7¢J) followers on Instagiam. In January we Invested In a new In-house Dlgltal Content Producer role to Improve the quallty and quantlty of dlgital content produced as part of rnarketlng actlvltles, as part of the learnln£ from the impact of Inc¥eased dlgital work during the pandemlc. In partnership wlth ENO, we are re￿ewIng our aUdIen￿ data capture and Inslght strategles to better understand who Is attendlng our productlons and measure the effect4vene5s and ROI of our marketlnE campal8ns. We have begun to pllot new way5 of capturlnE audlence dat< conslderlng howto engage both dlgltally and In per50n. We partnered wlth Inc Arts to revlew our recrultment pollde5 and launched posttlve actlon tralneeshlps wlth 100% of these roles dellvered by global malorlty people. We recrulted a senlor Inclusion role to embed change, traln staff and monltor progress. Slnce 2019, we've Increased access to our work by transferring shows regula¥ly Into the West End, tourlng natIOnv￿de, to schools & presentlng work dlgltaltv. We're tommltted to reachlng the wldest posslble audIen￿5 for our work and ensurlng tlcket prlces aren't a b3rrler.' our Young+Free ticket scheme ￿Ve$ over 4(K)O free tkket5/yearto audlences aged 26 and under; our Donmar Dally scheme makes 3500 tlckets avallable to new and younger audlences startlng at £10. Supported by sponsors, we gave 750 free tlckets to NHS workers In 21-22. Priorto the pandemlc we welcomed 100,000 audlences a yearfor Six productlons annually.. core audiences are predomlnantly London based Itop postcodes N and SWI, but wlth our reputation and locatlon wdre also a key de5tlnatlon for tourlsts, and our work onllne and In cinernas has a global presence, projects Includlng Constellutlons, Corlolr4nu5, Mldnlght Your firne and Assembly. wlth 679k vlew5 In 20-22. Our theatre refurblshrnent and iestructurlng of operations has allowed us to take fvll ownershlp of our bullding. brinElng all roles Into our direcr employment, slgnlficantty Improvlng acce5slbllity for audlences by creating street level acce55 and Improvlng our lift, and openlng our space for communlty use. We installed baby change.unlts and hearlng loop systems. We have expanded our ac￿SS offer on all produrtlons, meanlng that every production run now offer5 a BSL, audlo descrlbed and captloned performance. We offer touch tourspre show and vlsual storyboard5when approprlate. We have begun preparatlon5 to offer relaxed performances In our5ea50ns. We're sector leaders In Incluslve audlo de5crlpiloTh we contlnue to work In partner5hlp with v￿alEyeS & Royal Hollowav Univer51ty slnce 2019 to brifig together audlences, artist5 and Industry partner5 to develop new ways to fadlltate audlo de5crlptlons, and ensurfng that audio descrlptlon reflects the dlveislty of our work and audiences. Thls pllot has resulted In a new model of best practice dlssemlnated acr05S the 5ettOr.

Donmar Warehouse Projects Limited Trustots, report forthe year ended 31 March 2022 fcontlnued) Equallty, dlverslty & Inclu$lon We continued to Invest In artlstic leader5hlp, worklng wlth our dlverse team of A550¢1ate Artlsts.. Joan lyiola, Zoè Svend5en. Prasanna Puwanaralah, Sach3 Wares and Max Webste. They are each leadlng artlsts In thelr flelds and have supported our artlstic plannln& challenged our a5sumptlons, and provoked us to conslder new artlsts, newformsdnd new mode15 of worklng. We tommlssloned 8 WTiters to further expand and contlnue to d￿ersIfy the comm1551onlryg slate: Sonall Bhattacharyya, Gurpreet Kaur Bhattl, 5shy Dln, Ella Hick50n, Isley Lynn, Brutr Norrls and Alexandra Wood. We currentlyhave 15commi55ioned wrtt5. Our partnershlp wlth Theatre Royal Haymarket spedflcally supports two wrlters wlth protected characteristics. We entered Into an In¢Arts ally partnershlp and worked c105ely wlth them on afitl-radsm tralnin& recrultment strategle5 and In developlng a renewed Inclusivity Bnd Relevance Plan. In 2021122 after a perlod of furlough and theatre closure we brought our team back to full numbers. We contlnue to make slgnlflcant step5 to diverslfy our workforce and have achieved our target of 20% global malorlty staff by 2022, reachlng 27% global malo¥lty and Il% dlsabled staff. We ueated 3 positive actlon tralneeships for admlnlstratlve roles and 11 creatlve tralTreeship5, whlch provlded new routes Into the workforce for global malorlty candldates. Havln£ taken over the operatlon of the theatre we now directly employ front of house and produrtlon staff. We worked wlth Inc Art5 to develop ou¥ antl raclsm and Incluslon work and we are seeklngto expand thls work and tralnlng further by brlnglnÉ an anti-raclsrn 5peclallst to lead th15 wcrk In house from 2022. We are Investlngln and expandlnE our staff tralnlng programme nowthe team have returned to the workplace, beglnnlng wlth all staff stratew away days and all staff antl-raclsm workshops. Thls wlll be expanded furthei In response to staff need5. To support well-being we have an Employee Asslstance Pro8ramme, a counselllng 5UPPOrt servlce available to all staff, 24 hr5 per day, to provide 5UPPOrt and guldance. We rec¥ulted a General Manager who slts ON the Senlor Managernent Team and Is the organlsztlonal HR lead. Addltionally we have a HR consultant who offers 1- I diop sesslons each rnonth for staff to book and attend confidentlally. Themes of these sesslons are reported to the General Manager and Executlve Team. Havlng supported an Industry wlde Freelancer Ta$kfOr￿ In 2020 we launched our own fleelan￿ councll made up of 7 people from varlou5 backgrounds and dlsclpllnes, chalred by a board member. The group meet5 quarterly and feed5 In on organlsatlonal Culture and speclflc prokct& Members are pald for thelr tlrne to attend sesslon SustslnabllSty We are four months Into our Cllmate Conversatlons researth project, led by Zoe Svend5en and are wor*Jn£ to review the membeTshlp and mlssion of our Enwlronmental Actlon group. We plan to launch a refTe5hed verslon of the cornrnlttee Summer 2022, to alÉgn with our production of THE TRIALS, to ensure all of our learning from the productlon. Insplred by the Theztre Green BOOK Is captured, evaluated and put Intoartlon forfuture productions- alon8sldeaS1 of ourwider organlsatlonal work In Clirn3te Dramaturgy and changlng the 'artlstic mindset,. Thls Is also an ifflportant moment as we -for the first time- Integrate ourtheatre operatlon5 Into all of our 5UStainablllry ambitlon5.

Donmar Warehouse Projects Llmlted Trustee5' report lortheyearended 31 March 2022 {contlnuedJ Flnanclal Revlew The DonmaT'5 £6.Om revenue12020121.. £6.Oml Is prlndpally drawn from fvndralsln& ￿.7M(2020￿1- £4.3ml, producrlon Income £1.5m12020121.. £0.3ml, support of the Art5 Councll Including Cultural Recovery Fund, £l.Im12020121- £0.8ml, use of the Coronavlrus Job Retentloll Scheme £O.Om12020121.. £0.4ml and tradlne Income, £0.7rn12020121.' £0.2rnl. Total income 15 flat on the prlor year due to an increase In produrtion Income offset by the ieducrlon In capltal works fundralslng. Productlon Income wa5 UP postcovld closure ￿th four Production In theyear veTSU5 one In 2020DI. Fundralslng was down 37% however this was malnly due to the completlon of the capltal works fvndra151ne of £2.4m Iwithout thls capital Income, Development Income would be up 44%). The Donmar recelved Government support In the yearthrough the Cultural Recovery Fund £0.6m12020121 .. £0.3ml and the Coronavirus Job Retention Scheme of EO.03m12020121 '. £0.4ml. The Donmar remalns cornrnltted to Inve5tlng a5 much of It5 Incorne as posslble In the work It produce5 on the stage whllst offerln8 acees5ibllity and value for Its 5UPPOrters and for the publlc money we recelve, and thls year, post Covld closure5, we were ableto re-opentheTheatreforfour Productlon5 Intheyear. Direct productlon expenditurewasE3.0rn12020121- £1.Oml, accountlngfor 51% of total expendltuie and exceeded box offi￿ revenue by over £2.Om. Our publ1¢ subsidy accounted for 9% of total Income, relatively low amongst peer5. The other key expendlture area Is staff and personnel (permanent staff headcount-. 52, 2020121.. 381 whSch Is £1,9rn12020121: £1.6rnl, equailn8 to 33% of our total Eeneral expendlture12020121.. 46%). Whlle we are 5tlll feellng the Impacts of Cov1￿ wlth lowerthan n¢Ymal ticket sales, the slow increase In costs durlng the restart, tIght￿ managed produrtlon costs and the seat narnlng campalgn allowed u5 to show a net proflt of £0.2m12020121.. £2.6m with Included Q.4m of Capltal Donatlonsl. Thls profit wlll help bolster our current reserve posltlon Ipage 10 and ill, and help the manaEement te3rn to mltlgate the on-going Impact of the Covld pandemlc and help the Donmar to contlnue to work towards a sustalnable model. FundTa151ng Total fundralslng Income was £2.7m 145% of total Income) 12020121.. £4.3m Incl £2.4m capltal fundralslngl, whlch was prlnclpally incornefrom Indlvldualsat £1.6m12020121.. £1.2ml, commefcialtradlng operatlon5 Icorporate spon50r5hlpl, £0.5m 12020121- £0.5ml and £0.3rn In revenue frorn Trusts and Foundations12020121.. £0.2ml. It also Includes £0.4m In donatlon5 toward the Capital Works12020121.. £2.4ml. Covld continued to P￿Sent challenge5tofunilralsln& crucially in terms of generating new Iwsiness a5 we were not able to host events or cultlvate new Contacts. In 5Plte of thls a strong 5ea50n announcement In the summer 2021 led to a surge In rnembershlp sales and from Sept 21 onward5 we were able to once agaln dellver h05pltallty event5 to corporate partners and Inslght event5 to our supporters. Overall, membershlp numbers remalned stable across all levels, and beneflt usage (often an Indlcator of renewal Ilkellhoodl, was boosted by the popularlty of shows Ilke Force Maleure and Henry V. The latter was also a focus of fundralslng effi)rt5 In the shape of productlon supporL whlch dellvered In the re8lon of £200k lacross Indlvldual Givlng and T&F l and enabled the team to forge new relatlonshlp5, and Strengthen exlstirg ones. Addltlonally a seat namlngcampalgn wa51aunched, ralsing around E220k ln unre5trlcted revenuet05UPPOrt our recoveryfrom the pandemlc. Our maln corporate partners contlnued thelr SUPPQTt a5 per exlstlng contract4 and we were able to successfully recru￿ new corporate partner5 thanks to new Introductlons by the Development Board. T&F performance wa5 Strong, wlth a new fijnder commltting to a multl-year donatlon at £60k per year. The Development Board contlnued to grow and support fundralslng efforts wlth frultful Introductlons.

Donmar Warehouse Projects Llmlted Yrustee5' report forthe year ended 31 Mar¢h 20221(ortlnuedl Fundralsln£ dlsclosures The Donmar fundraislng tearn ralses funds prlmarlly through offerlng a range of membershlp package5 whlch ale supported by beneffts and 5pecia115t events, securing donations whlch are typlcally Ilnked to a speclfic actIv￿¥ le.g. production 5UPPOrtI, grants from trust and foundatlons, and through corporate sponsorshlp agreements. The Donrnar does not engage any profe55ional thlrd-party fundrai5er5 to rnake approaches to indlvlduals on our behalf or Involve commerclal partlclpators. All dlrect marketlng Is undertaken by the fundraising department to en5UTe that It Is not unre350n3bly Intruslve or per51stent. Aslde from current members who receive regular updates via post and emalS to ensure that they can make the most of membershlp benefit5, COnt3ctlsmadethrough directmarketlngatthe time of ourprogrammingannouncementi usually twl per year. All marketing rnaterlal contalns dear instructlons on how a person can be removed from malllnE Ilsts. The Donrnar is GDPR compllant and our fundralslng team, 5enlor staff and volunteers adhere to the Fundra151ng Codes of Conduct and Standards of Research as lald out by the Fundralslng Regulator. We have an Ethic5 PoliLy In place. Thls covers ethlcal fundraising practice and proce55. It Is endorsed by our board, and overseen by the Ethlcs and Reputation Commlttee. Tkn￿e have been no complalnts about our fundrai51ng act5￿￿ thi5 year. Th•atre Redevelopment Project The Theatre successfully dellvered Its reduced refurblshment project achlewng Practlcal CoMpl￿10n on 23 july 2021. The works Initially focused on the replacement of e5sentlal mechanical and elecrrlol systems past the end of their economlc Ilfe Includlng wholes¢ale replacement of the rooftop plant,. and Accesslblllty Improvernents Includlng street level a¢￿sS and ramp and a new evaeuatlon Ilft with wider door access. With conilnued succe55 in fundralsln& Increased certalnty over the reopenlng programme and a wllllng and constructive bullder on site, the Board approved an additlonal package of work5 In Ma¥¢h 2021 that has had a slgnlficant irnpact on audlences and art15t5 slnce our reopening In September 2021. Thls Included an enhancemeht of the existin8 WC provlslon Including a full cosmetlc refit.. and a full refurblshrnent of the front of house Includlng ratlonallslng Internal layouts. dOO￿ayS and slghtllnes tofurther improve Access. DurlnE August 2021 we dellvered a programme of cllent dlrert works Sncludlng new bar5, box offlce, ￿rPet and palntlng,'works to the stage, technlcal grld, and back of house to address the lack of malntenance work over the last four year5,. repla￿ment of the ccrv, the entire IT system Includlng WIFI APS, and all whlte goods and systems from the front of house bars and box offi￿. As wlth the orlElnal scope. Mechaftlcal and Electrlcal works reflects a slgnltlcant part of the overall project cost of ￿.5M but wlll enable extended lifetime of the bulldlng 35 a whole. The ambition forthe bulldlng to be rnore accesslble Ilncludlng broader communlty engagernentl and sustalnable has been achleved through thi5 project.

Donmar Warehouse Projects Llmlted Trustee5' report forth8 year ended 31 Marth 20221contlnuedJ Flnonclal Vlablllty Thefinanclal vlabllltyof the Donmar Is overseen by the AudlL Finance and Rlsk IAF&RI Commlttee. The commlttee versees and evaluates the monthly flnandal tlgure5 for the or8anlsatlon, led by the Executlve Dlrector (EDI and the Dlrector of Flnance IDOFI. The AF&R reports to the Board and the Board h35 final sl£n off on the annual budget. The Board appolnts extern31 audltors, and cornrn15slons and considers reports as necessary, an3￿5[￿8 rlsks ralsed throuEh these Pro￿$Se$. The key flnandal rlsks to the Donmar Include Covld - 19 contlnue5 to Impact the Donmar wkh actor and staff Illness iesultln8 In cancellatlon of planned performances and105t Income of £0.2m, The Donmar's app11eatio￿ for the Arts Councll En￿anrfS Natlonal Portfollo Organlsatlon5 INPOI grant fundlng for flnanclal years startlnE 2023 to 2026was submltted In June 2022 and whlle thls grant only makes up 9%of ourannual Incorne th15 would stlll create a slgnlficant Ios5 of Income should fundlng be rernoved or reduced. The outcome of thls funding wlll be known in OLtober 2022, Hlgh Inflation and the current C05t of Ilvlng Increases arelmpactlng both the Donrnarfs cost base aswell as tlcket5ale$ by pushlng up all costs and reduclngthe amountof dlsposable income for customer5, and, Theatre Tax Rellef whlch, whlle we are not aware of any current d15cussions regardlng changes to the tax rellef, Temalns a rlsk Whllethe management team and the AF&R contlnue to revlew, adapt and respond to these rlsks should these Inflows change materlallyor5tOPJ thls would Ilkely necessltate a changeto our operatlng model and Impacrthe quality oftheworkwe produ and our publ1¢ benefit. To help mltlgate thls rlsk the Donrnar has dfverslfied Its Income streams by rentlng out office and residential space at Dryden street and by e*ga£lng wlth Comrnerclal partTher5. Thls helps to lessen the Donmarfs dependence on fundralsln& and where posslble the Donmar contlnuesto lookfor 5trucrural ways to reduce the In-year rlsk associated wlth fundralsipg Income, and irnplements carefvl performance and c05t management to bulld resilience for future years. We have set a reserves pollcyto hold a sufficientamount In the rlsk re5eive tOSUPPOrt the organlsatlon to transition to a new operatlng model In the event these Income stfearns are affected, The managementteam contlnuesto tlghtlymanagelts reduced costs base and expendlture15 rnanaged acr05S the organlsatlon through structured meeting5 between budget holders and the Flnance department on a monthly basls. The revlewed figure5 are then ¢onsldered by the Dlrector of FInan￿ IDOFI 3nd reported monthly to the Executive Dlrector 3nd the Artlstlc Dlrertor. Budgets have bullt-ln contingencles and there 15 an overall organlsatlonal mntinBency each finallclal year, managed by the Executlve Director. Organlsation3lly, the budget5 are overseen by the Executive Director and managed by the HOF and senlor managernent team w4th the Dlrector of Development leadlng on the malorlty of Income generatlon and the Senlor Producer leadlng on the malorlty of expendlture on the productlons.

Donmar Warehouse Projects Llmited Tru5tees' report forihe year ended 31 March 2022 {cofttlnuedJ Goln% concern TheTrustees have revlewed the Charltvsflnanclal vlabllityas part of thelrnormal revlew process. Adetalled 12-month budget. updated monthly, and 4-ye3r plan, updated quarterly, support thls performance a55ertlon. Key rlsks, a5 identlfled on page 9. are monltored and mltl8atlon step5 Put In place. The Ilquldlty provided by the reserve155et to provlde sufficlent supportwhere mitigating 5reps onnot ellrninate rlsks and the current level15 consldeied approprlate to support a golngconcern status. TheTrustees continue to glve partlcular conslderatlon to the effert of Covld-19, revlewlng the Impact of the pandemlc on the organls3tion'5 ongolng fore£a5ts and projections to ensure th3t the oreanlsatlon rernalns financially viable. When reviewed In September 2022, It was noted that Covld-19 productlon cancellation5 a￿d lower than normal tlcket 5ale5 contlnue to lrnpart the Donmar. Whlle Production Incorne Is lowerthan forecast the Increased TheatreT3x Rellef and work done by managernent to diversify the Donmarfs revenue stream5 has n￿ated the full Impact of thi5. Development Income has Increased and contlnues to dellver good value for the organisaflon and the management team contlnue to review and where appioprlate lrnplement cost saMn8 Inltlatlves In order to achleve fvrthersustalnabllltv. In October 2022, the Donmar re￿IVed notlflcatlon that It'sArts Councll FundSn8 w35 not to be renewed past 2023124. Th15 wlll leave an annual £0.5m gap In Income17% of forecastl, howeveT the Donmar expects to receive 50Tne transltional fundlngto fill the gap and thls along wlth resetves wlll ensure the Donmar remalns a golng concern whlle changes are made to the srrategv and stNCture to accommoilate thi5 income loss. At the end of Ortober 2022, the Donmar Warehouse had cash of £3.9m and the balance Sheet at the end of August 2022 showed fixed asset5 of £IU.Im and cash reserve5 of £3.4m I£0.2m restrlctedl. Cashflow forecasts showcash dropplng down to It5 lowest polnt of £3.2m Ilndudlng restrlcted reserve5 of EO.2ml over the next 12 months. The Board rernaln satlsfled that Donmar Warehouse wlll contlnue to be a golng concern for the 12 months from date of slgnlng and ihe accounts have been prepared In the knowledge that Donmar Warehouse Projects Llm5ted Is a flnanclalty vlable organlsatlon. Re5eNes PolScy and Rlsk Management The Trustees conslder the risks to the charity at each quarterly Board meeting and ensure that SV5tems and procedures are established to mltlgate the risks Identified. At each meeting the Board also reviews the latest Rlsk Re£lster prepared by the Executlve whlch outllne5 the production related rlsks Includlng health and safety as well as finandal, reputatlonal and strateglc rlsks. The Trustees conslder the Covld-19 pandernlc, NPO application and the rellan￿ on fundrai5ifig 25 the major short to medium term rlsks to the charlty. The Covld-19 pandemlc contlnues to Impact the planned performances. Wlth Illness and testlng re5ultlng In ￿ncelled performance5. Loss of NPO funding would result In a 9%105s In Income. The Donmarfs rellance on fundraislng income remalns an on-golng rlsk due to potential donor fatl8ue and dec51ne In mernbershlps. These T15ks are rellected In the Investment Inthe Operatlonal R15k Reserve and the Covld Recovery Fund, both of which are dlscussed below. TanBlble Fixed A55et Funds Covld Recovery Fund Bulldlng MalNtenance Fund Creatlve Investment Fund Operatlonal Rlsk Reserve The tangoble flxed a55et fund represents the value of the Donmar's flxed 355ets- the long lease of the Donmar Theatre at Earlham Street, the long lease and c3pltallsed costs of the offlce at Dryden Streel the capltallsed costs of the theatre redevelopment project, and the book value of flxture5 and flttlngs. 10

Donmar Warehouse Projects Limited Trustees, report fortheyearended 31 March 2022 {ttJntlnuedJ Re5eTves pollry and rlsk managemlnt lcontlnuedl The Donmar holds three de51gnated re5erve5.' l. Covld Recov•ry Fund.. The fund was set up to support the Theatre through the Covld pandemlc to 51JPPOrt any operatlonal losses and to allowforworkto corilnuethat may be loss leadlng but would allow the Donmar to continue to dellver Itsartlstlcv151on. Whlle this fund was orlglnallyc105ed by the TTUStee5 at the end of March 2022, duringthe June 2022 Board meetlng a further £50Dk wa5 deslgnated to thls fund for the 2022123 finantlal year. 2. 8ulldln£ Malntenance Fund.. The Donmar retalns 3 reasonable sum wlthln the theatre malntenance fund to cover unbudgeted andlor unln5ured repalrs and malntenance. Yhls fund has been bullt in recent years to reflect the age of some of the theatre Infrastrurture. We expect th15 wlll be spent partlally each year and refilled from surpluses where P05s1ble. Creatlve Investment Fund.. Thls fvnd allows the Donrnar to be able to Invest and respond qulckty to creatlve opportunltles that may arlse, out51de of planned actlvlty, which would enable u5 to extend our reach, malntaln our goa15forlnnovation and ensure sustainability. We antlclpateth15 wlll be Spent overthe nextyear on a sultable ueatlve Inltlatlve. The operatlonal rlsk reserve reflects the rlsk proflle and rlsk reglster of the Donmar. It Is Set at a level that should allow the Donmarto contlnue to operate in the event of a shortFEII In fundraisin& tradlnE Incorne, boxofflce Incorne orArts Councll core grant. The pollLry is to hold at least 25% of forecasr Income for the forthcomlng year or a mlnlmum of £l.25m, whlchever Is hlgher. As atthe 31 March 2022 the operatlonal risk reserve was £3.Om12021- £2.Iml thls 36% above the targeted 25%. 11

Donmar Warehouse Projects Llmited Trusteos, report for thè year ended 31 Ma￿h 2022 I￿ntInued} Restrlcled funds The Donmar hold5 a number of Testricted funds whtch are detslled at page 40-45. The total value of restrlcted fvnds at 31 March 2022 was £155,66012021.. £789,208). Whlle It Is experted that the Covld pandemlc wlll contlnue to draw down on the Donmar's reserves theTrustees are 5atlsfied that sufflclent reserves are currently belng held to get the Donmar through thls perlod. With Steps taken by managernent to reduce the impact of Covld,thefuture support of the charlV5 grant aldlng bodles and private donor5, we Intend to Sustain our r15k reserve at a mlnlmum of 25% of our annual revenue. Publlc Benèfftt Despite the year's closure, the Donrnar has contlnued to Insplre aUdIen￿$, gr¢)w skills and nuiture youn8 people by.. Maklng Inclu51ve, relevan¢ world-class WOTkthat thrllls audtences In our 251 seat theatre and onllne Ernployl#gtalented and diverse creatlve teams and acting Companles Investlng In ski115 development and training to grow a dlverse and highly skllled workfoice for the theatre sector Widenlng audIen￿5 uslng digital technoloev Malntalnlng access through captloned, audlo de5ciibed and touch tour performances Broadenlng and dlversifylng our audlences and workforce Playlng an attlve role In our communlty, worklnE wlth schools and local young people from dlsadvantaged backgrounds. Looking autslde our company and conslderlng the Impart of our buslness, wlth the alrn of achlevlng a greener understandlng of how a su5talnable, efflclent theatre can operate and add value to our communlty Malntain financial 5tablllty and value for moneyfor ourfunders. wh115t keeplng tlcket prices low In plannln£ the actlvlties of the charlty the Trustees have glven due regard to the Charlty Commlsslon's Euldance on publlc benetit and, In parrfcular, the specific guldance for fee charglng charltie5. As mentloned above the Trustees belleve that the activitle5 of the charlty In the year conftrm Its ablllty to provlde current and on-golng benefit to the publ1¢. FutUTe PIBn5 2022n3 A Dolvs House, Port 2- US playwrlght Lucas Mnath's Tony Award-nomlnated sequel to the Ibsen da551c, dlrected by James Macdon31d Bnd 5tarrlne Ollvler Award winner Noma Dumezwenl110 June- 06 Au814St 20221 a5 Nora Helmer The Trlols- a searln8 new play by Dawn Klngfocuslng on the climate Crlsls, featurlng a mixed cast of non-professional voung people recrulted from around London along4de profe551onal actors112- 27 Aug4J5t 20221 Sllence - a co-productlon ¥￿th Tara Theatre, thi5 adaptatlon of Kavlta Puri'5 Partltlon Vokes.. Untold Brlush Storles tommemorates the 75th annfversary of the Partltion of Indla and uses personal testlmonlals to explore our shared hlstory101- 17 Septembw 20221 The Bonds Vlslt - Davld Yazbek and Itamar Mose¥ acclairned muslcal, wlnner of 10 Tony Awards, wlll make its European premlère at the Donmar, dlrected by Mlchael Longhurst, the flrst rnuslcal of hls tenure a5 Artlstlc Dlrector 124 September- 03 December 20221 Wotch on the Rhine - Lllllan Hellman's masterpiece polltlcal thrlller 15 glven a tlmety revival by dlrector Ellen M¢Dougall, wlth a cast includlng Patrlcla Hodge and Caltlln FltzGerald19 Decernber 2022-4 February 20231 Trouble ffn Butetown- wlnner of the Theatre Royal Haymarket Wrlters Award and the George Devlne Award, thls world premlere by Diana Nneka Atuona Is dlrectsd by Tinuke Cralg Ilo February- 25 March 20231 12

Donmar Warehouse Projects Llmlted Trustee5' report fortheyearended 31 March 2022 {contlnuedJ The Exe£utSve and staff The Execuilve comprlses the ArtlStlc Dlrector and Executive Director, who are both lolnt Chlef Executlves. The Executive 15 supported by a team of 39 full ￿me and part tlme employees Includlng a Senlor Management Team of 10. The Executive and 5MT meet weekly to plan the dellvery of actlvlty, report on progress a£alnst organls3tlonal KPIS and dlscu55 Staff welfare and culture. AlonBslde our core staff we have a team of Artlstlc Assoclates and a Freelance Councll. The Donmar Is cornrnltted to paylng Its employee5 a falr salary that Is competitive wlthln Its Industry and for the complexlty of the role. In determlnlngthe rlght level of pay the Donmar has a femuneratlon and bonus pollcy, detalled appra15al process and regularly revlews and benchmarks the pzy, beneflts and total compensation. The Governance, Nomlnatlons and Remuneratlon cornrnittee Is responslble for revlewlng and benchmarklng the pay of the Executive team and the Exe¢utlve15 responsible for revlewlng and benchmarking the pay of the Senlor Managernent team. Board of Dlrértors The Board of Director5metfourtlmesln 202V22for5cheduled meetlng5 and0n￿ foran exrraordlnarymeeting. The Dlrectors of the company are 3150 Trustees forthe purpose of chafity law. The board 5upervlse5 the attlvltles of the charlty with day to day activity delegated to the Executive and Senlor ManaEement. Donmar Warehouse Projects Llmlted Is a company Ilmlted bv Euarantee and not havlng share capltal. The followlng Dliectors have held office SIn￿ l Aprll 2021 Adam KenwrlBht Sylvie Bre5sler Ireslgned 17 March 20221 Susan Bostei Slmon Dlngemans Iretlred 17th March 20221 Wllllam Eccle5hare Ina Lee Gerard Lemos CMG Mlchael Longhurst The Lady Lowy Mitchell Iretlred 17th March 20221 Antonia Romeo Tessa R055 C8E (Tessa 5cantleburyl June Sarpong OBE Jonathan 5mlth Thefollowlng Dlrertors were a￿oInted after the year end.. Luclan Msamati lappolnted 21July 20211 Nell Lyndon Marc Blair lappolnted 23 lune 20221 Sarah Kate Carson lappolnted 23 June 20221 johnathan Mark Jebaralan Kanagasoorlarn lappolnted 23 lune 20221 Hannah JaneThompson lappolnted 23 June 20221 Honorary Llfe Presldent.. Roger Wingate 13

Donmar Warehouse Prolects Limited Trustees, report forthoyearended 31 March 1022lcontlnuedl The EKecut6ve and staff Icontlnuedl In addition to the Board, therels a structure of Groups focuslng on key areas of the organlsatlon, whlch feed dIrert￿ Into the Board In an advlsory capadtv- Audlt, Flnance & Operatlons Development Ethlcs & Reputatlon Governance, Nomlnatlons & RemuneTatlon Property The member5hlp of these Groups15 a rnlx of Board members, Executlve, 5MT, and external mernber5 who provlde expert knowled8e on the Group's remlt. The Group5 and Board are admlnlstered by the General Manager, supportlng both the Executlve and theTrustees. Recrultment and Appolntmentof Trustees In November 2021, the board undertook an external governan￿ revlew. An outcome of thls was to complete a slllls audlt and review the makeup of the b¢)ard of Tru5tee& In January we undertook a comprehen51ve tN5tee recrulknent to new trustees to the board byjune 2022. On March 17th 2022 2 member5 retlred, The Lady Lowy Mltchell and Slmon Dlngeman5. The Boaril Is 45% female and 36% global majority, Trustee Inducllon and trdlnlnz New Trustee5 recelve all necessary documentatlon so as to understand thelr legal obllgation5 under charlty and company law. the content of the Memorandum and Arfcles of Assoclatlon, the worklngs of the Board of ManaEement and the d￿lSIon- rnak[r￿ prO￿S$. New trusteesare provlded wlth an Induction bookleL a pollcyhandbookand are brlefed bytheGeneral Manager and Executive. They conne¢r wlth mernbers of the Senlor Management Team where necessary 50 a5 to understand relevant aieas and partlclpate In annual staff and board away day5, Substdlary Donmar Product10Th5 Llrnited 15 a wholly owned trading subsldlary respon51ble for produclne the t)onmals productlons as well as othw commercial actlvltles. The Donmarf5board appolntthe dlrectOTS of DonmarPioductlons ￿Mited whlch comprise board members. The results are consolidated wlthln these accovnts as per note 15. DonmarTheatre Catering Urnlted Is a new wholly owned tradlngsubsldlary that Wa5 set up durfng 2021122 and Is responslble for runnlng the bar and other catertnE acrlvltles In theTheatre, thls company did not trade In the year but is expected to trade In future year& The Donmarfs board appolnt the dlrecrors of Donmar Theatre Caterlns Llrnlted whith compromlse board members. Donmar In The West End Llmlted and Donmar Fllms Llmlted are wholty owned 5ubsldlarles that dld not trade durlryg theyear 119120 no trade). The Donmarfs board appointthe dlrectors of both entltle5 whlch comprom15e board member5. The results of Donmar Theatre Caterlng Llmlted Donmar In The West End and Donmdr Fllms Llmlted are not consolldated under the PTo*islon of sectlon 24.12 of SORP FRS 102 as thelr results are not consldered materlal to the ￿0Up (see note 151. Related partt•s Detalls of related partles a￿ Included In note 25. 14

Donmar Warehouse Projects Llmlted Trustees, responslblllfles statement lorthe yearended 31 March 2022 Trurtees. re5ponslbllltles The Trustees are re5POll51ble for preparlng the Strateglc Report, the Trustees, Report and the flnanclal statements In accordance w￿h appllcable law and reBulatlons. Cornpany law requlrestheTru5tee5 to prepare financlal statementsfor each financial year In accordance with Unlted Klngdorn Generally Accepted Ac£ountlng Pract1￿ Iunlted Kingdom Accountlng Standards and appllcable lawl. Under company law ihe Trustees niust not approve the flnandal Statements unless they are satlsfled that they give a true and falT view of the state of affalrs of the group and charlty and of the Incomlng resources and appllcatlon of resources, Includlng the Income and expenditure, of the group for that perlod. In preparlng these financlal statements, the Trustee5 are requlred to: select 5ultable accountlng policles and then apply them conslstentlv,. makeludgements and accountlnge5tlmates that are reasonable and prudent. state whether appllcable UK Accountlng Standards have been followed, sublectto èny materlal departures dlsclosed and explalned In theflnanclal statement5,' and prepare the financlal statements on the goln8 concern ba51s unless It Is lTrapproprlate to presume that the charlty ￿11 contlnue In bu51ne5S. The Tru5tee5 are responslble for keeplng adequate accountlng records that are suffldent to show and explaln the charltrf5 tian5acrlons and disclose wlth reasonable accuracy at anytlme the flnancial posltlon of the charlty a￿d enable them to ensure that the flnanclal statements comply wlth the Companles Act 2006. They are also responslble for safeEuardlng the asset5 of the charlty and hence for taklng rea50rable 5tepsfor the preventlon and detectlon of fraud and other Irregularltle5. Flnanclalstatements arepubllshed on thecharIt￿$ webslte In accordance wlth le8lslatlon In the Unlted Klngdom govemlngthe preparatlon and d15semlnatlon offinanc1315tatements, which mayvaryfrom legislation In otherlurlsdlrtlons. The malntenance and Integrity of the charltvs webslte is the responslblllty of the trustees. The tru5tee5' responslbility 4150 extends to the ongoing InteErlty of the finzncial Statements contsined thereln. In so far as the TN5tees are aware.. there Is no relevant audlt Infoimatlon of which the char5table cornpanvs audltor Is unaware- and the Trustees have taken all steps that they OUEht to have take￿ to make themselve5 aware of any relevant audlt Inforrnatlon and to establish that the audltor Is aware of that Informatlon, ThlsTrustees' Report, whkh Incorporates the Strate￿¢ Report on page5 1 to 15, was approved on behalf of the board by A Kenwrlght 2022 15

Donmar Warehouse Projects Limlted Independent audltor'5 report to the members ofDonmarWarehouse Prolérts LlmSted Oplnlon on the financlal staiements In OUT oplnloo, the finandal 5tatements'. glve a true and falr vlew of the state of the Charltable Companvs affair5 a5 at 31 March 2022 and of the Charitable Companrf5 Inccffilng resource5 and appllcatlon of Tesource5for the year then eNded- have been proper￿ prepared In accordano wlth Unlted Kbngdom Generally Accepted Accountlng Practl¢e- and have been prepared In accordance with the requlrement5 of the Companle5 Act 2Q)6. We have audited the flnanclal staternents of Donmar Warehouse Projects Limlted 1.the Parent Charitable Companl'l and Its subsldlary I'the Group") fo¥ the year ended 31 March 2022 whlch comprlse the Consollilated Statement of Flnancial Actlvlttes lincorporatlng the Income and expendlture account), the Consolidated and Charlty Balance Sheet, the Consolidated Statement of Cash Flow and note5 to the flnancial statements, Including a summary of signiflcant accountlng pollcles. The flnandal reportlnE framework that has been applled in thelr preparation 15 appllcable law and Unlted Klngdorn Accountlng Standards, Includlng Fin8nclal Reportlng Standard 102 The FlnoncAoI Reportlno Standard oppllcoble In the UK ond Republic of I￿land Iunlted Kingdom Generally Accepted Accounting Pract1￿1. Basls for oplnlon We condtlcted our audlt In accordance wlth Internatlonal Standards on Audltlng IUKI11SA5 IUKII and applcable law. Our respon5ibllltles under those Standards are further de5crlbed In the Audltor's responsibilltle5 for the audit of the flnanclal Statements sectlon of our report. We belleve thatthe auditevldence we have obtalned Is sufflclent and approprlateto provlde basls for our opinlon. Independence We remaln IndependentoftheGroup andthe ParentCharStable Company In accordance wlththeethlcal requlrements relevant to our audit of the flnanclal staternents In the UK, includingthe FRtrs Ethical Standard, and we have fulfilled our other ethlcal respon51bllltles In accordan￿ wSth these requlrements. Conclu51ons r•lated to golng concem In audltlng theflnanclal staternents, we have concluded that theTru5tee5' use of the golng concern basls of accountlng In the prepardtlon of the financlal Statements Is approprlate. Based on the work we have performed, we have not Identlfted any materlal uncertalntles relatlngto events or condltlon5that, Indlvldually or collectlvely, may cast slgnSflcant doubt on the Group and the Parent Charltable Company's ablllty to contlnue as a golng concern for a perlod of at least twelve month5 from when the financlal statements 3re authorlsed for Issue. Our responslbilitte5 and the respon5ibllitles of theTrustees wlth respectto 8dngcOn￿rn are de5crlÈed In the relevant5ectlons of thls report. oiher Informatlon The TN5tees are responslble for the other Informatlon. The other Inforrnatlon comprlses the informatSon Included In the Tru5tees' Report, otherthantheflnanclal statement5 and our audltorf5 reportthereon. Ouroplnlonon thefinanclal statements does not coverthe other Informatlon and, exceptto the extent otherwlse explicitly stated In our report, we do not expre55 anv form of assuran￿ contluslon thereon. Our responslblllty 15 to read the other informatlon and, In dolng so, conslder whether the other Informatlon Is materlally Inconslstent wlth the financial statements or our knowled£e obtalned In the audlt or otherwise appears to be materially mlsstated. If we Identlfy such material Inconslstencies OT apparent materlal m15Statements, we are reoulred to determlne whether there15 a materlal misstatement In the flnaHclal statements or a rnaterlal m155taternent of the other Informatlon. If, b35ed on the work we have performed, we conclude thatthere is a materlal mlsstaternent of thls other Infom)atIo￿ we are requlred to report thatfart. We have nothlngto report in thls regard. 16

Donmar Warehouse Prolects Llmlted Independent audltor's report (contlnuedj Other CompanE•s Act 2006 reportlng In our oplnlon, based on the work undertaken In the course of the audlt: the Inforrnatlon glven In the Trustee￿ ReporL whlch Includes the Dlrectors, Report and the Strateglc report prepared for the purp05e5 of Company Law, forthe flnanclalyear for whlch theflnandal Statements are prepared15 conslstent wlth the finandal 5tatements', and the Strateglc report and the Dlrectorg Report, whlch are Included In the Tru5tees' Report. have been prepared In accordance wkh appllcable legal requlrements. In the Ilghtof the knowledge and understandlngofthe Group andtheParentCharltableCompany and It5 en¥Aronment obtslned In the course of the audiL we have not Identitled rnaterlal m1s5taternent In the 5trateglc report or the Trustees, report. We have nothlngto reportln respect of thefollowlng rnatters In relatlon towhlch the CompanlesArt 2006requlres u5to report to you If, In Our oplnlon.. adequate accountlng record5 have not been kept by the Parent Charltable Company, or returns adequate for our zudlt have not been re￿IVed from branches not v151ted by u5- or the Paient Charltable Companyfinanclal statements are not In a£reementwith the accountlng record5 and returns. or certaln thsclosures of Dlrectors, remuneratlon 5pe¢thed by law are not made,. or we have not recelved all the Informatlon and explanatlon5we requlre for our audlt. Re5ponslbllltle$ of Tru5tse5 As explained more ful￿ In theTrv5tees' responslbllltles Statement, the Trustee5 Iwho are also the dlrecrors of the charltable company for the purposes of cornpany lawl are responslble for the preparation of the flnanclal staterllents and for belng sat15fted that theyglve a true and falr vlew, and for5uch Intemal control a5 the Trustees deterrnines Is ne￿55aryto enable the preparatlon of fln3nclal statements that are free from materlal mi55ratement, whether dueto fraud or error. In preparlng the flnanclal statements the Trustees are responslble for assesslng the Group's and the Parent Charltable Cornpanvs ablllty to continue as a golng con￿rn, d15closlng, a5 applioble, matters related to golng concern and uslnE the golng concern b3s15 of accountlng unle55 the Trustees elther intend to Ilquldate the Group or the Pafent Charltable Compary or to cease operatlons, or have no rea115tlc alt￿natIve but to do 50. Audltols re5ponslb115tles forthe audltof the flnanclal 5tatthients We have been appolnted as audltor under the Companle5 Act 2006 and report In accordan￿ wlth the Ads and relevant regulatlons made or havlng effertthereunder, Our oblettlves are to obtaln reasonable assurance about whether the flnanclal statements as a whole are free from materlal Isstatement, whetherdue to fraud or error, and to Issue an audltor's report that Includes our oplnlon. Reasonable a55uran Is a hlgh level of assurance, but15 not a Euarantee that an audlt conducted In accoidance with ISA5 IUKI wlll alway5 detect a material mls5tatement when It ex15t5. Mlsstatements can arlse from fraud or error and are con51dered mate¥lal If, Indlvlduallv orlnihe aggreg3te, they could reasonab￿ be expetted to InflUen￿the economicdedslonsof user5 taken on the basls of these finandal statement5. 17

Donmar Warehouse Projects Limited Independent audltor's report (contlnuedj Ext•nt wwhl¢h the audlt was capable of detectln¥ Irregularltle5, Includlng fraud Irregularlties, includlng fraud, are Instance5 of non-compliance with laws and regulatlons. We deslgn pracedures In Ilne with our responsibilltle5, Outllned above, to detecr materlal misstatements In respect of Iriegularltles, Including fraud. The extent to which our procedures are capable of deterting Irregularltles, Indudlng fraud Is detalled below: We have made enqulTle5 of management and the board, Indudlng.. how they have Identified evaluated and complied wlth laws and regulatlon5 and whether they were aware of any instances of non-compliance,. thelr process for detecting and responding to the rlsks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. and whlch Internal controls have been establlshed to mltlgate r15ks related to fraud or non<ompllance wlth laws and regulation5. We obtained an understandlng of the legal and regulatory frameworks that are appllcable to the Charlty. These Include, but are not Ilmited to, Compllance with the Companles Act 2006, UK GAAP, Charities 50RP, fundr8151ne regulatlons and t3x leglslatlon. In addltion, the Charlty Is sublecr to many other laws and regulatlOll5 where the consequen£es of non-cornpllance could have a materlal effect on amounts or dlsclosures Intheflnanclal statements, for Instance throuoh the Imposltion of fines or Iltlgation. We Identlfled the followlng areas as those rn05t Ilkely to have such an effect.. employrnent law and data protectlon. In order to help Identlfy in5tan¢es of non-compllance wlth other laws and regulations that may have a m3tertal effetton the financial statements, we made enqulrles of management and those charged wlth Governance about whether the entlty Is In compliance wlrh such law5 and regulatlons and we Inspected any felevant regulatory and legal correspondence. We con51deTed rnanagemenys Incentlve5 and opportunltle5 foi fraudulent m3nlpulatlon of the financlal 5tatement5 Ilncludlng revenue Teco8nStlon and the risk of ove¥rlde of controls), and determined that the prlncipal rlsks were related to postln£ Inappropriate journal entries to rnanlpulate ffnanclal results and management blas In accountlng estlmates. Yhe Senior Statut¢)ry Audltor h35 35sessed and concluded that the engagement team collertlvely had the approprlate cornpeten￿ and capabilitlesto Identlfy or recogn15e non-c0mpl13n￿ wlth laws and regulatlons. We re￿eWed the financlal Statement di5c105ures and tested to supportlng d￿￿MentatIOn to assess compllance wlth relevant law5 and re2ul&tlons dlscussed above. We ￿ad mlnutes of meetings and those charged wlth governance. In addresslng the r15k of fraud through management override of controls, we tested the appropfiatene55 of lournal entrles and other adjv5tments,' asse55ed whether the ludgement5 made In maklng accounting e5tlmates are Indicative of a potentlal bia5.' consldered completeness of related party transactlons; and evaluated the busSness rationale of any slgnificant transacrlons that are Inapproprlate or unusual or,. and We challenged a55umptlons made by rnanagement In their51gnlflont accounting estlmates In partlcular In relatlon to the assumptlons related to the alloc3tton of support cost5, depreclatlon, componentlsatlon of the refurblshment4 theatre tax rellef and golng cOn￿rn. Our audit procedures were deslgned to respond to rlsk5 of materlal m15Statement In the Ilnanclal statements, recogn151ng that the rlsk of not detectlng a materlal m155taternent due to fraud Is highei than the rlsk of not detectlng one re5ultlnE from error, as fraud rnay Involve dellberate concealment by, for example, forgery, mi5representatlons or through colluslon. There are inherent Ilmltatlons In the audlt procedures performed and the further rernoved non-compliance wlth law5 and regulatlons Is from the events and transactions reflected In the financlal statements, the less Ilkely we are to become aware of It. A further de5crlption of our respons1bll￿Ies for the audlt of the finandal staternents Is located at the Flnanclal Reportlng Council's I"FRCs'l webslte at.. au bllittes. Thls descrfptlon forms part of our audltorfs report. 18

Donmar Warehouse Projects Llmlted Independent 3udltor'5 report {contlnuedJ Use of our report Thls report Is made solely to the Charltable Companvs mernbers, as a body, In accordance wlth Chaptsr 3 of Part 16 of the Companles Art 2006, and to the Charltable Companvs trustees, 35 a body, In accordance wlth the Charltles and Trustee lThve5tment IS¢ot13ndl Acr 20D5. Our audlt work has been undertaken so that we might state to the Charftable Companvs members and tTUStees those matter5 we are requlred to state to them In an auditorf5 report and for no other purpose. To the fvllest extent permltted by law, we do not accept ¢y assume responslbllity to anyone other than the Charf(able Company* the Charltable Comp3nrfs members a5 a bodyand the Charltable Companvstrustees as a body, for our audlt worK for thls reporL or forthe oplnlons we have formed. D0BUS￿￿•d by.. 7308B18FE9AC4C9 Jlll Halford1SenloT Statutory Audltorl For and on behalf of BDO LLP, statutory audltor London Date 08 December 2022 BDO LLP15 a IlrnltLYJ Ilablllty partnershlp re8lstered In England and Wales Iwlth reglstered numbeT OC3051271. 19

Donmar Warehouse Projects Llmlted Consolldated ¥(atement of flnanclal actfvltles Ilncorpordtlng an Income and *xpendlture account) forthe year ended 31 March 2022 Unre5trfded funds Re5trlrted funds 2022 Total 2021 Totsl Income from: Donatlons: Development Incorne Other grant5 and donatlons 1.076,n8 1.619,785 666,681 1.744399 1,619,785 3,654,355 1,334,371 Charitable actlvltl•s: Productlon Income l.Z48.905 106,500 3.355,405 321,051 Tradln£ a¢tlvltles 1.266.526 9.168 1.275.694 668,128 Investments 399 399 1,320 Total Income 5.212.333 781349 5.994.682 5,979,225 Expendlture on: Ralslng funds $43A15 543.415 1,267,839 Charltable artlvltles Produrtlon expense5 4,602.926 637.966 5.240.892 2,024,947 Total expendiiure. io 5,146,341 637.966 5,784.307 3,292.786 Net Incom• In the yearbefore transfers and tax 65.992 144.J83 210.375 2,686,439 Transfers between funds 20 777,931 1777.931) Net Incomi In the yearbeforn tax 843,923 1633,5481 210.375 2,686.439 Tax payable Net movement In fund5 848,923 1633.5481 210.375 2,686,439 Reton¢lllatlon of groupfund$'. OpeniTrgfund balances at l Aprll 2021 20 12.763,753 789.208 13,551961 10,866,522 Closlngfund balances at 31 March 2022 20 13,607.676 155.660 13.763.336 13,552,961 All arnounts resuSts are derlved from contlnulng actfvltles. The company h3s no other recogn15ed galns and105ses other than those stated above. The notes on page5 23 to 48forrn part of these financlal statement5. 20

Donmar Warehouse Projects Llmlted Consolklated and charltybalance Sheet at 31 Mar¢h 2022 Compt7nynumher1611861 (EfrTglond und Wolesj Group 2022 Group 2021 Charlty 2022 Charlty 2021 Nolg Flxed assets Intanglble assets Tanglble a55ets ? Imiesthients 13 14 40,031 10,12l991 66,040 8,416,161 40,031 10,121991 66,C>lO 8,416,161 I￿163,02$ 8A82,203 10,165,OZ6 8A82,204 Current asgets Stocks Debtor5 Cash at bank and In hand 6.579 IN55,729 430S,610 579 6,155,791 3,846.896 16 22 863,839 5,596,657 4,501,776 4,510,759 5,767,918 5,460,496 10,009,266 9,012,535 Credltors.. amounts falllngduewtthln oneyeir 17 12,167.6071 11,363,338) 15,609.6611 13,884,531) Net current assets 3￿00,311 5,097,158 4,399,6DS 5,128,Lh)4 Totsl assets less ¢urrent114blllrles 13.76>,356 13,579,361 145616Jl 13,610,208 Provlsl<ffi forllablSltle5 126,41X)I 126,4001 Net a55et5 21 13,763.336 13,5S2,961 14,561631 13,583,808 Re5trf¢ted funds 155,660 789,208 146,492 768,375 General unrestrfcted funds Deslgnated funds Flxed asset fund5 2,994,6S4 450.￿0 10.163,022 2,181,552 2,100,OCNJ 8A82,201 3,803.117 450.000 10,163,OZZ 1233,232 2,100,tMJO 8,482,201 Total unre5trl¢ted fund5 20 13,607.676 12,763,753 14A16,139 12,815,433 Tuial 20 13,763,536 13,552,961 14,562.631 13,583,808 A5 pemiltted byS408 Cornpanles Act 2006, the chaTty has not presented Ets own statement of flnandal actlvltle5 and related note5. The ¢harSty's surplu5 forthe year was £978,82312021-5urplus of £2,742,401). ors and authorlsed for Issue on Isr Oe(UM6fre ao8a The fina tements were ap ved bythe Board o re eThwrl8hi Dlrertor The notes on pages 23to48 form part of these flnan¢lal statements. 21

Donmar Warehouse Prolects Limlted Consolldated statement of cash flows fortheyear ended 31 March 2022 Note 2022 2021 Cash flows from operatlng actlvltles Net Income forthe reportln£ perlod Depreclatlon Amortlsation Investment Income Tax Forelgn emchange galns Decrease In stocks Ilncreaselldecrease In debiors In£rea5e/ldecreasel in credltors Decrease in provisions 210,375 238,328 26.009 13991 2,686,439 128,014 30,337 11,3201 14 13 136.720 16,$791 1591,8911 804,269 126AOOI 4.950 203,135 1233.5761 16 17 19 Net cash PTovld•d by operatlng act￿[lIeS 616,986 2,817,979 Cash flows from Investlng actlvftles Inve5trnent Inwme recelved Purthase of fixed assets 399 11,945,158) 1,320 11,574.9751 14 Net ¢ash (used Inl Inve5tlng adlvltles 11.944,759) 11,573,6551 Chang¢ In cash and cash e4ulvalenis In the reportlngyear 22 11.327,7731 1,244,324 Cash and cash equlvalents atth• beglnnlnB olthe year Fornlgn exchangegalns 5,596.657 36.n6 4,352,333 Cash and cash equlvalent5 atthe end of the y•ar 22, 23 4,305.610 5,596,657 The analysb5 of net debtls glven In note 23. The notes on page$ 23 to 48form part of these flnandal statements. 22

Donmar Warehouse Projects Limited Notes to the at£ounts forthe year ended 31 March 2022 I ststus ofwmpany The company Is 3 reglstered charlty, Ilmlted byguarantee and Incorporated In England and Wale5. The company has flfteen member5, who are also dlrectors. The Ilablllty of each member on a wlndlng up Is Ilmlted to a rnaxlmum of£l. 2 A¢¢ounttnB poll¢les 8osls olprep4TUtlon Thefinancial statement5 have been prepared on a golngconcern basls underthe hlstorical cost convention. The account5 Ifinanclal statement51 have been prepared In accordan￿ wlth the Statement of Recommended Practlce. AccountSn8 and Reportlng by Ch3rltles preparing thelr account5 In accordance wlth the Flnanclal Reporting Standard applicable In the UK and Republlc of Ireland" (The Ch3ritie5 SORP 2r￿ Edition) and the Flnanclal Reporting Standard appllcable In the Unlted Klngdorn and Republsc of Ireland IFRS 1021 and the Companles Act 2W6 and the Charltles Act 2011. The Charity COllStltute5 a publlc beneflt entlty as dellned by FRS 102. The financlal statement5 are prepared In sterllns, whlch 15 the functlonal currenry of the Charlty. Monetary amounts In these finandal statements are rounded to the nearest £. The preparatlon of financlal statements In cornpllance wlth FRS 102 require5 the use of certaln crltlcal accountlng estlmatss. It also requlres management to exerclse ludgement In applying the Group's accountlng pollcie515ee note 31. The followlng prlnclpal accountlng polldes have been applled con515tentlv.' Exemptlon5fvquallfylng entltles underFRS 102 The Company hastaken advantage of the followlng ieduced dlsc105ure exemp￿0￿5. from weparlnga statement of cash flowson the basls that It Is a quallfylng entltyand the Broup cash flow siatement Included wlthln these financlal statements, Include the wmpanVs cash flow5,' and from thefinancial instruments dlsclosure5, requlred under FRS 102 para 11.40 to 11.48A and para 12.26 to 12.29, as the Informatlon Is provided In the Group financlal disc105ures. Con5011dtthn The consolldated financlal statements present Informatlon about the company and Its wholly owned subsldlary Donmar Productlons Llmlted. The results of the wholly owned subsldlarles, Donmar In The West End Llrnlted, Donmar Fllrns Llmitsd and Donmar Theatre Catering knmlted have not been con501idated underthe provlslon of sectlon 24.12 of SORP FRS 102 a5thelr results are not con51dered materlal to the group15ee note 151. All three wefe domiant durlngtheyear. 23

Donmar Warehouse Projects Llmlted Notes 10 the accounts fortheyearended 31 March 2022 {mntlnuedJ 2 Accountlng pollcles fcontlnuedl Golny concern The Trustees have rewiewed the Charit¢s finantlal viabllity a5 part of thelr normal review process. A detalled 12-month budgeL updated rnonthty, and 4-yearplan, updated quarterly, support thls performance assertlon. Key rf5ks, as Identifled on page 9, are monitOTed and mitlgation steps put In plao.The Ilquidity provlded bythe ¥eseNe Is set to provlde sufficlent support where mltlgatlng step5 cannot ellmln3te rlsks and the curient level is consldered approprlate to support a golng concern status. TfveTrustees contlnue to glve partlcular conslderation tothe effectof Covld-19, revlewlngthe Impact of the pandernlc on the org3ni5atlon's ongolng forecasts and projectlons to ensure that the organ15atlon remaln5 flnanclally ￿able. When reviewed In Septembei 2022, It was noted that Covld -19 produttion cancellatlons and lower than normal tlcket sales continue to Impact the Donmar. While Produ¢tlon incoTne Is lower than foletast the Increased Theatre Tax Relief and work done by rnanagement to diverslfythe Donmarfs revenue streams has negated the full Impact of thls. Development income has Increased and continues to dellver good value for the organlsation and the management team contlnue to revlew and where appropriate Implement cost savlng Inltlalve5 In order to 3chievefurther su5talnablllty. In October 2022, the Donmar retelved notlflcation that It's Art5 Councll Fundln8 was not to be renewed past 2023124. Thls wlll leave an dnnual £0.5m gap In Income17% of forecastl, however the Donmar expects to re￿1ve some tran51tlonal fundlng to fill the gap and th15 along with reserves will ensure the Donmar remaln5 a going concern whlle change$ are made to the strategy and 5tru¢ture to accornmodate this income loss. At the end of October 2022, the Donmar Warehouse had cash of £3.9m and the balance sheet at the end of August 2022 showed fixed assets of £IO.Im and c35h reserves of £3.4m I£0.2m restrlctedl. Cashflow forecasts show Cash dropplng down to its lowest point of E3.2m Ilncluding restrlcted re5eNes of £0.2rn1 over the next 12 months. The Board remaln 5at15fled that Donmar Warehouse will eontlnue to be a golng concein for the 12 months frorn date of slgnlng and the accounts have been prepared in the knowledge that Donmar Warehouse Projects Llmlted 15 a flnanclally ￿able or£anlsation. Inttjme Income from donatlons and government grants, Indudlng capltal and furlough yants, Is included In Income when there is entltlemenL probabilky of recelpt 3nd the amount can be measurerl wlth suffitlent rellabllity, unless the donor has specified that the donatlon or grant relates to a future perlod or that certaln pre-condltlons must be fulfllled before use. In these cases arnounts recdved are recognlsed In the relevant perlod or when the pre-conditlons have been met and untll then treated as deferred Income. Donatlons and grants for particular purpose5 Ire included In Income as restricted funds. Productlon5 Income Is Included in Income In the perlod In whlch the relevant peiformance takes place. Incorne related to productlons In a subsequent perlod Istreated as deferred Income. Goods and seTvlce5 reolved In kind, where materlal. ale Included wlthln 'Donatlon5' and under the approprlate incclne headln& depending on the nature of goods and 5ervlces provlded. These are recognlsed at an e5tlmated value to the charity at thetlme of recelpt. All other Incorne Is recognlsed on an acuuals basls once the charlty Is le8ally entltleil to receipt. 24

Donmar Warehouse Projects Llmlted Notes to the a¢¢ounts forth•yèarended 31 March 20221(ontlnuedJ 2 A£tountln£ pollcles fcontlnuedj Expendlture Expendlrure Is Included In the Statement of Flnandal Actlvltles on an accrua15 basls, Inclusfv'e of ar*yVAT whlch Cannot be recovered. Expendlture Is reco£nlsed when a Ilabllity15 Incurred. Costs of raising fund5 are those costs Incurred In attracting voluntary Income and those Incurred In the operatlon of trading aCti￿tIeS whlch ralse funds. Charltable actlvltles Includes expendlture assoclated wlth the operatlon of the theatre and such dlrectly assoclated attSvltles as educatlonal programmes and the Dlrertor5 programme. Cost of charltable artfvltle5 Includes both the direct cost of activitles and related support Costs. Support Costs Include central function5 and have been allocated to actlvity costs on a ba51s conslstent wlth the use of resour￿$. Thls Is frequently on the basls of staff tlme Spent in each area but Oth￿ bases such a5 Usage are also employed. Support Costs also Include Gove¥nance costs.. Governance wsts Include those incuried In the Eovernance of the £harlty and Its assets and are prlmarify 3550clated wSth constitutlonal and statutory requlrements. Tradlng expenditure forms part of the Group's tradlng attlvltles and commerclal exF4oltatlons are separately dlsc105ed as tradlng actlvltles. Costs oAprodurtlons notyetopened The costs and rnaterlals for new productlons and a550clated creatlve team fees are carried fonvard on the balan Sheet Un￿ltheY are expensed on the date of the performance. Internal labour and rehearsal costs are expensed as Incurred. Fund qccountlng Fund5 recelved for a purpose specified by the donor are credlted to Te5trlrted funds. Expendlture Incurred on these purposes Is then Charged to thefunds as It Is In￿rred (see note 201. All other Income15 treated as unrestrlrted funds. The Trustees have chosen to designate certaln fundsfor speclfic future expendlture as explalned In the Trustees, Report. In addltlon, the Trustees conslder the value of the long lease to be a deslgnated fund as It15 not a readlly reallsable a55et. 25

Donmar Warehouse Projects Llmlted Notes to the accounts fortheyearended 31 March 2022 Icontlnuedj 2 Accountlng pollcles (¢ontlnuÈdl IntO￿lb1efiX¢d(lS5ets At each reportlng date the company asses5e5 whether there Is any Indlcatlon of Impalrment. If Such Indlcatlon exlsts, the recoverable amount of the a55et Is determlned whlch is the higher of Its falr value less Costs to sell and Its value In use. An Impalrment loss15 recogn15ed where the carryln8 amount eX￿ed$ the recoverable amount, All Intanglble assets are con51defed to have a flnlte useful Ilfe. If a reliable estlmate of the useful Ilfe cannot be made, the useful Ilfe shall not exceed ten year5. Intan￿ble assets of webslte and box offlte are amortlsed over S and 10 years. nglblefved055ets unddeprec1¢7tton Tanglble fixed assets are stated atcost less depreclatlon. Depreclation15 provlded at rates calculated to wllte off the c05t less estlmated residual value of each asset over Its eKperted useful Ilfe, once brought into Use, asfollows: Leasehold land and bulldlngs Leasehold improvements IDryden Street and Earlham Street) IT equlpment Flxtures fittlngs and equlpment Over the length of the lease Between 5 and 50years on a stralght Ilne b4515 Over 4year5 on a 5tral£ht Ilne basls Between 4 and 15 years on a stralght Ilne bas15 Assets underconstructlon are not depreclated untll they are brouBht Into use. Indlvldual flxed assets consIS￿n8 more than £4,000 are capltallsed at cost. The carrylng value of tangl￿e fixed assets are revlewed for Impalrment when events or changes In clrcumstsnces Indlcate the carrylngvalue may not be recoverable. Investments The Investments held by the charlty relate to InvestrneThts In subsldlary company and these are held at cost. The Investment5 of Donmar Warehouse Project5 COll515t of four subsldiarie5, Donrnar In the West End Limited, Donmar Productlons Llmlted, Donmar Film5 Umlted, and Donmar The3tre Catering Llmlted. All three companie5 are not quoted and the dlrectorsconslder it approprlate to Include the Investments at cost. Stock5 held by the group relate to food and drlnk. Stock5 are valued atthe lower of cost5 and e5tlmated selllng prlce le$5 costs to Sell. Cost Is based on the latest purchase prlce. 28

Donmar Warehouse Projects Limlted Notes to the accounts fortheyearended 31 March 2022 Imntlnuedj 2 A¢¢ountlng pollcl•s fcontlnuedl Cush Cash is represented by cash In hand and dep051ts wlth flnanclal Instltutlons repayable wlthout penalty on notlce of not more than 24 hours. Cash equlvalent5 are hl£hly Ilquid investments that mature In no more than three months from the date of acqulsltlon and that are readlly convertlble to known arnounts of cash wlth Ins18nlflcant risk of chan£e In value. Pro¥151on5 Pr￿s1OnS are made when a present obllEatlon ex15ts at the balance sheet date In accordance vAth the requlrement5 of FRS 102 para 21, Flnt7nclullnstnttnents The charlty only has financlal a55ets and flnanclal Ilabllitie5 of a klnd that quallfy as ba51c financlal InstNments, Baslc flnancial instruments are Inltlally recognlsed at tran5actlon value and subsequently rneasured at thelr settlement value. The charity h35 elected to apply the provlslons of Sectlon 11 Bastc Flnanclal In5trument5' and Sectlon 12'0ther Flnafidal Instrumentslssues, of FRS 102 to all of Its flnanclal In5trument5. Impolm￿ntoIIIhtrn¢1l1tt$Sets Flnanclal assets, other than those held at falr value through the 5tstement of finandal activlties, are assessed for IndI￿torS of Impairment at each reportlng end date. Flnancial assets are Impalred where there15 oblectlve evldence that, as a result of one or more event5 that occurred afterthelnltlal recognition of thellnanclal asset, the estimatedfuturecash flows have been affected.The Impalrment 105s15 reco8n15ed In the statement of Ilnancial actlvltles. Derecognftlon oJfln¢ind¢71 ossets Flnanclal assets are derecognlsed only when the contractual rlghts to the cash tlows from the asset explre, or when It transfers theflnanclal asset and substantlally all the rlsks and rewards of ownershlp to another entlty. L>erecoqnltlonoffinondolllabllldes Flnancial Ilabllltles are dereco8nlsed when, and onlywhern the Charlty obligatlons are dSscharged, cancelled, orthey explre. Oper47tlng lettses Rent payable Is recognlsed on a stralght Ilne basls overthe lease term. Penslons Ihe charlty operates a deffned contrlbutlon scheme for the benefit of Its employees. ContrIbu￿on5 payable are charged to the Staternent of Flnanclal Attlvitle5 In theyear they are payable. 27

Donmar Warehouse Projects Llmlted Notes to the accounts forthe yearended 31 March 2022 Icontlnuedj 2 Accountlng pol1cl￿ fcontlnued) Forelun currenLy translutlon Monetary a55ets and Ilabllltles denorninated In forelgn curfendes are translated Into sterllng at the rates of exchange rullng at the balance sheet date. Transactlons In forelgn currencles are recorded at the rate rullng at the date of the tran5a¢tlon. All dlfferences are taken to the Statement of Flnanclal Actl¥Atles. GfftAld The tharlty owns the whole of the Issued ordlnary share capltal of Donmar Productlons Llmlted. Donmar Productlons Llmlted ordlnarllypayseach year tothe charity, underthe provlslons related toGIftAld, a sum based on the taxable profits of the Company. The pa￿nent of Gift Aid is Subject to the reserves policy of the glftlng entity, and the approval of thecharlty. GIftAld Is recogn15ed on the acuuals ba515 In Ilnewlth the deed of covenant. Tuxutlon DonmarW3rehouse Projects Umlted15 a culturally exempt or8anlsatlon underschedule 9 of theVAT Art 1994and during the year VAT returns have been 5ubrnltted on a culturally exernpt bas1* Irrecoverable VAT15 charged agalnst the c05t of charitable actlvltles, where it 15 Incurred. Irrecoverable VAT on capltal expendlture h35 been capltallsed and wlll be wrltten off over the life of the assets. As a registered charlty, Donmar Warehouse Projects Umlted Is not Ilable to Income tax and COYPDratlon tax on Income and galns derlved frorn its charltable actI￿tIeS as It falls withln the varlous exemptions available to reg15tered charltles. Donmar ProthJctlon5 Umlted Is Ilable to COTporatlon tax. Tax Is recognlsed In the Statement of Flnanclal Activitle5, except that a charge attilbutable to an Item of Income and expense recognlsed as other comprehenslve Income orto an Item recognlsed directly In equlty Is also recogni5ed In other comprehenslve Income or dIreCt￿ In equlty respectlvely. The Lvrrent IrKome tax charge Is calculated on the basls of tax rate5 and law5 that have been enarted or 5ub5tanrfvely enacted bythe reporllng date In the countrles where the Companyoperates and generates Income, Crltlcal accountlnglud¥ements and key sources of esflmatton uncertalnty In the appl1￿￿0￿ of the Group'5 accountlng pollcle5. the dlrectors are requlred to make judgements, estlmales and assumption5 about the ¢arrylng amount of a55ets and Ilabllltles that are not readlly apparent frorn other sources. The estlrnate5 and assoclated assumptions are based on historical experlence and other factors that are consldered to be relevant. Actual results m3y differfrom these estlmates, The estlmates and underiylng assumptlon5 are revlewed on an ongolng basls. Revlslons to accountlng estlmates are recogni5ed In the perlod In whlch the e5tlrnate Is revlsed where the revlslon affects only that perlod, or In the period of the revlston and future perlods wherethe revlslon affects both current and future period5. The followlng crltlcal accountlngludgernent has been Identified below.. Cost alloeatlon.. The c05t allocatlon methodology requires ludgement asto what are the most approprlate bas15 to use to apportlon support cost5. Support costs 3re all￿ted between artivitie5 Oll the base of staff numbe15 employed on those actlvltles durlng theyear. The DlrectOT5 do not belleve that there Is a slgnlf(cant iisk of a mateilal adjustment belng made to the cafrylng amounts of assets and Ilabllitie5 Induded In these finandal statements wlthln the next flnanclal year. 28

Donmar Warehouse Projects Llmited Note5 to the accounts forth¢yeaTended 31 March 20221mnrlnuedJ Development Unrestrl¢ted Re$trl¢led Mernber5hlp Glft ald Other Indlvldua15 Corporate Trusts & Foundatlons Pay It Forward Capltal 714.607 239,111 27,321 84000 7.677 714,607 239.111 27.323 88.000 294.358 286.681 380,000 380,OtID Totsl 2022 1.076.718 666.681 1.743.399 Unre5trlcted Restrlcted 2021 Membershlp Glftald Other Indlvlduals Corporate Trust5 & Foundatlons Pay It FoTward Capital 757,172 229,040 51,395 19,167 2,000 757,172 229.040 51,395 40,Crf)O 177,500 23,581 2,375,667 20,833 175,5Q) 23,581 1,760,667 615,LNJO Total 2021 1,673,774 1,980,581 3,654,355 The following support, in the form of glfts In kind and donated servitt5, was recelved by the charlty durlng the year: provision of alcohol and catering at events, legal advlce, venue hire, refreshments for rneetlngs. The ￿lue of thls 5UPPOrt Is estlmated to be £28,75012021.. £31,133). In Ilne with the accountlng pollcy, thls Invaluable Support has not been recorded ￿thIn the Statement of Flnanclal Artlvltie5 a5 the donatlons are not consldered to be materlal.

Donmar Warehouse Projects Llmited Note5to the accounts forthe y•arended 31 March 2022 fcontlnuedj Oth'ergrant5 and don*lons Unre5trlcted Restrlcled 2022 Govemmentgrnnts UK Arts councll Sncome Cultural recovery grant Grant5 forfurloughed employee5 513.904 603,934 27,5a4 513.904 603,934 27,S34 other donètlons 474,413 474.413 Total 2022 1.619.785 1,619.785 Vnrestrfdld Re￿rfCted 2021 Governmert grL¥nts UK Aits councll Income Cultural recovery grant Grants for fvrloughed employee5 513,904 262,241 385,947 513,904 262,241 385,947 Other dOna￿onS 160,884 11,395 172,279 Total 2021 1,322,976 11,395 L334,371 Productlon Income Unre5trlcted Restrlcted 2021 . Mcket revenue Producrlon support Incorne fiom partner5hlps 984,905 30.000 234,000 984,905 136.500 234,000 10&500 . Totsl 2022 1,248,905 106,500 1.355,405 Unrestrlcted Restrlcted 2021 Tlcket revenue Production support Income from partnershlps 147,559 147,559 138,333 35,159 138,333 35,159 Total 2021 182.718 138,333 321,051 30

Donmar Warehouse Projects Limlted Note5 to the accounts lorthe year ended 31 March 2022 {contlnuedJ Incom• from tradlng actIv￿leS Unrestrltted Restrfcted 2022 2021 Donmar Beyond Royaltle5 and Sundry Income Rental Income 387,107 46,079 187,SYII 387.107 46,079 187,901 61,964 59,298 32.430 Incomefrom subsldlory.. Corporate spon50r5hlp and member5hlp Theatre Tax Rellef Catering Income Other tradlng Income 470,899 139.606 9,168 480.067 139,606 456,064 30,870 14,9501 32,452 34,934 34,934 Total 2022 1,266.526 9.168 1,275.694 668,128 Total 2021 668.128 668,128 IA91,620 All Intome from tradlng acrl¥htles In the prloryear was unre5trlcted. Included In the above Income from the 5ub51dlary Is theatre tax rellef. Thls amount15 Iecelvable by the CL¥xpany as a result of Theatre Tax Relief retOEnlsed for the year. Investment Income 2022 2021 Interest recelvable 399 1,320 All Income from Investment5 for the currentand p￿￿edIng year wa5 unrestrlcted. Net Incomedurln8 they•ar Is stated after charylng.. 2022 2021 Depreclatlon of tanglble assets Amortlsation of intanglble a55ets Forelgn exchange Ilosse5llgalns recognlsed Operating lease renta15 Audltorfs remuneratlon: - audlt fee5for currentyear audlt -TaK fees - other se￿Ice5 238,328 26.009 136.7301 91.135 128,014 30,337 80,468 95,748 43,565 17,105 4,500 43,(XXI 13,705 4,SSO 31

Donmar Warehouse Projects Limlted Notes to the accounts forthe year onded 31 March 20221(ortlnuedJ 10 Total expendltur• Oiherdlrect Costs Support costs Total 2022 Staff ¢osts Expendlture on Mlslngfvnd5.' FundralslnE Chorithble urtlvltles.. Theatylcal produttlons 295,318 91442 155,655 543A15 1,632.154 1884.750 723.988 5,24Q892 Total 2022 1,927,472 2,977,192 879.643 5,784.307 Support costs Cost of Ralslngfufjds Charhable actlvltles Total 2022 Offlce overheads Governance costs 155.655 663.880 60.108 819.535 60.108 Trfal 2022 155.655 723.988 879,643 Total expendlturefor the yearwa5 £5,784,30712021- £3,292,786), of whlch £637,966 was restrlLted12021- £1,786,687) and £5,146,341 was unre5tricted12021- £1,506,099). The staff costs that relate to staff worklng on productlons lslncluded wlthln other dlrect cost5. Other dlrect Support ¢05t5 costs Total 2021 Staff costs Expendlture on rn1slnkYfvnds.' Fundralslng Churltuble urtlvltle5: Theatrical productlons 305.126, 703,580 259,133 1267,839 1,243,330 262,019 519,598 2,024,947 Total 2021 1,548,456 965,599 778,731 3,292,786 Support costs C05t of RalslnÉ fund5 Charllable artlvltles Total 2021 Offlce overheads Governance cosrs 259,133 466,438 53,160 725,571 53,160 Total 2021 259,133 519,598 778,731 32

Donmar Warehouse Projects Limited Notesto the accounts fortheyearended 31 March 2022 Icontlnuedj 11 DITettors' emoluments Appolntlng the Chlef Executlve and Artlstlc Dlrector to the Board of Trustees 15 speclflcally permltted by the Cornpany'$ artldes. One or rnore Trustees has been pald remuneratlon or h35 retelved other benefit5 fr(m an emp,loymentwlththe Donrnar. The Executlve Producer and Art15tic Dlrector only receNre remuneratlon in respect of seNlces they piovlde undertaking the roles of Executlve Producer and ArtlstlcDlrectoi respectlvely undeithelr contractsof employment, and not In respect of thelr role as Board Dlrecrors. The value of Dlrectors, remuneratlon and other benef6t5 was as follow5.. 2022 2021 Ml¢hael Lon8hurs( Current Arttstlc Dlrector Remuneration Pension Henrletta Fln¢h. Current Exeruflve Dlrector Remuneration Penslon 88,000 5.280 85,334 5,120 81.750 4.905 80,000 4,800 Total 179,935 175,254 Durlng the year. the Artlstlc and Executlve DIreCt￿ both recelved benefits In kind to the value of £l23912021- £1.4191, Durln8 the yearthe¥e were noTrustees who were remunerated or reimbursed for expenses. Indemnlty Insurance was purthased In the year In respert of all the Trustee5 and Offlcers of the Company. Expenses are relmbursed to the Exeojtlve PrOdu￿r and Artlstlc Dlrector SP￿[fiCallY In relatlon to thdr roles wlthln the charity and not In relation to thelr posltion as trustees. All stsff expenses are governed by a clear relrnbursernent pollcv. The amount5 reimbursed durln8 the year of 2021122 for travel and addltional meetlng and event Costs relatlng solely to actlvitles forthe company were: 2022 2021 Mlchael LonghursL Current Artlstlc Dlrector Henrleita Flnch, Qjrrent Exetutlve Dlrector 212 56 250 35 33

Donmar Warehouse Projects Limlted Notes to the accounts forthe year ended 31 March 2022 Icontlnuedj 12 Employees The average Month￿ numberof employee5 durlng the year wa5.. 2022 2021 Permanent Staff 52 38 In additlon total sraff working on productlons 68 19 The nature of staff worklng on productlons means that It Is not possible to ￿ve a meanlngful full tlme equivalent or average headcount a5 each production has bespoke requirements. The number shown Is therefore thetotal number of produrtion staff and perfomier5 that have been involved durlng the year. Employmenttosi- 2022 2021 Wages and salarles Soclal securlly Costs Other penslon costs 1,690.921 159.299 77,252 1.349,949 129,343 69,164 1.927,472 1,548,456 Permanerrt staff total StsJIwoTklJryV on produrtlons Wage5 and salarles Social securlty wsts Other penslon cost5 510,797 1,697 14.113 45,380 285 Productlons staff total 526,607 45,665 Total 1454.079 1,594,121 The number of employee5 who have recefved rernuneratlon arnountlty to more than £60.000 In elther year was.. 2022 2021 Number Number £60,￿O- £70,¢XK) £80,rK)0- £90,IJ)D Totsl remuneratlon of key rnanagement personnel Includlng employers pe#51on In the period was as follows.. 179.935 175,254 In the year there were redundancy benefflts of £Nil12021'. £29.0211 accrued In the year to no Indfvlduals12021- 6 Indlvidualsl. 34

Donmar Warehouse Projects Llmlted Notes to the accounts fortheyearended 31 March 2022 {contlnuedJ 13 Intanglble flxed a5setS Group and ¢harlty Websft• and box offlce Cost At l Aprfl 2021 193,629 At 31 Ma￿h 2022 193,629 Depreclatlon At l Aprll 2021 Charge for the year 127,589 26,C(19 At 31 March 2012 153,598 Nei bookvalue At 31 March 2022 40,031 At 31 March 2021 66,040 35

Donmar Warehouse Projects Limited Notes io the accounts forth• year ended 31 March 2022 (contlnuedj 14 7an8lble flxed assets FlxlUM4 Lea5Bhold Dryden StreBt EaTlh•m street under bulldln 44ulpment Iprn•Trt cons1rur￿￿ Total Group and ¢harlty Cost At l Aprll 2021 Transfer Addltlons 1850,000 3,978,747 129,088 608,819 2,303,843 1303,843 12,303.8431 1,571,915 9A70N97 71,024 302,219 1.945.158 At 31 Ma￿h 2022 1850.000 3.978,747 200.112 911,038 3.875.758 11,B15.655 Depreciutlon At l April 2021 Charge for the Yvdr 266,293 23,973 520,911 80,669 122,440 13,539 544,692 48,145 L454,336 238,328 72,002 At 31 March 2022 290,266 601.580 135.979 592,837 71002 1.692.664 Net bookvaluo At 31 March 2022 2,559,734 3,377.167 64.133 318,201 3.803.756 10.122,991 At 31 March 2021 2,583,707 3,457.836 6,648 64,127 2,303,843 8,416,161 Allflxed a55ets are used fortharltable purpose& 36

Donmar Warehouse Projects Limlted Notesto the accoun1$ forthe year ended 31 Marth 2022 fcontlnuedj 15 Flxed asset Investments Share5 In subsldlary undertaklngs Group Costund netbookvolue At l Aprol 2021 Addltlon At 31 March 2022 Charfty Costond netbook volue At l April 2021 Addltlon At 31 March 2022 Thefollowlng are 5ub51dlarles of the companv.. Company Cotlniry of IncoTporatton Class of sharés Holdln£ Prfnclpal actlvlty Donmar In the West End Llmlted (Company number.. 039760081 Donmar Productions ￿rnited (company number: 067308101 Donmar Fllms Llmlted (Company number: 071521561 Donmar Theatre Qte¥lng Icornpany number- 137223751 En￿and and Wales Ordlnary loo% Theatre productlon England and Wales Ordlnary ioox Theatre productlon Ensland and Wales Ordlnary loo% Fllm produLtlon England and Wales Ordlnary loo% Caterlryq Donmar Theatre Catering Company was Incorporated on 3 November 2021 and dld not trade In the year to 31 March 2022. The results of Donmar Theatre CaterlnE Umlted, Donrnar In The West End and Donmar Fllm5 Umlted are not consolldated under the provlslon of section 24.12 of SORP FRS 102 35 thelr re5uIt5 are not consldered rnateri31 to the group. The aggregate amount of capltal and fe5erve5 and the results of these undertakln85 for year were as follows.. C4pltal and Re5erve5 Profit forihe year 2022 2022 Donmar In the West Ènd Llmlted Donmar Fllms Llmlted DonrnaT ProduLtlons ilmlted Donmar Theatre Caterlng Theatre productlon Fllm productlon Theatre prornotlon Catering 561,91KJ 37

Donmar Warehouse Projects Limited Notes to the accounts forthe year ended 31 March 20221continuedJ Fixed asset Investments Icontinuedl Donmar Productlons Limited was the onlysubsldlary to trade in the currentor priorflnandal year,. the results, whlch have been con5011dated Snto the results of the Group, were as follows.. 2022 2021 Turnover lincludlng other operating and interest Income) Cost of sales Adminlstratlve expenses Theatre tax relief Corporatlon tax 2.331.832 11,536,673) 1431.1101 196,851 996,676 1449,4761 152,3601 30,870 Profit for the financial year 560,900 525,710 Amounted glfted to the charity 560.900 525,710 The above amount5 include commlsslon income from the parent charlty of £1,931,11112021- £504,379). Management charges from the parent charity of £422,58112021- £131,284) and sundry expenses recharges from the parent charity of £Nil12021- £27,0871. 16 Debtors As restated Group 2021 As restated Charity 2021 Group 2022 ChaTIty 2022 Trade debtors Other debtors Amount5 owed by subsidiary undertakings Other taxes and social securlty Prepayments and accrued income Z67,553 591,417 378,519 8,055 143,705 1,300,513 4,Z54,393 .361,583 8,053 3,654,849 200,711 276,580 200,711 276,554 596.7S9 457.180 1.455.729 863,839 6.155.791 4,501,776 Amounts owed by subsidiary undertak1ngs are Interest free and repayable on demand. The 2021 'Amounts owed by subsldlary undertakingg and 'Other taxes and social securitv were transposed in the nancial statements for the year ended 31 March 2021 and have been restated to correct this error. There Is no Impact on total debtors or the rest of the financial statements. 38

Donmar Warehouse Projects Limited Notes to the accounts for the year ended 31 March 2022 (continued) 17 Creditors: amounts falllng due wlthln one year Group 20Z2 Group 2021 Charity 2022 Charlty 2021 TTade credltors Amounts owed to sub51dlary undertakings Taxation and social security Corporation tax Other creditors Accruals and deferred Income 333,744 162,719 270.282 4,123,236 154,145 162.576 2,751,776 60,134 155,129 60,134 275,460 1.403.274 368,072 772,413 275,460 786,53B 368,072 541,973 2,167.607 1,363,338 5,609.661 3,884,531 Amounts owed to subsldlary undertakings are un-secured, Interest free and repayable on demand. 18 Deferred Income Group 2022 Group 2021 Charlty 2022 Chartty 2021 Deferred Income broughtforward Released in the period Addltlonal income deferred 243.677 1243.677) 1.283,393 374,117 1374,1171 243,677 28,360 128.3601 689,505 85,442 185,4421 28,360 1,283,393 243,677 689,505 28,360 Deferred Income is to be recogni5ed wlthln follo￿ng periods.. Less than one year 1,283.393 243,677 689.505 28,360 Deferred income for both the Group and Charity relate5 to fundralsln8 income for events In the next financial year and In the prlor year Included ticket income for productlons that happened thls year. 19 Provlslon for Ilabllltles Group 2022 Group 2021 tharltv 2022 Charltv 2021 Provisions brought forward ProvSded for in the period Released to the statement of financial 26AOO 26,400 26AOO 26.400 126,4001 126.4001 26,400 26,400 The provision relate5 to the potential penalty to be Incurred by the Charity in relatlon to the payment of glft ald declaratlons. 39

Donmar Warehouse Prolects Limited Notes to ihe accounts forihe year ended 31 March 2022 fcontlnuedj 20 General and restrlcted funds Group Balance l Aprll TTan$fors be￿een fund5 Balanr 31 March Intome Expendtture FSxed asset funds: Dryden Street Theatre lease fund Earfham street Flxed asset fund 3,457,836 2,583,707 2,303,843 136,815 180.669) 123,9731 172,0021 187,6931 3,377,167 2,559,734 3.803.756 422,365 1,571,915 373.243 Trfal Ilxed assetsfund5 8,482,201 1264,3371 1,945,158 10.163.022 De51gnated fi5nd5: Theatre redevelop.ment fund COVID recovery fund Bullding rna1￿tenan￿ fijnd Creatlve Investment fund 1,650,(M)O 250,000 200,000 I1,650,￿OI 250,￿0 200.000 Total d￿l￿nated funds 2,100,fKJO I1,650,￿OI 450,000 Operailonal rbk reserve 2,181,552 5,212,333 14,$82,0041 482,773 1994.654 Total unrestrlrted funds 12,763,753 5,212,333 15.146,3411 777,931 13,607.676 Re5trlrted lunds: Resident A5$1stant Dlrect¢x Catalyst Productlon 5UPPOrt Resident Design Asslstant Pay it forward funds Capital project Pathways IDlscoveTI Donmar Local Donmar Dlscover Plogramme NH5 tlckets 17.826 30,000 27,500 106,500 3,500 138,6691 127,5¢x)I 1241,5001 Il7501 123,2431 9.157 I35,C￿0 11500 146,328 397,931 867 22,120 35,803 20,833 14,250 123.085 380,0 1777,9311 18671 152,1201 1231,4841 120,8331 30,¢YX) 195,681 9,168 9,168 Total restrlrted funds 789,208 782,349 1637,9661 1777,9311 155.660 Yotal funds 13,551961 5,994,682 15,784,3071 13,763.336 40

Donmar Warehouse Projects Limited Nthes to the accounts fortheyearended 31 March 2022 (contlnuedj General and resrrlded funds (contlnuedj Charlty Balance l Aprll 2021 Tran5fer5 between fund5 Balance 31 March 2022 Income Eypendltur• Flxed asset funds: Dryden Street The8tre lease fund Eariham Street Flxed asset fund 3,457,836 2.583,707 2,303,843 136,815 180,6691 123,9731 172,0021 187,6931 3,377.167 2,559.734 3,803.756 422,365 1,571,915 373,243 Total flxed a5setsfunds 8,482,201 1264,3371 1,945,158 10,163,022 D•$l£nated funds: Theatre redevelopmentfund COVID recovery fund Bulldlng maintenance fund Creatlve Investment fund 1,650,0(￿¥ 250,0(K) 200,C 11,650,chx)I 250.000 200,000 Total d¢sl8rtated funds 2,100,OCrf) 11,650,000) 450,rKIo Operatlonal rlsk r•s•Tve 2,233,232 5,664,655 14,577,543) 482,773 3.803.iiY Total u￿r￿￿clad funds 12.815,433 S,664,655 14.841,8801 777,931 14.416.139 Restrided funds: Resldent Asslstant Dlrecror talyst Produttlon support Resldent Design A551stant Pay It forward funds Capital project T&F trainlng Pathways (Dlscoverl Donmar Local Donrnar D15cover Programme 7,826 30,C()O 27,500 106,500 3.500 138,6691 127,5001 1241,5001 11,7501 123.2431 iO,O(M) 9,157 135,000 12,500 146,328 397.931. 10,0 867 22,120 35,803 Vl,250 123.085 380,000 1777,9311 lio,(K>oi 18671 152,1201 1231.4841 30,￿0 195,681 Total re5trlrted fund5 768,375 773,181 1617,1331 1777,9311 146,492 Total funds 13,583,808 6,437,836 15,459,013) 14562.631 Wheie funds are re5trlrted to cap5tal development and expendlture has been capltallsed a transfer 15 made from resrrlcted to designated funds at the polnt the expense Is Incurred. 41

Donmar Warehouse Projects Limited Notesto the accounts forthe yearended 31 M4r¢h 2022 (wntlnuedj 20 General and restrlrted funds fcontlnuedj TanRlble flxed asset funds The Dryden 5treetfund, Theatre Lease fund, Earlham Street Fun¢ and Flxed A55et fvnd are together equal to the value of the group's fixed 355elS. Dryden Street ful￿, £3.4m.' The net b¢￿k value of the long lease of 3 tkyden Street, the chaTltVs offices, and the capltallsed net bookvalue of the conversion of the bulldlngto make It flt for purpose. Theatre Lease fund. £2.6m:The neibook value of the theatre lease. Earfham Street fltnd Ipr•vlously called the Theatre Redevelopment Asset fund). £2,8m'. The value of capltal works carried out in the Theatre to the e55entlal mechanlcal and electrlcal systems, Acce55iblllty areas, WC prov151on and refurblshrnent of the Front of House. Flxed A55et fund, £O.Im- The net book value of IT equlpment and flxtures, ffttlng5 and equlpment. DeslBnat•d funds TheTru5tee5 have deslEnated fund5 as follows.. Theatro Redevelopment fund.. Thls was the redevelopmentfvnd that the Donmar has set 35ideJ generated through strong revenue performance and careful c05t management, to support the redeveloprnent of the theatre aad the cost5 of the off-slte yearduriHgthe capltal works. Thefund has been reduced tozero, ItlsconsideTed that the current scope of building redevelopmentcan entirely befunded through fundra151ng of whlth £0.8rn ha5 already been raised. COVID TeEovery fund The fund was set up to support the Theatre through the Covld pandemlc to 5UPPOrt anv operatlonal losses and toallowforworkto continuethat maybe loss leadingbutwould allow the Donmartocontlnue to dellver Its artlstlc v1510n. Bulldlhg Malntenance fund.. Thls fund covers costs In lelatlon to the rnalntenance of the theatre and the reheaisal, offitt and educatlon 5pace5 In Dryden Street, It Is for emergency fepair5 and for dealing wlth unforeseen developments. Part5 of the theatre infrastructure are over 25 yeais old and, ahead of redevelopment, thls fvnd has been bullt to cover the Increaslng OC¢UTrence of requlred works. Crnatlve Investment fund- The creatfve Investment fund Is deslgnated to enable a qulck response to Investment opportunlties out51de of planned actlvlty, almed at extendingthe Charlty's reach, a5 well as malntalning It5 goals for innovatlon and sustalnabllity. Operatlonal Rl$k Reserve The charlty operates a pollcy of requlrlng 25% of next yearf5 budgeted Income to be held In the general furtd, wlth a mlnlmum of £1.25m. This value Is set to reflect the potentlal volatility in cha¥ltl5 key Income strearn5'. fundralslng, box office and publlc sector funding (Arrs Coundl NPO grant and Theatre Tax Relief). 42

Donmar Warehouse Projerts Limlted Notesto the accounts forthe yearended 31 March 2022 Icontlnued) 20 Gineral and restrlcted fund51contlnuedJ Restrfrted funds Re51dent Assistant Dlrect IRADI fund represents donation5 whlch may only be used In connectlon wlth the costs assoclated wlth paylng the Donmarfs Resldent Asslstant Director. Catalyst fund Is the programme to support up to 12 people from underrepresented backgrounds to enter the art5 workforce v13 pald tralnlng and 5e¢ondrnent5. Productlon Support fund5 are sponsoTshlps recelved whlth may only be used In connectlon wlth costs on productlons speclfied In the term5 of thefundiTh& Resldent De51gn A$￿Stant IRDA) fund represents donatlon5 recelved whlth are to be used 501ely In connectlon wlth the RDA p051tlon for Donmar productlon5. Pay It Forward fund5 are donatlon5 re￿IVed to be used forthe Pay It Forward scheme where donatlons are used tocover tlcket costsfor DoThmar Produrtlon5 for anyone upto the age of 25. Capltal Prolectfund are donatlons recelved to SUPPOrt the theatre redeveloprnent project. T&FTTalnlngfund Isfor a donatlon recelved towardstralnlfigforthe Development team but wasredeslgnated tothe RAD programme. Other educatlon and attess funds lincludlng Support for Pathway5 IDlscoverl, Donmar local 3nd Donmar D15cover Programmel are donatlons recelved In relatlon to speclflc edocatlonal element5 of production5 and may only be used In connection wlth costs ari51ng on these. NHS tlckets Is a restrlcted fund In the tradlns subsldlary. Donmar Productlons Urnlted, representingfunds ralsed toward provldlng NHS staff tlcket5 to Donmar Productlons. 43

Donmar Warehouse Projects Limlted Note5to the ac¢ounts forthe year ended 31 Marth 2021 Icontlnuedj 20 General and re$trlrted fund5 fcontlnued? Group-prlor yoar Balance l Aprll Tran5f•rs between funds Balance 31 March 2021 Income Expendlture Flxed assetfvnd$'. Dryden Street Theatre lease fund Theatre redevelopment assets Flxed asset fvnd 3,538,504 1607,681 730,107 180,6681 123,9741 3.457,836 2,583,707 2,303,843 1,573,736 189,285 1,239 153,7091 136,815 Trfal flxed asset5funds 7.055,577 4574,975 1158,3511 8,482,201 De$lgnated funds: Theatre redevelopmentfund COVID recovery fund Bullding maintenance fvnd Creatlve Investmentfund 2,100,000 12,100,000) 1,650,000 1,650.LKX) 250,￿0 200,￿0 250,0 I￿,000 loo,000 Total deslgnated funds 2,450,000 1350,0001 2,100,000 Operatlonal rfsk r•sep 905,359 2.273,941 11,347,748) 350,0(K) 2,181,552 Totsl unrestrtcted lynds 10,420,936 3,848,916 11,506,0991 12,763,753 Re5trkted funds: Dlrertors programme Re5identAssoclate Dlrector Produ¢tlon support Resldent De51gn Asslstant Pay It forward funds Capital project T&F tfalnlnE Pathways IDlscoverl Donmar Local Oonmar Dlscover Programme Wrlter5 Group NHS tlcket5 8.916 18.9161 18.916 20,OCKS 71500 138,333 7,000 5,500 123,476 23,581 215,994 1,760,667 10,000 7,7(K) 12L0901 175,8331 17,826 135,000 12,500 146,328 397,931 17291 11,578,730) iio,(KKJI 16,8331 19,2751 189,1971 Is,0001 867 22,120 35,803 31,395 125,OOJ 5,OCrfJ 20,833 20,833 T￿al restflrted funds 445,586 2,130,309 11,786,687) 789,208 Total funds 10,866,522 5,979,225 13,292,786) 13,552,961 44

Donmar Warehouse Projects Limited Notes to the auounts fortheyearended 31 March 20221contlnuedJ 20 General and r•strlrted funds (contlnued) Charlty- prlor year 'Balance l Aprll 2020 Transfers between funds Balan 31 March 2021 Income EXpend￿￿Te Flxed asset lund$', Dryden Street Theatre lease fund Theatre redevelopment assets Flxed asset fund 3,538,504 2,607,681 730,107 189,285 180,6681 123,9741 3,457,836 2,583,707 2,303,843 136,815 1,573,736 1,239 153,7091 Total fixed assetsfunds 7,055,577 1,574,975 1158,3511 8,482,201 DoslRnated fund5'. Theatre redevelopmentfijnd COVID recoveryfund 8ulldlng malntenance fund Creatlve Inve5tmentfund 2,100,0 12,100,000) 1,650,000 1,650,000 250,000 200,￿0 250,000 loo,000 ioo,Lx)o Total desl£nated fund5 I450,OCK) 1350,0001 2,100,￿0 Opeyatlonal r15k re5eTve 880,244 2,464,022 11,461,034) 350,000 2,233,232 Total unrestrlcted funds 10,395,821 4,038,997 11,619,385) 12,815,433 Reslrlcled funds: Dlrectors programme Resldent Assoclate Dlrettor Productlon support Re51dent Deslgn Asslstant Pay It forward funds Capltal prolect T&FtTainlng Pathways IDi5coverl Donmar Local Donmar Dlscover Programrne Wrlters Group 8,916 18,9161 8.916 20,000 0,000 5,5 23,581 1,760.667 1210901 167,5001 7,826 135,000 12,500 146,328 397,931 10,000 867 22,120 35,803 72,500 7,000 123,476 215,994 10,000 7,700 17291 11,578,730) 16,8331 19,2751 189,1971 15,WOI 31,395 125,(Y)O 5,000 Total restrlctedfund5 445,585 2,IOL143 11,778,354) 768,375 Total funds 10,841,407 6,140,140 13,397,739) 13,583,808 45

Donmar Warehouse Projects Limited Nole5 to the accouT forthe year ended JI March 2022 (contlnuedj 21 Analyslsof net a55et5 b•Thveen fvnds Group General funds DeSI￿ated In¢1 flxed asset funds Re5trlcted funds 2022 Flxed asset5 Current assets 10.16a,022 450.000 10,163.025 5,777.920 12,167.609} 5.172,260 12.167,6091 155,660 Provlslons 3.004.654 10,613.022 155,660 13.773,336 Char￿Y General funds De51Knated Incl flxed asset fund5 Re5trlrted funds 2022 Flxed a55ets Current assets 10.163,022 450,fy)0 10,163,026 10,019.268 15,609.663} 9A22,776 15.609,6631 144492 Provlslons 3.813,117 10.613.022 146,492 Vl.572.631 Group Goneral funds Deslgnated Incl fFxed a55etfunds Restrlrted funds 2021 Flxed assets Current a55ets Current liabilltles Provlslons 8,482,201 2,100,(M]o 8.482,203 6,460,496 IL363.3381 126,4001 3,571,288 11,363.3381 126,41x)I 789,208 2,181,552 10,582,201 789,208 13,552,961 Charlty General funds De51Bnated Incl xed a$5etfund5 Re5trlcted funds 2021 Flxed assets Current assets Current Ilabllltles Provislon5 8,482,201 2,1￿,(Xx> ,482,204 9,012,535 13,884,531) 126,4001 6,144,160 13,884,531) 126,4001 768,375 2,233,232 10,582,201 768,375 13,583,808 46

Donmar Warehouse Projects Limited Notss to the account5 fortheyear ended 31 March 2012 Icontlnuedj 21 Analysls of cash and Cash equlvalents Group 2022 Group 2021 Company 202Z Company 2021 Short-term deposlts held Cash balances 4.289.745 15.865 5,596,322 335 3.831.031 15,865 4,510,424 335 4.305.610 5,596,657 3,84&896 4,510,759 All cash at bank Is held In dep051t account5 and Is Immedlately Ilquld. The Charity holds no Investments other than the shareholdlng of Its subsidiaries. 23 Analysts of n•t debt At l Aprll 2021 At 31 March 2022 ForelBn emhange Cash ftows Short-term dep051ts held Cash balances 5,596,322 335 11,306,5771 15,530 4,289,745 15,865 5,596,657 11,291,047) 4,305,610 P•n$lon and other post-retlrement benefft commltrnents The Group operate5 a defined contrfbutlon penslon scheme. The assets of the scheme are held 5eparatelyfrom those of the Eroup In an Independently admlnistered fund held by Frlends Provldent. The pension c05t charge represents contributlon5 payable by the gtoup to the fund. 21P2 2021 Contrlbutlons payablefor permanent staff Contflbutlons payablefor staff worklng on productlons 77,252 14,113 69,164 285 Total contribut10#5 payable by theEroup forthe year 91.365 69.449 47

Donmar Warehouse Prolects Llmlted Notesto the accounts forthe year ended 31 March 2022 {cortlntsedJ 25 Related partydtsc105ures Attheyear end, the company wa5 owed £NII12021- £5.2981 by Donmar In the West End Llmlted. Durlng the year the company recharged costs of £131,15712021- £809,451) to Donrnar Productions Llmlted I"DPL"l and pald DPL EI,931,11112021 £501,1111 to Produce certaln shows. The company also charged manaEement charges of £422,58112021- £131,284) and sundry expenses of £Nil12021- £27,087) were also rechareed. DPL also glft alded profits of £560,90012021- E460,6991 to the company. At the end of the year the cornp3ny owed £4,123,236 to It5 wholly owned subsidiary Donmar Productions Llmlted12021 - E2,656,2531 and wa5 owed £4,254,393 by It5 wholly owned subsidiary Donmar Productlons Llmlted12021- £3,606,403). All of the above transa¢tlons were conducted at arm's len8th and permi551on Is granted for them In the c¢)mpanVs memorandum and artides, The charky recelved an aggregate arnount of £161,000 in donatlons from tfU5tees durtng the year12021 £310,000). Included In thls amount are restrltted donations of £IIO,00012021 - £310,0001, £35,000 towards Produ¢tlon$12021 £50,(KK>I and £75,ODO12021- £260,OLM)I towardsthe Capltal piolect. There were no other related party tran5actlon 26 Operdtlh¥ lease commllments At 31 Marth 2022 the Company had annual commltments under non-cancellable opefatlng leases as follows: 2022 2021 Land and bulldlngs Expiry date: Wlthin one year Between one and flve years Due after ffveyears 48.880 li0.￿0 7,043.630 48,880 133,8go 7,068,630 7,202,520 7,251,4LK) Equlpment Explry date.. Wlthln one year Belween one and flve years Due after five years 42.255 140,361 23.388 86,568 183,747 109,956 7,386,267 7,361,356 48