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
wrtt*5. 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