2023-03-31-accounts

Donmar Warehouse Projects Limited Trustees, Report and Financial Statements Year Ended 31 March 2023 Company Number 01611861 Charity Number 284262

Donmar Warehouse Projects Limited Contents and company Informatlon for the ygar endod 31 March 2023 Content8 Page.. Trustees, report 17 Independent auditor's report 21 Consolidated statement of financial activities 22 Consolidated and Gharity balance sheet 23 Consolidated statement of rAsh flows and nel debt 24 Notes lo the a¢Gount5 Trustees A Kenwright {Chalr) TLee M Longhurst T Ross ISc8nll&buryi A Romeo J Smith L Msamatl N Bla￿[ S Carson J Kanagasoori8m H Thompson M Goodey lappolnlèd 9 M8rth 2023} Honorary Lwo Prèsident.. R Wngale Company secretary.. R Tyson Registgrod office 3 Dryden Street, London, WC2E 9NA Company number 01611861 Charity number 284262 Banker8 Coulls & Co., 440 Strand. London, WC2R OQS Auditor Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y OTL Sanlor Manag•m6nt Michael Longhursl, Artistic Director Henriella Finch, Executive Director

Donmar Warehouse Projects Limited Trustg98' report for thg year ended 31 March 2023 The Directors (who are also the Trltslees of the Gharityl present their report and financial statemonls for the year ended 31 March 2023. Reference and administrative information sel out on page 1 forms part of this report. The financial slalements comply with current statutory requirements. the memorandum and articles of association. the requirements of a diTeclors' report as required under company law, and the Statement of Recommended Practice- Accounting and Reporting by Charities., SORP applicable lo charities preparing their accounts in accordance wlth FRS 102. The company is a registered charity, Iregislered number 2842621 and company limited by guarantee (registered number 016118611. The company is incorporated under the Companies Act 2006 and is governed by ils Articles and Memorandum of AsSocial￿On dated 05 February 1982 as amended 4 July 2016. Princlpal actlvitl88 The objects of the Gharily are lo promote, maintain, improve and advance education particularfy by the encouragement of the Arts including the arts of drama, ballet. music, singing, lileralure, sculpture and painting. The company meets these through continuing lo produce and present theatrical productions at the Donmar Warehouse Theatre. Donmar Warehouse Projects Limited has four wholly owned subsidiaries (further details are given in Note 15 of the financial slalementsl. The results of Donmar PFoductDns Limited and Donmar Theatre Catering are consolidated into these financial slalements. The results of Donmar in the Wesl End Limited and Donmar Films Limited have not been consolidated on the grounds that their results are not material lo the group. Donmar Productions Limited receives income from commercial trading contracts and ils taxable surplu5 is paid by glft aid lo Donmar Warehouse Projects Limited. Donmay Warehouse Prqecls Limited is the rights holder for the productions bul commissions ils theatrical pieces lo Donmar Productions Limited. which acts as a productton company. Donmar Theatre Catering receives income from the bar operations and ils taxable surplus is also paid by gift aid to Donmarwarehouse Projects Limited. strateglc report The sections below conslilule the Slrateyic Report for the purposes of the Companies Act 2006. 2022123 at the Donmar Our Mission Our Strategic Objectives Financial Viability Reserves policy and Risk management Public Benefit 2022123 at th9 Donmar 2022123 was our first full year of productions since reopening post Covid, and although we weTe still affected by Covid leading lo the cancellation of some performances, we remained open all year and have fell growing confidence from audiences. Programming during the year has appealed to a range of audiences and for the first lime we ran two shoTler projects during the summer on the main stage with specific appeal lo younger aUdIen￿S (The Tri8lsl and in Silenc8, CO- production with Tara, we worked with British artists of South Asian heritage and brought a new community lo the theatre. Our work with childien and communities went from strength lo strength this year, focussed on the participatory project The Trials. and we also Gontinued lo invest in talent and skills development for ourselves and the sector. In November we celebrated our 30th birthday with a joyous gala evening featuring alumni artists and all three of our former Artistic Directors in attendance alongside current staff and our loyal sUPPOrters.

Donmar Warehouse Projects Limited Trustees, rgport for the year ended 31 March 2023 {contlnued) 2022123 at the Donmar (Gonlinuedj Midway through the year, we learned that our application to remain part of Arts Council England IACEI'S National Portfolio of funded organizalions had been unsuccessful. Although only representing 70A of turnover, il was very challenging to lose this regular funding and we remain in a process of business transition Iwilh transitional funding from ACE continuing until October 231 towards a model th31 will be sustainable in the absence of government subsidy. The Government's decision lo relain Theatre Tax Relief al ils higher level for two further years h88 partially miligaled against the loss of NPO funding for the time being and we welcome il wholeheartedly. Despite the challenges relating lo the final stages of the Covid pandemic and the change in our ACE funding status, we have had a successful year both creatively and financially and we remain commilled lo our mission below and lo delivering value lo all our sl8keholders a$ we look lo the future. Finally, as Michael Longhursl came to the end of his 5 year contract as Artistic Director, we launched a recruilm@nl prO￿sS for his successor and were delighted lo appoint Tim Sheader lo the post, starting as Art151ic DirecloT Designate in December 23 and as Artistic Director and Joint CEO in March 24. The new Artistic Director is expected lo lake up their post in early 2024 tojoin the strong and highly skilled team for the next stage ol the Donmar'sjourney. Our Misslon The Donmar Warehouse makes unmissable, exceptional productions of classic plays, new works by leading writers. and intimate musicals to thrill and inspire our audiences. In our converted Covenl Garden warehouse space, in the heart of London's Wesl End, aUdIen￿S experience the power of live performance up close, silting no more than four rows away from the action. The Donmar has blazed a trail for thirty years creating legendary performances by some of the world's greatest artists. reaching global audience8 through transfers across the Vvesl End, Broadway and beyond, and that legacy is the foundation of our approach today. We enable exceptional emerging talent to find new routes into the industry, and we create extraordinary opportunities for local young people. Core to our work is the belief that embracing a diverse range of voices enriches us all, fostering a more empalhelic society. The Donmar's audiences are passionate about Ihealre, and we are passionate about them. We want lo make them think, make them feel. and inspire them lo return. Our objectives are.. Make unmissable, exceptlonal productlons of classlc plays. new works by leading wrlteTS, and intimate musicals to thrill and Inspire our audi9nces. We will create a balanced se2son of oulslanding work in which established artists will create their best work and artists we believe are talented and ready to work on the Donmar stage will be supported and developed. Invo$t In talent and 8kills among under-represented groups, for ourse￿eS and the sector. Routes lo employment in the cultural industries will be clearer, more a¢¢essible and more inclusive. Our LOCAL work facililales partnerships with schools and local authorities lo make the Donmar an essential cultural provider in our home boroughs, building lasting connections with young audiences. We hold oursèlvos and our artlst8 accountable to high standards of sustainablllty practlce W91come a broad rangè of people through our doors. prioritising developing younger and more diverse audiences alongside our core groups We have a hlgh.fun¢tionlng, incluslvo and motlvated workforce, which remalns nimble and open to new opportunities and ideas. AIS our work Is underpinned by a deep commitment to equality, dlveTSity and Incluslon.

Donmar Warehouse Projects Limited TTUSte88' report for the year gnded 31 March 2023 (¢ontlnued) This year, we have delivered against these objectives in the following ways.. I, Our work on Stage This year's programme showcased the Donmar 2t ils best - plalfomiing a range of work, including new writing, revivals of classic titles, prestigious UK premieres, acclaimed new musicals and important, timely plays that speak lo our communities and the world around us. The year's projects were.. Marys Soacole The UK premiere of Jackie Sibblies Drury's dazzling, kaleidoscopic blopic ran at the Donmar in Spring 2023. The production was directed by Nadia Lalif and starred Kayla Meikle as the eponymous pioneering Jamaican nurse. The play represented the Donmar's commitment lo staging exciting new writing, and showcasing the finest of contemporary American playwrights lo a UK audience. A Doll's Housg, Part 2 Lucas Hnath's audacious follow up lo the Ibsen classic was directed by James Macdonald, returning after his 2018 Production of Congreve's The Way of the World. Double Olivier Award-winner Noma Dumezweni led a strong ensemble cast also featuring June Walson, Brian F O'Byrne and Patricia Allison. The theatre was reconfigured lo present the play in the round, increasing the capacity of the theatre and bringing a blistering intimacy lo Hnalh's razor-sharp text. Tho Trials As part of the Donmar's eonlinued work around sustainability and the climate crisis. Dawn King's timely and gripping new play was produced specifically lo minimise the environmental impact of the Ihealre-making process as much as possible. Featuring a mix of next generation lalenl and leading actors, the production ran for two sellout weeks during the summer season, described by VVhatsOnSlage as"slaggeringly truthful and direct urgent V16wing" Si19nc8 In recognition of the 75th anniversary of the Partition of India, Silence was a co-production wllh Tara Theatre, adapting Kavila Puri's Partition Voices, a collection of remarkable personal testimonies from people who lived through the last days of the British Raj. Four writers of 8rilish and South Asian heritage worked together with Tara Artistic Oireclor Abdul Shayek lo create a "moving and immensely powerful pieGe of theatre that transferred to Tara's Earlsfield venue following ils SUC￿$Sful run al the Donmar. Thè Band's Vlslt Michael Longhurst directed the UK premiere of this Tony Award-winning musical by David Yazbek and Ilamar Moses. Taking place in a quiet desert town in Israel, the show followed a gioup of lost Egyptian musicians, who spent one night far from home that would slay with them forever. The production was a financial and critical success, re￿Iving rive stars from the Telegraph-"a musical made of magic lo send the soul soaring. The Band's Visit was nominated for 6 Olivier Awards including Best New Musical. Watch on tho Rhlne Renowned US playwright and activist Lilllan Hellman's 1941 work was revived across Christmas 2022. Directed by Ellen McDougall, the play examined the encroach of fascism into the comfortable homes of upper class Americans at the dawn of the Second World War. Patricia Hodge Starred alongside acclaimed German sta9e star Mark Waschke, in a run that sold out and received five and four star reviews across the board. Despite being a lesser known title. this play supported the Donmar's commitment to reviving classic, timeless texts that resonate with modorn audien￿8 as much as they did when they were first produced.

Donmar Warehouse Projects Limited Trustees, mport for the year gnded 31 March 2023 (contlnugd) Trouble In Butetown 1. Our work on 8tagD (contlnugd) The 2022123 season finished with a world premiere commissioned by the Donmar. George Devine Award-winning playwright Diana Nneka Aluona's play, a 'gripping ensemble drama look a look inside an illegal boarding house in 1940s Cardiff - a port town during the war and home lo souls from every corner of the globe. The production starred Sarah Parish and was directed by Tinuke Craig, plalforming a tange of global majority artists and new writing by one of the country's most exciting voices. 2. Sk1118 dgvelopmènt Following a successful pilot, our CATALYST skills development programme ran successfully for a second year, with 11 roles offered across the creative and adminislralive trainee pathways. These roles have supported people from historically under-represented backgrounds al the Donmar, and in the wider sector, access paid training opportunities with support from induslry-leading mentors. Alongside the CATALYST programme, we have once more offered two 12-monlh Resident Assistant Director positions, who have worked closely with six directors as assistant directors on Donmar productions, and supported the Literary, Participation and Development teams. Through our Participation work, we have run a work experience programme, Pathways, delivered an introductory writing course for 16-19 year olds, LOCAL Writers, and intr￿UCed a new programme, Junior Creative Assistants IJCAI. The JCA programme has supported young people in gelling behind the scenes access lo the creative pr(Kess of creating a production at the Donmar, with a series of taster workshops delivered in partnership with Royal Central School of Speech and Drama, resulting in five paid young assistant posts on our mainstage production of The Trials. 3. Donmar LOCAL In response lo local need, we have continued lo work with local schools and communities, ensuring a wealth of creative opportunities are available lo under 25s in our home boroughs. Our Donmar LOCAL programme supports the creation of theatre that cenlres the voices of our local community, develops future aucliences, and supports pathways lo Gareers in the creative indu81ries. Weslminsler & Camden have highly diverse populations and wealth inequality with areas of affluence alongside significant deprivation. 43Yo of all children in Camden and 420A of all children in Weslminsler live in poverty once housing costs are accounted for. Icamdenlweslminsler Councils 20231. We priorilise working with schools with higher than London average free school meal ratio & students with English as an additional language. A significant decline in engagement with arts subjects al secondary school level. Children living in poverty are less likely to experience the arts outside school. Falling investment in young people.. Weslminsler has reduced youth services budget8 by 97Q/o and Camden by 180kn since 11112. We work with Camden Council's Cultural Learning Partnership lo support young people who experien physical. social and economic barriers to taking part. Participation in our projects supports personal development and wellbeing, develops confidence, develops skills and embeds interest in careers in the sector. We delivered on our commitment lo platform local young people's vol￿S through presenting The Trials, a mainstage production, led by an ensemble of young people with an accompanying paid trainee programme. Vve also presented our LOCAL Residency performan￿$ in partnership with Holborn Community Association and Element, taking the Donmar into community spaces.

Donmar Warehouse Projects Limited Trustees. report for thg year ènded 31 March 2023 (contlnued) 3. Donmar LOCAL (contlnued) Through Donmar LOCAL, the Participation department have continued to dellver programmes that have been both innovative and essential. Projects in 2022-23 included.. The Trials, the first mainstage Donmar LOCAL production, ran for 2.5 weeks. The process engaged 257 young people in the final stage of the process, through auditions and the Junior Creative Assistant programme 9 Schools, Performances delivered as part of our mainstage offer, working with 2.165 young people who received in-school workshops, free tickets and post show talks with the cast and creative teams Take the Stage, our flagship devising programme for young people, was deliveied around productions, working with 8 schools and 123 young people Our LOCAL Residency, Writers and Pathways progr8mmes supported 94 young people to work intensively with artists and the Donmar staff team 4. Sustalnability 2022-23 saw the conclusion of the Donmar's 'Climate Dramaturgy, project with Dr Zoè Svendsen. Overthe past yeai, the organisalion has worked with Dr Svendsen to create a holistic approach to environmental care across every aspect of the productions it creates. This includes, bul is not limited lo, ensuring that productions are scheduled in as timely a way as is feasible., mutual transparency around planning and collaboration,. and pracllsing care in relation lo well-being and labour. We have found that vital to the reduction of environmental harm is line lo undertake careful decision-making, and therefore we have created a new, longer term approach to creating productions that allows for a more 'climale positive, mindset lo make work. The research will culminate in the presentation of Dr Svendsen's research to industry leaders, and the dissemination of Tesources created in collaboration with the Donmars producing team, shared freely with the sector lo ensure Ihatwe are working collectively towards the mutual goal ol suslainabilily. 5. AudlgnG68 Yickel sales varied across productions in this year, with a notable improvement in advance sales from summer 2022 onwards, which is a trend across the sector as audience confidence returns post-covid. For Marys Seaeole we worked with external ¢onsullanls lo leach new audiences for the production, and saw an increase in posl-show survey respondents from the Global Majority. A Doll's House, Part 2 was staged in-lhe-round and, due lo various factors including a resurgence of Covid in the summer, a new play and the additional seating. made this productiors a challenging sell. The Tri8Ss had a good advance compared to previous shows in the season, with a short run and high demand on tickets due lo the stron9 casting. We had 580A new bookers. and a significant number of younger aUdien￿S, encouraged by the Young+Free perfonnance, and the introduction of under 308 tickets. Silence also had better than usual advance sales, and allra¢ted 38% new bookers, many of whom defined themselves as from a Global Majority background, according lo our survey (30010 of respondenlsl. We were pleased lo see a lack of priGe resistance for this production as well. The Band's Visit had the strongest advance of any show since we reopened posl-pandemic, with 68% capacity sold across the run before press night. We ultimately achieved 960h net Box Office sales. After an initially slow start. advance sales for the latter half of the run of W8lch on the Rhine picked up considerably. so much so that we were almost at capacity ahead of the revised press night in January. Due lo cast illness and the show cancellations, a number of key press opportunities had lo be pushed towards the end of the run, which meant they didn't have the impact on sales we had hoped for pre-chrislmas. Ultimately we achieved 910kn {wilh 3 cancellalionsl. Trouble in Butetown achieved 78Vo net Box Office, after a slower advance sales period than the previous two shows. Our social media accounts have continued to grow in followers with 32,026 followers on Facebook, 109,500 on Twitter and d6,200 followers on Inslagram.

Donmar Warehouse Projects Limited Trustees. report for the year &nded 31 March 2023 (contlnuodj 5. Audiences (continued) We remain commilled lo reaching the widest possible audiences for our work and ensuring lickel prices are not a barrier lo attend.. our Young+Free ticket scheme gives over 4000 f￿e lickels a year to audiences aged 26 2nd under.. our Donmar Daily scheme makes 3500 tickets available to new and younger audiences starling al £10. To mark our 30th birthday we have also been able lo offer £10 tickets for audiences aged under 30, thanks to support from Associate Sponsor Barclays. We have also consislenlly achieved national media coverage with actors appearing across high profile broadcast and print media. 6. Access This year we have expanded our access offer al theatre, offering our first ever relaxed performance at the venue. Every production offers a BSL, audio description and captioned perfom)ance. Vve offer touch tours Pre show and visual storyboards when appropriate. We have a permanent hearing loop system and headsets at each performance and have a dedicated access champion and access lickeling support, We continue to work in partnership with VocalEyes lo bring together audiences, artists and industry partners to develop new ways to facilitate audio descriptions, and ensure that audio description reflects the diversity of our work and audiences. All allendees for inleNiews and new starters are 8pecifiGally asked about access requirements as part of the application and onboarding processes. Both siles are fully accessible for patrons and stsff. 7. Equa15ty. dlverslty & Inclu81on Our work to achieve greater representation in our work on stage, our audiences 8nd out employees remains ongoing. This year, we programmed work by a range of global majority writers and directors, including Jackie Sibblies Drury, Nadia Lalif, Sonali Bhatlacharyya, Gurpreel Kaur Bhalli, Ishy Din, Abdul Shayek, Diana Nneka Aluona and Tinuke Craig. In addition, our partnership with Theatre Royal Haymarkel specifically supports two writers with protected chaiaclerislics. Silence, the co-production with Tara Theatre, plalfonned South Asian voices and stories in remembrance of the 75th anniversary of the Partition of India. Later in the year, The Band's Visit featured a casl of predominantly Middle Eastern and North African performers, including Israeli star Miri Mesika and leading Egyptian film actor Alon Moni Aboullx)ul. Michael Longhursl worked with diverse voices lo ensure that the representation Of these communities in the production was respectful and authent￿. We recruited an anli-racism and inclusion lead as part of our workforce. They have worked with the General Manager lo shape, develop and embed anti racism and inclusion practices and policies which inGlude'. Developing a transparent reporting process lo investigate complaints Creating an anli-racism and inclusion policy for all staff ancs freelancers Enacting a confidential reporting email Commilling lo compulsory and regular staff training Publishing an outward facing INelcome slalemenl, lo ensure guests understand our beliefs and policies Introducing a shadowing scheme, Elevate, lo look al routes into Senior Management for underrepresented groups We continue to make significant steps lo diversify our workft)rce and have achieved our target of 20% Global Majority staff by 2023, reaching 24.4¥0 Global Majority and 18.30kn Disabled staff in FT roles and 40Vo Global Majority, 9.6% Disabled in PT roles. We created 3 positive action traineeships for administratwe roles, which provided new route5 into the workforce for Global Majority candidates. We recruited 30 new starters in the year 22123 into substantive posts., 33.30kn of new starters identrfy as being from the Global Majority. We have added access rider questions onlo all interviews and new starter onboarding processes.

Donmar Warehouse Projects Limited Trustees. roport for tho ygar ended 31 March 2023 (contlnued) 7. Equalityi dlverslty & incluslon (contlnued) Our leadership team 18 currently much less diverse than the wider team, we created a mentoring and shadowing programme which seeks to increase representation al a senior level and a key goal moving lo￿ardS is to increase representation in key leadership and programming roles. We have revised our monitoring processes to be more inclusive and representative of the wider population. 8. Operatlons and culturg To support well.being we have an Employee Assistance Programme, offering counselling, management. relationship and linancial support service available lo all staff, 24 hours per day. We have positive feedback from staff who have used the service. We continue lo work with an HR consultant who offers 1- 1 drop in sessions each month for staff to book and allend confidentially. Themes of these sessions are reported to the General Manager and Executive Team. We ran our first annual staff survey since Covid; 76% of substantive staff completed the survey. Key findings and trends were.. The strongest positive feedback area is our Anti- Racism and Inclusion work. There is a strong theme of bringing the office and theatre together more, socialw and al work. Line Managers perform consislenlly well in feedback, Theme lo develop more flexible working and taking TOIL cultLJre, use of comms out of hours Mental Health is the lowest performing area in the survey. Policies are read and understood. This year we relaunched our working groups, EDI, cvllure and comms, suslainabilily and health and safety. In 2022123 staff training programmes have included management, networking, mental health fir81 aid, neurodiversity, first aid, allendance at industry conferences and 1-1 coaching for managers. Our freelance council made up of 7 people from various backgrounds and disciplines, chaired by a board member, onlinues lo meet quarterly. Members are paid for their lime to attend sessions. Flnancial Revigw The Donmaffs £8.6m revenue 12021122 £6.Oml is principally drawn from production income £4.5m 12021122.. £1.5ml. fundraising, £3.Om12021122 .' £2.7m}, support of the Arts Coun¢il, £0.5m12021122.' £1.1m- includes Cultural Recovery Grant), and trading income, £0.6m12021122. £0.7ml. Total income has increased year on year as we had a full year of productions, an increase in fundraising income and an increase in Theatre Tax Relief. Production income was up with five main Productions and two smaller Productions in the year versus four main Productions in 21122. Fundraising was up 120A due an increase across all areas but mainly due to Individual donations, increased Trust and Foundation support for Education Programmes, and Production Support. The Theatre Tax Relief was increased by the Government lo 45% (from 20%) and this has resulted in income of £1.2m12021122 ., £0.1 ml. The Donmar also received Government support in the year through Art's Council Funding £0.5m12021122 £1.2ml. The Donmar remains commilled lo investing as much of its income as possible in the work il prodLsces on the stage whilst offering accessibility and value for ils supporters and for the public money we receive. Direct production expenditure was £5.1m {2021122 . £3.Oml, accounting for 610/0 of lolal expenditure and exceeded box office revenue by over £0.6m. Our public subsidy accounted for 6% of total income, relatively low amongst peers. The other key expenditure afea is staff and personnel Ipemanent staff headcount.. 64, 2021122.. 521 which Is £2.5m (2021122.. £1.9ml, equating lo 30% of our total gerleial expendilufe12021122'. 330kn1.

Donmar Warehouse Projects Limited Trustees. report for thg year ended 31 fvlarch 2023 (continugd) Financlal Revlew (continuedj Our Reserve position remains positive ending the year with £14.1m Total Funds split between Restricted £0.1m, General £3.9m, Designated £0.3m and Fixed Assets £9.9m. Post Covid we are now running a full programme and the increase in income and costs has been lightly managed lo allow us lo show a nel profil of £0.3m12021122.. £0.2ml. This profil will help bolster our current reserve position Ipage 10 and 111, and enable the management team lo miligale the loss of the Arts Council Income and lo continue to operate 8 sustainable model. Fundraislng Total fundraising income was £3.3m 1380A of total income) {2021122.. £2.7ml, which was principally income from individuals al £1.gm {2021122'. £1.5ml, commercial trading operations Icorporale sponsorship), £0.9m 12021122.. £0.Sml and £0.5m in revenue from Trusts and FoundatDns12021122.. £0.3m). Overall, membership numbers were slightly higher across all levels. Ticket usagelevenl attendance was strong for popular shows, such as The Band's Visit and Watch on the Rhine, bul less so over the summer for Marys Seacole, A Doll's House Part Two, silen￿ and The Trials. We ran a successful appeal IDonmar TomoTrowl focused on the news of our exil from the ACE portfolio which raised a signifieanl level of funds and our communications around this were particularly well received. Additionally, we celebrated the 30th Birthday of the organisalion with a special event that attracted some of our most important supporters. Notably. we were successful in new major asks. some with mulli-year pledges, meaning we can be in a strong position al the start of 23124 in terms of commilled revenue. Our main corF)orate partners renewed their support as per existing conlracls. and we were abl8 lo successfully recruit new corporate partners thanks lo new introductions by the Development Board. Trust and Foundation performance was very strong. with partiGularty generous support from the B8ckslage Trust and increased mulli-year support from other existing funders. Fundralslng dlsclo$ures Thè Donmar fundraising team raises funds primarily through offering a range of membership packages which are supported by benefits and specialist events, securing donations which are ￿p￿callY linked to a specific activity (e.g. production support), grants from trust and foundations, and through corporate sponsorship agreements. The Donmar does not engage any professional Ihird-party fundraisers lo make approaches lo individuals on our behalf or involve commercial participalois. All direct marketing is undertaken by the fundraising department lo ensure that it is not unreasonabty intrusive or persislenl. Aside from current members who receive regular updates via post and email to ensure that they can make the most of membership benefits, contact is made through direct marketing al the lime of our programming announcements, usually twice per year. All marketing material contains clear instructions on how a person can be removed from mailing lists. The Donmar is GDPR compliant and our fundraising team and Senior staff adhere to the Fundraising Codes of Conduct and Standards of Research as laid out by the Fundraising Regulator. We have an Ethics Policy in place. This covers ethical fundraising practice and process. 11 is endorsed by our board, and overseen by the Ethics and Reputation Committee. There have been no complaints about our fundraising activity this year. Flnancial Viablllty The financial viability of the Donmar is overseen by the Audit, Finance and Operations IAF&OI Committee. The committee oversees and evaluates the monthly financial figures for the organisalion, led by the Executive Director IEDI and the Head of Finance IHoF}. The AF&0 reports to the Board and the Board has final sign off on the annual budget. The Board appoints external audit￿ts, and commissions and Considers reports as ne￿SSary. analysing fisks raised through these prwesses. 10

Donmar Warehouse Projects Limited Tru8tees' rèport for the year end9d 31 March 2023 {contlnued) Financial viability (continued) The key financial risks to the Donmar include The change in Artistic Dire¢lor leading to loss of production or fundraising income and a potential incTease to staff turnover, The impact on the Donmar due to the loss of the Arts Council England's National Portfolio Organisations {NPOI grant funding, The on-going impact of Covid on the production costs in¢luding insurance and understudies and the potential impact ol any show cancellations, High inflation and the current cost of living incfea5es are impacting both the Donmarfs cost base as well as lickel sales and staff retention, and, Theatre Tax Relief which, when reduced, will impact our revenue. Vvhile the management team and the AF&R committee continue lo review. adapt and respond lo these risks, should these inflows change materially or slop. this would like5y necessilale a change to our operating model and impact the quality of the work we produce and our public benefit. To help mitigate this risk the Donmar has diversified its income streams by renting out office and residential Spa￿ and by engaging with Commercial partners. This helps to lessen the Donmaff s dependence on fundraising, and where possible the Donmar continues lo look for slrudural ways to reduce the in-year risk associated with fundraising income, and implements careful performance and cost management to build resilience for future years. We have set a reserves policy to hold a sufficient amount in the risk reserve to support the or9anisation lo Iransilion lo a now operating model in the event these income streams are affected. The management team Gonlinues lo lightly manage ils redu¢ed costs base and expenditure is managed across the organisalion through structured meetings be￿een budget holders and the Finance department on a monthly basis. The reviewed figures are then considered by the Head of Finance IHOFI and reported monthly lo the Executive Director and the Artistic Director. Budgets have built-in contingencies and there is an overall organisational contingency each financial year. managed by the Executive Director, Organisalionally, the budgets are overseen by the Executive Director and managed by the HOF and senior management team with the Director of Development leading on the majority of income generation and the Senior Producer leading on the majority of expenditure on the productions. Golng concgrn The Trustees have reviewed the Charity's financial viability a5 part of their normal review process. A detailed 12- month budget, updated monthly, and 4-year plan. updated quarterly, support this performance assertion. Key risks, as identified on page 12, are monitored and miligalion steps pul in place. The Siquidily provided by the reserve is set to provide sufficient SUPF)Ort where miligaling steps cannot eliminate risks and the current level is considered appropriate to support a goin9 concern slalus. The Trustees continue to glve particular Gonsideralion lo the change in Artistic Director, the loss of the NPO funding, the cost of living crisis and the on-going effect of Covid-19, reviewing the impact of these risks on the organisalion's ongoing forecasts and projections lo ensure that the organisalion remains financially viable. When reviewed in August 2023. il was noted that the change to the Artistic Director and the loss of the NPO funding could be supported through reserves until the new comme￿181 strategy comes fully into effect. Covid -19 production cancellations have signilicantty decreased, however we continue lo review this risk as well as the impact of the cost of living cffi the Donmar's Finan￿$. Development income has increased and continues lo deliver good value for the organisation and the management team continue lo review and where appropriate implement cost saving initiatives in order to achieve further sustainability, Al the end of June 2023, the Donmar Warehouse had cash of £4.8m. fixed asset of £9.9m, net liabilities of £0.3m and cash resetves of £4.5m I£0.1 m restricted). Cashllow forecasts show cash dropping down lo ils lowest point of £3.7m (including restricted reserves of £D.1ml over the next 12 months. Given the Donmar's reserves position and track record, The Board remain satisfied that Donmar Warehouse will continue lo be a going concern for the 12 months from dale of signing and the accounts have been prepared in the knowledge that Donmar Warehouse Projects Limited is a financially viable organisalion.

Donmar Warehouse Projects Limited Trustegs. report for thè year ended 31 March 2023 (contlnued) Rgserves Policy and Rlsk Management The Trustees consider the risks to the charity at each quorterfy Board meeting and ensure that systems and procedures are established to miligale the risks identified, Al each meeting the Board also reviews the lalesl Risk Register prepared by the Executive which outlines the production related risks including health and safely as well as financial, repulalional and strategic risks. The Trustees consider the change in Artistio Director. staff turnover due to the cost of living crisis. the on-going Covid- 19 pandemic, the results of the NPO application and the reliance on fundraising as the major short lo medium term risks lo the charity. A change in Artist￿ Director has Iradilionally lead lo an increased risk around loss of staff and potentially lower initial box office and fundraising income dependanl on programming. The cost of living crisis has meant staff have left lo lake beller paid roles outside the Arts and also created a skills shortage which is impacting the Arts sector employment market. The Covid-19 pandemic continues to be a concern for planned performances as it is not covered by insurance. The Donmar's loss of NPO funding has resulted in a 9% loss in income which has been miligaled by the increased Theatre Tax Relief rate. The Oonmar's reliance on fundraising income remains an on-going risk due lo change in artistic director and a more challenging fundraising sector. These risks are reflected in the investment in the Operational Risk ReseNe which is discussed below. Tangible Fixed Asset Funds Building Maintenance Fund Operational Risk Reserve The tangiblg flxed asset fund represents the value of the Donmar's fixed assel$.' the lease of the Donmar Theatre al Earlham Street, the lease and capilalised costs of the office al Dryden Street, the capilalised costs of the redevelopment prq'ecl, and the book value of fixtures and fittings. The Donmar holds one designated reserve.. Buildlng Maintenance Fund.. The Donmar retains a reasonable sum within the theatre maintenance fund to cover unbudgeled andlor uninsured repairs and maintenance. This fund has been built in recent years lo reflect the age of some of the theatre infrastructure. We expect this will be spent partially each year and refilled from surpluses as is possible. The opgratlonal risk reserve reflects the risk profile and risk register of the Donmar. It is sel at a kvel that should allow the Donmar to continue lo operate in the event of a short fall in fundraising, trading income, box office income or Arts Council core grant. The policy is lo hold al least 250A of forecast income for the forthcoming year or a minimum of £1.25m, whichever is higher and any excess above this is used as determined apprtspriale by the Board for any specific risks or objectives the Donmar has in the year ahead. As al the 31 March 2023 the operational risk reserve was £3.5m12022 - £3.Oml this is 180h above the largeled 25'/0. Restricted funds The Donmar holds a number of restricted funds which are detailed 81 page 4045. The total value of feslricted funds al 31 March 2023 was £115.49712022'. £155,660). The Trustees are satisfied that sufficient reserves are currently being held by the Donmar and we intend lo sustain our risk reserve al a minimum of 25QA of our annual revenue. Publlc Beneflt This year the Donmar has continued lo inspire audiences. grow skills and nurture young people by.. Making inclusive, relevant, world-class work that thrills audiences in our 251 seal theatre and online Employing talented and diverse creative teams and acting companies Investing in skills development and training to grow a diverse and highly skilled workforce for the theatre sector Maintaining access through captioned, audio described and touch tour performances Broadening and diversifying our audiences and workforce Playing an active role in our ccmmunily, working with schools and local young people from disadvantaged backgrounds. 12

Donmar Warehouse Projects Limited Trustees, report for the year endod 31 March 2023 {contlnued) Publlc boneflt (conlinued) Lookiny outside our company and consldering the impact of OUT busine8s. with the aim of achieving a greener understanding of how a sustainable, efficient theatre can operate and add value lo our community Maintain financial stability and value for money for our funders. whilst keeping ticket prices low In pSanning the activities of the charity the Trustees have given due regard to the Charity Commission's guidance on public benefit and, in particular, the specific guidance for fee charging charities. A5 mentioned above the Trustees believe that the activities of the charity in the year confirm its ability lo provide current and on-going benefit to the public. Futuro Plans The Donmarfs future plans are to Gonlinue to work towards delivering our objectives and deliver the following prc¥Juctions in 2023124.. When Winston Went lo War with the Wireless- Jack Thorne's new play explores the tensions between John Reilh and Winston Churchill around the use of the BBC as a propaganda tool, sel against the background of the General Strike. Directed by Kaly Rudd. the play could not be more timely, with topics that speak to the present day.102 June - 29 July 2023} Next to Normal - the Pulitzer Prize-winning musical by Tom Kill and Brian Yorkey will make ils long awaited UK première al the Donmar Warehouse 112 August - 07 October 20231 in a new production directed by Artistic Director Michael Longhursl. The critically acclaimed piece is an intimate exploration of family and loss, and will star Broadway and West End leading lady Caissie Levy. Clyde's writer Lynn Notlage and director Lynette Linlon reunite for the European première of this hilarious and hopefijl play, the follow up lo their five-star Donmar production of Sweat which transferred to the West End in 2019.113 October- 02 December 20231. Macbeth - Donmar Associate Director Max Webster will direct David Tennanl and Cush Jumbo in spellbinding new production of Shakespeare's most extraordinary psychological drama. The run sold out within 20 minutes of going on public sale, and will run from 08 December 2023 - 10 February 2024. The Executivo and staff The Executive comprises the Artistic Director and Executive Director, who are Joint Chief Executives. The Executive IS SUPPOfled by a team of 49 full lime and 22 part time employees including a Senior Management Team of 8. The Executive and SMT meet weekly to plan the delivery of activity. report on progress against organisalional KPIS and discuss staff welfare and culture. Alongside our Gore staff we have a team of Artistic Associates and a FreelanGe Council. The Donmar is commilled to paying ils employees a fair salary that is eompetilive within ils industry and dependant on the complexity of the role. In determining the right level of pay the Donmar has a remuneration and bonus policy, detailed appraisal process and regularly reviews and benchmarks the pay, benefrts and lolal ¢ompensation. We benchmark against other arts oiganisalions. The Governance, Nominations and Remuneration committee is responsible for reviewing and benchmarking the pay of the Executive team and the Executive is responsible for reviewing and benchmarking the pay of the Senior Management team. 13

Donmar Warehouse Projects Limited Trustees, rèport for thè ygar ended 31 March 2023 fcontinued) Board of Directors The Board of Directors mel four limes in 2022123 for scheduled meetings and once foi an extraordinary meeting. The Directors of the company are also Trustees for the purpose of charity law, The board supervises the activities of the charity with day lo day activity delegated to the Executive and Senior Management. Donmar Warehouse Prqecls Limited is a company limited by guarantee and not having share capital. The following Directors have held office since 1 April 2022 Adam Kenwrighl Neil Blair lapKX)inted 23 June 20221 Susan Bosler {resigned 1 March 20231 Sarah Carson lappoinled 23 June 20221 William Eccleshare (resigned 1 March 20231 Jonathan Kanagasooriam lappoinled 23 June 20221 Tiina Lee Gerard Lemos CMG {resigned g March 2023) Michael Longhursl Antonia Romeo Tessa Ross CBE ITessa Scanlleburyl June Sarpong OBE (resigned 11 July 20231 Jonathan Smith Hannah Thompson (appointed 23 June 20221 Lucian Msamati Mark Goodey (appointed 9 March 20231 Honorary Life President.. Roger Wingale In addition lo the Board, there is a structure of Committees fwusing on key areas of the organisalion. which feed directly into the Board in an advisory capacity.. Audit, Finan￿ & Risk Development Ethics & Reputation Governance, Nominations & Remuneration The membership of these Groups is a mix of Board members, Executive, SMT, and external members who provide expert knowledge on the Group's remit. The Groltps and Board are administered by the General Manager, supporting both the Executive and the Trustees. Rgcrultment and Appolntment of Trustees Throughout 202212023, the board and executive have been actioning an external governance review. This included a review of the membership. In October 2022 Susan Bosler and William Eccleshare retired. In June 2022 we welcomed 4 new board members, Neil Blair. Sarah Carson, Jonathan Kanagasooriam and Hannah Thtsmpson following an open recruitment process. In March 2023 Gerard Lemos resigned and Mark Goodey was appointed. The Board is 48Y¢ female and 33.3% global majority. 14

Donmar Warehouse Projects Limited TrustOgs' report for the year onded 31 March 2023 (continued) Trust99 inductlon and tralning New Trustees receive all necessary documentation so as to understand their legal obligalions under charity and company law, the content of the Memorandum and Articles of Asswialion. the workings of the Board of Management and the decision-making process. New trustees are provided with an induction document, Iruslees policies, scheme of delegation and role descriptions. All were briefed by the General Manager andl or Executive. They connect with members of the Senior Management Team where necessary may understand felevant areas of the organisalion. Subsidiary Donmar Productions Limited is a wholly owned trading subsidiary responsible for producing the Donmar's productions as well as other commercial aclivilies. Donmar Theatre Catering is a wholly owned trading subsidiary responsible for running the bar and catering opèrations al the Donmar. The Donmar's board appoint the directors of DonmaT Productions Limited and Donmar Theatre Catering whlch comprise k)oard members. The resulls are consolidated within these accounts as per note 15. Donmar In The West End Limited and Donmar Films Limited are wholly owned subsidiaries that did not trade during the year 120121 no Iradel. The Donmar's board appoints the directors of both entities which compromise board members. The results are not consolidated under the provision of section 24.12 of SORP FRS 102 as their results are not considered material to the group Isee note 151. Both these entities were stuck off in April 2023. Auditor BDO LLP resigned as auditors ol the company and Sayer Vincent were appointed as auditors by the Directors. A resolution lo appoint Sayer Vincent was passed by the Board. R91ated partle8 Details of related parties are in¢luded in note 25. 15

Donmar Warehouse Projects Limited Trusteo$' rgport for tho year ended 31 March 2023 (continued) Trustees, rgsponslblllties The Trustees are responsible for preparing the Strategic Report, the TTUStees' Report and the financial statements in accordance with applic2ble law and regulations. Company law requires the Trustees lo prepare financial staements fof each financial year in accordance with United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards and applicable law). Under company law the Trustees musl not approve the financial slalements unless they are satisfied that they give true and fair view of the slate of affairs of the group and charity and of the incoming resources and application of resources, including the income and expelldilure, of the group for that period. In preparing these financial sl8lements, the Trustees are required lo.. select suitable accounting policies and then apply them eonsistenlly., make judgements and accounting eslimales that are reasonable and prudent., slate whelheT applicable UK Accounting Stand2rds have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficEnl to show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Financial slalemenls are published on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial stalemenls, which may vary from legislation in other jurisdictions. The Maintenan￿ and integrity of the charity's website is the responsibility of the IriJ51ees. The trustees, responsibility also extends lo the ongoing integrity of the financial slalem@nls contained therein. In so far as the Trustees are aware.. there is no relevant audit information of whi¢h the charitable company's auditor is unaware,. and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. Thls Trustees, Report, which incorporates the Strategr Report on pages 1 to 15. was approved on behalf of the board by hl 16

Donmar Warehouse Projects Limited Independent audltor's report to the members of t>onmar Warehouse Projects Llmlted Oplnlon We have audited the financial statements of Donmar Warehouse Projects Limited (the 'parent charitable company'} and ils subsidiaries (the 'group'l for the year ended 31 March 2023 which comprise the consolidated slalement of financial aclivilies, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slalements.. Give a true and fair view of the state of the group's and of the parent charitable company's affairs as al 31 MarGh 2023 and of the group's incoming resources and application of resources, including its income and expenditure. for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011 Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the group financial slalements section of our report. We are independent of the group and parent charitable company in aceordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu8Sons relating tr> golng concem In auditing the financial slalements, we have concluded that the trustees, use ofthe going cors￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on Donmar Warehouse Prqecls Limiled's abilily to continue as a going concern for a period of al least twelve months from when the financial stslemenls are aulhorised for issue. Our responsibllilies and the responsibilities of the Iruslees with respect lo going ¢oncem are described in the relevant sections of this report. Othèr Informatlon The other information comprises the information included in the trustee$, annual report, including the slralegi¢ report, other than the group financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent othe￿iSe explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibilily is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the group financial slalemenls or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misstatement in the group financial statements themselves. 11, based on the work we have performed, we conclude that there is a maleiial misslalemenl of this other information, we are required lo report that fact. We have nothing to report in thi5 regard. 17

Donmar Warehouse Projects Limited Indgpendent auditorfs report (contlnuedj Opinlons on othor mattors prescrlbed by the Companlgs Act 21)06 In our opinion, based on the work undertaken in the course of the audit.. The information given in the trustees, annual report, including the strategic report, for the financial year for which the financial slalemenls are prepared is consislenl with the financial statements The Iruslees, annLtal report, including the slrate9ic report, has been prepared in accordance with applicable legal requirements. Matter8 on whi¢h we are requirgd to report by exceptlon In the light ofthe knowledge and under81anding ofthe group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misslalemenls in the trustees, gnnual report, including the strategic report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 20C6 and Charities Act 2011 requires us lo report lo you if, in our opinion.. Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us., or The parent charitable company financial statements are not in agreement with the accounting records and returns.. or Certain disclosures of trustees. remuneration specified by law are not made., or We have not received all the information and explanations we require for our audit., or Responslbllltl68 of trustees As explained more fully in the ststement of trustees, responsibilities sel out in the Iruslees, annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misstslemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the group or the parent charitable company or lo cease operations. or have no realistic alternative bul to do so. Auditor's re8ponsibilitles for tho audlt of the financlal statements We have been appoinlecl audf(or under the Companies Act 20CE and section 151 of the Chariles Act 2011 and report in accordance with those Aels. Our objectives are lo obtain reasonable assurance about whether the financi21 slalemenls as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regUlat￿n$. We design prO￿dureS in line with our responsibilities, outlined above, to detect material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, inoluding fraud are sel out below. 18

Donmar Warehouse Projects Limited Independènt audltor's report fcontinued) Auditor's rgsponsibilltle8 for the audlt of the flnanclal statgments Icontlnuedl Capability of the audit in delecling irregularities In identifying and assessing risks of material misslalemenl in respect of irregularities. including fraud and non- compliance with laws and regulations, our procedures included the following.. We enquired of management. and the audit and risk committee, which included obtaining and reviewing SUPPDrting documenlalion, concerning the group's policies and p[D￿dureS relating lo.. Identifying, evaluating, and complying with laws and regulations and whether they we¥e aware of any instances of non-compliance; Delecling and responding lo the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud., The internal controls established to miligale risks related lo fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effecl on the operations of the gTOUP from our professional and sector experience. We Gommunicated applicable laws arsd regulations throughout the audit team and remained alert lo any indications of non-compliance throughout the audit. We reviewed any reports made lo regulators. We reviewed the financial slalemenl disclosures and test￿ these to SUPPOrting documentation lo assess compliance with applicable laws and regulations. We performed analylicab procedures lo identify any unusual or unexpected relationships that may indicate risks of material misslalemenl due to fraud. In addressing the risk of fraud through rnanagemenl override of controls, we tested the appropriateness of journal entries and other adjustrnenls, assessed whether the judgements made in making accounting eslimales are indicative of a potential bias and lesled signifi¢anl transactions that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslalemenl in the financial slalemenls or non-compliance with re9ulalion. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls. as we will be less likely lo become aware of InStan￿S of non-Gompliance. The risk is also greater regarding irreuularilies occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. co15usion, omission or misrepresenlalion. A further description of our responsibilities is available on the Financi81 Reporting Council's website al.. www.frc.org.uklauditorsresponsibililies. This description forms part of OUT auditor's report. 19

Donmar Warehouse Projects Limited Independent audltor's report (contlnued) U$0 of our report This report is made solely to the Charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state lo the charitable company's members those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fomed. Judith Mlller {Senior Slalutory Audilorl For and on behalf of Sayer Vincent LLP, slalutory auditor Invicla House, 108-114 Golden Lane, LONDON, EC1Y OTL Dale 29 November 2023 Sayer Vincent LLP is eligible lo act as auditor in terms of section 1212 of the Companies Act 20(E. 20

Donmar Warehouse Projects Limited Consolldated statement of flnanclal actlvlties In¢orporating an income and gXP9nditure accounti for the year ended 31 March 2023 Unrgstricted funds Restricted funds 2023 Total 2022 Total Note Income from.. Donatlon8: Development income Other grants and donations 1,049,055 1,409,110 394,015 6,000 1,443.070 1,415,110 1,743,399 1,619,785 Charitablg actlvltles: Production income 3,073,451 263,250 3.336.701 1,355,405 Tradlng actlvltles 1356,328 $4,999 2,411,327 1,275,694 Invgstm8nts 12,854 12,854 399 Total Income 7,900,798 718,264 8,619,062 5,994,682 Expendlture on.. Raislng funds 838,475 838,475 543,415 Charitablè aGtivltigS Procluclion expenses 6,707,162 758,427 7,465.589 5.240,892 Total oxpenditur• 10 7.545,637 758,427 8,304.064 5,784,307 Net Income In the year before transfers and tax 355.161 140.1631 314,998 210,375 Transfers between funds 20 Net Income In the year before tax 355,161 140,1631 314,998 210,375 Tax payable N9t movement in fund¥ 355,161 140.163) 314.998 210,375 Rèconclllatlon of group funds: Opening fund balances al 1 April 2022 20 13,607,676 155,660 13,763,336 13,552,961 Closing fund balances al 31 March 2023 20 13,962,837 115,497 14,078,334 13,763.336 All amounts Tesulls are derived ffom continuing activilieg. The company has no other recognised gains and losses other than those staled above. The notes on pages 24 10 48 form part of these financial statements. 21

Donmar Warehouse Projects Limited Consolldated and charlty balance shgot at 31 March 2023 Company numb8r 1611861 (Englandand Wales) Group 2023 Group 2022 Charlty 2023 Charlty 2022 Fixed assets Intangible assets Tangible as5els Investments 13 14 15 31,680 9,847,642 40,031 10,122,991 31,680 9,847,642 40,031 10.122.991 9.879.325 10,163,025 9,879.326 10,163.026 Current a$sots stocks Debtors Cash al bank and In hand 5,527 2,259,901 4.477,454 6,579 1,455,729 4,305,610 6.579 6,155,791 3,846,896 16 22 5,789,750 3,788,364 8.742.882 5.767,918 9,578,114 10,009,266 Creditors: amounts falling due wlthin one yoar 17 12,543,873) {2,167,607) 15.335.047) 15,609,661) Net curr8nl assets 4.199.009 3.600,311 4,243,067 4,399,605 Total assats 18$$ current Ilabllities 14,078,334 13,763,336 14.122.393 14,562,631 Provision for liabilitie8 Net assets 21 14,078,334 13,763.336 14.122,393 14,562,631 Restricted funds 11S,497 155,660 91,751 146,492 General unreslricled funds Designated funds Fixed asset funds 3,853,804 250,000 9,859.033 2,994,654 450,000 10,163,022 3,901,320 250,000 9,879,322 3,803,117 450,000 10,163,022 Total unrestrl¢tsd fun(ts 20 13.962,837 13,607,676 14,030,642 14,416,139 Totsl 20 14,078.334 13,763,336 14,122,393 14,562.631 As pemiitted by S408 Companies Act 2006, the charity has not presented 118 own slalement of financial adivilies and related notes. The charity's surplus for the year was £440,23812022- surplus of £978,823). The financial statements were approved by the Board of Directors and aulhgrised for issue on Director The notes on pag 24 10 48 form part of these financial statements. 22

Donmar Warehouse Projects Limited Consolidated statement of cash flows for the year ended 31 March 2023 Notè 2023 2022 Cash flows from opgrating activitlos Net income for the reporting period Depreciation Amortisation Investment income Foreign exchange gains Decreasellincreasel in stocks Increase in debtors Increase in creditors Decrease in provisions 314,998 305,869 8,351 112,8541 (69.5731 1.052 783,7891 376,266 210,375 238,328 26,009 13991 {36,7261 16,5791 1591,8911 804,269 126,4001 14 13 16 17 Net cash provlded by operating actlvltios 140,320 616,986 Cash flows from investing actlvitigs Investment income received Purchase of fixed assets 12.854 (30.5201 399 11,945,158) 14 N9t cash (used Inl Investlng acilvltles {17,6661 11,944,759) Change In cash and Gash gquivalents In the reportlng year 122.654 11,327,TK31 Cash and ca8h equlvalents at the beginning of tho ygar Foroign oxchange galn8 4,305,610 49,190 5,5%,657 36,726 Cash and cash equivalants at the end of the year 22, 23 4,477.454 4,305,610 The analysis of nel debt is given in note 23. The notes on pages 24 10 48 form part of these financial statements. 23

Donmar Warehouse Projects Limited Notes to the accounts for the year gndgd 31 March 2023 I Status of company The company is a charitable company. limited by guarantee and incorporated and registered in England and Wales under the Companies Act 2006 and the Charslies Act 2011. The registered Offi￿ is given on the Contents and Company Information page and the principle activities are given in the Trustee's report. The company has fifteen members, who are also directors. The liability of each member on a winding up is limited lo a maximum of £1. 2 Accountlng pollcigs 8asls olpreparatlon The financial statements have been prepared on a going concern basis under the historical cost convention. The accounts Ifinancial slalements} have been prepared in accordance with the Slalement of Recommended Practice. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The Charities SORP 2nd Edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006 and the Charities Act 2011. The Charity conslilutes a public benefit entity as defined by FRS 102. The financial slalemenls are prepared in sterling, which is the function81 currency of the Charity. Monetary amounts in these financial slalemenls are rounded lo the nearest £. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. 11 also requires management lo exer¢ise judgement in applying the Group's accounting policies (see note 3}. The following principal accounting policies have been applied consistently.. Exgmptions ftirqualifylng entities und8rFRS 102 The Company has taken advantage of the following reduced disclosure exemptions.. from preparing a slalemenl of cash flows on the basis that it is a qualifying enlily and the group cash flow statement included within these financial slalements, include the company's cash flows.. and from the financial instruments disclosures, required under FRS 102 para 11.40 10 11.48A and para 12.26 to 12.29, as the information is provided in the Group financial disclosures. Consolldatlon The consolidated financial slalemenls present information about the company and its wholly owned subsidiary t)onmar Productions Limited and Donmar Theatre Catering Limited. The results of the wholly owned subsidiaries, Donmar In The Wesl End Limite(J and Donmar Films Limited have not been consolidated under the provision of se¢tion 24.12 of SORP FRS 102 as their results are not considered material lo the group {see note 151. These iwo enlilies were dormant in the year. 24

Donmar Warehouse Projects Limited Notè5 to the accounts for the year ended 31 March 2023 (continued) 2 Accountlng policigs (continued) . Golng concem The TTUStees have reviewed the Charity's financial viability as part of their normal review process. A detailed 12-monlh budget, updated monthly, and 4-year plan. updated quarterly, support this performance assertion. Key risks, as identified on page 12. are monitored and mitigation steps pul in place. The liquidily provided by the reserve is sel to provide sufficient support where mitigating steps cannot eliminate risks and the current level is considered appropriate to support a going concern status. The Trustees continue to give particular consideration lo the change in Artistic Director. the loss of the NPO funding, the cost of living crisis and the on-going effect of Covid-19, reviewing the impact of these risks on the organisation's ongoing forecasts and projections lo ensure that the organisation remains financially viable. Vvhen reviewed in August 2023, it was noted that the change lo the Artistic Director and the loss of the NPO funding could be supported through reserves until the new commercial strategy comes fully into effect. Covid -19 production cancellations have significantly decreased, however we continue to review this risk as well as the impact of the cost of living on the Donmar's Finances. Development income has increased and continues lo deliver good value for the organisalion and the management team continue lo review and where appropriate implement cost saving initiatives in order to achieve further sustainability. Al the end of June 2023, the Donmar Warehouse had cash of £4.8m, fixed asset of £9.9m, nel liabilities of £0.3m and cash reserves of £4.5m {£0.1 m restricledl. Cashflow forecasts show cash dropping down lo ils k)wesl point of £3.7m (including restricted reserves of £0.1 m) over the next 12 months, Given the Donmar's reserves position and trath record, The Board remain satisfied that Donmar Warehouse will continue lo be a going concern for the 12 months from date of signing and the accounts have been prepared in the knowledge that Donmar Warehouse Projects Limited is a financially viable organisalion. Incomo Income from donations and government grants. including capital and furlough grants, is included in income when there is entillemenl, probability of receipt and the amount can be measured with sufficient reliability, unless the donor has specified that the donation or grant relates to a future peri(xl or that certain pre-conditions musl be fulfilled before use. In these cases amounts received are recognised in the relevant period or when the pre- conditions have been met and until then treated as deferred income. Donations and grants for particular PUIPO8e8 are included in income as restricted funds. Membership Income is rewgnised acTOSS the period of membership. Productions income is included in income in the period in whiGh the relevant peTformance lakes place. Income related to productions in a subsequent period is Irealed as deferred income. Goods and seNices received in kind, where material, are included within 'Donalions' and under the appropriate income heading, depending on the nature of goods and servi￿$ provided. These are recognised al an eslimaled value to the charity al the time of receipt. All other income is recognised on an accruals basis once the charity is legally entitled to receipt. 25

Donmar Warehouse Projects Limited Notes to the accounts for thè yoar ended 31 March 2023 (continued) 2 Accountlng pollcles (continued) Expenditure Expenditure is included in the Slalemenl of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised when a liability is incurred. Costs of raising funds are those costs incurred in attracting voluntary income and those incurred in the operation of Ir8ding activities which raise funds. Charitable activities includes expenditure associated with the operation of the theatre and such directly associated activities as educational programmes and the Directors programme. Cost of charitable activities includes both the direct cost of activities and related support costs. Support costs include central functions and have been allocated to activity costs on a basis consislenl with the use of resources. This is frequently on the basis of staff lime spent in each area but other bases such as usage are also employed, Support costs also include Governance costs. Governan￿ costs include those incurred in the governance of the charity and its assets and are primarily associated with conslilulional and slalulory requirements. Trading expenditure forms part of the Group's trading activities and commercial exploilalions are separately disclosed as trading activities. Costs of productlons not yet opened The costs and materials for new productions and associated Grealive team fees are carried forward on the balance sheet until they are expensed on the dale of the performance. Internal labour and rehearsal costs are expensed as incurred. Fund 8c¢ounting The Group and Charity hold designated funds, including designated fixed asset funds, restricted funds. and the operational risk reserve, representing general unreslricled funds. Funds received for a purpose specified by the donor are credited lo reslricled funds. Expenditure incurred on these purposes is then charged to the funds as il is incurred Isee note 20). All other income is Irealed as unrestricted funds. The Trustees have chosen lo designate certain funds for specific future expenditure as explained in the Trustees, Report. In addition, the Trustees consider the value of the long lease lo be a designated fund as rt is not a readily realisable as$el. Intangible fixed assets Al each reporting dale the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is deterrnined which is the higher of its fair value less costs lo sell and ils value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered lo have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed len years. Intangible assets of website and box office are amortised over 5 and 10 years and amortisation is included in support costs. 28

Donmar Warehouse Projects Limited Notès to thg accounts for tho year ended 31 March 2023 (contlnued) 2 Accountlng policle8 fconlinued) T8nglble fixed assets and depreclatlon Tangible fixed assets are stated at cost less depreciation 2nd any accumulated impairment losses. Depreciation is provided at rates calculated lo write off the cost less eslimaled residual value of each asset over ils expected useful life, once brought into use, as follows.. Leasehold land and buildings Leasehold improvements (Dryden Street and Earlham Slreell IT equipment Fixtures, fillings and equipment Over the length of the lease Between 5 and 50 years on a straight line basis Over 4 years on a straight line basls Between 4 and 15 years on a slraighl line basis Asset$ under construct￿n are not depreciated until they are brought into use. Individual fixed assets consisting of more than £4,000 are capitalised al cost. The carrying value of tangible fixed assets are reviewed for impairment when events or changes in ir¢umstances indicate the carrying value may not be recoverable. Investments The investments held by the charity relate to investments in subsidiary company and these are held at cost. The investrnenls of Donmar Warehouse Projects consist of four subsidiaries, Donmar in the West End Limited, Donmar Productions Limited, Donmar Films Limited. and Donmar Theatre Catering Limited. All four companies are not quoted and the directors consider il appropriate lo include the investments al Gosl. Stocks stocks held by the group relate to food and drink. Stocks are valued at the lower of costs and eslimaled selling pri￿ less costs to sell. Cost is based on the lalesl purchase price. Cash Cash is represented by cash in hand and deposits with financial inslilulions repayable wilhoul penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible lo known amounts of cash with insignificant risk of change in value. Provisions PTovisions are made when a present obligation exists at the balance sheet dale in accordance with the requirements of FRS 102 para 21.4. Flnancial Instruments The oharity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllemenl value. The charity has elected lo apply the provisions of Section 11 Basic Financial Inslrumenls, and Section 12 '01her Financial instruments Issues, of FRS 102 to all ol ils financial inslrumenls. 27

Donmar Warehouse Projects Limited Notes to the accounts for the yèar gnded 31 March 2023 (continuod) 2 Accounting policles (continuadj Financlal Instruments (C(￿lInued) Impalnnent of flnaneial assets Financial 8S5els, other than those held al fair value through the statement of financial activilies, are assessed for indicators of impaimient al each reporting end dale. Financial assets are impaired whero there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the slalemenl of financial activities. Dere¢ognitlon of financlal asséts Financial assets are derecognised only when the conlraclual rights to the cash flows from the asset expire. or when it transfers the financial asset and substantially all the risks and rewa¥ds of ownership lo another entity. Derecognltlon of financlal liabilitles Financial liabilities are de￿cogniSed when, and only when, the Charity obligations are discharged, cancelled, or they expire. Operatlng 19oses Rent payable is recognised on a slraighl line basis over the lease term. Penslons The charity operates a defined contribution scheme for the benefit of ils employees. Contributions payable are harged lo the Statement of Financial Activities in the year they are payable. Fotrwgn currency translatlon Monetary assets and liabilities denominated in foreign currencies are translated into sterling al the rates of exchange ruling al the balance sheet dale. Transactions in foreign currencies are recorded al the rale iuling al the dale of the Iransaclion. All differences are taken lo the Statement of Financial Aclivilies. GIftAld The charity owns the whole of the issued ordinary share capital of Donmar Productions Limited and Donmar Theatre Catering Limited, Donmar P￿￿uCtIOnS Limited and Donmar Theatre Catering Limited Ordinari￿ pay each year lo the charity, under the provisions related lo Gift Aid, a sum based on the tsxable profits of the Company. The payment of Gift Aid is subjeot lo Ihe ie$erves policy of the gifting entity, and the approval of the charity. Gift Aid 1$ recognised on the accruals basis in line with the deecl of covenant. 28

Donmar Warehouse Projects Limited Notes to the accounts for thg yoar ended 31 March 2023 (continued) 2 Accounting pollcles (continued) Taxation Donmar Warehouse Projects Limited is a culturally exempt organisalion under schedule 9 of the VAT Act 1994 and during the year VAT returns have been submilled on a culturally exempt basis. Irrecoverable VAT is charged against the cost of charitable activities, where il is incurred. IrreGoverable VAT on capital expenditure has been capilalised and will be wrillen off over the life of the assets. As a registered charity, Donmar Warehouse Projects Limited is not liable to income tax and corporation lax on income and gains derived from ils charitable activities as it fa115 Withln the various exemptions available lo registered charities. Donmar Productions Limited is liable lo corporation lax. Tax is recognised in the Slalemenl of Financial Aclivilies, except that a charge allribulable to an item of income and expense recognised as other ¢omprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income lax charge is calculated on the basis of tax rates and laws that have been enacted or subslanlively enacted by the reporting date in the countries where the Company operates and generates income. Crltical accountlng Judgom6nts and key sources of estimatlon uncertainty In the application of the Group's accounting policies, the directors are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimate& The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recogni8ed in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future persods. The following critical accounting judgement has been identified below.. Cost alkjcation.. The cost allocation methodology requiros judgement as lo what are the most appropriate basis to use lo apportion support costs, Support costs are allocated between activities on the base of staff numbers employed on those activities during the year. The Directors do not believe that there is a significant risk of a material adjustment being made lo the carrying amounts of assets and liabilities included in these financial slalements within the next financial year. 29

Donmar Warehouse Projects Limited Notes to the accounts for the year endgd 31 March 2023 (continued) Development Income Unrestrlcted Rgstricted 2023 Membership Gift aid Other individuals Corporate Trusts & Foundations Capital 724,158 159,897 724,158 159,897 33.515 5,000 520.500 33.515 5,000 160.000 360,500 Total 2023 1,049,055 394.015 1,443,070 Unrestricted Reslri¢led 2022 Membership Gift aid other individuals Corporate Trusts & Foundations Capital 714,607 239,111 27,323 88,000 7,677 714,607 239,111 27,323 88,000 294,358 380,000 286,681 380,000 Total 2022 1,076,718 666,681 1,743,399 The following support, in the form of gifts in kind and donated services, was received by the charity during the year.. provision of alcohol and catering al events, legal advice. venue hire, refreshments for meetings. The value of this support is eslimaled lo be £46,108 12022.. £28,750). In line with the accounting policy, this invaluable support has not been recorded within the Slalemenl of Financial Activities as the donations are not considered to be material. 30

Donmar Warehouse Projects Limited Notes to thè accounts for the year ended 31 March 2023 (contlnued) other grants and donations Unrestrlcted Rgstricted 2023 Govemment grants UK Arts council income 513,904 513,904 Donatlons Other donations 895.206 6,000 901,206 Total 2023 1.409,110 6,000 1.415,110 Unrgstrictgd Restrlcted 2022 Govemment grants UK Arts council income Cultural recovery grant Grants for furloughed employees 513,904 603,934 27,534 513,904 603,934 27,534 Donations 474,413 474.413 Total 2022 1.619.785 1,619,785 Productlon Income Unrestrlcted Restrictèd 2023 Ticket revenue Production support Income from partnerships 2,643,860 2,643.860 263,250 429,591 263.250 429,591 Total 2023 3,073.461 263,250 3.336.701 Unrestricted Reslricled 2022 Ticket revenue Production support Income from partnership5 984,905 30.000 234,000 984,905 136,500 234,000 106,500 Total 2022 1,248,90S 106,500 1,355,405 31

Donmar Warehouse Projects Limited Notes to the accounts for the yèar onded 31 March 2023 (continued) Income from tradlng actlvltiès Unrestrictod Restrlctsd 2023 2022 Donmar Beyond Roya51ies and sundry income Rental income 86,086 86.086 387,107 48,079 187,901 224.104 224,104 Income from subsidiary.. Corporate sponsorship and membe¥ship Theatre Tax Relief Catering income Other trading income 617,476 1,147,298 275,956 5.408 54.999 672,475 1,147,298 275,956 5,408 480.067 13g,606 34,934 Total 2023 2.366.328 54,999 2.411,327 1,275,694 Total 2022 1,266,526 9,168 1,275,694 All income from trading activities in the prior year was unrestricted. Included in the above income from the subsidiary is theatre lax relief. This amount is feceivable by the company as a result of Theatre Tax Relief recognised for the year. Investmont income 2023 2022 Interest receivable 12,854 399 All income from investments for the current and preceding year was unreslricled. Ngt income durlng the year Is ststgd after charylng: 2023 2022 Depreciation of tangible assets Amortisalion of intangible assets Foreign exchange Igainsl recognised Operating lease rentals Auditor's remuneration.. Audit fees for Gurrenl year audit - Tax fees - other services 305,869 8.351 {69.573} 12,063 238,328 26,009 136,7301 91,135 37,000 7.375 5,400 43,565 17.105 4,500 32

Donmar Warehouse Projects Limited Notes to the accounts for thè year ¢ndod 31 March 2023 fcontlnued) 10 Total expendlture Othèr dlrect costs Support osts Total 2023 staff costs Expendlture on ralslng funds.. Fundraising Charitable actlvltles.. Theatrical productions 332,322 393,845 112.308 838.475 2,143,638 4,655,272 666,679 7,465,589 Total 2023 2.475.960 5,049,117 778,987 8.304,064 Support cost8 Cost of ralslng funds Charitable actlvltles Total 2023 Office overheads Governan￿ costs 112.308 617,434 49,245 729,742 49.245 Totsl 2023 112.308 666.679 778,987 Office overheads comprise overheads including building insurance, board expenses, and consulting. Governance Gosls comprise audit and accounts costs. Total expenditure for the year was £8.304,06412022 - £5,784,307). of which £758,427 was restricled12022 - £637,966> and £7.545,637 was unreslricled {2022- £5,148,341). The staff costs that relate lo staff working on prcxjuctions is in¢luded within other direct costs. Support C08ts other dlrect Costs Total 2022 staff costs Expendlture on ralslng funds.. Fundraising Charitable actlvltles.. Theatrical productions 295,318 92.442 155,655 543,415 1,632,154 2,884,750 723,988 5,240,892 Total 2022 1,927,472 2,977,192 879,643 5,784,307 Support costs Cost of ralslng funds Ch8rltable actlvitigs Total 2022 Office oveiheads Governance costs 155,655 663,880 60,108 819.535 60,108 Total 2022 155,655 723.988 879,643 33

Donmar Warehouse Projects Limited Notes to thè accounts for the year gnded 31 March 2023 (contlnued) 11 Dlrectors, èmoluments Appointing the Chief Executive and Artistic Director to the Board of Trustees is specificalty permilled by the Company's articles, One or more Trustees has been paid remuneration or has received other benefits from an employment with the Donmar. The Executive Producer and Artistic Director only receive remuneration in respect of services they provide undertaking the roles of Executive Producer and Artistic Director respectively under their contracts of employment, and not in respect of their role as Board Directors. The value of Trustees, remuneiation and other benefits was as follows.. 2023 2022 Mlchaèl Longhurst. Current Artlstlc Director Remuneration Pension Hgnrietta Flnch, Current Exgcutlve Dlrector RemuneratK)n Pension 91,244 5.475 88.000 5,280 89,602 5.376 81.750 4,905 Total 191,697 179,935 Durin9 the year, the ArtistlG and Executive Director both received benefits in kind lo the value of £Nil12022 £1,239). Expenses are reimbursed lo the Executive Producer and Artistic Director specifically in relation lo their roles within the charity and not in relation to their position as Iruslees. All staff expenses are governed by a clear reimbursement policy which applies equally lo Henny Finch and Michael Longhursl. The amounts reimbursed during the year of 2021122 for travel and additional meeting and event costs relating solely lo activities for the company were.. 2023 2022 Michael Longhursl, Current Artistic Director Henrietta Finch, Current Executive DireGtor 90 88 212 56 No other trustees were reimbursed for expenses {2022- none}. Trustees and Officers of the Company are covered by indemnity insurance. 34

Donmar Warehouse Projects Limited Notes to the accounts for the year Ond￿ 31 March 2023 (contlnued) 12 Employeos The average monthly number of employees during the year was: 2023 2022 Group and company.. Permanent 51aff 64 52 In addition total staff working on productions 154 68 The nature of staff working on productions means that il is not possible lo give a meaningful full lime equivalent or average headcounl as each production has bespoke requirements. The number shown is therefore the total number of produGlion staff and performers that have been involved during the year. All employees are employed by Donmar Warehouse Projects Limited, but the cost of relevant staff is recharged to Donmar Productions Limited as part of an overall management fee. Employment cost: 2023 2022 Wayes and salaries Social security costs Other pension costs 2,163.528 209,046 103.386 1,690,921 159,299 77,252 Permangnt staff total, rèpr88ontlng company only staff costs 2A75,960 1,927,472 Staff worklng on productlons Wages and salaries Social security costs Other pension costs 1,094,194 4,000 26,410 510.797 1,697 14,113 Productions staff total 1,124,604 526,607 Total group staff cost$ 3,600,564 2,454,079 The number of employees who have received remuneration amounting lo more than £60,000 in either year Was.. 2023 Number 2022 Number £60,QOO- £70,000 £70,000 - £80.000 £80,000- £90,000 Total remuneration of key management personnel including employers, pension in the period was as follows.. 191,697 179,935 35

Donmar Warehouse Projects Limited Notos to the accounts for thè year onded 31 March 2023 (continued) 13 Intangible flxgd assets Group and charity Wgbslte and box office Cosl Al 1 April 2022 193,629 At 31 March 2023 193.629 Depreci8tion Al 1 April 2022 Charge for the year 153,598 8,351 At 31 March 2023 161,949 Net book valu Al 31 March 2023 31,680 At 31 March 2022 40,031 14 Tanglble fixed assgts Leasehold and bulldln98 Flxture¥, Dryden IT Flttlngs and Street equlpment •qulpment EArlham Street Total Group and charlty Cost At 1 Aprll 2022 Additions 2,850,000 3,978,747 10,231 200,112 20,289 911.036 3.875.758 11,815,655 30.520 At 31 Mar¢h 2023 2,850,000 3.988,978 220,401 911,038 3,875,758 11,846.175 DepreoalK Al 1 April 2022 Charge for Ihe yè8r 290.266 23.975 601,580 81,010 135.979 20.014 592,837 57,247 72,002 123,623 1.692,664 305,869 At 31 March 2023 314,241 682.590 156,993 650.084 19S.625 1,998.533 Net book value Al 31 March 2023 2.635,7S9 3.306,38B 64.408 260,954 3,680,133 9,847.642 At 31 March 2022 2,559,734 3,377,167 64,133 318.201 3,803.756 10,122,991 All fixed assets are used for charitable purposes.

Donmar Warehouse Projects Limited Notes to the accounts for thg ygar onded 31 MaTch 2023 (contlnuedj 15 Flxed asset Invgstments Shares in Subsldlary undertaking8 Group Cost 8nd n6t book value At 1 April 2022 Addition Al 31 March 2023 Charity Cost 8nd nel book value Al 1 April 2022 Addition At 31 March 2023 The following are subsidiaries of the company.. Company Country of Incorporation Class of shargs Holdlng Prlnclpal actlvlty Donmar in the Wesl End Limited (Company number.. 039760081 Donmar Productions Limited (Company number.. 067308101 Donmar Films Limited (Company number: 071521561 Donmar Theatre Catering (Company number.. 137223751 England and Wales The resutts of Oonmar in The Wesl End and Donmar Films Limited are not consolidated under the provision of section 24.12 of SORP FRS 102 as their results are not considered material to the group. England and Wales Ordinary 1¢x)% Theatre production Theatre production EThJland and WaSes Ordinary 100% Film production England and Wales Ordinary 1fK)% Catering Ordinary 100% The aggregate amount of capital and reserves and the results of these undertakings for year were as follows.. Capltal and Profitllloss} Resèrves for the year 2023 2023 Donmar in the Wesl End Limited Theatre production Donmar Films Limited Film production Donmar Productions Limited Theatre promotion Donmar Theatre Catering Catering 161,746 110,8161 {10,8151 37

Donmar Warehouse Projects Limited Notgs to th& account8 for thè year ended 31 March 2023 (continued) 15 Flxed asset investment8 Icontinuedl The results. and the results of the two subsidiaries which traded in the current andlor prior financial year. and whiGh have been consolidated into the results of the Group, were as follows.. Donmar Theatre Caterfng Llmile(l Donmar Productlons Llmlted 2023 2022 2023 2022 Turnover (including other operating and interest income) Cost of sales Adminislralive expense8 Theatre tax relief Corporation lax 469 3.362,769 2,331,832 12,756) 18.529) {3.672,2911 1557,3051 1.028,573 {1,536,673} 1431,110} 196,851 (Lossllprofil for the financial year 110,8161 161.746 560,900 Amounted gifted to the charity 110.8161 161,746 560,900 For Donmar Productions Limited, the above amounts include commission income from the parent charity of £2,688,38612022 - £1,931,111). Man8gemenl charges from the parent charity of £519,70412022 £422,581) and sundry expenses recharges from the parent charity of £135,14412022 - £ Nill. For Donmar Theatre Catering Limited, transactions with parent charity relate lo VAT consolidation £7,S99 {2022 £Nill and cashflow £50.00012022- £Nill. neither of which impact the loss shown above. 16 Debtor8 Group 2023 Group 2022 Char5ty 2023 Charity 2022 Trade debtors Other debltsrs Amounts owed by subsidiary undertakings Amounts owed by group Other taxes and social security Prepayments and accrued income 172,393 $00,513 267,553 591.417 95,420 564,385 143,705 1.300,513 4,254,393 5,089,759 1,588.995 596,759 40.186 457,180 2,259.901 1,455,729 5,789,750 6,155.791 Amounts owed by subsidiary undertakings are interest free and repayable on demand. 38

Donmar Warehouse Projects Limited Notes to thg accounts for thè yèar ended 31 March 2023 (contlnuedj 17 Crodltors: amounts falllng due wlthln one year Group 2023 Group 2022 Charity 2023 Charity 2022 Trade creditors Amounts owed lo subsidiary undertakings Taxation and social security Other creditors Accruals and deferred income 207,980 333,744 168,729 3,213.152 261,194 132,265 1.559,707 270,282 4,123,236 154,145 275,460 786,538 261.991 132.268 1.941,634 155,129 275,460 1,403,274 2,543,873 2,167,607 5,335.047 5,609,661 Amounts owed lo subsidiary undertakings are un-secured, interest free and repayable on demand. 18 Dèferred Income Group 2023 Group 2022 Charity 2023 Charlty 2022 Deferred income brought fotward Released in the period Additional income deferred 1.283,393 11,283,393) 1.334,498 243.677 1243,S771 1,283,393 689,505 1689,5051 1.016,103 28,360 128,3601 689,505 1,334.498 1,283,393 1,016,103 689,505 Deferred income is lo be recognised within following perlods.. 1.334,498 Less than one year 1,283,393 1,016,103 689,505 Deferred in¢ome for both the Group and Charity felales to fundraising income for events in the nexi financial year and in the prior year included ticket income for productitsns that happened this year. 19 Provision for Ilabilitigs Group 2023 Group 2022 Charlty 2023 Charlty 2022 Provisions brought forward Provided for in the period Released lo the statement of financial aclivilies 26,400 26,400 (26,4001 126,400} The provision related lo the potential penalty to be incurred by the Charity in relation lo the payment of gift aid declarations. 39

Donmar Warehouse Projects Limited Note8 to the accounts for th9 year ènded 31 March 2023 (contlnued) 20 General and restricted funds Group Balance 1 Aprfl 2022 Tran6fers bèlween funds Balance 31 Mareh 2023 Income Expondlture Flxed asset funds: Dryden Slfeel Theatre lease fund Esrlham Street Fixed asset fund 3,377,167 2,559,734 3,803,756 422,365 181,0101 123,9751 {123,6231 185.6121 10,231 3,308,388 2,535,759 3.680,133 357,042 20,289 Total fixed a88et8 funds 10,163,022 1314,220} 30,520 9.879,322 Designated funds: Building maintenance fund Creative investment fund 250,000 200,000 250,000 1200,0001 Total deslgnatod funds 450,000 1200,000} 250.000 Operational rlsk reserve 2,994,654 7.900,798 (7,231,417) 169,480 3.833,515 Total unre8trictgd fund8 13,607,676 7,900,798 17.545,637} 13,962,837 Rgstrlcted funds: Resident Assi$lanl Director Calalysl Production support Resident Design Assistant Pay il fonNard funds Pathways (Discover) Donmar Local Donmar Discover Programme Donmar refurbishment Warehouse understudies NHS lickels Barclays £10 tickets 9,157 19,1 $71 (42,583) 1263,250} 28,333 263,250 14,250 14,250 123,085 114,250) 131,6151 110,3331 152.0001 1208,3481 16,000} 1120,000} 19,1681 15,9731 91,470 10,333 52,000 208,348 6,000 120,000 9,168 30,000 24,027 Total restrlcted funds 155,660 718,264 1758,427) 115,497 Total fund8 13,763,336 8,619,062 18.304,0641 14,078,334 40

Donmar Warehouse Projects Limited Notes to the accounts for the year endèd 31 March 2023 (¢ontlnued) 20 Gonoral and restrlcted funds (conlinuod) Charity BalanGe l Aprll 2022 Transfers between funds Balance 31 March 2023 Income Expendlturn Flxed asset fund8'. Dryden Street Theatre lease fund Earlham Street Fixed asset fund 3,377.167 2,559,734 3,803,756 422.365 181,0101 123,9751 1123,6231 185,6121 10.231 3.306,388 2.535,759 3,680,133 357.042 20.289 Total fixgd a8set$ funds 10,163.022 1314,220) 30.520 9.879,322 Deslgnatod funds.. Building maintenance fund Creative investment fund 250,000 200,000 250,000 1200,0001 Total deslgnatod funds 450,000 1200,0001 250.000 Operational rlsk rg$erve 3,803,117 6,849,122 16,920.3991 169,480 3,901,320 Total unrestricted funds 14,416,139 6,849.122 {7,234,619) 14.030,642 Restrictgd funds.. Resident Assistant Director Calalysl Production support Resident Design Assistant Pay it forward funds Pathway5 (Discovefl Donmar Local Donmar Discover Programme Waiehouse understudies 9.157 19,157) 133,9691 (263,2501 20,000 263.250 14,250 281 14.250 123,085 114,2501 131,6151 110,3331 {52,0001 (208,3481 1120,000} 91,470 10,333 52,000 208,348 120,000 Total restrictod funds 146,492 673,931 {728,6721 91,751 Total fund8 14.562,631 7,523,053 17,963.2911 14,122.393 Where funds are reslricled lo capital development and expenditure has been capilalised a transfer is made from reslricled lo designated funds al the point the expense is incurred. 41

Donmar Warehouse Projects Limited Notos to the accounts for the year ended 31 March 2023 (continued) 20 General and restrlcted funds fcontinued) Tangible flxed asset funds The Dryden Street fund, Theatre Lease fund. Earlham Street Fund, and Fixed Asset fund are together equal lo the value of the group's fixed assets. Dryden Street fund. £3.3m.' The nel book value of the long lease of 3 Dryden Street. the charily's offices, and the capilalised nel book value of the conversion of the building lo make il fil for purpose. Theatre Lea80 fund, £2.5m,' The net book value of the theatre lease. Earlham Stroet fund, £3.7m'. The value of capital works carried out in the Theatre lo the essential mechanical and electrical systems, Accessibility areas, WC provision and refurbishment of the Front of House, Flxed Asset fund, £0.4m: The nel b¢xJk value of IT equipment and fixtures, fittings and equipment. Deslgnated funds The Trustees have designated funds as follows.. Bullding Malnlenance fund.. This fund covers costs in relation to the maintenance of the theatre and the rehearsal, office and education spaces in Dryden Street. 11 is for emergency repairs and for dealing with unforeseen developments. Parts of the theatre infraslruclure are over 25 years old and, ahead of redevelopment, this fund has been built to cover the increasing occurrence of required works. Crgative Investment fund.. The creative investment fund is designated lo enable a quick response lo investment opportunities outside of planned aclivily, aimed al extending the Charity's reach, as well as maintaining ils goals for innovation and suslainabilily. Opèrational R18k Rgserve The Gharily operates a policy of requiring 25% of next yearfs budgeted income to be held in the general fund, with a minimum of £1.25m. This value is sel to reflect the potential voFalilily in charity's key income streams.. fundraising. box office and public sector funding {Arls Council NPO grant and Theatre Tax Relief). 42

Donmar Warehouse Projects Limited Not86 to the accounts for thè year ended 31 March 2023 (continued) 20 General and restrlcted funds (continued) Restrictgd funds Resident Assistant Direct IRADI fund represents donations whtch may only be used in connection with the costg associated with paying the Donmar's Resident Associate Director. Catalyst fund is the programme to support up to 12 people from underrepresented backgrounds lo enter the arts workforce via paid training and secondmenls. The reslriGted income is received in both the charity and in the trading subsidiary, Donmar Production5 Limited. Production Support funds are sponsorships received which may only be used in connection with costs on productions specified in the terms of the funding. Resident Design Assistant IRDA) fund represents donations received which are lo be used solely in connection with the RDA position for Donmar productions. Pay It Forward funds are donations re￿IVed lo be used for the Pay It Forward scheme where donations are used to cover ticket costs for Donmar Productions for anyone up to the age of 25. Other education and access funds lincluding Support for Pathways (Discover), Donmar local and Donmar Discover Programmel are donations re￿iVed in relation to specific educational elements of productions and may only be used in connection with costs arising on these. Donmar refurbishment is a reslricled fund in the trading subsidiary. Donmar Procluclions Limited, representing a donation towards capital repairs. Warehouse understudies represents a donation lo be used for understudies on 22123 Productions. NHS tickets is a reslricled fund in the trading subsidiary, Donmar Pr(xluclions Limited, representing funds raised toward providing NHS staff lickels to Donmar Productions. Barclays £10 tickets is a restricted fund in the trading subsidiary, Donmar Productions Limited, representing funds raised towards providing under 30's lickels to Donmar Productions. All restricted funds are expeGled lo be used next year. 43

Donmar Warehouse Projects Limited Notes to thg accounts for the yèar ended 31 March 2023 (continued) 20 General and rèstrictgd funds (continued) Group- prlor year Balance 1 April 2021 Transfers bgtwegn funds Balancg 31 March 2022 Income Expènditure Flxed assot funds.. Dryden Street Theatre lease fund Theatre redevelopment assets Fixed asset fund 3,457,836 2,583.707 2,303,843 180,669) 123,973) 172,0021 3,377,167 2,559.734 1.571,915 3,803,756 422,365 136,815 187,693) 373.243 Total flxèd assets funds 8,482,201 (264,337} 1,945,158 10,163,022 Deslgnated funds: COVID recovery fund Building maintenance fund Creative investment fund 1,650,000 250.000 (1,650,000) 250,000 200.000 200,000 Total deslgnated funds 2,100,000 11,650.0001 450,000 Oporatlonal risk reserve 2,181.552 5,212,333 14,882,004} 482,773 2.994.654 Total unrèstricted funds 12,763,753 5,212,333 15,146,341) 777,931 13,607,676 Restrlcted funds: Resident Associate Director Calalysl Production support Resident Design Assistant Pay il forward funds Capital project Pathways (Discover) Donmar Local Donmar Discover Programme NHS tickets 17,826 30,000 138,6691 9,157 27,500 106,500 3,500 {27,5001 1241,5001 {1,7501 135,000 12,500 14,2SO 146.328 397,931 867 22,120 {23.2431 123,085 380,000 1777,9311 {867) 152,1201 30,000 35,803 20,833 195,681 9,168 1231,4841 120,8331 9,168 Total rnstricted fund8 789,208 782,349 1637,966} 1777,931) 155,660 Total funds 13,552,961 5,994,682 {5.784,3071 13,763,336 44

Donmar Warehouse Projects Limited Notes to the accounts for the yoar ended 31 March 2023 (contlnued) 20 General and rèstrlcted fund8 (continued) CharSty-prioryear Balancg 1 Aprll 2021 Transfers between funds Balance 31 March 2022 Income Expèndlture Flxed ass9t funds: Dryden Street Theatre lease fund Earlham Street Fixed asset fund 3.457.836 2,583,707 2,303,843 136,815 180,6691 123,9731 172,0021 187,693) 3,377,167 2,559,734 3,803,756 422,365 1.571,915 373,243 Total fixed assets funds 8,482,201 1264,3371 1,945,158 10,163.022 Designated funds: COVID recovery fund Building maintenance fund Creative investment fund 1,650.000 250,000 200,000 11,650.000) 250,000 200,000 Total d881gnated funds 2,100,000 {1,650,0001 450,000 Operational risk resepie 2,233,232 5,664,655 14,577.543} 482,773 3.803,117 Total unrgstrlctod funds 12,815,433 5,664,655 14,841,880) 777,931 14,416,139 Restrlcted funds.. Resident Associate Director Catalyst Production support Resident Design Assistant Pay il forward funds Capital project T&F training Pathways (Discover) Donmar Local Donmar Oiscover Programme 7,826 30,000 27,500 106.500 3,500 138.6691 127,5001 (241,500} 11,7501 123,243) 10.000 9,157 135,000 12,500 146,328 397,931 10,000 867 22,120 35.803 14,250 123,085 380,000 {777,9311 iio,0001 18671 152.1201 1231,4841 30,000 195.681 Total rostrict8d funds 768,375 773,181 {617,1331 1777,9311 146.492 Total funds 13.583,808 6,437,836 15,459.0131 14.562,631 45

Donmar Warehouse Projects Limited Notes to the account8 for the year ended 31 March 2023 (continued) 21 Analysls of net a8set$ bgtween funds Group Goneral funds Designated Incl flxed a8Set funds R•stri¢ted fund8 2023 Fixed assets Current assets Current liabilities 9,879.322 250,000 9,879,325 8.375,807 14,176,798) 8.010,310 14.176.798) 115.497 3,833,515 10.129,322 115.497 14.078.334 Charity General funds Deslgnated Incl flxed asset funds Restrlctsd funds 2023 Fixed asset8 Current assets Current liabilities 9,879,322 250.000 9.879.326 9,578,114 {5,335,047} 9.236.363 15,335.047} 91,751 3.901,320 10,129,322 91,751 14.122.393 Group General fund$ Deslgnatod Incl flxed asset funds Restrletsd funds 2022 Flxed assets Current assets Current liabilities 10,163,022 450,000 10,163,025 5,767,920 12,167,609) 5,172,260 12,167,609) 155,660 3,004,654 10,613,022 155,660 13,763,336 Charlty General funds Designated incl fixed asset funds Restricted funds 2023 Fixed assets Current assets Current liabilitie$ 10,163,022 450,000 10,163,026 10,009,268 15,609.6631 9,422,776 {5,609,6631 146,492 3,813,117 10,613,022 146,492 14,562,631 46

Donmar Warehouse Projects Limited Not9$ to thg accounts for tha year ended 31 March 2023 (continued) 22 Analysis of cash and cash equlvalents Group 2023 Group 2022 Company 2023 Company 2022 Short-lerm deposits herd Cash balances 4,467.160 10,294 4.289,745 15,865 3.778.070 10,294 3,831,031 15,865 4,477,454 4,305,610 3,788,364 3,846,896 All cash al bank is held in deposit accounts and is immediately liquid. The Charity holds no investments other than the shareholding of ils subsidiaries. 23 Analysls of nat dobt At 1 Aprll 2022 At 31 March 2023 Cash fl¢)ws Foreign exchangg Short-term deposits held Cash balances 4,289,745 15,865 177,415 15,571) 4.467.160 10,294 4,305,610 171,844 4.477.454 24 Penslon and other post-retlrement beneflt commltments The Group operates a defined contribution pension scheme. The assets ofthe scheme are held separately from those of the group in an independently administered fund held by Friends Provident. The pension cost chaTge represents contributions payable by the group lo the fund. 2023 2022 Contributions payable for permanent staff Contributions payable for staff working on productions 103,386 26,410 77,252 14,113 Total contributions payable by the group for the year 129,796 91,365 Al the year end there were no oulslanding pension contributions due12022- £Nill. 47

Donmar Warehouse Projects Limited Notes to the accounts for the yèar ended 31 March 2023 (contlnued) 25 Related party disclosurg5 During the year the company recharged costs of £654,848 12022 - £131,157> lo Donmar Productions Limited I'DPL") and paid DPL £2,688,38612022 £1.931,1111 lo produce tsrtain shows. DPL also gift aided profits of £161,74612022 - £422,581) lo the company. At the end of the year the company owed £3.193,12010 ils wholly owned subsidiary Donmar Productions Limited 12022 - £4, 123,2361 and was owed £5,053,658 by its wholly owned subsidiary Donmar Productions Limiled12022- £4,254,393}. During the year the company supported Donmar Theatre Catering Limited I'DTCL'I through funding of £50,000 {2022 - £Nill and was recharge VAT of £7,59912022 - £Nill on consolidation of the group VAT balances. DTCL made a loss and as such no gift aid donation was made. At the year end the company was owed £16.06712022 £Nil18nd owed £Nil12022 - Nil) lo DTCL. All of the above transactions were conducted at arm's length and pemiission is granted forthem in the company's memorandum and articles. The charity received an aggregate amount of £69,460 in donations from trustees during the year {2022 £161.0001. Included in this amount are reslricled donations of £16,00012022 £110,000), £10,0(H) towards ProduGtions12022- £35,000} and £6,00012022- £75.0001 towards the Capital works. There wefe no other related party Iransaclions. 26 Opèratlng lea8e commltment8 Al 31 March 2023 the Company had annual commitments under non-cancellable operating leases a8 follows.. 2023 2022 Land and buildings Expiry dale.. Within one year Between one and five years Due after five years 51,535 168.462 7,018,630 48,880 110,010 7,043,630 7.238,627 7,202,520 Equipment Expiry date.. Within one year Between one and five years Due after five years 39,239 102,254 42,255 140,361 1,131 141,493 183,747 7,380.120 7,386,267 48