ALMEIDA THEATRE COMPANY LIMITED REPORT AND ...

ALMEIDA THEATRE COMPANY LIMITEDTRUSTEES' REPORTFOR THE PERIOD ENDING 31 MARCH 2009The key activities we undertake to pursue these aims are producing our own work (and occasionally presenting the workof other producers), taking opportunities offered by the programme to develop our audience in line with our marketingplan, and creating a wide range of collaborative projects involving local people, community groups, and students fromschools and colleges.ACHIEVEMENTS AND PERFORMANCEObjectivesIn March 200S, we set ourselves the following objectives for the year in support of our overall aims1. To produce six plays and a Summer festival that meet our artistic vision2. To attract a paying audience of 65,000 or more3. To deliver the objectives of our 3-year marketing plan, including increasing the diversity, locality and sizeof our audience4. To continue to introduce young people to the work of the theatre through Almeida Projects5. To maintain the theatre as a venue able to deliver our artistic aims6. To keep our reserves at March 200S level or betterProductions (Objective: To produce six plays and a Summer festival that meet our artistic vision)This was a year of exciting artistic endeavour, with new partnerships and relationships forged with artists and creativeteams (as well as other theatre companies such as Headlong and Tiata Fahodzi), offering current and new Almeidaaudiences a range of programming not seen elsewhere in London. Over 23S artists, supported by the highly experiencedAlmeida administrative and production staff, responded to the unique and dynamic space of the Almeida auditorium andstage which continues to offers artists the opportunity to work on 'epic' and large scale drama in an' intimate setting.In 200S/09 we met our objective by producing four European premieres, one classic and one contemporary revival andone new version of a European classic, as well as a month long Festival programme.The year opened with the European premiere of Steven Adly Guirgis' The Last Days ofJudas Iscariot, in a coproductionwith Headlong Theatre. This production was directed by the award winning Rupert Gould, Headlong'sArtistic Director, and was a magnificent opportunity for two highly respected theatre companies to bring their resourcesand talents together to work on Guirgis' thrilling large scale and epic drama with a cast of 16. This was followed byIbsen's Rosmersholm, in a new version by Mike Poulton, directed by Anthony Page and featuring Helen McCrory. TheAutumn season opened with a short run of the Abbey Theatre's production of Kicking a Dead Horse by Sam Shepard, inassociation with the Public Theatre (New York), and featured a welcome return to the London stage of Stephen Rea. Theproduction continued the Abbey & Almeida Theatres' ongoing exploration of Shepard's work and the commitment toShepard as one of the most important playwrights of his generation.This was followed by a revival of Harley Granville Barker's Waste, directed by actor/director Samuel West, with a largecast of 14. Granville Barker is widely regarded as the founder of modern British theatre and this production provided arich portrait of early 20th Century society with strong resonances and relevance for today. The European premiere ofNeil LaBute's In a Dark Dark House continued the theatre's rich and long relationship with this writer and was thesecond European premiere of LaBute's to be directed by Artistic Director Michael Attenborough at the theatre. Theproduction featured David Morrissey and Steven Mackintosh, two actors who had not worked on stage for more than 10years each.2009 opened with a revival of Tom Kempinski's 19S0 two-hander play Duetfor One, directed by Matthew Lloyd, withJuliet Stevenson and Henry Goodman. The sell-out production then successfully toured under the' Almeida on Tour'banner to Bath, Windsor and Richmond and then triumphantly transferred to the West End, playing at the VaudevilleTheatre for a limited season.The world premiere of Jez Butterworth' s play Parlour Song, directed by former Artistic Director of the Royal Court IanRickson, played over the 200S/09 and 200911 0 financial yearLeading Critics in their reviews for productions at the Almeida in this year said:• The Last Days ofJudas Iscario( ~ "A sensational hit .... a truly epic production" Daily Telegraph3

ALMEIDA THEATRE COMPANY LIMITEDTRUSTEES'REPORTFOR THE PERIOD ENDING 31 MARCH 2009• Rosmersholm - "a magnificent production...the acting, jiercel~' restrained but scorching with truthfulness, hasa great liberating power" Independent and "Mike Poulton's sharp new translation and Anthony Page'sfluentproduction give it a palpable urgency" Financial Times• Waste - "The jinest ensemble acting to be seen in Londonfor ages... mesmerising performances.. to watch Keenand Nicholls is to experience theatre acting at its jinest... what an overwhelming experience" EveningStandard and "Another forgotten gem unearthed by the Almeida... Sam West's production is superlative, with a15-strong cast without a weak link ... sharp-eyed and, in many ways, timeless" Independent on Sunday• In a Dark Dark House - "Michael Attenborough 's superbly acted production. ..powerful drama" Guardian• Duet for One - "it bowled me over Matthew Lloyd's rich and nuanced production ... is a noble and deeplymoving piece oftheatre. Stevenson is superb... Henry Goodman creates a highly sympathetic, wise and comiccharacter... a masterclass infine acting" Daily Telegraph• Parlour Song - "Ian Ricks-on's superb production. ..poetic detail ofthe writing and the perfection ofthe acting"WhatsonstageAlmeida Summer Festival 2008This year's annual Festival in July was the first to be programmed by Artistic Associate Jenny Worton, under the newumbrella of wider programme remit than the traditional Almeida new music and contemporary opera banner of previousyears (after Patrick Dickie's departure in 2007 to English National Opera). A new music element continued with theworld premiere of a new opera, Ocean ofRain by Yannis Kyriakides, (libretto by Daniel Danis) commissioned and coproducedby Aldeburgh Music, Almeida Opera and Theatre Cryptic. The opera was directed by Cathie Boyd and themusic was performed live by Ensemble MAE from Holland. The production opened the 61 sI Aldeburgh Festival,followed with performances at the Almeida and then toured in the Autumn to the Tramway Glasgow (the home ofTheatre Cryptic) and then on to the Muziekgebouw, Amsterdam and the Schouwburg, Rotterdam.The first theatre element of this year's Festival was the European premiere of Adam Rapp' s Nocturne, directed by MattWilde, and featured a tour-de-force solo performance by Peter McDonald. The production subsequently toured to theTraverse Theatre for two weeks in August as part of the Edinburgh Fringe Festival, winning a highly coveted HeraldAngel Award and marked the Almeida's welcome return to Edinburgh after a gap of 12-years.The second theatre element of the Festival was the co-presentation with Tiata Fahodzi (an Islington based West AfricanTheatre Company committed to new writing) of Tiata Delights 08 - a showcase ofsix new plays by established andemerging African playwrights, including Bola Agbaje, Francis Aidoo, Nii Ayikwei Parkes, Ade Solanke, Rex Obano andYvonne Dodoo. This exiting week often performances concluded with a concert celebrating some of the UK's finestAfrican musicians. The residency offered Tiata Fahodzi and the Almeida a wonderful opportunity to increase theiraudience reach with over 80% ofbookers completely new to the Almeida.Other events during the Festival included The Theatre ofPossibilities, a co-production with Tate Modem of a programmeof music produced by Richard Bernas, directed by Mike Ashman with the Almeida Ensemble, as an opportunity toilluminate key areas in Cy Twombly' s creative life, coinciding with a major exhibition of his works, New Narratives, atThe Tate; a concert with multi-media and film presentation by Festival residency orchestra Ensemble MAE; and thereturn of the remarkable Barb Jungr to the theatre with an evening of her chanson repertoire. All the Festival productionswere co-produced and financed by the Almeida Theatre at an additional cost of over £80,000, demonstrating a keencommitment by the theatre for expanding the range of artistic voices heard at the theatre and offering our audiences aunique programming period in the Almeida's year.The theatre also hosted daytime conferences for a number of industry organisations, such as Theatre ManagementAssociation (TMA) and Independent Theatre Council (ITC), as well as offering the theatre on a number of Sundays toother charities, such as the Refugee Council and Friends United Network, to stage their own charitable events.Audiences (Objectives: To attract a paying audience of 65,000 or more, and to deliver the objectives of our 3-yearmarketing plan, including increasing the diversity, locality and size of our audience)During 2008/09 the Almeida's productions attracted a paying audience of 77,212 tickets, well in excess of ourobjective. An average attendance figure of 84% was attained across the season and resulted in a healthy box officeincome that exceeded its budgeted targets overall. The Almeida was successful in attracting new audiences, probably as acombination of good coverage for the productions and a number of high profile performers such as David Morrissey and4

.'-ALMEIDA THEATRE COMPANY LIMITEDTRUSTEES' REPORTFOR THE PERIOD ENDING 31 MARCH 2009Juliet Stevenson, with 54% ofbookers attending the venue for the first time (15.480 from a total of28,739 bookers).Ticket prices remained the same as the previous five years, with over 46 seats offered at £6 for each performance.The Almeida remains committed to a considered audience development programme, and has invested particularly thisyear in research to better understand what motivates audience decisions and initiatives to attract Under 30s and localIslington audiences. To this end we have continued to work with Audiences London on customer e-surveys providingqualitative data about experiences alongside regular follow-up emails to all audience members (where possible) tosustain relationships. The information emerging from this is providing a more holistic picture of audience responses aswell as informing changes in marketing strategy. The Islington First scheme (discounting tickets to local residents duringpreviews) has been highlighted in marketing materials distributed in the area, whilst the similar Under 30s scheme hasbeen focused on for other appropriately targeted activities. ACE's A Night Less Ordinary Scheme has been integratedalongside this work. The Almeida made available 436 free tickets under the scheme in its first quarter, all of which wereenthusiastically taken up; evidence suggests that the majority of this cohort were new audiences and strategies are inplace to maintain these relationships. The Almeida has also been actively involved in the Off West End consortium of 12theatres brought together for the Thrive! Audience Development Project.Online sales and digital activity are of increasing strategic importance to the Almeida's marketing mix. Online bookingsaveraged 55% over the year, peaking at over 60% during periods where new bookers were high, and the e-list hasincreased by 31 % over the year. Regular podcasts and video trailers are useful tools in communicating with this audienceas well as creating enhanced content to supplement traditional media. The Almeida continues to deliver a range of accessperformances, with audiences for our own 'in-house' captioned performances growing particularly strongly.Projects (Objective: To continue to introduce young people to the work of the theatre through Almeida Projects)In 2008/09 Almeida Projects continued to develop its exciting programme under the new leadership of Samantha Lane.Drawing on the expertise of a wide range of theatre practitioners and creative learning specialists the programme brought70ur community partners into the heart of the building and encouraged lively engagement with the programme. The firstreport produced by independent evaluator, Germination at the end of2007/08 shaped the activities of Almeida Projects,including the development of the Young Friends of the Almeida and increased cross-schools working.The main focus of Almeida Projects work was with eight local partner schools, building strong partnerships with teachersto deliver relevant, creative projects that supported the curriculum and enabled participants to explore wider issuesaround citizenship and personal development. A total of 12 schools residencies took place, including 3 cross schoolsprojects that enabled students from different schools to collaborate and perform together. We continued to build apositive relationship with the Bridge school, delivering a hugely successful residency that brought together Bridgestudents with profound, multiple and severe learning difficulties with students from Holloway school, a neighbouringmainstream secondary school."Highbury Grove School has been supported in their provision ofDrama Education by Almeida Projects for four yearsnow. We have always found them to be an extremely well-organised and enthusiastic team who provide innovativeworkshops and professional performance opportunities to all our students, without exception. They have raised theprofile ofDrama within our school, as well as the academic achievement ofmany ofour more challenging studentsthrough their work with us. I recommend them whole-heartedly without reservation." Jenny Sutton, Head ofPerforming Arts - Highbury Grove School"The students engagedfullyfrom the outset... The luxury ofhaving a Workshop Leader, an Assistant, a MovementDirector as well as input from other Almeida staf/\vas really appreciated and paid offin the quality ofthe finishedpiece... the opportunity to perform on the stage lifted the ambition and ultimate achievement ofthe participants, andgave them a real sense ofworking professionally." Judy Gemmell, Deputy Head and Drama Teacher - Islington Artsand Media"As an Advanced Skills Drama teacher, I deal with many community projects in many different forms, and this iscertainly one ofthe best I have been involved with. Please keep providing excellent theatre projects." Luke Jones,Drama Teacher - Bishopshalt SchoolThe innovative subsidised ticket programme continued to reach out to more schools. The programme offers heavilydiscounted top price tickets, £5 to key borough schools and £15 to other schools, and a free introductory workshop led byartists and a free host, also a theatre practitioner, to support the visit to the actual performance. A total of 1,021 tickets5

".'-ALMEIDA THEATRE COMPANY LIMITEDTRUSTEES'REPORTFOR THE PERIOD ENDING 31 MARCH 2009of review, a total of 11,840 seats were sold at £6 (15% of total tickets sold), and a further 13,015 seats were sold atconcessionary rates to disadvantaged groups or schools. We intend to continue this level of affordability for theforeseeable future. Beyond this we also participated in the Arts Council's A Night Less Ordinary scheme, which allowsyoung people (25 or under) the chance to see productions for free; 121 tickets were given away during the between thestart of the scheme in February 2009 and the end of the financial year.FUTURE PLANSIn the 200911 0 financial year we plan to continue the activities we undertook successfully in 2008/9. We have setourselves the following targets:To produce five plays and a summer festival that meet our artistic missionTo keep our reserves at the March 2008 level or better, and retain funds for the modernisation of the office andrehearsal buildingTo attract a paying audience of 65,000 peopleTo maintain the theatre as a venue able to deliver our artistic aimsTo deliver the objectives of our marketing plan, including the diversity, locality and size of our audienceTo continue to introduce young people to the work of the theatre through Almeida ProjectsThe artistic programme for 2008/9 is now on the whole scheduled and announced, and continues to expand the epicnature and scale of theatrical events produced at the Almeida. After Parlour Song completed its run in May 2009, wepresented the European premiere of Andrew Bovell's When the Rain Stops Falling, directed by Michael Attenborough.This will be followed in the Autumn by Christopher Hampton's new version of Odon von Horvath's JudgmentDay(directed by James MacDonald), Nicholas Wright's Mrs Klein (directed by Thea Sharrock, with Claire Higgins asMelanie Klein), and Patrick Hamilton's Rope (directed by Roger Michel). We will end the year with Shakespeare'sMeasure/or Measure, to be directed by Michael Attenborough.We were pleased that our production ofDuet/or One transferred to the Vaudeville Theatre for a successful runThe Summer Festival in July 2009 will this year present the work of a range of new theatre talents; Slung Low (UKbased company presenting Last Seen, a promenade production around the streets of Islington), The TEAM (UScompany, presenting The American Capitalism Projec,t a work in progress devised by the company), Tiata Fahodzi (UKAfrican company, presenting a rehearsed reading of The Golden Hour by Michael Bhim and the closing concert) andGULP (UK company formed from the Young Friends of the Almeida Theatre, in a specially commissioned piece, OrNearest Offer).We will continue to commission and develop new works so that we can ensure a continuing stream of creative andrelevant contemporary work.Almeida Projects, under the new leadership of Samantha Lane, continues its participatory programme of other projectsand events around the season, including a major project around When the Rain Stops Falling (supported by JP Morgan,including a specially commissioned play inspired by WTRSF, and a Climate Challenge Conference for local schoolstudents). The year-round work of the Young Friends of the Almeida LAB will culminate in their participation in the2009 Summer Festival.The Audience Development strategy will continue to develop new audiences and measure our performance in key areasboth qualitatively and quantitatively.We therefore have an ambitious and expansive plan of work, in a time of increasing financial uncertainty. We will usesome of the reserves generated by our successful financial performance in 2008/9 to underwrite this year's work. Webelieve that committing to the best possible programme with our usual high standards will mean we can attract the widestpossible audience and sponsorship, and continue to justify the individual support we rely on. But we are aware that adeficit budget is not sustainable and are already planning the parameters for 20 I0111 to make sure we do not diminish ourreserves any further.7

ALMEIDA THEATRE COMPANY LIMITEDTRUSTEES'REPORTFOR THE PERIOD ENDING 31 MARCH 2009The plans for the relocation of the offices and rehearsal room at 108 Upper Street continue and we are in negotiationswith Sager to further these plans.FINANCIAL REVIEWSOFAThe SOFA (Statement of Financial Activities) shows the extent of, and movement in, all charitable funds differentiatingbetween restricted funds (monies provided for specific purposes) and unrestricted funds (monies which can be applied toany charitable objectives within the organisation's objectives). Unrestricted funds include funds designated by thetrustees for specific future investment in the organisation. The total funds at 31 March 2009 are £5,932,787 (2008:£5,636,141); of these £3,754,192 are represented by fixed assets such as buildings and equipment (2008: £3,747,810).Total incoming resources for the period were £4,305,474 (2007: £4,029,316). The main reason for the increase washigher box office income than last year.Our main sources of income continue to be ticket sales and other audience income of£ I,612,679, the Arts Councilrevenue grant of £1,007,948 and private fundraising and sponsorship of £1,204,205. We have also earned income fromco-production agreements with other producers, West End transfers, and hiring out the theatre.Expenditure in the year has been committed entirely to presentation of the programme outlined above at the AlmeidaTheatre and elsewhere in the UK, including the programme of Almeida Projects events.InvestmentsAs funds are primarily held for expenditure in the foreseeable future, rather than as investments (see Reserves Policy),they are held in cash deposits with reputable banks. These deposits met their performance objective.Restricted FundsRestricted Funds in the year represent grants and donations towards specific productions or other activities, most ofwhich were fully expended. Expenditure comprises production expenditure as well as depreciation on the refurbishedtheatre. A more detailed analysis is given in note 15 to the accounts.Unrestricted FundsThese represent the operational income of the charity (e.g. ticket sales, touring income, advertising revenue), as well asgrants and donations towards the activities of the charity as a whole.SubsidiariesAlmeida Theatre Catering Ltd. is a wholly owned subsidiary of the charity. Its primary activity is the sale of food anddrink at the theatre to the audience and other customers. It made a total contribution of £12,534 to the group on turnoverof £233, 158. At the year end, its total net assets were £9,222. Further details are given in note 4 to the accounts.Events since the year endThere have been no significant events to report between the balance sheet date and the date of this report.8

"ALMEIDA THEATRE COMPANY LIMITEDTRUSTEES'REPORTFOR THE PERIOD ENDING 31 MARCH 2009Reserves Policy (Objectives: To maintain the theatre as a venue able to deliver our artistic aims and to keep our reservesat March 2008 level or better)It is the policy of the Trustees for the charity:I, To hold a risk reserve to enable the charity to continue to operate in the event of a fall in fundraising ortrading income, or Arts Council core grant2. To hold a maintenance reserve to fund foreseeable maintenance and regular refurbishment costs of theAlmeida Theatre and the replacement of its equipment.3, To establish a property reserve to meet the one-off cost of refurbishing or relocating the office & rehearsalbuilding. This is a vital part of the company's long-term strategy, and is unlikely to attract external funding.At the balance sheet date, the charity held net bank balances totalling £2,056,050. Of this amount £ 141 ,080 is advancebox office income for performances after the year end and £44,247 is owed to creditors. A further £25,539 is restrictedfunds for future activity to which we are committed. This leaves a balance of £1,845,184.From this we have allocated the following sums:1. Risk reserve £500.0002. Maintenance reserve £350,6553. Property reserve £750,000The remaining balance of £244,529 arose largely from out-performance in box office income in 2008/9, and will bemainly invested in an ambitious programme of work in 200911 0, at a time when other funds will be hard to raise.Therefore the Trustees are satisfied that sufficient reserves were held at the year end to meet our requirements for thetime being and, with the future support of the charity's grant aiding bodies and private donors, intends to maintain themat this level in the future.9

"ALMEIDA THEATRE COMPANY LIMITEDTRUSTEES' REPORTFOR THE PERIOD ENDING 31 MARCH 2009DIRECTORS AND TRUSTEESThe Directors, who are also the Trustees of the charity, during the period were:Rick Haythornthwaite (Chair: resigned II June 2008)Christopher Rodrigues (Chair: appointed II June 2008)Mary Francis CBE (Treasurer)Linden IfeJill Barton (appointed 9 Dec 2008) Tamara Ingram (appointed 9 Dec 2008)Anupam Ganguli (resigned 9 Dec 2008) Rosemary LeithMichael GwinnellRay O'ConnellGiles Havergal (appointed 9 Dec 2008) Rufus OlinsMichael HoffmanNigel PantlingThelma Holt CBE Roy Williams (appointed 9 Dec 2008)STATEMENT OF TRUSTEES' RESPONSmILITIESThe trustees are responsible for preparing the annual report and the fmancial statements in accordance with applicable lawand United Kingdom Generally Accepted Accounting Practice.Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view ofthe state of affairs of the company and of the profit or loss of the company for that period, In preparing those financialstatements, the trustees are required to;• select suitable accounting policies and then apply them consistently;• make judgements and estimates that are reasonable and prudent;• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company willcontinue in business.The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any timethe financial position of the charitable company and to enable them to ensure that the financial statements comply with theCompanies Act 1985. They are also responsible for safeguarding the assets of the company and hence for takingreasonable steps for the prevention and detection of fraud and other irregularities.The Trustees also confirm that they have made all necessary enquires and taken such steps that they ought to, to ensurethat they become aware of any relevant audit information and that they confirm that the charitable company's auditorshave been made aware of such information.AUDITORSA resolution to reappoint haysmacintyre as auditors will be proposed at the next annual general meeting.Approved by the board of Trustees and signed on its behalfChristopher RodriguesDirector17 ~~~ Z6e910

ALMEIDA THEATRE COMPANY LIMITEDINDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALMEIDA THEATRE COMPANY LTDFOR THE PERIOD ENDING 31 MARCH 2009We have audited the financial statements of Almeida Theatre Company Limited for the period ended 31 March 2009 whichcomprise the Consolidated Statement of Financial Activities, Balance Sheets, Consolidated Cash Flow Statement and therelated notes. These financial statements have been prepared under the accounting policies set out therein.This report is made solely to the charitable company's members, as a body, in accordance with Section 235 of theCompanies Act 1985. Our audit work has been undertaken so that we might state to the charitable company's membersthose matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permittedby law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company'smembers as a body, for our audit work, for this report, or for the opinions we have formed.Respective responsibilities of trustees and auditorsAs described in the Statement of Trustees' Responsibilities the charity's trustees are responsible for the preparation of thefinancial statements in accordance with applicable law and United Kingdom Accounting Standards (United KingdomGenerally Accepted Accounting Practice). The Trustees are also directors of Almeida Theatre Company Limited for thepurposes of company law.Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements andInternational Standards on Auditing (UK and Ireland).We report to you our opinion as to whether the financial statements gi ve a true and fair view and are properly prepared inaccordance with the Companies Act 1985 and whether the Trustees' Report is consistent with the financial statements.We also report to you if, in our opinion, the charitable company has not kept proper accounting records, if we have notreceived all the information and explanations we require for our audit, or if information specified by law regardingtrustees' remuneration and other transactions is not disclosed.We read the Trustees' Report and consider the implications for our report if we become aware of any apparentmisstatements within it.Basis of audit opinionWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the AuditingPractices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures inthe financial statements. It also includes an assessment of the significant estimates and judgements made by the trusteesin the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitablecompany's circumstances, consistently applied and adequately disclosed.We planned and performed our audit so as to obtain all the information and explanations which we considered necessaryin order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free frommaterial misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluatedthe overall adequacy of the presentation of information in the financial statements.OpinionIn our opinion:• the financial statements give a true and fair view, in accordance with United Kingdom Generally AcceptedAccounting Practice, of the state of affairs of the charitable company and of the group as at 27 March 2008 andof the incoming resources and application ofresources, including the income and expenditure, of the group, forthe period then ended;• the financial statements have been properly prepared in accordance with the Companies Act 1985; and• the information given in the Trustees' Report is consistent with the financial statements.~J~haysmacintyreChartered AccountantsRegistered AuditorsFairfax House15 Fulwood PlaceLondoll,WCIV 6AY11

ALMEIDA THEATRE COMPANY LIMITEDBALANCE SHEETSAT 31 MARCH 2009FIXED ASSETSNote 2009£Group2008£Company2009 2008£ £Tangible assetsInvestment1043,754,176 3,859,652 3,747,7941003,855,7021003,754,176 3,859,652 3,747,894 3,855,802CURRENT ASSETSStocksDebtorsShort Tenn DepositsCash at bank & in hand12215,767401,6791,750,000332,1515,001446,9821,500,000338,013425,0801,750,000306,050449,0941,500,000326,956CREDITORS: amounts falling duewithin one year 132,489,597(311,001)2,289,996(513,507)2,481,130(305,374)2,276,050(504,799)NET CURRENT ASSETS 2,178,596 1,776,489 2,175,756 1,771,251NET ASSETS 5,932,772 5,636,141 5,923,650 5,627,053Income fundsUmestricted funds 1,320,394 1,757,080 1,311,272 1,747,992Designated funds 16 1,100,855 260,913 1,100,855 260,9132,421,249 2,017,993 2,412,127 2,008,905Restricted funds 15 3,511,523 3,618,148 3,511,523 3,618,1485,932,772 5,636,141 5,923,650 5,627,053The financial statements were approved and authorised for issue by the Board of Directors on 15 September 2009 andwere signed below on its behalf by:Clrri,toph" Rod"gue,(1~()~ Mary FrancisDirectorDrrecto, "

ALMEIDA THEATRE COMPANY LIMITEDCONSOLIDATED CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 MARCH 2009Note2009 2008£ ££ £Net cash inflow!(outflow) from operatingactivities19172.498(313,528)Returns on investments and servicing of financeInterest receivedIntcl'est paidCapital expenditure and financial investmentDisposal of tangible fixed assetPurchase of tangible fixed assets(4,879)76,519 104,911(2,039)(9,678)(4,879)(9,678)Cash influw!(outllow) before short termdeposits20244,138(220,334)(lncrease)!Dccnoase in short term deposits(250,000)200,000(Decrease) in cash in the year21(5,862)(20,334)The notes on pages 15 to 23 form part of these financial statements.14

" ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 20091. ACCOUNTING POLIClESBasis of accountingThe financial statements are prepared under the historical cost convention and are in accordance with applicableAccounting Standards, the Statement of Recommended Practice"Accounting by Charities" (SORP 2005) issued inMarch 2005 and the Companies Act 1985. The following accounting polices have been applied.The consolidated accounts incorporate the financial statements of the charity and its material subsidiaryundertakings. As permitted by S230 of Companies Act 1985, no separate SOFA is presented for the charity as theresults of the subsidiary are clearly shown in the group SOF A.ConsolidationThe consolidated accounts incorporate the accounts of the Almeida Theatre Company Limited and its subsidiary,Almeida Theatre Catering Limited for the period ended 31 March 2009. Further details are given in note 4 to theaccounts.Theatre operating incomeTurnover represents the total value of box office income and sundry other ancillary income received by the groupfrom outside customers during the year, excluding value added tax.Income is deferred if the performance takes place in the next accounting period.StocksStocks are valued at the lower of cost and net realisable value. Unsold donated items are not included.Tangible fixed assets and depreciationFixed assets are included at cost or valuation. There are no un-capitalised fixed assets.Depreciation is provided on all tangible fixed assets except freehold land at rates calculated to write off the excess ofcost or valuation over the estimated residual values over their expected useful economic lives at the following rates:Freehold buildingsBuilding renovationsFixtures, fittings and equipment- 2% on cost per annum- 2.5% to 25% on cost per annum- 25% on reducing balance per annum or 20% on cost per annum.Operating leasesRentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred.Unrestricted fundsUnrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the generalobjectives of the charity and which have not been designated for other purposes.15

ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 20091. ACCOUNTING POLICIES (continued)Restricted income fundsWhere funds are received to be applied for specific purposes imposed by the donor or implied by the terms of anyappeal under which they were raised, other than endowments, these are shown as restricted income in the statementof financial activities (SOFA). Subsequent expenditure for the purposes specified including depreciation of anyfixed assets acquired, is charged to restricted funds in the SOFA. Unexpended balances at the year end, includingthe net book value of funded assets, are shown in the balance sheet as restricted funds.Designated fundsDesignated funds are amounts which have been set aside at the discretion of the trustees for a specific, but notlegally binding purpose.Fund allocationsInvestment income is allocated to the appropriate fund. Transfers between funds are detennined by the board oftrustees.Incoming resourcesAll incoming resources are included in the SOFA when the charity is legally entitled to the income and the amountcan be quantified with reasonable accuracy.Grants/donations in respect of revenue expenditure are credited to SOFA in the year for which they are given.Commercial trading activitiesIncome from commercial activities is included in the period in which the group is entitled to receipt.Production costs and incomePre-production costs incurred in respect of a theatre production are released rateably over its run, except when it isanticipated that future production income will be insufficient to cover these costs.Similarly any income or grants received in advance are also carried forward and released over the period of theproduction run.Resources expendedAll expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costsrelated to the category. The majority of costs are directly attributable to specific activities. Where costs cannot bedirectly attributed to particular headings they have been allocated to activities on a basis consistent with use of theresources and estimated amounts attributable to that activity in the year.Costs of charitable activities include the productive and administrative costs of the operation of the theatre and theproduction of plays, including depreciation on related assets.Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.InvestmentsInvestments in subsidiaries are stated at cost less provision for diminution in value.16

ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 20092. VOLUNTARY INCOME Unrestricted RestrictedFunds Funds 2009 2008£ £ £ £Donations 410,026 176,746 586,772 691,000Grants 1,007,948 56,085 1,064,033 1,031,5751,417,974 232,831 1,650,805 1,722,575----All Grants above were received from Arts Council England.The related costs for generating the voluntary income above are £88,921 (2008: £1 08,206). These relate to£86,166 of direct development department costs and £2,755 of allocated support costs (see note 8).3. THEATRE OPERATING INCOMEThe Theatre operating income in the year was derived wholly from the UK.4. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARIESThe company controls 100% of the share capital of 2 subsidiary companies. Almeida Theatre Catering Limited hasa principal activity of catering, primarily the running of the Almeida Cafe Bar. A summary of its trading resultsfor the period ended 31 March 2008 is shown below. Almeida Productions Limited did not trade during the year.2009 2008£ £Turnover 233,158 203,188Cost of sales (203,783) (185,654)Gross profit 29,375 17,534Administrative expenses (net of management fees) (16,841) (13,845)Operating profit 12,534 3,689Profit on ordinary activities after taxation 12,534 3,689Gift Aid Donation to Almeida Theatre Company Ltd (12,500) (3,500)Profit after charitable donation 34189The assets and liabilities of this subsidiary were:Fixed assets 6,388 3,956Current assets 32,866 17,325Creditors: amounts falling due within one year (30,032) (12,093)Total net assets 9,222 9,188Aggregate share capital and reserves 9,222 9,18817

ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 20095. NET INCOMING RESOURCES Group Company2009 2008 2009 2008£ £ £ £Net incoming/(outgoing) resources arestated after charging:Depreciation of tangible fixed assets 110,Q35 333,521 107,908 332,204Operating lease rentals - land and buildings 12,556 9,600 12,556 9,600Auditors' remuneration- audit fees relating to this period 12,000 11,500 12,000 8,070- over provision of audit fees in prior years (3,430) (3,430)- other services 750 750---- ---6. INTEREST RECEIVABLE Group Company2009 2008 2009 2008£ £ £ £Bank interest 76,519 104,911 76,519 104,9117. ANALYSIS OF ACTIVITIES FOR GENERATING FUNDS& FUNDRAISING TRADINGDirect Total NetActivity Income Expenditure Support costs Costs Income£ £ % £ £ £Fundraising events 149,420 55,462 14% 1,774 57,236 92,184Corporate activities 504,750 69,819 18% 2,233 72,052 432,698Bar income 222,033 218,496 56% 6,987 225,483 -3,450Other theatre trading 80,868 46,553 12% 1,489 48,042 32,826Total 957,071 390,330 100% 12,483 402,813 554,258Bar income has been adjusted to eliminate intra-group transactions8. ALLOCATION OF SUPPORT COSTSTotal Finance Department costs (£124,234) are apportioned between the other areas in the ratio of expenditure ineach area.Expenditure %of Allocated TotalArea Incurred Total Costs expenditure£ 0/0 £ £Cost of generating funds 86,166 2°' 10 2,755 88,921Cost of fundraising trading 390,331 10% 12,482 402,813Cost of charitable activities 3,396,383 88% 108,612 3,504,995Cost of govemance 12,000 0% 384 12,384Total 3,884,880 100% 124,233 4,009,11318

ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 20099 EMPLOYEE INFORMAnON 2009 2008£ £Total emoluments:Wages and salaries 1,369,912 1,384,768Social security costs 131,157 131,820Pension 10,124 9,9571,511,193 1,526,545NumberNumberAverage number of employees:Theatre Production 28 31Theatre Operation 23 23Development & Marketing 8 7Education & Access 3 3Administration & Finance 6 6------68 70All staff are employed by the charity. No employee received emoluments in excess of £60,000 during the year(2008: Nil). The Artistic Director is not an employee of the charity, so is not included in these figures.No directors (who are also the Trustees of the charity) received any remuneration during the year or anyreimbursement of expenses.Trustee indemnity insurance was paid during the year of £1 ,689 (2008: £ 1,689).10. TANGIBLE FIXED ASSETSGroupFreehold landand buildings£Buildingrenovations£Fixtures, fittingsand equipment£Total£Cost or valuationAt 27 March 2008AdditionsDisposals800,034 3,594,106 1,525,3764,879(1,347)5,919,5164,879(1,347)At 31 March 2009 800,034 3,594,106 1,528,908 5,923,048Accumulated depreciationAt 27 March 2008Less charged on disposalsCharge for the year93,1197,812490,72488,6381,476,021(1,027)13,5852,059,864(1,027)110,035At 31 March 2009 100,931 579,362 1,488,579 2,168,872Net Book ValueAt 31 March 2009 699,103 3,014,744 40,329 3,754,176At 27 March 2008 706,915 3,103,382 49,355 3,859,65219

ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 200910. TANGIBLE FIXED ASSETS Freehold land Building Fixtures, fittings(cont.) and buildings renovations and equipment TotalCharity £ £ £ £Cost or valuationAt 27 March 2008 800,034 3,594,106 1,515,935 5,910,075AdditionsAt 31 March 2009 800,034 3,594,106 1,515,935 5,910,075Accumulated depreciationAt 27 March 2008 93,119 490,724 1,470,530 2,054,373Charge for the year 7,812 88,638 11,458 107,908At 31 March 2009 100,931 579,362 1,481,988 2,162,281Net Book ValueAt 31 March 2009 699,103 3,014,744 33,947 3,747,794At 27 March 2008 706,915 3,103,382 45,405 3,855,702Freehold land and buildings are subject to charges and cannot be sold without the permission of the donor of thegrant utilised in their purchase. A fixed and floating charge has also been granted to the group's bankers over allthe group's assets.The retention of the Theatre is intrinsic to the Charity continuing to meet its charitable aims. Accordingly, thetrustees have no intention to dispose of the Theatre. They consider that there has been no permanent diminution inits value to the Charity although its current market value, given its restricted use, is lower than the value given inthese accounts.11. INVESTMENTS Subsidiary undertakingsGroup Company£ £Cost and net book valueAt 31 March 2009 and 27 March 2008 £100The company owns 100% of the share capital of Almeida Theatre Catering Limited, which is registered mEngland. The subsidiary is used for non-primary purpose trading activities, namely operating the theatre bar. Allactivities have been consolidated on a line by line basis in the SoFAAlmeida Theatre Catering Limited owns 100% of the share capital of Almeida Productions Limited, which isregistered in England, and did not trade in the period.12. DEBTORS Group Charity2009 2008 2009 2008£ £ £ £Due within one yearTrade debtors 2,882 81,484 1,884 80,217Amounts owed by subsidiary undertakings 24,405 3,385Other debtors 30,447 8,444 30,441 8,438Production costs in advance 125,458 168,210 125,458 168,210Prepayments and accrued income 242,892 188,844 242,892 188,844401,679 446,982 425,080 449,09420---

ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 200913. CREDITORS: amounts falling duewithin one year 2009£Group2008£2009£Charity2008£Trade creditors 46,222 106,197 44,247 100,514Other taxation and social security 31,860 41,177 30,218 38,966Amounts due to subsidiary undertakingsOther creditors 4,825 986 4,825 986Box office receipts in advance 141,080 184,339 141,080 184,339Accruals and deferred income 87,014 180,808 85,004 179,994311,001 513,507 305,374 504,79914. CONTINGENT LIABILITIESCertain funding (totalling £5.086m) received in respect of the redevelopment ofthe theatre, which is secured bycharges over the company's property, would be required to be repaid to donors in the unlikely event that thetheatre is sold or a court order is issued to wind up the company.15. RESTRICTED FUNDS - GROUP AND CHARITYOpening Incoming ClosingBalance resources Expenditure balance£ £ £ £ProductionsActor development 16 16Education projects 7,792 134,746 (162,538) (20,000)Almeida Festival 2009 10,000 10,000Almeida Festival 2008 56,085 (56,085)Accessible performances 28,677 32,000 (25,154) 35,52336,485 232,831 (243,777) 25,539Capital fundsPermanent accommodation 3,581,664 (95,680) 3,485,984Restricted funds 3,618,149 232,831 (339,457) 3,511,52316. DESIGNATED FUNDS- 28 March New Utilised/ 31 MarchGROUP AND CHARITY 2008 Designations Released 2009£ £ £ £108 Upper St relocation & 750,000 750,000refurbishmentRepairs and renewals 179,214 95,000 (22,630) 251,584Equipment replacement reserve 81,699 20,004 (2,432) 99,271260,913 865,004 (25,062) I, I00,855---The 108 Upper Street reserve exists to cover the possible costs of relocating our office & rehearsal premises to abuilding closer to the theatre, or refurbishing the present in order to ensure its long tenn viability. This project isstall at the planning stage, and we expect it to be completed during 2012-13. Any unused funds will be released foruse in our artistic programme.The repairs and renewals reserve represents a contribution to the future costs of planned and preventativemaintenance to the newly refurbished theatre, with the aim of ensuring that its condition does not deteriorate overthe foreseeable future, and we are able to continue our charitable activity at the present level.21

ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 2009Similarly, the equipment replacement reserve exists to ensure that technical equipment can be replaced in futureyears without having an impact on charitable activities.The transfers during the year were made from unrestricted general funds. The balances are all represented bycash, held on deposit.17. ANALYSIS OF NET ASSETS BETWEENFUNDS-GROUPRestricted fundsTheatre enhancement fundProduction fundingTangiblefixed assets£3,485,984Net currentassets£25,539Total£3,485,98425,5393,485,994 25,539 3,511,523Unrestricted funds268,192 2,153,057 2,421,2493,754,176 2,178,596 5,932,77218. COMMITMENTS UNDER OPERATING LEASESThe company had annual commitments under non-cancellable operating leases as set out below:Operating leases which expire:Within one yearIn two to five yearsLand and buildings2009 2008£ £14,7254,00014,725 4,00019. RECONCILIATION OF NET INCOMING RESOURCESFROM OPERATING ACTIVITIESNet (outgoing)/incoming resourcesDepreciationLoss on disposal offixed assetNet interest receivableInterest paid(Increase) in stocks(Increase)/decrease in debtorsIncrease/(decrease) in creditorsNet cash (outflow)linflow from operating activities2009 2008£ £296,631 ( 216,326)1I0,Q35 333,521320 456( 76,519) ( 104,911)2,039( 766) ( 404)45,303 (114,084)( 202,506) ( 213,819)172,498 ( 313,528)22

,. ALMEIDA THEATRE COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 200920. RECONCILIATION OF NET CASH INFLOW TOMOVEMENT IN NET FUNDS(Decrease)/increase in cash in the yearCashflow from changes in liquid resources2009£( 5,862)250,0002008£( 20,334)( 200,000)Movement in net funds 244,138 ( 220,334)Opening net funds 1,838,013 2,058,347Closing net funds 2,082,151 1,838,01321. ANALYSIS OF NET FUNDS At 28 March2008£Cash flow£At 31 March2009£Cash in hand and at bank 338,013 ( 5,862) 332,151338,013 ( 5,862) 332,151Short Term Deposits 1,500,000 250,000 1,750,000Net funds 1,838,013 244,138 2,082,15123