2021-03-31-accounts

OSE THEATRE KINGSTON THEATRE TRUST and its subsidiary undertaking A company limited by guarantee Company No: 02497984 Registered Charlty: 1000182 CONSOLIDATED REPORT & FINANCIAL STATEMENTS for the period ended 31 March 2021 Page I

Klng5ton Theatre Trust and its subsidiary undertaklng CONSOLIDATED REPORT & FINANCIAL STATEMENT5 for the period ended 31 March 2021 INDEX Legal & Admlnistrative informatron Pages3-4 Trustee5' Report Pages 5 - 16 Auditor5, Report Pages 17 - 19 Consolidated Statement of Financial Artivitles Page 20 Balance Sheets (consolidated and companvl Page 21 Statement of Cash Flows Page 22 Notes to the financial statements {consolidated and company) Pages 25 - 47 P¢79e 2

Klngston Theatre Trust and its subsidiary undertaking LEGAL & ADMINISTRATIVE INFORMATION CONSTITUTION Kingston Theatre Trust is a company limited by guarantee and a registered charity governed by its Memorandum & Articles. TRUSTEESIDIREcfoRS Sian Alexander (appointed 11 May 20211 Angellica Bell Emma D'souza Councillor Kevin Davis IRBK Nominee) Councillor Simon Edwards IRBK Nominee) Chris Foy {Chairl Baroness Sally Hamwee Molly Han50n-Akin5 Robin Hutchin50n MBE Professor Martyn Jones (resigned 12 May 20201 Luke Nunneley Robert O'Dowd J350n Piper William Price Professor Trish Reid (resigned 8 October 20201 David Tallis (resigned 9 November 20211 Mandy Ure lappointed 12 January 20211 SEcR￿ARy Dinah Coombes 24-26 High Street Kingston upon Thames KTI IHL CHIEF EXECUTIVE Robert O'Dowd Pcge 3

KIn￿t0Th Theatre Trust and hs subsldlary undertaking LEGAL & ADMINISTRATIVE INFORMATION AUDITORS Moore Isouthl LLP Registered Auditors and Chartered Accountants Priory House Pilgrims Court Sydenham Road Guildford SurreyGUI 3RX BANKERS Charities Aid Foundation West Malling Kent ME19 4TA Natwest 8ank plc Market Place Kingston upon Thames KTI IJX Metro Bank pl 6446 Clarence Street Kingston UFKsn Thames KTI INP SOLICITORS Russell-cooke LLP 2 Putney Hill London SW15 6AB REGISTERED OFFICE 24-26 High Street Kingston upon Thames IIHL REGISTERED CO. NUMBER REGISTERED CHARITY NO. 02497984 IQJ0182 Page 4

Klngston Theatre Trust and Its subsldiary undertaking TRUSTEES, ANNUAL REPORT for the period ended 31 March 2021 The Trustees submit their report and the consolidated financial statements for the period ended 31 March 2021. Legal & administrative inforTnation set out on pages 3 and 4 forms part of this report. The financial statements comply with current statutory requirements. the Memorandum and Article5 of A550ciation. and the Ststement of Recommended Prattice - Accounting and Reporting by Charities {SORP IFRS1021 second edition). The directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the frustees. STRUCTURE. GOVERNANCE & MANAGEMENT Governin document- Kingston Theatre Trust is a company limited by guarantee governed by Its Memorandum and Articles of Assoclatlon dated l May 1990 as amended in 1992, 2001. 2002 and 2010. It is registered as a charity with the Charity Commission. Anyoneoverthe age of 18 can become a memberof the Company and there were 14 members at the period end (14 In 2020), each of whoffl guarantee to contribute £1 in the event of the chartty wlnding up. ROSE THEATRE ENTERPRI￿5 LTD is a wholly owned subsidiary of Kingston Theatre Trust. The company donates its surplus funds to Kingston Theatre Trust. ointment of trustees: Trustees are appointed by the Board. The Royal Borough of Kingston upon Thames Council I'RBK") may nominate up to ts¥o trustees. Current trustees nominated by RBK are Councillor Kevin Davis and Councillor Simon Edwards. One third of the Board retires by rotation at the Annual Retirement Meeting and each retiring trustee may offer her or himself for re-election. Members may appoint a newtrustee to the Board. Any such nomination is considered by the Board. who have regard to any specialist skills and experience needed. The trustees provide their time and expert15e without remuneration for the benefit of the charity with the exception of the Chief Executive, Robert O'Dowd. Candidates for appointment and those being re-appointed are subject to relevant DBS checks. Trustees, induction & trainin New Trustees are provided with the Charity Commission booklets about their legal obligations under charwty and company law. a copy of the Memorandum & Articles of A5S0ciation. Induction of those appointed includes an introduction to the theatre's agreed strategy and organisation structure supported by detailed artivity and busines5 plans, current financial forecasts, management and financial accounts. Or anisation.. The Board meets at least six times each year to manage the affairs of the charity and oversee its administration. which is delegated on a day to day basis to the Trust's executive team. The Board appoints sub-committees as and when the need arises. The Finance Committee monitor5 the affairs of the charity between full Board meetings. The Development Committee and the Nominations Committee are the two other Board committee5 approved at this time. Page S

Kingston Theatre Trust and Its subsldlary undertaking TRU5TEES' ANNUAL REPORT forthe period ended 31 March 2021 STRucfuRE, GOVERNANCE & MANAGEMENT IContlnued} Related arties.. The charity ha5 a close relationship with R8K which may nominate up to two Trustee5 (see above). In February 2020 and following earlier forms of support, RBK and KTh entered a new long-term strategic agreement ut)der which the theatre creates and manages a wide range of initiatives in social, civic and learning engagement in cultural experience- towards the increased well-being of citizen5 and communities throughout the borough. The borough provides defined financial sUPPOrt in each year of the five years covered by the a8reement. The charity also has a close relationshlp with Kingston University IKUI. In January 2012, following earlier forms of support, KU agreed to provide annual funding of £300kwith a rolling process in place forfuture years. KU also made a contribution of £80k per annum to enable Kingston School of Art to engage more closely wlth the Rose Theatre. In the period trj 31 March 2021 funding according to the regular cycle was paused because the theatre wa5 closed due to COVID-19 and the Universitvs access. including graduation ceremonies. was prevented. Whife no payment was received during the financial year. agreement has been reached for funding to resume in 21122 when normal arrangements, including graduation ceremonies, are enabled once again. Professor Trish Reid Iresigned 8 Ortober 20201, Mandy Ure lappolnted 12 January 20211 and Associate Professor Ja50n Piper are members of KU. Risk mana ement: The officers undertake a risk anawsis ￿VIeW each year and maintain an up to date risk register to identify appropriate action to mitigate these risks. The Board gives close consideratior) to the register and proposed mitigation measures. The impact of COVID-19 was naturally a prlorlty focus. Generally, the principal risks relate tr) income - the achievement of targets for box office and development income, and the maintenance of stakeholder relationship confidence and support. FLtndraisin Activitie5: The charity has registered with the Fundraising Regulator and adheres to the voluntary Code of Fundraislng Practice in order to give individu31 and organisational donors confidence that it is following best prartice with regards to conducting fundraising activities and managing relationships with supporters. The charity is registered with the Fundraising Preference Service and monitors its performance to ensure awareness of any complaints made under the scheme. No complaint5 have been received within the reporting period. The charlty does not currently use professional fundraisers or commerclal participators. Auditors: The auditors, Moore Isouthl LLP, have indicated their willingness to be proposed for re-election. AIMS, oBJE￿IVEs & AcfiviTIES The objects of the charity are to advance the education of the public in all aspects of dramatic art and the public appreciation of such art by the presentation of public performances in the fields of drama. music. dance. other performance and visual arts, crafts and other such attivities. The objects of the subsidiary are to carry out non- charltable activtties at the Rose Theatre and beyond to produce surpluses for the benefit of the charity. The activitie5 of the theatre during the reporting period were grossly affetted by the pandemic and the government's responses to Covid-19. The guiding principle of the charity during the perlod dominated by closure and furlough of Page 6

Klngston Theatre Trust and Its subsidiary undertaking TRUSTEES, ANNUAL REPORT for the perlod ended 31 March 2021 AIM5, OBJEcfivES & AcfiviTIES Icontlnuedl staff, was to secure the continuing operation of the Rose despite the restrirtions on activity entailed by Covid-19. In the brief intervals permitted. plays and other actNities were presented in the theatre every prattlcable step was taken to redu￿ financial risk, maintain the employment of staff. and take advantage of relevant government support by means of the Job Retention Scheme IJRSI and the Culture Recovery Funds ICRFI, to come eventually through the restrictions and be able to resume the full suite of our charitable purposes. The executlve team and staff responded magnificently to the challenges, including the multiple switches of direction and false starts imposed by the authorities. The readiness of the charity to reactivate the strategies employed to achieve its continuing objectives has been maintained through the reporting perlod. These obJertlves Include-. The presentation of a varied programme of plays and other performances at the Rose Theatre for the beneflt of the public: Workingwith RBKto develop the Rose asa community hub, including programmes of artivities forthe benefit of the local community. in particular young people including opportunities for a wide range of social, artistic and educational activitie5. Collaborating with KU on the development of relevant programmes and appropriate modules for the benefit of students and faculty: Providing training in theatre arts for children and young people through the Rose Youth Theatre: Provldlng space and facllltles In the theatre for a range of university events including graduation ￿[e￿onIeS for the benefit of students 3nd their families and friends: Offering a range of programmes designed to develop confidence in the use of performance. for the benefrt of people of all ages in the local community and beyond,- Providing opportunitie5 for exhibitions of art for the benefit of people visiting the Rose Theatre- Exploiting the commercial potential of the theatre building for the direct benefit of the theatre's charitable purposes, in ways congruent wtth the Charity Commission guidelines. The trustees confirm that they have referred to the Charity Commission's guidance on Charltles and Public Benefit when reviewing the charitls aims and objectives. ACHIEVEMENTS & PERFORMANCE This report covers the period 30 March 2020 to 31 March 2021, but also addresses matters after the period to be timely with the publication date. The period under review relates to time dominated by the COVID-1g pandemic and the consequential responses made by the govemment. This entailed periods of dosure and furloughing of staff. Poge 7

Kingston Theatre Trust and its subsidiary undertaking TRUSTEES, ANNUAL REPORT for the period ended 31 March 2021 ACHIEVEMENTS & PERFORMANCE (Continued Outside periods of c105ure. 7.100 tickets were sold for live theatre performances Ènd 'one night, events. In addition to the production5, certain artistic. educational. community and social events took place in the Rose Theatre, limited by the imposition of government restrictions. We were also able to offer streamed performance5 and sold over 1,100 tickets for famlly show5. The guiding artistic policy of the Rose Theatre which will shape the resumption of normal operations is to continue to develop as a successful producing theatre- a cultural hub for Kingston and wider SW London. It seeks to develop a range of audience5 by imaginative programming of engaging drama and entertaining family shows. maintaining high production values and seeklng to stimulate both anticipation and sat15fartion. The Rose's achievements have resulted in the theatre being widely recognised amongst both audlences and the sector as a whole for the quality of our work on stage. We attract leading ¢￿at￿e5 to work on our own production5 and we also work in close co- operation with selected other theatres on co-productions that extend our repertoire and mitigate the inevitable risk of new produrtions. The programme is also enriched with production5 of high artistic quality by acclaimed visiting companies and one-night perform?nces. During the perlod under review, because of Covid-19 restrictions it was not possible to present any of our own productions. The limited number of vlslting productions were: EDUCATING RITA presented by David Pugh for Theatre by the Lake Produrtions SH IT ACtUALLY presented by Shlt Theatre sricK MAN presented by Freckle Produttions In addltlon, four one-night event5 trjok place. In spite of the constraints our programme of artivity for the benefit of young people and others in the local community known as Rose Participate continued, switchin8 to a combination of online and in-person, as permitted by Covid-19 local restrictlOll5. We now have 1.35712020- 1.171} individuals Wlthin the community directly engaged with the Rose and stage perfomance. The relationship with RBK has been deepened and strengthened throughout the period of the present strategic agreemerbt. In the face of the danger to the Rose created by governmenvs restrictions on theatre, RBK has been a staunch and creative partner in anticipatinB and helping to mitigate challenges which confronted KTh. The relationship with KU also continues wamily in spite of the difficulties which the university sector fcself has faced in the period. The current strategic partnership agreement wlth RBK expresses ambitious and practical interdependence in the cultural space acros5 the borough- and in its impact, well beyond. KTt receives defined financial support in each of the five years through to 2025. Officers of RBK and Krr maintain regular review of the performance of the agreement and it5 benefits direded to many constituencies within the borough. When post Covid-19 'normal Servi￿. can be resumed- these include an education and participation programme foryoung people and children, the ticketing Scheme. libraries outreach work. Kingston Muslc Service performance opportunities and schools. outreach. Page 8

Klngston Theatre Trust and its subsidiary undertaklng TRUSTEES. ANNUAL REPORT for the period ended ai March 2021 ACHIEVEMENTS & PERFORMANCE (Continu&dl In the settlng of its valued relationship wlth KU the Rose works across many faculties, helping to build employability skills for graduate5 and serving ès a civic portal enabling the University to engago with a wider comrnunity. The prospect of a broader strateglc partnership between KU and the Rose is being explored. The agreements that the Rose has with each of its two stakeholder organisations enable activities for the benefit of large numbers of people of all ages across the borough and the University. Governmenvs projected relaxatlon of restrirtions on theatre5 will enable the richness of the interactions between the R05e, the borough and its adult citizens and children- and the University and its student5, to be resumed in full measure. The impact of very significant gains delivered to the local economy outside the Rose itself -for which pre-pandemic independent evidente was shared with RBK will a150 be re-enabled when the Rose is back in busine55. With aUdIen￿S filling its house once more. Closure imposed on the Rose in response to Covid-19 has posed an existential challenge to securing its present and its future. Executive and Board have worked assiduou51y to seize every opportunity to buttress the the3tre's economy through periods of enforced hibernation. While box office income plummeted. and people who had purchased tickets were consulted to determine their preferences wlth regard to monies advanced. radical cost control measures were adopted, staff furloughed, and applications pursued for all relevant exceptional public support. Appropriate control measures were introduced to safeguard the reSoUr￿S and assets of the trust through the period of enforced inactivity- Novel, regularly updated plans have been crafted to give expression to safeguard the theatre's strategic mission in the context of the changing circumstances. PLANS FOR FUTURE PERIODS Now well into the new period, the Executive and staffworked intensively ta re-open the theatre in June 2021. There are risks from which no theatre in the land can be fully sheltered but the Rose ha5 done as much a5 It can to prepare- to anticipate the risks. pr05pe¢ts and potential opportunities now in view. The chariws focus is switching from organising for survival to organising to flourish. Re-opening the theatre will not automatically replenish all aspects of its economic model. The re-building of audience confidence and engagement will have to be worked for patiently. principally by means of the quality of the theatre's artistic programme. Alongside Its work in the main house. the Rose is impatient to fire up the full range of civic, social and learning cultural engagement within the borough- and deepen its relationship across all the relevant KU faculties and departments. The close monitoring of operational plans which has been maintained by key directors, the Finance Committee, and the full Board throughout the period of restriction5, will be continued as the theatre resumes activity and embarks on its recovery phase. Measures available to the theatre to mitigate the consequences of the closure were relentlessly pursued. Throughout. all practicable steps have been taken to Safeguard employmerlt, congruent with securingthe theatre'5 f￿ure. Appropriate benefit was taken from all relevant schemes including support for the furloughing of staff under the CJRS, an award from the Arts Council England Emergency Response Fund, and the grants under CRF I, CRF 2 and CRF3. The special financial support from government recently rnediated by RBK provides a valuable Poge 9

Klngston Theatre Trust and Its subsidlary undertaking TRU5fEES' ANNUAL REPORT for the perlod ended 31 March 2021 PLANS FOR FufuRE PERIODS (Continued) strengthenin8 of re50urce5 Wlth whlth to manage inevitable unexpectedness that wlll be faced a5 operètions pick up again. The robustness of operational planning remains challenging because of uncertainty about remaining re5trirtions and guidance affecting audienceattitudeand behavioureven when normal occupancy ofthe house is p055ible. The potential impact of f￿sh constraints associated with furtherwaves and variants cannot be ignored, but nor can it be planned for except by means of safeguarding appropriate contingency r￿eNe. The reliability of the 5UPtyJrt provided by the theatre'stwo principal stakeholders remains certral to all operational planning. The management of the Rose 15 a team of hlgh quality, and it continues to demonstrate in full the capacity to anticipate and respond to the risks, challenges and opportunities presented by the unprecedented circumstances through which the company and the country is living. We be8in the next chapter wlth confiderbce. Pogelo

Kingston Theatre Trust and its sub5idlary undertaklng TRUSTEES. ANNUAL REPORT for the period ended 31 March 2021 SUPPORTERS The Trust Is very grateful to all those who have provided support for the Rose Theatre whether financial or in offering their time and skills as unpaid volunteers. During the year there were 14812020- 1481 volurrteers for which no income or cost is recognised in the accounts and whose enthusiasm arKI adaptability has been even more important than ever when the theatre has been able toopen. Major financial support has been provided by the following indNiduals and or8anisations: Stskeholders Kin85ton University Royal Borough of Kingston Patrons Dickie & Susan Bannenberg Tony & Kate Best Michael & Rosemary Bibby Timothy & Angela Cornbe Nigel Duffin Kay Galbraith Andrew & Maggle Gallagher Stephen & Rosemary Gare Sanjeev, Rachel, Jai & Anjali Gupta Mark & Sophie Lewi50hn Anthony Lipmanrb Martina Ma5simt Kllmova Patrlck & Marion O'Donovan Robert & Scilla O'Dowd Neill and Katherine Penney Bob Phlllips & Anna Cunnyngham lan & Mgry Rebd Jenny Titterton Brlan & An8ela Wlllman Robert Wolf Llfe Frlend5 lan & Wendelien Bellinger Will Bland & Tricia Welch Bland FoundlTrg Sponsor CNM Estate5 Supporters

RoseEndurÈs Supporters

Big Give Christmas Challenge SupportE¥S Rose Loyalty Card Holders And all those who wish to remain anonymous Lottery Funder Arts Council England Educatlon Partner Kingston Grammar School Corporate Supporters Haché Riveiside Social Pearson Hards The Rolex Mentor & Proté8é Arts Inltiative The Royal Norwegian Embassy Trusts & Foundatlons The Backstage Trust The Foyle Foundatlon The lectus Charftable Trust Rowan Bentall CharStable Trust With special thanksto the Governmenvs Culture Recovery Furtd DlrÈctofs arcle Chris & sao Foy jonathan Marsh & Stephanie Taylor- Marsh Marit Mohn & Robert We5tlake AsSOCiatÈs Ann Beasley Manders Stephen Brenninkmeijer Michael & Mary Oavison Jennie Drimmer & Daniel Kline John Hackett Nigel Hardy BrÈan Hornsby Geoff Howard John & Martha Je550P Stephanie Mansfield Bill & Christine Mcmurray Fiona Mongredien Nina Kaye & Tlmothy Nathan Susan Paine Brian smith David Tallls Producerfs Cirtle Luke & Kate Nunneley Benefartors Chris Mason and Mel Delauney Sandy Gav5hon Baroness Hamwee Simon & Wanda Higman David & J¢Jlie Lainchbury Jeanette Rowell Sir Peter & Lady Scott Bob Steed Puge 11

Klngston Theatre Trust and its subsidiary undertaklng TRUSTEES, ANNUAL REPORT for the period ended 31 March 2021 FINANCIAL REVIEW The results for the period set out in the annexed statement of financial activitie5 show incoming resource5 have decreased from £4,058.986 in 2020 to £1,847,429 in 2021. Income from donations and legacie5 was significantly higher than last year due to the Impact of CRF grants from Art5 Council England and Department for Digital, Culture, Media and Sport. Donation5 were also received from the public through the #R05eEndure5 fundraising campaign and the conversion of advance ticket sales to donations. Grants underthe Local Restrictions Support Scheme and the Coronavirus Job Retention Scheme were also recelved. Box office income was only 8% of the amount generated last year due to the theatre being closed for all but three weeks and programme catering and hires income is down proportlonately. The learning and participation department moved their classes online for part of the year but total income was down 40% due to lower uptake levels and the prohibition on live performances. Total resour￿5 expended have decreased from £4,204.695 to £1,802,196. Support costs have decreased by 30% with the most slgnlflcant reduction being in marketing and box office costs during the months of enforced closure. Net incoming funds for the period are £45.23312020- net outgoing funds £145,709) The theatre was closed on 17, March 2020 due to the COVID-19 pandemic. The theatre remained closed until 28th October 2020 when it was able to reopen with reduced capacity and new COVID secure measures in place. On 31 October 2020 the Government announced new National Restrictions from 5, November 2020 which imposed a further period of enforced closure until 3 December 2020. Cancelled performances were rescheduled to later dates where possible and the resultant loss of income tsff5et by the extension of the Coronavirus Job Retention Scheme to mitigate ongoing staff costs. The theatre reopened on 27 June 2021 and ha5 offered a varied programme of drama, family shows, musi¢ 4nd comedy as well as two Rose Original Productions in autumn 2021. Investment wers and oli Under the memorandum and articles of association. the charlty has the power to make any investment that the Trustees see fiL GOING CONCERN Determination of the theatre's 'going concern. status is subjert to annual and careful review by the Board. In normal year. the registered charity uses Its resources to further its charitable artistic, educational and community purposes. The period reported on, however, is widely considered to be unprecedented in tems of the adverse efferts of COVID-19 not only for the theatre *rtor, but the country at large: and the wider world. It has Tlot been generally possible to further the theatre's primary purposes in this period. The guiding policy has been to batten down the hatches. run out the storm, Seize whatever Small windows of opportunity occur. and be ready to take advantage of conditions under which the theatre may open. The challenge5 have been exceptional. In addressing the routine question the trustees have taken account of the Trusvs resources and in particular the various forms of special support that have been made available to get US through. Page 12

Kingston Theatre Trust and its subsldlary undertaking TRUSTEES, ANNUAL REPORT for the perfod ended 31 Marth 2021 GOING CONCERN Icontlnuedl Distllled, the questlon the trustee5 have addressed is whether the agility of operational planning, the robustness of organisational effectiveness. and keenness of cost saving measures together with known and reasonably anticipated sources of funding provide sufficient financial reslllence to weatherthe waves of uncertainty occasioned by the special circumstances attributable to COVID-19. The economic model of the Rose norrnally balances the costs of its operations by income from box office, development fund raising including grants from trusts and foundations, and agreed funding from Its two founding Stakeholders. In a period of enfOr￿d redurtion in activity, costs were reduced to the greatest extent practicable whlle malntalnSng organisational capability to start up when permltted. Despite these measures the majorly reduced box office and development fund raising income plus continuing Stakeholder funding may not on their own have been sufficient to reassure the Board. However, the success of the Executive in securing exceptional additional 5UPPOrt by means of measures enabled by government and Arts Council England and in the post balance sheet period the exceptional grant received through the Royal 8orough of Kingston have sustalned the theatre's economy in positnie balance. Adoption of appropriate governmental furlough support, the Culture Recovery Fund I grant of £380k. the CRF 2 grant of £190k, the CRF 3 grant of £278K and the Strategic Infrastructure Partners grant through RBKof £300k have together delivered enhanced resilience into 2021122. The Trustees are confident that despite the background uncertainty affecting the sector as a whole and wider society, the organisation is resourced sufficiently for the period ahead to justify 'going concern. status as appropriate for the preparation of the accounts. A number of perspectives informing thi5 judgement follow. The current strategic agreement between RBK and the theatre runs to March 2025. It expresses a vital creative partnership. The theatre. in its mission as a cultural hub, will continue to engage in a wide range of social. community, support and learning measures directed to increased well-being and enhanced cultural participation directed to the benefit of citizen5 across the borough. The borough continues to provide defined levels of financial support to KTt in each of the five year5 of the agreement, contributing to the resilience and economic sustainability of the Rose theatre. The scope of activity envisaged by the agreement is the focus of regular interaction and review by officers of both RBK and the theatre. It reflects with confidence the challenges and opportunities facing both organisations. Thi5 long-term agreement represents a pillar of Stakeholder support, which contributes an ongoing anchor to the theatre's economic model. The charity also maintains a close relationship with KU. its other foundlng stakeholder and the service 3greement signed in January 2012 continues under a rolling proces5 to provide significant financial support from KU to the Rose theatre each year. The Vice-chancellor confimis In wrltlng this rolling arfangement. The impad of COVID-19 has affected both access and the range of services provided by and resulted in a pause tothe normal payment schedule. when usual arrangements, Includlng access can be resumed. 50wiII usual fundin& taking account of the share of payments already made in relation to matters that had to be deferred. Alongside RBK. KU remains a pillar on which the resilience of the theatre's economic model was founded. The relationship 15 expressed in many dlmension5 of creative activity beyond the provision of prartical services by the theatre. Poge 13

Kingston Theatre Trust and its 5ubsidlary undertaking TRUSTEES, ANNUAL REPORT for the perlod ended 31 March 2021 GOING CONCERN {Contlnued.) In view of the impact on operations of COVID-19 the Executive has adopted, and the Board approved a set of management measures designed to mitigate the adverse economic effect of the shut-down. Benefits available to the settor have been applied for and secured. The Executive's operational planning is continuously updated. Relevant asperts have been kept under review by key dirertors. the Finance Committee, and the Development Committee, to provide the full Board with enhanced scrutiny and informed insight on the detail of the theatre's operatSons. Plans have been re-strurtured regularly on appropriate assumptions about the closure and re-opening. The trustees have reviewed the financial condltion of the theatre, wlth particular attention on the assumptions underpinning the revised plans through financial year 2021/22 and into the following one. Planning includes projections of the effects of re-opening of the theatre based on estimates of future income streams.. box offlce. stakeholder support, donations. grants and known public support measures. Less positive scenarios have been considered and a balance of judgement struck as to the likelihood of outcomes and the theatre's resilience to come through the period of ¢105ure and the re-building of actlvity in the aftermath. Overall, and outside the COVID-19 impact, the single most important component of the theatre's financial model is provided by box office income, which puts the quality of its art15tic programme at the heart of the theatre'5 long- term sustainability. The theatre looks forward with enthusiastic confidence to the artistic programmlng of Artistic Director, Christopher Haydon, to be given effert in his first season, which was delayed by the period of closure. Other sources of fund5 under the theatre's control include Development. supported by its Committee which 15 tasked with monitoring and enhancing fundraisin8 activities. The economic model also includes appropriate Commercial opportunitie5 that increase income from food and drink sales, hires and merchandise sales. Planned investment to increase the contribution from in-house Commercial activity has been delayed by the closure. but one of the theatre's outstanding philanthropic 5UPPOrters has enabled professional scoping of the projett to be advanced. The trustees acknowledge that all theatre has been gravely threatened by the impact of closure occasioned by government's response to the pandemic. The resumption of un-distanced gatherlng of performers and audiences in theatres and concert h311s has begun, and continuation will create the attual context for recovery- for which the theatre's planning is well- advanced. There remain risks and uncertainties across the whole of the performlng arts.. exceptional conditions entailed by an unprecedented set of uncertalntie5. Within the sector, the Rose is well-managed and continues to make sound strategic and tactical decision5 that respond to and antlcipate the uncertainties and challenges of the moment. The trustees have considered the appropriateness of the theatre's strategy and planning. and the assumption5 on which they are based. They have confidence in the quality of planning, the appropriateness of assumptions and the assessment of risks made by the Executive. They have taken full account of special forms of support applied for and made available because of the Covid-19 trisis, the support of the two principal stakeholders, ènd the income projections from other known and prospective sources. They consider that while material uncertainty exist5, which may cause some doubt in respect of going concern, their balance of judgement Is that the going concern basi5 IS appropriate for the preparation of the financial statement5. Puge 14

Kingston Theatre Trust and its 5ubsldiary undertaking TRUSTEES, ANNUAL REPORT for the period ended 31 March 2021 GOING CONCERN (Contlnued) Trustees are confident that the theatre will be equipped to operate and rtrbulld its many attlvities, achieving progressively a sustainable balance between combined income streams and the overall costs of planned operation5. The trustees. however. remain aware that in spite of the success of the vaccination programme to date and the confidence it has spawned, aspects of the pandemic. including new variants and goveinment measures in response. Could delay full hearted recovery. They consider that the effectiveness of the vaccir)ation programme represents the only means by which theatre, along with the rest of society and the economy, learns to live with COVID-19 as an endemic condition. Theatre cannot be protected uniquely: but nor is it uniquely threatened. Reserve5 Pol The trust has £1,158,607 of funds at the end of the period comprising £811.924 of unrestricted general funds and £346,683 of restricted fund5. After making allowance5 for restricted funds and those resources designated for tangible fixed assets that are not realisable, the free reserves of the trust are in deficit by £510,351. Wlthin restricted funds. £282,267 is capital funds to cover the costs of future depreciation charges and £64,416 is for various short term projetts that are either annual or spread attoss the year end. The trustees have plans in hand to address this 5ituatlon and aim to build free reserves to provide against artistic risk. shortfalls in box and/or development income. and unplanned maintenance and renewals. The plan is to attain 25% of normal operating expenditure. TRUSTEES. RESPONSIBILITIE5 IN RELATION TO THE FINANCIAL STATEMENTS Statement of Tru5tee< responslblllties In respert of the Finan¢ial Statements The Trustees Iwho are also Directors of Kingston Theatre Trust for the purposes of Company Law) are responsible for preparing the Trustees Report and consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting practi￿). Company law requires the Trustees to prepare consolidated financial Statements for each financial peri(Kl which give a true and fair view of the State of affair5 of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure. of the charitable Broup for that period. In preparing th05e flnancial 5tstements. the Trustee5 are required to.. selert sultable accounting policies and then apply them consistently,. observe the methods and principles in the Charitles SORP 2019 IFRS1021,' make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subjectto any materlal departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charttable group will continue in operation. Poge 15

Klngston Theatre Trust and its subsldlary undertaking TRUSTEES. ANNUAL REPORT for the period ended 31 March 2021 Statement of Trustees, re5POn51bllltles In respect of the Flnancial Statements Icont.) The Trustees are responsible for keeping adequate attounting record5 that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the finantial Statements comply with the Companles Act 2IX)6. They are alsa responsible for safeguarding the a55ets of the charitsble group and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities Statement of dlxlosure lo auditor In so far as the Trustees are aware:_ there is no relevant audit information of which the charitable companws auditors are unaware: and the trustee5 have taken all steps that they ought to have tsken to make themselves aware of any relevant aL￿1t information and to establish that the auditor is aware of that information. This report has been prepared in accordan￿ with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. By order of the Board Chris Foy, Chairman Date: IG. Qecthl Poge 16

Kingston Theatre Trust and Its subsidlary undertaking INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND TRUSTEES OF KINGSTON THEATRE TRUST for period ended 31 March 2021 Oplnlon We have audSted the financial statements of Kingston Theatre Trust Ithe'parent charitable companvl and it5 subsidiaries (the '8roup'l for the period ended 31 March 2021 which comprise the Statement of Financial Artrvities. the Group and Kin8Ston Theatre Trust Balance sheet, Cash flow Statement and nutes to the financial statements. including a sumTnary of significant accounting policie5. The financial reportln8 framework that has beeth applied in their preparation Is applicable law and Unlted Kingdom Accounting Standard5, including Financial Reportlng Standard 102 The Finoncit71Reporting Stondard opplicoble in the UKond Republic oAlrelond (United Kingdom GenÈrally Accepted Accounting Practi￿1. In our opinion the financlal statements: give a true and fair view of the state of the group's atMI parent charltable company'5 affairs as at 31 March 2021, and of the group's incoming resources and applicatiork of re50ur¢es, including its income and Èxpenditure, for the period th ended: have been propeTly prepared in accordan￿ with United Klngdom Generally Accepted Accountlng Practlce,- and have been prepared in accordan￿ with the ￿quIreMentS of C￿npanieS Act 2006 and the Charltles Art 2011. B)sis for oplnion We condurted our audit in accordance whh International Standards on AudSting IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in thè Auditorfs responsibilities for the audit of the financial statements section Df our rèport. We are independent of the Broup and parent charitable company Sn accordance with the ethical requlrements that are relevant to our audst of the financial statements in the UK, including the FRtrs Ethlcal Standard, and we have fulfilled our other Èthical re5ponsibrlities in accordan￿ with these requirements. We believe that the audlt evidence we have obtained is svffldent and approprlate to provide a basis for our opinlon. Materl?l un￿rtaInty relatlng to goin8 concern We draw attentSon to note Ic in the financial staternents con¢ernlnB the charitable companls ability to continue as a going ¢oncern. The charitable group reported a Surplus of £45,233 for the period ended 31 March 2021. but at that date the charitable company reported net Current liabllities of £445,615. As stated in note Ic these events or conditions indicate that a material uncertainty exhsts that may cast signiflcant doubt about the charitable companvs ability to continue a5 a Eoing concem. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the Trustees use of the going concern basls accounting in Preparation of the finan¢lal statements is appropriate. Our re5pDnsibilitie5 and the responsibilitlesof the directors with re5pettto going concern are descdbed in the relevant 5ection5 of this report. Other lnfomiation The other information comprises the information induded in the annual reporL other than the financial ststetnents and our auditorfs rew>rt thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not coverthe other information and. except to the pxtent otherwise explicitly stated in our report. we do not expiess anyfom) of a￿Uran￿ conclusion thereon. Page 17

Klngston Theatre Trust and its 5ubsldiary undertaking INDEPENDENT AUDITOR5, REPORT TO ThE MEMBERS AND TRUSTEES OF KINGsfoN THEATRE TRUST forthe period ended 31 March 2021 In connectlon with our audit of the finavbcial statements, our responsibility is to read the Dther inforrnatlon and, in doing so, consider whether the other Information is materially inconsistent with the financial statements or our knowledge obtained in the audit or oth@rw15e apFears to be rTTaterially misstated. If we identify such material rriconsistencies or apparent material misstatement5, we are required to determine whèther there Is a material MI￿tatement in the financial statements or a material mi55taternent of the other information. If, based on the work we have performed, we ¢onclude thatthere 15 a material rniSStatement of this other Information. we are reqvired to report that fatt. We have nothing to reptsrt in thi5 regard. Opinlon$ on other matters prescrlbed bythe Companles Act 2(JJ6 In our opinion, based on the work undertèken in the course of the audSt-. the inforrnation given in the trustees, report for the financial year for which the financlal statements are prèpared is consistent wlth the financial statements,. and the trustees annual report has been prepared In accordance with applicable legal requirements. Matter5 on whlch we are required ta report by X￿ptIon In the light of our knowledge and understsnding of the 8roup and parent charitable company and Its environment obtained in the course of the audit, we have not identified matèrial mlsstatement5 in the Tru#ees' annual report. We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 and the Charitie5 Art 2011 requires us to report to you if, in our opinion.. the parent charTtable company ha5 not kept adequato and sufficient accounting records, orrèturns adequate for our audit have not been received from branches not visited by u5,. or the parent charitable compan¢5 flnanclal ststements are not in agreement with the accounting rewrds and returns,. or certaln disc105ures of trustees. remuneration 5peclfied by law are not made,. or we have not received all the information and explanation5 we require for our audit,. or the trusteès were not entitled to prepare the financial statemènts in accordance with the small cornpanieg règime and take advantage of the small companies, exernption in preparingthe directors. report and from the requirement to prepare a strategic reporL Responslblllties of trustees As explained more fulty In the trustees, responsibilitlesstatÈmentset out on page 15-16thètrustees (who arè alsothe dlrectors of the charltable company for the purposes of compally lawl are responslble for the preparation of the financial statements and for being satisfted that they give a true and fair vlew, and for such Internal control as the trustees deterrnlne Is nece55ary to enable the preparation of financial staternent5 that are free from material misstatement, whether due to fraud or error. In preparlng the financlal Statements, the trustees are re5pon5ible for assessing the group and parÈnt charitable companvs ability to continue as a going concern, disc105in& as applicable, matters related to going ¢oncern and using the going concern basi5 of accounting unle$5 the trustees either intend to liquidate the group or the parent charitable company or to cease operatlons. or have no reallstic altémative butto do so. Page 18

Klngston Theatre Trust and its subsidiary undertaking INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND TRUSTEE5 OF KINGSTON THEATRE TRUST for the period ended 31 March 2021 Auditorfs respon51bilitles forthe audlt of the financlal statements We have been appointed as auditor under the Companies Act 2￿6 and section 151 of the Charities Act 2011 and report in accordance wlth those Ac Our oblectives a￿ to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whetherdue to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordan￿ with ISAS IUKI will always detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are consldered material if, individually or in the aggregate. they could reasonab￿ be expected to influence the economlcdecisions of users taken on the basis ofthese financial statements. A further description of our responsibilities for the audit of the financial statements 15 k)cated on the Flnancial Reporting Council's website at.. www.frc.org.uklauditorsresp0ft5ibilities. This description forms part of our auditor's report. Irregularitie5, including fvaud, are instances of non-compliance with law5 and regulation5. We design procedures in line with our responsibilitie5, Outlined above, to detect material misstatements in respect of irregularities, including fr3ud. The extent to which our procedures are capable of detecting irregularitie5, including fraud 15 detsiled below. ExplanatlDn as lo what extent the audit was COn￿dered capable of dotectlng kregularftles. Intludlng fraud The objectives of our audit in respect of frdud, are; to identify and assess the risks of material mi5Staternent of the frnancial statements due tofraud,'to obtain sufficient appropriate audit eviden￿ regarding the assessed risks of material misstatement dueto fraud,throu8h designing and implementing appropriate responses tothose assessed risks. and to respond appropriately to instances of fraud or susperted fraud identified duringthe audit. However, the primary re5ponsibilityfor the preverhtion and detection of fraud rÈsts with both management and those charged with Boveman￿ of the chaiitable company and group. Our approach was as follows- The enBa8ement partner Selected staff for the audit who it was deemed had sufficient experience and who had the required competence and skills to be able to identify or recogrhi5e non-compliance with laws and re8uiatlons. We assessed the risk o* irregularities as part of our audit planning. and ongoing review. including those due to frabjd. management override was Idèntified as a signSficant fraud risk. This is due to the ability to bypass controls through inappropriate expenditure and accounting policies adopted. Some intome received 15 restritted in Its use and a slgnificant risk was identified re8arding the correct Cla￿lfICation of income between restricted and unrestricted funds and that the expenditure against this income was in line with any specified restrictions. We obtalned an understanding of the legal and re8ul3tory iequirements applicable to the charity and group and we Considered the most slgnlficant to be Charite5 Act 2011, the Charty SORP, UK financial repobting 5tand3rds as issued bv the Flnancial Reporting Council and UK Taxation legislation. We considered how the chBlitable company and group complie5 Wlth these requirements by discvssions wlfh management and those charged with governance. We inquired of wnanagement and those charged with governance a5 to any known Instances of non-compliance or suspected tK)n-compliance with laws and regulations. CDnsideration was also made of the internal controls in pla￿ to mttigate the identlfied risks. Pcge 19

Kingston Theatre Trust and its subsidiary undertaklng INDEPENDENT AUDITOR5. REPORT TO THE MEMBERS AND TRUSTEE5 OF KINGSTON THEATRETRUST for the period ended 31 March 2021 We assessed the control environment, documenting the systerns, controls and processes adgpted. The 3udit approach incorporated a combination of controls where appropriate, analytical review ènd 5ub5tantive procedure5 involving tests of tran5artions and balances. Any irregularities noted were discv55ed with management and additional corroboratlve evidènce was obtained as required. We obtalned an understsnding and assessed the impact of Covid-19 on the operatlons of the tharitable company and group and adapted our audit approach accordingty. We enquired and obtained evidence to 5UPPOrt the going conorn a55umption and reviewed 5UPPOrt received through the Coronavirus support schetnes, dovetailed with work undertaken on managerllent overrlde. The consolidated financial statement5 of the group incorporate the re5uIt5 of the subsidlary entity, which is exempt from altdit. A review has been completeil at group lÈvel on areas that are Significant to the consolidated financial statements. To address the risk of fraud through management override we: performed anèlyttcal procedures to identify any unusual or unexpected relationship5,' tested Journal entries to identify any unusual transactions,. assessed whether judgements and as5umptlon5 made in determining the accounting estlmates were indicative L)f potential bias,. reviewed the disclosure5 Wlthin the financial staternents to ensure they meet the requirements of the accounting standard5 an(1 relevant legrslation. In response to the classificatlon of income bètween restrtcted and unrestricted we.. ag￿Ed a sample of income recorded in the nominal ledger to Sour￿ documentation to ensLrre any rÈstrictions were corrertly identified. agreed a sample of expenses In¢urred to ensure that they had been illocated to the approprlate fund; and obtained and revlewed fund analysls worklngs to ensure that the calculatlons were correct and agreed to the accounting records, There are inherent Ilmitatlon5 in our audit procedures described above. The more removed that law5 and regulations are from financlal transattions, the less likely ￿ is that we would become aware of non-compliance. Audltlng standards also limit the audlt procedures required to identify non*cornpliance with laws and regulations to enquiry of the dirertors and other management and the inspection of regulatory and legal correspond¢nce, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Puge 20

Klngston Theatre Trust and Its subsldlary undertaking INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND TRUSTEES OF KINGSTON THEATRE TRUST for the period ended 31 March 2021 Use of our report This report 15 made solety to the charitable compan¥s members, as a body, in accordance with Chapter 3 of Part 16 of the CompaniesAct 2006 and. in respect of the consolidated financial statements, to rhe charit¢s trustees, a5 a body. In accor(5an with Chapter 3 of Part 8of theCharitiesAct 2011. Our audit work has been undertaken so that we mlght state tothe charitable companws members and trusteesthose matters which we are required to state to them in an audito¢s report and for no other purp05e. To the fullÈst extent peTmttted by law, we do not accept or assume respon5ibllity to any party other than the charitsble company, the charitable companvs member5, a5 a body, and the charltvs trustees. as a body, for our audit wort for thi5 report, orforthe opinion we have forrned. Danielle Griffin {Senior Statutory Auditor) For and on behalf of Moore Isouth) LLP) Chartered Accountants Statutory Audltor Priory House, Pilgrim5 Court Sydenham Road, Guildford GUI 3RX Date: Iq OThlw 20 Moore (South) LLP is eligible to act as an auditor in terms of section 1212 of the Companles Act 2006 Puge 21

Kingston Theatre Trust and its 5ubsldiary undertaking CONSOUDATED sfATEMENT OF FINANCIAL AcfiviTIES (Indudinz Consolldated Income and Expenditure Account) forthe period ended 31 March 2021 Restricted Capital 2021 Restricted UnTe5tricted Revenue 2021 TOTAL TOTAL Note 2021 2021 2020 Intome from: Oonatlons and lega¢les Charitsble activltles Othertrading actwltles Investments 72.575 40Q,240 773,498 595.049 5.957 iio 1,246,313 595,049 5,957 iio 384.651 3,250.825 423,208 302 Total IrKome 71575 400240 IA74,614 1,847A29 4.058.986 EKpendlture on: Raisingfijnds ChaTltable actfvities Other 3,148 17,436 287,050 I,0￿,146 22.067 290,198 1489,931 22.067 212,513 3,960.584 31.598 392,319 io TDtal expendtture 20.584 391319 1.389.293 1,802,196 4.204695 N*t Income Transfer between funds 51,991 7.921 114.6791 45,233 1145.7091 Net movemehts In fund$ li 51,991 7,921 114.6791 45,233 1145.7091 Reconclllation of funds.. Totsl funds brought fotward 230,276 56,495 826.603 1.113,374 1,259,083 Totalfvnds tarrFod forward 281267 64A16 811,924 1,158,607 1.113,374 The statement of finandal attivities includes all 8alns and 1055e5 recognised in the year. All Income and expenditure derive from contlnulng activities. As permltted by the Statement of Recommended Practice IFR5102). the parent undertakin¥s own statement uf financlal attNlties ha5 not been included in these financial statements. The gr05s income of the p?￿nt undertaking for the finanelaS period wa5 £1,893,10512020.. E4.730,7981 and the result for the period was 3 defidt of £45,23312020.. £145.7091. The notes on pages 25to 47 form part Df these finanrial ststemEnts. Poge 22

Kingston Theatre Trust and Its subsldiary undertaking Reglstered Number 02497984 BALANCE SHEET 31 March 2021 Note 2021 31 Mzrch Group 2020 29 MaFih Group 20Zi 31 Marrh 2020 29 March Trurt xed asséts Tzngible A55ets Inve&trnents 15a 15b 1.604.222 1.576.228 1.604,222 1,576.228 1.604.222 1,576,228 1.604,223 1,576,229 Curr•nta55ets Stock Debtors CurTeniassÈt investment5 C35h at bankand ln hand 16 17 18 30,253 175.465 5,495 350.209 9.660 318.701 5.695 225,D82 5.49S 402,812 465,203 423.680 221,751 670,921 684.065 654.457 630.05 Credltors Amountsfalling thje wFthln one year L116.536 1,146.919 1.100.073 1,092.913 1.116,536 1.146,919 LIW,073 1,092.913 Net <urrent labllttles 1448615) 1462A541 (445,6161 I462￿55} Net assrts L158,607 1.113,374 1.15B,607 1.113.374 Charltyfunds Untestricted Fund5-general Unrestricted Fund5- designated 21 21 811.924 826,603 811.924 826,603 811,924 826,603 811.924 826,603 Re5tyirted Funds zi 346,683 286,771 346.683 286,771 Total dwrStyfunds 1.158h07 lJ13.374 1.158.607 1,113.374 For the period ended 31 Marth 2021 the company was Entifjed to exemptlon frorn audit under section 477 of the Companies Act 2006 relatlng to small companies. However, an audit FS required In accordance with sertion 43 of the Charitie5 Act 2011. Trustees, resporh5ibilities= The trustees have not requI￿d the company to obtain an audit of its accounts forthe year in question in accordance with Section 476: The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accountrng records and the preparation of accounts. These financial statements have been prepared in accordance with the special provrsions for small companies under part 15 of the Companies Act 2016. Formally approved bythe Board on I6￿ (keww 2021 and signed on its behalf by.. Chris Foy. Chairman The note5 on page5 25 to 47 form partof these financlèl ststements. Page 23

Klngston Theatre Trust and its subsidiary undertaklng STATEMENT OF CASH FLOWS 31 March 2021 2021 31 March Group 2020 29 M3rch Group 2021 31 March Trust 2020 29 Marth Trust Cash flow5 Imm operatlngattfvktles Net￿sh prO￿lded by operatlng activit￿$ 27 222.415 71,181 287,502 19.678 C05h flc￿$frOM inve5tln8actlv￿los tHvidends and Sntetest from invesrments and b3nk Deed of covenÈntfrom subsldiary Purchase of property. plant and equipment Investment in production Di5P05al of productv)n iio 302 iio 302 185,6831 156.0471 19,6601 185.6831 156,0471 9,6 Netcash used in in¥estlnÈ artlvlties ange In cash and cash eqwvaleTrts In thè reportlng perlod 175.9131 165,4051 185,5731 155.7451 146,$02 5.776 201,929 136,0671 Cash 6nd rash equNalents atthe bEginnin8 of r&portlfi8 period 31&701 312,925 221,751 257,818 Cash and ush equfvalent5 at the end of the repO￿ry PErfod 465.203 318,701 423,680 221.751 Poge 24

Kingston Theatre Trust and its subsidlary undertaking NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS for the period ended 31 March 2Q21 Summary of accounting policies The principal accountlng policies which are adopted in the preparation of the financial ststements are set out below. Company status The company is a company listed by guarantee and has no share capitsl. The company was incorporated on l Mav 1990 in England and was registered with the Charity Commission 29 August 1990. The members of the company are the Trustees named on page 3. In the event of the company being wound up, the liability in respect of the guarantee 15 limited to £1 per member of the company. The address of the registered Offi￿ is given on page 4 of these financial statements. The nature of the charity's operations and principal activities are explained in the Trustees Report. The charity constitute5 a public benefit as defined by FRSIO2. bl Basis of a¢￿UntIng The financlal statements have been prepared in accordance with the charltable companWs Articles of Association, Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 1021 (Second edition) and the Companie5 Act 2006. The financial statements are prepared in sterling which Is the funrtional currency and have been rounded to the nearest pound. The financial statements have been prepared underthe hlstorical cost convention. The principal accounting policies are outlined below. Golng concem The charitable company rnade a surplus of £45.233 forthe period ended 31 March 2021, and at that date the company reported net current liabilities of £445,615. The charitable cotnpany have prepared a forecast for at least a period of twelve months of which they have sufficient funding forthe majority and are reliant on projected funding as exp13ined in more detail below. Therefore. determination of the theatre's 'going concern. status is subject to annual and careful review by the Board. In a normal year. the registered charwty use5 its resources to further it5 charitable artistic, educational and community purposes. The period reported on, however, 15 widely considered to be unprecedented in terms of the adverse effects of COVID- 19 not only for the theatre sector, but the country at large: and the wider world. It has not been generally possible to further the theatre's primary purposes in this period. The guiding policy ha5 been to batten down the hatches, run out the storm, seize whatever srnall windows of OPPDrtunity occur. and be ready to take advantage of conditions under which full re-opening may take ploo. The challenges have been exceptional. In addressing the routine question the trustees have taken account of the Trust's resources and in particular the various forms of special 5UPPOrt that have been made avallable to get us throu8h. Distilled, the question the trustees have addressed Is whether the agility of operational plannin& the robustness of organisational effectivene55, and keenness of cost saving measures together with known and reasonably anticipated sourcesof fvnding provide sufficient financial resilience to weather the wave5 of uncertainty occasioned by the special circumstances attributable to COVID-19. Poge 25

Klng5ton Theat￿ Trust and its subsldiaryundertaking NOTES TO THE cof+lSOLIDATED FINANCIAL STATEMENTS for the perlod ended 31 March Z021 Golng concern {contlnuedl The economic model of the Rose normally balances the costs of its operations by income from box offi￿, development fund raising including grants from trusts and foundations, and agreed funding from its two founding stakeholders. In a period of enforced reduction in attivityi Costs were reduced to the greatest extent practicable while maintaining organisational capability to start up when permitted. Despite these measures the majorly reduced box Offi￿ and development fund raising Income plus continuing stakeholder funding may not on their own have been sufficient to reassure the 8oard. However. the Suc￿sS of the Executive in securing eX￿ptIOnal additlonal support by means of measures enabled by government and Arts Council England and in the post balance sheet period - the exceptional grant received through the Royal Borough of Kingston have sustslned the theatre's ecollomy in positive balance. Adoption of appropriate governmental furlough 5UPPOrt. the Culture RecDvery Fund i grant of £380k, the CRF 2 grant of £190k. the CRF 3 grant of £278K and the speaal grant through RBK of £300k have together delivered enhanced resilience into 2021122. The Trustees are confident that despite the background uncertainty affecting the sector as a whole and wider society, the organisation is resourced sufficiently for the perlod ahead to justify 'going con￿r￿. status as appropriate for the preparation of the accounts. A number of perspectives informing thls judgement follow. The current strategic agreement between RBK and the theatre runs tD March 2025. It expresses a vital crÈative partnership. The theatre, in its mi55ion 35 a cultural hub, will continue to engage in a wide range of Social. community, support and learning measures d1￿Cted to increased well-being and enhanced cultural participation directed to the benefit of citizen5 across the borough. The borough continues to provide defined leve15 of financial SUPPOrt to in each of the five years of the agreÈment, contributing to the resilience and economic sustainabilitv of the Rose theatre. The Scope of activity envisaged by the agreement IS the focus of regular interaction and review by officers of both RBK and the theatre. It reflerts with confidence the challenges and opportunities facing both organisations. This long-term agreement represents a pillar of stakeholder support, which contributes an ongoing anchor to the theatre's economic model. The charity also maintains a close relationship with Kingston UnNer5ity, it5 Other founding stakeholder and the service agreement signed in January 2012 continues under a rolling protsss to provide significant financial support from KU to the Rose theatre each year. The Vice-Ch3ncellor confirms in writing thi5 rolling arrangement The impatt of COVID-19 has affected both access and the range of services provided by and resulted in a pause tD the normal payment schedule. When usual arrangements, including access can be resumed, 50 will usual fundin& taking account of the share of payments already made in relation to matters that had to be deferred. Alongside RBK, KU remain5 a pillar on which the resilience of the theatre's economic model was founded. The relationship is expressed in many dimensions of creative activity beyond the provislon of practical seNice5 by the theatre. In view of the impart on operations of COVlD-19 the Executive has adopted, and the Board approved a set of management measures designed to Mltigate the adverse economic effect of the shut-down. Benefits available to the sector have been applied for and secured. The Executive'5 operational planning is continuously updated. Relevant aspects have been kept under review by key dirertors, the Flnance Committee, and the Development Committee, to prDvide the full Board wlth enhanced scrutiny and informed insight on the detail of the theatre's operations. Plans have been re-struttured regularly on appropriate assumptions about the closure and re-opening. Page 26

Klngston Theatre Trust and its subsldlary undertakln8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the perlod ended 31 March 2021 The trustees have reviewed the flnancial condition of the theatre. with particular attention on the assumptions underpinning the revised plans through financial year 2021122 and into the following one. Planning indudes projections of the effects of re-opening of the theatre based on estimates of future income streams.. box office, stakeholder support, donations, grants and known public support measures. Less positive scenarios have been ortsidered and a balance of judgement struck as to the Ilkellhood of outcome5 and the theatre's resilience to come through the perlod of closure and the re-building of attivity in the aftermath. Overall, and outslde the COVID-19 impact, the single most important component of the theatre's financial rnodel is provided by box office income, which puts the quality of its art15tic programme at the heart of the theatre's long- term sustainability. The theatre looks forward with enthusiastic confider)ce to the artistic programming of Artistic Director, Christopher Haydon. to be given effect in his first sea50n. which was delayed by the period of closure. Other sources of funds under the theatre's control Include Development, supported by its Committee which is tasked with monitoring and enhancing fundraising activities. The economic model also includes appropriate Commercial opportunities that increase Income from food and drink sales. hires and merchandise sales. Planned investment to increase the contribution from in-house Commercial activity has been delayed by the closure, bLrt one of the theatre's outstanding philanthropic supporters has enabled professional scoping of the projett to be advan￿d. The trustees acknowledge that all theatre has been gravely threatened by the impact of closure occasioned bv government's response to the pandemic. The resumption of un-distanced gathering of performers and audiences in theatres and concert halls has begun. and continuation wlll create the actual context for recovery= for which the theatre's planning Is well- advanced. There remain risks and uncertainties across the whole of the performing arts- exceptional conditions entailed by an unprecedented set of uncertainties. Within the sector, the Rose is well-managed and continues to make sound strategic and tattical decisions that respond to and antlclpate the uncertainties and challenges of the moment. The trustees have considered the appropriateness of the theatre's Strategy and plannin& and the assumptions on which they are based. They have confidence in the quality of planning, the appropriateness of assumptions and the assessment of risks made by the Executive. They have taken full account of special forms of support applied for and made available because of the Covid-19 crisis, the support of the two principal stakeholders, and the income projections from other known and prospectlve sources. They consider that while material uncertainty exists, which may cause some doubt in respect of going concern, their balance of judgement Is that the going concern basis Is appropriate for the preparation of the financial statements. Trustees are confident that the theatre will be equipped to operate and re-build its many activities. achieving progressively a sustainable balance between combined income streams andthe overall costs of planned operations. The trustees, however, remain aware that in spite of the success of the vaccination programme to date and the confidence it has spawned, aspects of the pandemic. including new variants and government measures in response, could delay full hearted recovery. They consider that the effectiveness of the vaccination programme represents the only means by which theatre. along with the rest of society and the economy. learns to live with COVID-19 as an endemic condition. Theatre cannot be protected uniquely: but nor is It uniquely threatened Poge 27

Kingston Theatre TNSI and Its 5ubsldlary undertaklng NOTE5 TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 d} Income Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met. the amounts can be measured rellably, and It is probable that the income will be re£ewed. t>onatlons and grants Cash donations are recognised on receipt. Other donations and grants are recognised once the charitable company has been notified, unless performance conditions require deferral of the amount. Income tsx recoverable in relation to donations received under gift is recognised at the time of the donation. Charitable actlvities Income received in advance of a theatrical performance or provision of other services such as caterlng, programme sales and tuition fees earned through the learning and partlcipation programme is deferred until the performance or services have taken place. Other trading actlvitles Income from fundraising events 15 recognised once the event has taken place. Roydlty income from touring shows 15 recognised on receipt of independent tour accounts in arrears. Interest receivable Interest is included when receivable by the charity. Expenditure Expenditure. including any irrecoverable VAT. is recognised once there is a legal or constructive obligation to make a payment to a third party, It is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure 15 classlfled under the following activity headin8S- Cost5 of raisinB funds comprise of tradin8 Costs and the cost5 incurred by the charitsble company in inducing third parties to make voluntary contributions to it. Charitable activities include expenditure associated with the following: stsging of concerts, Stage productions, art exhibitions, educational programmes and programme and catering sales income. This type of expenditure includes both the direct costs and support costs relating to these activities. Other expenditure represent5 those items not falllng Into any other heading. Allocatlon of support costs Support Costs are those functions that asslst the work of the charity but do not dirertly relate to costs of raising funds or charitable activities. Support costs include back office Costs. finance, personnel, payroll and governance Costs which sUPPOrt the Trusts activities. These costs have been allocated between cost of raising funds and expenditure on charitable activitie5. The bases on which support costs have been allocated are set out in note 8. Page 28

Klngston Theatre Trust and its subsidlary undertaklng NOTES TO THE CON50LIDATED FINANCIAL ￿ATEmENTs for the period ended 31 March 2021 h) l)onated goods and services Donated professlonal services and donated facilities are recognised as income when the charity has control over the item or received the Se￿ICe. any conditions associated with the donation have been met, the receipt of economlc benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt. donated giftsi professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Donations which are given for subsequent auction as prlze5 at events are valued at fair value Mthere possible. Those items which do not have a readily available fair value are not included. Operating leases Rentals payable under operating leases are charged to the Statement of Financial Activtties on a straight Ilne basis over the lease term, even if the payments are not mzde on such a basis. J) Tangible fixed a55ets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impalmient losses. Individual fixed assets costlng £150 or more are capitalised at cast. Cost includes costs direttly attributable to making the asset Capable of operating as intended. Depreciation has been provided at rates calculated to wrlte off the cost of each asset less their residual value over its estimated useful life. The principal annual rates in use are.. Equipment. furniture and fTtting5 Long leaseholds IO% to 33% on cost depending on useful life Over the period of the lease The gain orloss arising on the disposal of an asset is determined as the differen￿ between the sale proceeds and the carrying value of the asset. and is recognised in the Statement of Flnancial Activities for the period. kl Impalrment of fixed assets At each reporting date. the charitable company reviews the carrying amounts of Its tangible assets to determine whether there Is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated In order to determine the extent of the impalrment loss lif any). rixed asset imiestments Investment In the subsidiary is measured at cost. Puge 29

Kingston Theatre Tiust and its subsidlary undertaklng NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 Valuation of Investments Investments in theatrical productions are recognised at the recoupable amount at the reporting date being the amount contributed to the capitalisation of the productions less amounts recovered and after making provision for losses where recovery of outstandinB contributions in full 15 nct anticipated Fund accountlng Funds held by the charity are either: Unrestrirted general funds - these are funds which can be used in accordance with the charitable objett5 at the discretlon of the Trustees. Designated fvnds- these are funds set aside by the trustees out of unrestricted gener31 funds for specific future purposes or projects. The aim and use of each designated fund is set out in the note of the financial statements. Restricted fund5- these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are r?ised for particular restricted purposes. The purposes and uses of the restricted funds a￿ Set out in the notes to the flnancial statements. Stock Stock is recorded at the lower of cost or net realisable value, after making due allowance for ob501ete or slow moving items. Work in progress comprises theatre pre-production costs, which are retorded a5 a current asset. Theatre pre- produttion costs are amortised to the Statement of Income and Retained Earnings over the estimated life of the production on an anticipated revenue basis subject to any impairment p) Debtors Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at Bank and In Hand Cash at bank and cash in hand includes osh and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposlt or Similar account. Creditors and provisions Creditors and provisions are recogni5ed where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Poge

Klngston Theatre Tiust and Its subsidlary undertaking NOTES TOTHE CONSOLIDATED FINANCIALSTATEMENTS for the period ended 31 March 2021 Loans and borrowlngs Loans ar￿ borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance tr3n5action it is measured at present value. Financlal In5trumentS The charity only ha5 finanaal assets and financial liabilities of a kind that quallfy as basic financial instruments. Baslc financial instruments are initially recognised at transattion value and subsequently measured at their settlement value. Pensions The Charity contributes to a defined contribution scheme on behalf of its employees. The assets of the scheme are held separotety. from those of the company in on independently administered fund. The pension cost charged to the Statement of Financial Activities represents the amount due in the accounting period. Contributions were also made on behalf of artlsts who were members of the Equity UK Pension 5cherne. Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's servlces are receNed. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee orto provide termination benefits. wl Basls of consolidation The financlal statement5 are consolidated to represent the position of Kingston Theatre Trust and its subsidiary undertaking. A separate statement of financial activitie5 15 not prepared as permitted by Section 408 of the Companies Art 2UO6. Ta￿lon The charity 15 an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in paragraph I Schedule 6 Finance Art 2010 and therefore It meets the definition of charitable company for UK corporation tax purposes. The subsldiary company has claimed Theatre Tax Credit relief afforded by Part 15c of the Corporation Taxe5 Act 2009. The income receivable ha5 been induded withln Incoming Resources from Charitable Activities. Poge 31

Kingston Theatre Trust and its subsidiary undertaklng NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 y) Judgements and key sources cf estimation uncertainty In the application of the charitsble company's accounting policies. the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets ond liabllities that are not repdily apparent from other source5. The estirnates and associated assumptions are based on hlstorical experience and other factors that are Considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are revSewed on an ongoin8 basis. Revisions to accounting estimates are recognised in the period 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 periods. Crltital estimates The followlng estimate has the most significant effect on amounts recognised in the financlal statements. De reciation of leasehold ro Trustees consider the depreciation policy of the leasehold property annually and compare against other similar entities. Leasehold property is depreciated over the life of the lease, 125 years. If the leasehold property was depreciated over a shorter period there would be no Impart upon available cash but the annual depreciation charge would increase arnd reserves would be lowered. Income from donation5 and legacies 2021 2020 Unrestrfcted Donations Grants 164.463 609,035 122,672 225.000 773,498 347,672 Restrlrted Donations Grants 72.815 400,C￿l 30,803 6,176 472,815 36,979 1,246,313 384,651 The following government grants were recelved during the period.. £Nil12020- £3.1761 towards the New Writing Festival from Arts Council England. £35.00012020-ENIII was received from the- Arts Councll En81ond Emer8ency Response Fund £380,000(202￿£NlIj was received from the Department for Digital, Culture. Media and Sport Culture Recovèry Fund administered by Art5 Council England £25,83212020- £Nill wa5 received In Local Restrictions Support Grants £548,20312020- £Nill was recelved urbder the HMRC Coronavirusjob Retention Scheme Poqe 32

Klngston Theatre Trust and Its subsldlary undertaktng NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 Income from charitsble attivitÉes The income was primarily from the operation of thè theatre. 2021 2020 Box office Income Programme, catering and hire5 incorne Stakeholder support Learning & participation income 172,727 28.911 245,000 148,411 2,097,800 490,073 420.000 242,952 595.049 3,250,825 Income from charttat4e activities vrds £595.04912020 - £3,250.825} of which £Nil12020- £35,000) was attributable to restricted and £595.04912020- £3,215,405) was attributable to unrestrlcted fvnds. Included wlthln stakeholder supwrt Is £245.000 of government funding12020 - £265,000) received from the Rtiyal Borough of Kingston. Income from other tradlng acll¥ltles 2021 2020 Fundraising events Royaltles and tourlnE producrlons Trading subsidiaries 73.000 21,119 329,089 5.957 5,957 423,208 All Income fmm other trading activities for 2021 and 2020 was unreslricted. Income from Investments 2021 2020 Interest receiwable iio 302 302 All interest receivable for 2021 and 2020 was unrestricted. Poge 33

Kingston Theatre Trust and its subsidiary undertaklng NOTES TO THE CONSOLIDATED FINANCIAL ￿ATEmENTs forthe period ended 31 March 2021 Analysls of exPend￿Ure on ralslngfunds 2021 2020 Fundraislng Costs of grants and donations.. Fundraisers fees and salaries other direct Costs Support costs (note 81 Depreciation Inole 91 76,216 4.422 203,fM17 6,553 114,792 14,152 82,243 1,326 29),198 212,513 Expenditure on raising funds was £290,198 12020 - £212,5131 of which £3.148 12020 - £6371 was attributable to restricted funds. Analysis of expendrture on charltable a¢tl¥ltles Box Office & Production Income Front of House & Catering Learnln8 & Participation Total 2021 Total 2020 Productions Learnin8 & Partidpatlon Front of House, Caterlng & Hlres Support costs Inote 81 Depreciation (note 91 556,075 556,07S 137.740 143.591 601,388 51,136 2,244,903 213.114 331.692 1,060,121 110,754 137,740 143,591 92,943 28.897 307.555 16,326 200.890 5,913 879,956 344,543 265,431 1,489,930 3,960,584 Expenditure on charitable actiwties was £1,489,930 12020 £3,960,584) of which £412,903 12020 £90,691) was attrlbutable to restricted funds. Page 34

Klngston Theatre Trust and Its subsidiary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 Allocatlon of 5UPPOrt costs Box Office & Raising Production Learn￿8 & Funds Income Production Front of House & Catering Basls of Allocatiorh Total 2021 Total 2020 Marketing Box Office Premises Tirne BO Income Gross revenue generated by bu5ine55 actbvity 30.808 34.049 61.616 47.996 30.808 154.040 124.138 260.71x1 217,202 42,ff43 95,341 100.351 86,035 16.760 298.487 403,620 Management & Central resource IT Other rime Headcount rime as per management & ntral resources 37.490 4.276 74.980 20.525 37.490 3.421 37.490 6.842 187,450 35.064 192,399 51,905 1.043 2.087 1,043 1.043 5,216 16.538 203.007 307,555 21X).890 92.943 804,39S 1,142,364 Allo¢atlon of depr￿tatIOn Box Office & Rai￿￿¥ Productlon Funds Income Front of House & Catering Basis of AllocatScsn Learning & Produrtion Total 2021 Total 2020 Leasehold Gross revenL¢e 8enerated by busine55 activlty Identlflable assets Identifiable assets G1055 revenue generated by business actlvSty Identifiable Assets 3.403 3.583 3.072 10,658 10.658 Bar & Front of House equipment Transferred a55ets 27,746 27,746 29,713 52,424 Boiler refurbishrnent 3.148 3313 2.841 553 9.856 9.856 Auditorium project 9.429 9,429 9,429 6,551 16.325 5.913 28,897 57,689 112,080 Page 35

Kingston Theatre Trust and it5 subsidiary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 io Other costs 2021 2020 Governance ttssts External audit Other fees paid to audltors Other taxation advite Indemnity Insurance Legal and profe55ionél char6es 13.250 155 12.5CKJ 150 7.947 1,277 9,724 1,131 3.531 22,067 31,598 Expenditure on othercosts was£22.06712020- £31,598) of whlch £Nil12020- £Nill was attributable to restricted funds. li Net inffjmel lexpendlturel for the year This Is stated after chargingthe following.. 2021 2020 OperatinE lease rentals Depreciatiorh Loss on disposal of fixed a￿et5 Audltors remuneration- Audit Auditor5 remuneratiLin - other5e￿te5 Staff and artlsts, costs 52340 57,689 103,540 112.080 577 12,5C 150 1,597,608 13,250 155 1,177,867 12 Trustees, and key mana8emerrt personnel remuneratlon and expenses Other than ihe Chief Executive, tnjstees neither received nor waived any remuneration, fees or expenses durfng the year for their duties12020- £Nill. See note 13 for information on amDunts paid to the Chief Executive. During the year no trustee re￿1Ve￿ fees for work performed12020- £3,086) and no trustee provlded gifts in kind12020 £NIII. During the year 9 tru5tee512020- 81 donated £7,46412020- £13,974). The total amount of employee benefits received by key management personnel 15 £NII12020- £Nill. The total amount of remuneratlorh re￿iVed by key managernEnt personnel is as follows.. 2021 2020 Key management remuneration 246,528 264.329 No12020- nol trustees 3re accruing pension arrangements. During the year the trust paid £1,13112020- £1,277) in respect of Trustees Indemnity Insurance. Ptige 36

Klngston Theatre Trust and Its subsldlary undertaklng NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the perlod ended 31 March 2021 13 Staff and employee benefrtS The averaBe monthly headcount durlng the year was as follows.. 2021 Number 2020 Number Rai5in8 fund5 Charitable aclivities Governance 46 49 50 53 The average monthly number of employees on permanent contra¢t durSng the year was 34 people12020- 331. The average number of efflployees orh short term and casual contracts during the year was 16 people {2020 - 201. The average ftumber refers to the number of indiwdual employees each week irrespective of the number of hours worked. Employees who earned over £60.000 in the year- 2021 Number 2020 Number £60.(KK)- £70,OLXJ £70.(X)0- £80.QCKI The total staff costs and employee benefits was as follows: 2021 2020 Wages and salaries Social security costs Pension c05t5 l.C63,079 79,959 18,747 1.116.619 87,624 21.097 1,161,785 1,225,340 Staff recruitment costs Amounts paid to third parties for Directorfs servicès Arnounts paid to third partie5 for art15t5' fees & consultan Amounts paid to third parties for artists, pension c05t5 2.185 70.048 297,342 2.693 16,082 1.177.867 1,597,608 The Articles of the Charlty were amended In June 2010 to permit reasonable remuneration to be paid to the Chief Executive. ifthat person 15 a Trustee. Payments to Robert (YDowd whlle he was Chlef ExecutSve during the year were £76,05012020- £77,0901 pension contribution5 of£l,31312020- £110) and expenses of £88112020- E3.1931. Expense5 reimbursed related to travel and 5ubs15tence costs, entertaining costs and office sundry costs. No other trustees received reimbursements for expenses Poge 37

Kingston Theatre Trnst and Sts subsldiary undertskin8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 Taxatlon No charge arise5 due to the charitable statu5 of the Charitable company. 15a Tanglble flxed a$5ets Group Trust Lèasehold Property Equipment Leasehold Property Equipment Total Total Cost At 29 March 2020 Additio Disposals 1.334.583 828,323 85,683 2,162306 85,683 1.334,583 828,323 85.683 2,162,906 85,683 At 31 March 2021 1,334,583 914,006 2,248,589 1,334.583 914,CK16 2,248,589 Depreciation At 29 March 2020 Charge for period ElSminated on di5P05als 130,584 10,568 456,094 47,031 586,678 57.689 130,584 10,568 456.094 47,031 586,678 57,689 At 31 March 2021 141,242 503,125 644,367 141,242 503,125 644,367 Net book valuè At 31 March 2021 1,193.341 410,881 1,604,222 1,193,341 410,881 1,604,222 At 29 March 2020 1.203,999 372.229 1,576,228 1,203,999 372.229 1,576,228 Leasehold Prwjerty costs Include fees to architects, quantttysurveyors, struttural engineers, constwrtion managers etc. and the cost tsf InFtial construction work. Depreciation Commenced from Janu¥ry 2009 when architects issued the completion certrficate. 15b Flxed asset Investments Shares Sn 8roup undertakings Investments Costs At 29 March 2020 and 31 March 2021 Net Book Value At 31 March 2021 At 29 March 202Q Poge 38

Klngston Theatre Trust and Its subsldiary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 15b FlxÈd assèt Investments Icont.) Thls Snvestment comprises a 100% owned Subsidiary undertaking. Rose Theatre Enterprise Ltd, which is registered in England. The companvs registered number is 06529121. The turnover of Rose Theatre Enterprise for the period 30 Marth 2020- 31 March 2021 was £31,65312020.. £1,011.0031. Proftts of £1,28812020- £185,176) weredonated to the parent charity Kingston Theatre Trust. The ag8regate Share capital and reserves at the year end amounted to £112020.. £11. 16 stocks Group 2021 Group 2020 Trust 2021 Trust 2020 Stocks for resale aosing WIP 5,695 24.558 5,495 5,695 5,495 30,253 5,695 5,945 17 Debtors Group 2021 Group 2020 Trust 2021 Trust 2020 Trade debtors Amount owed by group undertaking Accrued income Theatre Tax Credit and Glft Atd Other debtors Prepaid expenses 7,770 157.025 4,175 62,833 112,488 135,629 179,140 31.176 9,671 5.411 41,785 112.488 9,155 543 45,509 31,176 114,812 5,411 41,785 543 45,043 175,465 350,209 225.082 402,812 18 Current asset Investments Group 2021 Group 2020 Trust 2021 Trust 2020 Theatre Productlon 9,660 Page 39

Klngston Theatre Trust andlts Subsidiary Undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 19 Credltors: amounts falling due wlthln one year Icontinuedl Group 2021 Group 2020 Trust 2021 Trust 2020 Trade credltors Boy Office advance Other tax and social securlty.. VAT PAYE Other creditors Accruals and deferred income: Accrued expenses Deferred income 194.936 406,741 244.018 378,589 194,936 406,741 240,123 378.589 15,3 24,116 68,356 27,327 9,6 2,837 24.116 55,277 27.327 201,443 274,000 297.516 121.453 197,443 274,(NXJ 273.477 118,120 1,116,536 1.146,919 I,1c￿,073 1,092,913 The movement in deferred income 15 as follow5.. Group 2021 Group 2020 Trust 2021 Trust 2020 Balance at 29 March 2020 Amounts deferred in the period Amount releasèd to incoming resources 121,453 113,297 174,0(Xl 121,453 121,4531 1113.2971 118,120 174,000 118,1201 109,180 118,120 1109,1801 Balante at 31 March 2021 274,(MXJ 121,453 274,0 118,120 Deferred income comprises grants relating to future accounting periods and deposits for fijture events. Operating leases Total future mlnlmum lease payments undèr non-cancellable operating leases are as follows: Property 31 March 2021 Equipment 31 March 2021 29 March 2020 29 March 2020 Less than l year Later than one and ntst later than five years 35.O¢JO 35,Ot 47,400 27,650 47,4 27.650 A 125 year lease with Kingston Theatre LLP commencing l January 21￿ was slgned on 10 December 2015 Poge 40

Klngston Theatre Trust and its subsldlary undertaklng NOTE5 TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 20 Operatln8 lease51¢ont.I An independent rent rewew was carried out followlng which the annual rent was re-set at £35,000 effectivè l April 2015. Further periodic rent reviews will take place Dver the life of the lease. A break clause has been set within the agreement at l January 2017 at which point the charity could give 12 months. notice to terminate the lease agreement. Durin8 the period Kingston Theatre LLP agreed a waiver of rentof£18.750 due to the theatre beingclosed due to Local Restrirtions The charlty installed new moving5tège lights in August 2018 undera fiveyear agreement with Six. The annual tharge is £47,7￿ and the minimum rental pèriod is three years afterwhich three rnonth< notice of cancellation is required. Duiing the period5 of extended d05ure reduced rentals and payment holidays were negotiated and the charges for the peiiod were £15.900. The agreement will be extended for a further 8 months beyond the five year agreement. 21 Fund reconciliatlon fjRQUP Balance B/F 29March 2020 Incomlng Re50urce5 Outgoing Resource5 Closing 31 March 2021 Transfers Capltal Fund Boiler Audrf(orium Gallery performance Spa 53,805 172,485 3,986 19.8561 19,4291 11,2991 43,949 163.056 75,262 72,575 Total Capital Fund 230,276 72,575 120,5841 282,267 Restrirted Revenue Fund Let Me In Fe5tlval Intern Scheme Bursary Scheme Peter Hall Emerging Artlst Fellowship Youth Outreach Rent Christmas Tree New Writing Fesilval Participate Fund ACEIDCMS Culture Recovery Fund Feasibiltty study Front of House 3.373 2,500 2.667 24,023 22,495 3,373 2,5¢)J 2,002 24,023 11.081 16651 111,4141 240 12401 186 1,251 1,251 380.0 20,0(KJ {380,0(MJI 20,OC Total Restricted Revenue Fund 56,495 4tKJ,240 1392.3191 64,416 Unrestricted Designated Fund General Fund 826,603 1.374.614 11.389,2931 811,924 Total 1,113,374 1.847,429 11.802.196) 1.158.607 Puge 41

Klngston Theatre Trust and Its subsidlary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the perlod ended 31 March 2021 21 Fund retanclllatlon Icontlnued) Prior period: GROUP Balance B/F 31 March 2019 Incoming Resources Outgoing Resources C105ing 29 March 2020 Transfers Capltal Fund Boiler Auditorium Gallery performance space 63,661 181,914 19,8561 19,4291 12,2581 53,805 172,485 3,986 6,244 Total Capltal Fund 24S,575 6,244 121.5431 230.276 Re5trlcted Rèvenue Fund Let Me In Festival Intem Sth8me Bursary Scheme Peter Hall Emerging Artlst Fellowship Youth Outreach Rent Christmas Tree New Writing Festival Particlpate Fund 3,078 1.750 4,443 25.637 25.CQO 2.681 I,OLM) 12,3861 {2501 1.8101 118,8251 12.5051 135,0001 12111 13.1611 15.OWI 3.373 2,500 2,667 24,023 22,495 17,211 35,000 211 3.347 6,251 186 1,251 T¢tal Restricted Revenue Fund s9.￿8 65,735 169.1481 56.495 Unrestritted Desi8nated Fund General Fund 52,424 152,4241 9Ql.176 3,987,lJJ7, 14,061.5801 826,603 Total 1,259.083 4,058,986 I4,204,6951 1,113,374 Boiler- The fund was set up from a grant to cover the cost of refutl)ishment works on the boiler and is to be used to cover annual depreciatlon charges. Audl uLm-The fund 15 for refiJrbishmÈnt costs of the auditorium to provide a more Sntimate experience for the audience and to Improve sightlines and acoustics. Galle erformance sPa￿- The second phase of the capital projett aims to transform the theatre'5 gallery space into a perfgrmance space. me in Festival- Thi515 an inclusive drama festlval featuring work by and for people with physical, learning and sensory nèeds. Intern Scheme- The fund was estab115hed to cover travel and Subsisten￿ expenses ofyoung people who take up work placements at the Rose Theatre in conjunction WTth Achieving for Children. Bursa kheme- The fund is to provlde financial assistance towards course fees to members of the Rose Youth theatre. Peter Hall Eme Artist Fellowshi Established to comtremorate the legacy of our foundlng Artistic DSrector and as an expression of the Rose's commitment to being both a distinctive producing house and a developer of thoatre talent. The fund is to pro￿de H bursary forth2 chosen fellow in a residency at the Rose theatre where they will receive mentoring and professlonal support culmlnating in a produttlon at thè Rose Studio. Poge 42

Kingston Theatre Trust and Its sub51diary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 Fund re¢onclllatlon Icont.) Youth Outre3ch-The fund was established forfuture work with young disathiant3ged people. Rent- The fund is to ensure that funds are set aside frnm stakeholder donations suffKient to cover the annual rental cost olthe theatre. Christmas Tree- The fund was donated by the Norwegian Embassy to pay for the cost of the annual Christmas tree. New Wrltln Festlval ACE Grant-This fund w35 established to support a festrval of new writing whlch was part of the work developed by the inaugural PHEAF recipient. ate Fund-Thi5 fund wa5 e5tablishEd to enhance and supportthe work of the Rose Youth Theatre Unrestricted des nated fund- the designated fund wa5 created in respect of assets transferred from RBK on 31 March 2015. DepreclatSon of £NII12o2￿£s2,424l ha5 been rnatched against thls fund. Culture Recove Fun ACE DCMS- This fund was created to provide 5UPPOrt for the theatre during the Covid- 19 pandemic. Feasibilit Stud - This fund wa5 donated by Ba¢kst4ge Trust to commission a report for potential redÈvelopment of the front of house areas. Partici TRUST Balance BIF 29 Ma￿h 2020 Incoming Resource5 Outgoing Re50uice5 Closing 31 March 2021 Transfers Capltal Fund Boiler Audttorium Gallery performance space 53.805 172,485 3.986 19,8561 19.4291 11,299} 43.949 163.056 75.262 72,575 Total Capital Fund 230,276 72,575 (20,5841 282.267 Restrlrted Revenue Fund Let Me In Festival Intern Scheme 8ursary Scheme Peter Hall EmergingArtlst Fellowship Youth Outreach Rent Chri5tm4s Tree New Writing Festlval Participate Fund ACE/DCMS Culture RecDvery Fund Feasibility Study Front of House 3,373 2,500 2,667 24,023 22,495 3,373 2,5 2.002 24,023 11.081 16651 111,4141 240 12401 186 1,251 1,251 380,OCM) 20,000 1380,0Th)1 20,000 Total Restricted Revenue Fund 56.495 400,240 1392,3191 64.416 UnrestTlcted De4gnated Fund General Fund 826.603 1.374,616 {1.389,2931 811.924 Total 1.113,374 1,847.429 {1.802,1961 1,158,607 Poge 43

Ingston Theatre Trust nd itssubsidiary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 21 Fund reconciliation leonL) Prior periud: TRUST Balanc Incom5ng B/F 31 March Resources 2019 Outgoing Resources Closing 29 March 2020 Transfers Capltal Fund Boiler Auditorium Gallery performance space 63.661 181,914 19,8561 19,4291 12,2581 53,805 172,485 3,986 6,244 Total Capital Fund 245.575 6,244 121,5431 230,276 RÈstrlcted Revenue Fund Let Me Irb Festival Intern Scheme 8ur5arykheme Peter Hall Emerglng Artlst Fellowship Youth Outreach Rent Christmas Tree New Writlng Festival Participate Fund 3,078 1.750 4,443 25,637 25,((JO 2,681 I,ocK) 34 17,211 12,3861 12501 11.8101 118,8251 12,5051 135,0001 12111 13.1611 15,0001 3.373 2,500 2,667 24,023 22,495 35,0 211 3,347 6,251 186 1,251 Total Restricted Revenue Fund 59,908 65,735 169.1481 56,495 Unrestricted Designated Fund General Fund 52.424 901,176 152,4241 3.987,007 14,061,580) 826,603 Total 1,259.1)83 4,058,986 14,204,695) 1,113,374 Poge 44

Klngston Theatre Trust and Its subsidlary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the period ended 31 March 2021 Anaty5is of group net a55ets between fund5 Restricted Revenue Fund General Fund Capital Fund Designated Fund Total Fund Tangible fixed assets Cash Other a55ets 1.321,955 4CKJ,587 1910,8181 282,267 1,604,222 465,203 1910.8181 64.416 811,924 282.267 64.416 1.158,607 Prior period= Restrirted Revenue Fijnd General Fund Capital FLFnd Designated Fund Total Fund Tan8ible frxed a55ets Cash other assets 1,3d5.952 262,206 1781,5551 230,276 1,576,228 318,701 1781,555) 56.495 826,603 230,276 56,495 1,113,374 Penslon and other post-Tetlrement beneflt commftment Defined Contribution 2021 2020 Contributions payable by the ¢harlty In the perlod 18,747 23,790 ContributlDns of £4,46412020: £4.7621 were payable to the scheme at the balance sheet date. Control There are no controlling partie5. Page 45

Kingston Theatre Trust and its subsidiary undertaking NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the perlod ended 31 March 2021 25 Related party transartion5 Durin8 the year RBK provided fundin8 of £245.00012020- £265,otX)l and purchased no12020- £2801 other Services from Kingston Thèatre Trust and ENil12020. £3001 from Its sub51diary undertaknng. At the year end £Nil12020- £Nill was included wlthin trade debtors of the subsidiary undertaking. Kineston TheatreTrust also purchased servlces from RBK for £3,53012020-£21,7301 and at the year end £2,96012020 £2,178) was included wlthin trade creditor5. There are no other balances With R8K at the year end12020- £NIII. R8K has the power to nomlnate up to two candidates for appolntrnent to the Board of trustees this is currently Cllr Simon Edwards and Kevin Davi5. Duringthe year £16,25012020- £35.C¢JOI was payable to Klngston The3tres LLP in respect of rent and at the year end £37,50012020- £37,5cK)I was included wf(hin accruals and £19,500 within trade creditors. KU provided £Nil12020- £380,th)l of funding to Kingston Theatre Trust In the period. KU purchased services from Kingston Theatre Trust ot£Nil12020- £Nill and £Nil12020- £13,350> from its subsidiary undertaking. At the year End £Nil12020 - £90,000) was included with trade debtors of Klngston Theatre Trust and £Nil12020 - £8,0961 within the trade creditor5 of its subsldiary. KSn8ston Theatre Tnjst purchasèd Services fmm KU of £Nil12020 - £20,037) and at the year end an amount of £Nil 12020- £9.0221 was included within trade creditors Professor Tri5h Reid (resigned 8 October 20201, Marhdy Ure lappoinled 12January 20211 and Jason Piper are members of the University. No gifts in kind were ieceived from any Trustee$12020- nonel12020- £NIII for work done on pro bono basi5. Three Tru5tee5 of Kingston Theatre Trust. of whom one wa5 a director of Rose Theatre Enterprises LimStÈd, invested £Nil12020- £70,000) in Rose Theatre Enterprises Llmlted to enable it to invest in CCM West End Production5 Limited tuwards the West End transfer of Captain Corelli's Mandolin. During the year £Nil12020 £28,(KIOI was earned from the investment. The balance is £Nil12020 -ENill Poge 46

Kln£ston Theatfe Trust and Its subsidiary undertaklng NOTES TO THE CON50LIDATED FINANCIAL STATEMENTS for the perlod ended 31 March 2021 26 finantial inrtruments The carrying amounts of the charitvs financial inst¥uments are a5 follow5: Group 2021 Group 2020 Trust 2021 Trust 2020 Fint7ncial ossets Debt instruments measured at amortlsed Cost: - Trade debtor5 (note 161 - Amounts owed bygroup undertaklng5 Inote 161 - OtheT debtors Inote 161 - Accrued income (note 161 - Cash in hand and at bank 7,770 157,025 4,175 62,833 543 112,488 423.680 135,629 179,140 5,411 31.176 221,751 543 112,488 465,203 5,411 31,176 318,701 586.CQ4 512.313 603.719 573,107 Measured at amortised cost.. - Bank loans and ijverdraft Inote 191 - Trade creditors (note 181 - Accrued expenses (notes 181 194,936 201,443 244,018 297,516 194,936 197.443 240,123 273,477 396,379 541.534 392,379 513,600 27 RecofttiliatioTh of consolldated net Income to net cash flowfrom operating activltlos Group 2021 Group 2020 Trust 2021 Trust 2020 Net Income for the reporting perlod Adjustments for.. Depreciation charges Loss on disposal of fjxed assets Dividends and interest from Investments and bank Ilncreasel I decrease in stock Iincreasel / decrease in debtors Increase / Idecreasel in creditors 45,233 1145,7091 45,233 1145.7091 57,689 112,080 577 Iiioi 13021 124,7581 11351 174,744 253,679 130,3831 1149.0091 57.689 112.080 577 1302} 11351 243.or 1189,8391 Iiioi 12Th)1 177,730 7.160 Net cash provlded by operatlnB activltles 222.415 71,181 287,502 19.678 Poge 47

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