2025-03-31-accounts - Kingston Theatre Trust

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KINGSTON THEATRE TRUST

and its subsidiary undertaking A company limited by guarantee Company No: 02497984 Registered Charity: 1000182

CONSOLIDATED REPORT & FINANCIAL STATEMENTS for the year ended 31 March 2025

Page 1

Kingston Theatre Trust and its subsidiary undertaking

CONSOLIDATED REPORT & FINANCIAL STATEMENTS for the year ended 31 March 2025

INDEX
Legal & Administrative information	Pages 3 - 4
Trustees' Report	Pages 5 - 15
Auditors' Report	Pages 16 - 20
Consolidated Statement of Financial Activities	Page 21
Balance Sheets (consolidated and company)	Page 22
Statement of Cash Flows	Page 23
Notes to the financial statements
(consolidated and company)	Pages 24 - 45

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Kingston 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.

TRUSTEES/DIRECTORS

Sian Alexander Jonathan Church (appointed 5 November 2024) Emma D’Souza (resigned 6 June 2024) Kevin Davis Simon Edwards Louisa Green (appointed 7 October 2024) Rubi Gubara-Sannie Catriona Guthrie (appointed 5 November 2024) Yasmin Shahid Hafesji (resigned 11 March 2025) Radhika Kapur Justina Jang Councillor Mike Massimi Robert O’Dowd Gary Pell William Price (Chair) Councillor Wydeeswaran Thayalan Elizabeth Wilkinson

SECRETARY

Simon Edwards 24-26 High Street Kingston upon Thames KT1 1HL

CHIEF EXECUTIVE

Robert O’Dowd

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Kingston Theatre Trust and its subsidiary undertaking

LEGAL & ADMINISTRATIVE INFORMATION

AUDITORS	Moore (South) LLP
	Registered Auditors and Chartered Accountants
	Suite 3, Second Floor
	Friary Court
	13-21 High Street
	Guildford
	Surrey
	GU1 3DG
BANKERS	Charities Aid Foundation
	West Malling
	Kent ME19 4TA
	NatWest Bank plc
	Market Place
	Kingston upon Thames
	KT1 1JX
	Metro Bank plc
	64-66 Clarence Street
	Kingston upon Thames
	KT1 1NP
SOLICITORS	Russell-Cooke LLP
	2 Putney Hill
	London
	SW15 6AB
REGISTERED OFFICE	24-26 High Street
	Kingston upon Thames
	KT1 1HL
REGISTERED CO. NUMBER	02497984
REGISTERED CHARITY NO.	1000182

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

The Trustees submit their report and the consolidated financial statements for the year ended 31 March 2025.

Legal & administrative information set out on pages 3 and 4 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP (FRS102) 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 Trustees.

STRUCTURE, GOVERNANCE & MANAGEMENT

Governing document:

Kingston Theatre Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1 May 1990 as amended in 1992, 2001, 2002, 2010 and 2022. It is registered as a charity with the Charity Commission. Anyone over the age of 18 may be appointed a member of the Company and there were 15 members at the period end (14 in 2024), each of whom guarantee to contribute £1 in the event of the charity winding up.

ROSE THEATRE ENTERPRISES LTD is a wholly owned subsidiary of Kingston Theatre Trust. The company donates its surplus funds to Kingston Theatre Trust.

Appointment of trustees:

Trustees are appointed by the Board. The Royal Borough of Kingston upon Thames Council (“RBK”) may nominate up to two trustees. During the year under review, trustees nominated by RBK were Councillor Mike Massimi and Councillor Wydeeswaran Thayalan. The Articles were amended by Special Resolution on 6[th] September 2022, with the effect of limiting the overall periods of service, normally to eight years for all trustees, together with a series of transitional arrangements to avoid the sudden loss of experience and corporate memory: and exceptionally, where determined in the best interests of the theatre. Trustees provide their time and expertise without remuneration for the benefit of the charity, except for the Chief Executive, Robert O’Dowd. Candidates for appointment and those being re-appointed are subject to relevant DBS checks.

Trustees’ induction & training:

New Trustees are provided with relevant information about their legal obligations under charity and company law, a copy of the Memorandum & Articles of Association. Induction of those appointed includes an introduction to the theatre’s agreed strategy, organisation structure and Board committees, together with detailed activity and business plans, current financial forecasts, management and financial accounts.

Organisation:

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 committees as and when the need arises. The Finance Committee monitors the affairs of the charity between full Board meetings. The Development Committee and the Nominations Committee are the two other Board committees approved at this time.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

STRUCTURE, GOVERNANCE & MANAGEMENT (Continued)

Related parties:

The charity has a close relationship with RBK which may nominate up to two Trustees (see above). In February 2020 and following earlier forms of support, RBK and KTT entered a new long-term strategic agreement under 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 citizens and communities throughout the borough. The borough provides defined financial support in each year of the five years covered by the agreement. A new agreement was signed in April 2025.

The charity also has a close relationship with Kingston University (KU). KU provides annual funding of £318,750 per annum on a rolling basis of which £54,750 per annum is to enable Kingston School of Art to engage more closely with the Rose Theatre. During the pandemic, the regular cycle of funding to the Rose was paused and restarted from January 2022 by reference to a range of theatre access and other mutually beneficial arrangements, and engagements on the part of Rose members in support of the University’s strategy, particularly in the provision of skills’ development. The level of funding is agreed for each University financial year (August to September) based on agreed deliverables.

Risk management:

The officers undertake a risk analysis review each year and maintain an up-to-date risk register to identify appropriate action to mitigate these risks. The Board considers the register and proposed mitigation measures. Generally, the principal risks relate to income - the achievement of targets for box office and development support, and the maintenance of stakeholder relationship confidence and support. The re-building of audiences postpandemic has proved a greater challenge than the new freedom suggested; together with its implications for rebuilding box office income.

Fundraising Activities:

The charity has registered with the Fundraising Regulator and adheres to the voluntary Code of Fundraising Practice to give individual and organisational donors confidence that it is following best practice 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 complaints have been received within the reporting period. The charity does not currently use professional fundraisers or commercial participators.

Auditors:

The auditors, Moore (South) LLP, have indicated their willingness to be proposed for re-election.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

AIMS, OBJECTIVES & ACTIVITIES

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 activities. The objects of the subsidiary are to carry out noncharitable activities at the Rose Theatre and beyond to produce surpluses for the benefit of the charity.

The principle activities of the theatre during the reporting period were securing the continuing development of the Rose Theatre. The strategies employed to achieve the charity’s objectives include:

The presentation of a varied programme of plays and other performances, including one-night events at the Rose Theatre for the benefit of the public;
Working with RBK to develop the Rose as a community hub, including programmes of activities for the benefit of the local community, in particular young people including opportunities for a wide range of social, artistic and educational activities;
Collaborating and working closely with KU on the development of relevant programmes and appropriate skills modules for the benefit of students and faculty;
Providing training in theatre arts for children and young people through the Rose Youth Theatre;
Providing opportunities for disadvantaged school children to visit the theatre, attend workshops, receive education packs and resources to support learning through our Rose Routes programme;
Providing space and facilities in the theatre for a range of university events including graduation ceremonies for the benefit of students and their families and friends;
Offering a range of programmes designed to develop confidence in the use of performance, for the benefit of people of all ages in the local community and beyond;
Providing opportunities 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 with the Charity Commission guidelines.

The trustees confirm that they have referred to the Charity Commission’s guidance on Charities and Public Benefit when reviewing the charity’s aims and objectives.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

ACHIEVEMENTS & PERFORMANCE

This report covers the year ended 31 March 2025, but also addresses matters after the period to be timely with the publication date.

106,461 tickets were sold for live theatre performances and one-night events. In addition to the productions, certain artistic, educational, community and social events took place in the Rose Theatre.

The continuing, overriding purpose of the Rose Theatre is its role as a distinctive, leading producing theatre - a cultural hub for Kingston and wider SW London. It seeks continuously to develop a range of audiences by imaginative, high-quality programming of engaging drama and entertaining family shows, maintaining high production values and seeking to stimulate both anticipation and satisfaction.

The Rose is widely recognised, amongst both audiences and the sector, for the quality of our work on stage. This ambition will continue to guide our work. We attract leading creatives to work on our own productions and work in co-operation with selected other theatres on co-productions that extend our repertoire. This approach helps to mitigate risk entailed by novel productions and programming constraints. The programme is also enriched with productions of high artistic quality by acclaimed visiting companies and complemented by one-night performances and events.

During the period under review, we staged the following Rose Original Productions,

THE LION INSIDE – based on the book by Rachel Bright & Jim Field. Adapted & directed by Sarah Punshon. In partnership with Inside Productions, Curve Leicester, Mayflower Theatre and Unicorn Theatre. The show toured the UK and then toured to Dubai, Abu Dhabi, Singapore and China. A second UK tour is underway in 2025.
THE GLASS MENAGERIE – written by Tennessee Williams, directed by Atri Bannerjee. Rose Theatre, Belgrade Theatre, and Alexandra Palace Theatre in association with the Royal Exchange Theatre. The show toured to 5 regional venues in Spring/Summer 2024
CHARLIE COOK’S FAVOURITE BOOK – adapted from the book by Julia Donaldson & Axel Scheffler. A Little Angel Theatre, Lowry and Rose Theatre co-production.
NEVER LET ME GO – written by Suzanne Heathcote based on the novel by Kazuo Ishiguro, directed by Christopher Haydon. A Rose Original Production with Bristol Old Vic, Malvern Theatres, and Royal & Derngate, Northampton. The show toured to four regional venues in Autumn 2024.
ABIGAIL’S PARTY – written by Mike Leigh. Directed by Jack Bradfield. A Rose Original Production with, Northern Stage, Mercury Theatre, and ETT.
ROBIN HOOD & THE CHRISTMAS HEIST – written by Chris Bush. Directed by Elin Schofield. Our family Christmas show featuring professional actors as well as 40 members of the Rose Young Company.
THE KOALA WHO COULD – based on the book by Rachel Bright & Jim Field. Adapted & directed by Emma Earle. In partnership with KWK Productions, The Lowry, Northern Stage, Unicorn Theatre & Mayflower Theatre.
THE HOUSE PARTY – written by Laura Lomas after Miss Julie by August Strindberg. Directed by Holly Race Roughan. Rose Theatre presents a Chichester Festival Theatre and Headlong co-production in association with Frantic Assembly.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

ACHIEVEMENTS & PERFORMANCE (Continued)

Visiting companies included:

MILKSHAKE -presented by Mark Thompson Productions
THE GRUFFALO, THE WITCH & THE WARTHOG – presented by Julia & Malcolm Donaldson
THE MINISTRY OF SCIENCE – presented by Mark Thompson Productions Limited
THE VERY HUNGRY CATERPILLER – presented by Still Hungry Limited
ZOG & THE FLYING DOCTORS– presented by Freckle Productions and Rose Theatre.
THE BADDIES – presented by Freckle Productions
ANIMAL FARM – presented by Octagon theatre, Bolton
KIM’S CONVENIENCE – presented by Adam Blanshay

In addition, over 50 one-night events took place including comedy from Ben Elton, Jenny Eclair and Miles Jupp, music from Ronnie Scott’s and The Shires as well as community and commercial hires and a variety of speakers including Sir Geoff Hurst and Dame Patricia Routledge.

Our programme of activity for the benefit of young people and others in the local community known as Rose Participate continued to flourish. We now have 1,655 (2024 – 1,263) individuals within the community directly engaged with the Rose, stage performance and workshops.

The deep and enduring relationship with RBK remains lively and productive, underpinned by a five-year strategic agreement. The relationship with KU also continues warmly, despite the difficulties challenging the whole university sector.

The current strategic partnership agreement with RBK expresses ambitious and practical interdependence in the cultural space across the borough - and in its impact, well beyond. KTT receives defined financial support in each year through to 2030 at similar levels. Regular review of performance and benefits, directed to many constituencies in the borough, is maintained by Officers of RBK and KTT. These include an education and participation programme for young people and children, the ticketing scheme, libraries outreach work, Kingston Music Service performance opportunities and schools’ outreach.

In the setting of its valued relationship with KU the Rose works across many faculties, engaging creatively with the University’s Skills’ agenda and serving as a civic portal reinforcing the University’s involvement with a wider community. The next stage of broader strategic partnership between KU and the Rose is now anticipated.

The relationships 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.

The impact of very significant gains delivered pre-pandemic to the local economy outside the Rose itself – for which independent evidence was shared with RBK – are being re-enabled again.

The rebuilding of confidence and the Rose’s attractiveness in the minds of regular theatre attendees remains as work in progress and certainly has not bounced back to pre-2019 levels. The Rose, as widely experienced across the sector, must convince its audiences with the power and distinctiveness of its programming.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

The development of the Rose’s ability to reach new as well as traditional audiences will continue to be a focus for programme development and communications.

PLANS FOR FUTURE PERIODS

The Executive and staff are working intensively to re-build audience confidence and engagement. The theatre’s appeal is expressed through the quality of its artistic programme, amplified by means of the quality of its marketing and communications.

To remain financially sustainable we have dramatically shifted our business model in recent years:

We have increased our producing focus on family work. Instead of being primarily a receiving house for these shows, we are now lead-producing them ourselves which increases our share of box office revenue and provides us with longer term royalties when the shows go on tour.
We are leaning very heavily into co-producing every adult drama we make - drawing together two, three or more partners to share capitalisation costs. This sharing of costs means that shows can still make a significant financial contribution despite reduced box office takings.
We have shifted our programming focus to titles that can draw in both a significant schools’ audience (as they are on the syllabus), and still attract an adult audience.
We leverage commercial investment and enhancement against specific shows.
Theatre Tax Relief (TTR) underwrites theatrical production within the UK and we continue to manage this incentive efficiently and keep pace with any changes to the scheme.
We invest in channels that build audiences, including new web and print resources as well as being at the forefront of the digitalisation of UK theatres, kickstarted by our funding from Innovate UK.
In response to the cost-of-living crisis and to expand audiences we are committed to making at least 50% of all seats for Rose Originals available for £30 (subsidised and £5 tickets available to target groups). We are also actively targeting premium seats to high-value customers.
We are committed to environmental sustainability and aim to integrate climate consideration into decision making across the organisation, working with specialists, stakeholders and co producers to make our building, operations and productions as sustainable as possible.

The aim is to build on our development fundraising activities alongside the critical contributions of our stakeholders to give us confidence to take manageable risk, whilst strengthening box office income. If this can be achieved, the Rose will be able to build reserves, carry out essential maintenance and reward the loyal and committed staff in a sustainable manner.

The Rose is committed to the full range of civic, social and learning cultural engagement within the borough; and extending the range of its relationship across all relevant KU faculties and departments. Additionally, we are reviewing our education offering to complement learning alongside our main house shows.

The Rose enjoys significant support from key trusts and foundations including The Gosling Foundation. In addition, Backstage Trust has extended its outstanding support for the Rose not only in respect of the public spaces and café, but also further chapter of renewal and improvement of the main house itself and fundraising resourcing.

The reliability of the support provided by the theatre’s two principal stakeholders remains central to all operational planning.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

The robustness of operational planning remains challenging in an uncertain environment where economic and political uncertainties abound. Accordingly, the close monitoring of operational plans which is maintained by key directors, the Finance Committee, and the full Board continue, to ensure that action can be taken as appropriate.

The recently strengthened management of the Rose is a team of high quality, and it continues to demonstrate in full the capacity to manage and navigate the challenges and opportunities presented by the circumstances through which the Company, the sector and the country are living.

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 148 (2024 – 146) volunteers for which no income or cost is recognised in the accounts.

Major financial support has been provided by the following individuals and organisations:

Stakeholders

Kingston University Royal Borough of Kingston

Lottery Funder Arts Council England

Education Partner Kingston Grammar School

Corporate Supporters

Cattaneo Commercial Clear Group Cote Hamptons Pearson Hards Sticks n Sushi The Rolex Mentor & Protégé Arts Initiative Russell-Cooke Wilderness Travel

Gold

Tony & Kate Best Chris & São Foy Radhika & Phil Harris Jonathan Marsh & Stephanie TaylorMarsh Chris Mason and Mel Delauney Marit Mohn & Robert Westlake Neill & Katharine Penney The Wingfield Family

Silver

Kim Bailey Ann Beasley Manders Kay Galbraith

Silver contd.

Sandy & Rod Gavshon Rubi Gubara-Sannie Des & Liz Gunewardena Baroness Sally Hamwee Simon & Wanda Higman David & Julie Lainchbury Bob Phillips & Anna Cunnyngham Bill & Sarah Price The Rilot Family Jeanette Rowell Sir Peter & Lady Cherill Scott Marji Simonds-Gooding Bob Steed

Bronze

Ann Baruch & Claude Green Michael & Rosemary Bibby Stephen Brenninkmeijer Mark Chester & Clare Lumley Alex Chisolm Neil Coburn & Jane Davies Andrew & Ann Connolly Robert & Marie Courtneidge Nigel Duffin Simon & Pauline Edwards Andrew & Maggie Gallagher John Godding Sanjeev, Rachel, Jai & Anjali Gupta Brian Hornsby Anthony Lipmann Martina Massimi Klimova Robert & Scilla O’Dowd Thay Thayalan Elizabeth & Tim Wilkinson Brian & Angie Willman Ian & Mary Reid

Bronze contd.

Christian Young

Associates

Sian Alexander John Hackett Nigel Hardy Geoff Howard John & Martha Jessop Mark & Sophie Lewisohn Bill & Christine McMurray Nina Kaye Susan Paine Brian Smith

Life Friends Will Bland & Tricia Welch Bland

Supporters

Lipmann Walton & Co Ltd Rose Memberships Stage One And all those who wish to remain anonymous

Trusts & Foundations

The Alchemy Foundation The Backstage Trust Bellinger Donnay Charitable Trust Bruce Wake Charitable Trust The Foyle Foundation The Garrick Trust The Gosling Foundation The Jectus Charitable Trust Marsland McAdoo Charitable Trust The Patricia Routledge Fund Rowan Bentall Charitable Trust

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

FINANCIAL REVIEW

The annexed Statement of Financial Activities details the financial performance for the year, indicating a decrease in incoming resources from £3,929,197 in 2024 to £3,897,358 in 2025.

Income from donations and legacies showed a positive trend, with unrestricted donations increasing by 22% and restricted grants and donations rising by 86%. Significant contributions include:

The Backstage Trust: Continued support with grants amounting to £170,000 for the third phase of the auditorium seating refurbishment and fundraising support costs.
The Gosling Foundation: Awarded £125,000 dedicated to youth engagement programmes.
Individual Donations: Additional funding was received for outreach and access initiatives.

There was a 12% year-on-year decline in box office revenue. This trend is consistent with other comparable venues, particularly in the adult drama segment.

Total resources expended have decreased from £4,124,725 to £3,939,241. By co-producing we were able to share the costs of production and make use of enhanced budgets to work with top tier artists and creative teams. Running costs for the venue have escalated, primarily due to inflation and significant hikes in utility expenses although some of this was mitigated by forward fixed contracts.

Net outgoing funds for the period are £41,883 (2024 – net outgoing funds £195,528).

Investment powers and policy

Under the memorandum and articles of association, the charity has the power to make any investment that the Trustees see fit.

GOING CONCERN

Determination of the theatre’s ‘going concern’ status is subject to careful review by the Board each year focussing upon the availability and use of resources to further its charitable artistic, educational and community purposes.

The policy through the pandemic was to pursue all possible means to secure the theatre’s future. The policy since has been to communicate our distinctive producing capacity, apply keen and agile operational planning around it and ensure effective control of costs. The theatre, as usual, is in the process of securing its own future in challenging times.

The economic model of the Rose normally balances the costs of its operations by income from box office, development fund raising including grants from trusts and foundations, and dependable funding from its two founding stakeholders.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

GOING CONCERN (Continued)

The principal challenge in the period of this report concerns box office income trends. The strategic aim remains the progressive re-building of our established audiences as well as new audiences. It’s a challenge throughout the sector but we alone are responsible for our condition. Together with the reliable funding streams from the two founding stakeholders, the Royal Borough of Kingston, and Kingston University, these represent the bedrock of financial sustainability.

The current strategic agreement between RBK and the theatre runs to March 2030. 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 citizens across the borough. The borough continues to provide defined levels of financial support to KTT in each year of the agreement, contributing to the resilience and economic sustainability of the Rose theatre. This long-term agreement represents a pillar of stakeholder support and an ongoing anchor of the theatre’s economic model.

The charity also maintains its very close relationship with KU, its other founding stakeholder. The funding provided under the service agreement was established in January 2012. Although paused during the pandemic, regular payment was restarted in January 2022, reflecting the restart of mutually beneficial engagement discussed earlier. The University provides significant and fundamental financial support to the Rose theatre each year and the ViceChancellor confirms in writing the fact of the University’s commitment.

Development fundraising, which together with the other two pillars of the theatre’s economy is crucially important for overall financial resilience, is dependent upon audience experience of and confidence in the quality of the stream of our main stage work. Steps have been taken in this reporting period to strengthen the Rose’s ability to generate greater funding from trusts, foundations, individual donors and other methods.

The outstanding support of the Backstage Trust and The Gosling Foundation in awarding grants demonstrate an exemplary confidence in the theatre’s future success.

The Board’s appraisal of the going concern condition has assumed progressive re-building of main house audiences – for our own drama productions, our seasonal family focussed productions, complementary selected visiting shows; and commercially valuable, one-night shows – associated support through development fundraising: and the continuing support of our two principal stakeholders.

The trustees have reviewed the financial condition of the theatre, with particular attention on the assumptions underpinning the revised plans through financial year 2025/26 and in the longer-term plan. Planning includes projections of future income streams: box office receipts, stakeholder support, donations, and grants. Less positive scenarios have been considered and a balance of judgement struck as to the likelihood of outcomes and the theatre’s resilience to re-build audience attendance.

Trustees are confident that the theatre will be equipped to operate across the range of its many activities, achieving progressively a sustainable balance between combined income streams and the overall costs of planned operations.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

GOING CONCERN (Continued)

The trustees consider that while material uncertainty exists, which may cast significant 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.

Reserves Policy

The trust has £1,260,396 funds at the end of the period comprising £616,748 of unrestricted general funds and £643,648 of restricted funds.

After making allowances 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 £492,603. This is an improvement of £52,695 on the position at 31 March 2024.

Within restricted funds, £587,166 is capital funds to cover the costs of future depreciation charges and scheduled improvement works to the café bar and auditorium and £56,482 is for various short-term projects that are either annual or spread across the year end.

Mindful always of the imperative to continue to secure the future of the theatre, the trustees have plans in hand to address this situation 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’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

Statement of Trustees’ responsibilities in respect of the Financial Statements

The Trustees (who 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 (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare consolidated financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.

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Kingston Theatre Trust and its subsidiary undertaking

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2025

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS (Continued)

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Statement of disclosure to auditor

In so far as the Trustees are aware:-

there is no relevant audit information of which the charitable company’s auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

By order of the Board

William Price, Chair

Date: 18[th] December 2025

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and its subsidiary undertaking

Kingston Theatre Trust

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS AND TRUSTEES OF KINGSTON THEATRE TRUST for year ended 31 March 2025

Opinion

We have audited the financial statements of Kingston Theatre Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Group and Kingston Theatre Trust Balance Sheet, Cash flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 March 2025, and of the group’s incoming resources and application of resources, including its income and expenditure, for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We draw attention to note 1c in the financial statements concerning the charitable company’s ability to continue as a going concern. The charitable group reported a deficit of £41,883 for the year ended 31 March 2025 and at that date the charitable company reported net current liabilities of £436,120. As stated in note 1c these events or conditions indicate that a material uncertainty exists that may cast significant doubt about the charitable company’s ability to continue as a going concern. 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 basis accounting in preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Kingston Theatre Trust and its subsidiary undertaking

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF KINGSTON THEATRE TRUST for the year ended 31 March 2025

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14-15 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Pag e 17

Kingston Theatre Trust and its subsidiary undertaking

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF KINGSTON THEATRE TRUST for the year ended 31 March 2025

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company and group.

Our approach was as follows:

The engagement 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 recognise non-compliance with laws and regulations.
We assessed the risk of irregularities as part of our audit planning, and ongoing review, including those due to fraud, management override was identified as a significant fraud risk. This is due to the ability to bypass controls through inappropriate expenditure and accounting policies adopted.
Completeness of income was deemed a significant risk to the audit, specifically the cut off of income at the year end.
Some income received is restricted in its use and a significant risk was identified regarding the correct classification of income between restricted and unrestricted funds and that the expenditure against this income was in line with any specified restrictions.
We obtained an understanding of the legal and regulatory requirements applicable to the charity and group and we considered the most significant to be Charites Act 2011, the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council and UK Taxation legislation. We considered how the charitable company and group complies with these requirements by discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Consideration was also made of the internal controls in place to mitigate the identified risks.

Pag e 18

Kingston Theatre Trust and its subsidiary undertaking

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF KINGSTON THEATRE TRUST for the year ended 31 March 2025

We assessed the control environment, documenting the systems, controls and processes adopted. The audit approach incorporated a combination of controls where appropriate, analytical review and substantive procedures involving tests of transactions and balances. Any irregularities noted were discussed with management and additional corroborative evidence was obtained as required.
The consolidated financial statements of the group incorporate the results of the subsidiary entity, which is exempt from audit. A review has been completed at group level on areas that are significant to the consolidated financial statements.

To address the risk of fraud through management override we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify any unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
reviewed the disclosures within the financial statements to ensure they meet the requirements of the accounting standards and relevant legislation.
reviewed transactions with related parties, in particular with group entities and strategic partners.

To address the risk of completion of income we:

performed analytical procedures to identify any unusual or unexpected relationships, along with comparison to budget;
performed a proof in total of box office income;
tested a sample of income transactions from supporting documentation into the accounting records; and
performed cut off procedures on income straddling the year end.

In response to the classification of income between restricted and unrestricted we:

agreed a sample of income recorded in the nominal ledger to source documentation to ensure any restrictions were correctly identified;
agreed a sample of expenses incurred to ensure that they had been allocated to the appropriate fund; and
obtained and reviewed fund analysis workings to ensure that the calculations were correct and agreed to the accounting records.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, 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.

Pag e 19

Kingston Theatre Trust and its subsidiary undertaking

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF KINGSTON THEATRE TRUST for the year ended 31 March 2025

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

Louise Hastings (Senior Statutory Auditor) For and on behalf of Moore (South) LLP) Chartered Accountants Statutory Auditor

Suite 3, Second Floor, Friary Court 13-21 High Street, Guildford GU1 3DG

Date: 18[th] December 2025

Moore (South) LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Pag e 20

Kingston Theatre Trust and its subsidiary undertaking

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Consolidated Income and Expenditure Account) for the year ended 31 March 2025

			Restricted	Restricted	Unrestricted	TOTAL	TOTAL
			Capital	Revenue
	Note		2025	2025	2025	2025	2024
			£	£	£	£	£
Income from:
Donations and legacies		2	150,000	247,341	172,888	570,229	356,244
Charitable activities		3	-	-	3,159,084	3,159,084	3,396,647
Other trading activities		4	-	-	162,657	162,657	171,035
Investments		5	-	-	5,388	5,388	5,271
			------------	------------	------------	------------	---------------
Total income			150,000	247,341	3,500,017	3,897,358	3,929,197
			=======	=======	=======	=======	========
Expenditure on:
Raising funds		6	1,090	-	216,631	217,721	184,072
Charitable activities		7	63,169	257,885	3,373,488	3,694,542	3,914,722
Other		10	-	-	26,978	26,978	25,931
			------------	------------	------------	------------	---------------
Total expenditure			64,259	257,885	3,617,097	3,939,241	4,124,725
			=======	=======	=======	=======	=======
Net income			85,741	(10,544)	(117,080)	(41,883)	(195,528)
Transfer between funds			-	-	-	-	-
			------------	------------	------------	------------	---------------
Net movements in funds		11	85,741	(10,544)	(117,080)	(41,883)	(195,528)
Reconciliation of funds:
Total funds brought forward			501,425	67,026	733,828	1,302,279	1,497,807
			------------	------------	------------	------------	---------------
Total funds carried forward			587,166	56,482	616,748	1,260,396	1,302,279
			=======	=======	=======	=======	========

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

As permitted by the Statement of Recommended Practice (FRS102), the parent undertaking’s own statement of financial activities has not been included in these financial statements.

The gross income of the parent undertaking for the financial period was £4,529,180 (2024: £4,960,988) and the result for the period was a deficit of £41,883 (2024: £195,528).

The notes on pages 24 to 45 form part of these financial statements.

Pag e 21

Kingston Theatre Trust and its subsidiary undertaking Registered Number 02497984 BALANCE SHEET 31 March 2025

	Note	2025	2024	2025	2024
		31 March	31 March	31 March	31 March
		Group	Group	Trust	Trust
			(restated)
		£	£	£	£
Fixed assets
Tangible Assets	15a	1,696,516	1,780,551	1,696,516	1,780,551
Investments	15b	-	-	1	1
		------------	------------	------------	---------------
		1,696,516	1,780,551	1,696,517	1,780,552
		=======	=======	=======	========
Current assets
Stock	16	87,502	95,896	87,502	95,896
Debtors	17	763,750	828,445	522,779	740,329
Cash at bank and in hand		434,475	313,344	386,866	230,838
		------------	------------	------------	---------------
		1,285,727	1,237,685	997,147	1,067,063
		=======	=======	=======	========
Creditors
Amounts falling due within one year	18	1,721,847	1,715,957	1,433,268	1,545,336
		------------	------------	------------	---------------
		1,721,847	1,715,957	1,433,268	1,545,336
		=======	=======	=======	========
		------------	------------	------------	---------------
Net current liabilities		(436,120)	(478,272)	(436,121)	(478,273)
		=======	=======	=======	========
		------------	------------	------------	---------------
Net assets		1,260,396	1,302,279	1,260,396	1,302,279
		=======	=======	=======	========
Charity funds
Unrestricted Funds – general	21	616,748	733,828	616,748	733,828
		------------	------------	------------	---------------
		616,748	733,828	616,748	733,828
		------------	------------	------------	---------------
Restricted Funds	21	643,648	568,451	643,648	568,451
		------------	------------	------------	---------------
Total charity funds		1,260,396	1,302,279	1,260,396	1,302,279
		=======	=======	=======	========

For the year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. However, an audit is required in accordance with section 43 of the Charities Act 2011. Trustees’ responsibilities:

The trustees have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2016.

Formally approved by the Board on 18[th] December 2025 and signed on its behalf by:

William Price, Chair

The notes on pages 24 to 45 form part of these financial statements.

Pag e 22

Kingston Theatre Trust and its subsidiary undertaking

STATEMENT OF CASH FLOWS 31 March 2025

	Note	2025	2024	2025	2024
		31 March	31 March	31 March	31 March
		Group	Group	Trust	Trust
		£	£	£	£
Cash flows from operating activities
Net cash provided by operating activities	27	134,527	(43,126)	169,424	98
		------------	---------------	------------	---------------
Cash flows from investing activities
Dividends and interest from investments and bank		5,388	5,271	5,388	5,271
Purchase of property, plant and equipment		(18,784)	(69,838)	(18,784)	(69,838)
		------------	------------	------------	------------
Net cash used in investing activities		(13,396)	(64,567)	(13,396)	(64,567)
Change in cash and cash equivalents in the
reporting period		121,131	(107,693)	156,028	(64,469)
		=======	========	=======	========
Cash and cash equivalents at the beginning of
reporting period		313,344	421,037	230,838	295,307
		------------	---------------	------------	---------------
Cash and cash equivalents at the end of the
reporting period		434,475	313,344	386,866	230,838
		=======	========	=======	========

Pag e 23

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

1. Summary of accounting policies

The principal accounting policies which are adopted in the preparation of the financial statements are set out below.

a) Company status

The company is a company listed by guarantee and has no share capital. The company was incorporated on 1 May 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 is limited to £1 per member of the company. The address of the registered office 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 constitutes a public benefit entity as defined by FRS102.

b) Basis of accounting

The financial statements have been prepared in accordance with the charitable company’s Articles of Association, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (Second edition) and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency and have been rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies are outlined below.

c) Going concern

The charitable company made a deficit of £41,883 for the year ended 31 March 2025, and at that date the company reported net current liabilities of £436,121. The charitable company have prepared a forecast for at least a period of twelve months which shows they have sufficient funding for the majority but the company remains reliant on projected funding from the two stakeholders.

While this material uncertainty exists, which may cast significant doubt in respect of going concern, the two stakeholders have confirmed their continued support for at least the next 12 months. The trustees consider that this support alongside the budget and cash flow projections is sufficient for their balance of judgement that the going concern basis is appropriate for the preparation of the financial statements.

Pag e 24

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

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 reliably, and it is probable that the income will be received.

Donations 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 tax recoverable in relation to donations received under gift is recognised at the time of the donation.

Charitable activities

Income received in advance of a theatrical performance or provision of other services such as catering, programme sales and tuition fees earned through the learning and participation programme is deferred until the performance or services have taken place.

Other trading activities

Income from fundraising events is recognised once the event has taken place. Royalty income from touring shows is recognised on receipt of independent tour accounts in arrears.

e) Interest receivable

Interest is included when receivable by the charity.

f) 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 is classified under the following activity headings:

Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it.
Charitable activities include expenditure associated with the following: staging 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 represents those items not falling into any other heading.

g) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly 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 activities. The bases on which support costs have been allocated are set out in note 8.

Pag e 25

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

h) Donated goods and services

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated gifts, 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 prizes at events are valued at fair value where possible. Those items which do not have a readily available fair value are not included.

i) Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term, even if the payments are not made on such a basis.

j) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Individual fixed assets costing £150 or more are capitalised at cost. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation has been provided at rates calculated to write 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 fittings 5% to 33% on cost depending on useful life Long leaseholds Over the period of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the Statement of Financial Activities for the period.

k) Impairment 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 impairment loss (if any).

l) Fixed asset investments

Investment in the subsidiary is measured at cost.

Pag e 26

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

m) 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 outstanding contributions in full is not anticipated.

n) Fund accounting

Funds held by the charity are either:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Designated funds – these are funds set aside by the trustees out of unrestricted general 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 funds – 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 raised for particular restricted purposes. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

o) Stock

Stock is recorded at the lower of cost or net realisable value, after making due allowance for obsolete or slow moving items.

Work in progress comprises theatre pre-production costs, which are recorded as a current asset. Theatre preproduction 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 debtors 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.

q) Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

r) Creditors and provisions

Creditors and provisions are recognised 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pag e 27

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

s) Loans and borrowings

Loans and 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 transaction it is measured at present value.

t) Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

u) Pensions

The Charity contributes to a defined contribution scheme on behalf of its employees. The assets of the scheme are held separately from those of the company in an 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 artists who were members of the Equity UK Pension Scheme.

v) Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

w) Basis of consolidation

The financial statements are consolidated to represent the position of Kingston Theatre Trust and its subsidiary undertaking. A separate statement of financial activities is not prepared as permitted by Section 408 of the Companies Act 2006.

x) Taxation

The charity is 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 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

The subsidiary company has claimed Theatre Tax Credit relief afforded by Part 15c of the Corporation Taxes Act 2009. The income receivable has been included within Incoming Resources from Charitable Activities.

Pag e 28

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

y) Judgements and key sources of estimation uncertainty

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing 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.

Critical estimates

The following estimate has the most significant effect on amounts recognised in the financial statements.

Depreciation of leasehold property

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 impact upon available cash but the annual depreciation charge would increase and reserves would be lowered.

2 Income from donations and legacies

Income from donations and legacies
	2025	2024
	£	£
Unrestricted
Donations	121,888	142,156
Grants	51,000	-
	------------	-------------
	172,888	142,156
	=======	========
Restricted
Donations	17,037	25,411
Grants	380,304	188,677
	------------	-------------
	397,341	214,088
	=======	========
	------------	-------------
	570,229	356,244
	=======	========

The following government grants were received during the year:

£Nil (2024 - £2,530) was received from Arts Council England towards development and workshops for productions.

Pag e 29

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

3 Income from charitable activities

The income was primarily from the operation of the theatre.

The income was primarily from the operation of the theatre.
	2025	2024
	£	£
Box office income	1,878,912	2,139,246
Programme, catering and hires income	481,286	472,798
Stakeholder support	518,750	518,750
Learning & participation income	280,136	265,853
	------------	-------------
	3,159,084	3,396,647
	=======	========
All income from charitable activities for 2025 and 2024 was unrestricted.
Income from other trading activities
	2025	2024
	£	£
Fundraising events	40,305	37,686
Royalties and touring productions	17,662	16,129
Trading subsidiaries	104,690	117,220
	------------	-------------
	162,657	171,035
	=======	========

4 Income from other trading activities

£Nil (2024 - £50,000) was received by the trading subsidiary from Innovate UK Creative Catalyst Fund towards the digitalisation of UK theatres.

All other income from other trading activities for 2025 and 2024 was unrestricted.

5 Income from investments

Income from investments
	2025	2024
	£	£
Interest receivable	5,388	5,271
	------------	-------------
	5,388	5,271
	=======	========

All interest receivable for 2025 and 2024 was unrestricted.

Pag e 30

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

6 Analysis of expenditure on raising funds

Analysis of expenditure on raising funds
	2025	2024
	£	£
Fundraising costs of grants and donations:
Fundraisers fees and salaries	129,288	84,748
Other direct costs	25,797	14,069
Support costs (note 8)	61,546	84,048
Depreciation (note 9)	1,090	1,207
	------------	-------------
	217,721	184,072
	=======	========

Expenditure on raising funds was £217,721 (2024 - £184,072) of which £1,090 (2024 - £1,207) was attributable to restricted funds.

7 Analysis of expenditure on charitable activities

	Box Office &		Front of
	Production	Learning &	House &	Total	Total
	Income	Participation	Catering	2025	2024
	£	£	£	£	£
Productions	1,678,127			1,678,127	2,017,082
Learning & Participation		292,366		292,366	269,140
Front of House, Catering & Hires			376,957	376,957	355,238
Support costs (note 8)	940,459	153,979	157,195	1,251,633	1,175,655
Depreciation (note 9)	36,413	5,824	53,222	95,459	97,607
	------------	------------	------------	------------	---------------
	2,654,999	452,169	587,374	3,694,542	3,914,722
	=======	=======	=======	=======	========

Expenditure on charitable activities was £3,694,542 (2024 - £3,914,722) of which £321,504 (2024 - £341,733) was attributable to restricted funds.

Pag e 31

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

Allocation of support costs

8

			Box Office &		Front of
	Basis of	Raising	Production	Learning &	House &	Total	Total
	Allocation	Funds	Income	Production	Catering	2025	2024
		£	£	£	£	£	£
Marketing	Time	6,189	247,551	34,038	21,661	309,439	257,608
Box Office	BO Income	11,457	171,664	26,451		209,572	228,379
Premises	Gross revenue
	generated by
	business activity	26,423	334,897	49,931	85,784	497,035	495,209
Management &
Central resource	Time	11,615	150,996	34,845	34,845	232,301	214,836
IT	Headcount	5,365	28,891	7,223	13,414	54,893	56,447
Other	Time as per
	management &
	central resources	497	6,460	1,491	1,491	9,939	7,224
		------------	------------	----------	------------	------------	------------
		61,546	940,459	153,980	157,195	1,313,180	1,259,703
		=======	=======	======	=======	=======	=======
Allocation of depreciation
			Box Office &		Front of
	Basis of	Raising	Production	Learning &	House &	Total	Total
	Allocation	Funds	Income	Production	Catering	2025	2024
		£	£	£	£	£	£
Leasehold	Gross revenue
	generated by
	business activity	567	7,181	1,071	1,839	10,658	10,658
Bar & Front of	Identifiable
House equipment	assets				45,919	45,919	50,682
Boiler refurbishment	Gross revenue
	generated by
	business activity	523	6,642	990	1,701	9,856	9,856
Auditorium project	Identifiable
	assets		22,592			22,592	20,092
Gallery project	Identifiable
	assets			3,763	3,763	7,526	7,526
		------------	------------	----------	------------	------------	------------
		1,090	36,415	5,824	53,222	96,551	98,814
		=======	=======	======	=======	=======	=======

9 Allocation of depreciation

Pag e 32

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

Other costs
	2025	2024
	£	£
Governance costs
External audit	15,500	16,000
Other fees paid to auditors	190	180
Other taxation advice	6,325	6,143
Indemnity Insurance	1,118	1,593
Legal and professional charges	3,845	2,015
	------------	-------------
	26,978	25,931
	=======	========

All expenditure on other costs for 2025 and 2024 was unrestricted.

11 Net income/ (expenditure) for the year

This is stated after charging the following:

his is stated after charging the following:
	2025	2024
	£	£
Operating lease rentals	104,796	99,075
Depreciation	96,550	98,813
Loss on disposal of fixed assets	6,268	-
Auditors remuneration - Audit	15,500	16,000
Auditors remuneration - Other services	190	180
Staff and artists’ costs	2,352,514	2,226,819

12 Trustees' and key management personnel remuneration and expenses

Other than the Chief Executive, trustees neither received nor waived any remuneration, fees or expenses during the year for their duties (2024 - £Nil). See note 13 for information on amounts paid to the Chief Executive.

During the year no trustee received fees for work performed (2024 - £Nil) and no (2024 - no) trustee provided gifts in kind (2024 - £Nil).

During the year 10 trustees (2024 - 7) donated £5,884 (2024 - £3,822).

The total amount of employee benefits received by key management personnel is £Nil (2024 - £Nil). The total amount of remuneration received by key management personnel is as follows:

	2025	(reinstated)
	£	£
Key management remuneration	371,121	325,677
	=======	========

Other than the Chief Executive, no (2024 – no) trustees are accruing pension arrangements.

During the year the trust paid £1,118 (2024 - £1,593) in respect of Trustees Indemnity Insurance.

Pag e 33

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

13 Staff and employee benefits

The average monthly headcount during the year was as follows:

	2025	2024
	Number	Number
Raising funds	3	3
Charitable activities	63	62
Governance	1	1
	------------	-------------
	67	66
	=======	========

The average monthly number of employees on permanent contract during the year was 37 people (2024 – 37). The average number of employees on short term and casual contracts during the year was 30 people (2024 – 29). The average number refers to the number of individual employees each week irrespective of the number of hours worked.

Employees who earned over £60,000 in the year:

Employees who earned over £60,000 in the year:
	2025	2024
	Number	Number
£60,000 - £70,000	3	2
£70,000 - £80,000	-	-
£80,000 - £90,000	1	1
	------------	-------------
	4	3
	=======	========
The total staff costs and employee benefits was as follows:
	2025	2024
	£	£
Wages and salaries	1,448,040	1,407,890
Social security costs	126,054	116,433
Pension costs	26,368	23,976
	------------	-------------
	1,600,462	1,548,299
Staff recruitment costs	-	165
Amounts paid to third parties for artists’ fees & consultancy	743,911	668,783
Amounts paid to third parties for artists’ pension costs	81,141	9,572
	------------	-------------
	2,352,514	2,226,819
	=======	========

The Articles of the Charity were amended in June 2010 to permit reasonable remuneration to be paid to the Chief Executive, if that person is a Trustee. Payments to Robert O’Dowd while he was Chief Executive during the year were £87,192 (2024 - £86,190) pension contributions of £1,321 (2024 - £1,321) and expenses of £1,277 (2024 - £1,656). Expenses reimbursed related to travel and subsistence costs, entertaining costs and office sundry costs. No other trustees received reimbursements for expenses.

Pag e 34

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

14 Taxation

No charge arises due to the charitable status of the charitable company.

15a Tangible fixed assets

Tangible fixed assets
		Group			Trust
	Leasehold			Leasehold
	Property	Equipment	Total	Property	Equipment	Total
	£	£	£	£	£	£
At 31 March 2024
Cost	1,334,583	1,332,508	2,667,091	1,334,583	1,332,508	2,667,091
Additions	-	18,784	18,784	-	18,784	18,784
Disposals	-	(23,872)	(23,872)	-	(23,872)	(23,872)
	-------------	------------	------------	------------	------------	------------
At 31 March 2025	1,334,583	1,327,420	2,662,003	1,334,583	1,327,420	2,662,003
	=======	=======	=======	=======	=======	=======
Depreciation
At 31 March 2024	173,216	713,324	886,540	173,216	713,324	886,540
Charge for period	10,658	85,893	96,551	10,658	85,893	96,551
Eliminated on disposals	-	(17,604)	(17,604)	-	(17,604)	(17,604)
	------------	------------	------------	------------	------------	------------
At 31 March 2025	183,874	781,613	965,487	183,874	781,613	965,487
	=======	=======	=======	=======	=======	=======
Net book value	------------	------------	------------	------------	------------	------------
At 31 March 2025	1,150,709	545,807	1,696,516	1,150,709	545,807	1,696,516
	=======	=======	=======	=======	=======	=======
	------------	------------	------------	------------	------------	------------
At 31 March 2024	1,161,367	619,184	1,780,551	1,161,367	619,184	1,780,551
	=======	=======	=======	=======	=======	=======

Leasehold Property costs include fees to architects, quantity surveyors, structural engineers, construction managers etc. and the cost of initial construction work. Depreciation commenced from January 2009 when architects issued the completion certificate.

15b Fixed asset investments (Trust only)

Fixed asset investments (Trust only)
	Shares in group
	Undertakings
Investments	£
Costs
At 31 March 2024 and 31 March 2025	1
	=======
Net Book Value	------------
At 31 March 2025	1
	------------
At 31 March 2024	1
	=======

Pag e 35

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

15b Fixed asset investments (cont.)

This investment comprises a 100% owned subsidiary undertaking, Rose Theatre Enterprise Ltd, which is registered in England. The company’s registered number is 06529121. The turnover of Rose Theatre Enterprise for the year 31 March 2024 – 31 March 2025 was £1,314,241 (2024: £1,607,440). Profits of £102,454 (2024 - £110,650) were donated to the parent charity Kingston Theatre Trust.

The aggregate share capital and reserves at the year-end amounted to £Nil (2024: £Nil).

The prior year comparative for the Group’s investment value has been restated to correct an error whereby an investment of £1 was not eliminated on consolidation in the previous year.

16 Stocks

Stocks
	Group	Group	Trust	Trust
	2025	2024	2025	2024
	£	£	£	£
Stocks for resale	5,062	4,751	5,062	4,751
Closing WIP	82,440	91,145	82,440	91,145
	------------	------------	------------	---------------
	87,502	95,896	87,502	95,896
	=======	=======	=======	========
Debtors
	Group	Group	Trust	Trust
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	199,205	140,335	50,607	88,326
Amount owed by group undertaking	-	-	218,070	478,903
Accrued income	108,214	128,635	108,214	113,634
Theatre Tax Credit and Gift Aid	317,506	500,009	7,063	-
Other debtors	71,640	-	71,640	-
Prepaid expenses	67,185	59,466	67,185	59,466
	------------	------------	------------	---------------
	763,750	828,445	522,779	740,329
	=======	=======	=======	========

17 Debtors

Pag e 36

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

18 Creditors: amounts falling due within one year (continued)

	Group	Group	Trust	Trust
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	411,168	493,921	393,205	488,221
Box Office advance	369,437	338,050	369,437	338,050
Other tax and social security:
VAT	30,300	148,258	27,597	84,528
PAYE	31,052	30,641	31,052	30,641
Accruals and deferred income:
Accrued expenses	313,283	278,312	225,394	205,271
Deferred income	566,607	426,775	386,583	398,625
	------------	------------	------------	---------------
	1,721,847	1,715,957	1,433,268	1,545,336
	=======	=======	=======	========
The movement in deferred income is as follows:
	Group	Group	Trust	Trust
	2025	2024	2025	2024
	£	£	£	£
Balance at 31 March 2024	426,755	388,736	398,625	316,328
Amounts deferred in the period	566,607	426,775	386,583	398,625
Amount released to incoming resources	(426,755)	(388,736)	(398,625)	(316,328)
	------------	------------	------------	---------------
Balance at 31 March 2025	566,607	426,775	386,583	398,625
	=======	=======	=======	========

Deferred income comprises grants and co production contributions relating to future accounting periods and deposits for future events.

19 Operating leases

Total future minimum lease payments under non-cancellable operating leases are as follows:

	Property		Equipment
	31 March	31 March	31 March	31 March
	2025	2024	2025	2024
	£	£	£	£
Less than 1 year	30,000	30,000	55,363	12,490
Later than one and not later than five years	-	-	216,329	894
More than five year	-	-	22,500	-
	=======	=======	=======	========

A 125 year lease with Kingston Theatre LLP commencing 1 January 2008 was signed on 10 December 2015.

Pag e 37

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

19 Operating leases (cont.)

An independent rent review was carried out following which the annual rent was re-set at £35,000 effective 1 April 2015. Further periodic rent reviews will take place over the life of the lease and a reduction in rent to £30,000 was agreed in May 2022. A break clause was set within the agreement at 1 January 2017 at which point the charity could give 12 months’ notice to terminate the lease agreement.

The charity installed new moving stage lights in August 2024 under a six year agreement with SLX. The annual charge is £54,000 and the minimum rental period is six years.

20 Capital commitments

At the reporting date, the Trust had capital commitments contracted but not provided for of £71,126 (2024: £nil).

21 Fund reconciliation

GROUP	Balance	Incoming	Outgoing		Closing
	B/F 31 March	Resources	Resources	Transfers	31 March
	2024				2025
	£	£	£	£	£
Capital Fund
Boiler	14,381	-	(9,856)	-	4,525
Auditorium and Front of House	434,360	150,000	(46,877)	-	537,483
Gallery performance space	52,684	-	(7,526)	-	45,158
	------------	------------	------------	------------	------------
Total Capital Fund	501,425	150,000	(64,259)	-	587,166
Restricted Revenue Fund
Let Me In Festival	3,373	-	(3,373)	-	-
Bursary Scheme	3,472	5,287	(3,734)	-	5,025
Peter Hall Emerging Artist Fellowship	19,471	17,500	(12,990)	-	23,981
Youth Outreach	14,899	36,750	(48,275)	-	3,374
Stage One Trainee Producer	-	15,304	(7,652)	-	7,652
Access Fund	1,536	11,500	(13,036)	-	-
Production Funding	-	16,000	-	-	16,000
Youth & Education Project	-	125,000	(125,000)	-	-
Development support	24,275	20,000	(43,825)	-	450
	------------	------------	------------	------------	------------
Total Restricted Revenue Fund	67,026	247,341	(257,885)	-	56,482
General Fund	733,828	3,500,017	(3,617,097)	-	616,748
	------------	------------	------------	------------	------------
Total	1,302,279	3,897,358	(3,939,241)	-	1,260,396
	=======	=======	=======	=======	=======

Pag e 38

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

21 Fund reconciliation (Continued)

Prior period:

GROUP	Balance	Incoming	Outgoing		Closing
	B/F 2 April	Resources	Resources	Transfers	31 March
	2023				2024
	£	£	£	£	£
Capital Fund
Boiler	24,237	-	(9,856)	-	14,381
Auditorium and Front of House	470,238	-	(35,878)	-	434,360
Gallery performance space	60,210	-	(7,526)	-	52,684
	------------	------------	------------	------------	------------
Total Capital Fund	554,685	-	(53,260)	-	501,425
Restricted Revenue Fund
Let Me In Festival	3,373	-	-	-	3,373
Bursary Scheme	3,607	2,679	(4,530)	1,716	3,472
Peter Hall Emerging Artist Fellowship	34,742	21,232	(36,689)	186	19,471
Youth Outreach & Schools Programme	1,688	13,830	(619)	-	14,899
Christmas Tree	-	250	(250)	-	-
New Writing Festival	186	-	-	(186)	-
Participate Fund	1,716	-	-	(1,716)	-
Access Fund	4,536	-	(3,000)	-	1,536
Production Funding	42,770	6,297	(49,067)	-	-
Core Funding	-	8,000	(8,000)	-	-
Youth & Education Project	-	125,000	(125,000)	-	-
Development support	-	36,800	(12,525)	-	24,275
Innovate UK Digitalisation	-	50,000	(50,000)	-	-
	------------	------------	------------	------------	------------
Total Restricted Revenue Fund	92,618	264,088	(289,680)	-	67,026
General Fund	850,504	3,665,109	(3,781,785)	-	733,828
	------------	------------	------------	------------	------------
Total	1,497,807	3,929,197	(4,124,725)	-	1,302,279
	=======	=======	=======	=======	=======

Boiler - The fund was set up from a grant to cover the cost of refurbishment works on the boiler and is to be used to cover annual depreciation charges.
Auditorium & Front of House – The fund is for refurbishment costs of the auditorium to provide a more intimate experience for the audience and to improve sightlines and acoustics. The second stage of the auditorium work to improve access was completed in September 2022. Improvements were simultaneously made to the café and ground floor front of house areas. Funds received in 2025 are for the refurbishment of the Circle seating in August 2025
Gallery performance space – The second phase of the capital project transformed the theatre’s gallery space into a performance space.
Let me in Festival – This is an inclusive drama festival featuring work by and for people with physical, learning and sensory needs. The remainder of funds were used within the year to support accessibility.

Pag e 39

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

21 Fund reconciliation (cont.)

Bursary Scheme – The fund is to provide financial assistance towards course fees to members of the Rose Youth theatre.
Peter Hall Emerging Artist Fellowship – Established to commemorate the legacy of our founding Artistic Director and as an expression of the Rose’s commitment to being both a distinctive producing house and a developer of theatre talent. The fund is to provide a stipend for the chosen fellow in a residency at the Rose theatre.
Youth Outreach & Schools Programme – The fund was established for future work with young disadvantaged people.
Stage One Trainee Producer – A grant towards a 12 month placement for a trainee producer which ran from August 2024.
Christmas Tree – The fund was donated by the DNB to pay for the cost of the annual Christmas tree in the prior period.
New Writing Festival ACE Grant – This fund was established to support a festival of new writing which was part of the work developed by the inaugural PHEAF recipient and the remaining funds transferred to the PHEAF fund.
Participate Fund – This fund was established to enhance and support the work of the Rose Youth Theatre. Amounts were used to support the Bursary fund this year.
Access Fund – This fund was established to support access performances and training costs for captioning practitioners
Production Funding – Grants were awarded to support a research trip for the creative team involved in a project under development.
Core Funding – Grants were awarded towards overheads by The Rose Foundation and the Royal Borough of Kingston in the prior period.
Youth & Education Project – Grant towards costs of our work with young people.  Development Support – Grants were awarded by The Backstage Trust towards fundraising consultancy and staffing costs
Innovate UK – Grant funded Digitalisation of UK Theatre project

Pag e 40

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

Fund reconciliation (cont.)
TRUST	Balance	Incoming	Outgoing		Closing
	B/F 31 March	Resources	Resources	Transfers	31 March
	2024				2025
	£	£	£	£	£
Capital Fund
Boiler	14,381	-	(9,856)	-	4,525
Auditorium and Front of House	434,360	150,000	(46,877)	-	537,483
Gallery performance space	52,684	-	(7,526)	-	45,158
	------------	------------	------------	------------	------------
Total Capital Fund	501,425	150,000	(64,259)	-	587,166
Restricted Revenue Fund
Let Me In Festival	3,373	-	(3,373)	-	-
Bursary Scheme	3,472	5,287	(3,734)	-	5,025
Peter Hall Emerging Artist Fellowship	19,471	17,500	(12,990)	-	23,981
Youth Outreach & Schools Programme	14,899	36,750	(48,275)	-	3,374
Stage One Trainee Producer	-	15,304	(7,652)	-	7,652
Access Fund	1,536	11,500	(13,036)	-	-
Production Funding	-	16,000	-	-	16,000
Youth & Education Project	-	125,000	(125,000)	-	-
Development support	24,275	20,000	(43,825)	-	450
	------------	------------	------------	------------	-----------
Total Restricted Revenue Fund	67,026	247,341	(257,885)	-	56,482
General Fund	733,828	3,500,017	(3,617,097)	-	616,748
	------------	------------	------------	------------	------------
Total	1,302,279	3,897,358	(3,939,241)	-	1,260,396
	=======	=======	=======	=======	=======

Pag e 41

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

21 Fund reconciliation (cont.)

Prior period:

TRUST	Balance	Incoming	Outgoing		Closing
	B/F 2 April	Resources	Resources	Transfers	31 March
	2023				2024
	£	£	£	£	£
Capital Fund
Boiler	24,237	-	(9,856)	-	14,381
Auditorium and Front of House	470,238	-	(35,878)	-	434,360
Gallery performance space	60,210	-	(7,526)	-	52,684
	------------	------------	------------	------------	------------
Total Capital Fund	554,685	-	(53,260)	-	501,425
Restricted Revenue Fund
Let Me In Festival	3,373	-	-	-	3,373
Bursary Scheme	3,607	2,679	(4,530)	1,716	3,472
Peter Hall Emerging Artist Fellowship	34,742	21,232	(36,689)	186	19,471
Youth Outreach	1,688	13,830	(619)	-	14,899
Christmas Tree	-	250	(250)	-	-
New Writing Festival	186	-	-	(186)	-
Participate Fund	1,716	-	-	(1,716)	-
Access Fund	4,536	-	(3,000)	-	1,536
Production Funding	42,770	6,297	(49,067)	-	-
Core Funding	-	8,000	(8,000)	-	-
Youth & Education Project	-	125,000	(125,000)	-	-
Development support	-	36,800	(12,525)	-	24,275
	------------	------------	------------	------------	-----------
Total Restricted Revenue Fund	92,618	214,088	(239,680)	-	67,026
General Fund	850,504	3,665,109	(3,781,785)	-	733,828
	------------	------------	------------	------------	------------
Total	1,497,807	3,879,197	(4,074,725)	-	1,302,279
	=======	=======	=======	=======	=======

Pag e 42

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

22 Analysis of group net assets between funds

			Restricted
	General	Capital	Revenue	Designated	Total
	Fund	Fund	Fund	Fund	Fund
	£	£	£	£	£
Tangible fixed assets	1,109,350	587,166	-	-	1,696,516
Cash	377,993	-	56,482	-	434,475
Other assets	(870,595)	-	-	-	(870,595)
	------------	------------	------------	------------	------------
	616,748	587,166	56,482	-	1,260,396
	=======	=======	=======	=======	=======
Prior period:
			Restricted
	General	Capital	Revenue	Designated	Total
	Fund	Fund	Fund	Fund	Fund
	£	£	£	£	£
Tangible fixed assets	1,279,126	501,425	-	-	1,780,551
Cash	246,318	-	67,026	-	313,344
Other assets	(791,616)	-	-	-	(791,616)
	------------	------------	------------	------------	------------
	733,828	501,425	67,026	-	1,302,279
	=======	=======	=======	=======	=======

23 Pension and other post-retirement benefit commitment

Defined Contribution

Defined Contribution
	2025	2024
	£	£
Contributions payable by the charity in the period	26,368	23,976
	=======	=======

Contributions of £7,050 (2024: £6,322) were payable to the scheme at the balance sheet date.

24 Control

There are no controlling parties.

25 Related party transactions

During the year RBK provided funding of £200,000 (2024 - £200,000) to Kingston Theatre Trust. RBK purchased £870 of services from its subsidiary undertaking (2024 - £594) and at the year-end £Nil (2024 - £Nil) was included within trade debtors.

Pag e 43

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

Kingston Theatre Trust also purchased services from RBK for £14,685 (2024 - £16,787) and at the year-end £4,749 (2024 - £13,512) was included within trade creditors. There are no other balances with RBK at the year-end (2024 - £Nil).

RBK has the power to nominate up to two candidates for appointment to the Board of trustees.

During the year £30,000 (2024 - £30,000) was payable to Kingston Theatres LLP in respect of rent and at the year-end £18,000 (2024 - £60,000) within trade creditors.

KU purchased services from Kingston Theatre Trust of £295,208 (2024 - £342,292) and £14,427 (2024 - £15,262) from its subsidiary undertaking. At the year-end £928 (2024 - £5,898) was included with trade debtors of Kingston Theatre Trust and £1,092 (2024 - £1,092) within the trade debtors of its subsidiary.

No professional services as gifts in kind were received from Trustees (2024 - no) (2024 - £Nil) for work done on pro bono basis.

26 Financial instruments

The carrying amounts of the charity’s financial instruments are as follows:

	Group	Group	Trust	Trust
	2025	2024	2025	2024
	£	£	£	£
Financial assets
Debt instruments measured at amortised cost:
- Trade debtors (note 17)	199,205	140,335	50,607	88,326
- Amounts owed by group undertakings (note 16)	-	-	218,070	478,903
- Other debtors (note 17)	71,640	-	71,640	-
- Accrued income (note 17)	108,214	128,635	108,214	113,635
- Cash in hand and at bank	434,475	313,344	386,866	230,838
	------------	------------	------------	------------
	813,534	582,314	835,397	911,702
	=======	=======	=======	========
Financial liabilities
Measured at amortised cost:
- Trade creditors (note 18)	411,168	493,921	393,205	488,221
- Accrued expenses (note 18)	313,283	278,313	225,394	205,272
	------------	------------	------------	------------
	724,451	772,234	618,599	693,493
	=======	=======	=======	========

Pag e 44

Kingston Theatre Trust and its subsidiary undertaking

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2025

27 Reconciliation of consolidated net income to net cash flow from operating activities

	Group	Group	Trust	Trust
	2025	2024	2025	2024
	£	£	£	£
Net income for the reporting period	(41,883)	(233,028)	(41,883)	(233,028)
Adjustments for:
Depreciation charges	96,551	98,813	96,551	98,813
Loss on disposal of fixed assets	6,268	-	6,268	-
Dividends and interest from investments and bank	(5,388)	(5,271)	(5,388)	(5,271)
(Increase) / decrease in stock	8,394	(2,580)	8,394	(2,580)
(Increase) / decrease in debtors	64,695	(176,571)	217,550	(58,287)
Increase / (decrease) in creditors	5,890	275,511	(112,068)	200,451
	------------	------------	------------	------------
Net cash provided by operating activities	134,527	(43,126)	169,424	98
	=======	=======	=======	========

Pag e 45