Comp•ny rwstration nwnber02759117 IEn8land ond Wal) Charity reg55tratlon number 1014891 (England and Wales) THE CRrrERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT ANO H14ANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2025 "AF8E2X1L' 1yoe12026 COMPANIES HOUSE A7
THE CRITERION THEATRE TRUST {A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Tru8t•¢s A Banes SFry S Greene S Rosen L Btyjme S¢¢r•¢ary Charity rtUMr 1014891 Comp•ny numb•r 02759117 Prfn¢fjp addr 2 Jerrrryn Street SWI R¢gl$tered offi 73 Ctynh Lty( EC3V 3QQ Independenl Audiior Gerald Edelrnan LLP 73 Comh41 Lond EC3V 31)2 8ank•rs Th8 Royal Bank ofscotsnd Pk Lond Piccadlly CirrJJs Branth London SW1Y 4SE Soll¢ito Hry•ord Kennedy LLP No.1 Lor#kn er Londc SE1 98G
Ek7p¢10.. 14COEAF7•825M?58Ew*259I9 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS Pape Trustees, i•wt Independent audiio¢s pryt ststement of finanrAal acti•5 io Balan she8t 11 Slalement DI cash fitrws 12 Notes to Ihe finan¢1 statements 13-2S
DottLL50 ErNeknw V.. 14crEAF74ft82S825FEfj259I9 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2025 Tha Trustees presenl Iheir anrwl rekYt finan(ial statements l(¥ the yearerthd 31 Detyrber 2025. Th8 financial slat9nts ha been ppare{l in KwdarKe th thg ac¢xJunts"ry pc4icies set out in Note 1 to the financial statements arKI compty W1h the Chanbes Act 2011, the Cornpan Act 2006 ar#J "Accounting and RertIj by Charities: Staternenl ol Recornmended Prac11 applicable to charibes preparin9 their accnts in accordance wth tt Finanual Reporting Standard applicatle in the UK and RewblK of trdand IFRS 1021. Oblectiv•s and a¢ti¥itr•s The charitys obJ"ethves we to promo. mamtsin. inyove and advance e(lurab"M by the encouragement of the arts. Irul1j the ans of drama. mirr¢. dance. mux. balleL opera. pupwry, paints.ng and $¢ulpture. phot¢)araphy, cinwna literature and pogtry and to fonnuLqte. pare and estatlish schemes lo meet ihese 08(ves. GNe carefvl ¢XJnsdera1 to the araxgbty ofthe theatre. To athieve these aims the Trust". MaInlnS and operates The Crileri• Thèatr8.' Presents and promoths theatre produetth5'. EnatAes anTJ 5upwts development of 81181 Kmoductions aThJ Ihe developmenlal process including readings and worksW$', Runs 8n educ2tion projramme. initiating wirkshops fdevant to the current prodlI0n. 8ThJ Makes the theatre available, outside of Ihe Iirne5 01 perforrnances, for SchIs, cdleges. drama OUP5, Ihe3tr8 and television produclion compan for Showcases. auditic#is. rehear5a15. confwen¢e5 d events. Our key educalwal focus ts lo prrm)te and afvan the in¥Trknmenl of Yrg people in the arts marilY by making Ih"s histori¢ venue availat4e to Ihem both a$ perfonner5 and engaged Iheatre goers. In Setting th8 obj8clives and plannir¥J Trts actie5 the TnJst88s have t5ered the Charity Commissw)n guidance on pullic benefit. indudirg ihe gUKlan benefit a1 fee tharging. The tIatre relie$ on onatths anLI inCce from lees and charges to o)ver ts opwatsrvJ Co$ In settiNJ Ihe level of fee5 the trustees 9i¥e calu1 wnsK1eratign lo Ihe ac¢ewbility ol Ihe ttsatre. Critwion New Wrikng 1$ a educab wogram off¢rgd by thÈ Tnrt It in¥Ve$ a sefies of script Wrribng antl developrneni wrkShOpS lar t4ace on 5tsJe. It is free io and take pa A¢ti¥itiS The produclton of rrtanique started pThiew5 in December 2024 opened in January io outstanding rewews. In April rt recewed three Oliwer award nominats"¢)ns- nn1Thj two. indL#Jin9 Best New Entertainment- ano extended bo¢fv"n9 throu9h th• y•arand inio 2026. Ths resulted in w6•ks for2025. The Trust actiwb.es ¢onbnued th a fvjll wogramme of Ciiternn WritiThJ r$e5 and events induding 3 wbl Showcase perforrnances tn CktoberlNov•Mber preSen.g 4&miTrute excerpts of 6 plays by cri0n New Writing umni. AJI free lor pwticipants and audience5. Dalme use of the theatre by tre Trust for the ¢Jevdopiwt ol new wort o)ntinued with open and private a¢JIn9 sessicffls, workshops ant1 c¢Alat)rail wlh the Adopt a Playwnght scherne. Eastsi¢Jè Educatwal and Cwam Shakespeare Schod FfwThYalh)n. The Trust coned to make our spaces 3vaAable al cth¥9e ky edutits. creative and dwritable events throu9h tr year.
En¥ekI ID. 1d1C0E)F7lw5&FBEwJ12s9I9 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2025 lrnprovement works and repairs in the tlkJiNg conbnued as an ongDing WO3Tamme amund t$Y performance and event schellules indudiThJ improvements to our IT systems to faalrtate devebpment in both administrabve and performance u58. The Twst continued Nnning rfs Tlalre Skin$ workshops for young peoF48 in collaboration wrth Cornm shakespea Schools Foundat¥)n. wirwJ hands on expenCe in direuing. s managemeni. ligliting and sound design in lull day, on stage M)rkshops t to wtio'pants. yearfs Tmrkshops targeted 14 to 17-year-olds throu9h school ervJag8rn8nL Our Fr1 of House Management Trainee kwi•awnme recruthj Is third iiainee ¥emtv. This prcxjramme is 8 Xryrnonth, paid training ¢wrJramme aw$tiNJ existiry front of hwse empSDyees arms$ industry to make the rnove to rnenageftnt. The prTrJrarnme Iude$ fulty luThled fomial trainiNJ and certifiti in first aiLI. licencing, and health and safety as wdl as hands on experience rnanaging at Ihe Criterion and in partner venues such a Southwark Aayhouse. Bolh our pr8vkXts trairsees r)ved into ful bme venue marhagernent posts at the end of the cour58. We continu8 to Charn0n rSonal profe55)nal devdoprnt for employee5 wlh fvnded Iwaining available- thi5 OpwxtuNt CIPO. accounb"NJ. and theatre lechnic trwniNJ courses. Flnan¢l•l r•¥i• The Statement of finanual adi"S 5h(ME net income ol e694.658 Inet 8XP8ryJiiwe 21x24.. £232,212}. Th¢ Trusl's activities are financed by the ir¢ome r¢ rnise$ itsdf and is theth rtlianl on the theatre beiryj lully programmed thrw)h(l the year. With no dosed weets in 2025 we We atle to maxirnw in¢on bolh through consistent rental income and front of house tra¢ing. This stth.lity all for planning of Trust activities gjch as worksl)ps and readings trrt a150 limrts the slage ar£55 we have for these event5 and for maintenance and r•storati acb'wtss. R¢s¢N policy The total fvnds h8ld by the Trust at 31 DeCer 2025 ere £3.144.08912024.. £2.449.4311. or these. Ihe funds not ¢onwnitted or imi8sf8d in fixed assets llh8 free serves") Yre £2,760,86812024." £2.178.3771. 11 is the pohcy of Ihe C(panY Ihal tts free reserves shouhd be maintained at a bevet ewwalent lo a minimum of six rnonlh's of expendittjre c051s liat4e when the theat not operational- %vhen no income is generaled bul equally expenditure is ce. This figu to incJd¢ poten11 redundancy liabilits'es bul exdudiry the salary and aSSOQaled costs wilh the theatre bwTrJ prctyJrammed wth a prc#Jucbon. The reseNes level was reviewed in 2025 and sei al £1.000.(. The tsustees considei res8r¥e5 ai thts level ensure that the Twsi will be aNe to fulfil six months of rts financial cornmitrrtents. IYluding the relents of fiJl b.me staff. Whi considerabon is gNen to ways in hich addrti¢)nal luThJs may rais•J. As the theatre 15 Srtuatecs in an extensive offce anol ta development the Trust has lar9er ¢harg•5 than orglinarily applicalJ fty ymAar theats f4)eraln$. Th•se costs are Th)t u¢e rf the Trust is unae to opeiaie. The Reserves level will be revied again in 2026. The trustees renISe Ihat they are IK4ding avaibble frjnds over the exi$tsn9 reserves level and futu planning incorporates these will be uselully expended in line the aims and obFcb"ve5 of the tharity. Prosects are currently in planning slwje for budding imwovements that WAII incorporate th¢ Iree re58ry85 lund5 as well a5 restricted restoration le¥y fuThJs which currenuy sland at £352.386 (Note 201.
DocLEty3n EnvekJF ID: 14cOEfjwW2¥A25591g THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Plans forfulure periods The Trust conb'nues ¢0 make improvemtnts and iepaiis to our Grade11 listed bu1hlY Ylh a fows on improving our opefations irn line wlh environrnentd 5UStanability. sC1j larger %wrks whde the th88tre is open 15 pfDblernatic and can increase costs. so ann1Thj is ongtyng lof a number ol projects with particular attention as to lThf they wll be managed t¥Jlh finanoamy and in actess time aftyjnd tyjr Ferforrnance schedule. Planned works include thè placement of Ihe slage system, imwovemenls lo th8 stsge stluciure and extenFAve improvement to thtr lethnical facdilies 41 of ill make the venue rrKNB ysaIle aTrJ technicaly able to kn'tate a wJer range of incomiftg wtsYu¢tions. The Trust wrfl con&nue lo ijehver aTrJ lurfher tjwebp sklLs YJwkshops for sclx)Is on and off sile to nroura98 nleresl and Understa11n9 dopportunitie5 vAlhin the indusby. In 2026 we will kKbk to expand the contenl and range of opportunities we provide Jn our educatW kY(¥Jrnmme c0Uaboratn with Coram Shakespeare Scho$ Foundation and other5. The Front of PIJu5e maemen1 IrainnvJ scherne wlll conlmiue into 2026 be expanded into OprtUnItieS thin box office ané tethThcal departments. Cd1atWa ith ¥erMks WAII be eW¢xed to offer for1 tethnical apprentKeship. The &iterion New Wrilry prowarnm? ¥rrill conUe to devdop wth mtye on 5UPPtyted devdopment ol fiAI length t4ays and rncKe one LM one support fw the pentatM of Ihe showcase perf(xMae in the autumn follor8 successful expansKJn of Ihe Kxogtsrnme in 2024. We hope to exp rttter w¢h partner venues. The Trust ¢tinUeS to colabrKatg wlh existir¥J pwlner5 vkn"rvJ with yourrfJ p¥Ae although necIOn with our resident Production is not uJrrenly w8ctt4e due to ifs more adutt content, DaY.Me use of the venue for develoFThent and eXorat of new th will continue encourdging engagement wilh new and emerging Prncti1er5 851 as tend1j ContaCtTr cornmunty and educational groups. The Criten'on Theatre Trust 15 a cornpany limrted by guarantse a te9i5t•red charity. 9ovemed by MemoraThJum and Artides 0fA$satth daied 21 Ocloter 1992. TTh$tee$ The Trust¢e$. wh) we al80 the Ihe puw ofoyryny i1, and 8er¥ed during the >ar were: A Banes SFry S Gr88ne SRO L Boume l Edwards-Jone$ None ofth8 trustees ha5 ary b(la1 interesl Lympy. AJI ofthe tr1885 rnember5 01 the t?)mY and guarantee to ctsith.bute £1 in the e¥eni of a Up. The t)ard has the to apwnt addrtitina tntsiees al Ihew ¢Jstreiw. Organis8tti The Trust is governed by a Board of Trustee5 rnvst have a rninimum of three members aThJ a maximurn of ffteen. The Tru$18es rneet regulafy lo manage rfs affairs. The day4trday resF<xi$itslities fc¢ the charity are dele9aied to the Man*3iThJ Chre(#or. Fiona Ca1h2n.
Dwu9n EThvekn ID.. 14cOEAOF74825m2BEaQ03919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 . Riskrnanagern8nl Th¢ tNslees have a risk Marerrnt strategy whi( CM(¥e$". An annual of the risks th¢ charity may e: The estatslishmenl ofsyElem5 and prnCedu lo those rffjks mjentsfd in the an. and The imptementakn of prlu ¢Jesifv k) nlmISe any F¢tents" pmpact Ihe charity sIKld those risks malerialise. Particuiqr altsntw has locused on n(TrfinwKaal ii5ks w frtyrt fve. heallh safety ol artists artEI aud, management of performin9 rights. A key ngnt in Ihe marement of fin8ntial risk is the selb"NJ of a erVeS policy and 11$ re9ar review by twstees. Twsle85 induc[ 8nd tr8ining New trustees undergo an oriental¢on day to brief them iheir kgal ot4igattons urkr chanty and CCpanY law, Ihe ontenl of Ihe Mernorandum and Artdes ol AssooalTr?n. the ¢Dmmittee and dBci5ion-making processes. the busine55 and rocent financial Ferforrnanc8 of charity. During Ihe day they meet key ernoyeeS and other tnJslee$. TDJstees are erKLwwed to att•J apprnwiate ethmal everts where these wll facilrtate the understan¢Jing ol their rdo. Inves&nentpo¥•vrs Under Ihe Memorandurn and Artides ofASsoaa0n, Ihe charity has the to mak8 any inveslment. wjhich they d¢iemiine is in the best int¢r¢sls of ths ¢hanty ai lhr ab501uie thxyeiw. R¢laledpaes A summary of IransactityB th related parties i8 sel rwt in 24 01 Ihe finantial slalements. Delail$ of the subsidiarvds of tl dwrily detsde(l in Trxe 13. Statement ol Trustee5' responsibilitie5 Th8 Trustees. ar8 also the ¢1Clor5 of The Ciiteri(M Theatre Trust lor Ihe puw of compary law, are r¢spw5ib18 preparing the Tru$lees' RepNt and Ihe accounts in accordance wth apale law and United KingdomAcwJnting Stsndards IUr#led "ngdCffl GeneralAtedAwyts'1¥j Practice). Company Law requi$ Ihe Trustees 10 txepare accounts for eath finanD year whid) give a true and fair vlew of the stale of affairs of thè tompany arnj ol the irtwing r&Sl¢e$ and awl¢atsOn of ffjswrces. induding the income and expen¢lu, of Ihe chaniable eLMnp8ny ts Ihat yew. In preparing these acA)ls. the Trustees are required to. . select sullae acuunting rAeS aTrJ Ihen awly them ¢nty. * observe the rnethc#Js and princieS in the Charities SORP.. make judgernents and estimates that are reasonable WLkJenl'. stale whether aPIcable UK AccfYJllting Standards ha¥e been fdkmd, 5u8cI to any malerial departur85 disd0 aThJ explained in the accounts". and prepare the accounis on th8 9OFng ba%5 urf855 it inapproprrdte to Presu that th8 company 11 continue in operatioft. The Trustees a respcx)$ie lor keepiry adewale acCnIN19 feconls that disdose wth reaSonat accuracy a¢ any lime the finanoal posib.on of the company and enable Ihem to wsure that Ihe atxounls comply wilh Ihe CcTrpans Ad 2006. They a also reSp(ible for safeguardin9 Ihe assets of the company and hence for takir asonable steps for the ¥ent10ft and del¢¢tw of Iraud aftd other i(regularili¢s. The Trustees are rg¥FKJnst4e fly the Irin arKI integrity ol the tharity infonna1• on the Pan5 website. Leg¢slation in the Uniteil kngdom go¥rning ts &Yeparal w(1 dissemination of finanual 5taiemert15 may iffer from legislat*)n in other 1vrisdtl5. Audltor In accordanc8 wilh Itt8 ccfflpaW$ artides, a r8sdulk?n that Gèrnld Edelman LLP be reappointgd as auditor of the corny wal be wt at a General Meebr
Docu4gn EnVehi ID.. 14c0EAv12Se82$FE325919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Golny ¢on¢em Having reviewed ts 0npaS finan¢ial thcasts anl expecbj hJture sh ftows. the dI¢01S have a aSonable expectation that the cornpany has adequate re50urcps ID continug in operatM)nal exi5teTKe fDr at IBast the next velve rrmmths. Thus the g¢JrrfJ toncem ba&s has been a¢W in prepariryJ Ihe financial statements lor the year ended 31 December 3)25. Dlsclosure 01 in1om1atig to auditor Each of the Trustees has confimd that there is no irrformthn of which they are aware wthi¢h is levant thg audit. but ol whith the aditor 15 unaware. They have fktrther that Ihey have taken appropriate steps to idBntsfy gjch rele¥t fOTration and to establish Ihal Ihe aJitor vs aware of such information. The Trustee5' reportwas apwmd by the Board ofTruslees aThl signed on Iheir behaw ty. "pk¥tleyl¥ts' "" A Banes Truste• Dale.. 24n12026
sw En¥lope ID.. 14COEAO>F74H2M5¥FBEW25919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CRITERION THEATRE TRUST Oplnlon We hav• audit¢d fina¥ staments of The Critei•)n Theatre Twst Ilhe 'wrnpany'l for th8 y8ar 8nded 31 Dember 2025 which cornse the stalernenl of finanoal aclivrfies. the bance sheel. the Statement of cash flows and the notes to the anclI stalemen15. inthdiTrJ a surrary of ggnffjcant aCCounn9 policies. The financial reportity Irarnework Ihat has been ap18 in their prepaTrtion 15 apF4icable law and United Kingdom Accwnting Standards. induding Fan(jaI ReForbng StsThja 102 The Finènei&t Reportmig Stèndard applieabk sn the UK and RepuWK ollreland (Uniled Jd0rn GalyA£tsdAcCUY1tsrJ Prdcticel. In Jr cpinion. the finanrAal Staternts.. gNe a Irue and lair wew ol the slate of the eharilaltse companls affaws as at 31 December 2025 and of 6ts incoming $Jr¢es and awlicall( ol reS(HJ. its income and expenditure. for year then endetl: have been prop prepared in acclanCe Unrted Kiry1( Gerty Accepw Accotirj Practhx". ar¥J have In syepareé in a¥ance wilh the requ¥emertts ofthe CrywniÈsNA 20C. Basls tor •pinion We conducted audrt in accordance Intemational Slandards AUdr {UKI IISAS IUKII and applicable 18w. Our responsthilits.es under ItrK15e standarts are further descfibed in Ihe Atjdrtofs r•sponsthlities lor the audit of the finan¢i81 stotements $e¢tK)n of our repfxl. We are independent of c4mpany in acthance wEth the ethal quiremenls that are relevant lo Ixjr audit of the finanual slatements in the UK. induding the FRC'S EthKal Standard, and we have fuifile(l our other ethical p)nsIbIleS in agxr¢arKe wtth thgse requirements. We teliev8 that the audit eviéence have obtained is 5ufficienl and approwth to pr&e a ba515 for1 opin. Coneluslons r•lating to 9oln9 ¢on¢•rn In auditing lh8 finarval stalwnts. have cded that the Trustees, use 01 th8 9rMng ¢Ortem basi$ of accounting in the preparats.on of the finanoal statements is appropria. gase¢J on Ihe VKk ha¥e perf(med, have tified Mala1 vrKwlaints relabng to events or ondibcfis thal. indmdually or cdlectN8ty, may casl svJnikant tst on the eornpany's ability to continue as a gc¥ng cMcem for a pericd DI at leastlAv8 rnhS from %then the finaral Statements aTe authoiised foT 15sue. Our wp()sth"liDes ond the resp$bIth$ of the Tiuslee$ T iesFct io sw)ing c(¥Kem are des¢riberJ in the re18vant sections Orth feport. Olher infonnation The other infomiabon comwses the informabon indud8d in the annual report olher than the fina181 51atem8nt5 nd our aUdIS report thereon. The TDJ5te85 are resp0vlIe lor the oiher information rA)nlained within the annual report. Our opinion on the ffinaal stalem8nts doe5 not COV8r the otsr iDforrnat)n anfl. excgpt lo the extent othewse explitsty stated in tyJr rewrt. we do not expw any lorm of assurance eondusion thereon. Our resp(¥i"11ty is to road the otrw infLmaty"on •N1. M) d(xrKJ so. Ihe other infomiab.on is ma¢enaly inconsistent vrith Ihe finanual statements or our knoledge obtain&J in the course of Ihe audit. or OtheSe appea be rnatenly misslated. If identfy material inconsistencies crf apparenl rnaterial misstatements, w8 are required to detemiine whether "$ gives rise to a material misstatement in Ihe finanrial statements themselve5. If, based on the work we have perfOrn, rdde Ihgl there is a mateiial rTh58tatement of Ihts 0lh8r Infallon, we a requir¢¢ to report that fa Wè have nolhiThJ to ieFrf)rt this reganl. Oplnlons on other matters pre5eribtd by the Compantes Act 2006 In OUT opinion, based on Ihe work uTh5ertaken in Ihe coutse of our au¢Jrt'. Ihe infomiaiion gNen in the Trustees. repfyl for the financ1 year lor the finan(>al statemerts are prepared. indu¢Jes the thrtctors. port pared for Ihe purposes of rnpanY Lew, is consistent wth the financial slatments." and the directors, reptyt induded 11h the Tru5te85' rep(*t has been wewet1 In accordaKe applKable legal iequirernents.
Enw•knpJ10.. 14COEAOW4&825&aFBEe[SS1• THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUEO) TO THE MEMBERS OF THE CRITERION THEATRE TRUST Matters 4)n which wt are required to report by exception In the light of the knowledge and understandirrfj ol the cijmpany ar ils enronment obtained in Ihe eaurse of th8 aLtdit. we hav¢ Klentsf matenJ MissiatwTts in trustees. report ¥lhin Ihe Tru5te85' report. We have MthiThJ to reFQrt in resFecl of the fornng maitery in rdation lo whth Ihe Companies Act 2Ct6 reqre5 U5 to r8POrt to you rf, in our opinron.. adeguale ¥COJnng rec(Kds have not kept. ty r•lL¥ns adequate ts Lwr aLJit have r#Jl been received from branches not by us." or the finantsal statements arè noi lli agreement vnth the ac0jun'fig recorfs and m$.. or certain disd05ures ol tru5tees' remureration by Lqw are not made,. or we have not recei¥e(l all the Inf"0n and eWanatKms we requi frm our awjrt: or tre Trustees were not enblled to prewe Ihe finala1 statements in accordance with Ihe small companie5 gime and take advantage ol Ihe small cc¥npanies' exemptNs in wepa1V the Tntstees. report and Irom the requir8rnent to prEpare a stral9g rep R•$pon$lbllttl4s of Trust As explained more fuly in the siatoment of Truslees. pOnsi1¢s. the Twstees. vttK a ¥so the directors ol the Lxjmpany for the wrpose of company law. a spOnsItIe for tt KKeparatKJn of the financial 5tstements and ft bwng saiisfd thal Ihey give a true and lair view. arnl lor such int¢mal rxwtrd as the Trustees determing IS nec£ssary lo en3Ne th8 preparation of financml statements that free frorn malenal misstaternenl, whether due to fraud or error. In preparing the finanoal statements. ¢he Trustees are resPC&bIe for assessing ihe cornpany akn'lity lo continue as a goirrfj concern, dlscb)sg. as applicable, maiter5 rdaled to going concem and ugng the going concem basis of aCtntIrj unle&% the Trustees either intend to Iulale Ihe ¢harilable company c lo cease operatsons, w have no alISt ternats¥8 but to do so. Auditorf$ r•$ponslbilities for th• audi¢ of the financial stat•mnts (r objectives are lo obtain 8$OaE assur8 about whelher the financial stalements as a %thol¢ are free from material misstatement. whether due to Traud or error. and to issue an audilrK$ repfmt that indudes our opinion. ReasOnae a$surare ts a hKJh te¥d of assurance but is not a guarantee thal an audit nducted in accordancg th ISAS IUKI wll aayS detect a material misstaternent when it exists. Mt5Statements can arise trom fraud or error and are ¢ollsider8d mat¢rial if. indmdualty or in the aggregate. they thuld b¢ èxpecied io influence the eccmmic detision5 of user5 taken on the basis of these finar statement5. Ir9181.e$. irtdudiThJ fraud. are instan$ of non-coMl•e LY4¥S ar¥J regu12tM)n$. We design procedures in line wth wr pOlbite$, oJllined abo¥e. lo deterj material m1sstaterts in respect of irregularitie5, including fraud. The extent to which our woceduw are Capab of detecting irregularit5, indthding fraud, 15 deiailed belryw. We &4anned our au¢&t 50 that have a r¢a51¥wble exFLth of d&t8ctirNJ Material rni551atem8nts rn th8 financial slatements re5dts"NJ frc¥n iar185, fraud or ntrlente wAh ¢x wulatioii The extnt to whlch the audit Tns ¢on¥idered capabt* of d•t•¢ting Irregvlarltles induding fraud In idenlifyng assesyng iisks of marial misthternenl In resped of Jrwularibes. ind1j fravd and non- cornpliance wilh laws and regulaon5. our prctedures indud8d the fdlw"ng." . The engagement ad ensured that the engagenwt (x)lects"¥ely h•J the apryopriat8 competencé. Capabilities and sknlls lo idenb.fy or reo>anise non-complian¢x aprAtae la¥Ys and regulations. Enquiring ol managemenl ofwhether they are awa of any nor[Alar wrth laws and reg8t$. Enquiring ol rnanagemenl whelher they have knowledge of any adtsal. suspected or alleged fraud. Ewuiring of management thur intemal contr(As established to nNtigate risk related to fraud or n¢- cornlance wilh Lqws and re9ulations. Dis¢u$sins amongst the engagernent learn on and ere fraud might occur in Ihe financial stslemenls and any rKJtential indicatcrfs of fraud. As part of this d¢sfAtssK)n. we identffied wtte Ihere wa6 lor fratsd and the posb.ry of Musualymls.
[knu9n En10.. 14COEAOW74M2W2Y-FBE8(WB25919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CRITERION THEATRE TRUST Obtaining undetstsrding ol legal and regulat(Ny frarnewfNk Ihe (ornpany operate5 forJJsing on Iptose laws and regulations that had a direct effect on the ffinancl stalernents or thal had a fvndarnental effe on the operniion5. The key las and regulab'ons we consnlered in Ihis context included UK CcpanIeS Acl 2006, Charities Act 2011. tax legislalion, dala prOledn. anti-bribery, emF4oyment law and h8allh and safety. cenngAcl and Money LaunderiThJ Act Audit r•5POnS to risks identifd Fwauddue to managemenl owerrlde To ad$S the risk of fraud through management b.as aTrl override of ¢trol$. we.. Audrting the nsk of marTragemenl override of Atre4$. induth'ng IhroLW testing a $pIe of joumal entries lor appropriateness. Perf(rnd analyt1 k¥OcedU trj identify any unusual ¢y vnexpected ratthp$ •isse55ed ether judgements and assump$ made in ¢eternirMng Ihe aw)unting e5ts'mates sel out in note 2 were inthatr¥e of potenb.al tias. Investigated Ihe behind 9gnrfnt or unyxjal trellonS. To address the risk of Iraud in revenue reccgnnJn, we Perfrned the IdlcriThJ wc£edures.' Condltied Slrearn-by-str¢arn testirtg ol revenue to Vgnfy the 0¢¢en¢t and validty of income wcognise during the year. Examined ticket inctyne receipts around the yw end to ensu apprwate dassificatK)n bgtsween curwt and éelerred income. Reviewd rx)sl yearnd fftcome general ledgerentries to assess the appropriateness of cut-off. Perfofmed cometene$S tesb.rg by tracing transactions from extemal sources into Ihe acco¥nting reccfd5 to cnnfim Ihal is rKJl understated. Irr•gulariti•$ and nona¢ompIMnce wilh l•ws •ndrngvl•iitin$ In re5pcffjse to the risk of irregLlarib"es and nnFlorK8 ith Im and regdai¥Jn5. W8 designed proeedures which induded. tKJt a not lifflited to.. . Agr8n9 financrdl siaiem8nts dO$v to underfyn9 supptytsJ tJ¢xuThnration. ReviwThJ minutes of elIngS 01 Ihose charged wrth g0veman. EnouiriTrJ of management as aclual and potenb.al lits9a17 daims. . Obtain and review the licenses he by Ihe entity lo cMfirm it is aU15ed to opefate uTrJ8r the Licenswig Acl 2003. The test 8 aTrJ other inherent limitatths of a1. tcqether wrth the inherent h'mrtathjns of any a¢All¥j and intemal conlrd system, rnean thal tsre 15 an unavoidable risk that even Some rnateri tni55tatem¢nts In spect irregubritses may remain ndLve even though Ihe aUL1rt is property plahned and performed in attordance with ISAS IUKI. FurthermNe. the mtye m0j that laws and re9at)n$ are fr financial transacbons. the less likely that we %fftld becone awa of non-comp1kn8nce. Our examinatN?n Shk1 thefore not be lo dtsdose an such material SStaternents orfrwds, 8fft)r8 or instances of fton-compliance that mvjht ewsL The $nblty fr)r safeguardin9 Ihe asseis of Ihe cDrnpany and for the preventi¢)n and deteclion of fraud. enor and rth¥cOme W1h law or regLAations rests wilh the directors of The Ciitericffi Theatre Trust. A furlher descnption of our resportsiblities is avaikt4e on the Financ4al ReForknJ jnU1$ website at". htips'.11 wvM.frc.org.uWaUditoreSPI"1ib.e$. This d85(ripl*Jn part dour auditorfs r8pJrL
En¥8) ID". 14COEAOgFT4WZW2WFBEW025gIg THE CRITERION THEATRE TRUST {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE CRITERION THEATRE TRUST U$¢ of out r•port This repjrt Is rnade sorely to Ihe charitaiAe {panY'S rneerS. as a trxjty. in accordar wth Chapter 3 of Part 16 ofthe Cornpanie$A¢l 2006. (Mr audit wcrfk has been urthrtaken so that we might state to the charitable ¢ompany'$ members th¢ise matters we are wuired to slate to thern in an audrt¢y's report and for no other purpose. To the 118sI extent pemiitted by , we ¥p1 or assuffe ponSI.1ty to anyone other than the charitable company and Ihe charitabk Clwnpanls rnembers as a body. for wraudit woth. repcrt. or for the opinws we have IrMe(l. ia%Varnson {Sonior Ststsrtory Audrttsrt For ané on behaff of Ger*d Eddman LLP, stalutryyA)itOT 73 Cwhill LorKJon EC3V 3QQ Da¢e.. 2417r?026
THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2025 Total 2024 funds lund$ 2025 Not05 Income Irorn: Income frcrtr chafitablg adm1$ Investnt incorne Other income 4.103,307 68.791 249.526 4.352,833 2.882,550 68.791 71,938 9,692 9.906 Total Irne 4.1B1.79) 249.526 4.431.316 2.964,394 endItU on.. Charitat4e actNIts 3.598.646 138.012 3.736.658 3,196.606 Net Incornell•xpenditurel forthe year 583,144 111,514 694,658 1232,2121 Fund balan at l January 2025 2.208.559 240.872 2.449.431 2.681,643 balances at 31 Decem1 2025 2.791.703 352,386 3,144.089 2,449,431 The slatement of financial acti¥iis Iso oyrylies with fv requirern ts an inc4)me and exF¢nditure ac¢ount under the CcrfnpaniesAct 2{. 10-
Du9n Envel) ID." 14C(EAO¥fl4&82YTr825&F8EW2Sg19 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Flxed a55ets Tangle assets Investments 11 29.174 1,661 28,521 1.661 30,835 30.182 Current assets Stocks Debtor5 Cash at bank and in hand 15 16 21.314 392,577 3.957.337 18.261 505.559 3,233,255 4.371,228 3,757,075 Credltors: arnounts lalllng dye flthlft one year 17 11.257,9741 {1,337.8261 N•t current assets 3.113254 2,419,249 Tot•1 •sstts l$$ curTgn¢ Ilabllttles 3.144.QB9 2,449,431 Inwn• fvnds Re5tiKleé fUlS UnstriC18d lunds 20 21 352.386 2.791.703 240.872 2,208,559 3.144.089 2.449.431 The directors acknovAedge their $(%)s1t.1ls for ensuring that Ihe charity keeps accrxmbThJ records which compty 1h sertKJn 386 of Ihe Act and for wepariry finanoal staterrnts whKh 9Ne a tn and fair view of the state ol aff8irs of the ujmpany as at the end of the finanoa year and of ts I1M1ng re50urc85 and application of resource5, induding its inc£ expendrture, for the finarKial year in acrdanCe th the requirernents of sections 394 and 395 and which 0lheTh*i5e COmF4y wth the Wrements of the Cryanies Act 2CK16 relating to rinanoal statement5 $0 far a5 apFdKatle to the company. 241712026 The financial statements approved by fv Boa of Trustees and for on ......................... and signed on their behaw by" A Banes TNst•e ComPY Registratlon No. 027S9117
DotyJs•Jn Enveh)pe ID." 14COEW74&825&825¢F8E8f•425919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Cash flow5 fn)m operating actlvltlo5 Cash grated from ¢¥erat 25 672.517 104.364 Inv05flng acti¥ltl•s Purchase of tangit48 ft4ed assets Investment income received 117.2261 68,791 112.278} 71.938 Net ¢•sh generated from In¥esllno •¢ts¥iti¢s 51.565 59,660 Net cash generated Imm financlng actfvilies N•t incrga59 in ush $h •quival•nts 724.082 164.024 Cash and $h equivalents al beginring ol year 3.233.25S 3.(*9.231 C•sh and cash •quival•nts at ond of year 3.957.337 3.233.255 12-
THE CRITERION THEATRE TRUST (ACOMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCotiNg pollcles Company infonnatlon Thtr CriterK)n Theatre Tntsi is a privat• lxited by guarant•• irwp(¥ated in Erglaj antj Wales. The registe office is 73 C¢rtiiH. L(wkni. EC3V 3fX). 1.1 Accountlng comfenUon The financial stsiennts have been ppa in accordance wilh FRS 102 The Finawal Reporting Standard appli¢aNe fft Ihe UK and Rej1¢ of Ilal. (-FRS 10ri. the Companies Ad 2006. Ihe Charibes Act 2011 anol -Acc(4Jnling and fte)rtIng by Charities." slatern1 ol RK¥xnmended Practice aptyirable to charib.es eparing Ih¢ir accounts in act(darte wilh Ftnancial ReFYtirvJ Standard applicable in Ihe LIK and Republi¢ of IreLAnd IFRS 102FICharities SORP IFRS 102 as arnended for aCrn1 wiods gffe¢tive after 1 January 20191". The company is a Public Benefit Enbty as defined by FRS 102. Thè financhal statemeftts are prepared irn ertiw. vtiiL is Ihe cJJrr•w of the wmpary. Monotary amounts in these finarwl statements are roun¢Jed lo the mea$t E. slrurnents at fair WdhJ8. The wwic4Jal l¥)nti adopted arp Set (xrt bel. Group Finan¢tal St•tements Group finan¢k81 $tatsmenls have not been wepared a6 ts subsidiary undertaking 1$ dOnIn1 and would bg immalenal after Consolidath &1Justrnenls. 1.2 Gging cowKem At the t11r ol apwD¥ing the financwl 51atempnts, the Trustees have a rea50nabte expe¢lab"Dn that the company has adequate resourees to continue wraithal exience lof * kasl 12 mTrilhs from the dale of Ihe approydl of Ihe financial $ternents. Thu$ the Irusiees wtinue to adopl Ihe 9ciThJ nCern tra$ of accounting In paring the financrdl statements. The financial stalements have been prepared ng Ihe wng cCe basi5 of accounting. The directo who are the trustees have revithved the rffilparls goiTrJ CcceM posityon tskirvJ inkn account its current busines5 acti¥ith8s. bJdgeted perftjrmance and fackys likdy to affed its (utu perfomwn¢e. 8ase¢J on the informa¢K)n contaird wlhin the accwnts and includiThJ COldera of the risks as50daled wrth the cufrent ma£rtrrn dimate. the trustees have SOnatIe exlatIOn that the company has adequate resources to continue looFwanol eXtsie fry at knt 12 mnths Irrn th8 date ol Ihe approval ol the financ41 stalernenls. 1.3 chitabl• fund5 Unrestricted funds are a¥adable ts use al di5uetion oflhe Trues in fvrtlWwe of th¢ir tharitab obJ"ects"¥Ès. Restncteé funds relate to the tOral)n leMes ¢rJlectsd each tickei sdd. The fvnL16 ill be a¥aable for Stu expendrture on the restora ofthe theatre. 1A IbK¢)min9 re$ources Inco is recogni%d when Ihe company is Iv9ly entrfed to rt after any pgrforrnance crmdition5 havg b88n met, Ihe a[Lts can be measured rdratAy. it $ Pt#ble that Incl) v•ll be rve0. Incorne from diaritable actP4iti8s is acctyJrtted for on an aC£nlS basL% net Ol VAT. No permanent ÈndoWnts or vduntsry income ha¥e been received In the year. but these are with through the Siaternent of Finanual Aciivii5 when r¢1¥. Inm is onty deterrt wt*n rt spetsfically lateS to futurg Investsn8nt income. eamt short4ern t)ank e¢t$. 15 on an accruals basis. 13-
THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Ac¢ountsng policles (Continued 1.5 R•sourc8s expended Liabilities are retogni4ed as 800n as Ilwg i¥ a legal obl981h commilling Ihe tarity to the eXFenth"lurè. Resources expended are irKILwJed in Ihe Statemenl ol FinaTria ActIVrt on an a(xrnals b85iS. Charilat48 expernliture indudes Ihvatre rurring ¥thKh are dwecty attrithble lo theatre actmties. Support costs also indude g4)vemance c05ts o)ver expenditu lating to public accounlability of the chanty aThJ its cun5thanr£ ¥h regulakn 8nd good wactr£. These oists Indude Ihose Incurred with regard to stratogi¢ plann#, legal audit fees and m88ting ts stabJW Ob1jaIS. These indud¢ costs Inrred for g0¥gmwe of Iho charity aNI prnna assoclated %wth constitutional and statOry rewirem8nts. 1.6 Tangibl• Ixed assets Tangible fixed assets ar• initialy ftasured al cost and 5ubsequwlly r•asured ai or valuation. net of depeal)n aThY any inpaimienl losses. Oepreiation is re¢ognised so as to off the Cost or valuab.rm ol assets ss theÈr residual values over their useful lives on Ihe Irkn"ThJ l)ases: Lea5elKAd irnw)vements Fixture5, frtknngs & equynent lo%c The gain or loss angng on the disposal of an asset is determined as the dfflece between the sale proceeds and carryiry value of the a55et. a1 r6 rBLxyJnI1 in Ihe 5taternenl ol financial a¢trvities. 1.7 Flxed •t i5M¢n Fixed asset investments are iThl'aly sred at CS)5l and subs¢qu8nlly measured at Cosl less any acDJmulaled irnpairynent hJ5ses. The in¥estrnents are assessed for impainnent at each porth9 date and any irnpairment losses or re¥ersals ol impairnnt e$ 3re LyjnIsed imrnediately in net incomel 18XP8TrJilufel for Ihe year. Asubsidsary 15 an enbty contrcdled by Ihe company. Contrd the power to govern the Tn0•1 anLI operating pICieS of Ihe entyty so as to obtain benefils from As athil*S. 1.8 Impairfflent of red 4ss•ts At each portIrj end date. the cornpany re¥iews the cartyng arno of Is langitrAe assets to deterrine tknelher there is any IndicaOn that those assets have suffered an inpairmenl loss. If any suth indication exists, the recoverable amount of the assel s esbrnaled in order lo determine Ihe extent of the impairnent ss lif any). 14-
DcrtUgn Envebw ID. 14coEAF?4fta?5w5¥F8Ew0259I9 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pollcles {Continuedl ReCoverae amtrjth is Ihe hfjher of lair value less costs to sell and vaFue IA Lise. In assessing value In use, Ihe e$lirnaled future cash flfvs a discounled to their pseTht value using a (trlax lisUnt raie ¢hat fteCts ¢urrent market assessments of the ts.me value ol money aTrJ Ihe risks ¥etsfi¢ lo the asset for whKti the g$1irnal¢s ol future cash fl¢Ms haw8 Th)1 twi aLIjL6W. 11 the reco¥eratJe amc4ml of an asset is ests"maled to be less than rts carryng arTK>unt, the carrying amoLMI of Ihe 35sel is reduced lo rts recoveratAe arn(xJnt. An imlrMent l¢)ss is recognised irnmedialely in incomel expendiiure for the year, urtess the relevant asset is ¢arri at a revJued arnounL irn whith case the 1rnpa1rrnllOsS 1$ treated as a revauat)n ¢ecrease. Recogni58d irnpairrn8nt losses are rev8r5ed if. aryj cffily rf. the reasons for the impaifmenl loss have cease to apy. Where an impaimient bss subseqventy reve. the caing amount of tt)e asset Is irtreased to Ihe revised estimate of its re¢overatAe amount. but so tthat th8 inL¥eased carrying atTh)unt ¢Joes not 8XC8ed the carrying arnounl that have b88n deterrnined had impairrnenl 1055 been reco9nised lor the asset in prior years. A re¥1 of an impaimient $5 15 ¢cnisell immedvately. unless the levant asset is carriad in at a arnounl case IhB revwsal of Ihe wnp•Ml i8 Ireate(l as a valUation in¢ase. 1.9 Stocks Stocks are staled at th8 10%4Er of I1 and net realisae value. Cost tned on a first in ffit Jt basis and compnses offood and drink aTrJ merthan Wdlabbe f consumptw)n at the theatre. Nei realisable value is the estimaied 5dling less costs 10 be •ioJrred in maetry, selllng and Istribution. 1.10 Cash and cash equfvalents Cash and cash equivalents fftclu#e cash in harKI, deFtyts hekl al ¢al vthh banks, other shortnn Iv4uKI in¥estrnents Mlh maluritw of We or1855, aThJ l)ank overdrafts. 1.11 Financial instrurnents The company has elected to the [wolOr DI Sec1 11 '8a5ic Fancl InslnJrnents' aThJ Secl•Jn 12 '0th8r Finaal Instnjments Issues. of FRS 102 to of its finarKial irthments. Finartial in5trurnents a recogni51 in Ihe c4)mpanY$ balance sheet wln the company boMe$ party to the contrlua1 prov15mS ol the inslrunnL Financi¥ assets aThJ liaknlths are offset vAth Ihe net arnounts presenied m th8 financaal statements. when Ihere i8 a legally enforceab right to sel off the reccojntsed amounts and there is an intention 19 setile on 8 nel basis or ¢0 the asset aTrJ settle liats.hty smultar5ly. Basic financtsl a558ts 8a5ic finanrial assets, KJe detkns cash bank Wance5, are lalty rneaswed at transaclon price including transaction and are subsequenlty carried at amoitised cost using the effective Interest method UesS the arrangement constitute5 8 finawng transaclK)n. where Ihe trans8ction is measured at Ihe present value of the future rec4pts diSCnted al a market rate of tereSt. FanUal 355ets dassld as recthvable Within or* year are not arnrtised. 15-
Env•k)F• ID.. 14COW>F74&82sSd-FBEw25s19 THE CRITERION THEATRE TRUST {ACOMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcies (Continuedl slc financi41 liabililies BasK frnancr& Iobdities. indr uedrtry5 are rts81 reciwjnffjed * tr8r6acbm price unless the arrangernenl conslrtutes a fanCIj transaction. where the debt inslrument bs rn8asud al the present valu8 of Ihe fvlure payments ¢iscounted at a rnarf(el rate ol Inte$t Financial li?bditie5 dasgfied a5 payable within one year a not aM0e. Debl in$trurrnts are subsequenly cani&J at arnorti58d ¢crt u$irMJ the elfective interest r melhTrl. Trdde cr8(litOTS ct4igabJns lo pay lor or 5eryTh5 that have bpen acquired in Ihe ordinary cours8 01 operation5 from suppliers. Arnounts paythe are da5sffjed as current 1rdbil85 if payrnenl is due wthin one year of les5. If nol, they are presented a5 norUr¥ent ts"ats"Iib"es. Trade credilols are recL¥ni5ed initially ai Oer¢¢ognilion of finan¢iallMblllU¢s Financi liabdilies are der8cognised the c(M)wrfs contrac oWations or a discharged or ¢ancelled. 1.12 Taxation The chaity is exenyl In cffjxxat)n tax rfs chèntalje acbwl& 1.13 RetSrement benefits PaYents to Lfined conlitlu1w retirenwl benefitsthemes we ctsrged as an expense as Ihey fall dug. 1.14 Lease5 Rentals payatAe wder operab"ThJ leases. indudiThJ any le inconty¥es received. are tharged an gXPgn$g on a slrawht line basis over the tenn of the levant lease. Critical accounting qstimates •nd judgemnts In Ihe apflicab"c of ¢(>pS aCtntiJ pdb2es. the Tntst¢e5 are r8quYed to make judgements. estimales an(J ass¢JmptKJns atout the caryng arrUt of assels and Irablii5 ihat are not readily apparent from other sources. The estimate5 and asslated a5wmpts.ons are based on historical expefience and other factc5 Ihat are cM5idered to be relevanL Actual ul1¥ May drffer from ihese estimates. The &stirnaS and underfn9 assumpbons a revewed an basis. Revisions to attojnting •slImaS are recognised in Ihe pert) in vthich $bmate is mised where the revisK)n affe¢l$ (lY that period. or In the ped ol tt revisw and ftjlure periods where the re$1 affects both Currenl and fvlure periods. Key sour8 of •stlrnatÉon uncertainty D¢preGiation. usefvl Irf and r¢$ldual value of tanglble fixed assets The Trusiees e51irnate the uselul lrfe of tangible assets In order to calpjlate Ihe depreciatK>n charye. Chan$ in this estirnate ctyjld re< in change5 b"ng required to the annual thaiges in the wofil and1055 account and the carrying value of the a55et in Ihe Balarts SbeeL 16-
Docuv4gn Envdope ID." 14COEJnW4642w25WBEeoA59l9 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from ¢haritablÈ adivities 2025 2024 Privale property seats incom? Mereliandising and caterin9 Producers crrtra charges HI of theatre Booking fees and commtssth tttevrdblè RestoralK)n levies 187,701 747.486 2.356,995 13,316 797,809 249,526 126,840 553,077 1.621,901 11,489 420,222 149.021 4.352,833 2.882,550 Analyws by fund UnrestrKtid luThJs- gen8ral Restrthd lund5 4.103.307 249,526 2,733,529 149.021 4,352.833 2,882,550 Al of the above incorn¢ relatgs to Ihg Iheats ¢fffiPWby operabons. In¢om• from In¥estrnenls Unres¢rict•d Unrestrirted lund funds 2025 2024 Interesl recebvable 68.791 71.938 Other Incomp Unr•strict•d Unrestricted funds funds 2025 2024 9.692 9.906
THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2025 Expenithture on charitable activlli 2025 2024 Theatre costs Staff oeprecia.On and irnpaimnI Opwation ol Theatre HireslConfererS 1.582.591 16.573 2,116,144 1.151 1,307.075 37,523 1,833,004 5,504 3.716,459 3,177.106 Share of support and governance costs Suptmyt rxBts lincknling 9o¥emancel 20,199 19,500 3.736.65B 3,196.606 Analysls by lund Unreslricled funds Restricted I$ 3.598,646 138.012 3.080,949 115,657 3.736,658 3,196,606 Ngt fflov•mgnt In funds 2025 2024 N8t rr¥Thnt in fund$ is slatgd oller (edigI Fees payatde to the CoMpanS authiof for Ihe of finants statements Oepreoation of cpJr48d tan&¥te fixed assets C¢)eratin9 leases- tent 18,250 16,573 210.000 19,250 31,523 210.000 Trustees None of the Tru$tee$ any persons Connethd th them) reNed any remUrat or kenefits the harity during the year. No expertses were refunded to the Iwst¢e$ in Ihe year. Th¢ ¢harity has purthased tru51ees' iThJemnty NWr4 f¢Y the Trefit of the Imst¢es. The prerniurn paid during the year anKJunteé to E4,(<2024.. £4,000) 18-
Env8try10.. 14C(EAO¥F74&8YM25FBE8A1482S919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2025 EMplS The averag• nber emp durng th8 year wa5.. 202$ Numb 2024 Number Admin Box offKe Stag? Electronics Front of House 23 Total 46 38 employm•ni costs 2025 2024 Wages an¢J saLarie5 Social 5euJrity costs Other Fension CA)sts 1.399.343 139.759 43.489 1,164.601 107.896 34,578 1,582,591 1.307,075 The number ofemrloyees w>Se anTr rem[meran was nve ¢han £60,C#J) is as fouows: 202$ Number 2024 Number £130.CW- £140.OLMJ 10 Taxatlon The ch8nty i8 exempt from taatic on *s acti¥ithes becatse all lis inojmè is for tharitatl& PUfFSe8. 19-
THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUEO) FOR THE YEAR ENDED 31 DECEAIBER 2025 11 Tangible Ilxed assets F6xtures. Total eqviprnent At 1 January 2025 Additions 156.358 661,862 17,226 818,220 17,226 At 31 Dec8rnber 2025 156.358 679,088 835,446 Dtpr•¢lativrt and lrnpainnent At 1 January 2025 tjeprecrdtion charyed in Ihe y 156.358 633,341 16.573 789,699 16.573 Al 31 Clecember 2025 156.358 649,914 806,272 C•nying anK>unt At 31 Der£mber 2025 29.174 29.174 At 31 DecernLw 2024 28,521 28,521 12 Fixgd a55•t inv•sInnts 2025 2024 Inve5trnents in gjbs1diieS Unlisted irNe$tment$ 13 1,659 1.659 1,661 1.661 Thg ur4isted investrrnnt 1$ re5pecl of shares in Gr8en8 Lqht Slag8 PIC ShareB Cost Al 1 JUary 2025 & 31 December 2025 1,661 Carrying arnount At 31 December 2025 1,661 At 1 Jary 2024 & 31 December 2024 1.661
DDutsvJn EThvdw1tr. 14cOEF11262SI.F6Ewl2S9lg THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 13 Subsidi•rig8 DetaiLs of the oynFwKs subsJprie5 al 31 Ljecember 2025 we as foltrrt: Name of undertaklng and country of Incorporation or r•$idency N•tsr¢ ol busSness class of Sharehokling % H81d Cnierion Theatre PKtadily England Lkn7)ant Ordinary 100.00 Criterion Theatre PirLadAly Lirnited has twi dormant thnghCWt the currenl arKI PreS year. The aggregate Sha Capit and reserves of Crileri¢n Theatre Pi¢xadlly tirniied amounte(I to a deficit 01 £21,464, which was repSented by an ajnI due to The criteri Theats Twst. The aTh)unt has been prewrMJsly provided against. 14 Financial instrum•nts 2025 2024 Carrylng amount otfinan¢lal ass•ts Oebt instrunts rneagjred at a)rtiSed c05t Eourty inslrunts rn¢asureil al rx)sl kss impairnwt 224.924 1.659 324.303 1,659 Carrying amount of financbal Il#bllltle• measUd at arnryltsed $1 87.750 244,420 15 Sto¢ks 202S 2024 Finished gocts 9J$ tr res 21.314 18.261 16 Oebtor¥ 2025 2024 Amounts falllng due ¥Jlthln one year. Traile debt¢)rs Other debiors Prepayments aThJ accrued im)me 169,635 55.289 167,653 312.326 11,977 181.256 392.577 505.559 21
THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2025 17 Cr•ditors: hifiThJ due w1th5n ono year 2025 2024 Other tsXali ar#1 social Senty Trade cre¢Jito Other Credilors Accguals and del¥1 inc( 166.022 60.773 26.977 1.¢IM.202 112.421 198.414 46,006 980.985 1.257.974 1.337.826 18 ftrement benefil heM6$ 2025 2024 Defintd ¢ontribution $¢h•m•s rge to profit w kiss in re¥d ol Llefined seS 43,489 34,578 The company owaies a defined pens schern lor all quifying ernpbyee5. The asset5 of the scheme ère hekl SepartlY Ir(wn Ihose ofthe eoiwny in an Ifideperenty &JmM)Isted fuftd. 19 Share capjtsl The Company ha5 no share rapthl b8ui9 a cornpwry lirniied ty guarantee. The liability L)f the mernrs 1$ limited to £1 uith wndin9 11P. R•$tri¢t8d funds The inr>)m¢ fvnL1s of the clwity r•stivAe(I fur¥Js r3xnprigrKJ reSthin iewe5 cc4(ecied ticket sales at £1.50knc*el sold. The [rVemen1 In the was as fotrx. At l Janary Incoming Resotsrces At31 2025 ff•sour¢es ¢xpondgd Decernbgr 2025 240,872 249,526 1138.012} 352,386 Pr10u y•#r: At 1 January Incorning 2024 resources Re50urcos vxpended At31 0•¢emr 2024 R8sthtion Ie$ 207.508 149.021 1115,6571 240,872
Oow Ertvahj ID.. IKCWgF74M2W25WBEW5919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2025 21 Unrestrithd fvnds Th8 unrestricteil fvnds of Ihe ¢arity ojmprise the unexpended balar5 0fd0naticS and grants which ar8 ot sufy'ect to spec4fK ¢01bOn5 by th)n5 and grantors as to how Ih8y may be used. These indude degnated fun(Js have been asde of uMe5trd lunds by th? trustees for $peuk purposes. At 1 January 2025 In¢omlng r•sour¢•s Resourtos exponded At31 0g¢•mb•r 2025 Gener lunds 2.208.559 4.181.790 13.598.646) 2,791,703 Prevlous year: . At 1 January 2024 InEoming Rosources resource5 expended At31 O•cember 2024 Genera funds 2.474.135 2.81S.373 13.080.949) 2.208.559 22 Anaty$l$ ol n•t ass•ts b•t•n fvr UnltrI¢d R•s¢ri¢t¢d lund$ lunds 2025 2025 T•)tal 2025 At 31 D•¢omb•r 2025.. Tangible assets Investments Current assetsllliatrflitses) 29.174 1.661 2.760.868 29.174 1.661 3,113,254 352,386 2.791.703 352.386 3.144.089 Unrestri¢ted R•stricted funds nds 2024 2024 Total 2024 At 31 Dernb•r 2024: Tangit4e asseis Invgstments Curr¢nl asseislOu4bilit*l 28,521 1,661 2,178,377 28.521 1,661 2,419.249 240,872 2,2Q8,$59 240.872 2.449.431 -23-
DO8jn Etweloptrlo". 14cOEfvn¥F74&82S&82FBE8W2S979 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 23 Operatino lÈas• commlknents Le$$ At Ihe reFQrting end date th8 CLryany had tyjtsianding comrrithients for ffUre minimum lease paymènts under n£¥aelIable opprdthThJ leases, YhMch fal due a5 folb•ts". 2025 2024 Wrthin Me year Behveen and fNe yew5 In over five years 210.0Tr) 840.0 2.642.5O) 210,000 840.000 2,852,500 3.692,500 3,902,500 24 Related rtY transaon5 There related party Iwsacls year12024. none). Remuneratlon of key managernent personn The MneratiON of key management personnel was as frA1(S.. 2025 2024 Aggregttte compensaii 132.866 124,847 25 Cash genernted from operalion5 2025 2024 sUluSI[del) for th• ytaf 694.658 1232,2121 Adju$tmtnts l•r- Investment Ir[rft reuKJnl ID 51aternent olfinarkiai actiDeS Depreaation and imparnellt 0ftaThJ1b assets 168.791) 16.573 (71,9381 31,523 Movements in T¥A>rklng ¢•Pitl.. Iln¢reasel in slocks Dea$ellIn¢$tt1 m Llebiors (Decreasenu8a5e m tweditcrt 13.053) 112,982 (79.852} 14,8251 1153,9481 535.764 C•sh g•nerated from opetttims 672.517 104.364 -24-
DocVan ID.. 14COEAW746425&825FBEW5919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 26 Analysis of changes In Metlunds At 1 C•¥h Iltyw• 4tJl D•emb•r 2025 2025 Cash * bank and in hand 3.233.25S 724,082 3,957,337 3.233,255 724.082 3,957,337