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 rtUM￿r 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 E￿￿k7p¢10.. 14COEA￿F7•￿825M?5￿8Ew*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 DottLL5￿0 ErNeknw V.. 14crEA￿F74ft82S￿825￿F￿Efj￿259I9 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 rek*Yt ￿ finan(ial statements l(¥ the yearerthd 31 Detyrber 2025. Th8 financial slat9￿nts ha￿ been p￿pare{l in KwdarKe ￿th thg ac¢xJunts"ry pc4icies set out in Note 1 to the financial statements arKI compty W￿1h the Chanbes Act 2011, the Cornpan￿ Act 2006 ar#J "Accounting and Re￿rtI￿j by Charities: Staternenl ol Recornmended Prac11￿ applicable to charibes preparin9 their acc￿nts 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. Ir￿ul1￿j the ans of drama. mirr¢. dance. mux. balleL opera. pupwry, paints.ng and $¢ulpture. phot¢)araphy, cinwna literature and pogtry and to fonnuLqte. ￿pare and estatlish schemes lo meet ihese 0*8(*ves. GNe carefvl ¢XJnsdera1￿ to the araxgb*ty ofthe theatre. To athieve these aims the Trust". MaIn￿lnS and operates The Crileri￿• Thèatr8.' Presents and promoths theatre produetth5'. EnatAes anTJ 5upwts development of ￿811￿81 Kmoductions aThJ Ihe developmenlal process including readings and worksW$', Runs 8n educ2tion projramme. initiating wirkshops fdevant to the current prod￿lI0n. 8ThJ Makes the theatre available, outside of Ihe Iirne5 01 perforrnances, for Sch￿Is, 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 Y￿rg 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 acti￿￿e5 the TnJst88s have t￿5￿￿ered the Charity Commissw)n guidance on pullic benefit. indudirg ihe gUKlan￿ benefit a￿1 fee tharging. The tI￿atre relie$ on onatths anLI inCc￿e from lees and charges to o)ver ts opwatsrvJ Co$￿ In settiNJ Ihe level of fee5 the trustees 9i¥e ca￿lu1 wnsK1eratign lo Ihe ac¢ewbility ol Ihe ttsatre. Critwion New Wrikng 1$ a educab￿ wogram off¢rgd by thÈ Tnrt It in¥￿Ve$ a sefies of script Wrribng antl developrneni w￿rkShOpS la￿r￿￿ t4ace on 5tsJe. It is free io ￿ and take pa A¢ti¥iti*S 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$e5 and events induding 3 wbl Showcase perforrnances tn CktoberlNov•Mber preSen￿.￿g 4&miTrute excerpts of 6 plays by cri￿0n New Writing umni. AJI free lor pwticipants and audience5. Da￿lme use of the theatre by tre Trust for the ¢Jevdopiwt ol new wort o)ntinued with open and private ￿a¢JIn9 sessicffls, workshops ant1 c¢Alat*)rail￿ wlh the Adopt a Playwnght scherne. Eastsi¢Jè Educatwal and Cwam Shakespeare Schod FfwThYalh)n. The Trust con￿￿￿ed to make our spaces 3vaAable al ￿ cth¥9e ky edu￿tits￿. creative and dwritable events throu9h tr* year. En¥ekI￿ ID. 1d1C0E￿)￿F7lw5&￿FBEwJ￿12s9I9 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2025 lrnprovement works and repairs in the t￿lkJiNg conbnued as an ongDing WO3Tamme amund t￿$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 Tl*alre Skin$ workshops for young peoF48 in collaboration wrth Cornm shakespea￿ Schools Foundat¥)n. wirwJ hands on expe￿nCe in direuing. s* managemeni. ligliting and sound design in lull day, on stage M)rkshops t￿ to wtio'pants. yearfs T*mrkshops targeted 14 to 17-year-olds throu9h school ervJag8rn8nL Our Fr￿1 of House Management Trainee kwi•awnme recruthj Is third iiainee ￿¥emtv. This prcxjramme is 8 Xryrnonth, paid training ¢wr*Jramme aw$tiNJ existiry front of hwse empSDyees arms$ industry to make the rnove to rnenageft￿nt. The prTrJrarnme I￿ude$ fulty luThled fomial trainiNJ and certifi￿ti￿ 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 Charn￿0n ￿rSonal profe55*)nal devdoprn￿t 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 the￿th 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 tr￿rt 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 DeCe￿r 2025 *ere £3.144.08912024.. £2.449.4311. or these. Ihe funds not ¢onwnitted or imi8sf8d in fixed assets llh8 free ￿serves") Y**re £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 inc*Jd¢ poten1￿1 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. IY*luding 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 off*ce anol ￿ta￿ development the Trust has lar9er ¢harg•5 than orglinarily applicalJ* fty ymAar theats f4)eral￿n$. Th•se costs are Th)t ￿u¢e￿ rf the Trust is una￿e to opeiaie. The Reserves level will be revie**d again in 2026. The trustees re￿nISe Ihat they are IK4ding avaibble frjnds over the exi$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: 14cOE*fjwW2¥A25￿591g 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. sC￿￿1￿j 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 y￿saIle aTrJ technicaly able to kn￿'tate a w*Jer range of incomiftg wtsYu¢tions. The Trust wrfl con&nue lo ijehver aTrJ lurfher tjwebp sklLs *YJwkshops for scl*x)Is on and off sile to *nroura98 nleresl and Understa￿11n9 dopportunitie5 vAlhin the indusby. In 2026 we will kKbk to expand the contenl and range of opportunities we provide Jn our educatW kY(¥Jrnmme c0Uaborat￿n with Coram Shakespeare Scho￿$ Foundation and other5. The Front of PIJu5e ma￿￿emen1 IrainnvJ scherne wlll conlmiue into 2026 be expanded into Op￿rtUnItieS thin box office ané tethThcal departments. Cd1atWa￿ *ith ¥erMks WAII be eW¢xed to offer for￿1 tethnical apprentKeship. The &iterion New Wrilry prowarnm? ¥rrill con￿Ue to devdop wth mtye on 5UPPtyted devdopment ol fiAI length t4ays and rncKe one LM one support fw the p￿entat￿M of Ihe showcase perf(xMa￿e in the autumn follo￿r8 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 ￿necI￿On with our resident Production is not uJrrenly w8ct￿t4e due to ifs more adutt content, DaY￿.Me use of the venue for develoFThent and eX￿orat￿ of new th will continue encourdging engagement wilh new and emerging Prncti1￿er5 85**1 as t￿end1￿j 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$s￿atth daied 21 Ocloter 1992. TTh$tee$ The Trust¢e$. wh) we al80 the Ihe puw ofoyryny i￿1, and 8er¥ed during the >*ar were: A Banes SFry S Gr88ne SRO L Boume l Edwards-Jone$ None ofth8 trustees ha5 ary b￿￿￿(la1 interesl Lymp￿y. AJI ofthe tr￿1885 rnember5 01 the t?)m￿Y 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$18es rneet regulafy lo manage rfs affairs. The day4trday resFF74H2M5¥FBEW25919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CRITERION THEATRE TRUST Oplnlon We hav• audit¢d fina￿¥ sta*ments of The Critei•)n Theatre Twst Ilhe 'wrnpany'l for th8 y8ar 8nded 31 De￿mber 2025 which corn￿se the stalernenl of finanoal aclivrfies. the ba￿nce sheel. the Statement of cash flows and the notes to the ￿anc￿lI stalemen15. inthdiTrJ a surr￿ary of ggnffjcant aCCoun￿n9 policies. The financial reportity Irarnework Ihat has been ap￿18￿ in their prepaTrtion 15 apF4icable law and United Kingdom Accwnting Standards. induding F￿an(jaI ReForbng StsThja￿ 102 The Finènei&t Reportmig Stèndard applieabk sn the UK and RepuWK ollreland (Uniled ￿￿Jd0rn G￿￿alyA£￿tsdAcCUY1tsr￿J Prdcticel. In ￿Jr cpinion. the finanrAal Statern￿ts.. gNe a Irue and lair wew ol the slate of the eharilaltse companls affaws as at 31 December 2025 and of 6ts incoming ￿$￿Jr¢es and awlicall(￿ ol reS(HJ￿. its income and expenditure. for year then endetl: have been prop￿ prepared in acc￿lanCe Unrted Kiry1(￿ Ger*￿ty Accepw Acco￿tir￿j Practhx". ar¥J have I￿n syepareé in a￿¥￿ance wilh the requ¥emertts ofthe CrywniÈsNA 20C*. Basls tor •pinion We conducted audrt in accordance Intemational Slandards AUd￿r￿￿ {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 $e¢tK)n of our repfxl. We are independent of c4mpany in acthance wEth the eth￿al quiremenls that are relevant lo Ixjr audit of the finanual slatements in the UK. induding the FRC'S EthKal Standard, and we have fuifile(l our other ethical ￿p)nsIbIl￿eS in agxr¢arKe wtth thgse requirements. We teliev8 that the audit eviéence ￿ have obtained is 5ufficienl and approwth to pr￿&￿e a ba515 for￿1 opin￿. Coneluslons r•lating to 9oln9 ¢on¢•rn In auditing lh8 finarval stalw￿nts. have c￿￿￿ded that the Trustees, use 01 th8 9rMng ¢Ortem basi$ of accounting in the preparats.on of the finanoal statements is appropria￿. gase¢J on Ihe VK*k ￿ ha¥e perf(med, have ￿￿￿tified Ma￿la1 vrKwlaint*s 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 rn￿hS from %then the finar￿al Statements aTe authoiised foT 15sue. Our wp(*)sth"liDes ond the resp￿$bIth$ of the Tiuslee$ T￿ iesF*ct 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 fina￿181 51atem8nt5 nd our aUdI￿S report thereon. The TDJ5te85 are resp0v￿lIe lor the oiher information rA)nlained within the annual report. Our opinion on the ffina￿al stalem8nts doe5 not COV8r the ots*r 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 infL*maty"on •N1. M) d(xrKJ so. Ihe other infomiab.on is ma¢enaly inconsistent vrith Ihe finanual statements or our kno*ledge obtain&J in the course of Ihe audit. or Othe￿Se appea be rnaten*ly 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￿, ￿ r￿d￿de Ihgl there is a mateiial rTh58tatement of Ihts 0lh8r Inf￿allon, 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 financ￿1 year lor the finan(>al statemer*ts are prepared. indu¢Jes the thrtctors. ￿port ￿pared for Ihe purposes of ￿rnpanY Lew, is consistent wth the financial slat*ments." and the directors, reptyt induded *11h￿ the Tru5te85' rep(*t has been wewet1 In accordaKe applKable legal iequirernents. Enw•knpJ10.. 14COEAOW4&825&a￿FBEe[￿￿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 en￿ronment obtained in Ihe eaurse of th8 aLtdit. we hav¢ Klentsf* matenJ MissiatwT￿ts in trustees. report ¥*lhin Ihe Tru5te85' report. We have MthiThJ to reFQrt in resFecl of the forn￿ng maitery in rdation lo whth Ihe Companies Act 2Ct6 req￿re5 U5 to r8POrt to you rf, in our opinron.. adeguale ¥COJn￿ng rec(Kds have not kept. ty r•lL¥ns adequate ts Lwr aL*Jit 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$.. or certain disd05ures ol tru5tees' remureration by Lqw are not made,. or we have not recei¥e(l all the Inf￿￿￿"0n and eWanatKms we requi￿ frm our awjrt: or tre Trustees were not enblled to prewe Ihe fina￿la1 statements in accordance with Ihe small companie5 gime and take advantage ol Ihe small cc¥npanies' exemptNs in wepa1V￿ the Tntstees. report and Irom the requir8rnent to prEpare a stral9g￿ rep R•$pon$lbllttl4s of Trust As explained more fuly in the siatoment of Truslees. ￿pOnsi￿1￿￿¢s. the Twstees. vttK* a￿ ¥so the directors ol the Lxjmpany for the wrpose of company law. a￿ ￿spOnsItIe for tt* KKeparatKJn of the financial 5tstements and ft* bwng saiisf*d thal Ihey give a true and lair view. arnl lor such int¢mal rxwtrd as the Trustees determing IS nec£ssary lo en3Ne th8 preparation of financml statements that ￿ free frorn malenal misstaternenl, whether due to fraud or error. In preparing the finanoal statements. ¢he Trustees are resPC￿&bIe for assessing ihe cornpany akn'lity lo continue as a goirrfj concern, dlscb)s￿g. as applicable, maiter5 rdaled to going concem and ugng the going concem basis of aCt￿ntIr￿j unle&% the Trustees either intend to I￿ul￿ale Ihe ¢harilable company c* lo cease operatsons, w have no ￿alISt￿ ￿ternats¥8 but to do so. Auditorf$ r•$ponslbilities for th• audi¢ of the financial stat•mnts (￿r objectives are lo obtain ￿8$O￿a￿E 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. ReasOna￿e a$surar￿e ts a hKJh te¥d of assurance but is not a guarantee thal an audit ￿nducted in accordancg th ISAS IUKI wll a￿ayS detect a material misstaternent when it exists. Mt5Statements can arise trom fraud or error and are ¢ollsider8d mat¢rial if. indmdualty or in the aggregate. they thuld b¢ èxpecied io influence the eccmmic detision5 of user5 taken on the basis of these finar￿￿ statement5. Ir￿9￿181￿.e$. irtdudiThJ fraud. are instan￿$ of non-coM￿l•￿e LY4¥S ar¥J regu12tM)n$. We design procedures in line wth wr ￿pO￿lbit￿e$, oJllined abo¥e. lo deterj material m1sstater￿ts in respect of irregularitie5, including fraud. The extent to which our woceduw are Capab￿ of detecting irregularit*5, indthding fraud, 15 deiailed belryw. We &4anned our au¢&t 50 that ￿ have a r¢a51¥wble exF*L*th of d&t8ctirNJ Material rni551atem8nts rn th8 financial slatements re5dts"NJ frc¥n i￿￿ar1￿85, fraud or n￿tr￿lente wAh ¢x wulatioii The ext*nt to whlch the audit Tns ¢on¥idered capabt* of d•t•¢ting Irregvlarltles induding fraud In idenlifyng assesyng iisks of ma￿rial misthternenl In resped of Jrwularibes. ind￿1￿j fravd and non- cornpliance wilh laws and regula￿on5. 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 aprAta￿e la¥Ys and regulations. Enquiring ol managemenl ofwhether they are awa￿ of any nor￿￿[Alar￿ wrth laws and reg￿8t￿$. Enquiring ol rnanagemenl whelher they have knowledge of any adtsal. suspected or alleged fraud. Ewuiring of management thur intemal contr(As established to nNtigate risk related to fraud or n¢￿- corn￿lance wilh Lqws and re9ulations. Dis¢u$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 wtt￿e Ihere wa6 lor fratsd and the posb.ry of Musualymls. [knu￿9n En￿￿￿10.. 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 ffinanc*l stalernents or thal had a fvndarnental effe￿ on the operniion5. The key la*s and regulab'ons we consnlered in Ihis context included UK Cc￿panIeS Acl 2006, Charities Act 2011. tax legislalion, dala prOled￿n. anti-bribery, emF4oyment law and h8allh and safety. ￿cen￿ngAcl and Money LaunderiThJ Act Audit r•5POnS* to risks identif￿d Fwauddue to managemenl owerrlde To a￿d￿$S the risk of fraud through management b.as aTrl override of ¢￿trol$. we.. Audrting the nsk of marTragemenl override of ￿Atre4$. induth'ng IhroLW testing a $￿pIe of joumal entries lor appropriateness. Perf(rnd analyt￿￿1 k¥OcedU￿ trj identify any unusual ¢y vnexpected r￿at￿thp$ •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 9gnrf￿nt or unyxjal tr￿ellonS. To address the risk of Iraud in revenue reccgnn*Jn, we Perf￿rned the Idlcr*iThJ 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. Review*d rx)sl year*nd fftcome general ledgerentries to assess the appropriateness of cut-off. Perfofmed com￿etene$S tesb.rg by tracing transactions from extemal sources into Ihe acco¥nting reccfd5 to cnnfim Ihal is rKJl understated. Irr•gulariti•$ and nona¢ompIMnce wilh l•ws •ndrngvl•iitin$ In re5pcffjse to the risk of irregLlarib"es and n￿￿nFlorK8 *ith Im and regdai¥Jn5. W8 designed proeedures which induded. tKJt a￿ not lifflited to.. . Agr8*n9 financrdl siaiem8nts d￿￿O$v￿ to underfyn9 supptyts￿J tJ¢xuTh*nration. ReviwThJ minutes of ￿elIngS 01 Ihose charged wrth g0veman￿. EnouiriTrJ of management as ￿ aclual and potenb.al lits9a1￿7 daims. . Obtain and review the licenses he￿ by Ihe entity lo cMfirm it is aU￿15ed to opefate uTrJ8r the Licenswig Acl 2003. The test ￿8￿￿ aTrJ other inherent limitatths of ￿ a￿1. tcqether wrth the inherent h'mrtathjns of any a¢￿All¥j and intemal conlrd system, rnean thal ts￿re 15 an unavoidable risk that even Some rnateri￿ tni55tatem¢nts In spect ￿ irregubritses may remain ￿ndL￿ve￿￿ even though Ihe aUL1rt is property plahned and performed in attordance with ISAS IUKI. FurthermNe. the mtye ￿m0￿j that laws and re9￿at￿)n$ are fr￿ financial transacbons. the less likely that we %fftld becone awa￿ of non-comp1kn8nce. Our examinatN?n Sh￿k1 the￿fore not be lo dtsdose an such material ￿￿SStaternents orfrwds, 8fft)r8 or instances of fton-compliance that mvjht ewsL The ￿$￿n￿b￿lty fr)r safeguardin9 Ihe asseis of Ihe cDrnpany and for the preventi¢)n and deteclion of fraud. enor and rth¥cOm￿￿￿e W￿1h law or regLAations rests wilh the directors of The Ciitericffi Theatre Trust. A furlher descnption of our resportsiblities is avaikt4e on the Financ4al ReForknJ ￿jnU1$ website at". htips'.11 wvM.frc.org.uWaUdito￿reSP￿I￿"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 rne￿erS. 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 Ir￿Me(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￿$ Invest￿nt 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 I￿￿rne 4.1B1.79) 249.526 4.431.316 2.964,394 endItU￿ on.. Charitat4e actNIt*s 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¥ii*s Iso oyrylies with fv requirern￿ ts an inc4)me and exF¢nditure ac¢ount under the CcrfnpaniesAct 2{￿. 10- D￿u￿9n 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 Tangl￿e 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 f*lthlft 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 fU￿lS Un￿striC18d lunds 20 21 352.386 2.791.703 240.872 2,208,559 3.144.089 2.449.431 The directors acknovAedge their ￿$(%)￿s1t￿.1l￿s for ensuring that Ihe charity keeps accrxmbThJ records which compty ￿1h sertKJn 386 of Ihe Act and for wepariry finanoal staterr*nts 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 I￿1M1ng re50urc85 and application of resource5, induding its inc£￿ expendrture, for the finarKial year in ac￿rdanCe ￿￿th the requirernents of sections 394 and 395 and which 0lheTh*i5e COmF4y wth the W￿rements 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 ComP￿Y 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 g￿￿rated 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 ACCo￿tiNg pollcles Company infonnatlon Thtr CriterK)n Theatre Tntsi is a privat• l*xited by guarant•• irwp(¥ated in Ergla￿j antj Wales. The registe￿ office is 73 C¢rtiiH. L(wkni. EC3V 3fX). 1.1 Accountlng comfenUon The financial stsien*nts have been p￿pa￿ in accordance wilh FRS 102 The Finawal Reporting Standard appli¢aNe fft Ihe UK and Re￿j￿1¢ of I￿la￿l. (-FRS 10ri. the Companies Ad 2006. Ihe Charibes Act 2011 anol -Acc(4Jnling and fte￿)rtIng by Charities." slater￿n1 ol RK¥xnmended Practice aptyirable to charib.es eparing Ih¢ir accounts in act(*darte wilh ￿ Ftnancial ReF*YtirvJ Standard applicable in Ihe LIK and Republi¢ of IreLAnd IFRS 102FICharities SORP IFRS 102 as arnended for aCr￿n1￿ 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. v*tiiL* 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$ dO￿nIn1 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 exi*ence 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 c￿Ce￿ basi5 of accounting. The directo￿ who are the trustees have revithved the rffilparls goiTrJ Cc￿ceM 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 contair*d wlhin the accwnts and includiThJ CO￿ldera￿ of the risks as50daled wrth the cufrent ma£rtr￿rn￿ dimate. the trustees have ￿SOnatIe ex￿latIOn that the company has adequate resources to continue looFwa￿nol eXtsie￿ fry at knt 12 mnths Irr*n th8 date ol Ihe approval ol the financ41 stalernenls. 1.3 ch￿itabl• fund5 Unrestricted funds are a¥adable ts use al ￿ di5uetion oflhe Tru*es in fvrtlWw￿e of th¢ir tharitab obJ"ects"¥Ès. Restncteé funds relate to the ￿tOral￿)n leMes ¢rJlectsd each tickei sdd. The fvnL16 *ill be a¥a￿able for Stu￿ expendrture on the restora*￿ ofthe theatre. 1A IbK¢)min9 re$ources Inco￿* is recogni%d when Ihe company is Iv9*ly entrfed to rt after any pgrforrnance crmdition5 havg b88n met, Ihe a[￿L￿ts can be measured rdratAy. it $ Pt*#ble that Incl)￿ v•ll be r￿ve0. Incorne from diaritable actP4iti8s is acctyJrtted for on an aC£n￿lS basL% net Ol VAT. No permanent ÈndoW￿￿nts or vduntsry income ha¥e been received In the year. but these are with through the Siaternent of Finanual Aciivii*5 when r￿¢1¥*￿. Inm is onty deter￿rt 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 t*arity 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 attri￿thble 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 Ob1￿jaI￿￿S. These indud¢ costs In￿rred for g0¥gmw￿e of Iho charity aNI ￿ prnna￿ assoclated %wth constitutional and sta￿tOry rewirem8nts. 1.6 Tangibl• Ixed assets Tangible fixed assets ar• initialy ft*asured al cost and 5ubsequwlly r•asured ai or valuation. net of dep￿e￿al￿)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 dffle￿ce between the sale proceeds and carryiry value of the a55et. a￿1 r6 rBLxyJn￿￿I1 in Ihe 5taternenl ol financial a¢trvities. 1.7 Flxed •￿t i￿￿5*M¢n￿ Fixed asset investments are iThl'aly ￿s￿red 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 impairn*nt ￿￿e$ 3re ￿Ly￿jnIsed imrnediately in net incomel 18XP8TrJilufel for Ihe year. Asubsidsary 15 an enbty contrcdled by Ihe company. Contrd the power to govern the T￿￿n0•1 anLI operating p￿ICieS of Ihe entyty so as to obtain benefils from As athil*S. 1.8 Impairfflent of r￿ed 4ss•ts At each ￿portIr￿j end date. the cornpany re¥iews the cartyng arno￿￿ of Is langitrAe assets to deterrine tknelher there is any Indica￿On 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- DcrtU￿gn Envebw ID. 14coEA￿F?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 ReCovera￿e 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 p￿seTht value using a (trlax lis￿Unt 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 im￿lrMent 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 1rnpa1rr￿nllOsS 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 ap￿y. Where an impaimient bss subseqventy reve￿. the ca￿ing 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 ￿¢c￿nisell immedvately. unless the ￿levant asset is carriad in at a arnounl case IhB revwsal of Ihe wnp•M￿l i8 Ireate(l as a ￿valUation in¢￿ase. 1.9 Stocks Stocks are staled at th8 10%4Er of I￿1 and net realisa￿e value. Cost ￿ t￿n￿ed on a first in ffi￿t ￿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 ma￿etry, 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 short*nn Iv4uKI in¥estrnents Mlh maluritw of We or1855, aThJ l)ank overdrafts. 1.11 Financial instrurnents The company has elected to the [wo￿lOr￿ DI Sec1￿ 11 '8a5ic F￿anc￿l InslnJrnents' aThJ Secl•Jn 12 '0th8r Fina￿al Instnjments Issues. of FRS 102 to of its finarKial irthments. Finartial in5trurnents a￿ recogni5￿1 in Ihe c4)mpanY$ balance sheet wl*n the company b￿oMe$ party to the contr￿lua1 prov15m￿S ol the inslrun*nL 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 smultar￿￿5ly. Basic financtsl a558ts 8a5ic finanrial assets, ￿K￿￿Je detkns cash bank Wance5, are ￿l￿alty rneaswed at transaclon price including transaction and are subsequenlty carried at amoitised cost using the effective Interest method U￿esS the arrangement constitute5 8 finawng transaclK)n. where Ihe trans8ction is measured at Ihe present value of the future rec4pts diSC￿nted al a market rate of ￿tereSt. F￿anUal 355ets dassl*d as recthvable Within or* year are not arnrtised. 15- Env•k)F• ID.. 14COW>F74&82s￿Sd-FBEw￿25s19 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. ind￿r￿￿ uedrtry5 are ￿rts81￿ reciwjnffjed * tr8r6acbm price unless the arrangernenl conslrtutes a f￿anCI￿j transaction. where the debt inslrument bs rn8asu￿d 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 aM0￿e￿. Debl in$trurr*nts 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 1rdbil￿85 if payrnenl is due wthin one year of les5. If nol, they are presented a5 nor￿Ur¥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 I￿n cffjxxat*)n tax ￿ rfs chèntalje acbwl*& 1.13 RetSrement benefits PaY￿ents to L*fined 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 ¢(>￿p￿S aCt￿nti￿J pdb2es. the Tntst¢e5 are r8quYed to make judgements. estimales an(J ass¢JmptKJns atout the caryng arr￿U￿t of assels and Irablii*5 ihat are not readily apparent from other sources. The estimate5 and ass￿lated a5wmpts.ons are based on historical expefience and other factc￿5 Ihat are cM5idered to be relevanL Actual ￿ul1¥ May drffer from ihese estimates. The &stirna￿S and underf￿n9 assumpbons a￿ revewed ￿ an basis. Revisions to attojnting •slIma￿S are recognised in Ihe pert￿) in vthich *$bmate is mised where the revisK)n affe¢l$ (￿lY that period. or In the pe￿d ol tt* revisw and ftjlure periods where the re￿$1￿ affects both Currenl and fvlure periods. Key sour￿8 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." 14COEJnW4642w25WBEeoA￿59l9 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 irnpaim￿nI Opwation ol Theatre HireslConferer￿S 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 ￿￿￿￿￿(￿edi￿gI Fees payatde to the CoMpan￿S authiof for Ihe of finants statements Oepreoation of cp*Jr48d tan&¥t￿e 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) r￿eNed any remU￿rat*￿ 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&8YM25*FBE8A1482S919 THE CRITERION THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2025 EMpl￿*S The averag• n￿ber 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[mera￿n was nve ¢han £60,C#J) is as fouows: 202$ Number 2024 Number £130.CW- £140.OLMJ 10 Taxatlon The ch8nty i8 exempt from ta￿atic￿ on *s acti¥ithes becatse all lis inojmè is for tharitatl& PUfF￿Se8. 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•sIn￿nts 2025 2024 Inve5trnents in gjbs1di￿ieS 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 J￿Uary 2025 & 31 December 2025 1,661 Carrying arnount At 31 December 2025 1,661 At 1 J￿￿ary 2024 & 31 December 2024 1.661 DDutsvJn EThvdw1tr. 14cOE￿￿F11￿2￿62SI.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 subs*Jprie5 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 thn￿ghCWt the currenl arKI Pre￿￿S year. The aggregate Sha￿ Capit￿ and reserves of Crileri¢n Theatre Pi¢xadlly tirniied amounte(I to a deficit 01 £21,464, which was rep￿Sented by an a￿jnI 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 instru￿￿nts rneagjred at a￿)rtiSed c05t Eourty inslru￿*nts rn¢asureil al rx)sl kss impairnwt 224.924 1.659 324.303 1,659 Carrying amount of financbal Il#bllltle• measU￿d at arnryltsed ￿$1 87.750 244,420 15 Sto¢ks 202S 2024 Finished goc*ts 9￿J$ 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 Se￿nty 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 ft￿rement benefil ￿heM6$ 2025 2024 Defintd ¢ontribution $¢h•m•s rge to profit w kiss in re¥*d ol Llefined s￿￿eS 43,489 34,578 The company owaies a defined pens￿ schern lor all qu*ifying ernpbyee5. The asset5 of the scheme ère hekl Separ￿tlY Ir(wn Ihose ofthe eoiwny in an Ifideper￿enty &JmM)Iste￿d fuftd. 19 Share capjtsl The Company ha5 no share rapthl b8ui9 a cornpwry lirniied ty guarantee. The liability L)f the mern￿rs 1$ limited to £1 uith wndin9 11P. R•$tri¢t8d funds The inr>)m¢ fvnL1s of the clwity r•stivAe(I fur¥Js r3xnprigrKJ reSthi￿n iewe5 cc4(ecied ticket sales at £1.50knc*el sold. The [r￿Vemen1 In the was as fotrx. At l Jan￿ary Incoming Resotsrces At31 2025 ff•sour¢es ¢xpondgd Decernbgr 2025 240,872 249,526 1138.012} 352,386 Pr￿10u￿ y•#r: At 1 January Incorning 2024 resources Re50urcos vxpended At31 0•¢em￿r 2024 R8sthtion I￿e$ 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 balar￿5 0fd0natic￿S and grants which ar8 ot sufy'ect to spec4fK ¢￿01bOn5 by th)n￿5 and grantors as to how Ih8y may be used. These indude de*gnated fun(Js have been asde of uMe5tr**d 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 Unl￿trI¢￿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 D￿ernb•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- DO￿8￿jn Etweloptrlo". 14cOEfvn¥F74&82S&82￿FBE8W2S979 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 ffU￿re minimum lease paymènts under n£¥￿a￿elIable opprdthThJ leases, Yh*Mch 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 transa￿on5 There related party Iwsacl￿s year12024. none). Remuneratlon of key managernent personn The ￿M￿neratiON of key management personnel was as frA1(￿S.. 2025 2024 Aggregttte compensaii 132.866 124,847 25 Cash genernted from operalion5 2025 2024 sU￿luSI[de￿l) for th• ytaf 694.658 1232,2121 Adju$tmtnts l•r- Investment Ir￿[rft reuKJn￿l ID 51aternent olfinarkiai acti￿DeS Depreaation and imparnellt 0ftaThJ1b￿ assets 168.791) 16.573 (71,9381 31,523 Movements in T¥A>rklng ¢•Pit*l.. Iln¢reasel in slocks De￿a$ellIn¢￿$tt1 m Llebiors (Decrease￿nu8a5e 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- Doc￿Van ID.. 14COEAW746425&825*FBEW5919 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•e*mb•r 2025 2025 Cash * bank and in hand 3.233.25S 724,082 3,957,337 3.233,255 724.082 3,957,337