## **THE OLD VIC THEATRE TRUST 2000**
## **ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
**Registered Charity No. 1072590 Company No. 03667822**
**Registered Charity No. 1072590**
## **The Old Vic Theatre Trust 2000**
## **Company No. 03667822**
## **Trustees**
Tina Alexandrou (Deputy Chair) Sheila Atim MBE Pavita Cooper Helen Davies Geeta Gopalan David Henderson Huw Jenkins Lord Peter John Annie Pleshette Murphy Simon Warshaw (Chair)
## **Secretary**
Laura Stevenson
## **Registered Address**
The Old Vic 103 The Cut London SE1 8NB
## **Independent Auditor**
Moore Kingston Smith LLP 6th Floor, 9 Appold Street London EC2A 2AP
## **Bankers**
HSBC Bank Plc Southwark 28 Borough High Street London SE1 1YB
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**The Old Vic Theatre Trust 2000**
## **CONTENTS**
||**Page**|
|---|---|
|Report of the Trustees|1 - 16|
|Independent Auditor's Report|17 - 20|
|Consolidated statement of financial activities|21|
|Consolidated balance sheet|22|
|Parent charity balance sheet|23|
|Consolidated statement of cash flows|24|
|Notes to the financial statements|25 - 47|
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT**
## **For the year ended 31 August 2025**
The Trustees present their annual report and consolidated financial statements of the charity and its subsidiaries for the year ended 31 August 2025 which are also prepared to meet the requirements for a directors’ report, strategic report and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS102).
## **Objectives and activities**
The objects of the charity, as set out in the Articles of Association, are to promote art, culture and heritage and to promote, maintain, improve and advance education by the encouragement of the arts. The Old Vic Theatre Trust fulfils its objectives primarily through the operation of The Old Vic.
## **Public benefit**
The Trustees always ensure that the programmes that are undertaken are in line with the charity's objects and with their powers and responsibilities as detailed in the governing document and under charity law. In setting the charity’s objectives and planning its activities the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies on both philanthropic donations and income from ticket sales to cover its operation costs; in setting the level of ticket prices the Trustees give careful consideration to ensuring the accessibility of the theatre.
## **Charity aims**
To achieve its aims The Old Vic's objectives are:
**Artistic:** To sustain The Old Vic as a resilient independent theatre with global cultural significance and a strong social mission.
**Engagement:** To engage in person and online, through free education, community and social mobility projects, to positively impact life skills, enhance arts and education and increase employment prospects.
**Financial Resilience:** To balance operational financial performance to a breakeven position over a mid-term three-year cycle with a financial model that enables delivery of our aims, whilst protecting our long term financial sustainability. To prioritise income generation, most significantly fundraising and secondary spend.
**Inclusion and Wellbeing:** To create a public space and workplace where everyone feels welcome, respected and included; that demographically is more reflective of the diverse community in which we work. To contribute, through our work on stage, inclusive practices and our education and community projects, to the wellbeing, health and happiness of all who engage with us — artists, audiences, participants and staff.
**Sustainability:** To revitalise and futureproof the physical building for the next 100 years, creating a space that is modern, vibrant, environmentally conscious, commercially productive, non-excluding, accessible in every sense, available to and usable by everyone.
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
## **Trustees' duty to promote the success of the Charity - Section 172 (1) Statement**
Section 172 of the Companies Act 2006 requires the directors/trustees to act in the way that they consider, in good faith, would be most likely to promote the success of the charity to achieve its charitable purposes.
The Companies Act 2006 requires the charity as a large company, to report on how directors/trustees have complied with Section 172 and other linked matters:
## **a) The likely consequences of any decision in the long term**
The Trustees understand the business and the evolving environment in which the charity operates. They support the Executives in setting the strategic direction of travel, taking guidance from the team and external consultants to ensure the long-term outcomes are understood. Proposals are made with accompanying papers and seconded, and decisions recorded in the minutes of the meeting.
## **b) The interests of the charity's employees**
The Trustees recognise that the success of the business depends on attracting, retaining and motivating high quality employees. The Trustees take into account the implications of decisions which may affect their perception as a responsible employer, on determining remuneration and benefits, and on providing a healthy safe workplace environment, where relevant. The charity has committed to lowest wage earners receiving the London Living Wage.
## **c) The need to foster relationships with suppliers and others**
The Trustees seek to promote strong mutually beneficial relationships with suppliers, customers, the regulators and authorities. Such general principles are critical in the delivery of the charity’s strategy; it seeks to work with those who offer the best outcomes and welcomes the opportunity to partner with those who share its values and ethos.
## **d) The impact of the charity's operations on the community and the environment**
The Old Vic is committed to understanding the interests of these stakeholder groups. The Trustees receive information on these topics on a quarterly basis to provide relevant information for specific Board decisions. The charity puts sustainability at the heart of its activity, and works closely with industry bodies to track, understand and look at ways to modify company behaviour and the ways in which it impacts on the environment.
## **e) The desirability of the charity maintaining a reputation for high standards of business conduct**
The Trustees recognise the importance of acting in ways which promote high standards of business conduct. The Board periodically reviews and approves clear operating frameworks, such as budgets, programming plans and policies to ensure that its high standards are maintained both within the businesses and the business relationships the company has with stakeholders.
## **f) The need to act fairly between members of the charity**
The Trustees aim to act fairly as between the charity's members when delivering charity's strategy. This is demonstrated by a strong and open company ethos, clear policies around equality and inclusion and work to ensure our culture and practice reflect this.
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**The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
## **Vision and Mission**
The Old Vic is an independent creative powerhouse for entertainment and education. A not-for-profit theatre, proud to be a charity – our mission is to invigorate, inspire and open doors through world-class theatre for all. We believe that theatre makes the world better and that anyone should be able to experience, make and benefit from it.
We are uniquely placed to achieve all of this as a large 1,000 seat theatre in the heart of London, focusing on creating equal access. We make world-class entertainment on an international scale, reaching audiences of 350k+ every year through eclectic Seasons of work, and a further 8,000 through free programmes for engagement, employment and social mobility.
## **Strategic report**
The consolidated Statement of Financial Activities is set out on page 21.
The consolidated Balance Sheet is set out on page 22.
The remainder of the strategic report is set out below throughout the Trustees' Report.
## **Achievements and performance**
Matthew Warchus’ tenth Season as Artistic Director was another eclectic year of work: comprising a classic revival, a new adaptation of a classical text, a world premiere, the return of two favourite Old Vic productions and a new musical for young children and families.
To open the season, Max Webster (previously the Baylis Director at The Old Vic) directed Sir Tom Stoppard’s comedy of love and infidelity _The Real Thing_ .
_A Christmas Carol_ returned for its eighth year, starring John Simm as Scrooge. The production beat all previous box office records for the show.
Following this we presented the world premiere of Ella Hickson’s adaptation of Sophocles’ _Oedipus,_ starring Oscar winning Rami Malek and Olivier Award-winning Indira Varma. Co-directed by Matthew Warchus and Hofesh Shechter and featuring dancers from the Hofesh Shechter company as well as original music composed by Hofesh Shechter, this production was a revelatory take on the Greek tragedy. The production was nominated for three Olivier awards.
We embarked on a new model with a commission of Benjamin Scheuer and Melis Aker’s adaptation of Benjamin Scheuer and Jemima Williams’ children’s book _Hundred Feet Tall_ . The show which was created for young audiences (aged 4–7) toured into libraries and hospitals receiving outstanding feedback from audiences.
Conor McPherson returned to The Old Vic to direct his new play _The Brightening Air_ . Starring with an ensemble cast, the production garnered excellent reviews. It was captured by the NT live team and will be shared on the NT at Home platform in 2026.
Season 10 closed with the musical _Girl from the North Country_ which returned to The Old Vic following two West End, and a Broadway run and tours of the UK and North America.
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT**
## **For the year ended 31 August 2025**
## **Backstage Building Project and Capital Campaign**
The Old Vic has been undertaking a major capital project in two phases: a back of house upgrade (completed in 2023) and a new Backstage building behind the theatre. Practical completion of Backstage was achieved in July 2025 and the new building opened in Autumn 2025.
The project was delivered on time and within the £19.25m budget. We are grateful to our incredible supporters whose generosity and belief in this project has enabled it to take place. The fundraising campaign is close to completion, and we are also grateful to Lambeth and Southwark Councils who put in a loan facility of up to £7.5m which enabled the project to proceed prior to completion of the fundraising campaign.
The Backstage building is a project for the future – a six-storey space for creativity, education and community. This exciting development follows completion of works to our front and back of-house spaces to make those areas, including our stage and rehearsal room, accessible for the first time in over 200 years. Together with award-winning architects Haworth Tompkins, we are committed to building an exemplar low-carbon building that will create a welcoming public Cafe-Workspace, a Writers Room where creatives can work, a free to use Script Library, a modern and flexible Studio theatre, a Clore Learning Centre for our award-winning outreach work and an event space and terrace. The Backstage achieved a BREEAM ‘Excellent’ rating in August 2025.
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
## **Streamlined Energy and Carbon Reporting (SECR)**
In accordance with the requirements of the SECR guidelines introduced by the 2018 SECR regulations, we are required to disclose the following energy and carbon information for 2024/25:
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
## **Education and Community**
Our Education and Community programmes are central to our mission to invigorate, inspire and open doors through world-class theatre for all. Our programmes focus around three strands: community; emerging talent and schools, reaching over 8,000 participants across the year.
**Placements** offered three internships across the 2024/25 academic year. The first ran in conjunction with Southwark College’s Supported Learning Programme, which supports young neurodiverse people into employment. The second two placements were run in conjunction with 10KBI, a charity that works to create 10,000 internships for Black students and graduates across 25 sectors, ensuring that diverse talent meets opportunity so that our society and economy are equitable and fit for future purpose.
**OV Theatre Makers** is a free six-month programme for 18–30-year-olds offering participants opportunities to develop creative connections and create a toolkit to discuss and make theatre in the midst of our changing society. The 2024-25 project involved working with 20 young theatre makers through a series of workshops and masterclasses. The project culminated in a scratch performance at Theatre Peckham.
**Front Line** at The Old Vic gives paid placements in our Front of House teams to young people aged 16–30. Through creative workshops and working alongside our staff, participants gain vital on-the-job learning opportunities and are supported to develop key employability skills to aid their future careers.
**OV Backstage** offers paid placements on an Old Vic production to six people aged 18–30 from underrepresented backgrounds in the arts. Participants shadow an industry professional across 15 paid sessions, gaining hands- on experience across a range of disciplines such as costume, production management, set, sound and stage management.
**OV Connect** brings together our programme and production alumni, inviting them back into our iconic building for ongoing artist development, offers free and discounted tickets to shows, access to bespoke panel talks, debates and creative insights, new work development and collaborative platforms.
**Schools Club** aims to offer secondary schools across London supported access to theatre, with a focus on non-performing roles. It is intended to develop confidence in drama skills for 14–18-year-old students and their teachers. 40 schools are invited to take part in this free project, and are offered four performances, four student workshops, and four Continuous Professional Development sessions for teachers over one academic year.
**Take the Lead** is a free programme for students in years 11–13 that uses theatre techniques and creative workshops to develop five core skills that support employability and social mobility: self-belief, communication, teamwork, problem-solving and self-management.
**The Old Vic Hub** offers free digital learning content devised by theatre creatives and professionals. Our resources are designed to welcome anyone, of any age, experience or ability, into the world of theatre and beyond.
**Work Experience** supports 20 young people aged 14-18 per year to discover how a producing theatre operates, meet industry professionals and find out more about careers in the arts, through an interactive week experiencing workshops and masterclasses with Old Vic staff and facilitators.
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
**Primary Play Your Part** is part of a new pilot of primary programmes for The Old Vic. This free project providing newly commissioned playscripts to state primary schools across the UK to use as their festive show. The project aims to guide primary schools through the process of creating their own show. During the 2024/25 academic year six London based state primary schools collaborated with professional Old Vic facilitators over a six-week rehearsal period to support putting on their in-school production.
**Primary Take the Lead** is a free project running in London state primary schools for year six students, aged. Using theatre techniques and drama practises the project enables students to develop five core skills: self-belief, communication, teamwork, problem-solving and self-management.
**12 Choirs of Christmas** brings together older people and young performers from the local community through a series of free carol concerts. Local London primary school choirs are partnered with 12 community groups, forming choirs, to perform to the local community giving participants and residents young and old the chance to meet, connect and enjoy a shared experience.
**Matinee Idols** has been set up to create opportunities for The Old Vic to engage locally with people over 50, making theatre more accessible to those from a diverse range of socio-economic and ethnic backgrounds. For participants the aims are for them to connect with others, reducing feelings of isolation and loneliness, and to learn new skills.
**Theatre Connects,** works to boost mental health, wellbeing, confidence, and connection through learning new theatre skills, via a six-week theatre-based course for up to 20 participants.
## **Financial Review**
The strength of our programming boosted both ticket and commercial income with overall income rising to £25.5m (2024: £24.1m). We are grateful to our donors for their continuing generosity in support of productions, our Education and Community work and the capital programme of works on the Backstage project.
Expenditure remained relatively similar to the prior year at £21.6m (2024: £21.2m). The net surplus for the year, after theatre tax relief, was £5.9m (2024: £5.2m) of which £4.6m is funds raised for capital projects that has been spent and capitalised. The ongoing operating budget excluding capital fundraising income is currently planned to return to a deficit position for 2025/26 with investment in major programming, costs well controlled but impacted by inflation and supported by theatre tax relief.
At 31 August 2025 cash at bank was £7.6m (2024: £7.7m), representing a £0.1m reduction during the year driven by a cash inflow from operating activity of £1.61m and capital fundraising of £3.9m less cash, a loan of £3.25m, spend of £6.9m on capital expenditure and £190k in loan interest. Cash has been invested throughout the year in CCLA accounts and high interest deposit accounts to maximise investment return. The balance sheet carries an unsecured loan of £1.0m and a £2.5m loan on standard terms from the Arts Council’s Cultural Recovery Fund, a £3.5m loan with Southwark and Lambeth Council to fund the Backstage project. The commercial mortgage with HSBC has been settled.
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
At 31 August 2025 capital commitments and contracts were in place to complete the final stage of the Backstage capital project prior to opening in October 2025. These are fully funded and will be met by a combination of fundraising and loan agreements in place.
## **Reserves**
Total reserves of the charity are £37.0m (2024: £31.1m). Of these £4.0m (2024: £3.0m) are unrestricted in the Operational Risk Reserve, £0.83m (2024: £1.5m) are restricted and £32.2m (2024: £26.6m) are in designated funds comprising the Building Fund of £26.0m (2024: £23.0m), Special Projects £3.65m (2024: £3.1m) and Restoration Fund of £2.5m (2024:£0, PY had a Backstage Fund of £0.5m).
## **Principal risks and uncertainties**
Risk Management Statement: The Trustees have established the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that any necessary steps can be taken to mitigate and manage the risks.
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
Our overarching risk framework is as follows is set out below. It is applied, managed and reviewed by the governance structure as follows:
- Risk policy sets out appetite for risk and risk management process
- Identification and assessment of risks: captured in the risk register, managed by the Chief Financial Officer, overseen by Board Finance & Risk Committee (“FRC”)
- Evaluation of action to be taken on risks: captured in the risk register
- Periodic monitoring and assessment
- Risk management statement: set out in the annual report and approved by Trustees annually.
The FRC has delegated authority from the Trustees to ensure that major risks are regularly and properly identified. The implementation of any necessary mitigation measures approved by the FRC is delegated to management to implement in accordance with the Delegated Authorities Policy.
**Principal Risks: Key risks currently facing the organisation can be summarised as follows:**
|**Risk**|**Mitigation measures**|
|---|---|
|Opening of the new Backstage building
takes longer to reach breakeven than
planned due to slower revenue build than
expected or unforeseen costs not in the
business plan.|Tight controls on opening budget and regular review of income and
expenses once open.|
|Financial pressures impacting both box
office income (due to cost-of-
living challenges) and expenditure
(including cost
of production, building utilities and staff
salaries increasing above expected
levels).|Dynamic pricing in place to ensure that pricing is adapted to consumer
demand. Accessibly priced tickets are available for all
productions. Regular record keeping of roles advertised within the arts
sector to ensure our salaries are fair.|
|Health and Safety risks including potential
for negligence claim following injury to
employee, company or audience
member.|Robust Health and Safety Management System including a clearly
defined H&S Management Structure; annual review of the H&S
Policy; role-specific H&S staff training; risk assessments for all
activities and investigation of near misses.|
|Insufficient fundraising income to support
activity.|Ensure sufficient resource is allocated to the Development department
to research and cultivate prospects and develop applications.|
|Cyber-attack: hacking or/ virus causes
box office to go down and / or prevents
staff from working from home.|Full Cyber management policies in place with staff trained in actions
and process. Outsourced IT support for infrastructure and website.|
|Adverse publicity
negatively impacts reputation.|Equip staff to identify possible areas of risk; communication response
plans in place.
Established consistent age / production guidance.
Cross-referenced safeguarding recommendations.|
|Historic building requires capital
investment in excess of available funds.|Up to date condition survey and maintenance plans;
Fundraising strategies to address shortfalls.|
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
## **Fundraising**
All fundraising on behalf of the charity is undertaken in-house and we do not have any commercial participation arrangements. The charity subscribes to the Fundraising Regulator and there have been no instances of any failure to comply with fundraising standards. Fundraising activity is governed by a detailed Donations Acceptance Framework and monitored by the Donations Acceptance Committee which comprises a mixture of Trustees and management.
All fundraising on behalf of the charity is undertaken in-house and we do not have any commercial participation arrangements. The charity subscribes to the Fundraising Regulator and there have been no instances of any failure to comply with fundraising standards.
Fundraising activity is governed by a detailed Donations Acceptance Framework and monitored by the Donations Acceptance Committee which comprises a mixture of Trustees and management.
We communicate with donors within a rigorous set of data protection policies and guidelines (reviewed yearly), and staff are required to undergo data protection training upon induction and every two years.
There have been no fundraising complaints in the year.
## **Investment powers and policy**
Under the Articles of Association, the charity has the power to make any investment which the Trustees see fit.
## **Structure, governance and management**
The charity is a company limited by guarantee and was set up by memorandum and articles of association dated 10 November 1998. None of the Trustees have any beneficial interest in the company. The liability of the members is limited to £1 upon winding up.
The Trustees, who are also the directors for the purpose of company law, who served during the year were:
Tina Alexandrou (Deputy Chair) Sheila Atim Nicholas Clarry (Chair – resigned 8 July 2025) Pavita Cooper Helen Davies Geeta Gopalan David Henderson Huw Jenkins Lord Peter John Annie Pleshette Murphy (resigned 18 March 2025) Simon Warshaw (Chair – elected 8 July 2025; appointed Trustee 1 May 2025)
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
New Trustees undergo an orientation period to brief them on their legal obligations under charity and company law, the content of the Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. During the induction period, they meet key employees and other Trustees. Trustees are encouraged to attend appropriate external events where these will facilitate the undertaking of their role.
The Trust is governed by a Board of Trustees of up to fifteen members, plus two observer Trustees, who meet regularly. There is a Finance & Risk Committee dealing with finance and risk, a Nominations Committee that reviews Board requirements and appointments and a Remuneration Committee that reviews annual pay rises and sets key management personnel pay and remuneration.
The day-to-day operations of the charity are managed by a management team with delegated authority from the Trustees, to whom it reports and the management team is led by Matthew Warchus as Artistic Director and Laura Stevenson as Executive Director. The charity has two wholly-owned subsidiary companies, registered and operating in England and Wales as follows:
The Old Vic Theatre Company (The Cut) Limited – theatre production
The Old Vic Services Company Limited – commercial trading activities
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
## **Future Plans and Objectives**
2025-2027 will be a period of change for the theatre with the opening of Backstage (Autumn 2025) and a change in both Artistic Director and Chair. Rupert Goold will succeed Matthew Warchus as Artistic Director in 2026 after 11 years successfully leading the Almeida Theatre.
FY 2025/26 is therefore a year of planning for this transition whilst maintaining high-quality activity both on stage and in our Education and Community work. The budget has been put together against our strategic aims to deliver our mission to invigorate, inspire and open doors to adventurous theatre for all and is based on presenting Matthew's final Season 11 with a new In the Round stage and delivering a wide programme of activities for schools, community groups and emerging talent in advance of Backstage opening.
During this year, we will also open Backstage and continue our organisational development plans as set out in our business plan with particular areas of focus including people, belonging and inclusion, environment and health and safety.
The upcoming year’s budget has a planned deficit allowing for the initial opening costs of Backstage and provision for the interest on the Council loans. We welcome the support provided by Government to the arts sector by the provision of Theatre Tax Relief which allows us to continue to invest in ambitious programming and our extensive education and community work.
Major financial challenges remain with inflation, and the need to invest in the infrastructure of the building. As with many others in the industry, it remains a challenge to create a robust financial model that funds the capital expenditure requirements of historic buildings.
As a not-for-profit organisation, we aim to balance operational financial performance to a break-even position over a mid-term three-year cycle, allowing us the freedom to invest more heavily in specific productions and activities. Our financial planning is therefore show specific, and we expect some years to create financial surplus, and others to be in deficit. Having the financial and operational flexibility to do this is a significant achievement, and we owe a huge amount to our audiences and supporters and to the dedication of our staff in helping us to deliver this. The Board, alongside the management team, will continue to work to tackle the ongoing financial challenges whilst looking ahead to expanding the operating model from 2025 with Backstage.
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## **The Old Vic Theatre Trust 2000**
## **TRUSTEES' REPORT (continued)**
## **For the year ended 31 August 2025**
## **Auditors**
Moore Kingston Smith LLP were appointed as auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution that they be re-appointed will be put at a General Meeting.
## **Disclosure of information to auditors**
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
## **Statement of Trustees' Responsibilities**
The Trustees (who are also directors of The Old Vic Theatre Trust 2000 for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable group and company, and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the Trustees are required to:
1. select suitable accounting policies and then apply them consistently
2. observe the methods and principles in the Charities SORP
3. make judgements and estimates that are reasonable and prudent
4. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees Report, incorporating a Strategic Report, was approved by the Board of Trustees on 17 March 2026 and signed on the Board's behalf
On behalf of the Board of Trustees
## **Simon Warshaw - Director and Trustee (Chair)**
Date: 17.03.2026
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## **The Old Vic Theatre Trust 2000**
## **Independent Auditor's Report to the Members of The Old Vic Theatre Trust 2000**
## **For the year ended 31 August 2025**
## **Opinion**
We have audited the financial statements of The Old Vic Theatre Trust 2000 (the parent charitable company) and its subsidiaries (the group) for the year ended 31 August 2025 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’. (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
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## **The Old Vic Theatre Trust 2000**
## **Independent Auditor's Report to the Members of The Old Vic Theatre Trust (Continued)**
## **For the year ended 31 August 2025**
course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ annual report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual report.
- We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 16, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.
18
## **The Old Vic Theatre Trust 2000**
## **Independent Auditor's Report to the Members of The Old Vic Theatre Trust (Continued)**
## **For the year ended 31 August 2025**
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
- Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
19
## **The Old Vic Theatre Trust 2000**
## **Independent Auditor's Report to the Members of The Old Vic Theatre Trust (Continued)**
## **For the year ended 31 August 2025**
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
6 May 2026
**James Saunders (Senior Statutory Auditor)** 6th floor **for and on behalf of Moore Kingston Smith LLP** 9 Appold Street **Chartered Accountants** London **Statutory Auditor** EC2A 2AP
20
## **The Old Vic Theatre Trust 2000**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 31 August 2025**
|**Note**|**Restricted Unrestricted**
**Total**
**Total**
**Funds**
**Funds**
**2025**
**2024**
**£**
**£**
**£**
**£**|
|---|---|
|**Income from:**
Donations and legacies
**2**
Charitable activities
Operation of theatre
**3**
Other trading activities
Commercial trading operations
**4**
Investments
**5**
Interest receivable
**Total Income**
**Expenditure on:**
Raising funds
Fundraising costs
**6**
Commercial trading operations
**4**
Charitable activities
Operation of theatre
**7**
Education and community programme
Interest payable and similar charges
**Total Expenditure**
**Net income/ (expenditure)**
Other recognised gains - theatre tax
relief and deferred tax
Gross transfers between funds
**17**
**Net movement in funds**
**Reconciliation of funds:**
Fund balances brought forward
**Fund balances carried forward**
**17**|5,547,899 3,074,932 8,622,831 7,673,554
260,285 13,926,690 14,186,975 13,566,769
-
2,128,699 2,128,699 2,406,418
-
535,344 535,344 403,714|
||5,808,184 19,665,665 25,473,849 24,050,455
38,052 1,277,994 1,316,046 1,175,777
-
2,000,070 2,000,070 2,174,622
725,241 16,596,140 17,321,381 16,792,551
726,949 55,165 782,114 814,573
-
228,540 228,540 218,588|
||1,490,242 20,157,909 21,648,151 21,176,111|
||4,317,942 (492,244) 3,825,698 2,874,344
-
2,094,779 2,094,779 2,331,965
(4,981,930) 4,981,930 -
-|
||(663,988) 6,584,465 5,920,477 5,206,311
1,490,497 29,635,359 31,125,856 25,919,544|
||826,509 36,219,824 37,046,333 31,125,856|
All disclosures relate only to continuing operations.
21
## **The Old Vic Theatre Trust 2000**
## **CONSOLIDATED BALANCE SHEET as at 31 August 2025**
|**Note**|**2025**
**£**|**£**|**2024**
**£**|**£**|
|---|---|---|---|---|
|**FIXED ASSETS**
Tangible assets
**12**
**CURRENT ASSETS**
Stock
Debtors
**14**
Short Term Investments
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within
one year
**15**
**NET CURRENT ASSETS**
**Total assets less current liabilities**
Creditors: amounts falling due after
more than one year
**16**
**NET ASSETS**
**Charity Funds**
Restricted Funds
**17**
Unrestricted Funds:
**17**
Operational Risk Reserve
Designated funds
Total unrestricted funds
**TOTAL FUNDS**|28,027
5,740,806
4,601,296
7,644,722|32,186,326
32,186,326
11,794,452
43,980,778
(6,934,445)
**37,046,333**
826,509
36,219,824
**37,046,333**|27,714
6,726,956
3,877,812
7,709,809|25,932,494|
|||||25,932,494
11,199,160|
||18,014,851
(6,220,399)||18,342,291
(7,143,131)||
||4,000,000
32,219,824||3,000,000
26,635,359||
|||||37,131,654
(6,005,798)|
|||||**31,125,856**|
|||||1,490,497
29,635,359|
||||||
|||||**31,125,856**|
The financial statement were approved by the Trustees and authorised for issue on ………17.03.2026……………………………………………………..….
and were signed on their behalf by:
… ……………………………………………………….
**S Warshaw Director and Trustee (Chair)**
Company Registration No: 03667822
22
## **The Old Vic Theatre Trust 2000**
## **CHARITY BALANCE SHEET as at 31 August 2025**
|**2025**
**2024**
**Note**
**£**
**£**
**£**
**£**|**2025**
**2024**
**Note**
**£**
**£**
**£**
**£**|**2025**
**2024**
**Note**
**£**
**£**
**£**
**£**|
|---|---|---|
|**FIXED ASSETS**
Tangible assets
**12**
Investments
**13**
**CURRENT ASSETS**
Debtors
**14**
Short Term Investments
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due
within one year
**15**
**NET CURRENT ASSETS**
**Total assets less current liabilities**
Creditors: amounts falling due
after more than one year
**16**
**NET ASSETS**
**Charity Funds**
Restricted Funds
**17**
Total unrestricted funds
**17**
**TOTAL FUNDS**|9,303,841
4,601,296
7,560,910|25,932,495
2|
|||25,932,497
5,830,673|
||||
|||31,763,170
(6,005,804)|
|||**25,757,366**|
|||1,490,497
24,266,869|
|||**25,757,366**|
As permitted by s408 Companies Act 2006, the parent charity has not presented its own statement of financial activities and related notes. The charity's surplus for the year was £5,561,307 (2024: surplus £3,630,314).
The financial statements were approved by the Trustees and authorised for issue on and were signed on their behalf by:
…… ……………………………………………………. **S Warshaw Director and Trustee (Chair)**
Company Registration No: 03667822
23
## **The Old Vic Theatre Trust 2000**
## **CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 August 2025**
|**Note**|**2025**
**2024**
**£**
**£**
**£**
**£**|
|---|---|
|**Cash flows from operating activities**
Cash generated from operations
**22**
Corporation tax credit received
**Cash flows from investing activities**
Interest from Investments
Interest Paid
Purchase of short term investments
Purchase of property, plant and equipment
**Net cash used in investing activities**
**Cash flows from financing activities**
Proceeds from new bank loans
Loans repaid
Change in cash in the reporting period
Cash at the beginning of the reporting
period
**Cash at the end of the reporting period**|3,836,926
4,966,917
2,500,091
881,668
6,337,017
5,848,585
502,992
403,714
(37,723)
(167,706)
(723,484)
(3,877,812)
(7,048,168)
(3,686,709)
(7,306,383)
(7,328,513)
3,250,000
250,000
(2,345,721)
(83,780)
904,279
166,220
(65,087)
(1,313,708)
7,709,809
9,023,517
7,644,722
7,709,809|
||3,250,000
(2,345,721)|
|||
24
## **The Old Vic Theatre Trust 2000**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **1. ACCOUNTING POLICIES**
## **Company information**
The Old Vic Theatre Trust 2000 is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Vic, 103 The Cut, London, SE1 8NB.
## **1.1 Accounting convention**
## **Basis of Preparation**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), published in September 2015. In accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011. The Charitable Company is a public benefit entity for the purposes of FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Basis of consolidation**
The consolidated financial statements incorporate those of The Old Vic Theatre Trust 2000 and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits), detailed in note 23. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
25
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **1.3 Going Concern**
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events and conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The management team have reviewed best and worst case scenarios taking in to account uncertainty, inflation and cost of living increases. In addition, the management team have prepared a detailed cashflow forecast and are confident that the group has sufficient resources to remain financially viable for a period of at least 12 months from the date of signing of these financial statements. Thus the Trustees of the charitable group continue to adopt the going concern basis in preparing its financial statements.
## **1.4 Income**
Income from charitable activities and production in the theatre is included in the period when the performance takes place. Income from commercial activities is included in the period in which the group is entitled to receipt. Donations are accounted for as received by the charity. Income is only deferred when it is specifically related to future accounting periods.
Sponsorship income represents income received from commercial organisations in support of specific activities or projects. Income is recognised at the point where the goods/services in relation to the activities are delivered. Corporate membership is apportioned over the year of the subscription and the element relating to a future year is recorded as deferred income at the balance sheet date.
Gift Aid is included in the financial statements based on amounts recoverable at the balance sheet date.
Investment income is interest receivable and is recognised when receivable.
## **1.5 Expenditure**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expensed are accounted for on an accruals basis.
Charitable activities include expenditure associated with the operation of the theatre and the production of theatrical performances and includes both the direct costs and support costs relating to those activities. Such costs include governance costs. Costs for performances spanning the end of the financial period are prepaid where these costs can be recouped by future revenue.
Governance costs include those incurred in the governance of the charity and its assets, and are primarily associated with the constitutional and strategic requirements.
Costs of raising funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
## **1.6 Tangible Fixed Assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Freehold properties are stated at revalued amounts under the transitional provisions of FRS102, being the fair value of the date of revaluation less any subsequent depreciation and impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings 1% straight line Building Improvements 5% straight line Office equipment 25% - 33% straight line Fixtures and fittings 5% - 33% straight line Freehold land is not depreciated Assets Under Construction are not depreciated until completed and operational
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of financial activities.
26
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **1.7 Fixed asset investments**
In the parent charity financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.8 Impairment of fixed assets**
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell, and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For assets used in delivering charitable activities, consideration is given to the service potential of those assets to achieve those charitable objectives.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of financial activity, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the statement of financial activities, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
## **1.9 Stock**
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition.
Stock held for distribution at no or nominal consideration is measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the statement of financial activities. Reversals of impairment losses are also recognised in the statement of financial activities.
## **1.10 Debtors and Creditors**
Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price.
27
**The Old Vic Theatre Trust 2000**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **1.11 Cash at Bank and in hand**
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
## **1.12 Short Term Investments**
Short term investments are short-term liquid investments with original maturities between three and twelve months.
## **1.13 Financial instruments**
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic instruments measured at fair value.
## **1.14 Employee benefits**
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.15 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.16 Leases**
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
## **1.17 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **1.18 Government grants**
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions , it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
28
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **1.19 Taxation**
The Company is a registered charity and as such is entitled to exemption from taxation on its charitable activities under the Corporation Tax Act 2010 and is a culturally exempt organisation under Schedule 9 of the VAT Act 1994. During the year VAT returns have been submitted on a culturally exempt basis. Irrecoverable VAT is charged against the cost of charitable activities, where it is incurred. Irrecoverable VAT on capital expenditure has been capitalised and will be written off over the life of the assets.
## **1.20 Theatre Tax relief**
Theatre tax relief credit payable to the group in relation to eligible expenditure on theatrical productions is recognised as a credit within the tax charge.
## **1.21 Accounting Estimates and Judgements**
In preparing these financial statements, management has made estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. These cover depreciation, recoupment of production costs and commissioning fees.
Management regularly reviews these estimates and adjusts them where necessary to reflect current conditions.
|**nations**
Voluntary income
Membership, Clubs and Friend income
Grants|**2025**
**2024**
**£**
**£**|
|---|---|
||4,180,051 3,536,079
682,787 868,529
3,759,993 3,268,946|
||8,622,831 7,673,554|
## **2. Donations**
The split of donations between restricted and unrestricted is £5,547,889 and £3,074,932 respectively (2024: £5,265,686 and £2,407,868).
## **3. Income from charitable activities**
|**Unrestricted Funds**
Box office gross income
Other income|**2025**
**2024**
**£**
**£**|
|---|---|
||11,857,479
11,302,807
2,329,496
2,263,962|
||14,186,975 13,566,769|
## **4. Commercial trading operations**
Income and expenditure is from the operations of the charity's trading subsidiaries, excluding the costs related to creating and running the theatrical productions. Further details and trading results of the subsidiaries are provided in note 23.
|**Summary of group trading results:**
Turnover
Services costs
Administrative expenses|**2025**
**2024**
**£**
**£**|
|---|---|
||2,128,699
2,406,418
(1,967,701) (1,725,760)
(32,369) (448,862)|
||128,629 231,796|
29
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **5. Investments**
|Interest received
**undraising costs**
General event costs
Staff costs|**2025**
**2024**
**£**
**£**|
|---|---|
||535,344 403,714|
||535,344 403,714|
|||
||**2025**
**2024**
**£**
**£**|
||614,573 491,909
701,473 683,868|
||1,316,046 1,175,777|
## **6. Fundraising costs**
The split of fundraising costs between restricted and unrestricted funds is £38,052 and £1,277,994 respectively (2024: £46,788 and £1,128,989) .
## **7. Direct costs of operation of theatre**
|**irect costs of operation of theatre**||
|---|---|
|**Direct costs of operation of theatre**
Production costs
Production salary costs
Staff costs
Office costs
Building costs
Insurances
Consultancy Fees
Computer costs
Entertaining
Depreciation
Irrecoverable VAT
Bank charges
Exchange rate loss
**Share of governance costs**
**Costs of operation of theatre**|**2025**
**2024**
**£**
**£**|
||3,573,479 4,720,056
5,351,097 4,315,303
3,019,658 2,418,499
617,025 1,019,414
1,598,669 1,461,878
507,531 393,859
352,028 385,664
215,724 210,257
16,906 13,584
766,466 775,842
1,191,380 936,293
11,842 13,110
6,301 7,012|
||17,228,106 16,670,771
93,275 121,781|
||17,321,381 16,792,552|
The split of direct costs of operation of the theatre between restricted and unrestricted is £710,138 and £16,596,539 respectively (2024: £3,549,954 and £13,242,597).
30
## **The Old Vic Theatre Trust 2000**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **8. Charitable activities**
|**Charitable activities**|||
|---|---|---|
|Support costs including governance costs
Legal and professional fees
Auditors' remuneration - Audit fees
Auditors' remuneration - Non audit fees
Bank interest||**2025**
**2024**
**£**
**£**|
|||321,815 340,369|
||||
||**Support Governance**
**2025**
**2024**
**costs**
**costs**
**£**
**£**
**£**
**£**||
||-
15,000 15,000 20,631
-
53,830 53,830 57,800
-
24,445 24,445 43,350||
||-
93,275 93,275 121,781
228,540 - 228,540 218,588||
||228,540 93,275 321,815 340,369||
## **9. Net income/expenditure**
|**Net income/expenditure**|||
|---|---|---|
|This is stated after charging the following:|**2025**|**2024**|
||**£**|**£**|
|Fees payable to the company's auditor|30,100|26,200|
|Fees payable to the company's auditor for services relating to prior year|-
|10,000|
|Fees payable to the company's auditor for non-audit services|-
|3,300|
|Fees payable to the company's auditor for non-audit services relating to|||
|the prior year|2,500|23,250|
|Fees payable to the company's auditor for subsidiary audit|23,730|21,600|
|Fees payable to the company's auditor for subsidiary non-audit services|21,945|16,800|
|Loss on Disposal of owned tangible assets|27,865|796,500|
|Depreciation of owned tangible assets|766,466|775,861|
## **10. Indemnity Insurance**
Trustees' indemnity insurance is included within management liability insurance and the cost is not separately identifiable.
Trustees' indemnity insurance indemnifies the Trustees and other officers against any consequence of any neglect or default on their part.
## **11. Employees**
|aff costs were as follows:
Wages and salaries
Social security costs
Other pension costs
Redundancy costs|**Group**|
|---|---|
||**2025**
**2024**|
||**£**
**£**|
||7,673,279 7,624,674
694,325 579,468
228,907 210,425
52,095 67,533|
||8,648,606 8,482,100|
Staff costs were as follows:
31
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **11. Employees (continued)**
The average number of persons employed by the company during the year was as follows:
|Management
Administration, marketing and commercial
Production
Technical
Fundraising staff|**Group**
**Charity**
**2025**
**2024**
**2025**
**2024**|
|---|---|
||15 14 11 11
167 192 46 53
143 62
-
-
40 49
-
-
13 14 13 14|
||378
331 70 78|
17 employees earned more than £60,000 for the year (2024: 10).
|£150,001 - £160,000
£130,001 - £140,000
£120,001 - £130,000
£100,001 - £110,000
£90,001 - £100,000
£80,001 - £90,000
£70,001 - £80,000
£60,001 - £70,000|**Group**|
|---|---|
||**2025**
**2024**|
|||
||1
1
1
-
-
1
1
-
1
-
3
3
2
3
8
2|
||17
10|
The remuneration of key management personnel for the year was £1,405,312 (2024: £1,399,421)
32
## **The Old Vic Theatre Trust 2000**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **12. Tangible Fixed Assets**
|**Group**
**Cost or valuation**
At 1 September 2024
Additions
Disposals
At 31 August 2025
**Depreciation**
At 1 September 2024
Charge for the Year
Eliminated in respect of
disposals
At 31 August 2025
**Net Book Value**
At 31 August 2025
At 31 August 2024
**Charity**
**Cost or valuation**
At 1 September 2024
Additions
Disposals
At 31 August 2025
**Depreciation**
At 1 September 2024
Charge for the Year
Eliminated in respect of
disposals
At 31 August 2025
**Net Book Value**
At 31 August 2025
At 31 August 2024|**Freehold land Building**
**Fixtures and**
**Office**
**Assets under**
**Total**
**and buildings Improvements Fittings**
**equipment**
**construction**
**£**
**£**
**£**
**£**
**£**
**£**|
|---|---|
||12,000,000 9,883,123 2,579,270 147,961 4,306,392 28,916,745
-
222,747 74,052 85,840 6,665,529 7,048,167
-
-
(435,205) (50,951) -
(486,156)|
||12,000,000 10,105,870 2,218,117 182,850 10,971,921 35,478,757|
||730,978 1,138,684 1,019,226 95,367 -
2,984,255
80,000 497,668 162,804 25,994 -
766,466
-
-
(407,340) (50,949) -
(458,290)|
||810,978 1,636,351 774,690 70,412 -
3,292,432|
||11,189,022 8,469,519 1,443,426 112,438 10,971,921 32,186,326|
||11,269,022 8,744,439 1,560,043 52,594 4,306,392 25,932,490|
|||
||**Freehold land Building**
**Fixtures and**
**Office**
**Assets under**
**Total**
**and buildings Improvements Fittings**
**equipment**
**construction**
**£**
**£**
**£**
**£**
**£**|
||12,000,000 9,883,123 2,579,270 147,961 4,306,392 28,916,745
-
222,747 74,052 85,840 6,665,529 7,048,168
-
-
(435,205) (50,949) -
(486,156)|
||12,000,000 10,105,870 2,218,117 182,852 10,971,921 35,478,757|
||730,978 1,138,684 1,019,226 95,367 -
2,984,255
80,000 497,668 162,804 25,995 -
766,468
-
-
(407,340) (50,950) -
(458,290)|
||810,978 1,636,351 774,690 70,413 -
3,292,432|
||11,189,022 8,469,519 1,443,426 112,439 10,971,921 32,186,326|
||11,269,022 8,744,439 1,560,043 52,594 4,306,392 25,932,490|
33
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **13. Fixed asset investments**
Investments in subsidiaries
**Group Charity 2025 2024 2025 2024 £ £ £ £** - - 2 2
## **Charity**
## **Cost**
At 1 September 2024 Disposal At 31 August 2025
## **Net Book Value**
At 31 August 2025 At 31 August 2024
**Investments in subsidiaries £** 2 - 2 2 2
34
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
|**14. Debtors**
**Amounts falling due within one year:**
Trade debtors
Corporation tax repayable
Amounts due from subsidiary undertakings
Other debtors
Prepayments and accrued income|**Group**
**Charity**
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**|
|---|---|
||358,914 253,082 -
977
4,440,159 4,845,471 -
-
-
-
8,899,373 1,978,435
49,337 155,072 1,085 93,715
892,396 1,473,331 403,383 1,078,282|
||5,740,806 6,726,956 9,303,841 3,151,409|
|**reditors**|**Group**|**Group**|**Charity**|**Charity**||
|---|---|---|---|---|---|
||**2025**|**2024**|**2025**||**2024**|
||**£**|**£**|**£**||**£**|
|Bank loans|-
|90,418|-
||90,418|
|Other loans|190,932|75,758|190,932||75,758|
|Trade creditors|254,197|407,611|170,439||168,200|
|Amounts owed to subsidiary undertakings|-
|-|10,789,133|3,916,747||
|Other taxation and social security|283,961|402,550|211,193||271,769|
|Other creditors|766,164|602,328|18,413||22,669|
|Accruals|1,384,281|1,603,254|893,085||390,882|
|Advanced bookings|3,340,864|3,961,212|3,126,064|3,857,987||
||~~6,220,399~~|~~7,143,131~~|~~15,399,259~~|~~8,794,430~~||
|**Creditors: Amounts falling due after more than one year**||||||
||**Group**||**Charity**|||
||**2025**|**2024**|**2025**||**2024**|
||**£**|**£**|**£**||**£**|
|Bank loans - secured|-
|2,159,837|-
|2,159,837||
|Other loans|6,934,445|3,845,963|6,934,445|3,845,967||
||~~6,934,445~~|~~6,005,800~~|~~6,934,445~~|~~6,005,804~~||
|**Maturity of debt**|**Group**||**Charity**|||
||**2025**|**2024**|**2025**||**2024**|
||**£**|**£**|**£**||**£**|
|Repayable by instalments:||||||
|One year or less|190,932|166,176|190,932||166,176|
|Less than two years|190,932|1,248,530|190,932|1,248,530||
|Less than five years|2,072,772|791,785|2,072,772||791,785|
|In five years of more|4,670,741|3,965,490|4,670,741|3,965,490||
||~~7,125,377~~
|~~6,171,981~~|~~7,125,377~~|~~6,171,981~~||
## **15. Creditors**
## **16. Creditors: Amounts falling due after more than one year**
The bank loan of £2.2m was repaid in full during the year.
The £2.6m Cultural Relief loan from Arts Council England as well as the £3.5m other loans are considered to be public benefit entity concessionary loans as the interest rate of the loan is below the prevailing market rate.
The loans are valued at amortised cost using the effective interest method. The Arts Council England loan of £2.5m accrues interest annually at 2%, which has been accrued and added to the total amount payable and is repayable over 20 years, with a repayment holiday for the first four years. Repayment of the loan commenced in March 2025. The loan was fully drawn down in the year ended 31 August 2021. The loan of £1m is not interest bearing and is not repayable within any specific time. An additional other loan of £3.5m drawn from Southwark and Lambeth Councils in the year is repayable over a 20 year term and accrues interest at 1% below the Public Works Loan Board Rate with repayment dates not fixed within the term. The Trust has 4 registered charges against the freehold property and the Backstage buidling relating to the council loans and HSBC overdraft facility
35
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 31 August 2025**
## **17. Consolidated statement of funds**
|Current year-group
**Restricted Funds:**
**Maintenance of building:**
Restoration levy
**Education and community:**
Schools Club
Theatre Makers
Take the Lead
SCH Primary Projects
Other Education
**Special Projects:**
The Backstage
Building
**Individual projects:**
Individual projects: Impact Fund
Individual projects: Public Fund
Bloomberg Accelerator
BoH Office refurb
Other Projects
**Unrestricted Funds:**
_Designated_
Special Projects Fund
Building Fund
Restoration Fund
Backstage Fund
Operational Risk Reserve
Total unrestricted funds
**Total funds**||
|---|---|
||**1 September Income**
**Expenditure**
**Other**
**Transfers**
**31 August**
**2024**
**and losses**
**recognised**
**gains**
**£**
**£**
**£**
**£**
**£**
**£ Notes**|
||503,054
260,285
(763,339) -
-
-
**1**
175,181
172,124
(194,238) -
32,434
1 85,501
**2**
28,657
7,000
( 74,225) -
38,568
-
**3**
30,000
154,876
(136,959) -
-
4 7,917
9,032
-
-
-
( 9,032) -
**4**
42,184
239,439
(319,683) -
140,085
1 02,025
**5**
-
4,462,446
(20) -
(4,462,426) -
**6**
-
-
-
-
-
-
272,445
207,015
-
-
(251,420) 2 28,040
**7**
249,026
300,000
-
-
(300,000) 2 49,026
**8**
106,308
-
-
-
(106,308) -
**9**
60,610
-
( 1,439) -
( 59,171) -
**10**
14,000
5,000
(340)-
(4,660)1 4,000
1,490,497
5,808,184
(1,490,241) -
(4,981,930) 8 26,509
3,124,585
-
-
-
534,290
3,658,875
**11**
23,010,774
-
-
-
3,050,175
26,060,949
**12**
-
-
-
-
2,500,000
2,500,000
**13**
500,000
-
(137,210)-
(362,790)-
**14**
26,635,359
-
(137,210) -
5,721,675
32,219,824
3,000,000
19,665,667
(20,020,700) 2,094,779
(739,746) 4,000,000
**15**
29,635,359
19,665,667
(20,157,910)2,094,779
4,981,930
36,219,824
**31,125,856**
**25,473,851**
**(21,648,151) 2,094,779**
**-**
**37,046,333**|
-
36
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **17. Consolidated statement of funds**
## Current year - group (continued)
## **Fund transfer descriptions**
- **1** Utilisation of Restoration levy against maintenance and capital spend in the year.
- **2** Schools Club work covered by the Impact fund
- **3** Theatre Makers work covered by the Impact fund
- **4** Transfer of funding to Impact fund.
- **5** Various projects transfers for the rest of Education and Community from the Impact Fund
- **6** Transfer of Backstage funds to the Backstage building project expenditure.
- **7** Transfer of Impact fund to Education projects
- **8** Transfer to plays within the finacial year.
- **9** Transfer of Bloomberg accelerator to capital expenditure in the year.
- **10** Transfer of BoH to capital expenditure in year.
- **11** Transfer of operational reserve into special projcets fund for future activity
- **12** Building Fund - increased by capital expenditure in the year, less depreciation and borrowing movements.
- **13** Restoration Fund - transfer of operational reserve to restoration fund for future restoration projects.
- **14** Backstage Fund - transfer remaining funds to special projects for future activity.
- **15** Operational Risk Reserve - as above
37
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **17. Consolidated statement of funds (continued)**
|Prior year-group
**Restricted Funds:**
**Maintenance of building:**
Restoration levy
**Education and community:**
Schools Club
Theatre Makers
Take the Lead
SCH Primary Projects
Other Education
**Special Projects:**
The Backstage
Building
**Individual projects:**
Individual projects: Impact Fund
Individual projects: Public Fund
Production Partner
Commissioning Partner
Bloomberg Accelerator
BoH Office refurb
Other Projects
**Unrestricted Funds:**
_Designated_
Special Projects Fund
Building fund
Backstage fund
Operational Risk Reserve
Total unrestricted funds
**Total funds**||
|---|---|
||**1 September**
**Income**
**Expenditure**
**Other**
**Transfers**
**31 August**
**2023**
**and losses**
**recognised gains**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**|
||598,665
244,389
-
-
( 340,000) 503,054
180,709
168,070
( 173,598) -
-
175,181
53,747
33,000
( 58,090) -
-
28,657
-
159,828
( 135,968) -
6,140
30,000
18,786
85,511
( 92,265) -
( 3,000) 9,032
10,847
236,332
( 304,033)
99,038
42,184
-
-
-
-
975,889
3,756,814
(3,464,085) -
(1,268,618) -
-
2,500
( 31,749) -
29,249
-
-
-
-
-
306,868
67,755
-
-
( 102,178) 272,445
224,021
445,005
-
-
( 420,000) 249,026
-
41,488
-
-
( 41,488) -
-
25,000
-
-
( 25,000) -
127,851
-
( 17,543) -
( 4,000) 106,308
115,771
-
( 48,339) -
( 6,821) 60,610
1,505
-
(13,130)-
25,624
14,000|
||2,614,659
5,265,691
(4,338,800) -
(2,051,054) 1,490,497
-
-
-
-
3,124,585
3,124,585
18,863,269
-
(1,572,361) -
5,719,866
23,010,774
500,000
-
-
-
-
500,000|
||19,363,269
-
-
-
8,844,451
26,635,359
3,941,616
18,784,764
(15,264,950)2,331,967
(6,793,397)3,000,000|
||23,304,885
18,784,764
(16,837,311)2,331,967
2,051,054
29,635,359|
||**25,919,544**
**24,050,455**
**(21,176,112) 2,331,967**
**-**
**31,125,856**|
38
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **17. Consolidated statement of funds (continued)**
- Current year charity
|**Restricted Funds:**
**Maintenance of building:**
Restoration levy
**Education and community:**
Schools Club
Theatre Makers
Take the Lead
SCH Primary Projects
Other Education
**Special Projects:**
Backstage
**Individual projects:**
Individual projects: Impact Fund
Individual projects: Public Fund
Bloomberg Accelerator
BoH Office refurb
Other Projects
**Unrestricted Funds:**
_Designated_
Special Projects Fund
Building fund
Restoration Fund
Annex fund
Operational Risk Reserve
Total unrestricted funds
**Total funds**|**1 September**
**Income**
**Expenditure**
**Other**
**Transfers**
**31 August**
**2024**
**as restated**
**and losses**
**recognised**
**gains**
**£**
**£**
**£**
**£**
**£**
**£**|
|---|---|
||503,054
260,285
(763,339) -
-
-
175,181
172,124
(194,238) -
32,434
185,501
28,657
7,000
(74,225) -
38,568
-
30,000
154,876
(136,959) -
-
47,917
9,032
-
-
-
(9,032) -
42,184
239,438
(319,681) -
140,085
102,026
-
4,462,446
(20) -
(4,462,426) -
-
-
272,445
207,015
-
-
(251,420) 228,040
249,026
300,000
-
-
(300,000) 249,026
106,308
-
-
-
(106,308) -
60,610
-
(1,439) -
(59,171) -
14,000
5,000
(340) -
(4,660) 14,000|
||1,490,497
5,808,184
(1,490,240) -
(4,981,930) 826,510
3,124,585
-
-
-
534,290
3,658,875
23,010,775
-
-
-
3,050,175
26,060,950
-
-
-
-
2,500,000
2,500,000
500,000
-
(137,210) -
(362,790) -|
||26,635,360
-
(137,210) -
5,721,675
32,219,825
(2,368,491) 17,263,799
(15,883,226) -
(739,746) (1,727,664)|
||24,266,869
17,263,799
(16,020,436) -
4,981,930
30,492,161|
||**25,757,366**
**23,071,983**
**(17,510,676) -**
**-**
**31,318,671**|
The unrestricted funds are negative due to free reserves of the charity being held by the subsidiaries.
3 9
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **17. Consolidated statement of funds (continued)**
|Prior year-charity
**Restricted Funds:**
**Maintenance of building:**
Restoration levy
**Education and community:**
Schools Club
Theatre Makers
Take the Lead
SCH Primary Projects
Other Education
**Special Projects:**
Backstage
Building
**Individual projects:**
Individual projects: Impact
Fund
Individual projects: Public Fund
Production Partner
Commissioning Partner
Bloomberg Accelerator
BoH Office refurb
Other Projects
**Unrestricted Funds:**
_Designated_
Special Projects Fund
Building fund
Annex fund
Operational Risk Reserve
Total unrestricted funds
**Total funds**|**1 September**
**Income**
**Expenditure**
**Other**
**Transfers**
**31 August**
**2023**
**and losses**
**recognised**
**gains**
**£**
**£**
**£**
**£**
**£**
**£**|
|---|---|
||598,665
244,389
(340,000) 503,054
180,709
168,070
(173,598) -
-
175,181
53,747
33,000
(58,090) -
-
28,657
-
159,828
(135,968) -
6,140
30,000
18,786
85,511
(92,265) -
(3,000) 9,032
10,847
236,332
(304,033) -
99,038
42,184
975,889
3,756,814
(3,464,085) -
(1,268,618) -
-
2,500
(31,749) -
29,249
-
-
306,868
67,755
-
-
(102,178) 272,445
224,021
445,005
-
-
(420,000) 249,026
-
41,488
-
-
(41,488) -
-
25,000
-
-
(25,000) -
127,851
-
(17,543) -
(4,000) 106,308
115,771
-
(48,339) -
(6,821) 60,610
1,505
-
(13,130) -
25,624
14,000|
||2,614,659
5,265,691
(4,338,800) -
(2,051,054) 1,490,497
-
-
-
-
3,123,701
3,123,701
18,862,517
-
(1,572,361) -
5,720,619
23,010,775
500,000
-
-
-
-
500,000|
||19,362,517
-
(1,572,361) -
8,844,320
26,634,476
149,875
15,593,907
(11,318,123) -
(6,793,266) (2,367,607)|
||19,512,392
15,593,907
(12,890,484) -
2,051,054
24,266,869|
||**22,127,051**
**20,859,598**
**(17,229,284) -**
**-**
**25,757,366**|
4 0
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **17. Consolidated statement of funds (continued)**
## **Restricted funds**
## **Maintenance of building**
Building funds relates to funds restricted to the building improvements which were spent in the 2023/24 financial year. Restoration levy funds are restricted to ongoing renovation work required to preserve the theatre for future generations.
## **Education and community**
The Old Vic's steadfast commitment to education, community and emerging talent is just as important as the work that goes on stage. Through a range of programmes, we aim to inspire young people and welcome new and diverse audiences to The Old Vic. To bring this to fruition, The Old Vic delivers the following projects:
## **Education**
## Schools Club: For students aged 14-18 and teachers in London
Our flagship Schools Programme. Working in partnership with 40 London school from areas of London with poor arts provision, Schools Club welcomes up to 1,200 young people to The Old Vic each year. The year-long programme supports arts in schools by offering free theatre tickets, bespoke workshops, backstage tours and a range of educational resources.
## Theatre Makers: For young people aged 18-30
Theatre Makers is a free six-month programme for 18–30 year olds offering participants opportunities to develop creative connections and create a toolkit to discuss and make theatre in the midst of our changing society.
## Take the Lead: For students in Years 11-13
Theatre-based workshops that support social mobility and build on five core employability skills: communication, self-management, self belief, teamwork and problem solving. Drawing on The Old Vic's extensive experience as a theatrical institution, this programme works with up to 40 groups across London and supports students take their next steps into the world of work or higher education.
## SCH Primary Projects
Part of a new pilot of primary programmes for The Old Vic. It is a free project running in London state primary schools for year six students, aged 10-11. The project draws on The Old Vic’s expertise as a theatrical institution to support young people’s development and to take ownership over their next steps, including supporting them with the transition from primary to secondary education. Using theatre techniques and drama practises the project enables students to develop five core skills: self-belief, communication, teamwork, problem-solving and self-management.
## Other Education
The Old Vic’s education and community programmes support creativity and wellbeing through initiatives like OV Front Line Facilitators for 18+ participants, Theatre Makers for 18–25-year-olds, Community Club and The Hub with free online resources. Community projects include Matinee Idols for 50+ and the Community Club for arts access.
41
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **17. Consolidated statement of funds (continued)**
## **Other Individual projects**
Restricted Grants to support the commissioning of new work, and additional projects or initiatives outside of normal operations such as capital projects, normally expended over a one to three year time period.
## **Designated funds**
The Trustees have designated funds as follows:
## Special Projects Fund
Funds which have been separately designated to support identified activity outside of normal operations such as major investment and artistic development. These are planned to be spent over the next three to five years in line with business planning.
## Building fund & Restoration Fund
The building fund represents the monies spent on purchasing the building and any subsequent development work that has increased its value. This is net of the value of any borrowing secured on the property.
## Restoration Fund
Restoration Fund has been separately designated to support the future, ongoing capital and maintenance needs of the historic building.
## Backstage fund
This fund represents money designated by the board of trustees to enable the development of the new Backstage learning and community space adjacent to the theatre building.
## **18. Analysis of net assets between funds**
Group analysis of net assets between funds - current year
|
Tangible fixed assets
Current assets
Other Loans over one year
Creditors due within one year|**Restricted**
**General**
**Designated**
**Total**
**funds**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**|
|---|---|
||-
-
32,186,326 32,186,326
826,509 10,921,004 6,158,875 17,906,388
-
(1,000,000) (5,934,445) (6,934,445)
-
(6,029,408) (190,932) (6,220,340)|
||826,509 3,891,596 32,219,824 36,937,929|
## Group analysis of net assets between funds - prior year
|
Tangible fixed assets
Current assets
Creditors due within one year
HSBC Mortgage
Other Loans over one year|**Restricted**
**General**
**Designated**
**Total**
**funds**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**|
|---|---|
||-
-
25,932,494 25,932,494
1,490,497 13,227,209 3,624,585 18,342,291
-
(2,250,255) -
(2,250,255)
-
(1,000,000) (2,921,720) (3,921,720)
-
(6,976,956)-
(6,976,956)|
||1,490,497 2,999,998 26,635,359 31,125,854|
## Charity analysis of net assets between funds - current year
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
HSBC Mortgage
Other Loans over one year|**Restricted**
**General**
**Designated**
**Total**
**funds**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**|
|---|---|
||-
-
32,186,326 32,186,326
-
2 -
2
826,510 14,372,200 6,158,875 21,357,585
(15,208,327) (190,932) (15,399,259)
-
-
-
-
(1,000,000) (5,934,445) (6,934,445)|
||826,510(1,836,125)32,219,824 31,210,209|
42
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **18. Analysis of net assets between funds (continued)**
- Charity analysis of net assets between funds prior year
||**Restricted**|**General**|
**Designated**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|
**funds**|**funds**|
||**2024**|**2024**|
**2024**|**2024**|
||**as restated**|**as restated**|
**as restated**|**as restated**|
||**£**|**£**|
**£**|**£**|
|Tangible fixed assets|-
|-|25,932,495|25,932,495|
|Fixed asset investments|-
|2|-
|2|
|Current assets|1,490,497
|9,510,021|3,624,585|14,625,103|
|Creditors due within one year||(8,628,254)||(8,628,254)|
|Long term liabilities|-
|(2,250,255)|-
|(2,250,255)|
|||(1,000,000)|(2,921,720)|(3,921,720)|
||1,490,497|(2,368,486)|26,635,360|25,757,371|
|**19. Pension commitments**|||**2025**|**2024**|
||||**£**|**£**|
|Charge to the statement of financial activities|in respect of||||
|defined contribution schemes|||228,907|210,425|
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those if the group in an independently administered fund.
Included within Other Creditors are outstanding pension commitments of £41,870 (2024: £33,871).
## **20. Operating lease commitments**
At the reporting date the group had outstanding commitments for future minimum lease payments under noncancellable operating leases, as follows:
|
ellable operating leases, as follows:||
|---|---|
|Within 1 year
Between 1 and 5 years
Total|**Group**
**Charity**
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**|
||131,594 110,271 131,594
110,271
56,312 74,042 56,312 74,042|
||187,906 184,313 187,906 184,313|
Operating lease amounts paid in the year total £163,272 (2024: £104,628)
## **21. Capital commitments**
At the reporting date the group had outstanding capital commitments for the Backstage building contract, as follows:
|**Group and charity:**
Within 1 year|**2025**
**2024**|
|---|---|
||**£**
**£**|
||800,525 6,977,110|
43
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **22. Reconciliation of group net income to net cashflow from operating activities**
|Net movement in funds
Tax credits
Financing costs
Depreciation and impairment of tangible fixed assets
Loss on Disposal of owned tangible assets
Interest from Investments
Increase in stock
(Increase)/Decrease in debtors excluding taxation
Decrease in creditors excluding taxation
Net cash generated from/ (used in) operations|**2025**
**2024**
**£**
**£**|
|---|---|
||5,920,477 5 ,206,310
(2,094,779) (2,331,967)
228,540 2 18,587
766,466 7 75,861
27,865 7 96,500
(535,344) (403,714)
(313) 5 ,679
612,319 (819,685)
(1,088,305) 1 ,519,346|
||3,836,926 4,966,917|
## **Analysis of changes in net debt**
|Cash at bank and in hand
Borrowings
**Net debt**|**As at 31 Aug Non-cash**
**Cash**
**At 31 Aug**
**2024**
**Flow**
**Flow**
**2025**
**£**
**£**
**£**
**£**|
|---|---|
||7,709,809 -
(65,087) 7 ,644,722
(6,171,981) (50,000) (904,279) (7,126,260)|
||1,537,828
(50,000)
(969,366)
518,462|
## **23. Subsidiaries**
Details of the group's subsidiaries at 31 August 2025 as follows:
|**Name of undertaking**||**Nature of**|||
|---|---|---|---|---|
||**Registered**|**business**|**Class of**|**% Held**|
||**office**||**shares held**|**Direct**|
|The Old Vic Services|**1**|Commercial|Ordinary
|100|
|Company Limited||trading|||
|The Old Vic Theatre|**1**|Theatrical|Ordinary
|100|
|Company (The Cut)||production|||
|Limited|||||
## **Registered office addresses:**
**1** The Old Vic, 103 The Cut, London, SE1 8NB
44
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **23. Subsidiaries (Continued)**
|**The Old Vic Services Company Limited - 06753149**
**Summary profit and loss account**
Turnover
Cost of sales
Administrative expenses
Other operating income
Taxation
Profit for the year
Distributions to parent charity
Retained in the company
**Net assets and reserves**
Fixed assets
Current assets
Current liabilities
Net assets
Share capital and reserves
**The Old Vic Theatre Company (The Cut) Limited - 04725562**
**Summary profit and loss account**
Turnover
Cost of sales
Administrative expenses
Other operating income
Interest receivable and similar income
Taxation
Profit for the year
Distributions to parent charity
Retained in the company
**Net assets and reserves**
Current assets
Current liabilities
Net assets
Share capital and reserves|**2025**
**2024**
**£**
**£**|
|---|---|
||4,171,432 3,941,087
(2,621,006) (2,349,824)
(431,414) (409,062)
87,593 73,391
-
-|
||1,206,605 1,255,592
(1,207,627) (1,244,282)|
||(1,022)11,310|
||-
-
10,379,735 4,145,023
(8,639,876) (3,611,769)|
||1,739,859 533,254|
|||
||1,739,859 533,254|
|||
||**2025**
**2024**
**£**
**£**|
||12,686,421 13,259,129
(10,301,177) (11,313,091)
(3,317,776) (2,776,866)
-
-
49,638 22,254
2,094,779 2,331,965|
||1,211,885 1,523,391
(810,368)|
||1,211,885 713,023|
||15,955,609 16,774,882
(10,760,170) (12,791,328)|
||5,195,439 3,983,554|
|||
||5,195,439 3,983,554|
4
## **The Old Vic Theatre Trust 2000**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **24. Related party transactions**
During the year donations of £273,794 (2024: £781,324) were received from eight (2024: three) Trustees of the charity and their close family and related companies.
Matthew Warchus, Artistic Director, is a director of two companies with whom the Group had transactions in the year ending 31 August 2025.
1. Whistle Pig. Whistle Pig Ltd invested £250,000 as a co-producer for _Groundhog Day_ . £382,770 was payable relating to the original co-producer investment and share of profit (2024: £272,742) of which £0 is outstanding on 31st August 2025 (2024: £3,117).
2. Prawle Point Productions Ltd. £82,676,66 was payable for contracted services for royalties and directing fees (2024: £148,730 ). £0 of this balance is outstanding at 31 August 2025 (2024: £9,596).
At the year-end, the charity had an intercompany debtor balance with it's trading subsidiary Old Vic Services Company, amounting to £8,899,373 (2024: £2,870,127). The balance is interest-free, unsecured, and repayable on demand. This represents the balance between the operational transactions between the entities.
At the year-end, the charity had an intercompany creditor balance with it's production subsidiary Old Vic Theatre Company, amounting to £10,789,133 (2024: £3,791,760). The balance is interest-free, unsecured, and repayable on demand. This represents the balance between the operational transactions between the entities.
No trustees were reimbursed in the year (2024: nil)
4
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **The Old Vic Theatre Trust 2000**
## **25. Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or prior year. No Trustee received any reimbursed expenses during the current or prior year.
## **26. Comparative SOFA**
||**£**|**£**|**£**|
|---|---|---|---|
|**Income from:**||||
|Donations|5,265,691|2,407,863 7,673,554||
|Charitable activities||||
|Operation of theatre|-|13,970,483 13,970,483||
|Other trading activities||||
|Commercial trading operations|-|2,406,418 2,406,418||
|**Total Income**|5,265,691|18,784,764 24,050,455||
|**Expenditure on:**||||
|Raising funds||||
|Fundraising costs|46,788|1,128,989 1,175,777||
|Commercial trading operations|-|2,174,622 2,174,622||
|Charitable activities||||
|Operation of theatre|3,549,961|13,242,590 16,792,551||
|Education and community programme|742,051|72,522 814,573||
|Interest payable and similar charges|-|218,588 218,588||
|**Total Expenditure**|4,338,800|16,837,312 21,176,111||
|**Net income**|926,891|1,947,452 2,874,344||
|Other recognised gains - theatre tax relief|-|2,331,967 2,331,967||
|Gross transfers between funds|(2,051,054)|2,051,054 -||
|**Net movement in funds**|(1,124,163)|6,330,474 5,206,311||
|**Reconciliation of funds:**||||
|Fund balances brought forward|2,614,659|23,304,885 25,919,544||
|**Fund balances carried forward**|1,490,496|29,635,358 31,125,855||
## **27. Liability of members**
The charitable company is limited by guarantee and has no share capital. Each member guarantees to contribute £1 in the event of a winding up.
47