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2025-03-31-accounts

Company number: 03995686 Charity Number: 1084300

Stagetext

Annual Report and financial statements For the year ended 31 March 2025

Stagetext

Contents

For the year ended 31 March 2025

Reference and administrative information ...................................................................................... 1 A note from our Co-Chairs ............................................................................................................. 3 Trustees’ annual report .................................................................................................................. 4 Auditor’s report ........................................................................................................................... 21 Statement of financial activities (incorporating an income and expenditure account) ................... 25 Balance sheet ............................................................................................................................... 26 Statement of cash flows ................................................................................................................ 27 Notes to the financial statements ................................................................................................. 28

Stagetext

Reference and administrative information

For the year ended 31 March 2025

Company number 03995686 Country of incorporation United Kingdom Charity number 1084300 Country of registration England & Wales Registered office and Mercury Theatre, Balkerne Gate, Colchester, CO1 1PT operational address

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Sophie Ede Co-Chair Appointed 22/05/24
Sarah Bradley Co-Chair
Sarah Yarwood Treasurer
Marie-Clare Fenech Appointed 22/05/24
Benjamin Glover
Christopher Reid
Jessica Ryan-Ndegwa
Robin Saphra
Kasia Senyszyn Appointed 22/05/24
Nina Thomas Retired 06/11/24
Key management Melanie Sharpe Chief Executive
personnel Liz Hilder Secretary
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Harold Benjamin
Hill House
67-71 Lowlands Road
Harrow
Middlesex
HA1 3EQ

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Stagetext

Reference and administrative information

For the year ended 31 March 2025

Auditor Sayer Vincent LLP Chartered Accountants 110 Golden Lane London EC1Y 0TG Accountants Peter Elworthy & Moore (PEM) Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Insurance Gordon & Co. brokers 2 Sekforde Court 217 St John Street LONDON EC1V 4LY

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

A note from our Co-Chairs

It’s a fantastic time to be a part of Stagetext. The team’s hard work in the South East is now taking root and beginning to flourish, and our national work is going from strength to strength. As we look forward to our 25[th] anniversary in November 2025, there is much to celebrate.

This was our first full year based at the Mercury Theatre in Colchester, and we have had a warm welcome from the Mercury team as well as from organisations across Essex and the South East. With a dedicated focus on developing relationships in the region, and the offer of free Deaf Awareness training during Captioning Awareness Week, we’ve started to see cultural organisations thinking about access in a new way, and even captioning for the very first time. This work was supported by the Charles S French Charitable Trust and the Essex Community Foundation, regional funders who both generously gave core funds in support of our work in Essex.

Alongside this, funding from the National Lottery Community Fund enabled an outreach project, where we began to test our ideas about reaching deaf, deafened and hard of hearing people in Levelling Up for Culture Places (LUCPs), where there is less cultural provision overall. The project continued into 2025/26, and you can read the glowing feedback from attendees further on in this report.

The results speak for themselves: we delivered 16% more services in the South East than in the prior year, including working in 5 LUCPs in the region. But this is no short term intervention – we are settling in the region and nurturing many more relationships so that even more deaf people will be able to access theatre and culture near to where they live.

We have also been working hard to recruit Trustees based in the South East, with three new members joining during this year, two of whom are deaf. We were delighted to take up the CoChair position, and are finding a shared leadership model is working well for Stagetext. Our sincere thanks go to Robin Saphra, for his vital stewardship as Chair over the last six years. We’re delighted that Robin remains a valued member of our Board.

We will always be a national charity, and we are growing. This year our income almost reached £1m, thanks to the growth in theatre captioning and live subtitling. Our thanks go to Arts Council England for its continued support, and to all of our partners, including the Mercury Theatre and our delivery partner MyClearText.

Above all, thank you to our audiences, our ambassadors, our team of skilled freelancers, and the Stagetext team. We will keep working to provide more access, more often.

Sophie Ede Sarah Bradley Co-Chairs of the Board of Trustees Dated: 4 November 2025

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

The trustees present their report and the financial statements for the year ended 31 March 2025.

Reference and administrative information set out on page 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The charity’s objects are to relieve the needs of people by promoting access to arts and entertainment and, in particular but not exclusively, to relieve the needs of people who are deaf, deafened or hard of hearing by the provision of text generation systems.

Our vision is of a society where deaf, deafened and hard of hearing people have equal access to culture. Our mission is to advocate for and deliver equal access to culture for deaf, deafened and hard of hearing people, in particular (but not exclusively) through high quality captions, live subtitles and digital subtitles.

We use technology to provide deaf audiences with access to arts and culture, and train arts and cultural professionals to welcome deaf audiences to their venues. We advocate for equality of access, and support organisations to make their work accessible through the use of:

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

Our activities and achievements during 2024/25

2024/25 was the fourth year of a seven-year business planning strategy. The current business plan, “Advocacy for Quality & Equality (part 2)” focuses on 2023/24-2027/28. This five-year plan focuses on widening access provision through the delivery of services, training, raising awareness, and supporting the infrastructure for captioning.

In 2023 we moved our offices out of London and to the Mercury Theatre in Colchester, and we are excited to be developing new ways of working regionally to bring accessible culture to towns, cities and villages across the large South East region, as defined by ACE, with a focus on growing engagement in Levelling Up For Culture Places (LUCPs). We continue to work nationally, whilst developing this new model of regional working.

Within this plan we grouped our activities under four priorities:

The development of a new regional model is a new cross-cutting theme, that spans all four of these priorities. This work is being tracked as a separate strand of reporting so that we can demonstrate our impact. Our first full year in the region has been spent building our networks of local deaf groups and cultural venues, taking time to embed the organisation in the South East region, as well as delivering services.

UNDER OUR FIRST PRIORITY – WIDENING ACCESS PROVISION

In 2024/25 we made 1,138 performances, talks, tours and films accessible, providing services to 186 cultural organisations, and training cultural professionals from a further 264 organisations. Our service delivery in the South East is growing steadily, this year by 16%. We worked in 24 LUCPs, four of which were in the South East region. We worked with 141 NPOs.

Theatre:

We captioned a record 436 theatre performances, working with 143 venues, including 19 that were new to us. 121 captioned performances were staged by touring companies. 45% of performances took place outside of London, an increase of 5%. All performances were captioned in person.

Shows captioned included:

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

Live subtitling:

In 2024/25 we worked with 75 organisations, including 27 new clients, to live subtitle 631 talks and conferences. This includes 118 museum-related events by 12 organisations including National Museums Scotland, Leeds Museum, and The British Museum, and 158 talks at conferences hosted by various organisations including Collections Trust, The British Academy and Clore Leadership.

We worked on a wide range of literary events such as providing live subtitles for Bury St Edmunds Literature Festival, Edinburgh International Book Festival, Huddersfield Literary Festival and Write Idea.

We worked with theatres to provide live subtitles for events throughout the year including for the National Theatre, House Theatre, and Criterion Theatre.

We also worked with a number of film-related organisations to provide live subtitles for screenings and live Q&As, such as BAFTA, British Sign Language Broadcasting Trust and Everyman Bath as well as galleries including the National Gallery, LUX, and Attenborough Centre for Creative Arts.

During 2024/25, the majority of live subtitled events were online, with around half having a hybrid element, including The Wallace Collection lunch time talks, Somerset House Artists’ Fair talks and Royal Academy of the Arts’ Changemakers. In-person talks delivered remotely included multiple Full Council meetings for Colchester City Council, a Christmas Carol Concert at the Mercury Theatre and an event celebrating 25 years of Research Impact with RNID.

The majority of live subtitling services were delivered using remote speech-to-text, but this year we provided live subtitles in person for events including subtitling for the studio audience for an episode of The Last Leg, stand-up comedy with Kiri Pritchard-McLean at EarTH Hackney and an outdoor fun day at the National Waterfront Museum in Swansea.

We provided live subtitles for tablet tours at Towner Eastbourne and the British Library as well as testing the possibility for tours in the next financial year with Colchester Castle.

We continue to work with and develop our live speech-to-text services with MyClearText to deliver live subtitles across the arts and cultural sector. This allows Stagetext to focus on securing new clients, raising awareness of our services and advocating for better access in more venues.

Digital:

We actively encourage cultural organisations to make their digital work accessible to deaf, deafened and hard of hearing people. We offer support and advice including freely available training to enable venues to subtitle their own short videos on YouTube. Digital work ensures that neither cost nor location present a barrier and can greatly increase reach, as we saw at the height of the pandemic.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

Our Digital Programme worked with 17 organisations in 2024/25, to ensure their digital content was accessible to deaf, deafened and hard of hearing viewers. 5 of these organisations were new. We made a total of 71 digital works accessible, comprising 3,729 minutes – a continued decrease on the previous year. The demand for digital subtitling has decreased across all sectors, and we surmise that cultural organisations are focusing on access in-person events, and are offering less recorded work to the public. Among others, we worked with Orange Tree Theatre, Birmingham Museums Trust, Gaze International LGBTQIA Film Festival and Lyrici Arts.

Training:

In 2024/25 we trained over 370 cultural professionals, and, working with our sister charity VocalEyes, 40 emerging cultural professionals, in Deaf Awareness, front of house training, and our modular training offer. We trained 289 organisations, including a large number trained for free at webinars during Captioning Awareness Week and Deaf Awareness Week.

Client feedback

Feedback from arts and cultural venues helps us to improve and develop our services. Here is a selection of feedback from cultural organisations in 2024/25:

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

UNDER OUR SECOND PRIORITY – DEVELOPING AND UNDERSTANDING OUR AUDIENCES:

Audience Figures

Our audience figures are captured after year end, through collecting information from venues we have worked with during the year. The data is owned by the venues we work with, and we do not always have access to that data. For example, at a captioned performance, not all caption users sit in the allocated seats or book through an access scheme, so while a theatre can supply us with data, it may not reflect the full picture. At the other extreme, one digital video can have millions of subtitled views, and if we receive that data, it will have a significant impact on our audience figures. This year we updated the way we calculate our estimated audience based on the insight from RNID that 1 in 3 people are deaf, deafened or hard of hearing (previously this was 1 in 5).

This year we received data on 79% of captioned theatre performances, 81% of live subtitled events, and 50% of digital videos.

In 2024/25, we reached 25% more caption users at theatre performances year on year, in part reflecting the change of methodology for calculating the estimated audience, and in part due to the increase in captioned performances overall. The known audience, which is the number of ‘declared’ caption users, increased by 9%. This data relates to the 436 performances captioned by Stagetext this year; unfortunately, we are unable to collect data for the additional 464 captioned performances we supported, which could easily double these figures.

Reported audience figures for live subtitled events were broadly in line with 2023/24, in spite of the increase in the number of live subtitled events. The majority of the data was ‘known’ rather than ‘estimated’ views. This meant that the change in methodology had a lesser impact.

Estimated audience figures for digitally subtitled content increased by 172%, primarily due to one video gaining a large number of views. This was in spite of us subtitling fewer videos than the prior year.

Overall, our reach increased by 47%, with known audiences up by 6% and estimated audiences up by 58% in comparison to the previous year.

Total reach: Based on the available data, in 2024/25, work that we captioned or subtitled had a known audience of 102,818 and an estimated audience of 571,382 giving a total reach of 674,200. This is broken down as follows:

Theatre: There were 8,292 known caption users attending theatre performances, and an estimated audience of a further 328,555 giving total reach of 336,847.

Live Subtitling: There were 94,526 known subtitled views of live subtitled events, with an estimated further 1,889 subtitled views, giving total reach of 96,415.

Digital: There were 240,938 estimated subtitled views of pre-recorded content.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

Audience Feedback

Our audience sampling helps us to understand the range of our beneficiaries and the quality of their experience. Here is a selection of feedback from caption users during 2024/25:

Ambassador Panel:

We now have 26 people on Stagetext’s volunteer Ambassador Panel, all of whom are users of Stagetext’s services and the majority of whom are deaf, deafened or hard of hearing. We use the Panel to get feedback on accessible events, to deliver outreach presentations, and to consult on our work.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

Outreach

In 2024/25 we secured funding from the National Lottery Community Fund to undertake a 1-year pilot project focusing on outreach to deaf groups in the South East region. We recruited an experienced freelance Outreach Coordinator with lived experience of deafness, who planned and undertook talks to small groups of deaf people. The focus was on reaching people in LUCPs in the South East, to raise awareness of the availability of captioned culture.

Funding was awarded in July 2024, so this restricted project spans two financial years. In 2024/25, talks were undertaken in Sheringham, Dereham, Rochester, Chelmsford, Peterborough and Ingatestone. All talks were live subtitled, mainly remotely, though one was subtitled in person due to lack of internet connection in the venue.

Here is a selection of feedback from attendees:

The project continues until July 2025, when a full evaluation will be undertaken.

Children and Young People:

We are committed to the provision of captioning and live subtitling, to enable deaf, deafened and hard of hearing children and young people to access arts and culture, alongside their families and peers. Captioning has particular benefits for people for whom English is not their first language, as well as neurodivergent people, and there is evidence of a link between the use of captioning and literacy.

In 2024/25 we captioned 89 theatre shows for children and young people. These included the Dear Evan Hansen tour, The Very Hungry Caterpillar Christmas Show at MAST in Southampton, Hansel & Gretel at the Globe, The PEA and the princess at Polka.

We live subtitled 11 talks and events aimed at children and young people, including Royal Society (Young People’s Book Prize), Moving Parts Arts (Snug And Grub Catch A Bug), and WOW (Young Leaders Online Forum).

We also subtitled CYP focused videos for Oily Cart.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

UNDER OUR THIRD PRIORITY – UNDERPINNING OUR SERVICES:

Deaf Awareness Week 2024

We took part in the national Deaf Awareness Week campaign, which takes place each May. This year the theme was ‘Love and Trust.

This year we worked with the Digital Culture Network to host a free webinar called “Everything you wanted to know about captions but were afraid to ask”. This was attended by an engaged audience of 150 cultural professionals from across the UK. One attendee said:

In order to cement our move to Colchester, and meet new contacts in the South East, we hosted a reception, with guests invited to the captioned performance of Midsummer at the Mercury Theatre. We also had Stagetext information stands with staff and ambassadors at theatre venues, including messages on caption boxes. On social media, we had a strong presence on LinkedIn which helped us to advocate and reach more cultural professionals.

Captioning Awareness Week 2024

Captioning Awareness Week is an annual campaign to raise awareness of captioning and textbased access to arts, culture and theatre, which takes place each November. This year, our key messaging was focused on new research revealing that 18 million adults in the UK are deaf, deafened or hard of hearing. The previous estimate was 12 million, but it did not take into account those with hearing loss in one ear. This updated statistic represents 1 in 3 adults in the UK.

The campaign had both national and regional strands. We offered a free Deaf Awareness training day for 23 cultural professionals in the South East, at Gorleston Pavilion, ran a webinar on best practice for digital subtitling, and hosted a reception for staff, board members and ambassadors to celebrate Stagetext’s 24[th] anniversary. We promoted captioned shows across the UK, and provided live subtitles for the audience at the TV show The Last Leg.

The campaign messaging of “We are the 18 million…” resonated with both users and venues, with social and digital promotion driving engagement and a spike in visits to our website.

UNDER OUR FOURTH PRIORITY – GROWING OUR RESOURCES:

Infrastructure

Stagetext is committed to supporting and maintaining the infrastructure that enables theatre captioning to take place. This includes working with a pool of skilled freelance captioners, and ensuring that access to caption units and software is available. The majority of this infrastructure is the legacy of the DCMS funded See A Voice project in 2006.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

IPSO funding and transfer programme

2024/25 was the second year of regular funding from the Arts Council as an Investment Principles Support Organisation (IPSO). Our role as an IPSO is to support arts organisations with the Inclusion and Relevance Investment Principle i.e. to help them deliver and embed deaf access in their organisations.

The National Portfolio, including IPSO funding, has recently been extended to 2027/28 by the Arts Council.

Professional development

We are committed to supporting professional development by ensuring each member of staff has access to both internal and external training. Staff members have individual training plans, which are collated and monitored to ensure equal engagement. Development tools have included mentorship, external training courses and internal progression routes. All staff are encouraged to attend events that Stagetext supports, in order that staff members can advocate for Stagetext, across the spectrum of arts delivery.

Our aims for next year 2025/26

Under our first priority – widening access provision – we will:

Under our second priority – developing and understanding our audiences – we will:

Under our third priority – Underpinning our Services – we will:

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Trustees’ annual report

For the year ended 31 March 2025

Under our fourth priority – Growing our Resources – we will:

Public benefit statement

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Stagetext’s work benefits people who are deaf, deafened and hard of hearing.

The trustees have considered this matter and concluded:

Financial review

Stagetext reports overall income of £999,116 in 2024/25 compared to £950,306 in 2023/24. The overall result for the year reports net incoming resources of £52,086 (2023/24 net incoming resources of £29,656) as shown in the charity’s Statement of Financial Activities (SoFA). The overall financial performance reflects the following key aspects:

Fee income in respect of our services of £592,662 increased in 2024/25 compared to £538,261 in 2023/24. This was broken down as follows:

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

During the year Stagetext secured a total of £393,718 of core grants from trusts and foundations.

Stagetext received £5,164 from donations and gifts including individual donors compared to £3,691 in 2023/24. We continue to develop this area of fundraising to support our general programme.

Total expenditure attributed to generating new voluntary and charitable funds was £27,756 compared to £26,607 in 2023/24.

Total expenditure attributed to governance costs associated with meeting the charity’s strategic administration and statutory requirements was £22,932 compared to £16,352 in 2023/24.

Overall funds stand at £333,664 at 31 March 2025 which is an increase from £281,578 at 31 March 2024. Restricted reserves stand at £7,515 (£nil at 31 March 2024).

Overall financial performance comprises separate funds, and further details on the financial position can be gained by reference to the balance and movements on each fund which are described in the reserves policy.

Principal Funding sources

During the year Stagetext continued to be funded by Arts Council England (ACE) with 2024/25 being the second year of a new funding period 2023-28. We also raised £20k from the National Lottery Community Fund for a 1-year outreach project. Other successes included securing core grants from Charles S French Charitable Trust and Essex Community Foundation.

Stagetext’s income continues to come from a range of sources, including earned income from its captioning, STTR and digital services. This is supported by grants from statutory bodies, charitable trusts and foundations, and donations from individuals and corporate supporters.

Investment policy

The trustees have decided that the current policy of holding funds in UK deposit accounts should continue. The charity continues to keep its investments into two deposit accounts to improve the rate of interest it receives on some of its reserves whilst also making it easier to be flexible if necessary. Apart from retaining a prudent amount in reserves each year, most of the charity’s funds are required in the short term so there are few funds available for long term investment. As

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and when funds become available the Board of Trustees will seek professional advice on the most appropriate and financially beneficial policy.

Fundraising

Most of Stagetext’s income comes from statutory and major grants with small amounts coming from Trusts and donations. We undertake very little public fundraising. This year we didn’t work with any professional fundraisers. Stagetext observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance with these regulations and codes and Stagetext has received no complaints relating to its fundraising practices. The charity has a safeguarding policy in place to protect vulnerable people.

Reserves policy and going concern

The reserves policy and position are reviewed by the Board on a regular basis. Strategic reviews are developed, and the financial and funding position is monitored to ensure that sufficient reserves are held and sustained on an on-going basis.

Previously, Stagetext maintained free reserves to support three months of operating costs. At 31/03/25, recognising Stagetext’s strategic agenda, the Board of Trustees considered it appropriate risk management to increase this towards a target of four months of operating costs, to be reviewed annually.

This updated target of £155,000 reflects a prudent level of reserves, balancing risk, sustainability, and the effective use of charitable funds for beneficiaries.

The trustees have reviewed financial budgets over the next 12 months and are confident that Stagetext is a going concern and financially viable up to that date and beyond. Budgets are set in advance of the financial year and the forecast is updated periodically.

Restricted funds: these funds represent grants provided to fund specific expenditure in agreed areas of delivery. Restricted funds at 31 March 2025 were £7,515.

Unrestricted funds :

Free reserves: it is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to four month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The balance of these funds at the end of the year was £154,556 (2023/24 £141,950).

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

Designated funds : these are funds which the Board of Trustees has designated to meet future risks and commitments as part of their strategic vision and risk assessment for sustainability. The funds include a strategic business development fund for development activities to ensure our long-term viability and sustainability and are held as follows: tangible fixed assets (£3,093); intangible fixed assets (£29,847); strategic business development (£34,653); talks programme (£25,000); technical initiatives (£33,000); and advocacy strategy & implementation (£15,000); booking system (£15,000); 25[th] anniversary (£10,000); EDI Board and staff training including trustee recruitment (£6,000). The balance of these funds at the end of the year was £171,593 (2023/24 £139,628).

Risk management

The Board is required to assess the major risks to which the charity is exposed and establish systems to mitigate these risks. The Board is also required to ensure the charity complies fully with the law and eliminates all risk of breaching the law. Stagetext has a risk management and legal compliance strategy that comprises identification of risks, evaluation of their potential impact, design of risk management and legal compliance programmes followed by implementation and review points. The Senior Management team reviews progress regularly and a comprehensive risk register is maintained which is reviewed at each meeting of the Board of Trustees. The register includes both strategic and operational risks. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Employees

The people employed by Stagetext are the most valuable assets of the organisation and the successful organisation is the one able to secure the maximum potential of its employees. Underpinning the aims which are designed to achieve the vision of Stagetext, there are a number of values we seek to promote.

We want to ensure there is an overriding ethos by which everyone is influenced. This means we want to ensure there are the same standards and expectations of trustees, staff and volunteers.

The ethos of Stagetext is derived from the following characteristics of the organisation:-

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Trustees’ annual report

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Both team members and freelance personnel must demonstrate their commitment to the ethos of Stagetext by being qualified, or by undertaking training in deaf awareness, communication tactics, British Sign Language, Sign-Supported English, lip-speaking and similar skills as required. Team members and freelance personnel will similarly be expected to show their commitment to a relationship of mutual respect between hearing and deaf, deafened and hard of hearing people. Stagetext is committed to thinking laterally and imaginatively as to how it may recruit trustees, staff, freelance personnel and volunteers who demonstrate its ethos.

Stagetext is committed to equal opportunities and making it happen in practice. As an example, we advertise posts widely and ask applicants to complete an anonymous equal opportunities form so that we can ensure that our job opportunities are reaching all sectors of our community.

Stagetext believes in continuing professional development for all staff. We endeavour to ensure that all employees receive appropriate training both at the start of their job and during their continuing employment with us. We regularly review the performance of all our employees. They receive supervision from their line manager on a quarterly basis and a formal appraisal once a year. We undertake this exercise to maximise the potential of all employees and to highlight areas for development and training.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Trustees are recruited through an open application process, with recruitment drives targeted for a specific skill requirement or sector knowledge where needed. Candidates are supplied with a recruitment pack which includes full details on the organisation, what the role of Trustee entails, and the commitment required. Shortlisted candidates are initially interviewed by a small group of Trustees and the CEO, and then recommended to the Board for appointment. All Trustees receive deaf awareness training following appointment.

The CEO is supported by the Head of Insight and Development (Deputy CEO), the Head of Advocacy and Engagement, the Head of Theatre and Training, and the Head of Systems and Services. The CEO manages this senior management team, and the Head of Advocacy and Engagement manages the Marketing and Administration Coordinator. The Head of Systems and Services manages the Live Subtitling Programme Manager, and the Head of Theatre and Training at line manages the Theatre Programme Manager and her maternity cover. Each programme manager manages a pool of highly experienced and specialist freelancers to deliver our programme of work. Finance services continued to be provided by Stagetext's virtual-office accountants, PEM during 2024/25. From 1 April 2025, the finance service is provided by a freelance chartered accountant.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2025

Structure, governance and management

Stagetext is a registered charity and company limited by guarantee, governed by its Memorandum and Articles of Association, incorporated on 17 May 2000 and amended by special resolution on 30 November 2000, 31 July 2006 and 29 April 2009.

Stagetext was founded to increase access to the arts for people who are deaf, deafened or hard of hearing. The founding trustees were Peter Pullan, Merfyn Williams and Geoff Brown and despite none of its founding Trustees still serving on its board, Stagetext remains a deaf-led organisation with six of its ten trustees being deaf, deafened or hard of hearing.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Sophie Ede Co-Chair Appointed 22/05/24
Sarah Bradley Co-Chair
Sarah Yarwood Treasurer
Marie-Clare Fenech Appointed 22/05/24
Benjamin Glover
Christopher Reid
Jessica Ryan-Ndegwa
Robin Saphra
Kasia Senyszyn Appointed 22/05/24
Nina Thomas Retired 06/11/24

Stagetext aims to comply with the Charity Governance Code as endorsed by the National Hub of Expertise in Governance. We aim to ensure that Stagetext policy, practice and procedures satisfy the principles that underpin the Code. The trustees regularly review the make-up of the Board to identify skills that are needed. New trustees undergo an induction and training programme which includes experience of Stagetext service delivery in action and written information designed to prepare them for effective participation on the Board.

The Finance & General Purposes Committee is a formal committee of the Board of Trustees of Stagetext set up to advise the Chief Executive and the Board of Trustees on financial, personnel and legal matters and to ensure that Stagetext is run on a sound and business-like basis. The committee meets quarterly.

A working group on Equity, Diversity and Inclusion is open to all Trustees and staff to support and drive forward our EDI work.

The Chief Executive is responsible for the day-to-day management of Stagetext’s operations and for the implementation of policies agreed by the Board. A working group of trustees is responsible for the evaluation of the Chief Executive’s performance. Expenditure above £5,000 is signed off by the Board.

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Trustees’ annual report

For the year ended 31 March 2025

All staff are paid above the London living wage. Any salary increases for staff, including the Chief Executive are reviewed and set by the Board on an annual basis. All increases are in line with inflation rates and cultural sector salaries.

Statement of responsibilities of the trustees

The trustees (who are also directors of Stagetext for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

19

Stagetext

Trustees’ annual report

For the year ended 31 March 2025

The trustees’ annual report has been approved by the trustees on 4 November 2025 and signed on their behalf by:

Sophie Ede Sarah Bradley

Co-Chairs of the Board of Trustees

20

Auditor’s report

To the trustees of

Stagetext

Opinion

We have audited the financial statements of Stagetext (the ‘charitable company’) for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Prior year unaudited

The financial statements of Stagetext for the year ended 31 March 2024 were unaudited. An independent examination was performed which expressed an unmodified opinion on those statements.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' 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 Stagetext’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.

21

Auditor’s report

To the trustees of

Stagetext

Our responsibilities and the responsibilities of the trustees 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 trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

22

Auditor’s report

To the trustees of

Stagetext

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

23

Auditor’s report

To the trustees of

Stagetext

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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 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 anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Holden (Senior statutory auditor)

17 November 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

24

Stagetext

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

Note
Income from:
2
3
3
4
4
4
4
4
5
Reconciliation of funds:
Theatre captioning & STT services
Non-theatre captioning & STT
services
Raising funds
Digital subtitling
Investments
Other
Total income
Expenditure on:
Training & consultancy
Grants, donations & gifts
Charitable activities
Total expenditure
Charitable activities
Training & consultancy
Digital subtitling
Theatre captioning & STT services
Non-theatre captioning & STT
services
Total funds brought forward
Net income for the year
Total funds carried forward
Net movement in funds		 Unrestricted
£
378,882
371,984
202,612
16,522
1,544
7,572
-
979,116
27,756
536,847
293,906
36,522
39,514
934,545
44,571
44,571
281,578
326,149		 Restricted
£
20,000
-
-
-
-
-
-		 2025
Total
£
398,882
371,984
202,612
16,522
1,544
7,572
-		 Unrestricted
£
370,409
327,410
186,156
21,928
2,767
6,158
63
914,891
26,607
481,952
299,301
49,969
21,076
878,905
35,986
35,986
245,592
281,578		 Restricted
£
35,415
-
-
-
-
-
-		 2024
Total
£
405,824
327,410
186,156
21,928
2,767
6,158
63
20,000 999,116 35,415 950,306
-
7,865
4,245
375
-		 27,756
544,712
298,151
36,897
39,514		 -
32,172
5,349
4,204
20		 26,607
514,124
304,650
54,173
21,096
12,485 947,030 41,745 920,650
7,515
7,515
-		 52,086
52,086
281,578		 (6,330)
(6,330)
6,330		 29,656
29,656
251,922
7,515 333,664 - 281,578

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17a to the financial statements.

25

Stagetext

Balance sheet

Balance sheet
As at 31 March 2025 Company no. 03995686
Note
Fixed assets:
Intangible assets
10
11
Current assets:
12
Liabilities:
13
16
Total unrestricted funds
General funds
Total charity funds
Cash at bank and in hand
Tangible assets
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Restricted income funds
Unrestricted income funds:
Designated funds
Total assets less current liabilities
Debtors		 £
121,866
273,513		 2025
£
29,847
3,093		 £
110,625
232,254		 2024
£
21,990
3,128
32,940
300,724		 25,118
256,460
395,379
(94,655)		 342,879
(86,419)
171,593
154,556		 139,628
141,950
333,664
333,664		 281,578
281,578
7,515
326,149		 -
281,578
333,664 281,578

Approved by the trustees on 4 November 2025 and signed on their behalf by

Sophie Ede Co-Chair

Sarah Bradley Co-Chair

Sarah Yar ~~wo~~ od Treasurer

26

Stagetext

Statement of cash flows

For the year ended 31 March 2025

Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Interest from investments
(Profit)/loss on the disposal of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the beginning of the
Net cash used in investing activities
Cash flows from investing activities:
Interest from investments
Proceeds from the sale of fixed assets
Purchase of fixed assets
Purchase of intangible assets
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 £
£
52,086
2,449
(7,572)
-
(11,241)
8,236
43,958
7,572
-
(7,857)
(2,414)
(2,699)
41,259
232,254
273,513
At 1 April
2024
Cash flows
£
£
232,254
41,259
232,254
41,259
2025		 £
£
52,086
2,449
(7,572)
-
(11,241)
8,236
43,958
7,572
-
(7,857)
(2,414)
(2,699)
41,259
232,254
273,513
At 1 April
2024
Cash flows
£
£
232,254
41,259
232,254
41,259
2025		 £
£
29,656
4,023
(6,158)
(63)
(4,438)
10,353
33,373
6,158
265
(14,660)
(1,332)
(9,569)
23,804
208,450
232,254
Other non-
cash
changes
At 31
March
2025
£
£
-
273,513
-
273,513
2024		 £
£
29,656
4,023
(6,158)
(63)
(4,438)
10,353
33,373
6,158
265
(14,660)
(1,332)
(9,569)
23,804
208,450
232,254
Other non-
cash
changes
At 31
March
2025
£
£
-
273,513
-
273,513
2024
7,572
-
(7,857)
(2,414)		 6,158
265
(14,660)
(1,332)
At 1 April
2024
£
232,254		 Other non-
cash
changes
£
-
41,259
232,254		 23,804
208,450
273,513 232,254
Cash flows
£
41,259		 At 31
March
2025
£
273,513
232,254 41,259 - 273,513

27

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

1 Accounting policies

a) Statutory information

Stagetext is a private company limited by guarantee and is incorporated in England and Wales.

The registered office address is Mercury Theatre, Balkerne Gate, Colchester, CO1 1PT, England. The liability of each member in the event of a winding up is limited to £1.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

28

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

 Office and computer equipment

3 years

29

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

1 Accounting policies (continued)

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

o) Cash at bank and in hand

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

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

r) Pensions

The charity makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the charitable company in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The charity has no liability under the schemes other than the payment of those contributions.

Arts Council England
Charles S French Charitable Trust
Essex Community Foundation (ECF)
National Lottery Community Fund
ACE Cultural Recovery Fund
Donations and gifts
Schroder Charitable Trust		 Unrestricted
£
363,718
5,000
5,000
-
-
-
5,164		 £
-
-
-
20,000
-
-
-
Restricted		 2025
Total
£
363,718
5,000
5,000
20,000
-
-
5,164		 Unrestricted
£
363,718
-
-
-
-
3,000
3,691		 £
35,000
-
-
-
415
-
-
Restricted		 2024
Total
£
398,718
-
-
-
415
3,000
3,691
378,882 20,000 398,882 370,409 35,415 405,824
Interest receivable
Other income		 Unrestricted
£
7,572
-		 £
-
-
Restricted		 2025
Total
£
7,572
-		 Unrestricted
£
6,158
63		 £
-
-
Restricted		 2024
Total
£
6,158
63
7,572 - 7,572 6,221 - 6,221

All income from investments and other income is unrestricted.

30

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

Staff costs (Note 6)
Captioner fees & expenses
Technical fees & expenses
Speech-to-text fees & expenses
Digital subtitling
Marketing, advocacy & promotions
Training & consultancy
Equipment
Development costs
Premises & office running costs
Other staff related costs
IT support
Legal & professional fees
Accountancy services
Insurance
Audit
Board expenses, access & recruitment costs
Depreciation
Miscellaneous
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Charitable activities Charitable activities Raising
funds
£
27,756
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
£
4,613
-
-
-
-
-
-
-
-
-
-
-
-
3,000
-
10,000
5,319
-
-		 Support
costs
£
128,073
-
-
1,908
-
22,551
5,000
71
-
5,008
5,824
6,097
4,524
28,918
3,430
-
-
2,449
538		 2025
Total
£
357,164
211,953
95,235
151,315
14,009
22,551
8,199
71
7,169
9,265
5,824
6,097
4,524
31,918
3,430
10,000
5,319
2,449
538		 2024
Total
£
305,777
190,611
83,160
151,869
17,884
26,837
31,232
52
825
32,014
17,398
8,949
9,700
29,520
3,281
4,450
2,891
4,023
177
Theatre
captioning &
STT services
£
78,091
211,953
93,588
2,185
-
-
-
-
7,169
2,213
-
-
-
-
-
-
-
-
-		 Non-theatre
captioning &
STT Services
£
66,889
-
1,647
147,222
-
-
-
-
-
1,703
-
-
-
-
-
-
-
-
-		 Digital
subtitling
£
15,427
-
-
-
14,009
-
-
-
-
341
-
-
-
-
-
-
-
-
-		 Training &
consultancy
£
36,315
-
-
-
-
-
3,199
-
-
-
-
-
-
-
-
-
-
-
-
39,514
-
-
39,514
21,095
395,199
135,066
14,447		 217,461
72,893
7,797		 29,777
6,432
688		 27,756
-
-		 22,932
-
(22,932)		 214,391
(214,391)
-		 947,030
-
-		 920,650
-
-
544,712 298,151 36,897 27,756 - - 947,030 920,650
514,124 304,650 54,173 26,607 - - 920,650

31

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

4b Analysis of expenditure (prior year)

Staff costs (Note 6)
Captioner fees & expenses
Technical fees & expenses
Speech-to-text fees & expenses
Digital subtitling
Marketing, advocacy & promotions
Training & consultancy
Equipment
Development costs
Premises & office running costs
Other staff related costs
IT support
Legal & professional fees
Accountancy services
Insurance
Independent examiner fees
Board expenses, access & recruitment costs
Depreciation
Miscellaneous
Support costs
Governance costs
Total expenditure 2024		 Charitable activities Charitable activities Raising
funds
£
26,607
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
£
4,317
-
-
-
-
-
-
-
-
-
1,454
-
240
3,000
-
4,450
2,891
-
-		 Support
costs
£
100,826
-
-
-
-
26,837
-
52
-
1,522
15,944
8,949
9,460
26,520
3,281
-
-
3,725
177		 2024
Total
£
305,777
190,611
83,160
151,869
17,884
26,837
31,232
52
825
32,014
17,398
8,949
9,700
29,520
3,281
4,450
2,891
4,023
177
Theatre
captioning &
STT services
£
75,810
190,611
82,225
1,401
-
-
22,775
-
825
10,403
-
-
-
-
-
-
-
120
-		 Non-theatre
captioning &
STT Services
£
64,476
-
935
150,468
-
-
4,001
-
-
10,762
-
-
-
-
-
-
-
120
-		 Digital
subtitling
£
14,200
-
-
-
17,884
-
4,001
-
-
9,327
-
-
-
-
-
-
-
58
-		 Training &
consultancy
£
19,541
-
-
-
-
-
455
-
-
-
-
-
-
-
-
-
-
-
-
19,996
1,015
84
21,095
384,170
120,007
9,947		 230,762
68,233
5,655		 45,470
8,037
666		 26,607
-
-		 16,352
-
(16,352)		 197,293
(197,293)
-		 920,650
-
-
514,124 304,650 54,173 26,607 - - 920,650

32

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

5 Net income for the year

This is stated after charging:

This is stated after charging:
2025 2024
£ £
Depreciation 2,449 3,558
Operating lease rentals payable:
Property - 4,000
Independent Examiner's Fee (excluding VAT):
Independent Examination - 4,450
Auditor's Fee (excluding VAT):
Audit 10,000 -

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2025
£
308,604
25,286
23,274		 2024
£
252,086
20,897
32,794
357,164 305,777

No employee earned more than £60,000 during the year 2025 or during the prior year 2024.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £117,201 (2024: £111,454).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2024: £NIL). No charity trustee received payment for professional or other services supplied to the charity (2024: £NIL).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £64 (2024: £390) incurred by 2 (2024: 4) members relating to attendance at meetings of the trustees.

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 9 (2024: 7).

8 Related party transactions

There are no related party transactions to disclose for this financial year (2024: NIL). There are no donations from related parties which are outside the normal course of business and no restricted

9 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

33

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

10 Intangible assets

10
Intangible assets
Additions in year
Net book value
11
Cost
At the start of the year
At the end of the year
At the end of the year
Net book value
At the end of the year
At the start of the year
Charge for the year
Tangible fixed assets
At the start of the year
Additions in year
Depreciation
At the end of the year
At the start of the year
At the end of the year
Cost
At the start of the year		 Intangible
assets under
development
£
21,990
7,857		 Total
£
21,990
7,857
29,847 29,847
29,847 29,847
21,990 21,990
Office &
computer
equipment
£
22,328
2,414		 Total
£
22,328
2,414
24,742 24,742
19,200
2,449		 19,200
2,449
21,649 21,649
3,093 3,093
3,128 3,128

All of the above assets are used for charitable purposes.

12 Debtors

Debtors
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
51,735
9,955
60,176		 2024
£
66,268
6,580
37,777
121,866 110,625

34

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Accruals and deferred income (note 14)
Trade creditors		 2025
£
56,630
19,682
18,343
-		 2024
£
48,329
26,776
11,314
-
94,655 86,419

14 Deferred income

Deferred income comprises fee income received in advance and is recognised as income in the period to which it relates.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2025
£
60
(370)
390		 2024
£
435
(435)
60
80 60

15 Pension scheme

Aviva is a Group Personal Pension (GPP) Scheme and is a qualifying scheme for auto enrolment, this is the workplace pension scheme with six active members and no amounts owed at year end (2024: £2,012). Aviva Friends Life is a Group Stakeholder Pension Scheme with 1 active members and £1,897 owed at year end (2024: £1,845).

16a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Intangible fixed assets
Tangible fixed assets
Net current assets
Net assets at 31 March 2025		 General
unrestricted
£
-
-
154,556		 Designated
£
3,093
29,847
138,653		 Restricted
£
-
7,515		 Total funds
£
3,093
29,847
300,725
154,556 171,593 7,515 333,665

16b Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Intangible fixed assets
Tangible fixed assets
Net current assets
Net assets at 31 March 2024		 General
unrestricted
£
-
-
141,950		 Designated
£
3,128
21,990
114,510		 Restricted
£
-
-
-		 Total funds
£
3,128
21,990
256,460
141,950 139,628 - 281,578

35

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

17a Movements in funds (current year)

Total restricted funds
Technical initiatives
Total designated funds
General funds
Advocacy Strategy & Implementation
Total unrestricted funds
Total funds
National Lottery Community Fund
ACE Cultural Recovery Fund
EDI Board and staff training including
Tangible fixed assets
Intangible fixed assets
Talks programme
Booking System
25th Anniversary
Strategic business development
ACE Feasibility Fund
Restricted funds:
Dilapidations Fund
Unrestricted funds:
Designated funds:		 At 1 April 2024
£
-
-
-		 Income &
gains
£
-
20,000
-		 Expenditure &
losses
£
-
(12,485)
-		 Transfers
£
-
-
-		 At 31 March
2025
£
-
7,515
-
- 20,000 (12,485) - 7,515
3,128
21,990
42,510
20,000
10,000
25,000
17,000
-
-
-		 -
-
-
-
-
-
-
-
-
-		 (2,449)
-
-
-
-
-
-
-
-
-		 2,414
7,857
(7,857)
5,000
(10,000)
8,000
(2,000)
15,000
10,000
6,000		 3,093
29,847
34,653
25,000
-
33,000
15,000
15,000
10,000
6,000
139,628 - (2,449) 34,414 171,593
141,950 979,116 (932,096) (34,414) 154,556
281,578 979,116 (934,545) - 326,149
281,578 999,116 (947,030) - 333,664

The narrative to explain the purpose of each fund is given at the foot of the note below.

36

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

17b Movements in funds (prior year)

Total restricted funds
Technical initiatives
Total designated funds
General funds
Intangible fixed assets
Tangible fixed assets
Strategic business development
Talks programme
Dilapidations Fund
Total unrestricted funds
Total funds
Unrestricted funds:
Designated funds:
National Lottery Community Fund
ACE Cultural Recovery Fund
Advocacy Strategy & Implementation
Restricted funds:
ACE Feasibility Fund		 At 1 April 2023
£
-
6,330
-		 Income &
gains
£
35,000
-
415		 Expenditure &
losses
£
(35,000)
(6,330)
(415)		 Transfers
£
-
-
-		 At 31 March
2024
£
-
-
-
6,330 35,415 (41,745) - -
6,021
7,330
27,670
20,000
10,000
-
17,000		 -
-
-
-
-
-
-		 -
-
-
-
-
-
-		 (2,893)
14,660
14,840
-
-
25,000
-		 3,128
21,990
42,510
20,000
10,000
25,000
17,000
88,021 - - 51,607 139,628
157,571 914,891 (878,905) (51,607) 141,950
245,592 914,891 (878,905) - 281,578
251,922 950,306 (920,650) - 281,578

37

Stagetext

Notes to the financial statements

For the year ended 31 March 2025

Purposes of restricted funds

National Lottery Community Fund: This funding is for a project to expand and upskill our user engagement panel. The goal was to double the panel’s membership over 12 months, particularly focusing on recruiting members outside London, and to upskill existing and new members to be able to raise awareness of captioned culture.

Purposes of designated funds

These are funds which the Board of Trustees has designated to meet future commitments and liabilities as part of their strategic vision and risk assessment for sustainability.

Tangible fixed assets: Funds to reflect depreciation and replacement of physical assets.

Intangible fixed assets: Costs spent on the development of software.

Strategic business development: this fund represents costs associated with restructuring/staffing, relocation, specialist consultants and other development resources. The balance fluctuates year on year as funds are deployed both proactively and responsively depending on strategic business need.

Talks programme: funds of £25,000 have been designated for development of the live subtitling programme.

Technical initiatives: funds of £33,000 have been designated for the development of software.

Advocacy Strategy & Implementation: funds of £15,000 have been designated for use on Caption Awareness Week (CAW) and significant advocacy projects.

Booking System: funds of £15,000 have been designated for the development of a booking system for service delivery.

25th Anniversary: funds of £10,000 have been designated for campaigns centered around the 25th anniversary of Stagetext to increase and develop awareness of Stagetext’s services.

EDI Board and staff training including trustee recruitment: funds of £6,000 have been designated for training staff

and board on specific areas related to Stagetext’s EDI Policy.

Dilapidations: previously held to cover dilapidation costs of former County Street office. No longer required with current office arrangements.

18 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

The charity's total future minimum lease payments under
the following periods		 non-cancellable operating lease non-cancellable operating lease
Less than one year
One to five years		 2025
2024
£
£
-
4,000
-
-
-
4,000
Property
- 4,000

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

38