REGISTERED COMPANY NUMBER: 03983443 (England and Woles) REGISTERED CHARrrY NUMBER: IOW54 REPORT OF THE TRUSTEES AND Autr GROUP RNANCIAL STATEMEiifs FOR THE PERIOD ENOED 31 AUGUST 2025 FOR THE KINGS THEATRE TRUST UMrrED (A COMPANY UMrrED BY GUARENTEE)
coKrETr¥fs TO ThE FINANCIAL sfATEMEKrs Report of thé Trustees 1 105 Report of the 4nderknt Pthilor5 6t08 Consdhjated Sialement of Fula1 Aclr4i Cons(AhJaled Balance Sheet 10 Consolidated Statement ol Cashfkw 11 Notes to the Consdwjated Cth Fkp4T Sialem 12 Notes to the Finala1 Statemtrts 13to28
REP(bRT OF THE TRUSTEes FOR THE VEAR EMDED 31 AVGUST2)25 Twslee Board of The Kings Tlwtre Lwntsl Ilhe Chwm ¥e pK•a to thèir annual i•port and ¢onsdidat&Y finanoal s¢alements ol t Charity and rts Sktstdiary lor the y8ar endirwJ 31 Aw¥t 2025. Tho$0 af• al80 prepar&J to mol rewirènwnts for a th"[10r8. fgF#yI actwts lor Corrwues Act tw[$0$. Th$ finwKi41 MrAY ith the Chwitw a111, Ihg Compw8s Acl 21XJ6. the ArtJcles ol Assoclattjn, an A¢xountr'ro and ReForfry by Charlies". sta1 of R•rM Prxttè aNthcaJlè eharitss preparirvJ th8ir ac¢ourts In adanc• ith finanLial Ra[11 apr¢8& li tr LM( ol treland IFFIS 102) (effective 1 January 20191. OBJECTIVES AND ACTivmES The objectives ol Ihe chwty are to wovido qLo1ty wrtiaYMYnl Ihat ts ar£th ts all: oprthunAi8s for th8 ILxal communffy lo paitipai• in thè Ihwwh sttial eulwal aciv4l: aNJ r8s[th of the Theatre's Grade Il. listed 1Jing by a m8intenance rnskyaiw prrwnrn. PUBUC BENEFIT The Trustee8 that Ihey have referr•J lo Ihe ¢)ythwJ in the Chy C(ffimlssion's Lweral guKlance on publ b8n8lil vthen r•viving th• tharws ains and LiaciN•s M) plamw lutUM al118$. Thtr Tntsteea re18r to pu ben11 ihrouohout this rnrt. HIEVEMENT AP4D PERFOBMAMCE ThB re[rt S8ts oul Ihe athi8vwrwts ol thè WTlatr• Tr81 Lhyltadlm SoFrtèrrf)#r 2024 tr& AU9k 2tr25. Thè 8 2024r25 has bèèn a kwrtlol Thfeslrwrt forthe Krys. Good attenOarKe at shows has enabknd the Iheatr• ) r8$9rvé¥. S1u$$ qgrwaw frorn its lithgt ¥dg¥, resloratK)n le wKlllary sa4 after eovthiry ¢osts. to rieale OPForlUn'?s to parfripal8 in creaiwity arKI enloymenl ol the arL8 tha rulOTr of IL¥ corrThwity Sh19.. the delrlery of its communty and outreach programmè.. and to subswjtsè its Arf# Acaderny sCIp xhewe. The Ws i% rw¢rtwtknJ to provldb)g affortyablg theatre and has Continl& to offer subswjisel £10 tycets in the galwy and reslrttod vièw s&ats kn wrtamal wixluethons ar1 8ndeavouis to pul on shows ai r&asonablè 1[8•s af• akn alktated to nwiniaining all that is rèdad to deliver a hi9hwality thaatrt 0xr. repams, thg ol stage aThJ lechnl rna1n1an¢e 01 th• buildlrrfJ aTrJ I1 WO8WVObon ol its hi51Nul colKiw. The theaire makes a F)sthe Irn io ts kxal ac¥ ¥•J I)r tho yèar It •mpbhd 31 eontrad stafl aTha 103 ¢awal stsff. Furthorn¥)w. x tows. ro8iaurts 1)rtit from ts ir¢reased fo)Ilall lo tho The thallerJes the goiThJ fowd lack of to exp¥KI tts comftwjnity and Oua¢h offerirtrJ, Mang Ihe rMSary to h)w tes$ty. aThl uwJradKvJ Fxth ar•as laeilrts ift thè theatr• to mo81 th8 ne8ds ol nwjdom A18$. thè• ts b1 three shops that arg Th)w diJa1ed. and it is twopwir¥J to us• 118 rasèN•s such Ihat this spacè e2n arKI inlo the theatre kj nwl the nJs ol the theatre and rniuvenate hM]h street scene. Th? Theakn thanks all the TnLslees aryj Ihe ExwJtNe swort over the ar. ar#1 wwss•s 8normotL8 gla11tle lo all stall aTrJ volunts•ts havèd•lv•rl thè athiks and to Ihè S#$8 and aehievèmtrnts. ACHIEVEMENTS IN 2024QS Thè prog¥arnrniry 15 to have a bro&1 Fewe livry in Ports•) and tho k)cal région. In this year re were 132 OrfIenI ith l&).465 allonthry pprtrymwvx 286 li perfonnarw pf the sho. The qualty ol slwyrt 1$ rofith1 in Ilp many re4i8w& w4Wess of proJuc8rs lo work wih Ihe KINts. and faodwfrom ¢ltsIr$. Week long5 have Ind natti)nal tours ol SLY, &kkxlBmllwsaThlBat ()rtof H811. It has hosled ¥omg 01 ggest names In comety ilh Mithael MclTtyg. ftob Beckell. Dee. Dara 0[aIn and Hill, as wel as nights with M¢h881 Palin. Arknn Beke arKJ i)avanni PemrA. HpJh qualty rnlts 15 acr(6s am genres a p)pulaw and lurther chous c4 r4JW4 aThJ ehthhn'$ $lws have Segn an irKrga89 th9 ¢cYe alerth base. Th8 aThwJaJ panrnIMe. piothced byth& Kings. is a lav¢Lwite and drew an allence ol ov•r 50.IXQ. Thls prowm dS fve lfvee prc1 by the Kirw, ar•J mance$bY amaknwdwanalr 50c and sthoDL Many shows are playir¥J to caF4ety. Th• raatannI ol wilh now #èaw in thè galléry in 2023 continues to have prov•J to b& oxe4N¢ni i1¥8th8nt.
RepoRT OF T TRLWEES FOR THE YEAR ENDED 31 AUGUST 2025 PR TION Kings siarted Vod11 Mi 2tr20. It ha$ its w pantwmm lasi sas. Thi¥ ygar t1 prTrJucth?n ol DK4( Witlrytryi tas wathy ty over gJ,IxKI p48 over 50 lI>1manCe$. The pantomime is the hwJh•st gross Iha yèar aml is key to ts thèatrgs tinanC resilience and indeD8ndorth. Thè panMinè711 to in-house. Folbwring on Ircffi i ol Ch7ty tsitle Shcp ol Hwors lasl year. the Kir¥Js prtxhKd Chwl8 Ihè FACtry vth8rg 8,575 people atlended over 8 performane8s and AnTh• whth was atthknj ty ovor 8,¢)Xl Feopfe, as wèll as "owf 9n1$. whKh Th8sfr shos ga¥• ovw 140 b)caJ pfL)mv¥ rVFQrtity to wryk W1h a ploleonal crèaliv8 tgam perform at Kws. Thè N£adÉnry allo (Y pert(Than ol Bring rt Ch) 50 yOLrth rnor18¥S haryI fv cwortury lo t• Sla to1.900 ovèr i11r shohs. HN Having In¥ £800.000 to ropaw ts East wal arJ eall c4 Iha thoatrè in 2024. The Kws ¢ontwTrued to invest in its upgrthg prcffjramme. Propcts (#ynplbt•J ihe ilId thg walIan of new acous fire dc in tho wain a110. dec81 all ttrèsknj rotyry gieen roLwn lac1h1 aTrJ uttyJra(ing loils. Foloing mwry yeals ol plathng lortr Ihe 3 shr4Js akyw Albert Floa(l arowKI whth Ihe Iheatre was oiiginalty built w) 1Sf17. ihe ngS linaly ro8 pknino pennIsS from Portsmouth City Councl and Hi5toiic Eryland fDr IX £4.Sm Ihat IClseS a(tsskn"lty. faethty iNwvèm8nt and MllY grvJ•Jgfflwl. FLYAYinq was s•>JJ staftod In N)$r 2025 a plarnwl dWaIn ol 14 mcnths. The Kiry continued Io vN8St Mi is ib>tssifyJ domarbts of thows Iwlh gher prc¥Juct¥)n valu&s. Akhough con51rain8d by tlw W d8&vw&J 116 sg)arat8 events as a part 01 41s community and educatron prograrrffi&. Thi5 al0 fv hxal rnniy to •nkn 1hè thèatrè 0SYO 01 its sh)w sche(knle and Offe w intr(uct io ats. Thè runs an èstatrthsh8d weekly crfe8 pvograrnme on a vari8ty ol th8rn,. a ¢orrwW Siwy went . a w8okty gthrij kn trKtso that iimt th lo shYJ: and hM¢8 The Kjngs wekorrd owr 1C#XI pgt¥dv lo its I)ay tostory. lech. tt1•1 and gho touis tho ygar. ab) Ixitsj fv CtMsè NAT Y1 . tho UK lebratson Several Irxal sch¢Jds carro lor ¥i96ts ar¥J I.(tt) hDokhtr8n arxl lea¢hers alter1dl the School Bod( Awts in kn. Many the pant. over atteThJwYJ. FPERF Th8 SLhool tsl Pèrforning Awl (KSPAI every Sthrday and s dthwgd ty 8 practiDonws and 2 vofuntggrs. The academy grew trfth 89 to 110 montsrs ovBr year. The Acadery ifreal rfs seholarthp schernè to parbcpalKJn Ircffi w.c0rne laff4. Sixteen part1paf)ts The Ihoatro promotss arnl to WW•1hai #s os madè availabbè ts at an aucli8 as rKBwble. It pwbcipated in lh8 Ftoy Sch rylh 58 pkns tkn up over th& Chrlstmas and events lor ehik1ren ag8d 5.16 )war¥. Ilwatre gave over irknts lo chikken aThY •Jults Ytho %wJuld Th)t mm)alty have the finarrtaal mear6 lo alt8ThJ th8 ih•atr•, aTh%1g a skxnsor ol Ihè lorAI Council led Cty crf Sanctuary. The coflee mom#wJs affj part of a sthèmè tts tae itilxtion and thg mental heatth issues. The theatr• parkn"cytos kn ihè Ftiddan Me. provths Interpr•1 porfOrmae5 and hok15 a rvlaxed perlorrnarKe of the rArthTh"n. Fmnt HtsJs• t9am trawj Lrrentia Awareness. 19 Volnte6¥s$uvth cl th•8•adkntr8s.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGVST20 HI (hy As an independgnt lItrO Kfflgs has a I1081 etiloctim (tKwmnb"ng ts Fertormanca htsiory. 11 has an aclive tramme lo pr8s•rvg Ihe arthive lch is us&Y the theatre for oxh)itKJns, hisiory talks. r•¢h. On 1 May 2025 Iha m¢S técarne th8 scAg rrwrer ol ts Ne Tlaiffj Royal. e55entiaty mergirJ the MI prthnary thèatras in Portsmouth. In profflotirwj this outcom8. 11 r•spocfive t>)wds had f)th ccl that a MO1 would provide Olat)nal etterleS and a rnore Coh¥• ¢)JNural provisw to PortsnK)uth. The theairgy wntinue to be owned and account&1 for 7thin ind8perbgent chariltes lor Ihe ttn tRVJ. Th¥ aged as a single group op8ration. dwoloFthlg a coffli¥ngd Portsrnc>uth Theatres bland. whth boih vènues pY kj StrJths. Tho progros5 thg short MANAGeMENT AKI GOVERNANCE The Elfve P4)ard m#ts arbJ thises ts Tn1 (ffi C4yWAw g0veMa i55ues. FINANCES A consokdaled 01 £2,179,196 W4: £579.6651 was reFMJ1•d at Ihè ènd of Ih8 IMRncHI year and the reservos stood al £4,414.888 12024.. £2.tJ5.6921. 9Jrplus lor th• eurr•nt yw itludes £1.336.793 in ffjstcl of Thèatrè Tax Relief lains and aYju5tments IOT tg Awu¥t 2025. Th rewews the GYiMr>'s li1 Tlwtre Tax Religf daims and we &xpe¢t to make annual clwws aoirffj fcMw¥d n resp1 of in-fvM8 pr(JudI. RESEFIVES POUCY currenl r•s•N•s ar• in •xeè8s of the Tnffjl's lor * LThwlrKW resew ol £0.5n Th• TNst•&s arè eonlKl8nt th81 Ilms r¢strNes level Manta1. PAY POLKY FOR SEI4OR ST> Tha Boarf ol Directols, are TDJsfs Tru$s. oversvJht govemanc•. The CEO and EXatiVe Tearn compEise the key nml7agw pffiwno10l ts d•1 th•xivJ ¥•J cfjnirdhvJ. runnirvJ anLI cwatiry Ihe Trust cffj a day-loéay bas15. Ai throctors Ih8ir lllne f aThl r•nWnwl in tho yyar lor thew trustee rosponstJilTrts. Dotalls ol al ifir8aors' reMura1$ aTrJ arn 10 lo ts a))xmls. Thg pay of sgnbJr ¥faff is rgvigw&J annual. RISK MANAGEMENT A Risk Regist8r is wn ty ih• TNSL Th aThJ assessos ts iwIr $. f¢ is revv&J ev thm monihs and uEtht8d as apKKopri•t•. GobTmlno dUmen The trust is a company limbted by gwantee g)vemed by its aTrJ ArtK ol Associthn. tt is wK%téT8d as a arity Charity Conllniss. RTY111r•nI and appolntm•nt of tno10oJ Tho dlrectors ol The Kings Thgatre Tost Lifftbj aro akn chiiiytntsièèx lor of rtstylaw. Genera. no pgwn other a trust0• ¥Ir4r0 by Irtal. thal be rèapFafrfgd a Iwustee at any 98noral mtsting ur4è$$ they are re7 ty the tn*ees. Inducllon ond tralnkng ol fru•ts Trustees are regularfy bri8f8d on th8ir loj obtrJalAM aNI rrf k¢y erkn otsr INst8•s. Thèy arè r8gulaFIy
REPORT OF TrE TRUSTEES FOR THE YEAR EIIDED 31 AUGUST >25 REFERENCE AND ADMINISTrAIIVÉ I>EfMLS R•glstored Cofflplny numb•r 03983443 IEr¥Jland and Wales) Reqlstwod Chortty nurnb•¥ 1088254 The KiTrJ$ Theatre Abèrt Road Scwlhsea Hampshire P052 R Hask•r D Repl¢M - Chair DTGa Dr G Mor9an R Peck P Woolf trs P PTesccll C H L Mason Chlef execu11 Olllur R Pèarcè Audtors MC Audit Limitgd Statutory Authtors Lake Housg 2 Port Way Port Solenl Pc¥tsmouth Hampshire P06 4TY 8•nknr• Han(klsbanken HG Ground Floor 1000 Lakè&"d* Nth FlartKJui W¥stsin Road Portsrnoh P06 3EN
AEPOAT OF ThE TrUSTEES FOR ThE YEAR ENDE031 AUGUST 2025 STATEIIENT OFTFIUSTEES RESPONSIBILMES Th& trusteas Iwlw) are akn the directors ol The Kvy Tlatre Trusl Liff•t&l lor tha ol o)nyany lawl arè r•spOrt1b loi pr•pry the Report of the Trusl8es aThl stsl8mènts in acordanc• Ow¥bI0 law and United Aountry StaThJts (United G9ngwahf P4ryrted Atxourrtiw Praclrel. Company law r]rnS Iho Vua•8S kn sxapawè fw481 Starn for oath yoar. UTrr Ihat law. Iruslees hav (Uniled nlorn Aco)untiw SlaTrJards and 8thKabl• Jawl. Undèr company law trnLslees 4¥Jrtwe Ihtr statthntyts Ihey salisfied that Ihey 9Ne a true and lalr view ol the stai• of allaits of Ihe tharitable company arKI ol ts irNxJThAThJ rewuThs aFWicats)n ol rèsour. Induding th• incomé èy18. ol the ccryarry b)at In pr9ffj tw 81nnts, th? trustees ar8 rewred to: sew Sullab p)lici8s then apptythèm t.. ct>SèNè th• and pri11185 in Ihe Cl4nbes SORP: mak judg8mants afid •Slimaks that arè j prudwrt,. prepare Ihe fKwcial slaleftts tha basks unw il is MlWOPliats 10 prtsumè that Ihe charitable ts)ry)any7I1 Ilnancial p0SOn ol tf Charitab (mpa)y to Irn lo ihat ts knala1 statemonts cx)mFty wih thè Compani•s Ath 2a. Th ar• al t8swAB frjr Safegu¢ assets of the eh¥itth cy)mpaw arxy for takiTrJ In so fara8 Iwustees we awwe: Iher• & Th) r8lèv8rt autfil inlormabon ol tt chaiitatle conw aLxfjlors a Unawa,. and the trusl8es have tak8n al st8F4 that tts havè tak8n its make them5efves aware ol any revanI aud )formation arnl bfj¥labSth that Il we ol Ihat AUDrroAS Thè auditors. MC A1 Limit. be wwsed at Annul Gpngral Megting. Apwov•d by ordèr ol Ihè eo8rd ol Tru¢•8ty1....a%... PAay 2026 aThJ ¢s 1 ty: D Ropton- Chairar¥l Twstoe
REpoirr OF THE 14DEPENDE1 AUDITORS FOR THE YEAR ENDED 31 AUGUST 2025 Oplnlon We have atyJEted the finaKial SL2ternents of Tr lfjrys Twe Tntst Liii¥ied and its subsidiaries lor year ended 31 Aust 2025, whh comwse Ihe Ccfjsolidaied Statement cl FwwYiaF Aclrvrti8s. Ihp tknup aTrJ Chwity ance Sheets and Cashllow Slateffnts arnl ncrtes finath?d slaieThnts. inclLKNJ a summary of signilunt accounting pOIreS. The financial r8wrknJ frat)WAth that has teen wlied in their weparalK)n Ls awicable ond United Kirodom AixouffjirvJ Standards. F1rWx ReFQrting FRS 102 The Finarla1 Reportry Siandard AWicAo kn ltr UK aThJ IrelaTh Ilthed Atteoed A¢eounling Practi1. In our ovnn Ihe ffinan0 statennt8: gr¥0 a In and fJr wew of the stale ol Ihe w's arnl fv parent ch¥ilth coryanls affairs as al 31 Augusl 2025 aThJ of Ihe grtxy iTh)JryiThJ resowces a1 aF¥dc ol resources, inclutltvJ its irtome an(1 èxrént1urQ. for Ihe year end&Y; have teen prwrly preprnl in accN(knK hith lhi1j Kiryhjn Gen8Taly ApIed ACColINj Pract., arNJ have been prepared In aC(d wilh the re(wYwnents of the CcryanÉes Act 2CKI6. Bas18 for oplnlon We conducled our at in wlh 1rt8maal staThJa Authting IUKI IISAS IUK)l arKI apph'cab law. OUT reswrtsitrmlrfw un(kn thos& stsndards are Iher descritJ in thg Art8 roswn8iknlities for the a111 ol Ihe finanoal sialements section of our report. We are ncKndent of Ihe 9rotp parenl charity In accordar¢e wlth Ihe elhicaj r8quKements that are relevanl lo ow arI ol the finanlaal statements in the UK. IdIng th8 FRC'S Ethical &andard. and we have ILffiled ¢xw other ettycal reswnstrfrties in xcfwdance with t1 r]LrementS. We b8Ieve that the atjdit derte we have c4)twned is sulfoert to wowd8 a basis for our ODlnion. Concluslons rnlalkng to golw concem In authliThJ the linwKaal statenwnis, we have th IIE IrLL4ee5' use of Ihg Clrn basi5 01 accounting In the rweparaiicm of the finan(iat stalements is 8wcpiate. Based on Ihe wort we have pwlNmJ, we have not •JentifigJ rnerl uptertaTries trIng to events or ccffjdllions that. indiwthaKy or co18ctively, may lIf¥ca (b)Ets on t1 ¢haTitablp compatys ats.lity lo C#%Ue as a g¢JNJ concem fora w¥Jd of at least Iwve fr< Twhen Ihe firwwl staloThwts afe aulhyised lor issue. Our respwsknllhies and the resFxywlylttes of Ihe tr1883 wilh fesp8d lo )nCern we descrlbed in th8 relevant SlI0nS of ttms report. Other Infonnatlon The trustees are resp)nSlIe for Ihe oltrr f(mation. The other inlornalK comprises the inlormatK)n 1ndld in Ihe annual rewrt, other than the fin¥Kial stalents arnl (Aff ReKMJI of Irndenl Auditors IFreon. Our orinion the flnanclal statements (ks nol cover olPw infNmation and we do noi express any fomi ol assurance ¢ondusion t80. In connection with our authl ol the finawal slalements. tyjr iespon5bilty is to read the olher inforniation arK1. in doing 50. consid8r whether other MilortJn is malgriaty 11K&S11 with fir4wknial statements or our kntrwledg8 obtained in th& audit or 01se to te matefiaty misstated. 11 we ittentify Sh maleilal Inconsistencies or otvarenl rna1 misslatements, we rqui1 lo delgrmine whethw Ihwe is material misslalemenl in the finartial statements OT a materlal missktement ol Ihe olher information. If. ba8j on the work we have perfonld. we CeJe ttHt there is a materk4 fflisstalement ol ihis otrr inlormation. we are ru1r1 ID reFQrt that lact. We have noth¥J to iewt in this regard. In our ¢wnion. based the woth ur*JBrtaken in the of the 8J11. in10mti¢ given in the ReF¥xt of ts Trustees for ts financial >par lor which the financi stalements are prepad is ¢cSisnt th the financi slatemit aThY
REPORT OF THE INDEpENDEP AUDITORS FOR THE YEAR ENDED 31 AUGUST 2025 Mattws on whl¢h we We r•tr lo veport •X¢ePt In the ligm ol the arthj uThJerstanding ol wp its emfjronment (thine(l in the course ol the audiL y have tTh)t identified material misstatements in RetN)rt of the Twslees. We have nothing lo rewt in respect of Ihe I11j fftatlers where Cthwies Act 2006 reqre8 us to report lo you il, in our opinion: adequate accountiry reL¥)rds have f1 been kept or retwrts adequa for our audit have not beon received from branches mt visited by us: or the financial statements are not in agreement with the accwnting record5 a1 r81urns; or certain disdosures of twslees. remuneralN)n speL?fied by law are nol m; or we have nol received all the infcmation and explana11$ we requre lor our audit: or Ihe trustees woro not enlilled to take athantage of the small companies exemption from IF r4uiroment to prepar8 a strateg Re or in preparing the Report ot Trustees. R8spon8lbllllh$ of truste88 As explained more fully in the Statement of TnJstees ResFX)nsbilities. the Iwstee5 are also the directors ol the Gharitable company purFrf)ses ol compary law) are respK)nsible for the preparation of the rinancial stalemenls and for being satislied that they gNe a true and lair view, a1 lor sh intemal Gontrol as the trustees determIr is necessary to enable the weparabon of fInarla[ statements that are free from material misslatemern. whether due to fraLKI or error. In preparing the IanCI stalemenls, the Irustees are responsibto lor asssIr¥j the group and parent charitys ability lo continuo as a goirmj concem. (thsclosing, as wlicable. mattas related to goirvJ concem and using the going ¢oncem bay's of accounlirq uNess the trustees either intetNI to Idate the group or parent charity or lo cease 0rationS. or havo no realis1 alterna11 iKrt to th so. Our rospon8lbllltles fty the audft of the fin¢101 SlaloTrts Our obj¢etiVgs are to obtain reaSone assura out vhther fv financial statemenis as a whole are free frcrfn materfdl misstsiemern, due lo fraj or Wfor. arKI to issue a Re[rt ol Ihe Indyndenl Auditors that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audil corKlucied in aCcdanCe wih ISAS {UKI will always detect a material misstatem1 when il exists. Misstatements can arise frL¥n Irwd or errof aTrJ are CLYtsJered material if. I1vIdUalty or in the aggregate, they couhj reasonably be expo¢tKI to infkwce the 8(ornIC de(xsts)rts of users taken on Ihe basis of these linancial stslements. A further description of our respongTrJilitres lor the ol tho Iarla1 sklgments is bcaled on th8 Financial Reporting Councifs website al MYw.Irc.org.uklau(torsresp)nsibililies. This description forms part ol OUT RepK)rt ol the Indep8ndenl Audrtors. Irregularibes, IdIng frawl. are inslaw of non-¢omplarKe ith laws and regulalions. We design procedur$s in line vAth our reSpibIlities. oulked th, ¢0 delttt maierial misslatemenls in resixt ol irregularities. including fraud. The extenl to proeethjres are capabk9 01 d8lecling irrewlarities. including fraud is delail•J b8k)w: From discussion wilh marHgwnent aThJ tIK>se charged ilh itifomiaiion about entity is UMented lo assess the activity the organtsalion. W& managemenfs assessment of risk in resp61 of irregLdarilies. fraLKI and clxum. Based on these dscussions and our own asSesSts we detemined Ihai the key frth areas Were Corne recognition in resFrtt of 1 off issues (MIj ticket sales arKI managem8nt overiide concerning the size ol the organisati. We set financial statement maleriality levd baswj on the 1 of MKome. k a not for profil organrsation raising income is its primary locus wtrwch is why iTrXHne vrds used lo dfrlermine the level ol materiality. Our overall assessmenl of risk was used to delerming F*rf(xman maleriatity at an aFsryriaio level.
THE iaNGS TrIEATRE Tiiiisf UMrrED REPORT OF THE IKIEPENDEKf AUDITOAS FOFI THE YEAR ENDED 31 AUGUST 2025 Subslanlive audit lesls were deswJned after assessing arKI Ferlormir¥J wal(IhroLKJh tests. The walkthrough testing confirmed doCented systems which have beon dOSKJn lo act as a prevenlative measure agwnsl Iraud and error lch appear to ba cygratwy as (kmwmenled. Subslantive testing tested a sample ol the ulation, representative of the wwki1. to Kknbfy eis. testir¥J i*J not identity any maierial misstalemenls in areas tesled Audii Subslanlive tests nded mateiTal errors over the rith areas of income recognition and management o¥errKIe. The audit consmlers the tyganisatK)n is rK)t exed to mater•d risk ol error as a resuh of assessing laws and reg¢Jations that are apw¢)priate to the 1xganlsatK. Management assessed the is no going ccfflcern risk. The a1 undertLM)k a review ol bgets, management accounts and the review of tx)ard minutes arKI ¢am¢ to the Sa conclusi¢M as anernent. Use of our report This report is made solely to the ehaiitab18 CoMpanS members. as a body. in accordare Chapl8r 3 of Part 16 of the Companies Act 2006. Our aLKlil has b8en undertaken $0 that y might slate to the charitable CoMpanS membgrs thos8 matters we are required lo state lo them in an auditors. report aThJ for no other purpose. To the lullest exteni Ftmitted by law. we do not accept or assume reswnwknlity lo anyone other than the group aThJ the parent chanty arkj ts charilable wmpatys memters as a body. lor OUT audit work, lor this rewjrt, or lor the Lyinions have formed. Paul Un(Jerwood {Senior Stalulory Authtrrfl lor awl on beha of TrK Limited Statutory Atyjilors Lake House 2 Port Way Port Solent Portsmouth P06 4TY Dale.. 29 May 2026
THE KINGS THEATRE TIIUST LNrrED CONSOUDATED STATEMEPU OF FINAIICIAL ACTlVtriES ONCORPORATING A COIISOLIDATED INCOME AND EXPENDuRE ACCOUND FOR THE YEAR ENDED 31 AUGusf 2025 Totsl Funds 2025 Total Funds 2024 a$ reslated Fund$ 2025 INCOME AND ENDOWMEMfs FROM Donations and bga¢ies 139.218 139,218 115,442 Cperatn ol the Iheaire Ancillary trading Education 2.673216 5TJ.475 22.957 565.814 3.239.0 2,918,694 S73.475 525,291 22.957 Investment income 11.698 130.698 111,655 Gain on acwisitson ol subsithary 294.004 Theatre tax re&ef 1.336.793 1.336,793 Total 5.170.361 5,736,175 3,677,482 EXPENDITURE ON Operation ol the Iheatre Ancillary trading EdutIOn 3.378.030 178.949 3.378.030 2.925.743 178,949 172,074 Totsl 3 556,979 3 556 979 3,097,817 NE[ 1NCOMEI{EXPENDuRE) 1.613.382 565.814 2,179.196 579.665 Translers belween funds 414.764 NET MOVEMENT IN FUNDS 1.198.618 980.578 2,179.196 579,665 RECONCILIATION OF FUla>S Total luThJs broughl forward 1,342.0 893.602 2.235.692 1.656,027 TOTAL FUNDS CARRIED FOIIWARD 2.540.708 1.874.180 4 414 888 2,235,692
CONSOLIDATED AND CHARITY BALAIICE SHEET Group 2024 Char 2025 Charlty 2024 as restaknd FIXED ASSETS Inlangible assets Tangible assgls Fixed asset investments 13 14 15 995.536 384.125 2,390 384.125 693.782 1.¢Y)3.976 386,515 702.224 386,515 CURREHf ASSErs Siod(s Dèbtors Cash al bank and in hand 16 17 24,289 1.603.673 4.398,113 10.207 145.150 3.750,690 19,837 1,477.713 3.726.752 10,207 145,150 3.750.690 6 026,075 3.906.047 5.224.302 3.906.047 CREDITORS Amounts falknTrJ tho Within NEf CURREMf ASSETS 18 (2.459,330) {2.041.03n 11.807,003) 12,041,037) 1566,745 1,865.010 3,417299 1.865.010 TOTAL ASSEfs LESS CUAREpif UA&imES CFIEDrroRS Amounts lalling the in more than one year 4.570.721 2.251,525 4.119,5Y3 2,251.525 19 (155,833) {15.833) {5.8331 (15,833) NET ASSETS 2.235.692 4,113,69) 2 235.692 FUNDS Unrestrlcted funds: General fund Dwnated lunds 2.540.708 1,874,180 4,414.888 1.342,090 893.602 2235.692 2,678,444 1.435246 4.113,690 1,342.090 893,602 2,235,692 TOTAL FUNDS 4.414,888 2.235.692 4.113.690 2.235,692 Tho financial statements were akyroved by Board of Tru*ees on on their beham ty. and sKJned D Repton - Trustee io
COIWLIDATEO STATEMEKf OF CASH FLOWS FOR ThE YEAR ENDED 31 AUGUST 21f25 Gmup Group 2024 Charfty Charlty 2024 ag ro$tated Cash Hows from operatlng 8cll¥llkns Cash gelleraled Irom operations 1.774.341 846.759 259,071 846.759 Cash provlded by {uged kn) operallwJ acU¥ttkn 1,774.341 846,759 259,071 846,759 Ca$h Ilows from Inv•8llng adMtt•8 Interest income Purchase of langibJ8 fixed asseis Purchase ol intangible fixed assets 130,698 (1 a89.3661 18250) 111.655 {165,6561 12,750) 124,505 {389.2621 18,2501 111.655 1165.6561 12,7501 Cash provld•d by (u8od In) Inveathwj (1.266,918) (56,7511 {2n.oon 156,751) Cash flows Irom 1kn8Ing a¢tlvltle8 New borrowng acquir8d from New The[e Royal Repayment of trro7ng Ca¥h provldèd by{u4¢d In) flmnckng •cdvW•s 15J.(KK) {10,0) 140.0(M) {10.CKJO} (lo.0) I10.0) 110,0001 110.000) 10.0001 Chan* IT) cash and cash rfuivatents in the reporting wriod 647,3 780.008 {ZJ.9361 780,008 Gash and cash eqLwalents at the twnnirnJ of Ihe rewrting peri 3.750.690 2,970.682 3.750. 2,970.682 Totsl cash at th ond ot the 4.398.113 3,726,754 3.750 6 li
NOTes TO TrIE CONSOLIDATED CASH FLOW STATEMEKr FOR THE YEAR ENOED 31 AIIGUST 2025 RECONCIUATION OF NEf IPXO1AWBE) TO NEf CASH FLOW FROM OPERATING ACTIVITIES Group 2025 GTOUP 2024 Charity 2025 Charity 2024 as r8slaled Net hKomellexpoiW•) Adjuslmenls lor.. Deprecialion cJarges In18rest received Amortisation charges IlrKreasellDecrease in stod¢ IlncreasellDecr8ase n debto In¢reasgllDecTeasel in credtlors 2.179.196 579.665 1.877,998 579,665 777,955 (130.6981 74.681 1111,6551 79,605 (124,505} 74,681 {111.6551 360 8.888 10.775 284.045 (14.082) 11.458.523) 418.293 (9,6301 11,332,$63) 1234.034) 259,071 10,77S 284,045 1,774,341 846,759 846,759 Group 2024 as resMied Charity 2025 Charity 2024 as reslaled 2025 Net eash Cash at bart arKI in haThl 4.398.113 3.750, 3.7&1.690 3,726,752 3.750.6 4,398.113 3,726,752 3,750,690 Debis falllng due ithin l year Debts falling due after 1 Jpar {10,0(MJ) {155.833) 1165,8331 {10.¢y)o) 115,8331 125,833) 110,000) (5.8331 115,8331 {10.000) (15,8331 125,833} 4.232,280 3.724.857 3.710,919 3,724.857
)TES TO THE FINANCIAL STATEUEPITS AccoupifiNG POLICIES The principal accounting m)IleS ad¢pted, j(tyments key Kwrces of e5tmaiion uncertainty in the preparation of lin8n(ial statgments are as lolh)ws.' Basls ol preperatlon ol Ilnanel•l Slalem The financial statements have been prepar in aGc(Ydance Mtyth Accountir¥J arKI Reporting by Charities.. s1atwnt of RecommerKbJ Pra¢tKe w11cab kn charilies preparing their accounts in aOrdanCe with tho Financial Rewrting SkNJard aKylcabie in th& UK and Republic of IrelarKI IFRS 102) (effecti 1 January 2019) _ (Charilies SORP {FRS 1021), the Financial Rep)rbng SlaThJard aFyhcabio in UK arKI Rewbkc ol IrelarKI (FRS 1021 arKI the Companies Acl 20. The lfjngs Theatre Trust Limited meets Ihe deliThtton ol a pubjtc beIlt entity und8r FRS 102. Assets lithlitie5 are initially recowised al histixt¢al cost ty transaction value unless Olhemse slated in the relavant tirj ocAtv notes. Th6 New Theatre Royal- TrLee$ IP(mtsm1h) Limited {the -sutrE#Jiarf) 15 Inco•ratl as a company limrled by shares and registered in ErKJlaTrJ Wales (company registration nLrmber 01266053} and is also a Tegi8tered tharity Icharity rrabon rKAmber 2719761. Kiry Thealo Enlerprtses Limit1 (company regstration nunknr 166764321 and Kings Theatre Productior Limited (coirpany rafftion rnmber 16676558} a irwrwat&d as companies limited by shares registered in EwJarKI arAI Wales. The Trustees have reviewed tho Group's lec in(xMne aThJ exkw(thbJre for the twelve months from the date of approval ol fanCIal stalements. Based on Ihi5 revrew, aNI taking into a¢count the level of reserves hekl. the Trustees are sati5fi8d that the Group has adequate resources to continu8 in wrati(Thl existerKe for th8 foreseeatle lultsre. Accordingly, the finanrial slal8menls have been wepared on a w'ryj clxwn basis. Tl current reserves are in excess of the TnJst'$ rwwrements for an unrestricted resetve ol £0.Sm. The Truslees are conlwjent Ihat th618NEI of reserves will be maintained la Group flnanclal Ststenxnts The finan¢ial statements consolKlats Ihe results ol Charity and it$ %thoNy owned subsidiaries. The New Theatre Royal Trusteos (Ptytsmouth) LIMI1, Kings Theat Entefprises Limited and lfjros Thgatre Prthtiors Limit on a lirw-line ls. A separat8 stateMt of Financid kn'wtres and Inme and Exp8nditurg Account for the Charity has nol been wesenlecl tecause the Charity has taken advantage ol Ihe ex8mptr.on alforded by section 408 of the ComDanies Act 2. 88$18 of consolldatlo The New Thealre Aoyal - Tntstses IPortsm(rthl Ltmiled prepares financial statemerrts to 30 March each year. For Ihe purwse of preparing the CJ)nsolidaled financial stalemenis, management accounts of the subsi(liary have been prepared for the period ended 31 Augusl 2025. These have been adjusted where to drgn aw)unting policies those of tt pnI enlty. The consolida1 finarKa stm6nts Irate Ihe linancial statements d the subsvthary from the date on which (x)ntrol bw'TrJ 30 W25. to 31 August 2025. KiS Theatre Entwwises Limited arKJ Tatre Prcthctions Linitwj M¢re acxjuired on 27 August 2025. Both ell11f8 we dormant duriN4 the perth and theretore management accounts were required for consdidation putwses. They have been includ8d in the consoffdated finaneial statanents from the date control was obtained.
THE I(IPKIS ThEATRE TIIUST LIUttED NOTES TO TrE FINAPXIAL STATEMEtrS FOR THE YEAR ENOED 31 AUGusf 20 IA Inctyne Income i% rogrMsed thè group has entitlewt to funds. any performance condilv)ns attached to ihe items ol income have ten mel. it is Fyobable tIMt the income will be received and Ihe amount can bo measur•J reh'thy. In¢ome rwresents point of sale rec¢sJts and amounts invoKe(L exckHng Yaluo ad¢Jed tax, in r95pecl ol the sale of goods aThl seryeS to customets. IrKome fmm the off¢e Ks ¥KIled tha paents to promoters. In¢omo Irom local aulhorFty and other grants is reoyjnised Wh wp has enlitlemenl lo the lurKls, any perforniae condilions a[taCh the grants have teen me( it Is probable that Ihe irKom& will be received ar41 Ilk amount can be measured relthly arxl is not delerred. Investment income is account tor in Ihg in vttich Ihe group is eNitred to receipt. 13 Donated servlees and ladulles The wae of seThices by YonteerS Is not nyjrwrated into these financial statements. Where goods rx seNices are w0¥Kl lo Il group as a donatK)n that wouhj normally be pur¢hasad from Wpph.s. these contritionS are dUIJed in ts financaal slalements at an estimate based on the value of the contriixrtM)n lo group. 1.6 Fund accourbllng General funds are unrestr¢& fur#Js wlwch a a¥arWe for use ai the di5creiion ol I Trustees in furtherance ot the gerwd dleCbv d the grow arKI whKh have r1 been designated for other wrp)ses. Designated lunds cowise wirostricted fuTrJs Ihat have ten set aside by ts Trustees for Specif puip)ses. ReslrKted funds are lurKls are to be uwj in accordance with sp8crfic Teslriclions impThed by doncKs or ¥4tMch have teen by tho grow) for particular pury)oses. The costs ol rwsing arKI administering suth furKts are tharged agwnst spgcilic furKI. Investment irKome. gairts arKI k>sses are dlocated io tho awr(Vte fwwj. 1.7 Allo¢otlon of support eosts SupF(lrt costs are those futiOnS that ass fhDrk of the group txrt do not directly undertake charitable actiwties. Siwyt costs i? SUPPOrt oifKe costs. finance. personn61, payroll, and g0vemae CSts vthich suwxyt the grow)'s thaatre programmes and activitses. Thès8 Costs have been allated bewn cou th raising funds arKI expendtlure on charitable aclivilies where aW¢cablg. The bases on sw)wrt costs have been allocated are set out in note 8. 14
TtrE KINGS ThEATRE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMEPtrs FOR THE YEAR EIKED 31 AUGUST 2ff25 1 Expendltyre MI IrrebIl VAT Expendilure is recogniseLI 0 there is a legal or constnJclive oblwJation to make a payment lo a third party. it is wobable Ihat Settle will be required and the amount of the obligation can be measurgj reliably. Where costs camot be dirlY aftrl)uled to particular acliwlies Ihey have been allocatod on a basil ¢sle1 Tmth the use the reSrces. Costs ol sing fu comprw c(6ts 01 comrnwoal tra¢ng induthng the Cafes goods for resale arKI iheir assooated $14¥#Yt costs. Expermlilure on charitthe acliths chKIeS costs ass( with fv running ol the theatre and indude th the direci costs arKI siwrt costs relat#7g to these 1vitIeS. Support cosls include central futionS aTrJ have be aifocated to acknvtty cost categories on a basis Consistent Mth the thse of reUrCeS. e.g.. aikoting proF¢ty o)sts by floor areas, staff costs by time spenl arKI olher sts by tPir us Irrecoverable VAT charged as a (x)sl agwnst the acbwty ior THhich the expenditure was 1rKurrI. 1.9 Operatlng I$•5 Rentals uThr operatry leases are charged to the Statement of Finala1 Acliwle$ on a straight line basKs over the lease temi. 1.10 Tanolble fixed a8xt8 and dépred Cost includes the or¥Jinal purchasè aThJ any costs attrbutable to brgIng the assel into use, SLKh as delNery, Mislallaiion. and profeSsi¢al lees. StheqUt expenthlure is capilalised il is wobable that future econorw erits assc¢ialed with the item wll flow to th8 entity and th8 &)sl can bg Maaw rdiably. All other rgxFiS and maintenance are expensed as 1nLxJrr1. Tan fixed assets are statsd at CO ts deprecialth. l assets ¢tirj rnc than £250 aro cwked. Depreaalion is provKled at rOS cakulated to lIe off c#)st of fixed assets, less their estimat3 residual vahje. 0r their exrtcted useful fives the followng bases." Freehold propety Improvements lo proFety Flant and maChiry Fixtures arKI fitiings Computer equvpment 2% on o)st 10% on caJ5t 20% on cost 33. on L Ai each portiftg dale, Ihe enbty assesses ¥Itther there is any IndtIOn Ihal a tangible fixed asset may be impair. 11 SLth an indi¢atM)n exists, the re)verab amount ol the asset is estimated. The recoverable amwrt i8 hwJher ol fair vthe 18ss ¢osts 10 sell and value in use. 1.11 Intanglbl• flxed assots and •norttsatk•n Intangible assets are inibally recogn6od at ¢0* rf Ilw are acquired separalety. Internally generated Intangib assets are recowised onty il the entity can demonslrale the technical feasibilty ol completing the assei, its intention and ability to ¢omF4ele and use or sell it, how the asset will generate lulure economr benefits. aryl the availabilty of resourcès lo complete the devglopmenl. Inlangble fixed assets arè amortiwj M a Str4ht ne t4sis over their estimated useful e¢onomic lives, Y4hich is ¢ffis#knJ kn be S JBaTS.
THE KWIGS THEATRETIIUST LIMITED NOTES TO THE FINANCIAL STATEMEtirs FOR THE YEAR ENDED 31 AUGUST 2tr25 Ai each rting dale. the ertity assesses whetrw there is any iThkntion ihal an intangible asset may be impaired. If such an inthcK)n exists, the re(x)veraUe amowit ol the asset is estimaled. beiTr) the hioher of fair costs to sell a1 vahJ8 in u58. 1.12 Stocks Stocks are valLd at the ky ol cost and n8t redisablo value after miThJ due allowance lof obsolete and slow moviro Slocks. 1.13 Flnanclal Inslnjmonts The Charity only has fina1 assets fXIlI1es of a kirxl that quahfy as basic financial Inslrumenls. Basic naTla1 irffjtruments are initialty recognised al transaction value and subs¢quenlty measured at thgr settlement vth. with ex¢eptvJn d bank loans. which are subsequenuy measured ai amortised cost u>rKJ the effective interest melhfyj. 1.14 Debtors Trade and other detkn are rewised at the sd11nt amounl thje afteT any trade rf15counl offered. Prepayments a ¥ald at affl1 wepaAI net ol any Irade discounts due. 1.15 Cash * bank and In knd Cash al bank aThJ in harKI indud8s cash fkl in (rrent accounts and on deposit. together wth cash in hand. Cash equivalents are srt-leM7. hw3hly &4itid VeStmen1S that are readity ¢Dnverlible lo known amourts of cash are to an ir6[lfan1 risk ol changes in value. 1.16 Crnlttors and provl¥lon Creditors and provisicKbs a re¢Ised ttre the group has a present obligation resulting frtyn a past event Ihai wll probably rwll in the transfer ot funds to a third paty and the amount thje Sett ot41gallc ¢an be measured or esiimated reh'ably. Creditors and provisiS are rKvmdty reniSed at Itw Sett1 amwnt aftw allowirKJ for any trade discounts Oje. 1.17 Taxatlon The charitabl8 gfoL4J is exempt frryn tax on frorne and gains derived from its mary charitable purp)se5. on i8 made for deferred tsx in Ihe ¢harikbfe group as it is exempt from copjialbon tax (x) its charila)le acbvities. 1.18 Investments Invesknenls in untst8d shares are irilially retognised at cost and subsequently measured at Iwr value where Ilus can be refiably measured. Where far Val cannot b8 measured ieliably. such invesiments are carri&J at cost less any 5xowsiM for impairmenl. ChaTvJes ui fair value. or impairmenl hjsses, are rwiwsal in ts Staiemenl ol FinwKial Actith in the p8riod in which thev arise. LEGAL STATUS OF THE CHAFUTY The Charity 1$ a company limited by warantee armj has no share Ca1. Tr members of the company are the Trustees named on page 4. In tt)e ewrt of ihe company l*ing wcwnd up. the liabilrty in respe of the guarantee is tsmFt&l to £10 F¢r memt¢r ol the Charity. 16
NOTES TO ThE FINANCIAL STATEMEi¥rs FOR THE YEAR ENDED 31 AUGUST2025 DONATIONS AKI LEGACIES Total lunds 2024 as iestat lunds lunds lunds lurKJs Donations and legacies Grants Oonalwj seNce5 aTrJ lac1rS 68,263 72,955 52,442 48.OLXJ 15.orml 72.955 139,218 139,218 115,442 Donatod $orvKes rglate lo IT ol 12W: £15.1} woMdwJ to the ¢h•itablg ry)mpany without charge th8 r. 4. INCOME FROM CWIRWABLE ACTivmES Tot Totsi 2025 2025 2024 as restated Box ollice sa18s and re¢ha Ancillary trading Education aTrJ youth incorne 2.6n.216 565.814 573.475 f2,957 9239. 2,918,694 573.475 525,291 6,400 3.835,462 3.450.385 3,269.648 565,814 INVESTMEpif COmE hjrnls funds 2024 as reststed Bank ereSt 190.698 130.698 111,655 130.698 130,698 111.655 6. THEATRETAX RELEF Total lunds 2024 as resia16d lunds funds luThJs 2025 Tax rèliel Ifom HWIC 1.336.793 1a36.793 1.336.793 1,336.7¥J This wresenfs the group's first Theatre Tax Heliel dams for ts 3 years erNlgd 31 August 2(r25. We gypect lo makg annLtal clarns forwdrd n f8Sm of in.lwe pr(xluclions. 7. CHARITABLE ACTMTIES COSTS Total costs {note 81 (note 71 CWati¢m of the theatre Ancillary tradi Educatn 3216,522 178.949 161,%)8 3278,030 178.949 3295.471 161.5)8 3,556.979 17
NOTES TO THE FINAMCIAL STATEMEMTS FOR THE YEAR ENDED 31 AUGUST 2025 DIRECT COSTS OF (>IARITABLE Acrivm Cperati( ol th8 Alary Total Total lunds 2024 as reslated 2025 Skff (x)sts Rates arKI water Insura Light and heat Bad debts Direct sundrios nor building wojects Education eosts Training costs Cleaning ethts Routin& repairs ITrecoveiabl& VAT Big proi8¢t costs Show p1¢bo costs Ancillary trading fjypenses Technical arnl IT Mart(èting Bank charges Oewa¢ialion 1.403,827 33.065 1.403.827 1,276099 33.5 19.414 s9.(0 53,958 65,741 SO.838 6.968 14,805 43.482 20,910 5,344 31,612 76,756 107,022 785 664.338 172,074 46,113 159.462 122,572 75,041 395.471 2.948,373 65.741 19W8 19048 48,147 5.039 42.831 79214 IS5.671 48.147 5,039 41831 79.214 155,671 &74.$24 834.524 178.949 74,600 1sI.345 137,136 99,497 178.949 74.600 151 137.136 99,497 3,216.522 178.949 SLPPORT COSTS lknag8m8rt Governan¢ Total costs Operation ol the Iheatro Ancillary Irading Education 28mi 132.677 161 28.831 132,6TI 161,508 rwrt costs. iUdj atrn, are as folM.' Manaq•m•tt costs Total Totsl funds 2024 a5 resta19d olthe 2025 Telephone Poslago and stalic5 Sundries Health and safety 12.F 3291 12.606 3,291 7.356 5.578 12,987 5.335 25.343 15.037 28,831 28,831 58,702
NOTES TO THE FINANCIAL STATEIIEII FOR THE YEAR ENDED 31 AUGUST 225 C¥wat olth& Total Total 2025 2024 as restated AjItOrs, refflunewation- a11 Auditors. remuneration- nl a Accountaw arKI legd lees 7,920 2,720 122.037 7.920 2.720 122,037 1,210 83.532 132.677 132.677 .742 10. NEf INCOMIP3 FIESOURCES 2024 as restated This 1$ slatod after chargiThJ: Auditors. remUratOn- 8j11 Auth"Iow5' remun8ration- Deweciation . own8(J assèts W8b5rt9 Costs amorbsattc Operatiro leases 7.920 2.720 99.137 1,210 74.681 360 11. ANALYSIS OF STAFF COSTS. AVERAGE ElLoY TRUSTEE AUlRATIoN AND 2025 2024 as resialed Slaft costs a5 follows. Wages arKI salaries Social security costs Employers nSIon cosis Redundan¢ies 1.251.717 1,75063 96,776 105.312 21449 21.224 1,403.827 1.276,899 RedundarY paymants r•l8te to were 1rj trle year. The avefage monthly nunor of OJrir4 >arwas as lkn: 2024 as restated No. 15 Administrative slaff 0ratiOnal stsff 12 87 99 2025 2024 Thè nunJer of h¥Jher pa¥1 wloy8gs was: In the band £60,001 - £70.1)JO £70,001- £80.1 No. Cling Ihg ygar. no trvstees raCeiv1 any renwnoralm[2O24.. £NILI. During thg yew. trust88s re¢04ve(l any benefts in kiThl (2W24: £NILI. DvriThJ th8 year. trusiees w8 rgThLwr3ed out of Fxk6texpwse5 £NIL12024.. £NILI. The key managarn person1 of the parert lIty the Head of To¢h atsj Faclities. the Artstic Dtrector and the Fad ol P8W• Cultur& Thg lolal ¢onsNJerabon pakl al employee ramunoration and bgneflts 01 the key managèmeni p9rI was £263.72912024: £1,0321. 19
PTEs TO THE FWANCIAL STATEklENfS 12. COMPARATIVeS FOR THE srATEEt OF ANANCIAL ACTIVITIES Total Fundg 2024 Total Fund5 Funds 2024 Funds 2024 Funds INCOME AND ENDOWMENTS FROM Donations and legac 115.442 115.442 134,424 aclm Operat*)n of the theatre Ancillary trading Education 2,508.566 525.291 410.128 2.918.694 525.291 6.4(K) 2,241,172 488.309 7,726 Inveslmeni income 111.655 111.655 41,476 Totsl 3.267,354 410.128 3,677.482 2,913,107 EXPEPIDITURE ON Operation ol the theal Ancillary tradi Education 2.925.743 172.074 2.925.743 2,370.CW2 172,074 158.703 Total 3 097,817 3 097,817 2.528,745 NET INCOMEI(EXPENDrruRE) 169,537 410.128 579,665 384,362 Transfers between fw)ds 4.539 NET MOVEMETrif IN FUILIS 174.076 410.128 {45391 579,665 384,362 RECONCILIATION OF FUNDS Tolal funds foThyard 1.168,014 483,474 4539 1.656,027 1.271,665 TOTAL FUNDS CARRIED FORWARD 1.342. 893.602 2235,692 1.656.Wd7
THE KINGS ThEATRE ThUST UMrrED
TES TO THE FINANCIAL STATEUEPIts FOR THE YEAR ENDED 31 AUGusf 2025 13. IiifANG18LE RXED ASSETS. GROUP Website Costs Total COST Al 1 Seplembw 2024 Additions Disposals 26,980 8250 26,980 Al 31 August 2D25 35.230 35.230 DEPRECIATION Ai 1 September 2024 Charge tor year Eliminated on dis&$ At 31 Wst 2025 24,590 2200 24,590 2.200 26. 26,790 NET BOOK VALUE At 31 August 2(Y25 8.440 8,440 Al 31 August 2024 2,390 2.390 INTANGIBLE AXED ASSEfs. CHARITY Website Totsl COST Ai I September 2024 Additior DisFosals Al 31 A$1 2025 26.980 26.980 8250 35,230 DEPRECIATION At 1 September 2024 Charge for year Eliminated on dsposals Al 31 August 2025 24,5) 2,200 24, 2.200 26,7 26.790 NET BOOK VALUE At 31 August 2025 8,440 Al 31 August 2024 2.390 2,390 21
NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. TANGIBLE FIXED ASSEfs- GROUP Freetrx)kl to Plarn arKI Fixtures Compul8r Wcwty mhIn8ry andffftings wuipmeni Total COST Al 1 September 2024 Addillons Disposals At 31 August 2025 141.783 161,666 346.347 1,8¥2 368.404 1.(f23.942 67,267 19,on 741.012 1,389.366 141,783 508.013 1.892 1,392,346 86.344 2.130.378 DepRECIATION Al 1 September 2024 Charge lor year Eliminated on dISS 34.043 61,741 21.849 1.701 205.618 737.706 53.786 15,564 356,887 777,955 At 31 August 2025 36,879 1,701 943.322 69,350 1,134.842 NET BOOK VJIUE Ai 31 August 2025 104,904 424.423 191 449.024 16,994 99S.536 Ai 31 Aust 2024 107,740 162,788 13,481 384.125 TANGIBLE FIXED ASSEfs- CHARrrY Fre¢hokJ Plant a1 Fixtures Ctynputer iyopety F¥operty MaL*inery arKJ fiibros equi[nent Total Al 1 September 224 Additions DisFThals At 31 August 2025 141.783 161.866 346,347 1,892 368,404 39260 67.267 741.012 389,262 141.783 508.013 407,664 70.922 1,130,274 DEPRECIATION Al 1 September 2024 Charge for year Eliminated on diswsals At 31 August 2025 61,741 21,849 1.701 205,616 47,331 356,887 79,605 36,879 1.701 252,947 61,375 436,492 NET BOOK VALUE At 31 August 2025 104.904 424,423 191 154.717 9.547 693,782 Ai 31 August 2024 107.740 191 162,788 13.481 384,125
THE KMISTHEATAE TrUST UMITED NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 AUGUST 2025 15. FIXED ASSET IMVESTMEiirs Charity 2025 Charty 2024 2024 New Theatre Royal Kings Theatre EnteISeS Lrrriled Kings Theatre prJtIOnS knled The charitable company eslablshed control over NvAf Thgalro Royal- Tnjstees IPortsnTh)uthl Mited 30 April 2025. N8w Theat Royal - Twstees lP(Ktsnuth) Lirrxt&J is a cory)any llnited by guarantee and does not have a Sha camal: a¢cordiTwJly. Contr was established through means other than ownwship of shares. The entity is a sUbs*JI of tharItab company and has en fully consolidated In these financial statements Imm the date cort1 was obtairEd. o.. New Theatre Royal, 224 WorK Portsmouth Hants, l¥)1 2DD Pri Klng$ The1 En1grprI Llmltod The tharitable ccryany owrts ICNYA of Ihe shrn in Kings TheatrE Entwwses Llmited (Company No. 166764321. This enlity is a sthKliary ol the cnI)I0 c%xyy and is lully consolrflaled in these lironcial statements. l(rys Theatre Enterprises Lirrmtwl Was ted on 27 2025 and was domianl throughout the current finarK4al year. red offi .' The Kirvjs Theatre, Abert Road. S(wI. Hary>shiro. UniMI KNrn, P05 2QJ rin Klng$ Thoatre oductIOnS Llmlt chaiilable company OW 100% 01 the shares in Theatre Produclions LiMid Iccryany No. 166765581. This entity is a SLthidi&y of ihg con¥>any and is lulty C80dated in these financial Stslements. Theatre Prc#Juction5 L1rni1 was •K(xporated on 27 Auwgt 2025 and was domiant throuohosjt the rrent financial year. Princi alac Artistic fftation 16. STOCKS Group Chwity 2024 as restat•J Charity 2024 as restated Stocks 24.289 10.207 19.837 10,207 17. DE8TORS: Aiioup¥fs FALLIIG DiE wrrTrHN IJIE YEAR cOup (>oL4) 2024 as reslal Chartty 2025 Charity 2024 as restated Trade deblws Other debttrs VAT Amounts owgJ by gro 70.TJ4 1,457,299 28.452 91.622 25,076 45.276 1.402.602 28.768 1.067 28.452 91,622 25,076 i.eAr3.673 145.150 1.477.713 145,150 The any)unts owed by w underlakirwjs is intwest Iree ¥vJ has repayrtl terr. 23
TrE K114GSThEA7RE TAIJST UMITED NOTES TO THE FINANCIAL STATEMEifrs FOR THE YEAR ENDED 31 AUGUST 2025 18. CREDITORS: AM01Th4TS FALUNG DUE wm4N 0 YEAR GroLV Charity 202S Chartty 2024 as restated 2024 as $11 Bank loans aThJ ovwdrafts (note 191 Trade creditors Srtiaj security and other taxes Olh8r d[tOrS Delerred CoMe 10,(K)O 396.619 2S.132 483.672 1,563,9]7 10.oc 25,904 19.257 340.513 1.645.363 10,OCrt) 307.406 10.000 25.904 19,257 340,S13 1,645,363 242.17T 1,227,158 2,459.330 2.041.037 1,807,C3 2.041,037 DEFERRED INCO Deferred income corryrises licket sa$ elents that lake F4ace after the year end. Group 2024 Charity 2025 Charity 2024 as re8taied 2025 ught fon¥ard Amount released to ints)NMng resources AnK*J defeThed in year Carried loThMrd 1.645,363 1.332.575 1.645.363 1,332,57S 14.989.158) 13.8642621 14553.2151 13.864.262) 4.9)7.701 4.177.050 4.135,010 4.177,050 I., 1.645.363 1227.158 1.645,363 19. CREDITORS: AMOUMTS FALUIIG DUE IN IIORE THAN YEAR GroLV Charrty )25 Charity 2024 as restated 2024 as we5tated Bank k)ws (note 19) 155,833 15.833 5033 15,833 155,833 15.833 15.833 20. BANK LOANS An analysis of the matuiity ot barth 15 bek)w'. Grw) 2025 Charity 2025 Charity 2024 as restated 2024 as tsted falling due wilhln l year 10.000 10.C 10.oc 10,000 Amounts lalllNJ due belwgen 2- 5 yea 155m3 15.833 5A33 15.833 24
THE KIls TtrEATrE Trusr UlffiD NOTES TO THE FINANCIAL STATEMENYS FOR ThE YEAR ENDED 31 AUGUST 2025 Al the balare sh801 date, gro(y had aThxJal mMIt ww¥iff*nt urthi nrelIable ratiry leasgs as Idk)ws: Chaty 2025 Charity 2024 as reslated 2024 Le5S than l year 8efvKen l aNI 2 yea Between 2 and 5 years More than 5 years 1.308 2.943 4251 S,$59 4.251 5.559 22. lALYSIs OF PET ASSETS BETWEEN FUNDS Total funds 2025 lurKIs 202S fuThJ5 25 ds Fixed assets Current assgts Creditors due wittrwn orn year Creditors after one ye 1.003.976 4.151.895 {2,459.330) 1155,833) 2.540.7C 1,003,976 6,026.075 12,459.3301 1155.8331 4.414.888 1074.1 1.874,180 25
NOTES TO THE F114ANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2tr25 23. MOVEMEpff IN FUNDS Carried fopward ImIrj R¢srceS Transfers fonvard 1 Sep 24 resources expended In1(t) 31 Auo 25 as reslated DESIGNATED FUMDS Building restoratiM furKI Fixed asset reseNe Sustainability reserve 893.602 565.814 1,459,416 314,764 100.Ci)O 314,764 100,0 893.eAy2 565.814 414.764 1,874.180 GENERAL FUNDS General reserve 1.342,090 5,170.361 {3,556.9791 1414.7641 2,540,708 Z235,6¥2 5.736.175 13,556,979) 4,414.888 2.235.692 5.736,175 {3.556,9791 Total unrestrict1 funds Totsl of funds 4,414.888 ComratIVe* for movement In fwyls Carried forward Resr¢e$ Transle 10Thrd 1 Sep 23 reg)urces exp8 injloull 31 Aug 24 as restated as rastated a5 T8Stat•J as reslaled OEgGNATED FUNDS Building restoration furKI Fixed assel reseNe &JStaIrllrtY reserye 483.474 410.128 893,602 483.474 410,128 893.602 GEPERAL FUNDS Gener Serve 1.168.014 3267.354 (3,097017) 1,651.488 3.677,482 13.097.817) 4,539 1,342,090 Total unrestiicled fun(ts 4.539 2.Z35.692 RESTAICTED FUNDS FeabilIty slLKIy Total restricted lurKIs 14.539> 14,5391 Totsl of fund$ 1,656.W27 3.677.482 13,097,81n 2.135.692 26
THE KINGS THEATRE TRUST LIPAIT NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR EIIDED 31 AUGUST 2 23. MOVEIAEKf IN FUl4>S (coKnNUED Transfers The amounts transferred Irom restrict1 lo tsnrestrlcI funts are due to the restri¢thon being satisfied on th0$8 particular fu. Bulldlng we8toratlon fund This is a ewate unrestricted fund to be used ffxthe repair and re5torabon of theatre. Funds representin9 the net vakne of ffix ats held by ts subsiLary. SustJln¥blllty r•Berv• A fund representing general reser¥8s set as¥Je lo t u1 lor luiure specrftc expenditure connected with the maintenance ol the Grade Il" listed bu1 arKI fthure suslanability Wks. 24. EMPLOYEE BENEFIT OBUGATIOMS The charilabl8 group cyerates a delird C0ntrknMn scheme. The o)sts to the ¢hariWe 9roup for the yeai was £22,449 {2024'. £217241. At Ihe cl4irttabk8 ¢CpanY owed £4.657 (2024.. £3.7501 the scheme. 25. RELATED PARTY DFSCLOSURE During the year. the Trust hKed ligmiw eoJ¥)ment aThl made wchases lotalling £1,144 12024.. £4061 from ITP Lighling Limited, a tminess partly owned fomier trustee. I Pratt. At ts year end. the Trust owed £NIL12024:£ NIL) to ITP LtytsrwJ. These transaclh)ns an arm's lewh ¢ommwGial basis. 26. CAprrAL COMMrrMENTS During the year the charilaLqe group made a finan(ial commitrnent to YamLLS suppth'ers in relation to a regeneTalion prciect plan for the 2025126 financial yEar. The commitrnenls outstanding al the year evKI consislod of the lo10vr.. MEA Constrwtion BB7 Consuh"JrvJ ITD Consuilants &8.350 17.1S) 93.388 In a¢lition lo abm, the lolbhirvJ rAher assets were also commilled lo.. West Wall knntel- Stress Gro Conlrol Desk l Flysrvj Stern 11.731 69,142 Total commstmenl 27
THE KINGS THEATRE TRusf UMITED NOTES TO THE F114ANCIAL STATEMENTS FOR THE YEAR EIIDED 31 AUGUST 2025 27. FINANCIAL ACTIVITIES OF THE CHAFUTY A summary ol the finarla1 wthrtaken parent char¢ty is set (xrt beh)w." 2024 Total irwming resources Total expenditure on charita@ 11¥11 5,147,436 3,677,482 13.289.438) 13,097,817) 1.877.998 579.665 Nel in¢oming resources Tolal funds trxowhl forvard Tot funds carried f(yward 2.235.692 1.656,027 4,113,690 2,235.692 Represented by: Unreslftcted furKIs 4.113,690 2.235.692 2& PRIOR YEAR ADJUSTMENr On 30 April 2(Y25. The Kings Theatre Trust knmi1 sol8 m8thr of The New Theatre Royal . Trustees (Portsmouth) Limited (Company reg nr. 0126eA)$3). effectrdy bringing the LJ)eratbJns of the Iwo Iheatros under common rAltrol. LhJe to thts event during the year, it was Jreed 10 retrc6pectivety affld the accountir¥J policy regarding revenue re¢ogr¥lKJn around licket sales lo Ixirw treatmanl in line with that ol The Now Thealre Royal . Trustees (Portsmouthl MIted. Previwsty. rOratIOn Iwy th1¢h 15 incIled in a Ike1 was recowised on receipL UrvJer poky f¢ wll be (rIed with ts irket until the show takes place. This change in accounting pthy has lo an l'ustmwtt dèem1 material to the financial statements with th8 effect beiw bokrw. Prevlously SY•tsd (Q AdJygtm¢nt (£) Restaied (£) Smatornent ol Flnan¢l•l Adlvlllos IrKome Irom charitable a¢tivilies: Box off@ sales arKI redw 2.934,882 (16,1881 2.918,694 Balanco sheet Amounts falling (hjo in more than rwar 1.433.956 211.407 1.645.363 8rougM foNard lunds Told funds as al 01 Septsmber 224 1,851.426 (1952191 1,656,207