REGISTERED COMPANY NUMBER: 03983443 (England and Woles)
REGISTERED CHARrrY NUMBER: IOW54
REPORT OF THE TRUSTEES AND
Aut￿r￿ 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 4nder￿￿knt Pthilor5
6t08
Consdhjated Sialement of Fula￿1 Aclr4i
Cons(AhJaled Balance Sheet
10
Consolidated Statement ol Cashfkw
11
Notes to the Consdwjated Cth Fkp4T Sialem
12
Notes to the Fina￿la1 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 Compw*8s Acl 21XJ6. the ArtJcles ol Assoclattjn, an
A¢xountr'ro and ReForfry by Charlies". sta￿￿1 of R•rM￿ Prxttè aNthcaJlè ￿ eharitss preparirvJ th8ir ac¢ourts
In a￿￿danc• *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 wrt*iaYMY*nl 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 ￿1￿Jing by a m8intenance rnskyaiw prrwnrn.
PUBUC BENEFIT
The Trustee8 that Ihey have referr•J lo Ihe ¢)ythwJ in the Ch**y C(ffimlssion's Lweral guKlance on
publ￿ b8n8lil vthen r•viv*ing th• tharws ains and L*iaciN•s M) plamw lutUM al*￿118$. Thtr Tntsteea re18r to pu￿
ben￿11 ihrouohout this rn￿rt.
HIEVEMENT AP4D PERFOBMAMCE
ThB re[￿rt S8ts oul Ihe athi8vwrwts ol thè WTl*atr• Tr￿81 Lhyltadlm SoFrtèrrf)#r 2024 tr& AU9k￿ 2tr25.
Thè ￿8￿ 2024r25 has bèèn a kw*rtlol Thfeslrwrt forthe Krys.
Good attenOarKe at shows has enabknd the Iheatr• *) r8$9rvé¥. S￿￿1u$￿$ 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 r￿￿ul￿OTr of IL¥ corrThwity Sh1￿9.. the delrlery of its communty and outreach
programmè.. and to subswjtsè its Arf# Acaderny sCI￿￿p xhewe. The Ws i% rw¢rtwtknJ to provldb)g affortyablg
theatre and has Continl&￿ to offer subswjisel £10 tyc*ets in the galwy and reslrttod vièw s&ats kn wrtamal wixluethons ar*1
8ndeavouis to pul on shows ai r&asonablè ￿1[￿8•s af• akn alktated to nwiniaining all that is r*èdad to deliver a
hi9hwality thaatrt 0x￿r￿. repams, thg ol stage aThJ lechn￿l rna1n1￿an¢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 •mpbh*d 31 eontr*ad stafl
aTha 103 ¢awal stsff. Furthorn¥)w. ￿x￿ tows. ro8iaur*ts 1)rtit from ts ir¢reased fo)Ilall lo tho
The thaller*Jes the goiThJ fowd lack of to exp¥KI tts comftwjnity and Ou￿a¢h
offerirtrJ, Ma￿ng Ihe r￿MSary to h)w ￿tes$￿￿ty. aThl uwJradKvJ Fxth ar•as laeilrt*s ift thè theatr• to
mo81 th8 ne8ds ol nwjdom A￿￿1￿￿8$. thè*• ts b￿1 three shops that arg Th)w di￿￿Ja1ed. and it is twopwir¥J to
us• 118 rasèN•s such Ihat this spacè e2n arKI inlo the theatre kj nwl the n*Js 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
gla11t￿le lo all stall aTrJ volunts•ts havèd•lv•r*l thè athiks and to Ihè S￿￿￿#$*8 and aehievèmtrnts.
ACHIEVEMENTS IN 2024QS
Thè prog¥arnrniry 15 to have a bro&1 Fewe livry in Ports￿•)￿￿ and tho k)cal région. In this
year ￿re were 132 OrfIe￿nI *ith l&).465 allonthry pprtrymwvx 286 li￿ perfonnarw pf the
sho￿. The qualty ol slwyrt 1$ rofith1 in Ilp many re4i8w& w4Wess of proJuc8rs lo work wih
Ihe KINts. and ￿ faodwfrom ¢ltsI￿r$.
Week long5 have Ind￿ natti)nal tours ol SLY, &kkxlBmllwsaThlBat ()rtof H811. It has hosled ¥omg 01
ggest names In comety *ilh Mithael MclTtyg. ftob Beckell. Dee. Dara 0￿[aIn and Hill, as wel
as nights with M¢h881 Palin. Arknn Beke arKJ i)avanni PemrA. HpJh qualty rnlts￿ ￿15 acr(6s am genres
a￿ p)pulaw and lurther chous c4 r4JW4 aThJ ehthhn'$ $lws have Segn an irKrga89 ￿ th9
¢cYe a￿lerth base. Th8 aThwJaJ pan￿rnIMe. piothced byth& Kings. is a lav¢Lwite and drew an a￿llence ol
ov•r 50.IXQ. Thls prowm *dS fve lfvee prc*1￿￿ by the Kirw, ar•J
￿￿mance$bY amaknwdwanalr 50c* and sthoDL*
Many shows are playir¥J to caF4ety. Th• ra￿atan￿nI 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 Vod￿11￿ Mi 2tr20. It ha$ its w pantwmm lasi s￿a￿s. Thi¥
ygar t1￿ prTrJucth?n ol DK4( Witlrytryi t*as wathy ty over gJ,IxKI p￿￿48 over 50 ￿lI>1manCe$. The
pantomime is the hwJh•st gross Iha yèar aml is key to ts thèatrgs tinanC￿ resilience and
indeD8ndorth. Thè panMinè*711 to in-house.
Folbwring on Ircffi i* ol Ch7ty tsitle Shcp ol Hwors lasl
year. the Kir¥Js prtxhK*d Chwl8 Ihè FACtry vth8rg 8,575 people atlended over 8
performane8s and AnTh• whth was atthknj ty ovor 8,¢)Xl Feopfe, as wèll as "owf ￿9n1$. whKh
Th8sfr sho*s ga¥• ovw 140 b)caJ p*fL)mv¥ rVFQrt￿ity to wryk W￿1h a plole￿onal crèaliv8 tgam
perform at Kws. Thè N£adÉnry allo (Y￿ pert(Than￿ ol Bring rt Ch) 50 yOLrth
rnor1￿8¥S ha￿ryI fv cwortur*y lo t• Sla￿ to1.900 ovèr i11r￿ shohs.
HN
Having In¥￿￿ £800.000 to ropaw ts East wal ar*J e￿all￿ c4 Iha thoatrè in 2024. The Kws ¢ontwTrued to
invest in its upgrthg prcffjramme. Propcts (#ynplbt•J ihe ￿ i￿lI￿d thg w￿alIa￿n of new acous
fire dc￿ in tho wain a￿￿110￿￿. dec￿81￿￿ all ttrèsknj rotyry gieen roLwn lac1h1￿ aTrJ uttyJra(ing
loi*ls.
Folo*ing mwry yeals ol plathng lortr* Ihe 3 shr4Js akyw Albert Floa(l arowKI whth Ihe
Iheatre was oiiginalty built w) 1Sf17. ihe ￿ngS linaly ro￿￿8￿ pknino pennIsS*￿ from Portsmouth City Councl
and Hi5toiic Eryland fDr IX￿ £4.Sm Ihat IC￿lseS a(t*sskn"lty. faethty iNwvèm8nt and
M￿llY grvJ•Jgfflwl. FLYAYinq was s•>J￿J staftod In N￿￿*)$r 2025 a plarnwl dWaI￿n ol
14 mcnths.
The Kiry continued Io vN8St Mi is ib>tssifyJ domarbts of thows Iwlh
gher prc¥Juct¥)n valu&s.
Akhough con51rain8d by tlw W d8&vw&J 116 sg)arat8 events as a part 01 41s community and
educatron prograrrffi&. Thi5 al0￿ fv hxal rnniy to •nkn 1hè thèatrè 0￿S*YO 01 its sh)w sche(knle and
Offe￿ w intr(￿uct￿ io ats. Thè runs an èstatrthsh8d weekly crfe8 pvograrnme on a
vari8ty ol th8rn￿,. a ¢orrwW Siwy went . a w8okty gthri￿j kn trKtso that iimt th lo shYJ: and hM¢8
The Kjngs wekorr*d owr 1C#XI pgt¥dv lo its I)ay tostory. lech. tt￿1•1 and gho
touis tho ygar. ab) Ixitsj fv CtM*sè N*AT Y￿1 . tho UK ￿lebratson
Several Irxal sch¢Jds carro lor ¥i96ts ar¥J I.(tt) *hDokh*tr8n arxl lea¢hers alter1d￿l the
School Bod( Aw*ts in kn. Many the pant￿￿￿. over atteThJwYJ.
FPERF
Th8 SLhool tsl Pèrforning Awl (KSPAI every Sthrday and s dthwgd ty 8 practiDonws and 2
vofuntggrs. The academy grew trfth 89 to 110 montsrs ovBr year. The Acadery
if￿rea￿l rfs seholarthp schernè to parbcpalKJn Ircffi ￿w.￿c0rne laff4￿. Sixteen part￿1paf)ts
The Ihoatro promotss arnl to W*W•1hai #s os madè availabbè ts at an aucli8
as rKBwble. It pwbcipated in lh8 Ftoy Sch￿￿ *rylh 58 pkns tkn up over th& Chrlstmas and
events lor ehik1ren ag8d 5.16 )war¥. Ilwatre gave over irknts lo chikken aThY •Jults Ytho
%wJuld Th)t mm)alty have the finarrtaal mear6 lo alt8ThJ th8 ih•atr•, aTh%1g a skx*nsor ol Ihè lorAI Council led Cty
crf Sanctuary. The coflee mom#wJs affj part of a sthèmè tts ta￿e i*tilxtion and thg mental heatth
issues.
The theatr• parkn"cytos kn ihè Ftiddan ￿Me. provths Interpr•1￿ porfOrma￿e5 and
hok15 a rvlaxed perlorrnarKe of the rArthTh"n*. ￿ Fmnt ￿ HtsJs• t9am trawj ￿ L￿rrentia Awareness.
19 Vol￿nte6¥s$u￿vth cl th•8•adkntr8s.

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGVST20
HI
(hy
As an independgnt lI￿trO Kfflgs has a I￿10￿81 etiloctim (tKwmnb"ng ts Fertormanca htsiory. 11
has an aclive t￿ramme lo pr8s•rvg Ihe arthive *l*ch is us&Y the theatre for oxh*)itKJns, hisiory talks.
r￿•¢h.
On 1 May 2025 Iha ￿m¢S técarne th8 scAg rrwr*er ol ts Ne* Tl*aiffj Royal. e55entiaty mergir*J the MI prthnary thèatras
in Portsmouth. In profflotirwj this outcom8. 11* r•spocfive t>)wds had f*)th c￿cl￿ that a MO￿1 would provide
O￿lat￿)nal ett￿er￿leS 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* t*RVJ. Th*￿¥ ￿￿aged as a single group op8ration. dwoloFthlg
a coffli¥ngd Portsrnc>uth Theatres bland. whth boih vènues p￿Y kj Str￿Jths. Tho progros5 ￿ thg short
MANAGeMENT AKI GOVERNANCE
The E￿￿lfve P4)ard m#ts arbJ thises ts Tn￿1 (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 ffjst*cl of Thèatrè Tax Relief
lains and aYju5tments IOT tg Awu¥t 2025. Th rewew*s the GYiMr>'s li1￿ Tlwtre Tax Religf daims and we
&xpe¢t to make annual clwws aoirffj fcMw¥d n resp￿1 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 Manta￿1.
PAY POLKY FOR SEI4OR ST>
Tha Boarf ol Directols, are ￿ TDJsfs Tru$*s. oversvJht govemanc•. The CEO and EXa￿tiVe Tearn
compEise the key nml7agw￿ pffiwno10l ts d•1 th•xivJ ¥•J cfjnirdhvJ. runnirvJ anLI cwatiry Ihe Trust
cffj a day-loéay bas15.
Ai throctors Ih8ir lllne f￿ aThl r•nWnwl￿ in tho yyar lor thew trustee rosponstJilTrt*s.
Dotalls ol al ifir8aors' reMu￿ra1￿$￿ 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 d￿Umen*
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￿.
R￿TY111r•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 re￿7￿ 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*
N￿th FlartKJui
W¥stsin Road
Portsrno￿h
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 Tl*atre Trusl Liff•t&l lor tha ol o)nyany lawl arè
r•spOrt1b￿ loi pr•p*ry the Report of the Trusl8es aThl stsl8mènts in acordanc• ￿ Ow￿¥bI0 law and
United A￿ountry StaThJ*ts (United G9ngwahf P4ryrted Atxourrtiw Praclrel.
Company law r*]￿rnS Iho Vua•8S kn sxapawè f*w*481 Sta*rn￿ for oath yoar. UTr*r Ihat law. Iruslees hav*
(Uniled ￿n￿lorn 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 èy*￿￿1￿8. ol the ccryarry b)at In pr9￿ffj tw 81*n￿nts, th?
trustees ar8 rewred to:
sew Sullab￿ p)lici8s then apptythèm t￿..
ct>SèNè th• and pri￿11185 in Ihe Cl4nbes SORP:
mak* judg8mants afid •Slimaks that arè ￿j prudwrt,.
prepare Ihe fKwcial slaleft￿ts tha basks unw il is MlWOPliats 10 prtsumè that Ihe
charitable ts)ry)any7*I1
Ilnancial p0S￿On ol tf* Charitab￿ (*mpa)y to I￿rn lo ihat ts kna￿la1 statemonts cx)mFty wih thè
Compani•s Ath 2a￿. Th￿ ar• al￿ t8sw**AB 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 re￿vanI aud
*)formation arnl bfj¥labSth that Il* we ol Ihat
AUDrroAS
Thè auditors. MC A￿1 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 Au￿st 2025, wh￿h comwse Ihe Ccfjsolidaied Statement cl FwwYiaF Aclrvrti8s. Ihp tknup aTrJ Chwity ￿ance
Sheets and Cashllow Slateff*nts arnl ncrtes finath?d slaieTh￿nts. inclLK*NJ a summary of signilunt
accounting pOI￿reS. 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 Finar￿la1
Reportry Siandard AWic*Ao kn ltr* UK aThJ IrelaTh* Ilth*ed Atteoed A¢eounling
Practi￿1.
In our ovn￿n Ihe ffinan0￿ staten*nt8:
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 a￿1 aF¥d￿￿c￿ ol resources, inclutltvJ its irtome
an(1 èxrént￿1urQ. for Ihe year end&Y;
have teen prwrly preprnl in accN(knK* hith lhi1￿j Kiryhjn Gen8Taly A￿pIed ACCo￿lINj
Pract￿., arNJ
have been prepared In aC(￿d￿￿ wilh the re(wYwnents of the CcryanÉes Act 2CKI6.
Bas18 for oplnlon
We conducled our a￿t in wlh 1rt8ma￿al staThJa￿ Authting IUKI IISAS IUK)l arKI apph'cab
law. OUT reswrtsitrmlrfw un(kn thos& stsndards are I￿her descrit*J in thg A￿rt￿8 roswn8iknlities for the a￿111 ol
Ihe finanoal sialements section of our report. We are *nc*K*ndent of Ihe 9rotp parenl charity In accordar¢e
wlth Ihe elhicaj r8quKements that are relevanl lo ow a￿rI ol the finanlaal statements in the UK. I￿￿dIng th8 FRC'S
Ethical &andard. and we have ILffiled ¢xw other ettycal reswnstrfrties in xcfwdance with t1￿ r￿]L￿rementS. 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 Cl￿rn basi5 01
accounting In the rweparaiicm of the finan(iat stalements is 8wcpiate.
Based on Ihe wort we have pwlNm*J, we have not •JentifigJ rn*er*l uptertaTr￿ies ￿tr￿Ing 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 Iw*ve fr<￿ Twhen Ihe firwwl staloThwts afe aulhyised lor
issue.
Our respwsknllhies and the resFxywlylttes of Ihe tr￿1883 wilh fesp8d lo ￿)nCern we descrlbed in th8
relevant S￿lI0nS of ttms report.
Other Infonnatlon
The trustees are resp)nS￿lIe for Ihe oltr*r ￿f(￿mation. The other inlornalK￿ comprises the inlormatK)n 1ndl￿d in
Ihe annual rewrt, other than the fin¥Kial stalen￿ts arnl (Aff ReKMJI of Ir*ndenl Auditors IF*reon. Our
orinion ￿ the flnanclal statements (k*s nol cover olPw infNmation and we do noi express any fomi ol
assurance ¢ondusion t￿80￿.
In connection with our authl ol the finawal slalements. tyjr iespon5bilty is to read the olher inforniation arK1. in
doing 50. consid8r whether other Milort*Jn is malgriaty 11K￿&S1￿1 with fir4wknial statements or our
kntrwledg8 obtained in th& audit or 01￿￿se to te matefiaty misstated. 11 we ittentify S￿h maleilal
Inconsistencies or otvarenl rna1￿￿ misslatements, we ￿ rqui￿1 lo delgrmine whethw Ihwe is
material misslalemenl in the finartial statements OT a materlal missktement ol Ihe olher information. If. ba8￿j
on the work we have perfonl￿d. we C￿e￿￿Je ttHt there is a materk4 fflisstalement ol ihis otr*r inlormation. we are
r￿u1r￿1 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 8￿J11.
in10m￿ti¢￿ given in the ReF¥xt of ts Trustees for ts financial >par lor which the financi
stalements are prepa￿d is ¢c￿Sis￿nt ￿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 I￿￿11￿j fftatlers where Cthwies Act 2006 req￿re8 us to
report lo you il, in our opinion:
adequate accountiry reL¥)rds have f￿1 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 a￿1 r81urns; or
certain disdosures of twslees. remuneralN)n speL?fied by law are nol m*; or
we have nol received all the infc*mation 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, a￿1 lor s￿h intemal Gontrol as
the trustees determIr￿ is necessary to enable the weparabon of fInar￿la[ statements that are free from
material misslatemern. whether due to fraLKI or error.
In preparing the I￿anCI￿ stalemenls, the Irustees are responsibto lor ass￿sIr¥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 0￿rationS. or havo no realis1￿ alterna11￿ iKrt to th so.
Our rospon8lbllltles fty the audft of the fin￿¢101 Slalo￿Trts
Our obj¢etiVgs are to obtain reaSon￿e assura￿ *out vh*ther fv financial statemenis as a whole are free
frcrfn materfdl misstsiemern, due lo fra￿j 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 aCc￿danCe wih ISAS {UKI will always detect a material misstatem￿1 when il exists.
Misstatements can arise frL¥n Irwd or errof aTrJ are CLYts*Jered material if. I￿1vIdUalty 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 I￿ar￿la1 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, I￿￿dIng frawl. are inslaw of non-¢omplarKe *ith laws and regulalions. We design
procedur$s in line vAth our reSp￿ibIlities. 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
resp6￿1 of irregLdarilies. fraLKI and clxum.
Based on these dscussions and our own asSesS￿ts we detemined Ihai the key frth areas Were ￿Corne
recognition in resFrtt of ￿1 off issues (￿MI￿j 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 doC￿ented 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 e￿i￿s. ￿ testir¥J i*J not identity any maierial
misstalemenls in areas tesled
Audii Subslanlive tests ￿n￿ded ￿ mateiTal errors over the rith areas of income recognition and
management o¥errKIe.
The audit consmlers the tyganisatK)n is rK)t ex￿￿ed 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 a￿￿1 undertLM)k a review ol b￿gets, management
accounts and the review of tx)ard minutes arKI ¢am¢ to the Sa￿ conclusi¢M as ￿an￿ernent.
Use of our report
This report is made solely to the ehaiitab18 CoMpan￿S members. as a body. in accordar￿e Chapl8r 3 of
Part 16 of the Companies Act 2006. Our aLKlil has b8en undertaken $0 that y￿ might slate to the
charitable CoMpan￿S 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 EXPEND￿uRE 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
Cperat￿n 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
1￿1.698
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
Edu￿tIOn
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{EXPEND￿uRE)
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 1kn8￿Ing a¢tlvltle8
New borrowng acquir8d from New The￿[e Royal
Repayment of t￿rro￿7ng
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 IPXO1AW￿BE) TO NEf CASH FLOW FROM
OPERATING ACTIVITIES
Group
2025
GTOUP
2024
Charity
2025
Charity
2024
as r8slaled
Net hKomellexpoi￿￿W•)
Adjuslmenls lor..
Deprecialion c*Jarges
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)I￿leS 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.. s1atw￿nt of RecommerKbJ Pra¢tKe w11cab￿ kn charilies preparing their accounts
in a￿OrdanCe 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 be￿Ilt entity und8r FRS 102.
Assets lithlitie5 are initially recowised al histixt¢al cost ty transaction value unless
Olhemse slated in the relavant ￿￿￿tir￿j ocAtv notes.
Th6 New Theatre Royal- TrL￿ee$ IP(mtsm￿1h) Limited {the -sutrE#Jiarf) 15 Inco￿•rat￿l as a
company limrled by shares and registered in ErKJlaTrJ Wales (company registration nLrmber
01266053} and is also a Tegi8tered tharity Icharity r*rabon rKAmber 2719761.
Kiry Thealo Enlerprtses Limit￿1 (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 f￿anCIal 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) LIMI￿1, Kings Theat
Entefprises Limited and lfjros Thgatre Prthtiors Limit￿ on a lirw-line ￿ls. A separat8
stateM￿t of Financid kn'wtres and In￿me 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
p￿nI enlty.
The consolida￿1 finarKa￿ st*m6nts I￿rate Ihe linancial statements d the subsvthary
from the date on which (x)ntrol bw'TrJ 30 W25. to 31 August 2025.
Ki￿S Theatre Entwwises Limited arKJ T*￿atre Prcthctions Linitwj M¢re acxjuired on 27
August 2025. Both ell11f￿8 *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 STATEMEtr￿S
FOR THE YEAR ENOED 31 AUGusf 20
IA Inctyne
Income i% r*ogrMsed thè group has entitlewt to funds. any performance condilv)ns
attached to ihe items ol income have t*en 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 exckH*ng Yaluo ad¢Jed tax, in
r95pecl ol the sale of goods aThl sery￿eS to customets.
IrKome fmm the off¢e Ks ¥KI￿led tha pa￿￿ents to promoters.
In¢omo Irom local aulhorFty and other grants is reoyjnised Wh￿ ￿ wp has enlitlemenl lo
the lurKls, any perfornia￿e 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 wa￿e of seThices by Yo￿nteerS Is not nyjrwrated into these financial
statements.
Where goods rx seNices are w0¥K￿l lo Il* group as a donatK)n that wouhj normally be
pur¢hasad from Wpph.￿s. these contri￿tionS 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 r￿1 been
designated for other wrp)ses.
Designated lunds cowise wirostricted fuTrJs Ihat have t*en 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(V￿te fwwj.
1.7 Allo¢otlon of support eosts
SupF(lrt costs are those fu￿tiOnS that ass￿ fhDrk of the group txrt do not directly
undertake charitable actiwties. Siwyt costs i￿? SUPPOrt oifKe costs. finance. personn61,
payroll, and g0vema￿e C￿Sts vthich suwxyt the grow)'s thaatre programmes and activitses.
Thès8 Costs have been all￿ated 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 Irre￿￿bIl 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 dir￿lY aftrl)uled to particular acliwlies Ihey have
been allocatod on a basil ¢￿s￿le1￿ Tmth the use ￿ the reS￿rces.
Costs ol ￿sing fu￿ comprw c(6ts 01 comrnwoal tra¢*ng induthng the Cafes goods
for resale arKI iheir assooated $14¥#Yt costs.
Expermlilure on charitthe acliths ￿chKIeS costs ass(*￿￿ with fv running ol the theatre
and indude ￿th the direci costs arKI siwrt costs relat#7g to these ￿1vitIeS. Support cosls
include central fu￿tionS aTrJ have be￿ aifocated to acknvtty cost categories on a basis
Consistent Mth the thse of re￿UrCeS. e.g.. aikoting proF¢ty o)sts by floor areas, staff costs by
time spenl arKI olher ￿sts by tP*ir us
Irrecoverable VAT charged as a (x)sl agwnst the acbwty ior THhich the expenditure was
1rKurr￿I.
1.9 Operatlng I￿$•5
Rentals uTh*r operatry leases are charged to the Statement of Fina￿la1 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 br￿gIng the
assel into use, SLKh as delNery, Mislallaiion. and profeSsi¢￿al lees. StheqU￿t 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 1nLxJrr￿1.
Tan￿ fixed assets are statsd at CO￿ ts deprecialth.
l assets ¢￿tir￿j rnc￿ than £250 aro cwked.
Depreaalion is provKled at r*OS cakulated to ￿lIe off c#)st of fixed assets, less their
estimat￿3 residual vahje. 0￿r their exrtcted useful fives ￿ the followng bases."
Freehold propety
Improvements lo proFety
Flant and maChi￿ry
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 ¥It￿ther there is any Ind￿tIOn 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 inthc*K)n exists, the re(x)veraUe amowit ol the asset is
estimaled. beiTr) the hioher of fair costs to sell a￿1 vahJ8 in u58.
1.12 Stocks
Stocks are valL￿d at the ky￿ ol cost and n8t redisablo value after m*iThJ due allowance lof
obsolete and slow moviro Slocks.
1.13 Flnanclal Inslnjmonts
The Charity only has fina￿￿1 assets f￿XIlI1es of a kirxl that quahfy as basic financial
Inslrumenls. Basic ￿naT￿la1 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 sd11￿nt amounl thje afteT any trade rf15counl
offered. Prepayments a￿ ¥al￿d at affl￿￿1 wepaAI net ol any Irade discounts due.
1.15 Cash * bank and In knd
Cash al bank aThJ in harKI indud8s cash f*kl in (￿rrent accounts and on deposit. together wth
cash in hand. Cash equivalents are s￿rt-leM7. hw3hly &4itid ￿VeStmen1S that are readity
¢Dnverlible lo known amourts of cash are to an ir6[￿lf￿an1 risk ol changes in
value.
1.16 Crnlttors and provl¥lon*
Creditors and provisicKbs a￿ re¢￿Ised ￿tt￿re 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
provisi￿S are rKvmdty re￿niSed at Itw Sett￿￿1 amwnt aftw allowirKJ for any trade
discounts Oje.
1.17 Taxatlon
The charitabl8 gfoL4J is exempt frryn tax on fr￿orne 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 Ca￿1. 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 lac1r￿S
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
Educat￿n
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 A￿lary
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 p￿1￿¢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. i￿Ud￿j 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 2￿25
C¥wat
olth&
Total
Total
2025
2024
as restated
A￿jItOrs, refflunewation- a￿￿11
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 INCOMIP*3 FIESOURCES
2024
as restated
This 1$ slatod after chargiThJ:
Auditors. remU￿rat￿On- 8￿j11
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 El*LoY￿ TRUSTEE A￿Ul￿RATIoN AND
2025
2024
as resialed
Slaft costs a5 follows.
Wages arKI salaries
Social security costs
Employers ￿nSIon cosis
Redundan¢ies
1.251.717 1,750￿63
96,776
105.312
21449
21.224
1,403.827 1.276,899
Redundar￿Y paymants r•l8te to were ￿1r￿j trle year.
The avefage monthly nun*or of OJrir4 >*arwas as lkn:
2024
as restated
No.
15
Administrative slaff
0￿ratiOnal stsff
12
87
99
2025
2024
Thè nun*Jer of h¥Jher pa¥1 wloy8gs was:
In the band
£60,001 - £70.1)JO
£70,001- £80.1
No.
C￿ling Ihg ygar. no trvstees raCeiv￿1 any renwnoralm￿[2O24.. £NILI.
During thg yew. trust88s re¢04ve(l any benefts in kiThl (2W24: £NILI.
DvriThJ th8 year. trusiees w￿8 rgThLwr3ed out of F*xk6texpwse5 £NIL12024.. £NILI.
The key managarn￿ person￿1 of the parert ￿lIty the Head of To¢h atsj Faclities. the
Art*stic Dtrector and the F￿ad ol P8W• ￿ Cultur& Thg lolal ¢onsNJerabon pakl al￿ employee
ramunoration and bgneflts 01 the key managèmeni p￿9￿r*I was £263.72912024: £1￿,0321.
19

P￿TEs TO THE FWANCIAL STATEklENfS
12. COMPARATIVeS FOR THE srATE￿Et￿ 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 m￿hIn8ry 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 dIS￿S
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 A￿ust 2024
107,740
162,788
13,481
384.125
TANGIBLE FIXED ASSEfs- CHARrrY
Fre¢hokJ
Plant a￿1
Fixtures Ctynputer
iyopety F¥operty MaL*inery arKJ fiibros equi[￿nent
Total
Al 1 September 2￿24
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 Ente￿ISeS Lrrriled
Kings Theatre pr￿J￿tIOnS kn￿led
The charitable company eslablshed control over NvAf Thgalro Royal- Tnjstees IPortsnTh)uthl ￿Mited
30 April 2025. N8w Theat￿ Royal - Twstees lP(Ktsn￿uth) 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 cort￿1 was obtairEd.
o.. New Theatre Royal, 2￿24 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 c￿nI￿)I0 c%xy￿y 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 KN￿rn, P05 2QJ
rin
Klng$ Thoatre ￿oductIOnS Llmlt
chaiilable company OW￿ 100% 01 the shares in Theatre Produclions LiMi￿d Iccryany
No. 166765581. This entity is a SLthidi&y of ihg con¥>any and is lulty C￿80￿dated in these
financial Stslements. Theatre Prc#Juction5 L1rni￿1 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
c￿Oup
(>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 repayrt￿l 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 ￿$￿1￿1
Bank loans aThJ ovwdrafts (note 191
Trade creditors
Srtiaj security and other taxes
Olh8r ￿d[tOrS
Delerred ￿CoMe
10,(K)O
396.619
2S.132
483.672
1,563,9]7
10.oc
25,904
19.257
340.513
1.645.363
10,OCrt)
307.406
10.000
25.904
19,257
340,S13
1,645,363
242.17T
1,227,158
2,459.330
2.041.037
1,807,C￿3
2.041,037
DEFERRED INCO
Deferred income corryrises licket sa￿$ 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 KIl￿s TtrEATrE Trusr UlffiD
NOTES TO THE FINANCIAL STATEMENYS
FOR ThE YEAR ENDED 31 AUGUST 2025
Al the balar￿e sh801 date, gro(y had aThxJal ￿mMIt￿ ww¥iff*nt urthi ￿n￿r￿elIable
ratiry leasgs as Idk)ws:
Cha￿ty
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 I￿￿mIr￿j R¢s￿rceS 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 unrestrict￿1 funds
Totsl of funds
4,414.888
Com￿ratIVe* for movement In fwyls
Carried
forward Res￿r¢e$ Transle
10Th￿rd
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
&JStaIr￿llrtY 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
Fea￿bilIty 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 restrict￿1 lo tsnrestrlc￿I funts are due to the restri¢thon being satisfied on
th0$8 particular fu￿.
Bulldlng we8toratlon fund
This is a ￿e￿wate￿ unrestricted fund to be used ffxthe repair and re5torabon of ￿ theatre.
Funds representin9 the net vakne of ffix￿ a￿ts held by ts subsiL*ary.
SustJln¥blllty r•Berv•
A fund representing general reser¥8s set as¥Je lo t* u￿1 lor luiure specrftc expenditure connected
with the maintenance ol the Grade Il" listed bu1￿ arKI fthure suslanability W￿ks.
24. EMPLOYEE BENEFIT OBUGATIOMS
The charilabl8 group cyerates a delir*d C0ntrknM￿n scheme. The o)sts to the ¢hariWe 9roup for the
yeai was £22,449 {2024'. £217241. At Ihe cl4irttabk8 ¢C￿panY 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 lo10v￿r￿..
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 S￿tern
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 finar￿la1 ￿ 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 knmi￿1 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 rA￿ltrol.
LhJe to thts event during the year, it was *Jreed 10 retrc6pectivety affl￿d 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. ￿ r￿OratIOn Iwy ￿th1¢h 15 incI￿led in a I￿ke1 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 dèem￿1 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 2￿24
1,851.426
(1952191
1,656,207