Split Infinitive Trust
(A Charitable Company Limited by Guarantee)
Report and Unaudited Financial Statements
Year Ended 31 March 2025
Company No. 05392995
(England and Wales)
Charity Na. 1110380
{Engiand and Wales)

Split Infinitive Trust
Report and Unaudited Financial Statements for the year ended 31 March 2025
Contents
Page:
Report of the Trustees
Report of the Independent Examiner
Statement of Finanaal Activities (incorporating the Income and Expenditure Account)
Statement of Financial P051tion
8-13
Notes forming part of the Financial Statements
Trustees
Sir Alan Ayckboum CBE
Ms Heather Stoney
Mr Paul Allen
Mr Neil Adleman
Mrs Katherine Dunn-mines
Secretary/
Registered office
HAL Management Limited, 7 Savoy Court. London, WC2R OEX
Company number
05392995
Charity number
1110380
Bankers
HSBC Bank Pic, 33 St Nicholas Street, Sorborough. North Yorkshire, YOI 1 2HN
SolTCitors
Harbottle & Lewis LLP, 7 Savoy Court. Lon(trJn. WC2R OEX
Independent
Examlners
Heather Wheelhouse ACA, Level 12 Thames Tower, Station Road, Reading, RG1 1 LX

Split Infinitive Trust
Report of the Trustees for the year ended 31 March 2025
The Trustees (who are Directors for the purpose of company law) present their report and the unaudited financial
statements of Split Infinitive Trust "the Charitl, for the year ended 31 March 2025.
Status and admfnlstratlon
The Trust is an incorporated charitable company, registered in England & Wales under the Companie5 Act 21￿6 and
the Charities Act 2011 and is governed by its Memorandurn and Articles of Association. Its prinapal activity is to
administer grants for the benefit of the pthlic arts. It has a registered charity number of 1110380.
The Trustee5 who served throughoLrt the year were:
Sir Alan Ayckbourn CBE {Chairman}
Ms Heather Stoney
Mr Paul Allen
Mr Neil Adleman
Mrs Katherine Dunn-mines
The day to day running of the Trust 15 delegated to Ms Heather St(￿eY.
structure• governance and management
Governing document
The organisation is a Charitable Compary limited by guarantee, incorporated on 15 March 2005 and registered as a
charity on 8 July 2005. The Charity was established under a Memorandum of Association whTch established the
objects and powers of the Charitable Company and is governed under its Articles of Association. In the event of
the Charity being wound up members are required to contribute an amount not exceeding £1.
Orsanisation Structure
The Trustees are also Directors of the Charity for the wrposes of company law and under the Charity's Article5 are
known as metnbers of the Charity. Under the requirements of the Memorandum and Articles of Association the
members are elected to serve for a period of five years after which period they may put themselves forward for re.
appointment for further periods of 5 years. The number of Trustees mLÈ5t not be less than 3 or more than 15.
New Trustees are given training in all aspects of the governance, operation and management of the Charity by the
secretary. As the need is identified, Trustee5 receive training either as a board or individually in their specific
areas of responsibility.
Risk monogement
The Trustees assessed the major risks to which the Charity is exposed upon incorporation in 2005, including those
related to the operations and finances of the Trust. They will continue to review those risks on an annual basis
having regard to the size and objectives of the Trust, and to seek to ensure that appropriate rneasure5 are in place
to mitigate the Trust's exposure to major risk.
The 2020 global pandemic led to paused operations. following which reduced-level grant-giving was slowly re.
started. The income to Haydonning Limited. a company in which Sir Alan Ayckboum CBE, Ms Heather Stoney and
Mis Katherine Dunn-mines are directors, has since returned to pre-pandemic levels. and so by turn. from 2025126,
they have agreed to increase their grants to the Charity back to pre-pandemic level5.

Split Infinitive Trust
Report of the Trustees for the year ended 31 March 2025
Risk mcnogement (continuedj
The Trustees do not anticipate any significant threat to the continued operation of the Charity although the
Trustees will be monitoring the effect on income level5 in conjunction with grant applIcati(￿S for the foreseeable
future.
Public benefit
In reviewing the Tru5t'5 aims and objectives, plannTng future activities and setting the grant making policy for the
year, the Trustees have given due regard to the Charity Commission's guidance on public benefit and, in particular,
the specific guidance for fee charging charities. The Tru5tee5 believe that the activities of the charity in the year
confirm its ability to prowde cu￿ent and on-going benefit to the public.
Objectives and activities
Objective5 of the Trust
The Trust aims to award grants to support indivTduals within arts, with education, training* and productron5' the
chief priority are students of actingltheatre courses, followed by students studying other live performance art5
subjects. Performers seeking individual funding for professional development or producing a show will also be
considered. The Trust will also [￿k to Support projects that alleviate sickness, poverty, hardship ar)d distres5,
primarily within the Yorkshire area.
Grant moking policy
The Trust welcomes applications from Tndividuals. favourTng those from within the Yorkshire area. Grants are
generally awarded for between £200 and £750, based on merit at the discretion of a tninimum of two Trustees. For
grants greater than £2,000 details are circulated to all Trustee5 and an open discussion held and are approved with
a rnajority decision.
Individual applicant5 are required to cornplete application forms, applicants are also asked to supply a letter
describing the project with the budget and, if relevant, an indication of where other funds are coming from.
Achievements and performance
During 2024125, whi15t still working to a limited remit and spending criteria since the pandemic, the Trust wa5
able to administer grants up to Tts budget and support individuals meeting it5 priority criteria. Funds from the
Trust's rese￿eS were used to enable 32 {2024 - 39} grants to be awarded during the year totalling £17,960 (2024 -
£17,200).
The Trustees have secured increased funding for 2025126, with Haydonning Limited able to guarant* a budget of
£40k for grants, plus additional coverage of basic administration costs. The Trust is grateful that Haydonning
Limited is able to continue it5 SUPPOrt. The Trust provide5 ongoing update5 via its website to L￿S￿re that potential
applicants are weLI-informed as to what they can expect.
Financial review
The Trust 15 rdiant upon future donations and the income from its investrnents, the total income from which was
£27,69012024 - E8,867}. The net income was £965 (2024- net expense of £15,261).
The Trustees have established an expenditure piATCy for the Trust, over vthich they have absolute discretion.

Split Infinitive Trust
Report of the Trustees for the year ended 31 March 2025
Reserves policy
The Trust's objective is to encourage the public into the arts, into education and to alleviate Sickness, poverty,
hardship and distress. Haydonning Limited has agr￿d to cover all the Trust's necessary running expenses, and to
over all grants on an actual basis each quarter, up to an annual grant budget of E40k maximum. Necessary
expenditure is identifTed as: accountancy fees, independent examiner fees. companies house fees, PO box fees,
trustee travel expenses for AGM, bank charges and company secretarial fees. The Trustees have established the
annual grant giving allowance in line with this budget. Trustees are resolved to limit Spending each year to an
amount considered to balance the interest of the current and future beneficiaries of the Trust's work. The
Trustees have established a spending policy to ensure that the Trust will never be in an overdrawn cash position.
At 31 March 2025, all reserves are unrestricted. The total funds remain a defiat position of £7.026 (2024
£7,991).
The Trustees recognise the re5erve5 are currently in a deficit position. The increase in secured funds and support
with costs from Haydcfflning Limited WILI as51St in returning to a surpLus. There wa5 a large net deficit of £15,261 in
the prior year which has caused most of the deficit. In the current year, there is net income of £965 which will
a5515t in returning to a surplus position.
Gofn¥ concern
DespTte the deficit P051tion at 31 March 2025. the Trustees VTew the Charity as a 807ng concem and have
confirmed that Haydonning Limited will cont7nue to support it. this support will be maintained at a pre-agreed
level ané close communication between the Charity and Haydonning Limited will continue, ensuring status arKI
budgets are closely monitored.
The Trustees confirm that at the time of approvTng the financial statement5, there are no material uncertainties
regarding the Charity's ability to continue in operatii)nal existence for the next 12 months.
Plans for the future
The Trust will retaTn a narrow focus on eligibility to ensure it stays within budget, but has been able to allow for
repeat applicants to once more be eligible, meaning that support can be more sustainable over the lifetime of a
course of study. Beyond this, and aside from any regular reviews as necessary, there are no intended or planned
change5 to current operations.

Split Infinitive Trust
Report of the Trustees for the year ended 31 March Z025
Trustees. responsibilities
The Trustees {who are also the directors of the charity for the purposes of company law) are responsible for
preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations.
Company and charity law requires the Trustees to prepare financial statement5 for each financial year in
accordance with United Kingdom GeneraLly Accepted Accounting Practice (United Kingdom Accounting Standards
and applicable lawl. Under company and charity law, the Trustees mLLSt not approve the financial statements
unless they are Satisfied that they give a true and fair view of the State of affairs of the charity and of the
incoming resources and application of resources, including the income and expenditure, of the charity for that
period.
In preparing these financial statefflent5, the Trustees are required to:
select Sultable accounting policies and then apply them consistentLy'
observe the methods and principles in the applicable Charities SORP.
make judgements and accounting estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been followed. subject to any material departures
disclosed and explained in the financial statements. and
prepare the financial statements on the going c0ft￿rn basis unless it is inappropriate to presunie that the
charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the
charitYs transactions and disclose with reasonable accuracy at any time the financial position of the charity and
enable them to ensure that the financial statements comply with the Companies Art 2006 and Charities Act 2011,
the Charities (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the
charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small Companie5 note
In preparing thi5, the Directors have taken advantage of the small companie5 exemptions provided by section 415A
of the Companies Act 2006.
Approved by the Board of Trustees and signed rm their behalf by:
Iv til
Sir Alan Ayckbourn
Trustee
Date: 0611112025

Split Infinitive Trust
Report of the Independent Examiner to the Trustees of Split Inftnitive Trust I'the charit￿.)
For the year ended 31 March 2025
I report to the Charity's trustees on the accounts of the Charlty for the year ended 31 March 2025, which are set
out on pages 6 to 13.
This repLrt is rnade solely to the charity's trustee5, as a body, in accordance with Regulation 31 of the Charities
(Accounts and Reports} Regulations 2008. My work has been undertaken so that I might state to the CharIt￿S
trustees those matters l am reqLtired to state to thern in an independent examinerf5 report and for no other
purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the
charity's trustees as a body. for my work, for this report, or for the statement I have made.
Responsibilities and basis for report
As the Charity's trustees of the Charity (and also its directors for the purposes of company law) you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006
{'the 2006 Act'l.
Having Satisfied myself that the accounts of the Charity are not required to be audited under Part 16 Df the 2Crf)6
Act and are eligible for independent examinati(￿, I report in respect of my examination of your charity'5 accounts
as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have
followed the Directions given by the Charity Commission under sectlon 14515) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I C￿firM that no matters have come to my attention in connection with the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the aCc￿nts do not comply with the accounting requirement5 of Section 396 of the 2006 Act other than
any requirefflent that the accounts give a 'true and fair view which is not a matter considered as part of
an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of
Recommended Practice for accounting and reporting by charities (applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 102)).
I have no concerns and have come across no other matters in connertion with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Docusyned by..
DA15AED75D45453
Heather Wheelhouse ACA
BDO LLP
Reading, UK
Date:
06 November 2025

Split Infinitive Trust
Statement of Flnanaal Activities (incorporating the Income and Expenditure Account}
For the year ended 31 èAarch 2025
Note
2025
2024
Income from:
Donations
Investments
27.688
8,800
67
Total income
27.690
8,867
Expenditure on:
Charitable activitie5
26,725
24,128
Total expenditure
26.725
24,128
Net Incomel(expenditure)
965
{15,2611
Net movement in funds
965
115,261)
Total funds at 1 April 2024
11
{7,991)
7,270
Total funds at 31 March 2025
11
(7,026)
{7,9911
All funds are unrestricted and relate to c￿tinuing actiVTties.
There were no recognised gains or1055es in the year.
The notes on pages 8 to 13 forrn part of these financial statements.

Split Infinitive Trust
Statement of Financial PositTon as at 31 March 2025
Company number 05392995
Note
2025
2024
Current assets
Debtors
Cash at bank and in hand
180
187
367
961
1,152
Current Ifabilities
Creditors:amounts falling due within one year
10
{8.178)
18,3581
Total net liabilitie5
12
(7,026)
17,991)
Funds
Unrestricted funds
11
(7.026)
{7,9911
For the year ended 31 March 2025, the Charity was entitled to exernption from audit under Section 477 of the
Companies Art 2006 relating to small companie5.
The Members have not required the Charity to obtain an audit of its financial statements for the year in Question
in accordance with section 476 of the Companies Act 2006.
The Trustees have acknowledged their responsibilities for complying with the requirements of the Companies Act
2006 wth respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the special provisions applicable to companies
subject to small companies. regime.
The financial statements were approved by the board of Trustees and authorised for issue on 0611112025
ILIL.Str
Sir Ala
Trustee
urn
Ms Heather Stoney
Trustee
The notes on pages 8 to 13 form part of these financial statements.

Split Infinitive Trust
Notes forming part of the Financial Statements for the year ended 31 March 2025
1 Status
Split Infinitive Trust is a charitable company. limited by guarantee, incorporated in England and Wale5 under
the Companies Act and the Charities Act 2011. The address of the registered office is given on the contents
page and the nature of operations, and its principal activities is set out in the Report of the Trustees.
2 Principal Accounting Policies
SFS of Preparation
The financial statements have been prepared on a going concern basis under the historical cost convention.
The financial Statements have been prepared in accordance with Accounting and RepDrting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191
(Charities SORP (FRS 102)), the Financial Reporting standards applicable in the UK and Republic of Ireland
IFRS 1021 the Companies Act 2006 and the Charities Att 2011.
The accounts are prepared in pjunds Sterling and rounded to the nearest £.
Split Infinitive Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are
initially recogni5ed at historical cost or transaction value unless otherwise stated in the relevant accounting
policy notels).
The preparation of the financial statements in accordance with FRS 102 requires the Trustee5 to make
judgements, estimates and assumptions that affect the appliCatic￿ of policie5 and reported amounts in the
financial statements. Management do not consTder that there are any complex judgements involved in applying
the Charity's accounting policies and aL50 no significant estimates involved in the preparation of the financTal
statements.
Going concern
Despite the deficit P051tion at 31 Jvarch 2025, the Trustees view the Charity as a going concern and have
confirmed that Haydonning Limited will continue to support it: this support will be maintained at a pre-agreed
level and close communication between the Charity and Haydonning Limited will continue, ensuring status and
budgets are closely fftonitored.
The Trustees confirm that at the time of approving the financial 5taternent5, there are no material
uncertainties regarding the Charity's ability to Contin￿ in operational existence for the next 12 months.
Donotion5 and similar income
Donations ar)é similar income are shown in the accounts when receivable and the value of the incoming
resources can be measured wth sufficient reliability.
Investment income
Investment income 15 bank interest that 15 accoLnted for in the period in which the charity 15 entitled to
receipt.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the
charity to the expenditure. All expenditure is accounted for on an accruals basis.

Split Infinitive Trust
Notes fonning part of the Financial Statements for the year ended 31 March 2025
2 Princlpal Accounting Policies Icontinued)
Charitable activities
Costs of charitable attivities include grant5 made and an apportionment of overhead and support costs where
applicable.
Grants payable are payments made to third partTes in the furtherance of the charitable objectives of the
Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation
that they will receive a grant arkl the Trustees have agreed to pay the grant without condition, or the
recipient ha5 a reasonable expettation that they WILI receive a grant and any condition attaching to the grant
is outside of the control of the Trust.
Support costs
Support costs comprise costs relating to the general runnTng of the Charity a5 opposed to those associated with
generating funds or charitable activity. Support cost5 also include Governance costs. Governance c05t5 include
those incurred in the governance of the charity and its assets and are primarily associated with constitutional
and statutory requirements.
Funds
Unrestricted funds . these comprise the accumulated excess of incoming resources expended on the Statement
of Financial Activities. They are available for use at the discretion of the Trustees in furtherance of the
general objectives of the Trust.
Toxotion
The Charity is a registered charity and as such is entitled to certain tax exemptions on income and profits from
investments, and surpluses on any trading activitie5 carried out in the furtherance of the Charity's primary
objectives, if these profits and surplu5e5 are applied 50lely for charitable purposes.
Financial instruments
The Charity only ha5 financial assets and financial liabiLitie5 that qualTfy as basic financial instruments. Basic
financial instrwnents are initially recognised at transaction value and subsequently measured at their
settlement value.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities in
other operating expenses.
Cash ond cash equivalents
Cash and cash equivalents in the Charity'5 Statement of Financial Position consists of cash at bank, in hand,
dep051ts and notice accounts with an original maturity of three rnonths or less.

Split Infinitive Trust
Notes formlng part of the Financial Statements for the year ended 31 March 2025
3 Donations income
2025
2024
Haydonning Limited
27,688
8,800
All income was unrestricted in the year.
4 Investment incorne
2025
2024
Interest on cash deposit5
67
All income was unrestricted in the year.
5 Charitable activities
Activities
undertaken
directly
(see note 6)
Support costs
(see note 7)
Total
Advancement of public arts:
Year ended 31 March 2025
17,960
8.765
26,725
Year ended 31 March 2024
17,200
6,928
24,128
All expenditure was unrestricted in the year.
6 Grants paid or payable
2025
2024
i) Productions
lil Education
iii l Training
1.350
17,110
{500)
1.750
1,900
13,550
17,960
17,200
Included within grants awarded for education purpose5 is a credit of ENil 12024 - £500) for a grant returned.
Included wthin grants awarded for training purposes is a credit of £5CQ12024 - £Nill for a grant written off.
All grants awarded in the current and prior year were made to individuals.
All expenditure was unrestricted in the year.
10

Split InfinTtive Trust
Notes formlng part of the Flnancial Statements for the year ended 31 IAarch 2025
7 Support costs
2025
2024
Postage
Bank charges
413
60
389
60
Governance cost5 included within support costs=
Accountancy fees - financial statements
Independent examiriels fees
Corporation tax return
Legal and professTonal
3,924
4,080
3,941
2,250
288
288
Total support cost5
8,765
6,928
Total governance costs included wthin support costs
8.292
6,479
All expenditure was unrestricted in the year.
8 Trustees and other employee5
The trust had no staff costs in the year 12024 - £Nil). There were no people employed under contracts of
5ervice12024 - Nil).
No Trustees received any remuneration or other benefits in the year {2024 - ENill.
There were no expenses reimbursed to Trustees (2024 - £Nil).
Key management personnel include Trustee5 and Pls Heather St￿eY. The total employee benefits to the key
anagement personnel were £Nil12024 - £Nil).
9 Debtor5
2025
2024
Prepayment5
191
180
10 Credit¢XS: amounts falling due within one year
2025
2024
Grants paid after year end
Accruals
2,000
6,358
8.178
8,178
8,358
11

Split Infinitive Trust
Notes forming part of the Financial Statements for the year ended 31 hlarch 2025
11 Unrestricted funds
Balance at
1 April 2024
Balance at
Expenditure 31 March 2025
Income
Unrestricted funds
(7.991)
27,690
(26.725)
(7,026)
Balance at
1 April 2023
Balance at
Expenditure 31 March 2024
Income
Unrestricted funds
7,270
8,867
(24,128)
17,9911
The reserves are currently in a def7Cit P051t7on. Per the reserves pollcy in the Trustees Report, the Trustees
plan to utilise the increase in secured funds and support with costs from Haydonning Limited to asslst in
returning to a surplus.
12 Analysis of net liabilities between funds
Unrestricted
funds
2025
Unrestrfcted
funds
2024
Current assets
Current liabilities
1,152
{8.178)
367
(8.3581
Net ITabTlitie5
(7,026)
17,991)
13 Related party transartions
Remuneration of key manaeement personnel is given in note 8.
During the year, Haydonning Limited. a company in which Sir Alan Ayckbourn CBE, hls Heather Stoney and Mr5
Katherine Dunn-mines are direttors, donated £27,688 (2024 - £8.800) to the Trust. £Nil 12024 - £Nill was
outstanding at the year end.
14 Liability of members
The liability of members 7s limited. In the event of the Charity bein2 wound up during a member's period of
membership or within a year afterwards an amount not exceeding £1 may be required from that Tnember
towards the payment of debts and liabilitie5 of the Charity incurred before membership ceased, and of the
costs, charges and expenses of windlng UP> and for the adjustments of rights of the contributories among
themselves.
As at 31 March 2025 the Trustees of the Charity were also the members.
12

Split Infinitive Trust
Notes foming part of the Financial Statement5 for the year ended 31 March 2025
15 Ultimate controllSng party
The Charity is considered to have no ultimate controlling party.
16 Events after the reporting date
There have been no events after the reporting date that require disclosure or adjustment.
13