Charity Re8iStration No. 1134863 Company Reglstratlon No. 06940032 (England and Wales) THE LOFfTHEATRE COMPANY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 THE LOFf THEATRE COMPANY LEGAL AND ADMINI￿RATIVE INFORMATION Trustees Mr D Fletcher Mrs S Moore Mr J Synge Mr C O'Brien M5 V Bett5 Mr P Harrison Ms M McDonough Mr D Barclay Mr C Gilbey-smith (Appointed 19 August 20251 IAppointed 19 August 20251 Ms R Pankhurst Presldent David Bradley Charlty number 1134863 Company number 06940032 Reglstered office Loft Theatre Victoria Colonnade Leamington Spa Warwickshi CV313AA Independent examlner Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Bankers HSBC Bank plc The Parade PO Box 88 Leamington Spa Warwickshire CV32 4BU Sollcltors Blythe Liggins Edmund House Rugby Road Leamington Spa CV32 6EL THE LOFf THEATRE COMPANY LEGAL AND ADMINI￿RATIVE INFORMATION In¥￿tment advisors Self Chartered Financial Planners 6 Elm Court Arden Street Stratford Upon Avon Warwickshire CW37 6PA THE LOFf THEATRE COMPANY CONTEKf5 Page Trustees, report Independent examiner's report Statement of financial activities Balance Sheet io.ii Notes to the financial statements 12-25 THE LOFf THEATRE COMPANY TRUSTEES. REPORT {INCLUDING DIRE￿oR5. REPORT) FOR THE YEAR EJ¥DED 31 DECEMBER 2025 The trustees present their report and accounts for year ended 31st December 2025. The accounts have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the charity's governing document. the Companies Act 2￿6 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting period5 commencing from l January 20191. Stru¢ture* Éovernance and management The charity is a company limited by guarantee and was incorporated on 22nd June 2CQ9. The charity is governed by its Memorandurn and Article5 of Association dated 22nd Jvne 2009 as amended by special resolution dated Ilth January 2010, special resolution dated 8th April 2018 and special resolution dated 9th May 2022. The trustees. who are also the directors for the purpose of company13w. and who served during the year and up to the date of signature of the financial ststements were.. Member of audlt panel Mr D Fletcher Ms S Moore Mr C O'Brien Mrj Synge Ms V Betts Mr D Barclay Mr P Harri50n Ms M McDonou8h Mr C Gilbey-srnith Ms R Pankhurst Mr R Moore Iresigneil 22 June 20261 Ms L Frazier (resigned 19 August 20251 Ms V Holding (resigned 19 August 20251 Yes Yes Yes The board have appointed an Artistic Director. Sue Moore. and a General Manager. Robin Boyd, and delegated to them limited powers to manage the day-to-day affairs of the company. The Loft Theatre Company is run almost entirely by volunteers and provides opportunities for the community to join the Theatre and participate in the management and presentation of high quality theatre. There are no barriers to participation and admission to performance5 is open to the general public and there are concessionary ticket price scheme5 in operation. The Trustees have a55e55ed the major risk factors to which the charity is exposed and are satisfied that systems are in place to rnitigate the company's exposure to ri5k5. THE LOFf THEATRE COMPANY TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2025 Trustees are generally appointed at the AGM. The process of appointing and retiring trustees, is set out in our Articles 31 to 45, as amended by special resolution dated Ilth January 2010, special resolution dated 8th April 2018 and special resolution dated 9th May 2022. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Oblectives and activitles l. To advance education in the arts, primarily the performin8 arts. for the public benefit, in particular bv.. al the production and promotion of theatre play5: bl encouraging and promoting the study and appreciation of theatre and participating in making theatre,. and cl encouraging and promoting appreciation and interest in performing arts. including music, film and dance. 2. To provide or a5515t in the provision of facilities, in the interests of Social welfare, for recreation or other leisure time occupation of the public with the objert of improving their quality and conditions of life. The trustees have paid due regard to guidance issued by the Charity Commlsslon In declding what actlvlties the charity should undertake. Achlevements and perforn)ance Across 2025 we staged nlne Main House produrtions, plus a produdion which reopened our SO seat Studlo Theatre for the first time since Covid. We 31$0 hosted two one-night sellout performances from returning professional visitin8 companies. Our work continues to receive exceptional artistic acclaim and our programme consistently attracts an impressive response from actors known and new to us for each reading and audition, ahead of casting. We are deli8hted that we have received attention from two playwri8hts this year due to the standard of our productions. Following SO years of hosting external youth theatre groups. in 2025 we embarked on the creation of our first inhouse Loft Youth Theatre Ensemble. under the leadership of a Masters graduate in performing arts. commencing with taster sessions and summer workshops in August 2025. We were unable to gain traction with the launch and after two months we abandoned the project. We are now considering our options in a flooded market. We were thrilled to announce at our AGM that revered artor, David Bradley, who lives in Leamington, had accepted to become our President. David is a regular supporter of our work and vocal about the professional level of our productions. In December 2025 we showed two films in the auditorium on a large screen. The first was a new film commissioned by the Leamington History Group titled Le3mington at War. Some of this was filmed in the Loft auditorium, with Loft actors on stage and as voice overs. The second film was a full length film of our 2024 production of Uncle Vanya. filmed and edited by Michael Wheeldon to an exceptional standard. Our dependency on our team of talented and committed volunteers prompted u5 to appoint a Volunteer Co- ordinator, Dave Barclay, in the last year and we made some changes to our sy5tem5 that will improve our communication5 and the nurturing of our volunteers, 50 that they can broaden their option5 to contribute. THE LOFf THEATRE COMPANY TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2025 Our decision to create trailers for every production and to introduce sponsored ads on social media platforms in targeted campaigns has, after 3 strong start, plateaued somewhat. We are considering 311 our options to ensure that our high quality content has more impact. We commissioned a report into our marketing and prornotion with Masters students from Warwick University. Our marketing team are considering the best suggestions from this. Our free ticket offer to 16-25 year olds has gained momentum and has been universally welcomed. What has been pleasing is that we are also regularly attracting more full price ticket sales rather than concessions for many productions. This has significantly and noticeably altered the age profile of our audiences overall. We continue to invest in the theatre infrastructure. with new external lighting. a new liEhting desk. new projection equipment and a continuing maintenance programme which will escalate into a major capital project in 2026. 2025 PRODUCTIONS Medea Euripides- Version by Ben Power Nick Payne Steven Sater and Duncan Sheik Constellations Spring Awakening The just Prlce of Flowers James Yarker Thin8s l Know To Be True Up 'n Under Doctor Faustus Andrew Bovell John Godber Christopher Marlowe in J new version by David Fletcher David Eldridge Giles Allen-Bowden Beglnnln8 The Cage Protects Me Dancing at Lughnasa Brian Friel Flnanclal Revlew The 2025 financial year marked 3 period of significant challenge for the Loft Theatre, with a number of specific factor5 Inoted below) resulting in an operatin8 deficit of £41,314, compared with a surplus of £45,598 in 2024 (including a le8acy of £21,893), representing a year-on-year movement of £86,912. Income Performan¢e Total contribution for the year was £129,820, down from £193,934 in 2024. The most significant factors were the return to more normal levels of ticket sales after an exceptionally good year in 2024, and the need to make a major change to our programme at short notice: Studlo and vlsltor contrlbutlon at £2.201 were slightly lower than previously. Other income streams were also . Bar and caterlng Sncome reduced to £19.548 (from £23.1761 to ￿flect lower audience numbers Investment income was notably strong at £20.194. reflecting favourable market conditions prior to the strategic sale of the investment portfolio. THE LOFf THEATRE COMPANY TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2025 Empèndlture and Cost Pressures Total overheads increased from £146,830 in 2024 to £171.134 in 2025, an inC￿aSe of £24,3041+14%1. The most significant cost pressures were.. Utilities. rising from £33.391 to £49.074 an increase of £15.683 1+47%). This was primarily due to higher usage in both extremes of cold and hot weather. Salaries and wages. increasing from £30.820 to £34.908 relating to the maternity of the production manager. Maintenance, risinB from £17.958 to £23,298. caused mainly by the full year effect of a new theatre cleaning contract. Marketing, box offite, and other administrative costs remained broadly consistent year-on-year. Cash, Investments, and Capltsl Posltlon Cash balances decreased from £126,724 to £99,791, reflecring the operating deficit and capital expenditure of £14,947, the latter being investment in the projectof system and buildin8 improvements A major strategic financial decision was taken in October 2025, when the theatre sold Its entlre Investment portfolio. This was done in order to be ready to fund the substantial roofing and HVAC project scheduled for 2026, (please see summary report after this review). As a result, the theatre's capital reserves are now held fully in cash rather rather than investment assets. Concluslon The 2025 results reflect a year of financial pressure, shaped by a number of specific factors. At the same time, the Trustees have taken prudent steps to prepare for major capital works. ensuring liquidity for the forthcoming HVAC replacement. Strengthening production revenues. managing cost pressures, and rebuilding cash reserves will be central prioritie5 for the year ahead. The Loft Theatre continues to benefit from a strong balance sheet. dedicated volunteers, and a loyal audience community. These foundations position the organisation well a5 it enters a year of significant investment in it5 building and future. Capltal Project 2026 In April 2026, the trustees passed a resolution to go ahead with a capital project to replace the theatre's roof and its heating, air-conditioning, and ventilating sy5tem5, which are now in urgent need of renewal. This decision followed a careful programme of feasibility Study, desigrb and tendering. The project will secure the infrastructure of the theatre, improve the comfort of audiences and volurbteer5, reduce annual fuel c05t5, and make significant improvements to the theatre's environmental efficiency by switching to systems that run entirely on electricity, rather than the gas systems currently is use. The work will take place over summer 2026. The budget for the project is £458k plus VAT. Some funds have been received from trusts and from a fundraising appeal, but most of the funds will be provided from the charity's free reserves which, at 31&t December 2025 stood at £722k. These reserves have been producing a stream of investment income, and this will now reduce. The impact of this will be mitigated somewhat by annual savings in fuel costs and other cost savings that have been identified by the officers. The trustees are confident that the charity's working cash position will not be adversely affected. THE LOFf THEATRE COMPANY TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2025 Reserves Pollty The charity's total reserves at the year*nd were £854,85212024'. £861,169). This includes investment reserves of £638,095 and capital funds of £131,997 Ibeing the net book value of the fixed assets). Since the liquidation of the investment portfolio, the resulting reserves are being held as cash on deposit, generating an income stream roughly similar in amount to before. To the extent this cash is utilised for the forthcoming capital projects, the income thus produced will of course fall. In view of the charity's responsibilities as an employer and the inherent uncertainties over future income sources, the Trustees agree that it is appropriate to maintain unrestrictedlfree reserves equivalent to not less than half of the past year'5 expenditure. 31 Oe¢ember 2025 31 December 2024 Incorne from Loft Production5 Costs of Loft Productions Net Contribution of Loft Productions 115,208 29,710 134,909 15,436 85,498 119,473 Income from Visitor Productions Costs of Visltor Production5 Net Contr5bution of Visitor Productions 6,141 3.940 17,363 11.289 2,201 6,074 Income from 8ar Trading Costs of Goods Sold 34.401 14,853 40,268 16,206 Gross Proflt Expen5e5 Net Contribtjtion of 8ar Trading 19,548 23,176 19,548 23,176 Income from Other Trading Net Contribution of Other Trading 260 4,539 260 4,539 Legacies Donations and Sunilry Income Investment Income Bank Interest 21,893 698 16,667 1,414 20.194 1,675 Net Incoming Resources 129,820 193,934 THE LOFf THEATRE COMPANY TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR EJ¥DED 31 DECEMBER 2025 House Costs.. Staff C05t5 34,908 49.074 23,398 5,374 30,820 33.391 17,958 6.679 Maintenance Insurance Total House Costs 112,754 88,848 Deprec5ation Marketing & Box office costs Adrnin costs 20,434 27.553 10.393 18,693 29,782 11,013 Outgoing resources 171,134 148,336 Surplus/lDeflcitl on ongolng actlvities 141,3141 45,598 Gain on investments 34.997 46,028 Net Movement in Funds 16,3171 91,626 The trustees, report was approve(J by the Board of Trustees. Mr J Syn8e 09 Jul 2026 Date- THE LOFf THEATRE COMPANY INDEPENDENT LXAMINER'S REPORT TO THE TRUStEES OF THE Lo￿ THEATRE COMPANY I report to the trustees on my examination of the financial ttatements of The Loft Theatre Company Ithe charity) for the year ended 31 December 2025. Responslbllltles and basls of report A5 the trustees of the charity land a150 its directors for the purpose5 of company lawl, you are responsible for the preparation of the financial statement5 in accordance with the requirements of the Companies Act 2(X)6. Having satisfieil myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Acr 21X)6 and are eligible for independent examination, I report in respett of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying Out my examination I have followed the Dirertions given by the Charity Commission under section 14SlSllbl of the Charities Act 2011. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connectlon wlth the exam5natlon giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by Section 386 of the Companies Act 2(KJ6. the financial statements do not accord with those records,. or the financial statements do not comply with the èccovntin8 requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination,. or the financial statements 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 charitie5 preparing their financial statement5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other rnatters in connection with the exarnination to which attention should be drawn in this report in order to enable a proper understanding of the financial staternent5 to be reached. Wende Hubbard FCCA Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA 09 Jul 2026 Dated.. u) ¢J N r*) ts) Ln O rw o o) r4 m ¢Y Th ftl THE LOFf THEATRE COMPANY BALANCE SHE ASAT31 DECEMBER 2025 2025 2024 Notes Flxed assets Tangible assets Investments 15 131,997 638,095 137,484 602,727 16 770,092 740,211 Current assets Stocks Debtors Cash at bank and in hand 17 2.395 24,654 99,791 2,500 17,377 126,724 19 126,840 146,601 Credltors: amounts fa115ng due wlthSn one year 142.0801 125.6431 Net current assets 84,760 120,958 Total assets less current Ilabllltles 854,852 861,169 The funds of the charbty Unrestricted funds- general Unrestricted funds- Investment Unrestricted Capital 84,760 638,095 131,997 120,958 602,727 137,484 23 854,8S2 861,169 10- THE LOFf THEATRE COMPANY BALANCE SHE￿ ICONTINUEDI ASAT31 DECEMBER 2025 The company is entitled to the exemption from the audit requirement contained in sertion 477 of the Companies Att 2￿6, for the year ended 31 December 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies sublect to the small companies regime. 09 Jul 2026 The financial statements were approved by the trustees ¢)n . Mrj Synge Trustee Company registration number 06940032 (England and Wales) THE LOFf THEATRE COMPANY NOTES TO THE FINANCIAL ￿ATEmE￿r5 FOR THE YEAR EJ¥DED 31 DECEMBER 2025 A¢¢ountlng poll¢les Charlty Informatlon The Loft Theatre Company is a private charitable company limited by guarantee incorporated in England and Wales. The re8i5tered office 15 Victoria Colonade, Leamin8ton Spa, CV313AA. 1.1 A¢¢ountln8