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← Reading Repertory Theatre

2024-07-31-accounts

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Company number 07907370 Charity number 1147048

Reading Repertory Theatre

(Limited by Guarantee)

Report and Financial Statements

for the year ended 31 July 2024

Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Contents

Page
Reference and Administrative Details 1
Trustees' Report 2 - 12
Independent Examiner's Report 13
Statement of Financial Activities (including Income and Expenditure Account) 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17 - 28

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Reference and Administrative Details

Constitution

The company is a private company limited by guarantee registered in EW - England and Wales, company number 07907370, incorporated under the Companies Act and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1147048.

Directors and trustees

The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

As set out in the Articles of Association the trustees are appointed by members of Reading Repertory Theatre at our Annual General Meeting (AGM) or by postal vote.

Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.

The trustees during the year and since the year end, were :

Piers Elliot resigned 9 April 2024 Judith Foss Aidan Grounds - Chair Jonathan Holley Nicola Jones resigned 31 July 2024 Paul Newman Donna Pentelow appointed 28 April 2023, resigned 13 February 2024 Tariq Sayyid Rifaat Alan Stacey Suzanne Stallard Hall - Vice Chair

Secretary

Yolande Box

Chief executive/day to day management

Paul Stacey and Nick Thompson

Independent examiners

Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1K 5LH.

Bankers

Barclays Bank plc, 90-93 Broad Street, Reading RG1 2AP.

Registered office and operation address

Reading Rep Theatre, Kings Road, Reading RG1 4LY.

Correspondence address

Reading Rep Theatre, Reading College, Kings Road, Reading RG1 4HJ.

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

The trustees present their report together with the financial statements for the year to 31 July 2024.

The reference and administrative details set out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Principal Activity

Reading Rep Theatre is a professional, disabled-led, building-based, producing theatre and we exist to ensure that everyone in Reading, especially those with least opportunity, can access theatre. Our mission is to strengthen the communities we serve by making work with, by and for Reading.

Structure, Governance and Management

Organisational structure

The company is run and managed on a day-to-day basis by the Founding Artistic Director and Joint CEO and the Executive Director and Joint CEO.

Decisions are made on a day-to-day management basis through management meetings held by the employees. All major decisions are confirmed quarterly through the Board of Trustees.

Related charities

There are no legally related charities. The company is working with different funding bodies and organisations, all concerned with promoting the arts and education. Decisions taken by the company are independent of these organisations.

Major risks

The Trustees have conducted a risk analysis to identify the major risks to which the company is exposed. Systems have been put in place to mitigate these risks and the risks are reviewed quarterly via the company’s risk register.

Objectives and activities for the public benefit

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

VISION

To enhance civic pride and put Reading on the national cultural map.

MISSION

To transform lives through theatre.

Key Personnel:

Paul Stacey: Nick Thompson:

Founding Artistic Director and Joint CEO Executive Director and Joint CEO

Full time Full time

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Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

KEY ACHIEVEMENTS

The last year has seen Reading Rep Theatre (RRT) emerge as a theatre of national significance and quality, while remaining deeply rooted in its local community: a local theatre with a national reputation. As we reflect on 2024, I am proud to share that Reading Rep Theatre has continued to grow and thrive, even in the face of significant challenges within the arts sector.

Thanks to a £200,000 endowment and multi-year funding, we have strengthened our financial position, enabling us to invest in the work on our stages and the communities we serve. The creation of an artistic development fund has allowed us to begin commissioning new work, ensuring that bold and original voices have a home at Reading Rep. Our commitment to innovation and sustainability has been instrumental in shaping our vision for the future, as we continue to grow as a theatre that balances artistic excellence with a deep sense of social responsibility. These measures, alongside careful financial planning, have built a sustainable model that supports both our artistic ambitions and our role as a community hub.

This year, we reaffirmed our commitment to accessibility and innovation by joining Ramps on the Moon as one of their inaugural Change Partners, embedding anti-ableism and disability equality into every aspect of our work. In January 2024, we also launched the Cultural Sustainability Forum, uniting regional partners to explore and implement greener practices across the arts. These initiatives highlight our dedication to creating theatre that not only inspires but also leads the way in inclusivity and sustainability.

From vibrant new productions of beloved classics to acclaimed tours and transformative collaborations, this has been a year of significant achievement. Reading Rep has further established itself as a cultural leader and a vital force in the UK’s regional theatre landscape. As we look ahead, we remain committed to creating exceptional theatre, supporting new voices, and making the arts accessible to all. Thank you for your ongoing support - together, we are building a future where theatre truly belongs to everyone.

The last year has seen Reading Rep Theatre (RRT) emerge as a theatre of national significance and quality, while remaining deeply rooted in its local community: a local theatre with a national reputation.

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Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

We have witnessed growth across every aspect of the organisation, from expanding our audiences and deepening community engagement to increasing turnover and enhancing our artistic reach and significance. However, the wider industry continues to face profound challenges, grappling with the ongoing fallout from rising costs, shifting audience behaviours, and evolving staffing expectations. In response, we have remained agile, responsive, and acutely aware of the complexities of this ever-changing and demanding landscape, ensuring we adapt effectively in all areas of our work.

PRODUCTIONS ON STAGE

Our onstage work over this period featured a series of ambitious and high-quality productions that showcased our evolving artistic vision and growing national reputation.

We began with Shakespeare’s R&J , an electrifying and high-voltage retelling of Romeo and Juliet that brought a fresh perspective to the classic tragedy. Set in a rigid boarding school, the production followed four repressed adolescents who uncover a secret copy of Shakespeare’s tale of forbidden love. What starts as a rebellious laugh turns into something more violent, as the characters are thrust into the reality of The Bard’s words, revealing parallels between their lives and Shakespeare’s doomed lovers.The production earned glowing praise:

★★★★ “The production is a beautifully crafted queer retelling – truly a masterclass in storytelling and audience engagement.” – Broadway World

★★★★ “This is a lively and rich-textured show that was a delight to watch.” – SpyInTheStalls

In December 2023, we staged our first-ever repertory season with It’s A Wonderful Life and Potted Panto , which marked a new high point for the company. IAWL , a revival of Mary Elliot Nelson’s adaptation, garnered significant attention from industry peers and received five-star reviews. Plans for a future transfer are well underway. Paired with Potted Panto , a vibrant new production of the Olivier-nominated West End hit, the double-bill attracted record-breaking audiences and reached more first-time bookers than ever before.

Following this, we premiered The Importance of Being Oscar , a co-production with Original Theatre. This acclaimed production honoured Reading’s connection to Oscar Wilde and has since confirmed a transfer to Jermyn Street Theatre. Meanwhile, Outpatient , co-produced with Harriet Madeley/Crowded Room, won the Summerhall Lustrum Award for Unforgettable Theatre and was featured in Lyn Gardner’s Picks of the Fringe. Hosting previews and a post-festival run for Outpatient reinforced our commitment to supporting groundbreaking contemporary work and emerging voices.

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Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

For our younger audiences, Rumble Under the Rug toured schools, libraries, and community spaces, introducing over 1,000 children aged 1–6 to interactive and imaginative storytelling. This accessible production highlighted our role as a key part of Reading’s cultural infrastructure, fostering lifelong connections to theatre.

Reborn in Film also launched this year. It was a series of five short films created to celebrate our 10th anniversary and Reading’s vibrant artistic spirit. Co-commissioned with Reading-based production company Barracuda Films, these films feature a wealth of creative talent from Reading and the South East, providing many of them with their first professional filmmaking experience. Each film draws inspiration from the stories and productions of our first year at our new venue, furthering our commitment to nurturing local talent and sharing compelling narratives beyond the stage.

Finally, we achieved another major milestone with our first-ever national tour of Jekyll and Hyde . Directed by Mike Fentiman, the 2022 acclaimed production visited the Royal Lyceum Theatre, Dundee Rep, Perth Theatre and Concert Hall, and The MacRobert Arts Centre. The tour extended our reach, earning five-star reviews and demonstrating our ability to deliver high-quality theatre on a national stage.

Alongside these artistic achievements, we benchmarked funds to invest in future work on stage, committing to commission several playwrights and theatre makers for upcoming projects. At a time when many other theatres are scaling back their creative investment, we remain steadfast in our mission to nurture new voices and innovative ideas, ensuring that the next chapter of our story is as dynamic and ambitious as ever.

EDUCATION AND OUTREACH

“I just love it. I love everything about Reading Rep but especially performing in that theatre!” (Tom - Youth Theatre participant)

This year marked the 10-year anniversary of our flagship and award winning ENGAGE programme. ENGAGE:10 saw Reading Rep rebrand, relaunch and celebrate 10 years of exceptional education and outreach programmes. ENGAGE:10 was a year-long programme of skills development workshops, projects, and performances, which ensured that everyone in Reading, particularly those from disadvantaged backgrounds and communities, could access our work. ENGAGE also shifted its focus from offering outreach work associated with specific productions into dynamic and flexible project delivery, which allowed us to offer bespoke workshops to meet the needs of our community partners. Over the year we celebrated our 10-year anniversary by focusing on these strands of work:

Early Years: Over 1000 children and their families enjoyed a new tour of Rumble Under the Rug, providing many of them with their first experience of live theatre. The tour was provided free to all Reading libraries and to schools and nurseries in the most deprived areas of Reading and it culminated in two fun days and four performances in the theatre. In February, we also introduced Teddy Bear Story Time on a Saturday morning for children aged 5 and under: a year-round offer (more than 50 sessions from February to August) of interactive and dynamic storytelling for our youngest audience. In addition, we ran several bespoke ‘Teddy Takeover’ storytelling workshops in local nurseries, free of charge in areas of greatest need.

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Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Primary: Overall, we worked with 400 children and 15 different primary schools. Our new project-based focus in ENGAGE enabled us to design and deliver a bespoke drug and crime related workshop for Year 6 in a Reading school with concerns that their area was being targeted by County Lines gangs. Similarly, we were able to provide a workshop focusing on peer group relationships in a local school concerned about a rise in bullying. Alongside these, we provided a range of drama workshops in state and private schools related to GCSE English and Drama curricula.

Secondary: We visited Secondary Schools in Reading, Wokingham, and beyond in our first ever Shakespeare Schools Tour, a co-production with Guildford Shakespeare Company and Orange Tree Theatre. The tour reached 3000 people in total and nearly 900 in Reading alone, introducing GCSE students to the world of Shakespeare. It was very well received by the schools with teachers thanking us for the opportunity and describing it as “magnificent!”; “excellent”; “so much better [than some other school performances]”; and providing “many students with their first ever experience of a live Shakespeare performance.”

Youth Theatre & Summer School: Our year-round youth theatre groups continue to grow. They performed a musical extravaganza on our stage in July and, after Christmas, we expanded our offer, dividing the students into three groups rather than two so that we could cater for all ages from 5-16. In August, we ran a sold-out one-week West End Experience musical summer school for ages 11+, introducing the students to stars from the West End shows including Life of Pi and Matilda and giving them the opportunity to perform on our stage at the end of the week. We also partnered with the Reading Holiday Activities and Food Programme for the first time, which allowed us to offer free places in summer schools, including a nutritious meal, to children identified as needing help, and we introduced a Reading Rep bursary scheme to ensure that there are no financial barriers to joining our youth theatre.

Further Education: We continued our work with aspiring creatives in Further Education, delivering 400 hours of vocational tuition and guidance to students studying at levels 2 & 3 with Activate Learning at Reading College and mentoring them through their work experience, working Front of House. In June, the students delivered their Final Major Project, Lawyers Paradise & Firestarter in the theatre to a full audience.

University of Reading: Students from the University of Reading gained professional experience in production roles at Reading Rep through a placement scheme. We worked across a wide range of projects with students and staff from the Film, Theatre, and Television department (FTT), all focused on bridging the gap between HE and working in the industry.

Adult Community Groups: “It feels empowering and healing to write creatively" (Compass Recovery College participant). We delivered free workshops with the mental health charity, Compass Recovery College, and free drama workshops with Bounce Back for Kids, a charity using therapeutic techniques to support children who have survived or witnessed domestic abuse. In addition, we provided creative writing workshops to Alana House, which offers a holistic approach to supporting and empowering women who have faced abuse. All of these workshops were very well received with participants commenting that they had ‘grown in confidence’, ‘felt safe and secure’, and ‘loved having the space to think creatively.’

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Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Neurodivergent young people : We ran free workshops for SEN specialist schools Addington School and The Avenue at the beginning of the year and welcomed Thames Valley School (a specialist school for students with autism) to the theatre in December with a free workshop focused on ‘It’s a Wonderful Life’ to accompany their first visit to the theatre. Their students were effusive in their enjoyment of the experience and all promised to come again! We also continued to build relationships with students from the Learners with Learning Disabilities and Difficulties (LLD/D) department of Reading College, inviting them to see Potted Panto in a special relaxed performance as part of our Free Tickets initiative. Additionally, we welcomed Make Sense Theatre into the theatre to rehearse and perform their own production in July.

Open Day: Our second open day in February saw about 50 new people and their families come through the doors of Reading Rep to explore our venue, enjoying different activities throughout the building: a Teddy Bear Storytime for the youngest visitors; arts and crafts and a Children’s Book Club in the theatre; a performance from our youth theatre; and a screening of our production of Peter Pan. This was a valuable opportunity for us to meet and better understand our hyperlocal community, and one which we plan to continue at least annually.

Equality, Diversity, and Inclusion

At Reading Rep, we are deeply committed to being an inclusive and diverse organisation: a cultural home for all and a true reflection of the vibrant community around us. We strive to ensure that everyone who works with us or visits our theatre feels welcome, respected, and valued. Moreover, we believe that the imaginative work we present on stage should authentically reflect the world we live in and the people of the region we serve.

As a disabled-led, building-based charity, we exist to ensure that everyone, regardless of their background, has access to high-quality culture. Equality, Diversity, and Inclusion (EDI) are not just aspirations for us— they are at the very core of everything we do. This year, we are proud of the significant strides we’ve made to ensure greater accessibility and inclusivity across all areas of our organisation and our artistic output.

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Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Reading Rep’s commitment to EDI extends beyond our immediate operations. By fostering a culture of accessibility and inclusion, we aim to set a standard for regional theatres and inspire change across the sector. We remain steadfast in our belief that theatre is for everyone, and we are proud of the meaningful progress we have made this year in creating a more equitable cultural landscape.

Access and Anti-Ableism

In our ongoing commitment to accessibility, we held one Access performance for every production and expanded to four performances during our Christmas season. These included British Sign Language (BSL) interpreted, relaxed, and dementia-friendly performances. Collaborating closely with creative teams and specialists, we ensured these events were impactful and meaningful, forging lasting connections with the communities and groups that rely on and value these services. These efforts reflect our dedication to breaking down barriers and welcoming all audiences to enjoy high-quality theatre.

This year also marked the launch of our Changemaker Programme in partnership with Ramps on the Moon . As a Ramps on the Moon Change Partner, we joined a pioneering initiative designed to embed anti-ableism and disability equality across the performing arts sector. The programme provides workshops, training, and expert guidance to ensure accessibility is fully integrated into our productions and organisational practice. By committing to this work, we are embedding disability inclusion at the core of our operations, striving to become a leader in anti-ableist theatre making and presentation. This initiative underscores our belief that storytelling is enriched when diverse voices and perspectives are elevated and integrated into every aspect of our work.

Sustainability

Reading Rep Theatre is committed to climate justice and reducing the environmental impact of our work in response to the ongoing climate emergency. We recognise the necessity of decisive action to safeguard natural resources and mitigate the effects of climate change. As a cultural leader in Reading, we aspire to set a precedent for innovative and sustainable practices across the arts sector, inspiring others to join us in addressing this global challenge.

This year, we took several meaningful steps toward achieving these goals:

These efforts reflect our unwavering commitment to addressing the climate emergency and building a sustainable future for the arts and the wider community. We are proud to be making progress and remain dedicated to leading by example.

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Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

FUTURE PLANS

Introduction

Reading Rep is thrilled to present our most ambitious season yet, reinterpreting and reshaping beloved stories while championing bold new voices. Our 2024-25 season is about sparking inspiration, cultural dialogue, and community pride. With an exciting mix of productions, enhanced programming, and transformative education and outreach initiatives, we aim to ensure that Reading Rep continues to be a cultural beacon. From dazzling performances and collaborative productions with world-class theatres to pioneering community projects, this is a year of unparalleled creativity and growth.

Our work embodies the essence of reimagining—taking familiar tales and reinventing them to ignite the imagination, while fostering inclusivity, accessibility, and lifelong learning for all. Whether through our mainstage productions, outreach programmes, or educational partnerships, we are dedicated to bringing the magic of theatre to everyone, from early years to older generations. This year, we celebrate the power of storytelling and creativity to transform lives and make a lasting impact on our community.

Productions

Reading Rep continues to build on its growing national reputation as a leading producing venue in the UK. This year, we are taking bold steps to invest further in the quality and scale of our productions, enhancing both production values and audience experience. This commitment reflects our ambition to cement Reading’s place on the national cultural map and ensure our theatre remains a vibrant hub for creativity and storytelling.

Our upcoming season is set to inspire and delight with an eclectic mix of productions that demonstrate our dedication to reimagining classics, championing new writing, and providing engaging family-friendly content. This ambitious programme reflects our ongoing commitment to showcasing exceptional theatrical voices and reshaping well-loved stories to spark inspiration and cultural discussion.

Outpatient

Kicking off the season is Outpatient , written by Harriet Madeley, whose work has garnered critical acclaim. This witty and powerful solo show follows Olive, a woman grappling with an untimely death sentence. From severing ties with her partner to auditioning for a reality singing competition, Olive’s journey is a darkly humorous and deeply moving exploration of life, freedom, and identity. Returning to Reading Rep after a sell-out run at the Edinburgh Fringe, Outpatient promises laughter, tears, and profound reflection.

Shakespeare Up Close

In collaboration with Guildford Shakespeare Company and Orange Tree Theatre, Reading Rep presents Shakespeare Up Close . This dynamic production brings abridged versions of Macbeth and Romeo & Juliet to the stage in a contemporary setting. Designed to support the KS3 and KS4 curriculum, these 80-minute adaptations use Shakespeare’s original text to tell the complete story, making his works accessible and engaging for students. With clear, dynamic staging and electrifying performances, Shakespeare Up Close will inspire a new generation to connect with the Bard’s timeless themes.

The Snow Queen

Our festive season takes flight with The Snow Queen , written by Anna Wheatley. This enchanting retelling of Hans Christian Andersen’s timeless folktale features original music, dazzling visuals, and a magical sense of adventure. Follow Gerda’s courageous journey through icy landscapes as she searches for her best friend, Kai. With its captivating storytelling and Reading Rep’s signature festive magic, The Snow Queen is a joyful celebration that will warm the hearts of audiences of all ages.

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Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

The Maids

In collaboration with Jermyn Street Theatre, Reading Rep presents Jean Genet’s classic, The Maids Directed by Genesis Future Directors Award winner Annie Kershaw, this electrifying production delves into themes of power, desire, and rebellion. Inspired by the infamous Papin sisters, The Maids blurs the lines between fantasy and reality in a breathtaking spectacle of rage and revenge. With its bold direction and innovative staging, this production is set to captivate and provoke audiences.

Rainbow Rescue

Written by Sam Amestoy, Rainbow Rescue is a heartwarming and interactive children’s production that celebrates the colours and wonders of the world around us. Audiences join Jesse, a new member of the Rainbow Sighting Society, on a mission to restore the disappearing colours of the rainbow. Using song, poetry, percussion, and BSL, this vibrant show offers an engaging and inclusive theatrical experience that will delight families and young audiences.

Three Hens in a Boat

In collaboration with Watermill Theatre, Three Hens in a Boat brings Camille Ucan’s hilarious adaptation of Jerome K. Jerome’s classic novel to life. This heartfelt comedy follows three generations of women on a chaotic and touching boating adventure along the River Thames. As mishaps and misunderstandings unfold, Three Hens in a Boat reveals the humour, love, and unspoken truths that bond families together.

Enhanced Programming

This year, we are proud to expand our programming with exciting new initiatives that enhance the theatregoing experience. These include: National Theatre Live Screenings : Bringing world-class theatre to Reading through live broadcasts of acclaimed productions; hosting countless community groups and volunteer events; as well as educational training events with Reading College and The University of Reading.

Education and Outreach

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Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Ultimately, 2024/25 represents the most ambitious year in Reading Rep’s history. Through our productions, enhanced programming, and education and outreach efforts, we will achieve the greatest reach and impact yet, solidifying our place as a transformative force in Reading’s cultural landscape.

Reserves Policy

The Trustees’ policy is to maintain Operating Reserves that represent three months’ operating expenditure plus £15k for production closing costs, plus reserves for replacement of obsolete fixed assets, and an Organisational Growth Fund.

The reserves balance on 31 July 2024 is £692,902 of which £306,447 is restricted. After taking account of fixed assets, the balance of £337,745 within general funds is designated to:

Operational Reserves:

On 1st August 2024 this was budgeted to be £160,000. This is a dynamic fund that will need to increase as core costs increase year on year.

Maintenance and obsolescence fund for fixed assets £20,000:

To replace hardware or equipment no longer fit for purpose.

Organisational Growth Fund: £157,745:

This fund is designed to allow us to be reactive to opportunities that arise in the coming years as we go through this period of change.

Restricted Funds

Funds received in the year for specific purposes came to £30,000. These are recorded as Restricted Funds and are identified separately in the financial accounts.

Risk Management

The Trustees review the Company’s risk register at each quarterly board meeting and update it as appropriate. The risk register covers areas such as income generation, staff retention, attracting and maintaining audiences, premises issues and more. The risk register allows the Trustees to evaluate the risks on a regular basis and take effective action when necessary.

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Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Financial risks are minimised by the controls in place at operational and board level. These include Fraud Risk Management, Purchasing and Expenses Procedures, etc.

Budgets are set by the joint Chief Executives and approved by the board who also receive quarterly management accounts. Our in-house accounting is based on Xero accounting software and kept up to date on a weekly basis.

Our accountants are Breckman & Co, the recognised leading chartered accountancy firm in the specialised field of accountancy for theatrical organisations of all types and sizes.

Fundraising

The majority of our fundraising activity continues to be through Trusts, Foundations, and Statutory sources, including major grants from the David Brownlow Charitable Foundation, Backstage Trust, and Christina Smith Foundation. This was also our first year as an Earley Charity Partner - an opportunity to join a select group of supported organisations which The Earley Charity approached us with directly. These successful long-standing relationships, alongside individual giving and corporate income streams allowed us to overcome the increasingly competitive and challenging funding landscape and focus on successfully securing longer term support from the National Lottery Community Fund and The Edward Gostling Fund which we look forward to reporting on in more detail in future years.

Reading Rep Theatre is in full compliance with the rules and guidelines as prescribed by The Charities Act 2016 and Charities SORP and abides by the Code of Fundraising Practice as set out by the Fundraising Regulator, of which we are a member. We received no complaints regarding our fundraising activities during the period.

Small company exemptions

This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.

This report was approved by the Board of Trustees on 4 April 2025 and signed on its behalf by

Aidan Grounds – Chair

Trustee

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Independent Examiner's Report to the Trustees of Reading Repertory Theatre

I report on the accounts of the company for the year ended 31 July 2024, which are set out on pages 14 to 28.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

· follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and

Basis of independent examiner's report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 386 of the Companies Act 2006; and

· to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Richard Nelson FCCA Breckman & Company Ltd Chartered Certified Accountants

49 South Molton Street London W1K 5LH

4 April 2025

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 July 2024

Unrestricted
Restricted
funds
funds
Notes
£
£
Income and endowments from:
2
Donations and legacies
3
433,607
-
Charitable activities:
Theatre
4
322,731
30,000
Investments
3,059
-
Other - Theatre Tax Relief
5
105,271
-
Total
864,668
30,000
Expenditure on:
Charitable activities:
Theatre
6
908,482
47,500
Total
908,482
47,500
Net income / (expenditure)
7
)
(43,814
)
(17,500
Transfers between funds
18, 19
53,199
)
(53,199
Net movement in funds
9,385
)
(70,699
Reconciliation of funds:
Total funds brought forward
377,070
377,146
Total funds carried forward
18, 19
386,455
306,447		 2024
Unrestricted
Restricted
Total
funds
funds
£
£
£
433,607
496,942
-
352,731
280,598
84,100
3,059
84
-
105,271
118,227
-
894,668
895,851
84,100
955,982
883,679
66,600
955,982
883,679
66,600
)
(61,314
12,172
17,500
-
53,199
)
(53,199
)
(61,314
65,371
)
(35,699
754,216
311,699
412,845
692,902
377,070
377,146		 2023
Total
£
496,942
364,698
84
118,227
979,951
950,279
950,279
29,672
-
29,672
724,544
754,216

The notes on pages 17 to 28 form an integral part of these financial statements.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

14

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Balance Sheet 31 July 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 12 355,157 417,616
Current assets
Stocks 13 1,404 1,570
Debtors 14 152,407 161,808
Cash at bank and in hand 250,038 263,705
403,849 427,083
Liabilities:
Creditors: amounts falling
due within one year 15 (66,104 ) (90,483 )
Net current assets 337,745 336,600
Total assets less current
liabilities 692,902 754,216
The funds of the charity:
Unrestricted funds: 18
General funds - 377,070
Designated funds 386,455 -
Total unrestricted funds 386,455 377,070
Restricted funds 19 306,447 377,146
Total charity funds 692,902 754,216

For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.

The accounts were approved by the Board of Trustees on 4 April 2025 and signed on its behalf by

Aidan Grounds - Chair Trustee

The notes on pages 17 to 28 form an integral part of these financial statements.

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Cash Flow Statement for the year ended 31 July 2024

Notes
Cash flows from operating activities
25
Cash flows from investing activities:
23
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by investment activities
Change in cash at bank and in hand in the reporting period
Cash at bank and in hand at the beginning of the reporting
period
Cash at bank and in hand at the end of the reporting
period		 2024
£
)
(8,464
3,059
)
(8,262
)
(5,203
)
(13,667
263,705
250,038		 2023
£
76,591
84
-
84
76,675
187,030
263,705

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

1. Accounting policies

1.1. Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (issued October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

1.2. Incoming resources

All incoming resources are included in the Statement of Financial Activities when:

- Donations and legacies

Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:

- Charitable activities

Theatre income - income from box office, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show takes place.

Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

- Donated services and facilities

Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

- Investment income

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

1.3. Expenditure

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:

- Charitable activities

Theatre production/project costs - costs incurred in production and running of productions in the year.

- Support costs

The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs.

- Governance costs

Costs associated with the constitutional and statutory requirements of the charity.

1.4. Fund accounting

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

1.5. Tangible fixed assets and depreciation

Individual fixed assets costing £500 or more are capitalised at cost.

Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

1.6. Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised on receipt at fair value which is the amount the charity would have been willing to pay for the items on the open market

1.7. Debtors

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

1.8. Cash at bank and in hand

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

1.9. Creditors and provisions

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

1.10. Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due.

1.11. Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value.

1.12. Significant Accounting Estimates and Judgements

In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually.

2. Incoming resources

The total incoming resources for the year have been derived from the principal activity undertaken wholly in the UK.

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

3.
Income from donations and legacies
Donations
Donations/Gift Aid
Corporate membership scheme
Support in kind
Property services
IT services
Storage
Advertising services
Room hire/salaries
Grants
Arts Council England
Backstage Trust
Christina Smith Foundation
David Brownlow Charitable Foundation
The Earley Charity
Edward Gostling Foundation
The Foyle Foundation
Garfield Weston Foundation
The Linbury Trust
The Mosawi Foundation
National Lottery Community Fund
Reading Borough Council
University of Reading
Other trusts and foundations		 2024
£
7,751
5,558
106,998
16,374
7,972
5,400
8,400
32,500
40,000
40,000
50,000
20,000
-
-
20,000
-
-
22,500
-
10,154
40,000		 £
13,309
145,144
275,154
433,607		 2023
£
12,179
15,300
104,694
11,469
7,800
-
20,000
-
50,000
20,000
-
-
10,000
35,000
25,000
50,000
50,000
45,000
25,000
-
15,500		 £
27,479
143,963
325,500
496,942

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

4.
Income from charitable activities
Theatre income
Box office
Fees
Bar sales
Workshops
Other income
Project specific funding
Grants/donations
Arts Council England
Bailey Thomas Charitable Fund
Berkshire Community Foundation
National Theatre Connections
Reading Borough Council
5.
Other income
Theatre tax relief (TTR)		 2024
£
189,185
91,225
41,596
725
-
322,731
-
-
-
-
30,000
30,000
352,731
2024
£
105,271		 2023
£
153,094
90,682
35,170
125
1,527
280,598
60,000
10,000
7,500
6,600
-
84,100
364,698
2023
£
118,227

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

6.
Expenditure on charitable activities
Theatre
Production/project costs
Opening stock
Closing stock
Production costs
Fees: cast/creatives/education/outreach
Bar costs
Workshop expenses
Amortisation of short leasehold
Depreciation of bar/theatre equipment
Support costs - see below
Governance costs - see below
Support and governance costs
Support costs
Office overheads
Depreciation of fixed assets
Staff costs
Other staff costs and fees (including support in kind)
Administration costs
Professional and finance
Total support costs
Governance costs
Accountancy/consultancy
Bookkeeping
Board expenses
Total governance costs		 2024
£
1,570
)
(1,404
148,680
109,357
16,057
1,593
53,199
16,827
345,879
581,645
28,458
955,982
2024
£
128,781
695
292,865
52,719
102,944
3,641
581,645
6,250
21,161
1,047
28,458		 2023
£
1,339
)
(1,570
106,436
123,408
13,236
2,050
53,199
16,379
314,477
610,575
25,227
950,279
2023
£
138,495
400
316,553
44,463
102,774
7,890
610,575
4,000
21,207
20
25,227

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

7. Net income / (expenditure) for the year is 2024 2023
stated after charging: £ £
Depreciation of tangible fixed assets 70,721 69,978
Independent Examiner's remuneration
- independent examination 3,600 3,600
- other services 1,000 1,000

8. Trustees' emoluments and reimbursed expenses

The trustees received no remuneration during the year (2023 - £nil).

The aggregated amount reimbursed to trustees during the year was £nil (2023 - £nil).

9.
Staff costs and numbers
Staff costs
Salaries and wages
Social security costs
Pension costs		 2024
£
262,921
18,546
11,398
292,865		 2023
£
285,748
19,773
11,032
316,553

No employee earned £60,000 or more during the year (2023 - nil).

The key management personnel of the charity comprise of the Trustees and the Senior Management Team. The total employee benefits and fees of the key management personnel of the charity were £104,211 (2023 - £92,015).

Staff numbers

The average numbers of employees (including casual and part time staff) during the year was made up as follows:

up as follows:
2024 2023
Number Number
Administration 10 10

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

10. Pension costs

The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £11,398 (2023 - £11,032).

11. Corporation Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12.
Fixed assets - tangible assets
Short
Office/
Bar/
leasehold
computer
theatre
property
equipment
equipment
£
£
£
Cost
1 August 2023
563,118
1,925
67,033
Additions
-
1,946
6,316
31 July 2024
563,118
3,871
73,349
Depreciation
1 August 2023
168,560
1,688
44,212
Charge for year
53,199
695
16,827
31 July 2024
221,759
2,383
61,039
Net book values
31 July 2024
341,359
1,488
12,310
31 July 2023
394,558
237
22,821		 Total
£
632,076
8,262
640,338
214,460
70,721
285,181
355,157
417,616

Short lease hold property - these are costs incurred in the new theatre project. Amortisation of the costs will be over the remaining life of the lease on completion of the theatre.

13. Stocks 2024 2023
£ £
Stocks 1,404 1,570

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

14.
Debtors
Trade debtors
Other debtors
Prepayments and accrued income
15.
Creditors: amounts falling due
within one year
Trade creditors
Other creditors
Accruals
Deferred income (note 16)
16.
Deferred income
Balance at 1 August 2023
Amount released to incoming resources
Amount deferred in the year
Balance at 31 July 2024		 2024
£
12,802
697
138,908
152,407
2024
£
9,386
910
31,666
24,142
66,104		 2023
£
4,090
2,406
155,312
161,808
2023
£
4,762
2,911
22,204
60,606
90,483
£
60,606
)
(60,606
24,142
24,142

Deferred income relates to box office, hire and fee income received in advance.

17. Limited by guarantee

The private company is limited by guarantee, registered in EW - England & Wales, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £10, to the company should it be wound up. At 31 July 2024 there were 7 members.

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

18. Unrestricted funds Brought Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
General fund 377,070 864,668 )
(908,482		 )
(333,256		 -
Designated funds:
Operational reserves - - - 160,000 160,000
Maintenance
and		 - - - 20,000 20,000
obsolescence fund
Organisational growth fund - - - 157,745 157,745
Fixed assets - - - 48,710 48,710
377,070 864,668 )
(908,482		 53,199 386,455

Operational reserves

This fund represent three months' operating expenditure plus £15k for production closing costs. This is a dynamic fund that will increase as core costs increase year on year.

Maintenance and obsolescence fund

A fund designated for replacing hardware or equipment no longer fit for purpose.

Organisational growth fund

This fund is designed to allow the charity to be reactive to opportunities that arise in the coming years as we go through periods of change.

Fixed assets

The value of unrestricted funds held within fixed assets.

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

19. Restricted funds Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
Fixed assets - Capital project 359,646 - - )
(53,199		 306,447
Shakespeare in Schools 7,500 - )
(7,500		 - -
Youth Theatre programme 10,000 - )
(10,000		 - -
Rumble Under The Rug - 30,000 )
(30,000		 - -
377,146 30,000 )
(47,500		 (53,199 ) 306,447

Fixed assets

This fund consists of grants/donations received specifically for the purchase of fixed assets. The funds are transferred to the general fund over the expected useful life of the assets.

The balance at 31 July 2024 is attributable to:

The balance at 31 July 2024 is attributable to: £ Capital project 306,447

Shakespeare in Schools

Funds received for the Shakespeare School Tour in autumn 2023.

Youth Theatre programme

A year-long programme of Youth Theatre activities for disadvantaged young people with learning difficulties.

Rumble Under The Rug

A production of tour of The Rumble Under the Rug Spring 2024.

20.
Analysis of net assets between funds
Designated
Restricted
funds
funds
£
£
Fund balances at 31 July 2024
are represented by:
Tangible fixed assets
48,710
306,447
Net current assets
337,745
-
386,455
306,447		 Total
£
355,157
337,745
692,902

Docusign Envelope ID: 1E14E162-1C3C-4D81-8339-7F02DC04A2E7

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2024

22. Related party transactions

Trustee Paul Newman is an Executive Director at Activate Learning. During the year there was fee income received of £30,000 (2023 - £30,000) from Activate Learning.

Activate Learning additionally provided in-kind support valued at £106,998 (2023 - £104,694) related to property services during the year.

23.
Gross Cash Flows
2024
£
Returns on investments and servicing of finance
Interest received
3,059
Capital expenditure
Payments to acquire tangible assets
)
(8,262
24.
Analysis of changes in net funds
Opening
Cash
balance
flows
£
£
Cash at bank and in hand
263,705
)
(13,667
Net funds
263,705
)
(13,667
25.
Reconciliation of net income to net cashflow from operating activities
2024
£
Net (expenditure)/income for the reporting
period (as per the statement of financial
activities)
)
(61,314
Depreciation
70,721
Dividends, interest and rents from investments
)
(3,059
Decrease/(increase) in stocks
166
Decrease/(increase) in debtors
9,401
(Decrease)/increase in creditors
)
(24,379
Net cashflow from operating activities
)
(8,464		 2023
£
84
-
Closing
balance
£
250,038
250,038
2023
£
29,672
69,978
)
(84
)
(231
)
(47,405
24,661
76,591		 2023
£
84
-
250,038
2023
£
29,672
69,978
)
(84
)
(231
)
(47,405
24,661
76,591