Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Company number 07907370 Charity number 1147048 Reading Repertory Theatre (Llmlted by Guarantee) Report and Financial Statements for the year ended 31 July 2025 Breckman & Company Ltd Chartered Certified Ac¢ountsnts 49 South Molton Street London W1K 5LH
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Contents Page Reference and Administrative Detsils Trustees, Report 2-11 Independent Examiner's Report 12 Statement of Financial Activities (including Income and Expenditure Account) 13 Balan Sheet 14 Cash Flow Ststemenl 15 Notes to the Financial Statements 16-28
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 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. Direetots and trustees The directors of the charitable company I'the charity l are ils Iruslees for the purpose of charity law and throughout this report are collectively referred to as the trustees. As sel out in the Articles of Association the Iruslees are appointed by members of Reading Repertory Theatre at our Annual General Meeb'ng IAGMI or by postal vote. Policies and procedures adopted for the indu¢lion 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 Adam Baghdadi Judith Foss Aidan Grounds- Chair Jonathan Holley Paul Newman Christie O'carroll Tariq Rifaat Alan Stacey Suzanne Stallard Hall- Vice Chair appointed 10 October 2025 resigned 10 March 2026 appointed 1 October 2025 resigned 31 July 2025 resigned 31 July 2025 Secretary Yolande Box resigned 31 July 2025 Chlef executlvelday to day management Paul Stacey and Nick Thompson Independent examiners Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1 K 5LH. Bankers Barclays Bank plc, 90-93 Broad Street, Reading RG12AP. Registered office and operation address Reading Rep Theatre, Kings Road, Reading RG14LY. Correspondence address Reading Rep Theatre, Reading College, Kings Road, Reading RG14HJ.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report The Iruslees present their report together with the financial slalemenls for the year lo 31 July 2025. The reference and adminislralive detsils sel out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2008, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Principal Activity Reading Rep Theatre is a professional, disabled-led, building-based, producing theatre and we exist lo ensure that everyone in Reading, especially those with least opportunity, can access theatre. Our mission is lo strengthen the communities we serve by making work with, by and for Reading. Structure, Governanea and Managamont Organisational structure The company is run and managed on a day-104ay basis by the Founding Artistic Director and Joint CEO and the Executive Director and Joint CEO. Decisions 8re made on a day-lo-d8y man8gemenl 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 organisalions, 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 lo identify the major risks to which the company is exposed. Systems have been pul in place lo miligale these risks and the risks are reviewed quarterly via the company's risk register. Objoctives and activities for the publi¢ benefit In shaping our objectives for the year and planning our a¢livities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit.. running a charity IPB21'. VISION To enhance civic pride and put Reading on the national cultural map. MISSION To transform lives through theatre. Key Personnel: P8uI Stscey". Nick Thompson.. Founding Artistic Director and Joint CEO Executive Director and Joint CEO Full lime Full time
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report KEY ACHIEVEMENTS In 2024125, Reading Rep Theatre strengthened ils position as a producing theatre of national significance while stsying proudly rooted in Reading. Across the year, our programme combined ambition and range.. acclaimed contemporary work, bold classics, a major festive production, and touring theatre for early years aUdienS. A standout milestone was The Snow Queen, our first disabled-led production, an important slep in our commitment lo disability leadership and inclusive practice. Beyond the stage, ENGAGE reached nearly 20,000 people. delivering high-quality creative activity across early years, youth theatre, schools and community participation. Time and again, partners and participants spoke about the professionalism. care and impact of this work. We are building a theatre that is artistically confident, community-connecled and values-led, placing access, inclusion and sustsinability al the heart of how we make and share work. Thank you to our staff. artists, freelancers, volunteers, Iruslees and partners. We move into the next year with momentum, and with bigger ambition still. AT A GLANCE: 2024125 8 productions presented, spanning new writing, reimagined classics, festive theatre and early years touring. The Snow Queen became our first disabled-led production, marking a major step in our anti-ableisl practice. Nearly 20,000 people engaged through perfOrManS, participation and learning activity. ENGAGE delivered high-quality creative programmes for early years, schools, young people and communities across Reading. National collaborators and artists chose to make work with Reading Rep, strengthening our repulats.on beyond the region. Audience development and marketing reset, underpinned by a major consultancy commission and clearer growth strategy. Improved financial resilience, supported by endowment and mulli-year funding. Hundreds of artists, freelancers and volunteers employed and supported across the year, contributing lo the local and regional creative economy.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre Llmlted by Guarantee) Trustees, Roport PRODUCTIONS ON STAGE The 2024125 onstage programme marked a decisive step forward for Reading Rep Theatre as a producing house. Across the year, our work attracted fi've-stsr national press, major festival recognition, strong box office performance, and deep educational and community Impact. For a studio venue, the breadth of ambition, consistency of quality and level of critical allenlion achieved were exceptional, demonstrating a theatre operating confidently and credibly al national level. Aongside delivery. we continued to invest in future work through commissioning and artist development, ensuring strong and sustainable pipeline of original productions and new Vol5. Together, this created a season defined by ambition. Care and creative risk, slrenglhening Reading Rep Theatre's reputation as a producing house making a disproportionate impact on the national stage. Outpatient
Produced with Harriet Madeley and Crowded Room, Outpalienl opened the season with a powerful, intimate examination of lived experience within the NHS mental he8lth system. Following ils Summerhall Luslrum Award for Unforgettable Theatre at the Eolinburgh Fringe and inclusion in Lyn Garolner's Picks of the Fringe, Reading Rep's previews and post-festival run positioned the theatre as a home for urgent, socially engaged new work by emerging voices. The Snow Queen One of The Guardian's Top 20 Christmas Shows Our festive production reimagined Hans Christian Andersen's classic with scale, Imagination and technical assurance. The production allracled large family audiences and signfficant numbers of firsl-lime bookers, performed strongly al the box offi, and secured national critical recognition - confirming Reading Rep's growing status as Reading's festive theatre destination. The Maids * (Financial Times) Jean Genet's The Maids demonstrated Reading Rep's appetite for bold, stylised drama. Visually striking and psychologically intense, the production explored power and identity through a contemporary lens. Three Hens in a Boat
A new commission from Reading Rep Theatre, written by Reading-based writer Camille Ucan and co- produced with The Walermill Theatre, Three Hens in a Boat delivered warm. funny and deeply resonant storytelling. The production connected strongly with mulli%eneralional audiences and exemplified our commitment to new writing, local voices and strategic producing partnerships.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report Macbeth and Romeo & Juliet Educational touring co-productions with Guildford Shakespeare Company and The Orange Tree Theatre These large-scale touring productions reached schools across the South East, playing lo thousands of students- many experiencing live theatre for the first lime. Combining artistic excellence with clear educational value, the lour significandy extended Reading Rep's reach and impact beyond the main stage. Rainbow Re8¢ue Designed for children ageol 1-6, Rainbow Rescue delivered a joyful, inleraclive early-years experien through music, sensory play and imaginative storytelling. Touring schools. libraries and community venues, the production engaged over 1,000 children and remains central lo our commitment to early Creative engagement. EDUCATION AND OUTREACH In 2024125, ENGAGE reached just under 20,000 people, delThiering one of the most exlensThie education and outreach programmes in the organisalion's history. As noted in a paper presented at the HE Future of Drama Conference.. 'Working with Reading Rep Theatre was essential. Their infrastructure, relationships with Ioc81 schools, and artistic credibility made il possible lo deliver work of genuine impact.. Early Years Over 1,000 children and family members engaged with Rainbow Rescue, many experiencing live theatre for the first lime. Delivery was free to libraries, schools and nurseries in the most deprived areas, ensuring equitsble access. Demand also supported expanded Teddy Bear Story Time provision, reaching 250 families. Youth Theatre and Hollday Programmes Youth Theatre participation doubled, prompting expanded provision and multiple performances. Festival organisers praised the work, describing the young performers, professionalism, energy and confidence as exceptional. Holiday provision expanded signffi¢anUy, including sold-out summer schools. increased Easter delivery and a new Christmas programme. Through the Holiday Activities and Food Programme, children facing financial disadvantage were welcomed, with allendance exceeding benchmarks.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report Schools. Further and Higher Education Primary workshops engaged 400 children across 15 schools. The Shakespeare Schools Tour reached 7,000 students across the South East, including over 1,000 locally, many experiencing live theatre for the first time. The inaugural Berkshire Drama Festival, delivered with the University of Reading, reached 2,000 young people and teachers. Further and Higher Education partnerships provided 400 hours of vocational tuition, professional mentoring and paid employment pathways for students. Communlty and Adult Partl¢lpatlon Community projects supported wellbeing and connection. with participants describing the work as inspiring and confidence-building. Reading Rep also strengthened ils role as a community hub by hosting weekly support sessions for Compass Recovery College, a local mental heah charity. ACCESS, INCLUSION AND SUSTAINABILITY Access, inclusion and social justice are fundamental to Reading Rep Theatre's work. Every production included at least one access performan, with expanded provision during the Christmas season. Over 100A of tickets were distributed through free tickets, community partnerships and targeted pricing. The Snow Queen became Reading Rep's first disabled-led production, marking a major milestone in disability leadership. The organisalion continued as a Change Partner in the Ramps on the Moon Changemaker Programme, embedding anli-ableisl practs across artistic and organisalional processes. Suslainabilily remained embedded at governance level. During the year we won the Sustainability Champion award al the Reading Cultural Awards for our work delivering the CuUral Sustainability Forum alongside Jelly Arts,. repurposed or redislribuled all used snery,. and supported the Culture DlareS Climate Justi campaign. CLOSING STATEMENT Together, this work reflects an organisalion growing with purpose in a challenging cultural landscape. At a lime when many thèatres are under increasing pressure, Reading Rep Theatre is proud lo have expanded its social and creative impact. deepened its practice, and continued to make exceptional work. We are also in the early st8ges of a new Ihree-way partnership with the Univeisily of Reading and A¢livale Learning to co-deliver programmes, with the potential to pioneer a world-first model for skills and training In Reading and the wider screen sedor.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report As a studio Ihealre, we are increasingly delivering 8t a scale that exceeds our size, punching above our weight through ambition, collaboration and care, and bLJilding a producing model that is resilient, values-led and sustsinable for the future. FUTURE PLANS.. 2025126 Looking ahead lo 2025126, Reading Rep Theatre's focus Is on consolidating recent growth while continuing lo increase the scale, quality and impact of our work. Building on the momentum of recent seasons, the year ahead represents a confident next slep in our artistic programme alongside a sustained commitment lo education, engagement and community connection. Across all activity, our priorities are clear.. exceptional slorylelling, deepened partnerships, and reaching wider and more diverse audiences across Reading and the region. Together, these ambitions support Reading Rep's continued development as a producing theatre of regional and national significance, firmly rooted in the commLJnities we serve. Productions The 2025126 programme reflects Reading Rep's growing artistic confidence and producing maturity. Spanning contemporary work, reimagined ¢lassi¢s. family theatre and education-focused touring, the season balances artistic ambition with audien development and access. The Last Fiv& Years The season opens with Jason Robert Brown's The Lasl Five Years, c0-produd with The Barn Theatre, Cirencester and Theatre Royal Bath. This collaboration represents a significant slep in Reading Rep's ct producing profile, strengthening national partnerships while demonstrating enhanced musical theatre capability and our Commitment to reimagining modern classics with precision and Care. Macbeth and Romeo & Juliet Our partnership with Guildford Shakespeare Company continues for a third consecutive year. delivering curriculum-linked touring productions directly lo secondary schools across Berkshire. These dynamic adaptstions prioritise clarity, accessibility and impa¢l, introducing hundreds of young people- many for the first lime- lo live Shakespèare while supporting classroom learning. A Christmas Carol Our fl8gship fèstive production returns with Beth Flintoff s A Chrislm&s C8rol, reimagined and set in Victorian Reading. Combining original music, striking design and ensemble storytelling, the production plays a vital role in audience development and financial resilience, while strengthening Reading Rep's identity as the town's festive theatre destination. Rabbit on the Run Designed for young audiences and families, Rabbit on the Run continues our commitment to early years and family programming. Playful, interactive and imaginative, the production supports our long-lerm aim of nurturing creativity anol a love of theatre from the earliest age.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report Educating Rita Willy Russell's Educating Rifra returns in a contemporary staging directed by Annie Kershaw, following her recent successes at Reading Rep. The production reflects our ongoing commitment lo character4riven storytelling and lo reinterpreting twenllelh-ntury classics wrf(h clarity, relevance and emotional depth. Prfvate Llves Noel Coward's Private Lives brings wit, pace and Ihealrical flair lo the spring programme. This sophisticated comedy broadens the season's tonal range and appeals to both core and new audiences through rts sharp dialogue and enduring appeal. Toechers Closing the season, Teechers, co-produced with The John Godber Company, delivers high-energy, socially engaged theatre that speaks directly lo young people and educators. Ils accessible style and ensemble performance reinforce Reading Rep's commitment lo engaging new and diverse aUdIenS through bold, relevant storytelling. EDUCATION. ENGAGEMENT AND PARTICIPATION {ENGAGEI In 2025126, ENGAGE will continue lo funcb.on as a connected pipeline, supporting creative development while building long-lerm relationships with audiences. Our ambition is simple and intentional." to enable people of all ages to encounter theatre early, engage deep, and develop a lasting love of the arts. ENGAGE activity is designed lo support both personal development and audien growth nurturing confiden, creativity and wellbeing while strengthening future participation in Reading Rep's artistic programme. Key priorities for the year include.. Developing a new Early Years touring production alongside expanded Teddy Bear Story Time provision Expanding Youth Theatre and reintroducing a Young Company lo support progression and retention Increasing holiday provision, including Film School partnerships with the University of Reading Strengthening schools partnerships, particularly where access to creative education is under pressure Broadening work experience and professional pathways for Further and Higher Education students Community and adult participation will continue to deepen through partnerships with local groups and Charities, with adu classes slruclured lo improve focus, continuity and sustained engagement. ACCESS AND INCLUSION A¢$$ and inclusion remain embedded across all future planning. In 2025126, we will expand workshops and theatre visits for SEN schools, Increase provision for neurodivergent young people, and continue lo integrate access into productions and participation activity by design rather than as an add-on. Alongside this, Reading Rep will work with a Change Agent through Ramps on the Moon, a nationally signfficanl organisalion recognised for ils leadership in disability equality and anli-ableist practice. This partnership will support the continued development of skills, confidence and organisalional capacity across the Ihealre, ensuring that access and anIable1$1 practice remain priority areas as Reading Rep grows.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report LOOKING AHEAD Together, this work reflects an organisalion growing with purpose in a challenging cultural landscape. Al a lime when msny Ihealres are under increasing pressure, Reading Rep Theatre is proud lo have expanded ils social and creative impact, deepened ils practice, and continued to make eXptIOnal work. We are now building on that momentum through a new Ihree-way partnership with the University of Reading and Aclivale Learning to co4eliver programmes, with the potential to pioneer a world-firsl model for ski118 and training In Reading and the wider screen sector. As a studio theatre, we are increasingly delivering al a scale that exceeds our size, punching above our weight through ambition, collaboration and care, and building a producing model that is resilient, values- led and sustsinable for the future. Reserve8 Pollcy The Trustees, policy is to maintain Operating Reserves that represent three months, operating expenditure plus £15k for prodLJCtion closing costs. plus reserves for replament of obsolete fixed assets, and a Strategic Investment reserve. The reserves balance on 31 July 2025 is £873,445 of which £420,197 is designated for.. Operational Reserves £184,523 On 1 sl August 2025 this was budgeted lo be £184,523. This is a dynamic fund that will need lo increase as core costs increase year on year. Malntenance and obsolescence fund for flxed assets £40,000 To replace hardware or equipment no longer fit for purpose. Strategi¢ Development Fund £111,771 This fund is lo provide critical support during unforeseen disruptions that could impact our theatre's operation5, bul without the need for winding up. Thi5 includes natural disasters, pandemics and building emergencies. Artistic Development Fund £40.000 This fund is designated for the research and development of artistically ambitious productions. Restricted Funds Funds restricted in the year for specific purposes came lo £253,248. These are recorded as restricted funds and are identified separately in the financial accounts. Endowmont Funds The Edward Goslling Fund of £200,000 is an endowment established by the Edward Gosling Foundation lo support Reading Rep Theatre's charitable activities and long-lerm financial resilience.
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Trust&es' Report Risk Management The Trustees review the Company's risk register at each quarter board meeting and update f( as appropriate. The risk register covers areas such as income generation, staff relenlion, attracting and maintaining audiences, premises issues and more. The risk register allows the Trustees lo evaluate the risks on a regular basis and tske effective action when necessary. Financial risks are minimised by the controls in place al operational and board level. These include Fraud Risk Management, Purchasing and Expenses prodUres, etc. Budgets are set by the joint Chief Executives and approved by the board who also receive quarterty management accounts. Our in-house accounting is based on Xero a¢counting software and kept up lo dale on a weekly basis. Our accountants are Breckman & Company Limited, the recognised leading chartered accountancy limi in the specialised field of accountancy for theatrical organisations of all types and sizes. Fundraising Despite a challenging national funding environment for producing theat$, Reading Rep Theatre experienced a strong and stable year of fundraising. Continued success in securing trust and foundation support enabled the organisalion lo deliver ils artistic and community programmes while also dedicating meaningful capacity lo future planning and income development. During the year, Reading Rep received significant support from a range of char(table funders, including the National Lottery Community Fund, Backstage Trust, Christina Smith Foundation and The E8rley Ch8rily, alongside ongoing income from The Edward Goslling Fund, an endowment established through the Edward Goslling Foundation. This continued support reflects the strength of our long-lerm relationships and the confidence funders place in Reading Rep's 8rtislic vision, communty impact and org8n1li0nal resilience. We were also pleased to work with Vale & Wesl as a production sponsor for Snow Queen. Founded over a century ago and deeply r¢)oled in Reading, Vale & Vvest share our commitment to supporting the town and its communities. While our organisalions were established for very different purposes, this partnership demonslraled a strong alignment in values and a shared belief in the Importan of investing in local culture and opportunity. Recognising the importance of long-term sustainability. 2024125 also provided an opportunity to invest time in strategic fundraising development. Working with an external consultant, Reading Rep undertook planning work focused on future Income diversification and capacity-building, particularly In relation lo individual giving. While this remains an area for growth rather than a major income stream at present, this work has laid Important foundations for future development. Reading Rep Theatre is fully compliant with the Charities Act 2016 and Charities SORP, and adheres to the Code of Fundraising practi as sel out by the Fundraising Regulator, of which we are a member. No complaints were received rardIng our fundraising activities during the period. 10
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Llmlted by Guarantee) Trust&es' Report Small company exemptiOll8 This report is prepared in accordance with the provisions of the Companies Act 2006 relating lo small companies. This report was approved by the Board of Trustees on 27 April 2026 and signed on its behalf by 81gTh•d tsy.. 8DC123F4DDFQ427 Aidan Grounds- Chair Trusteo
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Independent Examinerfs Report to the Trustees of Reading Repertory Theatre I report on the accounts of the company for the year ended 31 July 2025, which are set out on pages 13 to 28. Respective responsibilities of trustees and examiner The Iruslees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The Iruslees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Acll and that an Independent examination is needed. The charity's gross income exceeded £250,000 and l am qualified lo undertake the examination by being a qualified member of The Association of Chartered Certified Accountants. Having satisfied myself that the charity is not subject lo an audit under company law and is eligible for independent examination, It is my responsibility to.. examine the accounts under section 145 of the 2011 Act., follow the procedures laid down in the general Directions given by the Charity Commission lunder section 145151{bl of the 2011 Act., and slate whether particular matters have come lo my attention. Basis of independent examiner's report My examination was carried out in accordan 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 sel out in the statement below. Indepondent examinerfs statement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause lo believe that in, any material respect, the requirements". to keep accounting records in accordance with section 386 of the Companies Act 2005., and lo 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 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 81gnDd by.. 04rf/ Richard Nelson FCCA Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH 27 April 2026 12
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Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Balance Sheet 31 July 2025 2025 2024 Notes Fixed assets Tangible assets 12 297, 151 355,157 Current assets Stocks Debtors Cash at bank and in hand 13 14 1,061 250,195 459,025 1,404 152,407 250,038 Liabilities- Creditors.. amounts falling due within one year 710,281 403,849 15 1133,9871 166,104) Net current assets 576,294 337,745 Total assets less Current 873,445 692,902 The funds ofthe charlty: Unrestricted funds.. Designated funds 18 420,197 386,455 Total unrestricted funds 420,197 386,455 Restricted funds Endowment funds 19 20 253,248 200,000 306,447 Total charity funds 873,445 692,902 For the year ending 31 July 2025 the company was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable lo companies subject to the small companies regime. The accounts were approved by the Board of Trustees on 27 April 2026 and signed on its behalf by Slgfi•d tsy.. Aidan Grounds- Chair Trustee The notes on pages 16 to 28 form an integral part of these financial statements. 14
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Cash Flow Statement for the year ended 31 July 2025 2025 2024 Notes Cash flows from operating activities 26 196,460 18,4641 Cash flows from investing activities: Dividends, interest and rents from investments Purchase of propety, plant and equipment 24 14,208 11,6811 3,059 18,2621 Net cash provided by investment activities 12,527 15,2031 Change in cash al bank and in hand in the reporting period Cash al bank and in hand al the beginning of the reporting period Cash at bank and in hand at tho end ofthe reporting period 208,987 {13,6671 250,038 263,705 459,025 250,038 15
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 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 lissued October 20191 applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- {Charilies SORP IFRS 10211, 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 ststed in the relevant accounting policy notes. 1.2. Incoming resources All incoming resources are included in the Statement of Financial Activities when.. the charity Is legally entitled to the funds any performance conditions allached lo the income have been mel or are fully within the control of the charity there is sufficient certainty that reeeipl of the income is considered probable the amount can be reliably measured Donations and legacies Granlsldonalions are recognised in incoming reSoUrS in the year in which they are receivable, except as follows.. when donors specify that grantsldonalions given to the charity must be used in future accounting periods, the income is deferred until those periods when donors impose condib'ons which have to be fLJlfilled before the charity becomes entled lo use such income, the income is deferred and not included in incoming resources until the preconditions for use are met. Charitsble 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 lakes pla. Project specific funding when donors specify that donations and grants are for particular reslricled 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 mel, 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 lo the charity which is the amount the charity would have been willing to pay lo obtain services or facilities of equivalent economic benefit on the open market, a corresF)onding amount is then recognised in expenditure in the period of receipt. 16
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 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.. there is a legal or conslruclive obligation to make a payment il is probable that settlement will be required the amount of the obligation can be measured reliably Charitable activities Theatre productionlprojecl costs costs incurred in production and running of productions in the year. - Support eosts The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attribLJtable lo theatre production costs. - Governance costs Costs associated with the conslitulional and statutory requirements of the charity. 1A. Fund accounting Funds held by the charity are either". Unrestricted general funds - these are funds which can be used in accordance with the charitable objects al the discretion of the trustees. Designated funds these are unrestricted funds of the charity which the trustees have decided at their discretion lo set aside lo use for a specific purpose. Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds these are funds which the charity must hold and otain and not spend as income. The income arising is used for charitable purposes and capital gains are retained within the fund. Included here both permanent and expendable endowments. 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 al annual rates calculated lo write off the cost less residual value of each asset over ils expected useful life, as follows.. Short leasehold properties Officelcomputer equipment Barlthealre equipment Straight line over 10 years and 6 months Straight line over 4 13 years Straight line over 4 years 17
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 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 wlling lo 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 lemi highly liquid investments with a short maturity of three months or less from the dale 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 lo a third paty and the amount due to settle the obligation can be measured or eslimaled 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. Flnanclal 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 al transaction value, and subsequenuy measured at their settlement value. 1.12. Significant Aeeounting Estimates and Judgements In determining the carrying amounts of rtain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities al the balance sheet date. The charity's estimates and assumptions are based on historical experienee and expectation of future events and are reviewed annually. Incomlng resources The total incoming reSoUrS for the year have been derived from the principal activity undertaken wholly in the UK. 18
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 Income from donations and legacies 2025 2024 Donations DonalionslGift Aid Corporate membership scheme 9,788 3,813 7,751 5,558 13,601 13,309 Support In klnd Propety servi$ IT ServIS Storage Advertising services Room hirelsalaries 114,106 16,262 106,998 16,374 7,972 5,400 8,400 11,200 8,400 149,968 145,144 Grants Backstage Trust Christina Smith Foundation David Brownlow Charitable Foundation The Earley Charity Garfield Weston Foundation University of Reading Other trusts and foundations 40,000 40,000 50,000 20,000 20,000 10,154 40,000 15,000 9,504 17,000 41,504 220,154 Endowments The Edward Gostling Fund 200,000 405,073 378,607 19
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 Income from charitable activities 2025 2024 Theatre Income Box offi Co-production contributions Fees Bar sales Workshops Other income 147,717 84,919 99,735 36,957 138,809 50,376 91,225 41,596 725 5,379 374,707 322,731 Project specific funding Grantsldonations Arts Council England National Lottery Community Fund Christina Smith Foundation Backstage Trust Reading Borough Council 112,500 70,000 40,000 150,000 33,000 32,500 22,500 30,000 405,500 85,000 780,207 407,731 Other income 2025 2024 Theatre Tax Relief 151,399 105,271 (Payments made to ¢prodUcerS are shown in note 61- 20
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 Expenditure on charitable activities 2025 2024 Theatre Productionlproject costs Opening stock Closing stock Production costs Payments made to co-producers Fees.. casvcreativesleducationloutreach Bar costs Workshop expenses Amortisalion of short leasehold Depreciation of barlthealre equipment 1,404 11,0611 178,272 36,001 189,521 13,312 1,570 {1,4041 148,680 109,357 16,057 1,593 53,199 16,827 53,199 5,946 476,594 345,879 Support costs- see below Governance costs- see below 664,983 28,767 581,645 28,458 1,170,344 955,982 Support and govemance costs 2025 2024 Support costs Office overheads Depreciation of fixed assets Stsff costs Other staff costs and fees (including support in kindl Administration costs Professional and finance 131,109 542 320,550 78,307 118,490 15,985 128,781 695 292,865 52,719 102,944 3,641 Total support costs 664,983 581,645 Govemance costs Accountancylconsullancy Bookkeeping Board expenses 5,350 21,908 1,509 6,250 21,161 1,047 Total governance costs 28,767 28,458 21
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 Net income I lexpenditurel for the year is stated after charylng: 2025 2024 Depreciation of tsngible fixed assets Independent Examiner's remuneration independent examination other services 59,687 70,721 3,600 1,750 3,600 1,750 Trustees. emoluments and relmbursed expenses The trustees received no remuneration during the year {2024 - £nill. The aggregated amount reimbursed lo Iruslees during the year was £2812024- £nil). Staff costs and numbers 2025 2024 Staff costs Salaries and wages Social security costs Pension costs 286,839 18,429 15,282 262,921 18,546 11,398 320,550 292,865 No employee eamed £60,000 or more during the year12024- nill- 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 £128,49412024 - £104,211). Staff numbers The average numbers of employees {including casual and part time slaffl during the year was made up as follows.. 2025 Number 2024 Number Administration 10 10 22
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 10. Pension costs The company operate5 a defined contribution pension scheme in respect of its employees. The scheme and ils assets are held by independent managers. The pension charge represents contributions due from the company and amounted lo £15,28212024 - £11,398). 11. Corporation Taxation The charity is exempl from lax 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 exlenl that these are applied to its charitable objects. 12. Fixgd assets - tangiblo assets Short leasehold property Officel computer equipment Barl theatre equipment Total Cost 1 August 2024 Additions 563,118 3,871 832 73,349 849 640,338 1,681 31 July 2025 3,118 4,703 74,198 642,019 Depreciation 1 August 2024 Charge for year 221,759 53,199 2,383 542 61,039 5,946 285,181 59,687 31 Juty 2025 274,958 2,925 66,985 344,868 Net book values 31 July 2025 288,160 1,778 7,213 297,151 31 Juty 2024 341,359 1.488 12,310 355,157 Short lease hold property - these are costs incurred in the new theatre project. Amortisalion of the costs will then be over the remaining life of the lease once completion of the theatre has taken place. 13. Stocks 2025 2024 Stocks 1,061 1,404 23
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 14. Debtors 2025 2024 Trade debtors Other debtors Prepaymenlslproduclion costs in advance Accrued income 16,266 1,070 61,137 171,722 12,802 697 16,237 122,671 250, 195 152,407 15. Creditors.. amounts falling due within one year 2025 2024 Trade creditors Other laxationlsocial security Other creditors Accruals Deferred Income Inole 161 4,000 1,610 928 81,287 46,162 9,386 910 31,666 24,142 133,987 66,104 16. Defgrrod incomg Balance at 1 August 2024 24,142 Amount released to incoming resources Amount deferred in the year 124, 1421 46,162 Balance at 31 July 2025 46,162 Deferred income relates to box office, hire and fee income received in advance. 17. Llmlted by guarantee The private company is limited by guarantee, registered in EW- England & Vvales, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £10, to the company should il be wound up. Al 31 July 2025 there were 7 members. 24
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 18. Unrestricted funds Brought fonvard Incoming resources Outgoing resources Transfers Carried forward General fund Designated funds.. Operational Reserves 745,387 1731,7471 113,6401 160,000 24,523 184,523 Maintenance and Obsolescence Fund 20,000 11,4171 21,417 40,000 Strategic Development Fund Fixed Assets Artistic Development Fund 157,745 145,9741 111,771 48,710 14,8071 71,680 43,903 40,000 131,6801 386,455 745,387 1764,8441 53,199 420,197 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. Strateglc Development Fund This fund Is designed to allow the charity lo be reactive lo opportunities that arise in the coming years as we go through periods of Change. Fixed Assets The value of unreslricled funds held within fixed assets. Artistic Development Fund Designated for the research and development of artistically ambitious productions. 25
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 19. Restricted funds Brought fopNard Incoming resources Outgoing resources Transfers Carried foThvard Capital project Early Years Production Spring 2025 Reaching CommunitieslPartnerships Disabled-led Theatre Pilot Training Theatre project 306,447 153,1991 253,248 33,000 133,000} 70,000 170,000} 112,500 190,000 1112.5001 1190.0001 306,447 405,500 1405,500} 153,1991 253,248 Flxed assets This fund consists of grantsldonations 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 balanTr at 31 July 2025 is attributable to.. Capital project 253,248 Early Years Production Spring 2025 Early years programme. Reaching CommunitieslPartnership$ Reaching CommunilieslPartnerships. Disabled-led Theatre Pilot To support the production of The Snow Queen and integrated programs that champion inclusivity and excellence in the South East. Training Theatre project Performance, outreach and education. 26
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 20. Endowment funds Incoming resourees Carried forward The Edward Gostling Fund 200,000 200,000 200,000 200,000 The Edward Gostling Fund The Edward Goslling Fund is an endowment established by the Edward Gosling Foundation to support Reading Rep Theatre's charitable activities and long-lerm financial resilien. 21. Analysls of net assets between funds Deslgnated funds Restrlcted funds Endowment funds Total Fund balances at 31 July 2025 are represented by.. Tangible fixed assets Net current assets 43,903 376,294 253,248 297,151 576,294 200,000 420,197 253,248 200,000 873,445 23. Related party transactions Trustee Paul Newman is an Executive Director at Activate Learning. During the year there was fee income received of £30,00012024- £30,000) from Activate Learning. Activate Learning additionally provided in-kind support valued al £114,10612024 - £106,998) related to propety services during the year. Gross Cash Flows 2025 2024 Retums on investments and servicing of finance Interest reTrived 14,208 3,059 Capital expenditurg Payments to acquire tangible assets 11,6811 18,2621 27
Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l885lBA6 Reading Repertory Theatre (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 July 2025 25. Analysis of changes in net funds Opening balance Cash flows Closing balance Cash at bank and in hand 250,038 208,987 459,025 Net funds 250,038 208,987 459,025 26. Reconciliation of net income to net cashflow from operating activities 2025 2024 Net lexpendilurellincome for the reporting period las per the ststemenl of financial acliviliesl Depreciation Dividends, interest and rents from investments Decreasellincreasel in stocks Decreasellincreasel in debtors (Decreasellincrease in creditors 180,543 161,3141 59,687 114,2081 343 197,7881 67,883 70,721 13,0591 166 9,401 124,3791 Net cashflow from operatlng actlvltles 196,460 18,4641 28