Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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 aUdien￿S. 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 perfOrMan￿S, 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.

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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 Vol￿5.
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-86F8-8246-3F7l￿885lBA6
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.

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Reading Repertory Theatre
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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 hea￿h 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 Cu￿Ural Sustainability Forum alongside Jelly
Arts,. repurposed or redislribuled all used s￿nery,. and supported the Culture D￿lareS 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-86F8-8246-3F7l￿885lBA6
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-produ￿d 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-86F8-8246-3F7l￿885lBA6
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 aUdIen￿S 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 anI￿able1$1 practice remain priority areas as Reading Rep grows.

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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 eX￿ptIOnal 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 repla￿ment 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.

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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 pro￿dUres, 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 org8n1￿li0nal 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 r￿ardIng our fundraising activities during the period.
10

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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-86F8-8246-3F7l￿885lBA6
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

Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l￿885lBA6
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(N (N O)
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Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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 reSoUr￿S 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 entl￿ed 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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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 reSoUr￿S for the year have been derived from the principal activity undertaken
wholly in the UK.
18

Docusign EnvelopÈ ID". c0428589-665A-86F8-8246-3F7l￿885lBA6
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 ServI￿S
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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-86F8-8246-3F7l￿885lBA6
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