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← Exeter Northcott Theatre Company

2025-07-31-accounts

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Trustees’ Report and Financial Statements

For the Year Ended 31 July 2025

Charity Number: 1151620 Company Number: 08393145

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Reference and Administrative Details

Year Ended 31 July 2025

Contents Page
Reference and Administrative Details 2
Trustees’ Report 4
Independent Auditor’s Report 20
Statement of Financial Activities - Group 24
Statement of Financial Activities – Charity 25
Balance Sheet - Group 26
Balance Sheet – Charity 27
Statement of Cash Flows 28
Notes to the Financial Statements 29

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Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Reference and Administrative Details

Year Ended 31 July 2025

Exeter Northcott Theatre Company is a Registered Charity in England and Wales and Company Limited by guarantee and does not have any share capital.

The company was incorporated on 7 February 2013, registered as a charity on 12 April 2013 and commenced trading on 1 June 2013.

Trustees

The Trustees of the Charity who served during the year were:

Co-Chairs R Chapman
D Balcombe
University of Exeter
nominees:		 J Milling
T Begbie
Mia Hodge (resigned 23 June 2025)
Trustees: Craig Bowden
Mandy Ivory-Castile
James Anthony-Edwards
Sarah Elghady
Linda Peka
Lauren Elizabeth Berry
Andrew Paul Clay
Eleanor Fitz-Gerald
Kingsley Jayasekera
Lauren King
Thomas Richard Littler
Julian Philip Stoneman		 (resigned 16 Dec 2024)
(resigned 16 Dec 2024)
(appointed 24 Feb 2025)
(appointed 24 Feb 2025)
(appointed 24 Feb 2025)
(appointed 24 Feb 2025)
(appointed 24 Feb 2025)
(appointed 24 Feb 2025)
(appointed 24 Feb 2025)

Key management Personnel Finance & Operations Director and Joint Chief Executive – E Stephenson Development & Marketing Director and Joint Chief Executive – K Johnson Creative Director and Joint Chief Executive – M Berry

Registered Office: Exeter Northcott Theatre Stocker Road Exeter Devon EX4 4QB Registered Charity No. 1151620 Registered Company No. 08393145

Bankers: NatWest Bank 59 High Street Exeter, EX4 3DL

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Exeter Northcott Theatre Company

Reference and Administrative Details

Year Ended 31 July 2025

Auditors: PKF Francis Clark Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

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Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

The Trustees are pleased to present their annual report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 July 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, and the Statement of Recommended Practice – Accounting and Reporting by Charities SORP(FRS102).

Chair’s Report

Once again we are pleased to report on a year of achievements based upon the successful delivery of our commitment to encourage the development and promotion of South West creatives (on and off stage) and telling stories rooted in our region.

This was exemplified in our production of The Commotion Time in September 2024 (in association with Poundstock Gildhouse). Sarah Dickenson (a South West playwright) presented Exeter Northcott with a thrilling retelling of the Prayer Book Rebellion and Siege of Exeter of 1549. Garnering a clutch of four and five star reviews, Martin Berry’s production was variously hailed as “a statement piece full of wit and warmth, love and loss” (The Stage) and “Deeply moving, funny, clever, informative and powerfully theatrical” (UK Theatre Hub).

With a core cast of seven professional performers and an ensemble of 43 local people, this production served the dual purpose of engaging with both the professional community and the public at large. Everyone involved had a tangible connection to the South West and we were pleased to partner with our local museum, RAMM, to launch the production to friends and supporters. Audience feedback was wonderfully positive. The production played to 71% of capacity and surpassed budgeted box office target.

This momentum was carried into our pantomime, Cinderella , which entertained record numbers over the Christmas period. Once again we partnered with Le Navet Bete and a company of South West performers and practitioners. One innovation was the introduction of performances which were strictly No Kids Allowed. With the shackles completely removed, the performers dispensed with any hint of double with any of the entendres, much to the amusement of three very full houses. All pantomime Box Office records were broken and audience feedback was the most positive ENT has ever received.

These two “made in Exeter” productions are the public-facing manifestation of our commitment to South West artists. Each had open calls for cast members and creative roles and this philosophy has also been at play in every other aspect of our work at the Northcott and Barnfield Theatres, and in the community.

The Barnfield has continued to grow as a hub for individuals to explore their creativity and for ensemble groups to meet and flourish. Young groups brush shoulders with their elders. Otherwise disparate groups find themselves working alongside their peers from other parts of the community with whom they might otherwise rarely connect. The sense of opportunity and inclusion is palpable in this city centre venue.

The Elevate programme continues to serve as a nucleus for opportunity and with 369 individuals signed up to share details of activities on offer it stands as a beacon of opportunity for creatives in the City and beyond. Sam Parker is to be thanked for the enthusiasm and passion with which he drives this programme.

ENT’s Young Company continues to give training to young people, culminating in public performances at the Barnfield. At the same time the newly created People’s Company was giving similar opportunities to older members of the community – a section of society too often denied such openings. This, along with choir and dance groups, and workshops ranging from public speaking to Shakespeare (and even a celebration of failure) means there really is something for everyone under the Exeter Northcott umbrella.

All of this is only possible thanks to the commitment of our hugely talented and engaged staff team. A repeat of a Staff Survey, first undertaken in 2023, shows that staff satisfaction has improved and this is reflected in the low turnover in personnel. We (Board and Senior Management) recognise that there is still much that can be done, but it is encouraging to know that we move in the right direction.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

In 2024 / 25 we had to say farewell to several of our Trustees. Mandy Ivory Castile and Craig Bowden served the company with great commitment since 2019 and Mia Hidge was our Student Trustee for this financial year. We are grateful to them all and they, and their expertise and insight, will be missed.

At the same time, we have been able to strengthen our Board with the appointment of seven new Trustees. We set out to plug some gaps of expertise and are pleased to have new colleagues who bring a wealth of experience, notably in theatre management (commercial and subsidised), health and safety, all things technical and other aspects of the entertainment industry. We welcome them all and very much look forward to working with them.

We continue to enjoy a positive relationship with Exeter City Council. Although many uncertainties prevail in local government we are pleased to maintain a good working partnership with the City not least as a core funder and our landlords for the Barnfield Theatre.

Equally, we are delighted that our relationship with the University of Exeter continues to go from strength to strength. The University is so much more than a benevolent landlord. We are very appreciative of the significant financial support granted to us by the University and, very much thanks to the two University representatives on our Board, we enjoy positive communications which in turn leads to a relationship which, we are sure, greatly enhances both parties.

Our relationship with Arts Council England remains strong and we are grateful for ACE’s ongoing support. Extension of our NPO status has been confirmed while ACE awaits information of the future funding landscape from national government but within that uncertainty we are pleased to enjoy a good, open, ongoing partnership.

In very challenging times these funders, along with some significant donors, sound financial management and impressive Box Office income, we are pleased to report a financial outcome better than we had anticipated. Having agreed a deficit budget that would have seen a negative return of £130,567, we are delighted to report an actual deficit of £82,879, an improvement of 37%.

This is all the result of great teamwork. This has been the first full year of our pioneering management structure of three Joint Chief Executives and it is testament to the individual and collective leadership of Martin Berry, Kelly Johnson and Emma Stephenson. We extend to them our sincere thanks, as we do to those who have worked with them over the year. The staff group, ably supported by a committed group of volunteers, have put Exeter Northcott’s vision and mission into practice with great belief, tenacity and dedication.

As Co-Chairs we must also thank our colleagues on the Board who have brought great wisdom and expertise to our deliberations over the last 12 months. To each and every one of you, to every individual involved in every part of the work of the theatre – our sincere thanks. Exeter Northcott’s success is yours.

Becky Chapman and David Balcombe Co-Chairs Exeter Northcott Theatre

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

Vision, values and strategic direction

OUR VISION:

Exeter transformed by culture People from a diverse range of communities & backgrounds Coming together to share different stories and performance traditions Coming together to imagine the change we want to make in our city Coming together to unleash our creative potential

OUR VALUES:

Everything we do is informed by: Creativity, Community, Inclusivity and Sustainability

STRATEGIC OUTCOMES:

Everything we do is focused on three outcomes:

  1. A more diverse range of people getting creative

  2. A more diverse range of people engaging with theatre

  3. A more collaborative/inclusive regional cultural sector

STRATEGIC THEMES:

  1. Attracting a bigger, more diverse audience to theatre

  2. Supporting the current and next generation of South West theatre makers

  3. Increasing our impact by working in a targeted range of creative & community partnerships

  4. Secure a city centre creative & community hub for Exeter

  5. Ensuring the way we work embodies our commitment to access, inclusivity and sustainability 6. Building a robust staffing, governance & financial model

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

1. Audience Welcome - Attracting a bigger more diverse audience to theatre

This year we welcomed more than 115,000 people to experience a wide variety of drama, dance, comedy and entertainment at our venues the Northcott Theatre and The Barnfield as well as our neighbour venue, The Great Hall.

Sharing stories with and for people in the South West

This was a significant year as we returned to producing drama on the Northcott stage. Our first Northcott production, The Commotion Time, was made by an entirely South West company, enabling local people to connect to stories from the region.

A cast of 50 local residents formed our community ensemble, playing creative roles and becoming ambassadors for our work in the region. Residents of Cornwall and Devon were able to access discounted tickets on the first preview which proved hugely popular and ensured that positive word-of-mouth spread fast followed by excellent reviews including 5 stars in The Stage. This play, based on a seismic moment in Exeter’s history, enabled us to work closely with historian Mark Stoyle who helped us create articles and videos to attract people interested in this mostly unknown local story. We were delighted that The Commotion Time received critical acclaim, standing ovations and sold 85% of available tickets.

‘The Commotion Time was extraordinary. It brought me to tears. The choir were wonderful. I learnt more about a part of local history I was vaguely aware of.’

Audience feedback

‘This powerful and passionate drama illuminates South West talent’ * * * * * The Stage

‘The Commotion Time was probably the best theatre experience I have had. It was so authentic and community based. The acting, the stagecraft, the singing and the music was excellent and highly moving.’

Audience member

Record-breaking sales and reviews at Christmas

Our pantomimes continue to go from strength to strength, and we were delighted that Cinderella, cocreated with local company Le Navet Bete, far exceeded its financial target with a record-breaking 22,500 people coming to see the show and an additional 950 watching two sell out ‘no-kids allowed’ performances. Customer survey reports tell us that overall, audiences had an exceptional time giving the show a Net Promoter score of 82.

This year we increased our efforts to make more sustainable productions using the Greenbook tool to help reduce and recycle materials on set and in our promotions. We also took the opportunity to encourage audiences to opt for sustainable transport. In collaboration with Stagecoach, we developed a ‘Cinderella gets the bus to the ball’ campaign, developing a short trailer which featured on BBC Spotlight and on BBC Radio Devon.

Meanwhile, at the Barnfield Theatre, our original production of The Elves and The Shoemaker made with local company Paddleboat Theatre also hit target, with more than 4,200 children and families enjoying a new take on this classic tale. Audience surveys revealed that families particularly enjoyed the free activity sheets and the opportunity for the children to colour and post a letter to Father Christmas in a specially designed Christmas post box. The production also went to four local hospitals bringing joy to children and families who might not make it to the theatre.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

‘What a wonderful show! It was so lovely – charming, engaging and beautifully acted and staged. It’s not easy to create a theatrical atmosphere in a hospital, especially when patients and families are having a tough time and can be quite withdrawn, but the cast managed to make gentle connections with each child (including very much appreciated off-the-cuff use of sign language) and create a warm and positive atmosphere.’

Susie Hall, Starlight Children’s Foundation (hospital visits)

720 tickets gifted to children and families

This year we built on our commitment to enable more children and their parents / carers to come and see a production at Christmas. More than 700 tickets were distributed via charities including Hospiscare, Balloons and Devon Foster Carers. A further 532 tickets were gifted to disadvantaged families via Devon County Council’s Holiday Activities and Food (HAF) programme.

‘Some members of our groups experience a lot of difficulties, so to hear them say they hadn’t laughed that much in ages was really significant.’

Charity leader

Families who came to see Cinderella via the HAF programme were gifted a Northcott Theatre Pass which will enable them to return to the theatre for free or heavily subsidised tickets throughout the year.

More than 1,000 children and young people came to Romeo & Juliet

We were delighted that both primary and secondary schools came to the Northcott to see our production of Romeo & Juliet. Set in contemporary Devon and using Shakespeare’s original language, teachers reported that the production ignited students’ imaginations and connected more deeply compared to simply reading the text in the classroom. An increase in take up of our Under 26 membership and student discount pointed to a younger audience and social media engagements rocketed, fuelled by content created by our young community ensemble and student ambassadors. 48% of all tickets sold were for students and young people.

“Romeo & Juliet is pumped with music and packed with fun. It’s vibrant, alive and urgent as it feels the pulse of passionate excess yearning to break through the limits that surround it.” PRSD

New partnerships break down access barriers

As members of this year’s Ramps on the Moon cohort – a network committed to embedding anti-ableism in the way we work - we took a number of proactive steps to help break down barriers at our theatre: With support from our partners, The Inclusivity Group, we committed to programming Audio Described, BSL interpreted, Relaxed and, for the fist time, Captioned performances for every production we make at the Northcott Theatre; A new relationship with Deafinitely Theatre enabled us to welcome more than 385 people to see the Deaf-led production of The Vagina Monologues; and a new partnership with the Deaf Academy has resulted in a forthcoming programme of Deaf comedians, talks and family raves.

We work hard to ensure that regular training and development of our digital communication enables people with a wide range of needs to feel welcome at our theatre. Our visual stories, offering information about the theatre and the show before a visit, have been particularly useful:

‘We find as parents to a SEN child, we often feel isolated and excluded from the 'normal' activities….I saw the Northcott had created the 'Visual story ' document for the pantomime… we talked through the document with my son last night….I am so delighted to say that he sat through the entire performance today, and half of it without his ear defenders on. He looked relaxed, interested and intrigued by the onstage shenanigans and he came out of the show very excited and talking all about it. He really enjoyed it, and by proxy, we parents were also able to enjoy the show and escape reality for a little while. We felt so seen and included.’

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

Audience feedback via surveys, on social media and via platforms such as Google reviews is monitored daily so that we can respond quickly if issues arise. It is then considered at fortnightly meetings so that we can optimise opportunities and develop our customer welcome. The most common words used in all reviews are ‘friendly’ and ‘welcoming’.

2. Supporting the current and next generation of South West theatre makers

Performing arts within education Supporting Local Schools

This year we have further strengthened our role in supporting schools and young people across Devon through access to creative learning.

We continued our partnership with Clyst Vale Community College , launching a new SPARK group with students identified as disadvantaged. The school’s catchment area covers a large number of socially deprived communities, making this work both timely and impactful. Through SPARK, students developed their confidence, communication and performance skills. Through the project we have seen young people who were previously not attending school, begin regularly attending and even taking part in assessments with confidence and taking real pride in their work. One participant shared:

‘I didn’t think drama was for me, but now I’ve found I can speak up in front of people and actually enjoy it.’

Our Heritage Resource has also seen increased engagement, with three additional schools signing up to use the materials in their classrooms this year. Alongside this, we delivered workshops in targeted schools from disadvantaged areas , linking directly to our in-house productions and giving young people the chance to explore theatre-making in a hands-on way. A teacher from Teignmouth Community School said:

‘We all had such a good time, and the Year 9s LOVED it and haven't stopped talking about it. It was a better workshop than one I paid £500 for at the beginning of the year! Thank you so much.’

Our work experience programme attracted over 100 applications this year. We interviewed 25 young people and offered 10 places, providing them with a week-long immersive insight into careers within the arts. One student commented:

‘This week has opened my eyes to possibilities I’d never thought of.’

We also continued our collaboration with the University of Exeter , supporting their Widening Participation programme. We hosted theatre tours for local secondary school pupils, ensuring that young people from a wide range of backgrounds feel confident accessing higher education and cultural opportunities.

Finally, our Devising Discovery project returned, providing young people with the tools to create original performance, sparking creativity and collaboration. As one participant reflected:

“It was amazing to make something from scratch with everyone’s ideas, it made me feel like my voice mattered.”

Young people outside education

This year more than 1,000 young people engaged with our programmes beyond formal education, demonstrating the growing demand and impact of our work.

We launched two new Northcott Young Company (NYC) classes, extending the age range of our offer down to children as young as five, and providing a clear pathway for progression right through to age nineteen. Our Young Creatives group was reimagined to focus on a full year of development, culminating in a new performance staged at the Barnfield Theatre. The project was supported by a professional

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

creative and production team, ensuring that participants experienced theatre-making to the same standards as a professional company.

We co-created a brand-new two-hour production, Hold, Please! , with 23 young people aged 13–16. Set during the Second World War, the piece explored the Barnfield Theatre’s history as a telephone exchange, giving participants the opportunity to uncover and engage with local heritage while developing their creative voice. One participant reflected:

‘Getting to perform in Hold, Please! was such a unique opportunity – we told a story about our city’s history that hardly anyone knows, and I feel really thankful to have been part of something so special.’

Our Theatre Weeks programme was expanded, offering more young people the chance to experience intensive, week-long theatre-making projects during the holidays. We also proudly served as a Partner Theatre for the National Theatre’s Connections Festival , hosting school groups and youth theatres from across the region. Young people performed new plays on our Northcott main stage, working closely with professional playwrights, directors, and technical teams – an opportunity that many described as transformational. As one participant put it:

‘Being on the Northcott stage with professional lights and sound made me feel like a real actor. It’s an experience I’ll never forget.’

South West theatre makers

After launching our new artist development programme Elevate, we immediately went about establishing its constituent parts:

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

The year at a glance:

There are currently 385 South-West artists signed up to Elevate.

Exeter Northcott and Barnfield Theatres recorded 1,164 overall artist engagements within our Elevate programme.

We held 171 one-to-one meetings with South-West Artists.

We offered 97 paid South-West artist employments.

The Barnfield played home to 53 days of free R+D space.

At the Barnfield Theatre we provided 21 performance/sharing platforms for new work by South-West Artists.

Our provision of free space for South-West artists across our Clifford, Auditorium and Southernhay spaces amounted to £18,537.60 of in-kind support.

3. Increasing our impact by working in a targeted range of creative & community partnerships

Creative Connections

Creative Connections, our group for adults with a variety of disabilities, is in its fifth year of running and takes place on a weekly basis during term time. Recently, we were delighted to receive funding from The Clare Milne Trust, which will support us to keep running the group and supporting our participants. The sessions continue to take place at the Barnfield Theatre, or in the city centre when required. In the 2024-25 sessions, we have created a short film – inspired by the story of Charlie and the Chocolate Factory, which was written and starred our participants and their families or carers, before moving on to a term looking at the senses. This included an exciting trip to the ‘Slightest Gesture’ exhibition at the Exeter Phoenix, to see artwork that our participants had contributed to. With continued support from the Pelican Project and Phil Kingslan John from local company Four of Swords, working closely with the Northcott team, we have continued to deliver engaging workshops – enabling our participants to play an active role in the cultural landscape of the city.

Encompass

The Encompass group, representing some of Devon’s Caribbean, Hindu and Polish communities, restarted this year – working towards an event in October, named ‘The Roots of Us’. This has been supported by generous funding from a local councillor.

Café Theatre

This year, Café Theatre have continued to growth from strength to strength, aided by support from the Northcott and their leader, experienced facilitator, Estelle Buckridge. Meeting with Community Engagement Producer Grace Plant, the group created a revitalized marketing plan to advertise their upcoming performances and the group in general. This proved effective and the group were thrilled to receive their highest audience figures ever at their Summer Sharing. They are now looking forward to attending the 10th anniversary Celebration of the Southwark Playhouse Elders Company, to which they have been invited to attend and participate in workshops.

Community involvement on Northcott Shows

Following the success of the world premiere of ‘The Commotion Time’ in October, we have continued to grow our community opportunities to take part in our large scale shows. In July, we staged an adaptation of Romeo and Juliet, featuring a community ensemble of young dancers. The opportunity to audition was advertised online and through developing relationships with local dance schools and courses and we were

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Trustees’ Report

Year Ended 31 July 2025

delighted to select 13 young people to join the cast. They met together on a weekly basis, working with a professional choreographer, Director and a cast of professional actors. They were also offered the opportunity to liaise with the marketing department and create ‘behind the scenes’ content for social media, which was highly effective. Feedback from the ensemble is featured below:

‘community, enjoyment, endless memories and laughter'

'given me a chance to create friendships when all my uni friends had already left....further developed my growth within the industry and prepared me for work in the future'

'I love the Northcott - it has made me realise that to work towards an acting career, I don't necessarily have to be based in London. I hope to continue to work with you for years!'

In June, we also started rehearsals for our next community production – an adaptation of the book ‘Exe Men’ by Robert Kitson, detailing the rise of the Exeter Chiefs. A community cast of 31 people, all with a variety of theatre (and rugby!) experience rehearsed weekly over the summer and are rising to the challenge of depicting a full scale rugby match on the stage!

Big Choir Weekender

In July, we welcomed seven choirs from across the region for a weekend of workshops, joint songs and performances. With support from a live band (comprised of local musicians) each choir performed a set on the Northcott stage and received lighting and sound support from the Northcott technical department. We had some fantastic feedback, which is highlighted below:

‘Great to get choirs together and see each other sing and fabulous have the experience of singing in the theatre itself.’

‘A great opportunity to perform with live band, sound and lighting plus an audience. Performing with a huge choir of several hundred is empowering and emotional. Really inspiring! Please keep doing this’

‘I loved the fact that this was run by real theatre people IN a real theatre. I’ve been to several such events - in village halls, schools, churches - but this venue and atmosphere was by far the best. THANK YOU ALL.’

New Community Groups

Following a successful trial period, including multiple Spring taster sessions, we were delighted to launch our new community groups in February. This comprised of our over 50s dance group - 'Encore Dance', our wonderful acapella choir - 'Northcott Theatre Choir' and our acting group 'The Northcott People's Company'. All three groups received a huge amount of interest, specifically the Northcott People's Company, which led to the creation of a second group running at the same time. The groups meet on a weekly basis and are building a fantastic network of local people, interested in taking part in the arts. We were delighted to see lots of our members auditioning for our Autumn show 'Exe Men' or even signing up for multiple groups! The Northcott People's Company has had two friends and family performances, to celebrate their work and the progress they are making and, as well as performing at our own Big Choir Weekender, the Northcott Theatre Choir are delighted to be invited to sing at the Opening Ceremony for the Women's Rugby World Cup at Exeter Cathedral.

'Singing with the newly formed Northcott Choir has been an absolute joy from the very start and I would strongly recommend anyone thinking about joining to just do it! We are a diverse group of people, with very different experiences of choir singing (or none at all), who have in a very short space of time bonded through the love of singing together. The choir is non auditioning and is led by the wonderful Sarah Owen who is a very experienced leader as well as a vocal coach and performer. Her

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

style is all about enjoyment and positivity, she is never negative and because of this and her attention to detail we have made huge progress in just two terms"

4. Secure a city centre creative & community hub for Exeter: The Barnfield Theatre

Activity and Use of Spaces

This has been a highly successful year for the Barnfield Theatre, with significant growth in all areas of activity. The building continues to establish itself as a vibrant creative and community hub for Exeter. Use of our smaller spaces – particularly the Bar and the Southernhay Room – has increased markedly, supporting workshops, meetings, rehearsals, training sessions and community gatherings. The Clifford Room has also been in near-constant use, hosting performance sharings, research and development activity for South West–based artists, and an expanding programme of sessions by our youth theatres and community groups. Participation numbers across these groups continue to rise, demonstrating the strong and growing community demand for this work.

Hire of Spaces

Income from hiring Barnfield spaces continues to be strong, and we are receiving a growing number of new enquiries. The combination of flexible spaces, central location and strong technical support is proving attractive to local organisations and visiting companies. We anticipate this strand of income remaining an important and reliable contributor to the overall health of the charity.

Artist Development: Elevate and Festivals

Elevate – our flagship programme for South West theatre-makers – continues to deliver excellent results, both anecdotally and through participant data. Membership remains high, activity levels are increasing, and the Barnfield now provides a consistent, welcoming home for workshops, masterclasses, R&D opportunities, sharings and social events.

While we continue to pursue additional external funding to increase investment in this area, we have already secured several small grants to expand the programme. This year also saw the launch of our new Artists’ Assembly , giving local artists a formal voice in shaping our future planning. Our two major artist-led festivals – Elevate Festival (new work) and Reclaim Festival (women-led work) – were both delivered successfully at the Barnfield, attracting strong audiences and wide participation. The Barnfield is now recognised as a key cultural incubator for artists at all stages of their development.

Strategic Partnerships

We have made particularly encouraging progress in our developing partnership with Exeter College , with whom we hope to establish a formal cultural compact in the coming year. This emerging partnership encompasses:

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

5. Ensuring the way we work embodies our commitment to access, inclusivity and sustainability

Producing and Partnerships

This year has seen impressive and sustained progress in rebuilding Exeter Northcott’s producing capabilities. We delivered a strong portfolio of in-house work across both our stages, including main–house productions of Romeo and Juliet, The Commotion Time, and our annual pantomime Cinderella, alongside a new Christmas show for younger audiences at the Barnfield: The Elves and the Shoemaker and a revival of The Bear, co-produced with Pins and Needles Theatre Company, which played in Manchester.

With the exception of Romeo and Juliet, which fell modestly short of target, all productions exceeded box office expectations—some by a significant margin. This demonstrates both the appetite for locally-rooted, high-quality work and the success of our artistic and producing strategies.

The shift into increased producing is complex and requires organisational flexibility. Staff across all departments have shown exceptional commitment in developing new processes, learning (and re-learning) the demands of producing, and building the resilience required to deliver ambitious work at scale. We are now in active discussions with potential co-producers, exploring future projects, and speaking with tour bookers to take Northcott-made work to audiences across the UK in future years.

Programming

Programming has been streamlined to ensure that all work on all stages maintains artistic quality, integrity, and meaningful connection to our audiences. We have deliberately leaned into championing South West artists and companies—particularly in the Barnfield—where this focus is most visible and impactful.

The programme across the year has remained rich and diverse. Highlights include Black is the Color of My Voice, Jasmin Vardimon Company, 1927, English Touring Opera, and Opera Up Close. We also welcomed major stand-up comedians and music acts, including the renowned Ronnie Scott’s Jazz Orchestra, and delivered a strong offering for children and families.

We have introduced screenings from National Theatre Live, which have been well-received, with sales showing encouraging growth and adding a valuable new strand to our cultural offer.

Sustainability

Our sustainability commitments have deepened this year, with meaningful progress across both operations and artistic practice. Investment in more sustainable lighting stock is already reducing environmental impact and lowering energy costs, while also supporting greener production practices.

We have formally initiated a cross-departmental Green Team, meeting bi-monthly to track progress, share learning, and shape organisational priorities. Sustainability is now a core pillar of our new Action Plan, and we have committed to ensuring that all in-house productions achieve a minimum of Theatre Green Book Basic standard.

This work is monitored both by the Green Team and by a designated member of our Board of Trustees, ensuring accountability at governance level and embedding sustainability into the organisation’s long-term culture.

People

Inclusivity is deeply embedded in our culture and practices, underpinning all the decisions we make. We continue to evolve and strengthen our approach in several key ways:

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

We actively track the diversity of our staff, volunteers, and freelancers to maintain an accurate picture of the different individuals working with us. This has enabled us to make small but meaningful adjustments, ensuring everyone feels included.

We collect monitoring data for all job applicants to understand who we are attracting and identify any groups we may not be reaching. This allows us to evaluate and refine our recruitment strategies accordingly.

Our recruitment process is thorough, robust, and designed to be as inclusive and transparent as possible. We work to eliminate barriers for applicants, ensure accessibility throughout the application process, provide questions in advance, and reimburse any expenses incurred.

Through our partnership with Ramps on The Moon, we are reviewing the data collected from new starters during induction to better understand access needs. This ensures we address any barriers from the outset and fosters open conversations about accessibility.

We continue to be a Charter Partner of PiPA (Parents and Carers in Performing Arts). This membership provides us with opportunities to collaborate with other organisations and improve our approach to supporting employees and freelancers with caring responsibilities, helping to reduce the barriers that may have previously prevented them from taking on work.

We have also signed up to Surviving on a Shoestring, a finance equity programme from RTYDS trailing new ways of paying creative freelancers who are in receipt of benefits or experiencing long term financial instability. Trialling the inclusion of a Finance Access Rider in welcome packs to freelancers and flexible fee payment schedules.

The Management Team at the Northcott has developed competency frameworks for all staff and managers, outlining expected behaviours and competencies with a focus on both inclusivity and sustainability.

We remain committed to addressing long-term workforce development across the industry, particularly in removing barriers to entry. Supported by the Mackintosh Foundation we have signed up Chichester College’s Apprenticeship Programme and will have a Technical Apprentice starting in September 2025. Our annual work experience programme continues to thrive with over 100 students applying for the 2025 week-long programme. The number of applications highlights how much interest and engagement it’s generating Our continued partnership with Devon Virtual School, meant that once again we could reserve at least two places for students in the care system.

6. Building a robust staffing, governance & financial model

Staffing

The attrition rate among salaried staff over the past 12 months was lower than the previous year with three employees leaving. All three roles have been recruited for and new employees hired. In September 2024 we conducted our second staff survey. Overall, the results are positive with improvements in some areas from the 2023 survey. Workload and communication remain challenging as well as project planning and implementation, divisions between departments and celebrating success. Employees love the vision and ambition, their colleagues, flexible working and the impact the work has in local communities for artists and audiences. We will continue to do an annual staff survey, with the next survey being conducted October 2025.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

We are committed to ensuring that all staff engage in at least one development activity every six months. Our annual Performance Development Review (PDR) process helps us identify and track training and development needs, which is crucial for staff retention. Following the change in legislation all employees took part in Sexual Harassment Training in February 2025. All employees also completed Safeguarding training in February 2025. Workplace wellbeing remains a key focus for attracting and retaining talent. All employees have access to the Spectrum Life 24/7 Employee Assistance Line, and we have mental health first aiders throughout the organisation. Four new Guardians have also completed training and joined the Guardian Scheme, a peer-to-peer support system specific to our industry. We continue to review our wellbeing practices, incorporating feedback from staff surveys to ensure they remain as effective as possible.

In early 2024 we implemented our new online volunteer management system. This allows us to manage and communicate more effectively with our 54 volunteers. To help foster an inclusive and supportive environment for the group monthly coffee mornings have been set up as well as the inclusion in regular staff updates and offers.

Governance:

Public Benefit

The Trustees have complied with their duty, as set out in the Charities Act 2011, to refer to the public benefit guidance published by the Charity Commission.

The Board of Trustees

The Board of Trustees, which can have up to 16 members, administers the charity. The board meets at least four times a year and there is one sub-committee covering finance and resources which also meets four times a year. During the year, the decision was made to move Board meetings back to being in person in order to facilitate better conversations and links between Trustees. The first of these was in March 2025. The meetings of the Finance and Resources Committee remain online and the November meeting also acts as the Annual General Meeting of the ENT Trading Company

Appointments

A significant recruitment campaign took place during the year to seek new Trustees with the skills the organisation will need to take it forward over the coming years. External consultancy support was engaged to ensure the best reach for the campaign, which is underpinned by a detailed skills audit and an eye to ensuring diversity across the Trustee group. Seven new Trustees were appointed in February 2025.

Induction and training

On their appointment, new Trustees were provided with information on their legal obligations under charity and company law, the Charity Commission guidance on public benefit and the content of the Memorandum and Articles of Association. The induction programme was delivered in a face-to-face session with the Chief Exec Team and Co-Chairs and covered finance, organisational structure and internal relationships, planning timelines, vision, mission and impact

Trustees are actively encouraged to engage in additional training alongside both staff and other members of the volunteer workforce that will facilitate the undertaking of their role and their engagement with the wider organisation.

Related parties

None of our Trustees receive remuneration for their work as a trustee. Trustees and senior managers of the charity are reminded that any connection with a production company, contracted actor, performer or exhibitor must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

One Student Trustee, who started their tenure in September 2024, was a member of the casual Front of House team but, as they were employed prior to becoming a Trustee, this is within the Charity Commission guidance and did not require permission. That Trustee finished their period of appointment in June 2025.

The charity’s wholly owned subsidiary, ENT Trading Limited was established to operate the commercial bar, catering and front of house facilities at the theatre. ENT Trading Limited has a licence from the charity to operate those facilities and gift aids all its profits to the charity (see note 10 to the accounts).

Risk management

The theatre maintains a risk register that identifies key business risks and associated mitigation strategies. This is structured to reflect the themes of the current Action Plan and is reviewed regularly by management and trustees.

The highest risks for the organisation are around our ability to build our programme of produced work in a sustainable way, secure sufficient appropriate and commercially successful touring work, recruit and retain skilled and experienced staff, and meet ambitious financial targets for the Trading Company. In general, audience demand for our diverse programme has been good, but we face workload challenges associated with programming both in-house and visiting shows most of which can only sustain short runs. In consistency in audience booking patterns represent a risk both in terms of ticket revenues and ancillary earnings through the Trading Company. The changed economics of touring is also meaning that harder financial deals are being driven by the visiting companies and this is impacting the profit margins on these works.

Robust oversight of our performance against budget has been provided by the Finance & Resources Committee and the Board of Trustees during the financial year with a particular focus on cost control and forecasting.

We continue to work in a largely hybrid pattern and this has been beneficial for staff wellbeing. Other wellbeing actions are in place as a result of our first staff surveys and we continue to work across the teams to ensure this remains a focus for us. Pay awards and a willingness to review responsibility levels has also helped to address- some staff retention issues.

The Health and Safety Committee, chaired by the Finance & Operations Director, meets monthly and reports to both the Finance & Resources Committee and the Board.

Finance:

Pay Policy

The pay structure that has been in place since February 2022 is working well and continues to allow roles to be regraded as the needs of the organisation change. Increases in National Living Wage were implemented from 1 April and the Board has approved a flat increase equivalent to this cash amount across the organisation effective from 1 August 2025. This approach means that the cash increase represents a higher percentage uplift for those at the lower end of the pay scale.

Financial review & reserves

The financial performance of the Northcott continues to be impacted by the changes in the sector postpandemic which is most noticeable in the disrupted the supply chain and economics of touring productions. Changes in audience demand have also become increasingly apparent and programming has been adjusted to meet this. As an organisation that has been over 88% dependant on earned income the changes have negatively affected its main income streams. However, the organisation has been diligent in controlling costs where possible and the organisation remains solvent and financially stable at a time when this has not been the case for all arts organisations.

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Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

Our total income for the year was £3,375,369 an increase of £102,563 (or 3%) compared to £3,272,806 in 2023/24. This is encouraging given the continued challenges around the presented programme and a shift in our business model towards more in-house producing. Our net position showed a deficit of £82,879 compared to a deficit of £7,875 achieved in 2023/24. This was significantly less than was anticipated when the original budget was set for the year and a good outcome given the challenges the sector faces, the additional investment in administrative staffing and the increased costs of National Minimum Wages and National Insurance. The loss represents 2.5% of turnover.

Income from productions totalled £2,144,730, compared to £2,086,704 last year, demonstrating that our approach to programming, demand for tickets and ticket pricing remain a key consideration for the sustainability of the organisation.

Core funding from Exeter University amounted to £211k compared to £209k for the previous year, and Exeter City Council Local Authority Support remained stable at £57,000 despite budget challenges facing the Council. The continued support of Arts Council England with core funding of £127,300 has been crucial and has been confirmed for an additional year (to March 2027) through National Portfolio Organisation (NPO) funding. Other smaller grants have been secured from a variety of funders to support our programme of creative engagement events and programmes.

Our Reserves Policy is structured in a way that aims to mitigate specific financial risks to the organisation. It identifies designated funds to underpin our resilience in terms of the artistic programme, the fabric of our buildings and the renewal of our theatrical equipment. It also recognises that, although the net book value of our fixed assets appears within the calculation of our reserves, this value does not represent resource that is immediately available to the organisation in terms of realisable cash. This year there has been another significant investment in our lighting and this is shown in the sharp increase in the NBV of fixed assets. We have also made a move back to in-house producing and this has required an investment of both time and money. For these reasons, the Artistic and Equipment designated funds have been utilised in year. The aim is to rebuild these over time as resources allow.

Reserves Policy

Reserves Policy
Designated Fund - Building Refurbishment £100,000
3 months of winding up costs £385,905
NBV of fixed assets £248,613
Undesignated free reserves £108,564
Total unrestricted reserves £843,082

At the March 2025 meeting of the Finance & Resources Committee, Trustees requested that the target figure for Free Reserves be reviewed and the 3 months of winding up costs be updated for current budgeted values. This work has now been done, and the figure for winding up costs will be updated to £477,081 for 2025-26.

The Trustees are pleased to report that the charity has total reserves of £946,777 (2023-24 - £1,029,656) with the balance being £103,695 of restricted reserves (2023-24 – £81,993). While this is a healthy position in which to close the year, there have been and will continue to be significant calls on these reserves in 2025-26 as a one-year deficit budget has again been agreed by the Board. This decision was taken by Trustees in recognition of strategic work being done to consolidate the new vision and mission of the charity which includes the increase in in-house producing which gives us more control over the content and quality of the work on our stage and provides more creative opportunities to our staff and free-lance

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Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Trustees’ Report

Year Ended 31 July 2025

theatre makers. However, digging into reserves each year is not sustainable in the long term and it is therefore vital that the focus remains on controlling costs, driving sales and seizing opportunities to diversify funding streams to protect the charity and continue the work of the Northcott.

Trustees’ responsibilities in relation to the financial statements

The charity trustees (who are also the directors of the Exeter Northcott Theatre for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved and signed on behalf of the trustees on 15 December 2025.

Signed

4654E2B80913442... 180C1228C0664CE... Becky Chapman and David Balcombe

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Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2025

Opinion

We have audited the financial statements of Exeter Northcott Theatre Company (the 'Charity') and its subsidiaries (the ‘Group’) for the year ended 31 July 2025, which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2025

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page 19, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2025

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the group and the industry/ sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we held discussions with management.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily FRS 102 (effective 1 January 2019) - (Charities SORP), the Companies Act 2006 and the Charities Act 2011.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed with management how the compliance with these laws and regulations in monitored and discussed policies and procedures in place.

We also identified the individuals who have responsibility for ensuring that the group complies with laws and regulations and deals with reporting any issues if they arise.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the group’s ability to continue trading and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included the following:

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud of which there were none.

We also evaluated the risk of fraud through management override including that arising from management’s incentives. The key risks we identified were the manipulation of the financial statements (including the risk of override of controls) and we determined that the principal risks were related to fraudulent financial reporting, in particular to fraud in revenue recognition and grant funding received.

In response to the identified risk, as part of our audit work we:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Exeter Northcott Theatre Company

Independent Auditor’s Report to the Members of Exeter Northcott Theatre Company

Year Ended 31 July 2025

Use of our report

This report is made solely to the Charity's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's Members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Members, as a body, for our audit work, for this report, or for the opinions we have formed. [ ...................................... FraisSigned342D60FB7F7A405... by: (Lark (LP Martin Hobbs BSc ACA (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor

Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

09 April 2026 Date:.............................

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Exeter Northcott Theatre Company

Statement of Financial Activities (Incorporating Income & Expenditure Account) - Group Year Ended 31 July 2025

Unrestricted Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income
Donations and legacies 60,691 47,890 108,581 71,770 33,381 105,151
Charitable activities 3 2,665,503 107,996 2,773,499 2,631,031 72,439 2,703,470
Other Income 7,859 - 7,859 - - -
Commercial trading operations 461,503 - 461,503 445,056 - 445,056
Investment income 23,927 - 23,927 19,129 - 19,129
––––––– ––––––– ––––––– ––––––– ––––––– –––––––
Total income 3,219,483 155,886 3,375,369 3,166,986 105,820 3,272,806
––––––– **––––––– ** ––––––– ––––––– ––––––– –––––––
Expenditure
Commercial trading operations 152,011 - 152,011 171,437 - 171,437
Charitable activities 4 3,172,053 134,184 3,306,237 3,026,548 82,696 3,109,244
––––––– ––––––– ––––––– ––––––– ––––––– –––––––
Total expenditure 3,324,064 134,184 3,458,248 3,197,985 82,696 3,280,681
––––––– ––––––– ––––––– ––––––– ––––––– –––––––
Net income/(expenditure) (104,581)
21,702		 (82,879) (30,999)
23,124		 (7,875)
Total funds at 1 August 2024 947,663 81,993 1,029,656 978,662 58,869 1,037,531
––––––– ––––––– ––––––– ––––––– ––––––– –––––––
Total funds at 31 July 2025 843,082 103,695 946,777 947,663 81,993 1,029,656
══════ ══════ ══════ ══════ ══════ ══════

All income and expenditure derive from continuing activities.

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Exeter Northcott Theatre Company

Statement of Financial Activities (Incorporating Income & Expenditure Account) - Charity

Year Ended 31 July 2025

==> picture [475 x 299] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted Restricted|Total|Unrestricted Restricted|Total| |Funds|Funds|Funds|Funds|Funds|Funds| |2025|2025|2025|2024|2024|2024| |Notes|£|£|£|£|£|£| |Income| |Donations and legacies|88,404|47,890|136,294|92,380|33,381|125,761| |Charitable activities|3|2,665,503|107,996 2,773,499|2,631,031|72,439 2,703,470| |Other Income|7,859|-|7,859|-|-|-| |Investment income|23,927|-|23,927|19,129|-|19,129| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Total income|2,785,693|155,886 2,941,579|2,742,540|105,820 2,848,360| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Expenditure| |Charitable activities|4|2,909,023|134,184 3,043,207|2,779,012|82,696 2,861,708| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Total expenditure|2,909,023|134,184 3,043,207|2,779,012|82,696 2,861,708| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Net income/(expenditure)|(123,330)|21,702 (101,628)|(36,472)|23,124|(13,348)| |Total funds at 1 August 2024|914,517|81,993|996,510|950,989|58,869 1,009,858| |–––––––|–––––––|–––––––|–––––––|–––––––|–––––––| |Total funds at 31 July 2025|791,187|103,695|894,882|914,517|81,993|996,510| |══════|══════ ══════|══════ ══════ ══════|

----- End of picture text -----

All income and expenditure derive from continuing activities.

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Exeter Northcott Theatre Company

Balance Sheet - Group

31 July 2025

31 July 2025
Notes 2025 2024
£ £
Fixed assets
Intangible fixed assets 7 - -
Tangible fixed assets 8 248,613 135,499
––––––– –––––––
248,613 135,499
Current assets
Stock 9 10,494 10,727
Debtors 12 408,737 461,412
Cash at bank and in hand 13 1,093,862 1,246,090
––––––– –––––––
1,513,093 1,718,229
Creditors- amounts falling
due within one year 14 (814,929) (824,072)
––––––– –––––––
Net current assets 698,164 894,157
––––––– –––––––
Net assets 946,777 1,029,656
══════ ══════
Funded by:
Unrestricted funds 843,082 947,663
Restricted funds 16 103,695 81,993
––––––– –––––––
Total group funds 17 946,777 1,029,656
══════ ══════

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006, relating to small companies.

Approved by the Board of Trustees on 15 December 2025 and signed on its behalf by

……………………………. ……………………………. 4654E2B80913442... 180C1228C0664CE... Becky Chapman David Balcombe Company Registration Number: 08393145

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Exeter Northcott Theatre Company

Balance Sheet - Charity

31 July 2025

31 July 2025
Notes 2025 2024
£ £
Fixed assets
Intangible fixed assets 7 - -
Tangible fixed assets 8 238,994 124,162
Investment in subsidiary 10 1 1
––––––– –––––––
238,995 124,163
Current assets
Debtors 12 452,020 623,585
Cash at bank and in hand 13 999,851 1,068,097
––––––– –––––––
1,451,871 1,691,682
Creditors- Amounts falling
due within one year 14 (795,984) (819,335)
––––––– –––––––
Net current assets 655,887 872,347
––––––– –––––––
Net assets 894,882 996,510
══════ ══════
Funded by:
Unrestricted funds 791,187 914,517
Restricted funds 16 103,695 81,993
––––––– –––––––
Total charity funds 17 894,882 996,510
══════ ══════

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006, relating to small companies.

Approved by the Board of Trustees on 15 December 2025 and signed on its behalf by

…………………………….
4654E2B80913442...		 …………………………….
180C1228C0664CE...
Becky Chapman David Balcombe

Company Registration Number: 08393145

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Exeter Northcott Theatre Company

Statement of Cash Flows - Group

31 July 2025

31 July 2025
2025 2024
£ £
Reconciliation of net movement in funds to
net cash flow from operating activities:
Net movement in funds (82,879) (7,875)
Depreciation and amortisation 69,074 54,303
Interest income (23,927) (19,129)
Decrease in stocks 233 2,134
Decrease/(increase) in debtors 52,675 (29,435)
Decrease in creditors (9,143) (101,888)
––––––– –––––––
Net cash generated from /(used in) operating activities 6,033 (101,890)
––––––– –––––––
Cash flows from investing activities
Interest income 23,927 19,129
Acquisition of tangible fixed assets (182,188) (12,820)
––––––– –––––––
Cash (used in)/generated from investing activities (158,261) 6,309
––––––– –––––––
Decrease in cash and cash equivalents in the year (152,228) (95,581)
Cash and cash equivalents at the beginning of the year 1,246,090 1,341,671
––––––– –––––––
Cash and cash equivalents at the end of the year 1,093,862 1,246,090
══════ ══════

28

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

1 Accounting policies

a) Basis of accounting

The financial statements have been prepared under the historical cost convention with items being recognised at cost or transaction value unless otherwise stated in the notes to these accounts.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) – (Charities SORP (FRS 102)), and with the requirements of the Companies Act 2006).

The Statement of Financial Activities and Balance Sheet consolidate the financial statements of the Charity and its subsidiary on a line by line basis.

The charity constitutes a public benefit entity as defined by FRS102.

The functional and presentational currency is sterling.

b) Going concern

The charity continues to rely on the annual support of a number of grant making bodies, as set out in the Trustees' Report. Based on information received to date, the directors have no reason to believe that this support will not continue. These accounts have therefore been prepared on a going concern basis.

c) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been obtained by the charity for particular purposes. The majority of restricted funds relate to enhancement of the theatre & performances shown. These funds are specified in Note 16.

d) Critical accounting judgements and key sources of estimation uncertainty

In application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The critical judgement that the trustees have made in the process of applying the company’s accounting policies is the composition of the key management personnel, as detailed in note 6 below.

29

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

1 Accounting policies (continued)

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income including grants, donations, gifts and legacy income is recognised when there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Investment income and administration recharges are recognised on a receivable basis. Income from commercial trading activities is recognised when the goods and services are provided.

f) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and this is reported as part of the expenditure to which it relates:

g) Tangible and Intangible assets and depreciation

Tangible and intangible assets are included at cost and the capitalisation threshold is £500.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful economic life of that asset on a straight line basis as follows:-

IT, Fixtures and Fittings 3-10 years Website Costs 3 years

h) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight line basis over the period of the lease.

i) Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

30

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

1 Accounting policies ( continued )

The Company’s shareholding in the wholly owned subsidiary, ENT Trading Limited, is included on the balance sheet at cost. There is no readily available market value and the cost of valuation exceeds the benefits derived.

k) Defined contribution pension obligation

The Charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Charity. The annual contributions payable are charged to the statement of financial activities.

l) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company holds the following financial instruments, all of which are considered to be basic:

m) Accounting for distributions

The annual donation from the subsidiary company is recognised in the period in which the donation is received.

31

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

2 Charitable status

The charity is a company limited by guarantee and is registered with the Charity Commission for England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability under the guarantee is limited to £1 per member of the charity.

The charitable company is incorporated in England and Wales.

3 Income from charitable activities

Income from charitable activities
Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Productions 2,144,730 2,144,730 2,086,704 2,086,704
Grants 446,380 446,380 408,734 408,734
Venue hire and wardrobe income 182,389 182,389 208,032 208,032
––––––– ––––––– ––––––– –––––––
2,773,499 2,773,499 2,703,470 2,703,470
══════ ══════ ══════ ══════

Income from charitable activities represents £2,665,503 of unrestricted income (2024: £2,631,031) and £107,996 of restricted income (2024: £72,439).

Included within grant income from charitable activities are the following amounts received from government and other public authorities.

Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Arts Council 127,300 127,300 127,300 127,300
Exeter City Council 57,000 57,000 57,000 57,000
══════ ══════ ══════ ══════

32

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

4 Analysis of charitable expenditure

Group

Group
Venue Hire &
Production Wardrobe Total
£ £ £
Production costs 1,068,560 89,879 1,158,439
Wages 1,433,714 121,924 1,555,638
Consultancy 17,483 1,487 18,970
Property costs 207,868 17,677 225,545
Depreciation 63,660 5,414 69,074
Bank charges 29,794 2,534 32,328
Marketing 149,748 12,735 162,483
Travel 4,160 354 4,514
Office costs 49,545 4,213 53,758
Staff welfare 2,514 214 2,728
Governance 663 56 719
Audit fees 15,861 1,349 17,210
Conference and training 4,452 379 4,831
––––—— ––––—— ––––——
Total 3,048,022 258,215 3,306,237
══════ ══════ ══════

Expenditure on charitable activities was £3,306,237 (2024: £3,109,244) of which £3,172,053 was unrestricted (2024: £3,026,548) and £134,184 was restricted (2024: £82,696).

Charity

Charity
Venue Hire &
Production Wardrobe Total
£ £ £
Production costs 1,068,560 89,879 1,158,439
Wages 1,192,883 101,443 1,294,326
Consultancy 17,483 1,487 18,970
Property costs 207,868 17,677 225,545
Depreciation 62,077 5,279 67,356
Bank charges 29,794 2,534 32,328
Marketing 149,748 12,735 162,483
Travel 4,160 354 4,514
Office costs 49,545 4,213 53,758
Staff welfare 2,514 214 2,728
Governance 663 56 719
Audit fees 15,861 1,349 17,210
Conference and training 4,452 379 4,831
––––—— ––––—— ––––——
Total 2,805,608 237,599 3,043,207
══════ ══════ ══════

Expenditure on charitable activities was £3,043,207 (2024: £2,861,708) of which £2,909,023 was unrestricted (2024: £2,779,012) and £134,184 was restricted (2024: £82,696).

33

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

5 Summary analysis of expenditure and related income for charitable activities

The following tables show the cost of the two main charitable activities and the sources of income that directly support those activities.

Group Venue Hire &
Production Wardrobe Total
£ £ £
Costs 3,048,022 258,215 3,306,237
Venue and equipment hire income - (182,389) (182,389)
Box office income (2,144,730) - (2,144,730)
Direct grant support (411,395) (34,985) (446,380)
––––—— ––––—— ––––——
Net cost funded from other income 491,897 40,841 532,738
══════ ══════ ══════

6 Analysis of staff costs, trustee remuneration and expenses, the cost of key management personnel and related party transactions - group

2025 2024
£ £
Wages and salaries 1,433,038 1,171,515
Social security costs 107,590 84,165
Pension costs 25,540 20,760
––––––– –––––––
1,566,168 1,276,440
══════ ══════

The average number of employees (headcount) during the year was:

2025 2024
Number Number
Sales 37 37
Productions 22 20
Administration 8 7
Development and education 4 3
––––––– –––––––
71 67
══════ ══════

The average number of full-time equivalent employees during the year was:

Sales 19 12
Productions 9 13
Administration 6 6
Development and education 3 2
––––––– –––––––
37 33
══════ ══════

34

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

The key management personnel comprise the Artistic and Executive Director, the Finance and Operations Director and the Marketing and Development Director. The aggregate employee benefits payable to key management personnel for the year was £197,436 (2024: £182,378).

2 trustees were re-imbursed expenses totalling £695 for travel in respect of their services as trustee. (2024: £nil).

There were no other transactions with related parties.

Intangible fixed assets – group and charity
Website Website
Costs Costs
2025 2024
£ £
Cost
At 1 August 2024 14,550 14,550
––––––– –––––––
At 31 July 2025 14,550 14,550
––––––– –––––––
Amortisation
At 1 August 2024 (14,550) (13,338)
Charge for the period - (1,212)
––––––– –––––––
At 31 July 2025 (14,550) (14,550)
––––––– –––––––
Net Book Value
At 31 July 2025 - -
══════ ══════
At 31 July 2024 - 1,212
══════ ══════

35

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

8 Tangible fixed assets

Group

Group
IT, Fixtures IT, Fixtures
& Fittings & Fittings
2025 2024
£ £
Cost
At 1 August 2024 398,283 385,463
Additions 182,188 12,820
Disposals (1,284) -
––––––– –––––––
At 31 July 2025 579,187 398,283
––––––– –––––––
Depreciation
At 1 August 2024 (262,784) (209,693)
Charge for the period (69,074) (53,091)
Disposals 1,284 -
––––––– –––––––
At 31 July 2025 (330,574) (262,784)
––––––– –––––––
Net Book Value
At 31 July 2025 248,613 135,499
══════ ══════
At 31 July 2024 135,499 175,770
══════ ══════
Charity
IT, Fixtures IT, Fixtures
& Fittings & Fittings
2025 2024
£ £
Cost
At 1 August 2024 372,844 360,024
Additions 182,188 12,820
Disposals (1,284) -
––––––– –––––––
At 31 July 2025 553,748 372,844
––––––– –––––––
Depreciation
At 1 August 2024 (248,682) (197,307)
Charge for the period (67,356) (51,375)
Disposals 1,284 -
–––––– –––––––
At 31 July 2025 (314,754) (248,682)
––––––– –––––––
Net Book Value
At 31 July 2025 238,994 124,162
══════ ══════
At 31 July 2024 124,162 162,717
══════ ══════

36

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

2025 2024
£ £
Goods for resale 10,494 10,727
══════ ══════
10 Investments – charity
2025 2024
£ £
Shares in subsidiary 1 1
══════ ══════

11 Subsidiary undertakings

The charitable company has a wholly owned subsidiary, ENT Trading Limited, company number 08543930, a company which attends to the sale of food and beverages in the theatre. The registered office of this company is Exeter Northcott Theatre, Stocker Road, Exeter, EX4 4QB.

The results of ENT Trading Limited were as follows:

Year ended Year ended
31 Jul 2025 31 Jul 2024
£ £
Turnover 465,510 450,695
Cost of sales (283,726) (287,489)
Administrative expenses (131,316) (131,486)
––––––– –––––––
Operating Profit 50,468 31,720
Donations (31,720) (26,248)
––––––– –––––––
Profit for the year 18,748 5,472
══════ ══════
At At
31 Jul 2025 31 Jul 2024
£ £
Assets 114,324 203,108
Liabilities (62,430) (169,963)
––––––– –––––––
Shareholders’ funds 51,894 33,145
══════ ═════

37

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

12 Debtors: due within one year
Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Trade debtors 72,266 72,266 127,840 127,840
Amount due from group undertaking - 43,234 - 161,721
Prepayments 91,037 90,837 134,636 134,636
Other taxes and social security 123,678 123,678 74,554 74,554
Other debtors 121,756 122,005 124,382 124,834
––––––– ––––––– ––––––– –––––––
408,737 452,020 461,412 623,585
══════ ══════ ══════ ══════
13 Cash at bank and in hand
Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Cash at bank and in hand 1,093,862 999,851 1,246,090 1,068,097
══════ ══════ ══════ ══════
14 Creditors: due within one year
Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Trade creditors 101,034 97,897 217,644 215,484
Deferred income (note 15) 4,965 4,965 24,984 24,984
Accruals 70,594 70,594 91,489 91,489
Other taxes and social security 28,170 28,170 19,758 19,758
VAT 26,686 11,734 22,921 23,098
Other creditors 583,480 582,624 447,276 444,522
––––––– ––––––– ––––––– –––––––
814,929 795,984 824,072 819,335
══════ ══════ ══════ ══════
15 Deferred income
Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Balance as at 1 August 2024 24,984 24,984 4,035 4,035
Amount released to income (24,984) (24,984) (4,035) (4,035)
Amount deferred in year 4,965 4,965 24,984 24,984
––––––– ––––––– ––––––– –––––––
Balance as at 31 July 2025 4,965 4,965 24,984 24,984
══════ ══════ ══════ ══════

38

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

16 Restricted funds

Year ended 31 July 2025

Year ended 31 July 2025 Year ended 31 July 2025
Balance at Balance at
01/08/2024 Income Expenditure 31/07/2025
£ £
£		 £
Restricted Fund
Exeter City Council 38,000 57,000
57,000		 38,000
ECC - Bursaries for Young People/NYC 6,000 -
6,000		 -
Exeter Foundation 6 7,560
-		 7,566
Claire Milne 134 -
-		 134
Bruce Wake Charitable Trust 2,000 -
-		 2,000
Point of sale restricted donations 5,014 11,877
12,210		 4,681
L Studholme – Donation to Commotion Time 500 -
500		 -
Equitable Charitable Grant 3,900 -
3,900		 -
Frederick Mulder Foundation - Creative Connections
5,539		 -
5,539		 -
John Nettles - Artist Development 16,000 -
8,000		 8,000
John Nettles - Gift Aid 4,000 -
2,000		 2,000
Marilyn Lant 900 -
900		 -
HAF Winter Ticket Scheme - 18,232
18,232		 -
University of Exeter- Platform Lift - 13,781
689		 13,092
Frederick Mulder Foundation - 20,000
2,945		 17,055
Funding for change - 1,500
1,500		 -
Veronica Awdry Grant - 6,000
-		 6,000
Jack Riley Trust - 5,000
3,333		 1,667
National Theatre Connections Grant - 3,000
3,000		 -
Access Support Fund - 1,043
1,043		 -
The Norman Family Grant - 1,000
1,000		 -
Festival Enhancement Fund - 1,403
1,403		 -
100% Audience Development Bursary - 400
400		 -
John Nettles - 4,000
500		 3,500
The Idlewild Trust Grant - 4,090
4,090		 -
––––––– –––––––
–––––––		 –––––––
Total restricted funds 81,993 155,886
134,184		 103,695
══════ ══════
══════		 ══════

39

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

16 Restricted funds (continued)

The Theatre receives restricted funding from:

Exeter City Council Core Grant - Towards core costs Exeter City Council - Towards Kickstart placements Exeter Foundation - Towards Digital Streaming equipment Claire Milne - Towards evacuation equipment Bruce Wake Charitable Trust - Towards stairlift Point of sale restricted donations - Towards support for Artists and Young people L Studholme - Donation towards the production of Commotion Time Equitable Charitable Grant - Towards development of the Clifford Room Frederick Mulder Foundation - Towards Creative Connections John Nettles - Towards Artist Development Patron Donation - Mrs Lant - Towards access measures HAF Winter Ticket Scheme - Towards theatre tickets University of Exeter- Platform Lift Towards replacement of the platform lift within the - auditorium Frederick Mulder Foundation Towards both the front of house replacement lighting, and - towards creative connections work. Funding for change Towards Ramps on the Moon (Access work within the - Northcott) Veronica Awdry Grant Funding for 25 young people SPARK (Young People facing - barriers to participation) Jack Riley Trust Funding towards SPARK (Young People facing barriers to - participation)

National Theatre Connections Grant Access Support Fund The Norman Family Grant Festival Enhancement Fund 100% Audience Development Bursary John Nettles

The Idlewild Trust Grant

Towards Artist Development and the Production of Romeo - and Juliet Towards Elevate festival and the Writers and Directors - initiative

40

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

Year ended 31 July 2024

Year ended 31 July 2024 Year ended 31 July 2024
Balance at Balance at
01/08/2023 Income Expenditure 31/07/2024
£ £
£		 £
Restricted Fund
Exeter City Council 38,000 57,000
57,000		 38,000
ECC - Bursaries for Young People/NYC 4,700 6,000
4,700		 6,000
University of Exeter 5,000 -
5,000		 -
Exeter Foundation 6 -
-		 6
Claire Milne 134 -
-		 134
Bruce Wake Charitable Trust 2,000 -
-		 2,000
Locality Grant Award – Encompass Group 750 - 750 -
Point of sale restricted donations 8,279 11,981
15,246		 5,014
L Studholme – Donation to Commotion Time - 500
-		 500
Equitable Charitable Grant - 3,900
-		 3,900
Frederick Mulder Foundation - Creative Connections
-		 5,539
-		 5,539
John Nettles - Artist Development - 16,000
-		 16,000
John Nettles - Gift Aid - 4,000
-		 4,000
Marilyn Lant - 900 - 900
––––––– –––––––
–––––––		 –––––––
Total restricted funds 58,869 105,820
82,696		 81,993
══════ ══════
══════		 ══════

41

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

16 Restricted funds (continued)

The Theatre receives restricted funding from:

Exeter City Council Core Grant Exeter City Council University of Exeter Exeter Foundation Claire Milne Bruce Wake Charitable Trust Locality Grant Point of sale restricted donations L Studholme Equitable Charitable Grant Frederick Mulder Foundation John Nettles Patron Donation - Mrs Lant

42

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

17 Analysis of net assets between funds

Group

Fund balances at 31 July 2025 are represented by:

Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed assets 235,521 13,092 248,613
Current assets 1,422,490 90,603 1,513,093
Current liabilities (814,929) - (814,929)
––––—— ––––—— ––––——
Net assets 843,082 103,695 946,777
══════ ══════ ══════
Fund balances at 31 July 2024 are represented by:
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed assets 135,499 - 135,499
Current assets 1,636,236 81,993 1,718,229
Current liabilities (824,072) - (824,072)
––––—— ––––—— ––––——
Net assets 947,663 81,993 1,029,656
══════ ══════ ══════

Charity

Fund balances at 31 July 2025 are represented by:

Fund balances at 31 July 2025 are represented by:
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed assets 225,903 13,092 238,995
Current assets 1,361,268 90,603 1,451,871
Current liabilities (795,984) - (795,984)
––––—— ––––—— ––––——
Net assets 791,187 103,695 894,882
══════ ══════ ══════
Fund balances at 31 July 2024 are represented by:
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed assets 124,163 - 124,163
Current assets 1,609,689 81,993 1,691,682
Current liabilities (819,335) - (819,335)
––––—— ––––—— ––––——
Net assets 914,517 81,993 996,510
══════ ══════ ══════

43

Docusign Envelope ID: A534069E-393D-4A82-AB18-76DDA554B9C4

Exeter Northcott Theatre Company

Notes and Accounting Policies

Year Ended 31 July 2025

18 Operating Lease Commitments – Charity and Group

At 31 July 2024, the Charity and Group had total future minimum lease payments as follows:

2025 2024
£ £
In less than one year 23,375 27,858
Within two to five years 92,861 111,433
After more than five years 177,991 213,589
––––—— ––––——
294,227 352,880
════════ ════════

During the year lease payments totalling 23,215 (2024: 23,215) were recognised as an expense.

19. Financial commitments

Group

The total amount of capital commitments not included in the balance sheet is £55,818 (2024: £109,753).

Charity

The total amount of capital commitments not included in the balance sheet is £55,818 (2024: £109,753).

44