°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 VAULT CREATIVE ARTS LTD REPORT AND FINANCIAL STATEMENTS 30 Jun8 2025 COIAPANY REGISTRATION NUMBER.. 10814212 CHARITY REGISTRATION NUhlBER.. 1198114
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 YEAR ENDED 30 June 2025 LEGAL AND ADMINISTRATIVE INFORMATION DIRECTORS & TRUSTEES: Michael Duggan Jessica Lawson Amanda Lee Ajala Helen Louise O'Donnell Heather Amy Ruck Chair REGISTERED OFFICE: 134 Lower Marsh London SE1 7AE INDEPENDENT EXAMINERS.. KMA Spollighl Somerset House Strand London WC2R 1LA BANKERS: The Co-operative Bank p.l.c. P.0. Box 101 1 Balloon Street Manchester M80 4EP SOLICITORS= Counterculture LLP Unit 115 Ducie House Ducie Street Manchester M12JW CHARITY REGISTRATION NUMBER.. 1198114 COMPANY REGISTRATION NUMBER: 10814212
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 Independent Examiner's Report on the A¢¢gunts of VAULT Creative Art¥ Ltd (COMPANY REGISTRATION NUMBER. 108142121 I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2025 which are set out on pages 8 to 14 ResponslbSlltles and basls of report As the charity's trustees ol the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance vAth the requirements of the Companies Act 2006 I'the 2006 Acri. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Ad and are eligible for independent examination, I report in respect of my examination of your charty's accounts as carried out under section 145 of the Charities Act 2011 Ithe'2011 Act'l. In carying out my examination I have followed the Directions given by the Charity Comtllission under section 14515llbl of the 2011 Act. Independent examIneS report I have wmpleted rny exarninalion. l oonfinn that no matters have come to my attention in connection with the ex8min8tion giving rne cause to believe.. 111 accounting records were not kept in respect of the company as required by section 386 of the 2006 Act.. or 121 the accounts do not accord wth those accounting records,. or 131 the accounts do not comply with the accounting requirements ol section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view ¥thich is not a matter considered as part of an independent examination., or 141 the accounts have not been prepad in accordance wth the methods and principles of the Statement of Recommended practice for accounting and reporting by charrties applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no conTrm5 and have come across no other matte15 in connection wth the examination to which attention should be dramffl in thi5 report in order to enable a proper understanding of the accounts to be iearthed. K/PIJ SpolJi A Kris Milov50rov Chartered Accountsnt Independent Examiner Somerset House Strand London WC2R 1LA 13 March 2026
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 Trustee Annual Report for VAULT Creative Arts 1st July 2024 - 30th June 2025. Legal and Administrative Information Charity number.. Company number.. Registered offi.. 1198114 (Charity Commission England and Wales) 10814212 134 Lower Marsh London SE1 7AE Directors & Trustees J. Lawson M. Duggan H. Ruck H. O'Donnell A. Lee-Ajala Accountants KMA Spollighl 124 City Road, London, EC1V 2NX Bankers The Co-operative Bank p.l.c., P.0. Box 101, 1 Balloon Street, Manchester M60 4EP Solicitors Counlercullure LLP Unit 115, Ducie House, Ducie Street, Manchester, M12JW Lawyers Mishcon de Reya, Africa House, 70 Kingsway, London, WC2B 6AH e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 Welcome to the Annu81 Report for VAULT Cre8tive Arts (the "Charity.) for the Year ending 30 June 2025 The Trustees are pleased to present their annual report together with the consolidated financial statements of the Charity for the year ending 30th June 2025 which are also prepared to meet the requirements for a Directors, report and accounts for Companies Act purposes. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the finaneial statements and comply with the Charity's Articles of Ass(Kiation, applicable law, and the requirements of the Statement of Recommended Practice.. "Accounting and Reporting by Charities" 2005, FRS102. Executive Summary VAULT CrealiveArts has survived, and even thrived, emerging from a challenging period in its history in a strong position. Our main focus in this financial year has been lo reimagine and upgrade the charity's home at The Glitch, lo better fulfil our charitable objectives. In the first half of the year, we continued to operate the venue as before, maximising impact and income to the best of our abilities. In October, we then reiVed a grant from Lambelh Council to completely re-imagine our downstairs space. Previously, this Spa measured less than 20m and had no natural light. But through December and January, we opened up the space, increasing fcs size More than threefold to over 60m2 As a result of this, we were able to significantly expand the types of work we could support in the space, whilst also significantly increasing income potential from hire of our space for rehearsals. The new, improved space opened in January 2025, to a smash-hit of an inaugural season. Highlights of the year in the space included.. Brown Girl Noi8e-A new play with music, about the experience of south-Asian young women in the arts. This show has since transferred twice, gaining a number of 4-slar and 5-slar reviews. The Highgate Vampire A comedy exploring the true story of the legend of the Highgale Vampire. This show was the first winner of our inaugural Stephen Joseph Transfer, receiving a week-long run at The Cockpit la 200-seat, in-lhe-round theatre in Marylebonel e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 The Lost Library of Leake Stregt our first in-house production al The Glitch receiving multiple 5-slar reviews, and selling out the final 2-weeks of ils run. This was a creative and financial success, and we will look lo produce more, similar shows over the festive period going forwards. Additionally, we intrOdUd the VCA Playwriting Award this year. This is a scheme that offers one early-career writer a £2,000 fee, alongside a fully-realised 4week production of their script. The winning show In Defence of Adventurous Mothers was nominated for 5 Fringe Theatre Awards, and received multiple 4-star and 5-star reviews. lthilst not financially successful, il was certainly a creative Sucss- we are taking learnings from this project lo deliver again in the new year. We quote in full from the review written by LondonTheatre1, which gave the show 5-stars'. "The Glitch is rapidly becoming one ofmy very f8vourite "Fringe. performing venues in London. Situated two minutes from the Old Vic, and labelling itself a cafe bar theatre,, it IS 8 not-for-profit venue which has a knack of producing tOP-qU21ity work. In addition. it is air- ondilioned and therefo beaulrfully cool in London's Gurrent heat W2ve, selling snacks and drinks at sensible prices. The staff are also very friendly and it is a real pleasure lo visiti" We created space for over 175 artists, and welcomed in over 2,000 audience members from January to April alone. This indicates our new and improved space land new programming model) is going a long way in delivering the charity's objectives. Additionally, the recruitment of 8 Theatre Manager and a new Bar Manager has helped lo drive the organisation towards success. Looking forward lo 2025126, we have already seen growth in audience figures and the number of artists we have been able to support. As artists and audiences come lo further recognise the venue as a vital part of London's Fringe Theatre ecosystem, we see a lot of scope for continued growth. e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 Structure and Go vernance Organisation and Constitution Vault Creative Arts is a company limited by guarantee govemed by its Memorandum and Articles of Association dated 26th November 2021. The company Is limited by guarantee and has no share capital. The guarantees of individual members are limited lo £10. A board of trustees, who meet quarterly, administer the charity. The charity's day-l04ay operations are managed by the Artistic Director and CEO, who is appointed by the Trustees. The Chief Executive Officer has delegated authority to expend the budget within the organisational structure, and report to the Trustees through management accounts, presented at regular meetings. Given the speed and fluidity of the arts and performance business, the Trustees have a system of swift variance approval, outside the meeting cycle, through the Chair. Recruitment andAppolntment of Trustees As outlined in the Memorandum and Articles of Association, Trustees may from time to time appoint new trustees. Trustees are recruited through a combination of open application and direct approaches from the Trustees and Executive Team. Trustees serve for a maximum of three terms, each lasting three years. As set out in the Articles of Association, the Chair of the Trustees is nominated by the Trustees. Trustee Induction and Training New Trustees receive an induction pack with the principal and policy documents of the Charity, the Business Plan, current financial and forward planning information, and a copy of Good Gtsvernan, issued by the National Hub of Expertise in Governanee. They also undergo an induction session with the Chair of the Board and the CEO. During this session, they will also meet other trustees and key employees. Each Trustee is required lo give a written assurance about their Suitability and a Fil & Proper Person declaration in relation to previous service as a director or Trustee Ibankruplcy, financial propriety, disqualification etcl. e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 Trustees keep up to date with regulatory requirements and best practice. They are encouraged to attend external training events that will help them fulfil their role further. Trustees Responsibilities in Relation to Financial Statements Company Law requires the Trustees Iwho are also Directors) to prepare financial statements for each financial year, which give a true and fair view of the stale of affairs of the company and of the results of the company for that year. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il Is inappropriate to presume that the Charity wll continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and lo enable them lo ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Articles ofAssociation. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other Irregularities. Risk Management The Trustees review major risks to the organisalion on a regular basis and establish systems and procedures to mitigate the identified risks. The Trustees have a risk management strategy which comprises.. A quarterly 'risk review assessment at each trustee meeting", An annual review of the risks the Charity and any subsidiaries may face., Establishment of procedures to mitigate identified risks., Implementation of procedures to minimise any impact on the Charity should those risks materialise., and Review of performance against the risk-miligation plans al regular Trustee meetings. e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 This work has identified that financial sustainability has been a major risk ft)r the charity over the past two years. However, the pivot towards services offered al The Glitch has significantly helped lo slabilise the organisalion, particularly in this financial year. Related Parties None of our Trustees receive remuneration or other benefit from their work with the Charity. Any connection belween a Iruslee or senior manager of the Charity with a production company, artist, or exhibitor musl be disclosed lo the full board of Trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported. The Charity has a close relationship with the Heritage Arts Company {Herilage Art Company Ltd) who are the original producers and owners of VAULT Festival. Heritsge Art Company have donatedlgifted the physical assets of VAULT Festival to Vault Creative Arts, and have retained ownership ft)r the copyright and intellectual property of VAULT Festival and VAULT related products giving Vault Creative Arts first refusal on future acquisition and permission to utilise the digital assets in the interim. Vault Creative Services Ltd is a trading subsidiary wholly owned by VAULT Creative Arts, which undertakes all trading activities not permitted to be carried out by the Charity. Primarily, this involves running the cafélbar offering at The Glitch. All profits in excess of operating requirements for VAULT Creative Arts will be donated to the Charity under gift aid. Purposes and Activity Charltable Objectlve The main objectives of the charity are lo advance the arts for the public benefit, through promotion of and education in the arts, including (without limilationl drama, dance, literature, music and the visual arts, particularly, but not exclusively, by organising and delivering arts and cultural events and festivals. e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 Public Benefit The Trustees consider that these objectives are consistent with the Charity delivering public benefit. In compiling this report, the Trustees confirm they have given due regard to the guidance on public benefit issues by the Charity Commission in complains with the duty set out in section 4 of the Charities Act 2006. Mlsslon The Charity's mission is to create industy-leading arts and entertainment experiences by breathing new life into unexpected locations, and creating unparalleled opportunities for early- career artists. We do this by pursuing the followng aims.. Unrivalled Opportunitios for Artists- There is a real need for affordable, meaningful development opportunities for artists. Through all our work, we musl strive lo meet that need, creating an unparalleled raft of opportunities that are accessible to early-career artists, and genuinely encourage them to flourish. Industry-Leading Creative Quality - We ensure all the work we programme and produce is of the highest calibre, telling riveting and untold stories in exciting or innovative ways. We are an arts organisalion - the quality of the work we offer musl always be lop priority. Enticing Social Experiences Performance is more than just seeing a show. It's a community event a place to socialise, meet people, and have a great time. We enshrine this across all our work with the mantra 'bul is il fun?. the key question by which we shape our projects. Activitigs The Glitch- The Glitch is a theatre space with a cafélbar on Lower Marsh in Waterloo, London. The Glitch is also the base of operations for VAULT Creative Arts, hosting our office. Produclng Shows - We produce 2 shows a year at The Glitch the VCA Playwriting Award in the summer, and a Christmas show in the winter. o Receiving Shows- We receive up lo 3 shows a day in our venue, covering a wide range of genres including theatre, musicals, comedy, and drag. In this financial year, the venue hosted over 500 artists. VCA Playwriting Award-The VCA Playwriting Award is an annual award for an early- career writer. It offers them a fee, alongside the opportunity lo have their work e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 professionally produced al The Glitch. This is a meaningful pathway for supporting writers who may othenmise miss out on such opportunities Rehearsal Space - Our venue at The Glitch is also a rehearsal Spa during the day. This makes the venue an important Spa for early career artists to not just to create, bul lo also learn, develop, and build their creative networks. Future Actlvlty The prineipal future aelivity for VAULT Creative Arts will be at The Glitch. We have just completed our first full calendar year with our newly refurbished theatre spaee, and the venue is already gaining a reputation as one of London's friendliest and most accessible fringe theatres. As well as this, we have recently completed a refurbishment of our bar space upstairs, lo make it more enticing and useful for artists. As we continue to bed-in these developments lo secure long-term sustainability for the organisalion, we are now beginning to look forward, explore new, other opportunities for growth. Fin3ncia/ Re view Flnanclal Statement This financial year has been defined by a period of stabilisation for VAULT Creative Arts particularly in the growth and solidification of the charity's work at their venue The Glitch. Followng the refurbishment of this venue, the charity is now able to report a surplus this year of £40,392. This is incredibly positive, in comparison to the charity's Fx)sition at the end of last financial year, which showed a loss of £273, 763. In large part, this is thanks lo the significant growth of the quality and quantity of opportunities for artists we are able to deliver al the venue. A significant boost in income from our charitable activities- most notably the introduction of shows produced in-house, and the growth of our income at Box Office- has been a major player in this. As have cosl-reduction measures to more than halve the charity's expenditure. most notably around salaries and staff costs. e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the 10 litch.london
GREITIVE "Brims with energy, excitement, and opportunit, _ The Guardian, 2023 This has also been bolstered by the strong perft)m8nce of the venue's bar and eafé, which continues to act as a profitsble and useful income generator for the organisation as a whole. Whilst the organisalion is not now completely slabilised, il is certainly in a much stronger position than it was e1ve months previously. The following fv4elve months should be a period of growth for the organisation too. Reserves PoliTCy Reserves are important to ensuring the financial stability of the charity. The Trustees aim to hold approximately 3-months of overheads in reserve at any one time (currently about £50,000). The actual reserves al the end of the financial year were above this level, as the organisation is recovered from the impact of ils financially rocky last two years. Over the coming financial year, the Trustees will work lo increase the organisalion's overall financial reserves. Going Concem Despite a challenging financial year. VAULT Creative Arts has managed to stay afloat, particularly thanks lo a significant pivot in our activities (towards focusing on our work at The Glilchl. As such, The Trustees consider the Charity to be a commercial going concern. This is based on the risk review and financial management processes outlined above. e". hello vaultcrealivearts.or | w". wfft.vaultcreativearts.or | w. .the litch.london
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 Statement of Financial Activitie$ In¢orporating an Income and ExpenditUTe Account For the Year Ended 30 June 2025 Total Funds Total Funds Funds Funds Notss Restricted Unrestricted 30Jun.25 Restricted Unrestricted 3Oun-24 Ineomè Giants and donations 24,555 39,984 64.539 4,164 35,639 39,803 Gharitsble 8ctivities 184,573 184,573 116.465 116,465 Total income 24.555 224.557 249,112 4,164 152.103 1S6,267 Expènditur• Charitable Activity Costs 24,969 183,751 208.720 10.571 419.459 430,030 Total expenditure 24,969 183,751 208.720 10.571 419.459 430,030 Net Income 14141 40,806 40,392 16,4071 1267,3561 1273,7631 Reconclllatlon of Funds Funds brought forward 414 42,573 42.987 6,821 309,929 316,750 Funds earria(I forwar(I 11 83,379 83.379 414 42,573 42,987 The statement of Finanaal Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 8alan¢e Sheet at 30 June 2025 Notes 2025 2024 Flxed assets Tangible assets Investments 16,8 19,688 Total fixed a¥sets 16.909 19.689 Current assets Debtors Cash at bank and in hand 10 58,137 35,023 28.562 7,877 Total current assets 93,160 36,439 Credltors- amounts falllng due wlthln one year 11 26,690 13,140 Net Current a83ets 86.470 23.299 Net assets 83,379 42,988 The Funds of the Charity Restricted funds General 414 42,573 83,379 Total Charity Fund¥ 12 83,379 42,988 For the year ended 30 June 2025 the company was entitled to exemption under section 477121 ol the Companies Act 2006. No members have required the company to obtain an audit of its accounts for the year in question accordance wth section 476 ofthe Companies Act 2006. The directors acknowrtedge their responsibility for.. i. ensuring the company keeps accounting records which comply with section 386," and ii. preparing accounts which give a true and fairview of the state of affai15 of the company as at the end of th8 financi81 year and of its profit and Ios5 foi the financial year in accoidance with the section 393, and which otherwse compty with the requirements of the Comp8nies Act relating to acoounls. so fai 85 applicable lo the oornpany. The acwunls have been prepared in accordance with the special provisions appIlble to companies subject to Ihe small companies, regime under Companies Act 2006. Approved by the directors on 13 March 2026, and signed on their behalf by Michael Duggan 13
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 Notes to the Financial Statements For the Year Ended 30 June 202S 1 Accounting Police5 lal Accountlng conventlon The financial statements have been prepared in accordance wth 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 IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. VAULT Creative Arts Ltd meets the definib.on of a public benefrt entity under FRS 102. Assets and liabilities are InallY recognised at historical cost ortransaction value unless othetwise stated in the ielevant accounting policy notelsl. Ibl Tangible Fixed Assets Depreciation is provided 81 rates c81culaled to ¥wile off the cost of each asset over ils expected useful life. as foll¢)ws' Fixtures, fittings and equipment Computer equiprnent Leasehold improvements 20,/0 reducing balance 33YD reducing balance The length of the lease Icl Income Incorne Is iecognised when the charty has entitlement to the funds, any performance conditions attached to the items of income have been met, rft Is probable that the income 711 be received and the amount can be measured reliably. Incorne from giants, whether capital 01 revenue grsnt5, is recognised when the charity has entitlement to the funds, any perfortnance conditions attached to the grants has been met, it is probable that the incorne wll be received and the amount can be measured reliably and is not deferied. Idl Expenditure All expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probable that settlement will be required and the amount of the obligation can be measured reliably. C05t5 8r8 allocated to 8 category 8ither b8cause such costs 818 directly incurred in r81ation to such category. or because they are support costs in respect of which an apportionment h88 been made between the categories. Support costs consist of infrastructure costs for salaries, pmiSes, office administration. Such costs are apportioned on a reasonable and consistent basis to the various categories wth a view to determining, as accurately as possible, the total resour$ expended for each category. The basis of apportionment used is either a function of staff b.me applied to a given activity, or an estimate of the pioportion of costs associated with the same, or a combination of both. Direct and Support costs are separately shown by natural dassification in Note 5 to these accounts for each category ol cost. lel Taxation The cornpany as 8 registered charity Inutnber 11981141 is exempt from taxation on it5 income insofai as it 15 applied foi Charitab purposes. The cornpany is also exempt from taxation on capital gain5. ln Debtor¥ Trade and othei debtors are iecognised at the settlement amount due after any trade diswunt offered. are valued at the arnounl prepaid nel of any trade discounts due. 14
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 Notes to the Financial Statements For the Year Ended 30 June 202S Igl Creditors and provisions Creditors and provisions are recognised where the charity has a present obligats'on resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the obligation can be rneasured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allovAng for any trade discounts due. 2 Grants and donatlons Restrictad Unrestrict8 Funds Funds Restricted Unrestricte Funds Funds 2025 2024 Grants Lambeth Council DWP un5P8nt and refunded 24,969 14141 24.969 14141 3,750 414 3.750 414 Donatson¥ Sundry 39,984 39,984 35.639 35,639 24.555 39.984 64,539 4.164 35.639 39,803 3 Charitabla aetivity Restrleted Unrestrlcteil Funds Fund5 Restrlcted Unrestrlcte Funds Funds 2025 2024 Artistic services Produced Shows Income Business services Box office Festival Contributions Sponsorship Bar. food and merchandise Venue hire income Licenc& fee Other Theatre Tax Relief 7.360 7,360 17,859 1,409 73,885 16,468 17,859 1,409 73.885 16.468 645 13,660 5.484 13,000 5,253 23,672 36.000 11,390 645 13.660 5,484 13,000 5,253 23.672 36,000 11,390 16,603 54,000 1,244 3,107 16.603 54.000 1,244 3,107 184,573 184,573 116,485 116,465 4 Net (Outgoinglllncoming Resources Net loulgoingllincoming resour$ are stated after charging.. 2025 2024 Examinerfs fee Depreaation of tangible assets 1,800 6,711 1,800 17,395 15
"Brlms wlth energy. excltement, ond opportunlty"_ The Guordlon. 20Z3 Noto5 to the Flnancial Statements Forthe Year Ended 30 June 2025 Support Charitable Charitable Govemance Costs Costs C08ts Costs Unrestricted Unrestricted Restricted Unrestricted Total 2025 2024 Dlrect costs Freelance staff Creative service costs Venue Artist split of box office Artist opportunities costs Programming expenses Production and technical Business development activity costs Bar, food and operations Travel and accommodation Communications, marketing and print Bank charges and MID fees Auxiliary sales and box office costs Collaborations and volLJntary income cos Venue licensing 15,091 1,784 16,875 28,501 4,505 4,200 476 500 2,471 474 3,749 471 49,539 2,026 976 2,411 49,539 2,026 976 2,411 610 610 3,804 4,155 180 3,804 4,155 180 4,601 1,134 558 7,557 1,324 1,324 Support costs Salaries Employer's National Insurance Pensions costs Consultsncy fees Accountsncy fees Equipment storage Equipment costs Rent Insurance Training and re¢ruitmenl Digital, web, and software Depieciation Postage, stationery, catering, and staff e 3,118 338 77 26,381 2,833 677 6,059 656 74 3,118 338 77 38,677 4,166 905 208,290 19,744 3,710 6,220 8,262 4,330 6,846 11271 6,846 11271 1,513 30,584 6,861 1,513 6,117 6,403 24,467 30,181 4,116 1,350 7,261 13,558 2,662 16,257 594 195 40,050 3,370 458 347 347 6,791 799 11,964 6,791 799 2,393 9,571 Partial exemption irrecoverable VAT Sundry costs ProfiVLoss on Disposal The Glitch - Administrative costs 97 97 999 16,396 17,395 Total 2025 23,136 156,623 24.969 3.992 208,720 430,031 During the year the company had 2 employees.12024: 21 16
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 Notes to the Financial Statements For the Year Ended 30 June 202S 6 Tangible fixed assets Fixiures, rittings and equipment Computer Leasehold equipment Improvements Total Cost At 1 July 2024 Additions 14.328 1.052 2.173 2.959 17,104 33.604 4.011 AI 30 June 2025 15.379 5,132 17,104 37.615 Depreciation At 1 July 2024 Charge for the year Disposal 3,833 1,734 1,162 596 8,922 4,461 13,916 6,791 At 30 June 2025 5,566 1,758 13,383 20,707 Net book value At 30 June 2025 9,813 3,374 3,721 16,908 At 30 June 2024 10,495 1,011 8,182 19,688 7 Fixed a88et investment 2025 Totsl Investment Fixed asset investment are staled at cost less provision for dimunilion in value. Shares in group undertakings C05t At 1 July 2024 Additions At 30 June 2025 Carying amount AI 30 June 2025 At 30 June 2024 8 Subsldlares Details of the company's subsidaries at 30 June 2025 are as follows.. Name of undertaklng Reglstered offie• Nature of businèss Class of sharès hèld % Held Indirèct Dirnet VAULT Creative Services Ltd United lfjngdorn Bar operation Oidinary 100Yo 17
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 Notes to the Financial Statements For the Year Ended 30 June 202S 9 Fixed asset investment (Continuedl Name of undertaking ProfiVILossl Capital and Reserves VauK Creative Services Ltd 13,8221 10 Debtors 2025 2024 Trade debtors Piep8ymentS and awrued inGom8 Other debtors Theatre Tax Relief 875 10,828 43,327 3.107 58,137 4,584 12.368 11,610 28,562 11 Creditors . amounts falling du• within on• yèar 2025 2024 Trade creditors Taxes due Other creditors Accruals and deferred income 4.589 6,019 11.530 4.552 26,690 1.393 1.747 847 9.153 13,140 12 Reconciliation of movements in Funds Balanc• at 30 June 2025 Balance at 1 Juty 2024 Incom8 Expenditure Transfers Unrestricted Funds - General 42,573 224,557 183,751 83,379 Restrlcted Funds 414 24,555 24,%9 42.987 249.112 208,720 83,379 The above funds comprlse: General Fund= are moneys which can be used by the Trustees at their discretion for any purpose and which have not been designated by them previous Restrlcted Fund: are moneys which have been designated for a particular cause or purpose. 18
°Brims With energyi excitement, undopportunity"_ The Gugrdion, 2023 Notes to the Financial Statements For the Year Ended 30 June 202S 13 Analysis of net assets between Funds Tanglble Fixed Assets Net Current Assets Total 2025 Total 2024 Unrestricted Funds.. General 16,908 86,471 83,379 42,573 Restricted funds 414 16,908 66,471 83,379 42,987 14 Trustees During the year. none ol the trustees received any remuneration from the charity and no expenses were reirnbursed or paid to any of them or paid on their behalf. 15 Related Party Trasnactlons VAULT Creative Arts Ltd (VCAI has a wholly owned subsidiary company, VAULT Creative Services Ltd IVCSI. This Company is a trading company through which the bar and food operations of the Charity a undertaken. All profits from the tiade will be donated to VCA. During the period, VCS paid a license fee totalling of £54,000 tts VCA. This amount is included in the'License fee, as shown in the th8'Charit8bl8 activities, incom8. The balance due frorn VCS al the year end 8mounled to £33.1. This arnount'is induded in'olhei debtors,. The balance is inlere5t-free and repayable on demand. 19