°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 examIne￿S 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 prepa￿d 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 Spo*lJi 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 re￿iVed 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 intrOdU￿d 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 Suc￿ss- 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 3O￿un-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 appIl￿ble 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 In￿allY 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, p￿miSes, 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