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Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited

Financial Statements

For the Year Ended 31 March 2025

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Company Information ................................................................................................................................... 2 Chair’s statement .......................................................................................................................................... 3 Report of the Board of Trustees/Directors for the year ended 31 March 2025 .......................................... 4 Independent auditors' report to the Members of Belgrade Theatre Trust (Coventry) Limited ............... 15 Consolidated Statement of Financial Activities ......................................................................................... 19 Balance Sheet .............................................................................................................................................. 20 Consolidated statement of cash flows ....................................................................................................... 21 Notes to the financial statements .............................................................................................................. 22

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Trustees

Jonothan Neelands Chair Cllr Roger Bailey resigned 28 May 2025 Harry Banga Colin Bell Jacqui Clements Corin Crane Rosalyn Forbes appointed 12 May 2025 Annette Hay Robin Heer appointed 12 May 2025 Tyrone Huggins Cllr Peter Male appointed 11 August 2025 Kerry Radden Thanh Sinden Karamjit Singh Anthony Skipper Anjula Thiru Rebecca Warwick Jon Wilby resigned 10 February 2025 Anna Williams

Funding Body Representatives are entitled to attend Board meetings:

Arts Council England, West Midlands Alison Gagen (Relationship Manager) Coventry City Council Marcus Lynch (Cultural Development Manager) Company Registered Number 00593331 Charity Registered Number 219163 Registered Office Belgrade Theatre Belgrade Square Corporation Street Birmingham CV1 1GS Chief Executive Officer Laura Elliot Interim Chief Executive Officer Neil Murray (until December 2024) Artistic Director Corey Campbell

Auditor

Bank

Dains Audit Ltd National Westminster Bank 2 Chamberlain Square 24 Broadgate Birmingham B3 3AX Coventry CV1 1NE

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Chair’s statement

2024/25 has been a year in which the Belgrade has shown what it truly stands for. We set out to demonstrate that a producing, people-first, co-creating theatre can make a real difference to the life of this city — and we have done just that. I am proud of the progress we have made: artistically, socially and organisationally. We are becoming the theatre Coventry deserves.

Our producing year has been exceptional. Romeo and Juliet brought together over 150 local professional and community artists and reached audiences here in Coventry and on national stages. Swim Aunty Swim and Revealed amplified local voices with national impact, while our record-breaking pantomime welcomed more than 39,000 people and reminded us how much families and friends treasure shared experiences with us. These successes show that when we create work with, by and for Coventry, our audiences grow, our reputation strengthens, and our purpose comes alive.

I am equally proud of the way we are nurturing talent, skills and confidence across the city — from young people and emerging artists to participants who may never have imagined themselves on a stage before. Our partnerships, including our developing relationship with Paines Plough, widen the door for Coventry’s creativity and help us build something long-term for the region, not just for the theatre.

This has also been a year of steady, thoughtful governance and financial responsibility. We delivered a surplus, strengthened oversight, and continued to diversify income, while keeping our mission at the centre of our decisions.

I want to acknowledge the professionalism of our leadership team during our CEO Laura Elliot’s first maternity leave, which taught us valuable lessons in resilience and continuity. We were delighted to welcome Laura back in 2024 and she has worked intensively on a revised business plan and stabilising the mixed model financial planning. The Board has confidence in the alignment and ambition of the Executive team.

As Laura now prepares for her second maternity leave, we are pleased to welcome Emma Flatley - a Cov Kid - as our new Interim CEO. Having twice led Welsh National Opera through major transitions Emma brings a personal connection to this city, and the experience to maintain momentum in the year ahead.

We remain grateful to Coventry City Council, Arts Council England, and the people of Coventry for their continued investment and belief in our mission. We will honour that support by delivering pride, opportunity, belonging and joy through theatre.

Looking ahead, we are ambitious. We will grow our producing capacity, deepen our civic role, and become a “see-it-here-first” theatre that reflects Coventry’s creativity back to itself — and out to the world. The Belgrade has always had a radical civic purpose at its heart; now, we are building a model that can inspire and lead again.

Thank you to our staff, freelancers, artists, participants, audiences, volunteers, Trustees and partners. Your talent, generosity and belief drive this theatre forward. Together, we are building a vibrant, relevant and confident Belgrade — rooted in Coventry, and open to everyone.

Jonothan Neelands Chair of Trustees, Date: 3 November 2025

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Report of the Board of Trustees/Directors for the year ended 31 March 2025

The Trustees present their annual report together with the audited financial statements of the Theatre for the 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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 2019).

GOVERNANCE

In 23/24, the Organisation undertook some significant changes in the structuring of its Board and subcommittees, following a review led by independent consultant Prue Skene. This coincided with the appointment of a new Chair, Jonothan Neelands, Professor of Creative Education at Warwick Business School.

In order to carry out their duties as effectively as possible the Board of Directors is assisted by a number of sub committees including:

The Finance and Commerce Committee - responsible for detailed review of financial reports,
planning documents and budgets prior to recommendation for approval.

• The Governance, Audit and Risk Committee – is responsible for the review of general governance including the company’s Risk Register and the updating and revision of all necessary policies.

The People and Culture Committee - responsible for overseeing and ensuring a healthy culture
within the Organisation, appointment of senior staff and key policies, including EDI.
The Development and Engagement Committee - responsible for overseeing the effective public
engagement of the theatre and the fundraising function.

In January 25, we assessed the effectiveness of the plans put in place in the prior year, bringing on consultants Galanthus Group. They have recommended a more streamlined committee structure, as well providing an updated Governance Handbook, for adoption in 25/26

Objectives and Activities

a. The Belgrade Theatre's Vision (24/25)

To be a People-First theatre, where diversity powers storytelling.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

b. Mission (24/25)

As a ‘Stage for Coventry’, we create theatre with, by and for the city and region, and share it with the world. Through a co-created, community-led approach, we deliver:

DIVERSE STORIES: We make and present performances with, by and for the people of Coventry. As a ‘see it here first’ space; we will establish a ‘made in Coventry’ repertoire; and a place for inspirational, high quality, theatre that responds to our community’s needs and interests.

LEARNING: We invest in everyone's creativity and provide a reciprocal space for accessing expert staff, facilities, and training - developing the next generation of creatives. We will be a home for an evolving network of regional creatives, and facilitate partnerships locally, nationally, and internationally, providing clear sector pipelines to thrive within our region.

TRANSFORMATION: We will continue to place participation and outreach at the heart of our work; providing safe spaces for people to explore their creativity and enrich their health, belonging and education. We will develop a CYP programme designed with, for, and by CYP; build our reach outside the city centre; and evolve our schools’ programme.

c. Programmes and Activities

Our mission is chiefly expressed through three interconnected programmes;

Programme for audiences (produced, co-produced and visiting shows)
Programme for participants (Participatory opportunities for schools, community, arts and health)
Programme for artists (talent development)

At the heart of these three interconnected programmes are co-created lead productions, bringing together local audiences, participants and artists to make largescale theatre that are shared with the World.

Our programmes are informed by a distinctive artistic policy designed to attract local and national attention, cater to and develop the different audiences in and around Coventry, lift the profile of the Theatre as a producing theatre, bear witness to our community’s experiences, find a unique voice for the Belgrade in the context of the region and attract leading theatre artists. In short to build on the vision, radicalism and internationalism that marked the opening of the Belgrade in 1958. Each year the Theatre seeks to achieve a good balance between the different types of work we produce, support, and present to serve and develop a wide range of audiences.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

d. Outcomes During the latter part of this year significant work was undertaken to develop a Story of Change to move towards a more outcomes focused model (in line with our 2023-2026 ACE NPO activity, and City Council’s One Coventry Strategy). This led to Trustees and Executive defining nine outcomes to achieve the mission and vision.
a. The Belgrade’s programming engages all wards in Coventry and represents/champions Coventry’s diverse communities through leading a best practice co-created, community led approach.
b. The Belgrade incorporates EDI best practice and addresses inequalities in cultural participation opportunities in the city’s communities.
c. Through its programming the Belgrade enriches civic pride and positive perceptions among audiences and local residents.
d. Participation in the Belgrade’s programmes enable skills development, improved health and wellbeing, personal growth and agency for local citizens.
e. The Belgrade demonstrates a contribution to local economic growth by attracting visitors (including corporate hires) generating revenue, and creating jobs for local people.
f. The Belgrade’s carbon emissions and footprint are reduced through sustainable practices supporting Coventry City Council’s environmental goals.
g. The Belgrade provides opportunities and pathways for skills and talent development, supporting growth in the city and regions creative and cultural sectors.
h. The Belgrade supports sector resilience through its active role on the Coventry Culture Works board and maximises its own fundraising potential through effective management of ACE relationship and securing of additional external funding.
i. The Belgrade remains financially sustainable, effectively mitigating cost pressures through enhanced efficiencies, innovation, and proactive fundraising efforts.

e. Enablers To support the delivery of the above we have five operational objectives;

a. Our Programming & Partnerships: Local, regional and national partnerships support our programming
b. Our Audiences & Customer Service: A people centred approach and inclusive customer service ensure our work is well known, valued and supported.
c. Our People: A skilled, motivated, empowered workforce ensure the success of our work
d. Our Operating Model: A future facing building and data-led, sustainable model will maximises resources and ensures cost-effective operation.
e. Our Trading Services: Events, catering, conferencing, and production services will boost profitability.

Achievements and Performances

a. Performance Programme

24/25 marked the second year of our uplifted NPO funding and as a result saw its first of two significant co-created productions in the theatre’s larger B1 auditorium, Romeo and Julie t fully realised in Spring 2025. This production was made with over 150 people across and beyond Coventry. It was seen by 24,200 people at the Belgrade Theatre and through its tour to co-producers Bristol Old Vic and Hackney Empire; and reached over 1M on social media. At the heart of its making process was a partnership between the

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Belgrade Theatre, Coventry Academy and Springboard Company, That’s A Rap , enabling seven young people to develop shows central themes, music and direction.

To be involved in a project with the Belgrade Theatre is such a great thing on so many levels. as a result, we have seen improved school attendance and a significant increase in levels of engagement, and we are now predicting our best ever outcomes in GCSE English. We have also reintroduced English Literature for the first time in three years. Being able to say this to future employers and colleges is so powerful, especially as all of the students involved will be leaving us in the summer after their GCSE exams.” James Heaton, Headteacher, Coventry Academy

30 participants performed in the show from our Belgrade Ensemble, 14-19 Hub and Community Choir . Our 12 Media Academy students made digital content for the production, and a short film, Turn and Draw; so far seen by over 30000 people and being used in classrooms across the country. The production has provided employment for over 40 developing artists from the region supporting the next generation of creative talent, including our Creative Associates, two work experience places and a placement from Coventry University. A ‘Making of’ film is also in development, with a fuller ‘Case Study for Cocreation’ document to be published this Summer

‘Being part of the show has taught me that no matter who you are, if you are the lead or a Hub member like us you have just as much value in your role as everyone else’- Ethan, 14-19 Hub member

Other lead produced shows included our Swim Aunty Swim , by local writer Siana Bangura which went on to win Best New Play at the UK Theatre Awards and Best Playwright at the Black British Theatre Awards. We also produced Revealed by Daniel J Carver, which included extensive community wraparound including a Black Men on the Coach event, a community photo exhibition, free Caribbean food after each performance, and panel discussions.

** A funny, touching tale of female friendship (The Observer on Swim Aunty Swim)

‘Outstanding Performances across the Board (The Guardian on Revealed)

The 24/25 record breaking pantomime of Dick Whittington , led by Ian Lauchlan as writer and director, proved to be a huge success, attracting an audience of more than 39,000 and grossing over £819,000, an all-time high for the theatre. The show was also a critical and audience success.

We continued our co-producing trajectory supporting the Belgrade’s name and reputation as a producer of note and giving our audiences the opportunity to see shows of quality and scale. This included My Mothers Funeral with Paines Plough (B 2), which transferred to London and New York. We proudly opened and co-produced Please Do Not Touch with China Plate and Play On with Talawa, ahead of its national tour and transfer to the Lyric Hammersmith.

Alongside the Company’s own work a number of high profile shows visited the B1 stage, raising the Belgrade’s profile and delivering large audiences, including Ghost, The Woman in Black, and Little Women . We saw less commercial work visiting overall, which needs to be addressed for future years. The B2 space remains the home of small-scale touring work, often around challenging and urgent issues of the day, with highlights including Liberation Squares and Ego Theatre’s You Know My Mum. We also moved to a new B2 Christmas show offer, welcoming Pins and Needle’s Father Christma s which exceeded sales and quality of previous years show offer.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Alongside the increase in our self-produced programme and our ongoing visiting work it is important that we retain a number of good quality ‘one nighters’, whether that be comedy, music or cabaret. Not only do they bring in their own distinctive audiences in large numbers, they also provide a strong income source, both at Box Office and on secondary spend in our bars and café.

The challenge into 25/26 and beyond is to maintain the right balance of the programme. The Belgrade with a capacity of 850 in its B1 space is at the smaller scale of the large presenting houses so we have to fight to keep our place in that world. There is no doubt that companies enjoy playing the Belgrade, and to Coventry audiences, so the onus remains on us to punch above our weight with the welcome and service we provide to incoming companies.

b. Participatory and Talent Development Programme

As the birthplace of Theatre in Education, we continue to boast a distinct practice in participatory and education work. Our engagement programme has a strong record of innovative approaches to reach/support underserved communities as participants, emerging talent & audiences - focussing on vulnerable young people and those from culturally diverse heritage, people in more deprived areas, 50+ communities particularly in isolation, and people with disabilities/learning needs.

24/25 saw us continue to run all the participatory programmes we started in 2023 under our new strategy and begin those planned for our Talent Development Programme. This included our inaugural ‘See It First’ programmme, the relaunch of Springboard with companies, Blindspot Theatre, Dauntless Evolution, and That’s A Rap; and our Creative Associates Programme, funded by Backstage Trust.

We formed an official partnership with Paines Plough, with them setting up their new home on the premises. This has provided talent development opportunities for local writers through their Tour The Writer programme and local casting opportunities.

c. Audiences and participants

The Belgrade seeks to grow and to serve a wide range of audiences and is proud to have an audience profile that is atypical for an arts venue, appealing to a broad spectrum of socio-economic groupings. Throughout 24/25 we, again, worked hard to encourage a diverse range of audiences and participants back to the building achieving;

Audiences of over 137,000, including over 121,000 in Coventry and over 16,000 additional audiences for Belgrade produced work on tour.
101 events including 8 bespoke home and co-produced productions across both auditoria.
384 performances in total across the year.
27,502 total number of bookers, with 52% from CV postcodes
54 schools supported with CPD, workshops, and productions across 84 opportunities
Over 10,000 participation opportunities

d. Digital

We remained active and innovative on our social media channels providing a range of different ways for the public to continue to engage with us including podcasts and activities. Our social media followers have continued to grow as a result and engagement with our newly launched season show positive responses. The presence of our Digital Media Academy has given us further opportunity to enhance our digital offer.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

e. Training and development

The Theatre remains committed to providing training and development opportunities for entry-level posts as well as for existing staff. Ordinarily we offer a broad range of experiences throughout various departments of the Theatre, as well as specialist industry-based training. Everyone who is employed receives a full induction and those engaging with young people, whether a full-time employee, casual, freelancer, volunteer or work placement, receive safeguarding training. We have, in this year, added the Belgrade Ensemble and Digital Media Academy to the portfolio of free training opportunities we offer to the people of Coventry and the West Midlands.

f. Public benefit

The Trustees have each received copies of the Charity Commission “Guidelines on Public Benefit” and this forms part of the Induction pack for new trustees. The Public Benefit provided by the Theatre includes: promoting artistic appreciation; and providing facilities for recreation.

The beneficiaries are all members of the public and access is enabled as follows: through concessionary ticket schemes for paid activity; free access for community activity; all public areas of the building are wheelchair accessible; and Relaxed performances, and regular Access performances are provided for those with hearing or sight impairment.

g. Approach to fundraising

The Belgrade is voluntarily registered with the Fundraising Regulator and follows the Code of Fundraising Practice. The Fundraising Promise and details of the Belgrade’s commitment to open, honest and transparent fundraising is outlined on http://www.belgrade.co.uk/support-us/why-we-are-acharity/

The Belgrade’s Trustees also follow the Charity Commission’s (CC20) guidance regarding fundraising compliance, and this is monitored by the Development Committee. The Belgrade’s Fundraising Policy states the process for asking for support – in line with the Code of Fundraising Practice and GDPR regulations that came into force on 25 May 2018. The Belgrade has a Fundraising Policy which is approved by the Board of Trustees/Directors and monitored by the Development and Engagement Committee. The Belgrade’s fundraising activity is led by the Head of Development, currently working on a part time consultancy basis. However, we have remained successful in obtaining significant grants from major trust funds, including Paul Hamlyn, Esme Fairbairn and Heart of England Foundation. Coventry Building Society Charitable Foundation.

Occasionally, for specific projects, external fundraising consultants’ advice is sought (i.e. 2020 Redevelopment Project). All fundraising activities are carried out by the Development team and where suitable (e.g. for bucket collections) other Belgrade staff members. No fundraising complaints were received by the Belgrade in 24/25.

Review of activities

The Theatre met all its obligations under its National Portfolio Organisations (NPO) Agreement with Arts Council England (ACE), and there is regular communication with the Arts Council Relationship Manager. The Belgrade is supporting ACE's Mission LETS CREATE and making specific contributions to its strategies in talent development, the creative case for diversity, and quality professional theatre for young people. Similarly, regular quarterly monitoring meetings take place with senior representatives from Coventry City Council.

The business plan continues to rely on earned income from all its sources. In 2024/25 the theatre delivered a surplus of £183k to unrestricted reserve, before a transfer of £273k (to cover fixed asset purchases) reducing

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

the balance to £521k. The theatre tax relief scheme continues to make a significant contribution and thus enables more artistic and digital work. As the Theatre undertakes more self-produced work, this contribution should increase.

Forward View

2024/25 was a successful year for the Belgrade Theatre, both artistically and financially. The second year of the new Arts Council NPO agreement has led to a consolidation of the producing plans of the Theatre for the coming years. 2025/26 will see both increased self and co-produced activity, not least with the return of the Belgrade to producing its own work in its B1 auditorium. Also, encouragingly, that production of Romeo and Juliet has major co-producing partners in Bristol Old Vic and Hackney Empire. This represents a very positive reversal of a trend whereby the Belgrade contributes to others artistic activity and can hopefully, be built on.

In terms of the governance of the organisation, the major review of the Board structure and membership in 2023 has led to a much more efficient and informed Board of Trustees, working closely with the CEO and management team of the Theatre. This is being extended with a further review in early 25/26. The organisation successfully negotiated the absence of the CEO due to maternity leave during 24/25, with the CEO welcoming her back in autumn 2024 and resuming her partnership with the Creative Director, Board and staff of the Belgrade Theatre.

Financial review

a. Year result

Our 2024-25 turnover, including grants towards capital work, was £7.9m, raised from a combination of grants and earned income. The Theatre maximised its support from funders and other generous trusts and foundations. Box office remained open in a very difficult year as the restrictions caused by the pandemic continued. The Charity holds sufficient free reserves of £1,128k, consisting of £521k unrestricted, general fund and £607k designated reserves, to be able to meet its reserves policy and hold strong working capital for its programme in 2025-26.

The principal income for the Charity was public funding from Arts Council England, Coventry City Council (core funding), and project funding from various sources to support our participation, education, community, and talent development activities.

b. Going concern

The Financial Statements have been prepared on a going concern basis as the trustees believe that no material uncertainty exists. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees have considered the level of funds and budgeted income and expenditure, and have considered that the Charity will be able to continue in operation for at least 12 months from approving these financial statements.

c. Reserves policy

At 31 March 2025, the Theatre’s level of general, non fixed asset, unrestricted reserves meet this reserves policy set by the trustees, with free reserves now showing at £1,128k of which £521k is unrestricted, undesignated reserve and £607k is designated reserves.

Free reserves are deemed to be those that are readily realisable, excluding funds whose uses are restricted or designated.

The Trustees recognise the need to establish a level of general reserve that enables financial stability. Reserves are need to meet working capital requirements, to cover short term fluctuations in income and

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

expenditure and to ensure the Charity is able to respond to unexpected needs. Recognising the ongoing financial risks facing the Theatre, the trustees have set a target for general reserve of a minimum of 3 months’ salary and overhead expenditure i.e. £1.2m.

Unexpected variations in box office sales, which form a substantial part of the Theatre's income, represents the largest risks to its financial security during any one year. While every effort is made to minimise risk by setting realistic targets, the Board considers it appropriate to hold this level of reserves on the balance sheet to protect the Theatre against this eventuality.

d. Investments policy and performance

Cash flow is carefully managed to ensure that surplus cash is put on short- or long-term deposit with financial institutions having appropriate credit ratings. The Charity does not deal in equities and derivative instruments.

Structure, governance and management

Constitution

The Theatre is incorporated under the Companies Act 1948 being a Company Limited by Guarantee and not having a share capital with the company number 00593331. The Theatre is constituted dated 21 October 1957 and is a registered charity number 219163.

Organisational structure and decision-making policies

The Memorandum and Articles specify that the Board shall consist of not less than 11 and no more than 15 persons, two being nominated by Coventry City Council. These nominations are selected to meet a balance of skills and representation in the make up of the Board. A series of committees oversee specific elements of operation and make reports, with recommendations, to the Board. The Board makes the final strategic decisions, delegating decisions regarding day to day operations to the Chief Executive and Executive Management.

During the year no Extraordinary General Meetings were held.

The company is limited by guarantee so the Directors have no interest in any shares. The company is a registered charity. The Directors are Trustees of the charity and, there is no power for them to receive remuneration for their service as Directors. The senior officers remain employees of the company whilst also acting as Directors.

Jonothan Neelands became Chair in September 2023. The Theatre is very fortunate to have a very able and committed Board. The composition includes a good cross section of experience and representation.

Detailed work is delegated to committees in the following areas:

A full review of its governance was carried out during the year, and a new structure was put in place with the following committees:

Finance & Commerce Governance, Risk and Audit People & Culture Development & Engagement

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Each committee is made up of at least one or two Board members and a number of additional members with appropriate expertise. The Chairman of the Board and the Chief Executive are ex-officio members of all committees to provide communication and overall cohesion.

Policies adopted for the induction and training of Trustees

New Trustees undergo a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the Charity. The new Trustees also meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Setting the Pay and Remuneration of the Charity's Key Management Personnel

The Board approves the specific pay levels of senior staff, and the level of the general pay award to all staff.

Related party relationships

The Charity has a wholly-owned trading subsidiary, Belgrade Theatre Enterprises Limited, a company incorporated in England. Its nature of business is to carry out the trading activities of the company and it “gift aids” all profits to the Charity providing it is in a position to do so.

The Charity also has created two other wholly-owned trading subsidiaries Belgrade Theatre Productions Ltd and Belgrade Film & Digital Ltd, companies incorporated in England. The nature of these entities is to carry out production activities as agreed with the Charity, in order to claim Theatre Tax Relief and Film Tax Relief, and to gift aid any income to the Charity.

The Charity had an interest in the ordinary shares of a joint venture company, Belgrade Ventures Limited. These shares had a nominal value of £1 each. This company was wound down in 2010.

The Charity co-operates with other charities (including theatres) and non-charities (including commercial theatre companies, governmental and non governmental organisations, businesses) in the pursuit of its charitable objectives.

Risk management

The Trustees have assessed the major risks to which the Group and the Theatre are exposed, in particular those related to the operations and finances of the Group and the Theatre, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Plans for future periods

The new leadership were in post from January 2022, and have undergone a period of reflection and transition – regarding the strategic vision and direction of the Belgrade. Our new VISION/MISSION is to enrich the lives of the people of Coventry and beyond through performance.

We have new VALUES & BEHAVIOURS of:

Collaboration: We act together with partners to strengthen our offer and inform our practises
Authenticity: We work with honesty and integrity in everything we do, placing lived experience at the heart of our work.
Inclusion: We act inclusively, removing barriers to all.
Evolution: Through our work we will continuously learn, reflect and move forwards.

Our vision is expressed through 3 main outputs;

A STAGE FOR COVENTRY/A THEATRE OF DIVERSE STORIES: We will make and present performance with for and by the people of Coventry; platforming our cities stories, artists and communities and share them with the world. We will bring the best of the best visiting work to Coventry, building a reputation for diverse, inspirational performance; with high profile partnerships.

A THEATRE OF LEARNING: We will invest in our regions creative people, using our facilities, staff to provide training and opportunity for the next generation of artists and leaders.

A THEATRE OF TRANSFORMATION: We will place participation and outreach at the heart of our work; providing spaces for people to explore their creativity and enrich their health, belonging and education.

Members' liability

The Members of the Theatre guarantee to contribute an amount not exceeding £1 to the assets of the Theatre in the event of winding up.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Theatre for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Theatre and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) 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 it is inappropriate to presume that the Group will continue in business.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Theatre's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Theatre and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Theatre and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, Dains Audit Limited, being eligible offer themselves for reappointment in accordance with section 485 of the Companies Act 2006.

Approved by order of the members of the board of Trustees on 3 November 2025 and signed on their behalf by:

Jonothan Neelands

Chair

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited

(a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Independent auditors' report to the Members of Belgrade Theatre Trust (Coventry) Limited Opinion

We have audited the financial statements of Belgrade Theatre Trust (Coventry) Limited (the 'Parent charitable company') for the year ended 31 March 2025, which comprise the Consolidated Statement of Financial Activities, the Consolidated and Theatre Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Group’s and Parent charitable company’s affairs as at 31 March 2025 and of the Group’s incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 and Parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 matters prescribed by the Companies Act 2006

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

the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

the Parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (who are also the directors of the Parent charitable company for the purposes of company law) 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 and Parent charitable company’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 Parent charity or to cease operations, or have no realistic alternative but to do so.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Auditors’ 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 Auditors' 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Group and Parent charitable company through discussions with Trustees and other management, and from our commercial knowledge and experience of the charity sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group and Parent charitable company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group and Parent charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the Group and Parent charitable company’s legal advisors.

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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

Use of our report

This report is made solely to the Group and Parent charitable company’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 Group and Parent charitable company’s members those matters we are required to state to them in an Auditors' 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 Group and Parent charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Morris FCA (Senior Statutory Auditor)

for and on behalf of

Dains Audit Limited

Statutory Auditor Chartered Accountants

Birmingham Date: 7 November 2025

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Consolidated Statement of Financial Activities

Consolidated Statement of financial activities (incorporating Income and expenditure account) For the year ended 31 March 2025

			Unrestricted	Unrestricted
			General	Designated	Restricted
			funds	funds	funds	Total funds	Total funds
	Note		2025	2025	2025	2025	2024
			£000	£000	£000	£000	£000
Income from:
Donations and legacies		4	1,920	-	219	2,139	2,042
Charitable activities		5	4,318	-	-	4,318	3,728
Other trading activities		6	1,404	-	-	1,404	1,148
Investments		7	75	-	-	75	45
Total incoming resources			7,717	-	219	7,936	6,963
Expenditure on:
Raising funds		8	1,242	-	-	1,242	1,015
Charitable activities		8	6,292	121	1,121	7,534	6,734
Total resources expended			7,534	121	1,121	8,776	7,749

Net income/(expenditure)			183	(121)	(902)	(840)	(786)
Transfers between funds			(273)	273	-	-	-
Net movement in funds			(90)	152	(902)	(840)	(786)
Fund balances brought forward at 1 April 2024	20, 21		611	2,333	11,584	14,528	15,314
*Fund balances carried forward at 31 March 2025*	20, 21		521	2,485	10,682	13,688	14,528

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Balance Sheet

Consolidated and Trust balance sheet As at 31 March 2025

2025 2024 Note £000 £000 Fixed assets Tangible Assets 13 12,418 13,040 Investments 14 - - 12,418 13,040 Current assets Stocks 15 31 61 Debtors 16 1,424 931 Investments 17 760 - Cash at bank and in hand 941 2,413 3,156 3,405 Current liabilities Amounts falling due within one year 18 (1,675) (1,685) Net current assets 1,481 1,720 Total assets less current liabilities 13,899 14,760 Creditors: amounts falling due after more than one year 19 (211) (232) Total net assets 13,688 14,528 Funds Restricted funds 21 10,682 11,584 Unrestricted General funds 20 521 611 Designated funds 20 2,485 2,333 Total unrestricted funds 3,006 2,944 Total funds 13,688 14,528 Group	2025 2024 £000 £000 12,418 13,040 - - Company
	12,418 13,040
	- 7 1,137 831 760 - 914 2,147
	2,811 2,985
	(1,505) (1,413)
	1,306 1,572
	13,724 14,612 (211) (232)
	13,513 14,380
	10,682 11,584 346 463 2,485 2,333
	2,831 2,796

	13,513 14,380

The financial statements on pages 19 to 45 were approved by the Board of Trustees, authorised for issue and are signed on its behalf by:

Jonothan Neelands Chair

Date: 3 November 2025

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Consolidated statement of cash flows

Consolidated statement of cash flows
For the year ended 31 March 2025
		Group
		2025	2024
	Note	£000	£000
Reconciliation of net movement of funds to cash flows from operating activities:
Net income/(expenditure)		(840)	(786)
Adjustments for:
Depreciation		895	895
Investment income		75	45
Interest paid		8	4
(Increase) in stocks and work in progress		30	(38)
(Increase)/decrease in debtors		(494)	74
(Decrease)/increase in creditors		(10)	(18)
Net cash generated from operating activities		(336)	176
Cash flow statement
Cash flows from operating activities		(336)	176
Cash flows from investing activities
Purchase of fixed assets		(273)	(75)
Current asset investments		(760)	-
Repayments of borrowing		(20)	(24)
Investment income		(75)	(45)
Interest paid		(8)	(4)
Net cash generated in the year		(1,472)	28
Cash and cash equivalents at the beginning of the year		2,413	2,385
Cash and cash equivalents at the end of the year		941	2,413

The notes on pages 22 to 45 form part of these financial statements.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Notes to the financial statements

1. General Information

Belgrade Theatre Trust (Coventry) Limited is a charitable company incorporated under the Companies Act in England and Wales and registered with the Charity Commission for England and Wales. The address of the registered office is given in the reference and administration section. The nature of the charity and group’s activities are given in the Trustees' report.

2 Accounting Policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Belgrade Theatre Trust (Coventry) Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Theatre and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Theatre has taken advantage of the exemption allowed under section 408 of the Companies Act 2000 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

2.3 Company status

The Theatre is a company limited by guarantee incorporated under the Companies Act in England and Wales. The members of the company are the Trustees names on page 2. In the event of the Theatre being wound up, the liability in respect of the guarantee is limited to £1 per member of the Theatre.

2.4 Income

All income is recognised once the Theatre has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of financial activities in the same period as the related expenditure.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Theatre; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Taxation

The Theatre is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Theatre is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Impairment losses are recognised in the Statement of financial activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Long leasehold property 50 years Furniture and fittings 3 to 15 years Computer equipment 3 to 5 years Event programme equipment 10 years Sundry equipment 3 to 10 years Motor vehicles 5 years Theatre refurbishment 2 to 50 years

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities.

2.10 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Theatre Tax Relief is recognised against productions prior to the balance sheet date, ahead of receipt where necessary. Any unreceived amounts are included in prepayments and accrued income.

2.13 Investments

Some cash holdings are held on deposit. Any deposits with a maturity date in excess of 3 months of the balance sheet date are classified as investments.

2.14 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the balance sheet date.

2.15 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Theatre anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.16 Financial instruments

The Theatre only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.17 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense in the Consolidated statement of financial activities when the Theatre is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.18 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

2.19 Pensions

The Theatre operates a defined contribution pension scheme for its employees. A defined contribution plan is a pension plan under which the Charity pays fixed contributions into a separate entity. Once the contributions have been paid, the Charity has no further payment obligations.

The pension charge represents the amounts payable by the Theatre to the fund in respect of the year. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Charity in independently administered funds.

2.20 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 Theatre and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Theatre for particular purposes. The costs of raising and

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Theatre makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

Management have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual values consider things such as future market conditions, the remaining life of the asset and projected disposal values, technological obsolescence, and plans to dispose of an asset before the previously expected date.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or the period of the revision and future periods if the revision affects both current and future periods.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

4 Income from donations and legacies

Income from donations and legacies
Donations General Coventry Building Society Charitable Foundation Backstage Trust Warwick University Heart of England Community Foundation Esmee Fairbairn Grants Coventry City Council Arts Council England Total	General funds Designated funds Restricted funds Total funds Total funds 2025 2025 2025 2025 2024 £000 £000 £000 £000 £000 28 - - 28 78 - - 58 58 40 - - - - 75 - - 12 12 24 - - 149 149 - 67 - - 67 - Unrestricted
	95 - 219 314 217
	595 - 595 595 1,230 - 1,230 1,230
	1,825 - - 1,825 1,825

	1,920 - 219 2,139 2,042
	*General* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* 78 - - 78 - - 40 40 - - 75 75 - - 24 24 - - - - 78 - *139* *217* 595 - - *595* 1,230 - - *1,230* *1,825* - - *1,825* - - - - - - - - *1,903* - *139* *2,042* *Unrestricted*
*Prior Year* *Donations* General Coventry Building Society Charitable Foundation Backstage Trust Warwick University Esmee Fairbairn *Grants* Coventry City Council Arts Council England *Government grants* Kickstart Scheme *Total*

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

5 Income from charitable activities

Income from charitable activities
	Unrestricted
	General	Designated	Restricted
	funds	funds	funds	Total funds	Total funds
	2025	2025	2025	2025	2024
	£000	£000	£000	£000	£000
Box Office	3,986	-	-	3,986	3,339
Grant and other income	267	-	-	267	347
Education	65	-	-	65	42
Total	4,318	-	-	4,318	3,728
*Prior Year* Box Office Grant and other income Education *Total*	*General* *funds* *Designated* *funds* *2024* *2024* *£000* *£000* 3,339 - 347 - 42 - *3,728* - *Unrestricted*		*Restricted* *funds* *2024* *£000* - - - -	*Total funds* *2024* *£000* *3,339* *347* 42 *3,728*

6 Income from trading activities

Conferencing Ice cream & merchandise Production services Drama classes and workshops Catering *Prior Year* Conferencing Ice cream & merchandise Production services Drama classes and workshops Catering	General funds Designated funds Restricted funds Total funds Total funds 2025 2025 2025 2025 2024 £000 £000 £000 £000 £000 89 - - 89 116 131 - - 131 106 579 - - 579 313 - - - - 1 605 - - 605 612 Unrestricted
	1,404 - - 1,404 1,148
	*General* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* 116 - - *116* 106 - - *106* 313 - - *313* 1 - - 1 612 - - *612* *1,148* - - *1,148* *Unrestricted*

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

7 Investment income

Investment income
	Unrestricted
	General	Designated	Restricted
	funds	funds	funds	Total funds	Total funds
	2025	2025	2025	2025	2024
	£000	£000	£000	£000	£000
Interest receivable	75	-	-	75	45
	75	-	-	75	45
*Prior Year* Interest receivable	*General* *funds* *Designated* *funds* *2024* *2024* *£000* *£000* 45 - 45 - *Unrestricted*		*Restricted* *funds* *2024* *£000* - -	*Total funds* *2024* *£000* 45 45

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

8 Expenditure

Expenditure on raising funds Fundraising cost of grants and donations Fundraising trading expenses Expenditure on charitable activities Operational Theatre Educational activities Total *Prior Year* *Expenditure on raising funds* Fundraising cost of grants and donations Fundraising trading expenses *Expenditure on charitable activities* Operational Theatre Educational activities *Total*	General funds Designated funds Restricted funds Total funds Total funds 2025 2025 2025 2025 2024 £000 £000 £000 £000 £000 12 - - 12 14 1,230 - - 1,230 1,001 1,242 - - 1,242 1,015 6,254 121 1,029 7,404 6,675 38 - 92 130 59 Unrestricted
	6,292 121 1,121 7,534 6,734
	7,534 121 1,121 8,776 7,749 *General* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* 14 - - 14 1,001 - - *1,001* *1,015* - - *1,015* 5,704 118 853 *6,675* 37 - 22 59 *5,741* *118* *875* *6,734* *6,756* *118* *875* *7,749* *Unrestricted*

Expenditure on raising funds
Fundraising cost of grants and donations
Fundraising trading expenses
Expenditure on charitable activities
Operational Theatre
Educational activities
Total
Prior Year
Expenditure on raising funds
Fundraising cost of grants and donations
Fundraising trading expenses
Expenditure on charitable activities
Operational Theatre
Educational activities
Total

General
funds
Designated
funds
Restricted
funds
Total funds
Total funds
2025
2025
2025
2025
2024
£000
£000
£000
£000
£000
12
-
-
12
14
1,230
-
-
1,230
1,001
1,242
-
-
1,242
1,015
6,254
121
1,029
7,404
6,675
38
-
92
130
59
Unrestricted

6,292
121
1,121
7,534
6,734

7,534
121
1,121
8,776
7,749
General
funds
Designated
funds
Restricted
funds
Total funds
2024
2024
2024
2024
£000
£000
£000
£000
14
-
-
14
1,001
-
-
1,001
1,015
-
-
1,015
5,704
118
853
6,675
37
-
22
59
5,741
118
875
6,734
6,756
118
875
7,749
Unrestricted

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

9 Analysis of expenditure by activities

Expenditure on raising funds Fundraising cost of grants and donations Fundraising trading expenses Expenditure on charitable activities Operational Theatre Educational activities Total *Prior Year* *Expenditure on raising funds* Fundraising cost of grants and donations Fundraising trading expenses *Expenditure on charitable activities* Operational Theatre Educational activities *Total*	DirectCosts Support Costs Total funds Total funds 2025 2025 2025 2024 £000 £000 £000 £000 12 - 12 14 1,081 149 1,230 1,001 1,093 149 1,242 1,015 6,557 847 7,404 6,675 130 - 130 59 6,687 847 7,534 6,734
	7,780 996 8,776 7,749 *DirectCosts* *Support* *Costs* *Total funds* *2024* *2024* *2024* *£000* *£000* *£000* 14 - 14 868 133 *1,001* *882* *133* *1,015* 5,841 834 *6,675* 59 - 59 *5,900* *834* *6,734* *6,782* *967* *7,749*

DirectCosts
Support
Costs
Total funds
Total funds
2025
2025
2025
2024
£000
£000
£000
£000
12
-
12
14
1,081
149
1,230
1,001
1,093
149
1,242
1,015
6,557
847
7,404
6,675
130
-
130
59
6,687
847
7,534
6,734

7,780
996
8,776
7,749
DirectCosts
Support
Costs
Total funds
2024
2024
2024
£000
£000
£000
14
-
14
868
133
1,001
882
133
1,015
5,841
834
6,675
59
-
59
5,900
834
6,734
6,782
967
7,749

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

10 Net income/(Expenditure)

This is stated after charging

This is stated after charging
Depreciation of tangible fixed assets: owned by charitable group Auditors remuneration Operating lease costs	2025 2024 £000 £000 895 895 14 14 59 77
	968 986

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

11 Staff costs

The average number of persons employed by the company during the year was as follows:

Actors and production Front of house, catering and cleaning Marketing Administration	2025 2024 No. No. 83 50 58 56 5 4 10 11
	156 121

The average number of full time equivalent persons employed by the company during the year was as follows:

Actors and production Front of house, catering and cleaning Marketing Administration Wages and salaries (including actors) Social security and pension costs	2025 2024 No. No. 40 32 23 24 5 4 8 8
	76 68
	2025 2024 £000 £000 2,629 2,162 245 211
	2,874 2,373

During the year, the group recognised £Nil termination costs (2024: £2,184), and redundancy costs of £Nil (2024: £Nil). See note 2.16 for the accounting policy regarding employee benefits. £Nil was outstanding at the balance sheet date (£2024: £Nil)

The number of employees whose benefits (excluding employer's pension contributions and National Insurance) exceeded £60,000 was:

£60,001 to £70,000	2025 2024 No. No. 4 2
	4 2

During the year, the key management personnel of the Theatre recived total compenation of £313k (2024: £287k)

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

12. Trustees’ remuneration and expenses

During the year, no person in their role as trustee received any remuneration.

Expenses totalling £Nil (2024: Nil) were paid to Nil trustees during the year (2024: Nil).

13 Tangible fixed assets

Group and Company

Cost or valuation At 1 April 2024 Additions Transfers At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 1 April 2024	Freehold Property Long-term leasehold propery Events equipment Furniture, equipment & vehicles Assets under construction Total £000 £000 £000 £000 £000 £000 19,746 740 506 2,435 - 23,427 53 - - 220 - 273 - - - - - -
	19,799 740 506 2,655 - 23,700
	7,571 256 506 2,054 - 10,387 752 15 - 128 - 895
	8,323 271 506 2,182 - 11,282
	11,476 469 - 473 - 12,418 12,175 484 - 381 - 13,040

Secured assets

The fixed assets of the Theatre are secured by way of a legal charge, made on 16 November 2005, securing all monies and obligations should it be necessary to repay a grant made by The Arts Council England to the Theatre for the purpose of the acquisition, re-development, extending and equipping of The Belgrade Theatre, Coventry.

Some of the fixed assets of the Theatre are secured by way of fixed and floating charges, made on 17 September 2007, securing all monies and liabilities covenanted to be paid and discharged under the Deed of Charge and outstanding from time to time to The Arts Council of England and The Trustees of the National Heritage Memorial Fund.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

14 Fixed asset investments

Registered Number: 00593331 Charity Number: 219163 *Company* Cost or valuation At 1 April 2024 At 31 March 2025 Net book value At 1 April 2024 At 31 March 2025 15 Stocks Finished goods Work in Progress 16 Debtors Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 17 Investments Cash on Deposit	Group Group 2025 2024 £000 £000 15 23 16 38		35 Investments in subsidiary companies Investments in subsidiary companies 2025 2024 £ £ 4 4 4 4 4 4 4 4 Company Company 2025 2024 £000 £000 - 7 - - - 7 Company Company 2025 2024 £000 £000 86 69 486 543 337 168 228 51 1,137 831 Company Company 2025 2024 £000 £000 760 0




	31 61
	Group Group 2025 2024 £000 £000 172 136 - - 1,024 744 228 51
	1,424 931
	Group Group 2025 2024 £000 £000
	760 0

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

18 Creditors: Amounts falling due within one year

Coventry City Council loan Trade creditors Other taxation and social security Accruals Deferred income Other creditors	Group Group Company Company 2025 2024 2025 2024 £000 £000 £000 £000 22 21 22 21 329 258 281 222 47 36 47 36 272 326 255 293 890 880 785 677 115 164 115 164 1,675 1,685 1,505 1,413

Deferred income at 1 April 2024 Deferred during the year Released from previous periods Deferred income at 31 March 2025	Group Group Company Company 2025 2024 2025 2024 £000 £000 £000 £000 880 743 677 702 890 880 785 677 (880) (743) (677) (702) 890 880 785 677

Deferred income primarily consists of amounts received for future shows which had not taken place at the year end.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

19 Creditors: Amounts falling due after more than one year

Group Group 2025 2024 £000 £000 Bank loans - - Other loans 89 110 Other creditors 122 122 211 232 Included within the above are amounts falling due as follows: Group Group 2023 2022 £000 £000 Between one and two years Bank loans - - Other loans 23 22 23 22 Between two and five years Bank loans - - Other loans 66 74 66 74 Over five years Bank loans - - Other loans - 14 - 14 Group Group 2025 2024 £000 £000 Repayable by installments - 14 - 14 The aggregate amount of liabilities payable or repayable wholly or in part more than 5 years after the	Company Company 2025 2024 £000 £000 - - 89 110 122 122
	211 232
	Company Company 2023 2022 £000 £000 - - 23 22
	23 22
	- - 66 74
	66 74
	- - - 14
	- 14
	Company Company 2025 2024 £000 £000 - 14
	- 14

The Coventry City Council loan is repayable in annual repayments of £27,440 from 1 April 2010 to 31 March 2029 and the sum of £17,310 from 1 April 2029 to 31 March 2030. Interest on the loan is calculated at 5%.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

20 Unrestricted funds

Registered Number: 00593331
Charity Number: 219163
General fund
Designated funds
Fixed assets funds
Leasehold office buildings
Lighting and sound desks 2013
Capital development project 2007
Red Lane improvement 2013
CNC router project 2015
Fixed asset fund
Revenue funds
Renewals reserve
Revenue projects/UK City of Culture legacy
E-Marketing project
Contingency fund
Total Designated funds
Total Unrestricted funds
Free reserves
Prior Year
General fund
Designated funds
Fixed assets funds
Leasehold office buildings
Lighting and sound desks 2013
Capital development project 2007
Red Lane improvement 2013
CNC router project 2015
Fixed asset fund
Revenue funds
Renewals reserve
Revenue projects/UK City of Culture legacy
E-Marketing project
Contingency fund
Total Designated funds
Total Unrestricted funds
Free reserves

38
Balance at
1 April 2024
Income Expenditure
Transfers
in/(out)
Balance at
31 March
£000
£000
£000
£000
£000
611
7,717
(7,534)
(273)
521
198
-
(8)
-
190
3
-
-
-
3
1,015
-
-
-
1,015
185
-
(7)
-
178
15
-
(9)
-
6
310
-
(97)
273
486
1,726
-
(121)
273
1,878
94
-
-
-
94
178
-
-
-
178
35
-
-
-
35
300
-
-
-
300
607
-
-
-
607
2,333
-
(121)
273
2,485
2,944
7,717
(7,655)
-
3,006
1,218
7,717
(7,534)
(273)
1,128
Balance at
1 April 2023
Income Expenditure
Transfers
in/(out)
Balance at 31
March 2024
£000
£000
£000
£000
£000
618
6,824
(6,756)
(75)
611
206
-
(8)
-
198
5
-
(2)
-
3
1,015
-
-
-
1,015
192
-
(7)
-
185
25
-
(10)
-
15
326
-
(91)
75
310
1,769
-
(118)
75
1,726
94
-
-
-
94
178
-
-
-
178
35
-
-
-
35
300
-
-
-
300
607
-
-
-
607
2,376
-
(118)
75
2,333
2,994
6,824
(6,874)
-
2,944
1,225
6,824
(6,756)
(75)
1,218

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Leasehold office buildings

This designated fund represents the capital element of the asset less the loan from Coventry City Council. The loan has now been repaid hence the outstanding amount is the capital element.

Lighting & sound desks 2013

This designated fund represents the cost of renewals made in 2013. It is represented by fixed assets.

Capital development project 2007

This designated fund represents the element of the capital development project which the charity is to fund itself. It is represented by fixed assets.

Red Lane improvement project 2013

This designated fund has been created to cover known and anticipated improvements to the leased property. It is represented by fixed assets.

CNC router project 2015

This designated fund has been created to fund the installation of a CNC router for set making. It is represented by fixed assets.

Fixed Asset fund

This designated fund has been created towards known and anticipated costs for the capital redevelopment project 2020.

Renewals reserve

This designated fund is being built up to cover any required renewals, repairs or maintenance on the Theatre and its equipment.

Revenue projects / UK City of Culture legacy

This designated fund has been created from trading surpluses to allow the Theatre to increase its core activity of producing shows, the participation, talent development and education programme and programming the new work in the B2 auditorium.

E-Marketing projects

This designated fund has been created to cover known and anticipated web and new media marketing projects.

Contingency fund

This designated fund is to underpin the financial security of the organisation by providing a contingency fund for exceptional circumstances.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

21 Restricted funds

Fixed assets funds Capital development project ERDF - capital grant Capital redevelopment project 2020 Jag Pub development Culture Recovery Fund Revenue funds Jag Pub development Paul Hamlyn grant Coventry Building Society Charitable Foundation Sir Barry Jackson Backstage Trust Warwick University Heart of England Community Foundation Total	Balance at 1 April 2024 Income Expenditure Transfers in/(out) Balance at 31 March 2025 £000 £000 £000 £000 £000 7,884 - (278) - 7,606 2 - (2) - - 2,377 - (342) - 2,035 994 - (124) - 870 57 - (27) - 30
	11,314 - (773) - 10,541
	48 - - - 48 94 - (92) - 2 59 58 (59) - 58 3 - - - 3 66 - (36) - 30 - 12 (12) - - - 149 (149) - -
	270 219 (348) - 141

	11,584 219 (1,121) - 10,682

*Prior Year* *Fixed assets funds* Capital development project ERDF - capital grant Capital redevelopment project 2020 Jag Pub development Culture Recovery Fund *Revenue funds* Jag Pub development Paul Hamlyn grant Coventry Building Society Charitable Foundation Sir Barry Jackson Backstage Trust Warwick University *Total*	*Balance at* *1 April 2023* *Income Expenditure* *Transfers* *in/(out)* *Balance at 31* *March 2024* *£000* *£000* *£000* *£000* *£000* 8,162 - (278) - *7,884* 4 - (2) - 2 2,719 - (342) - *2,377* 1,118 - (124) - *994* 88 - (31) - 57
	*12,091* - *(777)* - *11,314*
	48 - - - 48 116 - (22) - 94 62 40 (43) - 59 3 - - - 3 - 75 (9) - 66 - 24 (24) - -
	*229* *139* *(98)* - *270*

	*12,320* *139* *(875)* - *11,584*

Capital development projects

This restricted fund was established out of the various grants and donations awarded for the above projects. It is represented by fixed assets.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

ERDF funding

Restricted part funding for the CNC Router and associated capital works at Red Lane, applied for through the Growth Hub. It is represented by fixed assets.

Capital redevelopment project 2020

Restricted funding for a capital redevelopment project Phase I and Phase II, which is part funded by the Government's Local Growth Fund through the Coventry and Warwickshire Local Enterprise Partnership and by Coventry City Council. It is represented by fixed assets.

The redevelopment project also includes a ground-breaking 5G digital space with two apartments for visiting performers. The project is in partnership with Coventry City Council who have provided funding through the Cultural Capital Investment Fund as part of UK City of Culture.

Jag Pub Development

Restricted funding for the capital development of the Jag Pub. All of the fund is represented by fixed assets except for £48k, which is unspent capital funding at 31 March 2025.

Culture Recovery Fund

Restricted funding received from Arts Council England to ensure that the Theatre remained either fully or partially opened or sustainable and cost efficient so that they can reopen at a later date. The second round of funding was designed to cover a shortfall arising due to reduced trading and loss of earned income as social distancing restrictions were removed. The funding was intended to cover costs taking place between April 2021 and June 2021, but was extended to cover up to December 2021. Transfers were made from this fund for the replenishment of reserves lost due to the pandemic.

Paul Hamlyn

Restricted grant funding from the Paul Hamlyn Foundation Arts Access and Participation Fund, to support Jag Pub development focusing on the delivery of youth participation and talent development initiatives with young people in two communities facing high levels of knife crime and deprivation, in partnership with community groups.

Coventry Building Society Charitable Foundation

Restricted grant funding to support the Belgrade’s work engaging isolated and vulnerable older people, across the city, to connect, inform, and transform lives.

Sir Barry Jackson

Restricted funding received to support the Belgrade’s participation, education and talent development programme.

Backstage Trust

Restricted grant received for the Theatre’s creative associates.

Warwick University

Restricted grant funding was made by the University to support a production After Preston in December 2023.

Heart of England Community Foundation

Restricted grant funding was made to support a production Revealed in October and November 2024.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

22 Summary of funds

					Balance at
	Balance at			Transfers	31 March
	1 April 2024	Income	Expenditure	in/(out)	2025
	£000	£000	£000	£000	£000
General funds	611	7,717	(7,534)	(273)	521
Designated funds	2,333	-	(121)	273	2,485
Restricted funds	11,584	219	(1,121)	-	10,682
*Prior Year* General funds Designated funds Restricted funds	14,528 *Balance at* *1 April 2023* *£000* 618 2,376 12,320 *15,314*	7,936 *Income* *£000* 6,824 - 139 *6,963*	(8,776) *Expenditure* *£000* (6,756) (118) (875) *(7,749)*	- *Transfers* *in/(out)* *£000* (75) 75 - -	13,688 *Balance at 31* *March 2024* *£000* *611* *2,333* *11,584* *14,528*

23 Analysis of net assets by fund

Tangible fixed assets Net current assets *Prior Year* Tangible fixed assets Net current assets	Unrestricted funds Designated funds Restricted funds Total funds 2025 2025 2025 2025 £000 £000 £000 £000 - 1,878 10,541 12,419 521 607 141 1,269
	521 2,485 10,682 13,688
	*Unrestricted* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* - 1,726 11,314 *13,040* 611 607 270 *1,488*
	*611* *2,333* *11,584* *14,528*

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

24 Analysis of changes in net debt

Current asset investments Cash at bank and in hand Debt due within 1 year Debt due after 1 year *Prior Year* Cash at bank and in hand Debt due within 1 year Debt due after 1 year	At 1 April 2024 Cash flows At 31 March 2025 £000 £000 £000 - 760 760 2,413 (1,472) 941 (21) (1) (22) (110) 21 (89) 2,282 (692) 1,590 *At 1 April* *2023* *Cash flows* *At 31 March* *2024* *£000* *£000* *£000* 2,385 28 2,413 (20) (1) (21) (136) 26 (110)
	*2,229* 53 *2,282*

25. Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions amounting to £18,661 (2024: £11,907) were payable to the fund at the balance sheet date and are included in creditors.

26 Operating lease commitments

At 31 March 2025, the group and company had commitments to make minimum lease payments under non-cancellable operating leases as follows:

Amounts payable: Within one year Between one and five years In over five years	Group Group 2025 2024 £000 £000 49 49 140 177 1,096 1,203
	1,285 1,429

27. Related party transactions

During the year, the Theatre has transacted with a wholly owned subsidiary, Belgrade Theatre Enterprises Limited. Recharges of £161k (2024: £161k) were made by the Theatre to the subsidiary during the year. The Theatre also received £147k (2024: £68k) from the subsidiary, as a payment under gift aid. The Theatre advanced an amount of £Nil (2024: £Nil) in the year to Belgrade Theatre Enterprises Limited. This amount is interest free and repayable on demand. A balance of £198k

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

was owed by the Theatre at 31 March 2025 (2024: £32k).

During the year, the Theatre received £590k (2024: £89k) from another wholly owned subsidiary, Belgrade Theatre Productions Limited, under gift aid. Belgrade Theatre Productions Limited recharged £2,291k (2024: £1,073k) to the Theatre during the year. At the balance sheet date a balance of £675k (2024: £567k ) was outstanding to the Theatre from Belgrade Theatre Productions Limited.

At the balance sheet date a balance of £8k (2024: £8k) was due to the Theatre from another wholly owned subsidiary, Belgrade Film & Digital Limited.

During the year, the Theatre received donations of £Nil (2024: £Nil) from its trustees.

28 Principal subsidiaries

The following were subsidiary undertakings of the company:

		Registered or
	Company	principal place of	Principal	Class of
Name	number	business	activty	shares	Holding
			Trading
Belgrade Theatre Enterprises Limited	03883084	Belgrade Theatre	subsidiary	Ordinary	100%
		Corporation Street
		Coventry
		West Midlands
		CV1 1GS
Belgrade Theatre Productions Limited	09268009	Belgrade Theatre	Production of	Ordinary	100%
		Corporation Street	theatre
		Coventry	performances
		West Midlands
		CV1 1GS
Belgrade Film & Digital Limited	09268085	Belgrade Theatre	Production of	Ordinary	100%
		Corporation Street	film & digital
		Coventry	performances
		West Midlands
		CV1 1GS
				Profit for	Net
		Income	Expenditure	the year	assets/
		£000	£000	£000	£000
Belgrade Theatre Enterprises Limited		1,404	(1,377)	27	175
Belgrade Theatre Productions Limited		2,966	(2,291)	675	-
Belgrade Film & Digital Limited		-	-	-	-

29. Capital Commitments

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

At 31 March 2025, a commitment of £115k (2024: £32k) had been made in respect of capital expenditure.

30 Consolidated Statement of financial activities (incorporating Income and expenditure account) For the year ended 31 March 2024

			Unrestricted	Unrestricted
			General	Designated	Restricted
			funds	funds	funds	Total funds
	Note		2024	2024	2024	2024
			£000	£000	£000	£000
Income from:
Donations and legacies		4	1,903	-	139	2,042
Charitable activities		5	3,728	-	-	3,728
Other trading activities		6	1,148	-	-	1,148
Investments		7	45	-	-	45
Total incoming resources			6,824	-	139	6,963
Expenditure on:
Raising funds		8	1,015	-	-	1,015
Charitable activities		8	5,741	118	875	6,734
Total resources expended			6,756	118	875	7,749

Net income/(expenditure)			68	(118)	(736)	(786)
Transfers between funds			(75)	75	-	-
Net movement in funds			(7)	(43)	(736)	(786)
Fund balances brought forward at 1 April 2023	20,	21	618	2,376	12,320	15,314
*Fund balances carried forward at 31 March 2024*	20,	21	611	2,333	11,584	14,528

Registered Number: 00593331 Charity Number: 219163

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited

Financial Statements

For the Year Ended 31 March 2025

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Trustees

Funding Body Representatives are entitled to attend Board meetings:

Auditor

Bank

Dains Audit Ltd National Westminster Bank 2 Chamberlain Square 24 Broadgate Birmingham B3 3AX Coventry CV1 1NE

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Chair’s statement

Jonothan Neelands Chair of Trustees, Date: 3 November 2025

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Report of the Board of Trustees/Directors for the year ended 31 March 2025

GOVERNANCE

In order to carry out their duties as effectively as possible the Board of Directors is assisted by a number of sub committees including:

The Finance and Commerce Committee - responsible for detailed review of financial reports,
planning documents and budgets prior to recommendation for approval.

The People and Culture Committee - responsible for overseeing and ensuring a healthy culture
within the Organisation, appointment of senior staff and key policies, including EDI.
The Development and Engagement Committee - responsible for overseeing the effective public
engagement of the theatre and the fundraising function.

Objectives and Activities

a. The Belgrade Theatre's Vision (24/25)

To be a People-First theatre, where diversity powers storytelling.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

b. Mission (24/25)

As a ‘Stage for Coventry’, we create theatre with, by and for the city and region, and share it with the world. Through a co-created, community-led approach, we deliver:

c. Programmes and Activities

Our mission is chiefly expressed through three interconnected programmes;

Programme for audiences (produced, co-produced and visiting shows)
Programme for participants (Participatory opportunities for schools, community, arts and health)
Programme for artists (talent development)

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

d. Outcomes During the latter part of this year significant work was undertaken to develop a Story of Change to move towards a more outcomes focused model (in line with our 2023-2026 ACE NPO activity, and City Council’s One Coventry Strategy). This led to Trustees and Executive defining nine outcomes to achieve the mission and vision.
a. The Belgrade’s programming engages all wards in Coventry and represents/champions Coventry’s diverse communities through leading a best practice co-created, community led approach.
b. The Belgrade incorporates EDI best practice and addresses inequalities in cultural participation opportunities in the city’s communities.
c. Through its programming the Belgrade enriches civic pride and positive perceptions among audiences and local residents.
d. Participation in the Belgrade’s programmes enable skills development, improved health and wellbeing, personal growth and agency for local citizens.
e. The Belgrade demonstrates a contribution to local economic growth by attracting visitors (including corporate hires) generating revenue, and creating jobs for local people.
f. The Belgrade’s carbon emissions and footprint are reduced through sustainable practices supporting Coventry City Council’s environmental goals.
g. The Belgrade provides opportunities and pathways for skills and talent development, supporting growth in the city and regions creative and cultural sectors.
h. The Belgrade supports sector resilience through its active role on the Coventry Culture Works board and maximises its own fundraising potential through effective management of ACE relationship and securing of additional external funding.
i. The Belgrade remains financially sustainable, effectively mitigating cost pressures through enhanced efficiencies, innovation, and proactive fundraising efforts.

e. Enablers To support the delivery of the above we have five operational objectives;

a. Our Programming & Partnerships: Local, regional and national partnerships support our programming
b. Our Audiences & Customer Service: A people centred approach and inclusive customer service ensure our work is well known, valued and supported.
c. Our People: A skilled, motivated, empowered workforce ensure the success of our work
d. Our Operating Model: A future facing building and data-led, sustainable model will maximises resources and ensures cost-effective operation.
e. Our Trading Services: Events, catering, conferencing, and production services will boost profitability.

Achievements and Performances

a. Performance Programme

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Belgrade Theatre, Coventry Academy and Springboard Company, That’s A Rap , enabling seven young people to develop shows central themes, music and direction.

‘Being part of the show has taught me that no matter who you are, if you are the lead or a Hub member like us you have just as much value in your role as everyone else’- Ethan, 14-19 Hub member

** A funny, touching tale of female friendship (The Observer on Swim Aunty Swim)

‘Outstanding Performances across the Board (The Guardian on Revealed)

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

b. Participatory and Talent Development Programme

c. Audiences and participants

Audiences of over 137,000, including over 121,000 in Coventry and over 16,000 additional audiences for Belgrade produced work on tour.
101 events including 8 bespoke home and co-produced productions across both auditoria.
384 performances in total across the year.
27,502 total number of bookers, with 52% from CV postcodes
54 schools supported with CPD, workshops, and productions across 84 opportunities
Over 10,000 participation opportunities

d. Digital

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

e. Training and development

f. Public benefit

g. Approach to fundraising

Review of activities

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Forward View

Financial review

a. Year result

b. Going concern

c. Reserves policy

Free reserves are deemed to be those that are readily realisable, excluding funds whose uses are restricted or designated.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

d. Investments policy and performance

Structure, governance and management

Constitution

Organisational structure and decision-making policies

During the year no Extraordinary General Meetings were held.

Detailed work is delegated to committees in the following areas:

A full review of its governance was carried out during the year, and a new structure was put in place with the following committees:

Finance & Commerce Governance, Risk and Audit People & Culture Development & Engagement

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Policies adopted for the induction and training of Trustees

Setting the Pay and Remuneration of the Charity's Key Management Personnel

The Board approves the specific pay levels of senior staff, and the level of the general pay award to all staff.

Related party relationships

The Charity had an interest in the ordinary shares of a joint venture company, Belgrade Ventures Limited. These shares had a nominal value of £1 each. This company was wound down in 2010.

Risk management

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Plans for future periods

We have new VALUES & BEHAVIOURS of:

Collaboration: We act together with partners to strengthen our offer and inform our practises
Authenticity: We work with honesty and integrity in everything we do, placing lived experience at the heart of our work.
Inclusion: We act inclusively, removing barriers to all.
Evolution: Through our work we will continuously learn, reflect and move forwards.

Our vision is expressed through 3 main outputs;

A THEATRE OF LEARNING: We will invest in our regions creative people, using our facilities, staff to provide training and opportunity for the next generation of artists and leaders.

Members' liability

The Members of the Theatre guarantee to contribute an amount not exceeding £1 to the assets of the Theatre in the event of winding up.

Statement of Trustees' responsibilities

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) 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 it is inappropriate to presume that the Group will continue in business.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, Dains Audit Limited, being eligible offer themselves for reappointment in accordance with section 485 of the Companies Act 2006.

Approved by order of the members of the board of Trustees on 3 November 2025 and signed on their behalf by:

Jonothan Neelands

Chair

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited

(a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Independent auditors' report to the Members of Belgrade Theatre Trust (Coventry) Limited Opinion

In our opinion the financial statements:

give a true and fair view of the state of the Group’s and Parent charitable company’s affairs as at 31 March 2025 and of the Group’s incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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.

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

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Other information

We have nothing to report in this regard.

Opinion on matters prescribed by the Companies Act 2006

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

the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

the Parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Auditors’ responsibilities for the audit of the financial statements

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Group and Parent charitable company through discussions with Trustees and other management, and from our commercial knowledge and experience of the charity sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group and Parent charitable company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group and Parent charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the Group and Parent charitable company’s legal advisors.

Use of our report

Andrew Morris FCA (Senior Statutory Auditor)

for and on behalf of

Dains Audit Limited

Statutory Auditor Chartered Accountants

Birmingham Date: 7 November 2025

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Consolidated Statement of Financial Activities

Consolidated Statement of financial activities (incorporating Income and expenditure account) For the year ended 31 March 2025

			Unrestricted	Unrestricted
			General	Designated	Restricted
			funds	funds	funds	Total funds	Total funds
	Note		2025	2025	2025	2025	2024
			£000	£000	£000	£000	£000
Income from:
Donations and legacies		4	1,920	-	219	2,139	2,042
Charitable activities		5	4,318	-	-	4,318	3,728
Other trading activities		6	1,404	-	-	1,404	1,148
Investments		7	75	-	-	75	45
Total incoming resources			7,717	-	219	7,936	6,963
Expenditure on:
Raising funds		8	1,242	-	-	1,242	1,015
Charitable activities		8	6,292	121	1,121	7,534	6,734
Total resources expended			7,534	121	1,121	8,776	7,749

Net income/(expenditure)			183	(121)	(902)	(840)	(786)
Transfers between funds			(273)	273	-	-	-
Net movement in funds			(90)	152	(902)	(840)	(786)
Fund balances brought forward at 1 April 2024	20, 21		611	2,333	11,584	14,528	15,314
*Fund balances carried forward at 31 March 2025*	20, 21		521	2,485	10,682	13,688	14,528

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Balance Sheet

Consolidated and Trust balance sheet As at 31 March 2025

2025 2024 Note £000 £000 Fixed assets Tangible Assets 13 12,418 13,040 Investments 14 - - 12,418 13,040 Current assets Stocks 15 31 61 Debtors 16 1,424 931 Investments 17 760 - Cash at bank and in hand 941 2,413 3,156 3,405 Current liabilities Amounts falling due within one year 18 (1,675) (1,685) Net current assets 1,481 1,720 Total assets less current liabilities 13,899 14,760 Creditors: amounts falling due after more than one year 19 (211) (232) Total net assets 13,688 14,528 Funds Restricted funds 21 10,682 11,584 Unrestricted General funds 20 521 611 Designated funds 20 2,485 2,333 Total unrestricted funds 3,006 2,944 Total funds 13,688 14,528 Group	2025 2024 £000 £000 12,418 13,040 - - Company
	12,418 13,040
	- 7 1,137 831 760 - 914 2,147
	2,811 2,985
	(1,505) (1,413)
	1,306 1,572
	13,724 14,612 (211) (232)
	13,513 14,380
	10,682 11,584 346 463 2,485 2,333
	2,831 2,796

	13,513 14,380

The financial statements on pages 19 to 45 were approved by the Board of Trustees, authorised for issue and are signed on its behalf by:

Jonothan Neelands Chair

Date: 3 November 2025

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Consolidated statement of cash flows

Consolidated statement of cash flows
For the year ended 31 March 2025
		Group
		2025	2024
	Note	£000	£000
Reconciliation of net movement of funds to cash flows from operating activities:
Net income/(expenditure)		(840)	(786)
Adjustments for:
Depreciation		895	895
Investment income		75	45
Interest paid		8	4
(Increase) in stocks and work in progress		30	(38)
(Increase)/decrease in debtors		(494)	74
(Decrease)/increase in creditors		(10)	(18)
Net cash generated from operating activities		(336)	176
Cash flow statement
Cash flows from operating activities		(336)	176
Cash flows from investing activities
Purchase of fixed assets		(273)	(75)
Current asset investments		(760)	-
Repayments of borrowing		(20)	(24)
Investment income		(75)	(45)
Interest paid		(8)	(4)
Net cash generated in the year		(1,472)	28
Cash and cash equivalents at the beginning of the year		2,413	2,385
Cash and cash equivalents at the end of the year		941	2,413

The notes on pages 22 to 45 form part of these financial statements.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Notes to the financial statements

1. General Information

2 Accounting Policies

2.1 Basis of preparation of financial statements

The Theatre has taken advantage of the exemption allowed under section 408 of the Companies Act 2000 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

2.3 Company status

2.4 Income

All income is recognised once the Theatre has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.5 Expenditure

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Government grants

2.7 Interest receivable

2.8 Taxation

2.9 Tangible fixed assets and depreciation

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities.

2.10 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Stocks

Work in progress and finished goods include labour and attributable overheads.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Theatre Tax Relief is recognised against productions prior to the balance sheet date, ahead of receipt where necessary. Any unreceived amounts are included in prepayments and accrued income.

2.13 Investments

Some cash holdings are held on deposit. Any deposits with a maturity date in excess of 3 months of the balance sheet date are classified as investments.

2.14 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the balance sheet date.

2.15 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Theatre anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.16 Financial instruments

2.17 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

2.18 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

2.19 Pensions

2.20 Fund accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Theatre for particular purposes. The costs of raising and

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgement

Critical accounting estimates and assumptions:

Critical areas of judgement:

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

4 Income from donations and legacies

Income from donations and legacies
Donations General Coventry Building Society Charitable Foundation Backstage Trust Warwick University Heart of England Community Foundation Esmee Fairbairn Grants Coventry City Council Arts Council England Total	General funds Designated funds Restricted funds Total funds Total funds 2025 2025 2025 2025 2024 £000 £000 £000 £000 £000 28 - - 28 78 - - 58 58 40 - - - - 75 - - 12 12 24 - - 149 149 - 67 - - 67 - Unrestricted
	95 - 219 314 217
	595 - 595 595 1,230 - 1,230 1,230
	1,825 - - 1,825 1,825

	1,920 - 219 2,139 2,042
	*General* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* 78 - - 78 - - 40 40 - - 75 75 - - 24 24 - - - - 78 - *139* *217* 595 - - *595* 1,230 - - *1,230* *1,825* - - *1,825* - - - - - - - - *1,903* - *139* *2,042* *Unrestricted*
*Prior Year* *Donations* General Coventry Building Society Charitable Foundation Backstage Trust Warwick University Esmee Fairbairn *Grants* Coventry City Council Arts Council England *Government grants* Kickstart Scheme *Total*

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

5 Income from charitable activities

Income from charitable activities
	Unrestricted
	General	Designated	Restricted
	funds	funds	funds	Total funds	Total funds
	2025	2025	2025	2025	2024
	£000	£000	£000	£000	£000
Box Office	3,986	-	-	3,986	3,339
Grant and other income	267	-	-	267	347
Education	65	-	-	65	42
Total	4,318	-	-	4,318	3,728
*Prior Year* Box Office Grant and other income Education *Total*	*General* *funds* *Designated* *funds* *2024* *2024* *£000* *£000* 3,339 - 347 - 42 - *3,728* - *Unrestricted*		*Restricted* *funds* *2024* *£000* - - - -	*Total funds* *2024* *£000* *3,339* *347* 42 *3,728*

6 Income from trading activities

Conferencing Ice cream & merchandise Production services Drama classes and workshops Catering *Prior Year* Conferencing Ice cream & merchandise Production services Drama classes and workshops Catering	General funds Designated funds Restricted funds Total funds Total funds 2025 2025 2025 2025 2024 £000 £000 £000 £000 £000 89 - - 89 116 131 - - 131 106 579 - - 579 313 - - - - 1 605 - - 605 612 Unrestricted
	1,404 - - 1,404 1,148
	*General* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* 116 - - *116* 106 - - *106* 313 - - *313* 1 - - 1 612 - - *612* *1,148* - - *1,148* *Unrestricted*

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

7 Investment income

Investment income
	Unrestricted
	General	Designated	Restricted
	funds	funds	funds	Total funds	Total funds
	2025	2025	2025	2025	2024
	£000	£000	£000	£000	£000
Interest receivable	75	-	-	75	45
	75	-	-	75	45
*Prior Year* Interest receivable	*General* *funds* *Designated* *funds* *2024* *2024* *£000* *£000* 45 - 45 - *Unrestricted*		*Restricted* *funds* *2024* *£000* - -	*Total funds* *2024* *£000* 45 45

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

8 Expenditure

Expenditure on raising funds Fundraising cost of grants and donations Fundraising trading expenses Expenditure on charitable activities Operational Theatre Educational activities Total *Prior Year* *Expenditure on raising funds* Fundraising cost of grants and donations Fundraising trading expenses *Expenditure on charitable activities* Operational Theatre Educational activities *Total*	General funds Designated funds Restricted funds Total funds Total funds 2025 2025 2025 2025 2024 £000 £000 £000 £000 £000 12 - - 12 14 1,230 - - 1,230 1,001 1,242 - - 1,242 1,015 6,254 121 1,029 7,404 6,675 38 - 92 130 59 Unrestricted
	6,292 121 1,121 7,534 6,734
	7,534 121 1,121 8,776 7,749 *General* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* 14 - - 14 1,001 - - *1,001* *1,015* - - *1,015* 5,704 118 853 *6,675* 37 - 22 59 *5,741* *118* *875* *6,734* *6,756* *118* *875* *7,749* *Unrestricted*

6,292
121
1,121
7,534
6,734

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

9 Analysis of expenditure by activities

Expenditure on raising funds Fundraising cost of grants and donations Fundraising trading expenses Expenditure on charitable activities Operational Theatre Educational activities Total *Prior Year* *Expenditure on raising funds* Fundraising cost of grants and donations Fundraising trading expenses *Expenditure on charitable activities* Operational Theatre Educational activities *Total*	DirectCosts Support Costs Total funds Total funds 2025 2025 2025 2024 £000 £000 £000 £000 12 - 12 14 1,081 149 1,230 1,001 1,093 149 1,242 1,015 6,557 847 7,404 6,675 130 - 130 59 6,687 847 7,534 6,734
	7,780 996 8,776 7,749 *DirectCosts* *Support* *Costs* *Total funds* *2024* *2024* *2024* *£000* *£000* *£000* 14 - 14 868 133 *1,001* *882* *133* *1,015* 5,841 834 *6,675* 59 - 59 *5,900* *834* *6,734* *6,782* *967* *7,749*

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

10 Net income/(Expenditure)

This is stated after charging

This is stated after charging
Depreciation of tangible fixed assets: owned by charitable group Auditors remuneration Operating lease costs	2025 2024 £000 £000 895 895 14 14 59 77
	968 986

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

11 Staff costs

The average number of persons employed by the company during the year was as follows:

Actors and production Front of house, catering and cleaning Marketing Administration	2025 2024 No. No. 83 50 58 56 5 4 10 11
	156 121

The average number of full time equivalent persons employed by the company during the year was as follows:

Actors and production Front of house, catering and cleaning Marketing Administration Wages and salaries (including actors) Social security and pension costs	2025 2024 No. No. 40 32 23 24 5 4 8 8
	76 68
	2025 2024 £000 £000 2,629 2,162 245 211
	2,874 2,373

The number of employees whose benefits (excluding employer's pension contributions and National Insurance) exceeded £60,000 was:

£60,001 to £70,000	2025 2024 No. No. 4 2
	4 2

During the year, the key management personnel of the Theatre recived total compenation of £313k (2024: £287k)

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

12. Trustees’ remuneration and expenses

During the year, no person in their role as trustee received any remuneration.

Expenses totalling £Nil (2024: Nil) were paid to Nil trustees during the year (2024: Nil).

13 Tangible fixed assets

Group and Company

Cost or valuation At 1 April 2024 Additions Transfers At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 1 April 2024	Freehold Property Long-term leasehold propery Events equipment Furniture, equipment & vehicles Assets under construction Total £000 £000 £000 £000 £000 £000 19,746 740 506 2,435 - 23,427 53 - - 220 - 273 - - - - - -
	19,799 740 506 2,655 - 23,700
	7,571 256 506 2,054 - 10,387 752 15 - 128 - 895
	8,323 271 506 2,182 - 11,282
	11,476 469 - 473 - 12,418 12,175 484 - 381 - 13,040

Secured assets

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

14 Fixed asset investments

Registered Number: 00593331 Charity Number: 219163 *Company* Cost or valuation At 1 April 2024 At 31 March 2025 Net book value At 1 April 2024 At 31 March 2025 15 Stocks Finished goods Work in Progress 16 Debtors Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 17 Investments Cash on Deposit	Group Group 2025 2024 £000 £000 15 23 16 38		35 Investments in subsidiary companies Investments in subsidiary companies 2025 2024 £ £ 4 4 4 4 4 4 4 4 Company Company 2025 2024 £000 £000 - 7 - - - 7 Company Company 2025 2024 £000 £000 86 69 486 543 337 168 228 51 1,137 831 Company Company 2025 2024 £000 £000 760 0




	31 61
	Group Group 2025 2024 £000 £000 172 136 - - 1,024 744 228 51
	1,424 931
	Group Group 2025 2024 £000 £000
	760 0

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

18 Creditors: Amounts falling due within one year

Coventry City Council loan Trade creditors Other taxation and social security Accruals Deferred income Other creditors	Group Group Company Company 2025 2024 2025 2024 £000 £000 £000 £000 22 21 22 21 329 258 281 222 47 36 47 36 272 326 255 293 890 880 785 677 115 164 115 164 1,675 1,685 1,505 1,413

Deferred income at 1 April 2024 Deferred during the year Released from previous periods Deferred income at 31 March 2025	Group Group Company Company 2025 2024 2025 2024 £000 £000 £000 £000 880 743 677 702 890 880 785 677 (880) (743) (677) (702) 890 880 785 677

Deferred income primarily consists of amounts received for future shows which had not taken place at the year end.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

19 Creditors: Amounts falling due after more than one year

Group Group 2025 2024 £000 £000 Bank loans - - Other loans 89 110 Other creditors 122 122 211 232 Included within the above are amounts falling due as follows: Group Group 2023 2022 £000 £000 Between one and two years Bank loans - - Other loans 23 22 23 22 Between two and five years Bank loans - - Other loans 66 74 66 74 Over five years Bank loans - - Other loans - 14 - 14 Group Group 2025 2024 £000 £000 Repayable by installments - 14 - 14 The aggregate amount of liabilities payable or repayable wholly or in part more than 5 years after the	Company Company 2025 2024 £000 £000 - - 89 110 122 122
	211 232
	Company Company 2023 2022 £000 £000 - - 23 22
	23 22
	- - 66 74
	66 74
	- - - 14
	- 14
	Company Company 2025 2024 £000 £000 - 14
	- 14

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

20 Unrestricted funds

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Leasehold office buildings

This designated fund represents the capital element of the asset less the loan from Coventry City Council. The loan has now been repaid hence the outstanding amount is the capital element.

Lighting & sound desks 2013

This designated fund represents the cost of renewals made in 2013. It is represented by fixed assets.

Capital development project 2007

This designated fund represents the element of the capital development project which the charity is to fund itself. It is represented by fixed assets.

Red Lane improvement project 2013

This designated fund has been created to cover known and anticipated improvements to the leased property. It is represented by fixed assets.

CNC router project 2015

This designated fund has been created to fund the installation of a CNC router for set making. It is represented by fixed assets.

Fixed Asset fund

This designated fund has been created towards known and anticipated costs for the capital redevelopment project 2020.

Renewals reserve

This designated fund is being built up to cover any required renewals, repairs or maintenance on the Theatre and its equipment.

Revenue projects / UK City of Culture legacy

E-Marketing projects

This designated fund has been created to cover known and anticipated web and new media marketing projects.

Contingency fund

This designated fund is to underpin the financial security of the organisation by providing a contingency fund for exceptional circumstances.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Financial Statements for the Year Ended 31 March 2025

21 Restricted funds

Fixed assets funds Capital development project ERDF - capital grant Capital redevelopment project 2020 Jag Pub development Culture Recovery Fund Revenue funds Jag Pub development Paul Hamlyn grant Coventry Building Society Charitable Foundation Sir Barry Jackson Backstage Trust Warwick University Heart of England Community Foundation Total	Balance at 1 April 2024 Income Expenditure Transfers in/(out) Balance at 31 March 2025 £000 £000 £000 £000 £000 7,884 - (278) - 7,606 2 - (2) - - 2,377 - (342) - 2,035 994 - (124) - 870 57 - (27) - 30
	11,314 - (773) - 10,541
	48 - - - 48 94 - (92) - 2 59 58 (59) - 58 3 - - - 3 66 - (36) - 30 - 12 (12) - - - 149 (149) - -
	270 219 (348) - 141

	11,584 219 (1,121) - 10,682

*Prior Year* *Fixed assets funds* Capital development project ERDF - capital grant Capital redevelopment project 2020 Jag Pub development Culture Recovery Fund *Revenue funds* Jag Pub development Paul Hamlyn grant Coventry Building Society Charitable Foundation Sir Barry Jackson Backstage Trust Warwick University *Total*	*Balance at* *1 April 2023* *Income Expenditure* *Transfers* *in/(out)* *Balance at 31* *March 2024* *£000* *£000* *£000* *£000* *£000* 8,162 - (278) - *7,884* 4 - (2) - 2 2,719 - (342) - *2,377* 1,118 - (124) - *994* 88 - (31) - 57
	*12,091* - *(777)* - *11,314*
	48 - - - 48 116 - (22) - 94 62 40 (43) - 59 3 - - - 3 - 75 (9) - 66 - 24 (24) - -
	*229* *139* *(98)* - *270*

	*12,320* *139* *(875)* - *11,584*

Capital development projects

This restricted fund was established out of the various grants and donations awarded for the above projects. It is represented by fixed assets.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

ERDF funding

Restricted part funding for the CNC Router and associated capital works at Red Lane, applied for through the Growth Hub. It is represented by fixed assets.

Capital redevelopment project 2020

Jag Pub Development

Restricted funding for the capital development of the Jag Pub. All of the fund is represented by fixed assets except for £48k, which is unspent capital funding at 31 March 2025.

Culture Recovery Fund

Paul Hamlyn

Coventry Building Society Charitable Foundation

Restricted grant funding to support the Belgrade’s work engaging isolated and vulnerable older people, across the city, to connect, inform, and transform lives.

Sir Barry Jackson

Restricted funding received to support the Belgrade’s participation, education and talent development programme.

Backstage Trust

Restricted grant received for the Theatre’s creative associates.

Warwick University

Restricted grant funding was made by the University to support a production After Preston in December 2023.

Heart of England Community Foundation

Restricted grant funding was made to support a production Revealed in October and November 2024.

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

22 Summary of funds

					Balance at
	Balance at			Transfers	31 March
	1 April 2024	Income	Expenditure	in/(out)	2025
	£000	£000	£000	£000	£000
General funds	611	7,717	(7,534)	(273)	521
Designated funds	2,333	-	(121)	273	2,485
Restricted funds	11,584	219	(1,121)	-	10,682
*Prior Year* General funds Designated funds Restricted funds	14,528 *Balance at* *1 April 2023* *£000* 618 2,376 12,320 *15,314*	7,936 *Income* *£000* 6,824 - 139 *6,963*	(8,776) *Expenditure* *£000* (6,756) (118) (875) *(7,749)*	- *Transfers* *in/(out)* *£000* (75) 75 - -	13,688 *Balance at 31* *March 2024* *£000* *611* *2,333* *11,584* *14,528*

23 Analysis of net assets by fund

Tangible fixed assets Net current assets *Prior Year* Tangible fixed assets Net current assets	Unrestricted funds Designated funds Restricted funds Total funds 2025 2025 2025 2025 £000 £000 £000 £000 - 1,878 10,541 12,419 521 607 141 1,269
	521 2,485 10,682 13,688
	*Unrestricted* *funds* *Designated* *funds* *Restricted* *funds* *Total funds* *2024* *2024* *2024* *2024* *£000* *£000* *£000* *£000* - 1,726 11,314 *13,040* 611 607 270 *1,488*
	*611* *2,333* *11,584* *14,528*

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

24 Analysis of changes in net debt

Current asset investments Cash at bank and in hand Debt due within 1 year Debt due after 1 year *Prior Year* Cash at bank and in hand Debt due within 1 year Debt due after 1 year	At 1 April 2024 Cash flows At 31 March 2025 £000 £000 £000 - 760 760 2,413 (1,472) 941 (21) (1) (22) (110) 21 (89) 2,282 (692) 1,590 *At 1 April* *2023* *Cash flows* *At 31 March* *2024* *£000* *£000* *£000* 2,385 28 2,413 (20) (1) (21) (136) 26 (110)
	*2,229* 53 *2,282*

25. Pension commitments

26 Operating lease commitments

At 31 March 2025, the group and company had commitments to make minimum lease payments under non-cancellable operating leases as follows:

Amounts payable: Within one year Between one and five years In over five years	Group Group 2025 2024 £000 £000 49 49 140 177 1,096 1,203
	1,285 1,429

27. Related party transactions

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

was owed by the Theatre at 31 March 2025 (2024: £32k).

At the balance sheet date a balance of £8k (2024: £8k) was due to the Theatre from another wholly owned subsidiary, Belgrade Film & Digital Limited.

During the year, the Theatre received donations of £Nil (2024: £Nil) from its trustees.

28 Principal subsidiaries

The following were subsidiary undertakings of the company:

		Registered or
	Company	principal place of	Principal	Class of
Name	number	business	activty	shares	Holding
			Trading
Belgrade Theatre Enterprises Limited	03883084	Belgrade Theatre	subsidiary	Ordinary	100%
		Corporation Street
		Coventry
		West Midlands
		CV1 1GS
Belgrade Theatre Productions Limited	09268009	Belgrade Theatre	Production of	Ordinary	100%
		Corporation Street	theatre
		Coventry	performances
		West Midlands
		CV1 1GS
Belgrade Film & Digital Limited	09268085	Belgrade Theatre	Production of	Ordinary	100%
		Corporation Street	film & digital
		Coventry	performances
		West Midlands
		CV1 1GS
				Profit for	Net
		Income	Expenditure	the year	assets/
		£000	£000	£000	£000
Belgrade Theatre Enterprises Limited		1,404	(1,377)	27	175
Belgrade Theatre Productions Limited		2,966	(2,291)	675	-
Belgrade Film & Digital Limited		-	-	-	-

29. Capital Commitments

Registered Number: 00593331 Charity Number: 219163

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

At 31 March 2025, a commitment of £115k (2024: £32k) had been made in respect of capital expenditure.

30 Consolidated Statement of financial activities (incorporating Income and expenditure account) For the year ended 31 March 2024

			Unrestricted	Unrestricted
			General	Designated	Restricted
			funds	funds	funds	Total funds
	Note		2024	2024	2024	2024
			£000	£000	£000	£000
Income from:
Donations and legacies		4	1,903	-	139	2,042
Charitable activities		5	3,728	-	-	3,728
Other trading activities		6	1,148	-	-	1,148
Investments		7	45	-	-	45
Total incoming resources			6,824	-	139	6,963
Expenditure on:
Raising funds		8	1,015	-	-	1,015
Charitable activities		8	5,741	118	875	6,734
Total resources expended			6,756	118	875	7,749

Net income/(expenditure)			68	(118)	(736)	(786)
Transfers between funds			(75)	75	-	-
Net movement in funds			(7)	(43)	(736)	(786)
Fund balances brought forward at 1 April 2023	20,	21	618	2,376	12,320	15,314
*Fund balances carried forward at 31 March 2024*	20,	21	611	2,333	11,584	14,528

Registered Number: 00593331 Charity Number: 219163

ITS SUBSIDIARY UNDERTAKINGS.

Year ended 31 March 2025

The Board of Trustees

Belgrade Theatre Trust (Coventry) Limited Belgrade Square Coventry West Midlands CV1 1GS

3 July 2025

Our ref: BE014/APM/JH/AFR25

Dear Trustees

This Audit Findings Report has been prepared in order to highlight and record the most significant matters arising from our audit of the financial statements of Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings (the ”group”) affecting the results of the group for the year ended 31 March 2025. It is also used to allow us to meet the mandatory requirements of International Standard on Auditing (UK & Ireland) (ISAUK) 260.

We have discussed our report with Neil Harris who confirms its factual accuracy, although the views expressed are those of Dains Audit Limited. This memorandum is strictly confidential and although it has been made available to management to facilitate discussions, it may not be taken as altering our responsibilities to the group arising under our audit engagement letter. The contents of this document should not be disclosed to third parties without our prior written consent. No responsibility is assumed to any other persons in respect of this report.

We would like to take this opportunity to thank Neil, Hugh, Justyna, Renata and other staff and trustees for the co-operation and assistance afforded to us during the course of our audit.

Yours faithfully

Andy Morris Senior Statutory Auditor amorris@dains.com For and on behalf of Dains Audit Limited

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

CONTENTS.

Section 1 Section 3 Section 5 RESPONSIBILITIES, ETHICS & STATUS AUDIT DISCUSSION POINTS. 9 INTERNAL CONTROLS ISSUES. 18 OF AUDIT. 4 INTERNAL CONTROLS ISSUES. 19 RESPONSIBILITIES OF THE TRUSTEES. 5 Section 4 CURRENT YEAR POINTS. 20 AUDIT POSITION. 5 PREVIOUS YEAR POINTS. 21 PROPOSED AUDIT OPINION. 5 SUMMARY OF ADJUSTMENTS. 15 INDEPENDENCE. 6 SUMMARY OF ADJUSTMENTS. 16 Section 6 AUDIT EFFICIENCY AND QUALITY. 6 FEES. 6 PROPOSED LETTER OF REPRESENTATION. 22 Section 2 SIGNIFICANT RISK AREAS. 7

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

Section One RESPONSIBILITIES, ETHICS & STATUS OF AUDIT.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

RESPONSIBILITIES OF THE TRUSTEES.

The Trustees are responsible for the preparation of the financial statements and for making available to us all the information and explanations we consider necessary. Therefore, it is essential that the trustees confirm that our understanding of all the matters referred to in this document are appropriate, having regard to their knowledge of the particular circumstances.

We would point out that the matters dealt with in this report came to our attention during the conduct of our normal audit procedures which are designed primarily for the purpose of expressing our opinion on the financial statements of the group.

In consequence, our work did not encompass a detailed review of all aspects of the system and controls and cannot be relied upon necessarily to disclose defalcations or other irregularities, or to include all possible improvements in internal control that a more extensive special examination might develop.

We would be pleased to discuss any further work in this regard with the Board.

AUDIT POSITION.

Our audit work is substantially complete although we are currently finalising our work in the current areas:

Specific discussion points as noted in section 3.
Signed letter of representation – proposed draft included in section 6.
Update and confirmation around subsequent events and going concern – Dains to conclude
Cashflow forecast covering at least 12 months from the date of signing the financial statements and detail of assumptions used in forecasting – management to provide

PROPOSED AUDIT OPINION.

Subject to the items noted above, we anticipate issuing an unqualified opinion, without modification on the truth and fairness of information presented in the financial statements.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

INDEPENDENCE.

As part of our ongoing risk assessment and in accordance with International Standard on Auditing (UK and Ireland) 260 “Communication with those charged with governance”, we continually monitor our relationship with you. This is to ensure that there are no new significant actual or perceived threats identified since issuing our audit strategy memorandum that could impact on our independence as auditors that we wish to draw to your attention. We have complied with the Financial Reporting Council’s (FRC) Ethical Standards and therefore we confirm that we remain independent and are therefore able to express an objective opinion on the financial statements.

Total non-audit fees for the year ended 31 March 2025 total £8,735, which we are comfortable do not compromise our Independence.

AUDIT EFFICIENCY AND QUALITY.

In the conduct of our audit, we have not had to alter our audit plan, which we communicated to you in our audit strategy memorandum dated 5 June 2025. During our audit, we have had the full co-operation of management and did not encounter any significant difficulties.

FEES.

We confirm that our fees in respect of our audit services performed on the group are consistent with those detailed within our Audit Strategy Memorandum.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

Section Two

SIGNIFICANT RISK AREAS.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

SIGNIFICANT RISK AREAS.

We adopted a risk-based approach to the audit of the financial statements. Our audit conclusions regarding the significant risks identified and communicated to you via our audit strategy memorandum provided at the planning stage are as follows:


	RISK IDENTIFIED	PROCEDURES PERFORMED	CONCLUSION
1	Income recognition
	There is a rebuttable presumption that income recognition gives rise to a risk of material misstatement due to fraud. Income recognition is therefore regarded as a significant risk on all audits.	We have documented and evaluated the income processes within the business to ensure that the capture of income data within the financial records, is recorded as complete, accurate and within the correct period. These tests were a series of observations, enquiry and walk-through of the system. We have tested the completeness of income from donor documentation to income posting to ensure donation income is complete. We have reviewed the contracted amounts with grant providers through a review of third party grant agreements to ensue the completeness of grant income. We have reviewed the notified amounts of legacies to ensure the completeness of legacy income. We have reviewed variances from budgets or predictions to actual results, where possible and relevant to ensure this corroborates with other evidence obtained and confirmations from management.	No issues were identified from our audit testing in respect of income recognition which would indicate that income is materially misstated.
2	Management override of controls
	In all entities regardless of size, management are in a unique position to perpetrate fraud by overriding controls. It is therefore considered that there is a risk of misstatement due to fraud and therefore management override is a significant risk on all audits.	We reviewed accounting estimates, considered identified significant transactions outside the normal course of business and reviewed journals and other adjustments made during the preparation of the financial statements.	No issues were identified from our audit testing in respect of income recognition which would indicate that income is materially misstated.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

Section Three

AUDIT DISCUSSION POINTS.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

1 Trust - Restricted Funds

The following restricted income was received by the Theatre during the year:

Coventry Building Society Charitable Foundation - £58k
Warwick University - £12k
Heart of England Community Foundation - £149k

Management to confirm that all necessary conditions have been met for the funds received and note whether there is any risk of clawback of funds for the Theatre.

From a review of the grant agreement for the £67k Esmée Fairbairn Foundation grant received during the year, it was identified that the funding was provided to contribute towards core costs and that the Theatre would be required to report to the foundation covering the progress made on the agreed outcomes for the agreed work.

Management to confirm whether the terms of the grant require the funding to be classified as restricted within the financial statements.

Management Response

2 Trust - Cultural Exemption Status

Management have submitted an application to HMRC to obtain Cultural VAT Exemption, which allows qualifying organisations to exempt ticket sales for eligible events from VAT. Historically, the Belgrade did not qualify due to the CEO holding a remunerated trustee position. This is no longer the case, and the application has been submitted with supporting documentation, backdated to October 2023.

The VAT returns for Quarters 3 and 4 have been prepared on the basis that the exemption applies, following HMRC guidance provided during their recent VAT inspection. The CE amount claimed and held on the balance at year end is £37,443.

As at the audit date, formal confirmation from HMRC remains outstanding.

Management to provide an update on the application process

Management Response

HMRC requested that the Theatre include the Cultural Exemption claim on the Q3 and Q4 VAT Returns and therefore consider this to be approval from HMRC to make these claims.

Confirmed no risk of clawback of the restricted funds as the conditions have been met.

Esmée Fairbairn Foundation income is considered unrestricted since it is to be spent on core costs of the Theatre.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

3 Trust - Jag Pub flooding

A review of the board meeting minutes identified an incident in late 2024 involving flooding at the Jag Pub. Although initially believed to be the result of adverse weather conditions, subsequent investigations determined that the flooding was caused by an internal leak within the property. Rectification works have since been carried out to repair the damage.

While the building remains in use, in light of the recent damage there is a potential risk that the asset may be impaired.

Management to confirm whether there are any indicators of impairment or if an impairment review of the premises is required.

Management Response

Management believe the Jag Pub issues are resolved and that there are no indicators of impairment noted by management.

– 4 Trust Accrued Income Recoverability

It was noted four accrued income balances relating to amounts receivable from visiting companies were due at year end. As at the audit date, these balances remained outstanding, with no cash received post year-end.

Management has advised that the visiting companies have not yet settled these amounts as they are awaiting receipt of their own Theatre Tax Relief (TTR) claims, which will fund the payment.

Productions	Accrued Income Balance(£)
Please do not touch	27,665
Play On!	28,790
My Mother’s Funeral	15,445
Playfor the Living	7,145

Management to confirm whether the above amounts remain recoverable. Management to confirm whether the terms and conditions in place with the visiting companies explicitly address TTR claims for co-produced shows, including the agreed payment terms.

Management Response

Management believe that the amounts remain recoverable.

The contracts with the visiting companies refer to the TTR relief and that the Theatre will receive the monies when the TTR is paid to the visiting companies.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

5 Trust – Recoverability of cashflow support

We noted an outstanding balance of £136,603 due from Talawa Theatre Company, relating to the cashflow provided by Belgrade Theatre for set build and technical costs as part of the Play On! co-production.

6 Enterprises – Intercompany Balances

At the balance sheet date, the Company had the following intercompany balances with its parent company.

Belgrade Theatre Trust (Coventry) Limited – £198,221

The agreement states that this amount will be reimbursed in financial year 2025–26 from the Theatre Tax Relief (TTR) claim administered to Talawa.

Management to provide an update on the recoverability of this balance.

Management Response

This balance is considered recoverable by management.

An additional balance due from TTC was identified within trade debtors for £24k.

Management to confirm if this balance has now been received.

Management Response

Management do not see this as a big risk since Talawa Theatre is an established theatre. They have indicated that the payment will be received in late 2025.

The £24k will also be paid when the TTR is received by Talawa Theatre.

Dains to receive an update at the time the accounts are signed.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

7 Enterprises – Debtor Recoverability

As at the audit date, the following balances were outstanding:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Balance| |Post Year|Bad Debt|Balance| |per Aged| |Customer|End|Cash|Provided|Outstanding| |Debtors| |Received|For|at Audit Date| |Report| |Celetica Dance| |School|6,753|-|-|6,753| |Freeman Dance| |8,742|-|-|8,742| |BBC Coventry and| |Warwickshire|5,783|-|-|5,783|

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

8 Commitments, contingencies, and provisions

Management to confirm that there are no further commitments, contingencies or provisions which require disclosure in the financial statements, other than those currently disclosed.

Management to provide an update regarding the potential reduction in the Coventry City Council grant in respect of foregone revenue associated with the Jag Pub

Management Response

Confirmed.

No update on the Jag Pub foregone revenue.

The reasons cited at the audit was that the shows had not yet taken place Management to confirm whether the above amounts remain recoverable.

Management Response

9 Related parties

Confirmed to be deposits.

Management to confirm that the related party disclosure in the financial statements is complete and they are not aware of any further related party matters that require disclosure.

Management Response

Confirmed.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

10 Post balance sheet events

Management to confirm that there are no further post balance sheet events that require disclosing in the financial statements.

It was noted that during the year, the Belgrade Theatre experienced a 15% reduction in its annual funding from Coventry City Council. While the Theatre continues to receive income from a range of other sources— including box office revenue, one-off grants, and support from other funding bodies—this reduction in core local authority funding represents a significant change in its regular income stream.

At the time of the audit, there had been no formal correspondence or confirmation from the Council regarding whether further funding reductions are planned. As such, it remains uncertain whether this reduction was a one-off adjustment or indicative of a potential longerterm trend.

Management to confirm actions taken in response to the reduction, including whether any cost-saving measures, or alternative funding opportunities have been explored.

Management response

Management confirmed that actions are being taken to deal with the reduction. Confirmed that there are no further post balance sheet events that require disclosing in the financial statements.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

Section Four

SUMMARY OF ADJUSTMENTS.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

SUMMARY OF ADJUSTMENTS.

The Board should review the level of adjustments identified and obtain explanations for any adjustments which may remain unadjusted.

The following adjustments have been processed during the course of our audit of the financial statements.

The following adjustments have been processed during the course of our audit of the financial statements.	The following adjustments have been processed during the course of our audit of the financial statements.
Amount (£’000) SOFA Balance sheet Surplus/(deficit) effect
Theatre deficit per client’s trial balance Enterprises profit per client’s trial balance Productions profit per client’s trial balance Management adjustments None Audit adjustments None Elimination adjustments Management prepared elimination Consolidated deficit per draft financial statements	£ Dr £ Cr £ Dr £ Cr £ £
	(867) (867)
	27 27
	675 675


	- -
	-


	- -
	-


	(675) 675 675 (675)

	(840)

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

SUMMARY OF ADJUSTMENTS - PROPOSED.

None noted

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

Section Five

INTERNAL CONTROLS ISSUES.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

INTERNAL CONTROLS ISSUES.

The group 's management is responsible for the identification, assessment, management and monitoring of risk, for developing, operating and monitoring the system of internal control and for providing assurance to the Board that it has done so.

Our audit is not designed to test all internal controls or identify all areas of control weakness. However, where, as part of our testing, we identify any control weaknesses, we will report these to the group.

In consequence, our work cannot be relied upon necessarily to disclose defalcations or other irregularities, or to include all possible improvements in internal control that a more extensive special examination might develop.

We would be pleased to discuss any further work in this regard with the Board.

Our testing to date has identified the following significant control weaknesses which we consider should be brought to the Board's attention.

We have a system of grading our control weaknesses. Each weakness is graded based on the potential risk level to the group:

The group is subject to levels of fundamental risk or inefficiency where immediate action should be taken to implement an agreed action plan.

High Medium

Attention should be given to resolving the position as the group may be subject to significant risks or inefficiency.

Desirable improvements could be made to improve the control framework or strengthen the ability to mitigate against risks and improve efficiency.

Low

Point brought to the attention of management as best practice only and the issue raised does not impact on the overall control environment.

Best Practice

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

CURRENT YEAR POINTS.

None noted

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

PREVIOUS YEAR POINTS.


Risk rating	Weakness	Risk	Recommendation	Cleared?
Low	Trust During our review of payroll, it was noted that on several occasions, no ID was held on file for the employee selected.	There is a risk that information about an employee’s right to work status is not maintained by the Trust.	It is recommended that ID for all employees is held on file by the Trust.	- No such issues were noted in the current year.
Low	Trust During the audit we noted that there are no limits to the level of payments which can be made by the Finance Director.	This increased the risk of fraud or error arising, leading to financial loss for the theatre.	It is recommended that a payment limit is implemented for the Finance Director.	 - We have confirmed this is still the case in the current year.
Low	Enterprises The aged debtors report did not agree to the trial balance at year end (a difference of £1,170)	There is a risk that the company is misstating the amounts due within the financial statements and/or is unaware of the balances outstanding.	It is recommended that the report and trial balance are reconciled on a regular basis.	- No such issue was noted in the current year.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

Section Six

PROPOSED LETTER OF REPRESENTATION.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

To be printed on Group letterhead

Dains Audit Limited 2 Chamberlain Square Paradise Circus Birmingham B3 3AX

[Date]

Dear Sirs

This representation letter is provided in connection with your audit of the financial statements of the Belgrade Theatre Trust (Coventry) and its subsidiary undertakings (“the group”) for the purpose of expressing an opinion as to whether the financial statements are presented fairly, in all material aspects, (or give a true and fair view) in accordance with FRS 102.

We confirm that the following representations are made on the basis of enquiries of the trustees, management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you:

1 We have fulfilled our responsibilities as trustees under the Companies Act 2006 and Charities Act 2022 for preparing financial statements, in accordance with the applicable financial reporting framework.

We confirm that in our opinion the financial statements give a true and fair view and in particular that where any additional information must be disclosed in order to give a true and fair view that information has in fact been disclosed. We confirm that the selection and application of the accounting policies used in the preparation of the financial statements are appropriate, and we approve these accounts for the year ended 31 March 2025.

2 We confirm that all accounting records have been made available to you for the purposes of your audit, in accordance with your terms of engagement, and that all transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and shareholders' meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.
3 We acknowledge that it is a criminal offence to make a false statement in this regard, and where any trustee either makes a false statement; is aware that the statement is false; is reckless in preventing this statement; or fails to take reasonable steps to prevent the trustees’ report from being approved, we acknowledge that each trustee will be guilty of a criminal offence.
4 We confirm that the entity is controlled by the Trustees.
5 We confirm that the group has no liabilities, contingent liabilities or guarantees given to third parties other than those disclosed in the financial statements.
6 We confirm that there have been no events since the balance sheet date which require disclosing or which would materially affect the amounts in the financial statements, other than those already disclosed or included in the financial statements.
7 We confirm that the group has had at no time during the year, any arrangement, transaction or agreement to provide credit facilities (including loans, quasi-loans or credit transactions) for trustees, nor to guarantee or provide security for such matters, except as disclosed in the notes to the financial statements.
8 We confirm that the methods, significant assumptions and data used by us in making accounting estimates, and the related disclosures, are appropriate to achieve recognition, measurement or disclosure that is in accordance with the applicable financial reporting framework.

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

9 We confirm that all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements have been disclosed to you and accounted for and disclosed in accordance with the applicable financial reporting framework, FRS 102.
10 We confirm that we are aware of the definition of a related party for the purpose of the accounting framework being applied in the preparation of the accounts

We confirm that there have been no material transactions with related parties other than transactions with group undertakings which are not required to be disclosed.

11 We confirm that all related party relationships and transactions have been accounted for and disclosed in accordance with the applicable financial reporting framework, FRS 102.
12 We confirm that the charity neither had, at any time during the year, any arrangement, transaction or agreement to provide credit facilities (including advances and credits granted by the charity) for trustees, nor provided guarantees of any kind on behalf of the trustees.
13 We confirm that the group has not contracted for any capital expenditure other than as disclosed in the financial statements.
14 We confirm that the group has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance
15 We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its business and which are central to the group's ability to conduct its business, except as explained to you and as disclosed in the financial statements.

that we have disclosed to you the results of our risk assessment of the risk of fraud in the business.

There have been no deficiencies in internal control of which we are aware.

17 We confirm that there have been no actual or suspected instances of fraud involving management, employees who have a significant role in internal control or others where the fraud could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by employees, former employees, analysts, regulators or others.
18 We confirm that, in our opinion, the group’s financial statements should be prepared on the going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the group’s needs. In reaching this conclusion, we have taken into account all relevant matters of which we are aware, including the availability of working capital and have considered a future period of at least one year from the date on which the financial statements will be approved.
19 We confirm that we approve the adjusted items totalling £TBC as detailed in the attached appendix.
20 We confirm that in our opinion the effects of uncorrected misstatements totalling £TBC, are immaterial, both individually and in aggregate, to the financial statements as a whole. A list of the uncorrected misstatements is detailed in the attached appendix.
21 The financial statements are free of material misstatements, including omissions.
22 We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.
16 We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud, and that we believe we have appropriately fulfilled these responsibilities. We confirm

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

23 We confirm the group has satisfactory title to all assets and there are no liens or encumbrances on the assets, except for those disclosed in the financial statements.
24 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.
25 We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:

We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and expertise (and, where appropriate, of supporting documentation) sufficient to satisfy ourselves that we can properly make these representations to you and that to the best of our knowledge and belief they accurately reflect the representations made to you by the trustees during the course of your audit.

Yours faithfully

Signed on behalf of the board of trustees by:

so far as each trustee is aware, there is no relevant audit information of which you as auditors are unaware, and
each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information.

Jonathan Neelands

Chair of Trustees

the representations made are the best of our knowledge and belief.
26 We acknowledge that it is a criminal offence to knowingly or recklessly make you as an auditor, a statement (oral or written) that conveys, or purports to convey, information or explanations that you require in your capacity as auditor, or are entitled to require, that is misleading, false or deceptive in a material particular

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

GET IN TOUCH.

audit@dains.com

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Disclaimer
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Dains Accountants Limited registered in England and Wales. Registered company number: 13775282. Registered office: 2 Chamberlain Square, Paradise Circus, Birmingham, B3 3AX.

Dains Audit Limited registered in England and Wales. Registered company number: 13775287. Registered office: 2 Chamberlain Square, Paradise Circus, Birmingham, B3 3AX.

Legal Information

Dains Accountants Limited is registered in England and Wales for a range of business activities by the Institute of Chartered Accountants in England and Wales. A list of directors is held at the registered office.

Dains Audit Limited is registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under number C009460081 for the UK. A list of directors is held at the registered office.

Details of other businesses within the Dains group can be found at: www.dains.com/what-were-about/the-dains-group-of-companies

Belgrade Theatre Trust (Coventry) Limited and its subsidiary undertakings | Year ended 31 March 2025 | Audit Findings Report

2025-03-31-accounts

Belgrade Theatre Trust (Coventry) Limited

Financial Statements

Contents

Company Information

Trustees

Auditor

Bank

Chair’s statement

Report of the Board of Trustees/Directors for the year ended 31 March 2025

GOVERNANCE

Objectives and Activities

a. The Belgrade Theatre's Vision (24/25)

b. Mission (24/25)

c. Programmes and Activities

e. Enablers To support the delivery of the above we have five operational objectives;

Achievements and Performances

a. Performance Programme

‘Being part of the show has taught me that no matter who you are, if you are the lead or a Hub member like us you have just as much value in your role as everyone else’- Ethan, 14-19 Hub member

** A funny, touching tale of female friendship (The Observer on Swim Aunty Swim)

‘Outstanding Performances across the Board (The Guardian on Revealed)

b. Participatory and Talent Development Programme

c. Audiences and participants

d. Digital

e. Training and development

f. Public benefit

g. Approach to fundraising

Review of activities

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Forward View

Financial review

a. Year result

c. Reserves policy

d. Investments policy and performance

Structure, governance and management

Constitution

Organisational structure and decision-making policies

Policies adopted for the induction and training of Trustees

Setting the Pay and Remuneration of the Charity's Key Management Personnel

Related party relationships

Risk management

Plans for future periods

Members' liability

Statement of Trustees' responsibilities

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Disclosure of information to auditors

Auditors

Belgrade Theatre Trust (Coventry) Limited

(a company limited by guarantee)

Independent auditors' report to the Members of Belgrade Theatre Trust (Coventry) Limited Opinion

Basis for opinion

Conclusions relating to going concern

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Other information

Opinion on matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditors’ responsibilities for the audit of the financial statements

Use of our report

Dains Audit Limited

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee)

Consolidated Statement of Financial Activities

Consolidated Statement of financial activities (incorporating Income and expenditure account) For the year ended 31 March 2025

Belgrade Theatre Trust (Coventry) Limited (a company limited by guarantee) Financial Statements for the Year Ended 31 March 2025

Balance Sheet

Consolidated and Trust balance sheet As at 31 March 2025

Consolidated statement of cash flows

Notes to the financial statements

1. General Information

2 Accounting Policies

2.1 Basis of preparation of financial statements

2.2 Going concern

2.3 Company status

2.4 Income

2.5 Expenditure

2.6 Government grants

2.7 Interest receivable

2.8 Taxation

2.9 Tangible fixed assets and depreciation

2.10 Investments