the Trustees, Report and Financial Statements for the year ended 31 March 2025 Registered Charity Number 223660 Company Regllstrdtion NLsmberlX)295910 Contents Page Company Infomi8tlon Chairfs Report Trustee5'lDlrertors' Report Statement of Trustees'/Directors' Responsibilities 20 Independent Auditorfs Report 21 Consolidated Statement of finanaal Activrties 25 Consolidated and Company BalaTr￿ Sheets 26 Consolldated Statemert of Cash Flows 27 Notes to the Flnanclal Statements Company Information Dlrettors Sir Andy Street CBE Ayub Khan MBE FRSA Adrlan Lester OBE Andrew Chlduku Atlf All BEM Counclllor 5aima Suleman Counclllor Kenneth Wood Councillor layne Franas Elizabeth james John Homby Mark Smith Natasha Harr15 Rachel Roussel-TysDn Tracey Orr Victorla Marsom Chair lappolnted l November 2024} Deputy Chair {resigned 28 November 20241 (appointed 29 September 20251 lappointed 29 September 20251 (resigned 31 Juty 20251 (resigned 10 Oecember 20241 lappointed 9 December 20241 (appointed 9 December 20241 lappolnted 9 December 20241 Chief E¥ecutive officer Rachael Thomas Artlstlc Dirertor Joe Murphv (started 17 March 20251 Auditor RSM UKAUDITLLP 103 Colmore Row 8imiinBham B3 3AG Bankers National Westminster Bank plc Ground Floor. Grand Central 81rn1ingham B2 4BF Re&5tered Office Broad Street Blrmingham Bl 2EP Company Registralion Number Reg15tered Charity Number IYJ295910 {Regbwed In EnBland and Wale51 223660 IRe8lstered in England and Wales) The Birmingham RepertoryTheatre timlted Tru5tees/Directors' Annual Report 2025 The Blrmlngham Repertory Theatre Llmltèd Chalrfs Report As a longtime ￿sIdent and champion of Blrmlngham, and regular attender at The Rep* It wa5 a privilege to be asked to join th￿ illustrious institution as Chalr In November 2024. My first significant aLt as Chair was to appoint our new Artistlc Director. Joe Murphy, In NOVem￿r 2024. Joe was an outstandlng candidate wlth a tremendous directing track record, a strong commrtment lo communlty, and a hl8hly successfvl artlstlc dlrectorshlp at Cardilfs Sherman Theatre under his belt. We were delighted to welcome him to The Rep in March 2025 when helolned Maddie Kludj@, recentty promoted Deputy Artlstlc Dlrector. and Iqbal Khan Associate Dirertor, to deliver an exciting new artlStlC Vlsion for the theatre. Togetherwith Rachael Thomas, CEO, Joe has begun the process of shaping a new artlstlc and business strategy for The Rep, blendlng Its role as a national and international producin8 theatre wlth its vitsl work wSth young people, communities and artists in our ctty. Proudly Sirmingham, Distinctively Rep is at the heart of our Identity and brand. There is excitement internally and externally about what lie5 ahead and the announcement of Joe's first season.garnered acclaim for its bold and ambitious MIK of work Includlng A Midsummer Nighvs Dream. Small Island and Sweeney Todd. We also appointed three new board member5 - Nats5ha Harrjs. Tracey Orr and Mark Smith, all bringin8 senior leadership experien￿ In professional roles to the Board. My thanks to them and all Board members fortheir continued commitment to the theatre. After a challenging stsrt to FY251 am delighted bythe unrestrlcted surplus outtum forthe yearfurther buildin8 ourgeneral Teserve5. Economic conditboll5 Cortlnue to bedifficult but the success of thework on our stages has proven that qualltyls the best buslness plan and the appettte fortheatre in the West Midlands is as strong as ever. Artistic highlights in the year included the irrepresslble Becoming Nancyi nominated for both Whatsonstage and UK Theatre Awards, and Community, our Sir Barry Jackson Trijst funded show set In Birmingham and wrttten by a Birmingham writer that sold out its run in the Door. Very different but equally imwrtsnt elements of our globalllocal profile, representing The Rep's International producing status and its hyper local role In capturlng thevoices of Birmingham's diverse communities. Creative learning and engagement work Is deeply embedded in The Rep's DNA. Our programme for schools, young people and communities continuesto go from Strength to strength, connecting us with people across the cty. many of whom wouldn't accesstheatrewithoutthese opportunities. Ouryouth Board has been meeting regularly and we've been making plan5 for their Chair to attend Board meetings to bring youth voice into the wider governance and leadership of the theatre. There were changes at SLT level. strengthening the leadership of the theatre in vttal area5 including producing and fundraÈsin& bringlng fresh energy and ideas to an already strong team of theatre professionals. We further embedded environmental res￿nsIbil￿ through0￿ the organisatlon through our sustainable producing actlvlties. and other actions to reduce eM￿S1onS In our building and operations The Bimiingharn RepertoryTheatre Llmlted TrusteèslDirectors' Annual Report 2025 practices. In particular the team delivered five Green Book produCt￿n5 in the year includlng the flrst House productlon, Withnail and I, alongside three Door productions and the summer festival. We lost half our Birmin8ham City Councll funding in the year ended 31 March 2025 and will recelve no grant payment from Birmingham City Council going forward. making the financial surplus all the more impressfve. We havethe benefit of ACE funding confirnied to 2027 an(1 benefit significantlyfrom Theatre Tax Relief, which allows us to contlnue investing in our own productions and maintain our enviable producingfacilities on slte. Pt￿eNingthe crdft of theatre-maklng ts central to ourvi51on and a5 Birniingham '5 only produclng theatre and one of the largest producing operations In the country we're Immensely proud of this asped of our role. Slr Andy Street CBE Chalr of the Board of Trustees The Blrmintham RepèrtoryTheatre Llmlted Trustees/Directors' Annual Aeport 2025 The Birmingham Repertory Theatre Umtted Trustees'/Directors' Report 'The directors are pleased to present their report togetherwhh the finanaal statements of the charity and group for the year ended 31 March 2025. The financlal statements comply with current statutory requirements. the Memorandum and Artlcles of knociation and thè Statement of Recommended Practice applicable to charitie5 preparing thelr accounts In accordance w￿h the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS1021- (Charitles 50RP IFR5102)1. Who We Are And What We Do Established in 1913. The Birmingham Repertory Theatre lThe Repl has an unparallel history as a pioneering repertory theatre and the launch-pad for some of the most @xciting talent in UK theatre both past and present. Today it 15 a producing powerhouse with three auditoria- The House, 816 5eats- The Studio, 292 seats: The Door. 133 seats- as well as extensNe oTrsite produLtion facilities- set build, 5cenlc art wardrobe, props workshop. lightln& soundlAV, stage and stage mana8ement. The Rep create5 indusive, exciting and exceptional theatre by,wTth and for Blnnlngham and the wider world. Producingtheatre is the core of The Rerfs misSk)n and it creates uptoten productknns a yearof varylng sizes acr055 it5 Stages. Many are made in cTrproduttion with other theatres and commercial producers, and all Rep-led productions are bullt In house. The artistlc programme comprise5 new plays. revivals, adaptations. famity work and muskals. makln8 full use of the theatre'5 producing resource. Environmental sustainabiltty underpinsour operations, and The Rep producesat least one Green Book production peryear. Alongside In house praductions, the theatre presents a programme of vlsltlng productions. The theatre also has an impressive creatNe leaming and talent development programme delivering opportunitles for thousands of young people every year. To support our Innovatlve and incluslve work ty)th on and off stage our business model requires a strong contribution.atthe Box offi￿ and linked ancillary income generated by ourtradin8 subsidiarles Unique Venues Bimiingham IUVBI and BInnIn￿aM Rep Enterprises Limited IBRELI. essentlal subsldies from Arts Council England IACEI and the generous support and charitable donatk)ns of private donors and corporate sponsors. This has become even more crltStal wlth our grant support from Bimiingham ty Councll removed from next financial year. Public Benefit The dlrectors have complied with ihe duty in 5ertion 4 of the Charftles Act 21J)6, to have due regard to the public benefit guidan￿ published bythe Chartty Commission. The Blrmin8ham RepertoryThe3tre Umlted Tru5tees/Dlrertors' Annual Report 2025 The dlrectors belleve that the charlty, in promotlng its aims and objectives. gNes dlrect benetit to all patrons wth v4hom It comes into contacL These may be: Audience members coming to see perfomiances in Birmingham, whlch may promote understanding of complex SOCK)logical issue5, Wsually demonstrate ernotive situations or simply generate an appreciation of dramatie art through entertaininenL Audlence member5 seeinB Shows produced by the charity and touring throughout the UK and beyond. Community members tsking part in a range of practlcal workshops, di4cussion groups and artlstlc opportunities offered throughout the csty. Young people taknng an actNe part in the thartvs extensive netwo￿ of youth theatres. students engaged ITr speclalist trainlng in drama, English andlor pla￿ritIng In a range of collegesluniversities wlth which the charlty ha5 relatTronships. School puplls and Eady yea￿ children taking part in a wide range of learning & participatlon activrty produced by the charty. The theatre operates a priclng structure which is designed to maxlmise the accessiblllty of it5 aLtivities ond includes conce55ions for young people. families, the unemployed, the disabled, school, college and other groups, students and senlor citizens. To ensure the theatre Is a theatre for all we offer additional concessionarytitkets to community grou ure Governance & Mana ment . The Blrmingham Repertory Theatre Limited is a company limited by shares and is also a regSstered charity. The charity 15 g¢Jvemed by its constitution as laid down in its memorandum and articles. These were drawn up In 1935 and aTnended by special reSolut￿nS in Aprll 1955, November 1975, July 1988, October 1999, October 2C(J7, November 2010, October 2021. February 2025 and November 2025. The directors of the charttable company I'the charitrf) are tt5 trustee5 for the purposes of charity law. Key criteria for the selection of trustees a￿ lal to provlde a range of skills and attributes appropriate to the management of the cornpany and Ibl to represent the communities that the charlty se￿eS, particulaTly in temis of age, gender and ethn￿[ty. As Set out in the Article5 of Association there shall be between at least three and not morethan twentyTru5tees. New Trustees may be appointed by the Trustees at any time. The Chair is eleLted by the Trustees. Appointed Trustees can serye for a Ma￿muM period of three consecutNe three-year terms commencing from the first Board meeting at which their appointment Is confirmed. The goveming bodyof the Company Is the Board of Dirertors whlch meets at least five time5 peryear. The Board may also delegate alrthority to committees responsible for certain strategic aspects of management. The committees are fomially convened undertem)s of referen￿ agreed by the Board, which set out their remit and r￿ponsibIlItIeS. ReEM)rts of the committees are submitted to the Board. Th@ Blrmin8ham RepertoryTheatre Llmtt8d TrusteeslDirectors' Annual Report 2025 In addltlon, the Trustees dlrectly appolnt an Artistlc Dlrector and a Chief Executive to manage the charity on a day-to4ay basis and to implement the w)licies and strategies agrèed by them at Bo3r(I meetlngs. The buslness plan Is reviewed and updated annually by the Trustees and Implementation of the plan Is delesated to the executive tearn. Trustees review accounting information on a regular basls and approve all hlgh-level budgets and plans. Trustees have responsibility for a range of pollcles adopted by the chaffty Iln"cludlng heakh and safety, whlstleblowln& safeguardin& data protection, anti-bribery and )Inancial poliaes) and delegate operational rKJliaes as approprlate to the Executlve. The Governance antl Nomlnatlons Commlttee has ¢)versiBht of the overall Frf)licy framewo￿ on behalf of the Board. All new Trustees ar? indurted into the work of the charlty through an Inltlal meeting with the Chair, Artistic Director and Chief Executive. and the prOv￿lon of document5 such as the busSness plan, prevlous board papers and financial information. In addEtion, training events are held forthe Trustee5 covering the responsibilities of director5 and tnjstees, and the work of the charity. The charity has two trading subsidiaries - Bimingham Rep Enterprises Limlted IBRELI and Unlque Venues Birmingham Llmited IUVBI. The charity owns all shares issued by both compan￿5 and any surpluses are glft-alded to the charlty annually. Andy Street, Ayub Khan and John Hornby are the beneficial owners of the Company since 24 March 2025. The shares are held as follows- Andy Street134 ordinary shares), Ayub Khan133 ordinary Shares) and John Homby133 ordlnary sharesl- All three IndlvKluals hold their shares on tTUSt for The Rep's charltable purposes. From the start of the financial year to 24 March 2025 none of the Trustees held any beneficial interest in the shares of the charity. Directors. Interests in transacllons with ￿lated parties are detaile(I In note 22. The company has paid £8,72412024: £8,143) for indemnity insurance for its dlrettors and offlcers. £I,LK)0,0￿(2o24". £1,OLK),tXK)l of cover is provided. ertlves and Attlvltles The oblectlves of the charity are: To educate the public by promotin& fosterlng and encouraging the knowledge, under5tandin& appreCiat￿)n and a high standard of the arts and in particular dramatic art Sn the Clty of Birmingham and In such other p]ace5 in the Untted Kingdom of Great Britain and Northern Ireland and throughout the wodd a5 the company shall from time to time deem to be advantsge0¥5 to the intellectual weal of the publlo To educate and train students in drama, MUSK. painting and othersimllararts, and to promote the recognition and encouragement of exceptional merit in students by the institution and presentation of scholarships. exhibltions, grants. medaLs or other prizes or benefactions. The theatre's vlslon In its current strateglc plan is to be: The Birmirhgharn RepertoryTheatre ￿Mited TrusteeslDirectors' Annual Report 2025 A world-dass theotre In 8irmlnghqmfvreveryone ReseNes olic Reserves are made up of Restrthd. Unrestricted Designated (Designated} and Unrestrlrted General (Generall Reserves (Funds). Restri Restricted Funds are establlshed when the charity is in re￿Ipt of grants for capltal or revenue expendlture and the donor specifies restrfcted purpose5 for such grants. When a component of the Restricted Funds relates to a iapital item or project. the related annual depreciation charge Is recorded as an Outgoing Resource against thls fund. Restrlcted Funds were £2,217k as at 31 March 202512024.. £2,618kl. Desi nated Funds The main cornponent of Designated Fund5 is the Tangible Fixed Asset Fund. The balance ot) thls fund represents the net book value of tangible fixed assets already acquired, to the extent their net book value is not already covered w5thin Restrlcted Funds. Each flnancial year the depreclatKJn charge relatin8 to such a55ets is recorded as an Outgolng Resource against this fvnd. In addition, the Board will add amounts to the Designated Funds at the end of the financlal year for the c05t of capltal items it has agreed in prinCIp￿ to COMM￿ to, but for which no expenditure had been incurred at the year end. Such a fund excludes any capital costs budgeted for such items in the upcomlng financtal year. Thls ¢ompJnent of the Designated Fund5 is referred to as the Future Capital Fund. Over the medium temi, the Board will seek to add balances to the FU￿r@ Capital Fund In relation to potential major capital projerts such asfundamental bjilding refurbishment. However. as at 31 Marth 2025 there is no financial capacity to make such an addttion to this fund. Designated Funds of £1,254k as at 31 March 202512024: £1.077kl represent the net book value of unrestricted tsnglble fixed assets of £1.129k {2024: £1,028kl and a Future Capital Fund of £125k 12024.. Eokl. General Fund Thi5 fund Is Intended to meet the costs of key financial risks crystallisin& to the extent they are not covered by either insurnnce or annual budgets. The Board has identified unplanned Can￿lIatIOn of performances of an entire production and unplanned and unbudgeted capital or revenue expenditure as the key financial risks that need to be covered by the General Fund. In both cases the potential costs of the risk crystallising are taken net of Ilkely recoverie5 underthe d)ariVs Insuran￿ programme. The Birmingham RepertoryTheatre Limited TrusteeslDirectors' Annual Report 2025 At each flnanclal year the target range for the component of this fund relating to perforniance cancellatlons ts set at IO% to 15% of productSon revenue plus the contrlbution from catering and hospitalty relatin8 to production, all set at budgeted level for the upcoming financlal year. The Board is of the vlew that calls on this component of the fund in any one financial year are unlikely to exceed the lowerend of thetarget range unlessthere is an extended period of government-mandated theatre closure due to a public health emergenry. The fund component for unplanned and unbudgeted capital or revenue expendtture15 Set at £0.2m. The Board is of thtrview that calLs on thi% component of the fund in any onefinanclal year are unllkeFy to breach that amount. The above results in a target range for the general fund5 of £l.Om to £1.4m at 31 March 2025 wlth the General Funds standlng at £1.128k at that date12024: £1,085kl. Should the level of the General Fund fall below the tsrget range at the end of any flnanclal year then the Board will agree a short-term action plan to brin8that fund back into that target range. 202*25 C￿nAeW Thls wa5 a year of transition at the top of The Rep with two key leadership appointments in the year.. Slr Andy Street CBE Jolned as Chalr of the Boa￿4 of Trustees and Joe MU￿hY as Artistic Director. As the second year of our 2023-26 Arts Counctl NPO funding term, we continued to focus on ambition. growth an(1 sustainabllity as the themes of our business strateBy, whilst driven by our charitable alms and artlstic vlsion and mls$10n. Hlghli8hts across our artlstic pro8rammes included Repproduced withnail and I, Becoming Nanry and Community, ongoing grassroots talent devebpment work with scores of West Midlands artlsts, and the breadth and depth of our creatNe learning work in schijols and ornmunity settin￿. including our second Summer festival Love and Rebellion lam packed with l¢xal ta￿rtt. We curated a year-round programme of prodUCt￿ns. both in-house and received, across three auditoria: House. Studio and Door. exceeding audience and income target5 and delivering a healthy surplus to the bottom-line. Audience numbers were strong overall and we built on the continued upward trend of most key audience metri￿, even with a lower number of performances. Avera8e capacity and average t￿k@t prKe increased. tr￿th key planks of our financial silstainabllity, whllst we maintained and deepened accessible ticket offers Including our hlghly successful Teens Go Free initiative. Following a heavy Schedule of productK)ns in 2023-24, which overstretched the capacty of the leam, a prlorlty in 2024-25 was to dellver a more realstic workload and as a result we reduced the number of House perfomiances by Il% but maintained % occupancy levels. We contlnued to co-produce shows with a wide range of partners from the funded and commercial sectors. whith delivered high-quality work of scale and ambition for the House In The BSrmlngham RepertoryTheatre Limited Trust￿5]Dire￿Ors, Annual Report 2025 particular. This is an essential part of our producing model and brlngs flnancial enhancement and opportunit￿5 to work with a wider range of creatlves and IP for the benefit of our audiences. We were able to tour two small scale pr0dUtt￿nS into local communities and Ilbrarfes: CommunityandThe Snowflake. We also delNered for thesecondyear runnin8the Natlonal Squash Championship on our main Stage through our events subsldlary UnNue Venues Birmingham. We continued to benefft from the Government's Theatre Tax Relief. which was conflrnied at the 40% and 45% Inon-tourin8 and touring) rates pemianently from l April 2025. Thi5 is a critical part of our inwme and financial￿ underpins OUF ambitions as a prodvcing theatre. cPro ramme 202fy25 We create stories with artists and audiences that provide opportunltles for exchange and reflection, challenge and revelation, entertainment and Soy. We share our work as Wide￿ as possible through. regional, national and international tourin& partnerships and outreach activftles. We alm to Imaginatively represent the dlverse heritage5 of our clty in the storfes we tell in order to produce Inclusive, excltlng and excepliunal theatrlcal experlences for all. In 2024-25 we produced or co-produced the following Rep productions: Minority Report. co-produced with Nottingham Playhouse, Lyrlc HamMe￿MIth and In assoclatlon with Simon Frfend Entertainmet)t. A thrilling adaptatlon of Philip K. Dicvs iconlc story.. Blue Beard, ci>produced wlth Wise thildren. HOME Manchester. Royal Lyceum Theatre. Edinburgh and York Theat￿ Royal. An imaginatlve rtrtelllng of the traditional tale of Bhje Beard. Withnall and l. c0-produ￿d with ATG Entertalnment. The wodd premiere stage adaptalion of the iconir film. Love and Rebelllon Festival. our festival of youth and community work including Young Rep perfomiances of Wuthering Helghts, Cyrano de Bergerac, Macbeth and Arabian Nights. Bec4)mlng Nancy, co-produced with Hal Luft￿ Mike Isaa(son and KrÉ5tin Caskey. An Unmissab￿ new muslcal aboutfirst love. Nominated fora UK Theatre Award.. Best Mu5icdl. The Snowman, which played tts Chrlstmas season at London's Peacock Theatre followed by return visit to The Rep. The Promise, C￿prOdUCed with Deafinitety Theatre and Lyric Hammersrnith. Inspired by the extraordinary experiences of deaf people livlng with dernentla. Brfght Places, made in association wtth Car￿n Theatre, orig1nal￿ commissioned by The Rep. An honest and funny show about growing up In the shadow of chronic illness. io The Blrmlngham RepertoryTheatre Llmtted Trustee5lDlrECtor5' Annual Report 2025 The Snowfiake, co-produced wtth Polka Theatre and Llttle Angel Theatre. Our Door Chrlstmas show for early years audiences. Toured to West Midlands Librarfes after Its run at The Rep. with funding from Arts Council England. Community, gernerous￿ supported by The Slr Barry Jackson TrusL CDming of age drama set In the heart of Birniingham. Toured to community venues after rts run at The Rep. Alongslde our produced programme we presented a wide range of touring companie5 across all three auditoria, including d￿Ma, dance. muslc, comedy. communtty events, children's shows, NT ljve screenlngs la new additiDn In the yearl and unusualtyft)rThe Rep the House Christmas show. We also h05ted for the thlrd year running the Bim7ingham Literature Festivul. Hi8hli8hts acros5 the recelved pro8ramme included 5allet Black. 6irdsong, Deoth of o Salesmon. Boy Blue, Boysfrom the Blockstuff, Silence. Tales TilRumodan, Goodfvr a Girt and Christmos Corol.. A Ghoststory. Venue No. of No. of Shows Perfs Total attendance %age of Total Tlcket Sales capaclty The House 24 237 1.484 68% £3.432,354 The Studlorn)e Door 53 189 21,306 66% £238,559 Total 426 152.7 £3,670,913 Total12024} 72 436 167.271 £3,855,364 We were finalists forvarious awards In the year. Two UKTheatreAwards: Best Perfornier in a Musicalfor Mott Doyle,who played Frankslnatra in Sinatra, and Best Set Design for Michael Taylorfs Bhungn7 Nation design. Three WhatsOnSta8e Awards.. Siobhan Athwal for Best Supporting Performer in a Musical and Ruluta Vaidya for Best Choreography. both for Bhangm Notion, and Becoming Nancy for Best Regional Production. We won Creative spa￿ ofthe YearAward at Birmingham's thative Industry Awards. Tttlent Develo ment Under the leadership of Made￿Ine Kludle. Deputy Artisuc Dlrector. our Talent Development programmes included: The culmination of our Wtrtorta Wood Cornedy Writing Prlze, with the announcement of Eugene O'Hare's play Portugal, A Belfast Comedy as the winning play. selected by our panel of judges from 750 submissions. li The Birmlngham RepeitoryTheatre knmited Tfuslee5lDiiectors' Annual Report 2025 Our third iteratlon of establi%hed talent development progrdmme Foundry. whlch involved Seven artists co-creating work in community settings. Regular initiatNe5- Feedback Fridays, Directors Link Ups. Masterclasses and Workshops, R&tYs and Facilitator Toolkil session5 Cre(rtlve Leurnln Ourcreatwe learning programmes continued to engage with more children,young people, adults and communltles. wlth programmes including: Formal educadon: Bespoke schoo15' partnerships w￿h 16 partner schools and colleges. Our drama practltloners a￿ in schools almost every day of the academic year deliverSng drama tailored to each school's specific curriculum needs. We also ran three after school club5. In 86% of partner schools more than 35% of pup115 qualltled for Pupil Premlum fundin& whkh schools receNe to help pupils from dlsadvantaged backgrounds. Six schools created perfomiances for Love and Re￿IlLon and performed them on The Rep'5 main stage, and 12 schools ueated perfomiances for our Wlnter Festival In The Door. 64 work experlence placements ¥oryoun8 people from secondary, SEND and HE settings.. A Virtual School proSert forfosterfamilles and care eXper￿nCed young people. Inform81 education: Sim separate Young Rep (youth theatre) groups from our new Early Years group for 3-7 year olds through to Young Company for 18-25 year olds and all ages in between. Around 20% have bursary support antl over 5CWA arefrom global majorrty backgrounds. St< summer schools at The Rep and a further tsvo in education Settings. yO￿h Board for 20young people aged 14-25. which broughtyOLrth Vol￿ into the organisatlon. Early Years programme in partnership wlth Birmingham Early Years Network, wlth regular se55ions in 13 early years, s8ttings across the city and includin8 family weeks with foster familles and Sanctuary families housed in a Ir￿al hotel. Love and Rebellion saw m05t of our young people's and communsty groups perfomi on our stages. Communtty engagement: LGBTQTeeHee: building resir5en￿ and encouraging honest dlsCU55ions around mentsl health, while creatin8 stand-up comedy- Chase Tails Trail audio expedence was launched to rejuvenate the Cannock Chase Heritage Trall for children and families. Annual open day forfamilies and people of all ages to come and have a look behind the scenes of The Rep. The Blrmlngh8rn RepertoryTneatre Llmlted TrusteÈslDirectors' Annual Report 2025 Year-round backstage tou￿ by our volunteers give visltors a look behlnd the scenes and a fasclnatlng walk through The Rep's hlstory. A range of community groups used our creatNe leamlng hub free of charge to Meet and take part in creative 8rtivitie5. Governance and Man8 ement As well as appointin8 a new Chair, Sir Andy Street CBE. we also appolnted three new board members: Natasha Harris. Tracey Orr and Mark Smith. Our Board committee strurture was miitali5ed and now comprises the foltowing permanent committees: Finan￿, Audit and Risk Committee, which has Iwo sub commiitees- Investment Sub-committee and Productions Sub-committee; People and Engagement Commtttee,. Governance ond Nominations Committee and Fundraising Comm5ttee. We created a new role of Head of Governan￿ to support the Board and Its committees. In a slgniflcant change to our governance arrdngements the thre? shares in the charity formerly held by trustees of The Slr Barry Jackson Trust, giving them a controlling stake in the charity, were transferred to trustee5 of the charity. These are the Chalr, Sir Andy Street, the Deputy Chalr Ayub Khan and the chair of the Finance, Risk and Audit Committee John Hornbv. We updated our Artides of Assodation accordingly. We stren8thened our Senk)r Leadership Team with ihree new appolntments: Fundraising Dlrector. Dlrector of Producing and Programming and Dirertor of People. Alongside the appointment of Joe mu￿hY as Artistic Dlrector. Madeleine Kludje wa5 promoted to Deputy Artistlc Director and Iqbal Khan was renewed in hls role of Assotiatè Director. a diverse artistlc team for a diveFse tity. We CDntinued io invest in our people as a key asset, increasing our People Team to four, Increasing leave allowance to 25 days for all staff. conducting an engagement survey and delivering a number of staff engagement events inciuding Pride, Diwali, Black Hlstory Month and Eid celebrations. The results of our annual sutvey told us that we were making progress in diversifying our workForce: 63% of staff were under 35: 27% were deaf, disabled or netsr0d1ve￿e. 26% were from global majority backgrounds; 23% were LGBTa+- and 28% were from economical disathJar7tage(Lbackgrounds. We continueto strive to reflect the population of the cty, whlch Is both veryyoung and superdNerse.' Over95% of ourstaff team have completed EDI training. Investment in a numberof capital and infrastmcture projects were made in the year to ensure the building remains fit for purwe now and for generations to come. Roof repairs were carried out to three of The Rep's six roofs at a cost of £153 We implemented the Blue Lemon Health & Safety management system to streamllne rlsk management processe5. We onbo?rded Sharp a5 our new IT partner and began the proce55 of upgrddlng and rationalising our IT infrastrutture= migrating file 5toragetothe doud, Installing VOIP telephony and setting aslde fundlng for a Wffi upgrade In FY26. 13 The Birmingham RepertoryThe3tre Limlted Trustees/Directots' Annual Report 2025 Our event5 and confe￿ncIng subsidiary UVB entered Into a partnership with contrart caterer Wilson Vale to dellver high*uality event catering on-51te and immeasurably Imwoved this part of DUT event offer. The fundralsing market continued to be challenging but our Fr￿ndS scheme received a boost when we put Prlma Fade on sale* generating 1.199 rnernbe￿. We received confirmation from ACE that our current NPO tem was belng extended for a year to 2027 and news that ACE plan to extend the term for a further year in due course. We're Immen5ety grnteful for our public subsidy. which Is the financial bedrock of our statu5 as a producing theatre, and Birniingham's only producing theatre. Envlronmentsl Sustainabil- We contlnued to build on our Theatre Green Bwk ffGBI Pract1￿ acro55 productions. operations and building managemenL We've used our lead role In c(i-produrtions to Introduce partners to Sustainable producing and adopt the methodologies. Knowledge and experi¢nee of TGB practice Is emI￿ddIng across the organisation and espeaally In our production department, where we've p￿neered sustsinable materials testlng. We matle four sustalnoble productions In theyear. Withnail and I was ourfitstTGB produttion for the maln Stage and gave us an opportuntty to plkit c￿produCEnS a SUsts￿￿ab1e productlon with a commerclal partner, ATG. We achieved TGB Baseline for thts. Work that we did to define Paint Shop grading for the TGB tracker has now been implemented across the TGB. Our Chrlstmas show for the Door, The Snowfiake, and Slr Barry Jackson Trust funded production, Communlty, both achieved TGB Advanced. And our summer festlval Home and Horizon5 achieved TGB Intermediate. We ￿ptured relevant Information from comrnunity groups we worked with on the festNal. whlth encouraged them to think aiKJUt thelr own sustainabllity practi￿. We also SUPkK¢rted the company that made Good fora Girl to sustainably produce thelr shobv re5ultiftB In them achlevlng TGB Advan￿d. In re-homlng Items from all Green Book productions. we've made strong connertlon5 Wlth local community groups and SCI￿OL%. We've supported vistting companies with sustainable re-homing and disposal of their set and props. We hosted the Regional Environmentsl Sustainablllty Conferenee, and our staff regularly attend SAWN Isustalnable Art5 West Midlands). ABTh Sustainability Commlttee and other regional environmental conferences. We contlnued our transition to LED li8lrtlng acr(￿ all areas of the building and have 50 far converted 85% of lighting to LED units. Wlth fvnding frorn the Theatres TnLSt Wolfson Theatre Improvemerrt Scheme, we Installed de5tratification fans In the ceiling of the theatre to rearculate Wa￿ air thavs risen and prevent wasted heat, therefore redudng energy U￿ge and costs. Our DEC Certwhcate raling improved from E to Q reflecting enew savings across the building. 14 The Birrningham RepertoryTheatre iJmlted Trustee5lDirectors' Annual Report 2Q25 Goln Concern The trustee5 are of the view that the immediate future of the theatre for the period to 31 December 2026 Is secure. and that on thts basts the charlty ts a golng concern. The directors have adopted a going concern basls in preparing these account5 after assesslng the prlncipal rlsks the charlty faces. A severe but plaus11￿e downslde scenario has been modelled. That plauslble downslde modelllng indlcates that the charity shouid have sufficlent resources to ensure tt is a going concern through to 31 December 2026. Plans for Future Perlods Our strate8ic objectives for 2025-26. the final year of our current busine55 5trate8yi will build on the overarchlng themes of ambltlon. growth and sustalnabllity as we transition to new Artistlc Director Joe Murphvs artlstlc programme that wlll begin In Aprll 2026. 2025-26 will lay the foundations with a new artistic strate8y and delivery partnerships. During the year we will- Artlstlc Pro romme 'Convene a series of Yosvn"HalY meetings wf(h artists, companles and communlty organisations from the cty and region to improve our connection5 With the wider regional ecology. Continue to dellver a worfd-das5 programme of work ded￿ted to galvanising a diverse audlence that Is representatlve of our clty and reglon. launching our new Artistic Directorfs flrst season of wor Rtrlaunch Foundry and relnvigor4le our arti￿ development programme to empower local artlsts from all backgrounds to develop and express their treativity. Focus on making Birniingham a tity thriving through a collaborative approach to culture bv supercharging the Creatlve Leamlng Department with the athval of a new Olrector In January 2026. Promote inclusrvity and access by refleLting the dNersity of Bimiingham and the West Mldlands In ourtheatre and in the work we produce and programme for ourstages and in the writers we commission. We recognise that theatre 15 an Inherently collaborative artForni and will look to broaden our collaboration networks across BimilT￿ham, the region, and beyond. Sustainabil. Implement and embed our new progrdmme model designed to deliver a consistent financlal retum from productions and secondary spend. Further build audiences. with the aim that 2025-26 is our highest attending year ever. and continue to Increase aUdIen￿ dlverslty. Invest in the professional infrastrurture of the organisation - increasing the size our People, Flnance and Fadlities & Operations Teams to better support the organisation and building. 15 The Blrmingham Repertory Theatre ￿MIted frustÉeslDiredor5' Annual R￿ort 2025 Bulld on our Green Book producin8 successes and embed even more deeply sustainable producing knowledge across the team. Launch our Apprenticeship scheme with two back-stage apprentice opportunttles with fundlng from Andrew Lloyd Webber Foundation. Flnanclal R I We achieved a surplus across Unrestricted Funds in the year of £220k12024: deficit £182)kl.The Board considers this result and the year-on-year improvement in the face of material c05t and fvndln8 pressures to be strot)g evidence of ihe.attractiveness of the artistic pro8ramme, The deviclt on Restrlrted Funds of £1401lk12024: £1273lkl largely refiects the depred3tion of our £2.2m front house re-developrnent capftol projec( OPEN HOVSE. completed in March 2022 wlth a depreciation charge of £1267lk in the year12024: £1268lkl. We re￿1ve"d £242k of new r￿trIcted grant revenue fundlng In the year and spend £13761k on restricted projerts agalnst new and previously recelved restricted grants. As shown in the Statement of Finanaal Actbvitles on page 25. as at 31 March 2025 this gives a net accumulated General Fund balance of £1,128k12024- £1,085kl, Deswiated Funds of £1,254k12024'. £1,077kl and a Restritted Fund balance of £2,217k1£2.618k}. £441k of cash was generated in theyear, resuliingln a elosing cash balance of £1,770k12024.. £1,329kl Income The total General Fund Income for the year of £15,018k12024- £15.115k) is broadly in line with the previous year. We delivered income growth in box offlce and commercial attivitie5 which Is offset by reduced income from co-production. Ineome from the artistlc programme wa5 Strong and exceeded expeclatlons, wlth the House, Studlo afid Door all performing strongly. Performances across our stages and on tour generated £7,455k 12024.. £8,353kl. Ourchristmas produrtions in particulardid well. Thesnowmun and A Chrlstmas Coml exceeding their box office target. Theatre Tax relief contributed £1',579k of inc￿me{2024. £1,198kl- Creatlve Learnlng Income was £234k 12024: £223kl. earned largely from agreements with partner sthools. youth theatre subscriptions and some grants. Fundralsing Income was generated across trusts and foundations, corw)rdte and indIv￿ual giving Fundrdising is proving challenglng as competition for charwtable fvnds increases and cost of INing pressures affect disposable Income. The combined income from ourcatering and events trading sub51diaries was £3.096k12024: £2,907kl. 16 The Birmingham Repertory Theatre Limited Trustees/Directors' Annual Report 2025 Income 2024-25 Box offi￿ Incorne- 50% Commerclal. Carerfng & Event5- 21% m• Arts Cowcil En￿al￿- 12% Theatre Tax Relief- ID% Spon50r5hp and Fundrasin8 & Other Incomè- 7% Costs Total unrestricted costs for the year were £14,781k12024.. £15,285kl including depreciation of £161k 12024.. £138kl but before investment losses £117lk12024'. gains £88kl. Artistic programme costs cover the costs of makirig productions: actors, treative team fees, set, costume, props, marketing, technical and front of house, royalties and irrecoverable VAT. All have been subject to cost increases in the year,. the c05t of making productions continues to grow faster than the rate of inflation. We managed our salary and overhead costs carefully and all budget holders are sensitive to the need for rigorous c05t management. We awarded a salary increase of between 3% to IO% in the year for all staff, exclliding SLT who did not receive an increase, pay the real living wage and continued to strive to balance productivity and wellbeing, considering staff health and wellbeing in production Schedules and rotas. Maintenance and capital costs continue to increase with the age of the building and its infrastructure and a conscious effort to prioritise this has been refletted in increased levels of expenditure over the Past couple of years. Expenditure 2024-25 rbsbc Pro￿9￿me Incl devel0￿0Tht Costs. 46% Thèatr@O￿ratson and other Costs- CommÈr¢id. C8tering & Event5- 18% Crèative learning erd Fundva151r8- 3% GevemAntÈ and O@precrJtion- 2% 17 The Birmlngham RepertoryTheZt￿ Umlted Trustees/Directors' Annual Report 2025 Pa oll for stalf The directors conslder that the Senlor Leadership Team comprise the key management personnel of the charity in charge of dlrecting and controllln& running and operatlng the group on a day-to-day basis. The Senior Leadership Team comprisesten roles a5 set out in note 8 to the accounts. All dlrectors gNe of their tlme freety and ho director received remuneration in the year. Details of directors, expenses and related partytransactlons are disclosed in notes 7 and 22 to the accoutfts. Periodlc benchmarklng exercises are carrled out to ensure that staff salary rates a￿ cons15tent with market rdtes for the 5eLtor. In addition. an annual pay revlew is implemented in April of each yeèr. Volunteers The charity is very Invobjed in the community and relies on voluntary help to support Its actlvlties. Durlng 2024125 the Rep's volunteergroup wa5 37 stro Rlsk Mana me nd Ana The direttors and executwes of the cornpany have carrfed otrt a risk analysis identifyin8 and quantifyin8 the level of exposure to risks to which the company is subjedé. A5 part of this process a system was established for regularly reviewing and updating the risk analysis. Management policies and strategies have been implemented to mitigate those risks identified in the analysis and any potential impatt on the company should any of the identffied risks materlalise. The Board reviewed the register reguL8rfy during the course of the year, identified those risks of greatest concern and agreed appropriate actions to mlnlmise the likelihood of them damaging the business. through a risk management strategy which comprised.. a regular review of the principal rtsks and uncertainties that the charlty and Its subsidiarles, BRELand UVB, face. the establlshment of policles. systerns and controLs to mf(Igate those risks Identified in the annual review. the implementation of controls designed to minimi5e or manage anv [￿ential Impact on the charity should those risks materialise. The most significant risks currentlyfacing the charity relate to the he￿htened level of operatln8 COSt5, in particular energy, railing funds lo addre55 medium to long-term infrastruclure requirements of the buildlng and equipment and the transformation of the charitvs business model. The charity has clear artions plgns in place to addre55 these and other key risks. including the re-FKJSttioning of the artlStic programme under the new Artistic Director. The cha￿ty is committed to ensuring that the funds it has are used to their maxlmum ability to generate income andlor capital growth. The charity is also committed to ensuring that the risks associated with holding funds in institutions are mitigated. including spreadlng the risk In order to meet thls poIKry, funds required overthe medium temi are Invested in high interest deposlt accounts 18 The Blrmlngham Repertury TPteatre ￿rnIted TrusteeslDirectors' Annual Report 2025 or bonds. Short-term funds are pla￿d on the money markets or In Inte￿$t bearlng atcounts. An Autosweep facilrty 15 in place to m￿Mise return on daily fundlng requlrements. Surplus funds available overthe long-term are invested in a balanced portfolio managed by professional investment managers. DISCLOSURE OF INFORMATION TO THE AUDrroR The directors who were in office on the date of approval of these financial statements have confirmed, as faras they are aware, that there Is no relevant audkt Intormation of which the auditors are unaware. All of the directors have confimied that they have tsken all the steps that they ought to have taken as directors in orderto make themselves aware of any relevant audit inforniation and to establish that. rt has been communlcated to the audltor. Audltor An ordlnary resolutlon to reappolnl RSM as audttor was tsken by the member5 on 24th November 2025. 19 The Birmingham Repertory Theatre Limited TrusteeslDirectors' Annual Report 2025 Statement of Trustees'lDirector5' Responsibilities The trustees ère responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. including Ftnancial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The financlal statements are required by law to give a true and fair view of the state of affairs of the company and of the profrt or loss forthat period. In preparing those financial statements, the directors are required to: selert suitable accounting policies and then apply them tonsistentlv,. make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any mèterial departures disc105ed and explained in the financial statements; prepare the accounts on the going concern basis unless It is inappropriate to presume that the company will continue in busines5. The trusteesldirectors are responsible for maintaining proper accounting recorLls which di5c105e with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. By order of the Board Sir Andy Street CBE Chair of the Board of Trustees Date: 24th November 2025 20 The eirmlngham RepertoryTheatre Limlted TrUste￿,/DIrectp￿, Annual Report 2025 INDEPENDENT AUDITOIVS REPORT TO THE MEMBERS OF THE BIRMINGHAM REPERTORY THEATRE LIMITED Oplnlcn We have audited the financlal statements of The Birmingham Repertory Theatre Limlted Ithe'parent haritable companv) and its subsidiaries (the 'group'l for the year ended 31 March 2025 which comprlse the Consolldated Statement of Flnanclal AclNwtie5, the Consolidated and Company Balance Sheets, the Con5011dated Ststement of Cash Flows and notes to the financial statements, Includlng slgnl)Icant accounting pollcles. The financial reportlng framework that has been applied in thèlr preparatlon Is appllcable law and Unlted Klngdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of I￿land. (United Kingdom General Accepted Accountlng Practkel. In our opinion the financial statements.. s￿e a true and fairview of the state of thegroup's and the parent charitable compEny's affairs as at 31 March 2025 and of the group's incoming ￿sOUrceS and applltation of resources, Including Its income and expendlture, for the year then ended; have been property prepared In attordance with United Kingdom Generdlly Accepted Accountlng Practlce: and have been prepared in accordance wFth the requirements of the Companles Act 2006. Basls for opirfion We conducted our audlt In accordan￿ with International Standards on Audltlng IUKI11SA5 IUKII and appllcable law. Our responsibilities under those standards are further described In the Auditorfs responsibilities forthe audit of the financial Stateme1￿ seLtion of our report. We are independent of the group ènd parent charitsble company in accordance wtth the ethical requirements that are relev8nt to our audtt of the financial statements in the UK, including the FRC'S Ethlcal Standard and we have fulfilled our other ethlcal responsibilwties in accordance wrth these requlrements. We believe that the audit evidence we have obtained is sufficient arbd appropriate to provide a basis for our opinlon. CO￿1￿￿9n$ relatln8 to golng Concern In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accountlll8 in the preparation of the financrdl ststements ￿ approprlate. Based on the work we have performed. we have not Identif￿ any materlal uncertainties relating to events or condition5 that. individually or collertivety. may cast significant doubt on the group's or parent charitable CoMpan￿S abillty to continue as a golng concem for a perlod of at least twelve months from when the linancial statements are authorised for issue. Our responsibilities and the responslbllStles of thetrusteeswith re5pectto golngcon￿rn are described In the relevant sections of this report. Other information The other information comprlses the information induded In the Annual Report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the flnanclal statement5 does not cover the other information and, except to the extent othenvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 21 The Birmingham RepertQryTreat￿ Limitsd Trustees'/Direetors' Annual Report 2025 Our responsibility is to read the other Infomiation and, in dolng so, consider whether the other information Is materialEy Incortslstènt with the financlal statements orour knowledge obtalned in the course of the audit or otherwise appears to be materially M￿stated. If we identtfy such materlal Inconslstencie5 or apparent material misstatements, we are iequlred to determlne whether thls give5 rise to a material misstatement In the financial ststements themselves. If. based onthe work we have perfornied, we conclude that there Is a material misstatement of this other Infomiation, we are reciulred to reportthat facL We have nothing to report In thls regard. op1n1¢￿$ on other rnatters presryibed by the C4)mpanies Pxt 2(M)6 In our opinlon, based on the work undertaken in the course of the audit: the infonybatlon glven in the Trustee5' Report. which Indudes the Dlrectors, Report and the Strateglc Report prepared far the purposes of company law, for the financial year for whlch the flnanclal statements are prepared is conssstent w￿h the finandal statèments; and the Directors, Report and the Strateglc Report included within theTrustees' RetM)rt have been prepared In accordante wlth applicable legal requirements. Matters ¢)n which we are requlred to rewt by exceptlon In the Ilght of the knowledge and understanding of the group and the parent charltable company and their enVi￿￿nMent obtained in the course of the audit, we have not identtlied material misstatements in the Directors, Report or the Strategic Report included wtthln the Trustees, RepDrt. We have nothingto rewrt in respert of the following matteTswhere thecompanles Act 20(￿ requires us to report to you Sf. In our opinlon: adequate accounting records have not been kept bythe parent charitable company, or returns adequate for our audit have not been receNed from branches not visited by us; or the parent diaritable company financlal statements are not In a8reementwfth the aecountlng records and returns: or certain d[sclosu￿5 of trusteeg remuneration specifie(I by law are t￿t made." or we have not received all the infom)ation and explanations we require for our audit. Responsibilltles of truste A5 explained more fully In the Statement of TDJStees' responsibilities set out on page 20, the trustees (who are also the director5 of the charitable company for the purpos￿ of company lawl are responsible forthe preparation of the fsnancial statements and for being satisfied that they give a true and fair view. and for Such intemal control as the trvstees determine is necessary to enable the preparatlon of financlal ststements that are free from material mi55tatement. whether due to fraud or error. In preparingtheflnancial statements, thetru5tees are responsibleforas5esslngthegroup's and parent charitable compan￿5 abilFty to continue as 3 going concern. disdosin& as applicable. matter5 related to going concern and using the going concem basis of accounting unles5 the trustees erther Intend to liquidate the group or parent ¢haritable company or to cease operatlons, or have no realistlc alternative but to do so. 22 The Blrmlngham RepertoryTh&tre Lirnlted Trustees'lDirectors' Annual Report 2025 Audltorfs reSpOn￿bIlItIeS forthe audlt of the finandal ststements Our objeclives are to obtain reasonable assurante about whèther the financial Statements as a whole are free from material mi55taternent, whether due to fraud or error, and to 155ue an audltorfs report that includes our opinion. Reasonable assurance i5 a high level of assuran￿, but Is not a guarantee that an audit conducted in accordan￿wIlh ISAS IUKI will always detect a material rni55tatement when It exists. Misstatements carb arise from fraud or error and are considered material rf. indtvidually or In the aggregate, they could reasonabty b? experted to influence the economlc declslons of usets taken on the basis of these.flnancial statements. The extent to whlch the a￿lIt was considered capable of detectlng Irregularftles, Includlng fraud Irregularitie5 are instances of non-compllance w￿h laws and ￿gulatIons. The objectives of our audlt are to obtain sufficient appropriate audtt evKlence regardin8 compliance with laws and regulatlons that have a dirett effect on the determination of material amounts and dlsclosures In the financial staternents, to perform audit pro￿dUreStO help identify instan￿$ of non-compliance with other laws and regulations that may have a material effert on the financial statements, arld to respond ppropriatety to identified or suspetted non-complian￿ with kws and regulations identified durin8 the audit. In relatlon to fraud. the objectives of our audit are to identify and a55ess the r15k of materlal misstatement of the financial statements due to fraud, to obtaln sufficient appropriate audit evidence regarding the assessed of materlal mlsststement due to fraud through designing and Implementlng appropriate responses and to respond appropriately to fraud or 5U5pected fraud identlFied during the audit. However. ft Is the prlmary responslblllty of mana8ement..wtlh the oversight of those charged with govemance, to ensure thatthe entity's operatw)n5 are condurted in accordance with the provisions of laws and regulations and for the prevention and detection of frauiL In Identifying and assessing risks of maierial misstatement in respect of Irregularlties, Including fraud, the group audSt engagement team- obtained an understanding of the nature of the sector, Including the legal and regulatory frameworkthatthe group and parent charitsble company operates in and how the group and parent charltsble company are complying wf£h the legal and regulatory frameworL. inquired of rnanagement, and those charged with governan￿, abo￿ thelr own identification and assessment of the risk5 of irre8ularitie5. induding any known actual, susperted or alleged Instan￿ of fraud; discussed matters alx)ut non-compllance wlth laws and regulations and huw fraud might occur indudin8 assesswnent of how and where the tinancial statèments may be susceptible to fraud, As a result of these procedures we considerthe most swirfThnt laws and regulation5that have a direct mpatt on the financial statements are FRS 102. Chartties SORP IFRS 1021. Companles Att 2006, Charities Act 2011, the parent charitable companrfs goveming document, tax legislation and Charilies (Protection and Social Investment) Att 2016. We perfomied audit procedures to detert non- ompliance5 which may have a material impart on the financial statement5 which included reviewing thefinancial statements indudlng theTrustees' Rewrt. remainlng alertto new or unusual tra￿aCtionS which may not be in accordance with the governing documents. irnsperting correspondence with Iocdl tax authorities and evaluating advfce received from extemal advkots. 23 The Birmingham Repertory Theatre Limited Tru5tees'lDirectors' Annual Report 2025 The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to UK General Data Protection Regulation IUK GOPRI. We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these laws and regulations and inspected correspondence with regulatory authorities. The group audit engagement team identified the risk of management override of controls and completeness of cash sales recognition as the areas where the financial statements were most Silsceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rètionale in reSation to significant, unusual transactions and trènsartions entered into outside the normal course of business, challenging judgments and estimates and sample testing of income transactions and reconciliation5. A further description of our responsibilitie5 for the audit of the financial statements is provided on the Financial Reporting Council's website at htt www.fr .or auditorsres This description form5 Part of our auditor's report. Use of our report This report is made solely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Att 2006. Our audit work has been undertaken so thal we rnight state to the charitable company's members those matters we are required to state to them in an auditorfs report and for nD Other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the tharitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Anna gp$nG$r-Gray ANNA SPENCER-GRAY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 103 Colrnore Row Birmingham B3 3AG Date: 19112125 24 The Blmln8ham RepÈrtoryTheatre Llmited Trustees'lDirectors' Annual Report 2025 Consolidated Statement of Financial Activities (incorporating the income and expenditure account) for the year ended 31 March 2025 Gpnerd D*n*d Restrfcted Yitsl La51Year Fund Fund$ Fumls Funds Total Funds 21r25 2025 2025 £tm £0 2024 Income DDnations and lega£ie5 othertr8dnBactfvf*s Incorre from Invertmerts Charitable 2Ctlvltles Total IrKome 2313 242 I￿55 3P96 43 9566 242 15.260 2,907 9,955 15.360 Expendlture R3i5inefunds ExpÈtKliture on charrcablE acuwues Total eXpend￿ure 2W31 643 11593 643 15,4124 2,525 13.278 15,803 11.789 161 ILossesJ/G•b>$onhJivtstteiitossets ILossesVGains on Inve5tmentassets 117i 1171 Netle%pndiiurelllncome 381 13551 Transkn bethveen luNds 13381 338 Netmovementln funds 177 13551 FundbolOn￿st￿Iqhtf￿￿WrdQt IAwn12024 L077 2,618 4,780 5,135 Fundhrlcn¢oomtdfon¥tsrd•t31 Mon*all5 1217 4.599 The statement of financlal activFties includes all gains and losses recognlsed In the year. All Income and expenditure derive from continuing artivities. Note 26 illustrate5 prior year figurès forthe various funds. ThE notes on pages 28 to 48 fomi part of these financtal statements. 25 The Birmingh8m Repertory Theatre Limited Trustee5'/Directors' Annual Report 2025 Consolidated and Company Balance Sheets as at 31 March 2025 GROUP COMPANY Notes 2025 £oc 2024 2025 000 2024 £000 £OL Flxed assets IritanEible assets T3nsible assets Investment5 TDtolflxed ussets io li 3.115 930 3.260 933 4.193 3,073 930 4,003 3,238 933 4,055 4.171 Current assets Stock5 & work In progress Debto Cash at bank and in hand Totolcurrent ossets Iz 13 19 34 4.912 1,770 6,716 33 4,927 1,329 6,289 14 21 4.313 478 4,455 1,227 5,696 4,812 Creditors Amounts fallingdue within one year 16,1721 16.1721 15,7021 15,7021 15,3971 15,3971 14,3421 14,3421 Net eurrent asxts 544 587 299 470 Totsl assets less current liabllltles 4.599 4,780 4,302 4,641 Net Assets 4,599 4.780 4,302 4.641 Capital and Reserves Restricted Reserves 17 2.217 2,618 2,217 2,618 Vnrestrlcted Share Capital 15 General fund Designated funds Total unrestricted funds 1.128 1.254 2,382 1,085 1,077 2.162 831 946 1,077 2.023 16 1,254 2,085 Total charlty fund5 4,599 4.780 4,302 4.641 During the period the individual company generated a deficit of £1339lk12024'. £1353lkl. The financial statements on pèges 25 to 48 were approved by the board of directorsltrustees and authoris sueanda its beha Sir Andy Street CBE Chair of the Board of Trustees Date.. 24th N ember 2025 Registered Charity Number 223660 Company Re8lStration Number 00295910 26 The &rniingham RepertoryTheatre Ltd Trustees'lDirectors' Annual Report 2025 Consolidated Statement of Cash Flows forthe year ended 31 March 2025 Reeontllktton ol net movement knfundsto IIDwsfrom operai*a¢ii¥il** Net lexperv%tvreylncome Adjust￿ntsfor'. Deprec￿tknn Lo55 ont3n8lble fixed as5etdstMisa Inve5tmentincorne LosswI￿lMsI on Invéstments Decrease/llncreasÈl in detitot5 Iln¢reaseVde¢rEa5E Instock a￿Work in Increase in ¢￿dItOrS Iletcash wieAtsd/lusedl opeT81tr* •¢tP•11*5 11811 13S51 456 4L3 1431 17 Is 1881 11,29 20 876 470 739 Fbwstattment Cash flawsfrom owratln8acWTrfft*s Cash flowsfroTTh Inves¥n8 actMtie5- PLfthase of property, plant and eqjI￿rt DLp5al of motDrweNcle5 Netdlsposavlwrthaselof a55et iri%Estrrknts lnie￿t recelved Netcash used kn y•ar 14811 33 1715 441 Net ir.crea5ellde¢re3sel In CashIn￿¥ear Chawp In net funiÈ artsingfrom cashflows 441 441. (7151 (715 Cash attd cashequpialenlsat 14)rl 2024 Charfge in cash èNJ cash equivalerts inthe reportthfy perfod Cash a#d ¢8sh equNalEntsat31 March 2025 L329 441 770 PL51 1,329 27 The 3irmlngham RepertoryTheatre Limited Tru5tees'/Dlrectors' Annual RÈport 2025 Notes to the Financlal Statements for the Year Ended 31 March 2025 l Aceountlng Polkle5 Basls of Accounting These financial statements have been prepared in accordan￿ wlth Accountlng and Reporting by Charitles.. Statement of Recommended Practi￿ applicable to charitles preparing thelr a¢￿￿ntS In accordance with the Flnancial Reporting Standard appllcable in the UK antl Republlc of Ireland IFRS1021- {Charities SORP IFRS10211. the Financial Reporting standard applicable In the UK and Republic of Ireland (FR51021 and the Companle5 Act 2(M)6. These financial statements apply the exemption from the requirement to preserrt a parent company statemenl of cash flows. The Financlal statements are presented in pounds sterlin& with figures being rounded to the nearest £'l))O, except where otherwise stated. Preparatlon of the accounts on a 8oingconcem basis The trustees are of the view that the immediate fvture lif the theatre for the period to 31 December 2026 is secure, and that on this basis the charity 15 a going concern. The directors have adopted a going concem basis in preparing these accounts after assesslng" the princlpal dsks the charity faces. A severe but plausib￿ downslde scenario bas been modelled. That plauslble downside modelling indlcates that the charity should have sufficient resources to ensure It Is a golng concern through to 31 December 2026. Publlc Benefft The Bimilngham Repertory Theètre Umited meets the tlefinition of a public benefft entity under FRS 102. Assets and liabillties are initially recognised at historKal cost or tranSact￿n value unless otheThvLse stated in the relevant accounting w)Ilcy notes. Productlon Costs and Advance Booklngs The dtrect cost of productlons and advance bookings are transfe￿￿ to the statement of financial activities when the perfomiaoces to which they relate take place. Ineome Income represented by gross box office recelpts and other income generated in furtherance of the 'objects are stated net of Value Added Tax. The compan￿5 and Group's Income and results are derived from the contlnuing operations durin8 the current and the previous year. Show Income Income from theatre admission fees and income from CO•productions is included In income in the perlod in which the Televant show is complete. Donations and Grants Income from donatlons and grdnts, Including capilal grdnts, is Induded in income when these are receivable, ex￿pt as follows: When donors/grantors specify that donations and grants gNen to the charlty must be used in future accountlng periods, the income is deferred until those periods. 28 Tne Blrmlngham RepertoryTheatre bmited Trustees'lDirectors' Annual Report 2025 When donorslgrantors impose conditions which have to be fulfilled before the charity becomes entltled to use such income, the Income is deferred and not ir)duded in Income until the preconditions for use have been met. When donorfs speclfy that donations and grants, including capital grants, are for particular reslricted purposes, which do not amount to pre-condttion5 regarding entitlement, the income is included restricted funds when re￿Ned and held in funds untll expend￿￿re Is Incurred. Interest Receivoble Interest earned on cash balance5 15 included when re￿I￿￿ble by the charity. Other Income Income from external hires and other5undry income is recognlsed on a re￿1¥able basi5. Income from theatre tsx relief claim 15 estimated for the peFiod based on a percentage of eliglble productlon costs incurred in the period. Group Flnanclal Ststements These financlal statements consolidate the results of the charity and tts wholly owned tradlng subsidiaries, Bimiingham REP Enterprlse Umkted and UniqueVenue5 Birmingham Limited, on a line by line basis. A separate Statement of Financial Actiwties for the charity Itself is not presented because the charity has taken advantage of the exemptions afforded bythe Companles Act 20D6. The outgoins resources of the parent charity fortheyearwere £12.736k12024.' £12,917kl. The income of the parent charity for the year was £12,414k 12024: £13,355kl. The deficlt of the parent charrty was £1322lk before gains and l¢)55es on investments {2024.' £1441)kl. Expendlture For the rturpose of the Statement of Financial Activttles. expenditure which relate directly to the furtherdnce of charitable objerts are cate8orised into Costs of 8enerating funds. charitable aLtivities and governance costs. Govemance costs of the tharlty represent costs associated with management of the company. All expenditure Is Included on an accruaLs basis exclusive of the Value Added Tax which cannot be recovered and is recognised when there 15 a legal orconstructfve obllgation to pay. Stock and work In progress Stock is stated at the lower of cost or net reallsable value. Net realtsèble value is based on estimated selling price less the estimated cost of dlsposal. WO￿ in progress repre5ent5 play5 commissioned but not yet made. If a play is not going to be made the cost Df the commission is wrltten off in the year that thrs decision is made. Work in progress is recognised for produrtions that have incurred costs but ' have not yet completed the entirety of the perf0rlnan￿. Investment Investments in 8roup undertakin8s are stated at cost. Other Investment funds are stated at market value at the Balan￿ Sheet date. The Statement of FSnanclal Aclivities includes the net gain or1055 durire the financial year. A detalled analysis of the changes in investment values during the year is set out in Nots 11. 29 The Blrmingham Repertory Theatre Limited TrusteeglDirectors' Annual Report 2025 Capltal Grants Grants received spectfi(3lWto enable capital prolects to be undertaken aretreated as restrftted funds in accordance wlth the SORP. The relevant deP￿cIatIOn ￿ charged against these funds annually. Intanglble Fixed Assets and Amortisallon Intangible fixed assets a￿ stated at cost less amortLsatlon. Amortisation Is provided on all Intan8ible assets, calculated to wrlte each ass￿ down to Its estimated residual value over Its expected useful IIFe, as follows. Computer Software 3 years Tanglbl¢ fixed A55ets and Depreclatlon Tangible fixed assets are stated at C05t less depretiation. Depredatlon Is provlded on all tansible assets, other than freehold land, at rates calculated to write each a55et down to its estimated residual value over its expected useful lrfe. as follows: Buildings 50 years Computer Equlpment 3 years Infrastructure 10 years Equlpment 3 to 10 year5 Theatre equipment 10 years Motor Vehicles 3 years Cost of Productions Not Yet Opened The dirert costs of productlons are recorded when the costs are incurred however they are only recogni5ed when the perfornian￿5 to which they relatefinish. An adjustment is made for productlons whlch span the year-end. The adjustment accounts for the income for the performances in the year in which they occur and apportions the costs in accordance with the income known at 31 March. Deflned Contributlon Penslon Scheme The company paid pension contributions into Individual pension schemes on behalf of certain employees. The assets of each scheme are hekl separately from those of the company in independently admlnistered funds. Contributions are charged to the Statement of Financial Activlties as they become payable in accordan￿ with the rules of the scheme. Glfts In Klnd Donated goods, facilit*s and services aretreated as unrestrKted funds and is induded at the value to the company where thls can be quantified and a third party is bearing the cost. Taxatlon The company ts a registered charity and as such its charitable aclNitles are not liable to UK corporation tax. Finance Leases Assets held UnderfInan￿ leases and the related lease obligations are induded at the falr value of the leased assets at the Inception of the lease. DepreciatK)n on leased assets is calculated to write off this 30 The &lrmlngham RepertoryTheatre Limited Trustee5'1Directors' Annual Report 2025 amount on a straight Ilne basis over the shorter of the lease temi and the useful life of the asset. Rentals payable are apportloned between the finance charge and a reduction tif the outstanding obllgatlon forfuture amounts payable so that the charge for each period15 a constant percentage of the remaining balance of the capital sum outstanding. Operatlng Leases Rentals applicable lo operating leases where substantlalty all of the beneflts and rlsks of ownerahlp remain with the lessor are charged to the Statement of Finanaal Activities on a straight-line basts over the lease term. Ex¢han8e rale Galns and Losses Any gain5 or losses incurred in the exchange between Sterlingand Euros are accounted foral theyear- end. Accumulated Funds The varlous accumulated funds represent the folbwlng:_ RestrirtedFund These are funds that can On￿ be used for particular purposes within the objettives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Depreciation is charged against the relevant fund in respect of fixed assets acquired with restricted fund5. General Fund.. These are funds that can be used in accordance with the charitable objèrttves at the discretlon of the Trustees/Directors. Deslgnuted Funds.. Designated funds are funds whlch have been designated by the Trnstees/Dlrettors for a specific purpose. Flnanclal instruments The Company only enters into basic financial instruments transactions that resuh in the recognition of financial a55ets and liabilwties like trade and other.èccounts receNable and payable. Financial assetsthat are measured at Cost and amortised cost areasse55ed attheend of each reportlng period for objective evidence of impalrnient. If objective eviden￿ of impairment is found, an impalmient loss ig recognised in the Stslement of Finanual ActNitles. For financial assets measured at amortised c051. an impaimient1055 is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective irrterest rdte. If a finaFbeial asset ha5 a variable interest rate, the d￿Count rate for measuring any impairment loss is the current effecttve interest rate detem)Ined under the contract. 31 The Blrmlngham RepertoryTheatre knmited Trustees'lDirectors' Annual Report 2025 For financial assets measured at cost less Impaimient. an irnpaiTmert loss Is measured as the dlfference between an asset'5 carrySng amount and best estlmate of the recoverable amount, whlch Is an approximation of the amount that the Companywould receive for the a55et if it were to be sold at the reporting date. Financlal assets and liabllltles areoffset and the net amount reported in the Balance Sheet when there Is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basls orto reali5e the asset and settle the Ilablllty simultaneous￿. Judgments In applylrw acwuntlng polldes and key sources gf estlmatlon UDcertalnty The preparation of the financsal stalements requires management to make jud8ements, estlmates and a55umptions that affert the amounts reported. These estimates and judgements a￿ continually revlewed and a￿ based on experlence and other factor5, Induding expertations of future events that are believed to be reasonable Under the circumstances. The areas where these Judgements and estlrnates have been made indude: Depreclation t7nd residuol Val[￿s.- The directors have reviewed the asset lives and assockted residual values of all tangible fixed asset classes, and have concluded that asset I￿e$ and residual values are approprfate. Theatre Tax Rellef t7ccrued income.. The direLtor5 have revlewed the bas6s of calculation of show costs and related overheads included In the clalm, and have concluded that basls of these calculatlons are appropriate. 32 The BirmingharrTr RepertoryTheatre timited Trustees'lDirertors' Annual Report 2025 2 Donatlon5 and LryK115 r*neTal De*nated Re5b1cted Totsl 2025 21)25 Totèl Analpts by Fund Trpe £¢fy) Arts COL￿￿11 En*nd Blm)In8h8m Clty CounGII Prolects MembErshi￿% etc. Sponsor5hl and Donatlor Totsl ¥868 158 245 27 150 79 242 242 336 336 S55 242 SpDnsorsh and Analy515by Inromo fype Totsl 2015 Totsl ArtsCouKII E￿and Blrmln8ham Chy CouTrSI Project5 Membershlps etc. Sponsorship and tkinatlons Totsi 1368 79 245 30 336 336 Totrl 2025 £cfjo Tolal 2024 Oth•Ttrodlng Xt25 £ot Blmintham REP Ente￿Se$ Ltd UnIqueVe￿5 Blml am Ltd Totsl 675 2232 2AII 2AII 3,096 3 Income from Inveslments Total 2025 £(xJo Total 2024 2025 21725 Bank Interest Received Dividends and cawtal received Total Investment Income 29 14 33 17 14 33 The Birmingham RepertoryThÈ8tre Limited Trustees'lDirettor< Annual Report 2025 4 Income from ¢harkableacthiltks G￿eTrI De5yated Restrict 2025 2025 Total 2025 Totsl 2024 BiMilr￿haM Prod￿￿0￿5 Touri￿ and Othervenues Produttion5 other 8ox Office Learning and Participatioft Theatre Tax Relief other Totsl Income frorn charftable acllvibe5 6510 945 169 234 1579 129 6,510 7,447 169 234 1.579 129 9￿66 223 1,198 74 9.955 S Expendrture txrettcosts SupportCo51s Tot￿ Costs Total Costs 2025 T¢Jtsl Toral 2024 Costs of Ch¥ltabkAcd¥Wes PerfOrMar￿e5 Projects Tourifjgandothervtrn￿5 Capital project Learniw and PartiCl￿tIOn Researth and Deve opmeirt Oeweclatlon Governance Total Costsof chadt1b￿AclF•ft0es 5.n7 9.726 9.726 376 IOA71 250 376 819 353 282 161 240 J25 593 407 161 593 496 428 266 427 158 11553 179 13.278 7,342 Expendltureon RabJn8 Funds Fundrai$lng ÈXKertses Tradln8expenses 143 143 143 77 2,688 2A48 1831 15ZS 1831 Totsl i￿173 ,781 15A24 15,803 Totsl 6 Aw￿ls￿l$upport£Q5ls Supportcosts 20 Talal Perforrnanc Tourin#costs LEarn￿land PartIt￿on RvsÈarchandOe¥ek>￿nl 596 742 L424 4￿31 86 222 li 131 179 4857 158 Lr45 158 TorAI suppNtMst5 Production comprtses the salaries. wnaintenance and overhead costs of the productlon department. Promotion comprises pubSicty/marketing c05t5 and salaries and travel. Executive comprises the exeCUt￿eS team salaries and costs. Front of House ￿mpriseS theatre management and box office salaries and box office rr costs. Occupancy comprises renL rates, insurance, utilities, repairs. cleanin& 34 The Blrmlngham RèpertoryThèatre Llmlted Trustees'/Director5' Annual Report 2025 security, telephone, ststionery and postage. Supwrt SeTvice5 comprises finance, salarle5 and overheads, general IT costs, le8al and professional costs and staff trainlng and reuultment. The followlng bases of allocatlon are used: Productlun Promotlon Direct produrtion costs Box Office income EXeCut￿e Front of House Occupancy Support Servlces un￿tricted dirert eosts Box Offlce income Unrestricted direct costs Unrestricted dlrert costs 7 Net expendlturefor the year 2025 2024 £(M)o Net eKpendlture Is stated aftercharglng: Depreciation of tangl￿e fixed assets Auditor's remuneration- audit seNices Auditor's remuneration- non-audit serwces Operating lease expenditure 456 413 42 14 62 40 16 75 stsft Twstees/Dlrertors' Remuneratlon None of the company dirertors f￿1ved any remuneratlon from the company during the year and expen5e5 of £27012024- £2001 were reimbursed to two Board members for travel and subsIsteri￿. The company pald Dlrectors and off￿r$ liabiltty insurance of £8,72412024: £8.1431. 35 The Blrminghèm RepertoryTheatre Llmited TrusteeS'/Direrto￿, Annual Report 2025 8 Employees 2025 2024 Thè average number of persons em￿oyed by the companyduringtheyearwas: Actors and stage managers Other staff 28 199 37 163 The average number of full tlme equivalents Attors and stsge managers Other staff 24 iio 34 121 155 stsff costs for ihe above petson& Gross salaries Employerfs National InsUra￿e Pension contribudons £000 5.143 347 107 5,597 343 119 6.145 The number of employees Includes staff on casual cortr2rt5 whose hours worf(ed varlL over the year. BlrmiWam RepertoryTheatre Limited is a National Ltwng Wage employer. The number of employees whose emoluments lexcludlrg pension contributior&. employers social securlty costs but Includi￿ benefits in knndl fell within the following bands: 2025 2Q4 £60,CX)I to £70.000 £70,(￿1 to £80,(KK) £90,￿1 to £IOO,LIXJ The employer peThslon cOntri￿tiOr6 forthe abjve wa5 £5k12024: £9kl. The direttors ¢onslt*r that they senior leadership team comprfses: Chief Executive, Artistic Director, Dlrector of Peo￿e. Anance Dirertor, Direttor of Productions. Dlrector of Producing Programmi￿ Director of Facilities and Operatlons, Assoclate Director. Dlrettor of Creative Leamir& Jolnt Director of Audiences ar￿ Media. The total employee benef its of these were £673k indUd1￿ th05eJoining partway thrO￿h and lea¥ing during the year12024.' £700kl. Nil employee's were made re(lundant during the year 12024: One) receivir8 statutory redundancy payments of £Ok i(] total12024'. £Ok). 36 The Blrmingham RepertoryTheatre Llmltsd Trustee5'1Director5' Annual Report 2025 9 Intanglble Flxed Assets Totsl At IApril 2024 At 31 March 2025 230 Accumulated •mortl$atlon At l April 2024 At 31 Marth 2025 Netbookvalue At 31 Marth 2025 At IApril 2024 10 YanWbleFW Assets Group EquryNnent ￿ld￿l E4uWmwt Comwws Vehkks Totsl At IAwl 2024 Addl.￿nS Dlsposals At31 M￿h ￿25 3328 666 23 14A25 327 IL1441 13.EOB 241 1327) 8316 11041 1141 A£cumu*ed depfttl•tion At l Awl 2024 h8rEe fortheyear Di5P05als At31 M￿h ZD25 627 22 ILI&S 456 11,1381 10.485 11041 11321 541 13271 7J76 sss bwk¥the At31 March ZD25 At IAW'I 2024 1359 2.647 137 39 3,2fA) 37 The Birmlngham RepertoryTheatre Llmited Trustees'/Direttorg Annual Report 2025 Tangknle A￿etS l¢ontl Motor Vehl¢lES £0 Companv Equyment Puldln¥ Eqts*mert IrfraSty￿ Cmputeys Total Cost At l Aprfl 2024 Additions Disposals At31 Marrh 2025 610 ,33Y 275 11,1441 J3.470 241 327] 316 11041 1141 3,314 15671 55 A¢cumulated depr2Elatlon At I A￿1 2024 tha￿efortr*Year Dispos8Lx At 31 Marth 2025 970 596 49 11321 513 $73 18 (56 ILIOI 434 1,1381 10.397 11041 181 3271 7.976 bOok￿l￿e At31 March 2025 At l Apn"12024 31 3.073 308 235 1647 175 J37 37 11 FIMed Asset Investments 2024 Valuathn Market w4lue at 31 March 2024 Disposals ILossllg3ins Dividend Income Market value at 31 March 21nS 933 829 1171 14 17 933 Other Investment funds are stated at market value at the Balance Sheet date. The Statement of Flnancial Artivlties includes the net galn or loss during the financial year. The investrnent portfolio is held in charfty-specfficfunds managed by CCLA and Cazenove. 12 Stock$ and worf¢ In proEre55 Group 2025 Companv 2025 2024 £000 21 2024 £000 21 Raw materials Goods fDr resale 14 20 14 12 14 21 38 Thè Birmingham RepertoryTheatre Limited Tw5tses'/tAre£torg Annual Report 2025 13 Debto Group 2025 Compufty 2025 £0 2024 Z024 £o(w) .Trade debto Other debtors Amounts due from subsldlary underta￿n@￿ C05t of woductions not yet opened Prepayments and accrued income 117 549 532 87 585 3247 232 304 4.455 405 527 2*11 356 214 4313 232 3,974 4.912 356 3.490 4,927 14 Credltors: amounts falln¥dueTthIthkn one year Group 2025 Company 2025 2024 Trade credFiors Accruals Deferred income Other creditors Othertaxatlon and 50cizI security L176 2566 1078 98 254 1326 1.020. 2,286 1,737 746 1,828 1,470 194 104 4.342 217 104 254 SJ97 172 5,702 Defeffed Income Brought forward l April 2024 Deferred dudtwthe year Released duringthe year Canfjed foNrnrd 31 M￿Ch 2025 2,078 11.9951 1078 Included within deferred income are advance ticket income of £1,638k12024: £845kl. ¢￿prOduCtIon income of £Ok12024- £625kl and event depostts of £329k12024- £498kl. IS Share c4>1ts1 Number 3n5 and of Shores Authorfsed: Ordinary share5 of £leath Allotted, Issued and fully pald: Ordinary shares of £1 each 39 The Birmln8ham RepertoryTheatre knmited Trustees'/Director5' Annual Report 2025 Subsldlary underto￿ng$ The company holds £1 ordinary shares at a hlstorlc cost of £100 in both Birniingham .REP Enterprises Llmlted and Unique Venues Bimiingham Limlied. Thi5 represents the entlre allocated share capital in these cornpanles. Any profits from these companies are glfted annually to The Birmingham Repertory Theatre Limited. Both companles are Incorporated in England and Wales. Investments in group undertaking5 are stated at cost. The Artlcles of Assoclation prevent any dNldends being paid on the share capital of the company. Fltrthemiore, the members are not enttiled to any distribution on a dlssolutlon or winding up of the company. 16 De*nated Funds Fund$ It In¢omln8 Outyo*¥ Transfers Fundsat 2024 Resources Resources between Funds £(￿0 Ton￿ble fixed assets net ly)okvalue Future capital Risk resetve Total deslEnatedfunds 11611 262 125 1491 33B 1,129 125 49 Ll)77 11611 L2S4 40 The Bimiin6h8m RepertoryThe3tre Limited Trustees'/oirectors' Annual Report 2025 17 Re5trfrted Funds Funds al Incomlnl Out8olng 2024 Rewurces Resources Funds at 2025 £000 Grants of a C)piial Nature Open House EaFHtal project Total Capital Grants 2,232 2,232 12671 12671 1,965 1,965 Grants of a Revenue Na￿re Arts Council England- BME Theatre Project Arts Council Ergland- Intemational work On the Edge Weekender The Big Lottery- shiftir￿ The Dial Esmee Fairburn Joyce Farley RAMPS HSBC l The 29th May 1961 Trust Jabb5 Foundationlyoung Rep Backstage Jabbs Foundation/Youth Theatre Early Ye3r5 Vwood Cornrnunity Tour Theatres Trust Baring Foundation Foyle Foundatlon Other Total Revenue Grdnts 37 1371 131 171 13 12 78 98 143 1861 1651 (71 1171 161 22 io 24 li 1571 1301 1201 Iiii iioi 15 36 20 21 39 30 386 242 13761 252 Total Restrirted Fund5 2.618 242 1643} 2.217 Grants of a Capltal Nature The OPEN HOUSE capital projett is the front of house re-development completed in March 2022. Grants ofa Revenue Nature The Rep has joined forces with a group of partners to dellver a ground-b￿aking project to promote posfcive mental health among young African Caribbean men. The three-year project, called Shlftlng the Dial, uses cultural activwties to encourage young bL4ck rnen to discuss and explore mental health issues and build resilience through promoting Wellbei￿ improving se￿-￿steeM and encouraging personal development. Funded by the National Lottery Community Fund. Shtfting the Dial brirb85 togetherthe skllls and experien￿ of The Rep. communityengagementorganlsat￿n First Class Legary, the charity Centre for Mental Health, and Birmingham and Solihull Mental Health NHS Foundation Trust. 41 The Birmlngham RepertoryTheatre Umlted Truste&'/Directors' Annual Report 2025 Esmee Falrbum have commltted to SUPPDrt a new Foundry new art￿ts development prolert whlch commenced in auturnn 2022. Joyce Farley Bursary Fund from the JOY￿ Far￿¥ Educational Trust was received in March 2023 is to further our commf(ment to worknng with primary schools in Small Heath and East 8imilngham. Ramps on the Moon comprlsed a consortlum of theatres producing a programme of work wlth a speclflc focus on developing Deaf and disabled orti5ts. HSBcnhe 29th May 1961 Trust-Grants recefved forthe creation of our CreatNe Learnlng Hub. The Vlctoria W¢J)d Playwriting Prize for Come(ty Is a biannual ￿medY playwrrting competition open to UK residents. Horton's funding is SUPpOrtI￿ three Earty Years settings across the academlcyear based orytraditional tales using musl props and interactive storytelling. JABBS funding enable5 a year-10￿ free to access Young Rep Backstage cOu￿e designed to Introduce and train young people in backstage roles in the theatre. Further fundln8 was secured frorn the JABB5 Foundallon to support the Young Rep The Company 2025, programme which will see an expansion of the Rep's training theatre provisK)ns by supporting perforniance-ba5ed opportunhies to disadvantaged young people in the West Midlands. Our comrnunity library tour of our D¢yJr Christmas productlon. The Snowfiake, was SUPPOrted by the Arts Coundl England. The Theatres Trust grant supported the installation of a new Ventilation System In our House aud￿OrIUm. Barlng Foundation supports our 'Creative Fulures. projeLt engwng Global majority men aged 16-30 lo access hands-on tralning. in actin& writing and techn￿1 theatre whilst creating two new productions. The Foyle Foundation grant supports the Rep's 2025 professional talent development programme. 18 Analysis of net assets by fund General De*nated Restricted Fund Funds Funds Totsl 2025 Tangitle f5xed assets Fixed asset investments Current assets 1.129 1,996 3.125 930 6,716 16.1721 4599 930 6,370 {6,1721 1,128 125 221 ¥254 1217 42 The Birtningham RepertoryThe3tre ￿Mited Trustee5'/Directors' Annual Report 2025 19 Analysts of cash arKI cash eqUF￿Ients 2025 £000 Cash at bank and in hand 1,770 1,770 1,329 1,329 20 Ultlmate Conlrolllng Party The Sir Barry Jack50n Trust, a charity registered with the Cha]ity Commission for England and Wales (Reg. No. 2116191 ceased to be the ultimate controlling party of the charity on 24th March 2025. The dlrectors are of the vlew that there is no ultimate controlling party after 24th March 2025. 43 Tre Blrmingham RepertoryTheatre Limited Truste8s'/Directors' Annual Report 2025 21 Tradlng athiltles of Subsldlary Undertakln 2025 2024 £0 Asummary of Bim)Ingham REP Enterprlse5 Limited tradir8 ￿$￿Its are sFKiwn below. Audlted accounts are filed wrth the RÈOstrar of Companles. Proflt and L4)ss Account Turrw)ver C05t of Sales Gross profit/llossl 6,406 7,863 {7,7091 19,4371 11,3031 11,5741 Admlni5tration 1981 74) Operating loss before tsxatio 11,4011 11,648 Tax on105S 1.579 1,807 Prof it forthe financial year 178 IS9 8alan¢e Sheet Retained proflt bro￿ltfOrWard 1531 GIft￿d Retalned profit for the year 11021 178 159 Share Capltal Shareholders Funds 18Z i( Fixed assèts 29 20 Stockand work in progress Debtors Cash at bank 3.659 133 3,258 74 3￿01 Creditors 13.6481 13,2541 Net Assets 182 106 The Bimilngham Repertory Theatre Umlted Trustees'lDlrecEors' Annu81 Report 2025 21 Tradlng acthiltles otsubsldlary Undertakkn8s {cr•nt) 2024 £000 £￿0 A summary of Unique Venues Birmin8ham Limtted trading results are Shown below. Audited acco¢Jnts are filed with the Registrar of Companies. Proflt and LassA¢count Turnover C05t of sales Gro￿ profrt 2.411 2,232 11,8181 11,6031 593 629 Adminislratlon 13631 13291 Operating surplus 230 3￿ Balance Sheet Retained proftt brought forward 30 193 Gift Aid Retained pmfit for the year 11501 230 14631 3( Share Capital Shareholders Funds iio 30 Fixed Assets 23 Stock Debtors Cash at bank li 404 410 825 492 777 1,273 Creditots 17381 11,2451 Net A￿ets iio 30 45 The Blrmln8ham RepertoryTheatre Llmited TruStees'lDi￿etots' Annual Report 2025 22 Relat￿ partYTrar￿art1Qns Councillor Jayne Francls, Councillor Salm3 s￿ernan and Counallor Kenneth Wood are members of Birmingham City Council. The company re￿IVed a grant from Birmingham Clty Councll as shown in note 2 and pays Blrmingham aty Council rent and unrform business rates and has Other transactlons including recharges between the two entities for seNlces and utilities within the building It shares with the Library of Bimiingham. The lease between Birmingham Crty Councll and the charity for the building was slgned In 2013. This lease provides for rent of £55k per annum to be paid by the charlty. It expire5 in 2112, being subject to rent review every ten years. Duringthe ye8rSean Foleyi the Rep's prevlous Arttstic Directorfs spouse, Allce Power, performed work for the Rep on the producknon of Wlthnail and I throush Foley and Power Ltd. The amounts paid to Foley and Power Ltd during the year were £7,081 {2024 £6,250) with a balance owing as at 31 March 2025 of £nil12024'. nlll. Unlque Venues Blrmlnghom Limited Is party to a commercial agreementwrth Blrnilngham Cty Q)¥Jncil ' and the Birmingham. Repertory Theatre Limited to market and dellver conference and banqueting servlce5 in 5pa¢e operated by the latter two parties. Under that agreement £167k {2024: £240kl was payablè to Blrmlngham Clty Council in the year by way of profrt share and offlce rent. 46 The Birmingham Repertory Theatre Limited Trustees' /Directors' Annual Report 2025 ## **22 Related Party Transactions** The group had the following net inter-group transactions in the year: |The group had the following net inter-group transactions in the year:||| |---|---|---| ||**2025**|**2024**| ||**£000**|**£000**| |Profit distribution from Unique Venues Birmingham Limited to|150|463| |Birmingham Repertory Theatre Limited||| |Profit distribution from Birmingham Rep Enterprises Limited to|102|| |Birmingham Reperory Theatre Limited||| |Commissioning fee charged by Birmingham Rep Enterprises Limited to|5,721|7,188| |Birmingham Repertory Theatre Limited||| The group had the following inter-group balances at year-end: |Birmingham Repertory Theatre Limited - debtor with Birmingham Rep
Enterprises Limited
Birmingham Repertory Theatre Limited - (creditor)/debtor with
Unique Venues Birmingham Limited
Unique Venues Birmingham Limited - (creditor)/debtor with
Birmingham Rep Enterprises Limited|**2025**
**2024**
**£000**
**£000**
3,591
(344)
(16)
3,123
(312)
11| |---|---| ||**3,231**
**2,822**| ## **23 Guarantees and Other Financial Commitments** The group had the following operating lease comm_itments based on minimum lease payments: |Within one year
Within two to five years
In over five years|**2025**
**2024**
**£0**
**£0**
62
75
220
227
4,565
4,620
**4,87**
**4,922**| |---|---| ||| 47 The Birmlngharn Repertory Theatre Limited Trustees'lDlrectors' Annual Report 2025 24 Capltal Commltrnents At 31 March 2025 a commttmerrt of £Nil12024: £NIII had been made in respect of caprtal expendlture. 25 Contln&ent Liabllltles The Arts Council England holds. in perpetuty. a floating charye of £5,500k12024: £5.500kl over the ?$5ets of the theatre. 26 Stattm•nt of Flnan¢blActhAtie5foryearended 31 Marth ZOZ4 Unrestrkted Generdl Deslgnatsd Restrfcted Totsl Fund Jnds Fund$ Funds £(xw) £0 Income Incomefrom yenerotedfvnds Donations and legacles Othertradlng actiwties Incorne from InVestr￿nts In￿m￿l￿m￿￿TItq&1eQC￿￿kn T•tsl In¢ome 2203 245 2,448 2.907 50 9,955 245 15.360 9,955 .1 Expendliure R3isinEfunds Expenditure on Charita￿ actNlties Total expendlture 25 11622 2525 518 13278 518 15,803 138 138 6trhys/ftosses} on InveJtsnent05sets Losses on Investrnent a55ets Nettxpendlture {1381 Imi 13551 Transfers bet*wn funds 1881 Net movernerrt Mi funds 12731 13551 Fundbalonce5 broughtfonvGrdotl Apri12023 L117 1.127 2,891 5,13S FUndbtslon￿ o*yledlon¥ord ut31 Al4￿h 2024 L077 1618 4,780 48