REGISTERED COMPANY NUMBER.. IW80920 lE[aNdnd W•lesl REGISTERED CHARITY NUM8ER: 125751 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 FOR UNICORN THEATrE LONDON LTD
UNICORN ThEATRE LONDON LTD CONTENTS OF THE FINANCIAL sfATEMENTS FOA THE YEAR ENDED 31JULY 2025 Pa ChaSrperson'5 Report 3to4 Report oftheTrust•*s 5t014 Report ofthe IndependentAuditOfS 15to17 Statement of Finan¢i•l AttNities 18 Balance Sheet 19 ash Flowstatement 20 Notest•lhe Cash Flow Statement 21 Notes to the Financlal Ststements 22to34
UNICORN THEATRE LONDON LTD CHAIRPERSON'S REPORT FOR THE YEAR ENDED 31 JULY 2025 On behalf of all Tru5tee¥ I wish to thank our exceptional Staff. art15ts. partners, funders and champions. M05t of all, I thank the thildren who co-create. chèllenge and inspire the Unicorn every day. Their Ima&nation is the heartbeat of this theatre and the omp45s for srs future. DrVane55a Olden CBE Chair Date: 24 March 2026
UNICORN THEATRE LONDON LTD CHAIRPEASON'5 REPORT FOR THE YEAR ENDED 31 JULY 2025 On behalf of the Unicorn Theatre London Ltd Board ofTru5tee5.1 am pleased t¢ present thefinanci?15tatement5for the yeèr endin8 31 July 2025. The 2024125 year has been the most ambitious and successful in the Uniiorn's recent history. Under the exceptional joint lÈadership f Artistic Direttor Rachel 8agshaw and Execvtwe DirÈttor Rebekah Jones, the orBani5ation has delivered artistic excellen at scale, 5tren8thened its financlal resllience, deepened its civic purpose, and expanded Its national Influence as the UK'5 leadin8 theatre for While the year delivered major artistic 3chievefflent5 and strong èudience engagement, it also took place against è chèllenging financial backdrop. RisinE production cost5, inflationary pressures across staffing and oper3tion5, and the continued impact of the cost-of-l1n8 crisis on famlly spending all created pressurp on the theatre's operating model. Trustees and the Executwe Team therefore focused on carefvl financial fflanagement threughtrut the year to balance art15tic arnbition with Ion8-term organisètional Artistically, this year has been transformational. Pig Heart Boy, a major national co-prodvrtiofi with Children'5 Theatre Partnership and Sheffield Theatres, toured to No.1 ¥enues 3cr055 England, sellin8 28,564 tlckets and generating £1.46rn 8r055, a level rarelv chieved in work for young audience5. Its national impact powerfully demonstrated the reath of Unicorn drèmaiurEV and our leèdership in creativecaptioning and inclusive practi. 2024125 also brought new p3rtnershipswith the Royal Shakespeare Company and the National Theatre. marking 3 generational shift in how work for yovng audience5 15 valued, Shad ènd resour at national s£ale. The Unicorn's cummitment to co-cre*ion has deepened profoundly. Mofe than children difectly inffuenced the development of new work throJEh the Creative Hub- not 35 consultees, but as co-authors of ide35, sh3Pln8 projects Includin8 this season's shows BÈogu and Home Son& future projects Pocket Money and The Last Wild. as V4ell as a new Eafly Year5 Wrtfolio. ThÈ Royèl Visit from Her Majesty the Queen in February was a powerful and public validation of this pioneÈrin8 model of child-certtred creativirv. Financial performance ha5 been stron8 and carefully managed. Tor31 ticket sales reached $4,282 with iniome of £772k. seat C3paciry risin8 from 78% to 87% and average yield increasin8 from £13.36 to £14.30. Strong titles such as The Koala Who Could1153% of tsrgetl stabilised the business model. Along5idÈ this, donor support remained robust, fundraised intome 8reY4 and new multi-ye3r wfts for future producing ambition5 were secured. This strong financial p051tiofi was further reinforc by the successful award of £848,868 frorn thÈ Aberdeen Group CharitableTrust for Pocket Money. a major new art15ticandcivic initiative.This significant multi-year Investrnent SUPPOrtsthe creation ofan3mbitious interèctive production forchildren aged 7-11, Èxploring f1nancial literacy and economic decision-making in a rapidly changingdigital world. Oeveloped in c105e collaboration with children. leading theatre-makers and financial experts from the Bank of England and th? Finanrial Times. Pocket Money will reach IS,000 children through live pertorrnancÈs in Lendon and Leeds, alongside a further 100,OOOchildren nationalw through a free digit31 offÈr for schools The award repTe5ent5 a 5tr0n8 Vote of confidence In the Unicorn's rinancial sieward5hip. artistlc 3nd executive leadership and capacity to deliver large-scalp. high-impact work that addresses urgent 50tièl need while extending the or8anisation'5 national reèch and long-term le83Cy. We haveèlso made SlEnificant advance5in or¥ani53tional sustainability. The Unicorn progressedto thefinal stage ofthe Artscouncil's Creative Foundation5 Fund, with a É4.9m capitsl request in an Il% succes5-r3te field. Additional supportfrom City Bridge Foundation enabled urgent buildingimprovement5, whi15t our onsoin8 Sustainability efforts Saw two productions meet intErmedièteGreen Book stsndardsand two shows in the 5ea50n mÈÈtin8 Baseline. OUT audiences continue to diver51fy and grow. Global Majority fèmilies now represent 32% of audiencÈs, 57% of lokerS were first- time attenders. and 93% of families reported positive experientrs. Sub5idi5ed School tickÈts ensured that over 60% of school audience5 accessed theatre affordably and for Tnany children. their only theatre trip of the yeèr. Oespite be8lnninK the year 3nticipatin8 a substantial deficit, careful stewardship of bDth income and expenditure enabled us to deliver a far stronger financial outcome than forecast. This positive position èllowed u5 to invest in essential capital maintenance works during 2024125. ensuring the resilience of our buildinE and it5 ability to Serve children and families for years to come. This achievemeni Is a direct result of the exceptional commitment and expert15e of the Unicorn's Staff. and the orEanisaiion's ambition in collaborating with inspiring ort15ts, theatrÈs and partners On behalf of the Board, l ÈXtÈnd our sincere thanks to every member of the team for their ialent. hard work and unwaverin8 dedicatlon In delivering 3 remarkable 5eawn. The Unicorn's missioft and vision fed more vital now than ever. The Board Is proud of the Unicorn's role ès a national and international leader in children's theatre. This year the organisation demonstrated that ambitlOJ5. artist-led, child-centred theatre can scale arristically, socially and finanti3llywithoutcompromising its guiding princlples.. Advocacy. Belongin& ExpÈrients, Collaboration, Sustainability and HOPÈ.
UNICORN TIIEATRE LONDON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED JI JULY 2025 AEFERENCE APID ADMINISTRATIVE DETAIiS Re¥lMered CpanY number 110480920 IEngand and Wales) ReullleredCh•rlty number 225751 Rryi#ered office Unicorn Theatre 147 Too¥ street London SEI 2HZ Trn#ees PTorday+ Appointed 20 March 2019 V Ogden'+ (Chairl Appointed 17 March 2021 R Brooke-Taylor' Appointed 23 M•y 2024 D fjrrffiths+ Apposnted 22 October 2021 P Sherrin8tan' Appoihted 24 October 2022 J Tsèn8 pptsinted 15 March 2023 M Kapotwe. Apwinted 21 June 2023 H 8un£h Appointed 25 March 2025 Awates Appointed 17 December 2024 Memkrs ofthe Finan & fii5k Committee + Member5 ofthe DeloPMent & Str*e8y Committèe The trustees are also dire¢tors tsf Unicorn Theatre London Ltd for the purposes ol company law. Trustee indurtion cornprise5 fv11 financial information and company history, rneetlng5 wlth the Chlef Executives and Chair, and meetin8$ with Such other 5tsff as afe levanttothe Trustee's prgfe55ional 5pecialisrn. New tru5teesare briefedon their legal obli8ètiofi$ under ¢haTityandcompan¥ law, the company's mission and Values, antl the workin8$of the 8oèrd of Management and the decision4nakin8 pr¢¢e55. Key M•n•8emerf Rebekah Jones Bailey Lock Helen Tovev Rachel Bag5haw Int•rirn Executive Dlrector-Appolnted 02 September 2024 Co-Executive Dirertor- In post until 4 December 2024 Co-E¥ecutive Director Ifixed-term b sharel- In posi until 265eptember 2024 Artistic Director- Appointed 18 September 2023 Audltors AzetsAudit SeNces Chartered Accountants StatutoryAtsdlter 2ty Floor, Rells House 45 fin8Williarn Street London EC4R 9A14 B•nk•rt e•r£lays Bank PIC 27 5¢ho Squore L¢ndon WID4LQ Hèrbotle & Lewi5 LLP 7 Savoy Court London WC2R OEX
UNICORN THEATRE LONDON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 The trustees ¥Yho area150 directorsef the charity for the purpose5 ofthe Cofflpanie5Act 20(A5, prèsent their report with the financlal 5tatement5 of the chafity for the year ended 31 July 2025. The trustees have adopted the provi5i0ns af Accountingand ReportinE by Charitie5.' Statement of Recommended Prèctice applicable 10 charitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20151. OBJECTIVES AIID AcnvmES Ttre UniioTn Theatre is the UK'S leading professional theatre dedicated to children, producing work for ages 13. Our programme includes new %Yritin8, reimaEined classics. digitsl theatre, tourin8 production5 and international collab)r8tions Our mission remains rooted in transformin8 younB1i¥es throuÈh theatre. embedding co-creation wth children, ensuring aflordabilitythrough 5Jb5idtsed tickets, expanding digital reach. and reducing environmental impact. There is strong alignment tetween our charitable obierts and thÈ public benefit we deliver. The Trustees confirm complanCe wit Charity Commission guidance on public benefit. achieved through sub5idised schools. tickets. low<ost farnity pricing, free digital theatre. Creative Hub programme5 and comfflunity partnerships. Our Mlsslon, Wslorth and Valuos Vlslon TransformingYounE Ve$Through Theatre Mlsslon We create bold, distinrtive theatre for children aged up to 13. placing their experiences. questions and ima8inations at the heart of everything we do. WÈ offerfirst encounterswith stories, ideas,£ulture5 and theatrical forms from acros5 the world UK and beyond, and throu8h di8ltal platforms. We collaborate With children a5 audience rnember5, èrtists and creatwe citizens. ensuring their voice5 Shape the work we make and the way we make it. We supwrt and develop artists in the specialism of creating exceptional work for young èudiÈncÈs, nurturin@ new perspectives and a diversity of tslent. We remove barriers to participation through subsidy, partnerships, creative3¢tess and free di8ltal eMperience¥ so that every child can experience theatro. We use theatre to nuriure empathy. curiosity, confidence and hope, 5upwrtlD8children's wellbeingand their understanding of the world èround them. We embed environmental re5pon5ibility in Duf wo8ramme, our buildin8 and our org3nisation31 culture to protectthefuture for the children we ee. We champion inclusion, diverslty, equality and access across our audiences. artlsts, workforce ond leadership. ond advot*e for every child's ri8htto a rith cultural life. on our stages, acros5 the Guldlng Prlnclples ADVOCACY- Every child has the ri8htto a rlch cultural and creative life. BELONGING Inclusivity, diver%ty, aciessand represeniarion 3re essenti41 to o fairer world and to the work we treate. EMPERIENCE Throu8h theatre, thildrÈn Èxplore their ImaEination, empathy and under5tsTrding of the world. COLLA8ORATION-Centfin8 children'5voiips and workin8 in partnersfvip with arii5ts, communitie5 and Drganisatian5 makes our work stronger and fflore relevant. SU5TAINABILITY- We take responsibilityfor reducing our enwronmental impart and for protecbn8 the future for the chik1ren we serve. MOPE-Openne55, kindne55 and tU051ty underpin our culture and our arnbitions for every ¢hiltl.
UNICORN THEATRE LONOON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 Spetlftc Obleetlves & Publlt 8eneflt In setting thè specific obiettive5 for this period, the Trustees have had rt8ard to thE Charity Commission'5 sIdance on public benefit, with a particular focus on ensuring that all Children, re8brdle55 of background. EeoEraphy or circumstance tan atcess our work. We deliver this through our sub5idised ticketing model. free and accessible digital theatre, tar8eted schools. prograrnrnes. and our Creative Hub, where children and artists work togÈther to shape our productions. These approe5 enèble u5 to reach children who face the 8reaiest barriefs to cultural participation and to provide many with their first Èxperience of theatre. Ourwork contributes to children, wellbeing, Confidence, creativity and 5en5e of belongin& supportin8 their development as engaged and ima8inative citiiens. Our bu55 prSofltles reffl41n'. To 5U51ain and srrengthen the Unitorn's n*ional and international leadership ès the UK'S the3tre for young audience5, elevatin8 the sratus of theatre for children and Ènsuring our prograrnrne reflects the diversity, complexity and possibility of the %Yodd they are growng up In. To build a resilient and 5UStainable buslness model by growing earned arKI contributed income. investing In fundraisin& partnerships, tourin& digital distributlon and £onsultancy', CarUllY rnanaging costs.. and u51n8 our reserves str3te8icalty to secure lon8.tÈrm stability. To increase acce55 and deepen engagement bygrowing school and familyaudiences, expanding ourdigitèl reach. embedding creative acce55, and developing our building and front-of.house experience so that everyone fee15 welcome. To Invest 4n artists, children 3nd our workforce, developing creative pathways, evidencin8 the impact of our work, and providinE training and developfftent in inclusion. access and envlronmental sustainability. To progre55 our c3Pltil dÉwelopment plans, ensurin8 our buildin8 matche5 the ambirion of our artisticwork and is accÈssible, 51JStoinable and fit for future generations. To Secure the Unicorn'5 long-terrn future and legacy, maintaining core public investment and Strenhenlng our reputation, brand and organisational resilience for those who will lead the theatre in the years ahead Vdunteets Unicorn Theatre Lon(bn Ltd has made no siÉnifKant use of volunteers i>ver the year and has no plans for Significant dependence on volunteers in 2024-25.
UNICORN THEATRE LONDON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 ACHIÈVEMENT AND PERFORMANCE 2D24125 has been one of th2 most impactful years in the Unicorn's history. with major artistic, or8anisational and èudience achievements. Toto Kethamo * You letr¥ thethertre wlthshorNenedsensts The Ginrdittn 8mvt, mon¥. Inventlve¢mdsteodlostly em•ti¢rtttlly truthfvi fime Our Odd and the Fro 'Aperfert thrlstnlus51Tirne Out Heart B 'Hllortou4 upllftln Fmjouftd, WhatsonStO9e 'A well.iudqed. beotrtifvllooking Stooeodoptatloft'Time Out *** * 'Plnftock's odaptotion excels, Thestooe SIMe. thstntlveond thoroughtychormlng. Thestoge Koèla Who Could **TherfSWmh todlrzzletheeorontl eye tlrot you w11llveelOrtrt the Sruge ARTISTIC PROGRAMME: The 2024125 year marked a 5tep-change in the Unicorn'5 national role and Impact. delivering our m155ion to transform young lives through theatre at unprecedented scale. The national tour of Pio HeJrt 8oy. ctrproduced with Children's Thealre Partnership and Sheffield Theatres. reached rnaior ¥enue5 acr055 En8land, selling 28.564 tickets and Eenerating É1.46rn. a level of reath and income rarely achieved In theatre foryoung audiÈnces. Alongside a Pfogramme of new work, co-productions and comffli55ions, this success demgn5trates both thÈ artistic and Èconamic vèlue of a£18 children at the centre of ambitious theatre-fflaking affirms the Unicorn's p051tion 35 a leèdin8 Partnpr In the UK'S cultural ecology New long-term collaborations with the Royal Shakespeare Company 4nd the National Thpatre further extend this feach and 5igThal a generational shift in how ¥vork for children is valued, resourced and 5hafed nationally, directly advancing our 5trateEiC ComMtMent to partnership, access and èrtlStic excellence. These developments Ènsure that children across the UK encounter high-quality the¥trÈ for the first time care expression of our"First Encounter5" model and our charitable public benefit Oevelopment also tontinued with Pocket Money, a major new inter3awe produrtion for childrèn è8ed 7-11 explorin8 financial litefacy in a r3pdly changingdigital ECOrM¥, cleated In parinershipwith the Aberdeen Group Charitable Trust, the Bank of EnÉland Leeds PlaylM)use. Co.designed with children as Creative A550ciates and informed by financi31 experts and new technoloÉy. the production will use 8ameplay and live performance io build confidence, critiial thinkin8 and understandin8 of money. choice and econofflic sy5teffls. The proipct will reach 1S.LKIO children throLJgh live performance in London and Leeds and è further 100.LNJO ationallythrough a free digital version and ieacheT re50urtrs, with ai least 50Yth of tickets subsidised for schools and families from e£OnOrni1IY di5advanta8ed communities Alongside it5 artistic arnbition, thp production will deliver a lasring legacy through curriculum-linked lÈèmin8 materials, Museum of the Bank of England content È robust academic evaluaiion framework measurin8 impact on wellbein8, agency and financia1 literacy. CREAnVE HUB- Building on the success of the Urticom's forrner Engagement Pro8ramme, Creative Hub launched in May 2024 and 15 now a nITal component of thpor8anisation'sartistic model. acin£ children's participation atthe heart of themakingof our work.The programme connects Unitorn artists and facilitators with children aged 0-13, enablin8thern to encounter theatreas makersfor the lif5t time and trj contribute direttiy to the development of new pfoductlDns. Through a struciured research and detselopment pfoce55, children shapè storytellin8, desi8n. accessibility and audience experience, ensuring that the work presented on our stages and rhrouEh our tourin8 programme Is informed bytheir perspectives and lived experience.
UNICORN THEATRE LONDON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 During ihe year, 953 children and young people took part through su5tsined paftnerships th seven schools and 21 cofflmunity organisaiions. A total of 81 free creative workshops were delivered for children, fafflilie5, teachers and schools, removin8 financial barriers ènd prioritisin8 thosÈ livin8 c105e5t to the theatre. This local focus w35 strenwhened by our Loca1 Funded Titkets Scheme, ali8nin8 participatOryaEtiwtywith SUbdiSed attendance asa single, coherent access pèthwèy. More than children collaborated dirertty in the re5earih and development of ten productions 3t key 5taKes of creation. This approach ensures that children from under-representett backgrounds can both Shape and experientr high-quality theatre, ylidening access, deepening engagement and strengthenin8 the rele¥an£e and inclusivity of the yogramme while reinforcing the Unicorn's national leadership in theatre for young èudiences. Our Creative Schools partner5hip5 exp3nded following a 5ucce$5ful pilot, with a second cohort of 5nowsfiÈld5 Primary Isouthwarkl, Oasis Johanna Academ¥ (Lambethl and Mulberry Canon Barnett Primary (Tower Hamlets) eath comrnittin8 to a three-year whole- sthool rÈlation5hip. Serving communities With high levels of pupil premium and refletting the diversity of lleighbouring borouths. these partnershipswerecomplemented byCPDfor34 teachers, pxteDdin8the Unicorn's piarticeto an estimated 850 children annually through classroom delivery and creatinE a Sustainable legacy beyond the lrfe of the project5. Creative Hub artivity a150 included13rge-5cale and international work that t03dened children's cultural horizons Ènd strengthened communityconnection. This included the climate-fccused Herds project. which engiged I,0 partiopants. the family portrait projoct Isee You Like This, and intemationèl exchange through the Belonging Projecrwith partners in Portugal and the Czech Republic. Throu8h thi5 iTrtegrated model of co-ueation. school partnerships, Community engagement and targeted 5ubs1(ty, Creative Hub deliver5 clear public benefit. It dwersifies our audiences, develops future talent pathway5 and embeds equity Wiihin our artisti¢ processes. ensJrin8 that children wha fatE the 8reatest barriers to cultural partycipation are at the £entre of the Unicorn's work. AUOIENfE IMP£r.. The unOrn welcomed 53,968 attenders, genÈratln8 £772k in ticket income. Capaciiy increased from 78% to 87% and 3vÈra8p yield roseto £14.30. Frfty-seven per cÈnt of booker5 were fir5t-time attenders and 32% of audiences Identified as Global Mojority fafflilies. Over 60% of school perfoffflance5 were SubsidSed, ensuring deep acce55 for chlldret) least likely to exkrientÈ theat. While some production5 SIEnificantly exceeded financial expertation5, performance across the prograrnme was mixed. reflectin8 the Increasingly unpredictable nature of theatre audiences in thÈ turrÈnt etonornic climate. fhi5volatility reinforces the Importance of a diversified income model combining earned income, fundraisin8 and publ investrnent. FLITVRE PLANS In 2025126, the Unicorn will continue to deliver Pocketmoney. the UK'S first major children's financial litErary Pfodurtian, while also expandin8 major national partnerships ¥Yith the Royal Shakespeare Company and the National Theatre. Alon8sidÈ this, the or8anizatian will continue to grow its diwtal theatre offer through Unicorn Online, advance its capital strate8y and fundraisiTrB feasibility work, and further strÈn¥thÈn it5 comfflitment to 5UStainability and workforce development. EQUALrrY, DIVERSITY ANO INCWS1014 Equality, diversity 3nd I1510n rernain central to the Unicorn's artsstic wsion ènd or8ani5atianal culture The theatre continues to embèd EDI acr055all are35 of it5 work, inclu(Jingthrough the IDEA committee. which drives interDal culturÈ change and accountability, and through active participation in sector-leading initiatives such a5 Spotlight Consultancy and Ramp5on the Moan. The UnKorn operates intlu5ivÈ rÈcruitfflent and workforce development models and is committed to removin8 bariiers to access for auditnces and art*sts alike. This intlude5deliveringawide rangeof acce551ble pertormances. suchas British Sign Lan8Uè8e-interpreted. audio describ. sensory-adapted and creatively captioned Shows. a5 well as providinE tar£eted pathways like the U5heT Plu5 progiamme. which creates meaningful employtnent opportunitie5 for adults with learning d153bilities STRuURE. GOVERNANCE ANO MANAGEMENT The Board over5pes the or8ani5ation'$ governance, Strategy. risk and financial management This year marked first full year of the CO-CEO modÈl undÈr Artistic DirettoT Rachel Ba8sh3w and Executive Director Rebekah lones. which has brought Stability, ambition and renewed strate8it clarity.
UNICORN THEATRE LONDON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 FINANCIAL REVIEW Financial management remiined strong durin8a period of contiriued 5ector-wide instability. Ticket income reached f772k, exceedin8 prevKsus year performance. with production5 Such a5 The Koulu Who Could achieving 153% of target. Financial rnani8Èment remèined disciplined during a period of continued sector-wide in#ability. The charity recorded an overall deficit of £206,562 for the year12023124 surplu5'. £132,001), reflectin8 p13nnÈd inwestrnent in artistit activity, risin8 operating Costs nd the tirning of income recognition across multi-year funding agreernents Fundraised income gre¥v, sUPPOrted by mU1-Year pledges ènd major doner5 A 50p ticketlevy w35 introdUd thi5year, projetted to generate3n additionil £26kannualty in unrEstrirted income. The Organition'S(arefl managefflent of income and expenditure also enabled investment in e55ential building mèintenance. The theatre buildin& now èpproacbing twenty years of continuous USÈ, is Èxperiencing increèsing wear and infrastructure fatigue. In recent years this has reouired unplanned maintenance expenditure and has placed pressure on operating bud8et5. Addressing these 155ue5 thruush è strate8ic capital pro8famme will reduce long-term cost5 and improvp operational resilience. The Trustee5 have considered the outcornes of an independent fundra15inK feasibilrty study and are developing a phased tspital programme io securethe long-term future of thp Unicorn'5 buildiD8aDd theaudiencesit serves. As the UK'S leadingthe8trefoTyoull8 audience5. It Is essential that our facilit1È5 reflett the scèle. qu81ity and ambition of our artistic ¥vork and Pfovide a welcomin& acce551b and 5USt3inable environment for every chlld and family who en£ounter5 the3tre here for the first tirne. The propu5ed investment will address end-of-life infrastructure, improve environmental performance and deliver tran5forrnational improvÈmÈnts to accessibility, en5urin8 that the building remains fit fof purpose for the next Reneration of youn8 people and the artists who create work for them. TfUStÈÈs recognise that this programme is both a necessary 5afeguardin8 ffleasurÈ and a siÉnificant strategic opportunlty.. to renew the theatre's civic presence. enhance rhe audience 3nd artlSt experience, unlock future commercial and fundraising potential and strengthen our position as a national centre for theatre for youn8 audiÈnce5. A phased approath to fundr¥isinE is being explored in order to prioritise the mast urEent works while buildin8organi5ational Capacity for a IoD6er-term campaign. Resenes Pollry TheTrustees maintain designated re5erve5 toen5urethe lon8-term resilience of the Unicorn and to enablethe organi5ationto respond to financial volatility in the theatre sector. These re5eTves are intentionally structured to protect ¢he orEani5ation 3gainSt operation81 risk. support future èrtisric development and ensure that essential investrnent In the rheatre's Infrastructure can be undertaken responsiblv. In 2024125 the charity recorded an overall deficit result of £206,56212023124 overall surplus result of E132.Q)11 and at 31 July 2025 had 3 balance in unrèstricted funds of £6.697.79412023124 unrestricted fund5 É6,880,7911. Unrestricted funds includethe Fixed Asset Reserve of f4,940,361, which represents the c05t of our building on Tooley Street ènd is not a liquid asset. Liquid reserves (excluding the Fixed A55et RÈ5ervel aretherefore £1.757,433 a5 at 31 July 20251£1,777,661 in 20241. In 2024125 the fjoard formalised several denated reserves to clarify how fund5 are alloc3ted to support diflerent Drgani5ational To mitigate financial shocks and secure operational continuity- building re5efve fund Planredlreactive m3intenantÈ.' infrastructure and complian Commi55ions, R&D, additional participation project5 Web51te, CRM, digitsl leèrnin8tools, Sy5tem5 renewal Operatin{ & 51raiesK Rlsk Re5ervE £400,LIJO Caprt•l -Ouilding Mainrenan¢e & Lifecycle Fund £500.LIJO Ar115ticDevelopmeni Fu £150.1 Fund £50.IXN) 10
The Board will continue to review its re5eryes policy. annual capital Maintena*tar1et •nd seale of the designated furyds as part of thethe•tre's oTrgoin8 risk a55e55mentand In lightof contlnugusty evofving circumstances. The m•iority ol unrestricted funds relate to the theatre building itself and are therefore not avallable lor operational Use. The organisation'5 avallable Ilquld reserves are theref¢rt si8nffi¢antly lower than the total unrestricted fund balan¢e repDrted in t attounts. Fknond•l ¢ontr•15 The financial ststements have been prepared oft a 8oin8 ¢on¢eTn basis. Durin8 the year the charlty recorded a deficit of £106.562. reflettin8 Investment In art15tlc attiwty and increased operotin8 Costs acro55 5taffsn8. production and buildin8 maintenan¢e. De5Plte thi5, the or8anisation continueste maintsin a Strong balance shee¢ with net current assets of £1.57m and netcash of £1.54rn at the vearend. The Trustees review financial perforniance, ¢¥shftow forecasts and risk projections on a regular basis throu8h the Finance & Rlsk Committee. Forecèsts covering a period of at least tWee months from the date of approval of these finan¢ial statements indicate thatthe charity will maintain SLrffieient liquKlityto meet Its obli8atlons as they fall due. These forecasts incorporate secured publi¢ fvndin& Includin8 continued support through Arts Cvun¢tl England'5 National Portfolio OrnISatIOn pro8ramme, as wdl as confirmed ond anticipated fundra151n8 income and careful cost management. 8•sed on these projections and the Charitis ¢urrEnt financial PDSition. the Trustees consider it èpprapriate to prep•re the financial 5tètement5 on a goln8concem basis. 11
UNICORN THEATRE LONDON LTD REPORT OFTHE TRUSTEES FOR THE YeAR ENDED 31 JULY 2025 Rlsk marwiernent Key risk5 idpntified through thetheatre's Risk Rew5ter, which is reviewed re8ularly bythe Finan£e & Risk Committee. with headlines reported to thefull 8oèrd, comprise". The unpreoictability of ticket income. particularly the appetite of returninE audience5 during a £05t-of-living crisis. WÈ have refreshed our reserves posltion to refiect this and are constantly 5ÈekinE te ensure our programme 15 3cce55ible, cofflpelling and hi8h quality, alongside income generatlQll 5trate84es and ancillary offeis Isuch 3$ our Tuck Shopl to 5UPPQrt box office SaS. Staff retention 3nd turnover- %Yith r15in8£05t of livin& risin8 London Living WaEes andthe added pre55ure50f the sector, we continue to addresswoth culture and the additional benefits we can offer as an eM0ver. Fundlng remain5 increasingly cornpetitwe. We are addressing this by dwersifying applications a5 well a5 SUPWrting the dewelopment team vlith a business wide income generation group who will look at PO55ible ways of divÈrsifyin8 income Streams. The 3ge and wear and tear of the building need to be addressed. and the bo3rd has appfoved some spÈnd of the capital re5eTve In 2024125 to 3ddrÈss this. This year 4e have laken significant 5tride5 toward5 this, undertakirt84 Scope & Feasibility Study for a future Capital project. of which identified the most necessary short term spends to support the building In the imrnediate future- acr055 MEP, Access requirements and auditorium seating. As a next step, in 2025126 we will estaNish a Capital Sub<omrnittÈe. Gin thatwÈttsmmissioft worksfrom a wide rargeof artists and have3550CiBtiOll5 Wlth a wide ran8eof third partle5 Ihrough fundraising or creative activities. we are at risk of afiy negative publicity or media attefjtion relating to these matter5 Outside of our dirett control. We mitigate thi5 fisk by undertaking rommensuratÈ due diligence on the third pariiesthat wework with and tarefully consider our internal and exrernal cofflmunicationsabout any issue5that are iden(Ified. The board reviewssuch matters on a proattive and wdl-informed ba51S. Theatre productions inherently involve health 3nd Safety risks (for example, werkinÉ at helght and manual handling). A risk a55essrnent is carried out at the start of each production and reviewèd regularly. A monthly health and safety rneeting is hdd to rÈviewillturrentrisks. includingall 5how5. and toplanscen3fiDsforanyfuturepossiblerisks. These policies are rewewed and updated annually and form part of Qur on.boarding training for 311 those workin8al The Unicorn. Furlralsln8 The delivery of the Unicorn's m15s10n Is undeipinned by Irs loyal and pasonate cvrnrnunity of supKx)rters. In 24125. we Eratefullv received m3ior investment froffl Arts Council En8land, Charles Holloway OBE and the City &ridge Foundation. Grants trom Tru5t5 and Foundations provided vitsl supporrfor oll a5pect5 of our workorTr and off-stage. Ihis included rhe final tranche of multi-year8rènts from the Garfield Weston Foundation and Portal Trust-we would like to thank both 8rant-maker5 fortheir truly game-changillg support of our Creètive schools partnerships over the past three years. Other muth-needed Investment came from the Christina Smith Foundation. Dana and Albert R Broccoli Foundation, Molecule Theatre. Buffini Chao Foundaiion. Hedlev Foundaiion and the Boris Kèrl¢ff Charitable FoundatiDn. We also received a very meaningful gift from the Thistle Trust towards our 3mbitlOUs production of foto Kerblommol In celebration of their 201b Bnniversary. Other lon8-term 5UPPOrter5ha¥e 8enerouslycontinuedto championthe Unicorn, especially Sir Harveyand Lady McGrath and Sirjohn and Lady Spurling. Mayer 8rown LLP, Bloomberg Philanthropies and PWC Foundation remained loyal partners and we welcomed Teaffl London 8rid8e on board for The Herds. For the first tiffle, we ran two arnbitlOU5 public matched-funding campaigns this year. We successfully triallèd participation In 'Arts For Impacy In March 25 and onte again took p3rt in the'8iE Give Christma5 Challenge,. The succes5 of the latter campai8n was thanks to champion fundin8 from The Childhood Trusi. leadership gifts from a long-standing major donor and our Board of Trustees. as well as extraordifiary 5UPPOrt from the Assèf Lennon Memorial Fund. Across these two Eèmpai8ns we raised £49.865 towards Acce55 Performance5 and our Creative Hub- a great SJCtr95, especially in an increasinlv 12
UNICORN THEATRE LONDON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 STATEMEiifoF TRU5TfES RESPON51BIUTIES The Trustees Iwho are also the directors of Unicorn London Theatre Ltd for the purposes ef company lawl are responsible for preparing the financial Statements in accordance with apFAicable law and United Kingdom Accountin8 Standards IUnitLYJ Kingdom GenerallyAccepted Accounting Practice). Company law requiresthe trusteesto prepare finantial statementsfor each financk41 year vlhlch 8ive a true and fair ¥W of the State of affairs of the charitable company ènd of the intomiTrg re50urce$ 3nd application of reseurces, Including the intorne and expenditure, of the charitable company for that period. In preparingthose financial statements, the trustees are required to select 5Ultable accountine policies ènd thÈn èpply them consistently- ob5er¥e the methods ènd pr5nciples in the Charity SORP,. make iudEeMents and estimates that are reèsoTrable and prudent. prepare ihe financial statements on the 8oin8 concem ba515 unle55 it 15 inappropriate to presume that the Charitable company will corytinue in business. Thetru5tees are responsiblefor keepingproper accountin8 record5 which di5c105e with reasonable accuracyat anytime the financial pa51tion of the charitable cempanyand to enèble thorn toen5ure thatthe financial statements comply with theCornp3nie5Act 2tKi6. They aTe 31so reswnsible for safeguardin8 the assets of the charitable comp4ny and hence for taking reaSonae steps for the prevention and deiection of fraud and other irresularities. In 50 far a5 the trustee5 are aware. there is no relevant audit information of which the chèritable tDmpany's auditors are un3ware. and the trustees h3ve tsken all step5 that the¥ ou8ht tu have tèken to make themselve5 aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditor5, etS Audit SeiCe5. k¥ill be proros£d for re-appointment at the forthcofningAnnual General MeetlnE. Approved by order ofthe Board of Trv5tees on 241h March 2026 and signed on its behalf by. Dr Vanessa Ogden C8E- rtee 14
UNICORN ThEATRE L014DON LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 sriiucniAE, GOVERIIANCE AND PIANAGEMENT The charity 15 Controlled by its 8overnlng documenL a deed of tru51 and roNstitutes a limited company. Ilmited by Buarantee, as defined by theCompaniesArt 2006. The organisètlon15 led by Artlstlc Dlrector Rachel Bagshaw and Executive Oirector Rebekah Jones, who towher serve ¥5 joint Chief Exe¢utivesof Unicorn Theatre London Ltd and are responsiblefor the d•y-ttrday management ofthe company and the deliveryof its strate8i¢ objertwes. During the year 8ailey lock and Helefi Tovey stepped down from their roles as C0-Execute Director& Rebek4h JonÈswas appointed as Interlm Executlwe Director and $ubpuentlyas Executwe Dlrertor. staff areernpbyed bythe cornpanyand I required to act in fvrtheranceof It5charitsble purp05e5. The Board olTrustees rr¢tsfourtimÈseèthyear.1ts work issupported bytwo sUCOmrnlttees'. the Firt•fi¢e8 RiskCommittee.which scrutinSses the mana8ement ac¢ounts, finan¢i•l plannin& reserves, Snternal controls and risk management.. and the Development & strateg¥Committee, which con5idersfvndraising strategy. governance mattersand supportstheDfyni5ation's tdvocatyand income- generation act5vlty. Minvtes and repurt5 from the ¢ommittees are clrculated to thefull 8oard. Trv5te•5 are appointed by the Board. following a 51I1sased fe£ruitment process designed to ensure an appropriate balance of expertise to svpwrt the Unicorn's strategit prlorities. Trustee5 iecefve no rernunefation lor ther servites. s i F4ational Portfolio Organi5ation, the charity maintsin5 a tIo* Working relationshlpwith Arts Covn£il Enan£1, The Chair and the Jointchief Execuywes meetannualtywith ArtsCoun¢il En8landafid regular monitorSng reportsare provldedin accwdan¢ewith fundin8 reouirements. 13
REPORT OF THE INDEPENDENT ALIDITORS TO THE MEMBERS OF UNICORN THEATRE LONDON LTD Opinion We have audited thefinancial statementsof Unicorn Theatre London Ltd Ithe'tharitable company'l for the year ended 31 July 2025 which COfnpfi5e the Statement of Financial ActiVitie5, the lance Sheet, the Cash Flow Statefflent and notes to the financial statemènts, intluding $18nificant 3ccounting policies. The financièl reportin8 framework that has been applied in rheir preparation is applicable law and United Kingdom Accounting standards, includin8 Financial Reporting Stsndafd 102 the Finonciol Reporting Stondurdoppli¢0ble in the UKond ftepublicollrelond (United Kingdom Generally Accepted Accountiry¥ Practlcel. In our opinion the financial st3tements'. give 3 true and fair view of the state of the chèritèble corngan¢s affaiT5 a5 at 31 July 2025, and of its incomiryg resources and ap1[atIOn (rf resource5, including its income and empenditure, forthe arthe ended., have been properly prepared in accordance with United Kingdom Generally kcepted Accounting PractKe." and h4ve been prepared In accordance withthe requirements of the Companie5 Act 2006. We condutted our èudit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under thDse standard5 are further described In the Auditor's iesportsibilities foi the audit of the financial 5tstement5 section of our report. We are independent of the charitable company In accordance with the ethical requirements that are relevant to our audit of the financial statement5 In the UK. including the FRC'S Ethical Standard, ènd %ve have fulfilled our other ethEcal responsibilities in accordance with these rpquirement5. We believe that rhe audit ewdence we have obtsined 15 sufficient and appropriate to provide a basis for our opinion. CdUs1DThSrery1QKry¢c4ern In aJdilinE the financial statements, we have concluded that the trustees. use of the goin8 concern basis of èttounting in the preparation of the financial statements is appropriatÈ. BH5ed on the work we have performed. we have not identified any material untrrtainties relating to events or conditiOnS that, individually OT collertively. ma¥ cast signifiiant doubt on the chart?ble company'5 ability to continue as a going concern for a period of at least twelve months from when the financièl statements are authori5ed for issue. Our re5pon5ibilitie5 ènd the re5pon5ib-lits of the trustees with respect to going concern are described in the relevant sections of this report. The other information comprise5 the information included In the trustee's annual rewrl othÈr than the financial staiemenr5 and our auditor's report thereon. The tru5tee5 are responsible for the other information tontained within the annual report. Our opinien on the financièl statements doÈs not cover the other informarion and. except to the extent otherwise Èxplicitly stated in our report, we do not expressanyform of assurance conclu510n thereon OLJr responsibility is to reèd theother inforrnation and, in doing $0. con$4der wttether the other information is rnaterially incon515teni wf(h the financial statements or eur knowled8È obtained in the course of the audit or otherwise appears to be materially m1$5tated. If we identify such material incor15l5tenceS or hpparent material mlsstatements, we are re4uirÈd to determine whetherthis &ves fise toè material mi55tatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material tni55tatement of thi5 Other Information. we are required to rppDrt that fact. We have nothin8 to report in thi5 regard. b]nsonotlvnvtws westhbed the(ksl126 In our opinion, b35ed on the work underraken In the course of the audit.. thÈ inforrnation given in thetrustees, report Iincorpor3tiDgthe directors. rewrtl forthe financialyear for which thefinancial statement53re prepared is con515teni with the financial statements. and the directors. report has been prepayed in accordèncE With appliiable le8al requirements.
REPORT OFTHE INDEPENDENT AUDITORSTOTHE MEMBEAS OF UNICORN THEATRE LONDON LTO Matter5¢fflwtrMthWe¥ewiwedtoremeXr In the light of the knowledge and understanding of the tharttable comnY and Its envlronment obtsined in the course of tho èuttit, we have not identified material mi55tatement5 in the directors. report. WÈ have nothing to report in respect of thefollowing mattersin relation to which the CompanSes Act 2006 require5 US to reporttoyou 3deqvate accounting e0rdS have not been kepL or feturns adequate for our audit have not been rec*ved from branches not VlSlted by u5.. or the financièl ststements are not In agreement with the accounting rÈtords and returns,. or certain disclosures of direttors, remuneration specified by law are not made., or we have ftor received 311 the information and Èxplanations we reqJlre for our audit. or rhe rrustees were not ÈntitlÈd to prepare the finèncial statements in accordance with the small comparTies' regime and take advantège of the 5rnall companie5. exemptions in preparing the directcr5' report and from thÈ rÈquirement to piepare a Strategic report. As explained more fully In the trustees, responsibilrtie5 Statement (set out On P38e 151. the trustees Iwho are 3150 the directors of the tharitablo company for the purposes of company lawl are respDnsible for the prepèratien of the fIn¢101 5tatement5 and for bein8 satisfied that thèy give a true and fair View. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements th3t are free from material misstatement, whether due to fraud or error. In preparingthe financial starements. the trustees a responsible for assesn8 the charitable company's 3bility to continue asa 8oir18 cencern, disclosirt& asapplicable. maiter5related to 8oin8concern and usin8the80in8cencern basis of accounting unle$5 the trustee5 either Intend to liquidate the charitable company orto cease operations. or have no realistic altern4tive butto do so. theiwirf<olthefmandal 5t8temerfs Our objectives are to obtain reastrnèble assurance about whether the financial statements as a whole are free from materi31 misstaiement, whether dueto fraud orerror, aDdta Issue an audirorfs report th3t includes ouropinion. RE050nable èssurance Is a high level of assurance, but is not a guèrantee rhat an audit condutted in actordan with ISAS IUKI %wll always detect a materval m155tatement when it Èxists. Misstatements can arise from fraud or error and arè considered material If, individually or In the ae8te, they could reasonab be expected to InflUee the econGmic decision5 of users taken on the basi5 of these financi31 5tatement5. Iesular1ties, includin8 fraud. are Instance5 of non-compliance with laws and regulations. We desizn procedure5 in lirie with our responsibilities, Outlined above, to detect material m1s5taternent5 in respÈtt of irregularities, including fraud The specific procedures for thi5 en8asernent ènd the extent to which Ihe5e are capable of detectin8 irregularities, including fraud is detsiled below.. Enqulry of management and those charged with governance a¢ound actual and potential litlBation and claim5 a5 we41 as actual, suspected and 8lle8ed fraud: Revie¥VinE minute5 of meetings of those tharged with governance", A55e551ng the extent of compliance with the laws ano regulaiion5 considered to have a dirett materMI effett on the flnano31 statement50r the oppratlOn5 of the company through enquiry and inspection.. Rewev4in8 financi31 statement disclosuresand te5tingto supporting documentatFon to assess compliance with applicable law5 and regulations. Performin8 audit work over the risk of rnanagement bias and override of controls. Including te5tin8 of joumal entrie5 and other adjustments for appropri8tene55, evaluating the businÈss rationale of significant transactions outside ttr ll¢fmal ¢oiJrsÈ of business and reviewing ?ccovnting estifflates for indicators of potential bias. Because of the Inherent Iimitaiion5 of an audit, thÈrÈ is a risk that we wlll noi detert all irregulariiie5. including those leadin8 to a material misstaiement In the financial statement5 or non-tompliance with regulation This risk increase5 the fflore that ccmpliance with a law or regulation is removed from the events and transactions reflected in the financial statement5, a5 WÈ will bÈ1È5s likely te become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than Èrror, as fraud involves inientlonal concealment, forgery. collusion, 0ffl15sion or misrepresentatien. A further description of our respon5ibilitie5 15 available on the Finanti31 Reportingcouncil's webslte at.. https".Ilwww frc.erg.uklOur-Work/AuditlAudit-and-assuranceistsndards-and-guidance/Stand3rd5-and-guKlancÈ-for-èuditorslAuditors- responsibilities-for-audirlDescripiion-of-auditorS-re5ponbb1its-1Qr-aUd4t.aSpx. This descrimion forms part of our Buditorfs report. 16
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF UNICORN THEATRE LONDON LTO Thls report is made solely to the charitable romparfs rnembers. as a body, in èccor(lan¢e with Chapter 3 of Part 16 of the Companies Act 26. Our audit work h35 been undertaken so that we might state to the charitable ¢ompany's members those matters we are reouired to state to them in èn #uditor's report and for no other purpose. To ihe fvlle5t eytent perrnitted by law, we do not accept or ossume responsibility to anyone other than the charltable company and the ¢haritsble companV5 rnernbers as a body. for our •udt work, forthis reporL orfor the opinion5 we have formed. 42& A.LTr kn_,_ John How•rd IS•nlor StatutoryAudltorl for and vn beh•ll ol Azets Autht Servlcos Ch•rtered Accountants StatutoryAuditor 2nd Flo>r. Re815 House 45 Kin8 Willi•m Street Londo EC4R 9AFI Oate.. 1 3¢&L 17
UNICORN THEATRE LONDON LTD
STATEMENT OF FINANCIAL ACTIVITIES (Including the Income and Expenditure Account)
FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | Total funds | ||
| funds | funds | ||||
| Notes | £ | £ | £ | £ | |
| INCOMING RESOURCES | |||||
| Incoming resources from generated funds | |||||
| Voluntary income | 5 | 1,523,631 | 556,989 | 2,080,620 | 2,031,966 |
| Investment income | 6 | 41,753 | - | 41,753 | 56,222 |
| Incoming resources from charitable activities | 7 | ||||
| Theatre Productions | 1,559,138 | - | 1,559,138 | 1,441,340 | |
| Other Income | 42,867 | 42,503 | 85,370 | 84,250 | |
| ____ | ____ | ____ | ____ | ||
| Total incoming resources | 3,167,389 | 599,492 | 3,766,881 | 3,613,778 | |
| ____ | ____ | ____ | ____ | ||
| RESOURCES EXPENDED | |||||
| Costs of generating funds | 8 | ||||
| Costs of generating voluntary income | 241,813 | - | 241,813 | 225,088 | |
| Charitable activities | 9 | ||||
| Theatre productions | 3,108,573 | 623,057 | 3,731,630 | 3,520,691 | |
| ____ | ____ | ____ | ____ | ||
| Total resources expended | 3,350,386 | 623,057 | 3,973,443 | 3,745,779 | |
| ____ | ____ | ____ | ____ | ||
| Net income/(expenditure) | (182,997) | (23,565) | (206,562) | (132,001) | |
| Transfers | 18 | - | - | - | - |
| ____ | ____ | ____ | ____ | ||
| Net movement in funds | (182,997) | (23,565) | (206,562) | (132,001) | |
| ____ | ____ | ____ | ____ | ||
| RECONCILIATION OF FUNDS | 18 | ||||
| Total funds brought forward | 18 | 6,880,791 | 67,737 | 6,948,528 | 7,080,529 |
| ____ | ____ | ____ | ____ | ||
| TOTAL FUNDS CARRIED FORWARD | 6,697,794 | 44,172 | 6,741,966 | 6,948,528 |
All income and expenditure derive from continuing activities.
All recognised gains and losses are included in the Statement of Financial Activities.
The notes on pages 21 to 34 form part of these financial statements.
18
UNICORN THEATRE LONDON LTD BALANCE SHEÈT AT 31 JULY 2025 Company nufflber- 00480920 2025 2024 Noies FIXED ASSETS Tangible a55ets 14 5.169.620 5.365,692 CURRENT ASSEIS Inve5trnents Stock5 Debtors Cash at bank 76B,188 5,769 341.634 8,568 526,802 1.117.946 15 815.636 1198.675 1,994.950 CREDITORS Amovnts fallin8 due within one year 16 1626.3291 1412,1141 NETCURRENT ASSETS 1.571346 1,581,836 TOTAL ASSETS IESS CURRENT LIABILmE5 6,741.966 6,948,528 ET ASSETS 6,741.966 6,948,528 FUNDS 18 ikniestilrtedlunds 657.4J3 1,377,661 Desl8n*ted fund5 Fixed Asset Reserve Cèpital-Building MaintenantÈ & Lifecycle Fund Other 4.940.161 Slh),O(KJ 6ts),orKJ 5,103.130 S0.(X)O 350.000 Restrlrted funds 44.ln 67.737 TOTAL FUNDS 6.74L966 6.948.528 These f1nanc131 statements have been prepared in atcordance with the special provisions of Part 15 of the Companies Act 20(XS Telating to tharitable small companie The financial 5tstements were approved by the board of trustees 241ty March 2026. and were signed on its behalf bv. Dr Vane55a Ogden CBE- stee Tbe notes on pages 21 te 34 form part of these financial statement 19
UNICORN THEATRE LONDON LTD CASH FLOW STATÉMENT FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Notes Nettash InflfrOM Opern¢¢tlI1 124,244 43.032 Clpltsl expendStur••ndfln•nd•l In¥esbnent 150.2941 IntrSe In ush Intheperlod 124,144 7,2621 ftecondll•tlon ol n•tf•ihllowto movementln net debt Increa5¢ in Cash in the period iU244 17,2621 Chan8e In net debt re5ultin8from cash flows 124344 7.2621 Mo¥emeniin debtln the pqrlod Net (ash •t l A4¥u5t 124,244 IA59,580 17,2621 1,466,842 Net tash ot 31 July 1,58aI24 1,459,580 The note5 on pa8es 21 to 34form part of these flnència1 statements. 20
UNICORN THEATre LONDON LTD NOTES TO THE CASN FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2025 RECOPKILIAMON OF NET INCOMING RESOUR5T0 NET CASH INFLOW FROM OPERATING £TNmES 1015 2024 Net incomlnl resources DBprecation charges Decre3se in stocks 11ncreasellDecrease In debtors Inuea5elldecreasel In credltors 1206,S621 196,072 1132,0011 196,699 857 1127,6861 105,163 181,1801 Z14,ZlS cash Ibfflowlrom Opw•t1 4,144 43.032 ANALYSISOFCA5H FLOWS FOR HEAOINGS NETfED IN THE CASH FLOW STATEMENT 2025 2024 C•pltsl expendltureond flnahcTr•l In¥estm*nt Purchase of tangiNe fixed assets 150.2941 Net c•sh ol0r taplt•l •Mp•thdityr• •hd lkn••d•l In¥•thent 50.2941 APIALYSIS OFCHANGES IN NET DEBT AtOJIOW23 C•shllow At 11107114 Net C35h-. Cash at bank and short-term In¥estmefttS 1,459,580 124,144 1,583,824 Totsl 1,459,580 114,144 1,581.824 21
UNICORN TrIEATRE LONDON LTO NOTES TO THE FINANCIAL STATEMENTS FOR TfrIE YEAR ENDED 31 JULY 2025 KcouNtING POLICIES al Gentrl infomiatlon Unicorn TheatrÈ London Ltd is a charitable company limited by guarantee in the United Klngdom. The èJdre5s of the registered offite is 8ivÈn in the Charity information on page 2 of these financial ststÈments. The nature of the charitsble compan¢5 OPEration5 and principal activities are set out on page 3. bl Basls of prepadng the flnanclal $taiernent5 The financial ststements of the charitable cornp?ny, which is a public benefit entity under FR$ 102. h3¥e been prepared in accerdance with the Charities SORP IFRS 1021'Accountill8 Reportin8 by Charities". 5tarement of Recommended Practice applicableto chariiie5 preparingther accounts in accordance Wt the Financial Reporting Stsndard applicable in the UK and Republicof Ireland IFA5 1021 leffective l January 20151,, Finèncial ReportiftE Standard 102'The Financial Rept>rtill8Standard applicable in the UK and Republic of Ireland. and the Companies Act 2(K6. The financial ststements have been prepared under the historical cost convention. ¢1 Golng Concern The financial sts¢ement5 have been Ppared on a Éoineconcern basis which the trustees con5idÈr to be apprtrpriate forthe following reasons. As 3t 31 Juty 2025, thÈ Company had net current assets of 1,572,346 and net cash of £1,538,824. To manaEe risks. the Board and ExecutivÈ Team review budgetswlthjn a murti-year context anrt are firmlyfotussed on maintaining and incre35ing fuDdr3isingth¢ough expanding ihe Unicorn's network, the creation Ènd reiruitrvent oftrustees io join the Development & StratE8y Committee to support fundraising strategy and initiativÈs. Thank5 to the SUPWTtof lon8-term funders and throu8h successfully stewarding several multi-ye3r8rants. the Unicorn is currently In 8 confident P051tion with fundraising. With this ErowinE pipeline, we hope to be able to be MO future focused in our developrnent of fundin8 relationships and bids than we have been in prÈviousyears ènd have supported this Wlth some external consultancy. Trustees are also focused on the oprAlrtunities a future capital projÈct may afford ènd how enterprisin& Commercial use of the building may support our ambititrn5. Thetrustees have considered the impact of the theatre operating in an economy affected by the cost-of.Iivingcri5is and increased financial pressures to employers. Thanks io piudent financial mana8ement across 2022 2025. and With the news of the Arts Council NPO fundin6 extension to 2027-28 financial yearfof current NPOS, the trustees have è reasonable expÈttstion that the Compèny has sufficient liquidity io continue in upprational Èxistence and to meer its liatilities as they fall due for a poriod of at least 12 months from the date of authorising these finèntial statements. The financial statements have therefore been prepared on a goinE concern basis. dl Fund accourtin8 Unrestricted fundscan be used In accordance with the charitable objective5 at the discretion of the trustees. Restritted funds£an onlybe used for particu13r restricted purp05e5 Wlthin the objects of thecharity Restriction53ri5e when $CIfIed by donor or when funds are raised for particular restricted purposes. Designated funds are funds t aside by the tru5tees0ut of unfestricted 8ervéral funds for specific purw5e5 or proiert5. Further explanatlen of the nature and purpose of each fund is inc5uded in the noteste the financial statements. el Income All incemin8 resourcesare included on the Stotement of Financial Activities when the cbarity is legallyentitled to the income, and the amount can be quantified with reasonable accuracy. 22
UNICORN THEATRE LONDON LTD NOTES TO THE FINANCIAL STATEMENT5 FOP THE YEAR ENDED 31 JULY 1025 ACCOUNTING POLICIES-continued el Intome-euntinued Ounation5 Donation5 and wfts ore included In full In the Stètement of Financial Activities when there is entitlement, probability of receipt and the amount t>f income retrivable can be measured reliablv. Grants Grant5 arÈ recognised in full it) the Statement of Finantial Activities in the year In which the charitable tomp3ny has entitlement to the incoffle. the amount of Income reteivèble can be rnea5ured reli3bly and rhere is probability of receipt. Income frLYn tharftable actlvltles and othertradinÉartl¥ities IntomÈ frorn ch3ritsble actiliities is recognised as earned a5 the related 5ervKe5 are provided. Income from other trading activitie5 15 recognised 8$ earned as the related goods Bre provided. Inve5trnent Income Inve5trnent income 15 recognised on a re1¥able basis once the amounts can be measured reliablv. Expendfture ExpÈnditurÈ is accounted for on an accrua15 bas55 and has been dassified under headings that aEEre2ate all cost related to the category. Where costs cannot be directly attributed to particular headin85 they have been allocated to activities on a basis consistent with thÈ use of re50urces. Expenditurp 15 classified under the followin8actiyity headin8S'. Raisingfunds Charitable actlvities The c05t of theatre produttions, Èdutstion and raising fund5 comprise eXPendtUre directly èttributable to the acthiity and support Costs. lo¢atlon of support costs Support cost5 have been allocated on an appropriate basis to reflect the true cost of each activity undertaken by ihe Charitable c¢impanv_ il Ton8lble flxed assets Fixed assets are Stated at cost or deemed cost (donated valuation 3testimated fairvaluel lessaccumulated depotiation antl impairment1055e5. Assets costinÉ more than £2,5LK) are capitali5ed. Depreciation 15 calculoted to write off the costs of the fixed asset byequal in5talrnents as follows, all straiEht line.. Main building structure Cabling and M&E infrastructure lincludinE joinery. lifts etcl Electrical equipment, furniture alld office equipment Caterin8 equipfflent ThÈatrÈ Equipment Furniture and equipment IT equipment Produrtion eouipment 50 year5 15 year5 5 years 10 year5 7% to 33% 3 yÈars 7- 10 years 4 years h) Stocks Stocks are valued at the lower of cost 3nd net realisable Trialue. 23
UNICORN THEATRE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNnNG POLlaES-tontlnued 11 Debtors Other debtor5 arÈ reco8nised at the settlement amount due. Prepayments are vèlued at the amount prepaid. Accrued Is measured * the amountdue to be receitfed. 11 C•sh at bafik •nd In haNI Cash at bank and cash in hand include5 cash and Short term highly liquid investmentswlth a short maturity of three month5 or 5% from the date of acquisition or openingof the dep051t or similbr attount. kl Credltors Creditorsare reco8nised wherethere 15 a presentobligation re5uitingfrom a past eventthat will probably resultin thetfansfer of funds to 3 third p3rty and the amount due to sÈttle the obligation can be measured or estimated reliably. Other credltors and acryu81s are recogni5ed at their SÈttlement amount due. 11 FfjDand•l Instryrnents The charitable company only has financial assets and financial liabilities of a kind that qualify as ba51t financièl instruments. Baslc financial Instrument5 are initially retO8ni5ed attransattion valueand subsequently measured at their 5Èttlemenivalue. ml TaM•tlon The charity is exempt from corporation tèx on its charitaNe actNitie5. n) Employment bentffts: Short terffl beneflts Shortterrn benefit5 includin8 holiday pay are recegnised as an expense in the period in which the serwce is received. Ernployee termlnatlon behefits Termination benefit5are actounted for on an accruals b351$3nd in line with FRSIO2. Penslon 5theme ThÈThÈatre contributes to personal pension scheffles on beh3lf of it5employees. The pension costs charged in the finanoal statefflents represent the contributions payable during the year. ol CrttiolludgEments and estlmates In the applitètion of the accouniing policies. the trustee5 are QUIred to make jud8ements. estSmates and assumptions about the tarrying value of assets and liabilitie5 that are not readily Bpparent from other sources. The estimates and underlyin8 assumptitrns are based on historical experience and other factrjrs thèt are considered to be relevant. Actual TÈsuIt5 may differ from these estimates. The Èstimates and underlying assumption5 are reviewed on an ongoin8 basis. Revisions te accounting esrim3te5 are reco8nised in tthe period in which rhe esiim3te is revised if the revision afferts onlythat period. orin the period ofthe revision and future period5 if the revision affected current and future periods. In the vievl of the tiustees. no assumptions concerning the future or estimation UnrtaInty affecting a55ets or liabilitie5 at the balantÈ sheet date ère likely io result in o material adiu5tmÈnt to their carrying amounts in the next financial year. 24
UNICORN THEATRE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 VOLUNTARY INCOME 20 2024 Donation5 Grants 745,619 1,335,Ml 7Q4.091 1.3l7.875 IOBO,620 2.031,966 The charfty Ss grateful ta thefollowifi8 forthelr 5UPPOrt durin8 theyear.. BackstageTrust City Bridge Foundation Charles Holloway 08E &"r Haryey and Lady McGrath Portal Trust Christina Smlth Foundati Theatre Artlsts Fund Progromm• Garfield Weston Foundation nre tricted Oonati Back5ta8e Trust 2025 2024 Unrestrfcted irints: Art5 Council En3nd- NPO Grant 1.335.001 1.327.875 INVESTMENT INCOME 2025 2024 Investments 4&753 56,222 INCOMIMG RESOURCES FROM CHARITABLE ACTivmES 1015 2024 Actlty Theatre Productions Theat Prgdurtion5 Theatre Produttion5 Otber In¢¢me Theatre Artist Fund Unicorn Produ£tions An¢ill•ry tr•din TheatreTax Relief Other income Other Income 993,S32 134.243 33L363 I,(IM,93Y 149.017 287,386 10.860 73,390 L644.509 1,223.112 25
UNICORN THEATRE LONDON LTD NOTES TOTHE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 JULY 2025 COSTSOFGENERATING VOLuNfARY INCOME 2025 2024 Profile raisin8 &Jpport ¢o#s 19,146 111667 25.054 2CQ.034 24113 215,0oe CHARITABLE AcfiviTIE5 COSTS 2015 2024 Theatre roductlons Production costs Productlon wa6e5, actors, stage m•na8emwtand technScal staff Fees and co-productions BuildingoverheadsNenue reTrtsl Marketin8 Wrrf£ers Re5e3rch & developrnent Access work Creative Hub Support costs lincludin8 ron4irert sal•riesl 498A30 591.945 230.358 122,201 195A90 114.900 5.520 384,360 682,542 211,116 219,641 180,714 108,453 15.962 16.472 192,797 1,508,624 111.266 1.754.831 3 731.630 3.520,691 SUPPORTCOSTS 2025 2024 Salaries Admin & averheads 8uildinÉ maintenan¢e and enhancement costs Box offi¢e ¢har8es Front of House Café & Merchandlse Pr¢fessional fees IT costs Oepreciation IrreWerae VAT 119,388 157,766 176A61 35,386 ¥iJi 13,457 17,425 14.714 196,073 S,798 1,102,388 174,294 36,979 9,228 19,040 17,747 26,561 196,699 125.722 L967,499 1,708.658 26
UNICORN THEATRE LONDON LTD NOTES TO THE FINANCIAL STATEMEfrrrs FOR TIIE YEAR ENDED 31 JULY 2025 ii. NET INCOMIN6IIOIIffjOINGI RESOURC Net resources are stated after¢harÉifiQlcreditinKI'. 2025 2024 Cepreciation- owned èssets Other pension costs Auditors, remuneration- audit IS672 25.100 12.100 196.699 23,793 ii,oc TRUSTEES, REMUNERATION AND BENEFrrs There werenotrustees. remuneratthl Of Other benefitsfortheyear ended 31 July 2025 norfortheye•r ended 31 Jvty 2024. No Trustee recetved remuneration or 1mbUr5eMentoI e¥pense512024.' 14onel. Tvu51qe5' •¥wrMs There were no trustees, expenses paid forthe yeai ended 31 July 2025 nor for the Yearended 31 July Z024. STAFF COSTS Z025 2024 Wases and salarles Social 5ecurty costs Other pension cost5 1.250m6 IY4,598 25,100 1.226,621 108,360 23,793 IAIO.$94 1.358.774 Staff ¢ostsare split.. Supportf05ts- Salaries Charitable 4¢1ivities L199,388 211.196 1,102,388 256,386 INIO,Y4 1,358.774 The a¥era8e monthly nurnber¢f empSoyee5 duringthe year was as foll¢w$.' 2025 io 2024 Production Communi£atlons Front of House 8ox offlce t)Evelopment Artistic and Admin 12 Is 38 The number of hi8her paid ernployeeswas.. In the band £60.001. £70,CnO Thetot•l empk)yee benefits of the key rnana8ement petsonnel of the charity were £168,60412024.. É149,6611. 27
UNICORN THEATRE LONI)ON LTO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. TANGIBLE FIXEDA55ET5 L•Trd•nd Ildinp Plaffl •nd rnothlneryetr Totils co At l August 2024 Additions 8.138,487 6.283.160 14.421.647 At 31July 2025 ,138,487 14A21.647 OEPRECIATIQN At I August 2024 Chèrge foryear 3.035,357 162,770 6,020.598 33,302 9,055.955 196.072 At 31)uly 2025 3.194.127 6,053.XrfJ 9,252,027 IIET BOOKVALIE At 31 Juty 2025 4940,360 229360 5,169,620 Al 31 Juty 2024 5,103,130 262562 5,365.692 A chérge on the lease and the buildlng has been 8fven to the Principol Funders. nameFy Arts Council England, London and London BoTou8h of Svuthwark. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YER Z025 2024 Trade debtors Other deL¥tor5 There Tax Relief 61.152 216.567 331.363 26,720 210,361 289,711 526,8Q2 cREtXTORg: AMQUPITS FALUNG DUE WIThIN ONE YEAR 2025 2024 Trade creditors Taxation and social securitv Other creditors k¢ruals ond deferred income 137,113 27,868 14,315 447,023 119.104 27,252 8.366 257,392 626,329 41Z,114 28
UNICORN THEATrE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 16L OEFERREO INCOME 1025 2024 Balance blfwd at l August Income released in the year Income deferred in the year 145,8Y 1650,3051 SW,951 54.619 156L0641 652.279 Balance clfvvd at 31July 396 145.834 Incorne15 deferred each year whl¢h represefits •dvancetid¢et sales for the followln8 seag0n. 17. ANALYSIS OF NET ASSETS omvEEN FUNDS 2025 Restrirt funds 2025 Total funds Uhr•5tr1rt•d fund D•sthnated fwid-Flx•d Amet Reserve D111ed fvrKI. Other Fixed a55ets Zlg.159 4,940,361 5.169.620 Current a55ets 754.SOJ 626.329 4,0(¥) 44,171 1198.675 626.3291 L357M33 4.940.361 400,0 44.172 6.741.966 17L COMPARAnVES FOR AMALYSIS OF NET ASSEfs BETWEE14 FUNDS 2014 Tot•1 fuhds Unrestricted DesnJ¢ I- Fled Asset Rtter¥e 0•4Rn•ted fvrKI. O¢her Restrlct•d funds Fixed aMets 262561 5.103.130 5,J65,692 Current è$5ets LS27.213 412,1141 67,737 994,950 411,1141 I,J77,661 5,103,130 67,737 6.948,528 29
UNICORN THEAThE LONDON LTD NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 MOvEmEP1N FUNDS Mrf Mtyement lunds TTrns1oVS At 31107125 Unrestrktodfund General lund DesMtedfunds Fixed Asset Reserve Capitsl- Building m4inten•n¢e & Life¢yd Fund Other 1.377.661 1202281 1700,(th1 657833 5.103.130 1162,7691 4J40,361 50.1 350.CQO 450,1 o,(x 6.IN791 1182.9971 6.597.794 Restrlrted fvnds Theatre prodUctn5 khoo15 & Engagement Pro8ramme 0i8itsl Theat Artist Fund Capital 25 43316 4.740 43,326 14.7401 67,737 113.5651 44,172 6,948518 1106,5621 6.741.966 Net moverneTrt in funds, i*)¢luded in theabove are as follows.. In¢tynln8 Resources Movefflent In expended ld5 Unr•strl¢i•l fvmds General fund Fixed Asset Reserve 3,167,389 13,187,617> 1162,7701 13.350.31611 1202241 1162,7701 1182.9971 3.167.389 Restri¢ted fund5 Theatre Produ¢btyns Creative Hub olta1 Theatre Artist Fund Caytèl 168,000 147.250 1168,(Wl 1166.0751 118M151 134,241 150,000 1138.9821 150,0001 14.7101 Total Restrlcred 599N92 TQTPI FUNDS 3,766.881 13.973.443) 206,5621
UNICORN THEATRE LONDON LTD NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 MOVEMEIITIN FUNOS-COIfflNUEO Deillrwted fufid& FIN•d A55et Reserve This de518nated fund relates to the fixed assets transf¥red from Uni¢¢m Children's Centre IUCCI on the merger that otturred in 2022. C•plt•l. 8ulldlry M•lnten•nce & Ufeeyde Fund A new degnated fvnd has been put in place far plann•d, r••¢tivÈ maintenance, Infrè5trutture compliance. Other The other denaledfUThd5 are made upof the OpetatinB & Strategic Rlsk ReSee to mitlgate ftnancial shocks and socurt oper3tional continuity, Artistlc Development Fund for Cornmi5sions. A&D and additional participation projects and Digital Infra5trurtUTe & Innovatyon Fund for Website. CRM. di8ii•l l••minitoolsand 5V5tem5 fenewal. Restrirtedfunds: Thutre Pro¢105 Funds dedlcated by funders and dor5 towards iherf¢•l ProdUrtn& Amounts carried forward at 31 JU have teen recwved for programmes taking pla¢e inthe 2025n5 financial year and beyond. Dltsl Funds dedicated by funders and donors towartls ri8ital lonlinel Prcdyction5 and Strate8y. Amounts carried forward at 31 July may be allocated to diwtal productions Ind projerts takin8 place in the 2025126flnanco1 year an¢ beyond. Audl•n¢• D•¥•lownerrt Funds dedicated to iryvesting in de¥eb)n&0ur audien¢esto rEath. en8a8e and rnalntaln a wider and more derse•u01¢fiC¢ from global majority communities C•plt•l Funds dedIted mainly to ImpfovSn8 SUStaSn•ts'lityof our buildin& 31
UNICORN TrIEATRE LONDON LTO NOTes TOTHE FINANCIALSTATEMEPITS FOR THE YEAR ENDED 31JULY 2025 COMPARATIVE5 FOR MOvEMEP1H FUNDS N•t Mov•m•ht Sn lunds AtOUW23 Trnnsfers At31107124 Unr¢strf¢tedfund General fund O¢slwMted fwids Fixed A55et Reserve Stratewc Investment Rese Bulldin8 Res¢Nt Fund Other 1,201457 175204 L377,661 5,265,9(K* 0,000 50,L 350.r# 11617701 5,103,130 SOMYJ 350mO 961,357 187,5661 &880.791 Restrirtedfunds Theètre produrti¢ns khools & Engagement Pro8rarnrn• 1&815 43,316 103,749 160A231 Audience Development Theatre Artist Fund Capitsl 7J77 12A571 4,7410 iU,177 144,4351 67.737 Y.080.529 (1x01 6.94528 I•A COMPARATIVES FOA mOvEMEPlN FUNDS-CONTIt4UED Net movement in funds, induded in the above are as follow5.. In¢oml ros¢yr¢¢s Reswrees expended Mo¥ement In funds Llhrestrlrtedl¥nds fjeneral lund Strate&c In¥e5tment Reserve Fixed Asset Reserve 3.072,649 12J97,4451 Iith),0001 1162,7701 15,160,215) 175,204 I0,0¢) 1162.7701 187,5661 3M72,649 R•i¢rlrt•l ndS Theatre Pr¢du¢tions Creotwe Hub 109.5 140,025 I9,500> 1121,ZllOI 160,4231 1169,4411 18,825 160,4231 11,8371 Theatre Art15t Fund Cawtsi 166h04 Totsl Restrlct•d 44,4351 TOTAL FUNDS J,613,778 32
UNICORN THEATRE LONDON LTO NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR eNDED 31 JULY 2025 RELATED PARTY DISCLOSURES Ourin8the 2025126 finanEial year. the Charity¢ammlssion¢d the adaptation Of one of h'ers Torda¥ls èook5, who is a trustee of UnicornTheatre Londtsn, into a Iheatrical playfor InclUn in the 2025126 season for £4,500. OPEKATING LEASE COMMITMEiifs 20. The charw holdtotsl comrnitrnents under an aperafjTr8 lease asfollows.. 2025 2024 Explry date.. Within one year 8•tween oneand five year5 618 2.931 618 2.931 33
UNICORN THEATRE LONDON LTD NOTES TOTHE FINANCIAL STATÉMENTS FOR THE YEAR ENDED 31 JULY 2025 21. COMPARATIVE5 FOR TME STATEMENTOF FINANCIPIAcnvThiES 2024 2023 Unrestrlrted R•5tr1ct•d Total fd$ Total funds funds N(rt•s INCOMING RESOURCES InEomln8 resourrt5 from ientrated Voluntary income Investment income Incomlni r•sour¢•sfrom thtlMbl• •rtl¥ltlqs Theatre Produrtions Other Inwme L564,227 56.222 467.739 1.031.966 56,212 2.C#)1,767 6,199 IMI.340 10.860 l441,340 84,250 1.158,344 64,768 Tot•1 r•Ul£e5 1071649 54¥129 J,613,778 3.231,078 REgOLIRCES EXPENDED Costsof 8eneratin8voluntsry inc¢me Ch•rit•bl¢ •ttlAfj¢s Theat prc•Jurtions 2158 225,088 167.402 1935,127 585,564 3.520.691 2.872.880 T¢xal resour$ empended 3,1602 585,56¢ 3.745,779 3,040,282 Net Ont(Mne/lexpendliurel 187,5661 1444351 190,796 Transfer mO¥ent Infunds 187,5661 144.4351 1132.IAIII 190,796 RECONaLIATION OF FUNDS Tot•lfundsbro¥ht fOrrd 6,968,357 112.172 7.080,529 6.889,733 TOTNI FUNDS CARRIED FORWARD 6M•),791 67.737 5.948,528 7.080,529