BRISTOL Regsiered c¢xwny number C(17W07 Regstsi8d chanty nurnber 22B235 Bristol Old Vic and Theatre Royal Trust Llmlted Trustees Report and Consolidated Financial Ststements Year ended 31 March 2025 •AETrI460Iw* 19112rd025 COMPANIES HOUSE A7
204
B•"siol Oky Vic & Theatse Trust Lwtiited F¢the year ended 31 March 2025 Cmtents P4e RefererKe aThJ AdmwwslralNe 081aiL% strateg Re1 TrIlee$. Rep Stslemenl ofTnutees Rw47nWb(es Independent Audi14y5' Repyt Con5clidèteo siaterwl 0lFinawlA¢ivrtiE5 12 14 15 18 cOldated Company Balance eet ConlIdated Cash s¢*¢mw)t 21 22
Bristol Okj Vi¢ & Theaire Royw Twst Lwnrte¢J For the year ered 31 22$ Refertncè and Athninlstrnti¥e Oe.18 Ch•rty numbw". 22235 Company wTrJer'. CQ75eAx)7 RegIed Of.. Brisk4 V BS14ED Priwal Offi(.' 8ristol Okl V Kjng Stt Bristol 8S1 4ED AL15.. Brah(¢4 Flemiffj Audit Lmiiied 10TerrylE BadE . 8ristol BS1 fL National 51N$ r Bristd Cty OffKe 8SI 3EU Sc4i¢itiys." Nwrry4 Quoy Htyjse Ouay Bristol 8S14QA Tiustees.. Bemard DWue. Chaw L3Tryah McAlk5ter.Jc ct"re Hixoti Chftrffiyerem Oth"rrt)J Oavhy Sproxton CBE 12_0325 10.09.25 10.09.25 07.07.2S 13.11.24 Cramj Cheney Slmeela seIr$ Fc4e Adekola 07.0725 NKc4as Lee ClstOpher Stwp Timi Or 12.03.25 12.03.25 12.03 25 10.09 25 10.rr3.25 10.0925 10.09.25 AmaThla Fo Laura FnJ Sath Gieen Amanda Pearlm•n CEO". CEO i Diieckrf.. Dad Harw Naw Mediro
Bristol Old v & Theaire Rty TnAI Lmrte foT the year eThJed 31 March 2ry25 Strategie Report Objectiv¢s •nd A¢tivitt¢s p4paI Actt¥lty Context The cosi-of-INiro 1$ tTh)lin to squeeze tt kYJS8. Ihe 9.8% rtse sn NatiCal Mlrn.age Awl 2024 inrreased onty Staff wages bjl had a kftock-c elfecl w freelarte rntes and pÈrmwt $tafl wages. ErgY ntial costs retnained hyh 1hroug1w year. and ojsts all othei areas ol the orgaThisan continued lo . hawng an thwecedented iftwi Lyb Il atyilty of "S1$y Old VK to W to a breakeven posthn ow ntinue ts revw 1 our adivty rn9 sure rt thecty to hwRvJ ¢yJr strategi¢ obie¢¥es so ihal we cqn. wherevw p1¢. moD)1ohTr Ihe olirtx L¥eali¥e arnLMtJn Ilwough all ouTstrands olwork. The work we prothts share at &stol Obj is vais ol artistK excelnce. S491 and di¥ty. The Missof8115td i5tobeafttwYiW Sus1wab calysi lorthets. mUring dNerse ¥oKes and 5klL5. creatry refdwe aTrJ forw8r&thiiThJ work. citys tytturnl tytrh, JH whi InSring 81istd8 preserrtand lulwe cunmunitw. 0 puw i5 to provmle spare lor Cr2atfft exKyakn. wls ¢dall •id Ihe8iie thal wcqk$ ts) dismantle historic i. lostefing SOC respe# ww95iy. Okl a p where every( can exFeriertt IhetransicmwNepy ol INe theart. Owwme team is u)mmitteil tothe t1¥5 of Bn'slol Old VK. We ha¥e a slrorg sense of civtc duty Ihat is deeF4y rooted inthetofflmunilit501BriSl3na yKle inDJraliry aspacefrKdtswwe adIhght-pro¥okln9wk. WefundamenUty beIVe Ihai everyone who wants to. srthhj be abk to our progfamme5 ofthty and th it ¢5 Olti respon5ibilty lo purposefultyevo+4eouwclferand make ffearrwJfvJlcorndkn Fwle thal ha¥ehSlCty fdl engag8. or tske part. are 41 essenl481 tomwne$ olthts thJ•£ivt. istol Old Is a rAac peo&4e frt L•¥rnlng & Participation At peak times. we delwer 35 das¥s for 723 FwF4e Ferek. In 2024125we py{Nided46. of hIg19ality cfyitsc¢ lime and m)I 17.079 parf41ts frLYn across 8ri5tal. Our classes and wp5 irKbJde Yowg ComF•by l$ ce at iNd and yo9 Comparry Crty wNch tske5 place winanly in East aThl Centrd B101. i#mthJc4ThJ yrj petyle to drama. 3yeav541d. Yourg Six Six. Made in 8fts1. fecthcalYoJlhThere and ljnwersay0f8ris mcoJuteS.tog¢tre•bYOrwj pe to attess OPPl11 in HE. FE arxl iobtr•nir¥J cweer5 inthJ5ty. cwlinue ** all wards across the Cty of Bristd. ¢JelNering esxThtial ii¥rty li statt sthools wh¥e there is now no arts Whil akng5KJe rare to SUFWI your¥J people's mental heaKh. In 8d(Sb"on to the cla$ses arnl w¢"off¥. we nt t• w)sure that thwe a p•thways beyoTr¥ o Er989em1 ¢yepert 10 C8re¥s in Uwire. vlith the£re8018 rw Iler8ryJ department. Artist Development 23124 saw u5 replace w e51 Fernvtt wth a new Lierwy deparbnert to deiw impacdul change for arfisls wlh a 4>JS £) devdt¥W9 llerS and dtyeC. ' In January 2025 we etMitted to fesKlenoes for four Wfiiefs ai drfereni kvels of experEnce for a perK)d oifi¥e years. The writer5 are WiThsorne Pinnock. H•nnah Khalil. S•m Parker Munewa pl1 Wrthin Ihè eXtin9 Femnt b19¢1. we have akne(xnrThtted tOWL¥k wth. and SUFSrfWt. Icwr L¥wtsaicffls ass10¢ arbsts tWh o
6ristc4 Ohj Vic & Theatre R¢431 Trust Limi¢ For"Ihe year ended 31 Marth 2025 Strate91¢ Report l¢onti Assooate Companies offer. Ow ain isto Itth Itw have support thal watles Ihem to cijntinue wovpakng vlal xtwity Ihal rICh ctthmallrfo ofwr CAY and regon t¥[s mLYtar ol Bristol Okl V. ¢reatlve Progrdmme We continue to pr¢grme Ihe be81v¥LVl availth to us atc¥y¥Je a bBLqnced seasm of OutsIty W•>lLed and wor Ow programe in Ihe Thea and SIL¥fr seeks to seThe exlstir¥J nt auth.e88 as wor towards de¥dorig 'c ber$ Ihat refied Ihe 1vertyOf &isld and th(i5e kve ¢xrtsde of Bristol. create p8ttrway5 for wovk to hwe 8 Sfe 8ThJ devek)pry 114t 5peas to 8nslc4 #fvd wth a enOI seThe audlerS across the Ulc DurlTrJ the year I3&C•ti(at IK4ders watched aTrJyhH mix oflwhty¥ated Th¢ irK4wled LthRed. A CIWd IScnce, RÈvethraith. A GLxkYHDuse LrtlleMmd-fourofwhh ¥Nerenew FxodLthDrts made premiered bwe in Ihe ofy and we lprodl wilh the Royal Crth wemwed Londw and knjd to 8ri$td AudienEe nLthbers are up MO Ih 30% on the yew aThJ tAJr 8rt(la were filed to 74% d cap8Qty. 40% cl lid(et buyers weTe nEW-treeé. ow relentsc¥i cl last yearfs Ly)kers 14%. Peo were eomirKJ mLve Why we do It Tts provide rnYrd cYportls peoF4¢ 10 develw U¢Otr¥ity- skas thai wll 188t a lifet•ne. A also creat8s opportunty. equty. and career pairh¥ays éNerse gro of Fwpbe that wil ¢we slnable 9rvMh arnl positive change f¢rthe secturwerlhe loThJ In Artt$ aTrJ young peWe at the heart of whowe wts wilh. giTrAng them the IrK48 and SUPFYt 10 devebp iele¥ant wcéuLs pe( ot8nstd. How we do 41 Our focus In 24r25 was gei to w¢Yk hardw o)st contft4 8n¢l irxxeasing re¥enue wth a fctus on gettir4J the progr aL¥w spxes to breknen Otr ar. Acc888. People & Culture The works continues lo char cthbJre al Bnsld Old V& ieffrf)¥tiig irKINvJuals work and wani to WO in oursector. whilst ensuriw Gyeers are susl•"rth. This work i&swrxled by owkness and Ewaity. DNerty and Ion fEDI'I plans and ow Vaw arY 8gha¥ws. Our val.. Ac£essth Brave Irlryity Palurty PlofeSsw Re%lipTht EnvKrnnme Thank$ lo granls frryn Thealr8s Trust ar¥J of Eryland C¢yrned A• 'Ve been e to wnlinue io replace inefficieni lightsng ¥Mh enÈrgy effiLierd Ixjhlry. There is ffye wrrt lo tknch is sUPP)rted by ow new Climot• aclion.pi4n. RatIonshipS & Rev•nuÈ 0Tr3side 3 fit.lor.wrpose Mwk. cr Safes le•n to irvea5e the tolal nurnt4v of audiences wewekome. the akwintmentofa SlralegK Devekynenla Furvjwaisry Owecorin emter1&enain9 ustottnlinue t) develop our lony-iem fundrasry strety. Ow amtslth 1$ 10 of aUdce. ert9Jyiffj them lo join OLK mernbÉtship s¢lmes ijevdopllwn 4110 temi cb)rvys. Cornmer¢lal Activity We coniirtLtÈ tOTAyJrk 10 get Ihe Irr¥j prcfft to£l.IX(* by 202W. $trjd to hl its Food & Be¥wage I"F&87 8nd WshOP largets fft Z4r25. * had scesS 1h (he larger formal cthmrnerci81 events strategy thai maximised net return and Ihe SLKcess of Nv41 Yearfs Eve. As we end the fvroal year. we are having lo
Bristol Obj Vic & Theatre Royal TrLst LMnrf¢d Ihe year 8ed 31 Marcth 2025 Strate9i£ Report Icano Athievements and Perfonnan The finan1 year 24r25 cOrtn to dlwy'rKJ costs d thYwage5. erY CD5t and rnaterials. aTrJ olhei costs aLY05s the tNJsinesS lrtYeasiThJ. C{Ue(l lo be impaaed ty hgh nifian mnIrj IW in 1 Iwm$ our ACE gr801 all OIherrKe W to vA)rk harder Ihan erfer. 14yrd upfor JlerLel Me Go. exceeding the Ix>x office laigel and & lamity avdiwKes c¢1 to for an wt$. briging n u1151enL sohd box Incornp New Wrry $trU99 to hit its box ¢fre tW9ets the ytsr. despts 4 & 5" fe¥ and slar ¢a$¢s in both A chKelofS¢AÈ oTrJ Retrthr8tv>i. We nIInue to.make prOs$ wih Ihe aTm ol dwrJ authertts inlothetheatre throwjh a balanced programme. of dRrna, commeroa yothsd¥)ns. famy. • and r• in the $tOn Sturf trt hwe laken Ihe Chdltswes of re t<x offic twgeb on the theatre c5•der8M 88 we fte Irto 2926. We are gralefvl lo have seoJred from Arts COU71 Ennd fACEI thwtyjgh to Ihe end of 25r26 to support this siage new wtyk acbvtty addrfion lo w >gryfwant nwnber of outreath. en9a9emenl and lrferary projects and to facilitate a¢$S to the Itatre lor ItXSse wr1 have nwe. We commerc4al actNty through our bar, c4iwiry and events and trwilding 10 Supp the theatre. aDd continue to drwe our I[aln9 to r&luce the dÈfrcit enab us totll1e as gUardIw ofthe Iwtiage Br15tol Old Vl¢ Produ05 and Vlsltlry CofflpaniEs We began the Ye Ihe return ofzag andlhe FIDC4s.whth rwed ¢x¥ dler lotywng people children. Foll(Thj M frem this, May 24 was the retum ol Maylesi. T dvjn'i as y11 a5 expected aThJ missed its finaroal taryet. Talawa FI ran in the sluL&o. IrAbed ty AIu58urn oIAu5terity Bolh were succe55ful hitting larws whilst in Ihe tsaire we kwemwed A Cl d ScwKe. dw8cted ty Maith8w OLWter and #arrin9 Tom Fellon. Ihhil$t Ihi5 £1¢¢ 4 & S" revi. rf laled ¢0 IMI its box office twgel. whith wa5 4rsappoinliry. CornE& contsnLd throug)ut May. Jun& and Jy. h"th"ry rfs t#)x Offi txjl rt is across wnedy wogrammewhere we started 10 see8 ia 5eccrfwJ¥y sPd tryew. F¥mY work su)trrw. with rw Wto to Lh¥bXWS & Mfft818easEs. Kmg Arthur artd Anna Hit¥scus Sow. H¥Jh 4ualtty yw pec aThl a second rlIa a#Jed by po¢x weather 1)05ted ik1 5ale5. In Septsmber we the return ol Wthldethy. by PW ProdLthns. whth wenl orto a UK Tour. foHowed by ReverI. wrrft by Matthew Lopez arY starrin9 Eleanw T¢)Trlwffjtyi Apin. the Wer received 4 8 5. rew$ but just mssed its box oife target. This was felowed by • between Bn5td Ohj V. Rose Theatre. Maern Theatres and Royal & Oerngate Nryknarnp of Ne¥w Lel Me Go. tthrh smas11 rts box office target. and we The LitlJÈMenn8id. directed by Miranda Cr£#nwdl aThl lIlen by S11 Bhattatharyya in tales ofdinate thange alongside and urcus. yei aga had 5trrfftJ ie¥kns W ltunate didn'l hrt Ihe mark trs yew audierKe5. A%1¥8nce 5aleswere Irackry krgd t1 nc4 tyanslaie into M.%)Uth and meantwe missed our box office larw. The red1 irlexpected lickel hohyersatsotsd aTh impadw tyar 5s with • net k)55 lorlhi$ prodvrbm. We 5tsrted 2025 • F¥#y On. ty Tawa Tiiee CpY ¢Jek4Yred fnJnuly arbJ 8 brSllkirt rnix olvJwKe intolhe Iheaire. Thswasfouowed bya swies weekty r$0151fyRe¥&nedand SlkxvSI¢Jppws The M1. which were wogrammed to fill th2 gap ft ty Sl8rterforT>. whKh to auturm 25. We closed fv year a swies of fantaic WryjrS. A Gc¥l wrfh Tr Roy¥ Cot#l. •Bain programffled lofill the gapleft by Start•rlor Tenand &JuW. WrfhThe eebJradeTheaire, Cwenbry ano HackneyEmpre Very thffereirt In cont)t and Sty 1h rave revthvs lor A Gottd HOUÈÈ but missed Its box i)ff l¥get arvj Rryn8o & JWieltAW had a rrMxe(I sei exceeded rfs oifu largei. The studio tonlinued to perform well o¥er Ihe year 1h 8 rarue of h3hqualty tiOnS to defNer for our growirbJ and rw audience. Ffom IheeMira¢ydinary prod11 ol Hoh Ste8ks. lo HowlLeamed 1¢ Sw. to the Bruniwty)d Proe ror Bulhyng TeChNMe01j•z. AddwJhllul Brtcl Old VKwod4Klion olLith Redai Chrtha5. direcie by Lvaa Ityyowger wdiertts. WO5 tlY>rrwhty enjtyM. As in prevx)u$ yÈ¥s prfyYudh)n wsts we byhtty and ts)x office InCe dKI better ttwn forec851. even wrth several show5 mk%sing their wgets. The •J ofwc#JLxon In$ 1xrts¢hTr9 ocmss Lx)Ih Spa.
Bristd Okl Vi¢ & Theatre Royal TfttstLwnit F Ihe year ended 31 Marth 2025 Str3te9ic R•port Icorrti W8 cMtinyed to rfl¢f a rary ol tkei enaL4e as rmrry 88 Io see wgKt?ns. fickels $tarted al £10. and in addrtKn lo tIMsl Enpgernenl departrwt and LifeTary dppat1m1 wothed Wnh existing groups its bring lffl in lo see a wkle range ol wClI5 CthtE to be KndiblY watefiA lo HMRC kn the cory11 Theatre Tax R9Pt.IlJl Mt be ableto any Digltal & Film Devtlopments Film sales fLY the year were forecasted the coriTh•Jih ¢xw soryK85 k¥film9 wty¢¢is. We were Success1 in bwg onlo Bkffikn9 Diyrfal Aceeler¢x progr8nYne, wilh a gr1 of £150k over yearS, %ilti Gile$¢WasCwrrwaIedT¥th FelU.Tlsixcoyarrffleol slarte¢l in October24 dwD"Thues through to Oclotw2& C•mmerclo1 We r&inued vjith the 5dling of ces aTrl p35trie5 and PirSter ¢qes a$iwr hotlm1 offer. thast cakesand pastri•s t Ih&r profiltarget. IhÈ hot fr)od Oller stsuggw and ovw81 ceriry rnade 8 h)5s in the year. Our conaurd Everts ne$S eXrded taTW and ofvs thff¢rent to other venues across Ihe city rtdivering everts. enablity us to the aThl ¢Kovts)ft a¥•lab in theatre. Owvthshc¢) oJn1s to cre and scenwy cK¥ own. aTrY thYOaty yoluctions al a competive rate from our propety in Alt¢on Ooc. The loss of our Numerral c¢tr rcNCI f8bricaiLY the year and IhE employment of a C<)mmertia Wukslw mage[ in lhe place has rnt yiekjed the ffin8nual Te5uMs we woukl have eXted. Aswe rne ¢0 2Y26. we are miewr9 Ihe slnxlw•rflhe tea'rn in thpTMrykshop. Our commerLial acb¥ty in pro¥Klir¥J f•78?1 $wwltottl8tre ar%J ¥ttKlio y¢dl)n$. thstdevelwrrt U5 oulreath aclwty for our people and member5 olthe cJJmrnwwty. FUlr4•¥In Vve were SUPpd Yhith varths Grnrts durYvJ the year enataed w lo cwrtirw to dElrder ¢ng3emÈnt and oulreach yojeEts as wel as the Ihe heraage kA¢ery swqe( Wt rai¥•d throw The Gi¥e m•tch 5Glwne 4thKh was ttrds Yow CLmp8n¥ Cty w$ts and swte¢ a Pat1p with WN. SUFP%t thefree eryageffnl activiiws loryoLmg people. In Jutywewekamed o In&W¥lG¥Thwj Offwiothe Fundsingleam. shew85p3 Ncwernber by H Strateg De¥ek)pmenl 8 FundraisirJ Directow and. ie•n. a Devewftt Ass&lWt W85 0yed. We launcld r1 cnpaign Th¢ FLrture F10 SUFVOrtlhe¥Nortwe With young FeOt4e andartisls and condudEd the ytar • fvn(tsi$inll even¢. Durlw Ihe ye, we contmiued lo rtceNe suw frorn ACE 01 £1.25C p.a. ACE Ccrfirr thai Ihis funng be exlanded lor 8 fijrtheryear. unto 26 and we ha¥e teen 5uxe5sfvt In 26r27 ext$1 year luThthng. Bristol Old VK 15 committed toer6wffig th 15 acbvibese COLd7th tsegrity, oFenness. resFecl arJ a¢c¢un&bilty. Ffist Old Vi¢ s wis1d Ihe Falng ReguialN. to the ¥duW levy 15 p•d, Fundran9 actlty is complk?rte wdh Ihal b)dy's regulatws. 8n.stot Obj Vr nol a ct¥porate member of the Insli¢ute of Fundr•w9 fion. wOfessoI mernberthp bo(ty for UK tutyJraisw)g which pro¥id8s guidelines on best wadi¢È in the tharty Setior, h(AvevÈr FurvJraisir¥4 aciNty Jhe$ 10 the CcJe of FunLkatsYtg Practice whth selsthe legal reqrents. 1le%j syslems appèrf to UKfrJnIa1na actswty. We ore also fvuy oJnpkaThtwrth GDPR and PECA lEg151atfft. AM ourlundraisifMJactNity isdebbved IThe. arwe enswe siall#otrall in ¢vlLHthlsingpoles and pro¢edure5. SUPPryted wlh cwtrds to ersure comt. The ojrrent Bnsl¢Y Okl VK ElhKal Fun(trag Ihe k¥tU55 ol Lw twitten Cao * ten 10 enswe donabons3re not accepted qw5I)nob wces. aThJ thai Ihetrust Lvour cwrent aThJ wospecli¥e 5UWX)rter5 is nol¥thteO.
eiislol Old & Theatre Royal Trust Limrted For IhE year ended 31 March 2025 Str•tSg1¢ Report l¢onti 8nslr4 has an wgarM$atw¥dÈ C(th whKh WKIBS ow appm• to prowfig personal inforrnion aTrJ irlNmi9 IThJr¥u It [SOnal wll be Ltsed, rerfoiced ty fxjr Privaey Poly which is 8vailabkn on the website Bn'5tol Okl Vr 15 crynmlled to wrynplty wrth 41 cory.$ Eth•?1 Furth1n9 Por rdatirJ lo lundratsir#J bvty. In 24r25 ¥durary Io SWF4rtctye revenuE and specth WOPCtswas achieve(I#wovBh a mi¥ of lndNMal giving, CrateS andappbca11( roTrustsaThl F¢>15. Supw1trryn 1ThJr¥h1LlS nbershiP offerand Cirtle IrMtiatwe&. a5¥1el as Ihrwh Ihe.FUlu FId, campa¥n fty hi kvel Ojncys. Trlerilag¢ thJrir4J the year thè Organ1 c(¥K4Lthd the delivery of'uwted. DuringTr %Yinterthe HeiitsgeTeam at8ristd Okj prOVye Ihreework pCemeNts M9t05Jrnes ly TlJeR08ring GKI. They met Skil et$ Susy. Telywa aThl t9h rnvJrant support or9aniM ACH. Togeihw they worked wrfh de¥9ner S$to researcha4d ryeate hi51C3y inyed c(6lurres. In att(hon to Il$. a rw Exlmbftth'sewn fcwhe w45 i75talW Shra$19 the WLWk thty Qw1. as weH #S the h15tory •f(JQlhi. ¥Yorkin9women, and the skdleil de5wers and rnakers we yrress The features CeStsJmes fr¢Jm The Roarir¥J Gyl, aswen as loans frcm pamer, Ihe Ufwetsity ol Therè CiiNeGtJ. Staff Weware Work continues Trh ryjr 1ncljsh Offrer and HR Io supptyl the t•der leam at B01 (Jd Vr. Our EDI Bcbon plan Is an ever•d¥ing d(rument, awKI Ixw IrlUn 01 ha5 been deveknpirg a se$ of workshop5, 1rdinY rknngwilh ]neSS. Yer leam . We put in F4ace a new Ernpbyee Assist Programrne fty siaff aThl to ANirtr4e Ihe tiAle(kn of datk of the JeT Staff learn. includry Ihe 80d of TN5tees am Freelae. Sfeyurdiny Policy 4rKI ProGed The Wiwand tedUleS rtr(Jucsdto¥l rlew stsff nn94•1)n the¢pany an¢J torn part oftheemployment cc•ifacl. St8fl are m•le aware of any updaies to Ihr& and Ihose directy arreaed are asked to sign an Oi9nity at Work A Comprehse al Work Poky arkl Prw&tse. re9 upjated ui "ne Wilh Wion. ss t#JU¢ed to all new slaff duriry Ihe perKoJ d ftyms the erymert ¢ontrat. Code ofconduct A comprehensive C&Ye 01.condt p)lry has W intrtykneLI as part ol Ihe emF4yrt m8wJ. Is lrrtfod8d 10 011 w siaff duriny the pe. forn5 Part oflhe efftF4ry ¢ead. fitspe¢t Charter A 8iaiement éeiaibng Ihe requYe(1 51a)dards of W¥lL¥ fmm staff n$. irrtrrKluced to all staff dunTrJ Iheir and lo all vwbr¥J ccfflponsaTr1 ueatiweteams in adVare of cwtracls starting. This document needs bE svjned and retumed 10 HR Mi 01 tt5 }derStand1rJ. The Bowd is irvced in staff welare via trsa ede$.. A Board emr 15 n3184 as Sw•rdry •$ at IAlxk rpwesentabve •rKI 15 fv ponl olcontact Trustees. As reQred ts Executhve Dir$ èoard reprt upjates fewdirvd Mgoin9 is$ue5 on Sguardirva DKJrnty at Any S8f¥Juthng ty Dv4nty at iSSL a Se[X rt3re - i.e.. it has been es(3tsted lo a fMl OiscWinary Pioceduie Ibulyin9 or hwassmentl u to •i eeMaI 89erw lin tsse of 8 Saleguarding incidenll reported aul¢xnaiicty to Ihe B¢Jwd as SI a5
8nstol Okj Vic & Th¢atr¢ Royal Tntst For Ihe year ended 31 ML 225 strat•glt Report I FInal•l Revl•w The finartl resuh for the year i% ret defot of £1.018k of £178k 15 • dÈfitil M unrestiwaed erYt$ and t840k efiaton resknded reswve5. The Reser¥esF0s.onaf Ihe slands al £12.346kof¥thth£1.179k Ur851rleI. hKh remains abe the Reserves Pr4Ky liN d£618k. Unrestrlcted Reser¥es DonalKJns le9¥ies fty the unreslricled fvnd uKTra5Ed rrdesty yearYear lo £1.SM 13Y24.. tI.$621. whi exwndiure on r•$ing volurtary WaS detyeased 10£67L12024". £791kl. Ir¢ from LaiitabtE irtrea5ed to £4.244k (2024". £3.531. ww)typatty lo bom offKe nctyme increa$1 to £4.169k {2024.. £3.447kl. Exwditwe on LaritaNe aclivibes f¢r the uNe5trided fimd w)ueased lo £5.968k Q024.' £5.19&kl. wnopalty ¢Jue lo rKoducth)n costs irvea5w 10 £4.721k 12024. e3,716kl. but aso due a rethjction availab f#JIreh lundity resu#w in more thresirthd costs bEAr¥J Sed ev ¢¥erall oulrea¢h costs . feduced. Incom2 from c¢181 IradirvJ op•ration5 Il¢xd. knrage. work5hupand ffml decrEasedto E1,285k12024." £1.843kl. exFendilwe obo detreased lo £1.712024.. £1.7k). Thts mov¥ment in lh¢ uNestrid fund IDr yw i3£1170lk (2024.. t<340lkl. 1$ 8ftrirwnt 01£642k P024.' £248kl retsied to Theatre Tax R. De51gnal¢d R•¥eThfes The rnovemert on de¥wed res$ fr the year i% £72k •)d relaies 10 Ihe CC6t of Flad maintenance on the "r. At ty yeareThJ the reser¥e Sta at £35 8j is eslwnoled lo Cc0Sts fty 4.5 y¢a¢s. The other desigiiated reseNes have seen nts MOV in the year Ihe feseThe5 d £323k wll 5WPNt swif¢ Arti51iE and eox Off¢e challerv4es in lulweye8rs. R•sirlcted R•seTh The TNst compary had mtrlemwi of £1840lk Reslitted Reser 45 a wrty4errent of £1.0 M the Cawial Buildiftg R¢4tves irKrea5e in r¢5erye5 Oulrea¢h wwmes d £2fiJk fr(m I151rj durirJ the year The t10.844k of R¢5trided Resth r4$ Ihe remawrrirrfj 10 yews of ¢J1¥t)n on the G•pital refvrtjishmenl prowamme. Investment pow•rJ poOT Under its MeOndum an(J ArtKles ol A5¥Kk)lA the charity has of in¥eslrnenl. The TSIteS. having regard to Ihe liquidty requIrents ofoperabny Ihealie aThJ lothe reSS py. havBoperaied a pOlOf keewNJ available I& in an irerest.beariny depD5 sedt to maxiffwst the late rlerest. Reserye$ polky and maaert At Ihp End cf Ihe year Ihe grwp had reserves of £12246k 12024.. £13.364kl É11,125k (2024." £11,965kl w85 held in ReslrKted Fur)ds. The Trustee5 have a c+ Contu re¥lj the reswve5 $X)S. 10 Ihai the thanty w $uffiaert fina1 re5EThes to meet exwr45es a5 Ilw fall du•. In 2024QSlheTfttsteesseta ieserves polyof£618k olw1rXed r¢SeS a5a v•kElhatt¥Jdcovertheimmethate Costs of 8 short leTh d05ure. In Ihe this wa5 iyeached sevwal tines ihe knd98 that the year end resutt woukl wcee(1 the reswve5 Mil tax relel hJ teen ratylated irto tr tesL. The LJdgei the 2026 year refieds the Teaed cosis ol natnal Minim w4e and naInal insuiarKe costs and it is lpated that free resw¥es wll decrease. In accryda with the StatemW of ReO)mfflwed Prnci ISORP 20191. the Truslees have reéwed Ihe curTent reserves policy agreed that designated reserves will be transferred back to free rewves as necessary over the corThr¥J years crfder to mainlali a fesw¥es bance of£618k. an affnI wlxh is Wlif3pated to be D)vec ilwee rnwlh5 ofo¥ertNd aTrJ potwrtid wsaiion costs. Rlsk ts¢t0r¥ 4nd mltlgation plans The Truslees and Executive management rtsks and Ihe Trust together with the w)herenl
Èiistd Okj VK & Theatre ROY Trust Lirnrted
For lh8 year 8ThJad 31 Mch 2025
Riskluncertainty mitybw F4an
Cost lrfatkin erw. fflaterkqls aThl sWa9es.
are drNTrJ ieductson in ryvhead5 IOh thrrogatw and are examiniThJ whwe
poslpoThr4J of i% leasif and does r1 yeneraie firture fi$k Wamed
matenance tolaued approximatety t45( in 24rds) Recent Intr¢gatIOn ha5 delivered relund on
¢lime etha energy t4k. KAUS a eCtr1 iestirpj coirpany todo PAT Sting across
Ihe t•JJiThJ has made a 1rJ. u5 b firmsh inslalhng LED Ishlin9 across the
buldiry The laiiÈr¥¥ill coniinL loredLttdectrKity thar9es knthestth1. medium lor¥J ienn lenÈrgy
costs £126k in 2Y24 and E137k in 24r251.
Some aa$ ofthe stil wesenl OkWIiiMies io tetter"si¥' the asGeis aThJ Ih¥¢fore oltset
una¥oh¥able whe•J infi8tKffj. ill coNnet¢ tevv•the cwrtunth'es area5 aga10 slr8lyc
plan.
We have idenbfd Ihar our Tratre Tax R4f d•ms Ilh•t form a malen81 rtem of income Tn each year)
may have téen urwJwstab"ro el¥1b Q1$¥j expendilwe and are proce$ses sure
thalwe are makiThJ daims for iehelthat ¥e remarj I¢ arwj ¥easonable.
Grealer Price Sen5aliirity driven by c051of IMriJ wessitre.
conlinu¢yJsfy re¥ clIcIet priang StnxtLYe k¥YAry. ¢paign$ andoffers on prky
paror perfrymances aTrl kve mwei 8Tr1 buyer behJr Intellerte. WÈ USÈ ourundetstandiNJ
ol audieno bphaviDvr to a55e$5 the risk associed wth prodLthns, 10 Infum our FyoJramm9 aTrJ
priong decasK)rbmakiTrJ, ar1 sEek 10 babnc OLV IhE t4)niext of ¢wr $Wegic wribes,
siralegicvNon and ffin81 rith.
If re4uwed. we ¢an tharqe MVA of Kwamw to. Sx ex)FIe. ftiiKJate the Ibsk associ81ed with
AJIS and crtI EThJlaTrJ IACEI fi(kn9 relkwtt.
o ACE has confid we wll ntinue a NaiK¥l P¢ytldK) Oroanisalw INPOI for 26r27. We have
been suecessfrJl in 26r27 exlen5ion fiJndir¥J from ACE and crrtinue lo m•niain an oFen
4Yialog [h the on IwLYe hJTr5rnJ 1¥Ok$ as $ potentsl fvnders tg
mitigate the nsk of reliarte.
In Ncy4errthr 224 we appoirded a Slrtyt Oele 8 Fran9 Director 10 enab us to"
to deve our kntem) fvndratsiN4 Strategy.
If we do rwjt secLYe ling for er4awrnern. or otW wgects. revw Iheir feagbty in line with our
iethives 8nd appetite VAII Mt W¥eed with unfi1 prr4ectswhere risk is waCceptae.
Suprty Chwrb 8Thlthealre ecwystern wessuie dr by ffinad pSUre &ross
o c4n be F4aced uTrJer wesswe try partnets 0$$ Ihe irJsty to pro¥i1e thar5 r( otherfom
ol paymeni ahead of terrtfadual term5. GNen 24rd5 was Ihe knrd year ol losses for most rnhs
scale tYrxlLKiTrJ theatres, * ur•)ers Ihe presswe in the akvays seek 10 5UPPWt rrt
ers. ¥. we n1 aL80 WXed OLY Crtvn cashfi army therekne in MrtWJatKwe may seek to
enfrxce our contraduèl ryhts lo pay lo lerm. N to rec•¥e payNnlto
M•lagem Risk a$S11ed with tss olkey tnembers ofstarr.
recenly apted a ntw FIrn Diredu and ExecutNe Dyector. INe we eonfideni that in Ihese
roles we ha¥e medium term staknlrty for Ihe cgaThtsaticffi.
We are IoDking lo lurther imwwe internal leckeeJ arxj wSe$ to bettw voted
Reput8lH)n81 DamJe trL¥n 8 ¥Jed Wrtent sialt DJTrJu
have rthst procethjres Ri place to en$we th whal pefi$ on #age ¥ThJ off 5tsge acros5 the
organIsab is in keepiNJ with vak*s. We ask 1 and empbyees lo rewew and
STgn up to OLbr Respecl Ch¥ter so that we r3n be Cnfident thal Ihty uThJetstand what we expeGt of
Ihem.
Lf s¢ynething goe5 ory. we have yc
Bn5tol Old & Twre Rwal Trusl L¥ned For Ihe year ended 31 March 2025 Pwbllc t>wt lthilst 5etbThJ obie¢tNes and slrategies kn the } TNstees have considered the Clwity Crrass's guiLSan ors wblK benefrt. gwdarte crt benefrt fee ch>9ry. 5wnmary •f¢bje¢trdes and xlNrties during the yew gple ofhowlhechwity ddrrfus berth. Aknou9h the twe dwty's ¥Mdera¢tsvitS areopen to al, ¥$¥$ xl wl w paye 4 fQcuse5 cm Ihe people ol Brisiej and Il regM. tw¥J Ihe IhB Iiwr¢ •)d mo$t of ottending tsc reside. The Iheatre relS #n granis. doftath.ons and b)x offKe recW5 to ctyer it5 operaling thsts and to manlain oi )hance the theatre's Ilitte$ •xl gerral c1?. In sethrJ Ihe1tr4d iket charges and CLmcesgor45the Tru5tee5 Other than as rect>rded in nole 13 in ts fffis11 st•taiierfs. id as dtscbsed in the secbon on rdaied pty transxlrf5 on page 13. norte tylth¢Tfttees recer4ed ly bty%fft in their upacity as Tru5tVS. Plans lor Fulw• P•Fiod¥ En$uNng $Ust•inafy a¢ros$ an ¥eas ofthe 1% a key fLt frjlwe. OrivirwJ CorrwnE arKI ¢Yofil In ts JSe$S 15 e55enti and we d*fLV wtilst leslry nv• weas in Ihe In addibon lo tIw5. we are to adthss tr¢ $yst•w be[S the sedor wlKh Gi¢è•l Maitydy •Dsts transferrifigiotr $t End. ApprrNed by ordw (4 Ihe menthrs of ees $id en its behalfty. Bomard DonWu• Chair Kln9Siffeet 8S1 4eo Oal•.' 10 l>•cqmb•r2025
ènsiol Old & Theatre Royal Trust L¥n¢d For the year eThJed 31 March 2025 Tntes' Rtport Strucbjre, Governanc¢ and Mangemtnt The Diredtys of charrtab (the are its TnJ5tees KW#)se of(tsity I•T and U8)ul this reptyl are collir4fety refetred to as the Trusiees. The Tnjslees ser¥ry durir¥J the year and Ihe ye tlwjse as Drctrr in the 5ubsidparies.' Fim Trolg FR FaGP 8em8r¢ Dorwhue- Char LaToyah McAlk5ter-Jones aire Hi5cott Chinwywem David Spromlorb CBE Kkus GoekJent)I Cllr Ciaig C•Y 21.0721 11.0325 .11.16 1009.2S 28.07 17 10.09.25 31.07.19 07.07.25 25.09..19 13.11.24 25.09.19 Fl. KalhennÈAftth(My Wlkwn Suneela Sellers F(Aake Adekola Sophie Bfendel NichoLqs Lee A15ha Thom Amando Pearfman Zoe Sear 25.09.19 27.11.19 07.07.25 12 07.22 15.03.23 20.D9.23 13 12.23 13_12.22 24.11.16 15.07.24 Chrn8toF•r Sh Twni Oni elh 8ym& Belh Wailing Mike Kain Calherine Lwfojt Rithard Fell Andrew Jason Tl Very Reveiwd Fc¥d Sai Green Laura Frude 12.03.25 12 03.25 12.03 25 11.0325 11.0325 11.0325 12.03 25 .07.25 C6.07.25 C07.25 (9.07.25 CrynnMUe8 Name Meet Bristol Ohl & Thealre Roya Ud P4)¥d Finance & GerTreral Purpose CrmrrHllee enst& Old Wc Prod0 Limiled. 8ristd Okl Mc Flrn Limited. subshywy Bristd Old Mc Trading Lwnrf&J- sub5idi4ry Fundtar&ing Comftuiiee lestaLIAl 20251 Remuneratw & (Th) meetiThJsl g•ard F&GP Proj Film TradiNJ FR RIA G¢)vÈrning Do¢ymtnt .The 8nskni Old Vic Thewe Rty81 TnA Lned was twtx* knw 35 Brisld Old Trnsi rn8¢Y aTrJ Ihe change 01 look eifeci 6 Aw'l 2011. N is a company hmrfed ty yL48rantee govemtd ty its MemN8ndum and AIlKj ofAssocra1th7 daled 21 Jwe 2010. 11 i5 regIved as a charity th Chwty Commts$th. 12
Bristol OIJ a Thtaire Royal TrLt51 Limrted F Il year derf 31 Mar< 2025 Trusi¢t' Report Irt) Appoinbnent olTntseB The Chw and Victrchair are responsb for 5tKrsan plamirvj and the idertificatw of pro$tive new Trusiees. All potential Tre5 are then Interviewed by the Cha atsr wty¢h may atlend a Board rneebnj a$ an observ¢r tsefo their appointmwt is consvjered by the Board. Bowd rwt¢r5 are dUCted throu9h m8etings wlh senK $laff. a rX)mphenSIve infnati pack arwj visils lo partsoftheuganisatim. Board vonenl tske$ p thityJ9h aMu818nd otrr Board Away Days. Folltrwing a skdls assessment and ifydepth iecNthI wocess a r¥Jrtxr Lrf Trusteesjfftdts mth Board, I TradiTrJ 80grd and Ihe formed D8veh)wKnt Cornirttee We also Ihe opporhnty lo wetome a Dewty Chvw. LaknJ8 •kMtstts-Jenes. who brir¥Js a ¢pth cl expe8 aTrJ X81 odlure kn¢>wW inlo the role. Oryanigatfjon The Board•fTruste¢s adMintre dwity TIE twrdMeetsqLOrtertyJther?Wernittee5 ¢trIr buiklthgs. financ?, tnjslee appL•nimenis arKI remuneraiw)n. meet requwed. The CtEI Execuli¥e oificr has been ppointed to manage the day.lTrday Opera ol thatity. To tsdiiale eflecb.ve operatn$. Ihe Chief Execub¥e Officer has delegated aulhority. within terns of dgaiion appio4ed by theTrLEtèes. foropwalwl matttrs IrUdIr¥ rinanc&. ?mpmerf arwj a¢ Frtomwce rdaied xtivty. The Bowd has also dekgated iewnstihty kn inwlatKYk of the ¢h•$ slr4y to Ihe Sermor Management Tw. Thr S•nior marnl at 31 225 rornFxtsed". Charfome Geeves avtd Harraway ttyL9n TozeT Jess Campbel .LtyJisa Mccann. Lucy Hunt NarKy Med Tampra Pink ExeryJiNe Direclc l knnt CEO Dredor of Prothitsng & Prth3rnming Eng4¢rrnt Ast Dwettc¢lJ(¥nl CEO Dweloprnent DirEdor The TSteeS cor¢#Jw the Boyd 8n¢J th8 Sen#y MwagErnerrt Te¥m as eomwtsing the Key mageMent Pvsom ¢fthe Charity. All Trustees give theirtsne fredy BTrJ. other1 8sdisc)sed in ncle 13. they ere nol remunerated. Key Managemert Personnel pay policy is set by the Rew¥Jrwatiw & Appo1% Commfflee. deterff4nes the levd of remurEration for each post takry accrth of pjb size arha Cwrt. bxal 8TrJ natTh reeratiOn Kwels lor ¢tynparatye p9tron5 and Ihe skdl sel ONI effedvie olthejrt Ilder. RÈlat¢d F4rti¢S Arts Cour¢il En9land provides essentl CO tw1ng in supp¢rt of thÈ artistic prowamme aThJ other actwilies. Thwe is a Funding Agreernent Ihal details Ihe speCte ¥S"tIeS of tolh parts. repre5enlatwes recive fetyJlar inf¢rmaiKJn )d ¢4n attend ¢w)¢ retij$ as otser¥s. The charity's whrdly owned BFiStd ffradiNJl Limrfed. was estslythed to CW81e bar. calenng and conferenory faolitw and it has a bcerKz frryn tl tharrty 10 operate se facb8s and remits its sUrpS profrt5 to the charlty Isee rK•te 1910 the a¢wJnts). The w)Ity owned sub$pJr ccmpany. 8n.slol Otd Pr(41 Coryaty LIrted. vias established to xt as projucer 8ristcl Ol¢J pr0knalthal we dytrJE ) ProdLthn Ta¥ Reh"ef. The wholty subs1th Obj Fikn Lwmttd. as eished to xt 85 ol fikned projnS. Durirrfa the yeai 8rnlc4 Ohj 8 Thealre Royal LArdEd •rnl is subsNes traaLted wih Ihe folktir organk5at)nS wih WI it share5 mubJ¥ TrLLStee5 as fdWJws." 8ristol Obj ITr&Yir¥91 LiffAled Brislol Obs Vic Film Lhnrted Bris10l Otrj Vr Ptoduclw Comp•y LMthII Strdwk Report IGMI)
Bristol Old Vic& The Roy81 Trust LirThted For the year eTrJed 31 Mwch Zff25 The Trv51ees are a150 dwectrys of fv thrity purr¥Jses ofcoiwany Lwl we resporssble weparing the Tfuslees. report and Ihe fffjandal statements 17 ao)xdarN wilh aKable and Unthtt KinM Aecountity siÈn(tsrd5. irKluding Finan¢ial Reporbng StararLI 102 The FinarKial Repcwting Standard awlicae in the UK and RepUU of Irend luN¢Y 0M Ge(Y Accepted Ac£LMtntiry PraTr. The Trusiee$ are rewred lo eOre finalwl $wements for tath finanoal year. wtmth a truè #nd lairvi olthe stale of affai of the tharity and Ihe woup and the incoffling reswtts and appltsb'on of resources, Induding the nBI irKome or eXnditUre, of the tharrty and the group lor y¢4r. In pr¢parin9 ttK)se financial $¢atenEnts Ih¢.Tru$i a required to. sded suitable p10¢5 artha t •pty Ilwn cw%stentty.' obserye the Me1kdS and prinafv in Chariis SORP IFRS 1021." siaie whether ¥pplK4bk slarthrds and sl•temvnts of re0)Mrled have en fr4lwd. subject lo any mate11 depwiures (sclosed and exF4ained in 1hefin8a si8t¢menis." aTrJ yepare finanGi slalemenls w Ihe wng cwK4xn ty45 YeSS ¢1 inapprcpnale to presumettwl Ihe charity wll lir¥je in oper8bW. . time the financial positw of the rtharty and 9rfj and which enable Ihem 10 wswe Ihai the financial staiements ccmF4y wlh the Companies Aa 2C£6 The TrUee$ are also respcThble for safegJ¥th"ng the asset5 of the tharity and the group and nce for lak4ig rea8Mat4e stepskithe yewertsm aTrJ deleckn offraud and (rthef ¥r¢guLqrities. In so far as Tru5tee5 are ave.. there is no relev alit infcrfm•)nofwlKtsth¥iiablec¢mwns are unAfare.' and the Tru5tte5 he ten al sthps that ou9hl lo have tsken to make aware of afty relev1 drt Infcatrm and lo esllsh Ihal the •Jditws are awe ollhai fOrm. The Truses are le$pLsItAt maitenarte irtetyty of Ihe ttyFore ar finar nformakn Wlljed on the chiabte rypany's website. Legi5Wiw the Unite(l 9ry4emiry prewation and thsseminakn of ancial statemenis may tter Irom legia1M other IsdIc1. ¢1 Ihe chanty guaranlee lo ¢ontne an arrthnt nc4 (ted1 £1 lo assets ofthe carty u) Ihe event of wintlin9 up. The Trustees we m)bS clthe L•My Ihs erAths them 10 Votry rW$. Trust¢¢s h•vÈ no bwefiri01 interest in the charty. Audito Bishop FIErr#TrJ AL¥Jd L¥niled ve as athors n9 the year and have ¢wessJ Ihetr wibnwess lo that Certatn Inlorm8bthi is ¥KaJe£l in ts siregtc Re SLK as ts PrK¥ A¢*vibei. Revitrw el Business 8rKI Future Deveknwents. Approved by othrof thE meffthrs ofthe Board olTru4ees it5 beh#W h.. gemar(l Donoghue Chalr n9 styeet eristol 8S14ED 14
Bristd Vic& Theatrè Royal Trusl Limded F¢r Ihe year eThJed 31 2025 Independent Auditor5. R¢port to ltr• mernt¥w• ¢fll Brithl Old Vk •nd Th¢•tr• Royal Tntst Umlied OpiThon We have ated the fwwKial 5talwwts Theatre R¢4al Tru51 L7ed (the 'parent ehaiitab cthmpanll and rt5 bSlIar$ Ilhe 'gr¢x4)) fty # year eThled 31 Matrh 2025 comprise the Cortsolidated ' Statement d Fancial AtlNitS. Ihe C•Jwolidated Balarte ShÈet. the C¢knpany Balart Sheet. Ihe Consdidated St31ement ol Cash PjS the related ncrtes. incwry a summary d nifan¢ 3ccounliry poliries. finamal reporbry frarrwth thal has aO(ed in they PTeparatW 15 law United Kitydom AcotyJn"ng Standards. wKludir¥J Financ4al Rewrtry Standard 102 The Ffftartol Repxkn"Th3 Standard awicable in the UK and Republic of litnd. (United Gerrfralty Ar£epted Ao)xrknr¥ Prxitel. In tyJr the fm8rtk81 siatemts". givea true¥nd ¥ieofthestate0ftheCAS arwJoltr p¥enith•rdab affaffs as at 31 Mar 2025 aTrJ ofthe Gro$.S res98nd of r8sowces, hK4LKling #5 irKome and exper11 lor tho year Ih¢Tr •ndod,' have been prtwty prepwed in 8ccordancewblh UTh¢ed Kingdom Gealty Ac(rrted Acc3Jurtw¥J PractKe'. and have been prepared in attordarte with lh¢ rEqvirernErts olthe Cthwns 2[. Basis foropinion We condwted our oudil in adar with Intem4tDnal StaThJan15 orb Audiing (UK) OSAS {UK)l and app1Kae Iw. Our reswnsibhts Ilx)se stwdards ale furtlw descrritd in the Audth)rs' resFthsitxMs for I audit of the finawal statsmÈnts $e¢ihyi •feM rep We ptlheGrtyp ffl wrdwtymth Ihe eth1 reqU1MentS Ihat are r•148ft1 to tyjr autht of Ihe finar(i slatnIS in Ihe Uryied King1rn. Fwnaal Reporting C¢rtJncifs Ethi1 Sfarkyard. tba¥eir1 ow oiherelhical5W)rtsts1¢5 lnacrrydarewilhthe$e rwirements. We believe Ihai the authl evwjerte wt have IaIned 1$ s4rf1k4 aThJ ak¥wate prthide 8 basis fc¢ow okn. Condusltyis rdatkng to gtyng ¢•n¢•m In aUdrj Ihe finan StaterrS. we have ccuded thal the Tnlee5' we ofthe ccrn t585i5 oIBccounb'ng in Ihe preparatiw ofthe fmaroal stements is apwowe. that. iThlNrdually or co11¥ty. may c8$1 dthI the Group's w tr pwent charitable cunparrfs ability lo a$ a concern lry a rertsy of at ast rnrrths frryn wn the ffinaicI 51atem2nts 8re athorised toi iwe. Our respmsibilrfs d re¥KbS olthe TNstees resFQd wrJ ctrtem e desuited in Ihe sectiorss olthis iewt Otherinforniiion The other InfNmaton eornryBes Ihe inftyfflioft ije ITr Ihe Annual Repm otw fwnial $lements our Aull'ts, Reportthereon. The Truslees are respon5114e for the otlrinfMnabon iJy)t•ned wrthin eAnnUal Reprrt Ow0nIort IhefinancBI $18lemenls does rcover Ihe othw infomBtsonaTrJ. exceF4tOlheexlenlotherwise expliGilty slaled in reFY)rt. we do Miexpress la olassur)te c0then. Ow resKN)nsit41ty is to read Ihe other Informaln and. In doin9 $0. ctdgder whether the vW¢xmatth is rnaterialty inton$i%iert wlh the ffiftaal slalements LY our knoY4kdge in the ¢(r$e ofthe 8J11. u rlherwtse appears to be rnaterialty rnisslated. 11 we idenlify 5uth material nconsislerKs w atvarenl maluial misslatemen15. we we iequired lo dettrme whether Ihi$ gwes rise toa materh4 rissmement in Ihe finara #aiemenis themsehfes. Ir. based on the work we have perf1. we cClude thal there 15 a mater01 mlateMent oflh¢5 fv inlmik. we a rewired to rw Ih8t f8CI. We have nhing to wort in this reg¥O. Otdnlon on otherMatte pr?riti•d by the Cofflpanb•5 7W6 In our qjinion, based the work un¢rtaken in Ihe¢(wrse of the Ihe informatJn given n the Trlees. Ret#xt stra189 Repryl fty the fiwcial year ftwwhith the finanool State ** prepared 15 ¢[lSIent with firwoal strtemeths Ihe Tntstees, RepM and the Strategic R¢FX%1 have been p¥epared in attae Tth aPpab l. iremenis. 15
Brrist Okl Vie & Theatre RO Tru Linrted Fu the yeaf eTrJed 31 Mch 202S Independent AditorS Report (Con Matters on whieh we are requi to exception In the light ofow knothedge wderslwding ofthe ¢tsitable 8ThJ it$ I)btaia in cours of the wJ(4t. we nc4 Jonl mat¥ial misst81emerts in ihETntsls' R¢pJt incIn4 the stra Repcrt We have nothing to re[ n ¥¢5pou 14 the maws Yrtiich CL>ys Ad 2LW require5 US to report lo you rf. in wropinon." our audit have not been recVe frtyn l)rdrKhe5 yrted by u$". the weni chwiiable fiMr#>al slemeN5 ate noi in oweellnt with th8 accoutstffj reoirds aThJ relwn5.' or ttyiain diselosur¢s OlTrlees. Iw we not m•d¢: or Re$ponsibilbties of Tvu8tee5 As emplained mve the fi18e$. RespMtilAS siaieftrt. the Trus (who are also Ihe direclors of the charrtab company lor the purposes of company law) are re5PWSt48 Ihe PfeparatiM of the h)anc4al st8lemenl8 and for beng satisfied that Ihey gNe a true and far vw, aTrJ lof suth miemal controt 3$ Ihe Tru51ee5 determine is necess¥y to thè w¢parKffi fin f¢ trcth maiMI fn8statanent. whether 10 In prewrvj the fjnancial statement5. ts Twsiees are for4sseshg th¢ Group's the parent chlab CTpan9 abiKty to coniirvje as a s¥Jry disclosry, as 8w4¢able. matters to ¢(Merr¢ and n9 the 90iThJ wncem basis of accJJufflw Un5$ the Ttee5 tyther iniend to Ib?idats the Group or the pattni tharitable company ¢y to Rax werabw5. or hove reLts¢ Jlema¢ive lo do so. Auditors. responsibilitie¥ forthÈ financial ¥talemtrits Our ot4ecihves are to obiain r¢aWab assur8 attht whetw Ihe fffjarKtyl stateftnts as a Who ar6 free Irom mateftal mÉstatement. wttkner sjth io Iraj f eff. to an Auditors. Repon Ihai iL$ our opinion. Reasonable assurantè is o of assw but * rb)t a g-wanlee thai an aLlil c4yvJucted in acKordantÈ wlh ISA5 IUKlwill aayS detecl a ma¢enaf missemer1¥1hen ilexists Missiatenvts frorn fraud or error are ctiTh¢Je¢ed material if. iNJividualy c Ihe awegaie. Ihey cJ)ubJ rtat£)atyy be expedtrj k the entsM dechon5 of users laken on Ihe tss cllhe5e naral s1atwnts. viith Qui respth5imies. outieLlatThe. lodeiecl rna11 mi951aleJrnnls re5m Ofegrits$. inclLthgfraLha. The emem to wlith ow pmcedwes are capaNe ol deiecbivj irtegLrfibes. I11j tra1 is thiailed beSN." We hav¢ conse th¢ natrjre oftl Sec. en¥vwrwlaI fifi8 FrfonCe'. We have cOnSre the results ofenquestrffih m¥ogeffentdTrusIees reiglkntolheir trn #lentifallc ond assessmeni ofthe of vregu¢its ilhin fv wp: Vvo haye rwwed Ihe lycojfftentat ol key ¢eSSeS aThJ ¢x•Thtro and perfund walklhrothjhs of Ir8nsacbons fv Confimi Ihai Ihe syst$ owatiTrJ v) line do(2Jmentth", We ha¥e Idenirfied arry matters I19 aTh1 ie¥ited the GroUp'SdAMets of polioes and procedures rektw to." Idernrfying. and tomth"rvJ wrfh laE aTrJ regulalw)rbS wheihw Ihey weo are of any instsrw of ncrtaMWc¢". Defeij and resrmrt.ng to the i¢ks of frathy Wher IW have kncwledge al any a¢al. SU5peded or a1jed fraud.. The Inte Contro estsWish2d lo Mrtle risks Offra N nOlar wdh Ws and regulalh?ns: hove ¢on5hlved the matter5 iscussed amwg the er¥Jagement ieam regardirg how and whve fraud rnvjhl ¢xtur n the Slatemenls arry wwJKalors lfraUd As a resum ol Ihese procedures. we have tor6itfered the ¢Jpputtmthes afKI incenbves Ihai may tSt wittiTn the Organisatrt for fraud and Kntffjed the hvjhesi area of nsk 10 be ) rel10 reoWnrfi. with a particular risk in relalion lo ywnsJ Otf. In wh am authts 1&45 IUKI we are also requ+red to perform prccedures to reswTrJ to lh¢ n8k ol Manage7[ tiMIKIE. We we also obtained an uthsiaThYINJ ol Wl ¥J rewL8IL¥y framewoths that the I>oup 4Jerates in. fixusing on those Iws and regdixiG lh had a ert elfodon Ihe deterrnlna1i of arnwnls and 16
Brisiol & Theaire Roya Tru L77knd the yeafended 31 Marth 2025 Ind¢pend¢ntAudilw5 Report l¢onU dI108re$ In Il finartial Statents. The keYIarj w1alweConSJer8dffi ¢hiscr tlhe ¢horities A(J 2011. Charty SORP 2019. FRS 102 terTns corKkns to mth11 graths wc•ived ty Ihe Group. In addth'cn. we considered Ihe provi%ty of olher L4ws d tl•i do hèv a th.red effed on th• fina1 siements bLrt ctsnwliance wilh mty telundamentalto Ihe Group's8t¥"ltyto operate crf8¥0id a m3ierwl pon4ty. These induded the data wOleCti wul81)r. heth and safth re9ulabons. emrAoymert ahd the Code ol FuTrJratsing Prxtr. Our pledUS to $1¥)1 lo idenw the fc•yhry'. R¢viewng Ihe financ1 staleftt dtsd0sU and testing to supportrng droJnentslYJn lo a5se5s Mmplknte ilh provisions ol relevant la and reguLiip)ns descbed as haThJ a direct eflecl finanual $taiements." Perfomiin9 an2ty11 wocedwes to c¢ wxpeaed {elatitslps that may indr•ie r&k$ ol material mis$tstemenl due to frd. Reviewirrtj board meeimg ftMnute$". Éwuiring ofmanagerenl in rdatw to or kn9a1." perIrrn detsikdtransactiona tes11ny rtIL}I0thec0wrt#jTh1We.spthty grwtsd legatse6. Ih a Partular I$ aVIj year4nd off.. In addressng the n5k offraj tlwjh rnaryj o¥errKle ofcoAtro15. teslry thE •wowiateness 01181 enlrie5 and olh2r adjuslment5." assessiNJ ther Ihe jIents ffoje in atuJunlirKJ estims we iTrJicative of potent tYa5.' and evaluatiThJ the business raIal8 of SynifaTrI trarBadw5 that are UsUal or OL4sth the IrMal ¢tse of business. We also canv(ed Ajerthfied kns an¢ re9ulabw5 polentr41 fraud risks to•1 merrthrsofthe erwemenite8m and mained alertto poS&e ind¢c¢s offr t¥ with laws regu.0 twghoutthe a111 8ecau5e ol the inherent lirnitation5 d an aMKIit. there 15 a risk that we dele al irreguigri8s. those leadir#J to a Material nwsslatemert intl finaroal $laterrenls ornOn<["ar4 wth regu141th. This r¢&k irtsa6es Ihe more Ihal cornFAiance vjilh a bw or regulati i5 rtmtrved Ihe evenis trSalon$ felle(aed in Ihe financkql 818lements. as we wil be kss Ikkely lo tC4)me thare of of rJon<omp4arKe. The isalso greater regardin9 irregularitie5 occurrirq due io r*her than ¢rrty. as irNolves •tteni)al £th)a)ent. foTgery. o)lusw. tyni$s1 ty misreweseniation. A fvilher descriw'cffi d ow aL#liiofthe Stateme is hxat6d ty) Ihe Finwu4 Rfrporting Cwntifs website ar. w1.fr¢.0r9.aJrte$p)rdies. lorms part olourAuditors' Report. Use ol our report Ths report is made soldy lothe chwéable as a bo. fft x¢tyékAtÈwith Ch¥ter 3 01 Part 16 of compteS Act 20C6. Our jd has ten uThJeflakw so Ihat Yie migN stale lo Ihe tharitabl¢ CoMpaS members th)se matters we are required lo stste to Irn ift w Alit$, Repyt ar fr•r rK purpose. To the fullesl exlenl permilled by kw. we ¢Jonol accerA ry a55umt rt¥KThthkny to aNytsi)thÈr than the thartstle aTrJ its members. as a blldy. fcrouf audit work, ftwthis lep. lor Ihe opwns * have INmed Oavid Buler FCA (SeThor slJkry aKStor} for and w trhallof Bi¥hop Flemong Autht Umknd Chartered AcctsJnt8nli Slatulory Auililtys 10 Témle Ba Redclrfle Brist 8SI 6FL Date.. 16 Decembgr 2025 17
Briol O¥J Vic & Trair6 Royal Tntst LiYW For the year ended 31 Con801idated Statement ol Finantil Activi lincowbng income and •xpenditiwÈ c¢ountl forthe year eThl¢d 31 ltsrch 202S knd Total 2025 Incorn¢ DoftoiKJns and W(38$ Chani8ble a¢b¥ibe$ Cornrnetoal Ita In¥e51rnent 1.578.914 1243. 1.285.326 17.624 7.125.a29 2,079,844 4,243,965 1285,326 17.624 7,6Z6,759 EXporLlrtu on" Rai9 vol¢Jnt¥ry irK<¥ne C¢rrffleroal OperaOn& Chante acbvi 670.826 I..?52 670.828 1,3W.752 7.309.14D 9,288.717 10 1.341.231 1.341.231 4(X) 7.945. Taxation 641.750 641.75D 177.9J7 1.018.ZO Towfurth hlIara 1.108.582 11.5. 2BD.7DJ 13.364.366 Totalfijnds cand for¥Ard 931.075 11.124.783 12.346.1SB The nol8s OTr pages 22 to 31 hym pwl ofthese stalem$ Irrome re5uMiThJ Trel movement in fvnds in eh year from adwits. The CL¥npany has 0lh•r iecognised gain$ or1055es for the ¢Jxrent or prevKXJ5 year. There ¢5 no t1rf1èrerKe b¢een Ihe net disckjsea I Ihe stalemenl offIn8r81 aeS and the siaied tyi an hi%tw81 cost basks As p¢rmitted by 408 ol CompaniBs 2. thfy company 5 and exwdure h4$ 2tr2S 2024 k4dlr#J ctyiyny¥ Iiftni iswW$ 18
ol Okl Vic & Tlvair Roya Tnjsl brrmied For Ihe year endeil 31 March 2(r25 Cor011d21td Slat8ment ol Fin4n¢ial Adiyibes IIncorpoTr9 incoffl? and exp¢ndbtixt accn . forthe yearended 31 M•rth 2024 (Restated) Tota1202 Re$tste(I Jno Doh8b¢rt ga Charitab actiwts CcK¢wneaI Iradw cyratyor lrtve5tyrn1CDrntr Total in¢¢ff 1.562.416 3.53B. 1.842.780 419.605 1.982.021 3.538.6 1.642.760 6.979. 419.e4)5 7.399.1))¢ on" Rai5irg vcduniary irKrffl c0fttrO81 Ir8dw Charitable ¥¢tiwlS 7B5.345 1.587.101 5.1.239 7.$48.594 785.345 1.587.010 6.916.785 9.269.140 10 1.7>).146 1.720.146 T4Ation 248.046 246.046 Nei inwnwloKrWJJrn1 before Iran5tsr& (321.149) 11.3W.5411 14Tr)) 11.622.090) 19.ifAI N8tmtyem•)lirtfvnds 1281.yi I4} {1.822.09) TolalfrJTrJs broh1 lor• 1.44B.n1 13,216.625 291,11XI I4..456 To118 I8rd 1.1(kg.S82 11,W.W 29).7CpJ. 13,W,366 The rvjtas M pages 22 to 31 t7 parl ofthBse fmty*Jal siatemert8. 19
Bristol Ohl V& Theatre RO T1 LvThled Rewiered number. 7th)7 consol and Compbw 8•lance as at 31 M¥¢h 2025 2025 Is 16 Ii.X.705 11333.9 17..?¢ 12.333.507 In%Sbren 12.333.507 11.3t47 12.333.510 Irhv4strient StsGIs 18 17 18 19 21.126 21.126 24.734 1.091.512 1.049.590 22W.708 726.747 1.%.111 2.597.733 ?.3.597 1.957 324S. 1094.951 1.147.125 4.286.610 Cash albik J in r 11.1612551 I1..874) {1.914.8101 12.987.907) CLY1 55ats 1.037.452 1.030.859 1.3.850 1.278.WJ3 Netasge15 12.346.1$8 11304.3E6 12.$39.$58 13.612.413 11.124.783 11.955.iW 11.124.7a3 11.955.OB4 2.? endLWMI UnreBtrKbJ De5¥nated i.ns 249.340 931.uls 753.518 681.734 753.519 603.flo 1.356.62 1.108.$8J 1224.475 Totfurts 12.346.ISB 13.364.X6 12.639.558 13.812,413 . ThesÈfinaal sl8temerts reapwtr¥ed alSed ftr bytht br8rd m 10 [ 2025 aTrJ were 5gned on 11$ behrbY.. Chaii 20
Bthstol Okl a Theatre Royal Tt L¥nied Forthe year eThJed 31 March 2025 tywlidated Calh Flow •t•tVhrfIth yw•nd8d 31 March 20Z5 2025 2024 {1.018.2081 1.071.351 It7.6241 11,622.0901 1,157.946 (35.6231 Depreciation Iweresi ro( 15 Ilnuea¥ei Dpufras• in s Ilnere•s81 tuea8e Indebt5 IOeuEasel knuEase uedit Neicasn provioeo Oy 0ra 17 18 13.6041 1364.7851 14trJ.6191 1736.4061 6.707 416.562 397.362 J20.•64 Cash from in4estr8 acrfQS Intere51 celj 17.624 35.6YJ (21.1261 Puf¢h¥ olw¢m. o•rtal eqiMpNni Nei¢osh by 1rNest ¥CbvthS 15 (46.5511 1.053 132,2321 2,391 Nttirtrtase li cash andtaSh•4uNaieni% (7a6.521) 324.255 •erMre Cwh offld¢ash ¢qtlents Ck)siry Cash •Tr8 ¢asheqLwA*Thts 19 19 1,8%.t07 1.N9.590 1.511,852 1.836,107 21
isiol Old & Theatre Roy81 Tr1 Lwnrtert For the Yearded 31 Marth 2025 Notss io tho Ffjnafiefjal Statemgnts Gweral irrforrnat Bri$i01 Old Vic aThl There Royal TrLLSI Lunited Iwned tygr?ee. iTh)ypwed in Er¥Jtshd andwaies IrE9i$ie¢ed number. )77) Its regrstefed dfice 15 8nslc4 Okl V¢. KINJ Street. BfiSld. BS1 4ED. tt is registW a$ a ¢harity Ihe Charty Corrsffmssth (re9tsted nuftknr. 2282351. A¢rn9 P[cre$ The lolkmng acccunliry pokne5 have been apr constsw wth that Cl¢Jued material in relatJn to Ihe gyoups finanLial 51atemrt5. Basis of preparaliorl The finanaal slatemenis ha¥e been F¥ep8red ¢y)5t oxv¥entw)n arJ in aC0Nd wth aWicab" ctxxjnting siaThlds. The firt1 Slwt5 crffipty with Chaiilie5 Acl 2011. Ihe Cot))pans Act 20J6, Ihe Mernowdum and Art$ of ASla. afwj Acawntiry Rerthiw by Charfies." Stsiement ol RecommentleLI Prncbce 10 chairtits prÈpanrgtheiraccOts li ranCelth Ihe FancIal RepJliNJ SiaThJ8rd applicsb in Ihe UK and Reputyic ol Ire¥nd IFRS 1021. The c(ryany meets the definOn of a P1 benefrt entity under FRS 102. Ass$ and art ilrfialy re¢•yvHs•J •11¥5knK ftrlwtrall Lmless trViSe std. Going COnrn Basts 01AccTrI19 The Trustees haveeonswjered Ihefutu(efirfaTrial ]10fthe clwtylhrwghrnviry ts bwjget 8ndAthire Flans. 'assessing risks and thicertainiies aThJ undeMej a pL3n. have bcu5ed sF¢cificany M cost price innalion forenergy. mBterki153Th15tsff wages. 9er pice swINtyeloJslomws driven by cosi of kving wessures, uncert&niy fiJre grant fuTrtswJ. Supkly ¢h0W) w¢ssui¢s. rrwnwent risk in maroJemeM roles repulatwal damage F a fill exrdanatl ofall these see pJe 9 of the Strategc RepNt. Bas ofcorwlhJHlion These financlal stalemeTrts coTrsdrflale the Ye>Jn5 Lrf Ihe arKI sor1e5. er151 Oltt (rradingl knmrfed. Bristd Wic PrTrJLKkn Cowny Linited and bnslcl Old Fltn LirrAled. è lintrby-line basi$. Netltter a separa1& swemeni of actNthS nor aTr and experIrtU 8ccw¢ fu th8 charity abne is preseitted as the ¢ttmpany has ten thantage of Ihe aled ty the Comparries Act 2C and SORP 2019. Incomin9 re501xces Income Is recogni5ed v11 t1 drity has enlthent to Ih¢fiKK15. any perffmarce Co11)$ attxhedto the items of have been r6 wobable Ihat Ihe KKome trrill be recer¥ed. tt am(Krt can te measured rellay. Progr4rnm¢ sHk¥. bgr and £rrJ sa5 a1 ofvr tradirg racogThsed when Ihe assoc4ated gotsds seTrices have been ¢JelNered Bax 1ftrm rEcty# in •fvarKe ca a pwlormwcs is d818ed urtil Ihe ran1 prothjcbon reathes IheeTrJ c4 its rln. C•pit wants are utdled to Slatenrt IlFwci Atirythes tft•hen fv uiteria ol enbim ftwswemeni ¥ probabilty ao meL whith 15 usualty when the instalwts e dained by Ihe tharty or lfied by Ihe fvnder. Re$ththed taPrf grants wll experthd 14t deFYe¢ialim Its of assa. ReverL granis e uethied 10 DonalnS are recojnised %¥hen lfied by the receipt. whkne¥er t8 earfier. Iniertst on fu)dS hÈkl on dew)srt is widL&d when ret•vatrAÉ al Ihe am(xJnt ran tr the £harity. TNS ts numally up)n nObfirAtn oflhe rfere5t p•0 Ibe b. Resources exwnded Expenditure 15 re¢ognised orKe re is a Wl obS9v)Tr rnake 8 payment to a llird party. it rs Probab that Ihe settfemerd will be r8guityd. the rYxvrt of the cthJatioTh can be measured tith reasonoble ertainty. Expenditure rKbJsNe ol aryVAT Ihat cannot be recOed. . Overhead costs Overheatl ¢osts crryise of costs irrurT•J of ihe (ar¢rf's 1Mea activths in accotdance wth the anatysis sei out in Note 11. R•slrKled unstriCted hjnds Resir funds are fwjs sut4ecl to Ir1$. be dedared by. iy wth Ihe of. tre Or5. The baLce of £11.Im12024. £12.3ml. shown as ReslrKbl atthe 31 Marth 2025 iTrYLKTes £10.8m 12024." £11.9ml
Brfslol Obj Vic & Th¢aire Roya Twst For ye81 ended 31 MaK 2025 Notes its the Flnanw¥l St•¢Em¢nts (Con of furkJ5 for use in the Ihealre refwbislwnwrt and £0.28m 12024.. £0.O&nl of fvnds fw olher re5trid¢d pwposes. Unresth¢te¥ art expeThJat4e #t Ihe distrets. of the Trust¢ts. Tl)se fund5 enlled ty the Twstees for projects are desw3nd as separe furmts", hLve¥er. ts Trtlee$. t1i8cretb)n to Wy SLL fu18 s& Ml legalty reslriaed. OfethrYJ lease rer44ts a ged to tt ¢1 klp4iS a str•Jh¢ basr& tl Ile of the ase. As$ he underfinwKÈ Se$ astsr¥Jiblp a55ets aThJ deweciated over the shtrteroflhe1È8&e lemi Ih•r useful lives. OWoatM)n5 wder such agreemert5 are included in Uedit$ net of the finance th¥ge allcKated to luture PfiC¥Js The finarté ol rental payftw is ¢horged 10 the Staternent of Financ4 A¢XivitfdS to produee a constant perioth"c re olchargew Ihe net£138bW txrtslamty In each PEWK)d. Hwe 8$etrans8¢8 are oeaii slrnllaty. except trot ts assets are aepwaed over Iheir us¢fvl ltses SIC$ are vald at Ihe ltrwer of U¥Sf rt resatIe ¥8 aftw ¢e 411(y Ot$ete wd slow mwiry sl(Ks. Perb¥H)n Stheme The company rurts a defv COtJ0 8themeftyal in0•t itsoblytms underlhe 8uIo enFdment regine. Financial in5trumerts The company en1$ inio bac financial instsumeths transactiorts ihai resutt in Ihe recognition of finanoal as8etS liaNities fike fRde and c4her Kcounts rewa01e aTrY payable. h)ans frryn banks and ottw third p8rts. Cash 8nrJ cash equNakwts Cash and cash eqwalerts compristca5h w hand and demarKI d2pDs15viith a sw m•turty ofthree mth$ c¢ less the ¢ale of xqiiwtion ryoperArvJ ollhe or simdar acrwrt. Creditors aTrJ Prows5CffjS Creditots and prV41$I$ are recojnisedwhen Ihe ¢>)mpany has a regal orstJrXe obYatIOn al the re5)wting dal? because of a past evenl, it is probatr4e thal IIE company be ieqwred to setNe the oWvJatw and Ihe arrwnl ofthe 019aOn can be relia esthmated. PrOvl we •1 the besi estmaie ol the érnwnt reqwred lo sett Ihe obligatn at the reF¢Ntiry ¢Jate. Fixad assets arxl dèweciaiithi Tange fixed assets are rn&rysured at o7s1 * deprttiaiw and arry fty imPainrt. DepTaeiatioTr is mot charged on Ireeht4d land. Deweoaticffj is cah%lated ¢0 lIe off the $1 le55 estimaled reswjual ¥at trder their estimated usetul INes on ihe 101bn9 basis" Herilage bldn9$ Theatre restoration Leasehoil imwtr¥nen¢s EqtsipWl rh sli•1 lire l)a5i5 5% strap4ht line bas(s 2%. 5%. or 25% strt basts assel Me exr¢Yath 21PA swaight Inie bass lor assets xquired after 31 Marth 20D8 20% rethKry ban(e 13asis trf855ets aouired before 31 Marth 2 20% b8nce b8S 20% iew babnce basis M4¢or vehtdvs Fixiures and ffiltwJs The freely)kJ of tr woFfy fr(rfn which Ihe Itatre Lws is paffjf ty IhÈ Larty and p¥tty by èn.¢4 Cty Countyl. who lea5elhdl PHrt oflhe propwty to thÈcharity lora pepPeA)rn r)t. The e expresen 12 OctobÈr2070. The ongin81 freth. being Ihat w of the prepfy hehy ftymty by the Theatre Roya Trust. Brist was Ir8nslerred into ts Cha1Y on the on 1 2010 aThJ has twn rJrd 35 a asset. 11$ $toral and arthiteciural quafjtss ¥e deemed io CfyrtriLe both 10 the ctstty'$ "e¥e$ of fUrttfft th8 arwecaalion ty the wbkofthe dramalK aThJ musical 3rf5 8j to CLAiwe in Bristol m geTreraT. Costs of the rel[SnnI of the theatre. Suth cosls are treated as assels tonstrttbm. and depreoalion 15 Charged such assets fvoffl the date Ihatthey we intoy¢duotive ux. Thecapitalisabtyi PDliry frK equipmenl
8nstol OhJ V¢ & Theaire Royal Trus1 Linited Ftrthe year ended 31 2ry25 Notes to tt FInalI1 $tatWnWbts Icort) fixed assets requwes Ihat an asset that is experted W have a hle ortd Ihe tyjrrent accouthB ptrir•a and has an indNhJal wrch&se cost re Ihan £l.CW(2024. £1.CO)l 15 consKSered fty caMahs8b"on. Taxatic The chènty is e¥erDpt from (xwporakn lax as all ts •ic¢>rÈ r& LtsritatAe and rs appld ts charitle rpo TIKI subdiary wnpanie$ $trIbute to the tefare no tsx is wable. JLtyrrrtts and key styjrces olestsmth urK¥i In the appThCaln ofthe comwy'5 acntIng e5. dire(101$ are requKed 10 Melger. estimaies and a$5umwon$ aboul Ihe ¢arywng values ol assets and haknlitie5 Ihat we not reath'ly apparerll from olher source5. The estimates 8nd assunwt¢Qn5 we based on (thr fiors thai 8re cadered lo be ielevanl. Actu31 fesuls may diffei ffoffl Ihese esi¥nates." estimates and dlY1 assumrthns are reYwed M n b8Si5. Rs5 to acctyJniin9 estimares we recognised in the FérK)d Ai whh the estirTwle * revixd revIsp alvects Cl) that periLKI. v in the perH)d of Ihe revision and luttsre periods rf Ihe revtsh affe(s ith t4Jrrgtt and tulure pet$ The key sources of estimalion uncertainty that have a signifKant effed on thÈ am5 reco9nised in IhEffirwo slalemenls are deSbed below. Cre8b¥e fox Relets group has estimated thp ¢"fi receivab ur#lei 7111e Tax Relief aTrJ Fikn Tax b85ed on it5 elwjible produ(on exwndilure Ihe PEfhxI. Th5 arrojrt is £647k (2024.. £735kl and is indudedwithin debtors at Ihe yew er. As It¥s amtyjnl 5£t lo apwoyal try FIMRC, ad resuns may dfv. Legal stat of Il% Clwrity The Bristol lyd and Theatre ROY Trust Lmmled a c¢rn knited ty tyarantee W. a5 s. ha5 VK) Share capit81. Al 31 March 2W25 Ih¥o wer• 12024- 121 mewkn. d Èach is lo ctrte 8 maximwn of £1 in Ihe evenl of a LV. Grants. i>)n$ &189aCS Govemment fvthlir#J from Arts ErKL%. W¢4 Cwn¢l th¢ H¥4age Lthry FuThJ lola1 £1.25m 12024 ". £1.43ml 2025 2024 1.250.( 1.250.Th]0 s {SrAKhlAst)_CRF 328.914 1.570.914 232,416 1.562.418 5 C0J1 EN4w{SSI} ILX).953 154.726 Y)0.930 318.852 419,605 2.079.844 1.902,11 4.169,494 1446,914 17.644 74.042 OulrEJch Pr<iect 74.470 24
Bristol Qkj & Theat RoyalTrust L¥n¢ed For Ihe year eThJed 31 M¥ch 2025 Tor4 Inrw frtyn thari8bre Xti¥ll 4.243. 3,538.60tr Now t¢ th¢ Financial St•tntrts l¢( 2024 2tr2 Food. hr49e a¥Jfys Film 1.222.7( I.6.% 1.557.236 285 524 1.218.619 193,577 1.412,198 1.285.326 1.159.CeS 0head Ixe 11) l.X6.752 1.567.010 24 17.624 3S.623 Cost Vokthtary M4)me 2024 550.29 69.082 627.381 43.445 670.626 Fufv8raise@- Urnwlrthd CYie¢iiy allty1¢ 90.612 747.242 3B.t03 7BS.345 10 Cost 01The operahm5 Cos1 C05152025 Pj{on costs OutreA(h costs Frontd hou8e Capit41 repait ctssts Chi¢fExecubveiTrY•4bslk Lre£knT Depreda1 {rthe27) 4.721.129 X9.375 114.$23 71.174 199.768. 14J.9a8 4.aao,897 370,JWJ 114.523 71.174 253,920 1.009,751 6.7Ets.628 548.512 7,309.140 1.040.475 1.341231 5.418.997 548.512 5,$67.509 Ovothead al02n {see no 71) TO1 Cv5101(eratyon5 1.341231 2024 Restsknd PrrJudion cos15 cuia¢h o)s Fntl(WIt Capftal rep31ruts15 Chief Execul and Pknsbc D¥e¢ Depreciall lTh)to271 3 715.3 173.r 105.446 103.101 224.434 10D.84B 195.904 3.911.707 578.017 105.446 103.101 224.434 1.220,526 6.143,231 773.554 6.916.785 1.119.278 1.720.146 l>*rhe•l 8lo¢ati¢n (xe 11) Tow CostdOperab"or 773.554 5 196.239 I.7.116
Bristol Okl Wic & Theatre Royal Tntsl Linrted Forthe year ended 31 Marth 2025 Notss to IM FThnclal Ststemeiits l¢ortl 88sis of Axaii£¥) of Costs In 2023 the a11rK31Kn mc¥Jel was 10 refied Ihe f¥ithai ftwry ¢OSts wert dir¢cty Alirltred to the a¢hvityth supp£¥t." bar. eaienn9. evenls. worksh¥) andfilm arKI Ihatlhere are fwc051 areas where an allrKalionwas required. Thi5work conlind 2024 aodiiional cc6ls befftg charged dir110 the subsk1iaryentity through direth mvcxong 8nd bankww. The mellwAL irK¥ea5ed acc41V for Ihe of each t$esS iPoas to be alocaled." Property experwes Depr£¢Yat Insurance mintstralthi srAff 238.177 19.219 8S.757 227.833 113.452 279.033 .471 324.268 14.348 739.614 Athal•J to 147.057 43.445 Sq8.512 739,614 154.814 39.103 773.554 966.471 Funowng INOte91 Opernbon c4ThEotre INc4e 10) Qth¢itJMEClWSlS ith." 202S 2W24 y.oio 790 3281 38.041 A1. othefseNces othe1gtyetrn costs TO gr•lYn c•5 301 23,387 ollaryiue fixed Ie 1.071.351 1.157.946 12 Stsff nufflbefs 8j costs Th¢ •vwage nwber ol 4)yeeS dLW¥g yw was 88 101trrt". 2Q5 2024 Ful Iwne 21 10 10 Part 4Sys. Pr&JLW & FmrtolHw Markebng & Otfrce Aomintstr81 EOuEabon Commertsal tradir¥ 124 27 io 162 zs 2024 Wages ano 5alaits $tal 5ecurtycosts Pension costs ReduTrJ•nw cos 3.18B.305 216.046 61.554 2.974.507 204.115 6.273 3.239.948 3.465.904
Brislol Ol¢J Wc & Theatre Royal Tntst Lwnrfed For Ihe year endèj 31 March 2025 N¢¢es to the financial Ststements Icort) TtU5tee RemuneralK)n & Expenses No reffneral wa$ pavJ to any Trustees in respea ofihr Off exc¥ 8¢mard D¢Wue who p8TrJ E8,133 12024 tB,1331 in his capty as Chair under the aulhoI grw by the Charity C¢¥nffMssion in its wder dated 22 February 2008. No payments 12024.. £0) made to r¥fij travd and gJbS¢Stee donalths re¢¢i¥gJ frL¥n T1¢esere£2.js7I2o24. £3.018).. 14 Q5 2024 Morethan £so.arJ Th).( Mora than£70.0(K and itsn EW.(XX kyethaTh £60.OaTrd 55 than £70.( 523.464 40.812 kloney per¢sJn pwents 24.970 15 Fixed Asset$ Ccfflparty l G TL*I X25 Toial 24 sl Al¢egmrhry rl year P4klitiDns Di8p458ts Transts Attfid of ytaw 31X).W) 20.810.585 69.078 23.975 12.4 4.697 34.C61 17.392 22.165.727 22.133.49S 32.232 ))J.(OJ 20.810.565 69.078 36.465 978.7SB 17.392 22,211278 22.165.727 Altegr4ry o
¥r h4r9Eforyear 9.3fyJ 8A57.1ro 32.939 4.395 911. 16.7 9MJZ.22t 6.674.274 IMIQ474 79.683 1fv71.351 1.157.946 Trwsfers lend ofyear 9.7fKS 9.897.576 37202 10.3rJ 931.379 17.392 10.9)3,sn 9.832,220 NBVCIosry NBVCnMvJ 29).XIJ 10313. 2Y).70J 11953.483 31.876 36.139 26.142 19.5 47.379 33.001 0 11.3N.706 12.333.5C6 3 11334SO$ 13.459.222 l ffjxed a55els are hekl for thartsble use. Arts C¢wrol Er¥JL4TrJ and Hvritage Loil•ry Furkl hOj a chaige oveF Ihe propety assets ofthe charty in ao>ydarfe cap FuThlrwJ Ilwl ryovxlÈd want funding for Ihe Theatre Restor*ion propu. ctynvLqiwe of fiTh8rKe cosls love con1iwimt fetsl cApiialised on Iheatre res¢oralW £52.OCQ12024." £$2.). 27
Brisw Wic & Theatre Royal TILtsI Lil8d For Ihe yearended 31 Mch 2025 Notes to Flnaneial Stalem•nts Icontl 16 Invesbnert in Srtssidiary Ur#YertakiTrJs The Charrty hc4(Is 1 shwe of eath in its whtrity cwnEd Slthith". Br Iff•r¥Jl Lhj. Bfi"stol Ok1 V Prothjcith C()wany Lld aThJ 6ristd Okl Fam Lwniled. The parert company at50 N)kts an Thesbnent in thefikn ol To11118 VothYakng5idea rwtreroftrd. investors. The cffjgnal inve5tmenl of £112k was made m May 2021 8r#J th8 amunl due al Ihe ye8r-end w8S £21.12612024_ £24.7341. 2025 2024 rot¥ Ccffipany TAthrg Sh41es at tIn Al te91 of AteThY ofye¥ Tumthr Cc6iof$48s.ailllin e¥peres. ts¥ ILl¥PrOfft•r¢th thits Tax 18k8fon on trdinary acpAÉs ILo$8PPtDfilfDrfir47rf44 por1 Lossfftrofilbrojghlknward Pi$lribut#)n to pai Retained fft Ihe f.446.216 1.203.831 242.385 62.618 102,W21 140.3031 1.554.531 2201,242 {646,711) 646711 3.(3. 3,507.991 3.361.8S8 3.895.478 15Y,0201 751.843 217.122 611.750 242.385 145.261} 242.385 242.385 145.2641 217.122 145.2641 Fixed Asse Net ¢urrgntAs$016 1452631 (45.2631 145.2621 145.2K21 Shale Cap 45.265 145.2621 145.263} 17 21.743 10.884 2448 34.075 tAk in w¢9ress 227 18 OebtrKs p•rty 2024 Rests 2025 2024 Rethd Trade debtors Prepaymants aryJ •Y0 irttyr* 74.271 318.742 658,4 4.932 322.637 27.996 1>1.054 5tya.797 1.317 161.513 Amounts ry4Yd by miurthlvdk C#heidetAors 1.9WJ.028 2.932.121 10.0)) 1.IY41,512 2J22.S97 726.747 3,1)94,9S1
Bristol Obj & Theatre Royal Trust Lnrted For the year•Nled 31 Mar( 2025 Notes to the Finantiaf 5tstthTrents l¢ont) 19 Cash and Cash Equr4talert5 Company 2023 2D23 Cash atbwk ar4J in 1.049.$9) 1,7 1,836.111 1.147.125 20 Cmdiltys." Arnwrts faliNJ ye¥ cpInY 2024 2025 2024 Trade Crtrathrn Tax and seci ULLS 249. 198.313 146.1C4 228.195 3O1.4a5 85.9Z8 874.wj 1.914.640 331.$41 X13.723 3)3.371 526,5eo 0.051 1.642.661 2.987.W7 202,491 249.571 3a8275 129.911 .915 740.755 ierCMpa 1.163259 1.566.874 21 Advanced ttht Sales attrit¥Jt8t WalLtIo$ ai 31 March 2025 a recr4ntsed as deferred irwre ar1 ctyjded Mi nole 20 In Trad¥)9 we E¥erbts are irwoiced in athtar are alx recowt5ed a5 deferred iKomE. 2024 564.915 2.325.5 2.502.179 318.275 Sa$ In the Sales Hl ikntye•r Cknsirs dEfeffEd irKorne 2.357.02 2.502.179 381.405 2.1.$ ZZ36.707 .915 2.15.870 2.083.518 $26,S60 Reslrthd Funds Refurbishmer Funo 2011 rEfate5 to the t£smpld relurtlthmeni d Ihtr thÈarfe and backs1 weas. the AWhJnd relate5 lo the Studio and frcfil of rjSe ¥eas. The heritage me¢t d¥i4ers wtreath athvty connett¢rrfJ n6Y audience5 and the pr4yJrarntTre transfer in 2024 rewed to 8wJ Gr¥e fvNting the cornmty ShLw in the yeai. Group & ctyFrry 2025 IrK ubi Transr balance CIF FuTh1-J)11 R•fuffjL%hment FuTrJ- AW Henta9e Prograrnrrt FL 4,316.6 6.395.688 1.172.136 80.431 11.WO64 (523.0151 (434.52n {82.937} 30).7521 (1.3412311 3.793.614 5.961.361 1.D69.Igg 280.6Cg 11.124.783 Gp & 3)24 Refu1tststrffiI FU?-3)ll RefurbishrnonlFund-AW Hentag2 PffjJe¢t Prwpmme Fund 4.839.$44 0.g)B.718 . 1.368.071 1.192 13.246.625 1523.0151 1512.8M} 1195.9351 486.36 11.720.147) 4.316.629 6.395. 1.172.136 80,431 11.*5.084 419.ei)5 419.WS 19.0 19.Crf)) 29
Biistcl Vic & Tatre ROY Tw51 timited For the year eTr1ed 31 25 Notes to the Flnan¢lal Stslvnents l¢MtI 23 Er1meThI Funo This furxl 5upw)rtsthe a55el trar&ferr•J lo 8rislc4 the (ttasw ol ihe wgerwith Theatrn Royol Trust iTr2011. GMLP 8 Cornpary 2025 TTth 8dnc¥¢ En&JY•ty1Fuj (4¢x)I ErKyrnl F 1 10) .7th) 24 uryestlad Geral Furls The purpose of the Arbslic furkts is lo seed wgeLts fvLxn wrplus g¢nerd freAn pr years progrtrr*ne. The bL¥'n9 fijnd SUFPOrts the cosls rA MrFfWtine n[ten•re. Ihe Show fLmd is Trnn5fer 8akirbce CIF Group 2025 Genera1 Fund Oe$4naknJ Fv1 IShMI Oés$n•iB(S Fur• {8ul•} OesJn¥bfj Fur IArtslicl 7.12S.829 17231.552) 249.340 309.187 359.217 13.331 931.075
J9.IB7 427.919 16.413 1.11M.583 171.784} .082) 7.125. .?D3.31 Gmup 2024 R2stsd Gonpral Fund De5wnaied Fur {ShryS1 Designabj Fur IBuW51 Den8 Furé I•Se) 493.180 32S.624 528.514 -101 413 1.448.731 fj.W22.272 (7.¢W.WJ11 (1.89¢1 513 124.543) 355.C64 309.187 427.919 16,413 1,108.$8J 47.127 {90.1 I7..7} fj.979.399 {19.(W) 25 Anatysts of Tratvsle In 2024, a donabm of £5.000 ha¢J eTh mtsdaSSi recei0. to tt Artistic Fur¥1 and thi5 W35 redtfied duriTrJ Ihe year. Funds r8c•ved Iht BKJ G1¥ew¥eabj tot1 cornrnty a Reslrthd FunLI pr(4ecL BalarK¥ Trarkn Batsnr4 CIF Group 2025 11.124.783 11.124,783 EhdcYhyDI General 359217 6B1.735 11y6,158 359.?17 681,735 12.346.156 11.9(04 19.DXI 11.,1)84 2.7 3.110 753.518 13.612.41.Z rAner .543 {19.543) 773.1 13.612.412
Bristcl Okl & Theatre Roy¥ Tntst Lmited For Ihe year ended 31 2025 Note8 to th• Flnancial Staterne l¢ont) Tolal T¢1 Group 2025 10.919.833. 441. 11.361.416 2,x EnduMnenifvno Unre51ncgJ fur5 Gsnspl FLts. De5PJTrated Fu¢ 260.618 260,618 681,870 12.594.204 1285.198 fknup 2024 ResrAd RestrKted lund5 En¢owm)tfund 11.953.483 11.865. 2PJ.7TrJ General Ful5 . DES1j Furw 89.324 513.786 753.518 1270.1 fA)3.110 753.518 13.612.412 12.333.507 27 C<wnmilments At 31 March 202$ the Gioup Crmp8ny had k¢ur• l•ase pgynwts urthr nOrK17b operating a5e5 below. 2025 LaNJ 8 B9 2024 . L•nd & 81dg QAow) and ¢on)s•ny Wthin one y#¥r 2.5yew5 7.OTrJ 7.0 28 Rdaled party tr$1 Othèrthan transadions and bartèswitrinthp and tP•)se trartsaetptrt thtled in N 13, Ihere have been no related party tranSalS dum9 the year. r are Ih8re are l$la11r0 bal¥e5 owww b¢een reLaied pans and the Group al 31 Marth 2025. The has laken advantage olthe exemption avalke 10 mot dtsdose transathcs 8nd balan5Wh MEr]erS oftrE 5affe 11XI% grr4w in a¢wdOih SiK)n 33.1ADf FRS102. 29 Irc4iThJ Pwty . The Gmp is ¢}trdd by Ihe eoarf ofTrusw. PriDr year adjusthient The figures in the wor year 8rfJusted ¥rfOrmal came to that ihere wa5 ire and cosis inthe paiento)mparry eriste4 OkYVK& TheatreRoyalTrustbmited.whth re&tes lo PTQ(Su(ons and therefore shoukl h3ve bEen within 8ristd Okl Wt Pr(Yuthic)s LinNied. Thts ¢Èstatnertt has teen made lo rellect atMen1 aThJ the a&j.¢IaITtseatre Taxat Rehdlhat *Yl be d. Tho adiusknort Ihewefor• irKttases irtotne Ifrnm £6.531.777 to E7.39ES.iJ)41. expenditure (fr £8.153.868 10 £9.269.1401. and ibe interojmpany Tw5t debtor lfrrrfn £2.684.705 10 £2.932.1211. Tli5 abo affects the lunds tKDugh lryward into 2025 frryn £1.108.582 to £12.346.158.