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￿ Re￿1 TrI￿lee$. Rep Stslemenl ofTnutees Rw47nWb(￿es Independent Audi14y5' Repyt Con5clidèteo siaterwl 0lFinawlA¢ivrtiE5 12 14 15 18 cO￿ldated Company Balance ￿eet Con￿lIdated Cash s¢*¢mw)t 21 22 Bristol Okj Vi¢ & Theaire Royw Twst Lwnrte¢J For the year er￿ed 31 2￿2$ Refertncè and Athninlstrnti¥e Oe￿.18 Ch•rty numbw". 22￿235 Company wTr*Jer'. CQ75eAx)7 RegI￿e￿d Of￿￿.. Brisk4 V BS14ED Priwal Offi(*.' 8ristol Okl V Kjng St￿t Bristol 8S1 4ED AL￿1￿5.. Brah(¢4 Flemiffj Audit Lmiiied 10TerrylE BadE . 8ristol BS1 f*L National ￿5￿1N$￿ r Bristd Cty OffKe 8SI 3EU Sc4i¢itiys." Nwrry4 Quoy Htyjse Ouay Bristol 8S14QA Tiustees.. Bemard DWue. Chaw L3Tryah McAlk5ter.Jc ct*"re Hixoti Chftrffiyerem Oth"rrt)J Oavhy Sproxton CBE 12_0325 10.09.25 10.09.25 07.07.2S 13.11.24 Cramj Cheney Slmeela seI￿r$ Fc4*e Adekola 07.0725 NK*c4as Lee C￿lstOpher 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.. Da￿d 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 p￿￿4paI Actt¥lty Context The cosi-of-INiro ￿1$ tTh)lin￿ to squeeze tt* kYJS8. Ihe 9.8% rtse sn NatiC￿al M￿l￿rn.￿age ￿ Awl 2024 inrreased onty Staff wages bjl had a kftock-c￿ elfecl w freelarte rntes and pÈrm*wt $tafl wages. E￿rgY n*t*ial costs retnained hyh 1hroug1w￿ year. and ojsts all othei areas ol the orgaThis*an continued lo ￿. hawng an thwecedented iftwi Lyb Il* atyilty of ￿"S1$y Old VK to W to a breakeven posthn ow ￿ntinue ts revw *1 our adivty rn*￿9 sure rt thecty to *hwRvJ ¢yJr strategi¢ obie¢*¥es so ihal we cqn. wherevw p￿1￿¢. moD)1ohTr Ihe olirtx L¥eali¥e arnLMt*Jn Ilwough all ouTstrands olwork. The work we prothts share at &stol Obj is vai*s ol artistK excel*nce. S￿491 and di¥￿ty. The Miss￿￿of8115td i5tobeafttwYi*W Sus1wab￿ c*alysi lorthe*ts. mU￿ring dNerse ¥oKes and 5klL5. creatry ref*dwe aTrJ forw8r&thi*iThJ work. citys tytturnl tytr￿h, JH whi InS￿ring 81istd8 preserrtand lulwe cunmunitw. 0￿ puw i5 to provmle spare lor Cr2atfft￿ exK*yakn. wls ¢d￿all￿ •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 inthetofflmunilit501BriSl￿3n￿a yKle inDJraliry aspacefrKdtswwe a￿dIh￿ght-pro¥okln9w￿k. WefundamenUty beI￿Ve Ihai everyone who wants to. srthhj be abk to our progfamme5 ofthty and th* it ¢5 Olti respon5ibilty lo purposefultyevo+4eouwclferand make ffear*rwJfvJlcorn￿￿dkn Fwle thal ha¥ehSlC￿ty 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 Fer**ek. In 2024125we py{Nided46.￿ of hIg1￿9￿ality cfyitsc¢ lime and ￿m￿)I 17.079 parf￿4￿1ts frLYn across 8ri5tal. Our classes and wp5 irKbJde Yowg ComF•by l*$ *ce at iNd ￿ and yo￿9 Comparry Crty wNch tske5 place winanly in East aThl Centrd B￿101. i#mthJc4ThJ y￿r￿j petyle to drama. 3yeav541d. Yourg Six Six. Made in 8fts1￿. fecthcalYoJlhThe*re and ljnwersay0f8ris￿ mcoJuteS.tog¢t￿re￿•b￿YO￿rwj pe￿ to attess OPP￿l￿11￿ 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$ses arnl w¢"off¥. we *nt t• w)sure that thwe a￿ p•thways beyoTr¥ o Er989em￿1 ¢yep￿ert 10 C8re¥s in Uwire. vlith the£re8￿018 r*w Iler8ry*J department. Artist Development 23124 saw u5 replace w e￿51￿ Fernvtt wth a new Lierwy deparbnert to deiw impacdul change for arfisls wlh a *4>JS £*) devdt¥W9 ￿llerS and dtyeC￿. ' In January 2025 we et￿Mitted to fesKlenoes for four Wfiiefs ai drfereni kvels of experEnce for a perK)d oifi¥e years. The writer5 are WiThsorne Pinnock. H•nnah Khalil. S•m Parker Munewa pl￿1￿ Wrthin Ihè eX￿tin9 Fem*nt b￿19¢1. we have akne(xnrThtted tOWL¥k wth. and SUFSrfWt. Icwr L¥wtsaicffls ass￿10¢* arbsts tWh o 6ristc4 Ohj Vic & Theatre R¢431 Trust Limi¢ For"Ihe year ended 31 Marth 2025 Strate91¢ Report l¢onti Assooate Companies offer. Ow ain isto Itth Itw have support thal watles Ihem to cijntinue wovpakng vlal xtwity Ihal ￿rICh ctthmallrfo ofwr CAY and regon t¥￿[s mLYtar ol Bristol Okl V￿. ¢reatlve Progrdmme We continue to pr¢gr￿me Ihe be81v￿￿¥*LVl availth to us atc¥y¥Je a bBLqnced seasm of OutsI￿￿ty W•>lL￿ed and wor Ow programe in Ihe Thea￿ and SIL¥fr* seeks to seThe exlstir¥J nt* auth.e￿88 as wor* towards de¥dor*ig 'c￿￿ b￿er$ Ihat refied Ihe ￿1ver￿tyOf &isld and th(i5e kve ¢xrtsde of Bristol. create p8ttrway5 for wovk to hwe 8 Sfe 8ThJ devek)pry 114t 5pea*s to 8nslc4 #fvd wth a ￿en￿OI ￿ seThe audler￿S across the Ulc DurlTrJ the year I3&C￿￿•ti(￿at IK4ders watched aTrJyhH mix oflwhty¥ated Th¢ irK4wled LthRed. A CIWd ISc*nce, RÈvethraith. A GLxkYHDuse LrtlleM*m*d-fourofwh*h ¥Nerenew FxodLthDrts made premiered bwe in Ihe ofy and we l￿prod￿l wilh the Royal Crth wemwed Londw and knj￿d to 8ri$td AudienEe nLthbers are up MO￿ Ih* 30% on the yew aThJ tAJr 8￿rt(￿la were filed to 74% d cap8Qty. 40% cl lid(et buyers weTe nEW-t￿ree￿é. ow relentsc¥i cl last yearfs L*y)kers 14%. Peo￿ were eomirKJ mLve Why we do It Tts provide rnYr￿d cYport￿l*s peoF4¢ 10 develw U¢Otr¥ity- skas thai wll 188t a lifet•ne. A also creat8s opportunty. equty. and career pairh¥ays éNerse gro￿ of Fwpbe that wil ¢*we s￿l￿nable 9rvMh arnl positive change f¢rthe secturwerlhe loThJ I￿n Art￿t$ aTrJ young peWe at the heart of whowe wts￿ wilh. giTrAng them the IrK48 and SUPF*Yt 10 devebp iele¥ant wcéuL*￿s 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 O￿tr* ￿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&swr*xled by owkness and Ewaity. DNer*ty and I￿￿￿on fEDI'I plans and ow Vaw ar*Y 8gha¥ws. Our val￿.. Ac£essth Brave Irlryity P*alurty PlofeSsw￿ Re%lipTht EnvKrnnme Thank$ lo granls frryn Thealr8s Trust ar¥J of Eryland C¢yr*ned A• ￿'Ve been *e to wnlinue io replace inefficieni lightsng ¥Mh enÈrgy effiLierd Ixjhlry. There is ff*ye wrrt lo ￿ t*knch is sUPP)rted by ow new Climot• aclion.pi4n. R￿atIonshipS & Rev•nuÈ 0Tr3side 3 fit.lor.wrpose Mwk*. c￿r￿ ￿ Safes le•n to irvea5e the tolal nurnt4v of audiences wewekome. the akwintmentofa SlralegK Devekynenla Furvjwaisry Owec*orin ￿emter1&ena￿in9 ustottnlinue t) develop our lony-iem fundrasry str*ety. Ow amtslth 1$ 10 of aUd￿ce. ert9Jyiffj them lo join OLK mernbÉtship s¢l*mes ijevdopllwn 4110 temi cb)rvys. Cornmer¢lal Activity We coniirtLtÈ tOTAyJrk 10 get Ihe Ir￿*r¥j prcfft to£l.IX(* by 202W. $tr￿j￿d to hl its Food & Be¥wage I"F&87 8nd W￿shOP largets fft Z4r25. * had s￿cesS ￿1h (he larger formal cthmrnerci81 events strategy thai maximised net return and Ihe SLKcess of Nv41 Yearfs Eve. As we end the fvroal year. we are having lo Bristol Obj Vic & Theatre Royal TrLst LMnrf¢d Ihe year 8￿￿ed 31 Marcth 2025 Strate9i£ Report Icano Athievements and Perfonnan The finan￿1 year 24r25 cOrtn￿ to ￿ d*lwy'rKJ costs d thYwage5. er￿Y CD5t and rnaterials. aTrJ olhei costs aLY05s the tNJsinesS lrtYeasiThJ. C{￿￿￿Ue(l lo be impaaed ty hgh nifia￿n ￿m￿nIr￿j IW in ￿1 Iwm$ our ACE gr801 all OIherrK￿e W to vA)rk harder Ihan erfer. 14yr￿d upfor Jl*erLel Me Go. exceeding the Ix>x office laigel and & lamity avdiwKes c¢￿1￿￿￿ to ￿ for an wt$. br*iging n u1￿151enL sohd box Incornp New Wr￿ry $trU99￿ to hit its box ¢fre tW9ets the ytsr. despts 4 & 5" fe¥￿ and slar ¢a$¢s in both A chKelofS¢A*￿È oTrJ Retr*thr8tv>i. We ￿nIInue to.make prO￿s$ wih Ihe aTm ol dwr*J authertts inlothetheatre throwjh a balanced programme. of dRrna, commeroa yothsd¥)ns. fam￿y. • and r• in the ￿$tOn Sturf￿ t*rt hwe laken Ihe Chdltswes of re￿￿￿￿ t<*x offic* twgeb on the theatre c￿5•der8￿M 88 we ft￿e Irto 2926. We are gralefvl lo have seoJred from Arts COU￿71 En*nd fACEI thwtyjgh to Ihe end of 25r26 to support this siage new wtyk acbvtty ￿ addrfion lo w >gryfwant nwnber of outreath. en9a9emenl and lrferary projects and to facilitate a¢￿$S to the It￿atre lor ItXSse wr￿1 have nwe. We commerc4al actNty through our bar, c4iwiry and events and trwilding 10 Supp￿ the theatre. aDd continue to drwe our I￿￿[al￿n9 to r&luce the dÈfrcit ￿ enab￿ us tot*ll1￿￿e as gUardIw￿ ofthe Iwtiage Br15tol Old Vl¢ Produ￿0￿5 and Vlsltlry CofflpaniEs We began the Ye￿ Ihe return ofzag andlhe FI￿DC4*s.whth rwed ¢x¥ dler lotywng people children. Foll(￿Thj M frem this, May 24 was the retum ol Maylesi. T￿ dvjn'i as y￿11 a5 expected aThJ missed its finaroal taryet. Talawa FI￿ ran in the sluL&o. IrAb*ed ty AIu58urn oIAu5terity Bolh were succe55ful hitting larws whilst in Ihe tsaire we kwemwed A Cl￿￿ d ScwKe. dw8cted ty Maith8w OLW￿ter and #arrin9 Tom Fellon. Ihhil$t Ihi5 ￿£1￿￿¢¢ 4 & S" revi￿. rf laled ¢0 IMI its box office twgel. whith wa5 4rsappoinliry. CornE& contsnL*d throug￿)ut May. Jun& and J￿y. h"th"ry rfs t#)x Offi￿ txjl rt is across wnedy wogrammewhere we started 10 see8 ia 5eccrfwJ¥y sP￿d tr*yew. F¥m￿Y work su)trrw. with rw Wto to Lh¥bXWS & Mfft818easEs. Kmg Arthur artd Anna Hit¥scus Sow. H¥Jh 4ualtty yw pec* aThl a second ￿ r￿lI￿a a#Jed by po¢x weather 1*)05ted i￿k*1 5ale5. In Septsmber we the return ol Wthldethy. by PW ProdLthns. whth wenl orto a UK Tour. foHowed by Reve￿r*I￿. wrrft￿ by Matthew Lopez ar*Y starrin9 Eleanw T¢)Trlwffjtyi Apin. the Wer received 4 8 5. rew￿$ but just mssed its box oif*e target. This was felowed by • between Bn5td Ohj V￿. Rose Theatre. Ma￿ern Theatres and Royal & Oerngate Nryknarnp￿ of Ne¥w Lel Me Go. t*thrh smas1￿1 rts box office target. and we The LitlJÈMenn8id. directed by Miranda Cr£#nwdl aThl ￿lIlen by S￿￿11 Bhattatharyya in tales ofdinate thange alongside and urcus. yei aga￿ had 5trrfftJ ie¥kns W ￿l￿tunate￿ didn'l hrt Ihe mark trs yew audierKe5. A%1¥8nce 5aleswere Irackry ￿ krgd t￿1 nc4 tyanslaie into ￿M.￿%)Uth and meantwe missed our box office larw. The red￿1￿ irlexpected lickel hohyersatsotsd aTh impadw tyar 5*s with • net k)55 lorlhi$ prodvrbm. We 5tsrted 2025 • F¥#y On. ty Tawa Tiie*e C￿p￿Y ¢Jek4Yred fnJnu*ly arbJ 8 brSllkirt rnix ol*vJwKe intolhe Iheaire. Thswasfouowed bya swies weekty r￿$015￿1fyRe¥&n￿edand SlkxvSI¢Jppws The M￿￿1. which were wogrammed to fill th2 gap *ft ty Sl8rterforT*>. whKh to auturm 25. We closed fv year a swies of fanta*ic Wryj￿￿r￿S. A Gc*¥l wrfh Tr Roy¥ Cot#l. •Bain programffled lofill the gapleft by Start•rlor Tenand &JuW. WrfhThe eebJradeTheaire, Cwenbry ano HackneyEmpre Very thffereirt In cont*)t and Sty￿ ￿1h rave revthvs lor A Gottd HOUÈÈ but missed Its box i)ff l¥get arvj Rryn8o & JWieltAW had a rrMxe(I sei exceeded rfs oifu largei. The studio tonlinued to perform well o¥er Ihe year ￿1h 8 rarue of h*3hqualty ￿￿tiOnS to defNer for our growirbJ and r*w audience. Ffom IheeMira¢ydinary prod￿1￿1￿ ol Hoh Ste8ks. lo HowlLeamed 1¢ Sw￿￿. to the Bruniwty)d Proe ror Bulhyng TeChN￿M￿￿e0￿1j•￿z. AddwJhllul Br*tcl Old VKwod4Klion olLith Redai Chrtha5. direcie by Lvaa Ityyowger wdiertts. WO5 tlY>rrwhty enjtyM. As in prevx)u$ yÈ¥s prfyYudh)n wsts we byhtty and ts)x office InC￿e dKI better ttwn forec851. even wrth several show5 mk%sing their wgets. The *•**J ofwc#JLx*on I￿n$ 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 tk*ei enaL4e as rmrry 88 Io see wg*Kt*?ns. fickels $tarted al £10. and in addrtKn lo tIMs￿l Enpgernenl departrwt and LifeTary dppat1m￿1 wothed Wnh existing groups its bring l￿ffl in lo see a wkle range ol w￿￿ClI￿5 C￿th￿tE to be K￿ndiblY watefiA lo HMRC kn the cory1￿￿1 Theatre Tax R￿￿9￿P￿t.￿Il￿Jl Mt be ableto any Digltal & Film Devtlopments Film sales fLY the year were forecasted the coriTh•J*ih ¢xw soryK85 k¥film￿9 wty¢¢is. We were Success￿1 in bwg onlo Bkffikn9 Diyrfal Aceeler*¢x progr8nYne, wilh a gr￿1 of £150k over ￿￿yearS, %*ilti Gile$¢WasCwrrw￿aIedT¥th FelU*.Tl*sixcoyarrffleol￿ slarte¢l in October24 *dwD"Thues through to Oclotw2& C•mmerclo1 We ￿r&inued vjith the 5dling of c*es aTrl p35trie5 and P￿ir￿Ster ¢qes a$iwr hotlm1 offer. thast cakesand pastri•s t Ih&r profiltarget. IhÈ hot fr)od Oller stsuggw and ovw81 c*eriry rnade 8 h)5s in the year. Our con*aur*d Everts ￿￿ne$S eXr￿ded 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¢) oJn1￿￿s to cre* and scenwy cK¥ own. aTrY thYOaty yoluctions al a compet*ive 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 ma￿ge[ in lhe￿ place has rnt yiekjed the ffin8nual Te5uMs we woukl have eX￿ted. Aswe rn￿e ￿¢0 2Y26. we are miewr9 Ihe slnxlw•rflhe tea'rn in thpTMrykshop. Our commerLial acb¥ty in pro¥Klir¥J f•78￿￿?1 $wwltot￿tl￿8tre ar%J ¥ttKlio y¢d￿l￿)n$. thstdevelwrrt U5 oulreath aclwty for our people and member5 olthe cJJmrnwwty. FUl￿r4•¥In Vve were SUPp￿d Yhith varths Grnrts durYvJ the year enataed w lo cwrtirw to dElrder ¢ng*3emÈnt and oulreach yojeEts as wel as the Ihe heraage kA¢ery swqe( Wt rai¥•d throw The ￿ Gi¥e m•tch 5Glwne 4*thKh was ttr**ds Yow CL*mp8n¥ Cty w$ts and swte¢ a Pa￿￿t1p with WN. SUFP%t thefree eryageff*nl activiiws loryoLmg people. In Jutywewekamed o In&W￿￿¥lG￿¥Thwj Offwiothe Fund￿singleam. shew85p￿3 ￿ Ncwernber by H Strateg De¥ek)pmenl 8 Fundraisir*J Directow and. ie•n. a Devewftt Ass&lWt W85 ￿0yed. We launcl*d r￿1 c*npaign Th¢ FLrture F￿￿10 SUFVOrtlhe¥Nortwe ￿With young FeOt4e andartisls and condudEd the ytar* • fvn(tsi$inll even¢. Durlw Ihe ye*, we contmiued lo rtceNe suw frorn ACE 01 £1.25C* p.a. ACE Ccrfirr￿ thai Ihis fun**ng be exlanded lor 8 fijrtheryear. unto 26 and we ha¥e teen 5uxe5sfvt In 26r27 ext￿$1￿ year luThthng. Bristol Old VK 15 committed toer6wffig th* 15 acbvibes*e CO￿L￿d7￿th ts*egrity, oFenness. resFecl ar*J a¢c¢un&bilty. Ffist￿ Old Vi¢ s wis1￿d Ihe F￿￿al￿ng ReguialN. to the ¥duW levy 15 p•d, Fundra￿n9 act￿lty is complk?rte wdh Ihal b)dy's regulatws. 8n.stot Obj Vr ￿ nol a ct¥porate member of the Insli¢ute of Fundr•w9 fion. wOfess￿oI mernberthp bo(ty for UK tutyJraisw)g which pro¥id8s guidelines on best wadi¢È in the tharty Setior, h(AvevÈr FurvJraisir¥4 aciNty *Jh*e$ 10 the Cc*Je of FunLkatsYtg Practice whth selsthe legal req￿re￿nts. ￿1￿le%￿j syslems appèrf to UKfrJnI*a￿1na actswty. We ore also fvuy oJnpkaThtwrth GDPR and PECA lEg151at￿fft. AM ourlundraisifMJactNity isdebbved ITh￿￿￿e. ar￿we enswe siall#otrall￿ in ¢vlLHthlsingpol￿es and pro¢edure5. SUPPryted wlh cwtrds to ersure com￿￿￿t. The ojrrent Bnsl¢Y Okl VK ElhKal Fun(tra￿g Ihe k¥tU55 ol Lw twitten Cao * t*en 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$atw¥￿dÈ C(th whKh WKIBS ow appm•* to prowfig personal inforrn*ion aTrJ irlNm*i9 IThJr¥￿u* It￿ [￿SOnal wll be Ltsed, rerfoiced ty fxjr Privaey Pol*y which is 8vailabkn on the website Bn'5tol Okl Vr 15 crynmlled to wrynplty wrth 41 cory￿.￿$ Eth•?1 Furth1￿n9 Por rdatir*J lo lundratsir#J *bvty. In 24r25 ¥dur*ary Io SWF4rtctye revenuE and specth WOPCtswas achieve(I#wovBh a mi¥ of lndNM￿al giving, C￿￿rateS andappbca11(*￿ roTrustsaThl F¢>￿￿1￿￿5. Supw1trryn 1ThJr¥h1L￿lS n￿bershiP offerand Cirtle IrMtiatwe&. a5¥1el as Ihrwh Ihe.FUlu￿ FI￿d, campa¥n fty hi* kvel Ojncys. Trlerilag¢ thJrir4J the year thè Organ￿1￿ c(¥K4Lthd the delivery of'uwted. DuringTr %Yinterthe HeiitsgeTeam at8ristd Okj ￿prOV￿ye￿ Ihreework p￿CemeNts M￿￿9t05￿Jrnes ly TlJeR08ring GKI. They met Skil￿ ￿et$ Susy. Telywa aThl t￿￿9h rnvJrant support or9an**iM ACH. Togeihw they worked wrfh de¥9ner S*$to researcha4d ryeate hi51C￿￿3￿y inyed c(6lurres. In att(h￿on to Il*$. a r*w Exlmbftth'sewn fcwhe* w45 i75talW Sh￿￿ra$1￿9 the WLWk thty Qw1. as weH #S the h15tory •f(JQlhi￿. ¥Yorkin9women, and the skdleil de5wers and rnakers we yrress The features CeStsJmes fr¢Jm The Roarir¥J Gyl, aswen as loans frcm pamer, Ihe Ufwetsity ol The*rè CiiNeGtJ￿. Staff Weware Work continues Tr￿h ryjr 1ncljsh￿ Offrer and HR Io supptyl the t*•der leam at B￿01 (Jd Vr. Our EDI Bcbon plan Is an ever•d¥ing d(rument, awKI Ixw Ir￿lU￿n 01￿￿ ha5 been deveknpirg a se￿$ of workshop5, 1r￿￿dinY 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 80￿d of TN5tees am Freela￿e￿. S*feyu*rdiny Policy 4rKI ProGed The Wiwand t￿￿edUle*S 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 Compreh￿s￿e 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 er*ymert ¢ontrat*. Code ofconduct A comprehensive C&Ye 01.cond￿t p)lry has W intrtykneLI as part ol Ihe emF4yrt m8wJ. Is lrrtfod￿8d 10 011 w siaff duriny the pe￿￿. forn5 Part oflhe efftF4ry￿ ¢e**ad. fitspe¢t Charter A 8iaiement éeiaibng Ihe requYe(1 51a)dards of W￿¥lL¥ fmm staff ￿￿￿n*$. ￿ irrtrrKluced to all staff dunTrJ Iheir and lo all vwbr¥J ccfflpon*saTr1 ueatiweteams in adVar￿e of cwtracls starting. This document needs ￿ bE svjned and retumed 10 HR Mi 01 tt5 ￿}derStand1r￿J. The Bowd is ir*vc*ed in staff welare via trsa ￿￿ed￿e$.. A Board ￿em￿r 15 n￿￿3184 as S*w•rdry •$ at IAlxk rpwesentabve •rKI 15 fv ponl olcontact Trustees. As reQ￿red ts Executhve Dir￿￿$ èoard repr*t upjates fewdirvd Mgoin9 is$ue5 on S*guardirva DKJrnty at Any S8f¥Ju*thng ty Dv4nty at iSSL* ￿ a Se[*X￿ rt3￿re - i.e.. it has been es(3tsted lo a f￿M￿l OiscWinary Pioceduie Ibulyin9 or hwassmentl u to •i e￿eMaI 89erw lin tsse of 8 Saleguarding incidenll reported aul¢xnaiic*ty to Ihe B¢Jwd as SI￿ a5 8nstol Okj Vic & Th¢atr¢ Royal Tntst For Ihe year ended 31 M*L* 2￿25 strat•glt Report I FIna￿l•l Revl•w The finart￿l resuh for the year i% ret defot of £1.018k of £178k 15 • dÈfitil M unrestiwaed ￿erYt$ and t840k efiaton resknded reswve5. The Reser¥esF0s￿.onaf Ihe slands al £12.346kof¥thth£1.179k Ur￿851r￿leI. hKh remains ab￿e the Reserves Pr4Ky liN d£618k. Unrestrlcted Reser¥es DonalKJns le9¥ies fty the unreslricled fvnd uKTra5Ed rr*desty year￿￿Year lo £1.SM 13Y24.. tI.$62*1. whi exwndiure on r•$ing volurtary ￿￿WaS detyeased 10£67L*12024". £791kl. Ir￿¢￿* from L*aiitabtE irtrea5ed to £4.244k (2024". £3.53￿1. ww)typatty lo bom offKe nctyme increa$1 to £4.169k {2024.. £3.447kl. Exwditwe on L*aritaNe aclivibes f¢r the uNe5trided fimd w)ueased lo £5.968k Q024.' £5.19&kl. wnopalty ¢Jue lo rKoducth)n costs irvea5w 10 £4.721k 12024. e3,716kl. but aso due ￿ a rethjction availab￿ f#JIre￿h lundity resu#*w in more thresirthd costs bEAr¥J ￿Sed ev￿ ¢¥erall oulrea¢h costs . feduced. Incom2 from c￿￿￿¢181 IradirvJ op•ration5 Il¢xd. knrage. work5hupand ffml decrEasedto E1,285k12024." £1.843kl. exFendilwe obo detreased lo £1.￿7￿12024.. £1.￿7k). Thts mov¥ment in lh¢ uNestri*d fund IDr yw i3£1170lk (2024.. t<340lkl. 1$ 8ft*rirwnt 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 Fla￿d maintenance on the ￿￿￿"r￿. At ty* yeareThJ the reser¥e Sta￿ at £35￿ 8￿j is eslwnoled lo C￿c0Sts 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 I￿￿151r￿j durir*J the year The t10.844k of R¢5trided Resth r4*$ Ihe remawrrirrfj 10 yews of ¢J￿￿1¥t￿)n on the G•pital refvrtjishmenl prowamme. Investment pow•rJ po*OT Under its Me￿￿Ondum an(J ArtKles ol A5¥Kk)lA￿ the charity has of in¥eslrnenl. The T￿SIteS. having regard to Ihe liquidty requIr￿ents ofoperabny Ihealie aThJ lothe reS￿S p*y. havBoperaied a pOl￿Of keewNJ available I￿￿& in an ir*erest.beariny depD5* sedt to maxiffwst the late rlerest. Reserye$ polky and ma￿a￿ert 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+ Cont￿u￿ re¥l￿￿j the reswve5 $X)S*￿. 10 Ihai the thanty w $uffiaert fina￿1￿ re5EThes to meet exwr45es a5 Ilw fall du•. In 2024QSlheTfttsteesseta ieserves polyof£618k olw￿￿1r￿Xed r¢S￿eS a5a v•kElhat*t¥Jdcovertheimmethate Costs of 8 short leTh d05ure. In Ihe this wa5 iyeached sevwal tines ￿ ihe kn￿￿d98 that the year end resutt woukl wcee(1 the reswve5 ￿Mil tax relel h*J teen ratylated irto tr tesL*. The L*Jdgei the 202￿6 year refieds the ￿￿Tea￿ed cosis ol nat￿nal Minim￿ w4e and naI￿nal insuiarKe costs and it is ￿l￿pated that free resw¥es wll decrease. In accryda￿ with the StatemW of ReO)mfflw￿ed Prnci ISORP 20191. the Truslees have reéwed Ihe curTent reserves policy agreed that designated reserves will be transferred back to free rewves as necessary over the corThr¥J years ￿ crfder to mainlali a fesw¥es ba￿nce of£618k. an aff￿nI wlxh is Wlif3pated to be D)vec ilwee rnwlh5 ofo¥ertNd aTrJ potwrtid wsaiion costs. Rlsk ts¢t0r¥ 4nd mltlgation plans The Truslees and Executive management rtsks and Ihe Trust together with the w)herenl Èiistd Okj VK & Theatre ROY￿ Trust Lirnrted For lh8 year 8ThJad 31 M*ch 2025 Riskluncertainty mitybw F4an Cost lrfatkin er*w. fflaterkqls aThl sW*a9es. are drNTrJ ieductson in ryvhead5 I￿O￿h thrrogatw and are examiniThJ whwe poslpoThr4J of i% leasif* and does r￿1 yeneraie firture fi$k Wamed ma￿tenance tolaued approximatety t45(* in 24rds) Recent Int￿r¢gatIOn ha5 delivered relund on ¢lim*e etha￿ energy t4k. KAUS a e￿Ctr￿1 iestirpj coirpany todo PAT *Sting across Ihe t•J*JiThJ has made a ￿1r￿J. 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 a￿a$ ofthe stil wesenl OkWIiiMies io tetter"si¥￿' the asGeis aThJ Ih¥¢fore oltset una¥oh¥able whe•J infi8tKffj. ￿ *ill coNn￿et¢ tevv•the cwrtunth'es area5 aga1￿0￿ slr8lyc plan. We have idenbf*d Ihar our Tratre Tax R4￿f d•ms Ilh•t form a malen81 rtem of income Tn each year) may have téen urwJwstab"ro el¥1b￿ Q￿￿￿1$¥j expendilwe and are proce$ses ￿ ￿sure thalwe are makiThJ daims for iehelthat ¥e rema￿r￿j I￿¢ arwj ¥easonable. Grealer Price Sen5aliirity driven by c051of IMriJ wessitre. conlinu¢yJsfy re¥￿￿ c￿￿lIcIet priang StnxtLYe￿ k¥YAry. ¢￿paign$ andoffers on prky par*or perfrymances aTrl kve mw*ei 8Tr1 buyer beh￿￿Jr Intell￿erte. WÈ USÈ ourundetstandiNJ ol audieno bphaviDvr to a55e$5 the risk associ*ed wth prodLthns, 10 Infum our FyoJramm￿9 aTrJ priong decasK)rbmakiTrJ, ar*1 ￿ sEek 10 babnc* OLV IhE t4)niext of ¢wr $Wegic wribes, siralegicvNon and ffin￿81 rith. If re4uwed. we ¢an tharqe MVA of Kwamw to. Sx ex￿)FIe. ftiiKJate the Ibsk associ81ed with AJIS and c￿rtI EThJlaTrJ IACEI fi￿(kn9 relkwtt. o ACE has confi￿d we wll ￿ntinue a NaiK¥*l P¢ytldK) Oroanisalw INPOI for 26r27. We have been suecessfrJl in 26r27 exlen5ion fiJndir¥J from ACE and crrtinue lo m•niain an oFen 4Yialog* ￿[h the on IwLYe hJTr5rnJ 1¥Ok￿$ as *$ potentsl fvnders tg mitigate the nsk of reliarte. In Ncy4errthr 2￿24 we appoirded a Slr*tyt Oele￿￿ 8 F￿￿ra￿n9 Director 10 enab￿ us to" to deve￿ our kn*tem) fvndratsiN4 Strategy. If we do rwjt secLYe ￿￿ling for er4awrnern. or otW wgects. rev*w Iheir feagbty in line with our iethives 8nd appetite VAII Mt W¥￿eed with unfi￿￿1 prr4ectswhere risk is waCcepta￿e. Suprty Chwrb 8Thlthealre ecwystern wessuie dr￿￿ by ffina￿d p￿SUre &ross o c4n be F4aced uTrJer wesswe try partnets ￿0$$ Ihe ir**Jsty to pro¥i1e thar￿5 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 n￿1 aL80 W*Xed OLY Crtvn cashfi￿ army therekne in MrtWJatK￿we may seek to enfrxce our contraduèl ryhts lo pay lo lerm. N to rec•¥e payN*nlto M•lagem￿ Risk a$S￿￿11ed with tss olkey tnembers ofstarr. recenly ap￿￿ted a ntw FIr￿n￿ Diredu and ExecutNe Dyector. INe we eonfideni that in Ihese roles we ha¥e medium term staknlrty for Ihe c*gaThtsaticffi. We are IoDking lo lurther imwwe internal lec￿kee￿￿J arxj w￿￿Se$ to bettw voted Reput8lH)n81 Dam*Je 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 C￿nfident thal Ihty uThJetstand what we expeGt of Ihem. Lf s¢ynething goe5 ￿ory. we have yc￿ cc•ce￿ and fairly and we also engage the suppffi of t￿ernal ¢￿s￿￿onI$ suptth in some ¢•ses. lor example HR-￿¥8Ied ¢ssues, as reqwred. 10 Bn5tol Old & Twre Rwal Trusl L¥n*ed For Ihe year ended 31 March 2025 Pwbllc t>w￿t lthilst 5etbThJ obie¢tNes and slrategies kn the }** TNstees have considered the Clwity C￿rrass￿'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¢tsvit*S areopen to al, ￿¥$￿￿¥$ xl wl w paye 4 fQcuse5 cm Ihe people ol Brisiej and Il* regM. t*w¥J Ihe IhB Iiwr¢ •)d mo$t of ottending ￿ts￿c reside. The Iheatre rel￿S #n granis. doftath.ons and b)x offKe recW5 to ctyer it5 operaling thsts and to manlain oi *)hance the theatre's I￿litte$ •xl ger*ral c￿￿1*￿?￿. In sethr*J Ihe1tr4d ￿ i*ket charges and CLmcesgor45the Tru5tee5 Other than as rect>rded in nole 13 in ts fffi**s11 st•taiierfs. *id as dtscbsed in the secbon on rdaied p*ty transxlrf￿5 on page 13. norte tylth¢Tft*tees recer4ed ly bty%fft in their upacity as Tru5tVS. Plans lor Fulw• P•Fiod¥ En$uNng $Ust•ina￿fy a¢ros$ an ¥eas ofthe 1% a key fL*t￿ frjlwe. OrivirwJ CorrwnE￿ arKI ¢Yofil In￿ ts ￿JS￿e$S 15 e55enti* and we d**fLV wtilst leslry nv• weas in Ihe In addibon lo tIw5. we are to adthss tr¢ $yst•w b￿e[S ￿ the sedor wlKh Gi¢è•l Maitydy •Dsts transferrifigiotr* ￿$t End. ApprrNed by ordw (4 Ihe menthrs of ees $i￿d en its behalfty. Bomard DonWu• Chair Kln9Siffeet 8S1 4eo Oal•.' 10 l>•cqmb•r2025 ènsiol Old & Theatre Royal Trust L¥n*¢d For the year eThJed 31 March 2025 Tn*te*s' Rtport Strucbjre, Governanc¢ and Man*gemtnt The Diredtys of charrtab* (the are its TnJ5tees KW#)se of(tsity I•T and ￿U8￿)ul this reptyl are coll*ir4fety refetred to as the Trusiees. The Tnjslees ser¥ry durir¥J the year and Ihe ye* tlwjse as Drctrr in the 5ubsidparies.' Fim Trol￿g FR FaGP 8em8r¢ Dorwhue- Char LaToyah McAlk5ter-Jones aire Hi5cott Chinwywem David Spromlorb CBE Kkus GoekJent*)I Cllr Ciaig C•￿￿Y 21.0721 11.0325 .11.16 1009.2S 28.07 17 10.09.25 31.07.19 07.07.25 25.09..19 13.11.24 25.09.19 Fl. KalhennÈAftth(My Wlkwn Suneela Sellers F(Aake Adekola Sophie Bfendel NichoLqs Lee A15ha Thom Amando Pearfman Zoe Sear 25.09.19 27.11.19 07.07.25 12 07.22 15.03.23 20.D9.23 13 12.23 13_12.22 24.11.16 15.07.24 Chrn8toF•*r Sh Twni Oni elh 8ym& Belh Wailing Mike Kain Calherine Lwfojt Rithard Fell Andrew Ja￿son Tl* Very Reveiwd Fc¥d Sai* Green Laura Frude 12.03.25 12 03.25 12.03 25 11.0325 11.0325 11.0325 12.03 25 .07.25 C6.07.25 C*07.25 (9.07.25 CrynnMUe8 Name Meet Bristol Ohl & Thealre Roya Ud P4)¥d Finance & GerTreral Purpose CrmrrHllee enst& Old Wc Prod￿0￿ Limiled. 8ristd Okl Mc Flrn Limited. subshywy Bristd Old Mc Trading Lwnrf&J- sub5idi4ry Fundtar&ing Comftuiiee lesta￿LI￿A￿l 20251 Remuneratw & (Th) meetiThJsl g•ard F&GP Proj Film TradiNJ FR RIA G¢)vÈrning Do¢ymtnt .The 8nskni Old Vic Thewe Rty81 TnA L*n*ed was twtx* knw 35 Brisld Old Trnsi ￿rn￿8¢Y aTrJ Ihe change 01 look eifeci 6 Aw'l 2011. N is a company hmrfed ty yL48rantee govemtd ty its MemN8ndum and AIlKj￿ ofAssocra1th7 daled 21 Jwe 2010. 11 i5 regI￿ved as a charity ￿th Chwty Commts$th. 12 Bristol OIJ a Thtaire Royal TrLt51 Limrted F￿ Il* year ￿derf 31 Mar<* 2025 Trusi¢t*' Report I￿rt) Appoinbnent olTn*tseB The Chw and Victrchair are responsb* for 5tKr*s*an plamirvj and the idertificatw of pro$￿tive new Trusiees. All potential Tr￿￿e5 are then Interviewed by the Cha* a￿tsr wty¢h￿ may atlend a Board rneebnj a$ an observ¢r tsefo￿ their appointmwt is consvjered by the Board. Bowd rwt¢r5 are ￿dUCted throu9h m8etings wlh senK $laff. a rX)mp￿henSIve inf￿nati￿ pack arwj visils lo partsoftheuganisatim. Board ￿v￿o￿nenl tske$ p thityJ9h aMu818nd otr*r 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 expe￿￿8 aTrJ ￿X81 odlure kn¢>wW inlo the role. Oryanigatfjon The Board•fTruste¢s adMin￿￿tre dwity TIE twrdMeetsqLOrterty￿Jther?We￿rnittee5 ¢￿trIr* buiklthgs. financ?, tnjslee appL•nimenis arKI remuneraiw)n. meet requwed. The Ct*EI Execuli¥e oific*r has been ppointed to manage the day.lTrday Opera￿￿ ol thatity. To tsdiiale eflecb.ve operat￿n$. Ihe Chief Execub¥e Officer has delegated aulhority. within terns of d*gaiion appio4ed by theTrLEtèes. foropwalwl matttrs Ir￿UdIr¥ rinanc&. ?mp*merf arwj a￿¢ F*rtomwce rdaied xtivty. The Bowd has also dekgated iewnstihty kn in*wlatKYk of the ¢h•￿$ slr*4y to Ihe Sermor Management Tw. Thr S•nior m￿a￿rn￿l at 31 2￿25 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 & Prth3r*nming Eng4¢rr*nt A￿st￿ Dwettc¢lJ(¥nl CEO Dweloprnent DirEdor The T￿SteeS cor¢#Jw the Boyd 8n¢J th8 Sen#y MwagErnerrt Te¥m as eomwtsing the Key ma￿geMent 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 & Appo￿1% Commfflee. deterff4nes the levd of remurEration for each post takry accrth of pjb size arha Cwrt. bxal 8TrJ natTh￿ re￿￿￿eratiOn Kwels lor ¢tynparatye p9￿tron5 and Ihe skdl sel ONI effedvie olthejrt* I￿lder. RÈlat¢d F4rti¢S Arts Cour¢il En9land provides essent*l CO￿ tw￿1ng in supp¢rt of thÈ artistic prowamme aThJ other actwilies. Thwe is a Funding Agreernent Ihal details Ihe ￿speCt￿e ￿¥￿S￿"￿tIeS of tolh part*s. repre5enlatwes recive fetyJlar inf¢rmaiKJn *)d ¢4n attend ¢w)*¢ r￿eti￿j$ 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 fac*b8s and remits its sUrp￿S profrt5 to the charlty Isee rK•te 1910 the a¢wJnts). The w￿)Ity owned sub$pJr￿ ccmpany. 8n.slol Otd Pr(4￿1￿￿ Coryaty LI￿rted. vias established to xt as projucer 8ristcl Ol¢J pr0knal￿thal we dytrJE ￿) ProdLthn Ta¥ Reh"ef. The wholty subs1th￿ Obj Fikn Lwmttd. *as e￿ished to xt 85 ol fikned pro￿j￿￿nS. Durirrfa the yeai 8rnlc4 Ohj 8 Thealre Royal LArdEd •rnl is subsN**es tra￿aLted wih Ihe folkt*ir organk5at￿)nS wih WI￿￿ it share5 mubJ¥ TrLLStee5 as fdWJws." 8ristol Obj ITr&Yir¥91 LiffAled Brislol Obs Vic Film Lhnrted Bris10l Otrj Vr Ptoduclw Comp•y LMthII Strdwk Report IGMI) Bristol Old Vic& The￿￿ Roy81 Trust LirThted For the year eTrJed 31 Mwch Zff25 The Trv51ees are a150 dwectrys of fv thrity purr¥Jses ofcoiwany Lwl we resporssble weparing the Tfuslees. report and Ihe fffjandal statements 17 ao)xdarN* wilh a￿Kable and Unthtt Kin￿￿M Aecountity siÈn(tsrd5. irKluding Finan¢ial Reporbng Star￿arLI 102 The FinarKial Repcwting Standard awlica￿e in the UK and RepUU￿ of Ire￿nd luN￿¢Y ￿￿￿0M Ge(￿*￿Y Accepted Ac£LMtntiry Pra￿￿Tr. The Trusiee$ are rewred lo ￿e￿Ore 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 eX￿nditUre, of the tharrty and the group lor y¢4r. In pr¢parin9 ttK)se financial $¢atenEnts Ih¢.Tru$i a￿ required to. sded suitable p￿10¢5 artha t￿ •pty Ilwn cw%stentty.' obserye the Me1k￿dS and prinafv in Charii*s SORP IFRS 1021." siaie whether ¥pplK4bk slarthrds and sl•temvnts of re0)Mr￿l￿ed have ￿en fr4lwd. subject lo any mate11￿ depwiures (*sclosed and exF4ained in 1hefin8￿a si8t¢menis." aTrJ yepare finanGi* slalemenls w Ihe wng cwK4xn ty45￿ Y￿eSS ¢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 TrU￿ee$ 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￿ a￿lit infcrfm*•)nofwlK*tsth¥iiablec¢mwn*s are un*Afare.' and the Tru5tte5 h*e t*en al sthps that ou9hl lo have tsken to make aware of afty relev￿1 drt Infc￿atrm and lo esl*lsh Ihal the •Jditws are a*we ollhai ￿fOrm*￿. The Trus*es are le$pL￿sItAt maitenarte irtetyty of Ihe ttyFor*e ar￿ finar￿￿ nformakn W￿ll￿jed on the ch*iabte ry￿pany's website. Legi5Wiw the Unite(l 9ry4emiry prewation and thsseminakn of ancial statemenis may ￿tter Irom legi￿a1￿M ￿ other I￿sdIc1￿. ¢1 Ihe chanty guaranlee lo ¢ontn￿e an arrthnt nc4 ￿(ted1￿ £1 lo assets ofthe c*arty u) Ihe event of wintlin9 up. The Trustees we m￿)b￿S clthe L*•My ￿ Ihs erAths them 10 Votry rW$. ￿ 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 ¢wess*J Ihetr wibnwess lo that Certatn Inlorm8bthi is ¥Ka￿Je£l in ts sir*egtc Re￿ SLK* as ts Pr*K¥￿ 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 a￿￿ted the fwwKial 5talwwts Theatre R¢4al Tru51 L*7*ed (the 'parent ehaiitab cthmpanll and rt5 ￿bS￿lIar￿$ Ilhe 'gr¢x4)) fty #* year eThled 31 Matrh 2025 comprise the Cortsolidated ' Statement d F￿ancial AtlNit*S. Ihe C•Jwolidated Balarte ShÈet. the C¢knpany Balart￿ Sheet. Ihe Consdidated St31ement ol Cash P￿j*S the related ncrtes. incwry a summary d ￿nif￿an¢ 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 lit￿nd. (United Gerrfralty Ar£epted Ao)xrknr¥ Prxitel. In tyJr the fm8rtk81 siatem*ts". givea true¥nd ¥ie*ofthestate0ftheCA￿S arwJoltr* p¥enith•rdab* affaffs as at 31 Mar 2025 aTrJ ofthe Gro￿$.S res￿￿98nd of r8sowces, hK4LKling #5 irKome and exper￿11￿* lor tho year Ih¢Tr •ndod,' have been prtwty prepwed in 8ccordancewblh UTh¢ed Kingdom G￿e￿alty Ac(*rrted Acc3Jurtw¥J PractKe'. and have been prepared in attordarte with lh¢ rEqvirernErts olthe Cthwn*s 2[￿￿. Basis foropinion We condwted our oudil in a￿dar￿ with Intem4tDnal StaThJan15 orb Audiing (UK) OSAS {UK)l and app1Ka￿e Iw. Our reswnsibht*s Ilx)se stwdards ale furtlw descrrit*d in the Audth)rs' resFthsitxM*s for I￿ audit of the finawal statsmÈnts $e¢ihyi •feM rep￿ We ￿￿p￿t￿lheGrtyp ffl wrdwtymth Ihe eth￿1 reqU1￿MentS Ihat are r•1*48ft1 to tyjr autht of Ihe finar(i￿ slat￿nIS in Ihe Uryied King1￿rn. Fwnaal Reporting C¢rtJncifs Ethi￿1 Sfarkyard. tba¥e￿ir1￿ ow oiherelhical￿5W)rtsts1￿¢5 lnacrrydar￿ewilhthe$e rwirements. We believe Ihai the authl evwjerte wt have I￿aIned 1$ s4rf1k4*￿ aThJ ak¥wate ￿ prthide 8 basis fc¢ow ok*n￿￿. Condusltyis rdatkng to gtyng ¢•n¢•m In aUd￿r￿j Ihe finan￿￿ Staterr￿S. we have cc*￿uded thal the Tn*lee5' we ofthe cc￿rn t585i5 oIBccounb'ng in Ihe preparatiw ofthe fmaroal st*ements is apwowe. that. iThlNrdually or co1￿1¥￿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 w￿n the ffinaicI￿ 51atem2nts 8re athorised toi iwe. Our respmsibilrf￿s *d re¥K￿b￿S olthe TNstees resFQd wr*J ctrtem *e desuited in Ihe sectiorss olthis iewt Otherinforni*iion The other InfNmaton eornryBes Ihe inftyffl*ioft i￿je￿ ITr Ihe Annual Repm otw fwnial $l*ements our Aull't￿s, Reportthereon. The Truslees are respon5114e for the otl*rinfMnabon iJy)t•ned wrthin ￿eAnnUal Reprrt Ow0￿nIort￿ IhefinancBI $18lemenls does r￿cover Ihe othw infomBtsonaTrJ. exceF4tOlheexlenlotherwise expliGilty slaled in reFY)rt. we do Miexpress la￿ olassur*)te c0th￿￿e￿n. Ow resKN)nsit41ty is to read Ihe other Informal￿n and. In doin9 $0. ctdgder whether the vW¢xmatth is rnaterialty inton$i%iert wlh the ffifta￿al slalements LY our knoY4kdge in the ¢(￿r$e ofthe 8￿J11. u rlherwtse appears to be rnaterialty rnisslated. 11 we idenlify 5uth material nconsislerK￿s w atvarenl maluial misslatemen15. we we iequired lo dettrm￿e whether Ihi$ gwes rise toa materh4 rissmement in Ihe finar￿a #aiemenis themsehfes. Ir. based on the work we have perf￿￿1. we c￿Clude thal there 15 a mater01 m￿lateMent oflh¢5 fv inlmik*. we a￿ rewired to rw Ih8t f8CI. We have n￿hing 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 informat*Jn given n the Tr￿lees. 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 att￿￿a￿e *Tth aPp￿ab￿ l*. iremenis. 15 Brrist￿ Okl Vie & Theatre RO￿ Tru￿ Linrted Fu the yeaf eTrJed 31 M*ch 202S Independent A￿ditorS Report (Con Matters on whieh we are requi￿￿ to exception In the light ofow knothedge wderslwding ofthe ¢tsitable 8ThJ it$ I)btai￿a in ￿ cours* of the wJ(4t. we nc4 *Jonl￿ mat¥ial misst81emerts in ihETntsl*s' R¢pJt incI￿n4 the stra￿ Repcrt We have nothing to re[￿ n ¥¢5pou 14 the maws Yrtiich CL>y*s Ad 2LW require5 US to report lo you rf. in wropin*on." our audit have not been rec￿Ve￿ frtyn l)rdrKhe5 y￿rted by u$". the weni chwiiable fiMr#>al s￿lemeN5 ate noi in oweell*nt with th8 accoutstffj reoirds aThJ relwn5.' or ttyiain diselosur¢s OlTr￿lees. Iw we not m•d¢: or Re$ponsibilbties of Tvu8tee5 As emplained mve the fi￿18e$. RespMtilA*S siaieft*rt. the Trus￿ (who are also Ihe direclors of the charrtab￿ company lor the purposes of company law) are re5PWSt48 Ihe PfeparatiM of the h)anc4al st8lemenl8 and for beng satisfied that Ihey gNe a true and far v*w, aTrJ lof suth miemal controt 3$ Ihe Tru51ee5 determine is necess¥y to thè w¢par*Kffi ￿ fin￿ f¢* trcth mai*MI fn8statanent. whether 10 In prewrvj the fjnancial statement5. ts Twsiees are for4sses￿hg th¢ Group's the parent ch￿lab C￿Tpan￿9 abiKty to coniirvje as a s¥Jry disclosry, as 8w4¢able. matters to ¢(M￿err¢ and ￿n9 the 90iThJ wncem basis of accJJufflw￿ Un￿5$ the T￿￿tee5 tyther iniend to Ib?i*dats the Group or the pattni tharitable company ¢y to Rax werabw5. or hove ￿ re￿L￿ts¢ Jlema¢ive lo do so. Auditors. responsibilitie¥ forthÈ financial ¥talemtrits Our ot4ecihves are to obiain r¢aWab￿ assur￿8 attht whetw Ihe fffjarKtyl stateft*nts as a Who￿ ar6 free Irom mateftal mÉstatement. wt*tkner sjth io Ira￿j f* eff￿. to an Auditors. Repon Ihai i￿L￿$ our opinion. Reasonable assurantè is o of assw*￿* but * rb)t a g-wanlee thai an aL*lil c4yvJucted in acKordantÈ wlh ISA5 IUKlwill a￿ayS detecl a ma¢enaf miss￿emer1¥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 e￿ntsM dech*on5 of users laken on Ihe ts￿s cllhe5e ￿nar￿al s1atwn￿ts. viith Qui respth5*imies. out*ieLlatThe. lodeiecl rna1￿1 mi951aleJrnnls ￿ re5m Of￿eg￿￿rits$. inclLthgfraLha. The emem to wlith ow pmcedwes are capaNe ol deiecbivj irtegLrf*ibes. I￿11￿j tra￿1 is thiailed beSN." We hav¢ cons￿e￿ th¢ natrjre oftl* Sec￿. en¥vwrwla￿I fifi8￿ F*rfon￿Ce'. We have cOnS￿*re￿ the results ofenqu￿estrffih m¥ogeffent*dTrusIees￿ reiglkntolheir tr*n #lentif￿allc ond assessmeni ofthe of vregu¢*it*s *ilhin fv wp: Vvo haye rwwed Ihe lycojfftentat￿ ol key ￿￿¢￿eSSeS aThJ ¢x•Thtro* and perfun*d walklhrothjhs of Ir8nsacbons fv Confimi Ihai Ihe syst￿$ owatiTrJ v) line do(2Jment*th", We ha¥e Idenirfied arry matters I￿￿19 aTh1 ie¥it*ed the GroUp'Sd￿AMe￿ts of polioes and procedures rektw to." Idernrfying. and tomth"rvJ wrfh la*E aTrJ regulalw)rbS wheihw Ihey weo *are of any instsrw of ncrtaM￿Wc¢". Defe￿i￿j and resrmrt.ng to the i¢ks of frathy Wher￿ IW have kncwledge al any a¢￿al. SU5peded or a1￿jed fraud.. The Inte￿ Contro￿ estsWish2d lo Mrt￿le risks Offra￿ N nO￿￿lar￿ wdh Ws and regulalh?ns: hove ¢on5hlved the matter5 i*scussed amwg the er¥Jagement ieam regardirg how and whve fraud rnvjhl ¢xtur n the Slatemenls arry wwJKalors l￿fraUd As a resum ol Ihese procedures. we have tor6itfered the ¢Jpputtmthes afKI incenbves Ihai may t￿St wittiTn the Organisat￿rt for fraud and K*ntffjed the hvjhesi area of nsk 10 be *) rel￿￿10 reoWnrfi￿. with a particular risk in relalion lo yw*nsJ Otf. In w*h am authts 1&45 IUKI we are also requ+red to perform prccedures to reswTrJ to lh¢ n8k ol Manage￿￿7[ tiMIKIE. We *we also obtained an uthsiaThYINJ ol Wl *¥J rewL8IL¥y framewoths that the I>oup 4Jerates in. fixusing on those Iws and regd*ixiG lh* had a ￿￿ert elfodon Ihe deterrnlna1i￿ of arnwnls and 16 Brisiol & Theaire Roya Tru￿ L*77knd the yeafended 31 Marth 2025 Ind¢pend¢ntAudilw5 Report l¢onU dI￿108￿re$ In Il* finartial Stat￿ents. The keYI￿ar￿j w1alw￿￿eConS*Jer8dffi ¢hiscr￿ ￿￿￿t￿lhe ¢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• fina￿1 si*ements bLrt ctsnwliance wilh mty telundamentalto Ihe Group's8t¥"ltyto operate crf8¥0id a m3ierwl pon4ty. These induded the data wOleCti￿ wul81*)r*. he*th and safth re9ulabons. emrAoymert ahd the Code ol FuTrJratsing Prxtr￿. Our pl￿edU￿*S to ￿$1¥)￿1 lo idenw the fc•yhry'. R¢viewng Ihe financ￿1 staleft￿t dtsd0sU￿ and testing to supportrng droJnentslYJn lo a5se5s Mmplknte ilh provisions ol relevant la￿ and reguLiip)ns desc*bed as ha￿ThJ a direct eflecl finanual $taiements." Perfomiin9 an2ty1￿1 wocedwes to c¢ w*xpeaed {elatits￿lps that may indr•ie r&k$ ol material mis$tstemenl due to fr￿d. Reviewirrtj board meeimg ftMnute$". Éwuiring ofmanagerenl in rdatw to or kn9a1￿." perIr*rn￿￿ detsikdtransactiona tes11ny￿ r*￿tIL￿}I0the￿c0wrt#jTh￿*￿1W￿e.spth*ty grwts*d legatse6. Ih a Part￿ular I￿￿$ a￿VIj year4nd off.. In addressng the n5k offra￿j tlwjh rnaryj￿ o¥errKle ofcoAtro15. teslry thE •wowiateness 011￿81 enlrie5 and olh2r adjuslment5." assessiNJ ***ther Ihe j￿I￿ents ffoje in atuJunlirKJ estim*s we iTrJicative of potent￿ tYa5.' and evaluatiThJ the business raI￿al8 of Synif￿aTrI trarBadw5 that are ￿UsUal or OL4sth the I￿rMal ¢￿tse of business. We also can￿v￿(￿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 a￿111 8ecau5e ol the inherent lirnitation5 d an aMKIit. there 15 a risk that we dele￿ al irreguigr*i8s. those leadir#J to a Material nwsslatemert intl* finaroal $laterrenls ornOn<￿[￿"ar￿4 wth regu141th. This r¢&k ir*tsa6es Ihe more Ihal cornFAiance vjilh a bw or regulati￿ i5 rtmtrved Ihe evenis tr￿Sa￿lon$ felle(aed in Ihe financkql 818lements. as we wil be kss Ikkely lo t*C4)me thare of of rJon).146 1.720.146 T4Ation 248.046 246.046 Nei inwnwloK￿rWJ*Jrn1 before Iran5tsr& (321.149) 11.3W.5411 14Tr)) 11.622.090) 19.ifAI N8tmtyem•)lirtfvnds 1281.yi I4￿} {1.822.09) TolalfrJTrJs bro￿h1 lor*• 1.44B.n1 13,216.625 291,11XI I4.￿.456 To￿11￿￿8 I￿8rd 1.1(kg.S82 11,W.W 29).7CpJ. 13,W,366 The rvjtas M pages 22 to 31 t￿7 parl ofthBse fmty*Jal siatemert8. 19 Bristol Ohl V￿& Theatre RO￿ T￿￿1 LvThled Rewiered number. 7th)7 consol￿ and Comp*bw 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 alb*ik *J in r 11.1612551 I1.￿.874) {1.914.8101 12.987.907) CLY￿1 *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￿.? endLWM￿I UnreBtrKbJ De5¥nated i.ns 249.340 931.uls 753.518 681.734 753.519 603.flo 1.356.62 1.108.$8J 1224.475 Tot*furts 12.346.ISB 13.364.X6 12.639.558 13.812,413 . ThesÈfina￿al sl8temerts *reapwtr¥ed a￿lSed ftr bytht br8rd m 10 [* 2025 aTrJ were 5gned on 11$ beh￿rbY.. Chaii 20 Bthstol Okl a Theatre Royal T￿￿t L¥nied Forthe year eThJed 31 March 2025 tywlidated Calh Flow •t•tVh*rfI￿th* 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 t*uea8e Indebt￿5 IOeuEasel knuEase uedit Neicasn provioeo Oy 0￿ra￿ 17 18 13.6041 1364.7851 14trJ.6191 1736.4061 6.707 416.562 397.362 J20.•64 Cash from in4estr8 ac*rfQ*S Intere51 ￿cel*j 17.624 35.6YJ (21.1261 Puf¢h¥* olw¢m. o•rta￿l 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 ¢qt￿lents 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 Tr￿1 Lwnrtert For the Year￿ded 31 Marth 2025 Notss io tho Ffjnafiefjal Statemgnts Gweral irrforrnat Bri$i01 Old Vic aThl The*re Royal TrLLSI Lunited Iwn*ed tyg￿r?￿ee. iTh)ypw*ed in Er¥Jtshd andwaies IrE9i$ie¢ed number. ￿)7￿7) Its regrstefed dfice 15 8nslc4 Okl V¢. KINJ Street. BfiSld. BS1 4ED. tt is registW￿ a$ a ¢harity Ihe Charty Corrsffmssth (re9tste￿d nuftknr. 2282351. A¢￿r￿n9 P￿[cre$ The lolkmng acccunliry pokne5 have been apr￿￿ constsw* wth that C￿￿l¢Jued material in relat*Jn to Ihe gyoups finanLial 51atem*rt5. Basis of preparaliorl The finanaal slatemenis ha¥e been F¥ep8red ¢y)5t oxv¥entw)n ar*J in aC0Nd￿ wth aWicab*" ctxxjnting siaThl*ds. The firt*￿1 Sl*wt5 crffipty with ￿ Chaiilie5 Acl 2011. Ihe Cot))pan*s Act 20J6, Ihe Mernowdum and Art￿￿$ of AS￿la￿￿. afwj Acawntiry Rerthiw by Charfies." Stsiement ol RecommentleLI Prncbce 10 chairtits prÈpanrgtheiraccO￿ts li ￿￿r￿anCel￿th Ihe F￿ancIal RepJliNJ SiaThJ8rd applicsb in Ihe UK and Reputyic ol Ire¥nd IFRS 1021. The c(ryany meets the defin￿On of a P￿1* benefrt entity under FRS 102. Ass*$ and art ilrfialy re¢•yvHs•J •11¥5knK ftrlwtral￿l￿ Lmless ￿tr￿ViSe st*d. Going COn￿rn Basts 01Acc￿TrI1￿9 The Trustees haveeonswjered Ihefutu(efirfaTrial ￿]￿10fthe clwtylhrwghrnv**iry ts bwjget 8ndAthire Flans. 'assessing risks and thicertainiies aThJ undeMe￿￿j a pL3n. ￿ have bcu5ed sF¢cificany M cost price innalion forenergy. mBterki153Th15tsff wages. 9￿￿er pice swINtyeloJslomws driven by cosi of kving wessures, uncert&niy fiJ￿re grant fuTrtswJ. Supkly ¢h0W) w¢ssui¢s. rrwnwent risk in maroJemeM roles repulatwal damage F￿ a fill exrdanatl￿ ofall these see p*Je 9 of the Strategc RepNt. Bas￿ ofcorwlhJHlion These financlal stalemeTrts coTrsdrflale the Ye>Jn5 Lrf Ihe arKI s￿￿or1e5. er151￿ Oltt (rradingl knmrfed. Bristd Wic PrTrJLKkn Cowny Linited and bnslcl Old Fltn LirrAled. è lintrby-line basi$. Netltter a separa1& swemeni of actNthS nor aTr and exper*IrtU￿ 8ccw¢ fu th8 charity abne is preseitted as the ¢ttmpany has t*en thantage of Ihe al￿￿ed ty the Comparries Act 2C￿ and SORP 2019. Incomin9 re501xces Income Is recogni5ed v11￿ t1￿ d￿rity has enlthent to Ih¢fiKK15. any perffmarce Co￿11*)￿$ attxhedto the items of have been r6 wobable Ihat Ihe KKome trrill be recer¥ed. tt* am(Krt can te measured rella￿y. Progr4rnm¢ sHk¥. bgr and £*rr*J sa*5 a￿1 ofvr tradirg racogThsed when Ihe assoc4ated gotsds seTrices have been ¢JelNered Bax 1ftrm￿ rEcty￿# in •fvarKe ca a pwlormwcs is d818￿ed urtil Ihe r￿￿an1 prothjcbon reathes IheeTrJ c4 its rln. C•pit* wants are utdled to Slaten*rt IlFwci* Atirythes tft•hen fv uiteria ol enbi*m￿ ftwswemeni ¥ probabilty ao meL whith 15 usualty when the instalwts *e dained by Ihe tharty or ￿lfied by Ihe fvnder. Re$ththed taPrf* grants wll experthd 14t deFYe¢ialim Its of assa. ReverL* granis *e uethied 10 Donal￿nS are recojnised %¥hen ￿lfied by the receipt. wh￿kne¥er t8 earfier. Iniertst on fu)dS hÈkl on dew)srt is widL&*d when ret•vatrAÉ al￿ Ihe am(xJnt ran tr* the £harity. TNS ts numally up￿)n nObfirAt￿n oflhe rfere5t p•0 Ibe b*. Resources exwnded Expenditure 15 re¢ognised orKe ￿re is a Wl obS9*v)Tr rnake 8 payment to a llird party. it rs Probab￿ that Ihe settfemerd will be r8guityd. the *rYxvrt of the cthJatioTh can be measured t*ith reasonoble ertainty. Expenditure rKbJsNe ol aryVAT Ihat cannot be recO￿ed. . Overhead costs Overheatl ¢osts crryise of costs irrurT•J of ihe (*ar¢rf's 1￿Mea￿ activths in accotdance wth the anatysis sei out in Note 11. R•slrKled un￿striCted hjnds Resir￿￿ funds are fwjs sut4ecl to Ir￿1$. be dedared by. iy wth Ihe of. tre ￿Or5. The baL￿ce 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 e￿n￿lled ty the Twstees for projects are desw3n*d as separ*e furmts", hL*ve¥er. ts Trt￿lee$. t1i8cretb)n to Wy SLL* fu￿18 s& Ml legalty reslriaed. OfethrYJ lease rer44ts a￿ ￿ged to tt* ¢1 klp4i*S a str•Jh¢* basr& tl* Ile of the ase. As￿$ 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 P*fiC¥Js The finarté ol rental payftw is ¢horged 10 the Staternent of Financ4￿ A¢XivitfdS to produee a constant perioth"c r*e olchargew Ihe net£￿1*38bW txrtslam*ty In each PEWK)d. Hwe ￿￿￿8$etrans8¢*￿8 are oeaii slrnllaty. except trot ts assets are aepwaed over Iheir us¢fvl ltses SIC￿$ are val￿d at Ihe ltrwer of U¥Sf r*t re￿satIe ¥8￿ aftw ¢*e 411(y*￿￿ Ot$￿ete wd slow mwiry sl(K*s. Perb¥H)n Stheme The company rurts a defv￿ CO￿t￿J￿0￿ 8themeftyal in0￿•￿t￿￿ itsoblytms underlhe 8uIo enFdment regine. Financial in5trumerts The company en1￿$ inio ba*c financial instsumeths transactiorts ihai resutt in Ihe recognition of finanoal as8etS liaNities fike fRde and c4her Kcounts re￿wa01e aTrY payable. h)ans frryn banks and ottw third p8rt*s. Cash 8nrJ cash equNakwts Cash and cash eqwalerts compristca5h w hand and demarKI d2pDs15viith a sw m•turty ofthree m￿th$ 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 or￿￿st￿JrX￿e obY￿atIOn 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 0￿19a￿On can be relia￿ esthmated. PrOv￿l￿ we •1 the besi estmaie ol the érnwnt reqwred lo sett Ihe obligat￿n at the reF¢Ntiry ¢Jate. Fixad assets arxl dèweciaiithi Tang￿e fixed assets are rn&rysured at o7s1 * deprttiaiw and arry fty imPain￿rt. DepTaeiatioTr is mot charged on Ireeht4d land. Deweoaticffj is cah%lated ¢0 ￿lIe off the ￿$1 le55 estimaled reswjual ¥a￿t trder their estimated usetul INes on ihe 101b￿n9 basis" Herilage b￿ldn9$ Theatre restoration Leasehoil imwtr¥*nen¢s EqtsipW￿l rh sli•1 lire l)a5i5 5% strap4ht line bas(s 2%. 5%. or 25% str**t basts assel Me exr*¢Yath 21PA swaight Inie bass lor assets xquired after 31 Marth 20D8 20% rethKry ba￿n(e 13asis trf855ets aouired before 31 Marth 2 20% b8￿nce b8*S 20% iew babnce basis M4¢or vehtdvs Fixiures and ffiltw*Js The freely)kJ of tr* woF*fy fr(rfn which Ihe It*atre Lw*s is paffjf ty IhÈ L*arty and p¥tty by èn.￿¢4 Cty Countyl. who lea5elhdl PHrt oflhe propwty to thÈcharity lora pepPe￿A)rn r*)t. The *e expresen 12 OctobÈr2070. The ongin81 freth￿. being Ihat w of the prep*fy hehy ftym*ty by the Theatre Roya Trust. Brist￿ was Ir8nslerred into ts Cha1￿Y on the on 1 2010 aThJ has twn rJ￿r￿d 35 a asset. 11$ ￿$tor￿al and arthiteciural quafjtss ¥e deemed io CfyrtriL￿e both 10 the ctstty'$ ￿￿"e￿*¥e$ of fUrtt*fft￿ th8 arwecaalion ty the wbkofthe dramalK aThJ musical 3rf5 8￿j to CLAiwe in Bristol m geTreraT. Costs of the rel[￿S￿n￿nI 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* FIna￿lI1 $tatWnWbts Icort) fixed assets requwes Ihat an asset that is experted W have a hle *ortd Ihe tyjrrent accouthB ptrir•a and has an indNh*Jal wrch&se cost ￿re Ihan £l.CW(2024. £1.CO)l 15 consKSered fty caMahs8b"on. Taxatic The chènty is e¥erDpt from (xwporakn lax as all ts •ic¢>rÈ r& LtsritatAe and rs appl*d ts charit*le ￿rpo￿ TIKI sub*diary wnpanie$ ￿$trIbute to the t￿efare no tsx is wable. JLtyrr*rtts and key styjrces olestsm*th urK¥i In the appThCal￿n ofthe comwy'5 ac￿ntIng ￿￿￿e5. ￿ dire(101$ are requKed 10 M*el￿ger￿￿. 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 f*iors thai 8re ca￿dered lo be ielevanl. Actu31 fesuls may diffei ffoffl Ihese esi¥nates." estimates and ￿d￿lY1￿ assumrthns are reY*wed M *n b8Si5. R￿s￿￿5 to acctyJniin9 estimares we recognised in the FérK)d Ai wh￿h 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 am￿￿5 reco9nised in IhEffirwo* slalemenls are deS￿bed below. Cre8b¥e fox Relets group has estimated thp ¢￿"fi receivab￿ ur#lei 71*11e 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 kni*ted ty tyarantee W. a5 s￿. ha5 VK) Share capit81. Al 31 March 2W25 Ih¥o wer• 12024- 121 mewkn. *d Èach is lo c￿tr￿￿te 8 maximwn of £1 in Ihe evenl of a LV. Grants. i>)n*￿$ &189aC*S Govemment fvthlir#J from Arts ErK￿L%￿. W¢4 Cwn¢l ￿ th¢ H¥4age Lthry FuThJ lola1￿￿ £1.25m 12024 ". £1.43ml 2025 2024 1.250.( 1.250.Th]0 s {SrAKhlA*st)_CRF 328.914 1.570.914 232,416 1.562.418 5 C0J￿1 EN4w{S￿￿￿￿SI} 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*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 A*xaii£¥) of Costs In 2023 the a11rK31Kn mc¥Jel was 10 refied Ihe f¥ithai ftwry ¢OSts wert dir¢cty Alirltr￿ed to the a¢hvityth supp£¥t." bar. eaienn9. evenls. worksh¥) andfilm arKI Ihatlhere are fwc051 areas where an allrKalionwas required. Thi5work conlin￿d ￿ 2024 aodiiional cc6ls befftg charged dir￿1￿10 the subsk1iaryentity through direth mvcxong 8nd bankww. The mellwA￿L￿ irK¥ea5ed acc￿￿4￿1V 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 A￿1￿. othefseNces othe1gtyetr￿n￿ costs TO￿ gr•lYn￿ c•*5 301 23,387 ollaryiue fixed I￿e 1.071.351 1.157.946 12 Stsff nufflbefs 8￿j costs Th¢ •vwage nwber ol ￿￿4)yeeS dLW¥g ￿ yw was 88 101trrt". 2Q5 2024 Ful Iwne 21 10 10 Part 4Sys. Pr&JL￿￿W & FmrtolHw Markebng & Otfrce Aomintstr81 EOuEabon Commertsal tradir¥ 124 27 io 162 zs 2024 Wages ano 5alaits $￿tal 5ecurtycosts Pension costs ReduTrJ•nw cos 3.18B.305 216.046 61.554 2.974.507 204.115 6.273 3.239.948 3.465.904 Brislol Ol¢J Wc & Theatre Royal Tntst Lwnrfed For Ihe year endèj 31 March 2025 N¢¢es to the financial Ststements Icort) TtU5tee RemuneralK)n & Expenses No reff￿neral￿ wa$ pavJ to any Trustees in respea ofih*r Off￿ exc¥ 8¢mard D¢Wue who p8TrJ E8,133 12024 tB,1331 in his cap￿ty as Chair under the aulh￿￿oI￿ grw by the Charity C¢¥nffMssion in its wder dated 22 February 2008. No payments 12024.. £0) made to r¥fi￿j travd and gJbS¢Ste￿e donalths re¢¢i¥gJ frL¥n T￿￿1¢es￿ere£2.js7I2o24. £3.018).. 14 Q5 2024 Morethan £so.￿ar￿J Th).( Mora than£70.0(K and itsn EW.(XX* k*yethaTh £60.O￿aTrd ￿55 than £70.( 523.464 40.812 kloney per¢s*Jn 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 Alteg￿r4ry 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 NBVC*nMvJ 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 hO￿j 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￿￿￿ con1iwim￿t fetsl cApiialised on Iheatre res¢oralW £52.OCQ12024." £$2.￿￿). 27 Brisw Wic & Theatre Royal TILtsI L*i*l8d For Ihe yearended 31 M*ch 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 To￿1￿￿1118 VothYakng5idea rwtreroft￿rd. 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 te9￿1￿ of AteThY ofye¥ Tumthr Cc6iof$48s.ailllin e¥per*es. ts¥ ILl￿¥PrOfft￿•r¢th￿ thit*s Tax 18k8fon on trdinary ac*pAÉs ILo$8PPtDfilfDrfir47rf44 por￿1 Lossfftrofilbrojghlknward Pi$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 Reth*d Trade debtors Prepaymants aryJ •￿Y￿0 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 L*nrted 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¥ c￿pInY 2024 2025 2024 Trade Crtrathrn Tax and seci UL*LS 249. 198.313 146.1C*4 228.195 3O1.4a5 85.9Z8 874.wj 1.914.640 331.$41 X13.723 3)3.371 526,5eo 0.051 1.642.661 2.987.W7 202,491 249.571 3a8275 129.911 .915 740.755 i￿erC￿Mpa 1.163259 1.566.874 21 Advanced ttht Sales attrit¥Jt8￿t WalL￿tIo￿$ ai 31 March 2025 a￿ recr4ntsed as deferred irwre ar￿1 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 2.1￿5.870 2.083.518 $26,S60 Reslrthd Funds Refurbishmer* Funo 2011 rEfate5 to the t£smpl*d relurtlthmeni d Ihtr thÈarfe and backs1￿ weas. the AWhJnd relate5 lo the Studio and frcfil of r￿jSe ¥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 cornm￿￿ty ShLw in the yeai. Group & cty￿F￿rry 2025 IrK ubi Trans*r 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 G￿p & 3)24 Refu1tststrf￿fiI 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 & T￿atre ROY￿ Tw51 timited For the year eTr1ed 31 2￿5 Notes to the Flnan¢lal Stslvnents l¢MtI 23 Er*1￿meThI Funo This furxl 5upw)rtsthe a55el trar&ferr•J lo 8rislc4 the (ttasw ol ihe wgerwith Theatrn Royol Trust iTr2011. GMLP 8 Cornpary 2025 TT*th 8d￿nc¥¢ En&JY•ty*1Fu￿j (4¢x)I ErK*yrnl F 1 10) .7th) 24 uryest￿lad Ger￿al Fur*ls The purpose of the Arbslic furkts is lo seed wgeLts fvLxn wrplu*s g¢ner*d freAn pr￿* years progrtrr*ne. The bL¥￿'n9 fijnd SUFPOrts the cosls rA MrFfWtine n￿[￿ten•r￿e. Ihe Show fLmd is Trnn5fer 8akirbce CIF Group 2025 Genera1 Fund Oe$4naknJ Fv￿1 IShMI Oés$n•iB(S Fur• {8ul•} Oes￿Jn¥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. .?D3.3￿1 Gmup 2024 R2sts*d Gonpral Fund De5wnaied Fur￿ {Shry*S1 Designabj Fur￿ IBuW51 De￿n8￿ Furé I￿•S￿e) 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¥ea￿b*j tot1* cornrn￿ty a Reslrthd FunLI pr(4ecL BalarK¥ Trar*kn Batsnr4 CIF Group 2025 11.124.783 11.124,783 EhdcYhyD￿I 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 Unre51nc*gJ fur￿5 Gsnspl FL￿ts. De5PJTrated Fu¢ 260.618 260,618 681,870 12.594.204 1285.198 fknup 2024 ResrA*d RestrKted lund5 En¢owm*)tfund 11.953.483 11.865. 2PJ.7TrJ General Ful￿5 . DES￿￿￿1￿j Furw 89.324 513.786 753.518 1270.1 fA)3.110 753.518 13.612.412 12.333.507 27 C