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2025-03-31-accounts

Registered number: 00317560 Charity number: 229396

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 12
Independent auditor's report on the financial statements 13 - 16
Consolidated statement of financial activities 17
Consolidated balance sheet 18 - 19
Charity balance sheet 20 - 21
Consolidated statement of cash flows 22
Notes to the financial statements 23 - 55

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Helen Boaden,Chair
Cath Clelland MBE FCMA,DeputyChair
CraigColton
Matthew Hunnybun
Saira Khan
Matthew Noddings
Maggie Pavlou
Will Zhuang
Katie Posner(resigned 31 August 2024)
Paul Smith(resigned 10 February2025)
Company registered
number
00317560
Charity registered number
229396
Registered office
St Leonards Place
York
YO1 7HD
Company secretary
Tracy Basu (appointed 7 June 2024)
Chief executive officer
Paul Crewes
Independent auditor
BHP LLP
Chartered Accountants
Rievaulx House
1 St Mary's Court
Blossom Street
York
YO24 1AH
Bankers
HSBC Bank PLC
13 Parliament Street
York
YO1 8XS
Solicitors
Wilkin Chapman Rollits
Forsyth House
Alpha Court
Monks Cross Drive
York
YO32 9WN

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Investment Managers

CCLA Senator House 52 Victoria Street London EC4V 4ET

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are pleased to present their annual report together with the consolidated audited financial statements of the charity and its subsidiaries for the year ended 31 March 2025.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

Objects of the Charity

The Articles of Association of the Trust detail the primary objects of the Charity; these can be summarised as:

York Theatre Royal is a producing theatre. The theatre premises are owned by York Conservation Trust and are leased to the Charity. The premises include the Main House (761 capacity) and the Studio (71 capacity), with extensive foyer catering areas served by a full production kitchen. The Charity also rents rehearsal space in De Grey House, a building adjoining the theatre, a unit in Osbaldwick for the purpose of costume hire and production storage and a space at Hargrave House that houses our making wardrobe.

b. Strategic Context

The year to 31 March 2025 represents the first full year of new leadership with CEO, Paul Crewes and Chair of Trustees, Helen Boaden in post. The vision of the Board and executive is strongly aligned in an approach that is centred around organisational investment, bold artistic ambition and the desire to return to being an acclaimed producing house with a greater proportion of produced and co-produced work. Significant progress has been made and the year ends with a

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

number of high profile and ambitious productions and co-productions secured for 2025-26 and beyond. Securing international as well as UK based partnerships and funding has been instrumental in enabling this to happen.

The Charity receives revenue funding as an Arts Council England (ACE) National Portfolio Organisation and aligns its strategic planning with that funding cycle. YCTT was initially awarded an annual investment of £598,059 for a three year period from 2023 to 2026 which has subsequently been extended to include a further year, to 2027. As a result of the demonstrable commitment of both Board and senior management team (SMT) to deliver positive change, the strength of our relationship and the risk rating awarded by ACE continue to improve.

We have turned a corner and are moving towards delivering ambitious artistic activity within a financially sustainable operating model. The appointment of a permanent Finance Director to SMT in June 2025 further increases financial stability and resilience. The key challenge now is securing sufficient resource to maintain and improve the theatre’s infrastructure so that it remains fit for purpose for generations to come. To this end, capital fundraising will become a key focus from 2025-26 onwards.

In terms of networks, YCTT is one of seven York based NPOs and one of five Yorkshire based NPO producing theatres. We meet regularly at a strategic level with each of these two groups thereby ensuring that we are closely connected with similarly funded organisations in a local and regional context. YCTT is also a member of the Midscale Theatre Network comprised of organisations operating across the UK.

Our relationship at both strategic and operational levels with key stakeholder, City of York Council (CYC) continues to be strong. The £426,000 letter of credit which was granted in 2024-25 has been extended for a further two years to August 2028. More detail is provided on these arrangements within the going concern section.

Paul Crewes continues to work with other cultural leaders in the city to develop York’s cultural strategy. This will be instrumental in YCTT being a key contributor to city wide cultural conversation in the longer term.

The organisation’s core purpose statement reads as follows:-

York Theatre Royal is a brave creative hub at the heart of the city, and it is here for you.

These stages, buildings and our city will thrive with live theatre of exceptional quality made with you – the world’s most exciting artists – with more of the world’s most exciting artists.

We will be known and admired everywhere for our work with you.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

The organisational values adopted in 2018 remain in place:-

We are ambitious throughout the organisation

We are sturdy

We care about the climate

We are welcoming

We are ambassadors for York

We celebrate the city’s diversity; it makes us bloom

We are creative in every context

We pull together

How the charity delivers its charitable cause:

The Charity seeks to further its purpose for the public benefit through its core programme of creative activity including: its production, co production and presentation of drama and other performing arts events together with its extensive learning, engagement and participation programmes with young people and adults, developed through well defined regional, national and international relationships.

The Trustees confirm they have complied with the requirement in Section 17 of the Charities Act 2011, to have due regard to public benefit in determining the activities undertaken by the Charity. The Trustees can also confirm that they have given due regard to the Charity Commission's guidance on public benefit.

c. Review of activities

The organisation has delivered a full artistic programme throughout the year. Gross income from ticket sales increased by 2% to £2,482,368 (2024: £2,443,599) despite a 5% fall in audience numbers to 104,000 (2024: 109,000). Creative engagement activity grew by 8.8% with 17,972 people of all ages (2024: 16,521) enjoying high quality workshops and events both at the theatre and within the community. During the year we also witnessed significant growth in both membership and fundraising income which when combined with strong hospitality activity all contribute to the theatre being a thriving, community hub, both on and off stage.

York Theatre Royal (YTR) productions included a revival of our highly acclaimed version of Around the World in 80 Days in the summer, adapted and directed by Creative Director, Juliet Forster, with new pre-show activity created for the production, and a slight change to the title Around the World in 80 Days – ish! The play went down really well with audiences again, with young children particularly enjoying the opportunity to watch from the edge of the grass stage.

In the Autumn, we produced Anne-Marie Casey’s adaptation of Little Women, directed by Juliet Forster, in association with Pitlochry Festival Theatre. This proved very popular with audiences, exceeding box office targets, and was critically well-received. This was the first production (other than pantomime) to have a full three week run since the pandemic, confirming the programming strategy of running for longer on our own shows, to build audiences and raise the profile of our own work.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

We also continued to grow our pantomime in partnership with Evolution Productions. Aladdin was another much-loved and acclaimed panto featuring a jaw-dropping flying carpet act. For the first time since the new pantomime offer, we were close to hitting box office targets.

Through our on-going partnership with Wise Children, we co-produced North by Northwest in the Spring, written and directed by Emma Rice, and for the first time, we made and opened the production here, ensuring that the national press came to York to review it, and thereby increasing our national profile. The production was a highly theatrical, very funny, crowd-pleasing production, that received excellent critical response and exceeded box office targets.

We supplement our own produced work with high quality presented theatre. Highlights include:

Tess (Ockham’s Razor), The Kite Runner (UK Productions), Anna Hibiscus’ Song (Utopia) and Pride & Prejudice (Sort Of), The Tempest (RSC First Encounters), and a week of Stewart Lee vs The Man-Wulf.

In line with our mission for York Theatre Royal to become known as a destination for dance in the North of England, we welcomed London City Ballet, Jasmin Vardimon Dance Company, Company Wayne Macgregor and Matthew Bourne to our stage, as well as continuing to grow our partnerships with Ballet Black, Pheonix Dance Theatre and York Dance Space.

We are keen to play a part in developing Yorks’ cultural ecology and providing more performance opportunities for local artists. In October 2024, we launched a new programme of work, The Old Paint Shop, converting our studio theatre into a cabaret style venue, curating a range of musicians, comedy acts and burlesque performers.

Building strong relationships with other cultural organisations within the city is important to us. Every year, we are a delivery partner for some of the best cultural events within the city; University of York’s York Festival of Ideas and the Aesthetica Film Festival amongst others.

In Autumn 2024, we hosted the international launch of A Voice for Richard, which was livestreamed to 14 different countries. It presented the findings of the many experts in the fields of science, technology and the arts who had worked to create what the voice of Richard III might have sounded like. We also feature in the television documentary of the project.

We continue to host and support our regular local amateur groups on both our stages, and also held a fundraising performance of our Choir singing The Sound of the Movies.

Across the year we began our work on co-creating our next community production, His Last Report, based on the life and work of Seebohm Rowntree, an English sociological researcher, social reformer and industrialist, known for his studies of poverty in York. We held research sessions, character workshops and a first draft table read.

Alongside the extensive existing programme of creative engagement work, we built on our partnership with the RSC to set up a Shakespeare Nation group, comprising members of our community who are making work in the lead up to the RSC’s production of Hamlet, which is coming here in Spring 2026.

In terms of artist development, we also hosted TakeOver with York St John students, supporting them to create and run a festival week, provided the Graduate Prize showcase mentoring opportunity with YSJ graduates and, for the second year running, worked in partnership with Next Door But One, to deliver a a range of workshops and sessions to local emerging artists.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

d. Plans for future periods

Audiences are witnessing a noticeable change in the national and international ambition of YTR produced work. The development of strong artistic relationships, robust financial planning and the maximisation of financial opportunities and future life makes this possible. In 2025-26 we deliver four YTR productions and two co-productions.

Spring 2025 sees a five week run of Samuel Beckett’s Krapp’s Last Tape starring Gary Oldman. In July 2025, we perform His Last Report, and in September 2025 we bring a brand new musical to the stage, Debbie Issit’s Military Wives in association with Cheltenham Everyman and Buxton Opera House. We will end the year with The Secret Garden, directed by former YTR artistic director, John Doyle with a strong cast of actor-musicians.

We supplement the YTR productions with exciting, high quality co-productions. The Railway Children is co-produced in partnership with Bradford Culture Company and is an ambitious, large scale project opening in July 2025 for an eight week run. It restages The Railway Children in the Bradford district and forms a major part of Bradford 2025’s city of culture year long programme.

We also continue to strengthen our relationship with Evolution and bring Sleeping Beauty to audiences in 2025-26. We aim for this partnership to continue for the foreseeable future as it delivers a financially sustainable way of bringing high quality pantomime to audiences while retaining sufficient in house capacity to deliver a year round programme of new, innovative and ambitious theatre.

Lead times are extended through the producing model and shows now go on sale, generally earlier in the cycle. The Psychic, which will be staged in Spring 2026 is a YTR production written and directed by Andy Nyman and Jeremy Dyson. Tickets went on sale in 2024-25 with early indications of box office success.

In short, the producing strategy is working and the creative energy within the organisation is palpable.

Spring 2025 sees the produced work supplemented by presented work, from John Godber Company with Do I Love You and Matthew Bourne with The Midnight Bell.

e. Investment policy and performance

The Theatre defines its treasury management activities as:

The Theatre regards the successful identification, monitoring and control of risk will be used to assess the effectiveness of its treasury management activities.

The core principles the Theatre will follow when investing money are:

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial Review

a. Going concern

The activities of the Group, together with the factors likely to affect its future development and performance, are set out in the Report of the Trustees. The financial position of the Group, its cashflow and liquidity are described in the Financial Statements and accompanying notes.

The Group’s financial liquidity increased during the year. At the year end the Group had total liquid resources of £1,941,065 (2024: £909,622) consisting of cash reserves of £255,146 (2024: £409,027) and investments of £1,685,919 (2024: £500,595). The significant improvement in financial liquidity was due to the casting of Gary Oldman in Krapp’s Last Tape and the high level of advance ticket sales at the year end. These high levels of sales will be reflected in the financial performance of the Group in 2025-26.

The group also demonstrates an improved underlying operating position in 2024-25 with a General Fund deficit of £101,174 (2024: £187,434). This is expected to improve further in 2025-26 and we are currently forecasting a surplus of £247,389 which will support in building back levels of free reserves.

Despite improved financial liquidity and operating results in 2024-25, net assets declined by £126,302 to £1,188,108 (2024: £1,314,410) in year. The movement reflects the deficit of £101,174, a reduction in designated fixed assets of £86,607 and, a net increase in restricted funds of £61,479.

Whilst there are many indications that the organisation has turned a corner, the Trustees recognise that there is still some work to do to secure the long term financial viability of YCTT and that the external economic climate, particularly in relation to capital funding, continues to be challenging.

b. Reserves policy

The trustees have agreed that it is necessary to maintain sufficient reserves in its General Funds to enable the organisation to respond to short term fluctuations and to provide sufficient liquid reserves to meet fixed costs plus any foreseeable capital expenditure. The theatre’s current target is to maintain positive free reserves. As at the 31 March 2025, total free reserves of the theatre were £280,729 (2024: £381,903).

c. Financial position

As at 31 March 2025, YCTT has unrestricted funds of £1,066,498 (2024: £1,254,279) including designated funds of £785,769 (2024: £872,376). Restricted reserves total £121,610 (2024: £60,131).

d. Fundraising policy

We raise a small percentage of our funds from the public and our aim is to ensure we do this in both a respectful and compelling way that is consistent with our values.

The charity is a member of the Institute of Fundraising and supports its purpose and activities. All fundraising conducted on behalf of the charity, whether by committees, volunteers or staff, must comply with the Fundraising Regulator and The Code of Fundraising Practice together with all relevant legislation. The Trustees are not aware of any failure in complying with the new Code and legislation.

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YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Financial Review (continued)

The charity did not employ a professional fundraiser nor any commercial participator in fundraising in the year.

The charity has received no complaints about its fundraising activity in the year.

The charity insists that all members of the public will not be subject to fundraising activity that is an unreasonable intrusion on that person’s privacy, is unreasonably persistent, or places undue pressure on a person to give money or other property.

Structure, governance and management

a. Constitution

The charity and the group is registered as a members limited liability company and was set up by a Memorandum of Association on 15 August 1936. Articles of Association were revised following the 2024-25 year end in order to simplify and modernise the governance structures. No changes were made to the charity’s objects as part of those revisions.

The charity and the group is constituted under Articles of Association dated 4 June 2025 and is a registered charity number 229396.

The principal objects of the charity and the group are:

To conserve, develop and enhance the premises known as York Theatre Royal for the benefit of the public, as a working theatre and a place with historical associations and to acquire for any consideration or interest, construct or maintain theatres in York or elsewhere and to alter, rebuild, reconstruct, refurnish, work, maintain and carry on any theatre for the time being owned or taken on lease by or otherwise in the occupation of the Charity, for the sole purpose of advancing the education of the public in the appreciation and understanding of the dramatic and musical arts in all their forms.

To carry on any theatre for the time being owned, leased or occupied by the Charity to promote, maintain, improve and advance education by the encouragement of the arts, including the arts of drama, mime, dance, music, ballet, opera, puppetry, painting and sculpture, photography, cinema, literature and poetry and to improve the general standard of dramatic productions in York and elsewhere, and also if and in so far as may be practicable to provide the Charity's theatre or permit the same to be used for public lectures, cinematic performances or other entertainments and exhibitions considered to be of educational merit.

To receive, educate and train students in the arts of drama, mime, dance, music, ballet, opera, puppetry, painting and sculpture, photography, cinema, literature and poetry and to promote recognition of and encouragement of exceptional merit in students by the institutional presentation of scholarships, exhibitions, grants, medals or other prizes or benefactions.

To purchase or otherwise acquire and obtain exclusive and other interest in copyright and rights of representation and other rights of or in plays, music, songs, words, operas, comedies and compositions of an educational merit or calculated to improve the general standard of dramatic productions in York and elsewhere for the benefit of the public.

In furtherance of the above objects to carry on in connection with any theatre owned or for the time being in the occupation of the Charity in York or elsewhere the business of the sale of refreshments, food and drink and publications, such activities to be solely ancillary to the furtherance of the Charity’s Objects.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

The Board of Trustees meets ordinarily four times each year. The Charity has resolved to dispense with an Annual General Meeting. In addition, Trustees have established a small number of key sub-committees to report to the Board of Trustees on aspects of the Charity’s business:

The Charity has two trading subsidiaries which form part of the group and in which it is the sole shareholder: York Theatre Royal Enterprises Ltd and York Theatre Productions Ltd.

All profits generated by the Trust’s subsidiaries are ‘gifted’ to the Charity.

The Trust and its subsidiaries operate as a group for VAT purposes. The relationship between the Charity and its subsidiaries is clearly set out in a relationship agreement under which the Charity provides a range of services to its subsidiaries. These include lease and buildings maintenance, strategic management, employment and provision of staff, administration (including HR and Finance), insurance and the provision of assets for use by the subsidiaries. The subsidiaries receive a Management Charge to cover the cost of these services.

b. Methods of appointment or election of Trustees

The management of the charity and the group is the responsibility of the Trustees who are appointed under the terms of the Articles of Association.

c. Policies adopted for the induction and training of Trustees

New Trustees are inducted into the organisation through a series of meetings. The Board has terms of reference for all Board meetings and Board Committees. All board meetings include a strategic or creative presentation at the outset which helps to familiarise Trustees with the theatre’s activities. Board meetings are also scheduled to coincide with key dates in the performance schedule so that Trustees can quickly become familiar the shows on stage.

There is an annual review of the Board skills base and open recruitment for all Trustees. There is an intent that the Board is representative of the UK community. Each year Trustees hold an Away Day with the Executive to review the strategic direction of the Trust.

d. Pay policy for key management personnel

The pay of senior staff is reviewed annually. It is increased in the same way as all other staff, with reference to inflation as calculated under the CPIH indices and is subject to Board approval.

e. Organisational structure and decision making

The Trustees determine the general policy of the Charity. Under the overall direction of the Trustees the day-to-day management is delegated to the Chief Executive Officer.

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YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

f. Risk management

The Charity maintains a Risk Register which is reviewed regularly by the trustees. Risk is a standard agenda item at all board and subcommittee meetings and major risks are always brought to the attention of the Trustees on a timely basis.

The Trustees continually assess the major risks to which the Charity and the group is exposed and are satisfied with the systems and procedures in place to mitigate exposure and reduce risk to an acceptable level.

Statement of Trustees' responsibilities

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

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

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

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YORK CITIZENS' THEATRE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

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

Auditor

The auditor, BHP LLP, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

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

. ~~............................~~ Signer ID: L9JNIQBTWS...................... . ~~...............................................~~ Signer ID: VVTNKHMPF9... Helen Boaden Cath Clelland MBE FCMA Chair of Trustees Trustee Date: 09/12/2025 GMT

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YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORK CITIZENS' THEATRE TRUST LIMITED

We have audited the financial statements of York Citizens' Theatre Trust Limited (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events of conditions that, individually or collectively, may cast significant doubt on the group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORK CITIZENS' THEATRE TRUST LIMITED (CONTINUED)

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

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YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORK CITIZENS' THEATRE TRUST LIMITED (CONTINUED)

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YORK CITIZENS' THEATRE TRUST LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Signer ID: IPFNE7JEI6...Laura Masheder (Senior statutory auditor)

for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

Date: 10/12/2025 GMT

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5, 6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9,10
Charitable activities
11
Total expenditure
Net (expenditure)/income
Transfers between funds
23
Net movement in funds
Reconciliation of funds:
Total funds brought forward as previously
stated
Prior year adjustment
22
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
760,419
2,676,086
580,782
44,014
149,156
4,210,457
858,240
3,652,308
4,510,548
(300,091)
112,310
(187,781)
1,325,279
(71,000)
1,254,279
(187,781)
1,066,498		 Restricted
funds
2025
£
264,808
-
-
-
2,275
267,083
-
93,294
93,294
173,789
(112,310)
61,479
60,131
-
60,131
61,479
121,610		 Total
funds
2025
£
1,025,227
2,676,086
580,782
44,014
151,431
4,477,540
858,240
3,745,602
4,603,842
(126,302)
-
(126,302)
1,385,410
(71,000)
1,314,410
(126,302)
1,188,108		 As restated
Total
funds
2024
£
798,136
2,579,778
754,268
39,111
105,892
4,277,185
1,151,441
3,558,564
4,710,005
(432,820)
-
(432,820)
1,818,230
(71,000)
1,747,230
(432,820)
1,314,410

The Consolidated Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

The notes on pages 23 to 55 form part of these financial statements.

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YORK CITIZENS' THEATRE TRUST LIMITED

REGISTERED NUMBER: 00317560

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
17
Investments
18
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
21
Net current liabilities
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds
Designated funds
23
General funds
23
Total unrestricted funds
23
Total funds		 15,624
961,409
255,146
1,232,179
(2,515,759)
785,769
280,729		 2025
£
785,769
1,685,919
2,471,688
(1,283,580)
1,188,108
121,610
1,066,498
1,188,108		 14,470
615,506
409,027
1,039,003
(1,097,564)
872,376
381,903		 As restated
2024
£
872,376
500,595
1,372,971
(58,561)
1,314,410
60,131
1,254,279
1,314,410

Page 18

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

REGISTERED NUMBER: 00317560

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Signer ID: L9JNIQBTWS...

Helen Boaden Chair of Trustees

Signer ID: VVTNKHMPF9... Cath Clelland MBE FCMA Deputy Chair

Date: 09/12/2025 GMT

The notes on pages 23 to 55 form part of these financial statements.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

REGISTERED NUMBER: 00317560

CHARITY BALANCE SHEET

AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
17
Investments
18
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
21
Net current liabilities
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds
Designated funds
23
General funds
Total unrestricted funds
Total funds		 7,178
970,435
198,686
1,176,299
(2,479,125)
785,769
261,486		 2025
£
785,769
1,685,922
2,471,691
(1,302,826)
1,168,865
121,610
1,047,255
1,168,865		 -
661,865
237,192
899,057
(1,073,975)
872,376
265,549		 As restated
2024
£
872,376
500,598
1,372,974
(174,918)
1,198,056
60,131
1,137,925
1,198,056

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025

The Charity's net movement in funds for the year was £242,312 (2024 - £(470,346)).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Signer ID: L9JNIQBTWS... Helen Boaden Chair of Trustees

Signer ID: VVTNKHMPF9...

Cath Clelland MBE FCMA Deputy Chair

Date: 09/12/2025 GMT

The notes on pages 23 to 55 form part of these financial statements.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
25
Cash flows from investing activities
Bank interest
Interest earned and reinvested
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
26		 2025
£
1,116,529
8,690
(35,324)
(93,776)
50,000
(1,200,000)
(1,270,410)
(153,881)
409,027
255,146		 As restated
2024
£
(415,156)
6,578
(32,533)
(19,431)
519,748
(500,000)
(25,638)
(440,794)
849,821
409,027

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

York Citizens' Theatre Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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

The charitable company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

The charitable company has taken advantage of the exemption allowed under section 7 of FRS 102 and has not presented its own Statement of Cash Flows in these financial statements.

1.2 Going concern

The Group’s financial liquidity increased during the year. At the year end the Group had total liquid resources of £1,941,065 (2024: £909,622) consisting of cash reserves of £255,146 (2024: £409,027) and investments of £1,685,919 (2024: £500,595). The significant improvement in financial liquidity was due to the casting of Gary Oldman in Krapp’s Last Tape and the high level of advance ticket sales at the year end. These high levels of sales will be reflected in the financial performance of the Group in 2025-26.

The group also demonstrates an improved underlying operating position in 2024-25 with a General Fund deficit of £101,174 (2024: £187,434). This is expected to improve further in 2025-26 and we are currently forecasting a surplus of £247,389 which will support in building back levels of free reserves.

Despite improved financial liquidity and operating results in 2024-25, net assets declined by £126,302 to £1,188,108 (2024: £1,314,410) in year. The movement reflects the deficit of £101,174, a reduction in designated fixed assets of £86,607 and, a net increase in restricted funds of £61,479.

Whilst there are many indications that the organisation has turned a corner, the Trustees recognise that there is still some work to do to secure the long term financial viability of YCTT and that the external economic climate, particularly in relation to capital funding, continues to be challenging.

The Group has been given a letter of credit by City of York Council that extends until July 2028 and provides the Group with a large amount of financial headroom and security. This has enabled management and Trustees to conclude that the going concern basis is appropriate.

Whilst the Trustees recognise the challenges and uncertainties that the theatre faces, they believe that with continued support from both Arts Council England and the City of York Council, and continued scrutiny by the Trustee Board, the Group and parent charitable company will continue as a going concern. The Trustees therefore

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YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.2 Going concern (continued)

continue to adopt the going concern basis of preparation for the financial statements.

1.3 Company status

The charity is a company limited by shares, incorporated in England and Wales. The company's registered office is as stated in the Trustees' Report.

The liability of each shareholder on winding up is limited to £1 for each share held.

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.5 Income

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

Charitable trading activities:

Income from theatre admission fees net of Box Office commission is included in charitable activity income in the period in which the relevant show takes place.

Commercial trading activities:

Income from commercial activities is included in the period in which the group is entitled to receipt within raising funds.

Donations and grants:

Income from donations and grants, including capital grants, are included in income when these are receivable, except as follows:

When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included within restricted income when receivable.

Interest receivable:

Interest is included when receivable by the charity.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

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

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.

Certain expenditure is directly attributable to specific activities and has been included in the relevant cost categories.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.6 Expenditure (continued)

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include central functions that have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

Expenditure on stage properties, scenery and effects is not capitalised (unless the properties, scenery and effects can be used in future productions), as it is considered that such costs more truly reflect direct production costs and are, therefore, written off in the financial year in which the relevant production opens.

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

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

All expenditure is inclusive of irrecoverable VAT.

1.7 Income and expenditure in relation to production of shows

The nature of producing theatre results in income and expenditure being incurred over a long period of time and often spans more than one accounting period. This accounting policy sets out the accounting treatment for income and expenditure recognition in relation to shows.

The term ‘production’ refers to the full run of shows. A ‘performance’ refers to one single show within the run.

In cases where YTR is presenting work produced by touring companies, the settlement cost paid to the touring company is apportioned equally across the number of performances in the run.

1.8 Basis of consolidation

The financial statements consolidate the accounts of York Citizens' Theatre Trust Limited and all of its subsidiary undertakings ('subsidiaries').

The charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.9 Taxation

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

1.10 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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

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

Depreciation is provided on the following bases:

1.11 Investments

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

1.12 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks.

1.13 Debtors

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

1.14 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity from the date of acquisition or opening of the deposit or similar account.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.15 Creditors and provisions

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

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

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

1.16 Financial instruments

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

1.17 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

1.18 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2. Critical accounting estimates and areas of judgment

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

Critical accounting estimates and assumptions:

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

(i) Support costs

Staffing and administration support costs are allocated across the activities of the theatre. Support costs are allocated on a basis consistent with the use of resources.

Critical areas of judgment:

(i) Recognition of Production Costs

The recognition of production costs requires management to exercise judgement in determining the appropriate point at which expenditure should be recognised in the Statement of Financial Activities. The nature of producing theatre results in costs being incurred over an extended period, often spanning multiple accounting periods.

A key area of judgement relates to the treatment of pre-production costs (the costs of making the shows). Management considers the date of the first performance to be the point at which the theatre has achieved delivery of the production to its audience, and therefore pre-production costs are recognised in full at this point. This policy reflects the view that the first performance demonstrates that the production is available for use in generating income across the run of performances.

In applying this policy, management has also judged that if a production were to be cancelled prior to its first performance, all costs incurred to date would be recognised immediately in the Statement of Financial Activities. This reflects the fact that no future economic benefits are expected to flow from the cancelled production.

Judgement is also applied in apportioning costs and income across individual performances within a run. For example, box office income and related box office costs are recognised at the point of each performance, and settlement costs for presented work are apportioned equally across all performances in the run.

This approach requires management to assess carefully whether expenditure relates to the creation of a production (pre-production) or to its delivery (performance). These judgements are material to the timing of recognition of costs and therefore to reported results.

Page 29

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3. Income from donations and legacies

Donations
Arts Council England, Yorkshire
Individual Giving and the 1774 Club
Julius Caesar
Pay it Forward
NT Connections
Patricia and Donald Shepherd Charitable Trust
Community giving donations
Corporate giving
Development support
Events and show sponsorship
Garfield Weston community production
National Lottery Heritage Fund
Joseph Rowntree
Other donations
Legacies
Legacy fund - electric van
Legacy fund - Futureproof
Total 2024		 Unrestricted
funds
2025
£
598,059
109,816
-
-
-
-
18,802
-
-
29,542
-
-
-
4,200
-
-
760,419
725,734		 Restricted
funds
2025
£
-
-
7,170
4,272
13,696
40,000
-
-
16,057
-
20,000
56,613
25,000
5,000
50,000
27,000
264,808
72,402		 Total
funds
2025
£
598,059
109,816
7,170
4,272
13,696
40,000
18,802
-
16,057
29,542
20,000
56,613
25,000
9,200
50,000
27,000
1,025,227
798,136		 Total
funds
2024
£
598,059
72,016
-
-
-
35,000
31,099
11,300
-
13,260
-
-
-
37,402
-
-
798,136

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4. Income from charitable activities

Admission fees (box office receipts)
Co-production income
Education and outreach
Total 2024		 Unrestricted
funds
2025
£
2,482,368
73,500
120,218
2,676,086
2,579,778		 Total
funds
2025
£
2,482,368
73,500
120,218
2,676,086
2,579,778		 Total
funds
2024
£
2,443,599
-
136,179
2,579,778

5. Income from other trading activities Income from fundraising events

Event bar income
Props, electrical hire and merchandising
Lettings, room hire and corporate entertainment
Costume hire and making
Total 2024		 Unrestricted
funds
2025
£
-
20,063
6,333
36,797
63,193
49,758		 Total
funds
2025
£
-
20,063
6,333
36,797
63,193
49,758		 Total
funds
2024
£
500
1,078
17,453
30,727
49,758

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5. Income from other trading activities (continued)

Income from non charitable trading activities

Other income
Bar sales
Catering sales
Ice cream and sweet sales
Merchandise and programme sales (2)
Box office services (1)
Total 2024		 Unrestricted
funds
2025
£
4,348
189,076
219,125
95,083
9,957
-
517,589
704,510		 Total
funds
2025
£
4,348
189,076
219,125
95,083
9,957
-
517,589
704,510		 Total
funds
2024
£
-
185,304
202,693
84,088
58,723
173,702
704,510

Total income from of fundraising and other charitable trading activities has been summarised in note 6.

(1) Until 31 March 2024 box office services comprised a 5% allocation of ticket income. This ceased in the current financial year and ticket income is shown gross in note 4 to these financial statements.

(2) Until 31 March 2024 merchandise and programme sales were included in the accounts of the subsidiary, York Theatre Royal Enterprises Limited. Further to al full review of income these streams have been transferred back into the charitable company, reflecting the ancilliary purpose of these income streams.

Page 32

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

6. Summary of fundraising and charitable activities

Fundraising events
Charitable trading activities
Total 2024
Investment income
Bank interest
Interest received on long term cash deposits
Total 2024 as restated		 Unrestricted
funds
2025
£
63,193
517,589
580,782
754,268
Unrestricted
funds
2025
£
8,690
35,324
44,014
39,111		 Total
funds
2025
£
63,193
517,589
580,782
754,268
Total
funds
2025
£
8,690
35,324
44,014
39,111		 Total
funds
2024
£
49,758
704,510
754,268
As restated
Total
funds
2024
£
6,578
32,533
39,111

7. Investment income

Page 33

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8. Other income

Sundry income (1)
Gift aid income
Sale of fixed assets
Holiday Activity and Food Programme
Total 2024		 Unrestricted
funds
2025
£
108,584
40,403
169
-
149,156
101,360		 Restricted
funds
2025
£
-
-
-
2,275
2,275
4,532		 Total
funds
2025
£
108,584
40,403
169
2,275
151,431
105,892		 Total
funds
2024
£
75,257
26,103
-
4,532
105,892

(1) Until 31 March 2024 merchandise and programme sales were included in the accounts of the subsidiary, York Theatre Royal Enterprises Limited. Further to al full review of income these streams have been transferred back into the charitable company, reflecting the ancilliary purpose of these income streams.

Page 34

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9. Expenditure on raising funds

Fundraising trading expenses

Marketing and fundraising
Trading activities
Costume hire and making
Fundraising trading staff costs (1)
Fundraising trading expenses - National insurance
(1)
Fundraising trading expenses - pension costs (1)
Total 2024		 Unrestricted
funds
2025
£
266,147
91,681
2,066
-
-
-
359,894
496,563		 Restricted
funds
2025
£
-
-
-
-
-
-
-
66,722		 Total
funds
2025
£
266,147
91,681
2,066
-
-
-
359,894
563,285		 Total
funds
2024
£
318,198
38,831
6,070
182,024
13,583
4,579
563,285

(1) Until 31 March 2024 box office services comprised a 5% allocation of ticket income. This ceased in the current financial year and ticket income is shown gross in note 4 to these financial statements. Accordingly associated costs have also been reallocated.

Page 35

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9. Expenditure on raising funds (continued)

Other trading expenses

Bar purchases
Catering purchases
Events, hire and performance cost of sales
Ice cream and sweets purchases
Merchandise and programme purchases
Box office service costs recharged (2)
Box office service costs of sales (2)
Administration expenses
Administration staff costs
Total 2024		 Unrestricted
funds
2025
£
68,723
103,455
2,690
22,443
2,750
-
-
26,782
271,503
498,346
588,156		 Total
funds
2025
£
68,723
103,455
2,690
22,443
2,750
-
-
26,782
271,503
498,346
588,156		 Total
funds
2024
£
62,916
95,336
1,651
23,385
40,497
74,189
54,584
27,415
208,183
588,156

Total costs of raising funds have been summarised in note 10.

(2) Until 31 March 2024 merchandise and programme sales were included in the accounts of the subsidiary, York Theatre Royal Enterprises Limited. Further to al full review of income these streams have been transferred back into the charitable company, reflecting the ancilliary purpose of these income streams. Accordingly associated costs have also been reallocated.

Page 36

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10. Summary of raising funds

Fundraising trading expenses
Other trading expenses
Total 2024		 Unrestricted
funds
2025
£
359,894
498,346
858,240
1,084,719		 Restricted
funds
2025
£
-
-
-
66,722		 Total
funds
2025
£
359,894
498,346
858,240
1,151,441		 Total
funds
2024
£
563,285
588,156
1,151,441

Split between direct and support costs

Cost of generating funds
Fundraising trading costs
Subsidiary trading costs
Total 2024		 Direct cost of
activities
2025
£
203,576
1,580
498,346
703,502
1,038,403		 Support costs
2025
£
62,571
92,167
-
154,738
113,038		 Total
funds
2025
£
266,147
93,747
498,346
858,240
1,151,441		 Total
funds
2024
£
486,440
76,845
588,156
1,151,441

Page 37

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11. Analysis of expenditure on charitable activities

Summary by fund type

Admission fees (box office receipts)
Theatre tax relief
Education and outreach
Governance
Total 2024		 Unrestricted
funds
2025
£
3,809,924
(270,102)
75,972
36,514
3,652,308
3,493,260		 Restricted
funds
2025
£
49,782
-
43,512
-
93,294
65,304		 Total
2025
£
3,859,706
(270,102)
119,484
36,514
3,745,602
3,558,564		 Total
2024
£
3,539,788
(323,613)
303,991
38,398
3,558,564

12. Analysis of expenditure by activities

Operation of theatre
Theatre tax relief
Education and outreach
Governance
Total 2024		 Activities
undertaken
directly
2025
£
3,005,557
(270,102)
93,042
36,514
2,865,011
2,591,510		 Support costs
2025
£
854,149
-
26,442
-
880,591
967,054		 Total
funds
2025
£
3,859,706
(270,102)
119,484
36,514
3,745,602
3,558,564		 Total
funds
2024
£
3,539,788
(323,613)
303,991
38,398
3,558,564

Page 38

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13. Allocation of support costs

The trust allocates its support costs as shown in the table below. The support costs are allocated on a basis consistent with the use of resources.

Administration salaries
Other staff costs
Premises costs
Computer, stationery and postage costs
Travelling and subsistence costs
Legal and professional costs
Other sundry expenses
Irrecoverable VAT
Depreciation
Total 2025
Total 2024		 Operation of
Theatre
2025
£
234,864
10,457
278,321
56,453
4,374
36,791
54,486
51,422
153,423
880,591
967,054		 Allocated to
cost of raising
funds
2025
£
41,270
1,837
48,907
9,920
769
6,465
9,574
9,036
26,960
154,738
113,038		 Total
funds
2025
£
276,134
12,294
327,228
66,373
5,143
43,256
64,060
60,458
180,383
1,035,329
1,080,092		 Total
funds
2024
£
240,217
101,444
411,822
37,538
1,803
6,238
49,856
42,203
188,971
1,080,092

14. Net income/(expenditure)

This is stated after charging:

2025 2024
£ £
Depreciation of tangible fixed assets:
- owned bythe charitablegroup 180,383 188,971
Auditor's remuneration - audit 18,950 18,035
Auditor's remuneration - other services 10,100 2,965

Page 39

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
1,544,019
112,000
33,830
1,689,849		 Group
2024
£
1,467,573
104,907
24,989
1,597,469		 Charity
2025
£
1,544,019
112,000
33,830
1,689,849		 Charity
2024
£
1,467,573
104,907
24,989
1,597,469

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

Group Group Charity Charity
2025 2024 2025 2024
No. No. No. No.
Average monthly headcount 115 108 115 108

The average headcount expressed as full-time equivalents was:

Group Group Charity Charity
2025 2024 2025 2024
No. No. No. No.
Average full-time equivalent 50 60 50 60

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 1 -

The average number of key management personnel for both the current and prior year was deemed to be the Chief Executive Officer. Total key management personnel renumeration including employers NI and pension was £74,945 (2024: £55,058).

16. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, £17 of expenses were reimbursed or paid directly to 1 Trustee (2024: £359 to 4 Trustees).

Page 40

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Signal Box
Theatre
£
954
-
(954)
-
954
-
(954)
-
-
-		 Leasehold
Improvements
£
1,604,006
-
-
1,604,006
911,813
105,225
-
1,017,038
586,968
692,193		 Plant and
equipment
£
1,125,756
47,857
-
1,173,613
945,573
69,998
-
1,015,571
158,042
180,183		 Motor vehicles
£
7,000
45,919
(7,000)
45,919
7,000
5,160
(7,000)
5,160
40,759
-		 Total
£
2,737,716
93,776
(7,954)
2,823,538
1,865,340
180,383
(7,954)
2,037,769
785,769
872,376

Page 41

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18. Fixed asset investments

Investments in
subsidiary
companies Cash deposits Total
Charity £ £ £
Cost or valuation
At 1 April 2024 3 500,595 500,598
Additions - 1,200,000 1,200,000
Disposals - (50,000) (50,000)
Interest earned and reinvested - 35,324 35,324
At 31 March 2025 3 1,685,919 1,685,922
Net book value
At 31 March 2025 3 1,685,919 1,685,922
At 31 March 2024 3 500,595 500,598
Principal subsidiaries
The following were subsidiary undertakings of the Charity:
Names Company Holding
Included in
number consolidation
York Theatre Royal Enterprises Limited 02909939 100% Yes
York Theatre Productions Limited 09308382 100% Yes

Page 42

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18. Fixed asset investments (continued)

The financial results of the subsidiaries for the year were:

York Theatre Royal Enterprises Limited
Income
Expenditure
Profit for the year
Total assets
Total liabilities
Net assets
York Theatre Productions Ltd
Income
Expenditure
Profit/(loss) for the year
Total assets
Total liabilities
Net assets		 2025
£
517,589
(498,346)
19,243
64,906
(45,661)
19,245
2025
£
-
-
-
546,456
(546,455)
1		 2024
£
1,244,448
(1,128,094)
116,354
186,305
(69,949)
116,356
2024
£
897,494
(897,494)
-
546,456
(546,455)
1

York Theatre Productions ceased to trade in the previous year when all producing activity transferred to the theatre.

Page 43

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19. Stocks

Finished goods and goods for resale
Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
15,624
Group
2025
£
16,052
-
584,383
360,974
961,409		 Group
2024
£
14,470
Group
2024
£
20,146
-
548,000
47,360
615,506		 Charity
2025
£
7,178
Charity
2025
£
16,052
555,481
37,928
360,974
970,435		 Charity
2024
£
-
Charity
2024
£
20,146
592,816
1,543
47,360
661,865

20. Debtors

Other debtors includes £567,965 (2024: £546,456) in respect of Theatre Tax Relief.

21. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
399,856
157,408
41,168
1,917,327
2,515,759		 As restated
Group
2024
£
291,135
83,952
115,672
606,805
1,097,564		 Charity
2025
£
382,556
138,073
41,168
1,917,328
2,479,125		 As restated
Charity
2024
£
267,546
83,952
115,672
606,805
1,073,975

Page 44

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Deferred income at 1 April 2024
Income deferred during the year
Amounts released from previous periods		 Group
2025
£
389,176
1,817,813
(389,176)
1,817,813		 Group
2024
£
552,015
389,176
(552,015)
389,176		 Charity
2025
£
389,176
1,817,813
(389,176)
1,817,813		 Charity
2024
£
552,015
389,176
(552,015)
389,176

Deferred income comprises ticket fees received in advance, project fees paid in advance of work done and grants which the donor has specified must be used in future accounting periods.

22. Prior year adjustments

During the year, it was identified that amounts previously classified as gains on investments related to interest earned on cash deposits rather than listed investments. As a result, a prior year adjustment has been made to reclassify £35,324 from gains on investments to investment income in the comparative figures. This adjustment has had no impact on the balance sheet.

Following a review of the Theatre's VAT treatment, management identified errors in the recording of certain transactions which have rise to an underpayment of VAT. Corrections have been made to rectify the accounting for these errors and a prior year adjustment has been included to illustrate the effect of this adjustment.

The total impact of the misstatement was quantified at £71,000, with £32,000 relating to the 2023/24 financial year, £24,000 relating to the 2022/23 financial year and £15k relating to the 2021/22 financial year. The effect of this adjustment on this year's financial statements is set out in the table below.

The adjustment does not affect the current year’s profit and loss, other than through the correction of brought forward balances.

Changes to the balance sheet

Adjustment as Adjustment as Adjustment as
As previously at 31 March at 31 March at 31 March
For theyear ended 31 March 2024 reported 2022 2023 2024 As restated
£ £ £ £ £
Creditors due within oneyear
Other taxation and social security 12,952 15,000 24,000 32,000 83,952
Funds
General funds 336,508 (15,000) (24,000) (32,000) 265,508

Page 45

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23. Statement of funds

Statement of funds
Statement of funds - current year
Unrestricted funds
Designated funds
Designated Fixed Asset Fund
General funds
General funds
Enterprises
Share capital
Total Unrestricted funds		 As restated
Balance at 1
April 2024
£
872,376
265,508
116,354
41
381,903
1,254,279		 Income
£
-
3,692,868
517,589
-
4,210,457
4,210,457		 Expenditure
£
(180,383)
(3,831,819)
(498,346)
-
(4,330,165)
(4,510,548)		 Transfers
in/out
£
93,776
134,888
(116,354)
-
18,534
112,310		 Balance at 31
March 2025
£
785,769
261,445
19,243
41
280,729
1,066,498

Page 46

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23. Statement of funds (continued)

Restricted funds
Patricia and Donald Shepherd
Charitable Trust
Access All Areas
NT Connections
Development Support Fund
Holiday Activity and Food
Programme
Julius Caesar
Audrey and Duncan Savage Fund
Legacy Fund Electric Van
Garfield Weston Community
Production Fund
Theatre Fund LX Equipment
National Lottery Heritage Fund
Joseph Rowntree
Futureproof
Other restricted funds
Total of funds		 As restated
Balance at 1
April 2024
£
18,663
10,822
7,317
4,102
3,954
3,600
10,000
-
-
-
-
-
-
1,673
60,131
1,314,410		 Income
£
40,000
-
13,696
16,057
2,275
7,170
-
50,000
20,000
5,000
56,613
25,000
27,000
4,272
267,083
4,477,540		 Expenditure
£
(33,234)
(7,839)
(2,439)
(20,159)
(1,018)
(2,774)
-
-
(657)
-
(12,996)
(6,479)
(500)
(5,199)
(93,294)
(4,603,842)		 Transfers
in/out
£
(13,543)
-
(18,574)
-
(1,257)
-
(10,000)
(50,000)
-
(5,000)
(11,323)
(2,500)
-
(113)
(112,310)
-		 Balance at 31
March 2025
£
11,886
2,983
-
-
3,954
7,996
-
-
19,343
-
32,294
16,021
26,500
633
121,610
1,188,108

Page 47

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated funds
Designated Fixed
Asset Fund
Designated Fund -
Community
Productions
Designated Fund -
Creative
Director
General funds
General funds
Enterprises
Share capital
Total Unrestricted
funds		 As restated
Balance at
1 April 2023
£
1,041,916
221,664
14,176
1,277,756
85,087
149,829
41
234,957
1,512,713		 Income
£
-
-
-
-
2,923,270
1,244,448
-
4,167,718
4,167,718		 Expenditure
£
(188,971)
(115,840)
-
(304,811)
(3,216,073)
(1,128,095)
-
(4,344,168)
(4,648,979)		 Transfers
in/out
£
19,431
(105,824)
(14,176)
(100,569)
440,691
(149,828)
-
290,863
190,294		 Gains/
(Losses)
£
-
-
-
-
32,533
-
-
32,533
32,533		 As restated
Balance at
31 March
2024
£
872,376
-
-
872,376
265,508
116,354
41
381,903
1,254,279

Page 48

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23. Statement of funds (continued)

Restricted funds
City of York
Capital Fund
Patricia and
Donald
Shepherd
Charitable Trust
Access All Areas
NT Connections
Development
Support Fund
Holiday Activity
and Food
Programme
37 Plays
Richard III
Commission
Julius Caesar
Audrey and
Duncan Savage
Fund
Other restricted
funds
Total of funds		 As restated
Balance at
1 April 2023
£
245,016
15,702
17,305
1,807
-
3,176
3,878
1,832
3,750
10,000
3,051
305,517
1,818,230		 Income
£
-
35,000
-
6,700
16,102
4,532
10,000
-
-
-
4,600
76,934
4,244,652		 Expenditure
£
(54,722)
(32,039)
(6,483)
(1,190)
(12,000)
(3,754)
(13,878)
(1,832)
(150)
-
(5,978)
(132,026)
(4,781,005)		 Transfers
in/out
£
(190,294)
-
-
-
-
-
-
-
-
-
-
(190,294)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
32,533		 As restated
Balance at
31 March
2024
£
-
18,663
10,822
7,317
4,102
3,954
-
-
3,600
10,000
1,673
60,131
1,314,410

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Restricted funds

Patricia and Donald Shepherd Charitable Trust Fund - funding received to support the provision of an Outreach Director to work with disadvantaged groups across the City.

Access All Areas - funding has been made from the Ed De Nunzio Charitable Trust to support the Access All Areas drama group. The group works with a group of young people aged 12-16 who are vulnerable, socially excluded or disadvantaged in some way and would not usually access out mainstream Youth Theatre.

NT Connections – these funds were received from the National Theatre to support the ‘Connections Project’ at York Theatre Royal.

Development Support fund - This donation from a private individual to fund the salary and ongoing costs of a wardrobe assistant.

Holiday Activity and Food Programme - funding received from City of York Council to support holiday activities for disadvantaged children.

Julius Caesar - Funding supporting the formation of a community chorus to perform in the RSC production working alongside a local musical director.

Audrey and Duncan Savage Fund - To support small capital projects.

Legacy Fund Electric Van- £82k legacy was received of which £50k was for the purchase of an electric van. This was purchased in August 2024.

Garfield Weston Community Production Fund- £20k to support the community production 'His Last Report' and contribute to other creative engagement activity.

Theatre Fund LX Equipment- Funding to buy electrical equipment.

National Lottery Heritage Fund- £113k grant to fund the 'Sweet Legacies' project which is linked to the community production 'His Last Report'.

Joseph Rowntree- £25k grant to support community production 'His Last Report'.

Futureproof- £82k legacy was received of which £27k is to fund the futureproof project. This is a young persons participatory project which starts in 2025-26.

City of York Capital fund - a donation of funding to support the Theatre with its ongoing capital costs and capital redevelopment projects. The transfer relates to the transfer of fixed assets from restricted to unrestricted funds, as the assets are held for general purposes.

37 Plays - funding from the RSC to support a nationwide playwriting project, working with 12 theatre partners across the country with the aim to get the nation writing.

Richard III Commission - funding from the Richard III Society CLG to support the creation and commission of a new play about Richard III.

Other restricted funds include restricted grants and donations under £2,000 each.

Page 50

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Designated funds

Designated fixed asset fund represents the carrying value of the tangible fixed assets.

Transfers

A transfer was made in the prior year from restricted funds to general funds totalling £190,294 in the year representing the release of capital grant funding which has been approved by the funder for use on general purposes.

Transfers have been made from unrestricted funds to designated funds totalling £93,776 which represents movements on fixed assets at the year end.

A transfer has been made for £116,354 within unrestricted funds to represent the gift aid payment made by York Theatre Royal Enterprises Limited to the parent charitable company in the year.

Transfers totalling £65,000 from restricted to unrestricted funds represent capital expenditure for which the conditions attached to the restricted funds have been fully satisfied.

Transfers totalling £47,310 from restricted to unrestricted funds represents funds received in prior years that were intended to contribute towards certain costs. Following a review, the transfer has been made to ensure accurate matching of the incurred expenditure to reflect the satisfaction of the original funding conditions.

24. Group analysis of net assets between funds

Group analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
785,769
1,685,919
1,110,569
(2,515,759)
1,066,498		 Restricted
funds
2025
£
-
-
121,610
-
121,610		 Total
funds
2025
£
785,769
1,685,919
1,232,179
(2,515,759)
1,188,108

Page 51

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24. Group analysis of net assets between funds (continued)

Group analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total as restated		 As restated
Unrestricted
funds
2024
£
872,376
500,595
978,872
(1,097,564)
1,254,279		 Restricted
funds
2024
£
-
-
60,131
-
60,131		 As restated
Total
funds
2024
£
872,376
500,595
1,039,003
(1,097,564)
1,314,410

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Bank interest
Increase in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided / (used) by operating activities		 Group
2025
£
(126,302)
180,383
(8,690)
(1,154)
(345,903)
1,418,195
1,116,529		 Group
2024
£
(432,820)
188,971
(6,578)
(4,209)
(10,910)
(149,610)
(415,156)

Page 52

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

26. Analysis of cash and cash equivalents

Cash in hand
Notice deposits
Total cash and cash equivalents		 Group
2025
£
255,146
-
255,146		 Group
2024
£
309,027
100,000
409,027

27. Analysis of changes in net debt

Cash in hand At 1 April
2024
£
409,027
409,027		 Cash flows
£
(153,881)
(153,881)		 At 31 March
2025
£
255,146
255,146

The charitable group had no debt in the current or prior year.

28. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £30,023 (2024: £24,989). £9,376 (2024: £15,967) was payable to the fund at the Balance Sheet date and is included in creditors.

Page 53

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

29. Operating lease commitments

At 31 March 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2025
£
89,156
307,833
301,189
698,178		 Group
2024
£
62,710
201,491
334,967
599,168

Of the commitments above, £470,080 (2024: £503,858) is payable to the York Conservation Trust in relation to rent on the theatre building.

Page 54

Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca

YORK CITIZENS' THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

30. Related party transactions

York Theatre Royal Enterprises Limited is a wholly owned subsidiary of York Citizens' Theatre Trust Limited. Some of the trustees of the charity are also directors of the company. At the year end, amounts owed from York Theatre Royal Enterprises Limited were £9,026 (2024: £46,360). During the year the charity received income from a management charge of £nil (2024: £86). During the year total gift aid donations were made from York Theatre Royal Enterprises Limited to the charity totalling £116,354 (2024: £149,828).

York Theatre Productions Limited is a wholly owned subsidiary of York Citizens' Theatre Trust Limited. Some of the trustees of the charity are also directors of the company. At the year end, amounts owed from York Theatre Productions Limited were £546,455 (2024: £546,455), this amount reflects tax credits due from the subsidiary.

There was income of £456,240 (2024: £nil) from Bradford Culture Company, an organisation in which Matthew Noddings was a freelance production manager during the year. Of the £456,240 income received, £440,240 was deferred until 2025-26 and £16,000 was recognised in 2024-25. There was a nil balance (2024: £nil) outstanding at the year end.

During the year there was expenditure of £nil (2025: £5,664) with Make It York, a charity in which Will Zhuang was also a trustee during the year. There was a nil balance (2024: £nil) outstanding at the year end.

During the year there was expenditure of £755 (2024: £755) with York BID Company Limited, a company in which Will Zhuang was also a director during the year. There was a nil balance (2024: £nil) outstanding at the year end.

During the year there was income of £nil (2024: £10,574) and expenditure of £nil (2024: £47,188) with Frantic Assembly, a charity in which Matthew Hunnybun was also a trustee during the year. There was a nil balance (2024: £nil) outstanding at the year end.

During the year expenses were paid to trustees totalling £17 (2024: £359). Collectively, the trustees made donations of £3,036 in the year.

There are no other related party transactions to disclose in the current or previous year.

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Document ID: 1cb67a05ed25a98203aa9440563c2733ed7b1c265424b894e2c9f7cd1a7887ca