REGENT'S PARK OPEN AIR THEATRE Regent's Park Theatre Limited Trustees, Report and Consolidated Financial Statements for the year ended 31 December 2024 Registsred number: 00759557 Charity number: 231670 Regent's Park Theatre Limited Contents Page Legal & Administrative Information Trustees, Report 2-17 Independent AudStors' Report 18-21 Consolldated Statement of Flnan¢ial Activities 22 Consolldated & Company Balance Sheets 23 Consolidated Statement of Cash Flov 24 Notes to the Flnanclal Statements 25-44 Regent's Park Theatre Limited Legal & Administrative Information for the Year Ended 31 December 2024 Charity Name Regent's Park Theatre LSmited Charity Registered Number 231670 Company Registered Number 00759557 (England and Wales) Registered Office Stage Door Gale Open Air Theatre Inner Circle Regent's Park London, NW14NU Patron Dame Judi Dench Trustees Charlotte Aherne (Vice Chair} Partha Bose Jaya Carrier Anna Fleischle-marriott stuart Griffiths OBE (Chairl Tyrone Huntley (resigned 28 January 20251 Kate Millward Steve Pennington Toni Racklln James Reed {resigned 27 February 20241 Dr Philippa Simpson Samatha Spiro Jolnt Chlof Executlves Andrew McOni8 James Pidggon Secrotary James Pidgeon Audltor Crowe U.K. LLP 2nd Floor 55 Ludgate Hill London, EC4M 7JW Bankers Coutts & Co 440 Strand London, WC2R OQS Scottlsh Widows 69 Morrison Street Edinburgh, EH3 1HL Aldermore 1st Floor, Block B Western House Lynch Wood Peterboiough, PE2 8FZ Sollcltor Harbottle & Lewis LLP 7 Savoy Court London, WC2R OEX Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 The Trustees (who are also the directors for the purposes of company law) present their annual report and the audited consolidated financial statements of the ¢harltable company and Its subsldlary undertakings for the year ended 31 December 2024. The annual report and financial statements of the company and the group comply with the current statutory requirements of the company and the group's governing document and the provision of the Statemenl of Recommended Practice ISORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland {FRS102) (effective 1 January 20151. Our Charitable Aims The eharlty's obj'ect is the promotlon of arts and culture primarily in the theatrical arts but including any other media. and the promotion of any other purpose8 that is éxclusSv8ly charitable pursuant to the law of England and Wales from time to tim8. Thè princlpal activity of the charlty is presenting summer seasons of plays at Regent's Park Op8n Alr Theatre, together wllh producing plays elsewhere In the UK. Established in 1932, the multl-award-wlnning Regent's Park Open Air Theatre Is one of the largesl Iheatres in London (al a capacity of 1,304). Passionate about producing popular, enrl¢hing and unexpected theatre that provides a lens Into the here and now, the scale and ambition of our productions logather with our magical outdoor setting, makes us unique in the capital's cultural landscape. "As darkness gncroaches, there is no more glorious place to g8t one s fill of Culture.. Thei Our Strategy 2022-27 OUR VISION To help people make sens8 ofth8 world under a shared sky. OUR MISSION Celebrating our unique and experientlal outdoor setting, we create popular, enriching and unexpected theatre that provides a len5 into the here and now. OUR GUIDING VALUES We are: Ambltlous As one of the largest producing theatres in London, we create exceptional work al sc81e and strive to r6maln curlous, innovative and aspirational, both artistically and organisatlonally. Open An open air theatre that is open and accessible lo all,. we nurture, develop and inspire those who work for us, engage with us. and visit us. Independent We remain entrepreneurial and agile, with Ihe ability to adapt to ever-changing needs and behaviours to ensure our contiriu8d relevance and impact. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 {continued) Connected Through ¢ollabor8tion with both internal and 8xlérnal stakéholders, we forge new and heighten 8XlSting partnerships built on trust, respect, and a shared dialogue. Joyful Utilising the spirit of the park in which we play, we are unashamedly popular, entertaining, and far-reaching in everything we do. OUR UNDERLYING PRINCIPLES Equlty, Dlverslty & Incluslon We are committed to championing diversity and accessibility in everythlng we do, embracing difference and individuality with respect and an inclusive approach to ensure everyone feels valued and wel¢ome. Envlronmental Sustalnability The collision be￿een art and ènvironm8nt is what makes our work unlque., our relationship with the planet is front and tentre. Recognising the climate erisls, we are committed lo reducing our environmental impact and to flnding ways to adapt and respond to ever-changing w8ather patterns. Hlstory & Herltage We are eommltted lo building on our foundations as the oldest, professional, permarbent outdoor theatre In the UK. Clvlc Rosponslblllty We are committed lo exploitlng opportunities to co118borate wlth local authorities, schools, communlly groups, grassroots organisations and other charit185 to remaln locally engaged and effective. OUR ENABLERS Good Governance Led by an active and commltted Board of Trustees with a broad range of skills and lived experienc8S. Commltted People: Permanent Staff, Seasonal Teams & Freelancers Who feel supported, listened to and inspired. Engaged Stakeholders Including individuals, groups and organisations, from funders and archltects to advisors and The Royal Parks. A Functlonlng Estate & Efflclent Systems That are fit-for-purpose and effectively support the growing ambitlon of the organisalion. Comrner¢ial Mindedness Enabling the evolution of our independent, nol-for-piofit business model, and helpin9 to mitigate identified risks. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (continued) OUR STRATEGIC PRIORITIES 1. Producing Expansion 2. Developing Audiences & People 3. Organisational Growth Three priority areas sit wilhln each of our Strategic Priorilies. strategic Report 2024 was a record-breaking year for Regent's Park Open Air Theatre Wlth arguably the most successful season - artistically, critically and commercially- in our 92-year history. This year's season ran for 27 weeks from Saturday 23 March - Saturday 28 September 2024. During the year, audlence attendance totalled 180,899 (up 29,779 on 2023} and gross box offlcè racelpts totslled £5,99m lup £1.3m on 2023) - bolh new records for the organisation. We employ8d 73 freelance creatlve8163Yo of whom made their Regent's Park Open Air Theatre debut) and 79 performers and muslclans (3 ofwhom made thelr professional debut). Produced Work As a non-regularly funded not-for-profit organisalion, our conslant desire to innovate makes our independent busin8ss model thrive. This year, with thè support of a Culture Recovery Fund Sustalnability Grant, we produced our flr5t-ever 8prlng productlon, opening our doors 6 weeks early and transforming our stage to house a 120-capacity immersive pop-up playlng space for Bear Snores On. Commissioned by Regent's Park Open Air Theatre, the production for ages 4+ was written by Cush Jumbo & Katy Sechiari (book) and Harry Blake (mu8ic and lyrics), based on the book by Karma Wilson & Jane Chapman. Load creatives were.. Harry Blake Rebecca Brower Joshi8 Harriette Lotte Hines Cush Jumbo Mala Kirkman-Richards Ebony Molina Katy Sechiari Luke Swaffield Muslcal Direclor Set & Costume Designer Lighting Designer Casllng Diréctor Co-Director Puppet Director & Design8r Movement DSrector Co-Director Sound Designer The production played for 50 performances from the 23 March- 21 April 2024, to an overall audience of 5.370, and provided a blueprint for how we continue lo animate our unique space with bold public-facing artistic activity during 'out of season, months {October - April). ***** "Engaging, heartwarming, 8ndpacked with arresting detail- a joy from st8rt to finish." The Stage Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (continued) ***** 'A stunning production th8t will bring joy Io pgople of all 8ges.' Broadway World Tweffth Night saw the r8turn of Shakespear8 to our evening programme for the first time since 2021, and was th8 first main auditorium production of this yearfs season. Lead creatives were.. Basia Bifikowksa Ryan Dawson Laighl Daniel Hay-Gordon Lotte Hines Owen Horsley Sam Kenyon Aideen Malone Max Pappenheim Set Designer Coslume Designer Movement Director Casllng Olr8Ctor Director Composer & Music Supervlsor Llghllng Déslgnèr Sound Designer The production played for 40 performances from the 3 May- 8 June 2024, to an overall audlence of 21,040. ***** °Innovative, funny, cheeky, camp." Spy in the Stalls **** 'stylish 8nd surprisingly sexy." Evening Standard **** "Full of wamth, wlt, humour and music.. Gay Times whats not to Iovg?" The Enom70us Crocodlle marked our first co-produGtion with Leeds Playhouse and The Roald Dahl Story Company. Written by Ahmed Abdullahi Gallab Imusicl and Suhayla El-Bushra Ibook and lyrics), with additional music and lyrics by Tom Brady, the lead creatives were.. Tom Brady Orchestrations, Arrangements & MusiG Supervisor Set & Costuma D8slgner Sound Designer Choreographer Director Co-Director & Puppet Designer Muslcal Director Casting Director Lighting Designer Fly Davis Tom Gibbons Vickl Igbokwe-ozoagu Emily Lim Toby Olié Math Roberts Bryony Jarvls Taylor CDG Jessica Hung Han Yun The production played for 32 daytime perfoTrnances from the 17 May- 8 June 2024, to an over811 audien of 26,108 young people and families. Regent's Park Theatre Limited Trustees. Report for the Year Ended 31 December 2024 (continued) ***** 'A snapping good tim8." London Th8atre R8V18WS ***** "A MUST-SEE summ8r show with jungle fun for everyonel" Curtain Call Reviews The Secret Garden by Frances Hodgson Burnell in a new version by Holly Robinson & Anna Himali Howard becarne the highest-grosslng new play ¢ommissioned by Regent's Park Op6n Alr Theatro In our 92-year history, surpassing £lm in gross tlckat sales. Lead creatives were.. Will DlckI8 Tingying Dong Anna Himali Howard Polly Jerrold Jai Morlarla Kate Griffin & Ford Colller (Mishra Music) Khadlja Raza Leslie Travers Movement Director Sound Deslgner Director Casting Director Lighting Designer Composers Costume D6sign&r Set D8slgn8r The production played for 39 perforrnances from the 15 June- 20 July 2024. to an overall audl8nce of 32,429. ***** "MaNellous, wise and expertly updaled, it is sublime." The Stage ***** 'A sheer delight- and the Regent s P8rk settlng is parf9Ct." Thei **** 'A stunning production.. Daily T8legraph Closing the season, was a major 60th-anniversary revival of the musical Fiddler on the Roof written by Joseph Stein (book), Jerry Bock (music) and Sheldon Harnick {lyricsl. Lead creatives were: Mark Aspinall stuart 8urt CDG Julia Cheng Jordan Fein Nick Lidster Aideen Malone Tom Scutt Dan Turek Music Supervisor Casting Dlrector Choreographer Director Sound Designer Lightlng Designer Set & Costume Designer Musical Director Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (continued) The production played for 72 performances from the 27 July- 28 September 2024, to an overall audSence of 92,657 (a staggering 98.59/0 of capacity). Fiddler on the Roof became our long95t-runnlng1 best-attended, highest-grossing production ever, and received 28 5-star and 17 4-star reviews. ***** "Only outdoor theatre could contrive such a sublime effect.. The Guardlan ***** "A Maste￿19SS in balancing innovation and tradition.~ Daily Telegraph ***** 'Jordan Fein s revival is a triumph of trnth.. The Stage Recèlvad Work., More Outdoors 2024's More Outdoor programme featured one-off presenlations from Drag Queen Story Hour lon th8 Theatre Lawn). Shakespeare for Every Day of the Yaar- Livel, Arlo Parks and Le Gateau Chocolat with Musicals Mayhem. Total attendance across these four events was 3,296. Beyond Regent's Park Our crilically-acclaimed, sell-out 2016 revlval of Jesus Chrlst Superstar continued both its seeond tour of North America lelosing on tha 18 May 2024) and its tour of the UK (closing on the 10 August 20241. On the 6 November 2024, an Australian tour of the production opened at the Capltol Theatre in Sydney., this lour is scheduled to play through to July 2025, culminatlng in Brisbanè, lof Dalmatlans, relmagined from the 2022 production at Regent's Park Open Air Theatre, began a tour oflhe UK on the 22 June 2024 at the New Wimbledon Theatre. The tour culminated on the 5 January 2025 at Theatre Royal Brighton. 101 D8lmatians will rèturn to London in summer 2025 for a limited 6-week engagement at the Eventim Apollo in Hammersmith. On the 20 January 2025, it wa8 announced that Regent's Park Open Air Theatre would b8 partnering with Trafalgar Theatre Productions and AF Creative Media lo transfer Fiddler on the Roof to the Barbican Centre for a strictly limited 8-week run from May 2025, followed by a malor 24-week tour of the UK & Ireland, culminating at The Alexandra in Birmingham in January 2026. This will be the first nationwide tour of Fidd18r on the Roof in 12 years. Awards & Recognltlon In December 2024, Regent's Park Open Air Theatre was shortlisted for Theatre of the Year at The Stage Awards 2025- one of just six UK theatres lo be nominated in this category. Nottingham Playhouse and the Orange Tree Theatre went on to jointly win the award. In Juty 2024, we were nominated for the first lime at the Kensington, Chelsea & W85tminster Buslness Awards 2024 in the category of Visitor Attraction or Ever)ts Venue of the Year. Unfortunately we didn'l win, but we were delighted to be the only theatre recognised by the Chamber of Commerce in 2024's awards. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (continued) Fiddler on the Roof received a record.breaklng 13 Olivier Award nomlnatlons. maklng Itthè most nominated revival In Oliviers history. It went on to wiri 3 Olivier Awards as follows.. Best Musical Revival Best Set Design for Tom Scutt Best Sound Design for Nick Lldster Thé 10 remaining Olivier Award nominations were.. Best Director for Jordan Fein Best Theatre Choreographer for Julla Cheng Best Costume Design for Tom Scutt Best Lightlng Design for Aid88n Malone Outstanding Musical Contribution for Mark Aspinall Best Actress in a Musical for Lara Pulver {Golde) Best Actor in a Musical for Adam Dannheisser {Tevye) Best Actress in a Supporting Role in a Musical for Liv Andnjsier (Tzeilell Best Actre6s in a Supporting Role in a Muslcal for Beverley Klein (Yente) Best Actor in a Supporting Role In a Musical for Rapha@I Papo (The Fiddler) Flddler on the Roof also won Best Muslcal at the Crltlcs Clrcle Theatra Awards 2026. Furthermore, we were pléased to be nominated for 5 Whatsonstage Awards thls year, all for Flddler on the Roof.. Best Set Design for Tom Soutt Best Choreography lor Julia Cheng Best Costume Design for Tom Scutt Besl Musical Dlre¢tionlSupeNlslon for Mark Aspinall & Dan Turek Besl Cgsting Dir8Ction for Stuart Burt Stuart Burt won Best Castlng Sn Muslcal Thoatre at the Casting Director's Gulld Awards 2026. Finally, Drew Mconie and James Pidgeon were recognised in January 2025's The Stage 100 list ofth8 most influential people in UK Iheatre lin the London Theatres section). 'One of the gr8at undersung theatrical success stories, paGked with awarfs, as w611 as mounting critical and audienc8 acclaim." Evening Standard Food & Drlnk The bar and dlnlng areas (operated by the charity's subsidiary. Regent's Park Enterprises Ltd.) were as popular as ever with audiences. This year, our Govered Dining restaurant served 4,358 customers11,012 more than 20231. 13,000 canapés, 560 plcnics and 110 luxury hampers were served throughout the season. The season's top seller was once again ice cream, with 21,711 tubs sold (an incredible 6,680 increase compared to 2023}. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (continued) Culture, Care & Wellbeing Our Culture, Care & Wellbeing programme and Equity, Diversity & Inclusion {EDI) action plan contlnued to evolve throughout the y&ar, wilh a focus on championing dlversity, accessibility and equity in everything we do, embracing differenGe and individuality with respect, and co-creating an inclusive working environment where everyone feels valued and welcome. Some of our key 8chievements in 2024 included.. Delivery of 20 anti-raclsm and EDI learning and training sessions to staff and freelancers. Snstallation of a permanent multipurpose quiet space. Improvements to accessible toilets, showers and equipment. Engagem8nt of Self Space lo offer external wellbeing support. Introdu¢lion of Acc8ss Riders for staff, creatives and performers. Significantly updated Equity, Diverslty & Inclusion Policy developed in Gonsultation with the Board's People & Inclusion Commrtlee. Two n8w male Mental Health First Alders. Revamped onllne and physical EDI and wellbeing resources. Environment & Sustainablllty Towards tho end of the year, the organisation's Green Group was relgnlt8d, logether with an increased commitment to responding to the recommendations of the Theatre Green Book. A new Cllmate Lead role was established at Board level lo support the Director of Technical & Production and Senior Envlronment Manager with the development and dellvery of thls ongoing work across both short-lerm sustainability and longer-term adaptability. FollowSng the installation of an LED lighting system in the main auditorium in 2023, Fiddler on tho Roof became the flrst show in Regent's Park Open Air Theatre's history to fully utilise this resource without adding lungsten or discharge sourc6s. Thls reduced the production's power ¢on$umptlon by 64.19 - @nough to power five homes for 24 hours. Fundraising Activities The charity has a Senior Partnerships & Philanthropy Manager and a part-time Partnerships & Events Assistant, bolh of whose work includes raising funds primarily from corporate entities, trusts and foundations. Individuals are also able to make donations. Funds are raised towards the ongoing activilies of the charity as well as for specific projects such as major building works, artisti¢ Commissioning, and talent development. The charity did not engage third parties to carry out fundraising activities on ils behalf during Ihe year. The charity is registered with the Fundraising Regulator, and has a protocol in place for protecling vulnérab18 people wh8n fundraising, using REAL Sndlcators (Retain, Explain, Able, Listen). No complalnls were received (either directly or via the Fundraising Regulator) during the year by the charity about fundraising activity. Plans for Future Periods Al the time of writing, we are about to go into rehearsals for our first production of 2025. The 2025 summer season, the flrst programmed by Drew Mconie, includes.. The UK premiere of Broadway hit Shucked, written by Robert Horn Ibook) 8nd Brandy Clark & Shane McAnally (music and lyrics). Directed by Jack O'Brien. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (continued) Rodgers & Hammerstein's Dream 8allets.' A Triple Blll, choreographed by Julia Cheng, Shelley Maxwell and Kate Prince, and featuring a 26-piece orchestra from Sinfonia Smith Square. Malorie Blackman's Noughts & Crosses, adapted by Dominic Cooke and directed by Associale Artistic Director, Tinuke Craig. Lerner & Loewe's Brigadoon. in a new adaptation by leading Scottish playwrlght Rona Munro. Directed and choreographed by Artistic DSrector Drew Mconie. The return of family musical. The Enormous Crocodile. Four Open Air Thegtre Festivals throughout the season across family, dance, comedy and mu51C. New Talent Development programmes in the Theatre Dance Lab (for musioal theatre choreographers), Open Room (for rehearsal obseNing) and The Treehouse Project (offering in-kind studio space to artlsts) will also be launched and delivered throughout 2025. The charity has just commissloned 8rchitecls Rèed Watts to dev8lop a new Estate¥ Masterplan 2026-2036 throughout the ¢ours6 of 2025, and il is currently anticipated Ihat up to 5 new Trustèes wlll bé recruited by the end of the year. The Trustees int8nd to malntain their present policy of longer-term financial planning allowing for better investment and artistic bréadth in ils produced and received productions, and greatér rlsk at the box offlce foT both commissloned and new work. 8 live projects currently exist on our commissioning slate. Publlc Beneflt The Truslees have had regard to the Charity Commission's guidance on public benefit, and our Strategy and planned activities over the coming years are focused on our charitable Obje￿$. Tlcket Priclng As a registered Charity that rgceives no public subsidy, 740kn of our in¢ome Is currently generaled from tickel sales. Nevertheless, this year we introduced our lowest ever tlcket prlce, releasing 33,000 £16 tlckets for our produced work across the 2024 season. In 2025, the number of £15 tlckets available is increasing to 36,000. Vvhilsl the charity'5 equitable policy Is to charge for all admissions at market rates, our most expensive seats remained considerably lower than our commercial competitors in London's West End. with lop prices not exceeding £75. For the flrst tlme this year. top prl¢e tlckets for all Monday evening performances for our produced work dld not exceed £35. Encouraging a wide and divers8 audience is one of the charity's fundamental principles and, alongside its accesslble productions, we run schemes which provide discounled and complimentary tickels to those aged 18-25. school groups, teachers, under 18$, senior citizens, local residents, university students, and targeted community group5. Thi5 year we also gave 660 free tlckets to low income NHS workers. Flrst Tlme Visitors 56 10 of bookers in 2024 were first time visitors to Regent's Park Open Air Theatre, with the hlghesl first time bookings being for The Enorn70us Cmcodile {at 640/01. 54Q/o of bookers for both Twelfth Night and The 10 Regenvs Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 {continued) Secret Gard&n and 44 /0 of bookers for Flddler on the Roof were first-limers, damonstrating the charity's ¢onlinu8d commitment to reaching, developing and impacting new audiences. Access We are, as éver, keen to m8et the needs of audiences with specific access requirements. This year we engaged with 4,372 access bookers lan increase of 2,080 compared to 2023). Sntroduced dedicated Access Hosts within our Front of House teams, and saw a 216°A Increase in audiences using the online acce5S booking scheme. In addition to ticket discounts, wheelchair space5, and the provision of headsets, we also programmed 16 asslsted performances throughout this year's summer season, includlng captioned, BSL interpreted, audio described (with touch tours), and relaxed. In 2024 we also became a Dementla Friendly Venue as part of the Demenlla Frlendly V8nues Charter launched by the Mayor of London and AlzheimeT'S Soclety. Learnlng & Engagement In addition to the cultural service we provlde through our annual summer Season of live thèatre, we also deliver a range of other arts-based services for Westminster residents and beyond that are designed lo improve access to culture, reduce is0181ion, promote wellbeing and social cohesion, and enhance cr8atlvlly through1garnir)g and 8ngag8menl, Examples of such initiatives dellvered in 2024 are.. Collaborating wSlh Westmlnster Clty Llons lo provide work experience insight days to over 50 students from St Augustine's High School in Kilburn and St Marylebone School. Offering free tlckets to local prSmary schools for performances of Bear Snores On and The Enomous Crocodile (which in total reached over 30.000 young people and famillesl. Members of the core staff team actlng as mentors on the Westminster City Lions mentorlng programme. Actively partlcipating in Westminster City Councll's Culture & Social Prescribing Network. Continuing to collaborale with our Trustees lone of whom Is Vlce Principal of Westminster Academy) on our growing offer for young people of secondary school age. Introducing our cheapest ever ticket price of £15, plus free tickets given to tsrgeted local groups. The expansion of tho role of our Diversity & Inclusion AssoGiale, to include Civic Résponslbllity projects and planning. All aspects of the charity's work continue to provide professional development for the cr6ative and performing artlsts, technical and administrative slaff working at the theatro. "Rggent's Park Open Air Theatrg is a magical sanGtuary from the husllg and bustle of the oapital." The Times Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (continued) Structure, Governance & Management Governing Document Regent's Park Theatre Ltd. is a charitable company limited by shares, incorporated on 1 May 1963, registered in England and Wales (number 00759557) and governed by its Memorandum and Artic18s of Association. The charlty was reglster8d with the Charity Commission on 13 January 1964 under charity number 231670. The shares are held exclusively by th& charity Trustees and are relinquished on cessation of Trusteeship. Organisational Structure The Board of Trustees and its Sub-committees approve all strategic and flnanclal declslons. They del@gal8 the day-to-day running of the charity to the Artlslic Director, Drew Mconie (from 15 January 2024) and the Executive Director, James Pidgeon. Both roles assume the responsibility of Joint chief Executive and report to the Board. Nelther roles are directors of the company or Trustees of the charlty, though the Executive Director is a director of the charity's trading subsidiaries. The Trustees of the charilable company who served during the year and up to the dale of this report are disclosed Sn the legal and admillistralive details on page 1. The Board of Trustees is made up of a maximum of 14 Trustees. The Trustees review the composition of the Board annually to ensure il consists of a broad range of appropriate ski116, perspectives and lived experiences. Trustee Recruitment & Admlnlstratlon Trustee recruitment Is undertaken via open publ1¢ call andlor an Invllallon to apply dependent on the number of new Trustees sought and the skills, backgrounds, perspectives and IIv8d eXperIen￿S required. No Trustee recruitment was undertaken during the course of 2024, though som8 recrultment is planned for summer 2025. When a new Trus188 is appolnted, they are provided wlth coples of the following.. The charity's Governing Document The charity's five-year Strategy The charlty's Gov8rnance Policy Minutes of prevSous Board Meéllngs are available on request. Trustees are initially appointed for a term of 3 years. After this, they can serve a further 2 terms of 3 y8ars each, subject lo Board re-appointment. Every year, all Trustees are required to complete a pack of Annual Declaration Forms, comprlsing of the following.. Trustee Details ALttomatic Disqualification Declaration Register of Interests & Related Parties Diverslty & Representation Further Information (r&lating to meeting administration, expenses, training requests etc.) 12 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 Icontinued) Sub-committees The charity's three Board Sub-committees are as follows: Produclng Commlttee (aligned to Strategic Priority 1.. Producing Expansion), chaired by Toni Racklin. This Committee met once in 2024. People & Inclusion Committee (aligned to Strategic Priority 2.. Developing Audiences & People), chaired by Kate Millward. Jaya Carrler currently assumes Ihe role of the Board's Safeguarding Lead. which rèports into this Committee. This Gommittee met three times in 2024. Finance, Audlt & Rlsk Commlttee (aligned to Strateglc Prlority 3: Organisational Growth), chair8d by steve Pennington. To support the strategic development and dellvery of the organisation's Environmenlal Sustainability Action Plan, Partha Bose assumed the new Board role of Climate Lead in 2024, reportlng into this Committee. This Committ88 met four tSmes ir$ 2024. Members of the organisallon's S8nior Leadership Team attend Sub-committee meellngs as agreed with the commltt88 Chairs. There were no co-opted members on Sub-committees throughout the course of 2024. Terms of ref&rence for each Sub-committee are documented as Appendlces in the charity's GoveTnanc8 Poll¢y and include.. name of Ihe committee.. purpose of the commltte8', committee reportSng line.. membershlp of the committee (including votlng rights and who will b8 Chairl,. frequency and quorum of meetings., and description of delegated authority on behalf of the Board of Trustees. Core Staff Tgam There are Currently 19 membérs of staff in Ihe year-round cor8 Staff team. 2024 saw the completion of the restructurlng of the charity's Senior Leadership Team, which now comprlses of.. Executive Dlrector & Jolnt CEO {James Pidgeonl Artlstlc Dlrector & Joint CEO {Drew Mconie, from 15 January 2024) Director of Communlcatlons & Audiences (Laura Arends} Assoclate Artistic Dire¢tor (Tinuke Craig, from 4 November 20241 Diversity & Incluslon Associate (mezze eade) Director of Produclng & Admlnistration (Lauren King) Director of Tochnlcal & Production (Anthony Newton, from 19 August 2024) Andy Beardmore assumed the role of Director of Production & Estates until 19 January 2024. Senior Staff Remuneration The TrLJStees are solely responsible for setting and revlewing the remuneration of the Joint Chief Executives In line with their contractual entitlements. The remuneration of other senior staff is reviewed annually by the Execulive Director and may be inoreas8d within the overall budgets approved by the Trustees to take into account inflation and Individuals, duties and performance. 13 Regenfs Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 {continued) Charity Governance Code The Trustees have had due regard for the code. Financial Review Incoming resources Increased by 24 10 to £8,076,169 (2023.. £6,525,617) and total funds increased by £280.789 10 £9,211,692 (2023. £8,930,904>. This was primarily due to the longer than usual season and thè success of both The Secret Garden and Flddler on the Roof. The charlty's wholly owned subsidiary Regent's Park Enterprises Ltd. operates our bar and dinlng faclllties. The year ended 31 Decernber 2024 Saw income increase to £1.190,501 12023.. £1,109.145) and a profst for Ihe year of £98,18412023-. £123,857). This slight decrease in profits compared to 2023 was primarily due to a rise in staff wages and salaries to accommodate the longer than usual season. The ¢harity'$ wholly owned subsldlary Regent's Park Productlons Ltd. produces some of the productions staged al the theatre under a commissioning agreement. The year ended 31 December 2024 saw a decreas8 in commissioning fees receivable from Regent's Park Theatré Ltd. to £3.426,631 12023: £3,784,903) and a decrease in theatre tax relief to £987,36012023'. £1,104,001). Thls was primarily due to the theatre lax relief claim for The Enomious Crocodile b8ing processed by the lead co-produoer for that project {Le8ds Playhouse) instead of the charity. Commissioning feès recèivable are equal to the subsidiary's costs less provision for theatre tax rellof and as a result the subsidiary broke ev8n in the years to 31 December 2023 and 2024. The charity's wholly owned subsidiary Regent's Park Ventures Ltd. operates the charity's theatrical productions held exlgrnally to the theatre itself. During the year ended 31 December 2024 there were no éxternal productions (managed directly by the charity), resultlng in box office income of £Nil (2023.. £Nil), theatie tax relief of £Nil12023'. £Nill, and loss before wrlllng off financial liabilities of £5.28512023.'1oss of £6,631 }. Irrecoverable production funding provided by Regent's Park The31re Ltd. of £5,285 has been written off (2023.. £6,631). Due to a number of years of inactivity, It has bean agreed by the directors that during 2025 Regent's Park Ventures Ltd will be dlssolved. Rlsk R8gister During the year, the Executive and Trustees significantly updaled and improved the organisalion's Risk Register which details the systems that hav8 been established to mitigate the major risks to which the charity is exposed, across the following areas.. Artistic & Community, Communications & AudienGes, Finance & Fundraising, Legal & Compliance, People & Governance, and Technical, Production & Environment. The Risk Register is now reviewed three times a year as a standing agenda item at all rneetings of the Finance, Audit & Risk Committee. The folSowing principal Tisks and uncertainties facing the charity and its subsldiary undertakings have been identified.. Identified Risk Extreme weather Miti ation Summa Continued development of weather-related policies and pro¢edures. Strive to encourage early booking to ensure strong advances. Maintain robust cash flow. 14 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 (Continued) Identified Risk Miti ation Summa Maintain designated reserve for bad weather. R8ignition of Green Group and environmental work to action both sustainabilit and ada lalion strate ies. Long-term budget planning with an ongoing fo¢u$ on income diversificallon. Regular reporting and forecasting undertakén. Nlmble enough operation to scale back expenditure if requlred. strong relationshlps wlth funders. Approprlate insurance in place if required. Ensure continued health level of reserves. Ensure proper contracts, pay and working conditions are in place. Ensure active communication channels. Re ular consullalion with membershi bodies such as SOLTIUKT. Continued maintenance and due diligence programmes in place. strong rel81ion$hip wlth external advisors and oontractOTS, including The Royal Parks. Thorough risk assessment and health and safely approach to all activity. Regular health gnd safety reporting to the Board. Reserves and insurance in lace. Regular inspections of equipment in place. Dedicated technical malntenance period every winter. Support from 8xlernal service providers. Regular training and staff 5UPPOrt in place. Onl CDM etenl staff en ed. Sudden loss of income Industrlal action Signlficant, urgent and unexpected repairlsl lo Ihe estate n88d undertaking Fallure of productlon and technical systems Reserves The Trustees have a formal policy regarding reserves which is reviewed annually. Full detalls of current unrestricted, designated and restricted reserves can be found at note 23. The charity defines its free reserves as the total of unrestricted general and designated funds, minus Ihe designated funds for Ihe potèntial effects of bad weather and forthcoming major building works a8 detailed in note 23 and unrestricted tangible fixed assets as detailed in note 24. Only in exceptional clrcumstances will Trustees approve the partigl or full release of designated funds, as dolng so would likely have a significant impact on the operational and strategic growth of the organisation. At the year ended 31 December 2024, Ihe chaTity held unrestricted general funds of £363.01712023= £263,720) and had a free reserves balanGe of £2,024,34312023 restaled.. £1,571,186). £583,333 of the designated reserve of £875,000 for at risk investment in toursllransfers has already been committed to the Barbican transfer and UK & Ireland tour of Fiddlgr on the Roof. It is anticipated Ihal this will be paid by the end of April 2025. The approved releaslng of this designated fund will reduce free reserves to £1.441,010, which still sits within the Trustees, free reserves L8rgel of £1,364,102 for 2025. 15 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2024 Icontinued) Investment Pollcy Under the Memorandum and Articles of Association, the charitable company has the power to mak& any investment which the Trustees see fit. Going Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existen¢e for the foreseeable fLtture. For this reason they continue to adopt the going concern basis in preparing the finanGial statements. Further details regarding the adoption of the going concern basis can b8 found in the accounting policies. Truste88' Responsibilities Statement The Trustees are responsible for preparlng the financial statements in accordance with applicabl8 law and United Kingdom Generally Accepted Accounting Practice. The Trustees are required by law to prepare financial statements for each financlal year which give a true and fair view of Ihe finanoial position of the charity and the group and of the financial activities of the group for the period then ended. In preparing those financial staternenls, the Trustees are required to.. selecl suitable accounting pollc16s and apply them consistently. observe the methods and principles of the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether the policies adapted are in accordance wSth the Companies Act 2006 and with applicable accounting standards and statements of recornmended practice, subject to any m8terial departures disGlosed and explained in the financial statements; and prepare the financlal statements on a going concern basis unles5 it is inapproprlate to presume that the charity company will continue in operatlon. The Trustees are responsible for keeping adequate accounting records which disclose the reasonablé accuracy at any time the financial position of the charity company and enable them to ensure that the financial statements comply with the Companies Act 2006 and charity legislation. Th8y are also responsible for safeguarding the assets of the charity company and hence for taking reasonable steps for the prevention and d8tection of fraud and other irregularities. Statement as to Dlsclosure of Information to Auditors So far as each Trustee is aware, there is no relevant audit information (as defin8d by section 418 Df the Companies Act 2006) ofwhich the company's auditors are unaware, and each Trustee has taken all the stèps that they ought to have taken as a Trustee in order to make themselves aware of any r8levant audit information and to establish that the company's auditors are aware of that information. Independent Audltors In accordance with section 485 of the Companies Act 2006, a resolution proposing that Crowe LLP be re- appointed as auditors lo the charity will be put to a meeting of the Finance, Audit & Risk Commbttee. 16 Regent's Park Theatre Llmited Trustees, Report for the Year Ended 31 December 2024 (continued) The Report In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the Truslees, in their capacity as company dlrectors, on 8 May 2025. and signed ont Ir behalf by: Stu s08E 17 Regenvs Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited Opinion We have audited the financial statements of Regent's Park Theatre (the "charitable company") and its subsidiaries I'the group,) for the year ended 31 December 2024 which Comprise the consolidated statement of financial activities, the consolidated balance sheet. the charitable company balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The fi'nancial reporting framework that has been applied in their preparation is applicable law and United KSngdom Accountlng Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdorn Generally Accepted Accounting Practice). In our opinion the financial stat8ments'. give a true and fair view of th8 Stat6 of the group's and the charitable company's affairs a8 at 31 Decembèr 2024 and of the group's incoming resources and epplication of resources. including its income and expenditure for the year then end8d', hav8 been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accountlng Practice. and have been prepared Sn accordanc& with the requlrements of the Companies Act 2006 and thè Charities Act2011. Basls for oplnlon We conducted our audit In accordance with International Standards on Auditing (UK> IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's rèsponsibilities for the audit of the financial statements sectlon Of Dur report. We are Independent of the group in accordance with the elhloal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we havé fulfilled our other ethical responsibilities In accordance with these requlrements. We believe Ihat the audit evidence we have obtained is sufficiènt and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that Ihe 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 or conditions that, individually or collettlvely. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at leasl twelve months from whèn the financial slatemenls are authorised for issue. Our responsibilities and the responsibi11ti8s of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained wilhin the annual report. The other information comprises the information included in the annual report, other than Ihe financial statements and our auditor's report thereon. Our opinion on the financial slalements does not cover the other information and, except to the extent othe￿iSe explicitly stated in our report, we do not express any form of assurance Conclusion thereon. 18 Regent's Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited (continued) Our responsibillty IS to read the other information and, in doing so. consider whether the other information is fflaterially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material incon51slencies or apparent material misstatements, we are required lo 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 materlal misstatement of this other information, we are required to report that fact. We hav8 nothing lo report in this r8gard. Opinions on other matters prescrlbed by thg Companies Act 2006 In our oplnlon bas8d on the work undertaken in the course of our audit thè information given in the trustees, report, whiGh Includes the directors, report and thé strategic report prepared for Ihe purposes of company law. for the flnancial year for which the financlal stat8ments are prepared is consistent with the fin8nclal statements., and the strategic report and directors, report included within the trustees, report have been prepared in accordance with appllcable legal r8quirements. Matters on whlch we are requSred to report by exceptlon In light Df the knowledge and understanding of the group and the charitable company and thelr environment obtained Sn the course of the audlt, w@ have not idenllfied malerlal mi5Stalements in the strategic report or the dlrectors, report included within the trustees, report. We have nothlng to report in respect of the following matters in relation to which the Companies A¢t 2006 requires us to report to you if, in our oplnlon.. adequale accountlng record5 have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the Informatlon and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 16, the trustees (who are also the directors of the charRable company for the purposes of company law) are responsible for the preparalion of the financial staletnents and for being satisfied that they give a true and fair view, arbd for such internal control as the trustees determine is necessary to enable the preparation of financial statements Ihat are free from material misstat8m8nt. whether due to fraud or error. In preparing Ihe financial statements. the trustees are responsible for assessing the ¢haritable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the truslees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 19 Regent's Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited (continued) Auditor's responslbllltles for the audit of the financial statements We have been appointed as guditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the A¢ts and relevant regulalions made or having effed ther8under. Our objectives are to obtain reasonable assurance about whether the flnancial statemen18 as a whole are free from material misstatement, whether due to fraud or error. and to issue an audito¢s report that includes our opinion. Reasonable assurance is a high lev81 of assurance, bul is not a guarantee that an audlt Gonducted in accordance with ISAS (UK) will atsjays detect a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably b8 expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Details of the 8Xtent to which Ihe audit was consider6d capable of detecting irregularities, includlng fraud and non-compliance with laws and regulations are sel out below. Extent to whlch the audlt was ¢onsldèred capable of detectlng Irregularltles, Including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the rlsks of material misstatement of the financlal statements from Irregularities, whether due to fraud or error, and dlscussed these between our audit team members. We then designèd and p&rformed audil procedures responsive to those rlsks, including obtaining audit evidence sufficient and appropriate lo provide a basss for our opinion. We obtained an understanding of the legal and regulatory frameworks wlthin which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and dlsclosures in Ihe financial statements. The laws and regulatlons w8 considered in thls context were.. Charities Act 2011 Companies Act 200$ Charitias SORP (FRS1021 We assessed the Tequired Compliance with these laws arbd regulations as part of our audit procedures on the related financial statement items. In addition, we considered provSsions of other laws and regulatlOn8 that do not have a dlrect effect on the financial slatements but compliance with which might be necessary to the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the 9roup for fraud. The laws and regulations we considered in this context for the UK operatlons were.. Charity Commission regulations General Data Protection Regulation {GDPR} Anti-fraud, bribery and corruption legislation Health and safety legislation Employment leglslation Fundraising regulation Audlllng standards limit the required audit procedures to identify non-compliance with these Saw5 and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, rf any. 20 Regent's Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited (continued) We Identlfied the greatest risk of material impact on the financial stalements from irregularities, includlng fraud, to be within the recognition of Theatre Tax Relief, the recognition of box office income in relation lo cancelled performances and management overrid8 of controls. Our audit procedures to respond lo these risks included enquiries of management and the Finance, Audit and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading mlnu18S of meetings of thosé charged with governance. Owing to the inherent limitatlons of an audit, there is an unavoidable risk that we may not have detected somè materlal misstatements in the financial slatem8nls, even though we have properly planned and performed our audit in accordance with auditing standards. Foi example, the further removed non-compliance with laws and regulations {irregLJlaritiesl is from the events and transactions reflected in Ihe financial statements, the less likely the inherently limitèd procedures required by auditing standards would Identify it. In addition, as with any audit, there remained a higher risk of non-deleclion of irregularities, as these may involve collusion, forgery, intentlonal omissions, misrepresentations, or the overrlde of Internal controls. We ar8 not responsible for preventing non-compliance and ¢annot be expected to detect non-compliance with 811 laws and règulations. A further descrlption of our responslbilllies for the audit of the flnancial slatemenls is located on the Financlal Reporting Council's websité at.. www.frc.or .uklauditorsre ies. This dèscription forms part of our audltor's report. 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, and to the charitable company's trustees, as a body, in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulallons 2008. Our audit work has bèèn undertaken so that we might slsle to the ¢harilable company's members and trustees those matters we are required lo state to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accépt or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charltable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Jayne Rowe Senior Statutory Auditor For anrj on behalf of Crowe U.K. LLP Statutory Auditor 55 Ludgate Hill, London, EC4M 7JW Date." 20 May 2025 Crowe U.K. LLP is eli9ible for appointrnent a5 auditor of the charity by virtue ol its eligibility foi appointment as auditor of a ￿rnpanY under sectbon 1212 of the Ccmpanie6 Act 2006. 21 Regent's Park TheatTe Llmlted Consolidated Statement of Financlal Activities for the Year Ended 31 December 2024 Unrestricted funds 2024 Re$lri¢led funds 2024 Tolal fun(Is 2024 Total funds 2023 Rèstated Note In¢omè from.. Donations, lega¢ies and grants Charitable activities Other trading aGliviliey Inveslmenlg 168,145 6,688,679 1,259,830 54,515 5,000 173,145 6.588.679 1,259,830 54,515 64,697 5,225,853 1,200,074 34,993 Total In¢omè 8,071,169 5,000 8.076,169 6,525,617 Expendlturg on: Raising fund¥ Charitable actlvllies 1.158,690 6,375,195 1,158,690 6,636.690 1,049,948 6,386,396 8.9,10 281,495 Total &xpgndlture 7.533.885 261,495 7,795,380 7.436.344 Net Incom• b8lor• transfar8 537,284 1256,4951 280,789 {910,7271 Transf&rs be￿een funds 23 N•t Incomellgxp9ndllurg1 537,284 {256,4951 280,789 1910,7271 R•conclllatlon of funds Total fund5 al 1 January 2024 Movement Sn share capllal 8,631.809 299,295 ,930,904 9,841.632 Total funds at 31 D•comber 2024 9,168,892 42,800 9,211,692 8,930,904 A separate income and expenditure account has not been prepared as the Informali¢n fequlred by the Companies Act 2006 is given in the above statement of financial activities and in the notes to the accounls. All the above amount8 relate to continuing activities. All re¢ognis¢d gains and losses are Sncluded in the above slalement of financial a¢tivilie$. The notes on pages 25 to 44 lurm part of these finan¢5al stslemenls. 22 Regent's Park Theatre Llmlted Consolidated & Company Balance Sheets as at 31 December 2024 Group 2024 Compan 2024 2023 2023 Not? Flx&d assgts Tangible assets Investments 4,987,338 5,292,4S8 4,984,638 5,271,739 4,987.338 5,292,458 4,964,641 5,271,742 Current assets Stocks Debtor Cash al bank and in hand 18 21,360 1,271.119 3,187,768 4,480,247 27,455 1,487,695 2.444,839 3,939,989 2,400 1,339,599 3,115,100 4,457,099 7,588 1,559,250 2,349,049 3,915.887 Cr&dltors.' amounts fallln9 due within one year 20 1255,8931 {301,5431 1227,3711 {270,8631 Net current a$set8 4,224,354 3,638,446 4.229.728 3,645,024 Total assets less current ligbllilies 9,211,692 8,930,904 9.194,369 8,916,766 Provision for liabililies 21 Total net 4$$gt$ 9,211,692 8,930,904 9.194.369 8,916,766 Charlty fund$ Unreslricled funds". Share capital Unfestricled funds Reglricled funds 22 23 23 12 8,631,597 299,29S 11 9,151,558 42,800 12 8,617,459 299,295 9,168,881 42,800 Total charlty funds 9.211,692 8,930,904 9,194,369 8,916,766 The and ancial 8lalemenls were apprtsv*d and aulhorlsed for issue by the Board of Trustees on 8 May 2025 ned on the aw by= riffit OBE Trustee The notès on pag&s 25 to 44 form part of these financial slalements. 23 Regent's Park Theatre Limited Consolidated Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from opgratlng actlvltles 25 823,936 823,936 11,164,464 11,164,464 Cash flows from Investlng aGtlvltles'. PLJrchase of property, plant and equipment Dividends, interest and rents from investments Proceeds on disposal of fixed #ss&ts Net cash usèd In investing actlvltlgs {135,5221 54.515 1793.7491 34,993 81,0071 758,756 Changg In cash and cash equlvol•nts In the yoar Cash and ca8h equivalents brought forward Cash and cash equlvalents carrled forNard 742,929 2,444,839 3.187,768 11,923.2201 4,368.059 2.444,639 26 The notes on page$ 25 10 44 form part of these flnancial ststsmenls. 24 Regent's Park Theatre Llmited Notes to the Financial Statements for the Year Ended 31 December 2024 A¢¢ounting Pollcles 1.1 Basis of preparation of flnanclal statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo oharities preparing their accounts in accordanc8 Wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Regent's Park Theatre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al hi51orlcal cost or Iransactlon value un195S Otherwise stated in the relévant accountlng pollcy. The Statement of Fin8n¢i81 Activities (SOFA) and Balance Sheet consolidate the financial statements of the company and its subsidiary undertakings. The results of the subsidiaries are consolldat8d on a line by line basis. 1.2 Fund accountlng General funds are unrestri¢ted funds whlch are available for use at the discretion of the Trustees In furtherance of the general objectives of the company and whioh have not been designated for other purposes. Designated funds compris8 unrestricted funds that have been set aside by the Trustees for particular purposes. The alm and use of each designated fund is set out in the notes to the financial statements. R•stricl•d funds are funds whlch are lo be used in accordar)ce with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund Is set out In thé notes to the financial statements. 1.3 Income All income is r8cognised once the company has enlitlemenl to the income, it is probable that the income will be received and the arnour)t of income receivable can be measured reliably. 8ox office income comprises Ihe sale of tiokets lo both in house and third party productions held at Regent's Park Open Air Theatre and is recorded before deduction of credit card and other charges. Box office receipts are Snitially recognised as deferred income and are recognised as income once the performance to which the advanced sale relates has taken place, except for cancelled performances. Vvhere performances are cancelled due to bad weather, the corresponding tickel sales are recognised on the cancelled date,. the ticket holders may redeem the tickets for future performances where avallabillty permlts. The charity applies the Cultural VAT Exemption on applicable incom&. Catering and merchandise income comprises sales of food, drink and merchandise at the theatie and is recognised at the point of sale. Royalties received comprise amounts due from third parties for performances of the charity company's productions at venues other than Regent's Park Open Air Thealre. Royalties are recognlsed once Ihe performance to which the royalty relates has taken place. 25 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 1.3 Income {contlnued} Income arising trom sponsorship, donations and grants are included in the Statement of Financial Activities In the period in which they are applicable. 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economlc benefit to a Ihird party, it is probable that a transfer of economic benefits will be required In settlement and the amounl of the obligation can be measured reliably. All expendlture is accounted for on an accruals basis. All expenses includlng support costs and governance costs are allocated to the applicable expenditure headings. Cos1$ of raising funds rapresenl the catering and other expenditure attrlbutable to the trading actlvlty of the group. Costs of raising funds also includes costs of generating funds which are costs incurred in attracting voluntary income, and those incurred in trading acllvlties that raise funds. CharStable activities ar8 Costs incurred In fulfilling the charlty's prlncipal objects, Including the operation of the theatre and such directly assoclaled aclivities (such as educationa5 programmes). Cost of charitable activities includes direct costs, support costs and gov8rnance costs. Support costs are those ¢osts incurred directly in support of expendSture on the objects of the group and include expenditure lo develop and perform productions and the adminlstration of Regent's Park Open Air Theatre. Governance costs are those incurred In connection with the administratlon of the company and compliance with constitutional and statutory requirements. The VAT on expendlture that is irreooverable either partlally (or wholly in the case of the productio costs) is aggregated and Shown as one figure. 1.5 Golng concern The group meets ils day to day worklng capit81 requirements Ihrough Ihe utilisation of its own funds. After reviewlng the compgny's forècasts and projections the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. The Trustees therafore consider it appropriate to adopt the going concern basis in preparing the groups, flnancial stalements. 1.6 Basls of consolidation The financial statements consolidate the accounts of Regent's Park Theatre Limlled and all of ils subsidiary undertakings I'subsidiaries'l as if they formed a slngle enlily. All group companies have the same year end, apply consistent accounting policies and intercompany transactions and balances between group companies ar8 eliminated in full. The company has taken advantage of th8 exemption contained within section 408 of the Companies Act 2006 not to present Ils own Income and Expendilure Aocount. 26 Regent's Park Theatre Limited Notes to the Financial Statement5 for the Year Ended 31 December 2024 (continued) 1.7 Tangible fixed assets and depreclatlon All assets costing more than £500 are capitalised. A review for impairment of a fixed assel is carried out if events or changes In elrcumslances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls b@￿een the carrying value of the fixed assets and th8ir recoverable amounts are recognised as Smpalrments. Impairment losses ar8 recognised in the Statement of Financial Activities. Tangible flxed ass8ts are carried al cost, n8t of depreciation and any provision for Impairment. Depreciation is provided at rates calculated to wrile off the cost of fix8d assets, less their estimated residual value, over their expected usefulllves on the following bases.. General building improvements Major building works {in year of completion) Assets under ¢on5truclion T8chnical & stage &quipm8nt Offlce furnlture & fittings Box office equipment Computer equlpmènl Catering fixtures & fittlngs 200/0 on cost Over the remaining course of the leasé 18rm Depreciated once brought into use 200/0 on cost 20010 on cost 330/0 on cost 20 % on cost 200/0 on cost 20 /0 on cost 10°/o on ¢osl Website Major replacements 1.8 Investments Investments are 8 form of basic financlal Sn8trument. Invèstments in subsidiaries are value8 at cost less provlslon for impairment. 1.9 Interest recelvable Inlerest on funds held on deposit is included when receivable and the amount Can be measured reliably by the company., this is normally upon notification of the interest paid or payablè by the bank. 1.10 Stocks Stocks are valued at the lower of cost and n8t r8alisable value after making due allowance for obsolete and slow-moving stocks. 1.11 Oebtors Trade and othér debtors are recognised at the settlement amount after any trade discounl offered. Prepayments are valued at the amount prepaid net of any trade disGountg due. 1.12 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 27 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 1.13 Creditors and provlslons Creditors and provisions ar8 r8¢ognised where the company has a present obligation resulting from a past event that will probably result in Ihe transfer of funds to a Ihird party and the amount due to settle the obligation can be measured or estlmated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.14 Flnanclal instruments The group only has financial assets and financial liabilities of a kind Ihal quallfy as basic financial instruments. Basic financial instruments are initially re¢ognised at transaction value and subsequently m8asured at their settlement valu8. Financial assets in the ¢haritable company's own balance sheet include amounts due from the subsldlarles which are repayable on demand. 1.15 Penslons The charity makes contributions to defined contribullon schemes for certain staff which are administered by outside independent pension providers. Contributions payable for the year ara harged to the Slatement of Flnancial Activlties. 1.16 Leaslng The annual rentals of all op8rating leases are charged lo the profil and loss aecount on a straight line basis over the lease term. 1.17 Legacles Legacles are reviewed on a case-by-case basis. For pe¢unlary legacies, entitlement Is taken at the earli8r date on which either.. the charlly is aware that probat8 has been granted, and the amount receivable can be measured reliably, and Ihe receipt is probable., OR when a distribution is received from the estat8. For residuary legacies, entitlement Is taken al the earlier of Ihe dale on which either.. the charity is aware that probate has been granted. the @slate has been finalised and notification has been made by the executorlsl to the charity that a distributlon will be made,. OR. wh8n a distrlbution Is received from the estale. Where legacie5 havé b8en notified lo the charity, or the charity is aware of the granting of a probate, and the criteria for income recognltion have not been met, then the legacy is Ireated as a contingènt asset and disclosed if materlal. 2. Significantjudgements and estlmates The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the reportin9 date and the amounts reported for income and expendituie during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following are the group's key sources of estimation uncertainty: Tangible assets Tangible assets are depreciated over their useful lives taklng into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a nutnber of factors. In re-assessing the assels, lives, factors such as technological innovation, theatrical production requirements and maintenance programmes are taken in account. 28 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 2. Significantjudgements and estlmates Icontlnuedl Impainnent of debtors Th& group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors In¢Suding the current credit rating of the debtor, the ageing profile and hlstorical experience. 29 Regent's Park Thealre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Icontinued) 3. Income from donations, 1èga¢ies and grants Unrestricted Restricted funds fund8 2024 2024 Total ftjnds 2024 Telal funds 2023 Reslaled Voluntary income Idonalions, Iiusls and 1ggacie$l Government grants ACEICullure Rècovèry Fund gran18 168,145 5,000 173,145 20,697 44,000 168.145 5,000 173,145 64,697 Total 2023 Re8taled 15,697 49.000 64.697 DurSng Ihe year, the charlly was aware ol one mal•rlal residuary legacy leslimaled value cf £214,000) which did not meet the criteria for income recognition as slated In 1.17 of the accounllng pollcleg. The comparatlve restslemènl ralales lo the reelasglfleatlon of corporate sponsershlps Irom donation810 trading income. See also note 4 below. 4. Tradlng actlvltles Unreslricled Reslricled fund¥ funds 2024 2024 Total funds 2024 Tolgl fund5 2023 Restated Charlty tradlng Incom0 Catering income Sponsorships 1,155,833 103,997 1,259,830 1,155,833 1,072,264 103,997 127,810 1,259,830 1,200.074 Fundralsing trading expttndlture Caterlng expenditure 1,089,772 1,089.772 981.687 Net in¢omé from tradlng a¢tlvltleg 170.058 170,058 218,387 Total 2023 R¢$loted 220.387 12,0001 218,387 30 Regenvs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 5. Investment Income Unrestflcted Reslricled funds funds 2024 2024 Total funds 2024 Total funds 2023 Interest recelved 54.515 54,515 34,993 Total 2023 34,933 34,933 6. Incom• from charltsbl& actlvlllgs Unreslricled Fleslricted funds funds 2024 2024 Ttslal funds 2024 Totsl funds 2023 Theatre, ￿hearsal room and props hlre Programmes and merchandise eox office receipts Royallles from external productions Friends subscriptions Produ¢liong away from Roganl's Park 152,315 84.203 5,988.251 311,833 52,077 152,315 114,115 84,203 75,365 5,988,251 4,685,915 311,833 297,136 52,077 53.322 6,588,679 6,588.679 5,225,853 Total 2023 5,225,853 5,225.853 7. Costs of generatlng fundB Unreslri¢lod R&slricled funds funds 2024 2024 Total fund8 2024 Total funds 2023 Conlribulitsn lo admini$lratiDn salaries and overheads 68.918 68.918 68,261 Totsl 2023 68,261 68,261 31 Regent's Park Theatre Lirnited Notes to the Financial Statements for the Year Ended 31 December 2024 {continued) 8. Direct costs Costs ol acllvltles in furtherance of the charity's objects.. Unreslricléd Reslricled funds funds 2024 2024 Total funds 2024 Tolol funds 2023 Adminlstrallon eypènses Production costs Programme and merchandl8e c081s Marketing and pres9 Box office, frgnt of house and theatre r&nl Wages and salarie8 Nallonal insurance Pensllin cost 32,450 1,173.166 62,618 338.012 477,891 2,463,636 136,317 51,137 32,450 36,037 1,317,677 1,548,701 62,618 45,881 32,650 370,682 312,013 25.S13 503,804 405,005 17,536 2.481,172 2,169,300 875 137,192 136,474 51.137 52,025 144,511 4.735.227 221,485 4,956,712 4,705,436 Total 2023 4,673,936 31,500 4,705,436 Producllon costs have been reductd by theatre lax r8llef of £967,36012023'. £1,104,001). 9. Support costs Resources expended on managing and adminl$l•rlng the charity.. Unreslricled Raslricled funds nd8 2024 2024 Ttslal funds 2024 Total funds 2023 Overheads, managemgnl and administration Irrecoverable VAT Depreciation and theatre m8lnlenanc• 517,419 545.672 461,402 31,721 549.140 545,672 469,691 503,356 589,566 473,049 8,289 1,524,493 40,010 1,564,503 1,565,973 Total 2023 1,510,317 55,656 1,585.973 32 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (Gontinued) 10. Govemance cost$ Unrestrictèd R6slrfcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Audllors, remuneration for slalulory audll Auditors, remuneration for other serylces Le9al and profe8Bion81 fèas Accounllng 31,000 2,405 12,620 69,450 31,000 2.405 12,620 69,450 29,500 8,977 76,510 115,475 115,475 114.987 Total 2023 110,287 4,700 114,987 11. Ngt Incomlng reiour¢•$llrg8ourc•s •xpèndèdl ThSs is slated after charglng.. Ttslal fund$ 2024 Total fLtnd8 2023 D8preciation and Smort￿saI1￿n of fixed assets owned by the charllable group Auditors, remuneration for stslutory audit Auditors, remuneration for other servlces Opèrating leasellicence Ilhealre and office$l 440,641 31,000 2,405 122,944 450.275 29.500 105,259 33 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 12. Transactlons wlth trust98$ Other than as disclosed in note 31 regarding profe$sSonal servlces provlded lo the company and reimbursed expenses, no Iruslees received any remuneration or expenses during the year12023.' Nil). In Drder lo enabl• thè Truste&s lo carry out their dutses lo asses8 and support the Chorlty, Ihtry may r&¢eivo ¢Dmplimenlary tickets to attend the Charity's productions. 13. Staff numbers and ¢08t$ The aggregate staff costs were.. 2024 2023 Wages and salaries So¢ial $e¢urily costs Pansion conlributlon8 3,121,921 3,046,416 170,104 167,831 54,566 53,676 3,346,591 3,267,923 The average number of person5 employed by the charit¥bl• company durlng the year was 1121103, 20231. Stsff cos18 Include monthly salaries, weekly wages and 8alarles for performer8 and se8sonal staff. and freelance payments lo ¢a$ual and gpèciall818laff. During the y&ar, the number of employees whose lolal employee benefits {excluding any employer pension Gosls, including any royalties and pgrformance related benefllsl for the reportlng period fell within the followlng £'OOO bands was.. 60-70, 212023, 01.. 70-80, 012023, 11, 80-90, 1 12023, 01., 90-100, 1 12023, 11., 110-120, 012023, 11. 14. K¥y management parsonn81 Key manag8m8nl includes the Senior Leadership Team and Hgads of Departments in the Group. The compensation paid or payable lo key managamenl for employee seNices was £545,43812023= £590,289}. Rag•nV8 pa￿ Thtatre LimitÈtl Notès to thè Flnanclal Statements for the Year Ended 31 December 2024 Icontinuèdl 15, T4rnglble Flxed A•¥ets T•chnltal 8 stage compu￿1 fwnliuFe & bulldlno •qulpmenl Equlpmenl fiitlngu Improvomenl Major Calthng bjlldlng BOx offlce fL%￿leS & pre4ects èqulpmonl fittlws Major Tllls Wohlli r4ptat•mèffli Tothi Giowp Al l January 2024 AddllknA Tr8n&f•r bofy¥een ￿￿￿011 Dliptssali At31 D•cembor2024 29.9 8.221 32.713 28.814 8,100,268 13,935 2.489 43.807 35.428 18.800 162.255 8,S56,076 97,16S 13S,521 4.800 2,433 104.182 5,144 27.5gB 12,145 43.082 35.425 18.$00 27,950 47,87 231.170 8,843,92S 30.211 28,814 B,114,223 2.499 A¢¢umulJtod d¢pr￿lItI•D Al l Jllnu¥ry 2024 eharge lorlth yèor 0gpreci•llon on di8pouI& Al 31 Decèmb612024 76,184 6.492 2,4?3) 79.243 13,098 10.d26 31,983 187 5.144 27.OQ6 28,814 2,877,7e8 401.305 37,900 20,607 18,8ao $.Jf74 3.045 12.145 31.335 24.4S2 18,soo 169,469 $,263,418 12,503 4dD,841 27,050 47,e72 144.022 3,$5$.fj87 23.524 28.814 3,279,073 618 N•t book valuo Al 31 DÈ¢¢mb¢r 2024 24.030 14.607 4,825.160 1.861 11,727 10.9n 87,448 4.087,338 Al 31 DeE4rnb•r 2023 28.831 IS,892 760 6,222.520 5.801 14 818 2 788 S,292,450 Compiny Net bDok Val￿ Al 31 Decefflbel 2024 24,￿9 I4,￿7 4,835.150 1.891 B7.448 4.954.638 Al 31 Decernber 2D23 28,831 10,8&2 750 5,222.520 2.160 2,786 S.271.7)9 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 16. Flxed a$sot invostments Shares in group undertakings Company mark&t valuo At 1 January 2024 and 31 December 2024 17. Prlnclpal $ubsldlarles Percentage Shargholdlng 100 100 100 Company name Regent's Park Enterprises Limited Regent's Park Productlons Limil¢d Regent's Park Ventures Limlled Doscrlptlon Catering and bar servlces Theatre production al Re9enl's Park Theatre productlon e18ewhere Rogent's Park Entsrprl$e$ Llmlted 2024 2023 Turnover Cost of sales Admini$lraliv8 expenses 1,190,501 1,109,145 1880,5601 1753,7641 211,757 231.524 Profil for the flnanclal year Distribution R&tained earnings brought forward 98.184 123,857 194,9991 1115,0751 14,142 5,360 Rètained earnings carried fO￿ard 17,327 14,142 2024 2023 Fixed assets Current assets Current liabilities 22,699 20,718 97,384 115,217 {102,756} 1121,7931 Capital and rès•rves 17.327 14,142 36 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued 17. Principal subsldlarles IGoDtinuedl b. R•g•nt'$ Park Productions Llmltod 2024 2023 Turntsvèr Cog1 of sales Adminislralive expense¥ Theatre lax credit 3,426,631 3,784.903 14,374,545) 14,867,427) 119,4461 121,4771 987,360 1,104,001 Profil for the financlal year Ralalned earnings brought forward Rgtainod earnlngs cArrled fO￿ard 2024 2023 Currènt assets Currènt Ilabilllies 968,935 1,110,513 1988.9341 11,110,612> Capital and reservos c. RègenV$ Park Vonture8 Llmlted 2024 2023 Administrative expense8 Amounts written off flnancial liabilities 15,285} 5,285 16,8311 6,631 Profil for the financial year Retained earnings brc>ughl forward Retsined earnings carried foward 2024 2023 Current 885ets Current liabililies 4,501 14,5001 5,261 15,2601 Capital and reserves 37 Ragent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 17. Prin¢ipal subsidiarios Icontlnuedl d. Regent's Park T￿atrO Llmlted Iparent charity) The parent charity's gross income and result3 ler the year are dlsclosed as follows.. 2024 2023 Gross Income Results for the year 7,01S,335 S,SS4,401 277,603 Ig19,518 18. Stocks Grou Com 2024 2024 2023 2023 Finished goods and goods for resale 21,360 27,455 2,400 7,588 21.360 27,455 2,400 7,588 19. Debtors Grou 2024 Com 2024 2023 2023 Trade debtor8 Olhor debtors Prepayments Amounts due from subsidlary undertaking8 Acciued income Tax debtor relating lo subsidiary trading companies 32,052 31,901 132.787 20,983 17,346 288,65S 31,113 18.741 25,442 12.763 132,787 288,656 1,043,238 1,202,381 107,019 36,709 107,019 36.709 967,360 1,104,001 1,271,119 1,467.695 1.339,599 1.559,250 38 Regenvs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 {continued) 20. Credltors: amounts falling due within one yèar Group 2024 Compan 2024 2023 2023 Trade credltOTS Other taxes and social security other crèditors Amounts due to subsldiary undertaking Accruals Deferred Income (sea below) 60,588 31.150 8,040 106,467 21,202 9,631 57,786 31,146 8,040 4,434 55,701 70,264 103.539 21,202 9.827 4,507 56,356 75,$32 85,B51 70,264 88,557 75,686 255,893 301,543 227,371 270,863 Deferred Income Brought forward al l January 2024 Rel&ased In the year Rgcognlsad in the yaar 75,686 175.6861 70,264 383,853 1383,8531 75,686 75,632 367,488 175,6321 1367,4881 70,264 75,632 Carried forward al 31 Dg¢ember 2024 70,264 75,686 70,284 76,832 21. Provl8lon8 for Ilabllltl•8 Group 2024 Com 2024 an 2023 2023 Provided during the year Corried forward al 31 December 2024 22. Share capital 2024 2023 Allotted, called-up and fully paid: Ordinary shares of £1 each 12 As staled in the Trustee5' Report, shares are held exclusively by the charity Iruslees and are relinquish on c8ssation of truste8ship. Therefore, the number of allotted. ¢alled-up and fully paid ordinary shares at the year end is always the same as the number of Iruslees al the year end. 39 Regenvs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 23. Statement of funds Balance at 31 Balance al 1 January 2024 December 2024 Currènt ygar Income Expendllure Transfers Unrestrlcted funds General funds 263,720 8,071,169 7,101,533 870,339 363,017 Deslgnated funds D8precialion on completed ¢apitsl building worts Potential effects of we&lhèr on future income Future artlsllc projects and commlssloning Future learning, engagement and Civic projec15 Al risk investment In loursllransfers Short-lerm maintgn8ncè projects Forthcoming major buildlng work$ General short-term ca8hflow purposes 5,217,877 1400,948 13,935 4,830,864 1,300.000 300,000 150,000 1,450,000 300,000 200,000 375,000 100,000 {31,4041 281,404 1250,0001 200,000 875,000 400,000 750,000 500,000 300,000 500.000 260,000 8,367,877 1432,3521 870,339 8,805,864 R9$trlGled fund¥ Depre¢iallon on completed capllal building works D•precialion on fixed assets Cullurg Recovery Fund 3-. Suslainabilily Grant Culture Recovery Fund 3., Suslainablllty Grant- fixed assets 4,843 13571 15001 4,286 4,500 5.000 267,248 1253,2081 114,042} 27.404 17,4321 14,042 34,014 299,295 5,000 1281,4951 42.800 Total of fundts 8,930,892 8,076,169 17.795,380 9.211.681 During th8 year Trustees reviewed the structure of deslgnaled funds and approved all transfers as folltsws.. Potential efftrcls of bad we8ther on future income increased lo ensure thig fund remains al 250A of the charity's lickel sale5 largel for produced work in the following year. Introduction of a new fund lo support future learnlng, engagement and civic projects in line with the organisalion's 2022-27 Strategy and charitable purpose. Removal of IhÈ g8neral short-tefm cashflow fund that was only introduced due lo the Covid pandemic. 40 Regent's Park Theatre Llmlted Notes to the Financial Statements for the Year Ended 31 December 2024 (continued} 23. Statement of funds l¢ontlnu•dl An inGrea88 for 8t risk inv8Strn8nl in toursllransfers lo cover th& charity's contribution lo the Barbican transfer and UK & Ireland tour of Fidd18r on thg Roof in 2025. Increased provlslon for shDrt-lerm maintenance projects lo cover critical rigging works in th8 main audiltsrium. Increased provision for forthcomlng major building works towards delivery of Phase 2 of the technlcal and back of house capltal project. Balan¢e al 31 December 2023 Balance al 1 January 2023 Prlor yoar Income Expendlture Tran8feis Unrèstricted fund$ General funds 292,036 8.476.617 18,862,6S4 357,721 283,720 D&$lgnat•d funds Oepreciatlon on completed capital buildlng work8 Polentlal 8ffecls of bad weather on future income 1,600,000 Future artlstlc prolecls and commissioning 260.000 Future learnlng, engagement and civiG proje¢l$ Al rlsk Investment In loursllr3nsfer8 Short-lerm maintenance proje¢l$ Forthcomlng malor buildlng works Gener81 short-lemi cashflow purposes 4,905.432 1399,8761 712,321 5,217,877 1300,0001 1,300,000 70,000 300,000 120,0001 500.000 300.000 1,400.000 250,000 500,000 300,000 500,000 250,000 115,2771 15,277 144,6811 1855,3191 9,205,432 1479,8341 1357,7211 8,367,877 R•strlet•d funds Depreciation on completed capital building works Depreciation on fix8d assets Culture Recovery Fund 3.. Sustainability Grant Culture Recovery Fund 3- Suslainabilily Grant- flxed assets 5.000 1357) 4,643 344,151 44.000 (87,781) (33,1221 267,248 15,7181 33,122 27,404 344,151 49,000 193.8561 299,295 Total of fundB 9,841,819 6.525,617 17,436.3441 8,930,892 41 Regent'$ Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 24. Analysis of ntt assets belweon funds - current ygar Unrestricted R•stricled Oesignaled funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Tanglble fixed assets Current assets Credilers due within one year Provision for liabilitie8 and charg88 113,674 505,247 1255,8931 42,800 4,830,864 4,987,338 5,292,458 3.975,000 4,480,247 3,939.989 1255,893) 1301,5431 363,028 42.800 8,805,864 9,211,692 8,930,904 Analysls of not as8èts bo￿&&n fund8 - prlor year Unrestrlcted Restrictèd De81gnaled funds funds funds 2023 2023 2023 Totgl funds 2023 Total funds 2022 Tanglble flxed as8ets Current assets Crgdilors due ￿thIn one year Provision for Ilabllttle8 and charges 42.534 522,741 1301,5431 32,047 5,217,877 5,292,458 4,948.984 267,248 3,150,000 3,939,989 5,671,550 1301,5431 1778,9031 263,732 299,295 8,367,877 8,930,904 9,841,631 25. Reconclllatlon of n•t mov•m8nt In funds to n&t ¢a$h flow from opgratlng actlvlt188 Grou 2024 2023 Nel Incomellexpendllurel lor lh8 year 1*9 per Ststemenl of Financial Acliviliesl 280,789 1910,7271 Adjustment for: Depreciation charges Interest receivable Decreasellincreas&l in stocks Ilncreaselldecrease in debtors Increaselldecreasel in credltors 440,641 45Q,275 154.5151 (34.9931 6.095 11,552 196,576 1203,211) 145,6501 {477,360) Npt cash lused inllprovid&d by opèratlng actlvltlos 823,936 11,164,464) 42 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 26. Analysls of cash and Cash equivalent Group 2024 2023 Cash in hand 3,187,768 2,444,839 27. Penslon commltments The group operates a defined contributions penslon scheme. The assets of the scheme are held separately from Ih05e of the group in an indepond8nlly administered fund. The penslon cost Gharge represents contributions payable by the group lo the fund and amounted lo £54,566 12023.. £53,676>. Contributions totalling £8,04012023.. £9,627) were payable lo the fund al the balance Bheel dale and are Included In creditors. 28. Oporatlng le*$e commlim•nl8 At 31 Decembfjr 2024 th& company had annual cemmltmen18 under operallng lease$ as follow¥'. Land and bulldSng$ 2024 2023 Operating lease$ whlch èxplre.. After more than 5 year# Between 1 and 5 year5 Within 1 year 780,018 415,024 103,756 830,048 415,024 103,756 1.298,798 1,348,828 29. Capital ¢ommltments At 31 Decémbér 2024 the group and company had capital commitments as follows.. 2024 2023 Major buidling work8 43 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 30. Trustge Indemnity insurance 2024 2023 Ctrority funds used for the pur¢hase 91 indemnity Insurance 5,696 6,861 31. Related party transactions The intercompany Iran$a¢lions amongst the group enlllles In the year were as follows.. Cost recharges from the parent charity lo Règènl'g Park Enlerpiisfrs Limited totalled £501,82212023'. £443,565). Internal sales from the subsldlary to the parent charity tolalled £34,66812023.. £36.8821. In addlllon, the subsidiory 9c¢rued £94.99S12023.' £115,076) of glft aid profil dug lo the parent charity al the year end. To:al production coslg of £4,374,54B12023.' £4,867,427) wère transferred from thè paranl charity lo Regent's Park Productions Limlted in the yèar. Total commlsslons of £3.426,631 12023.. £3,784,903) wtrre charged from the parent charlty lo the gub8idiBry. Both are under a commlsloning agreement. In additlon. the parent charity recharged £19,44612023.' £21,477) adminiglralive expenses lo the charlty. The parent ¢harSty forgave the loan to Regent's Park Ventures Llmlled of £5,28512023.' £6,631). Other related party IransaGllon$ in the y6ar were as folSows'. Fe•8 lotalllng £nll12023'. £6,218) were paid lo a company In which onè of the Trustees lJame8 Reed. Archit¢cll is a180 a director. Al the reportlng dale £nil12023.' £nlll was due lo the company In r&spgcl of these fee8. Travel and adminislralive costs tolalling £nil12023.' £18SI were reimbursed to one of the Trustees. At th• reportin9 dale, £nil {2023.' £nill was due in respect of these costs. SLQSiStence Gosls lolalling £9912024.. £nill were reimburs8d to one of the Trustees. At the reporting date, £nil12023.. £nill was due In respect of these c051s. D￿Ing the year. subscription and advertisement costs totalllng £14,27012023'. £12.4561 were pald to the s￿letY of London Theatre, a company limited by gvaranle8, which shares a common Trustee, Stuart Grtffiths, with Regent's Park Theatre Limited. Al the reporting dale, £75012023.. £nill was due from the charity in re$p8ct of these fees.