REGENT'S PARK OPEN AIR THEATRE Regent's Park Theatre Limited Trustees, Report and Consolidated Financial Statements for the year ended 31 December 2025 Registered number: 00759557 Charity number: 231670 Regent's Park Theatre Limited Contents Page Legal & Administrative Infomiation Trustees, Report 2-19 Independent Audltors, Report 20-23 Consolidated Statement of Flnancial Activltles 24 Consolldated & Company Balance Sheets 25 Consolldated Stat8ment of Cash Flows 26 Notès to the Flnancial Statemfrnts 27-46 Regent's Park Theatre Limited Legal & Administrative Information for the Year Ended 31 December 2025 Charity Name Regent's Park Theatre Limited Charity Registerèd Number 231670 Company Registered Number 00759557 (England and Wales) Registered Offlce stage Door Gate Open Air Theatre Inner Circle Regent's Park London. NW14NU Patron Dame Judi Dench Trugtees Charlotte Aherne (Vice Chair) Partha Bose Jaya Carrier Heather Clark Charrington (appoinled 19 February 20261 Anna Fleischle-marriott Robert Glick OBE (appointed 1 October 2025) Stuart Griffiths OBE (Chairl Tyrone Huntley (r8sSgned 28 January 2025,. appointed 28 January 2026) Kate Millward Steve Pennington Toni Racklin Dr Philippa Simpson Samatha Spiro (resigned 11 September 20251 Dame Sue Street (appointed 1 December 2025) Jolnt Chlef Executives Andrew M¢Oni8 James Pldgeon Secr8tary Jame5 Pidgeon Auditor Crowe U.K. LLP 2nd Floor 55 Ludgate Hlll London, EC4M 7JW Bankers Coutts & Co 440 Strand London, WC2R OQS Scottish Widows 69 Morrison Street Edinburgh, EH3 1HL Aldermore 1 st Floor, Block B Western House, Lynch Wood Peterborough, PE2 6FZ Flagstone Investment Management 1 st Floor, Clareville House 26-27 Oxendon Street London, SW1Y 4EL Solicitor Harbottle & Lewis LLP 7 Savoy Court London, WC2R OEX Regent's Park Theatre Limtted Trustees, Report for the Year Ended 31 December 2025 The Trustees (who are also the directors for the purposes of company lawl present their annual report and the audited consolidated financial statements of the charitable company and Its subsidiary undertakings for the year ended 31 D8c8mber 2025. The annual r8POrt and financial statements ofthe company and the group comply wilh the current statulDry requireménts ofthe company and the group's governing document and the provision of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Our Charitable Aims The charity's object is the promotion of arts and culture primarily in the Ih6alrical arts but including any other media, and the promotion of any other purposes that 15 exclusively charitable pursuant to the law of England and Wales from time to time. The principal activity of lh8 charity is presenting summer seasons of plays at Regent's Park Open Air Theatre, together with producing plays elsewhere in the UK. Established in 1932, the multi-award-winning Regent's Park Open Air Theatre Is one of the largest theatres in London (at a capacity of 1,3041. Passionate about producing popular, enriching and unexpe¢l8d theatre that provides a lens into the here and now, the scale and ambition of our produdions together with our magical outdocr setting, makes us unlque in Ihe capital's Cultural landscape. "As darkness encroaGhes, th8r6 is no more glorious place to get one's flll of culture.. Thei Our Strategy 2022-27 OUR VISION To help people make sense of the world under a shared sky. OUR MISSION Celebratlng our unique and experiential outdoor s8tting, we create popular, enriching and unexpected theatre that provides a lens into Ihe here and now. OUR GUIDING VALUES We are: Ambitious As one of the largest producing theatres in London, we ¢r8ate exceptional work at scale and strive to remain curious, innovative and aspirational, both artistically and organisationally. Open An open air Iheatre that is open and accessible to all,. we nurture, develop and inspire those who work for us, engage with us, and visit us. Independent We remain entrepreneurial and agile, wilh the abillty to adapt to ever-changing needs and behaviours to ensure our continued relevance and impact. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) Connected Through collaboration with both intemal and externa1 stakeholders, we forge new and heighten existing partnerships built on trus*, respect, and a shared dialogue. Joyful Ulilising the spirit of the park in which we play, we are unashamedly popular, entertaining, and far-reaching in everything we do. OUR UNDERLYING PRINCIPLES Equity, Diversity & Incluslon We are committed to championing diversity and accessibility in everything we do, embracing differenc8 and individualily with respect and an inclusiv8 approach lo ensure everyone feels valued and welcome. Envlronmental Su5taSnability The collision between art and environment is what makes our work unique,. our relationship with the plan8t is front and cenlre. Recognising the climate crisis, we are committed to reducing our envlronmental impact and to finding ways lo adapt and respond lo ever-¢hanging weather patt8ms. History & Herltage We are committed to building on our foundations as the oldest, profes6ional, permanent outdoor theatre in the UK. Clvlc Responsiblllty We ar8 committed to developing opportunities lo collaborate with local aulhorilies, schools, community groups, grassroot5 organisations and other charities to remain locally engaged and effective. OUR ENABLERS Good Governance Led by an active and committed Board of Trustees with a broad range of skills and Ilved experiences. Committed People: Permanent Staff, Seasonal Teams & Freelancers Who feel supported, listened to and inspired. Engaged Stskeholders Including individuals, groups and organisations, from funders and architects to advisors and The Royal Parks. A Functlonlng Estate & Efficient Systems That are fit-for-purpose and effectively support the growing ambition of the organisation. Commercial Mindedness Enabling the evolution of our independent, not-for-profit busin8ss model, and helping to mitigate identified risks. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) OUR STRATEGIC PRIORITIES 1. Producing Expansion 2. Developlng Audiences & People 3. Organlsatlonal Growth Three priority areas sit within each of our Strategic Priorities. Strategic Report 2025 was another exc8Ptional year for Regent's Park Op8n Air Theatre. This year's season - the first to bè programmed by new ArtlstSc Dlrector Drew McOnie- ran for 20 weeks from Saturday 10 May- Saturday 27 September 2025, with audlence attendance totalling 176,875 (down 4,024 on 2024, whilst acknowledging that 2024's season was 7 weeks longer primarily due to the earlier start for Bear Snores Onl. We employed 91 freelance creatives lup 18 on 2024} and 135 performers and mu8lclans (up 56 on 2024}. Produced Work For the first time in Regent's Park Open Air Theatre's 93-year hlstory, we opened our 2025 season with a Broadway transfer in the form of new musical comedy, Shucked. Written by Robert Horn Ibook) and Brandy Clark & Shane McAnally (music and lyrics), lead creatives were.. Jlll Green CDG Tllly Grimes Jason Howland Casting Director Costume Designer Music Supervisor, Orchestrations & Arr8ng8ments Wigs, Hair & Makeup Designer Director Choreographer Set Designer Musical Direclor Sound D8signer Lightlng Designer Mia Neal Jack O'Brien Sarah O'Gleby Scotl Pask Katy Rlchardson John Shivers Japhy Weidernan The production played for 40 performances from the 10 May- 14 June 2025, to an overall audience of 37,998. It was presented in association with Mike Bosner, Jasors ￿en, AEG PresentslJay Marciano, and Michael Harrison. ***** °rhis clever screwball musiGal is perfect escapism. The Times **** "This barmy American musical is a zesty treat." Th8 Telegraph **** °Laugh-out-loud sunshine." The Standard Regent's Park Theatre Limltsd Trustees, Report for the Year Ended 31 December 2025 (continued) In another first for the organisation, 2025 Saw a dedicated week of dance programming in Rodgers & Hammerstein's Dream Ballets." A Triple Blll, wh8re the dream ballets from Allegro, Carousel and OklBhomal were re-imagined for the Open Air Theatre's stage, accompanied live by the 26-piece orchestra of Sinfonia Smlth Square. Lead creatives were.. Julia Cheng Simon Hale Joshi8 Harriette Nick Lidster Shelley Maxwell Alex Parker Kate Prince MBE Yann Seabra Choreographer {Allegrol Orchestrations & Arrangements Lighting Designer Sound Designer Choreographer IOkl8homa!) Music Supervisor & Conductor Chor80grapher (Carouse4 Costume Designer The produclion was supported by The Thistle Trust, and Cockayne Gran15 for th8 Arts, a Donor Advised Fund, held at The Prism Charitable Trust, and played for 6 performances from the 19 June- 22 June 2025, to an overall audience of 6,752. ***** °A tasty unanticipated treat.. Broadway World *** 'The faisty dancing foregrounds London's fre8lance dan¢8 tal8nt.' The Standard *** 'A suitably dre8my setting.. The Stage Noughts & Crosses, based on the nov81 by Malorie Blackman and adapted by Dominic Cooke, marked our first revival of a contemporary play in r8cent years. Lead creatives were.. Tinuke Craig Dominique Hamilton Ingrid Mackinnon Cosin Richmond Max Pappenheim Joshua Pharo Jacob Sparrow DJ Walde Director Wigs, Hair & Makeup Designer Movement Director Set & Costume Designer Sound Designer Lighting Designer Casting Director Composer The production played for 32 performances from the 28 June- 26 July 2025, to an overall audience of 39,099 (an amazing 93.70/0 of capacity}. *** 'Zippy, large-sGale production confronts the audience anew." The Guardian Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) *** °Craig directs forcefully, stylishly and brings c18rity to a sprawling story.. Time Out *** "striking- full of heart.. The Independent Closlng th8 season was a major revlval of Lerner & Loewe's Brigadoon - th8 first seen in London in over 35 years. Written by Alan Jay Lerner (book and lyrics} and Frederick Loewe (music), in a new adaptation by Rona Munro, lead ¢r8atives were.. Laura Bangay Basia Birlkowska Will Burton Sami Fendall Jessica Hung Han Yun Nick Lidster Drew Mconie Sarah Travis Musical Director Set Design8r Casting Director Costume Designer Lighting Designer Sound Designer Director & Choreograph8r Music Supervisor & Or¢h8strator Th8 production played for 56 performances from th8 2 August- 20 Septernb8r 2025, to an overall audience of 50,149. **** "A sparkling revival." Th81 **** 'Dreamy escapism in thè heart of Regent's P8rk.° WhatsOnStag8 **** "A ch8rmingly whimsical treat." The Stage Received & Curated Work 2025's programme of received and curated work featured.. The return of Roald Dahl's The Enom70us Crocodile following a triumphant run at the Open Air Theatre in 2024. Originally co-produced by the Roald Dahl Story Company. Regent's Park Open Air Theatre and Leeds Playhouse, the production played for 34 daytime performances from the 15 August- 7 September 2025, to an overall audience of 32,727. The first-ever Open Air Theatr8 Family Day on the 25 May 2025, which welcomed 620 people. Our first-ever dedicated week of live music programming, delivered in partnership with Communion ONE. 6 gigs by the likes of Johnny & Lillie Flynn, Bear's Den, Richard Hawley and Asha Banks played from the 23 September- 28 September 2025, reaGhing an audience of 7,748. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 {continued) One-off ev8nts such as Shakespeare for Every Day of the Year- Llvey and Boy Blue in the Park reached a total audience of 1,652. Beyond the Park Five productions that originated at Regent's Park Open Air Theatre played beyond the Park throughout 2025. The wlc 4 August 2025 was the one week in the year when all five productions were playing simultaneously across the UK and internationally, r8aching audiences of over 75,000 people during this week alone. Our critically acclaimed, sell-out 2016 revival of Jesus Christ Superstar continued its international tour of Auslralia throughout the year, visiting Sydney, Perth, Melbourne and Brisbane (closing on Ihe 10 August 20251. The production will continue touring throughout 2026 and will also transfer to the London Palladium for a limited 11-week run over the summer. Our multi-award-winning production of Fiddler on the Roof transferred to London's Barbican Centre for a limited 8-week run from the 24 May 2025 ahead of a major tour of UK & Ireland. Produced by Trafalgar Theatre Productions, Regent's Park Open Air Theatre and Brlan & Dayna Lee, the tour visited Bromley, Leeds, Belfast, Norwich, Nottingham, Bristol, Edinburgh, High Wycombe, Liverpool, Southend on Sea, Dublin, Manchester, Eastbourne, Canterbury, Cardiff, Sunderland and Birmingham, On the S February 2026 it was announced that the production will embark on a tour of Australia, commencing in July 2026 al Theatre Royal Sydney. Part of our investment in the transfer and tour of Fiddleron the Roof was supported with a £320,000 grant as part of the pilot Incentivislng Touring: Repayable Grants for Theatre and Dance scheme developed by Arts Council England. As detailed in note 19, at the year ended 31 December 2025 only a portion of our investment in this production had been recovered; Ihe remainder will be returned in 2026. Jamie Lloyd's production of Evlta, which was originally produc8d by the Open Air Thealre in 2019, transferred lo the London Palladium far a limited run in the summer of 2025, starring Rachel Zegler as Eva Peron. 101 Dalmatians, reimagined from the 2022 production at Regent's Park Open Air Theatre, played a limited 7- week run at London's Hammersmith Apollo from the wlc 15 July 2025. Following its return to the Open Air Theatre in the summ8r, The Enomious Crocodile visited Minneapolis and Los Angeles in the US during autumn 2025, before returning to the UK to play a festive season at The Lowry in Salford. The production vi51ted Chicago in February 2026 and will embark on a major tour of the UK from the 27 March 2026, starting in Brighton. In total, a Regont's Park Open Air Theatre-originated production was seen Ilve by 937,000 people somewhere in the world beyond Regent's Park from November 2024- December 2025. Awards & Recognition In July 2025, we were, for the second year running, nominated at the Kensington, Chelsea & Westminster Business Awards in the category of Visitor Attraction or Events Venue of the Year. We were delighted to Regent's Park Theatre Limlted Trustees, Report for the Year Ended 31 December 2025 (continued) receive thè Highly Commended Award for this category al the ceremony on the 23 October 2025, recognising and further cementing our local profile and irnpact within the wider business community of the two boroughs. Both Shucked and Brig8doon w8re recognised with Ollvler Award 2Q26 nominations as follows.. Best New Musical IShuGked) Best Theatre Choreographer- Drew McOnie18rlg8doon) Best Actress In a Musical- Danielle Fiamanya & Georgina Onuorah (Fiona in Brigadoonl Best Actress in a Supporting Role in a Musl¢al- Georgina Onuorah (Lulu in ShuGked) Both productions were also nominated at The Crltlcs, Circle Thgatro Awards 2026 in the categories of Best Revival of a Play or Musical (Brigadoon) and Best New Musical (Shucked). Furthermore, we w8re plèased to be nomlnated for 3 Whatgonstage Award3 this year.. Best New Musical (Shucked) Best Musical Revival IBrig8doon) Best Chor8ography - Drew Mconie (Brigadoon} We also received a nomination in the category of Best Musical {for Shucked) at this year's The Standard Theatre Awards, and Georgina Onuorah was nominated for a 2025 Black Brltish Thèatre Award in the category of Best Female Lead Actor in a Muslcal (for her performance as Lulu in ShuGk8d). Finally, Drew Mconie and James Pidgeon were recognised in January 2026's The Stago 100 list of the most influential p80ple in UK theatre {Sn the London Theatres section). °One of the graat undersung theatrical succgss stories, packed with 8wards, as well as mounting oritical and audience acclaim." Evening Standard Artlst Davelopment Three brand new artist development programmes were launched and delivered in 2025. Open Room Open Room is an observership programme in which artists at the very early stages of their career observe two Regent's Park Open Air Theatre shows being made from day one of rehearsals through to press night. 165 applications for the sGheme were received in 2025 and 20 observership5 were offered to directors, musiGal directors and movement directors across Noughts & Crosses and Brigadoon. 'ObseNing tha shows was a lovely reminder that rooms filled with joy, transparency and integrity will function more efficiently supporting the 8m8zing end products I was lucky to witness. Open Room Participant Theatre Dance Lab Theatre Dance Lab is for early-career musical theatre choreographers. It is a paid residency designed to give two exceptional choreographers the opportunity to develop their practice through studio time, coachlng and Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) mentortng, access to world-class dancers, and the chance to create new work to be showcased at Regent's Park Open Air Theatre. We received 51 applications in 2025 and after a rigorous selection process, Tinovimbanashe Slbanda and Rhys WSlklnson were selected as the choreographers for the inaugural year of this programme. For the showcase, each choreograph8r was given 10 days, 7 professional dancers and the task of creating three new short pieces ofwork. 230 members of the public and industry colleagues attended th& showcase event which took plac8 on our main stag8 on the afternoon ofthe 19 September 2025. Theatre Dance Lab is made possible by the generous support ofThe Dorfman Foundation and th8 Garrick Charitable Trust. Treehouse Project A new programme in which 8arly-career theatre artists are given their own dressing room space to work, meet and dream during our off-season months, as well as a series of discussion groups, masterdasses with industry professionals, and mentorship from Regent's Park Open Air Theatre staff. We received 122 applications for the scheme in 2025 and 6 residencies wer8 offered. Whilst the programmé was open to thealre practitioners of all disciplines from puppet8ers and deslgners through to directors, choreographers, 8¢tors, dramaturgs and sound designers, 520/0 of applicants Were directors. Masterclasses throughout the programme were18d by the likes of director Dominic Cooke, directorl choreographèr Drew Mconie, dramaturg Nina Steiger and composer DJ Walde. Supported by the Noel Coward Foundation. All three artlst development programmes will return in 2026. Lastly, WDrkshops for professional dancers took place IhroughoLtt the day on the 20 July 2025. Led by Arthur Pita, Ballet Black, Boy Blue, Deaf Men Dancing, The Mconle Company and Rambert, th8se development opportunities engaged with 94 artists. Food & Drlnk The bar and dining areas (operated by the charity's subsidiary, Regent's Park Enterprises Lld.) were as popular as ever with audiences. Top sellers throughout the 2025 season included 23,324 hot drinks and 5,964 cocktalls served from our bars, 6,566 pizzas seNed from the Pizza Oven (including our new pinsa special), and 5,144 cakes. Ice cream once again took the top spot with a staggering 30,247 Ice creams sold (including 10,719 from our new Jude's l¢e Cream Cart on the Theatre Lawnl- an increase of 8,536 on 2024. Culture, Care & Wellbeing Our Culture. Care & Vvellbeing programme and Equity, Diversity & Inclusion (EDI) action plan continued to evolve throughout the year, with a focus on championing diversily, accessibility and equity in everything we do, ernbracing difference and individuality with respect, and co-creating an inclusive working environment where everyone feels valued and welcome. Some of our key achievements in 2025 included.. Delivery of 29 anti-racism and EDI learnlng and training sessions to a total of 266 permanent Staff, seasonal staff. and freelancers. Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) Delivery of an Antisemilism awareness session to staff at the Barbican Centre for Fiddler on the Roof. Ins1211ation of a second multipurpose quiet space in the Dressing Room Block. Installation of 13 male incontinence bins in the toilets, and a bench outside Box Office for disabled and older patrons. Continued engagement of Self Space to offer external wellbeing support. An increase to 6 Mental Health First Aiders within the permanent téam. Continued evolution of online and physical EDI and wellbeing resources. A significant review of our Safeguarding Children, Young People & Adults at Risk Policy. Brand Development On the 30 January 2025 wè introduced a new brand at the same time as announcing our 2025 season. Developed in close collaboration with creative design agency Feast, we launched an exciting new brandmark, colour palette and fonts, all of which form the look and feel of how we communicate our brand both internally and externally. At the same time, we launched an organisational Irailer which can be found here.. htt s'.11 oulu.bel waRu82n Whilst W8 ¢onlinu8 to monltor the success of our rebrand project, stronger s&arch interest peaks throughout 2025 together with higher user interactions and conversion metrics point favourably towards the changes made. Estates Masterplan 2026-2036 In February 2025 we commissioned Reed Watts Architects to work with us on the creation and development of a 10-year Estat8s Maslerplan. The purpose af th6 Masterplan is.. To documenl estate growth ov8r the last 10+ years. To provide an overview of estate development priorilles ov8r the next 10 years in response to both current need and future aspiration. To offer a clear sense of direction that will help inform future planning, scheduling, fundraising, and resoiirce management. To be as c168r and straighttorward as possible to ensure access and buy-in from a range of Internal and external stakeholders. To embrace a live and evolving quality, acting as a statement of intent rather than a detailed be-all and end-all. The plan focuses on four key areas.. physical, technological, environment and access, with the estate split into four zones.. the auditorium, back of house, front of house and the studio block. Following consultation with Trustees, Senior Leadership T8am, Heads of Departments and The Royal Parks, the plan was approved by the Board ofTruslees on the 20 November 2025. It is anlicipaled that some ofthe smaller projects detailed in the plan will be delivered in 2026 whilst we fomiulate a longer-term delivery and fundraising strategy for the remaining projects. 10 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) Environment & Sustainability The organisation's Green Group continues to make positive progress, with a refreshed Environmental & Sustainability Policy now in place and a clear path to Theatre Gr88n Book accreditation. Some of our key achievements in 2025 included.. Installation of new energy efficient hand dryers across the site, replacement of fluorescent lighling with LEDS, and pipework lagging, all of which was supported by an Energy Effici8ncy Grant frorn Westminst8r City Council. A reinvigorated approach to recycling, with a new contractor appointed, improved reporting, RFID bins, coloured bin lids, improved recovery cycle, and the implementation of new waste 51reams. Mor8 successes than ever before when it came to building shows from re-used materials and ensuring show materials Gan go on to have a future life - all part of our commitment to achieve the baseline Standard of the Theatr8 Green Book. For instan¢e, 900kn of Ihe rèal plants used in Brigadoon were either retained or donated to projects including a King's Cross Community Garden. Introduction of'PizzCycle' boxes at the Pizza Oven which reduced cardboard waste by $90A, water-in- boxes which cut most cans and plastic bottles, and new èco-friendly agave straws. Re-use of donated furniture. Carbon Literacy Training was delivered to 12 members of staff in March 2026. On the 24 June 2025, the organisation was invited to give a brief pres8ntation at the Climate Resilience for London's Cultural Venues Workshop at Ihe BFI as part of London Cllmate Actlon Week. James Pidgeon spoke on behalf of the Open Air Theatre, with other speakers offering similar provocation8 from the Museum of Homelessness, Buro Happold Engineers, and King's College London. In our 2026 season announcement on the 29 January 2026, we announced that as part of our adaptation plans to help improve our long-term resilience in response to the impacts of climate Change, mldweek and Saturday matinee pgrformances in June and July 2026, for A Life in Four Se8sons and A Midsummer Night s Dream, will move from 2pm to the earlier start time of12.30pm. Our hope is that this trial will help reduce exposure to peak afternoon temperatures for the comfort of audiences. performers and staff alike. Fundraising Activltles The charity has a Senior Partnerships & Philanthropy Manager, Members & Patrons Officer, and a part-time Partnerships & Events Assistant. Their work includes raising funds primarily from corporate entities, trusts and foundations. Individuals are also able to make donalions. Funds are raisod towards the ongoing activities of the charity as well as for specific projects such as major building works, artistic commissioning, and talent developmenl. The charity did not engage third parties to carry oul fundraising activities on its behalf during the year. The charity is registered with the Fundraising Regulator and has a protocol in place for protecting vulnerable people when fundraising. using REAL indicators (Relain, Explain, Able, Listen}. No complaints were received (either directly or via the Fundraising Regulator) during the year by the charity about fundraising activity. Plans for Future Perlods At the time ofwriling, we are preparing for our 2026 season which includes: The world premiere of Sherlook Holmes. a new mystery by Joel HoTwood. Commissioned by Regent's Park Open Air Theatre and directed by Sean Holmes. Regent's Park Theatre Limlted Trustees, Report for the Year Ended 31 December 2025 (continued) A Life in Four Seasons.. Vivaldi's masterpiece reimagined in an electric new dance worf(, created by Associate Artistic Director Tinuke Craig and choreographed by Alexzandra Sarmiento. William Shakespeare's A Midsummer Night's Dream, directed by Atri Banerjee. A brand-new production of Andrew Lloyd Webber's CA TS, directed and choreographed by Artistic Director Drew Mconie. After its run al the Open Air Theatre, the production will undertake a major tour of the UK & Ireland from October 2026- July 2027. Anansi the Spider by Justin Audibert, directed by Robin Belfield, in a Unicorn Theatre and Regent's Park Open Air Thealre production. Th8 return of our Family Day, live music week, and a Series of one-off events. The Trustees Intend to maintain their present pollcy of longer-term financial planning allowing for better investment and artistic breadth in its produced and received productions, and greater risk at the box office for both commissioned and new work. 8 live projects Currently exlst an our commissioning slate. Publlc Benefit The Truste88 have had regard to the Charity Commission's guldance on public benefit, and our Strategy and planned activities over the coming years are focused on our charitable objects. Tlcket Prlcing As a registered charity that receives no regular public subsidy, 560/c* of our income is currently generated from ticket sales (down 1 Ooh on 2024's restated figures). Nevertheless. this year we increased the number of lowesl-priced tickets available, releasing 36,000 £15 tSckets for our produced work across th8 2025 season (3,000 up on 2024). Whilst the Charity's equitable policy is to charge for all admissions at market rat88, our mosl expensive seats remained considerably lower than our commercial competitors in London's West End, wilh top prices not exceeding £80. For the second year running¥ top prlce tl¢kèts tor all Monday evening perfomiances lor our produced work dld not exceed £35. Encouraging a wide and diverse audience is one of Ihe Gharity's fundamental principles and, alongside our accessible productions, we run schemes which provide discounted and complimentary tickets to school groups, teachers, under 18s, senior citizens, local residents, university students, and targeted community groups. 87 school groups ware welcomed to the Open AlrTheatre during the 2025 season. First Time Visitors 62tl/o of bookers in 2025 were flrst-tlme vlsitors to Regent's Park Open Air Theatre (up 6% on 20241, with the highest first-lime bookings being for The Enormous Crocodile lat 700/0). 660h of bookers for Noughts & Cniss8s, 52Q/D for Shucked, 440/¢ for the Dream Ballets.- A Triple Bill, and 37°A for Brigadoon were first timers, demonstrating the charity's continued commitment to rea¢hing, developing and impacting new audiences. Access We are, as ever, keen to meet the needs of audiences with specific access requiremenls. This year we engaged with 3,593 access bookers via our Access Online Scheme (down 779 compared to 2024, largely 12 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) due to this year's shorter season) and rnaintained our dedicaled Access Hosts within our Front of House team. In addition to ticket discounts, wheelchair spaces, and the provision of headsets, we also programmed 13 asslstsd performances throughout this year's summer season, including captioned, BSL interpreted, audio described (with touch tours), and relaxed. Learning & Engagement In addition to the cultural service we provide through our annual summer season of live Iheatre, we also deliver a range of other arts-based servl¢es for Westminster residents and beyond that are designed to improve aGcess to culture, reduce isolation, promote wellbeing and social cohesion, and enhance cr8ativity through learning and engagement. Examples of such initiatives delivered in 2025 are.. Being p8rt of Westminstsr Clty Councll's Inslde Out Festival for the first time, offering 252 particlpants aged 4-11 a free 60-minute dance, puppetry or drumming workshop, before which all participants and their accompanying adults were also given free tickets to The Enon770us CmGodile. 870/a of surveyed participants had not visited Regenl's Park Op8n Air Theatre before and 1000/0 said they would return. Supported by a grant from Westminster City Council. Once again collaborating wilh Westmlnster Clty Lions lo provide work experiencè insight days lo over 20 gtudents from St Marylebone School. Members of the core staff team acting as mentors on the W8Stminster CSty Lions m8ntorlng programme. Mainlaining our cheapest ev8r ticket price of £15, plus frea tl¢kets glven to targeted local groupg. Establishing a partnership with Black Boys Theatre Club who saw Noughts & Grosses, had an onstage Q&A with some ofthe performers and stage management team, and a backstage tour. Engaging 8 work placoments across stage management, lighting, sound, and producing during the season. All aspects of the charity's work continue lo provide professional development for the creative and performing artists, technical and adminislrative staff working at the theatre. °Regent'8 P8rk Open Air Theatre is a magic81 s8nctU8ry fmm the hustle 8nd bustle of the capital." The TiTnes Structure, Governance & Management Governing Document Regenl's Park Theatre Ltd. is a charitable company limited by shares, incorporated on 1 May 1963, registered in England and Wales (number 007595571 and governed by its Memorandum and Articles of Association. The charity was registered with the Charity Commission on 13 January 1964 under charity number 231670. The shares are held exclusively by the Gharity Truslees and are relinquished on cessation of Trusteeship. Organisational Structure The Board of Trustees and its Sub-committees approve all strategic and financial decisions. They delegate the day-to-day running of the charity to the Artistic Director, Drew Mconie and the Executive Director. James 13 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) Pidgeon. Both roles assume the responsibility of Joint Chlef Executive and report lo the Board. Neither role are dir8Ctors of the company or Trustees of Ihe charity, though the Executive Director is a director of the charity's trading subsidiaries. The Trustees of the charitable company who served during the year and up to the date of this report are disclosed in the legal and administrative details on page 1. The Board of Trustees is made up of a maximum of 14 Trustees. The Trustees review the Gomposition of the Board annually to ensure It consists of a broad range of appropriate skills, perspectives and Iiv8d experiences. Trustee Recruitment & Admlnlstration Trustee recruitment is undertaken via open public call andlor an invitation to apply dependent on the number of new Truslees sought and the skills, backgrounds, persp8Ctives and lived experiences required. In June 2025, we began an extensiv8 open recruitment process for up to five new Trustees. The focus of our second ever public call for Trustees was lo identify individuals with new skills, backgrounds, perspectives and lived experiences to complement and augment those of existing Board members and to support the strategic growth of the organisalion. W8 were particularly keen to hear from applicants with skills in any of the following areas.. Arts Management Corporate & Commerclal Dlgital & Broadcast Food, Beverage & Hospltality Fundraising Marketing & Communications 138 applications were received in tolal. A comrnittee of five Trustees (including the Chair) and the Executive Director led a robust shortlisting and. inleNiew process over Iwo months, resulting in the following individuals joining Regent's Park Theatre Ltd.'s Board for an initial term of 3 years: Heather Clark Charrlngton, Director Audien￿5 at the Southbank Centre Robert Glick OBE, Vice President and Head of Intemational Public Affairs at American Express Dame Sue Stroet, fornier Permanent Secretary for the Department of Cullure, Media & Sport In line with Trustee recruitment procedures, all new Trustees were given the opportunity to observe a Board Meeting ahead of being proposed, seconded and passed by a majority vote. When a new Trustee is appointed, they are provided with copies of the following.. The charity's Governing Document The charity's five-year Strategy The charity's Governan¢e Policy Minutes of previous Board Meetings are available on request. Trustees are initially appointed for a term of 3 years. After this. they can seNe a further 2 terms of 3 years each, subject to Board re-appointment. 14 Regent's Park Theatre Limltsd Trustees, Report for the Year Ended 31 December 2025 (continued) Every year, all Trustees are r4uired to complete a pack ofAnnual Declaration Forms, comprising ofthe following.. Trustee Details Automati¢ Disqualification Declaration Register of Interests & Related Parties Diversity & Representation Sub-committees The charity's three Board Sub-committees are as follows.. Produclng Committee {aligned to Strategic Priorlly 1.. Producing Expansion), chalred by Toni Racklin. This Committee mel twice in 2025. Peoplo & Inclusion Committee (aligned to Strategic Priority 2: Developing Audien¢e$ & People), chaired by Kate Millward. Jaya Carrier currently assumes the role of the Board's Safeguarding Lèad, which reports into th1s Committee. This Committee met three times In 2025. Flnance, Audlt & Rlsk Commltte8 {aligned to Strategic Priority 3.. Organisational Growth), chaired by Steve Pennington. Partha Bose currently assumes the role ofthe Board's Cllmate Lead, which reports into thi5 Committee. This Committee met four limes in 2025. Members of the organisation's Senior Leadership Team attend Sub-committee meetings as agreed with the ¢ornmitlee Chairs. There were no Go-opted members on Sub-committees throughout the course of 2025, however Daisy-Rose Srblin (Chief Executive at the Young Camden Foundation) has been co-opted onto th8 People & Inclusion Committee from the 5 January 2026. Terms of ￿ference for each Sub-ctsmmittee are documented as Appèndices in the charity's Governance Policy and include.. name of the committee., purpose of the committee., committee reporting Ilne., membership of the committee {including voting rights and who will be Chairl., frequency and quorum of meetings; and a description of delegated authority on behalf of the Board of Trustees. Core Staff Team There are currently 20 members of staff in the year-round core staff team. The charity's Senior Leadership Team comprises of the following roles.. Executive Dlrector & Joint CEO (James Pidgeon) Artistic Director & Joint CEO (Drew Mconie) Director of Communications & Audiences (Laura Arends} Associate Artistic Director (Tinuke Craig) Diversity & Inclusion Associate Imezze eade} Director of Producing & Administration (Lauren King) Director of Technical & Production (Anthony Newton) 15 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) Senior Staff Remuneratlon The Trustees are solely responsible for setting and reviewing the remuneration of the Joint Chief Executives in line with thelr contractual enlillements. The remuneration of other senior staff is reviewed annually by the Executive Director and may be increased within the overall budgets approved by the Trustees to take into account inflation and individuals, duties and performance. Charity Governance Code The Trustees have had due regard for the God8 and will review and consider the updated version {as of Ncvember 20251 throughout 2028. Financial Revlew Incoming resources decreased by 4% to £8,665,030 (2024 r&staled.' £9,043,529) and total funds decreased by £320,220 to £8,891,47212024.. £9,211,692). This was primarily due to Brigadoon underperforming at the box office, not h81ped by both wet Weather and transport strikes in September 2025. Th6 charity's wholly owned subsidiary Regent's Park Enterprises Ltd. operates our bar and dining facilities. Th8 year ended 31 December 2025 saw income increase lo £1,202,55812024'. £1,190,501) and a profit for the year of £84,849 (2024.. £98,184). This slight decrease in profits compared to 2024 was primarily due to increased staff wages, salaries and Social security C08ts as well as admlnislrative overheads. Th8 charity's wholly owned subsidiary Regent's Park Productions Ltd. produces some of the productions staged at the theatre under a commissioning agreement. The year ended 31 De￿mber 2Q25 saw an inc￿888 in commissioning fees re¢8ivable from Regent's Park Theatre Ltd. to £3,691,655 (2024.. £3,426,631) and an increase in theatre tax relief to £1,035,56312024'. £967,360). This increas8 is primarily due to 2024's theatre tax relief claim for The Enormous Crocodile being processed by the lead co-producer for that project (Leeds Playhouse) instead of the charity. Commissioning fees receivable are equal to the subsidiary's costs less provision for theatre tax relief and as a result the subsidiary broke even in the years to 31 December 2024 and 2025. Due to several years of inactivity, the charity's wholly owned subsidiary R8gent's P8rk Ventures Ltd. was dissolved on the 30 September 2025. Bank Accounts In July 2025 we received notice from Scottish Widows regarding the closure of our CAF account with them on or around Ihe 6 November 2025. On the 1 Odober 2025, the Board's Finance, Audit & Risk Committee approved opening a new account with Flagstone Investment Management into which £1,000,000 offunds from Scottish Widows were transferred, with the remaining balan￿ transferr8d to our main account wilh Coutts & Risk Registsr During the year, the Executive and Trustees maintained the organisation's Risk Regi5t&r which details the systems that have been established to mitigate the major risks to which the charity is exposed, across the following areas.. Artistic & Community, Communications & Audiences, Finance & Fundraising, Legal & 16 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) Compliance, People & Governance, and Technical, Production & Environment. The Risk Register is reviewed three times a year in meetings ofthe Finance, Audit & Risk Committee. The following principal risks and uncertainties faGing the charity and its subsidiary undertakings have been identlfied.. Identlfied Risk Extreme weather Mltl ation Summa Continued development of weather-relaled policies and proc8dures. strive to encourage early booking to ensure strong advanc8S. Maintain robust cash flow. Maintain designated reserve for bad weather. Continuation of Green Group and environmental work ta action both sustainabilit and ada talion strate ies. Long-term budget planning with an ongoing focus or) income diversification. Regular reporting and forecasting undertaken. Nimble enough operation lo scale back expenditur8 If required. Strong relationships with funders. Appropriate 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 consultation with membershi bodies Such as SOLTIUKT. Continued maintenance and due dilig8nce programmes in place. Slrong relationship with externa5 advisors and contractors, inc5uding The Royal Parks. Thorough risk assessment and health and safety approach lo all aGtivity. Regular health and Safety reporting to the Board. Reserves and insurance in laGe. Ensure fire alamis are maintained and regular test evacuations undertaken. Regular IT and syslems backups undertaken. Robust emergency procedures and associaled staff training in place. Ongoing maintenance work lo improve draina9e across the site. Appropriate insurance in place. Robust relationshi with The Ro al Parks. Regular inspections of equipment in place. Dedicated technical maintenance period every winter. Support from external service providers. Regular training and staff support in place. Onl com tent staff en Sudden loss of income Industrial action Significant, urgent and unexpected repairlsl to the estate need undertaking Fire, flood or storm Failure of production and technical sysletns Reserrfes The Trustees have a fomial Policy regarding reserves which is reviewed annually. Full details of cUr￿nt unrestricted, designated and restriGled reserves can be found at note 22. 17 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) The charity defines its free reserves as the total of unrestricted general and designated funds. minus the designaled funds for the potential effects of bad weather and forthcoming major building works as detailed in nole 22 and unrestricted tangible fixed assets as detailed in nole 23. Only in exceptional circumstances will Trustees approve the partial or full release of designated funds, as doing so would likely have a significant impact on the operational and strategic growth of the organisation. At the year ended 31 December 2025, the charity held unrestricted general funds of £372,68912024: £363,017) and had a free reseNes balance of £1,924,74712024'. £2.024,343). The charity's free reserves target for the year ending 31 DeGember 2026 is £1,455,286. As delailed in note 22, the Trustees have agreed to release some designated funds throughout 2026, ulilising the £469,461 positive variance between thé free reserves balance and target. Investment Pollcy Under the Memorandum and Artic18s ofAssocialion, the charitable company has the power to make any Investment which the Trustees see frt. Golng Concern After making approprlate enquiri8S, the Truslees have a reasonable 8xpectation that the company has adequate resources lo continue in operalional existence for the forese8able future. For this reason they Continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Trustees, Responsibilities Statement The Trustees are responsible for preparing the financial statements in accordan¢e with applicable law and United Kingdom Generally Accepted Accounllng Practice. The Trustees are required by law to prepare financial stalements for each financlal year which give a true and fair view of the financial position of the charity and the group and of the financial activities of the group for the period then ended. In preparing those financial statements. the Trustees are required lo.. select suitable accounting policies and apply them consistently. observe the methods and principles of the Charities SORP. make judgements and estimates Ihat are reasonable and prudent. state whethér the policies adapted are in accordanGe with the Companies Act 2006 and with applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the finanGial statements., and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity company will continue in operation. The Trustees are responsible for keeping adequate a¢¢ounting records which disclose the reasonable accuracy at any time the financial position of the charity company and enable them to ensure that the financial slatements comply with the Companies Act 2006 and charity legislation. They are also responsible for safeguarding the assets of the charity company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 18 Regent's Park Theatre Limited Trustees, Report for the Year Ended 31 December 2025 (continued) statement as to Disclosure of Information to Auditors So far as each Trustee is aware, there is no relevant audit information (as defined by section 418 of the Companies Act 20061 ofwhich the company's auditors are unaware, and 8ach Trustee has tak8n all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. Independent Auditors In accordance with section 485 of the Companies Act 2006, a resolution proposing that Crowe LLP be re- appointed a8 auditors to the charily will be put to a meeting of the Finance, Audil & Risk Committe8. This r8POrt wa5 approved by the Trustees, in th8ir capacity as company directors, on the 7 May 2026, and sig d on their behalf by.. tu rlffSths OBE 19 Regenvs Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited Oplnlon We have audited the financial statements of Regent's Park Theatre Limited (the 'charitable company") and its subsidiaries (the group.) for the year ended 31 December 2025 which comprise Consolidated Statement of Financial Aclivilies, Consolidated & Company Balance Sheet, Consolidated Staternent of Cash flows and notes to the finanGial statemenls, including significant accounting policles. The financial reportlng framework that has been applled in their preparation is applicable law and United Kingdom Accounling 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.. give a true and fair vi8w of the State of the group's and the charitabl8 company's affairs as al 31 December 2025 and of the group's incoming resources and appllcation of resources, including its income and exp8nditure for the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Audiling {UKI IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibillties for the audit of the financial statements section of our report. We are independent of Ihe group in accordance with lh8 ethical requirèments that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilit18s in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, us8 of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perform8d, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may Gast significant doubl on Ihe charitable company's ability to continue as a going concern for a period of at least twelv8 months from when the financial statem8nls are authorised for Issue. Our responsibilities and the responsibilities of the trustees with resped to going con¢8rn are described in the relevant sections of this report. other information The trustees are responsible for the other information contained within the annual report. The other information comprises Ihe information included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 20 Regent's Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited (continued) Our responsibility is to read th8 other information and, in doing so, consider whether the other information is materially inconsistent wlth the financial statements or our knowl8dge obtained in the audit or Othe￿ise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determin8 whether this gives rise to a material mlsslatement in the financial statements themselves. If, based on the work w8 have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that facl. We have nothing to report in this regard. Opinions on other matters prescribed by th8 Companles Act 2006 In our opinion based on the work undertaken in the course of our audit the informatlon givèn in the trustees, report, which includes the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistenl with the financial slatem&nts', and the strategic report included within Ihe trustee8' report have been prepared In accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audil, we have not identified material misstatem8nls in the strategic report included within the trust8es' report. We have nothing to r6POrt in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. the parent company has not kept adequate accounting records., or the parent company financial statements are not in agreement with the accounting records and returns,. or rtain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustegs As explained more fully in the trustees, responsibilities statement set out on page 18, the trustees (who are also the directors of th8 charilable company for the purposes of company lawl are responsible for the preparation of Ihe 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 lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters ￿lated to going concern and using 21 Regent's Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited (continued) the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to Gease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo 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 IUKI will always detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influenGe the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audil of thè financial stalem8nts is available on the Financial Reporting Council's website at.. www.frc.or .ukJaudilorsres onsibililies. This description forms part of our auditor's report. Extent to which the audit was consldered capable of detecting Irregularities, Including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstalemenl of the financial statements from irregularities, whether due to fraud or èrror, and discussed these between our audit team members, Wè then designed and performed audit proGedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP {FRS 1021, and UK tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial Statement Items. In addition, we considered provisions of other laws and règulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the group's ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with thèse laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We also considered the opportunities and incentives that may exist within the group for fraud. We identified the greatest risk of material impact on financial statements from irregularities, including fraud, to be within the recognition of Theatre Tax Relief IThR), the recognition of Fiddler on the Roof co-production net results and management override of controls. Our audit procedures to respond to these risks included enquiries of management and the Finance, Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulalory correspondence with the Charity Commission, reviewing the wording of the co-production agreements, reviewing the TTR calculations prepared and reading minutes of meetings ofthose charged with governance. 22 Regent's Park Theatre Limited Independent Auditors, Report to the Members and Trustees of Regent's Park Theatre Limited (continued) Owing to the inherent limitations of an audit, there is an unavoidabSe risk that we may nol have detected some rnaterial misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations {irregularitiesl is from the events and transactions reflected in the financial statements, th816ss likely the inherently limited procedures required by auditing standards would identify it. In addilion, as with any audit, there remained a higher risk of non-detection of irregularit18s, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report Is made solely to the charitable company's members, as a body, in a¢¢ordance with Chapter 3 of Part 18 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company's members and trustees, those Matters we ar8 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. Jayne Rowe Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date: 22 May 2026 23 Regent's Park Theatre Limited Consolidated Statement of Financial Activities for the Year Ended 31 December 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Restated Note Income from: Donations, legacies and grants Charitable activities Other trading actlvities Investments 337,659 6,870,094 1,258,831 109,446 89,000 426.659 6,870,094 1,258,831 109.446 173,145 7,556,039 1,259,830 54,515 Total Income 8,576,030 89,000 8,665,030 9.043,529 Expenditure on: Raising funds Charitable adivilies 1,189,344 7,739,212 1,189,344 7,795,906 1,158,690 7,804,050 8,9,10 56,694 Total expendlture 8,928,556 56,694 8,985,250 8,762,740 Net lexpondlturelllncome before Iransfer8 1352,526) 32,306 {320,220) 280,789 Transfers ba￿een funds 22 Net (expenditurelllncome {352,5261 32,306 (320,220) 280,789 Reconciliatlon of funds Total funds at 1 January 2025 Movement in share capital 9,168,892 42,800 9,211,692 8,930,904 Total funds at 31 December 2025 8,816,366 75,106 8,891,472 9,211,692 Company Registration No.. 00759557 A separate income and expenditure account has not been prepared as the information required by the Cornpanies Act 2006 is given in the above statement of financial 8Ctivities and in the notes to the accounts. All the above amounts relate to continuing activities. All recognised gains and losses are included in the above statement of financial activit18S. The notes on pages 27 to 46 form part of these financial statements. 24 Regent's Park Theatre Limited Consolidated & Company Balance Sheets as at 31 December 2025 Group 2025 Company 2025 2024 2024 Note Fixed assets Tangible assets Investments 15 4,647,968 4,987,338 4,613,690 4,984,638 4,647,968 4,987,338 4,613,692 4,964,641 Curr8nt assets Stocks Debtors Cash at bank and in hand 18 19 19,537 1,974,529 3,906,098 5.900,164 21,360 1,271,119 3,187,768 4,480,247 2,595 2,028,521 3,847,223 5,876,339 2,400 1,339,599 3,115,100 4,457,099 Credltors.. amounts falling due within one year 20 (1,656,660) {255,8931 11,628,445) {227,3711 Net current assets 4,243,504 4,224,354 4,247,894 4,229,728 Total assets less current Ilabilities 8,891,472 9,211,692 8,861,586 9,194,369 Total net assets 8,891,472 9,211,692 8,861,586 9.194,369 Charity funds Unrestricted funds.. Share Gapilal Unrestricted funds Restricted funds 21 22 22 8,816,355 75,106 9,1e8,881 42,800 8,786,469 75,106 9,151,558 42,800 Total charlty funds 8,891,472 9,211,892 8,861,586 9,194,369 The and ancial statements were approved and authorised for issue by the Board of Trustees on 7 May 2026 gned on their behalf by.. St TTUS iffiths OBE ee The notes on pages 27 to 46 fomi part of these flnancial statements. 25 Regent's Park Theatre Limited Consolidated Statement of Cash Flows for the Year Ended 31 December 2025 2025 2024 Note Cash flows from opgratlng activities 24 722,033 722,033 823,936 823,936 Cash flows from Investlng activities,. Purchase of property, plant and equipment Dlvidends, interest and rents from investments Proceeds on disposal of fixed assets Net cash used in investing actlvltles (113,149} 109,446 1135,522) 54.515 (3,703 (81,007) Change In cash and cash equlval8nts In the year Cash and cash equivalents brought forward Cash and cash equivalents carrled forward 718,330 3,187,768 3,906,098 742,929 2,444,839 3,187,768 25 The notes on pages 27 to 46 form part of these financial statements. 26 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 Accountlng Policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Ad 2DO6. Regent's Park Theatre Limited meets the definition of a public bènefit entity under FRS 102. Assets and liabilities are initially recognised at historiGal cost or transaction value unless otherwis8 Stated in the relevant accounting policy. The Statement of Flnancial Activitles (SOFA) and Balance Sheet consolidat8 the financial statements of the cornpany and ils subsidiary undertakings. The results of th8 subsidiaries are Consolidated on a line by 5in8 basis. 1.2 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. D8signated funds compris8 unrestrl¢ted 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 notès lo the financial stat8ment$. Restricted funds ar8 funds which are to be used In accordance with specific restrictions imposed by donors or whlch 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 restricted fund is set out in the notes to the financia1 statements. 1.3 Income All income is recognised once the company has entitlement to the income, it is probable that the income wlll be received and the arnount of income rèceivable can be measured reliably. Box office income comprises the sale of tickets to 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 initially 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. Where performances are cancelled due lo bad weather, the corresponding ticket sales are recognised on the cancelled date,. the ticket holders may redeem the ticke15 for future performanc85 where availability pemiits. The Gharity applies the Cultural VAT Exemption on applicable income. Catering, programmes and merchandise income comprises sales offood, drink, programmes and merchandise at the Iheatre and is recognised at the point of sale. Income from productions Beyond the Park IroyaSties, box office and profit shares) comprise amounls due from third parties from the commercial exploitation of the charity company's productions at venues other than Regent's Park Open Air Theatre. Such income is recognised on a receivable basis, net of any discounts and excluding VAT. 27 Regenvs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 1.3 Income {contlnued) Income arising from sponsorship, donations and grants are included in the Statement of Financial Activities in the period in which they are applicable. 1.4 Exp9ndlture Exp8nditure is recognised once there Is a legal or constructive obligation to transf8r economic benefit to a third party, it is probable that a Iransfer of economic benefits will be required in settlement and the amount of the obligation Can be measured rellably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Costs of raising funds represent the catering and other expenditure attributable to the trading activity 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 actlvities that raise funds. Charitable activllies ar8 Costs incurred in fulfilling thè charity's principal objects, including the operation of the theatre and such dir8Ctly associated activities {such as learning, engagement and civic projects). Cost of charitable activities includes direct costs, support costs and governance costs. Support ¢osls are those costs incurred directly in support of expenditure on the objects of the group and include expenditure to develop and perform productions and the administration of Regent's Park Open Air Theatre. Governance costs are those incurred in connection with thè administration of the company and compliance with constilLrtional and statutory requirements. The VAT on expenditure that is irrecoverable either partially {or wholly in the case of th8 production costs) is aggregated and shown as one figure. 1.5 Going concern The group meets its day lo day working Gapital requirements through the utilisation of its own funds. After reviewing the company's forecasts and projectlons the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for a periad of at least 12 months from the date of approval of th8se financial statements. The Trustees therefore consider it appropriate to adopt the going concern basis in preparing the groups, financial statements. 1.6 Basis of consolidation The financial statements consolidate the accounts of Regent's Park Theatre Limited and all of its subsidiary undertakings I'subsidiaries,) as if they formed a single entity. All group companies have the sarne year end. apply consistenl accounting policies and intercompany transactions and balances between group companies are eliminated in full. The company has taken advantage of the exemption contained within section 408 ofthe Companies Act 2006 not to present its own Income and Expenditure AGcount. 28 Regenfs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 1.7 Tangible fixed assets and depreciation All assets C05ting more than £1,000 are capitalised. A review for impaimient of a fixed asset is carried out if evgnts or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls b8tween Ihe carrying value of the fixed assets and their re¢overable amounts are reGognised as impairmenls. Impairment losses are recognis6d in the Statement of Financial Activities. Tangible fixed assets are carried at cost. net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following ba8e6.' General building improvements Major building works lin year of completion) Assels under construclion Technical & stage equipment Office furniture & filling5 Box office equipment Computer equipment Catering fixtures & fittings Tills Website Major replacements 20Q/o on cost Over the remaining course of th8 lease term Depreciated once brought into use 150/0 on cost 200h on cost 200/0 on cost 330/0 on cost 20Dk on cost 200/0 on cost 200/0 on cost 100h on cost 1.8 Investments Investmenls are a form of baslc financial instrument. Investments In subsidiaries are values al Cost less provision for impairment. Investments in (co-)productions are recognised at the recoupable amount at the reporting date being the amount invested less amounts recover6d after making provision for losses where recovery of outstanding inveslrnents in full is not antlcipated. Net profits on investments in (co-Iprodu¢lions are recognised as income in accordance with note 1.3. Net shortfalls on inveslments in {co-)productions are recognised as expenditure. 1.9 Interest recelvable Interest on funds held on deposit is included when re￿1vable and the amount can be measured reliably by the company; Ihis is normally upon notrfication of the interest paid or payable by the bank. 1.10 Stocks Stocks are valu8d at the lower of cost and nel realisable value after making due allowance for obsolete and slow-movin9 Stocks. 1.11 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valu8d al the amount prepaid net of any trade discounts due. 29 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 {continued) 1.12 Cash at bank and in hand Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.13 Creditors and prov151ons Creditors and provisions are recognised where the company has a present obllgation resulting from a past event that will probably resull in the Iransfer of funds to a Ihird parly and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. 1.14 Financial instruments The group only has financlal assets and financial liabilities of a kind that qualify as basic finan¢lal instruments. Basic financial instrumenls are initially racognised at transaction value and subsequently measured at their sett18m8nt value. Flnancial assets in the charitable company's own balance sheet include amounts due from the subsidiaries which are repayable on demand. 1.15 Pen81on8 The charity makes contribulions to defined contribution schemes for certain staff which are administered by outside independent pension providers. Contributions payable for the year are charged lo the Statement of Financial Activities. 1.16 Leaslng The annual rentals of all operating leases are charged to the profit and loss account on a straight line basis over Ihe lease lerm. 1.17 Legacies Legacies are reviewed on a case-by-case basis. For pecuniary legacies, entitlement 15 taken at the 8arlier date on which either.. the charily is aware that probate has been granted, and the amount receivable can be measured reliably, and the receipt is probable,. OR when a distribution is received from the estate. For residuary legacies, entitlem8nt is taken at the earlier of the date on which eilher.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executorls) to the charity that a distribution will be made., OR. when a distribution is received from the eslate. Where legacies have been notified to the charity, or the charity is aware of the granting of a probate, and the criteria for income recognit1on have not been mel, then th8 legacy is treated as a contingent asset and disclosed if material. 2. Slgnlficantjudgements and estimates The preparation ofthe financial statements requires management to make judgemenls, eslimales and assumptions Ihal effect the amounts reported for assets and liabilities as at the reporting dale and the amounts reported for income and expenditure 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 Un￿rtaIntY.. 30 Regent's Park Theatre Llmited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 2. Signlflcant judgements and estimates Icontinuedl Tangible assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual valu8s are assessed annually and may vary depending upon a number of factors. In re-assessing the assets, lives, factors such as technological innovation. theatrical production requirements and maintenance programmes are taken in account. Impaim7ent of dgbtors The group makes an estimate ofthe recoverabl8 value of Irade and other debtors. When assessing impairmenl, management considers factors including the current credit rating of the debtor, the ageing profile and historlcal expèrience. 31 Regenvs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 3. Income from donations, legacles and grants Unrestricted Restricted fund8 funds 2025 2025 Total funds 2025 Total funds 2D24 Voluntary income Idonalions, trusts and legacies) Westminst8r City Council project grants 337,659 60,500 28,500 398,159 28.500 173,145 337,659 89,000 426,659 173,145 Total 2024 168,145 5,QOO 173,145 4. InGom8 from charitable activltles Total funds 2024 Restaled Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Box office income Theatre and rehearsal room hires Programmes and merchandise Friends subscriptions Production partnerships Income from productions Beyond the Park Theatre Tax Relief 4,883,835 125,799 85,526 42,863 189.941 506,767 1,035,563 4,883,635 5,988,251 125,799 152,315 85,526 84,203 42,863 52,Q77 189,941 74,881 5Q6,767 236,952 1,035,563 967,360 6,870,094 6.870,094 7,556,039 Total 2024 Restated 7,556,039 7,556,039 The comparative restatement relates to.. The reclassification of Theatre Tax Relief to charitable activities income as opposed to a reduction in direct costs. See also note 8. The split of income be￿een production partnerships and income from productions Beyond the Park. 32 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 5. Trading activities Unrestncted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Charity trading Incomè Catering income Sponsorships 1,160.432 98,399 1,258,831 1,160,432 1,155,833 98,399 103,997 1,258,831 1,259,830 Fundralslng tradlng expenditure Catering expenditure 1,115,332 1,115,332 1,089,772 Net income from tradlng activitle8 143,499 143,499 170,058 Total 2024 170,058 170,058 6. Invèstment Income Unrestrlcted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Interest received 109,446 109,446 54,515 Total 2024 54,515 54,515 7. Costs of generating funds Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Conlribution to administratlon salaries and overheads 74,012 74,012 68,918 Total 2024 68,918 68,918 33 Regenfs Park Theatre Limlted Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 8. Direct Costs Costs of activities in furtherance of the charity's objects= Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Restatéd Production costs Programmes and merchandise Marketing and press Administration expenses Theatre rent, maint8nance and operations Wages and salaries National insurance Pension ¢ost$ 2,118,244 36,311 397,738 29,998 532,454 2,558,403 169,127 53,450 45,254 2,1S3,498 2,285.037 36,311 62,618 397,738 370,662 29,996 32,450 532,454 503,804 2,558,403 2,481,172 169,127 137,192 53,450 51,137 5,895.723 45,254 5,940,977 5,924,072 Total 2024 Restated 5,702,587 221,485 5,924,072 The comparatlve restatement relates to the reclassificallon of Theatre Tax Relief to charitable activities income as opposed to a reduction in dir8Ct costs. See also note 4. 9. Support Costs Resources expended on managing and administering the charity.. Unr8Stricled Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Overheads, management and administration Irrecoverable VAT Depreciation and theatre maintenanc6 536,950 736.735 451,554 536,950 736,735 462,994 549,140 545,672 469,691 11,440 1,725,239 11,440 1,736.679 1,564,503 Total 2024 1.524,493 40,010 1,564,503 34 Regenvs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 10. Governance costs Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Auditors, remuneration for statutory audit Auditors, remuneration for other services Legal and professional fees Accounting 32,778 3,500 4,472 77,500 32,778 3,500 4,472 77,500 31,000 2,405 12,620 69,450 118,250 118,250 115,475 Total 2024 115,475 115,475 11. Net Incoming resourcèsllresources oxpended) This Is stated after charging.. Total funds 2025 Total funds 2024 Depreciation and amortisation of fixed assets owned by the charitable group Auditors, remuneration for statutory audil Auditors, remuneration for other services Operating leasellicence (theatre and offices) 452,519 32,778 3,500 112,765 440,641 31,000 2,405 122,944 35 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 12. Transactlons with trustees Other than as disclosed in note 29 regarding professlonal services provided to the company and reimbursed expenses, no trustees received any remuneration or expenses during the year (2024.. Nil). In order to 8nable the Trustees to carry out their duties to assess and support the charity, they may reGeive complimentary liGkets to attend the charity's productions. 13. Staff numbers and costs The aggregat8 Staff cosls werg.. 2025 2024 Wages and salaries Social security costs Penslon contributions 3,235,369 3,121,921 218,250 170,104 57,487 54,566 3,511,106 3,346,591 The average number of persons employed by the charilable company during the year was 112 (112, 2024). Staff costs incSude monthly salarie5, weekly wages and salaries for performers and seasonal staff, and freelance paym8nls to casual and specialist staff. During the year, the number of employees whose total employee benefits (excluding any employer pension costs, including any royalties and performance related b8nefits) for the reporting period fell within the following £'OOO bands was: 60-70, 3 (2024, 21., 80-90, 012024, 1}., 90-100, 212024, 1). 14. Key managemont personnel Key management includes the Senior Leadership Team and Heads of DepartTnenls in the Group. The compensation paid or payable to key management for employee serVI￿S w35 £622,339 {2024'. £545,438). 36 U Q¢J<<￿c)< Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 16. Fixed asset investments Shares in group undertakings Company market value At 1 January 2025 At 31 December 2025 17. Prlncipal sub8ldlarlos Percentage Shareholdlng 100 100 100 Company name Descrlptlon Regent's Park Enterprises Limited Catering and bar services Regent's Park Productions Limited Theatre production at Regent's Park Regent's Park Ventures Limited Theatre production elsewhere Regent's Park Ventures Limited was dissolved on th& 30 September 2025. a. Regent's Park Enterpr1888 Llmlted 2025 2024 Turnover Cost of sales Adminislralive expenses 1,202,558 1,190,501 1896,697) 1880,5601 1221,0121 (211,757 Profit for the financial year Distribution Retained eamings brought forward 84,849 (72,283) 17,327 98,184 194,999) 14,142 Retained earnings carried forward 29,893 17,327 2025 2024 Fixed assets Current assets Current liabilities 34,278 22,699 76,662 97,384 (81,047) (102,756) Capital and reserves 29,893 17,327 38 Regenvs Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 17. Prtncipal subsidiaries Icontinuedl b. Regent's Park Productions Limited 2025 2024 Turnover Cost of sales Administrative expenses Theatre Tax Relief 3,691,655 3,426,631 {4.707,508} {4,374,5451 (19,710) 119,446) 1,035,563 967,360 Profit for the financial year Retained earnings brought forward Retained earnings carried fomard 2025 2024 Current assets Current liabilities 1,035,628 ge8,935 (1,035,627) 1968,934) Capital and reserves Regent's Park Venturos Llmlted (dissolved on the 30 September 20251 2025 2024 Administrative expenses Amounts written off financial liabilities 15,285) 5,285 Profit for the financial y8ar Retained earnings brought fO￿ard Retained earnings carried forward 2025 2024 Current assets Current liabilities 4,501 {4,5001 Capital and reseNes 39 Regent's Park Theatre LimTted Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 17. Principal subsidiaries (continued) d. Regent's Park Theatre Limited (parent charity) The parent charitvs gross income and results for the year are disclosed as follows.. 2025 2024 Gross income Results for the year 6.541,318 7,015,335 1332,7831 277.603 18. Stocks Group 2025 Compan 2025 2024 2024 Finished goods and goods for resalè 19,537 21,360 2,595 2,400 19,537 21,360 2,595 2,400 19. Debtorg Grou 2025 Company 2025 2024 2024 Trade debtors Other debtors Prepayments Amounts due from subsidiary undertakings Accrued income Tax debtor relating to subsidiary trading companies 20,461 460,014 205,550 32,052 31,901 132,787 19,920 31,113 459,645 25,442 205,550 132,787 1.088,465 1,043,238 252,941 107,019 252,941 107.019 1,035,563 967,360 1,974,529 1,271,119 2,026.521 1,339,599 Other debtors of £460,014 {2024.' £31,901 } includes a portion (£454.667) of the charity's Beyond the Park investment in the transfer and lour of Fiddler on the Roof that has not yet been reGovered. part of which is an Incentivising Touring grant from Arts Council England as stated in the Trustees, Report. This investment will be returned in 2026. 40 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 20. Cradltors: amounts falling due within one year Group 2025 Gompany 2025 2024 2024 Trade creditors Other taxes and social security Other creditors Amounts due to subsidiary undertaklng Accruals Deferred income (see below) 113,693 84,729 308,003 60,588 31,150 8,040 110,070 84,725 308,003 57,786 31,146 8,040 4,434 55,701 70,264 153,621 996,614 85,851 70,264 129,033 996,814 1,656,660 255,893 1,628,445 227,371 Deferred income Brought foNard at 1 January 2025 Released in the year Recognised in the year 70,264 170,264) 996,614 75,686 (75,6861 70,264 70,264 {70,264) 996,614 75,832 {75,6321 70,264 Carried foward at 31 December 2025 996,614 70,264 998,814 70,264 Other Creditors of £308,00312024'. £8,040) includes a £304,000 Incents'vising Touring grant from Arts Council England that will be repaid in 2028. See also note 19. 21. Share capital 2025 2024 Allotted, called-up and fully paid: Ordinary shares of £1 each As stated in the Trustees, Report, shares are held exclusively by the charily trustees and are relinquished on ce5salion of trusteeship. Ther8fore. the number of allotted, called-up and fully paid ordinary shares at the year end is always the same as the number oftrustees at the year end. 41 Regent's Park Theatre Limited Notes to the Financial Ststements for the Year Ended 31 December 2025 (continued) 22. Statement of funds Balance at 31 Decemb8r 2025 Balance at 1 January 2025 Current year Income Expenditure Transfers Unrestricted funds General funds 363,017 8,447,Q18 18,486,754) 49,408 372,689 Designatèd funds Depreoiation on completed capital building works Potential effects of bad weather on fulure income Future artistic projects and commissioninc Future learning, engagem8nl and Civic projects At risk investment in toursltransfers Short-lerm maintenance projects Forthcoming major building works 4,830,864 1400,948) 13,750 4,443,666 1,450,000 300,000 1,450,000 300,000 200,000 875,000 400,000 750,000 200,000 750,000 450,000 850,000 129,012 (254,012) 50,000 140,8541 14Q.854 8,805,864 129,012 {441,802) 149,4081 8,443,666 Restricted funds Depr8cialion on completed capital building works Depreciation on fixed assets Culture Recovery Fund 3.. Sustainability Grant- fixed assets Grants from trusts and foundations 4,286 4,500 (357) 12,928) 3,929 25,849 25,000 (723) 34,014 17,4321 145,9771 26.582 18,746 64,000 723 42,800 89,000 156,694) 75,106 Totsl of funds 9,211,681 8,665,030 18,985,250 8,891,461 At thg year end Trustees approved all designated fund transfers as follows.. Polential effects of bad weather on future income maintained to ensure this fund remains at 250￿ of the charity's tick8t sales target for produced work in the following year. * Continuation of funds to support long-lerm commissioning, learning, engagemént and civic projects in line with the organisation's 2022-27 Strategy and charitable purpose. A slight decrease for at risk investment in toursltransfers to reflect the charity's planned investments in the future life of its work Beyond the Park in 2026. 42 Regent's Park Theatre Limitsd Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 22. Statem8nt of funds {continuedl Increased provision for short-lerm maintenance projects lo cover critical activity throughout 2026. Increased provision for forthcoming major building works to support the delivery of some of the smaller projects detailed in the newly created Estates Masterplan throughout 2026. Balance at 31 December 2024 Balance at 1 January 2024 Prior year Income Expenditure Transfers Unrestricted funds General funds 263,720 8,071,169 7,101,533) 1870,339) 363,017 Designated funds Depreciation on completed capital building works Potential effects of bad weather on future income Future artislic projects and cornmisslonins Future learning, engagem8nt and civic projeGIs At risk investment in toursltransfers Short-lerm maintenance projects Forthcoming major building works General short-term cashflow purposes 5,217,877 (400,9481 13,935 4,830,864 1,300,000 300.000 1SO,000 1,450,000 300,000 200.000 375,000 100,000 131,404) 281,404 {250,000) 200,000 875,000 400,000 750,QOO 500,000 300,000 500,000 250.000 8,367,877 1432,3521 870,339 8,805,884 Restricted funds Depreciation on completed capital building works Depreciation on fixed assets Culture Recovery Fund 3- Suslainability Grant Culture Recovery Fund 3- Sustainability Grant - fixed assets 4,643 {357) {500) 4,286 4,500 5,000 267,248 1253,206) (14,042) 27.404 (7,4321 14,042 34,014 299,295 5,000 261,495) 42,800 Total of funds 8,930,892 8,076,169 17,795,380) 9,211,681 43 Regent's Park Theatre Llmited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 23. Analysis of net assets beiwèen funds - current year Unrestricted Restricted Designated funds funds funds 2025 2025 2025 Total funds 2025 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Provision for liabilities and charges 147,942 1,881,418 {1,656,660} 56,360 4,443,668 4,647,968 4,987,338 18,746 4,000,000 5,900,164 4,480,247 {1,656,6601 1255,893) 372,700 75,106 8,443,666 8,891,472 9,211,692 Analys18 of net a8setg between funds- prlor year Unrestricted Restricted Designated funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Provislon for liabilities and charges 113,674 505,247 (255,8931 42,800 4,830,864 4,987,338 5,292,458 3,975,000 4,480,247 3,939,989 (255,8931 1301,6431 363,028 42,800 8,805,864 9,211,692 8,930,904 24. Reconclllatlon of net movement in funds to net cash flow from operating actlvities Grou 2025 2024 Net incomel{8xpenditurel for the year (as per Statement of Financial Activities) (320.220) 280,789 Adjustment for: Depreciation Charges Interesl receivable Decreasel(increase) in stocks Ilncreaselldecrease in debtors IncreaselldeGrease) in creditors 452,519 440,641 (109,446) {54,5151 1,823 6,095 1703,410) 196,576 1,400,767 (45,650) Net cash (used in)Iprovided by operatlng activities 722,033 823,936 44 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 25. Analysis of cash and cash equivalent Grou 2025 2024 Cash in hand 3,906,098 3,187,788 2e. Penslon commitments Th8 group operates a dèfined contributions pension sch8me. The assets of the scheme are held S8parately 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 £57.48712024.' £54,566). Contributicns totalling £4,00312024.' £8,040) wer8 payable to the fund at the balance sheet dale and are included in creditors. 27. Oporating lease commllments At 31 December 2025 the company had annual commitments under op8raling leases as follows.. Land and buildings 2025 2024 Operatlng leases which expire.. After more than 5 years Between 1 and 5 years Within 1 year 676,262 415,024 103,756 780,018 415,024 103,756 1,195,042 1,298,798 45 Regent's Park Theatre Limited Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 28. Trustee indemnity insurance 2025 2024 Charily funds used for the purchase of indemnity insurance 5,290 5,696 29. Related party transactions The intercompany Iransaclions amongst the group entities in the year were as follows.. Cost r8charges from the parent charity to Regent's Park Enterprises Limited totalled £535,089 {2024'. £501,822). Internal sales from the subsidiary to the parent charity lotalled £42,12412024'. £34,668). In addition, the subsidiary accrued £72,28312024.' £94,999) of gift aid profit due lo the parent charity at the year end. Total production costs of £4,707,50812024'. £4,374,545) were Iransferr6d from the parenl charity to Regent's Park Productions Limited in the year. Tota5 commissions of £3,691,65512024.' £3,428,831) were Charged from the parent charity to the subsidiary. Both are under a commisioning agreement. The parent charity forgave the loan to Regent's Park Ventures Limited of £nil12024'. £5,285). Other related party transactions in the yèar were as follows.. Travel and administrative costs totalling £14612024: £nil) were reimbursed lo one of the Truste@s. At the reporting date, £nil (2024.. £nil) was due in respect of these costs. Subsistence costs totalling £nil (2024.. £991 were reimbursed to one of the Trustees. At Ihe reporting date, £nil (2024.. £nill was due in respect of these costs. During the year, subscription and advertisement costs tota51ing £20.86712024.' £14,270) were paid to the Society of London Theatre, a company limited by guarantee, which until the 19 June 2024 shared common Trustee, Stuart Griffiths, with Reg&nt's Park Theatre Limiled. At the reporling dale, £nil (2024.. £7501 was due from the charity in respect cf these fees. 46