#
##
||Page|
|---|---|
|Reference and Administrative Details ofthe Charitable Company, its Trustees and
Advisers|1|
|Trustees' Report|2|
|Independent Auditors' Report on the Financial Statements|9-12|
|Consolidated Statement ofFinancial Activities|13|
|Consolidated Balance Sheet|14|
|Charitable Company Balance Sheet|15|
|Consolidated Statement ofCash Flows|16|
|Notestothe Financial Statements|17 - 34|
|Trustees|ProfessorJ C Elkin (resigned 23 October 2024)|
|---|---|
||R Hastilow-Smith|
||M A Kazi|
||L D Kinmond|
||S R Marks|
||ProfessorTJ Thompson OBE, Chair|
||T Wells (resigned 9 December2024)
J G Gallagher (appointed 28 January 2025)
CJ Pinder (appointed 29 April 2025)|
|Company registered
number|00838245|
|Charity registered
number|241433|
|Registered office|Malvern Theatres
Grange Road
Malvern|
||Worcestershire|
||WR14 3HB|
|Company secretary|Leslie Kinmond|
|Chiefexecutive officer|Fred Moroni|
|Independent auditors|Bishop Fleming Audit Limited|
||Chartered Accountants|
||Statutory Auditors|
||1-3 College Yard
Worcester|
||WR1 2LB|
|Solicitors|Harrison Clark Rickerbys LLP|
||5 Deansway
Worcester|
||Worcestershire|
||WR1 2JG|
|Bankers|Lloyds Bank PLC
48 Belle Vue Terrace|
||Malvern|
||Worcestershire|
||WR14 4QG|
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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2025|2025|2025|2024|
||Note|£|£|£|£|
|INCOME FROM:||||||
|Donations and legacies|3|194,915|511,636|706,551|646,531|
|Charitable activities|4|5,954,370||5,954,370|4,540,598|
|Othertrading activities|5|328,687||328,687|196,320|
|Investments|6|78,458||78,458|68,620|
|TOTAL INCOME||6,556,430|511,636|7,068,066|5,452,069|
|EXPENDITURE ON:||||||
|Raising funds||26,817||26,817|167,307|
|Charitable activities|7|6,552,523|245,294|6,797,817|5,407,593|
|TOTAL EXPENDITURE||6,579,340|245,294|6,824,634|5,574,900|
|NET (EXPENDITURE)/INCOME
BEFORE NET GAINS ON||||||
|INVESTMENTS||(22,910)|266,342|243,432|(122,831)|
|Net gains on investments||32,527||32,527|39,585|
|NET MOVEMENT IN FUNDS||9,617|266,342|275,959|(83,246)|
|RECONCILIATION OF FUNDS:||||||
|Total funds broughtforward||1,278,251|3,380,280|4,658,531|4,741,777|
|Net movement in funds||9,617|266,342|275,959|(83,246)|
|TOTAL FUNDS CARRIED FORWARD||1,287,868|3,646,622|4,934,490|4,658,531|
##
|||2025|2024|
|---|---|---|---|
||Note|£|£|
|FIXEDASSETS||||
|Tangible assets|12|3,180,684|3,376,101|
|Investments|13|734,177|697,694|
|||3,914,861|4,073,795|
|CURRENTASSETS||||
|Debtors|14|218,905|190,775|
|Investments|15|334,000||
|Cash at bank and in hand||3,759,789|3,083,173|
|||4,312,694|3,273,948|
|Creditors: amounts falling due within one||||
|year|16|(3,293,065)|(2,689,212)|
|NET CURRENTASSETS||1,019,629|584,736|
|TOTAL NETASSETS||4,934,490|4,658,531|
|CHARITY FUNDS||||
|Restricted funds|18|3,646,622|3,380,280|
|Unrestricted funds|18|1,287,868|1,278,251|
|TOTAL FUNDS||4,934,490|4,658,531|
##
|||2025|2024|
|---|---|---|---|
||Note|£|£|
|FIXEDASSETS||||
|Tangible assets|12|3,180,684|3,376,101|
|Investments|13|802,331|797,696|
|||3,983,015|4,173,797|
|CURRENTASSETS||||
|Debtors|14|323,700|222,658|
|Investments|15|334,000||
|Cash at bank and in hand||3,579,593|2,976,527|
|||4,237,293|3,199,185|
|Creditors: amounts falling due within one||||
|year|16|(3,283,886)|(2,680,671)|
|NETCURRENTASSETS||953,407|518,514|
|TOTALASSETS LESS CURRENT||||
|LIABILITIES||4,936,422|4,692,311|
|TOTAL NETASSETS||4,936,422|4,692,311|
|CHARITY FUNDS||||
|Restricted funds|18|3,646,622|3,380,280|
|Unrestricted funds|18|1,289,800|1,312,031|
|TOTAL FUNDS||4,936,422|4,692,311|
##
##
|||2025|2024|
|---|---|---|---|
||Note|£|£|
|CASH FLOWS FROM OPERATINGACTIVITIES||||
|Net cash used in operating activities|21|1,047,033|1,187,663|
|CASH FLOWS FROM INVESTINGACTIVITIES||||
|Investment income||78,458|68,620|
|Proceeds from the sale oftangible fixed assets||688||
|Purchase oftangible fixed assets||(46,553)|(1,213,179)|
|Proceeds from sale ofinvestments||126,148|237,891|
|Purchase ofinvestments||(195,158)|(303,095)|
|Purchase ofshort-term unlisted investments||(334,000)||
|NETCASH USED IN INVESTING ACTIVITIES||(370,417)|(1,209,763)|
|CHANGE IN CASH AND CASH EQUIVALENTS IN THEYEAR||676,616|(22,100)|
|Cash and cash equivalents at the beginning of the year||3,083,173|3,105,273|
|CASH AND CASH EQUIVALENTS ATTHE END OFTHEYEAR|22|3,759,789|3,083,173|
|The notes on pages 17 to 34 form part ofthese financial statements||||
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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2025|2025|2025|2024|
|||£|£|£|£|
||DONATIONS|||||
||Tomorrow Fund donations||2,074|2,074|42,932|
||Heritage Fund donations||509,562|509,562|409,896|
||Other donations|102,802||102,802|85,884|
||GRANTS|||||
||The Elmley Foundation|12,500||12,500|9,369|
||Support grant from MHDC|41,600||41,600|80,000|
||Other grants|38,013||38,013|18,450|
||TOTAL 2025|194,915|511,636|706,551|646,531|
||TOTAL 2024|193,703|452,828|646,531||
|4.|INCOME FROM CHARITABLE ACTIVITIES|||||
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2025|2025|2024|
||£|£|£|
|Festival Theatre income|3,253,993|3,253,993|2,396,637|
|Forum Theatre income|1,433,958|1,433,958|1,114,650|
|Engagement and Creative Learning income|43,923|43,923|32,681|
|Cinema income|329,259|329,259|303,878|
|Theatre membership fees and income|308,929|308,928|259,681|
|Other income|556,582|556,582|425,039|
|Studio One income|27,726|27,726|8,032|
|TOTAL 2025|5,954,370|5,954,370|4,540,598|
|TOTAL 2024|4,540,598|4,540,598||
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2025|2025|2024|
|||£|£|£|
|Income|from catering contract|133,690|133,690|80,165|
|Trading|company income|194,997|194,997|116,155|
|TOTAL|2025|328,687|328,687|196,320|
|TOTAL|2024|196,320|196,320||
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2025|2025|2024|
||£|£|£|
|Investment income|78,458|78,458|68,620|
|TOTAL 2025|78,458|78,458|68,620|
|TOTAL 2024|68,620|68,620||
##
##
||Unrestricted|Restricted|||
|---|---|---|---|---|
||funds|funds|Total|Total|
||2025|2025|2025|2024|
||£|£|£|£|
|Shows|6,355,033|245,294|6,600,327|5,304,295|
|Engagement and Creative Learning|169,907||169,907|97,019|
|Catering expenditure|27,583||27,583|6,279|
||6,552,523|245,294|6,797,817|5,407,593|
|TOTAL 2024|4,793,015|614,578|5,407,593||
##
||Activities||||
|---|---|---|---|---|
||undertaken
directly
2025|Support
costs
2025|Total
funds
2025|Total
funds
2024|
||£|£|£|£|
|Shows|6,169,622|430,805|6,600,327|5,304,295|
|Engagement and Creative Learning|169,907||169,907|97,019|
|Catering expenditure|27,583||27,583|6,279|
||6,367,012|430,805|6,797,817|5,407,593|
|TOTAL 2024|5,059,194|348,399|5,407,593||
##
##
|||Engagement
and Creative||Total|Total|
|---|---|---|---|---|---|
||Shows
2025|Learning
2025|Catering
2025|funds
2025|funds
2024|
||£|£|£|£|£|
|Staffcosts|965,837|110,164||1,076,001|925,615|
|Depreciation|241,282|||241,282|204,795|
|Show production costs|3,891,162|45,995||3,937,157|2,820,860|
|Cinema production costs|131,542|||131,542|116,842|
|IrrecoverableVAT|90,084|||90,084|94,973|
|Advertising and marketing|296,210|13,748||309,958|279,373|
|Equipment and small tool costs|6,694|||6,694|5,704|
|Property costs|281,225|||281,225|409,896|
|General property costs|78,785|||78,785|29,875|
|Other staffcosts|17,917|||17,917|28,423|
|General expenses|156,506|||156,506|124,889|
|Catering Costs|||27,583|27,583|6,279|
|Operating leases|12,278|||12,278|11,670|
||6,169,522|169,907|27,583|6,367,012|5,059,194|
|TOTAL 2024|4,955,896|97,019|6,279|5,059,194||
##
||Theatres|Total|Total|
|---|---|---|---|
||income|funds|funds|
||2025|2025|2024|
||£|£|£|
|Staffcosts|330,374|330,374|284,764|
|Bank and credit card charges|41,140|41,140|27,415|
|Consultancy costs|35,795|35,795|15,965|
|Audit fees|16,890|16,890|18,750|
|Legal and professional fees|6.606|6,606|1,506|
||430,805|430,805|348,399|
##
##
||2025|2024|
|---|---|---|
||£|£|
|Fees payable to the Charitable Company's auditor for the audit of the
Charitable Company's annual accounts|16,890|15,750|
|Fees payable to the Charitable Company's auditor in respect of:|||
|All non-audit services not included above|2,610|1,750|
##
||||Charitable|Charitable|
|---|---|---|---|---|
||Group
2025|Group
2024|Company
2025|Company
2024|
||£|£||£|
|Wages and salaries|1,287,608|1,131,237|1,287,608|1,131,237|
|Social security costs|98,871|89,980|98,871|89,980|
|Contribution to defined contribution pension
schemes|41,218|42,435|41,218|42,435|
||1,427,697|1,263,652|1,427,697|1,263,652|
||||Charitable|Charitable|
|---|---|---|---|---|
||Group
2025|Group
2024|Company
2025|Company
2024|
||No.|No|No.|No.|
|Employees|61|55|61|55|
|||||Group
2025|Group
2024|
|---|---|---|---|---|---|
|||||No.|No.|
|in|the|band|£60,001 -£70,000|1||
|In|the|band|£130,001 -£140,000||1|
##
##
||Long-term
leasehold|Fixtures and||
|---|---|---|---|
||property
£|fittings
£|Total|
|COST||||
|At 1 April 2024|8,303,205|1,139,734|9,442,939|
|Additions||46,553|46,553|
|Disposals||(7,128)|(7,128)|
|At 31 March 2025|8,303,205|1,179,159|9,482,364|
|DEPRECIATION||||
|At 1 April 2024|5,240,751|826,087|6,066,838|
|Charge for the year|147,200|94,770|241,970|
|On disposals||(7,128)|(7,128)|
|At 31 March 2025|5,387,951|913,729|6,301,680|
|NET BOOKVALUE||||
|At 31 March 2025|2,915,254|265,430|3,180,684|
|At 31 March 2024|3,062,454|313,647|3,376,101|
##
##
||||Listed|
|---|---|---|---|
||||investments|
|GROUP|||£|
|COST OR VALUATION||||
|At 1 April 2024|||697,694|
|Additions|||195,158|
|Disposals|||(126,148)|
|Revaluations|||(32,527)|
|AT 31 MARCH 2025|||734,177|
|NET BOOKVALUE||||
|AT 31 MARCH 2025|||734,177|
|AT 31 MARCH 2024|||697,694|
||Investments|||
||in|||
|CHARITABLE COMPANY|subsidiary
companies
£|Listed
investments
£|Total
£|
|COST OR VALUATION||||
|At 1 April 2024|100,002|697,694|797,696|
|Additions||195,158|195,158|
|Disposals||(126,148)|(126,148)|
|Revaluations||(32,527)|(32,527)|
|AT 31 MARCH 2025|100,002|734,177|834,179|
|IMPAIRMENT||||
|Charge for the year|31,848||31,848|
|AT 31 MARCH 2025|31,848||31,848|
|NET BOOKVALUE||||
|AT 31 MARCH 2025|68,154|734,177|802,331|
|AT 31 MARCH 2024|100,002|697,694|797,696|
##
||Names|Company
number|Registered office or
principal place of
business|Registered office or
principal place of
business|Principal activity||Class of
shares|Holding|
|---|---|---|---|---|---|---|---|---|
||Malvern Theatres
Trading Limited|02870411|The Malvern Theatres,
Grange Road, Malvern,||Hire offacilities and
sale ofancillary||Ordinary|100%|
||||Worcestershire,
WR14 3BH||products related to
shows||||
||Malvern Theatres
Productions
Limited|06421354|The Malvern Theatres,
Grange Road, Malvern,
Worcestershire,||Touring theatrical
production company||Ordinary|100%|
||||WR14 3BH||||||
||The financial results ofthe subsidiaries for the yearwere:||||||||
||Names||||Income
Expenditure|||Netassets|
||||||£||£|£|
||Malvern Theatres
Malvern Theatres|Trading Limited
Productions Limited|||160,994
30,000|(160,994)
(30,000)||2
66,220|
|14.|DEBTORS||||||||
|||||||Charitable||Charitable|
|||||Group
Group
2025
2024|||Company
2025|Company
2024|
||||||£
£||£|£|
||DUE WITHIN ONEYEAR||||||||
||Trade debtors|||95,925
35,750|||60,996|29,164|
||Amounts owed bygroup undertakings||||||139,724|75,469|
||Other debtors|||1,200
38,200|||1,200|1,200|
||Prepayments and accrued income|||121,780
116,825|||121,780|116,825|
|||||218,905
190,775|||323,700|222,658|
|||||||Charitable|Charitable|
|---|---|---|---|---|---|---|---|
|||||Group
2025|Group
2024|Company
2025|Company
2024|
|||||£|£|£|£|
|Short|term|deposit|account|334,000||334,000||
##
##
||||Charitable|Charitable|
|---|---|---|---|---|
||Group
2025|Group
2024|Company
2025|Company
2024|
||£|£|£|£|
|Trade creditors|375,577|268,324|373,138|264,957|
|Other taxation and social security|64,796|45,874|64,796|45,874|
|Accruals and deferred income|2,852,692|2,375,014|2,845,952|2,369,840|
||3,293,065|2,689,212|3,283,886|2,680,671|
|||||Charitable|Charitable|
|---|---|---|---|---|---|
|||Group
2025|Group
2024|Company
2025|Company
2024|
|||£|£|£|£|
|Deferred income at|1 April 2024|1,159,791|1,066,346|1,157,658|1,063,429|
|Resources deferred|during the year|1,519,947|1,159,791|1,518,368|1,157,658|
|Amounts released from previous periods||(1,159,791)|(1,066,346)|(1,157,658)|(1,063,429)|
|||1,519,947|1,169,791|1,518,368|1,157,658|
||||Charitable|Charitable|
|---|---|---|---|---|
||Group
2025|Group
2024|Company
2025|Company
2024|
||£|£|£|£|
|FINANCIALASSETS|||||
|Financial assets measured at fair value|||||
|through income and expenditure|4,093,789|3,083,173|3,913,593|2,976,527|
##
##
|STATEMENT OF FUNDS - C|URRENTYEAR|||||
|---|---|---|---|---|---|
||||||Balance at|
||Balance at 1|||Gains/|31 March|
||April 2024
£|Income
£|Expenditure
£|(Losses)
£|2025
£|
|UNRESTRICTED FUNDS||||||
|General Funds - all funds|1,278,251|6,556,430|(6,579,340)|32,527|1,287,868|
|RESTRICTED FUNDS||||||
|Restricted Theatre||||||
|Refurbishment Fund|2,041,609||(97,220)||1,944,389|
|Restricted Tomorrow Fund|1,338,671|2,074|(148,074)||1,192,671|
|Restricted Heritage Fund||509,562|||509,562|
||3,380,280|511,636|(245,294)||3,646,622|
|TOTAL OF FUNDS|4,658,531|7,068,066|(6,824,634)|32,527|4,934,490|
##
##
##
##
##
|STATEMENT OF F|UNDS - PRI|OR|YEAR||||||
|---|---|---|---|---|---|---|---|---|
||||||||Balance|at|
||Balance|at|||Transfers|Gains/|31 March||
||1 April 2023||Income|Expenditure|in/out|(Losses)|2024||
|||£|£|£|£|£||£|
|UNRESTRICTED|||||||||
|FUNDS|||||||||
|General Funds|1,199,747||5,111,105|(4,960,322)||(72,279)|1,278,251||
|RESTRICTED|||||||||
|FUNDS|||||||||
|Restricted|||||||||
|Theatre|||||||||
|Refurbishment|||||||||
|Fund|2,138,829|||(97,220)|||2,041,609||
|Restricted|||||||||
|Tomorrow|||||||||
|Fund|658,113||42,932|(107,462)|745,088||1,338,671||
|Restricted|||||||||
|Heritage Fund|745,088||409,896|(409,896)|(745,088)||||
||3,542,030||452,828|(614,578)|||3,380,280||
|TOTAL OF|||||||||
|FUNDS|4,741,777||5,563,933|(5,574,900)||(72,279)|4,658,531||
##
##
|SUMMARY OF FUNDS|- CURRENTYEAR|||||
|---|---|---|---|---|---|
||||||Balance at|
||Balance at 1|||Gains/|31 March|
||April 2024
£|Income
£|Expenditure
£|(Losses)
£|2025
£|
|General funds|1,278,251|6,556,430|(6,579,340)|32,527|1,287,868|
|Restricted funds|3,380,280|511,636|(245,294)||3,646,622|
||4,658,531|7,068,066|(6,824,634)|32,527|4,934,490|
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at|||Transfers|Gains/|31 March|
||1 April 2023|Income|Expenditure|in/out|(Losses)|2024|
||£|£|£|£|£|£|
|General funds|1,199,747|5,111,105|(4,960,322)||(72,279)|1,278,251|
|Restricted funds|3,642,030|452,828|(614,578)|||3,380,280|
||4,741,777|5,563,933|(5,574,900)||(72,279)|4,658,531|
##
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2025|2025|2025|
||£|£|£|
|Tangible fixed assets||3,180,684|3,180,684|
|Fixed asset investments|734,177||734,177|
|Currentassets|2,796,756|1,515,938|4,312,694|
|Creditors due within one year|(2,243,065)|(1,050,000)|(3,293,065)|
|TOTAL|1,287,868|3,646,622|4,934,490|
##
|||||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|
|||||||2024|2024|2024|
|||||||£|£|£|
||Tangible fixed assets||||||3,376,101|3,376,101|
||Fixed asset investments|||||697,694||697,694|
||Currentassets|||||2,219,769|1,054,179|3,273,948|
||Creditors due within one|year||||(1,639,212)|(1,050,000)|(2,689,212)|
||TOTAL|||||1,278,251|3,380,280|4,658,531|
||RECONCILIATION OF NET MOVEMENT IN||||FUNDS TO NET|CASH FLOW|FROM OPERATING||
|21.|ACTIVITIES||||||||
||||||||Group|Group|
||||||||2025|2024|
||||||||£|£|
||Net
income/expenditure|for|the|year (as|per Statement|of Financial|||
||Activities)||||||275,959|(83,246)|
||ADJUSTMENTS FOR:||||||||
||Depreciation charges||||||241,970|204,940|
||Dividends, interests and|rents from||investments|||(78,458)|(68,620)|
||Profit on the sale offixed|assets|||||(688)||
||Decrease/(increase) in debtors||||||(28,130)|18,166|
||Increase in creditors||||||603,853|1,156,008|
||Net (profit) / loss on sale|and revaluation of investments|||||32,527|(39,585)|
||NETCASH PROVIDED BY OPERATING ACTIVITIES||||||1,047,033|1,187,663|
|22.|ANALYSIS OF CASH AND CASH|||EQUIVALENTS|||||
||||||||Group|Group|
||||||||2025|2024|
||||||||£|£|
||Cash in hand||||||3,759,789|3,083,173|
##
##
|||At 1 April
2024|Cash flows|At 31 March
2025|
|---|---|---|---|---|
||||£|£|
|||£|||
|Cash|at bank and in hand|3,083,173|676,616|3,759,789|
|Short|term deposit accounts||334,000|334,000|
|||3,083,173|1,010,616|4,093,789|
##
##
|||||Charitable|Charitable|
|---|---|---|---|---|---|
|||Group
2025|Group
2024|Company
2025|Company
2024|
|||£|£|£|£|
|Not later than 1 year||12,965|12,860|12,965|12,860|
|Later than|1 year and not later than 5 years|13,350|26,315|13,350|26,315|
|||26,315|39,175|26,315|39,175|
##