Reglstered number: 00524845 Charity number.. 248680 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ThE HAVERING THEATRE TRUST UIATED {A company limited by guarantee} cop¥rENTS Reference and adrninistrative delails of the Charty. Its Trustees and advise Trustees. report 2-16 Truslees. responsibilliies statement 17 Independent audltovs report on the financlal ststements 18-21 Consolldated slatement of financial aclivitses 22 Consolidated balance sheet 23-24 Charlty balance sheet 25-26 Consolidated statemenl of cash flows 27 Notes to the financial statements 28-47 THE HAVERING THEATRE TRUST LIMITED IA cornpany1Smlted by guarantsel REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 31 MARCH 2025 Trugtees Julie Parker (resigned 27 June 2024> Paul McGeary (resigned 9 May 20241 Oominic Hedges, Chair from 27 February 2025 Neha Issar-Brown Sonja Lahiff Melvin Wallace Carlotta Redi Rich8rd Margrave Jeanette Tulk)ck-Jordan Paul Middleton Dr James Taylor Philip Cooke Jeremy Roger Evans, Chair {[es￿Jned 26 February 2025) Lauren Gee Trevor McKeever (appointed 11 Juty 20241 John Wood {appointed 12 Juiy 2024} Seema Jassal Helen Maddison (appointed 3 April 20241 Lis8 Wright (appointed 3 April 2024. resigned 3 October 2024} Company reglstered number 00524845 Charity reglstered number 248680 Reglstered offlce Queen's Theatre Billet Lane Hornehurch Essex RM11 1QT hlef executive officer Matthew Russell (to 2 May 20241 James Walson linlerim from 3 May 2024 10 30 JLFne 20241 Andrew Shepherd (from 1 July 2024 10 28 October 20241 James Walson laeling CEO from 29 October 20241. Griffin Chapman Chartered Accountants 4 & 5 The Cedars Apex12 Old Ipswich Road Colchesler Essex C07 7QR Independ8nt audltor Bankers National Weslminsler Bank plc South Street Romford Essex RM1 1RD Page 1 THE HAVERING THEATrE TrUST UMITED (A companylimSted IPJ guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report along wryth the financial statements of the charity for the year ended 31 March 2025. The financialstatements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and ¢omplywith the Charl￿$ Trust Deed of 1953. the Companies Act 2006. the Charities Act 2011 and the St8temerbt of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019 IThe FRS 102 Charities SORP}. STrUCTURE, GOVERNANCE AND MANAGEMENT Board of Trusteos: The H8vering Theat￿ Trust is a registered charity limited by guarantee incorporated on 19 October 1953. Trustees are appointed bythe Board. The constitution promdes for betr4een six and twenty Trustees, each Member having liability of not exceeding £1. Julie Parker (Retired 27106120241 Roger Evans (Retired 2610212025) Lisa Wright (Appointed 0310412024) IRetired 0311012024} Helen Maddison (Appointed 0310412024} Up to three Trustees are direct nominations made annually ty the London Borough of Havering. Following nominations by London Borough of Havering: Cllr. Paul McGeary (Retired 091512024) Cllr. Trevor McKeever {Appointed 11107120241 Cllr. John Wood {Appointed 12107120241 In addition. Cllr. Paul Middleion maintained o PQSltion on the Truslees. meaning all three LBH nominated Councillor positions are currently fiued. Trustees not nominated ty the London Borough of Havering are appointed for a maximum of t￿0 three-year periods. Senior Leadershlp: An employed staff te8m of Senior Leaders oversee the strategtc aims and dailyoper8tion of the Gharity.. James Watson-Acting Chief ExecutNe Aisling Gallagher- Co-Creati* Director Page 2 THE HAVERING THEATRE TRUST LIMITED IA Company Ilmlled by guaranieal TRUSTEES'REPORT FOR THE YEAR ENDED 31 MARCH 2025 Kate Lovell-Co-Cr88tive Oirector Alex Thorpe- Co-creative Director El8ln8 D8rian- Interim Diiector of Fin8nce and Administration Kathryn Winter- Director of Audlences and Devalopment James Jackson- Havering Changing Project Dlr8¢tor Aft8r 88ven years at QTH, Mathew Russell resigned 88 CEO with effect from 3rd May 2024. James Watson, Director ol Communities, was appolntad Actlng Chief Executive for an Interlm period whlle awaitingthe arrlval of the new Chiel Executive. Andrew Shepherd joined QTH as Chiel Extscutive trom 1 July 2024. Untortun8tely. this appointment W88 not right for Andrew orthe organl8atlon, and Andrew departed 28 Octob8T 2024. James Watson returned lo the role of Actlng Chlef Executlve. agreelng an interim perlod of 12 months (through to 28 October 20251 to support st8bility within the organ188tlon 8nd allow time for a new recruitment proc883 to be pl8nned and dellvered foi a permanent appointment. In September 2025. Elalne Darian. Hoad of Finance 8nd Adminl8lr8tlon was promoted to Director of Flnance and Administration. Inltially on an Interlm ba8lS. to joln the Senior Leadef8hip Te8m. In October 2025, James W8tson was oppoint8d on 8n Interlm ba818 to the new role of Oireclor of Oper8tlon8, which iemalns vacant lollowlng hls return to the Actlng Chlef Executlve posltlon. The role of Dlrtsctor of HR and People w89 creat8d to complete the Senior Leadership Team. Thls fol8 is curfenlly belng recrulted for. Governance: The Trust8es meet as a Board no less than five time8 peryear to consider. and If appropriate to 8pprov8, artistic, fin8nci81, and 8dminl$trative reports. and to consider and 8gr8e 8tr8tegy and 8re8s of actithty for th8 Trust. The Truslees have established 8 Finance and General Purposes Sub-committee, a Fundraising Sub-committee, an Environment81 Responsibility Sub.Commlttee, an Inclusivity & Relevance Sub-committee and 8 Food & 8everaEeWorklngGroup. The Board delegates to a Finance & General Purpose5 Sub.Commlttee Ihe detailed sGrutiny of reports and budgets. The sub-committee makes recommendations to the Board based on this scrutiny. The membership in thi8 P8riod was as follows: Julie P8rker- Chair (Retired 27106120241 James Taylor- Chair (effective 27106120251 Melvin Wallace Page 3 THE HAVERINGTHEATRE TRUST LIMITED IA company iirnfted trj guarnnttsl TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Richar(J M8rgrave Helen Maddison Danlel Gearlng Ico-opteel To support the Main Board and Executive team in the development and oversight of Queerb's Theatre Hoinchurch's Fundraising Strate￿ and objectives. The membership in this period were as lollows: Sonja Latlft-chair Imatemlty Le￿ from 2W09120241 Roger Evans-chair (effective 2811112024, retired 26102120251 Melvln W*llace- Chair leffectnrt 3010112025) Cariotta Redl Lauren Gee Cllr. Trevor McKeever Sar8 Thompson Ico-opteel June Fitzgerald Ico-opteel Conor Dyo Ico-opteel To promote 8nd deliver the need lor enwronmental responsibly in QTH'S work. in the communltle8 It works wlth. partner8 and audiences. The member8hip In this perlod was as foll¢)WS: Oominic Hedges- Chair leffective 1110612025) Phll Cooke Cllr. Paul Mlddleton Paul Burgess Ico-optael Danieljones {co-opteel (retlred 14111120251 To Shape and influ8nce the development and delivery of QTH'S inclusivity 8nd relevanc8 strategy. The rnembershlp in this perlod was as follows: Neha Brown-Ch8ii Julie Parker (retired 27106120251 Jeanette Tullock-jordan Richard Margr8N Seemajassal Cllr. John Wood Phil Cooke ICh8irl Page 4 THE HAVERINGTHEATRE TRUST LIMITED IA company lirnitad by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Recruit and retain talented indrviduaLs to lead and furtherdevelop a rapidlygrowing organisation- 8nd Develop and sustain high perfom8nce The Board ofTrustees is responsible for the setting of Executive Pay following periodic review. Pay for senior staff reflects the market for comparable jobs in comparable organisations. the level of knowledge, skills and experience required. and the responsibilities and accountabilities 8SSOCl8ted with each role andthe performance ofthe charity- The Charity'5 keymanagement personnel in the year consists of the membership of the full senior leadership team ISLT) and the full senior management team ISMT) FUNDING CoP￿E￿r London Borough of Havering remains one ofthe Trusvs principal funders. Qu8rterly remew meetings and reporting are held with the H8vering Council Cabinet member responsible for Culture. with officers in attendonce. The London Borough of H8vering 8Lso m8kes a srnall grant in respect of educationalwork. especiallythe youth programme Qyouth. In addition, the Trust administers a grant for minor maintenance of the Queen's Theatre Hornchurch IQTHI building on behalf of the London Borough of Haverinc. its owner. This arrangemerbt continues. although there has been no increase in the grarrt since the start of the 8rr8ngement, and it is increasingly difficult to meet the maintenance needs of the building. Funding was received from Arts Council England. as part ofthe Arts Council's National Portfolio (ACE NPOI for 2023-2026. OBJECTIVES AND ACTivrriES In accordance wrth the Memorandum and Articles of Association. the objects of the Havering Theatre Trust {Queen's Theatre Hornehurchl are= ~to promote. maintain. improve and advance education ar￿ the Arts particularly by the production of plays and the encouragement of the Arts inGludingthe arts of drama. mime, dance. singingand music" Queen's Theatre Hornchurch IQTHI is the only professional producing theatre in the region. from Strattord in the west to Colchester in the east. Audiences come from throughout the sub-region and the organisation is an inspiringand emblematic cultural centre forthe people of outer East London and South Essex. In formulating the charitys aims and in planning its charitable activity, the trustees have had regard to the general guidance published bythe Charity Commission on public benefit. Page 5 THE HAVERINGTHEATRETRUSTLIMITED IA company kn"mited by guarantee) TRUSTEES, REPORT FOR THEYEAR ENDED 31 MARCH 2025 Queen's Theatre Hornchurch's vision during 202412025 was: Great homegrown theatre at the heart of a changingcommunity Queen's Theatre Hornchurch's mission during 2024125 was to: Relentlessly prioritise addressing the under representation of those people QTH works with & seNes, including an increasing focus on Dldeaf & disabled artists & participants Increasinglywork in different ways otf site to engage with new people. often hyper locally in underserved places Ambitiously address environment81 responsibility in the stories QTH tells & the ways & environment in which these are made & told Place QTH firmly at the heart of cultural place making within its sub region through the international. national. regional & local partnerships li lacililates & engages in Secure the future of the award winning 21st century producing theatre QTH as developed into during the Last 5 years. through increased levels of public & private investment The them8 of populism is key to the delivery ol public benefit. Beneficiaries come chiefly from outer East London and Essex, and populism paired with the idealof atfordability mean that work is programmed to be accessible both in content and cost. Summary ofAchievements and Performance: 2024125 was another exceptional year for Queen's The31re Hornchurch. with 95.709 people watching productions at the Theatre. with a further 35.023 getting involved in participatory activity. AJ)tiL2Q24.'. QTH partnered with Complicite to sponsor Sonny Nwachukwu to take part in. Mudlarks, Complicite's talent development residency at Hawkwood, Stoud. Gloucestershire. Lucile Saada Choquet competed an artist residency at QTH conducting an artistic investigation into transracial and transnational adoption as part of our European Future Laboiatory partnership. QTH opened Tara Theatre's production lin association with QTHI ot Silence belore it embarked on a UK Tour. The production was seen by over 1000 people in a week. exceeding box office target. Silence was the second ot three productions QTH presented in its season of British South Asian nariatives. "Silence is a powerful. informative. and moving new play-_ The Havering Daily 'Silence succeeds in breakingthe silence shroudinglsved experiences of mass brutal killing, torture. humiliation and loss." The Havering Daily Page 6 THE HAVERING THEATRE TRUST LIMITED IA company Limited by guarantee) TRUSTEES. REPORT FOR THE YEARENDED 31 MARCH 2025 ***** "Few plays hit quite like SILENCE. in the stories this production shares only touches the surlace of the history of Partition."_ The New Current ** **-A profound and perceptive play-. London Theatre 1 QTH Cr&alive Directors announced their inaugural season. garnering notable press inter8St from The Stage and Wh8t's On Stage. QTH 8ttend8d Hightide's climate dramaturgy session in Ipswich QTH continued its relationship with Rifco. Frankie Goes to Bollywood was the third In QTH'S presentation of 8ritish South Asian works during this season. It played to 2.914 people In just one week ol performances, exceeding its linancial target despite completing its lun one performance early due to cast illness. "embracing ihe music 8nd choieography, it's most definitely a fun night out". All That Dazzles "An all-singing-all-dancing tale ol heroes and villain5-With the costumes and spectacle ol a Bollywood classic-. Theatre Reviews. luiyaQ24 QTH proudly hosted 15 local performing arts groups. Iheatfe clubs and colleges, providing them with the opportunity to Showcase their work. For many ol the hundreds of yovng pertormers. this marked their first time stepping on to 8 St8ge. This effort reflects oui orsgoing commitment to be a venue at the heart of Ihe community- offering opportunities for giowth and development of local talent of all ages. QTH presented a sharing of work from the National Theatre Speak Up Programme in Havering. 123 young people from 5 secondary schools woiking with resident artists to create pertorm8tive work speaking into the issues that matter most lo them. QTH handed over the m8in houseto over 180youngpeoplefrom our Qyouth proEramme18ges 6-181 who presented SpongeBob Squarepants the Musical to a sold-out run. As well 85 the young people performing on stage. our technical programme took backstage roles in stage m8n8gemer5t, wardrobe, lighting and sound. "Saw the show yesterday, it was fantastic, so enjoyable The kids did an amazing job on stage and behind the scenes I my son was on the tech team) from the props to the pertOlm8nces- first class. "Such agreal showl A HUGEweU done tothecastand crew. Page 7 THE HAVERINGTHEATRETRUSTLIMITED IA company Limited by guarnnteel TRUSTEES. REPORT FOR THEYEAR ENDED 31 MARCH 2025 'IMy childrenl have had a great time performing and had big srniles on their faces allweek. It wes very special lo be able 10 take all the familyto watch the kids perform and see the brilliant Bikini Bottom bonkeFS anticsl We were 811 impressed with the qu81ity of the perfomiances- definitely some staTS Iri the making.-_ Parent "Just Wanted to say a huge thank you to you and the team for all you've done tor the kids. Imy childrenl thoroughly enjoyed being in the show and have got so much fun and joy from being part of ittsS1 They are proudly wearing their t-5hirts today with SpongeBob the musical songs blaring from the speakersl Thank you for allyou guys do::- Parent optentheL2Q2A Bedroom Farce welcomed backthework ofAlan Ayckbourn to Homchurch.Thiswas QTH Creative Director. Alex Thorpe's inaugural production for the oiganisation. It played for two weeks before ending it's run prematurely due to cast illness. "Terrific. hardworking cast-_ Daily Mail "An energelic romp that revives mid 70s physical comedy- A right carry onl Havering Daily ****"Awarmand engaging production"_ LondonTheatie 1 ***"Every actor bursts wth eneTgy-_ AIIThat Dazzles Charlie Flynn. Birkbeck Resident Assistant Director. began his secondment ￿th QTH. Charlie will work as assistant director on three productions as well as receiving two directing opportunities. Charlie will be resident until April 2025. R&D tor Handbagged took place at the National Theatre Studio. with over 50 people from Theatre Nations Partnership partners and repiesentatives from thewider tour attendingthe end of week sharing. The first revival Henry James. novella, The Turn of the Screw, adapted by Rebecca Lenkiewicz and directed by Anna Marsland opened at QTH. It played to 3779 people over 24 pertormances. "A(Japted for the stage by Rebecca Lenkiewicz, and interpreted through a fresh and pertinent late 1980s lens under the direction of the brilliantly talented Anna Marsland. The Turn of the Screw is a poignant reimagining of the dense thicket that is Henry James, original short tale." Th8 Havering Daily "The Turn of the Screw did a fantastic job of using lighiingto showcase a thunderstorm, create suspects and horror through the use of strange Tvs and used lightingto show ghosts dancing on the curtains of the massive window.-. Jupiter Hadley ****"It keeps the audience engaged from start to finish. with its clever use of sensory details, strong performances. and a gripping storyline.-. Fairy Powered Productions Page 8 THE HAVERINGTHEATRETRUST LIMITED IA company limited by guarante81 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 NoYembRL2Q24 FutureLabs research conference took place in Luxembourg. in partnership wilh QTH. The Future Laboraiory Programme Ihtlp=Illutuielaboratory.eull is a pilot Project of research residencies on the topic of social inclusion throughout Europe, featuring 15 ernerging Artists. Cinderella 2024 showed growth and post-pandemic recovery for our panto 8udiences. It was the highest grossing panlo in recent history at the venue. taking £634.644 at box off ice, with the second-highest audience figures. and the highest post-panclemic audience figures, with 29,303 people seeing Cinderella across ihe run.11 ran al the third-highest capacity (despite running a week longer tharb prioi pantosl and achieved the highest post-pandemic capacity al 83.76%. In our commitment to centring deaf and disabled artists, we cast 8 deaf and disabled performer in the lille role as Cinderella. had British Sign Language woven into the narrative and employed a Ioc81 artist as deaf consultant to support this work. This directly led to an increased offei of accessible pertormances. upping our offer to five BSL performances lusually Ihere is one), including a BSL schools, performance which was well-attended and is Continuing Into the 2025 pantomime schedule. We also offered a captioned performance for the pantomime and anecdotally dlseovered that a family group which included a deat young person were able to allend the theatre as a family tor the first time at this perloimance. AWARD NOMINATION - Cinderella was shortlisted lor a UK Pantomime Associ8tiorb Award (Best Ensemble) "The Queen's Theatre Hornchurch's approBch of the classic lairylale embarks on a new journey of the sloryyou once knew: a Cinders who is hard of hearing- inco￿or8t$ng flawless 8SL translations through the physicality of ihe actors." The Havering Daily "a fantastic and modern panto.". Jupiter & Dann "Embarks on a newjourneyof thestoryyou once knew-_The Havering Daily *****- 'It's such a loy to come 8nd see an original production th8t not only is great fun and clearly an audience pleaser but also has you walking away feeling like youtre seen something truly unique.-_ Southend Theatre Scene QTH welcomed 9.701 guesls across 22 pertormances for its most signiticant period ofvisiting work. This was an increase of 29.6% on ticket sales compared to18nu8ry 2024. On average, we sold 89.77Vo capacity across ihese shows, which is 8 5.84% incre8se trom the previous year. From live music to magic, comedy to cabaret- there was something for all appetites. Page 9 THE HAVERING THEATRE TRUST LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THEYEAR ENDED31 MARCH 2025 Inked- QTH offered producing support to Havering Changing's production of Inked which toured to community venues across the borough in FebTLJary 2025. "Went with a friend to watch last. Very good. loved the mix of history and stories too. Very thought provoking and often relatable. Thank you.- "Great little production. good stuff" Handbagged by Moira Buff ini. directed by QTh Creative Director, Alex Thoipe. Played 17 performances at QTH. It played to 3388 people. the second-largesi audience liguie since the pandemic lor a run of this length. The show left QTH and embarked on a 12-week tour including 6 members oftheTNP network and 6venues new to the PTogramme. Manyofwhich 8re newto QTH and have ignited conversations about future programming relationships. This marks the longest TNP Tour in three years and the longest tour in recent QTH history. ****-very cleverly, obseEved comedf- Southend Theatre Scene ***"Moira Buffini's comedy'HanLlbagged' revives its depiction of the complex relationship between Queen Elizabeth11 and Margaret Thalcher. directed byAlex Thorpe 8t the Queen's Theatre in Hornchurch."_ The Times * * * * *"glorious humourtaught by a brilliant cast"_ Behind The Arfas * * * *"sh8rp as a tack"_ Reviews Hub Theatre Lab brought together 116 attenoees for an afternoon of events, including the Page to Stage workshop, a Moira Buffini interview screening, and a youth drama workshop. To encourage involvemeni from eafly-career artists, these events were programmed alongside Mini Matinees. whi¢h showcased the work ol seven emerginE playwrights. Performed by twelve local actors. the Mini Matinees offered an opportunity for creatives to connect and network while engaging in other Theatre Lab events. Participants were inspired by Moira Buffini's insights and the chance to see newwriting in action.. 'Encouraging and championing new writers and artists 18 important. I l enjoyedl seeing that in action... Also, Moira Buffini is really cool so her interviewwas greatlkn Mini Matinee 3ctor130sl. QTH'S 2024 production of Wilko by Jonathan Maitland transfeired to Southwark Playhouse. Bolton Octagon and Hull Truck's production of Animal Farm. directed by Iqbal Khan was seen by 2322 which included 12 schools la total of 1141 student tickets). 'Brilliant show! "Went to see it tonight and loved it... Actors and actresses were brilliant and particularly enjoyed the 8Ctorwho played Snowball and Benjafflin twovery diffeient chaiacteis ptayed superbly." Page10 THE HAVERING THEATRE TRUST LIMITED IA company limited by guaranteel TRUSTEES'REPORT FOR THE YEAR ENDED 31 MARCH 2025 "This was a fanlastic production. outstanding acting. Go if you can. Separate Doors collabor81ion-following a successful Arts Council grant application. which QTH supported.we are co-producingon the project MakingTomorrow's Theatre, led byseparate Doors, togetherwith Level Arts Centre, Lawrence BatleyTheatre. Huddersfield and S81isbury Playhouse. The project focuses on the development of producing integrated theatre work which includes learning-dis8bled and non-disabled professior)al actors. creating general audience work, with newly written thriller and climate-crisis play, Hope Valley Hotel. as the centTe-point lor 8 Series ol events. QTH'S Associate Producer. Steven Bowyer, is Guest Producer on the project, supported by Kate Lovell. In March 2025. Kate and Steven attended a conference event. bringing together learning-disabled professional actors and industry people to discuss how to best produce and promote integrated work. This collaboration will continue into 2025. with an 8mbition to co-produce Hope Valley Hotel in the future. Guest performances: There were 36.072 attendances at 98 professional piesentations There were 2,164 attendances at 28 foyer events There were 14.400 attendances 8149community perfomances Learning and Participation: Our Communities activity saw a similar level of participatory events and activities delivered as 2023-24 but with a continued increase in the number ol participanls engaging. Our breadth of delivery partners continues to grow. and annual projects continue to develop and evolve to the changing needs of communities and participants. Engagements.. 35.023 (compared ro 2023/24.. 32, 738) Sessions.. 1,720 (compared to 2023/24.- 1.669 sessions) Hours deliveredlhosted: 5.172 Hosted 17 work experience opportunitieslplacements Supported 11 volunteers1687 volunteer hours) Employed 49 artists to deliver worf( with children and young people aged 0-19 years. worked with 114 different partners lincluding44 education establishmentsl. "Also. just wanted to saya big thankyou fororganisingthis trip for usl The students really enjoyed it andsaid it was reallyinterestingto see the inner working of a theatre.-_ Teacher "[Young Person] reallyenjoyed themselves on Saturdayand would like (o th8nkJ￿U all for inviting us. The 3 bands were amazingand it w8s grear to see them playing the clwms with them. 11 ran really well and I feel was very successful thanks to every one¥ hard work."_ Youth Worker "l just want to take this opportuniry to thank you all forgiwngup your time on a Saturday to make the Havering Creative Health CommunityEvent the success itwas. Your commitment was amazing. The theme was to be intergenerational and I believe this was achieved."_ Participant "Mum enjoys attendingandlooks forward to joiningyou each week."_ Carer P2ge11 THE HAVERING THEATRE TRUST LIMITED IA companyliwnited by guatsnteel TFIUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 "[Myson] h8d a great time with you Wednesdayl He s8idhe felt confident andmade friends." Parent iJv4p "My d8ughteratt8nded today8ndcame 8waybe8mingl She s8id.it was am8zing.I I'm stsying. P8r8nt "I w8nt to extend my de8pestgr8titude for all the supportand encouragement Qyouth has provided. [Myd8ughterJ trulycherished her time here and ithas made a signllicant positlve impact on her.-. Parent "A huge th8nkyou to you and the whole team foran 8m8zingwe8k. Ki8r8 h8s loved th8 opportunityand h8sn'tstopped t8lkingabout it all."_ P8ffjnt "l just want to thankyou 011 foreve￿hIng. [my daught8rJh8s r6ally come into he￿ell this year, she's made am82ing friends.". Parent "rheyabsolutely loved takingpart 8ndm8de lots offriends with children and adults too. A truly unforgettable show with lots of exparlences for mygirls in the luture." Parent "Ple8se will you ih8nk the staff for th8irhard work andsupport they have given [my d8ughterJ overthe pasr two years. We thought the Spong8Bob show was 8bsolut81y8m8zing, 8s was the immersive experi8nce18Stsummer.-. Parent RISKS AnaLysis.oL£tsk Trustees consider Ihat the principal risk to which the Trust is exposed is lin8ncial. particularly rhat element OV8rwhich direct control cannot be exercised. namely box office in¢ome. Box ollice allendance in turn h8s a diiect effect on ancillary income including bar and cafe sales. Trustees have established systems to control and reduce this risk as follows.. In setting budgets. Trustees note models of box office income based on hlstorfc81 booking data lor similar productions in similar periods. Box office sales are monitofed daily by marketing staff and weekly by senior leadership. and Trustees are informed of significant variance on a production. The Finance & General Purposes Commillee undertakes more detailed review of rn8nagement accounts and other leporting than is possible by the whole Board. and 8dvises the18rger body on strategy 8S 8pprop¥iate. In the event of a projected shortfall. Trustees have recourse io remedies including raising ticket prices: reducing expenditure budgets.. investing Irom unrestiicted resetves, and 8mendingthe programme ol workforthe medium and long-term. Where appropriate (for example. wheie an activity is outside the competence of Ihe present membership). Trustees will seek expert advice, either through recruitment 01 through the services of a professional. Exisiing principal risks are.. Page12 THE HAVERING THEATRETRUST UMITED IA companyllmhéd by gu•rnntgel TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 Box office and ancillary income shortfall agalnsi target. Interruption to or reductlon in lunding. Fundraislng shortfall again8t target. The Trust 15 insured against loss of income arising from. for example. a¢Gidental damage, equipment failure. acts of terror etc. Thr8at¥ to Incomo The risk here comes from a range of fo¢tors including such v8ri8ble8 a8 progfamming choice and timing, competitive leisure-time otterings and prices, and the overall state ol the national and local economy. Box offlce s81es have a direct imp8Ct on ancillary Sales and It Is reasonable to consider thls as a single risk. The Trust has a rolling single year funding arrangement with the London Borough of Haverlng {LBHI. Funding comes in three strands: revenue grant.. £209.410 educatlon gr8nt- £20,875 maintenance grant- É42.000 The Tfusi has an ongoing funding agreement V￿th Arts Council England. The Tru8t successfully 8ecured 71% incre888d ACE NPO fundin8tOf the 2023-2026 period. Fundtalslng Fundraising generated £147.150. 01 this c£62k was generated ty the QNext Transformation Fee, fund 8et up to 88nerate income for QNext C8pit81 Project ty adding 70p to each ticket sold. The Theatre Club raised £2.459. and Queens Angels mernberships generated £15,535. £44k was received from E8mee Fairb8irn Foundation. the second payment of 8 3-year agreement. £30k was received from Linbury as the final payment in a 3-year agreement. As for many charilies. raisingvoluntary funds from trusts. foundations and individuals is a vital sourcg of income. en8bling us to tulfil our charitable objecth￿S 8s effectively as possible. We are very grateful for the support given by all our donors. The theatre believes that fundr8ising should be an open. Pwjnest and respectful process. We aim to build and maintain solid partnerships b%ryth our supporters and donors. based on mutual understanding and shared values. The theatre operates v•th fundraising efforts supported by several staff members. rather than having a dedicated full time Fundraising position. The theatre does not engage in face-to-face or Page13 THE HAVERINGTHEATRE TrUST LIMITED IA company lirniled by 8u¥rant8è1 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 telephone fundraising or any further commercial agreemerbts that might endarbger our reputation. During the year. the theatre continued to monitor its use of data. Our Privacy Pollcy Is published on our website and clearly states what personal data the theatre will hold in relation to supporters and audiences and how this data will be used. It sets out how individuals can raise concerns 01 complaints. The theatre has received no complaints about its lundiaising activities during the financialyear. FINANCIAL REVIEW In this period the Trust was in receipt of revenue funding from London Borough of Havering and Arts Council England. The remainder of income usually earned. princlpally through box office sales, but also through trading income. investment income, sponsorship arbd donations. QTH were able to benefit from the increased Theatre Tax Credit late. This was the ninth year in which the Trust commissioned its wholly-owned trading subsldiary Hornchurch Productions Limit8d to produce all of thè productions led by Queen's Theatie Hornchurch. This ha8 made it possible to claim Theatre Tax Credit. eflectively reducing production costs across all of the Trust's activities. Total income for the year of £4.671,84412024- £4,698.3941 comprised of donations of £41.577 12024- £45,049), grant income of £1.209.26812024- £1,452,025). income from charitable activities of É3,021,71112024- £2,695,094), investment income of £15,62512024- £25,109} and other income of É383,66312024- £481,117). Total expenditure for the year of £4.546,80912024- £4.877,6011 was made of direct costs of theatre opeietions of £3,763,44812024- £4,179.3031, support costs of £766.27312024- £676,050) and governance costs of £17,08812024- É22,2481. The result lor the yearwas net income of £125,03512024- net expenditure of £179,207). RESERVES POLICY The Trustees have considered the risks to which the company is subject and have concluded that it Is prudent to maintain an unrestricted reserve fund against those risks which cannot be mitlEÈted through, for example, insurance policies. The new unrestricted reserves policy is based on 8 we8k8 of turnover as adopted by many Arts Council England funded organisations. Based on 2024-25 tuinover this would be valued at.. £711,972. Page 14 THE HAVERING THEATRETRUST UMITED IA companyilmlted by guarantee) TrUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 Free reserves at 31 March 2025 were É781.408. which represents 9.0 weeks ofturnover. The charitywill seek to make a small surplus each year O¥Erthe next three year term in order 10 maintain the revised unrestricted reserve target. GOING CONCERN The Trustees have considered an initial deficit 2025-26 budget. to be reviewed and re-forecast after the first quarter. 8nd nole that due to positive variance in the 2024-25 budget, Ihe unrestricted reserves target is met and the projected deficit for 2025-26 mitigated against in excess. In view of ACE continued increased funding over the next yearwith no LBH reduction. the Trustees have a reasonable expectation that the charity 8nd group have adequaie resources to continue in operational existence forthe foreseeable future and for a period ot at least 12 months from the date of signature of the audit report of these financial statements. FUTURE DEVELOPMENTS Queen's Theatre Hornchurch's vision is"Great homegrown theatre at the heart ot a changing communty°which aims to: Relentlessly PTiorltlse addresslng the under representstion of those people QTH works with & serves, including an increastng focus on Dldeaf & disabled artists & partlcipants Growopportuniti8s for and representation of Dldeaf and disabled artists and creative practitioners. accompanied bythe demelopment of Dldeaf and disabled audiences Develop ethnically diverse work for the main stage, for underrepresented ethnically dlverse audiences. developing the programming offerfor existing audiences too Focus recruilrnent and progression on diversifyingthe V￿rkforCe li.e. permanent staff. casuals and treelancersl and developing a culture that retsins new recruits Increasingly work in different ways off site to engage with new people, often hyper locaity In underseried places Focus on understandingthe needs of. and reachlng and articulating reach to, underrepresented and undersetved people. principallydemographically Help repairthe damage the pandemic has done to young people's self-confidence & well being Embed and develop furtherwork with older & socially isolated people. including those experiencing dementia. partially buildingon Public Acts legacy relakn"onships Ambitiously address tsnvlronmental responslbility In the stories QTH tells & the ways & environment In whlchthese are made &toid Page15 THE HAVERING THEATRETRUST UMITED IA companyilmited by guarante81 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Understand and reduce carbon emissions made through production. benchmarking and evidencing this. and sharing progress through storytetling and discussion in transparent and creative way Focus on and celebrate impactful supplychain assessment and changes. looking local wherever possible Create populist theatre exploringenvironmental i&sues that appeals to a wide audience Place QTH firmly atthe heart of cultyral place m8klng wlthln Its sub region through the InternatlonaL nationaL regional & local partnerships itfaGilitste$ & engages in Regularise, underpin and enhance QTH'S talent development ofler Increase the amount of national and industry media coverage for QTH'S work Maintain and develop international partnership deliveryopportunities with Europe Secure the luture ofthe award winning 21st century produclng theatre QTH as developed into durlng the last 5 years. through Increased iev•ls of pubuc & prfvata Imia8tment Re-est8blish pre-pandemic levels of trading Seek increased public fundingfor2025126 and onwards Develop a new fundraising strategy. robust and relevant for modern audiences and maximising new digital fundiaising opportunities Grow strategic grants and trusts fundraisingfor core and developmental progr8mming. talent & participation Increase mid level giving through the Queen's Angels membership scheme Invest in organisational resource, sustainablygrowing estabkn"shment costs AUDITORS Griffin Chapman have indicated theirwllingness to continue in office and in accordance with the prowsions of the Companies Act it is proposed that they be reappointed auditors for the ensuingyear. This report has been prepared in accordance with the provisions app￿cable to companles entitled to the small companies exemption. Approved by order of the mernbers of the board of Trustees on signed on their behalf by= ULI 2025 and DrJomesTaylor Page 16 THE HAVERING THEATRE TRUST LIMITED IA company Ilmltsd by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 ￿RCH 2025 The Trustees (who are also the direclois of the Charity for the purposes of company tawl are responsible for preparing the Truslee5' report and the financial slalemenls in accordance with applicable taw and United Kingdom AccoLJnling Slondards (United Kingdom General￿ Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial slalemenls for each financial year. Under company law. the Trustees musl not approve the financial 81alemenls unless they are satisfied that they give a true and fair view of Ihe slate of affairs of th8 Group and the Charity and of their incoming resources and appl¢calion of resources, Including their incoma and expenditure, for that perlod. In preparing these financial statements. the Truslees are required lo.. select suitsble accounting pollcles and then 8ppty them congislenlly., observe the methods and prineiplas of tha Charities SORP IFRS 1021., make judgements and accounting eslimales that are reasonable and prudent.. slate whether applicable UK Accounting Standards IFRS 102) have béen foll¢)w8d. subject lo any material departures disclosed and explained in the financial stalemenls., pr$pare the financlal slalemenls on the going concern bosis unless it 18 inapproprlate lo pr88ume that the Group will continue in business. The Trustees are responsible for keeping adequate a￿o￿ntIng records that are sufficient lo show and explain the Group and tha Charitys Iran8aclions 8nd disclose with feasonabla accuracy al any lime the financial position of the Group and the Charity and enable them lo ensure that the financsal slalemen18 comply with the Companies Act 2006. They are also responsible for safeguarding tho assets of the Group and the Charity and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularilies. Page17 ThE HAVERING THEATRE TRUST UMITEO IA company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ThE HAVERING THEATRE TRUST LIMITED Oplnlon We have audrted the financial slatements of The Havering The81￿ Trust Limited (the 'parenl ¢harilable company) and ils subsidkqries (the 'group'} for the year ended 31 March 2025 which comprise the Consolidated slalement of financial ac1wit￿5, the Consol¥Jated baLgnce sheet. the Charity balance sheet, the Consolidated slalemerbt of cash flows and the related notes, including a summary of significant accounting policies. The rinanual reporting fram84vork thal has been applied in their preparal*Jn is applicable W and United Kingdom Accounting Standards, induding Finaneial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republ￿ of Ireland. (Unrted Kirydcwn Generalty Ac£epled Accounting Prxticel. In our opinion the financial slalements.. give a true and fair view of the st* of the Group's and of the parent charitable compansvs affairs as al 31 March 2025 and of the Group's inconNng resources appltslion of resources. indudiThJ its inC￿e and expendrture for Ihe year Ihen ended: have been properfy prepared in accordan￿ wilh Urbrted Kingd(rfn Generalty Accepted Accounting Practice." and have been prepared in accordan￿ with the requIre￿nts of the Companies Acl 2006 and the Charilies Act2011. Basls for oplnlon We conducted our audit in ￿C￿danCe wth Inlemalional Standards on Auditing IUKI IISAS IUK}l and applicable w. Our responsibilities under those stsndards are further described in the Audilorfs responsibilities for the audit of the financk81 slalewEnls section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including tha Financial Reporting Councifs Ethul Standard. and we have fvffilled our other ethical responsibilities in accordance wth these requirements. We belwe that the aLAIit evide￿ we have obtsined is sufficient and appropriate lo provNJe a basis for our LW1n￿n. Conclusions relating to going concern In auditing the financial statements, we have concluded Ihat the Trustees. use of the going concern basis of accounting in Ihe p￿par*￿n of the finencial slalements i8 appmpriate. Based on the work ¥￿ have perfomied, we have not identified any material Uncertaint￿ relating to events or conditions that, indnridualty or collectNety, may cast signrfi¢ant doubt on the Group's or the parent charitable compantys abilty to continue as a going COr￿ern for a peric>J of at ￿efve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilit￿S of the Trustees with respect to going C{￿ceM we describe(l in the relevant sections of this report. Page 18 ThE HAVER1￿ THEATRE TRUST UMITED IA company1Smlted by guarantso) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HAVERING THEATRE TRUST LIMITED (COP￿INUED) Other Inforniatlon The other information comprises the infom)atv)n induded in the Annual report other than the financial slalemenls and our Audilorfs report Ihereon. The Truslees afe responsible fof the other information contsined wthin the Annual report. Our opinion on the financial 5talemenls does not cover the other infomiation and, ex￿p1 lo the extent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other infomiation ￿d, in doing so, conS￿er whether the other information is materially inconsislenl wlh the financial stalemenls or our kn¢￿￿edge obtained in the course of the audit, or otherwise appears to be malerialty misstated. If ¥￿ Klentfy such malerwl inconsi8lencies or apparent material misslalemenls, we are required to detemiine whether this gNes rise lo a material mi5slalement in the finan¢¢al statements Ihemsefves. If. based on the work we have performed. we conclLKle Ihal Ihere is a malerial misslalemenl of this other information. we are required to report that facl. We have nothing to report in this regard. Oplnlon on other matt•r8 Prn￿rfbed by th8 Cornpanles Acl 2006 In our opinion, b•seil on the work undertaken in the course ol the audit.. thé Inf0m￿l￿)N gNen in the Tru81ees' rewt for the financial year for thich the financial slalements are prepargd 15 consistent vthh Ihe financial slatemenls. the Trustees. report has been prepared in VKLordant• with appkabh *1 requirements. Matterd on whl¢h we Jrg r•qulr•d ¢0 report by exceptlon In the light of our kn¢y•Aedge and understaThling of the chaiitablg c¢wnpany and ils environment obtained in the course of the audit, ￿ have not idenlff*d material misstatements in the Trustees. rep)rt. We have nothing lo rgport in respxt of the fOllu￿'n9 maltets in relal*)n to ththich Companies Act 2006 reqLtlres u$ lo report to you rf. in aur opinMIn'. the parenl charilable company has not kept adequate and suffKienl accounting racords. or rèlums edequale for our audit have not been recepied from branches no¢ visrted by us., or the parent charitable company financial $tatemenls are nol in agreement wrth the Kcounting records and relums; or certain disclosures of Trustees. remuneration specified ty I￿* a￿ nol made; or we have not received all the information and explanations we require for our audil., or the Trustees We￿ nol entitled to prepare the financial statements in accordance wlh the small companies regime and lake alfvanlage of the small Compan￿5. exempltons in preparing the Trustees, report and from the requirement to prepare a Strategic ￿POrt. Page 19 THE HAVERING THEATrE TRUST UMITED {A company limilad by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HAVERING THEATRE TRUST UMITEQ IcoTrmNUED) Responsibilities of trustees As explained more fulty in the TTuskees' resF4)nsibilities slateJnent, the Trustees (who are also Ihe directors of the Charitable company for the purposes of company lawl are ￿sponsIble for the preparat￿n of the finanaal statements and for being satiSf￿d that they give a true and fair wew. and for such intemal control as the Trustees detem)ine is ￿e￿sary lo enable the prepar*ion of financial statements that are free from maler¢al misstatement. whelher due to fraud or error. In preparing the finanaal stslements. the Trustees are responsftjle for assesstng the Group's and the parent charitable companls abilty lo continuè as a goirrfJ eoncem, dtsclosing. as applicable. matters related lo going concern and using Ihe going concem basis of awunkn"ThJ unless the Trustees erther intend lo liquidate the Group or Ihe parent ¢haTilable company or to cease operations. or have no wlistic allernative but to do so. Auditorfs responsibilities for the audit of the financlal ststements Our objectrves are lo obtain reasonable assurance about whthr the financial slalemenls as a whole are free from material misstatement. whelher due lo fraud or error, and to Issue an ALKiilorfs report that includes our opinion. Reasonable assurance is a hb3h of assurance. bLrt is not a guarantee Ihal an audit conducted in accordan￿ y￿th ISAS IUKI will a* deted a material mtsslalement when r( exists. Misslalemenls can arise frorn fraud or error and are consiJered material rf. 1ndMdL￿ty or in Ihe aggregate. they could reasonably be expected lo influence the ecor￿MiC decisions of users tsken on the basis of Ihese finarrial stslements. lffegularilies, inclLKling fra￿1. are instsnces of noncaled on the Financial Reporting Council's website al.. ¥￿.fr¢.01 .uklaudrtOFSre5 nsibilities. This desciiplion fomis part of our Auditorfs report. Use of our report This report mwJe solety to the charitsble ernpanvs memters, as a t#)dy, in accordance vAlh Chapter 3 of Part 16 of the Compan*s Act 20(￿, and to the charitable ￿Mpan￿S Injslees. as a body. Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undeFtaken so that we might slate to the charitable companys members those matters V￿ are required to stale to them in an Auditofs report and for no other purpose. To the fullest exlenl pem)itted by law. we do not accept or assume ￿ponsibIlty lo anyone other than the charitable company and ils members, as a tM)dy. fof our audit work. for tM"s report. or foi the opinions we have formed. Thomas Maddocks FCA FMAAT (Senior statutory audilor) for and on behalf of Griffin Chapman Chartered Accountants Slalulory Audrtor 4 & 5 The Cedars Apex 12 Old Ipswich Road ColchesleT Essex C07 7QR Dale.. Page 21 THE HAVERING THEATRE TRUST UMITEO (A company Ilmited by guarantee) CONSOUDATED STATEMETr￿ OF FINANCIAL ACTMTIES ONCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted fund$ 2025 Restrlcted funds 2025 Totsl funds 2025 Tol81 funds 2024 Note Income from: Donations and legaaes Charitable 8Ctwities Investments Other income 786.570 3,021,711 14625 376.636 464,275 1,250.845 3,021.711 15.625 383,663 1,497.074 2,695,094 25, 109 481, 117 7,027 Total incorne 4.200,542 471.302 4,671,844 4,698,394 Expendlture on: Charitable aclivilies 3.864.225 682.584 4,546,809 4,877,601 Total expenditure 3,864,225 682,584 4.546,809 4,877,601 Net incomelfexpenditure) Transfers betsveen funds 336,317 119,1921 (211,2821 19.192 125.035 1179.207) 18 Net movement in funds 317.125 1192.0901 125,035 (179,207) Re￿￿tIllatIon of funds- Total furbds brtyjght for￿ard Net movement in funds 699,982 317.125 861998 {192.0901 1,562.980 125.035 1.742. 187 (179,207) Total funds carrled forward 1.017.107 670.908 1.688.015 1.562.980 The Consolidated statement of financol *fyryh"es inth¢*s all gains losses recognised in the year. The notes on pages 28 to 47 fom p8rt of financial stslements. Page 22 THE HAVERING THEATRE TRUST LIM￿ED (A company limited by guarantee) REGISTERED NUMBER: 00524845 CONSOUDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Nots Flxed assets Tangible assets 13 862,$44 975,589 862.$44 975.589 Current assets stocks 15 16 17.806 751.691 865,861 12,529 671,954 588.222 Debtors Cash at bank and in hand 1,635,358 1.272. 705 Creditors.. amounts falling due vthhin one year 17 {809.88n (685,314) Net Current assets 825,471 587,391 Total assets less current liabilities 1,688,0lS 1.562,980 Net assets excludlng penslon asset 1.688.015 1,562,980 Total net assets 1,688,015 1,562,98Q Charfty funds Re51rKted fijnds Unrestricted funds 18 670.908 862,998 Designaled funds General ful￿8 18 18 235.699 781.408 149, 193 S￿, 789 Total ￿￿￿81nc1ed funds 18 1.017.107 699.982 Total funds 1,688,015 1.562,980 The Trustees ackntt4Aedge their responsibil￿leS for ¢cAnp￿n9 vrith requirements of the Act v*th respect lo aeeounting T￿rdS and preparat￿n of financial stalemenls. The financial ststements have been prepared in accordance wilh the pr￿ls1on$ applicable to entities subject lo the small Compan￿ r8gime. The financial stslwnents there approved atNJ authorised for issue by Ihe Trustees on gcm4 JULY 202 and swJned on their beh8W by.. Page 23 THE HAVERING THEATRE TRUST LIMITED {A company limitèd by guaranteè) REGISTERED NUMBER: 00524845 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2025 Dr James Taylor The notes on pages 28 10 47 fomi part of these financial slalemenl8. Page 24 THE HAVERING THEATRE TRUST LIMITED IA company limited by guarantee) REGISTERED NUMBER: 00524845 CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxad assota Tangible asse18 Investments 13 14 862,544 100 975,589 862,644 975,689 Current ai8ets Stocks Debtors Cash 81 bank and In hand 15 16 17,806 751,891 885,881 12,529 6T1,954 588,222 1,635.3S8 1,272,705 Creditors,. amounts falling due within one year 17 1809,9871 1685.414) Nat Gurrent ass8tA 826,371 587,291 Total a889ts less current Ilabllltles 1,688,016 1.562,980 Net Jss•ts excludlng penslon ag8•t 1,688,016 1,562,980 Total net aS8•ts 1.688,015 1,562,980 Charlty funds Reslricled funds Reslrided funds Unreslricled funds 18 18 870.908 862,998 670,908 862,998 Designated funds General funds 18 18 235,699 781,408 149, 193 550, 789 Total unreslricled funds 18 1,017.107 699,982 Total funds 1,688.016 7,562,980 The Charity8 nel movement in funds for the yearwas £125,035 (2024 - £(179,207)J. The Tnjslees ackn¢)wledge their responsibilities for comptying wlh th8 requirements of the Act ￿th respect to accounting records and preparation of financial slalements. Page 25 THE HAVERING THEATRE TRUST LIMITED (A ¢ompany limited by guarantee) REGISTERED NUMBER: 00524845 CHARITh BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in rrtcordarKe with the provis￿n$ applicable to entities subject to the sm811 companies regi￿. The financial slaleffenls were apwoved and aulhorised for issue by the Trustees on 202 ) and $*3ned on their behaw ty. Dr James Taylor The notes on pages 28 to 47 fonn part of these financial slalements. Page 26 THE HAVERING THEATRE TRUST LIMITED IA company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows Irom operatlng actlvltles Net cash used in operating actNi(ies 346,098 (416,370) Cash flows from Investlng actlvities Interest re￿iVed Purchase of tangible fixed asset$ 15,625 (84,0841 25, 109 (67,523) Net cash used in investing actlvltles (68,4591 142,4141 Cash flows from financlng activitles Net cash provided by financing activities Change In cash and cash equSvalents In the year Cash and cash equivalents at the teginning of the year 277,639 588.222 1458,7841 1,047,006 Cash and cash equlvalents at the end of the year 865,861 588,222 Page 27 THE HAVERING THEATRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General inf0M￿tIOn The Havering Theatre Trust Limit&J is a private company limited by guarantee doM￿led and incorporated in England and Wales. The registered off￿e is Queen's Theatre. Billel Lane, Homchurch. Essex. RM11 1QT. Accountlng policies 2.1 Basis of preparation of financial stalements The finan￿01 statements have been prepared in accord￿Ce with the Charities SORP {FRS 102) - Accounting and Reporkn"ng by Charrties.. Statement of Recommended practi￿ applicable lo charities preparir4J their acLounts in accordance with Ihe Finanual Reporbng Standard applicable in the UK and Republic of Ireland (FRS 102) (effectwe 1 January 2019). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and th8 Companies Act 2(￿￿. The Havering Theatre Trust Limrted meets the definitKsn of a publ￿ benefft entity under FRS 102. Assets and liabiliéies are initialty recognwd at hislNical cost or transaction value unless olherwise slated in the reknnt accounting policy. The Consolidated ststement of financial aclivi¢ies (SOFA) and ￿s01￿J8ted balance sheet consolidate the finanaal slalements of the Charitsble Charity and ils subsidiary undertaking. H0mchu￿h PrcduclKsns Limrted. The results of the subsllliary are consolidated on a line by line basis. The Charity has tsken advantage of the exempth)n alAMe(l under section 408 of the Companies Act 2006 and has not presented its ry4¥n Statement of financial aclMi*s in these financial slalemenls. 2.2 Golng concem The Tmslees have cAJr£iderad the budget for 202&26. and noted that the unrestricted reserves target is met for 2024-2S and this will mrtNJale the 2025-26 budget defi¢it. In of the continued Arts Council England in¢reased funding over the nexl finanual year, along with funding from London Borough of Havering, Ihe Trustees have a reasonab￿ expectation that the charity and group have adequate resources to continue in operal¥Jn81 existence for the foreseeable future an¢J for a period of al least 12 rnonths from the dale of signature of the audit report of these financial slalements. Page 28 THE HAVERING THEATRE TRUST UMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting poll¢l8s {contlnuedl 2a Income income is recogni8ed once the Charity has entIt￿ent to the Ir￿rre. rt ￿ probable Ihal the Ir￿ome will be recerved and the ￿￿Ufi1 of inc¢)mè receivable can be measured reliably. IncAime from donations is reccgnised on a ￿ee￿Able basis in the appropriate fvnd. Grants are inckmled li the Consolidated stslement of financ4al actmtres on a receNable basis. The balance of income receNeil for specffic purp<)ses but not expended during the period is shown in the relevant fLbnds on the Balar￿8 sheet. Where donors speerfy that grants must be used in future accounting periods, the income is deferred and induded in creditors as deferr&J income until those per1￿j$. Where entrtlemenl from donors oecurs before income is received. the incorre is acCn￿d. When donors impose Co￿1rtIOns, whth must be fU1￿led befo￿ the charity becomes enlitled to use such income. and those condith)ns have Tr)t been met, the ineome is deferred until the pre-conditions for use ha￿ been mel. Other income is reco3nised in the peric*J in whth il is receivable aThJ to the extent the goods have been provided or on cxjmplelion of the ser¥￿e. 2.4 Expendfture Expendrture is recognised once there is a ￿al or conslructwe obligation to transfer economic benefit lo a third paty. it is pr¢Jbable thal a transfer of economic benefils wll be required in settlement and the amount of the Obligati￿ be measured reliably. Expendrture is cLqssified by xtThity. The costs of each acliwty are m* up of the total of direct costs and shared rA)sts. including support costs involved in urKlertaking each adNty. Direca costs attributable lo a single adiwty are albcaled directly lo that aclmty. Shared costs Ithich contribute lo more than one actwty and support eosts which are not attributable lo a Sing￿ a¢aiwty are apportioned bett+￿en those actwities on a basis -gnsislenl wth the use of resGurces. Central staff costs are all¢Jcated on the basis of lime spent. and depreciation charges althaied on the Port￿ of the aSS￿'S use. The albcalk)n of support costs direclky represents the cost attribjtable lo the aclwity of dwerse artistic entertainment al the Thèatre. Expendrture on Charitab￿ act￿rt￿ incuned on directy undertaking the activities which further the Group's L*ieclNe5. as wel as any associated support costs. All eXpendrtU￿ is indusive of irrecovwknk VAT. Page 29 THE HAVERING THEATRE TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 2.$ Productlons For productions occurrlng wholly within one finan￿?1 year, box office and venue fees are recognised in that year and cosls are reccgnised as incurred. Typicaliy costs are incurred in advanc8 of incom8 being generated. Where prcduclion sel up costs have been incuired prior lo the year end bul the produellon has not yel opened. if there is s￿nificant uncertainty as lo whether the production will be able lo run, or where the production is 8xpecl8d lo be Ioss4naking, produdion costs are recognised as incuffed. 2.8 Interest recelvable Interest on fund8 held on deposit is ir￿luded when receivable and the amounl can be measured reliably by the Group.. thig is normally upon nolrficalion of the inlerasl paid or p8yabl8 by the institution with whom the funds are deposited. 2.7 TAxatlon The Charity 1$ considared lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the éefinilion of o charitable company lor UK corporation tsx purpo$a#. Accordingly. the Charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 01 the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied excluslvety lo charitable purposes. 2.8 Tanglble fixed assets and deprocSatlon Tangiblg fixed asse15 costing £1,000 or more are caprtalised and recognised when future economic benefits ale probable ond the cost or value of the as881 can b8 méasured reliably. Tangible fixed assets are Initially recognised at cost. After recognition, undei the cost model, tangible fixed assets are mea5ufed al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into it$ intended working condition should be Included in thè measurement of cost. Oeprecialion is charged so as lo allocal8 the cost of tangible fixéd a$sels less their residu81 value over Iheir estimated useful INes. using the slraighl-line method. Depreciation is provided on the following bases-. Leasehold improvements 100A_ 33% on cost Fixtures. r￿IngS and equipmenl 100A- 33% on cost Computer equipment 10%- 33% on cost The18ntl and buildings were owned by the London 8orough of Havering. An annual rent of £30.S88 Is Payable lo Ihe London Borough of Havering for the duration of the 12 year lease. Page 30 THE HAVERING THEATRE TRUST UMITED IA company Ilmlled by guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles Icontlnued) 2.9 Investments Fixed asset investments are 8 fom) of financwl instrument arvj are inili81ty recognised at their transaction cosl and subsequently measured at fair value al Ihe Balance sheet dale, unless the value cannot b8 measured reliabty in ￿1¢h ￿ rt is rneasured at cosl less impaim)8nt. Investment gains and losses. whether realised or unrealised, are c(4nbined aThJ presented 85 'Gainsl{L035esl on investsnents. in the CL￿￿1#1ed Statement of financ481 acINit￿8. Investments in subsidiaries are valued 81 cosl18ss provision for impa1￿￿ent. 2.10 Stocks Stocks are valueil al the kywer of eosl and rnt realisable value after making due allowance for obsolele and str￿4n0Ving stocks. Cost incbjos all dir8Ct costs an appropriate proportion of fixed and varia￿8 overheads. Stock includes theatre props. stage xerery and w4lume$ that are wriiten off 85 Part of tha cost of perfomwnces. Where costs are incurreil in advance of the staging of a projuction or exhibition they are carried for4vard as stock. The basis of vahJalioTr is consislenl wrth previous years. 2.11 Dobtord Trade 8rKI other deblorn are recogntsed at the settlement amcNJnt after any tra(le discount ¢)ffered. Prepayments ore Valued at the amount prepaid net ol any trade di￿Oun15 due. 2.12 Cash at bank and In hand Cash at bank and in hand indLwJes cash S￿4e￿n highty liquid investments wrth a short malurty of three months or from the dale of ao]uisilK>n or opening of the deposit or sThilar aCLounl. 2.13 Llabllltl•s and provlslons Liabilities are recc*jniS￿ when tr*re is an obl￿8￿n at the 8alarKe sheet dale as a resull of a past event, il is probable that a transfer of economK benefil wll be required in settlement. and the amount of the Settle￿nI can be estimated reliab￿. Li8bililies are recognised at the amount that the Charity anticipates il wll pay lo settle the debt or the arnounl il has recewed as advancad payments for Ihe 9(￿ or serytis rt must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effed of the lime value of money is material. the PfOW$K)n is based on the present value of those amounts. discounted al the pre4ax discount rate that reflects the risks specific lo the liability. The unwinding ol the discount is recognised in the Consolidated statement of financial activities a5 a finance cost. 2.14 Flnanclal Instruments The Group onty has financial assets and finar￿la1 Irabilities of a kind lh* qualify as basic finanual inslrumenls. Basic financial instruments are inilialty recognised al transaction value and subsequently measured at their settlement value wth the eXcept￿n of bank loans which are subsequently measured at amortise(I cost using the effecirye interest rnethod. Page 31 THE HAVERING THEATRE TRUST LIMITED (A company Ilmlted by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Icontinuedl 2.15 Operating18ases Rentsls paid urKler operating leases are charged lo Ihe Consolidated slalemenl of financial actiwlies on a slTaight4ine basis over the lease lem. 2.16 Penslons The Group operates 8 defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. 2.17 Fund a¢countlng General fund$ are unreslricled funds wh¢ch are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and whlch have not been design*ed for other purposes. Designated lunds comprise unreslricled funds thal have been set aside by the Trustees for particular purposes. The aim and use ol each designated fund is Sel out in the notes lo the financial statement$. Restricted funds are funds which are lo be used in accordance with specific ieslrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and adminis16ring such funds are charged against the specific fund. Th8 aim and use of 8ach reslricled fund is sel out in the notes lo the financial statements. Investment income. gains and losses are allocated lo the appropriate fund. Page 32 THE HAVERING THEATRE TRUST UMITED IA company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Critical ac¢otsntlng estlmatss and areas of Judgement Eslimales and judgeff*nls are continualty evaluated aThJ are based on historical experience and other factors, including expeclalions of futuw events that are baliev8d to be reasonable under the circumstances. Critical atLounling estimales arhl aSsUmp￿n$.. The Charty makes estimates and assumptions Con￿1ng the fLrture. The resultiry accounting esllmales and assumpl¢ons will, by definition. 8ehJ(yn equal the related 8Ctual resutts. The estimates and assumptions that have a signifThnl risk of causing a material adiustmenl to the Cal￿n9 amounts of assets and liabilities within the next financial year are dI￿v3$ell belw. Useful economic lives of lang1￿ fixed assels. The annual depreeialion charge for tangible fixed assets is sensitive lo changes in the eslimaled useful ecortom￿ INes arKI residual values of the assets. The useful economic lives and residual values are re4ssessed annualty. They are amerthd when neLes5ary lo renecl the current eslimales. based on technological athrbcemenl. fvlure irwestments, ￿OnoMiC ulilisalion and the physi￿1 condition of the assets. See the fixed asset note for the carrying amount of the tangible fixed assets and the accounting policy above the useful ecryv)mic Irves of exh class of assets. Albcatton of support costs acros8 drfferenl aclTr4itie& E$lim8ling the enlrtlemenl lo income from mulliyear grant awards. including how much income lo defei or acuue and how much income lo recDJnise friNn the grwbt. Assessing the appropriateness of recognising expendrture on future proJuct*)n$. Page 33 THE HAVERING THEATRE TRUST LIMITED IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2026 Income from donatlons and legacles Unrestrlcted Restrlcted funds funds 2025 2025 Totsl funds 2025 To181 funds 2024 Donations Grants 41,577 744,993 41,577 1,209,268 45,049 1,452,025 464.275 Total 2025 786,570 464.275 1,250.845 1,497.OT4 Total 2024 736,608 760,466 1.497,074 Grants received, included above Unrestrlcted Re$trlcled funds fund5 2025 2025 Total funds 2025 Total funds 2024 London Borough of Havering Arts Council England Clarion Futures The Linbury Trust National Lottery Community Fund Romford BID 261,764 482,129 62,875 235,167 8,333 30.000 324,639 717,296 8,333 30.000 364,297 852. 149 8.833 70.000 National Thealre Speak Up Esmée Faiibairn Birkbeck Placement Grant EFDS 83,400 44.000 83.400 44.000 1.100 143, T46 40,000 1,100 500 Total 2025 744,993 464.275 1,209,268 1,452,025 Total 2024 691,559 760,466 1.452,025 Unreslricled income from the London Borough of Havering ILBHI comes from the core grant. Restricted income from LBH is made up of other funding for specific purposes. including the Maintenance grant. Unreslrided income from the Arts Council England relates lo the core grant. Restricted income from the Arts Council England is made up ol other funding for specific purposes. including Creatwe People and Places funding. Page 34 THE HAVERING THEATRE TrUST UMITED {A company limitsd by guarnntee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charftable athltles Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Box offKe Bar sales Café bar sales Confectionery sales Theatre lettings Outreach Product￿n ineome 1,785.380 231.769 161.ogs 67.789 135.061 107,072 459.144 12.OCKI 1.785.380 231.769 161,095 67,789 135.061 107,072 459.144 12,000 1,589,213 201,891 151,237 55,002 101. 79T 134,655 390,922 12,000 commissior￿ servKes Salary Recharge Q Next income 62.401 62.401 47, 186 Total 2025 3,021.711 3.021.711 2,695,094 Tolal 2024 2.695.094 2,695,094 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Deposit accounl inleresl 15.625 15,625 25, 109 Total 2024 25, 109 25, 109 Page 35 THE HAVERING THEATrE TRUST UMITED IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Other Incomlng resources Unrestricted Restricted funds funds 2025 2025 Totsl funds 2025 Tolal runds 2024 Other miscellaneous inccthe R claims 6.573 370.063 7.027 13.600 370.063 98,682 382,435 376.636 7.027 383,663 481,117 Total 2024 471.794 9.323 481.117 Anatysls of expenditure on charitable activities Summary by fund type Unrestrlcted Restrlcted funds funds 2025 2025 Total 2025 Total 2024 The81￿ opeiatKJns 3.864.225 682.584 4.546.809 4,8TT,601 Total 2024 3,914.932 962.669 4.8T7,601 Analysls of expenditure by adivities Activities undèrtaken directy 2025 Support Total funds 2025 Total funds 2024 2025 Theatre oper*tons 3.763.448 783.361 4.$46.809 4,877,601 Tolal 2024 4, 179,303 698.298 4,877,601 Page 36 THE HAVERING THEATRE TRUST LIMITED IA Company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Analysls of expendlture by actlvltles Icontlnued} Analysls of support costs Thèatre op6ratSons 202S Total funds 2025 Tol81 funds 2024 Staff costs Depreeiation Cleaning Telephone Phot(￿pIer expenses Computer costs Miscellaneous and development expensés Office equipment Staff welfare Training Recruilmenl costs Entertaining Adminislralhin. travel and subsistence Bank charge$ Credit caid charges Govemance costs 396.639 194,093 12,447 13,230 3,571 9,656 105,798 8,992 171 2,650 3,260 3.391 2,043 1,806 8.526 17,088 396,639 194.093 12,447 13,230 3,571 9,6S6 105,798 8,992 171 2,650 3,260 3,391 325,696 184,346 10,603 14, 772 4,137 9,577 88,393 8.662 117 3,955 6,838 5, 751 1,422 2.171 9,610 22,248 1,806 8,526 17.088 783,361 783,361 698,298 Tot812024 698,298 698,298 10. Audltorfs remuneratlon 2026 2024 Fees payable lo the ChoriV8 auditor for the audrt of the Chartys annual accounts 11,200 11,2C(I Fees payable lo the Charitls auditor in iespecl of.. All non-audil services not included above 3.750 3, 750 Page 37 THE HAVERING THEATRE TRUST LIMITED {A company limitsd by guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Stsff costs Group 2025 Group 2024 Charty 2025 Charity 2024 Wages and salaries Soci81 security Costs Contribution lo defined contribution pension schemes 1.698,790 109,829 1,687.650 8a 178 1,698.790 109.829 1,687,650 88,178 30,376 30,354 30,376 30,354 1,838,995 1,806, 182 1,838,995 7,806, 182 The average number of persons employed by the Charity during the year was as follows.. Group 2025 Gmup 2024 No. Charty 2025 No. Charity 2024 No. Employees 71 75 71 75 The number of employee5 whose employee benefils {excluding employer pension costs) exceeded £60.000 was.. Group 2025 Group 2024 No. In the band £60,001- £70.000 In the band £70,001- £80.000 Remuneration of the charit￿S key management personnel for the year, wh￿h indudes the membership of the full senior management team ISMTI lolalled £584.991 12024.. £472,970}. 12. Trustees. r8mun8ration and expenses During the year, no Trustees received any remuneration or other benefits (2024- £NIL). During the year ended 31 March 2025, expenses lotslling N09 for travel expensas were reimbursed or paid directly to 1 Trustee (2024 - £375 to 1 Trustee). Page 38 THE HAVERING THEATRE TRUST UMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ￿RCH 2025 13. Tanglble flxed assets Group And Charlty Flxturu, L•as8hold fftllngs and Improve computer ments 8qulpment Total Cwt or v•luatlon Al 1 April 2024 Addrtion8 Disposals 1,579,663 212,733 84.084 {15,1981 1,792,396 84.084 (16,3691 (1,171) At 31 Mareh 2025 1.678,492 281.619 1.860.111 Depreclatlon Al 1 April 2024 Charge for the y￿r On di8posals 707,093 154,418 109,714 36,149 (9,8071 816,807 190,567 {9,8071 At 31 March 2025 861,611 136,056 997,567 Net book v•1 At 31 March 2025 716,981 145.563 862,544 Al 31 M8rch 2024 872,570 103,019 9T&589 Page 39 THE HAVERING THEATRE TRUST UMITED {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1& Flxod asset Invoslments Investments In 8ubsldlary companles Charlty Cost or Y*luatlon At 1 April 2024 100 Al 31 March 2025 100 PrfnclpAI suhldlarfe8 The followng w88 o subsvjiary undertaking of the Chgriiy. N•m• Compony Prfnclpal fftumb•r •ctlvlty Cla88 of Holdlng $h•r•• Homchurch Prtsluctions Limited 09425608 Trading activities of the charity Ordinary 100% The flnan¢ial results ofthe Subwdiary for the ￿arWèr8". Name Income Expgndlturo Net assets Homchurch Productions Lwnited 1,104,928 1,104,928 100 15. Stocks Group Charlty 2025 Charity 2024 2024 st(￿ks 17,806 12.529 17,806 12,529 Page 40 THE HAVERING THEATrE TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 16. Debtors Group 2026 Gmup 2024 Charlty 2026 Charity 2024 Due wlthln one year Tfgde debtors Amounts owed by group undertaklngs Other debtors Prépayments and accrued income 133,218 59,617 133.218 413,263 27,661 177,559 59,617 422.6Lk) 36,687 153,050 27,851 590,822 36,687 575,650 751,691 671,954 751.691 671,954 17. Crodltors: Amounts falllng duo wlthln one year Group 2025 Group 2024 Charlty 2026 Ch8rity 2024 Trade ¢redilors Other laxalion and soclal securlty Other creditors Accruals and deferred Incom¢ 133,885 68,441 13,338 604,223 153,070 29, T06 87,429 41&109 133,885 68.441 13,438 604,223 153,070 29, 706 87.529 415, 109 809,887 68&314 809,987 685,414 Page 41 THE HAVER1￿ THEATRE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO ThE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 MARCH 2025 18. Statement of funds Ststsment of funds- current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers Inlout Income EXpendI￿re Unrestrfcted funds Designated funds Q Transform Q Next 30.868 118.325 .000 62,401 {5.8951 125,0001 79,973 155,726 149,193 117A01 (30A951 235.699 General funds General Fur¥Js 550.789 4.083.141 (3.833.330) (19.1921 781 A08 Total Unrestricted funds 699.982 4.200,542 (3,864,225) 119,192) 1,017,107 Restrlded funds aintenance grant Education grant Havering Changing The Linbury Trust National Theatre Speak Up Esmée Fairbaim Foundation Q New. Fixed assets 42,OOD 20,875 251.027 142,(X>OI 120.875} {346.9961 130.0001 168.9861 44.0001 (129.7271 76.777 19.192 92,879 107,293 44.000 693.342 563,615 862.998 471,302 (682,5841 19,192 670,908 Totsl of funds 1￿62,980 4,671.844 {4A46,8091 1,688,015 Page 42 THE HAVERING THEATRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statement of funds {contlnued} Statement of funds- prlor year Balanc8 at 31Ma 2024 Balance at As restated As ￿stated l Apnl 2023 Incom8 Exp&ndilure Unrestricted funds Deslgnated funds Q Transfom Q Nexi 46,431 96, 139 115,563) (25,OOOJ 30.868 118.325 47,186 142,570 47. 186 (40,563J 149, 193 General funds General Funds 543. 739 3.881.419 (3.874.369J 550, 789 Total Unr•strict8d funds 686,309 3,928,605 (3,914.932) 699.982 Restricted funds maintenan￿ grant Education gTrnt Essex on stage Havering Changing The Linbury Trust National Theatre Speak Up Esmée Fairbairn Foundation Q New- Fixed assets National Lottery Q Youth on the Hill 42,000 20,875 (42,000) (20,875) (25.000) (614,992) (30,000) (50,866) (40,000) (128,936) (10,000) 25,000 208,600 483, 169 76,777 143, 745 40,000 92.879 822,278 693.342 10.000 1,055,878 769, 789 (962,669) 862.998 Totsl of funds 1, 742, 187 4,698,394 14,8T7,601J 1,562.980 Page 43 THE HAVERING THEATRE TRUST UMITED IA uHnpany limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 kqARCH 2025 18. Statement of funds (continued) Designated funds Q Next is a fund to meet the costs of en￿rOnmental osponsibilty re￿ed projects, r8ducing carbon emissions and energy costs, in fLrture year Q Transfomi is a fvnd to sup￿1 the cost of one off o￿an1$atIOnal capauty or devdopmenl projects. Restricted funds Maintenance grant is re¢eNed frcKn the London Borough of Havering ILBH) to mainlain the building and facilities. Education Grant is receN&J from LBH lowards our Learning & ParticIpal￿)n prc4Jrarrffie ofwork. Havering Changing is a Creative Pewe and Pla￿ (CPP) project Irialling radical new ideas lo engage iocal people in arts and culture. irt the communities of Harokl Hill. Romford and Orchard Village {all in the London Borough ol Haveringl. A transfer of £19.192 has been made from unrestn.cted funds lo support expenditure in this fund. Q New is a £1m Small scale capital project to army update the existing buikling and facilities. The Linbury Trust is a fund lo support the Continuat￿ and grcfivth of our extensNe and far reaching acclawned programme of ￿rning and partKipaI￿n work. National Theatre Speak Up is a funded programme thich is research through prxtise exploring new methods of c¢*￿ation wtth yourvJ pewle. Esmée Fairbaim Foundation grant is lowards core costs to support the theatre's role as a co5612024.. £4,1 S81 wèrn r¢cèiv8d from Truslaa$ during tha yéar. During the year. The Havering Theatre Trust Limf(ed received income of £1,518.191 12024.. £1,446.099) from Hornchurch Productions Limited, ils subsidiary, and incurred costs of £1,104,927 (2024.. £1.023,4991. The balance owed from the 8ubsKliary al year end was £413,26412024.' £422,600), and this s discl¢)sed within the amounts owed lo group ccAnpanias within dablors on the balance sheet of the charity. 27. Legal status of the trust The trust IS 8 company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. Page 47