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OCTAGON THEATRE TRUST LIMITED

GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR

THE YEAR ENDED 31 MARCH 2025

Company number 00882226 Charity number 2488833

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OCTAGON THEATRE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

	INDEX
Chair’s statement	1
Administrative information	2
Trustees’ and Directors’ annual report	3 – 11
Auditors’ report	12 – 14
Group statement of financial activities	15
Charity statement of financial activities	16
Group balance sheet	17
Charity balance sheet	18
Statement of cash flows	19
Notes to the financial statements	20 – 36

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OCTAGON THEATRE TRUST LIMITED CHAIR’S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Chair’s note – Annual Report 2025

As the Chair of the board, it’s always tricky putting pen-to-paper for my annual reflection due to the sheer volume and excellence that the Octagon’s team and volunteers produce. So much is delivered every day and to distil it down to words on a page feels both hard and unfair; but I get to pick my best bits too, so it’s also a treat!

Over the last year, the team have continued to create a place of magic and wonder for everyone. From local brass bands taking to the stage with Brassed Off, and the one-woman wonder, Mina Anwar performing our very own version of ‘Shirley Valentine’ – a truly outstanding performance – there’s been so much going on both on and off the stage to mention. We’re so lucky to have such an iconic centre of culture and creativity here in Bolton that delivers an array of comedy, music and family events that make our theatre so much more and a hub of activity for all.

Through the year, we continued to build on our commitment to inclusion, providing a diverse and engaging programme of theatre and cultural activities. I’d like to say a special thanks to all our team who’ve not only worked tirelessly to make us laugh, sing, smile, reflect and cry, but also for ensuring that we’re a hotbed for local and emerging talent, whether writing, performing or backstage.

Our local partnerships continued to grow with Bolton Libraries and Museums Service and so many other partners. A standout partnership for me is with ‘The Agency’, delivering a project that gives an utterly unique opportunity for young people in Farnworth to make change in their neighbourhood. I had the privilege, with other trustees and local partners, to support the process and it was delightful to see the sheer brilliance and talent from the young people involved and see first-hand how our community engagement makes such a difference.

Another privilege was collecting the Greater Manchester Chamber of Commerce Award for Best Medium Sized Business 2024. It’s an enormous honour for a charitable theatre to be named as a business of the year, and the award is a testament to the ambition and acumen that goes into running the Octagon, and its impact as a responsible non-profit business in Greater Manchester.

Whilst there’s so much to shout about, the reality is that it was another challenging year. We continue to face rising costs across everything that we make and do, yet we’re committed to paying fairly and we want everyone’s experience with The Octagon to be incredible; and it all costs money. Whether you’re a funder, a donor, a member or someone who occasionally buys a ticket for a show, thank you. Please keep on supporting your Octagon, we can’t do what we do without your continued support.

Best wishes,

Darren Knight Chair of the Board of Trustees

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

DIRECTORS
Name	Nominee/Elected	Appointed/Resigned	Position			Subcommittee
						(see key
						below)
D J Knight	Elected trustee		Chair			FR, PE
S A Young	Elected trustee	Resigned 25.11.24	Vice	Chair	To	FR
			11.24
S D Plant	Elected trustee		Chair	FR		FR
Dr E K Alladi	Elected trustee					PE
H Bowdur	Elected trustee		Vice	Chair From		FR
			11.24
T A Lewyckyj -Wood	Elected trustee					PE
F L Noden	Elected trustee	Resigned 31.12.24				FR
I Tabbron	Elected trustee					FR
Cllr H Fairclough	BMBC nominee
Cllr N Ayub	BMBC nominee
S Germaine-Cox	Elected trustee		Chair	PE		PE
H Critchlow	Elected trustee					FR
J Leigh	Elected trustee					PE
J Griffiths	Elected trustee	Resigned 14.10.24
N Amber	Elected trustee	Appointed 24.3.25
S J Mcardle	Elected trustee	Appointed 25.11.24				FR
S E Wooley	Elected trustee	Appointed 28.3.25

KEY TO SUBCOMMITTEES FR – Finance and Resources Sub-committee PE – People and Equality Sub-committee

COMPANY SECRETARY

K B Jones

KEY STAFF R Gauld Chief Executive L Wakeham Artistic Director G Redston Creative Engagement and Impact Director (appointed K B Jones 05.25) Head of Finance and Business M Irving-Murphy Head of Operations and Customer Experience C Whitwood Head of Production C Rachwal Head of Marketing and Communications (left 03.25) D Fearnley Head of Development I Woolrich Head of Creative Engagement (left 08.24) W Treasure Head of Producing and Programming

REGISTERED OFFICE AND Howell Croft South PRINCIPAL PLACE OF BUSINESS Bolton BL1 1SB AUDITORS Sumer Auditco Limited Fourth Floor Unit 5B, The Parklands Bolton BL6 4SD BANKERS Barclays Bank plc 1 Market Street Bolton BL1 1XA

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report together with the consolidated financial statements of the charity and its subsidiaries for the year ended 31 March 2025.

REPORTING FRAMEWORK

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019), referred to as the Charities SORP (FRS 102) (second edition – October 2019).

OBJECTIVES AND ACTIVITIES

Charitable objects

The objectives of the charity are:

“to promote, maintain, improve and advance education, particularly by the production of educational plays and the encouragement of the Arts, including the arts of drama, mime, dance, singing, and music”.

We achieve these objectives through the operation of the Octagon Theatre in Bolton and the creation of theatre productions for regional and national audiences, including work off-site, on tour and online; and through extensive programmes of learning and participation with, by and for our community.

Activities

The charity’s main activities are:

Producing and presenting high quality theatre productions that are accessible and relevant for the communities of Bolton and beyond. The programme includes a range of new, contemporary and classic plays, including musicals and family shows. In-house productions are made and rehearsed in Bolton, with a skilled local workforce alongside artists drawn from across the UK; co-productions are made with a range of exciting artistic collaborators who share our values; and presenting work is programmed to provide a diverse line-up of the best quality touring performing arts, ranging from popular entertainment to thought-provoking new work.
Inspiring and engaging young people and adults to take part in creative activities. These involve a wide range of theatre and creative practices that encourage theatre practice, creativity, collaboration and communication. Often we work with other partners to reach and engage participants, including schools with whom we work to enhance and enrich student learning, and
Developing the talent and professional skills of the theatre and creative industries. This includes opportunities for new work to be developed and showcased, support for artists at all stages of their career to improve their work and employability, and training for college and university students to ensure they are industry ready.

Organisational mission, values and goals

Our vision: Our community will be stronger, happier and healthier with more creativity at its heart.

Our mission: We use theatre and arts to create unforgettable experiences that celebrate, inspire and elevate our community.

Our cause: We will excite and unite people through brilliant, bold theatre and arts. We will enrich and change peoples’ lives by encouraging their expression and freedom. We will be a catalyst for our community to be more inclusive and more creative.

Our values:

Creativity– We are imaginative, playful, artistic and resourceful. We are storytellers and we encourage everyone’s potential to express themselves.
Inclusivity – We listen, learn and change so that we can become more inclusive. We want everyone to feel safe and at home with the Octagon. We are richer and stronger together.
Care - We care about people, their feelings and wellbeing. We care about our work and doing the best that we can. We care about our community and our environment.
Curiosity – We are open minded, brave and willing to take risks. We enjoy learning and create a safe space for ideas and debate. We choose curiosity over judgement.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Integrity – We are authentic and honest. We treat people with respect and fairness. We are responsible and accountable. We deliver on what we promise.

Organisational goals to 2027:

Improve our resilience through growing our income and reach and maximising our new venue.
Value our people in a culture where they can thrive, contribute, learn, and are able to balance work and life effectively.
Stage work that is Bold, Adventurous and Popular, supporting others to flourish, and contributing to a vibrant and diverse creative ecology.
Widen who we work with to be vital to our community, building meaningful partnerships and advocating for the difference we can make.
Octagon for everyone, placing inclusion, diversity and access at the heart of what we do, and ensuring that people feel the Octagon is for them.
Environmental responsibility, taking action to reduce our impact and contribute towards Net Zero by 2038.

Public benefit

In shaping the objectives and planning the activities for the year, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. The charity relies on grants and the income from fees and charges to cover its operating costs.

Beneficiaries

During the year there were 89,443 attendances at performances, workshops and events at the Octagon. There were a further 90,939 attendances at the charity’s work on tour and co-productions, bringing our total public beneficiaries to 180,382.

Pricing policy

We are committed to providing accessible and affordable theatre experiences for everyone, whilst recognising that the charity requires sufficient income to deliver its activities effectively. The trustees have set a policy that includes free events throughout the year, free and £4 tickets for those on low incomes, and a range of price points for customer choice including desirable seats at £15 tickets for every performance. Dynamic pricing allows the charity to increase the highest prices in line with demand, whilst keeping the lowest ticket prices static to ensure affordability.

Impact assessment

The trustees periodically commission impact studies to understand how the Octagon makes a positive contribution to Bolton and the surrounding area. The most recent study in 2021, and drawing upon data from previous years, found that the charity:

Generated an annual economic impact of £10.8m per year, of which £8.43m is captured within Greater Manchester and £5.89m within Bolton itself.
Generated social impact of £0.89m per year through health, education and volunteering.
Produced a total benefit cost ratio of £13.44 to every £1 of public sector investment (Arts Council England, Bolton Council and Greater Manchester Combined Authority).
Produced a benefit cost ratio to Bolton Council of £43 in GVA and social impact for every £1 of revenue investment.
Improved Bolton’s reputation, with 96% of audiences surveyed saying that the Octagon was good for Bolton’s reputation, and over £1m of positive media coverage generated every year.

The study went on to assess the benefits arising in Bolton specifically over the next 25 years because of the theatre’s redevelopment and estimated a net value of £110m, which compared to £90.1m pre-redevelopment, is £19.9m of additional impact in Bolton.

The trustees are pleased and proud to see such strong evidence of the Octagon’s economic and social impact, in addition to its cultural contribution. The report states that the Octagon “represents good value for money in the public sector and especially so within the arts and cultural sector”. The trustees look forward to seeing the Octagon’s impact grow in the years ahead.

Contribution of volunteers

Volunteers play a vital and varied role in the life of the Trust: as trustees, providing customer care, and providing pastoral support during creative engagement activities. We are grateful to them all for their continued support and contribution. Volunteers gave 4,578 hours over the year, an increase of over 1,000 hours on the previous year.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

The 2024/25 year was again successful against all our ambitions and expectations. We were delighted to named Greater Manchester’s Medium Sized Business of the Year 2024 by Greater Manchester Chamber of Commerce. We were also shortlisted as the UK’s Most Welcoming Theatre at the 2024 UK Theatre Awards, recognising the Octagon’s work in creating a welcoming and inclusive organisation. Despite ongoing difficult economic conditions, we produced a trading surplus, demonstrating the dynamism and resilience of the Charity to cope with difficult circumstances and still deliver its mission.

During the year there were 79,332 attendances at performances at the Octagon, an increase of over 11,000 on the previous year. There were an estimated 90,939 attendances at an Octagon tour or co-production elsewhere in the UK.

Our 2023/24 productions were:

Little Shop of Horrors based on the film by Roger Corman and book by Howard Ashman. Directed by Lotte Wakeham. 24[th] April – 18[th] May 2024. Co-production with New Wolsey Theatre, Theatre By The Lake and Hull Truck Theatre.

“A one-of-a-kind, toe-tappingly rock-beauty” - Jadar
“Fresh, fast paced and fun” – All About Theatre
“A highly enjoyable trip to the theatre” – The Reviews Hub

Testmatch by Kate Attwell. Directed by Diane Page. 23[rd] May – 1[st] June 2024. Co-production with Orange Tree Theatre and English Touring Theatre.

“Smart, ambitious and bold” – Opening Night
“Fresh and funny” – Manchester Theatres
“Thought-provoking writing” – British Theatre Guide

Dracula, The Bloody Truth by La Nevet Bete and John Nicolson. Directed by Paul Robinson. 11[th] - 29[th] June 2024. Coproduction with Stephen Joseph Theatre.

“Funny, witty, fast paced physical production” – Theatre Reviews North
- “You leave the theatre with a giant smile on your face” – Bolton News - “A great evening’s entertainment that I can heartily recommend!” – Manchester Theatres

Brassed Off based on the screenplay by Mark Herman and adapted by Paul Allen. Directed by Liz Stevenson. 5[th] – 28[th] September 2024. Co-production with Theatre By The Lake and Stephen Joseph Theatre.

Nominated for Best Regional Production at the 2025 What’s On Stage Awards
“Full of true grit, beauty and emotion” – I Love MCR
“A poignant production” – The Reviews Hub
“Unmissable” – Opening Night

Stones In His Pockets by Marie Jones. Directed by Matthew McElhinney. 22[nd] October – 2 November 2024. Co-production with Barn Theatre and Wiltshire Creative.

“A multi-tasking masterclass” – Bolton News
“An absolute triumph” – Manchester Theatres
“An evening of laughter and tears” – British Theatre Guide

The Jungle Book based on the book by Rudyard Kipling and adapted by Andrew Pollard. Directed by Sarah Punshon. 22[nd] November 2024 – 4[th] January 2025.

Nominated as Best Children’s and Family Show at the UK Theatre Awards 2025
“A foot-tapping delight” – The Stage
“A gripping and vigorous show” – The Guardian
“Pacy and imaginative production” – British Theatre Guide

Animal Farm based on the novel by George Orwell and adapted by Ian Wooldridge . Directed by Iqbal Khan. 22[nd] January –

1[st] February 2025. Co-production with Derby Theatre and Hull Truck Theatre.
“Dynamic performances and razor-sharp commentary” – North West End
“Testament to the quality of regional theatre” – Theatre Reviews North
“Phenomenal” – Manchester Theatres

Shirley Valentine by Willy Russell. Directed by Lotte Wakeham. 7[th] February – 8[th] March 2025.

“A must-see production” – All About Theatre
“Theatre and performance at its very best!” – Canal Street Media
“Not to be missed” – Manchester Theatres

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Of Mice And Men by John Steinbeck. Directed by Sarah Brigham. 26[th] March – 12[th] April 2025. Co-production with Derby Theatre, Hull Truck Theatre and Theatre By The Lake.

“Electrifying chemistry” – I Love MCR
“Essential viewing experience” – The Reviews Hub
“The casting in this production is diverse and strong” – All That Dazzles

We were delighted that our 2024 festive production, The Jungle Book was nominated as Best Children’s and Family Show at the 2025 UK Theatre Awards.

For the first time in many years, the Octagon undertook its own tours (having previously partnered with touring producers). Our productions of Shirley Valentine and Animal Farm were very well received by venues and audiences. The tours were also commercially successful, indicating future potential for the Octagon to have a national touring role.

With support from the Foyle Foundation, we initiated a 12-month audience development programme to engage more South Asian audiences and communities. This included our first Awaaz Festival. Awaaz means ‘voice’ in several South Asian languages – a fitting title for our celebration of the richness and diversity of South Asian arts and culture. It is our intention for this work to steadily grow in the coming years. We also staged Rifco Theatre’s touring production of Pali and Jay’s Ultimate Asian Wedding DJ and Santi & Naz, presented by The Thelmas and Pleasance.

We were delighted to work with the Royal Theatrical Support Trust to host the Sir Peter Hall Director’s Award 2024. This prestigious award goes to promising director and supports their main stage directing debut. As host, the Octagon’s Artistic Director Lotte Wakeham, chaired the 2024 judging panel, and we subsequently announced Tanuja Amarasuriya as the winner. Tanuja’s production of Private Lives will be staged in 2025.

Our programme of comedy and music continued to prove popular, and we launched the first Bolton Comedy Festival. For a town synonymous with comedy, a festival of established and new performers is an important addition to Bolton’s cultural calendar. Acts included Dara O Briain, Emmanuel Sonubi, Catherine Bohart, Lucy Porter, Sophie Duker, Jenny Ryan, Justin Moorhouse and many more.

In 2024, we reviewed our approach to working with and for Bolton’s communities, putting in place clearer priorities and a new structure to strengthen and grow this area of work. A critical step has been the creation of a new executive-level role, Creative Engagement and Impact Director. Working alongside and with our Artistic Director, this role places creative community engagement even more firmly at the heart of our organisation and decision making. Gareth Redston joined us in the role in May 2025, with a background in museum leadership. We are incredibly grateful to Bolton Council who have provided additional investment to support this new leadership role, recognising the potential for strategic collaboration across the Octagon, Bolton’s cultural services, and other partners.

For the period 2025 to 2027 our priorities for creative and community engagement are:

Working with Global Majority communities and sanctuary seekers
Working with families with children
Working with people with additional needs and learning disabilities
Woking with people living in high social deprivation areas
Young people seeking pathways into creative industries careers

We are currently defining our ambitions and priorities for 2027 onwards, including our intention for future Octagon programming to regularly include community consultation, involvement and collaboration on main stage productions.

During 2024/25 our engagement work included:

Sharing Stories Our second year of this programme saw extensive work in libraries across Bolton, schools and community settings. Sharing Stories works with children and families to improve literacy, communication and creativity. Our evidence is showing a positive impact, improving vital life skills and encouraging arts engagement with families who might not otherwise attend the Octagon. Sharing Stories is supported by the Oglesby Charitable Trust and the UK Prosperity Fund.

The Agency The Agency is an internationally proven creative entrepreneurship programme that enables young people aged 15 to 25 from underserved areas to generate social change projects based on the needs they identify in their own communities. In our first year of delivering this programme, we worked with 20 young people in Farnworth, and the outcomes included a football academy, support for teenagers facing exam pressure, and engagement with new arrival families, refugees and asylum seekers. The impact on young people was life-changing for some; and we are excited to continue this programme in the years ahead with support from the Kristian Gerhard Jebsen Foundation and the Esmee Fairbairn Foundation.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Bridges An inclusive, award-winning initiative that supports young people and adults with additional needs. Participants build confidence, communication, and teamwork skills in a safe, creative environment.

Unlocking Wellbeing This is a partnership programme led by Bolton CVS and Bolton Carer Support, to reduce health inequalities faced by Carers. The Octagon is providing a Wellbeing strand to tackle isolation and increase Carers’ voice and confidence. Unlocking Wellbeing is funded by the National Lottery Communities Fund.

Our weekly activities for older people, with refugees and asylum seekers and our popular Youth Theatre continued apace. Our Young Octagon company performed No Regrets by Gary McNair as part of the national NT Connections programme, at the Octagon and at The Lowry.

During the year, 168 schools benefited from the Octagon, either attending performances or taking part in educational activities. There were 120 creative sessions contributing to health and wellbeing, 216 sessions contributing to education and skills, and 91 sessions contributing to community cohesion. There were 9,711 attendances at creative engagement events, an increase of 1,689 on the previous year.

We use independent market research to gather feedback and insights from our audiences, benchmarked with 40 other theatres across the UK. We were pleased to score higher than benchmark on all major factors throughout the year including quality of performance, quality of visitor experience, and value for money. Audiences also scored the Octagon higher than the UK benchmark on every dimension of community impact:

94% of audiences agree that the Octagon makes them feel welcome and included.
95% of audiences agree that the Octagon is important to the local community.
90% of audiences agree that the Octagon leads the way for culture in the area.
67% of audiences agree that the Octagon is demonstrating a clear commitment to environmental responsibility.

Environmental responsibility

Last year we published our environmental impact for the first time, and we are committing to being transparent about our progress as we work towards our ambition of achieving Net Zero by 2038.

Our environmental impact in 2024/25 was 324 tonnes of CO2e. This is a slight increase on the previous year (2023/24: 319 tonnes) and is accounted for by the growth in events and audience numbers increasing the impact of audience travel and energy usage. Substantial reductions in waste and business travel mostly mitigated these. Audience travel is the largest contributor to our environmental footprint. We have an environmental action plan to reduce our impact, with the ambition of achieving Net Zero by 2038.

Fundraising

The trustees place great importance on relationships with donors and are committed to ensuring best practice. There is an in-house development team, and no other professional fundraiser or commercial participator carried out any fundraising activities during the financial year.

FINANCIAL REVIEW

Overview

Taking into account Theatre Tax Relief generated through Octagon Theatre Productions Ltd, the Group completed its financial year with a financial surplus on unrestricted funds of £100,038 (2024 – deficit £120,548) after transfers and designations.

At the year end the Trust’s funds stood at:

Unrestricted funds: General funds Designated funds Restricted funds	£’000 1,104 873
	1,977 132
	2,109

Trading subsidiaries

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Octagon Catering Services (OCS) generated a profit after taxation of £19,227 compared with £5,450 in the previous year. The directors remain confident that the company will continue to trade profitably will regain its solvency over time, and the Theatre Trust continues to provide financial support.

The other wholly owned trading subsidiary, Octagon Theatre Productions Ltd, generated a theatre tax credit of £209,911, compared with £305,358 in the previous year.

Principal funding sources

The group continues to receive funding from its core funders, donations & legacies, charitable trading, grants and fund raising income.

Details of the material funders are shown in the notes to the financial statements.

Investment policy and review

Surplus funds are placed on deposit with our bankers. There are no fixed asset investments.

Risk management

The trustees discuss and approve a risk register on an annual basis, and the Finance and Resources Sub-Committee review this on a bi-monthly basis. The greatest risks facing the charity, and the approach to their management, is summarised as follows:

Restabilising customers and	Our closure for redevelopment, the pandemic and then the cost-of-living crisis cause an
customer income	attrition in our audience. Since reopening in 2021, we have been working to rebuild audience
	numbers and have succeeded in returning to pre-pandemic levels. However, box office
	revenue continues to fluctuate, and national data for regional theatre tells a similar story.
	Given that customer generated income forms the majority of turnover, this is naturally the
	highest risk facing the charity. We have invested in programming that has popular appeal
	and appeal to new audiences and undertaken regular market research to better understand
	our customers, their motivations and expectations. We have increased spending in
	marketing and invested in detailed strategy to increase engagement across audiences,
	participants and donors including greater use of marketing segmentation, social media, and
	brand promotion. This work is being matched by grassroots audience development with
	family audiences and South Asian audiences.
Failure to meet earned income	Box office, co-production and catering income targets are set clearly and specifically,
targets	allowing for frequent review throughout the year. There are regular forecasts to monitor
	income and expenditure, with scope for in-year adjustments to respond to any risks and take
	corrective actions where necessary. The trustees have determined to maintain sufficient
	reserves to mitigate against any shortfalls as we continuously work towards increasing our
	audience and income.
Uncertainty on income from public	There is a proactive approach to maintaining positive relationships with all funding
grants	stakeholders, and to monitoring the policy context the Trust operates within. The trustees
	and key staff have recently reviewed our short to medium term priorities and ensured these
	are aligned to our major stakeholders: Arts Council England, Bolton Council and Greater
	Manchester Combined Authority (GMCA). We have confirmed 2023-2027 funding from Arts
	Council England and expect this to be extended to 2028. We have a good relationship
	GMCA and ongoing funding from Bolton Council. The trustees and executive are proactive
	in advocating for theatre and culture with local and national policy makers.
Increases in costs and inflation	In line with the economy, we have experienced significant increases in utilities prices and
	other fixed costs in recent years. Employer costs have risen significantly with increases in
	wages and National Insurance. We have undertaken a review of all budgets and contracts.
	We continue to tightly control expenditure whilst also investing in cost saving measures
	where prudent to do so. We are also exploring a range of income generation initiatives to
	increase the Trust’s financial headroom.
Limited organisational capacity	The trustees recognise that the Octagon’s resources are currently limited, owing principally
and accommodation	to rise in costs and the broader economy. Our workforce is our greatest asset, and the
	trustees place considerable importance on maintaining a healthy and capable team. Staff
	and freelancers have co-designed new values and a cultural statement for the Trust.
	Trustees have invested in improving pay.
	Since vacating our previous workshop and store building, we located to new storage
	premises in Bury, and maintain a collaborative approach to scenery construction with the
	Royal Exchange Theatre in Manchester.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Failure to meet expectations

The trustees regularly evaluate the performance of the charity and the quality of the theatre’s work. This includes artistic outcomes, reputation, audience satisfaction and stakeholder requirements. Customer surveys are carried out throughout the year to understand areas of success and improvement in production, customer services and other areas. Net Promoter Score is used across all areas of the charity to measure customer satisfaction.

Underrepresentation of diversity

The trustees recognise that the Octagon does not yet fully reflect the diversity of the population it serves. Good progress has been made in recent years to improve diversity within our creative practices, the appointment of freelancers and the appointment of trustees. Improving the diversity of our permanent staff and audiences is now the focus of our attention. The trustees are investing and/or prioritising fundraising towards audience development and programme for under-represented communities.

Climate change Climate change is arguably the greatest risk facing the global community. The trustees have made reducing environmental impact one the charity’s goals. The redeveloped theatre has already significantly reduced our carbon footprint, but we are committed to further reductions. A comprehensive new action plan including audience travel, building facilities, procurement, production practices, ethical finance and other factors is in development. Our ambition is to become a Net Zero organisation by 2038, in line with the Greater Manchester city-region target.

Going concern

In light of the financial support secured and measures taken and the contingency plans in place the Trustees have concluded that the accounts are properly prepared on the going concern basis. The Directors support the view of the directors of Octagon Catering Services Ltd that that company will recover its financial position over time.

Reserves

The Trustees have a reserves policy of retaining unrestricted reserves of at least £650,000. At the end of the year the charity had £1,496,791 (2024 £1,583,528) in the bank account. Restricted funds were £131,723 (2024 £179,441) and designated funds were £873,043 (2024 £938,938). The free reserves (unrestricted funds not invested in fixed assets or otherwise designated) were £1,104,088 compared with £938,938 last year.

FUTURE PLANS

In 2025/26, we expect to keep building on our recent success of producing high quality experiences for wide range of local and national audiences.

Our stage programme of produced/co-produced productions will include:

The 39 Steps adapted from the novel by John Buchan by Patrick Barlow. Directed by Ryan McBryde. A co-production with Wiltshire Creative and Mercury Theatre Colchester.
Pride and Prejudice , adapted from the novel by Jane Austen by Kate Hamill. Directed by Lotte Wakeham. A co-production with Theatre by the Lake, Stephen Joseph Theatre, Hull Truck Theatre and in association with Theatre Clwyd.
Private Lives by Noel Coward, directed by Tanuja Amarasuriya. A co-production with Mercury Theatre and Rose Theatre, in association with Northern Stage and supported by a grant from the Royal Theatrical Support Trust.
• Snake in the Grass by Alan Ayckbourn, directed by Francesca Goodridge. A co-production with Theatr Clwyd.
A Christmas Carol , adapted from the novel by Charles Dickens by Kate Ferguson and Susannah Pearse, directed by Sarah Tipple.
Macbeth by William Shakespeare, directed by Mark Babych. A co-production with Derby Theatre and Hull Truck Theatre.

We are excited that we will be developing new work in 2025/26, with a series of commissions underway to celebrate Bolton stories. We are grateful to our partners including the National Theatre Studio for their support towards developing new work.

Our engagement programme will include:

The Agency
Sharing Stories
Bridges
Unlocking Wellbeing

A new initiative to improve employability for people with additional needs and learning disabilities, Building Bridges, will launch in autumn 2025. This collaborative project between the Octagon, Bolton Wanderers in the Community, and The Met, Bury, is made possible by investment from Greater Manchester Combined Authority’s Collaborate Fund. This highly competitive funding programme backs innovative projects that will make a meaningful difference to communities. Building Bridges will create transformative opportunities in theatre, music, and sport for people with additional needs and learning disabilities. The project aims to unlock

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

individual skills and talents, bridging the gap between participation and employment, and building confidence, communication and teamworking skills.

We are excited to enter the second year of Sharing Stories and witness the fantastic impact this programme is having in enhancing essential life skills and encouraging first time participation in arts and culture. During 2024/25 we will begin planning a second phase and begin fundraising for 2026 onwards.

Our comedy and music programme will continue including a second year of the Bolton Comedy Festival, and the second year of our participation with Bolton’s Light Festival, Put Big Light On. This time, we will be jointly commissioning new light installation as part of the festival, to be installed in the Octagon.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated June 6 1966, as amended by special resolutions dated October 7 1983, August 15 1986, September 11 1995 and November 25 2002.

Members of the company

The only members of the company are those appointed as trustees and directors. They cease to be members of the company on their resignation as trustees and directors.

Appointment of Directors and Trustees

The trustees, who are also the Directors of the Company, are appointed as follows:

Bolton Council nominates up to three directors
Greater Manchester Combined Authority (GMCA, formerly AGMA) nominates up to two directors
Other directors are appointed at the Annual General Meeting

Excluding the nominated directors, at each AGM, one third of the Directors retire by rotation, being the longest in office and are eligible for re-election. Trustees normally serve two terms of three years each.

Trustee recruitment, induction and training

The trustees endeavour to ensure that they have within their number the appropriate range of skills and abilities, and from time to time will seek to identify individuals, who they believe can contribute essential knowledge and experience, to recruit to the Board.

New trustees are identified through open advertisement alongside targeted recruitment. The board endeavours to ensure that the trustees collectively have a relevant range of skills and abilities, including appropriate representation of Bolton’s community and demographics.

New trustees receive induction meetings with the Chair and Chief Executive to brief them on the organisation, as well as information on their legal and fiduciary responsibilities. Outside of board meetings, all trustees are encouraged to attend performances and other events to keep informed of the Theatre’s activities. Training for trustees is provided as necessary.

Organisation

The board, which must be no less than three members nor more than twenty, administers the Charity and meets as necessary. Normally meetings are bi-monthly with an annual away-day. All trustees are expected to adhere to a Code of Conduct. Conflicts of interest must be recorded on an annual basis and declared at each meeting.

The board has two sub-committees: a Finance and Resources Sub-Committee that has responsibility for finance, funding, assets and risk; and a People and Equalities Sub-Committee that has responsibility for human resources, diversity and inclusion. Both subcommittees have delegated authority from the board within specific terms of reference.

A Chief Executive is appointed by the board, to whom the trustees have delegated authority for operational matters within the overall strategy agreed by the board.

Pay and remuneration for senior staff

The board sets the remuneration of senior staff, determined on appointment, based upon comparable benchmarks, and subsequently adjusted in line with other staff pay and company policies. The board reviews staff pay annually, and it is normally increased in accordance with average earnings and inflation, if resources allow.

Related parties and co-operation with other organisations/charities

None of our trustees receive remuneration or other benefit from their work with the Trust. The Trust has worked in partnership over many years with major funders Arts Council England, Bolton Council and the Greater Manchester Combined Authority. Both the Arts Council and Bolton Council committed significant funds to support the re-development of the Theatre. Bolton Council are the landlords of the theatre.

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OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees (who are also directors of Octagon Theatre Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102) (second edition – October 2019);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO AUDITORS

We, the trustees and directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

there is no relevant audit information of which the company’s auditors are unaware; and
we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

SMALL COMPANY PROVISIONS AND APPROVAL

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Approved by the Board of Trustees and signed on its behalf by:

19/12/2025 | 3:19 AM PST D J Knight Director Date:

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of The Octagon Theatre Trust (the ‘charity’) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Group and parent Charity Statements of Financial Activities, the Group, and parent Charity’s Balance Sheets, the Group and Parent Charity’s Statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and parent charitable company’s affairs as at March 31 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with the audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2025

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

adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the trustees (as required by auditing standards) and discussed with the trustees the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most like to have such an effect: charities legislation, laws related to health and safety, employment laws, gender pay gap, GDPR and consumer protection.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2025

standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.orf.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Nilesh Modhvadia (Senior Statutory Auditor) For and on behalf of Sumer Auditco Limited (Statutory Auditor) 19/12/2025 | 11:26 AM GMT Fourth Floor, Unit 5B, The Parklands, Bolton, BL6 4SD. Date: ………………………………………………….

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OCTAGON THEATRE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

General Designated Funds Funds £ £ 985,883 - 2,531,206 - 549,058 - 59,936 - Unrestricted	General Designated Funds Funds £ £ 985,883 - 2,531,206 - 549,058 - 59,936 - Unrestricted	Total Total 2025 2024 £ £ 995,644 1,103,784 2,642,512 1,816,115 549,058 564,557 59,936 48,193
4,126,083	-	4,247,150 3,532,649
508,884 3,782,895	- -	508,884 468,011 3,895,907 3,434,209
4,291,779	-	4,404,791 3,902,220
(165,696) 121,668	- (65,895)	(157,641) (369,571) - -
(44,028) 209,911	(65,895) -	(157,641) (369,571) 209,911 305,358
165,883 938,155	(65,895) 938,938	52,270 (64,213) 2,056,534 2,120,747
1,104,038	873,043	2,108,804 2,056,534

The notes on pages 20 to 36 form part of these financial statements.

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

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OCTAGON THEATRE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2025

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

General Designated Funds Funds £ £ 985,883 - 3,837,355 - 158,294 - 59,640 - Unrestricted	General Designated Funds Funds £ £ 985,883 - 3,837,355 - 158,294 - 59,640 - Unrestricted	Total Total 2025 2024 £ £ 995,644 1,103,784 3,948,661 3,117,176 158,294 227,891 59,640 48,193
5,041,172	-	5,162,239 4,497,044
117,387 4,879,133	- -	117,387 136,795 4,992,145 4,429,912
4,996,520	-	5,109,532 4,566,707
44,652 121,668	- (65,895)	52,707 (69,663) - -
166,320 945,273	(65,895) 938,938	52,707 (69,663) 2,063,652 2,133,315
1,111,593	873,043	2,116,359 2,063,652

The notes on pages 20 to 36 form part of these financial statements.

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

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OCTAGON THEATRE TRUST LIMITED GROUP BALANCE SHEET AS AT 31 MARCH 2025

Notes FIXED ASSETS Tangible Assets 11 CURRENT ASSETS Stock 13 Debtors 14 Cash at Bank and in Hand CREDITORS Amounts falling due in one year 15 NET CURRENT ASSETS CREDITORS Amounts falling due in more than one year 16 NET ASSETS	2025 £ 11,739 1,084,531 1,496,791	2025 2024 2024 £ £ £ 771,778 840,028 12,557 982,553 1,583,528 2,578,638 1,106,208 1,550,521 1,472,430 2,322,299 2,312,458 213,495 255,924 2,108,804 2,056,534
	2,593,061 1,042,540

FUNDS

*Unrestricted charitable funds* General fund 17 Designated fund 17 *Restricted charitable funds* 17 Total charitable funds *Non charitable trading subsidiaries* TOTAL FUNDS	1,204,050 873,043	1,057,394 938,938 2,077,093 1,996,332 131,723 179,441 2,208,816 2,175,773 (100,012) (119,239) 2,108,804 2,056,534

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

19/12/2025 | 3:19 AM PST

The financial statements were approved by the board of Trustees on ……………………………………………… and were signed on its behalf by.

………………………………… D J Knight – Director

Company registration number: 00882226

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OCTAGON THEATRE TRUST LIMITED CHARITY BALANCE SHEET AS AT 31 MARCH 2025

Notes FIXED ASSETS Tangible Assets 11 Investments 12 CURRENT ASSETS Stock 13 Debtors 14 Cash at Bank and in Hand CREDITORS Amounts falling due in one year 15 NET CURRENT ASSETS CREDITORS Amounts falling due in more than one year 16 NET ASSETS FUNDS Unrestricted General fund 17 Designated funds 17 Restricted 17 TOTAL FUNDS	2025 £ - 1,078,134 1,482,113	2025 2024 2024 £ £ £ 766,993 832,888 1,100 1,100 768,093 833,988 - 979,965 1,574,867 2,554,832 1,069,244 1,561,761 1,485,588 2,329,854 2,319,576 213,495 255,924 2,116,359 2,063,652 945,273 938,938 1,984,636 1,884,211 131,723 179,441 2,116,359 2,063,652
	2,560,247 998,486
	1,111,593 873,043

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

19/12/2025 | 3:19 AM PST The financial statements were approved by the board of Trustees on ……………………………………………… and were signed on its behalf by.

………………………………… D J Knight – Director

Company registration number: 00882226

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OCTAGON THEATRE TRUST LIMITED GROUP AND CHARITY STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025

notes Cash used in operating activities 22 Cashflows from investing activities Interest and dividends Purchase of tangible fixed assets Proceeds of sale of fixed assets Payments to acquire investments Cash provided by/(used in) investing activities Cashflows from financing activities Proceeds from new borrowings Repayment of borrowing Cash from financing activities Increase/(decrease) in cash & cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward Cash and cash equivalents consist of: Cash at bank and in hand Current asset investments	Group 2025 £ (79,975)	Group 2024 £ 87,100 48,193 (122,071) - - (73,878) - - - 13,222 1,570,306 1,583,528 1,583,528 1,583,528	Charity Charity 2025 2024 £ £ (86,731) 83,056
	59,936 (66,698) - -		59,640 48,193 (65,663) (114,090) - - - -
	(6,762)		(6,023) (65,897)
	- -		- - - -
	-		- -
	(86,737) 1,583,528		(92,754) 17,159 1,574,867 1,557,708
	1,496,791		1,482,113 1,574,867
	1,496,791		1,482,113 1,574,867 -
	1,496,791		1,482,113 1,574,867

Details of movement in net debt are given in note 23.

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OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Going Concern

The Trustees have addressed the impact of the current economic environment post COVID 19 and have prepared bank forecasts that demonstrate that the company has adequate cash reserves and is able to manage its cashflow and they have concluded that there are no issues concerning the Group’s ability to continue as a going concern. For this reason, the accounts have been prepared on a going concern basis.

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following applies to particular types of income:

Grants , whether of a capital or revenue nature, are recognised when the charity has entitlement to the funds, any performance conditions have been met and it is probable that the income will be received.

Donations from individuals and other bodies (not being of the nature of a grant) are recognised when receivable.

Earned income is measured at the fair value of the consideration received or receivable for services and goods supplied, net of discounts and VAT.

In kind support consisting of donated facilities is recognised as income when the charity has control over the facilities, the receipt of economic benefit is probable and can be measured reliably. The facilities are recognised at the value the charity would have been prepared to pay for them. A corresponding amount is included as expenditure.

Deferred income

Income is only deferred and included in creditors when:

The income relates to a future accounting period
A sales invoice has been raised ahead of the work being carried out and there is no contractual entitlement to the income until the work has been done
Not all the terms and conditions of the grant have been met, including the incurring of expenditure and the grant conditions are such that unspent grant must be refunded

Expenditure and irrecoverable VAT

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Expenditure is classified under the following activity headings:

Costs of raising funds

Charitable activities

including those associated with fundraising activities, managing investments and commercial trading by the subsidiary company.

costs of undertaking the work of the charity.

The charity is registered for VAT and is able to recover some of the input tax charged as it relates to Vatable supplies. Costs are stated net of the recoverable amount of VAT, where VAT has been charged

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OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES (continued)

Allocation of support costs

Support costs are those functions which assist the work of the charity either by supporting the delivery of charitable activities or by supporting the generation of funds. They include property costs, back office functions, staff costs, depreciation, finance costs and professional fees. The basis of allocations is set out in note 8.

Tangible fixed assets and depreciation

Individual fixed assets costing more than £500 are capitalised at cost and are depreciated over their estimated useful lives on a straight-line basis as set out below.

Depreciation rates are as follows: Long leasehold land and buildings 10% straight line Premises refurbishment 2% on additions pre 31/03/14, 4% on additions thereafter Fixtures, fittings & equipment* 10% and 20%, Computer equipment 25%

*Assets acquired under finance lease are depreciated over the life of the leases, which equates to 5 years on current agreements.

Taxation

The Charity is exempt from corporation tax on its charitable activities.

Fund accounting

General unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Designated unrestricted funds have been designated by the Trustees for particular purposes and are also unrestricted as the Trustees can re-assign those monies if they so desire.

Restricted funds can only be used for certain restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements The charity has only basic financial instruments which are initially recorded at cost, subsequently measured at their settlement value.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries, Octagon Catering Services Limited and Octagon Theatre Productions Ltd, on a line by line basis.

Capital grants

Capital grants received by the charity are accounted for as income in the period in which the charity becomes entitled to receive the income and included within restricted reserves until the conditions of the grant have been fulfilled.

Within the subsidiary companies, Capital grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Capital grants are recognised using the accrual model and the performance model. Under the accrual model, capital grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

The treatment of capital grants received by the subsidiary companies is aligned with that of the charity on consolidation and grants which were received from the charity are eliminated on consolidation.

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OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Judgements and key sources of estimation uncertainty

Judgements are made by Trustees in the process of applying the Charity’s accounting policies. Key judgements are estimating the useful lives of fixed assets, going concern and any bad debt provision. These uncertainties are not thought to pose a significant risk of causing a material adjustment to the carrying amounts and assets within the next financial year.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme for its employees, agreeing the contribution rates with each individual. The contributions are paid to a third party who invests the contributions in a money purchase plan. Contributions are charged to the SoFA as they become payable.

The charity also makes contributions to the actors Equity Pension fund in respect of the relevant qualifying workers. Contributions are charged to the SoFA as they become payable.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, concessionary loans receivable and concessionary loans payable.

Trade debtors and trade creditors are respectively debt instruments and financial liabilities measured at amortised cost. Concessionary loans receivable and concessionary loans payable are respectively debt instruments and financial liabilities measured at amortised cost.

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted	2025 Restricted	Total	Unrestricted	2024 Restricted Total
£ 625,359 145,380 117,920 -	£ - - - -	£ 625,359 145,380 117,920 -	£ 625,359 145,380 117,920 - 888,659 116,302 - - - 116,302 1,004,961 - 1,004,961	£ £ - *625,359* - *145,380* - *117,920* - -
888,659	-	888,659		- *888,659*
95,314 - 1,910 -	- - 9,761 -	95,314 - 11,671 -		- 116,302 - - 98,823 98,823 - -
97,224	9,761	106,985		98,823 *215,125*
985,883 -	9,761 -	995,644 -		98,823 *1,103,784* - -
985,883	9,761	995,644		98,823 *1,103,784*

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted	2025 Restricted	Total	Unrestricted	2024 Restricted	Total
	£ - - -	£ 2,492,625 1,099,988 (1,099,988)	Restated £ 1,709,329 998,153 (998,153) 1,709,329 33,008 33,008 1,742,337 1,339,610 - 294,364 2,100 56,536 16,719 1,709,329 1,301,061 33,008 - 33,008 3,043,398 137,250 60,000 24,985 5,656 227,891 (60,000) 396,666 564,557	£ - - -	Restated £ 1,709,329 998,153 (998,153)
2,492,625	-	2,492,625		-	1,709,329
38,581	111,306	149,887		73,778	106,786
38,581	111,306	149,887		73,778	106,786
2,531,206	111,306	2,642,512		73,778	1,816,115
1,860,490 - 572,399 - 41,677 18,059	- - - - - -	1,860,490 - 572,399 - 41,677 18,059		- - - - - -	1,339,610 - 294,364 2,100 56,536 16,719
2,492,625	-	2,492,625		-	1,709,329
1,306,149	-	1,306,149		-	1,301,061
38,081 500	2,606 108,700	40,687 109,700		- 73,778	33,008 73,778
38,581	111,306	150,387		73,778	106,786
3,837,355	111,306	3,949,161		73,778	3,117,176
	- - - -	49,525 65,000 37,130 6,639		- - - -	137,250 60,000 24,985 5,656
158,294 (65,000) 455,764	- - -	158,294 (65,000) 455,764		- - -	227,891 (60,000) 396,666
549,058	-	549,058		-	564,557

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Octagon Catering Services Limited 2025 2024 £ £ 455,764 396,666 337,912 301,092	Octagon Catering Services Limited 2025 2024 £ £ 455,764 396,666 337,912 301,092	Octagon Theatre Productions Ltd 2025 2024 £ £ 1,099,988 998,153 1,306,149 1,301,061
117,852 98,921	95,574 90,124	(206,161) (302,908) 3,750 2,450
18,931 296	5,450 -	(209,911) (305,358) - -
19,227 -	5,450 -	(209,911) (305,358) 209,911 305,358
19,227	5,450	- -
32,849 (132,861) -	30,340 (149,579) -	511,023 305,358 (510,023) (304,358) - -
(100,012)	(119,239)	1,000 1,000

5 TRADING SUBSIDIARIES

Octagon Catering Services Limited (OCS)

The subsidiary operates the bar and catering services within the theatre. On consolidation the management charge of £65,000 (2024 - £60,000) is eliminated. .

Octagon Theatre Productions Ltd (OTP)

OTP has been formed to undertake the production, running and closure of in house theatrical productions on behalf of the charity. It subcontracts the production work back to the charity, and is eligible to claim theatre tax relief.

OTP's income derives from charity. On consolidation income from the charity of £1,099,988 (2024 - £998,153) is eliminated against theatre production costs and the direct costs of £1,309,899 (2024 - £1,301,061) are eliminated against production subcontractor fees in the charity.

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted	2025 Restricted	Total	Unrestricted	2024 Restricted Total
£ (19,664) 137,051	£ - -	£ (19,664) 137,051	£ - 136,795 136,795 391,216 - (60,000) 468,011	£ £ - - - 136,795
117,387 436,833 19,664 (65,000)	- - - -	117,387 436,833 19,664 (65,000)		- 136,795 - 391,216 - - - (60,000)
508,884	-	508,884		- 468,011

No costs were charged to designated or restricted funds in either year.

7 CHARITABLE EXPENDITURE Theatre and performance Learning and participation Capital project Charged to restricted fund Per charity *Less eliminated on consolidation:* Grant to OCS Ltd Charges from OTP Ltd Per group	4,532,468 343,352 3,313 -	- 113,012 - -	4,532,468 456,364 3,313 -	4,040,584 330,455 - - 4,371,039 - (995,703) 3,375,336	- 4,040,584 58,873 389,328 - - - -
	4,879,133 - (1,096,238)	113,012 - -	4,992,145 - (1,096,238)		58,873 4,429,912 - - - (995,703)
	3,782,895	113,012	3,895,907		58,873 3,434,209

Charges to restricted funds in respect of grants shown in note 2 have been made. Details of the grants are shown in note 17.

Depreciation of £16,926 (2024 - £16,926) and a loss on disposal of fixed assets £nil (2024 - £nil) have been charged to designated funds as shown in note 17.

Expenditure in the charity is analysed as follows:

Expenditure in the charity is analysed as follows: 2024/25 Theatre and performance Learning and participation Capital project 2023/24 Theatre and performance Learning and participation Capital project	Direct costs £ 2,378,331 86,869 2,318	Direct salaries & actors' fees £ 523,456 65,055 995 589,506 233,150 21,833 - 254,983	Support costs Total £ £ 1,630,681 4,532,468 304,440 456,364 - 3,313
	2,467,518		1,935,121 4,992,145
	2,130,981 52,396 -		1,676,453 4,040,584 315,099 389,328 - -
	2,183,377		1,991,552 4,429,912

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8 SUPPORT & GOVERNANCE COSTS

SUPPORT & GOVERNANCE COSTS
Marketing £ 2024/25 Salaries - Marketing costs 158,729 Establishment costs 2,659 Insurance - Legal & professional - Administration costs 10,852 Finance charges 1,956 Staff training and recruitment 1,531 Loss on disposal of fixed assets - Depreciation 849 176,576 Allocation of marketing support costs (176,576) Allocation of governance costs - - 2023/24 *Support costs* Support salaries costs - Marketing costs 144,691 Establishment costs 2,980 Insurance - Legal & professional - Administration costs 11,085 Finance charges 1,642 Staff training and recruitment 3,021 Loss on disposal of fixed assets - Depreciation 1,176 164,595 Allocation of marketing support costs (164,595) Allocation of governance costs - -	Marketing £ - 158,729 2,659 - - 10,852 1,956 1,531 - 849	Governance £ 65,403 - 10,637 - 12,299 2,713 489 383 - -	Costs of raising funds £ 130,807 - 2,659 - - 2,713 489 383 - -	Theatre & Performance £ 915,648 - 186,155 25,099 14,382 86,815 15,647 12,252 - 119,608 1,375,606 167,747 87,328 1,630,681 909,146 - 208,633 26,732 48,555 88,680 13,138 24,166 - 115,975 1,435,025 156,365 85,063 1,676,453	Learning & Total participation 2023 £ £ 196,210 1,308,068 - 158,729 63,825 265,935 8,366 33,465 757 27,438 8,139 111,232 1,467 20,048 1,149 15,698 - - 11,102 131,559
		91,924 - (91,924)	137,051 - -		291,015 2,072,172 8,829 - 4,596 -
	-	-	137,051		304,440 2,072,172
	- 144,691 2,980 - - 11,085 1,642 3,021 - 1,176	64,939 - 11,922 - 8,742 2,771 411 755 - -	129,878 - 2,980 - - 2,771 411 755 - -		194,817 1,298,780 - 144,691 71,531 298,046 8,911 35,643 2,556 59,853 8,314 113,621 1,232 16,834 2,266 30,963 - - 12,765 129,916
		89,540 - (89,540)	136,795 - -		302,392 2,128,347 8,230 - 4,477 -
	-	-	136,795		315,099 2,128,347

Support costs are allocated on the following basis:

Area

Marketing costs Support salaries

Comment

Basis

estimate of usage net of any direct attribution estimate of time spent

Other costs:

Property Irrecoverable VAT (after any direct attribution) All other costs Depreciation

Space

Head count net of any direct attribution estimate of usage/head count estimate of usage

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9 STAFF INFORMATION a Employees Salaries and wages Pension costs Employer's NI contributions Staff costs for the Trading subsidiary included above	2025 £ 1,430,087 37,760 119,335 1,587,182 204,366	2024 £ 1,351,532 37,426 118,451
		1,507,409
		181,496

Employees earning more than £60,000pa (excluding employer's nic and pension contributions):

£60,000 - £70,000	2025 2024 number number 1 1

The key management of the charity comprise the trustees and senior staff (as set out on page1) and the key management of the group are the same people plus a catering manager. The trustees do not receive any remuneration for their services The total employee benefits of other key management were as follows:

Charity Group b Actors and stage managers Fees Pension contributions (Equity)	2025 £ 386,436 386,436 2025 £ 514,758 - 514,758	2024 £ 386,436
		386,436
		2024 £ 227,851 -
		227,851

c Group average staff numbers

The average number of employees, excluding the actors and stage manager referred to above, was as follows:-

2025 Average number Employees 94 94 10 NET INCOME/(EXPENDITURE) BEFORE TRANSFERS (for the Group) This is stated after charging/(crediting): Auditors remuneration:- Audit fees Accountancy fees Finance lease charges Depreciation of fixed assets Trustees remuneration Trustees expenses	2025 Average number 94	2025 Average FTE number 63 63 2025 £ 19,950 1,863 - 134,948 - -	2024 2024 Average average FTE number number 81 53
	94		81 53
			2024 £ 19,950 (2,601) 132,115 - -

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11 TANGIBLE FIXED ASSETS

GROUP Cost or valuation As at April 1 2024 Additions Disposals As at 31 March 2025 Depreciation As at April 1 2024 Charge for the year Disposals As at 31 March 2025 Net Book Value As at 31 March 2025 As at 31 March 2024 COMPANY Cost or valuation As at April 1 2024 Additions Disposals As at 31 March 2025 Depreciation As at April 1 2024 Charge for the year Disposals As at 31 March 2025 Net Book Value As at 31 March 2025 As at 31 March 2024	Leasehold Property £ 597,435 - -	Fixtures & Fittings £ 719,899 66,698 - 786,597 327,385 65,490 - 392,875 393,722 392,514 709,304 65,663 - 774,967 323,930 62,100 - 386,030 388,937 385,374	Computer Equipment Total £ £ 84,602 1,401,936 - 66,698 - -
	597,435		84,602 1,468,634
	174,254 58,085 -		60,269 561,908 11,373 134,948 - -
	232,339		71,642 696,856
	365,096		12,960 771,778
	423,181		24,333 840,028
	597,435 - -		84,602 1,391,341 - 65,663 - -
	597,435		84,602 1,457,004
	174,254 58,085 -		60,269 558,453 11,373 131,558 - -
	232,339		71,642 690,011
	365,096		12,960 766,993
	423,181		24,333 832,888

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12 FIXED ASSET INVESTMENTS

The charity has owns 100% of the issued share capital of the following companies:

Name Company no. Octagon Catering Services Limited 2095489 Octagon Theatre Productions Ltd 9260244	Investment Activity 2025 2024 £ £ 100 100 Catering & bar services 1,000 1,000 Theatre productions 1,100 1,100

13 STOCKS Stock of goods for resale 14 DEBTORS Trade debtors Grants and income receivable Octagon Catering Services Ltd Inter company provision re OCS Octagon Theatre Productions Ltd VAT refundable Other debtors Theatre Tax Credit receivable Prepayments 15 CREDITORS falling due within one year Trade creditors Other taxes and social security Accruals Other creditors Bolton Council re lease premium Income and grants in advance	GROUP 2025 £ 11,739	GROUP 2024 £ 12,557 40,921 - - - - - - 305,358 636,274 982,553 80,977 34,747 355,737 25,414 42,655 566,678 1,106,208	COMPANY COMPANY 2025 2024 £ £ - -
	152,808 117,920 - - - - - 515,269 298,534		152,808 40,598 117,920 - 92,457 113,956 (92,457) (112,221) 510,519 303,018 - - - - - - 296,887 634,614
	1,084,531		1,078,134 979,965
	58,532 34,575 293,082 222,918 42,655 390,778		52,848 76,543 16,850 18,285 273,803 341,140 221,552 23,943 42,655 42,655 390,778 566,678
	1,042,540		998,486 1,069,244

All income and grants in advance brought forward are released in the subsequent year.

16 CREDITORS falling due within more than one year Bolton Council re lease premium	213,495	255,924 255,924	213,495 255,924
	213,495		213,495 255,924

The balance of the lease premium is payable in seven equal annual instalments commencing in April 2023. No interest is payable

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17 STATEMENT OF FUNDS

2023/24 TTR & 01/04/2023 Income Expenditure Transfers £ £ £ £ 1,041,777 3,360,048 (3,826,421) 362,751 955,864 - (16,926) -	c/f and b/f 31/03/2024 01/04/2024 £ *938,155* *938,938*	Income £ 4,126,083 -	2024/25 TTR & Expenditure Transfers 31/03/2025 £ £ £ (4,291,779) 331,579 1,104,038 - (65,895) 873,043
1,997,641 3,360,048 (3,843,347) 362,751	*1,877,093*	4,126,083	(4,291,779) 265,684 1,977,081
123,106 172,601 (58,873) (57,393)	*179,441*	121,067	(113,012) (55,773) 131,723
2,120,747 3,532,649 (3,902,220) 305,358	*2,056,534*	4,247,150	(4,404,791) 209,911 2,108,804

*d non-charitable:* minated on consolidation			2025 2024 £ £ 1,984,636 1,884,211 92,457 112,121 131,723 179,441 2,208,816 2,175,773 (100,012) (119,239) 2,108,804 2,056,534

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17 STATEMENT OF FUNDS (continued)

2023/24 TTR & 01/04/2023 Income Expenditure Transfers £ £ £ £ 1,054,345 4,324,443 (4,490,908) 57,393	c/f and b/f 31/03/2024 01/04/2024 £ *945,273*	2024/25 TTR & Income Expenditure Transfers 31/03/2025 £ £ £ £ 5,041,172 (4,996,520) 121,668 1,111,593
849,814 - (16,926) - 30,000 - - - - - - - - - - 76,050 - - -	*832,888* *30,000* - - *76,050*	- - (65,895) 766,993 - - - 30,000 - - - - - - - - - - - 76,050
955,864 - (16,926) -	*938,938*	- - (65,895) 873,043
2,010,209 4,324,443 (4,507,834) 57,393	*1,884,211*	5,041,172 (4,996,520) 55,773 1,984,636
- 98,823 - (49,800)	*49,023*	9,761 - (49,023) 9,761
- 98,823 - (49,800)	*49,023*	9,761 - (49,023) 9,761
- - - - 123,106 73,778 (58,873) (7,593)	- *130,418*	- - - - 111,306 (113,012) (6,750) 121,962
123,106 73,778 (58,873) (7,593)	*130,418*	111,306 (113,012) (6,750) 121,962
123,106 172,601 (58,873) (57,393)	*179,441*	121,067 (113,012) (55,773) 131,723
2,133,315 4,497,044 (4,566,707) -	*2,063,652*	5,162,239 (5,109,532) - 2,116,359


2023/24 TTR & 01/04/2023 Income Expenditure Transfers £ £ £ £ 102,288 10,000 (45,138) - 9,644 53,104 (6,230) - 3,844 50 (2,531) (1,363) - - - - 7,330 3,874 (4,974) (6,230) - - - - - 6,750 - - - - - - - - - -	c/f and b/f 31/03/2024 01/04/2024 £ *67,150* *56,518* - - - - *6,750* - -	2024/25 TTR & Income Expenditure Transfers 31/03/2025 £ £ £ £ 33,671 (48,048) - 52,773 - (22,152) - 34,366 - - - - - - - - - - - - - - - - - - (6,750) - 50,000 (36,076) - 13,924 25,135 (5,639) - 19,496 2,500 (1,097) - 1,403 - - - - - - - -
123,106 73,778 (58,873) (7,593)	*130,418*	111,306 (113,012) (6,750) 121,962

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17 STATEMENT OF FUNDS (continued)

Transfers 2024/25

Transfers have been made during the year in respect of

General fund Designated - invested in Fixed assets Designated - workshop removal Designated - capital project Designated - capital reserve Designated - capital replacement ACE CRF1 Learning and participation Capital Project Grants & donations	Rebuild Reserves £ - - - - - - - - -	Investment in fixed assets £ 49,023 - - - - - - - (49,023) -	New Designations Total £ £ - 49,023 - - - - - - - - - - - - - - - (49,023)
	-		- -

Transfers 2023/24

Transfers have been made duing the year in respect of LED lighting fixed asset additions as below:

General fund Designated - invested in Fixed assets Designated - workshop removal Designated - capital project Designated - capital reserve Designated - capital replacement ACE CRF1 Learning and participation Capital Project Grants & donations	Rebuild Investment New Reserves fixed assets Designations Total £ £ £ £ - 49,800 - 49,800 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (49,800) - (49,800)
	- - - -

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Company fund balances at March 31 2025


*Company fund balances at March 31 2025* are represented by:- Fixed assets Net current assets Creditors due in more than one year	Unrestricted funds General Designated £ £ 1,100 766,993 1,323,988 106,050 (213,495) - 1,111,593 873,043	Restricted Total Funds £ £ - 768,093 131,723 1,561,761 - (213,495)
	1,111,593	131,723 2,116,359

Company fund balances at March 31 2024

are represented by:- Fixed assets Net current assets Creditors due in more than one year	Unrestricted funds General Designated £ £ 1,100 832,888 1,200,097 106,050 (255,924) - 945,273 938,938	Restricted Total Funds £ £ - *833,988* 179,441 *1,485,588* - *(255,924)*
	945,273	179,441 *2,063,652*

Free Reserves: Net current assets	2025 2024 £ £ 1,323,988 1,200,097

19 CONSTITUTION

The Company is limited by guarantee and does not have a share capital. In the event of the Company being wound up the members are committed to contributing £1 each.

20 TAXATION

The company is a registered charity and is entitled to claim annual exemption from UK corporation tax under sections 466 to 477 of the Corporation Tax Act 2010.

21 CAPITAL COMMITMENTS

The company had no capital commitments at the year end (2024 - none).

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) Add back depreciation Deduct interest income shown in investing activities Deduct profit/add back losses on disposals of FA Decrease/(increase) in stock Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash generated from/(used in) operating activities MOVEMENT IN NET DEBT Group at 31/3/24 Cash and cash equivalents £ Cash at bank and in hand 1,583,528 Debt Bolton MBC re lease premium (255,924) Cash and cash equivalents net of debt 1,327,604 Charity Cash and cash equivalents Cash at bank and in hand 1,574,867 Debt Bolton MBC re lease premium (255,924) Cash and cash equivalents net of debt 1,318,943	Group 2025 £ 52,270 134,948 (59,936) - 818 (101,978) (106,097)	Charity 2025 £ 52,707 131,558 (59,640) - - (98,169) (113,187)	Charity 2024 £ (69,663) 129,916 (48,193) - - (283,479) 354,475
	(79,975)	(86,731)	83,056
	cashflows £ (86,737)	other non cash £ -	£ 1,496,791
(255,924)	-	-	(213,495)
1,327,604	(92,754)	-	1,283,296
1,574,867			1,482,113
(255,924)	-	-	(213,495)
1,318,943			1,268,618

23 MOVEMENT IN NET DEBT

There were no acquisitions or disposals of subsidiaries; foreign exchange movements; or market value changes in the period.

24 LEASE COMMITMENTS

a Operating leases

In 2022, the charity entered into a lease with Bolton Council for the theatre. The lease commenced on August 31 2021 and runs until June 2120. There is no rent payable under the lease, but there is a lease premium of £503,762. The initial instalment of the lease premium was paid in 2022 of £240,000 plus VAT and the balance is payable in equal annual instalments commencing August 31 2024 and is provided for in these accounts. A condition of the lease was the granting of the charge in favour of ACE referred to in note 26.

On 28 October 2024, the company entered into a 15 year lease for storage premises in the amount of £49,999 per annum. The company is able to terminate the lease by giving not less than six months notice on break dates of 28 October 2029, 2032, 2035 and 2038. The minimum operating lease commitment at the year end is £224,995 (2024 £Nil).

b Finance leases

The charity and group had no obligations under finance leases in either this or the preceding year.

Docusign Envelope ID: 5A26F8DA-73CF-4367-96A4-887C6FA8101B

OCTAGON THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25 RELATED PARTY TRANSACTIONS

Details of the grant support from organisations who nominated directors and other organisations with which the charity works closely is shown in the statement of funds note.

Details of the trading between the charity and its subsidiaries is shown in the notes to the SoFA.

There are no other related party transactions that are required to be disclosed.

26 CONTINGENT LIABILITIES

Capital grants

In previous years the charity has received funding from Arts Council England (ACE) for the redevelopment of the theatre from ACE National Lottery funding and jointly from ACE and Bolton MBC for the improvement of the lighting and sound system. The assets created are subject to ACE normal terms and conditions and property assets cannot be disposed of at any time or equipment within ten years without ACE prior written consent, and any proceeds of sale may be repayable in proportion to the funding received.

These liabilities are not expected to crystallise and therefore the grant, relating to capital items, has been taken to a restricted reserve and related depreciation is being charged against the fund each year. However, as all the other restrictions had been met the grant was released to unrestricted funds in 20/21.

27 CHARGES

The Arts Council England (ACE) was a major funder of the capital works carried out by Bolton Council on the theatre building. In order to safeguard the interests of the funder and to facilitate the granting of the lease by the Council to the Charity, ACE has been given a charge of the leasehold property known as the Octagon Theatre, Howell Croft South Bolton.

2025-03-31-accounts

OCTAGON THEATRE TRUST LIMITED

GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR

OCTAGON THEATRE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

OCTAGON THEATRE TRUST LIMITED CHAIR’S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Chair’s note – Annual Report 2025

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

COMPANY SECRETARY

K B Jones

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

REPORTING FRAMEWORK

OBJECTIVES AND ACTIVITIES

Charitable objects

Activities

Organisational mission, values and goals

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Public benefit

Beneficiaries

Pricing policy

Impact assessment

Contribution of volunteers

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Environmental responsibility

Fundraising

FINANCIAL REVIEW

Overview

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Principal funding sources

Investment policy and review

Risk management

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Going concern

Reserves

FUTURE PLANS

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document

Members of the company

Appointment of Directors and Trustees

Trustee recruitment, induction and training

Organisation

Pay and remuneration for senior staff

Related parties and co-operation with other organisations/charities

OCTAGON THEATRE TRUST LIMITED TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

STATEMENT OF DISCLOSURE TO AUDITORS

SMALL COMPANY PROVISIONS AND APPROVAL

INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2025

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2025

Responsibilities of the trustees

Auditor’s responsibilities for the audit of the financial statements

INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE OCTAGON THEATRE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2025

Use of our report

OCTAGON THEATRE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

CONTINUING OPERATIONS

OCTAGON THEATRE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2025

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

CONTINUING OPERATIONS

OCTAGON THEATRE TRUST LIMITED GROUP BALANCE SHEET AS AT 31 MARCH 2025

FUNDS

OCTAGON THEATRE TRUST LIMITED CHARITY BALANCE SHEET AS AT 31 MARCH 2025

OCTAGON THEATRE TRUST LIMITED GROUP AND CHARITY STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025

1 ACCOUNTING POLICIES

Company information

Basis of preparation

Going Concern

Income recognition

Deferred income