Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
Company registration number: 01113093 Charity number: 266128
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2025
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Chairman's statement | 2 |
| Trustees' report | 3 - 9 |
| Independent auditor's report on the financial statements | 10 - 13 |
| Statement of financial activities | 14 |
| Balance sheet | 15 - 16 |
| Statement of cash flows | 17 |
| Notes to the financial statements | 18 - 34 |
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025
| Trustees | Judy Gibbons, Chair of OTTL |
|---|---|
| Feras Al-Chalabi | |
| Carolyn Backhouse | |
| Harriet Varley | |
| Robert Lisney | |
| Victoria Kent | |
| Anita Arora | |
| Corinne Meredith | |
| Lesley Gregory | |
| India Semper-Hughes | |
| Marina Jones | |
| David Marks, Chair of Finance & Risk Committee | |
| Richard Buxton, Chair of Development Board | |
| Indiana Lown-Collins (appointed 3 October 2024) | |
| Company registered | |
| number | 01113093 |
| Charity registered number | 266128 |
| Registered office and | 1 Clarence Street |
| Principal office | Richmond |
| Surrey | |
| TW9 2SA | |
| Company secretary | Hanna Streeter (resigned 18 June 2025) |
| Julie Weston (appointed 18 June 2025) | |
| Independent auditor | Menzies LLP |
| Chartered Accountants | |
| Magna House | |
| 18-32 London Road | |
| Staines-Upon-Thames | |
| TW18 4BP | |
| Banker | Royal Bank of Scotland PLC |
| Richmond | |
| Surrey | |
| TW9 1DF | |
| Solicitor | Harbottle & Lewis |
| Hanover House | |
| 14 Hanover Square | |
| London | |
| W1R 0BE |
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2025
CHAIR'S INTRODUCTION
July 2024 - June 2025 was a year of exceptional success for the Orange Tree Theatre.
In January 2025, the OT was honoured as the UK's Theatre of the Year at the annual Stage Awards, with Artistic and Executive Directors Tom Littler and Hanna Streeter named in the Stage 100. Judges praised the OT's visionary leadership, financial resilience, community work and top-quality work on stage.
The year featured work of exceptional artistic excellence: Lucas Hnath's Red Speedo, David Edgar's Here in America, Rajiv Joseph's Guards at the Taj, William Shakespeare's Twelfth Night, Hannah Khalil's Treasure Island, Howard Brenton's Churchill in Moscow, April De Angelis' Playhouse Creatures, Mark Ravenhill's Ben and Imo, and Terence Rattigan's In Praise of Love. Twelfth Night became the best-selling show in OT history, with Churchill in Moscow becoming the best- selling new play in a year that saw box office records tumbling and four- and five-star reviews across the board. It was also a year of continued investment in the artistic talent of tomorrow, and our Carne Associate Director, Natasha Rickman, was appointed to become Creative Director of the Mercury Theatre Colchester.
Meanwhile, our community, education and participatory programmes went from strength to strength, with record numbers of participants and strong audiences for our schools' projects.
Fundraising has exceeded its targets, both for revenue funding and for our transformational capital project which is due to begin work in 2026.
Staffing has remained strong. Hanna Streeter, Executive Director for six years, departed to take up a new position as head of Theatre Royal Stratford East, and her successor Julie Weston took the reins at the start of the new financial year. Tom Littler continued in his role as Artistic Director and Joint CEO.
I am delighted to report that the OT goes from strength to strength and is in buoyant organisational, financial and creative health.
Judy Gibbons Chair of Trustees Date: 04-Mar-2026
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025
The Directors, who act as trustees for the purposes of charity law, have pleasure in presenting their report together with the audited financial statements for the year ended 30 June 2025.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Orange Tree Theatre Limited (the Charity) is a registered charity governed by its Articles of Association and a company limited by guarantee. It is headed by the Board of Directors, to which the Executive Team of Artistic Director (Joint CEO) and the Executive Director (Joint CEO) of the Orange Tree Theatre report. During 2024/25 there were two sub-committees of the Board; the Finance & Risk Committee (FRC) and the Capital Redevelopment Committee, both consisting of certain Board members and members of the Executive Team. Both these committees have delegated powers from the main Board. There were also two advisory sub committees; the Diversity and Inclusion Committee and the Development (Fundraising) Board.
The company’s registration number is 1113093 and its registered charity number is 266128. The registered office is 1 Clarence Street, Richmond, Surrey, TW9 2SA. A separate charitable limited company, the New Orange Tree Theatre Trust, owns the freeholds of the theatre and 47 Kew Road (its rehearsal space and workshop), both of which are currently leased to be used by the Charity.
The role of the Board of Directors is to oversee the direction and activities of the Charity, including its policies and procedures, to ensure that they are in accordance with its charitable objects. The Board oversees the strategic direction of the Charity, although the strategy is proposed by and implementation is achieved through the Artistic Director and Joint CEO, Tom Littler, and the Executive Director and Joint CEO. The latter role was held by Hanna Streeter until 3 July 2025 after which she was replaced by Julie Weston.
The Board continues to meet at least quarterly. The Board approves the annual budget after it has been examined in detail and approved by the Finance & Risk Committee. Heads of Departments manage their own budgets under the supervision of the Artistic Director/Joint CEO and Executive Director/Joint CEO. The Board receives reports from the Executive Team to enable them to measure the Charity’s performance against budgets and targets for the year. The FRC is chaired by David Marks with members being Judy Gibbons, Feras Al-Chalabi, Robert Lisney and Victoria Kent. The Committee meets quarterly ahead of the Board meeting.
The Board has given due consideration to the Charity Commission’s published guidance on the operation of the public benefit requirements. The Directors of the Orange Tree Theatre Limited gave their time freely and received no emoluments during the year. None of the Directors were reimbursed any expenses (see Note 11).
The Capital Redevelopment Committee oversees the capital redevelopment project which will transform the OT’s front of house spaces to make it accessible, welcoming and community facing. During the latter fundraising period, meetings were held monthly to move the project forward. Members include Harriet Varley (Chair), Robert Lisney, Judy Gibbons, Marina Jones, Indiana Lown-Collins, the Executive Team and the Development Director. In June 2025, as the fundraised income reached 75% of the overall expected total cost of the project, the Board gave the go-ahead to the project moving forward to tender.
The Diversity and Inclusion Sub-committee of the Board, chaired by India Semper-Hughes, meet at least quarterly with the mission to entrench a culture of inclusivity and create a safe environment that respects the dignity of all individuals.
The Development (Fundraising) Board continued to meet quarterly with Richard Buxton as Chair and includes Trustees Judy Gibbons and Harriet Varley, as well as external members. This Board exists to cultivate and generate philanthropic funds. In addition to the internal Development Department, we continued to buy-in expertise from Achates and Compton fundraising agencies to support fundraising for the capital project.
The Development team keeps abreast of and complies with all current fundraising and data protection legislation and ensures all future requirements are adopted and adhered to, including policies on protecting vulnerable people. No instances of noncompliance have been identified during the year. The Orange Tree is registered with the Fundraising Regulator and adheres to its code of fundraising practice. No complaints have been received in relation to its fundraising activity this year. Should any complaints be received, we will respond individually and in a timely manner. We will use feedback and complaints to inform and influence our approach to fundraising. We aim to conduct our fundraising activities with integrity, openness and accountability.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
The Orange Tree does not use professional third parties or commercial participators to fundraise on our behalf. We do not run telephone campaigns and are sensitive in our approach to legacies.
The majority of Trustees are appointed through open recruitment processes. The exception is for the Artistic Trustees, who are nominated by the Associate Artists and their appointments agreed by the Board of Trustees. One third of the Board (currently four Trustees) are recruited from a pool of Associate Artists at any one time. During 2024/25 they were Indiana Lown-Collins, Carolyn Backhouse, India Semper-Hughes and Corinne Meredith.
Trustees receive an induction on appointment, which includes information about their roles and responsibilities, the governing document, and the charity’s activities. Ongoing training is provided as required to ensure trustees have the appropriate skills and knowledge to fulfil their duties effectively
In July 2025, after six years at the OT, Executive Director & Joint CEO Hanna Streeter left us to become Executive Director & Joint CEO of Theatre Royal Stratford East. Hanna was a transformative force at the Orange Tree Theatre. She demonstrated exceptional leadership, navigating challenges and opportunities with unwavering determination, strategic insight, and a deep passion for theatre. Her tenure was marked by significant achievements, including strengthening the theatre’s financial and strategic foundations and laying the groundwork for our ambitious capital project, which will transform the Orange Tree for future generations. The Trustees extend our heartfelt gratitude to Hanna for her very significant contributions. We were delighted to welcome Julie Weston as Hanna’s successor. Julie was already with us, working as Hanna’s deputy and was selected following a rigorous and competitive recruitment process, led by our Chair Judy Gibbons and advised by Kathy Bourne, CEO of Chichester Festival Theatre.
ACTIVITIES, OBJECTIVES AND PUBLIC BENEFIT
The principal activity of the Charity is the operation of the Orange Tree Theatre (OT).
The charitable objects of the OT are principally to promote, maintain, improve, and advance education, particularly by the production of educational plays and the encouragement of the arts.
As outlined below under Achievement and Performance, the Directors are satisfied that these objects continue to be met and satisfy the public benefit test.
DESCRIPTION OF THE ACTIVITIES UNDERTAKEN FOR PUBLIC BENEFIT
ACHIEVEMENTS AND PERFORMANCE
Orange Tree Theatre demonstrates its public benefit through four key activities:
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The production of a range of plays designed to promote and advance encouragement of the arts
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The development of new artists to improve and advance education of the arts
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The design and delivery of a range of programmes with and for the community in Richmond
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The design and delivery of workshops and productions for local schools
Below is a detailed description of those activities during 2024/25:
Production of Plays
The 2024/25 season demonstrated the Orange Tree’s commitment to showcasing new work, contemporary drama and reinterpretation/revival of classic plays, underscoring OT’s missions to pair original storytelling alongside classical works, using fresh perspectives to increase the relevancy and reach of plays both old and new. There was a focus on young actors and emerging talent, diversity of styles and themes, and engagement with historical and contemporary issues.
Red Speedo by Lucas Hnath opened the season. This production, a co-production with David Adkin and directed by Matthew Dunster starred Finn Cole in his stage debut and marked the UK premiere of the play. This contemporary thriller, also introducing Parker Lapaine in her stage debut, about ambition and the moral compromises in elite sport was staged alongside the Paris Olympics and an ongoing debate about doping issues in competitive swimming.
Here in America was a world premiere written by David Edgar which explored current issues through a historical lens, imagining a confrontation between Arthur Miller and Elia Kazan during the anti-communist purges in 1950’s America.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Directed by James Dacre, Michael Aloni made his UK stage debut and Faye Castelow won an Offie for her performance.
Guards at the Taj by Rajiv Joseph, was directed by JMK Young Directors’ award winner, Adam Karim and introduced a new and diverse audience to the Orange Tree. A play about two imperial guards in 1848 Agra (played brilliantly by Usaamah Ibraheem Hussain and Maanuv Thiara) tasked with guarding the newly completed Taj Mahal, it explored themes of friendship, betrayal, power and the consequences of beauty. Xana won an Offie for the atmospheric and haunting sound design. To support this production, we included an alcohol-free performance and made a prayer space available onsite for the duration of the run.
Winter 2024 saw Tom Littler’s Offie award winning production of Shakespeare’s Twelfth Night elegantly transported to post WWII with a grand piano dominating the set. The casting was a cross generational mix of veteran actors and OT regulars, including Oliver Ford Davis, Jane Asher and Clive Francis, with new and younger actors, including Patricia Allison and Tyler Jo Richardson, making his professional debut. Described as a classy, musical and seasonal feast, the production received 4 and 5 star reviews across the board.
Churchill in Moscow by Howard Brenton, again directed by Tom Littler, was another world premiere and the theatre’s fastest sell-out. The play, starring Roger Allam, imagined a meeting between Winston Churchill and Joseph Stalin in 1942 Moscow and was a study of power, paranoia and realpolitik. It drew comparisons from critics about the depiction of wartime diplomacy and tensions in modern global politics and how alliances across political divides are built on moral compromises.
Spring 2025 saw a revival of April de Angelis’s Playhouse Creatures directed by Michael Oakley. The play explored gender and social constraints through the lens of the 1660s when women were first allowed to perform on the stage in public theatres. The harsh realities of ageism, objectification and exploitation for those women were brilliantly brought to life by an all-female cast led by Anna Chancellor. The play was a co-production with Jonathan Church productions and toured to the Yvonne Arnaud Theatre, Guildford, and Theatre Royal Bath after the Orange Tree run.
Ben and Imo by Mark Ravenhill transferred to the Orange Tree following its premiere at the RSC the previous year. Directed by Erica Whyman, and featuring the original cast of Samuel Barnett and Victoria Yeates, the play centres on the complex partnership between composer Benjamin Britten and musician/composer Imogen Holst. Touching on themes of commercial versus public funding of art, gendered power dynamics in creative collaborations, and the cost of genius, the play was widely praised for the performances and the staging.
The last production of the season was In Praise of Love, a late and not often performed play by Terence Rattigan, directed by Amelia Sears with a cast led by Claire Price. The play examines a marriage and family under strain, layered with secrets, and unspoken truths. In a post-war context rooted in displacement and trauma, the play resonates with present-day themes of refugees and exile.
Alongside the main-house productions above, the theatre continued its very popular series of lunchtime plays, which are script in hand readings, with minimal rehearsal and usually featuring new or little-known plays. During 24-25, these included plays by Nisha Abdulla, Sam Woof, Athol Fugard, Josh Azouz, Caridad Svitch and Tennessee Williams. This programme offers audiences a wider choice of plays and allows the OT to invest in the next generation of writers and directors.
This year saw a radical increase in our first time bookers and under 30 audience members, In the 2023/24 season, under 30s made up 9.9% of our audience. This year, that figure has doubled to 19.8%. Many of our productions have sold out, seeing record numbers of sales, and a swathe of awards, including at the Offies, and most notably, winning Theatre of the Year at the Stage Awards in early 2025.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Development of New and Emerging Artists
The Orange Tree continued to invest in new talent during 24/25.
We once again collaborated with LAMDA to produce the Greenhouse Festival in summer 2024 with the staging of 7 plays directed and performed by students at the Orange Tree Theatre. This project represents the core of our shared commitment to nurturing new talent in the theatre industry, through which emerging directors gain hands-on experience, working closely with seasoned professionals.
The new members of the Writers’ Collective were introduced in 2025 as Hassan Abdulrazzak, Azan Ahmed, Martha Watson Allpress, Catherine Dyson, Lucy Phelps, and Ben Weatherill. This initiative brings together a group of mid-career playwrights to spend a year at the Orange Tree to share practice, develop new ideas, and become engaged in the work of their theatre throughout the year. The programme offers professional development and a peer support network to help writers at a similar stage grow, connect, and thrive, through monthly masterclasses with industry professionals, dramaturgical support for developing new work, and access to the Orange Tree’s facilities. The programme also includes a £1,000 bursary and culminates in a showcase of participants’ work in the main auditorium for industry guests and the public. For the first time, the cohort includes a translator in association with the British Centre for Literary Translation.
The OT Artists’ Network, aimed at professional theatre creatives, continued to thrive with regular talks and events to enable networking and shared practices. Guests during the year included Ian Rickson, Nicola T Chang, Daniel Bailey, Shane Dempsey, Rory Mullarkey, Maimuna Memon and our own Tom Littler, amongst others. Our Carne Associate Director Natasha Rickman led most of this work and was mentored by Tom Littler. She was appointed as Creative Director of the Mercury Theatre Colchester in autumn 2024 and was succeeded by Georgia Green in January 2025. We also host and mentor a Resident Assistant Director studying on the Birkbeck Theatre Directing MFA each year.
Community Programmes
The Orange Tree is not just a producing theatre; it is a community hub offering creative opportunities for people of all ages. Our community groups are an opportunity to explore, create, meet new people and learn new skills. To enable access to as wide a group of people of possible, we gave16 bursaries to younger and older people throughout the year.
We ran weekly groups for 6–11 year olds, 12–14 year olds and for adults over the age of 55. All of these groups have maintained high class sizes and retention rates.
We also ran a 14-18 youth theatre for young people interested in performing and theatre-making to have fun, be creatively challenged and collaborate with like-minded people. This ran from November 2024 to May 2025, participating in the NT’s Connections festival, and culminated in a sell-out performance of NO REGRETS by Gary McNair at the Orange Tree Theatre and then at the Lyric Theatre Hammersmith. A parent of one of the participants said "I picked her up after the audition and it was like she was a different person as she was so nervous about going! Her confidence grew just from that morning and with bullying at her first school and having to move secondary, I can’t thank you and your team enough for that”.
Further demonstration of our commitment to nurturing young performers, our Young Company was an ensemble of 18 to 25 year olds beginning or furthering their skillset in the performing arts. It gave participants a chance to work at a professional level in a training environment: working with full creative/production teams, rehearsing, performing, gaining real-world theatre experience while still in a supportive and developmental setting. The programme ran throughout the year culminating in a week-long performance of Treasure Island in December 2024, directed by the 2024 Carne Associate Director, Natasha Rickman. The play was adapted by Hannah Khalil, another example of our commitment to new writing.
Work with Schools
During 2024/25, we continued our work introducing thousands of school children to Shakespeare through our two main programmes, Shakespeare Up Close and Primary Shakespeare. For many people, these programmes will be their first exposure to the work of Shakespeare and their first theatre visit. By involving children and teenagers from a young age, OT helps nurture future generations of theatre-goers, potentially helping diversify and strengthen the audience base for live theatre in the long run.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
We co-produced Shakespeare Up Close again in Autumn 2024 with Guildford Shakespeare Company with a team of 4 actors bringing Macbeth and Romeo and Juliet to life for 7,433 secondary school age pupils at 11 schools.
Our Community Director, Francesca Ellis, directed Julius Caesar in the summer 2025, again with 4 actors who delivered workshops in local primary schools to engage pupils in the story and enable them to participate, not just in the workshops, but in a production at the Orange Tree theatre which those pupils come and see. This Primary Shakespeare project reached 2,363 pupils from 30 schools. Some feedback was "One of the best workshops we have had. Actor was inspirational and motivating, knew his subject well and brought it alive for the children. Pupils were fully engaged and got a lot out of the session."
During June 2025, we facilitated a week-long work experience for 80 teenagers, mostly from local state schools, who benefited from masterclasses hosted by Orange Tree staff, including producing, technical, fundraising and marketing. This was a 300% increase in participants from the previous year, demonstrating the importance of the offer to help widen access to the creative industries.
CAPITAL PROJECT
In addition to the creative work at the Orange Tree, the fundraising work continued for the planned capital project, OT: Open to Everyone, which will transform our theatre to enhance accessibility, comfort, and sustainability, to ensure that everyone can feel at home here. By June 2025, we had reached 75% of the £4.5m target which enabled the Board to formally approve the project, which is now set to start in the Spring of 2026. Huge thanks are due to all the donors who have made donations and pledges towards the project.
FUTURE DEVELOPMENTS
We have announced productions through until the Autumn of 2026. For the first time, in 2026 the Orange Tree will take productions outside the building, with two Shakespeare plays in the grounds of Thomas’s College in August, and Murder in the Cathedral, starring David Suchet, in the Autumn.
In the spring of 2026, we will break ground on the capital project. Following the tender in December 2025, we will appoint contractors at the start of the new year. We intend to keep the theatre open throughout the expected 10 month construction period with temporary toilets, bar and dressing rooms. Some offices will also be out of action for a while.
FINANCIAL REVIEW
The financial result for the period is set out on page 14. There was net income of £1,568,165 for the year (2024: net income of £920,523). This is a growth of over 70% in net income, which can largely be explained by the donations for the OT Open to Everyone project. We had a record-breaking year at the box office and a high level of donations, both to the charitable objectives of the theatre, and the capital project. We had a big increase in the number of members and patrons to support the theatre and to make sure of tickets for in-demand productions. For our capital project, in addition to individual donors, we secured money from the Backstage Trust, Garfield Weston Foundation, Hayburn Trust and the Richmond Society. We were also one of the beneficiaries of the 2025 Richmond May Ball.
Our costs remained on budget, other than staff costs which increased due to the changes in minimum wages and National Insurance contributions.
Total Funds at 30 June 2025 were £3,985,905 (2024: £2,417,740) Because of the larger than planned surplus, the Board agreed to designate an additional £110k to the capital project.
GOING CONCERN
The theatre has continued to experience significant growth in the past year. As we move forward with years 3-5 of the plan, we are planning for lower surpluses. Box office income, because of the capacity of the theatre, is restricted and will not grow much more in future years.
Cautious projections have been drafted and contingencies are factored in. The charity had a cumulative surplus of unrestricted general reserves of £746,628 at 30 June 2025 (2024: £594,396). This is within the target of at least 3 - 6 months’ operating costs. Given the total of the unrestricted reserves and following a review of a budget and cashflow forecast to 30 June 2025, the Directors consider the Charity to be a going concern for at least 12 months following approval of these accounts.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
DIRECTORS
The Directors who held office during the year were as follows: Judy Gibbons (Chair of OTTL), Carolyn Backhouse, India Semper-Hughes (Chair of Diversity and Inclusion Committee), Harriet Varley (Chair of Capital Redevelopment Committee), Robert Lisney, Victoria Kent, Anita Arora, Corinne Meredith, Lesley Gregory, Feras Al-Chalabi, David Marks (Chair of Finance & Risk Committee), Richard Buxton (Chair of Development Board), Marina Jones and Indiana Lown-Collins (appointed December 2024).
The Directors also perform the duties of charity trustees and all appointments require the approval of the Board of Directors. The current number of Directors is 14.
SALARIES
Staff salaries are considered annually as part of the budgeting process. Consideration is given to the rate of inflation, benchmarking within the sector, and the overall financial position of the Orange Tree theatre. The salaries of the Artistic Director and the Executive Director are reviewed by the Board annually.
RESERVES POLICY AND RISK MANAGEMENT
The Directors consider that the funds received each year should be fully utilised to meet the objectives of the theatre as stated above. However, the Directors also consider that it is desirable to hold a surplus of unrestricted funds to meet ongoing operational commitments. The current Reserves Policy requires a level equivalent to three to six months’ operating costs, which is included within the general unrestricted funds.
The Directors maintain a Risk Register and review major risks to the Charity on an annual basis to establish systems and procedures to mitigate identified risks. Certain of these reviews concentrate on specific aspects such as budgeting, artistic programme planning, health and safety and human resources. Management accounts are reviewed at every meeting. The Directors remain satisfied that the regular risk assessment reviews ensure that they are able to sufficiently manage the risks to which the charity is exposed. The principal risks noted in the most recent risk assessment are:
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Financial, in particular failure to meet box office or fundraising targets as well as escalating costs.
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Operation, in particular IT system failures or cyber-attack.
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Staffing, in particular the loss of key staff.
All these risks have existing controls and further mitigation actions reviewed by the Board.
BASIS OF PREPARATION
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. These statements comply with current statutory requirements, the requirements of the charity’s governing document and the requirement of the Charities SORP (FRS 102).
ACKNOWLEDGMENTS
The Directors are grateful for the continuing support of those public bodies that provide revenue support for the theatre, and to all those who have contributed to its success over the past year. This includes the Artistic and Executive Directors and staff of the theatre, all our volunteers and supporters, and all those who contribute and help to raise funds at the Orange Tree.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INFORMATION GIVEN TO AUDITOR
Each of the persons who is a Director at the time when this Directors' report is approved has confirmed that so far as that Director is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any information needed by the Charity's auditor in connection with preparing his report and to establish that the charity's auditor is aware of that information.
AUDITOR
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Judy Gibbons Director Date: 04-Mar-2026
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED
Opinion
We have audited the financial statements of Orange Tree Theatre Limited (the 'charitable company') for the year ended 30 June 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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:
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give a true and fair view of the state of the charitable company's affairs as at 30 June 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED (CONTINUED)
Opinion 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.
-
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 our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Trustees' remuneration specified by law are not made; or
-
we have not received all the 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 Trustees' report and from the requirement to prepare a Strategic report.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED (CONTINUED)
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including the Companies Act 2006, Charities Act 2011, Safeguarding Vulnerable Groups Act 2006, The Equality Act 2010, Employment and Health and Safety legislation, GDPR and the UK Code of Fundraising Practice. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the charitable company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: fictitious employees, fictitious suppliers, the posting of unusual journals and complex transactions and the use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
Audit procedures performed by the engagement team included:
identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
challenging assumptions and judgements made by management in its significant accounts estimates; identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
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.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED (CONTINUED)
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. Our audit work has been undertaken so that we might state to the charitable company's members 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Janice Matthews FCA (Senior statutory auditor)
for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP 05-Mar-2026 Date:
Page 13
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025
| Income and Note endowments from: Donations and legacies: 3 Capital project OT: Open To Everyone Other donations and legacies Charitable activities Other trading activities 4 Investments Other income 5 Total income and endowments Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net income/(expenditure) Transfers between funds 17 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted general funds 2025 £ 2,792,175 393,272 (241,000) 152,272 594,356 152,272 746,628 - 531,642 2,192,395 37,800 19,363 404,247 3,185,447 155,707 2,636,468 |
Unrestricted designated funds 2025 £ 52,096 (52,096) 241,000 188,904 1,622,384 188,904 1,811,288 - - - - - - - 18,466 33,630 |
Restricted funds 2025 £ 217,882 1,226,989 - 1,226,989 201,000 1,226,989 1,427,989 1,228,839 216,032 - - - - 1,444,871 - 217,882 |
Total funds 2025 £ 3,062,153 1,568,165 - 1,568,165 2,417,740 1,568,165 3,985,905 1,228,839 747,674 2,192,395 37,800 19,363 404,247 4,630,318 174,173 2,887,980 |
Total funds 2024 £ 2,409,172 920,523 - 920,523 1,497,217 920,523 2,417,740 201,000 866,108 1,772,980 43,859 11,110 434,638 3,329,695 132,177 2,276,995 |
|---|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 18 to 34 form part of these financial statements.
Page 14
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01113093
BALANCE SHEET AS AT 30 JUNE 2025
| Note Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Investments 15 Cash and cash equivalents 20 Current liabilities Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Designated funds: Designated funds cash 17 Designated funds assets 17 Designated funds 17 Unrestricted general funds 17 Total funds |
6,899 961,176 1,267,700 1,897,969 4,133,744 (925,081) 1,191,815 619,473 |
2025 £ 777,242 777,242 3,208,663 3,985,905 3,985,905 1,427,989 1,811,288 746,628 3,985,905 |
3,935 981,111 - 1,066,866 2,051,912 (443,577) 969,281 653,103 |
2024 £ 809,405 |
|---|---|---|---|---|
| 809,405 1,608,335 |
||||
| 2,417,740 | ||||
| 2,417,740 | ||||
| 201,000 1,622,384 594,356 |
||||
| 2,417,740 |
Page 15
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Judy Gibbons
04-Mar-2026 Date:
The notes on pages 18 to 34 form part of these financial statements.
Page 16
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of investments Net cash used in investing activities Cash flows from financing activities Repayments of borrowing Payment of interest Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2025 £ 2,092,918 19,363 (13,478) (1,267,700) (1,261,815) - - - 831,103 1,066,866 1,897,969 |
2024 £ 637,561 |
|---|---|---|
| 11,110 (11,867) - (757) |
||
| (100,000) (5,401) (105,401) |
||
| 531,403 535,463 1,066,866 |
The notes on pages 18 to 34 form part of these financial statements
Page 17
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. General information
The Charity is a private company limited by guarantee registered in England and Wales. The members of the company are the Directors named on page 1. In the event of the Charity being wound up, the liability in respect of guarantee is limited to £1 per member of the Charity.
The address of the registered office and principal place of business is 1 Clarence Street, Richmond, Surrey, TW9 2SA.
The company's registration number is 01113093, the charity registration number is 266128.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Orange Tree Theatre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Charity is dependent upon grants, donations and box office receipts to enable it to continue to trade. The projections for the Charity for twelve months from the balance sheet date assume that such income will continue to be forthcoming and indicate that, barring unforeseen circumstances, the Charity will be able to continue trading for the foreseeable future and meets the going concern criteria and the financial statements have therefore been prepared under the going concern basis of accounting.
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants, donations and legacy income
Revenue grants that are unconditional are recognised in the period in which they become receivable. Project specific grants with attached conditions are recognised in the period in which the project to which they relate occurs and matched to the associated expenditure. Donations, income raised from fundraising activities and legacy income are accounted for on the earlier of receipt or when they become receivable, the latter based on reasonable certainty as to entitlement, receipt and measurement.
Fundraising Activities
Fundraising activities include a range of events and club memberships, which are recognised in the period in which they are received.
Investment Income
Investment income is recognised on a receivable basis.
Income from Charitable Activities
Income from theatre admission fees is included in income in the period in which the relevant performance takes place.
Page 18
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Costs are inclusive of any VAT which cannot be recovered.
Cost of raising funds are costs incurred in attracting voluntary income and fundraising activities.
The cost of charitable activities includes those costs incurred in staging performances in the main theatre and for the community and education programmes, as well as the costs of the ancillary theatre activities.
Governance costs include an estimate of the time spent by the Executive Directors on constitutional and statutory requirements and the associated external legal and professional fees.
Support costs include central functions and have been allocated to activity cost categories on proportion to the direct costs incurred for those activities.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Freehold property - 2% Straight line Long-term leasehold property - 2% Straight line Office equipment - 33% Straight line Theatre fittings and equipment - 10% Straight line
2.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 19
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
2. Accounting policies (continued)
2.8 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors, or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 20
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. Income from donations and legacies
| Grants Capital project OT: Open To Everyone Donations and other grants Grants receivable - public funds Fundraising income Total 2025 Total 2024 |
Unrestricted funds 2025 £ - 170,264 541 360,837 531,642 551,186 |
Restricted funds 2025 £ 1,228,839 111,032 105,000 - 1,444,871 515,922 |
Total funds 2025 £ 1,228,839 281,296 105,541 360,837 1,976,513 1,067,108 |
Total funds 2024 £ 201,000 551,478 111,153 203,477 |
|---|---|---|---|---|
| 1,067,108 | ||||
Grants receivable from Public Funds includes grants providing core funds. During the period Orange Tree Theatre Limited received a grant of £105,000 (2024: £105,000) from London Borough of Richmond upon Thames. The purpose of this grant was to contribute towards the theatre's programme of work, access to cultural activities and the provision of educational and participatory programmes.
Of the total amounts received during the period £nil (2024: £nil) has been carried forward to the 2025/2026 financial year to be matched with expenditure during that period as specified by the grant providers.
4. Income from other trading activities
Income from fundraising events
| Fundraising Total 2024 |
Unrestricted funds 2025 £ 37,800 43,859 |
Total funds 2025 £ 37,800 43,859 |
Total funds 2024 £ 43,859 |
|---|---|---|---|
Page 21
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. Other incoming resources
| Other income Theatre tax relief Total 2024 |
Unrestricted funds 2025 £ 1,432 402,815 404,247 434,638 |
Total funds 2025 £ 1,432 402,815 404,247 434,638 |
Total funds 2024 £ 1,300 433,338 |
|---|---|---|---|
| 434,638 | |||
6. Expenditure on raising funds
Costs of raising voluntary income
| Costs of raising voluntary income OT: Open To Everyone (capital project) costs Wages and salaries Support costs Total 2024 |
Unrestricted funds 2025 £ 9,733 - 93,250 52,724 155,707 132,177 |
Designated funds 2025 £ - 18,466 - - 18,466 - |
Total funds 2025 £ 9,733 18,466 93,250 52,724 174,173 132,177 |
Total funds 2024 £ 4,791 - 85,812 41,574 |
|---|---|---|---|---|
| 132,177 | ||||
Page 22
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. Analysis of expenditure on charitable activities
Summary by fund type
| Operating costs OT: Open To Everyone (capital project) costs Total 2024 |
Unrestricted funds 2025 £ 2,636,468 - 2,636,468 1,876,722 |
Designated funds 2025 £ 33,630 - 33,630 43,351 |
Restricted funds 2025 £ 216,032 1,850 217,882 356,922 |
Total 2025 £ 2,886,130 1,850 2,887,980 2,276,995 |
Total 2024 £ 2,276,995 - |
|---|---|---|---|---|---|
| 2,276,995 | |||||
8. Analysis of expenditure by activities
| Operating costs OT: Open To Everyone (capital project) costs Total 2024 |
Activities undertaken directly 2025 £ 2,410,055 1,850 2,411,905 1,782,241 |
Support costs 2025 £ 476,075 - 476,075 494,754 |
Total funds 2025 £ 2,886,130 1,850 2,887,980 2,276,995 |
Total funds 2024 £ 2,276,995 - |
|---|---|---|---|---|
| 2,276,995 | ||||
Page 23
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Depreciation Marketing and publicity Costumes and disposable props Royalties payable and commissions Box office costs Ancillary theatre activities Access costs Workshop costs Consultancy Total 2024 |
Operating costs 2025 £ 1,572,207 45,777 237,896 148,807 150,082 116,013 96,171 37,482 5,620 - 2,410,055 1,782,241 |
OT: Open To Everyone (capital project) costs 2025 £ - - - - - - - - - 1,850 1,850 - |
Total funds 2025 £ 1,572,207 45,777 237,896 148,807 150,082 116,013 96,171 37,482 5,620 1,850 2,411,905 1,782,241 |
Total funds 2024 £ 1,175,827 46,968 164,129 102,128 93,818 93,416 75,091 30,864 - - |
|---|---|---|---|---|
| 1,782,241 | ||||
Analysis of support costs
| Staff costs General office costs Property costs OT: Open To Everyone (capital project) costs Interest paid Governance costs Total 2024 |
Operating costs 2025 £ 99,814 197,076 128,010 - - 51,175 476,075 494,754 |
Total funds 2025 £ 99,814 197,076 128,010 - - 51,175 476,075 494,754 |
Total funds 2024 £ 203,582 100,054 153,194 4,023 5,401 28,500 |
|---|---|---|---|
| 494,754 | |||
Page 24
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
8. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
OT: Open To Everyone (capital project) costs relate to transformation of the front and back of house spaces to make the building accessible and more environmentally sustainable. The project is planned for 2026, and these upfront costs relate to some consultancy fees.
9. Auditor's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's auditor for the audit of the Company's annual | ||
| accounts | 20,000 | 21,460 |
| Fees payable to the Company's auditor in respect of: | ||
| Taxation compliance services | 4,000 | 3,750 |
| Accounts preparation | 3,500 | 3,150 |
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2025 £ 1,690,304 77,281 22,053 1,789,638 |
2024 £ 1,395,354 59,820 28,333 |
|---|---|---|
| 1,483,507 |
The average number of persons employed by the Company during the year was as follows:
| Productions - Full time Productions - Part time Box Office / Front of House - Full time Box Office / Front of House - Part time Administration office - Full time Administration office - Part time |
2025 No. 24 2 3 17 6 1 53 |
2024 No. 28 2 2 28 6 - |
|---|---|---|
| 66 |
Page 25
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. Staff costs (continued)
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2025 | 2024 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | 2 | - |
The remuneration and benefits received by key management personnel totaled £142,894 during the year (2024:£127,587)
Page 26
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 30 June 2025, no Trustee expenses have been incurred (2024 - £NIL) .
12. Tangible fixed assets
| Cost or valuation At 1 July 2024 Additions At 30 June 2025 Depreciation At 1 July 2024 Charge for the year At 30 June 2025 Net book value At 30 June 2025 At 30 June 2024 13. Stocks Finished goods and goods for resale |
Freehold property £ 347,152 - 347,152 199,334 6,944 206,278 140,874 147,818 |
Long-term leasehold property £ 1,327,512 - 1,327,512 715,831 26,550 742,381 585,131 611,681 |
Office equipment £ 42,353 8,353 50,706 33,817 6,521 40,338 10,368 8,536 |
Other fixed assets £ 119,809 5,125 124,934 78,439 5,626 84,065 40,869 41,370 2025 £ 6,899 |
Total £ 1,836,826 13,478 |
|---|---|---|---|---|---|
| 1,850,304 | |||||
| 1,027,421 45,641 |
|||||
| 1,073,062 | |||||
| 777,242 | |||||
| 809,405 | |||||
| 2024 £ 3,935 |
Page 27
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2025 £ 8,885 923,420 28,871 961,176 |
2024 £ 124,483 779,818 76,810 |
|---|---|---|
| 981,111 |
15. Current asset investments
| Short term investments Creditors: Amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals and deferred income Movement in deferred income is as follows:- Deferred income at 1 July 2024 Grants released to income during the year Ticket sales released to income during the year Grants deferred until the following year Ticket sales deferred until the following year |
2025 £ 1,267,700 2025 £ 67,225 37,358 57,798 762,700 925,081 2025 £ 177,544 - (177,544) 20,000 590,869 610,869 |
2024 £ - 2024 £ 37,501 28,973 38,715 338,388 |
|---|---|---|
| 443,577 2024 £ 141,053 (37,446) (103,607) - 177,544 |
||
| 177,544 |
16. Creditors: Amounts falling due within one year
Page 28
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
17. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds LBRUT OT: Open To Everyone (capital project) Other restricted funds Designated funds cash Sustainability Fund - cash Designated Reserve Fund - cash OT: Open To Everyone (capital project) Designated funds assets 47, Kew Road Fund - capitalised expenditure 53, Kew Road Fund - property asset 1 Clarence Street Fund - capitalised expenditure Total Designated funds Total of funds* |
Balance at 1 July 2024 £ 594,356 - 201,000 - 201,000 150,000 319,281 500,000 969,281 258,798 147,818 246,487 653,103 1,622,384 2,417,740 |
Income £ 3,181,512 105,000 1,228,839 111,032 1,444,871 - - - - - - - - - 4,626,383 |
Expenditure £ (2,788,240) (105,000) (1,850) (111,032) |
Transfers in/out £ (241,000) - - - |
Balance at 30 June 2025 £ 746,628 |
|---|---|---|---|---|---|
| - 1,427,989 - |
|||||
| (217,882) | - | 1,427,989 | |||
| - - (18,466) |
- 131,000 110,000 |
150,000 450,281 591,534 |
|||
| (18,466) | 241,000 | 1,191,815 | |||
| (12,600) (6,944) (14,086) |
- - - - 241,000 - |
246,198 140,874 232,401 |
|||
| (33,630) | 619,473 | ||||
| (52,096) | 1,811,288 | ||||
| (3,058,218) | 3,985,905 |
- These assets are property assets all fundamental to fulfilling the charity’s principal objectives.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted Funds LBRUT Writers Collective Carne Associate Director Production Sponsorship Backstage Trust OT Community OT: Open To Everyone (capital project) Other restricted funds Designated funds cash Sustainability Fund - cash Designated Reserve Fund - cash New Artists Fund - cash OT: Open To Everyone (capital project) |
Balance at 1 July 2023 £ 289,482 - 15,000 12,000 15,000 - - - - 42,000 150,000 319,281 9,859 - 479,140 |
Income £ 2,813,773 109,894 - - 60,000 125,000 16,351 201,000 3,677 515,922 - - - - - |
Expenditure £ (2,008,899) (109,894) (15,000) (12,000) (75,000) (125,000) (16,351) - (3,677) (356,922) - - (9,859) - (9,859) |
Transfers in/out £ (500,000) - - - - - - - - - - - - 500,000 500,000 |
Balance at 30 June 2024 £ 594,356 |
|---|---|---|---|---|---|
| - - - - - - 201,000 - |
|||||
| 201,000 | |||||
| 150,000 319,281 - 500,000 969,281 |
Page 30
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
17. Statement of funds (continued)
Designated funds assets
| 47, Kew Road Fund - capitalised expenditure 53, Kew Road Fund - property asset 1 Clarence Street Fund - capitalised expenditure Total Designated funds Total of funds* |
271,398 154,762 260,435 686,595 1,165,735 1,497,217 |
- - - - - 3,329,695 |
(12,600) (6,944) (13,948) |
- - - - 500,000 - |
258,798 147,818 246,487 |
|---|---|---|---|---|---|
| (33,492) | 653,103 | ||||
| (43,351) | 1,622,384 | ||||
| (2,409,172) | 2,417,740 |
47 & 53 Kew Road and 1 Clarence Street Funds - Assets
These funds represent monies invested in improvements and the fitting out of 47 and 53 Kew Road and 1 Clarence Street. The Directors consider that it is essential that these assets are preserved and as a consequence these funds were established representing the monies invested in the buildings. A transfer from the funds is made each year to represent the depreciation charge in that year.
Sustainability Fund - cash
The Sustainability Fund was set up in 2018 from a small group of individual donations to support the OT’s cashflow at certain times of the year. Specifically at the end of seasons and ahead of season launches when advance ticket sales are at their lowest and we are waiting on theatre tax relief cash income for the year.
Designated Reserve Fund - cash
The Designated Reserve Fund was established during the pandemic as a contingency throughout our challenging recovery. As we look forward to a Capital Redevelopment Project this designated reserve fund will now serve as a contingency for the Capital Project and create some strategic funds to draw on to support the core operation during this period.
OT New Artists Fund - cash
The OT new artists fund is a fund created to use for commissioning and artist development work. It was agreed that it was appropriate to release £9,859 of reserves from the New Artists Fund to support these productions as this is at the heart of what the New Artists Fund was set up to achieve.
Designated Fund OT: Open To Everyone (capital project) - £500k has been set aside from general funds for the anticipated costs of the capital development project.
Material Restricted Funds relate to the following:
LBRUT - Income from the London Borough of Richmond applied to core costs and running the theatre, attracting local residents and visitors to Education and Participation events.
Education and Participation - Income received from trusts to be applied towards education and participation activities.
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Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
Fund OT: Open To Everyone (capital project) - Income received towards the costs of the capital development project to improve accessibility.
Production Sponsorship - The Production Sponsorship relates to a donation towards the Uncle Vanya production costs in 23-24.
All of the above grants flow through Restricted Funds. Carried forward funds consist of £1.4m towards the capital redevelopment project.
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ 168,643 1,503,069 (925,084) |
Designated funds cash 2025 £ - 1,191,815 - 1,191,815 |
Designated funds assets 2025 £ 619,473 - - 619,473 |
Restricted funds 2025 £ - 1,427,989 - 1,427,989 |
Total funds 2025 £ 788,116 4,122,873 (925,084) 3,985,905 |
|---|---|---|---|---|---|
| 746,628 |
Analysis of net assets between funds - prior year
| Unrestricted | Designated | Designated | Restricted | Total | |
|---|---|---|---|---|---|
| funds | funds cash | funds assets | funds | funds | |
| 2024 | 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | £ | |
| Tangible fixed assets | 156,302 | - | 653,103 | - | 809,405 |
| Current assets | 881,631 | 969,281 | - | 201,000 | 2,051,912 |
| Creditors due within one year | (443,577) | - | - | - | (443,577) |
| Total | 594,356 | 969,281 | 653,103 | 201,000 | 2,417,740 |
Page 32
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Increase in stocks Decrease/(increase) in debtors Increase in creditors Finance charge on loan Net cash provided by operating activities 20. Analysis of cash and cash equivalents Cash at bank Cash equivalents Total cash and cash equivalents 21. Analysis of changes in net debt Cash at bank Liquid investments |
At 1 July 2024 £ 1,066,866 - 1,066,866 |
2025 £ 1,568,165 45,641 (19,363) (2,964) 19,935 481,504 - 2,092,918 2025 £ 1,596,969 301,000 1,897,969 Cash flows £ 831,103 1,267,700 2,098,803 |
2024 £ 920,523 46,967 (11,110) (605) (447,774) 124,159 5,401 637,561 2024 £ 1,066,866 - 1,066,866 At 30 June 2025 £ 1,897,969 1,267,700 3,165,669 |
|---|---|---|---|
Page 33
Docusign Envelope ID: BB0B1F18-BB62-48CA-9ED5-8B46A7B64A49
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
22. Related party transactions
Aggregate donations from related parties amounted to £225,442 (2024: £118,397). Membership donations from related parties amounted to £20,231.
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 30 June 2025.
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