DIx￿19n Ens*lope ID.. Be02F355410047024BDfv78354CEB5296 THE YOUNG VIC COMPANY {A r•glster•d charlty and company Ilm5ted by guarante9} REPORT OF THE TRUSTEES AND CONSOUDATED FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2025 Charity NUm￿r.. 268876 Comp•ny Reglstratlon MUM￿r. 01188209 (England and Walfjs Oo¢usi9n Envew ID.. pe02F35541C¥)4702￿BD&7B354eÉoS2 THE YOUNG VIC COMPANY CONTENTS OF THE FINANCIAL 8TATEMEfrif8 FOR THE YEAR ENDED 31 MARCH 2025 Page Charity Reference arKI Administrativo Dotsil$ Rowt of the Cholr Trustee$, Annual Rewrt Ilncluding Directors. Report & Strategic Reporti Ind8p¢ndent Aud￿0￿$ Report ConsolKJated Statement of Financial ktwitie¥ Ilncluding Income and Expenditure Accounti Consolidated and Charity Balance Sheets 20 Consolidated Statement of Cash Flows 21 Notes lo the C￿S011d4ted Financial Statements DouJs19n En%*Jope ID. B602F35M1o￿?O2-8￿D9-763s4CEB5Zy8 THE YOUNG VIC COMPANY CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 Trustees and dlrectors Glenn Earle- Chair Varun Chandra (resigned 19 July 20241 Nicola Dunn OBE Dr. Robert Easton Kobna Holdbrook-smilh Dr. Ali Hos$aini Jr. Kwame Kwgi-Amiah OBE (resigned 20th September 20241 Andrea Ling Layla Madanal Ebelechukwu Okobi Ire5uned 2Iyh September 20241 Joshua Parr Farah Ramzan GoL4nl Fiona Shaw Steven Tompkins {reswned 11th December 20241 Anna Williams Artistic Director Kwame Kwei-Amiah OBE (resigned 20ll) September 20241 Nadia Fall (appointed 6th January 20251 Executlve Director Luey Davies (resigned 13th December 20241 Lucy Pottison lappoinled 6th January 20251 ExKutiv• Cornmitt8• Anna Williams Ichairl Nwla Dunn OBE Glenn Earfè Dr. Robert Easton Kwame Kwei-Amiah OBE (resigned 20UI September 2024) Rogislgr•d Office 66 The Cut London SE18LZ Company Registration Numbwr 01188209 (England and Wales) Charlty Roglstratlon Number 268876 Bankers Barclays Bank PLC 1 Churchill Place Canary Wharf London E14 5HP Audltors Azels Audf( Services 2￿ Floor. Regis House 45 King William Street London EC4R 9AN DopJswn Enveknpo ID.. B6O2F35$810(￿?O2-6BD9765$4CF8s296 THE YOUNG VIC COMPANY REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2025 'Londons most 8ss•nh"al the&￿._ The Guardian l arn d*lightad to près•nt th• annual rep)rt and financial statewtnts for the Young Vic for the year ended 31 2025. The year martled the end of Kwame Kwei-Amah's tenure as Arb"sts"c Dirador and weltorntd the brilliant Nadia Fall to ￿8d the Young Vic team A transits'onal year which induded. as ever Mth the YourvJ Vic. som8 ambitsous and ground-bieaking artistic PTOl8Cts, Including the extraordinary transfer of Nottingham Playhouse's Punch by James Graharn which broke t)ox offi¢9 rocords and tran5fetred to the West Erid this September. Plays like PunGh, with wnting that captures the attention ol the natson, don t come around very often. Punch embodie5 what the YouTrJ Vic stands for." 8 thought-provoking work whith pushès form, addresses the po1￿cal landscape and hand￿$ a difficult social and personal i55U8 Wlth SUbt￿ty and compassion. Elsewhe￿ in the season. Lillian Hellman's much celebrated masterpiece Th8 knttle Fox8s brought the incredible Anne-M8rie Duff to ourstage In a wondèrful production directed by Oliwer Award winner Lyndsey Turner making her Young Vic debut A F8C8 in th8 Crowd saw rising star Anoushka Lucas return to the Young Vic followng her unlorg•ttabl8 pèrfom)ance in Oklahom81; and we partnered with AmeriG3n co-producers on P8ssing Strange." an lectrifying MuS￿al starring OliV￿r Award Winnef Gibs Terera. Across the year. we welcomed over 80.CM)0 8udienr mémbèts to our main house shows. Our ￿nowned TakiThJ Part department contynued to build on their deep eonnedions within Lambeth and Southwark, working with svèry school in the two boroughs and ahernative education facilities includin9 Pupil Referral Units. Special Education81 Néèds schods and Prisons. Speaal mention goes to wraparound work developed alongside Punch which involved the Taking Part tèam partnèring with Untolcl and KPPL Producbons to work wth youro men in HMP Isis, developing their skills as writer5 working up response pteces to the play. Thè nèw lèad•rship team of Na¢Jia and Executive Director Lucy Pattison arrive(J mid-way through the finanrial ye8r aThY dicl a greatjob very quicklygetting tggrips with the financial 51tuation, developing a plan lor thè strudure of thè Organisat￿Th and planning the new season to begin in autumn 2025 Thanks to their hard work and tt)oughtful decision-making. strong box Offi￿ sales on Punch and The Little Foxes and some generous philanthropy, the outtum for thè yèar was a deficit of just over £580k, much improved from the orKJinal forecast. In our 2023 financial year, c¥yning out of the pandemic, the Young Vic agreed a planned ra-phasing ol our funding from Arts CounrAI England as part of a thre&year strategy to stabilise our financial position. with the result that our revenues for thè currènt financial yèar ware raducèd by £375,000. As from 26r27, ourACE grant will revertto the fvll amount, which will enablé us to rébuild our resèrves 8nd strèngthan our balatxe shoet. There is still much to be done in what continues to be a difficult anvironmènt lor tha subsidisèd theatre sèctor. l am, however, very encouraged by the leadership team's 8rbstic vision and dèar-sightsd strat8gy. The èarfy signs havè bean uniformly positivè. Nadia launched hor inaugural season In May this year which includes four main house productions and th￿e Studio 8how5- seeing the Maria Studio back open for bjsiness. I look forward to feporting a full year ol the new era in next year's accounts. ￿ ha¥A wind ￿ our $ail$ •nd gMat opwrtunit16s ahead of us Glenn Earle Chalr Docusi9n Envelope ID". B602F355610D4702-8BD9-76354CEB5296 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trnstees present their report and the audrted financial slalemenls of the charity and rts subsidiary company. Young Vic Productions Limited, for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI'Ac¢ounling and Reporting by Charities. IFRS 1021 in preparing the annual report and financial ststements of the charily. The Trustees, Annual Report incorporates the group Directors, Report and Strategic Report. The financial statements have been prepared in accordance with accounting policies set out in notes lo the accounts and comply wrth the charity s governing document, the Companies Act 2006. the Charities Act 2011, provisions of the Charities Act 2022 in force al the lime of preparing these accounts, and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo chafilies preparing their accounts in acmrdance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. PUBLIC BENEFIT STATEMENT The Trustees have paid due regard lo the Charity Commission guidance on public benefit when reviewing the charity's objectives and activities. OBJECTIVES AND ACTIVITIES FOR THE PUBUC BENEFIT The objects of the charity are to create high quality, innovatNe and imaginative Ihealre for a wide and contemporary audien¢$ in unique adaptable auditoria wrth far-reaching educational aclivrties and a¢cess policies. We continue lo develop an international reach through collaboration and co-production with theatre makers from across the world. and through digital distribution of our products"ons. We work wrth outstanding intemalional di(￿lOr$ and the best of the new generation of British theatre directors. We continue with our extensive professional development prograrnme for young directors and thealre-makers, and we uphold an ongoing programme of creative eThJagement with our l¢xal boroughs and civic partners. ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC 8ENEFIT Purposè Founded in 1970 as a spaee for world-PTemiere productions and unexpected lakes on Class￿ plays, the Young Vic has been one of London's leading theatres for more than fifty years. Welcoming 80,000 visrtors a year, the Young Vic stands out in the nation's cultural landscape lor balancing daring comme￿Ial dfive and artistic flair with genuine grassrwts social impact work w((hin our community. This success is seen most vividly in the audience group for which we are famous., the most diverse. lively and engaged in London. This is the frurt of years of building involvement among local young people. We forge deep connections in our neighbourhotsj through our Taking Part programme, where we engage wf(h over 15.000 people every year via a wide range of prclects, from skill$-based workshops lo on4lage performances. We believe great art belongs to everyone. Ticket prices are kept low no maller how high the demand and 10Yo of tickets are given free within the IcKal community., enabling a unique, no-risk taste ol great theatre for thousands of people. Our unique. fully-flexible audrtoria allows us to present great plays by and with the nexl generation of theatre artists alongside Work by some of the world's great directors, actors and designers. We are proud lo be a Director's Theatre known for launchin9 careers and a combination of youth and genius which makes u5 one of the most vibrant theatres in the UK. Built upon the principles of access, innovation. and community. the Young Vic is deepening ils roots nationally and inlern*ionally. Recent transfers include Punch. Best of Enemies and Oklahomal in the Wesl End and Death of a Salesman and The Collaboration on Broadway. ArtiBtic Programme D0fAJ$ign Envek)pe ID". B602F35M10N702-88Dg-78354CEB52 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Young Vic produced four Pr￿ects in the main house during the financial year.. Passlng Strange IMay-July 20241 book and lyrics by Stew, created in collaboration wrth Annie Dorsen, Music by Stew Stewart and Heidi Rodewald. directed by Leisl Tommy. 'An all-out wild ride of a rock musical. . The Guardlan 'Nothing else quite like it. Sunday Times A Face In the Crowd Isept8m￿r- November 20241 music and lyrics by Elvis Cosldlo and bwk by Sarah Ruhl, Directed by Kwame Kwei- Am)ah, based on the original story and screenplay by Budd Schulberg and the Wamer Bros. Film. Full of effervescent. fool-lapping numbers and rousing ballads" The Telegraph The Llttle Foxes IDgcernber 2024- February 20251 by Lillian Hellman, directe(I by Lyndsey Turner. produced in association with s￿Ond Half Productions 'A savagety dark melodrama" _ Whatsonstage Punch IMarch- April 20261 by James Gfaham. direcled by Adam Penford, the Nottingham Playhouse production in association with KPPL Productions and Mark Gordon Pictures. "Another slate-of-the-nalion rnasterpioce from James Graham" _Telegraph The Young Vic produced three projects in the Studio spaces.. Mantelpeace lJu5y 20241 a Taking Part exhibition across the Maria and Clare sludios led by Adam Karim, with contributions from Arco Academy. Lansdowne S¢hool. Southwark Inclusive Learning Service and Untold Creative Training Genesis Future Dir8etors Award- Glrl In the Machlne (October 2024} by Slef Smith, directed by Annie Kershaw. The Collectlve Presents AITOPIA (January- February 2025) a Taking Part pr¢xluction led by director Michelle Payne for NeighbourhcKJd Th8alre. We are grateful to the support of our major funder and partner, Arts Council England IACEI, who advanced grant funding in 2023124 as part of a strategy to maintain the programme during the year 2023124 and provide working capital to support the productions in 2024125 and 2025126. Unfortunalety, the challenging trading environment at the start of 2024-25 financial year, has resulted in a fundamental review of the approach to producing and presenting in the main house and studios to ensure a sustainable operating model going forwards. Notwilhslanding the finaneial challenges, our artistic oulpul reached over 80,000 people al the Young Vie. We worked wrth 250 freelaneets during the year and maintained our pledge lo give away 10'h of our li¢kets for free to those who could not othemise attend our theatre. Creators Program {CP Following two decades of ¢ollaboralion and support, the Young Vic's partne¥ship with the Genesis Foundation concluded during the reporting period. The Genesis Future Directors Award has played a PTvotsI role in fostering emerging lalenl within the theatre sector. and the 2024125 season continued thi5 legacy of excellen￿. Notably, Genesis Fellow Taio Lawson was appointed Artistic Difeclor (rf the Bush Theatre, marking a signifunl prOfeSs￿nal advancement. Furthem)ore. the 2024 Genesis Future Directors Award recipient, Annie Kershaw, delivered * distinguished staging of Stef Smith's crrtically a¢claimed work Girf in the Machine in the Clare Studio. We continue lo work wth the Jetwood Foundation on the appointment of Assistant Directors on all our Main House shows, with eaeh d1￿Ctor gaining vrtal work experien￿ supporting leading Directors, as well as time to develop their praclise through 'R n D, workshops. Resource is provided to see as much theatre as possible as well as the opportunity lo network and collaborate with their peers via the Crealors Netsyork. OotsJ51gn Envelope ID. B602F3S5410(k4702-8BD￿76354cEB529G TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 In December, along wth the Taking Part team, we hosted the Introduction to Making pro9ramme in the Maria Studio. The programme was led by Taio Lawson IGenesis Fellow l Associate Directorl and was a week-long 'inlensive' exploring theatre making and directing. Taking Part ITPI TP continued rts work across ils three strands. Learnin9, Participation and Neighbourh¢J)d Theatre. LEARNING SCHOOLS AND COLLEGES AT YOUNG VIC In Learning, we worked with over 3200 participanls xross the year. Combined, Larribelh and Soulhwark have over 70 Secondary Schools with 25 Allernalive Provision settings. and over 13 colleges and higher education instrtulions. We work with.. Young people aged 11+ Adults of all ages in education and training settings All Secondary schools in Lambelh and Soulhwark through our free ticket scheme All Secondary Allernalwe Provision settings in Lambelh and Soulhwark, and olhefs across London Colleges, Higher Education inslitulions, youth provision, the Youth Justice System and Criminal Justice System that offer education or training courses The flagship project this year was WINTELPEACE, an Immersive exhibrtion in our Clare and Maria Studios which ran in July 2024. The exhibrtion celebrated the transition from boyhood to manhood and unpacked traditional ￿e0$ of masculinity. MANTELPEACE was a collaboration between Ouf Leaming and Participation strands. Four Leaming Conlribulors created the content for the exhibition across ten weekly workshops, which was then curated by Young Curators and Consultants from the Participation strand. The Learning Conlribulors were Arco Academy, Soulhwark Inclusive Leaming servi￿ ISILSI, Lansdowne School and Untold Creative Training al His Majesty's Pnsonl Youro Offenders Institution ISIS. In addilion. Taking Part created and led wraparound projects funded by and in cOnsU￿allOn with KPPL Productions and Untold Creative Training, who deliver in HMPIYOI Isis. Flipping the Scnpl was a 12-session playwriting programme for up lo 12 young people through Untold al HMP Isis. Created and facilitated by playwright and screenwriter Emma Dennis-Edwards, the young men on this programme wrote a short play tilled 'Seven Eleven.. The piece was performed by Sekou Diaby, Valentine Olukoga, Kadeem Ramsay, and Josh Tedeku al HMP Isis for the participants and later al the Young Vic's Maria Studio as part of our wraparound a￿NItY week lo an invited audience, including friends and family of the young men. PARTICIPATION YOUNG PEOPLE AT YOUNG VIC In Participation, we worked wrth ovef 2200 participants across the year. Participation's obl￿tiveS are lo.. Ensure local young people have multiple access points to the Young Vi¢ Connect with, and listen to local young people and ensure the work of the strand responds to their needs and interests. Champion young people's voices aeross the organisalion. Develop innovative and high-quality projects that support young artists, creative evelopmenl. Ensure the Young Vic is an active member of the local cultural ecology, collaborating with ne￿OrkS and other organisalions providing setvices for young people. Doojsign En¥elopB ID B602F35M1O￿47o2-8BDg-76554¢E￿52g6 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Our Young Associate positions provided an introductory level role in the arts sector to young residents of the Young Vic's home boroughs and supported young people to gain the skills and exper￿nCe they needed to continue into a lasting career in the arts and cuttural sector. Posts were part time14 days per weekl on an 8- month contract, from June 2024- February 2025. paid above the London Living Wage. This program culminated in a Queer Prom, including hosting a clothès drive for guests lo hire clothes ftom the Young Vic Costume department. NEIGHBOURHOOD THEATRE LOCAL RESIDENTS AT THE YOUNG VIC In Neighbourhood Theatre, we worked with over 3600 participants &ross the year. In September 2024 the Neighbourhood Theatre Company started a brand-new programme ti(led The Colleclwe where 50 Itxal residents of Lambeth and Soulhwark worked as a team to create a brand-new show for stage, playin9 in the Young Vi¢ Maria Studio in January 2025. The production ran for a week with a total of 7 perfomances and reached over aud*nce members. Speak Your Twlh was a brand-new festival specially designed & curated by clients and advocates of the Beth Centre IWon*n in Prison). Across the month of July 2024 the cohort of women on the programme created a festival r(inerary that celebrated womanhood, family and communty through the ￿n$ of strength, joy and sisterhood, led by Kelechi Okafor. The Neighbourh¢)od Theatre Company consists of over 170 members, who are al the heart of our work. They are advocates for the Young Vic, participants in shows and workshops, and much valued audience members who advise on the programme of work in the Taking Part department. In May Fesl 2024. the Neighbourhood Theatre Company planned and presented six events to over 2CQ local community members in a takgover of the Young Vic's Clare Studio. Culturg and Values The Young Vic is driven by seven core values which underpin all that we do, both on stage and off, lo make the Young Vic whal il is today- bringing together artists, communities and sud￿neeS on a global scale and using the power of stories lo change our wodd. We believe theatre is at its best when everyone participates. We are driven by relentless curiosity and debate. We believe in pioneering and in leading into the unknown. We are led by the crealwity of our people and the limitless possibilty of imagination. We collaborate.. working tr)gelher to ach*ve shared goals. We lead with kindness - with heart, wth care, and with the wellbeing of oui people. We are committed lo openness rooled in trust. Led by ils Director of People, the Young Vic is committed to an actively inclusive, anli-iacisl culture of belonging for ils staff and freelance communty. Developed over recent years since a tsyo-year collaboration with the What If Expertmenl 2020-22, the Young Vic has an estsblishgJ Adion Plan, and policies and processes foi accounlabilily. Environrnental Strategy Docusign Envelope ID. B602F355*1004702-68D9-76354CEB5296 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Youn9 Vic has a dynamic Environmental Poliw and Action Plan and has been a lead partner on The Theatre Green B(K)k. acting as a trial theatre for Version 2. We achieved Inlemiediale - Baseline across all of our productions in 24125. Ongoing Inrtiative$ in¢lude'. declaring climate emergency replanting the wildlrfe attracting green roof terrace a Green Levy on all ticket b￿kingS to support sustainable practice and investments adoption of the Theatre Green Book for Operations and 8uildings Collaborating with our South Bank cullufal neighbours lo Share approaches offsetting global artist travel FINANCIAL SUMMARY At 31 March 2025. the Young Vic's reserves excluding Fixed Assets Reserves were £1.295,588 12024.. £1,600,171). Al 31 March 2025 restricted reserves had been expended as funded programmes came to an end during 2024125. 12024.. £107,670 for Creators Program & Talking Partl. The following year-on-year comparison outlines the consolidated financial perfomance of The Young Vic Company and ils subsidiary Young Vic Prodltclions Limi(ed, with headings as used in internal budgets and reports. Designated Fixed As5el Funds are excluded. The Statement of Financial A¢livilies ISOFAI Ip.221 and related Income and Expendrture notes 3 10 5 Ip.26-271 present the same figures analysed against the required SOFA headings. DoaL4ign En¥eW ID." B602F355e1o1￿702-8BDW76354cEB5298 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 202426 2023-24 2022-23 Income Box Office income Other production income Funding-Arts Council England Funding - General Fundraising Theatre Tax Relief Other sources of income Young Vic Productions Ltd 2,443,561 945,001 1,417,530 1,192.502 832,255 388,471 1,211 2,017.135 171.337 2,542.530 1,511,132 4W,170 539,741 1,583 1.614,7C 1,280,971 1,792.530 1.287.574 1,392,971 417,632 10,133 Total Income 7,220,530 7.183.628 7.796.517 EX￿ndItuTe Production and prthjramme costs Staff costs Overt)eads Young Vic Prcductions Ltd Expenditure before depreciation 4,001,868 2,S04,532 962,596 1,190 7,740,186 2,462,596 2,552,000 1,150,302 5,814,862 2,647,201 1,428,144 1,150 9,891,357 6.166,462 Depreciation 330,579 335.306 375,31S Total Expenditure 7.81)0,765 6.501,768 10,266,672 Surplus l {Wicitl 1580,234) 681,860 12,470,155) Brought forward funds Transfers {froml or to Fixed Asset I Capital Funds 1.600,172 275.918 605.647 312,864 2.724,020 351,782 Carrled forward funds Being.. Unreslricted.. Restricted.. 1.295,855 £1.600.171 £605.647 1,295,855 1.492,501 107.670 £1.600.171 482,755 122,892 £605,647 1.29S.855 Productlons andprogramme.. Income earned from productions, co-productions and evenls18ox Office income and Other Production inccmel Icrtaled £3.388.561 this year, compared wf(h £2.188,472 in 2024-25.. Production and programme costs weTe £4,¢J01,868 highef than 2023-241£2,462,5961. This included four main house shows and three studio shows I￿0 led by Taking Part. ong fundgd by the GeneS￿S Foundalionl. This year, ticket sales were slower than expected for the start of the year bul picked up significantly from the stsrt of 2025 with The Little Foxes £686k and Punch £968k both exceeding Box Off￿e targets by £525k and £740k respectively. Enhancement Income from commercial producer partnerships for Passing Slran9e was lower than anticipated and that, paired with pr¢)duclion cos15 being higher than ex￿ted resulted in a ¥ubslanlial deficit of £622k. Theatre lax reliel, femaining al the h￿her rate of 45-50Vo of 800A of eligible production costs througho 24-25. is a vital Income stream for Young Vic, wrth £832k income for 2024-25 vs £400k 2023-24 as result of the increased investment in produttions this year. As the higher rates of 45 Oh so0￿ are now confim*d to continue for the loreseeable future. the Young Vic is increasingly reliant on this Important govemmenl support. OUT cashflow planning is focused on bridging the period between TTR entitlement accruing and cash receipt. and we are very grateful for the cashflow108n support from Figurative for the 2023-24 claim and are exploring a similar arrangement for 2024-25. Dotu$ign En¥elope ID.. B602F35541004702-8BD9-76354CEB52 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Funding." The Young Vi¢ is dependent on, and extremely grateful lo, our philanthropic supporters, trust & foundation support, ¢orpoTale donors and lo those members ¢onlributing annually through our Friends. Soul Males and Corporate supporter schemes. This investment enables our work on the main stsge and in our communty to flourish. as well as Supporting our core organisational costs. Totsl fundrnised income for the year 24125 was £1,192.502, which was a decrease on 2023124 by 21Q (£250,425). Success in this year continues lo be driven by philanthropic giving. wf(h particular achievement in securing major philanthropic gifts. Highlights include renewed major grfts of £10.000+ from six supporters lolalling £90,000. Board support remains strong and a signbficanl unrestricted gtft of £500k was reeeived this year. We also welcomed ￿neWa1 of support from some fomer donors of gifts of £10,000+ toLg11ing £60,000. New gifts from firsl-lime supporters tolalled £37,000. Trust & Foundation income remained buoyant. and we received support of £50,000 and above from three key Foundations.. Jerwood Foundation - £5S,O(X) and the Genesis Foundation £70,000, both part of a mutti-year cycle of support towards artist development projects, and Charlotte Af(ken Trust £S0.000. towards production support. Other signtficanl support includes Prudence TTiisI 1£30kl, towards our Taking Part activities for U25s and Thompson Charrtable Trust {£10k}. Despite staff changes in the Development team and wider organisalion. fundraised income has remained stsble. During the year, we engaged a fundraising consuttant lo help us shape a refreshed fundraising strategy, build a new team, introduce eorporale packages and draft bids lo refurbish the studios as part of N8dia Fall's inaugural season. Public funding received from Arts Council England was £1,417,53012023124 - £2,542,530), a decreased grant as a result of the £750.000 additional giant advanced in 2023124. The Art5 Council England grant will remain al £1,417,530 in 2025126 and return to £1,792,530 in 2026127. The Director of Development reports lo the ExecLrtive DiTeclor and is a member of Young Vic's Senior Management team. The Young Vic adheres lo all current fundraising and dats protection legislation, guided by an ethical fundraising policy. We are registered with the Fundraising Regulator and comply wrth ils Code of Fundraising Practice. We do not use Ihird-paty fundraisers. focusing instead on building relationships with companies, ¢hantable Iwsls, individuals. and our audiences online and in the theatre Fundraising is conducted with integrrty, transparency, and value for money, in line wsth the Young Vic's Wbder organisalional aims. We are increasingly dependent on the brilliant indivbduals and organisation$ who recognise the need fc private funding for us lo delNer our work and the IMwrtan￿, power and potential of the performing arts. Stsff costs and overheads.. Staff costs lo March 2025 totslled £2.504k12023124. £2,552kl. General overheads reduced by £188k116Vol from £1,150k In 2023-24 to £962k in 2024125, reflecting tighter budgets for building repairs, maintenance and servicing as well as minimal short term strategic projects and consultancy this year. Nrt result.. The nel result was a deficil of 4580,234 for 2024125 compared wrth a surplus of £681,860 in 2023124 as a result of the advanced Arts Council Funding in 2023124. PLANS FOR FINANCIAL YEAR 2025126 10 Docu519n Envelope ID." B6W2F3554ION7024809-76354CEB5296 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Wrth new leadership in place, the Young Vic is continuing its mission lo produce bold newwod( with deep roots in ts communty. Our strategie goals for 2025126 are to.. -Deliver an artistic programme of four shows on the main stage that eprtomise who we are as a Company, receive critical acclaim and generate at least £300k towards overheads. -Develop our Company operationally through this year of transition in a bid lo 'earn our way out, of our light cashflow so that by year end we do not have a deficft on 24125 and our balance sheet is stronger. -To use this year lo re-define our Artislic Reath for emerging creators and the communty alike, and to seeure funding that makes this essential part of our work 5ustsin8ble. -To move our Company lo a more sustainable model, wi(h a defined Business Mtxlel and refreshed brand. Nadia Fall's first season of work falling into financial year 2025-26 includes four main house shows.. An Oak T￿ by Tim Crouch lin Co-production with Francesca Moody Produclionl, Entert8ining Mr. Sloane by Joe Orton, directed by Nadia Fall, Bengal figer 81 the BaglKlad Zoo by Rajiv Joseph, directed by Omar Elenan and 8roken Glass by Arthur Miller. directed by Jordan Fein Ic(wrc*Yuced with Rachel Sussman and Brian & Dayna Lee). We are also producing three studio productions." Ohio I¢￿prodUced with Francesca Moody Productions), Museum of Auslerily (C￿prOdUCed wrth ETT and Tiial and Error Sludiol, and Sting by Sophie Swf(hinbank, directed by Nancy Medina. In order lo achieve more ambitious projects in the main house and programme work in the Studio. we have built relationships with reputable cfrpr(yJucers to enhance the productions, supported by strong agreements and Cashflow plans to miligale risk. NAGEMENT AND STAFF Kw8me Kwei-Am)ah ended his tenure as Artistic Director & Chief Executive on 2¢Jh September 2024 folkwing his appointment in February 2018 He was succeeded by Nadia Fall on 6th January 2025. Lucy Davies ended her tenure as Executive Director on 13kn December 2024 following her appointment in May 2022. She was succeeded by Lucy Pattison on 6th January 2025. With the change in leadership came a change in Senior Managers aeross the Company including PrOdUct￿n, Producing, Finance, Opeiations. Marketing, Development, the Cfealors Program and Taking Part. Our Chair, Glenn Earle, continued in post following his appointment in Octob&r 2019. A number of Trustees ale due to retire in 2025126, with a recruitment campaign planned for late'25. RESERVES POLICY The Chanty aims to maintain sufficient unrestricted operating reserve5 to cover months of overheads and salaries Icurrenlly around £700.000). This lar9el also provides financial ￿Ver for Contingent situations, especially shortfalls in ticket sales and fundraising. The medium-lerm aim of the Charity is to build overall operating reserves of over £1 m, and the longer-lemi plan lo work towards 8 £2m in reserve to invest in the building and new work on stage. The Board is workin9 closely wf(h the Exetutive team to monitor the impact, including regular review of income and expenditure budgels. fOr￿st$ and cashflow projections Financial plans prioritise sustaining Tnanageable cashflow for the organisation, whilst setting the grounLknorf( for the gradual rebuilding of unrestricted reserves to meet the desired tar9el, within a realistic timeframe. DESIGNATED FUNDS The Charity holds designated fixed asset funds of £7,735,694.12024.. £8,011,613) representing the nel bo value of ils tangible fixed assels, which can only be realised by disposing of these assets, including the theatre building. Thore is a char9e over the building refe￿nCed in the below notes lothe financial slalements under Contingent Liabilities Inole 16bl, due to expire in 2026. Do¢usign En%*lope ID. B602F35541LxH7024BD￿76354CEB5296 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 KEY RISKS AND UNCERTAINTIES The Trustees have examined the major risks that the Charity faces and confirm that systems are in pl&e lo manage these risks. The impact of eosl Inflation, Nl increase, Brèxit, workforce kJSS, eompelilion for audience5 and a low growth economy do threaten the stability of the entire cutture sector. The most significanl contextual risk is a longstanding challenge to the subsidised theatre sector's economic model. with cost inflatK)n working against a decade of slandslill core funding. and an expectation and desire lo do more wrth less., driving forward socially inclusive programmes, activities and pricing. This challenge has been sharpened p05t-pandemic by the need to rebuild our brands, our tearns. our audiences and operating models. Major Economic Risks Fundralsing Income.. a high proportion of income is from fundraising. The trustees moni(or the progress through the year and ensure targets are ambitious but achievable. We are seeing shifts In philanthropy trends and motivations, but we remain wnfident that the Your¥J Vic's mission and programme ￿ntInUeS to align in an attractive way for donors. Subsldy: Young Vic is reliant on public funding from Arts Council England and is exwcting ongoing fvnding al the same level as part of Ihe National Portfolio through to 2027. Box Office Income- The Young Vic programme has enabled an uplrfi in lop ticket prices, while continuing to offer free and reduced price tickets a5 before. Box office has been volatile throughout 2024-25 and the overall picture continues to be unpredictable. This has influenced a more cautious larget-setting approach. Cost Inflation.. Inflation in the UK remains high, in particular energy pricing. which is a signrficanl proportion of our our costs. We reduce risk where possible by keeping core contractual commitments to a minimum and regularly reviewing overheads pricing against competitors. We maintain a comprehensive risk marbagemenl strategy which is reviewed by the Executive Board every quarter. This strategy comprises assessment of all the major risks which the company faces, an ¢Jutline of the systems that are in place which miligale these risks and details of the procedures lo be undertaken. GOING CONCERN After making appropriate enquirie$, the Trustees have a r&asonable expgctalion that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this ￿aSOn, the Trvslees continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. In assessing going con￿M, Trustees have given careful consideration lo the following.. Latest budget and cashflow forecast lor the 2025-26 financial year, including anticipated year end reseNes, and the assumptions therein Draft budgets and cashfflow forecasts 2026-27, including anticipated year end reserves. and the assumptions therein Intemal and external financial risks and the charty's capacity lo absorb and r8$pond to such risks Robustness of management processes and communication Plans for the period lo March 2026 focus on delivering high impact productions and projeets which will maximise aUdien￿S, ereale work for artists and freelancers, add lo the theatrical canon and deliver meaningful participation work in our comrnunily. Every strand of work we aim to deliver has the potential to attrart additional funding, and to generate eamed income frcffj hifes and other sales wherever possible. Cost management slralegies are based on minimising fixed overhead commitments whilst recognising the constraints of an operaling model which includes running a multi-faceted theatre building. Our financial 12 DO￿￿gn Envebpe ID". 8602F355410(H7O2-8B0￿783S4CEBs296 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDEO 31 MARCH 2025 strategy is lo finish the period with unrestricted reserves stsbilised al £1m which represents a growth of £520k over the three years from 2022-23. Essential to the Young Vie's financial resil*nce is the ongoing support and flexibility of our long-time core funder Art$ Council England. We are extreme￿ grateful for their ongoing support. Taking into account the plans outlined, related budgets and forecasts, and the ongoing support of major stakeholders including Arts Council England. the Trustees have concluded that the projections are sound, deliverable and controllable. We consider that there is a reasonable expectation that the charity will have sufficient funds lo continue lo meet ils liabilities 8s they fall, due for the foreseeable fLrture, and therefore have prepared the financial statements on a going concern basis. We will continue to work closely with the Executive Team and Finance Director Ihroughoth this peri¢Jd to ensure financial risks are identified and mitigated as they arise and within the available resources. Truslees Going Concem Assessment Certainty of Income- ACE ACE has indicated the current funding agreement will be extended through to March 27 {while the Hodge Review concludes) and so that provides us an increased level of certainty beyond FY25126. Certainty of In¢ome- Fundraising During the financial year to 31 Ma￿h 2025, we secured £1.1m grants and donations, from a vari8ty of sources lour support schemes. grants, cofporales. elcl. 11 was a very challenging year wilh a departing Executive, the new Exec team not yel in place and wrth staff vacancies in the Fundraising team. We ended the year securing a £300k grant from the Bxkstsge Trust with the payment being received In FY25126. Staff costs As part of our business planning we have agreed a planned reduction in Fermanent headcount, with consequent eosl reduction during 2025-26. Managing Costs The F25126 budget allocates sufficient funds for the year ahead. All budgets have 'trackers' $0 that budget l aciual I fOr￿a$1 is maintained on a daily basis, and each quarter the￿ are formal budget review meetings. Cost management is effective, and with Clearer Risk Appelrte and Risk Management in place. Trustees are confident that we ean delwer wrthin the budget set. Cash position We ended 2024-25 with an improved cash position of £1.1m. This was due lo the financial successes of The Little Foxes and Punch. Reserves Policy The Financial Regulations contain our recently expanded ReseNes Policy Overall, Trustees feel that the cash position should be a £lm minimum balance with the aim of rt being be￿een £1.8m and £2.5m. The £1m cash position equates lo just over 3 months of operating costs, and £1.8 to 6 mnlhs. The eslimaled TTR claim for FY24125 is £832k which will be received in two parts". £SOOk secured as a loan from Figurative. which we will receive in Decernber 2025 and the Ternaining £332k received in March 26. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon 13 D(K￿lqn Envek)pe ID". B602F355*1fJ)4702-88D9-76354CE852 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Young Vic Company is a registered charity in England Inumber 2688761 and company limited by guarantee (number 011882091. The Young Vic Company's goveming document is ils Memorandum and Artieles of Association. Organisational Structure The directors of the charitable company I'lhe Charily'l are ils Trustees for the purpose of charity law and throughout this report are collectively referred lo as the TTUStees. The Charity is manage(J by the Trustees on the Board of Management, currently with eleven members. which meets four times a year. An Executive Committee of Trustees reports lo this Board. An Artistic D1￿clOr (Chief Exe¢ulNel and Exeeulive Director are appointed by the Trustees to manage the day- 104ay opefalions of the Chanty. The TrLsslees serving during the year and since the year end are as listed on page 2. Recruttment and Appolntment of Trustees Trustees have the power lo appoint or to co-opt new members onlo the Board and appointments are ralffied in accordance with the rules al the next AGM. New Trustees are selected on the basis of skills they can offer lo complement the abilities of the Board as a whole New Trustees are briefed on their legal obligation5 under ¢harrty and company law, the conlenl of the Memorandum and Articles of Association and the workings of the Board of Management and the deciston-making process. STATEMENT OF ACCOUNTING AND REPORTlhlG RESPONSIBIUTIES The Trustees (who are also the Directors of The Young Vic Company for the purposes of company lawl are responsible for preparing the Annual Report and the financial ststemenls in accordance wrth applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Atcepled Accounting Praclicel. Company law requires the Directors to prepare financial slalernents for each financial year. Under that law the Directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the group and the charity and of the incoming resources and application ol resources, including the Income and expendrture. of the group and the charity for that period In p￿paring these financial slalements. the directors are required to.. select the most Suitab￿ aecounting policies and then to appty them consistently., observe the melhods and principles in the Charrties SORP.. make judgements and accounting estimates th* are reasonable and prudent.. slate whether applicable UK Accounting Stsndards have been foll¢)wed, subpcl lo any material departures disclosed and explained in the finaneial slalemenls., and prepare the financial slalements on the going concern basis unless il is inappropriale to assume that the charity will Continue in cperalion. The DirecloTS are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's IransaclEons. di￿lOse with ￿aSOnable a¢cura¢y al any lime the financial position of the chanty and enable them to ensure th81 the fin8ncial slalemenls comply with the Companies Act 2006 and the provisions of the charty's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Relevant Audit Information We. the Directors of the company who held ¢)ffice at the dale of approval of these Financial Statements as sel out above each confimi. so far as we are aware. thal. 14 Dacu5vJn Envelope ID. B602F3554l004702-880￿763S4CEBs298 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Ihore is no relevant audit infomiation of which the company's auditors are unaware,. and we have taken all the steps that we ought to have taken a$ Directors in order to make ourselves aware of any relevant audit infomation and lo establish that the company's auditors afe aware of th* information. In approving Ihe Trustees, Annual Report. we also approve the Strategic Report included therein. in our capacty as company directors On behaw of the Board". A1.2913￿.?>1FF Glenn Earle Chair Date.. 1211112025 15 DcrtJJsign En¥elope ID". B602F3s541004702-8BD￿763S4CEa5?96 THE YOUNG VIC COMPANY REPORT OF THE INDEPENDENT AUD￿oRs TO THE MEMBERS OF THE YOUNG VIC COMPANY FOR THE YEAR ENDED 31 MARCH 2025 REPORT OF THE INDEPENOENT AUDITORS TO THE MEMBERS OF THE YOUNG VIC COMPANY Opinlon We have audiled the financial stslemenls of The Young Vic Company {the 'charilable parent company'l and ils subsidiary (the 'group'l for the year ended 31 March 2025 which comprise the consolidated slalem&nl ol financial activities, the consolidated and charity balance sheets, the consolidated statement of cash flows and the notes lo the consolidated financial statements. including a summary of signrficanl accounting policies. The financial reporting framework th* has been applied in their preparation is applicable law and Unrted Kingdom Accounting Stsndards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK atKI Republ￿ of Ireland. (United Kingdom Generally Aecepted Aecounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the group'5 and of the charitable parent company s affairs as al 31 March 2025 and of the group's incoming resources and application of resources, for the year then ended," have been property prepared in accordanee with United Kingdom Generally A￿$PIed Accounting Pracliee., and have been prepared in accordance with the requirements of the Companies Ael 2006. 8asls for oplnlon We conducted our audit in accordance with Intemalional Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilrties for the audf( of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our aud￿ of the financial stslements in the UK, including the FRC'S Elhi¢al Standard. and we have futh'lled our other ethical responsibilities in aecordants with these requirements. We believe thal the audit evidence we have obtained is Suff￿lent and appropriate to provide a basis for our opin￿n. Conclusions relating to going concern In auditing the financial slalements, we have ¢on¢lLtded that the directors, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or colleelNely. may east significant doubt on the company s ability to continue as a going concern for a period of al least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilit￿$ of the diroctors with respect to going concem are described in the relevant sectiorss of this report. Other informatlon The other information comprises the infom)ation included in the annual report, other than the financial statements and our audilorfs report Ihereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomialion and, except lo the extent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. Our re5ponsibilily is to read the other infomiation and. in doing so. consider whether the other inform81ion is materially inwnsi5tent with the financial slalemenls or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are Tequired lo delemiine whether this gives rise lo a material misslatemenl in the financial stalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other infomialion. we are required to report that fact. Opinion on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Iruslees. report. which includes the direclofs, report and strategic report prepared for the purposes of Company law, for the fi'nancial year for which the fi'nancial stslements are prepared is consislenl with the financial statements", and the slralegi¢ report and the diwlors, report in¢lude(i within the Iruslees, report have been prepared in accordance with applicable legal requirements. 16 DorjJs￿n En¥eknpe ID.. B802F35541(KJ4702-880W76354CE85296 THE YOUNG VIC COMPANY REPORT OF THE INDEPENDENT AUDITORS TO THE MEhlBERS OF THE YOUNG VIC COMPANY FOR THE YEAR ENDED 31 MARCH 2025 Mattgrs on whieh we are requlred to report by exception In the light ol the knowledge and understanding of the gfOUP and the charitable parent company and rts environment obtained in the course of the audit, we have not identified rnaterial misslalemenls in the slralegi report or the director$. report included wthin the trusle&s' report. We have nothing lo report in respgd of the foll¢)wing matters where the Companies Act 2006 requires us to ￿port lo you if, in our opinion. adequate accounting records have not been kept. or relums adequate for our audit have not ￿en received from branches nol visiled by us,. or the charitable parent company's financial slalemenls are not in agreement with the accounting records and retums", or certain disc105ures of Iruslees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our al￿11. Responslbllltles of trusteos As explained more fully in the tru$lees' responsibilities statement. the trustegs (who are also the direelors of the harilable company for the purposes of company lawl ale ￿sponsible for the preparation of the financial ststemenls and for being satisfied th* they gwe a true and fair view, and for such internal control as the trustees detemiine is necessary lo enable the preparation of financial slalemenls that are Iree from material mi5Stalement, whether due to fraud OT error. In preparing the financial statements, the Iruslees are responsible for assessing the group's and the ¢harf(able parent Company's ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the group or the Charitable parent company or lo cease opef*ions, or have no realistic ahernalNe but to do so. Auditor's responsibllttles for the audlt of the financSal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an audrtor's report that include$ Ouf opinion. Reasonable a$$urance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿ayS detect a material misstatement when f( exists. Misslatemenls can arise from fraud or error and are considered material if, indivitlually or in the aggregate. they could Teasonably be expeded to influence the ￿onoMiC decisions of users taken on the basis of these financial stalemenl$. A further description of our ￿SponSIbl1111eS for the audrt of the financial statements is located on the Financial Reporting Council'$ website al www.frc.org.uklaudrtorsre$pgnsibililies. This description fomis part of our audrtorf$ report. Exient to which the audlt was considered Ca￿ble of detectlng Irrogularities, Includlng fraud Irregularities, including fraud, are instsnces ol non-compliance with laws and regulations. We design procedurès in line with our responsibilities. outlined above and on the Financial Reportsng Council's website, lo delecl material misslalemenls in respect of Irregularit￿$, including fraud. We obtsin and update our understanding of entity, rts activrties, its control environment, and likely future developments, including in relation to the legal and ￿gUlatOry framework applicable and how the entity is complying with that framewort. Based on this understanding, we identify and assess the risks ol rnaterial misstatement of the financial stslemenls, whether due lo fiaud or error. design and perfomi audit procedures responsive lo those risks, and obtsin audit eviden¢e that is sufficient and appropriate lo provide a basis for our opinion. This includes consideration of the risk ol ads by the entity that were contrary lo applicable laws and regulations. including fraud. 17 Do(￿s19Th En¥*I0￿10.. B602F355410047024BD9-76354CEB5296 THE YOUNG VIC COMPANY REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE YOUNG VIC COMPANY FOR THE YEAR ENDED 31 MARCH 2025 In responseto the risk of Irregularities and non-comp1ian¢e with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those ¢harged with governance around actual and potential lrtigalion and elairns as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged wf(h govemance., Assessing the extent of compliance wrth the laws and regulations considered to have a direct material effect on the financial slalemenls Of the operations of the Company through enquiry and inspection", Reviewing financial slalement disclosures and lesling lo supporting dLxumentalion lo assess compliance wilh applicable laws and regulations.. Perfomiing audit work over the risk of management bias and oveffide of controls. including lesling of journal entries and other adjustmeri15 lor appropriateness. evaluating the business rationale of signrficant transactions outside the nomial course of business and reviewing accounting eslimales for indicatots of potential bias. Because of the inherenl limitations of an audrt. there is a risk that we will not detect all iTTegularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wrth a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not delecling a material misslatemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collus￿n, forgery, inlenlional omissions, misrepresentations, or the override of internal control. Use of our report This report is made solely lo the charitable parent company's members, as a body, in accordance with Chapter 3 of Part 16 01 the CoMpan￿S Act 2(K)6. Our audit work has been undertaken so that we muhl stale lo the eharitable parent company's members those matters we are required lo stale to them in an audilorfs report and for no other purpose. To the fullest extent permrtted by law, we do not accept or assume responsibility lo anyone other than the chantable parent company and the charitable parent company's members as a body, for our audrt work, for this report. or for the opinions we have fomed. John Howard Isenior Statutory Auditor) For and on behalf of Azets Audit Services Chartered A￿ountantS Statutory Auditor 2nJ FlcK)r. Regis House 45 Kin9 William Street London EC4R 9AN 18 Docuslgn En%tlope ID. B602F35541[N702-8BD￿76354CE852s6 THE YOUNG VIC COMPANY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Incorporaung Income and •xp•ndltur• account Unr•strl¢t•d Fund8 Restricted Funds Totsl Total 2025 2024 Ineome from.. Donadc*ns and legaci8• Charltabl• actfviti•s Other trading a¢tivltl•s Invg$tJnenl Ineom• Oihor Income 2.387,229 3,772.076 1.211 4.958 832.255 222.803 2.610.032 3,772,076 1.211 4,956 832,255 4,053,662 2,719,108 1,583 9,015 400,260 Total in¢omo 6,997,727 222,803 7,220,530 7.183.530 Exp•ndltur• on: Raising funds Charftablo aetlvltl•6'. Pr(AYu¢tions and cwrc¥Juctions c￿atOrS Program Taking Part Depreciation 487.251 487.251 458,250 5,688,935 417,490 546,037 330,579 5,738,935 586.160 657.840 330.579 4.469.301 478.069 760.841 335.307 168,670 111.803 T¢)ts1 expendi￿rn 7,470,292 330.473 7,800,765 6,601.768 Not in¢om•ll•xpgndlturel 472.565 -107,670 -580.235 681,860 Translers befvJé8n funds Net mov•mont In funds 472.565 -107,670 -580.235 fj81,860 Recon¢lliation of fund#- Total funds brought forward 9,504,114 107,670 9.611,784 8,929,924 Totsl lunds carrio11 foThvard 9,031,549 9,031,S49 9.611.784 The detaI￿d breakdtywn ol the 2024 comparatives is givttn in note 9. The statwn8nt of financial activibes includes 811 gains and losses recognised in the year. None of the charty's activities wèrè acquire(l or diswnbnued duriFvJ tha above tsyo financial years. The notes on p8g*d 22- 33 fom) part ol these financial statemeThts. 19 Docusyn En*elope ID. 8602F35M1Qfy4702-8BD9-763YCE85296 THE YOUNG VIC COMPANY CONSOLIOATED AND CHARITY BALANCE SHEETS FOR THE YEAR ENDED 31 MARCH 2025 2025 Group 2024 Group 2025 Charlty 2024 Charlty Nots¥ Flxed Assets Tangible assets Investments 10 11 7.735,694 8,011.612 7.735.694 8.011,613 7,735,S94 8,011.612 7.735.695 8.011.614 Curr•nt 8S8•ts Debtor5 Cash at bank and in hand 12 1,229.291 1.201.985 1,408.C69 1,315.909 1,229,291 1.193,237 1.408.069 1,307.193 2,431.276 2,723.978 2.422.528 2.715.262 Creditors: Amounts falliry due within one year 13 11,135,423) 11,123.8071 11.135.466) 11.123.863) Nèt current assats 1.295.853 1,600.171 1,287,062 1,591.399 Net asseis £9.031,$48 £9.611,783 £9,022,7S7 £9,603.013 Ch¥rlty Funds Unrestricted funds Dosignatèd funds- Fixed AssÈts Restricted fvnds 14 14 14 1,295.855 7,735.694 1,492.502 8,011.612 107.670 1,287,062 7,735,695 1,483.730 8,011.613 107.670 £9,031.549 £9,611,784 £9,022,7S8 £9,603,013 Tho financial stat&m8nts wèra approved and aulhori￿ foT i$$ue by the Board on ii/ii IA6ir Signed on teh21f of the board of trustees.. OwJWnth1by.' A12&*3D247SF*7F. Glènn Earl• Chalr The notes on pages 22 to 33 form part of these financial statements. Registerad Numbèr. 01188209 20 DoW￿9n En%*h¥*10.. 8602F35561LW702-8BDty76354CE85296 THE YOUNG VIC COMPANY CONSOLIDATED STATeMEpif OF CASH FLOWS FOR THE YÈAR ENDEO 31 IMRCH 2025 R•¢onclllatlon of n•t In￿m• to n•t ca•h flow• from opgr•tlng •¢llvltl•• 2025 2024 N•t •XP8ndibJre for ￿er Adlu•bm•nts for: Dgpwation ol tangibb fixed assets L05s on dispo￿1 of tangible fixed assets If￿&38 in debtors In¢re8s•ll¢Yecreasel in creditors 1580,2351 681.880 330.579 335.3C 12.491 1.518,039 11.439,8241 178,778 11.618 Ngt flow from op•ratlng *¢tlvlll•• {092621 1,106.072 St•tem•nt of ¢••h Flowg N•t ¢a•h flow Irom op•rotlng •cthiltl 169.2621 1.106.072 Cash flow from In¥￿tIrt9 actfvltl Paytrnnts to #couire taroibl& fixed assats 154,6611 135.1331 N•t {do¢r•￿&￿In¢r*al• In cuh and ¢•oh •qulvahnt• 1113.9231 1,07Q,939 Cash and ¢ash ￿u1v8￿nts at 31 M¥r¢h 2024 1,315,910 244.970 ¢••h and ca•h •qulval•nts •t 31 M•rch 2025 £1.201,987 È1.318.909 C••h and CA•h •qulv•l•nts con•l•ts ol: Cash at bank and in hand 1,201.985 1.315,909 C••h and ca•h oqubv•l•nts at 31 M•rch 2026 £1,201.985 £1,316,909 Th• nots$ on pages 22 to 33 fomi part of these financi81 stst•m•nts. 21 OotyJ*gn Enveknpe ID.. B6O2F355*1o￿4702.8BD9-16Ys4cEaS296 THE YOUNG VIC COMPANY NOTES TO THE CONSOLIDATED FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 31 MARCH 2025 Surnmary of SlgnEfic¥nt Accountlng Poll¢l•s G•nèral information and bas18 of ac¢ountbn9 The Young Vic Cornpany is a charty and a company limrted by guarante8 in the Unitèd Kingdcffn and regISte￿d in England. In th• avant of thè charity being wound up. Ihe liability in respect ol the guarantae 15 limited to £1 per membar of tharity. Th¢ a(Idre5s ofthe registsred office is given in the charity infom18ty.on on page 2 of thèsè financial statements. The nalure of the chanty's operations and prinupal actiwities are to create high qualrty, innovative and Imaginative thèatrè foi a wide and, in particular. contemporary audien in unique adaptable auditoria bwth far-￿a¢hIng èdueation actiwties and a￿$S polic￿$. The financi81 ststements have been prepared In accordance wth Accouthng and Rèporting by Charibes.. Stalemenl of Recornrnended Practice applicabk to charities preparing ts￿1[ a¢eount5 In accordan￿ with the Financial RepK>rting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charities Act 2011, provision5 of th8 Charitie5 Act 2022 in force at the time of preparing th8 accounts, tha Companie5 Ad 20( and UK Generally A¢￿pted Practice. The charty constrtutes a public bènèfit èntity as dèfined by FRS 102. The groups finanryal statements consolidate those of the company and its subsidiary undertaking Young V Productions Limrted. The finanual st8tèmÈnts ar8 prepared on a going concem basis under the histoncal cost con￿ntiC￿. The financial statements are prepared in sterting which is thè lunelional currency of the charity. The significant accounting poliaes appI￿ad in tha preparat￿n gf these finawal staternents are set out below. These poli¢ps have been consistently applied to all years presented unless othernvise ststed. Fund aceountlng Unrestricted g6n•ral funds ara availablè for us8 at the discretion of the trustees in fvrtheran￿ of thè gsfflèral obiectsves ol the charity arvj which havè not ￿er) designated for other purposes. Designated funds are set asK1e by the trustees out of unr&stn"etgd g&noro1 bnd8 for speryfic assets. future wrposes or projads. Restricted funds are in¢om* funds that must be spent on resthcted purposes In accordance wrth the funder5' wishes ancl detsils of the funds held and restrictions providèd 8ra $h¢wn in th? notes to the accounts. Ineomè recognition All Incoming resOury￿S are included in the Statement of Finanual Actsvities ISOFAI when the charity 15 legally entided to the Income after any perfornian￿ condith)ns have been met. th8 amount Can bè mèasured reliably and it is probable that the incomè will bè raceivsd. following specific policies are applied to pa￿CUlar categones of income". Voluntary incorne induding core grants. grants for specific activities, donations, l•gacy gifts. and memberships, sponsorship and corporate support whèrè tha sub51ance ofthe transaction is that of a gift. Voluntary inc(me is included in full in the Statemènt of Financia Activities when receivable. Grants ar• rècognisad whan tha charity be(x)me5 unconditionally entitled to the grant IncL)ming resourcas from charitabla includes box office (ticket sales), sponsorship And f¢$ Incorne from productions. co-produ¢tions and tours. Income from anc￿lIary trading and royalties from productions originally staged by the charity Giant income is only included in this category where there a￿ performance ￿lated eonditions to be met, for example a specific level of servi￿$ to be provided as a condition of the funding Incomg frorn chaiiiable a¢tivibes is recognised where there is eth"J¢mgnt to the income. re￿Ipt is probable and the monetary value can be measured reliably. No amount Is induded in the finanaal statements for volunteer time in line wrth the SORP IFRS 1021. Summary of Sl9nlficant Accoun￿￿9 Pollcbg5 Icontlnu•dl Id) Expendttur• r•cognltlon All expenditure is accounted for on an aceruals basis and has trEen dassifi'ed under headings that aggiègate all costs rolated to the cate90ry. Expenditure is recognised when the￿ is a kgal 01 constlU¢tive otrJvJation lo 22 Doc￿￿9￿ Envelope ID.. B602F355-61(KJ4702-88Dg-76354CE85296 THE YOUNG VIC COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 make payments to third parties. it is probable that the settlement will be r￿u1red and the amount of thè obligation can t* Measu￿ ￿lIablY. It 1$ categorised under the following h&adiNJg". Expenditure on raising fvnds are those costs incurred In generatsng voluntsry in¢omtr and other trading incorne Expenditur8 on charrtable activit￿$ c(xnpnses those costs incurred by the charity in the staging of its productions and othér pr¢*acts and events It includes both costs allocated directty to such activit￿$ and those costs of an indirèct n8ture necessary to support them. Box office and 888oelated Income and 8xp•ndlture Box Offi￿ incorne comprises ticket sales for produc￿on$ and projects 8t the Young Vic and any tyther perfom)ance spa￿S used by the cttarity. For prcAYu¢tion5 and projects occurring wholly within one financial yeai. *"cket sales and other directly assooated income is recognised when the performances take pla￿ ancl all associated costs are expensed in the 5ams financial year ￿ere o production spans the year end. all directly associated costs and income are gen8rally ￿cOgnised In year of the official opening night loft8n referred to as the press ni9htl. Where a small s¢al$ studio prcductyon with a short perfomiance period of ￿$5 than thrèa w••ks spans the year end. all dI￿¢￿Y assoriated Costs and incorne are recognised In the year where thè majorty ol the acb'vity rtrlating to the pr(￿u¢ll0n took placè. Support costs all￿oI10Th Support costs are those that assist the work of the charity but do not diredy ioprtrs￿t specffic charitab activities and include venue operating costs. •quipment repairs and maintenan￿. IT and systems costs, Offi￿ costs. govemance costs. charity administration and core salary costs. They are incurred dir8Ctly in support of expenditure on the objects ol the charity Support costs are allocated bètsveen the expenditure ¢ategories on a basis designed to reflectthe use ofth8 rèsource. Costs relating to a particular area ol activity are allocated directly. others are apportioned to reflec¢ thè ratso ol the ¢Jifferent areas of charitable athvities. excluding depw8bon. Igl T•nglble flx•d ass918 and d•pfoelatlon Tangibl• fixed assets for use by the ehArity are stated at ¢ost lèss accurnulated depreri8bOn. Depreciatyon Is prowded on all tsngible fixed 85SÈts, at rates calculated to write off the cost, less estimat¢d residual value. of asset on a systematic basis 0￿r its expected u$8ftJl life as follows. Theatre rèbuiSd 50 year5 Straight line basis12% 1 yearl General Equipment. Fixtures. FitDivJ$ and DvJital 5 years Strsight lin8 basL$120% 1 yearl assets from 1 April 2024 Buikling Improvements Iiom 1 April 2024 5- 10 years straight ling ba5is110%- 20% 1 yearl Prior to l April 2024, General Equiprngnt. Fixtu￿$, Fittings. Digital assats and Building improvements ￿re depreciated on a 25% 1 year reducing balance basis. The net book value ol General Equipment, Fixturas. Fittings and Digrtal assets 4$ at 1 April 2024 is being depreaat8d over 4 years on a straKJht line basis The net book value of Building irnprtsvements as at 1 April 2024 is being depreciated over 4-8 yaars on a straight line basis depeThJing on the 8ge of the asset. {hl Flx•d ass•t Inve$lJnents Investments in subsidiary compan￿S are ststed at C05t. Debtors and eredOtor6 ro¢elvable I payablo wlthln ong ygar Debtors arKY creditors with no stated interest rate and receivabk or payabsg within one year are recorded at transaclion price. Any ltsssès ansing from impairment are recognised as expenditurs. iji Impalfment Assets not m88sured at fair value are reviewed for any indicatK)n that the asset rnay be irnpaired at each balan￿ sheet date. If such indication exists, the recovarable amount of the asset, or the asset's cash ganerthng unit, 15 e5ts'mated and cornpared ¢0 the carrying amount. Ithere thg Gatrying amount exceeds its recoverable amount. an irnpairmenl Ios5 15 recognised in profitor105s unless the asset is carried 8t a revalued amount Whe￿ the impaim)ent10ss is a revaluth.on decrease. summary of Slonlflcant A¢countlng Poll¢leB l¢onWnu•dl Provlsion$ Provisions are recognis•d when the charty has an oblpaation al the balance shaet date as a result of a past event. It is probable that an ouffiow ol economic benefits will be required in sett￿M￿nt and the amount can be reliably trsknmated. 23 Docu5i9n Envek)pe ID." B6o2F355.61004702.8BD￿7635lCEBs298 THE YOUNG VIC COMPANY NOTES TO THE CONSOLIDATeD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ￿R¢m 2025 Lga¥ Rentals applicable to operating leases where substantally all of the benefits and risks of ownership remain with thè lessor are charg8d to the Statemonl of Finanryal ACtiv￿.e$ as incurred. Iml Employ•0 b•nofits Wnen employees have rendered seNicè to the eh8fity. short-tsmi employee t¢nefits to which theemployees ar• •ntitlèd are rtrcognis8d at thè undiscounted arnount expected lo be paid in exthange for that service. The charty contributes to defined contribution personal pènsion schèrnts lor certain employe8s The assets of the $chernes are held separately trom those of the undertaking in independently administered funds. The pension cost charge represents contribubons payable by the charty to the schemes. Inl Judg•m•nts and k•y soure•s of èstimation uneèrtainty Accounting estimates and judgefflents ale conlinually evaluated and a￿ based on historical experrenc£ and other factors, Including expectations of future events that are believed to be reasonablè under the arcumstances. The charity makes estimates and assumptions conceming th¢ futu[¢ Tho resulting acLounting estimates and assumpb"os)s will, by definition, seldom equ81 thè related a¢tu81 results. Tt estimates and assurnplions that have a significant risk of causin9 a material adjustrn&nt to the carrying arnounts of assets and liabilities within the nex¢ finanrjal year are discussed below. Useful econom￿ lives oltangibl8 assèts Thè annual dèpraciation charg8 fof tangibl8 assets Is sen￿tiVe to chan9es in the estirnated useful economic lives and residual values of the assets. The useful economic lives and ￿sId￿31 values are reassessed annually They are arnended when necessary to reflect ojrrent estimatès. based on tochnological advancement. future investrnents, economic utilisation and thè physical condth.on of thè as$èt5. See note 10 for thè carrying amount of thè property and equipment. and note 1lgl for the useful economic lives for each dass of assgts Bad debtprovision The value ol trade debtors Ls Sens￿"Ve to thè reeoverability irt fvll of any inv¢ws issued to each customer. Once the debt becomes overdue rt is thased and periodically reviewed to ensura rt Is recov8rabk in full. If provision is deeme¢J necessary this is included on an annual basis. Golnp ¢one•m Trustèès h8V8 considèrad th8 r8quirernent that the finanryal ststernenls should be prepa￿ on a going conc4rn basis. They have discussed in detail the intemal and extemal financial nsks rèlavant to th8 tharity in the context of Its current Iinanual position an¢J they have conduded that is rt appropnatè that the th'nancial statemetsts b¢ piepaigd tsn a going wn¢ein b35iS In rnaking this 85ses5rnent. the Trustees have considered ¥thether there is a material uncertainty that t charity can continue as a goin9 COn￿M and how this should be p￿sertte￿ In the finanu81 statèments They have conduded that whilst tho d•gr8• of une8rtainty dèscrib8d In the Tiustee5' Report warrants transparent disd05ure. it does not wnstitute rnaterial uncertainty related to going con￿rn. Financial risks are being managed through ongoing risk assessment ol the extemal enwronment. strong focus on key $takehol¢Jer communication, continuous monrtoring of Prog￿55 against incorne targets and regular review and ￿f0￿caStIng of expenditu￿ and cashllows. Thg ehanty has secuied the sUPPOrt of its maior funder Arts Council Eryland and has ¢realed financially viable plans through lo March 2027. Iccusad on delivering high impact pr¢yJuctions and projects which will rnaximise audiences and parts"cipation and hava the potential to attract additional fvnding. Cost management strategies are based on reducing frxed overheads whilst recognising the constraints ol an ope¥atiw rnodel which Includgs running a rnutti-fa￿ted theatre building. Taking inlo account the plans wtlined. related budgets and forecasts, and the ongoing support of major 5tak8holders including Arts Council England. Ihe Trustee$ consider that the￿ is a reasonabk ex￿￿a￿On that the charity will have sufficient funds to continue to meat Its liabilities ss they fall due for the foreseeable luture and that the￿ are no material uncertaintses about tho charity's abilrty to continue 85 8 going concern. Sumrnary of Signifi¢¥n¢ Accounting Policie¥ l¢ontinued} (pl Forelgn currencles Assets and liabilit￿S in foreign curr•nc*s ara translated into stsrling at the rat8 of exchange ruling at the balance sh8et d8fr. Transactions in ftjreign currencies are translated into steding at the rate of exchaNJe 24 Doutsign En%*k)pe ID.. È602F356410047o2.88￿78354CE8s2D8 THE YOUNG VIC COMPANY NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIARCH 2025 wllng at the date of tr•nsaclion. Excharye diffefyAc•s a￿ taken into a￿AUnt in arriwng gt tho 0￿ratIng $uA. Taxa￿on The company 1$ an •xernpt tharity within th& maaning ol sthe