Smalles Goldie CHARTEREO ACCOiINTAMTS COMPANY REGISTIiATION NUM8ER..01210050 CHARITABLE COIIPANY REGISTRATION NUMBER.. 269645 Hull Truck Theatre Company Limited (A company limited by guarantee) Financial Statements 31 March 2025 111111 *AE6CN4* 2911112025 COMPANIES HOUSE #161 ICAew CHARTeReo ACCOUNTANTS Hull Truck Theatre Company Limited Contents Reference and A(1ministratNe Oetsils 1to2 Trustees. Report 31014 Independent Audiiors. Rewt 15to18 ConSol￿ated Statemenl of Finanoal Activities 19 ConsolKlated Balance Sheet 20 Balance Sheet 21 C￿S011dated Stalement of Cash Flows 22 Notes lo the Financial Stalements 23to40 Hull Truck Theatre Company Limited Reference and Adminlstratlve Delalls Charitable company Registration Number 269645 Company Registration Number 0121LN)50 The charita￿e company is incorp)rated in England and Wales. 50 Feren5way Hull East Yorkshire HU? 2LB Re9lstered office Trustees and Office The trustees and officer5 seNing during the year and gnce the year end We￿ as folluws." TNstpp.s'. S Ajlan N Barley I￿￿gned 19 March 2025) E Beverfey {resigned 25 September 20241 S P Bngham lapwnled 24 September 20251 P Burgess (resigned 25 September 20241 P Coyle (resigned 25 Septernber 20241 Crmjncillor J Dad lappoinled 16 May 2024) M Debenham (appointed 25 Seplember 20241 L Elyworthy lappjnted 25 Seplernber 20241 RHart L C Hill lapwinted 24 September 20251 J Hin9)n Ireggned 25 September 20241 C Ja¢obsen (resigned 24 Seplember 2025) P Lautin (reS￿ned 23 Aw"120251 F Leone {res￿ned 24 September 20251 D Metters (appointed 25 September 20241 J O'Neill R Pritthard J Robinson Ireygned 16 May 20241 M Rob50n {resgne(126 November 20241 R Singh J Walsh L Whicker (appointed 25 September 2¢f241 Chair". RHart Secretsry.. J Mrf15-War(I Page I Hull Truck Theatre Company Limited Reference and Administrative Detalls Senior Managernenl l Leadetship M Babych Team". J Mills-ward T Saunders J Wilson I￿519ned 30 June 2024} S Barton L Smtth D Gunby {app￿ted 19 August 2024) Auditor Smal￿5 G￿d￿* Chartered Accountants Statutory Auditor Re9enVs Court Pnncess Streel Hull HU2 8BA 8ankevs HSBC 34 Jameson Street Hull East Yorkshire HU1 3JX Page 2 Hull Truck Theatre Company Limited Trustees. Report The Iruslees. are diredors for the purposes of company Law, present their report with the finanual statements and auditors. report of the charitable company for the year ended 31 March 2025. The trustees have adopted the provisions ol the St*ement of Recommended Practi￿ ISORPI -Accounting and Reporb"ng by Chanb'es. in prepanng the annual reFort and financjal statements of the charity. The Trustees. Report incorporates dlsd0su￿S required to be made in a Strategic Rewrt to fvifil the requirements ol the Companies Acl 2006. The financial slalements have been prepared in accordance with the aceounting wliciÈs sel out in notes to the accounts and compty wrth the charfls goveming ¢Jocument. the Charities Act 2011 and Accounling and Rewrting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Re￿tsng Standard app1Trcab￿ in the UK and Republic of I￿land published In October 2019. Public hen￿lt The trustees ￿nfirni that they have complied wth the requirements of section 17 of the Charities Act 2011 to have due regard to the publt benefrt guidance published by the Charity Commission for England and Wale5. BJECTIVES AND ACTNME RP RATING STRATEGI Objects and aims The ￿lects lor wfiich Ihe charty is estatAished are lo pIon￿le. mainlain and aifvance education, particularfy by the producb.on of plays and encouragement of the arts. The Board of Trustees has considered the Charity Commission's guidan￿ on public benefit ln shaping the charitys objects.ves for the year and p*nning ils actNib"es. VISION To be a p￿neering theatrE wrth a un￿ue northem voKe that is locally rooled and global in outlook, in5pinng 8rtist$. 8udiences and communities to ￿ach their greatest Ixitenl￿. MISSION To produce arjd p￿sent exceptional Iheatre ihat the divefsty of a modem Britain. We Mll prowde the ￿sOUrc8s. space and support lo gmw K*ople and ideas. We arg an ambassador for our city. a flagshw for our region and a ￿lCOMIng fwour communibe& VALUES In¢lu$ion We make enjoyable and enriching theatre th* reflects the diversrty.ol our nation We champion dose contact vrilh the arts to build a betier. faiier and just 5coety We prowde a safe and wekoming environment for al to enjoy and be inspired by theatre We embed equality of opportunty Ihroughout Ollr organisation. regularly evaknaling our work to ensure best practice Page 3 Hull Truck Theatre Cornpany Limited Trustees, Report Innovation We use (xjr tslenl and resources to grow people and Ideas We work with exceptional arb5ts to refresh and ￿4MagIne great theatre We fire the imagination, raise aSpratI￿ and transform lives We develop new palhvrays lo overcome S(￿la1 and economic barrier5 to partiopation We creativety respond and adapt to change, embr* rw thinkn.ng when tsckling obstades and 8dopt imaginative sc4uts.ons lo the thallenges tsel￿e us Integrity We make choices and detssitins that ￿ign ¥Mth our rn￿1￿. visiw an(J values We balance artists"c amm.on vAth finanual statrf.lity We develop ovr resources to mwmise OPPK)rtunths and strengthen our capacity We delivÈr quality and excellence across rNr entire operats"on, knowng that every contact we make th people matters NTrOOUCTION The thèatre continued to receive fvnding from Hull Cty Council wilh 2024-25 being the 5e¢ond year ol ils Arts Council Englan(J NatK>nal Portfolio Organisation status ftsr the fvnding per￿d 2023-26, now extended to 2028. Primary acliviti.es ftw the year indudeil. creab.on of an innovalive, indusive range of successful I￿hoUse thealn.cal produth.ons made In Hull lor Iccal audience5. Entertain our communities th￿gh prc*Jramming a t*o*J ¥￿ety of Vi$￿'n9 theatrical work and screenings. Running a varied Creabve Leaming pr¢4Jramme. supporb.ng local peop￿ to UnIc￿ their own ¢reab'vity and aCh￿ve their potenbal. ChampThrying IndusK)n awss all the theatres wrmk. ACHIEVEMENT AND PERFORMANCE (INCORPORATING STRATEGIC REPORT OISCLOSURESI Throughout 2024-25 we wdcomed 71.468 audienee members. On average 5% of all our bookeTS were new. A toial of 178 performances were 5tsged across the year. whKh induded 93 visiting Company performances. Hull Truck Theave ¢Jelivered a rich and war￿ prcgramrrE of work in 2024-25 combining cornmunity engagement. c¢>produdions wlh national partner5. and reimagined das&cs that reflected our audiences and region. Page 4 Hull Truck Theatre Company Limited Trustees, Report Little Shop of Horrovs - [22 May- 8 June] y Howard Ashman & ￿an Menken. D1rected by Loth"e Wakehan A co-production wilh New Wdsey Theatre Ipswch, Theatre by the Lake, and O¢tagon Bolton. Developed in response to audience research h￿Jhl￿htr.ng a desre for laTger•scale. popular musicals, this cult dassic was perforn￿d by a company of aclor-musicians. The partnetship enabled us to present ambibous, hwh-producb"on-vaue woth while sharing iesources and extending the shov/s reach to audiences across the U5 . Whafs Stage- "BOnke￿ and bnllianr *** Daily Mail - -Sci-fi fvn" The Stage- "Plenty to enjo Guts! The Music•l- [29 June- 6 Jylyl By Maureen Lennon, Directed by Torn Saunders Presented in partrership wth Hull Maritime, Guts was a new community pr(>Ju¢tion inspired by 3 true story from Hull's history. Wriiten by IoKal pla￿ght Maureen Lennon with original music by Hull composer Joe RoFer, the shuw celebrated the Hull fish packers and their fight for equal pay - blending humoui. heart and local wde. - North West End- "Trnty talented. community cast" The Remews Hub - "It fee15 like the nght b'me forthis story to be told- Hull Is This- "lively, wbranl, entertaining and empowering" The Borrowers -129 Nov-4 Jan] Adapled by Chartes Way. Directed by Maik Babych Sel in 1940s East Yorkshire during the Hull Blitz. this rwmagining of the dassic tale followed an evaoJee boy al Christmas who discovers the tiny Borrower farn1￿ living under the Iltstsrbtsards. Live swing and big band4rispired music. puppety and inventrye design created a nch world of contrasb'ng scales, offering Ictal resonan￿ and eX￿O￿n9 themes of family and displacement. The Guardian - 'It makes lh& impo&wble, p0￿ble. The Stsge - 'A festive laM￿y show with real heart" ' Yorkshjre Post-"Hull Truck rn0￿ Ihan delivets." Rapunzel -112- 29 Decl Written and Directed by Tom Saunde Our earty year5 Christma5 F*&JtsctK)n introduced young audiences lo theatre through a familiar, visually exciting story ftjll of partiupats'on and music. Theme5 of fn"endship, courage and discovery encouraged chibjren to explore their worhj in playful and imaginats.ve ways Fairy Powered Production5- Would 100% recommend!- Hull and Ea51 Riding Mumbkr- Yd&al foryoung children" Page 5 Hull Truck Theatre Company Limited Trustees. Report Mary and the Hy¢na$- ri Feb-1 Marchl By Maureen Lennon, Directed by Esther Richardson Co-pmduced wilh Pibt Theats, Ihis new play about Beverley t￿y￿ Mary Wollstonecraft featured 0ri9inal song5 and music by Tor Maries laka Billy Nomatesl. The production combined history, feminism and live music to create a bohj and contemporary retelling of w iconic life. North West Erbd- "Superb wntin9 and electri￿.n9 M￿￿- The Reviews Hub-"An eloquent and S￿n￿antpI8 Fairy Powered Productions - "InffomJative, fvnny and veryenlertaining" Of Ml¢e and Men - [5 - 22 March] By John Sleinbe¢k, Directed by Sarah BDJham A cwroduth.on wth Derby Theatre arKf Bolkffl Octagon and part of our continuing educabon-focused partnership. Directed by Hulkb(yn Sarah Brigham, the pri*uction featured leaming4isabled actors who shared the role of Lennie, and a visually impaired actor who brought new perspective lo the rc4e of Candy reinforcing our cornmitment lo representation and indusivity on stsge. ' The Arts Dispatth - "Olfgts a slrong argument for the story's conttnued ￿le¥anCe. The Stsge - °Impressively farthlul" The Rewews Hub- "St￿1 a cl•ssi¢j" Hull Truck Theatre's 2024-25 season showcased our abilty to deliver high44uality, accessitrAe and engaging work auoss scales and genres. From IcrAI stone5 and new Wr￿n9 lo ambiti¢)us ¢o-produ¢tions and famity favouriles. eath produ¢bon refie¢ted our ongoing commitment to creativty, collaboration and communty impacL OLFr annual Grow Fesiival was reimagined for 2024. Running from 6 to 21 June, the festival celebrated new and contempofary theatre and film, bringing together artists, creative5 and audiences. With a strong focus on artist development, eight events took pla￿ over the three weeks, supported by ¢Jrop-in sessions for on&tOvone advice, nefvlorking opportunities and the 'Be Our Guest. Sharing event. This showcase featured three sarn￿e perfomian¢es of new wod( by bcal freelance artists who received ta￿￿1 development bursanes, free access to space and staff support to help develop and shape their ideas. Alongside our produced prryramme, Hull Truck Theatre p￿sented a wbrant and diverse range ol visiting work acr055 both stages. offenng audiences a wide th(Mce of theaire. comedy, music, and family entertainment I￿81, wional and na￿Ona￿nIemaIlODaI arts.sts and companies. Highlights induded perfofmances from Ihe RSC'S 'firsl encounter wlh Shakespeare. producbon of Romeo and Juliet. Tilted Wig's Frankenstein, classic work from the John Godber company featuring performances of Happy Jack and Perfect Pitch and a un￿ue collaboratson betsRen the One Punch Foundation and John Godber Ftyjndation. Local stories and performances from the city'5 thriving community eompanies and academies featured induding shows by NAPA, Stale of the Arts and How to Be Brave written by kxal wrrter Louise Beech which were complimented by Hull Comedy and Jazz festiva15. Our ongoing partnershFp Freedom Festival to share perfomances, experience5 and 5torie5 from Intèmalional arbsts. centered aroLtnd baby tn"endly shows, Bob Marfey for 8abies and Univws that reflected our baby tr￿ndlY offer for produced work, and forrned part of our wider family offer. The unwjve trAend of hbjh-quality prOfeSs￿n31 tounng ￿)rk. ¢elebratitins of community performances, schoo15' showcases: and leslNals. ￿inforCed Hull Truck Theatre's role as a welcoming cultural hub for local people as both pa￿￿pantS and aud￿Ces. and afbsts and companies from acTOSS the uty and wider region. Page 6 Hull Truck Theatre Company Limited Trustees. Report Audiences We continue lo monitor audience feedback via Indigo Sha￿. We had 2,979 responses In total across the year. The number of Organisations that Indigo now has on board has also dramats¢ally increased over the last year. an¢J the overall dats set is ncm al 206,772 responses (compared to 66.683 last yearl. Some highlights from cmjr annual wew with Indigo to understand audience insHJhts and sentiment. Our NPS Score Is up lo 87 {73 benchmark) - We ranked #1 for our NPS out the 50 cultural organisations that look part in the benchmarking exercise, whth Is a huge achievement and testament lo the hard work of all departments giving aud*nces such a fantasb'c experience Stsff rating is up to 4.714.6 benchmark) Perfwnance rating is up lo 4.714.5 benthmarf(I Acc•ss rating 18 4.514.1 benthmafkl 95% of audiences ￿s0 staled that they beI￿ve Hull Truck Theatre is Important to the local ¢tsmmunlty. 88% of audiences belreve that we lead the way for cuhure in the area. with the envI￿nMental impact reachon also being very high 59% Ivs 50% benchmatkl. Cr ive mm Hull Truck Theatre'5 Crealive Leaming department delivered 12.843 engagements awjss 520 sessions in 2024-25, engaging partiaparts of all ages and abilities through wular groups, schools work and community projects. Weekty activity induded 5 paid-for Youth Theatre group5, 2 free Youth Theat￿ groups, ihe Act 111 group for ￿kn.Ted adulis: and dedicated sessions for students from Ganton SFecial School and Frederick Holmes Special School. focusing on colklx)ratson, confidence and theatre skills. At the end of the financial year. 76Uh of Youth Theatre reported feeling "connected to other peoF4e" because of the programrne ank1 87% 01 participants report "I felt Ihal l Gould be myself." This is an increase of 100A on the former and 21°A in the Letter since the start of the year. The year saw the creab.on of several new productions, including Sense & Sustainabj'lity, a new play written by Lydia MarcharTI and directed by A￿SbC Director Mark Babych, perfomied by the Act 111 company. The Young Creators group devise¢J and perftsM￿d The Dutch Dash in the Studv) Theatre. Co-C￿ated with the theatre's Assouale Difedw Tom Saunders. Our Youth Theatre's Senior and Young Company gTOUPS18ges 11-181 cc41abor*ed to develop 975 Day5... prOba￿Y. a powerful piece exploring secondary schwl life, perf0m￿d by four groups who shared roles ￿[0$5 different stage$ of their characters. ioumeys. Page 7 Hull Truck Theatre Company Limited Trustees, Report The department also delivered a ￿de range of schoc4 and college workshops, covering careers in the ar(s. literacy, curri¢ultJm texts and bad(slage tours. alongside a series of Sth(M￿ hotsday athvthe5 hekl both al the theatre and wlhin community settings_ In partnership wth the Royal Shakespeare Company. H￿1 Truck Theatre ¢ontsnued lo provide c￿atiVe CPD for teathers acr055 Hull and the Easi Riding, Integrabng drama into literacy teaching. This culminated In a Fesbval, Whe￿ leachers directed their pupils in scenes frorn Twelrth Night on the main stage with 458 child￿￿ performing over 4 days. The learn also progressed its th￿e-year a[￿led drama project I￿1h the NHS and as well 3s bespoke training for local businesses, using theatre-ba5ed methods to enhan￿ communication. empathy and problem•solving in workplace settings. Professional actors worked ￿ Trainee GPS, reception staff and Business customer service teams to explore real-world scenarios and build skills for handling challenging interactsons. Through this wpde43nging programme, Hull Truck Theatre's Creative Leaming department wnb'nues lo inspire creatsvity, confidence and connection awss communities - helpng part￿1pantS discover their voice5 and see themselves as part of the ciivs vtsant cultura story. The theatre continued to find ways lo reduce its carbon foolprint and in￿aSe its learning in Ihe area ol sustainability. This induded charnpioning the cultural sectorfs role as a key partner with Oh Yesl Net Zero. 3 ￿g￿n31 group made up of bussnesses and organisab.ons working tf>3elher lo collecbvely dnve down Hull's carbon footprint. We at50 focused on our building. tracknng energy usage to understand how we can work MO￿ efficienty a view to both reduce our footprtnt and make finanrJal savings. Our Act 111 community grgup ¢￿ated a pmducticyTr ol "Sense Sustsinabili￿ which examined reliree5' relationship wth a communty allotment. We produced this production foHowng the Theatre Green Book baseline standard for produ¢b"ons. In 2024. we welcomed a new Facilibes Manager aftef the previous Frt)sttholder relired after 26 years. we invested in robust toining and development pLan induding Carbon Lrteracy Training wrth a pkn to support additional training c(xJrses In 2025-26 to ensure he has the too15 to develop our building in a svslainable way. Linda Wh￿ker also became our Board Green Champion and faalrtaled a link lo Hull Universit*s Msc programme In Renewable Energy and Low Carbon Soluts"Dns. Students from this programme are partnering wilh Hull Tiud( Thealre lo measure buikling energy usage an¢ identify ways lo reduce carbon emissR￿S auos5 the Ofgènisabon. We have also buitt a relalionship with Martin Budd. Climate Change frAanager at Hull City Counal who is now a regular aitendee of HTT'S Green Action GTOUP meetings and provides a key ￿nk to the city's 5ustsinakn.lity iniliab"ve5 50 thal we can align our goals. Page 8 Hull Truck Theatre Company Limited Trustees. Report Our Missi￿ is to reflect a modem. dIve￿e Brtsn across all areas of our work- gn stage. among our audiences and part￿pan￿. and wthin our worklorce. Our Inclusion ACt￿n Group, compTiyng repre5entative5 from every department, continues to drive fO￿ard our equality, diversity and indusion plans. In 2024-25. Hull Truck Theatre enlered a peri￿ of leaming and reflection a5 part of a Ramps on the Moon's nalional cohort. exploring how lo embed the soaal model of disability across all aspects of our operation5. A high1￿ht of this was delivery of a casting workshop for Deal. DISab￿￿ and Neurodiverse performers. supported by a Ramps on the Moon grant Leaming from this session is now informing our future casb.ng practices and approaches to representabon. Throughout the year. we a150 offered community Iickets to Hull Truck producb.ons and our Great Adventures progr8mme toured to community venues wthin target p)slcodes. ensuring access for lamilies who might not otherwise attend live theatre. OUT annual Famity Open Day welc>Jmed over 400 visitors under the Iheme of Kindness and Being a Gcxyl Ne￿hbour. For Christma5 2024. the theatre collaborated vth eommunity groups lo create paper￿k story displays and storytelling sewons inspired by Rapunzel, in local libraries and community centres. At Queensgale Care Home IHU3}. we created a fesb.ve theatre experience featuring a screening of The Borrowers, accompanied by a pre-wsrt event ¥￿th ¢ostume discussion5, a 1940s swng performance, and an introdvctson by Matk Baby¢h. Wilh 87 care homes atross Hull and East Yorkshire also receiving a re¢¢xding of The Borrowers to share wilh ￿￿dentS over the holidays. Hull Trud( Thealre remains committed lo Grealing a safe. indLtsive and welcoming environment vlhere everyone can feel valued and enjoy the transformatsve power of live theatre. Throughout 2024-25. the theatre offered caplione¢J: BSL. audio-described. relaxeil and baty-friendty performances across all in-house productions. 2.070 Pay What You Cart b"ckets were taken up by local peop￿. 928 community tickets lal £3 each) were given out to Community groups. and 777 local people visited the theatre for free as part our Give the Grft of Thealre scheme. These schemes focus On local communities experiencing disadvantage and enable communities to enjoy the magic of a theat￿ performance. many for the first b"me. Give Thg Gift of Theatsp is generousty supwrted ty our SpOU￿h1 corporate partners and a publ￿ appeal. The theatre was also recco3nizet1 as a finaisl in the folkm.ng regional awards". Finalist- First Clas$ Service People in Business Awarfs Finalist- Ethical. Responsible & Sustainable Tourism @ REYTA 2024 Special Commendabon- Accessible & Inclusive Tourism @ REYTA 2024 Winners- Accessible & Indug¥e Toufism Award @ Yorkshire Post Tourism Awards Finalist- Outstanding Contn'tJ)tion lo Ihe city @ HullBID Avords Finali5t- Best Place to work @ HullBID Awards Page g Hull Truck Theatre Company Limited Trustees, Report FOR FU PERIOD INCORPORATING STRATE IC REPO TDI CLO RES The theatre looks foFward to an exciting year in 202&26. Drawng on audien￿ research from 202>24. our programme features a I￿arnIC mix of famik.ar trtjes and new work. We have five productions planned for 202&26: To Hav• and To Hold - May 2025 Wntten by Richar4 Bean and directed by Terry Johnson. this knttersweet comedy follows a brother and gsler ￿turnIng to East Yorkshire lo Ca￿ for thwr ageing parents. the production provides strong representat￿ for okler artssls. Pride & Prejudice- September 2025 Building on the suG¢ess ol Little Shop of Horrors, we continue our colaborats"on5 Wth regional iheatre partne￿ to deliver hwJh-quality, larger-scale productK)ns. This UK premTrere of a hilarious new adaptabon of Jane Austen's dassic, featuring a large cast and ￿eatIve team. exemplifies how our partnerships enable ambitsou5 work that reaches audiences across Hull and beyond. Oliver Twist- D¢¢•mb•r 2025 l January 2026 Our large-scale family prorJu¢bon lor Christmas, adapted by Debc*ah MeAndrew with music by John BHldle, returns in a refreshed staging wih new design and musical arrangements. Two local young company teams wll take part. gainin9 hands-on exwence akjngshle professional artists. The Little Mennaid - D•¢emb•r 2025 1 January 2026 Our earty years Christmas show, vrritten and diie¢ted by Assoc4ate Director Tom Saunder5, conbnues 10 grow in popularity and wll be extended for a further week than In previous year5. Thi5 V15ually engaging adaptstion r￿useS on courage and finding one's voice, introduong young audiences and families to the joy of h.ve theatre. Macbeth - February 2026 (thèn touring) Our partnership with Derby Theatre and B(*on Cwon ¢￿tinueS with Shakespeare's Macbeth. Following Animal Fam and Of Mice and Men. Hull Truck will lead this production, and the co-producb.on invofves the crealive team consulb.ng wth teachers to ensure a¢¢e$9bility and engagement for GCSE students. New Work in Development 202>26 We have been awarded fvnding from the FO￿ foundation to fijrther develop Th￿e new plays exploring the people and St￿leS ofour region are currentty in deveknpment rhis Damp Won t 8um by Josh 0￿rtOn- a bve story with live music set in Hull's iconic AdelF*i Chjb . No 8alls by Lydia Marchant - exFkn'ng young wcynen's experiences in gra55rcots football Can We Be Friends? by Hannah Scorer - a comedy-drarna about tr*0 Hvll mums seeking a betier lrfe for themselves and th￿r six-year<4ds Exh wll undergo éevelopmenl wthshops wth audien￿ sharing's in surnmer ar￿ autumn 2025. Page 10 Hull Truck Theatre Company Limited Trustees. Report Hull Truclt Theatre wll continue to delNer imaginafive. high-quaity producb.ons that engage and Inspi￿ 3udien¢es across Hull and the W￿er regton. Wrth strong finanual managernenl and a commilmenl lo environmental responsibility, we are well placed to face future challenges with confidence. Our financial powlion remains statAe as we enter thÈ second year ol Arts Council England's National Portfolio ststus, extended lo 2028. Hull City Co(tncil's Community Plan and Cultural Strategy reaffirm the importance of local storytelling and corrwnunity4ed work that is al the heart of our mission and Vis￿n. We believe in the power of live performance lo inspire. entertain. and connect. and we look forward to sharing another vibrant year of theatre filled wth laughter. music. and imagination. FINANCIAL REVIEW The group's principal funding sources conts.nue to be grant￿SpOnSOrshiP from Arts Council England and Hull City Council, lojether wth box office ￿￿pts. funding from trusts and foundats'ons, donations, ￿pon6016￿1p, evpnt hirp, and cat¢rinq charges. 2024-25 was the second year of the 2023-26 funding agreement with Arts Council England as a Nat￿nal Portfolio Vrganlsatlon INPOI, with an extension now announced for years vntil 2028. The group also continues to benefit from Claims of Theatre Tax Relief on the theatre's qualty.ng prcAluth'ons_ The 2024-25 financial year ￿$￿Ited in Hull Tr(Kk Theatre gmup achiewng a Surplus of £88,85412024". £36,B621 on un￿triCted general funds. Overall, Ihe Hull Truck Theatre group made a defiut for Ihe year of £51,47512024." £147,21418nd this was aftef the indusKJn of depreoats'on tolalling £129.24212024". £131.592). Whilst the group balance sheet ￿pOrts nel assets of £14.336,598 12024.. £14,388,073), most of this figure, £12,896,047 12024.. £13,018.6841 ￿lateS to the theatre building. which is hekl in a restri¢ted trust fund. Accordingty, the eXpenda￿e assets availab￿ to the group stand at a much more modest level and require astule financial management. Further details of Ihe expendable reserves are Sel out below. R•s•rves policy During the year. the group fijrther consolidated ils Unde￿"n9 financial posth'on and at 31 March 2025 ha¢J unreStr￿ted general reserves of £1,000,58412024". £911.7301. In line with Ihe reserve5 policy, the Iru$tees are comrnitted to continuing to build these re$eNes to a level which is equwalent lo at lea51 six months, operational expenditure lapproximatety £1.100.0001 In order lo seGure the theatre's long4em) financial ￿s111en¢e. Page 11 Hull Truck Theatre Company Limited Trustees. Report With detailed knO￿edge of the local environment and operating condib"ons. 51rengthening ol the company's reserves wa5 seen as essential due to the uncertain finanual posrtion of the enti￿ ¢uttvral sector due lo siandsbll funding. Unpredictable audience behaviour together with above average inflation means that the company has set anolher deficAt budget lor Ihe 2025-26 finanaal year. Therefore, It Is essenbal that ￿serveS are suifiaent to ensure a viable trading posibon throughout land beyoftdl this period. ReSponsi￿e financial management wll continue. and we will closely control spending and regularly Monitor budget5 as we drive forward new income generation Initiats"ves. The group has ¢Jevdoped a set of designated reserve5, one purpose of which is lo protect against three major areas of risk idenbfied by the trustee$. ￿paIrS and renewals Ilhe theatre building is now over len year5 oldl. producb.on ¢osls lthe Sea￿ and arnbth.on of prrxyuclions can i)e curtailed by lack of fjnancial resource). and staff costs Ilo mitsjate the effects of a nsing National Liwng WaJe against the backdrop of standstill public subsidyl- In the knnger temi the trustees propose to rebuild and il possible. grow - these designated amounts year on year for the purposes of long4errn strategi protection. Additsonal destgnalions are vsualty made annualty as part of a foThvard-thinking approach to financial planning as intemal and external circJJmstances Continual￿ thange and evthe. Amounts are designated by the trustees either lo resource events and initiaknves ouiside the normal annual operational pattem, or for the p￿r￿Se5 of risk mthgatson. Going concem The Finance & Genera PurKX)ses sutK¢ynnwttee of the Board regularty revEwts the group's reserve5 and cash fl¢)w proieth.ons lo ensure it is able lo meet ts financial (￿lIgat￿n5 as Ihey Trall due. The trustees have considered the finanGk21 f0￿C8Sts ￿Vering the Arts Councils NPO period 2023-26 together wth the group's reserves and ￿sh flow projections. The financial forecasts have been prudently wepared and any unl¢yeseen income reducb.ons andlor expenditure inue35es w￿1 be supported by Ihe strong reserves base. Therefore. the forecasts show that the group will have adequate re50urce5 to meet its obligabons as they fall due and to continue in operabonal existence for a penod of at least 12 months from the date ol approval of IhÈsÈ financial statements. As a result. the trustees are of the view that the charrty and group are a going concem and the financial statements have been prepared on a going concem basis. TR CTURE GOVERNAN EMENT Governing do¢ument The charity is governed by its Artides of Assoaation and conth"tutes a company hmrted by guarantee a5 defined by the Companies Act 2006. The liakn.lty of the membels in the event of the ￿MpanY being wound up is limtsd to £1. Organisatlonal stru¢ture A Board of Trustees which meets four times per annum ha5 uID"mate responyknlty for the affairs ol trTe Ihealre. The tnjstees appoint the Arb"stic and EXecut￿e Directors, who manage the day-104ay operations ol the theatre as co-CEOs. The Strategt Management Tearn {SMTI makes wular reports to Ihe trustees, and SMT member5 attend Board meetings as appropriate. In addition lo the full Board there are two sutr*cofnmittees wh￿h meet ￿Vrarly,. namety the Finance & General Purposes and Personnel & Appjiniments syb-¢ommittees. Furthermore. there is a nominated truslee who sits on the theatre's internal Health & Safety committee, Green Group, and Indusion "on Group. Through tITe5e mechanisms and struclures. the Board of Trustees Is able to fulfil 115 dub.es of care, dilvjence, and skill. Page 12 Hull Truck Theatre Company Limited Trustees, Report R•cruitm•nt andappointment of trustees A5 a significant funder and stakeholder. Crty Council has the fight lo nomin* at any one ij'me two trustees. Other truslee5 are appointsd via a robust recruitment pro¢ess involving the acty.ve participation of the Board and c￿cE0S. The membership of the Board of Trustees Is ￿gularlY reviewed to ensvre its skn'lls and experience are fit for purp)se and that It is truty dtverse and inclusive. Suitsble trustees are app¢Jnted to fill any Wa&￿￿e5 as scv)n as posgble. Induction and training of rrustses Newly appointed trustees undergo a wocAss ol induction which indudes a ¢Jiseussion wth the Chair, a tour ol the building, introduebon to key staff and opportunities lo familiarise themselves wilh the organisation's work. Throughout the year invitation5 to attend a rnn9e of theatre, educalion and eommunity events are exiended to trustees. Board Away OayB ￿Vering a variety of relevant topics are helj on a Tektsvefy regular trjasis. Paypollcy for senior staff Pay for senior staff is aulhorised by the thealre's Personnel & Appointments sub25% on cost Impairment of fixed assets Assets nol measured at fair vaue are re¥EV￿ for any indicabon that the asset may be impaired at each balance sheet date. If such Indication exists. the recoverable amount of the asse( or the assevs cash generab.ng unrt. is estsmated and compared to the carrying amount. INhere the carrying arnount exceeds Its recoverable am￿Jnt, an impairment loss is recognised in the statement of financial acbvilies unless the asset is carried at a revalued amojnt wthere the impair[r￿t loss is a revaluation decrease. Fixed asset investmènts Other Investrnents are measurell at cost less impaimient Page 25 Hull Truck Theatre Company Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Debto Tiade and other debtors are reCogn￿d at the setuemenl amount due. Prepa￿ents are valued al the amount prepaid. Creditt)rs and provisions Creditors and provisions are reccsnised where the ¢harty has a present oNTrgation resulting from a past event that will probably result In Ihe Iransfer of lunds to a third party and the amount due to setue the obligats'on can be measured rdia￿- C￿11015 and pmisions are nomially recognised at their settlerrenl arn(￿nt. Borrowings Loans and borrowings are initi'alty recognised at the transaction price including transaction costs. Subsequently. they are measured al amorb5ed cost using the effecbve interest rate method. less impairment. If an arrangement ¢onsts'tutes a finance transaction it is measured at present value. Fund structure Unrestncted ftjnds can be use(J in accordance with the charitatle objecb.ves at the discret￿￿ of the trustees. Unrestricted designated funds comprise funds that have been set aside by the truslee5 for a specific purpose, as shown in the notes to the accounts. Restricted funds can onty be used lor partular restrthd purposes wthin the objects of the charity. Restnctions anse when specified ty the dtYK*r or when funds are raised for parh"cular restricted purposes. Further explanat￿￿ of the naturt and purpose of eath fvnd is induded in the note5 to the finanrial statements. Penslons and ether post relirement obligations When employees have rendered Service to the Company, short term empbyee benefits and temiination benefit5 to which the empk>yees are entslled are reccgnised at the undiscounted amount expected lo be paid in exchange for thal servi￿. The charity ¢)peraled a defined contn'￿￿.0n Flan for the benefft of ts employees. ConlributK)ns are expensed as they becorrE payat4e. 2 Income frorn don*ions and lega¢i•s Tolal 202S Total 2024 D￿a￿"OnS 35.998 33,901 Page 26 Hull Truck Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 202S 3 Income from charitable aetivities Total 2025 Total 2024 Admission fees- tr4vn produth'ons Admission fees- incoming Pfoducli¢)ns Creab've. learn￿g programme Artist development programme Co-producty'on in¢ome Spons)rship Grants (see anatysts below) 678,773 341,932 59,830 1,2 65,567 258,780 847,229 389.400 400.8B3 78,567 2S8,780 832,626 2,253.401 1,960.256 Grants received. inC￿ded in the above are as follows.. 202S 2024 Arts Council Engl￿d - National Portfclio Fundin9 Garfield West1￿ - Weston Culture Fund Hull City coun￿l- Warm Space Grant Ac￿sS to Works Grant Stage One Grant Theatre Worksl Sir Jaffles Reckitt Chanty 805.229 30,000 805.229 12,500 200 12.971 1.726 2,000 10.000 847,229 832.626 4 Income from other trading activilies Total 2025 Total 2024 Rental income Merchandise & prograrnTh* sales Events arnd catering income Corporate sponsorship ThiTd paty ticketing income Other income 30,600 4,246 79,709 7.613 11,345 33,265 42,891 4.294 58,725 7.138 7.194 31,315 166.778 151,557 P￿21 Hull Truck Theatre Company Limited Notes lo the Financial Statements for the Year Ended 31 March 2025 S Other Income Total 2025 Total 2024 Gains on Sale of tsngitle fixed assets 52,890 6 Expenditure on raising funds Alocated support costs Total 2025 Total 2024 Direct Costs Cests of generating dI￿atrOn$ and legacies 6.708 11.020 17,728 16.486 7 Expenditure on chaTit•ble a¢tlvili•$ Activity undtrtaken directy Activlty support costs Total expendlture Operation of theatre 1.292.414 1.197,510 2,489,924 Comparabve figU￿S 1.139,525 1,189,807 2.329.332 Page 28 Hull Truck Theatre Company Limited Notes to the Flnancial Statements for the Year Ended 31 March 2025 8 Analy$i$ of goveman¢e and support costs 2025 Raising funds 2024 Raising funds Devebpment S￿aries 11.020 12,655 2025 2024 Operation of Operation of theatre theatre A11minislrabon and operations Salaries AdministratKJn CommunicatKJns and box office Buildings and premise5 Depreciation, 8morb'sation and olher sin¥lar costs VAT recoverable Theatre tsx ￿lief Governance costs 762,776 150,132 194,075 213,303 129,242 133,4861 1248,2851 29,753 711,332 142,373 168.708 208.339 131.592 141.2321 1158,3181 27.013 1,197,510 1.189,807 Governance costs Total 202S Total 2024 Auditors. remunerats'on Twslees, eX￿nSeS Legal fees 17,820 15,838 95 11,080 11,933 29,753 27.013 Page 29 Hull Truck Theatre Company Limited Notes to the Financial Statements forthe Year Ended 31 March 2025 9 Nel ineomingloutgoing resources Net incorninglloutyoingl resources for Ihe year indude.. 2025 2024 Operating leases- equipment Operating ￿aseS- trNJikling Audit fee5 Profit on disposal ol tsngible fixed assels DepreGalion of fixed assets 12,819 15.000 17.820 13.141 15.000 15,838 152,8901 131,592 129,242 10 Trustees remuneratlon and expenses For the year ended 31 IAarch 2025 L Elgwthy received remuneratson 01 £8,649 for her role in Mary and the Hyenas as well as £1% in pension contnbuts"ons12024". £NIL}. No remunerab.on was paid lo any trustee in ￿spect of their posibon as a trustee. The amount of reimbursed travel expenses paid to trustees in the current year was £NIL12024'. £5121. 11 Staff costs The aggregate payroll costs were as fdlow5". 2025 2024 Staff Costs durlng the year were: Wages and s￿a￿e5 Social secunty costs Pension costs 927.164 76.565 18.823 856,984 68,777 17.209 1.022,552 942,970 The monlhty average number of person5 employed durirwJ the ￿ was as folk)ws". 2025 2024 No Average numter 51 53 Paje 30 Hull Truck Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Key managernent petsonnel of the entity The number of employees whose emohjments fell wthin the fdlowng bands was" 2025 No £60,(K11- £70,000 2025 2024 Total employee beneffts paid to key management personnel Number of employees 290,034 288,699 12 Comparatives for the statement of financial activities Unrestricted DesigTrated funds lunds Kesiricttd funds Total 2024 Note Incomè and Endowfflents from: Donations an¢J legacies Charitsble activities Other trading activrties Other income 33.901 1.960.256 151.557 52.890 33,901 1,960,256 151,557 52.890 Total income 2,198.604 2.198.604 Expenditure on- Raising funds Charitable acbvrties 16,486 2.145.256 16,486 2.329,332 43,816 140.260 Tolal expenditu 2.161.742 43.816 140.260 2.345,818 Net incomellexpenditure) Transfer5 be￿een funds 36.862 22.890 143,816) 22,890 (140,2601 1147,214} Net movement in lunds 13.972 120.926) 1140.2601 1147,214} Reeonciliation of funds Total lunds brought forward Tokl fijnds carried forwaid 22 897,758 424.950 13.212.579 14.535,287 911,730 404,024 13,072,319 14.388,073 Page 31 Hull Truck Theatre Cornpany Limited Notes to the Financial Statements for the Year Ended 31 March 2025 13 Tangible fixed as$ets Group Leasehold land and buildings Fix1ures. rfftings and Impro¥em•nts e9uipmenl to property Total Cost At 1 Apnl 2024 Additions 14,814,C 1.294.414 34.993 28,074 16,136,494 34,993 At 31 March 2025 14,814.006 1,329,407 28,074 16,171,487 Dopr¢ciation At 1 April 2024 Charge for the year At 31 March 2025 1,795.322 122.637 1,281,337 4.804 15,559 3,092,218 2,IX1 129,242 1,917.959 1.285.941 17,560 3.221,460 Net IN￿k valu• At 31 March 2025 12,896.047 43.466 10,514 12,950.027 At 31 March 2024 13.018,684 13.077 12.515 13,044.276 Charitable c¢mpany Fixtures, fthings and Improvements equipment to property Total Al 1 Apnl 2024 Additions 751,005 34.993 10.082 761,087 34.993 At 31 March 2025 785.998 10,082 796,080 Depr•ciatlon At 1 Apnl 2024 Charge for the year At 31 March 2025 751.005 3.499 2,813 2Q2 753,818 3,701 754.504 3,015 757,519 Net book value Al 31 March 2025 31,494 7,C67 38,561 Al 31 March 2024 7.269 7,269 Page 32 Hull Truck Theatre Company Limited Notes to the Financial Slatements for the Year Ended 31 March 2025 14 Foxed asset investments Charitable company Subsidiary undertakings Cost At 1 April 2024 At 31 March 2025 210 210 Net book valu• At 31 March 2025 210 Al 31 Maich 2024 210 Details of undertaklngs Detai15 of undertaklngs DeLii15 of the invesbnents in vthi¢h the charitable company hold5 20% QT more of the nominal value of any dass of share ¢ap+'lal are as follows". Country of incorpo￿tiOn Proportlon of voting rights and shares held 2025 2024 Principal activity Undertaking Holding Subsidiary undertakings Hull TruGk Pr￿UCtiOnS EngL3nd and Limited Wales Ordinary 100% 100% Perforrring Arts ￿L￿1 Truck Entsrpri5e5 England and Wales Ordinary 100% 100% Operation of arts facilib.es Hull Truck Events and England and Catering Limited Wale5 Events and alerin9 actiMtY4s (>dinary 100% 100% The results of these companies a￿ summarised in note 24. Page 33 Hull Truck Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 15 Debtors Group Charity 2025 2024 2025 2024 Trade debtors Due fTOrn group undetskings Prepayments Other debtors 71,564 43.574 45.868 302.012 147,952 68.411 28.419 195,653 151,128 11,488 149.101 297.717 152.965 152.363 518,382 348.902 564.243 386,688 16 Credltors.. amounts falllng due Twlthin ¢)n¢ year Group Charity 2025 2024 2025 2024 Trade creditots Loan5 Due lo group undertaknngs Other taxation and socaal security Other cieditws Ac£nJals and defeThed incorr 119,010 8,928 134.5 .410 117.646 133,840 8.991 23,345 5,785 399.643 18.443 4,236 286.695 17,105 5,789 395.314 16,044 4,236 277,761 556.715 452.284 542,848 440.872 D•f¥rr•d income Included in accruals and defewred incoffe are deferred income balarbces as follows.. Group and Charity 2025 2024 Deferred income at 1 April 2024 Resources deferred in the penod Amounts released from P￿viouS pemds Deferred income al year end 177,435 231,011 177.435 133.564 177,435 133.5641 231,011 177,435 Oelerred income comprises the fdkJw"ng'. 2025 2024 Box office reeeipls in advance Deferred grant 213.511 17.5CK) 159,935 17.500 231.011 177,435 Page 34 Hull Truck Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 17 c￿ditOrS. amounts falling due after on¢ year Group Charity 2025 2024 2025 2024 Loans 46.304 55.232 18 Borrowings GfOUP Charity 2025 2024 2025 2024 Hull City Council l¢Jan Within 1 year Within 1-2 years Within 2.S years After 5 years 8,928 9.480 32.094 4.730 55.232 8,410 8.929 30.229 16.074 63,642 The Hull City Covn¢il Loan is repayable ty Instaments and is due to be ￿Paid in March 2030. Interest 15 charged on this loan at 0.75% above base raie. 19 Leasing agreements Total fijlure minimum lease payments under nonwcancellable operating leases a￿ as follows. Group Charity 2025 2024 2025 2024 Within one year BetwEen one and five years After five years 10,896 43.584 99,880 154.360 14,066 43.584 110,776 100,696 403,584 924,880 1.429,360 104.066 403.584 1,025,778 1.533,426 168,426 20 Pension commitm•nts The group operates a defined contn"bution penS￿n scheme. The d￿rge to Ihe profit and loss account for the year in ￿spect of contn"bulK)n5 Paydble lo the scheme amounted to £18,82312024- £17.209I. Contributions lotalling £5.785 12024 - £4.2361 were payable lo the scheme at the end Qf the year and are induded In cre¢Jilors. Page 35 Hull Truck Theatre Company Limited Notss to the Financial Statements for the Year Ended 31 March 2025 21 Comrnitments Group and charitabk ¢¢mpany aphtsl ¢ommllments The total amount conlraeted for but not provKled in the financial statements was £Nil 12024 £34,993). 22 Funds Group Balance al I April 2024 Incoming resource5 Resources exppnded Balance at 31 March 202S Unrestrl¢ted funds G•naral General fijnd 911.730 2.456.177 12.367.323) 1.000.584 Designated Repairs and ￿neW￿S ProduclKJn and artistic C05t5 Staffing and inclusion costs Capital projects and foyer Re¥iltence reserve Produ¢tKJn equipment 38,894 170,01)0 39,727 86,453 66,987 1,963 {5.3471 33,547 170,000 34,927 86,453 66,987 1,963 (4,81KtI 404,024 10.147 393,877 Total unrestrlcted funds 1.315,754 2.4￿.177 2.377,470 1,394,461 Restricted funds British CouncJl R&D ACE Catalyst Ferensway Theatre Development 1,B44 44.245 51.790 17.5451 13.018,685 122,637 12,896,048 Totsl vestri¢t¢d funds 13.072,319 130,182 12,942.137 Total fvr 14.388,073 2.456.177 (2.507.652) 14,336.598 Page 36 Hull Truck Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Comparative movement in funds Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resources expended Transfews Unr•strided funds General General fund 897.758 2,198.604 12.161.742) {22,B901 911.730 Designated Repairs and renewa15 Production and artsstic costs Staffing and Ind￿￿on costs Capital projects and loyer Digital innovation Resilience reserve Prodvdion equipment 41,132 {30,7791 28,541 38.894 2LWJ,000 170,000 39.727 33.563 28.541 66.987 15.000 39.727 86,453 52.890 128.541) 66,987 1,963 404,024 {13.037) 43,8161 424.950 22,890 Total unrestricted funds 1.322.708 2.198,604 2,205,558 1,315,754 Restrict•d funds British Council R&D ACE Catatyst I AM Fund - Outreach Youth Theal Fefensway Theatre Oevelopmenl Total restricted funds 16.000) {3,937) 1,844 51,790 55,727 17.686) 13.141.322 122.637 13,018,685 13.212,579 140.260 13,072,319 Total funds 14,535,287 2.198,604 2.345.818 14,388,073 Page 37 Hull Truck Theatre Company Limited Notes to the Financial Stalements for the Year Ended 31 March 2025 The Spe￿r￿ purposes for whth the fund5 we to be applied are a5 foll lal The general fijnds ￿present the funds of ihe grc*Jp Wh￿ are not designaled for any part￿ular purposè. bl The éesignaled fiJnd5 have been set aside out of the unre5tn.cted fvnds by the trustees for the specific purposes lisled. 1¢) The British Coun￿[ Research and Development fvnding has been prO￿ded lo support the 'Lazaru$ Project,. This is joint projecl ￿e￿n Hull Twck Theatre and Freedom Festival and will result in performances al various Hull city centre sles. Idl ACE Catalyst funding is a grant from Arts Council EngLand under its Catalyst.'Evolve prograrnrne which supports organisations that have rec*ntly slarled fundraising to achieve step change in their ability to eam philanthropic income. lel The l AM Fund provKled a grant from the HEY Srnile Foundatson to support the provigon of oL￿eaCh Youth Theatre. (Q The Ferensway Theatre Development lund represents grant5 from Arts Countsl England. Hull City Council, the European Regional Developrnent Fund and Yorkshire Forward and a donation from Humber51dÈ Theatre Trust Limited to lund the pU￿hase of the group's lea5ehc4d property and certain fixtures, fitting5 and eqLtipment. This reslricted will be expenses over a number of years as the capitsl eost of the related assets is depreciale